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non-controlled/non-affiliated, First Lien Debt, Financial Services, Apella Capital LLC, Region United States, Reference Rate and Spread S + 6.50%, Interest Rate Floor 1.00%, Interest Rate 10.83%, Maturity Date 03/01/20292024-12-310001890107us-gaap:UnfundedLoanCommitmentMemberck0001890107:RevolverMemberck0001890107:RlJamesIncMember2024-12-310001890107Investments - non-controlled/non-affiliated, First Lien Debt, Media, MH Sub I/Indigo/WebMD Health, Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.00%, Interest Rate 8.61%, Maturity Date 5/3/20282024-12-310001890107ck0001890107:ChemicalsMember2025-03-310001890107Investments - non-controlled/non-affiliated, First Lien Debt, Specialty Retail, Sweetwater Borrower LLC, Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.75%, Interest Rate 8.69%, Maturity Date 8/7/20282025-03-310001890107Investments - non-controlled/non-affiliated, First Lien Debt, Pharmaceuticals, Syner-G Intermediate Holdings, LLC (Revolver), Region United States, Reference Rate and Spread S + 5.00%, Interest Rate Floor 1.00%, Interest Rate 0.50%, Maturity Date 9/17/20302024-12-310001890107us-gaap:UnfundedLoanCommitmentMemberck0001890107:SrLandscapingLlcMemberck0001890107:DelayedDrawMember2025-03-310001890107ck0001890107:PortfolioMemberus-gaap:RevolvingCreditFacilityMember2024-12-310001890107us-gaap:UnfundedLoanCommitmentMemberck0001890107:CaseWorksLLCMemberck0001890107:RevolverMember2025-03-310001890107us-gaap:UnfundedLoanCommitmentMemberck0001890107:RevolverMemberck0001890107:VisanteAcquisitionLlcMember2025-01-012025-03-310001890107us-gaap:UnfundedLoanCommitmentMemberck0001890107:RevolverMemberck0001890107:SagebrushBuyerLlcMember2024-01-012024-12-310001890107Investments - 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(Revolver), Region United States, Reference Rate and Spread S + 5.50%, Interest Rate Floor 1.00%, Interest Rate 5.50%, Maturity Date 7/11/20292025-03-310001890107Investments - non-controlled/non-affiliated, First Lien Debt, Specialty Retail, Apro LLC, Region United States, Reference Rate and Spread S + 3.75%, Interest Rate Floor 0.00%, Interest Rate 8.27%, Maturity Date 7/9/20312024-12-310001890107us-gaap:AdditionalPaidInCapitalMember2025-03-310001890107us-gaap:UnfundedLoanCommitmentMemberck0001890107:ZenithAmericanSolutionsIncMemberck0001890107:RevolverMember2025-03-310001890107us-gaap:UnfundedLoanCommitmentMemberck0001890107:ZenithAmericanSolutionsIncMemberck0001890107:RevolverMember2024-12-310001890107Investments - non-controlled/non-affiliated, First Lien Debt, Software, Rocket Software, Inc., Region United States, Reference Rate and Spread S + 4.25%, Interest Rate Floor 0.00%, Interest Rate 8.61%, Maturity Date 11/28/20282024-12-310001890107us-gaap:UnfundedLoanCommitmentMemberck0001890107:RevolverMemberck0001890107:ApellaCapitalLlcMember2024-12-310001890107us-gaap:FairValueInputsLevel3Memberus-gaap:WarrantMember2024-01-012024-03-310001890107Investments - 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apsc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number: 814-01642

 

First Eagle Private Credit Fund

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

87-6975595

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

1345 Avenue of the Americas

New York, NY

10105

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 698-3300

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

N/A

 

N/A

 

N/A

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

 

As of May 14, 2025, the registrant had 12,444,751 common shares of beneficial interest, $0.001 par value per share, outstanding.

 

 

 

1


Table of Contents

 

 

 

Page

 

 

 

PART I.

FINANCIAL INFORMATION

 

 

 

Item 1.

Financial Statements

5

 

Consolidated Statement of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024

5

 

Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)

6

 

Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)

7

 

Consolidated Statement of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)

9

 

Consolidated Schedule of Investments as of March 31, 2025 (Unaudited) and December 31, 2024

10

 

Notes to Consolidated Financial Statements (Unaudited)

30

Item 2.

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

56

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

69

Item 4.

Controls and Procedures

69

 

 

 

PART II.

OTHER INFORMATION

71

 

 

 

Item 1.

Legal Proceedings

71

Item 1A.

Risk Factors

71

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

71

Item 3.

Defaults Upon Senior Securities

71

Item 4.

Mine Safety Disclosures

71

Item 5.

Other Information

71

Item 6.

Exhibits

72

Signatures

73

 

 

 

2


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

Except as otherwise specified, references to the Company, we, us and our refer to First Eagle Private Credit Fund and its consolidated subsidiaries; FEIM and Adviser refer to the First Eagle Investment Management , LLC, our investment adviser; and FEAC, Subadviser, and Administrator refer to First Eagle Alternative Credit, LLC, our investment sub-adviser (and, together with the Adviser, the Advisers) and administrator.

This quarterly report on Form 10-Q (the “Quarterly Report”), including Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements include these words.

 

These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. In addition to factors previously identified in the Item 1A. Risk Factors section of our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2025, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance:

our, or our portfolio companies’, future business, operations, operating results or prospects;
changes in political, economic or industry conditions, including as a result of changes in U.S. presidential administrations or Congress, changes in the interest rate environment, inflation, pandemic-related or other widespread health crises, supply chain disruptions, instability in the banking system, and the conflicts between Russia and Ukraine and in the Middle East, which could result in changes in the value of our assets;
our business prospects and the prospects of the companies in which we may invest;
the impact of increased competition and the investments that we expect to make;
our ability to raise sufficient capital to execute our investment strategy;
the ability of our portfolio companies to achieve their objectives;
our current and expected financing arrangements and investments;
the adequacy of our cash resources, financing sources and working capital;
the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;
our contractual arrangements and relationships with third parties;
actual and potential conflicts of interest with First Eagle Holdings, Inc. and its subsidiaries and affiliated entities (collectively, “First Eagle”), the Adviser, the Subadviser, their affiliates and their investment teams;
the dependence of our future success on the general economy and its effect on the industries in which we may invest;
our use of financial leverage;
the timing, form, amount, or our ability to make distributions;
the ability of the Adviser and the Subadviser to locate suitable investments for us and to monitor and administer our investments;
the ability of the Adviser, the Subadviser or their affiliates to attract and retain highly talented professionals;
our ability to qualify and maintain our qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”);
the impact on our business of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, as amended, and the rules and regulations issued thereunder;
the impact of changes in laws or regulations (including the interpretation thereof), including tax laws, governing our operations or the operations of our portfolio companies or the operations of our competitors;
the effect of changes to tax legislation and our tax position;

3


the tax status of the enterprises in which we may invest;
an economic downturn and the time period required for robust economic recovery therefrom, which will likely have a material impact on our portfolio companies’ results of operations and financial condition for its duration, which could lead to the loss of some or all of our investments in such portfolio companies and have a material adverse effect on our results of operations and financial condition;
upon entry into an agreement with a lender, a contraction of available credit and/or an inability to access capital markets or additional sources of liquidity could have a material adverse effect on our results of operations and financial condition and impair our lending and investment activities;
interest rate volatility could adversely affect our results, particularly given that we use leverage as part of our investment strategy;
currency fluctuations could adversely affect the results of our investments in foreign companies, particularly to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;
risks associated with possible disruption in our or our portfolio companies’ operations due to wars and other forms of conflict, terrorist acts, security operations and catastrophic events or natural disasters, such as fires, floods, earthquakes, tornadoes, hurricanes and global health epidemics;
the impact of information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; and
the risks, uncertainties and other factors we identify in our most recent Annual Report on Form 10-K filed with the SEC on March 14, 2025, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time.

 

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report should not be regarded as a representation by us that our plans and objectives will be achieved. These risks and uncertainties include those described or identified in our most recent Annual Report on Form 10-K filed with the SEC on March 14, 2025, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report or other information incorporated herein by reference, as applicable. Moreover, we assume no duty and do not undertake to update the forward-looking statements and projections contained in this Quarterly Report, except as required by applicable law.

 

Because we are an investment company, the forward-looking statements and projections contained in this Quarterly Report are excluded from the safe harbor protection provided by Section 27A of the Securities Act of 1933, as amended (the Securities Act) and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act).

 

 

 

 

 

4


PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements.

First Eagle Private Credit Fund

Consolidated Statement of Assets and Liabilities

(in thousands, except share and per share amounts)

 

 

March 31, 2025

 

 

December 31, 2024

 

 

(Unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

Non-controlled/non-affiliated investments, at fair value (amortized cost of: $617,262 and $653,701, respectively)

$

614,095

 

 

$

653,925

 

Cash and cash equivalents

 

18,767

 

 

 

21,319

 

Interest and dividends receivable

 

4,279

 

 

 

4,247

 

Deferred financing costs

 

2,141

 

 

 

2,282

 

Deferred offering costs

 

2,099

 

 

 

1,968

 

Receivable for investments sold or repaid

 

19,149

 

 

 

5,019

 

Prepaid expenses and other assets

 

12

 

 

 

51

 

Due from Adviser

 

1,352

 

 

 

2,585

 

Total assets

$

661,894

 

 

$

691,396

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

Credit facility

 

346,600

 

 

 

325,600

 

Accrued interest and other borrowing costs

 

6,007

 

 

 

5,384

 

Payable for investments purchased

 

5,654

 

 

 

55,343

 

Distributions payable

 

2,551

 

 

 

2,548

 

Offering costs payable

 

1,171

 

 

 

311

 

Due to affiliates

 

93

 

 

 

138

 

Accrued professional fees

 

771

 

 

 

577

 

Accrued administration expense

 

591

 

 

 

469

 

Accrued expenses and other liabilities

 

216

 

 

 

692

 

Total liabilities

$

363,654

 

 

$

391,062

 

Commitments and contingencies (Note 7)

 

 

 

 

 

NET ASSETS

 

 

 

 

 

Common shares, par value $0.001 (unlimited shares authorized, 12,444,713 and 12,407,361 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively)

$

12

 

 

$

12

 

Paid-in capital in excess of par value

 

301,034

 

 

 

300,733

 

Distributable earnings (accumulated losses)

 

(2,806

)

 

 

(411

)

Total net assets

$

298,240

 

 

$

300,334

 

Net asset value per share

$

23.97

 

 

$

24.21

 

 

The accompanying notes are an integral part of these consolidated financial statements.

5


First Eagle Private Credit Fund

Consolidated Statement of Operations (unaudited)

(in thousands, except share and per share amounts)

 

 

 

For the Three Months Ended March 31, 2025

 

 

For the Three Months Ended March 31, 2024

 

Investment income:

 

 

 

 

 

 

From non-controlled/non-affiliated investments:

 

 

 

 

 

 

Interest income

 

$

15,052

 

 

$

3,251

 

Dividend income

 

 

263

 

 

 

2,013

 

Other income

 

 

204

 

 

 

279

 

Total investment income

 

 

15,519

 

 

 

5,543

 

Expenses:

 

 

 

 

 

 

Interest expense

 

 

6,159

 

 

 

820

 

Administration expense

 

 

604

 

 

 

422

 

Base management fees

 

 

931

 

 

 

785

 

Amortization of continuous offering costs

 

 

750

 

 

 

198

 

Trustees’ fees

 

 

133

 

 

 

98

 

Professional fees

 

 

322

 

 

 

281

 

Other general and administrative expenses

 

 

287

 

 

 

172

 

Income-based incentive fee

 

 

907

 

 

 

198

 

Capital gains incentive fee

 

 

 

 

 

6

 

Total expenses before excise tax

 

 

10,093

 

 

 

2,980

 

Management fees waiver

 

 

(931

)

 

 

(785

)

Incentive fees waiver

 

 

(907

)

 

 

(204

)

Expense support

 

 

(1,352

)

 

 

 

Net expenses before excise tax

 

 

6,903

 

 

 

1,991

 

 

 

 

 

 

 

 

Net investment income (loss) before excise tax

 

 

8,616

 

 

 

3,552

 

Excise tax expense

 

 

34

 

 

 

 

Net investment income (loss) after excise tax

 

 

8,582

 

 

 

3,552

 

 

 

 

 

 

 

 

Realized and unrealized gain (loss):

 

 

 

 

 

 

Net realized gains (losses):

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

 

(539

)

 

 

 

Net realized gain (loss)

 

 

(539

)

 

 

 

Net change in unrealized appreciation (depreciation):

 

 

 

 

 

 

Non-controlled/non-affiliated investments

 

 

(3,392

)

 

 

46

 

Net change in unrealized appreciation (depreciation)

 

 

(3,392

)

 

 

46

 

Net realized and unrealized gain (loss)

 

 

(3,931

)

 

 

46

 

Net increase (decrease) in net assets resulting from operations

 

$

4,651

 

 

$

3,598

 

 

 

 

 

 

 

 

Per share information - basic and diluted:

 

 

 

 

 

 

Net investment income (loss) after excise tax per share (basic and diluted)

 

$

0.69

 

 

$

0.32

 

Net increase (decrease) in net assets resulting from operations per share (basic and diluted)

 

$

0.38

 

 

$

0.33

 

Distributions declared per share

 

$

0.62

 

 

$

0.36

 

Weighted average shares outstanding (basic and diluted)

 

 

12,444,641

 

 

 

11,060,438

 

 

The accompanying notes are an integral part of these consolidated financial statements.

6


 

First Eagle Private Credit Fund

Consolidated Statement of Changes in Net Assets (unaudited)

(in thousands, except shares)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Earnings

 

 

 

 

 

Common Shares

 

 

Paid-in-Capital in

 

 

(Loss), Net of

 

 

Total

 

 

Shares

 

 

Par Value

 

 

Excess of Par Value

 

 

Distributions

 

 

Net Assets

 

Balance, December 31, 2024

 

12,407,361

 

 

$

12

 

 

$

300,733

 

 

$

(411

)

 

$

300,334

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

8,582

 

 

 

8,582

 

Net realized gain (loss)

 

 

 

 

 

 

 

 

 

 

(539

)

 

 

(539

)

Net change in unrealized appreciation (depreciation)

 

 

 

 

 

 

 

 

 

 

(3,392

)

 

 

(3,392

)

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

4,651

 

 

 

4,651

 

Shareholder distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions to shareholders

 

 

 

 

 

 

 

 

 

 

(7,649

)

 

 

(7,649

)

Net increase (decrease) in net assets resulting from shareholder distributions

 

 

 

 

 

 

 

 

 

 

(7,649

)

 

 

(7,649

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares issued from reinvestment of distributions (1)

 

111

 

 

 

 

 

 

3

 

 

 

 

 

 

3

 

Issuance of shares

 

37,241

 

 

 

 

 

 

901

 

 

 

 

 

 

901

 

Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles

 

 

 

 

 

 

 

(603

)

 

 

603

 

 

 

 

Net increase (decrease) in net assets resulting from capital share transactions

 

37,352

 

 

 

 

 

 

301

 

 

 

603

 

 

 

904

 

Net increase (decrease) for the period

 

37,352

 

 

 

 

 

 

301

 

 

 

(2,395

)

 

 

(2,094

)

Balance, March 31, 2025

 

12,444,713

 

 

$

12

 

 

$

301,034

 

 

$

(2,806

)

 

$

298,240

 

 

(1)
Par Value, Paid-in-Capital in Excess of Par Value and Total Net Assets are less than $1.

 

7


 

First Eagle Private Credit Fund

Consolidated Statement of Changes in Net Assets (unaudited)

(in thousands, except shares)

 

 

 

 

 

 

 

 

 

 

 

Accumulated Earnings

 

 

 

 

 

Common Shares

 

 

Paid-in-Capital in

 

 

(Loss), Net of

 

 

Total

 

 

Shares

 

 

Par Value

 

 

Excess of Par Value

 

 

Distributions

 

 

Net Assets

 

Balance, December 31, 2023

 

10,366,818

 

 

$

10

 

 

$

252,307

 

 

$

(649

)

 

$

251,668

 

Operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

 

 

 

 

 

 

 

 

 

 

3,552

 

 

 

3,552

 

Net realized gain (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation)

 

 

 

 

 

 

 

 

 

 

46

 

 

 

46

 

Net increase (decrease) in net assets resulting from operations

 

 

 

 

 

 

 

 

 

 

3,598

 

 

 

3,598

 

Shareholder distributions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributions paid or accrued

 

 

 

 

 

 

 

 

 

 

(3,979

)

 

 

(3,979

)

Net increase (decrease) in net assets resulting from shareholder distributions

 

 

 

 

 

 

 

 

 

 

(3,979

)

 

 

(3,979

)

Capital Share Transactions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares issued from reinvestment of distributions (1)

 

40

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Issuance of shares

 

2,058,460

 

 

 

2

 

 

 

49,998

 

 

 

 

 

 

50,000

 

Tax reclassification of shareholders' equity in accordance with generally accepted accounting principles

 

 

 

 

 

 

 

(198

)

 

 

198

 

 

 

 

Net increase (decrease) in net assets resulting from capital share transactions

 

2,058,500

 

 

 

2

 

 

 

49,801

 

 

 

198

 

 

 

50,001

 

Net increase (decrease) for the period

 

2,058,500

 

 

 

2

 

 

 

49,801

 

 

 

(183

)

 

 

49,620

 

Balance, March 31, 2024

 

12,425,318

 

 

$

12

 

 

$

302,108

 

 

$

(832

)

 

$

301,288

 

 

(1)
Par Value, Paid-in-Capital in Excess of Par Value and Total Net Assets are less than $1.

 

The accompanying notes are an integral part of these consolidated financial statements.

8


 

First Eagle Private Credit Fund

Consolidated Statement of Cash Flows (unaudited)

(in thousands, except shares)

 

 

 

 

 

 

 

For the Three Months Ended March 31, 2025

 

 

For the Three Months Ended March 31, 2024

 

Cash flow from operating activities

 

 

 

 

 

 

Net increase (decrease) in net assets resulting from operations

 

$

4,651

 

 

$

3,598

 

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash used in operating activities:

 

 

 

 

 

 

Accrued interest and dividends received in-kind

 

 

(47

)

 

 

 

Net accretion of discount and amortization of premium

 

 

(627

)

 

 

(159

)

Proceeds from sale of investments and principal repayments

 

 

96,124

 

 

 

212

 

Purchases of investments

 

 

(123,370

)

 

 

(95,666

)

Net realized (gains) losses on investments

 

 

539

 

 

 

 

Net change in unrealized (appreciation) depreciation on investments

 

 

3,392

 

 

 

(46

)

Amortization of deferred financing costs

 

 

152

 

 

 

153

 

Amortization of continuous offering costs

 

 

750

 

 

 

198

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Interest and dividends receivable

 

 

(32

)

 

 

(532

)

Prepaid expenses and other assets

 

 

39

 

 

 

(60

)

Due to affiliates

 

 

(45

)

 

 

 

Trustees' fees payable

 

 

 

 

 

7

 

Due from adviser

 

 

1,233

 

 

 

 

Accrued administration expense

 

 

122

 

 

 

(108

)

Accrued professional fees

 

 

194

 

 

 

(17

)

Accrued expenses and other liabilities

 

 

(476

)

 

 

(692

)

Accrued interest and other borrowing costs

 

 

623

 

 

 

681

 

Net cash provided by (used in) operating activities

 

 

(16,778

)

 

 

(92,431

)

Cash flow from financing activities

 

 

 

 

 

 

Proceeds from issuance of shares

 

 

901

 

 

 

50,000

 

Borrowings under credit facility

 

 

21,000

 

 

 

5,000

 

Distributions paid

 

 

(7,643

)

 

 

(2,488

)

Deferred financing costs paid

 

 

(11

)

 

 

(1,313

)

Deferred offering costs paid

 

 

(21

)

 

 

(50

)

Net cash provided by (used in) financing activities

 

 

14,226

 

 

 

51,149

 

Net decrease in cash and cash equivalents

 

 

(2,552

)

 

 

(41,282

)

Cash and cash equivalents, beginning of period

 

 

21,319

 

 

 

183,395

 

Cash and cash equivalents, end of period

 

$

18,767

 

 

$

142,113

 

Supplemental disclosure of cash flow information and non-cash financing activities

 

 

 

 

 

 

Interest paid during the period

 

$

5,384

 

 

$

 

Distributions payable

 

$

2,551

 

 

$

1,491

 

Accrued but unpaid offering costs

 

$

1,171

 

 

$

579

 

Reinvestment of distributions

 

$

3

 

 

$

 

Excise taxes paid

 

$

72

 

 

$

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

9


First Eagle Private Credit Fund

Consolidated Schedule of Investments (unaudited)

March 31, 2025

(in thousands, except shares)

 

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bleriot US Bidco Inc.

(12)

 

United States

 

S + 2.75%

 

0.00%

 

7.05%

 

10/31/2030

 

 

1,878

 

 

$

1,884

 

 

$

1,867

 

 

 

0.63

%

Chromalloy Corporation

(12)

 

United States

 

S + 3.75%

 

0.00%

 

8.06%

 

3/27/2031

 

 

7

 

 

 

7

 

 

 

7

 

 

 

 

Karman Holdings Inc.

(8)(11)(13)

 

United States

 

S + 3.50%

 

0.00%

 

0.00%

 

4/1/2032

 

 

2,000

 

 

 

1,990

 

 

 

2,003

 

 

 

0.67

 

Titan Sub LLC

(8)(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.32%

 

6/14/2030

 

 

2,376

 

 

 

2,376

 

 

 

2,367

 

 

 

0.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,257

 

 

 

6,244

 

 

 

2.09

 

Air Freight & Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Buyer Inc.

(8)(12)

 

United States

 

S + 5.50%

 

0.00%

 

9.79%

 

7/23/2030

 

 

5,148

 

 

 

5,088

 

 

 

5,096

 

 

 

1.71

 

Air Buyer Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 5.25%

 

1.00%

 

0.50%

 

7/23/2030

 

 

 

 

 

(6

)

 

 

(5

)

 

 

 

AIT Worldwide Logistics Holdings, Inc.

(12)

 

United States

 

S + 4.00%

 

0.00%

 

8.30%

 

4/8/2030

 

 

4,962

 

 

 

4,981

 

 

 

4,965

 

 

 

1.66

 

LaserShip, Inc.

 

 

United States

 

S + 6.25%

 

0.00%

 

10.56%

 

1/2/2029

 

 

1,267

 

 

 

1,255

 

 

 

1,259

 

 

 

0.42

 

LaserShip, Inc.

 

 

United States

 

S + 1.50%

 

0.75%

 

6.06%

 

8/10/2029

 

 

1,982

 

 

 

1,560

 

 

 

1,167

 

 

 

0.39

 

LaserShip, Inc.

(14)

 

United States

 

S + 1.50%

 

0.00%

 

6.06%

 

8/10/2029

 

 

1,409

 

 

 

363

 

 

 

353

 

 

 

0.12

 

Odyssey Logistics & Technology Corporation

(12)

 

United States

 

S + 4.50%

 

0.00%

 

8.72%

 

10/12/2027

 

 

1,985

 

 

 

1,979

 

 

 

1,980

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,220

 

 

 

14,815

 

 

 

4.97

 

Automobile Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enthusiast Auto Holdings, LLC

(8)(12)

 

United States

 

S + 4.75%

 

1.00%

 

9.07%

 

12/19/2026

 

 

8,381

 

 

 

8,381

 

 

 

8,381

 

 

 

2.81

 

Enthusiast Auto Holdings, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 4.75%

 

1.00%

 

0.50%

 

12/19/2026

 

 

 

 

 

(1

)

 

 

(1

)

 

 

 

Owl Vans, LLC

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

9.57%

 

12/31/2030

 

 

3,830

 

 

 

3,782

 

 

 

3,780

 

 

 

1.27

 

Owl Vans, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.25%

 

1.00%

 

0.50%

 

12/31/2030

 

 

 

 

 

(15

)

 

 

(16

)

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,147

 

 

 

12,144

 

 

 

4.07

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Groundworks Operations, LLC

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.32%

 

3/14/2031

 

 

2,520

 

 

 

2,526

 

 

 

2,473

 

 

 

0.83

 

Groundworks Operations, LLC (Delayed Draw)

(7)(9)(12)

 

United States

 

S + 3.25%

 

0.50%

 

7.32%

 

3/14/2031

 

 

74

 

 

 

75

 

 

 

65

 

 

 

0.02

 

MI Windows and Doors, LLC

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.32%

 

3/28/2031

 

 

1,975

 

 

 

1,966

 

 

 

1,944

 

 

 

0.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,567

 

 

 

4,482

 

 

 

1.50

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hexion Holdings Corporation

(12)

 

United States

 

S + 4.00%

 

0.00%

 

8.32%

 

3/15/2029

 

 

2,985

 

 

 

2,971

 

 

 

2,909

 

 

 

0.98

 

Highline Aftermarket Acquisition, LLC

(8)(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.82%

 

2/19/2030

 

 

1,995

 

 

 

1,990

 

 

 

1,993

 

 

 

0.67

 

Ineos US Finance LLC

(13)

 

Europe

 

S + 3.00%

 

0.00%

 

7.32%

 

2/7/2031

 

 

995

 

 

 

995

 

 

 

954

 

 

 

0.32

 

Project Cloud Holdings, LLC

(8)(12)

 

United States

 

S + 6.25%

 

1.00%

 

10.67%

 

3/31/2029

 

 

10,470

 

 

 

10,274

 

 

 

10,287

 

 

 

3.45

 

Project Cloud Holdings, LLC (Revolver)

(8)(9)

 

United States

 

S + 6.25%

 

0.00%

 

10.67%

 

3/31/2029

 

 

1,424

 

 

 

1,392

 

 

 

1,399

 

 

 

0.47

 

Sparta U.S. Holdco LLC

 

 

United States

 

S + 3.00%

 

0.00%

 

7.32%

 

8/2/2030

 

 

1,990

 

 

 

1,990

 

 

 

1,979

 

 

 

0.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,612

 

 

 

19,521

 

 

 

6.55

 

 

 

10


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APS Acquisition Holdings, LLC

(8)(12)

 

United States

 

S + 5.75%

 

1.00%

 

10.05%

 

7/11/2029

 

 

8,060

 

 

 

7,957

 

 

 

7,939

 

 

 

2.66

 

APS Acquisition Holdings, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.75%

 

1.00%

 

1.00%

 

7/11/2029

 

 

 

 

 

(15

)

 

 

(52

)

 

 

(0.02

)

APS Acquisition Holdings, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.75%

 

1.00%

 

0.50%

 

7/11/2029

 

 

 

 

 

(22

)

 

 

(26

)

 

 

(0.01

)

Catawba Nation Gaming Authority

 

 

United States

 

S + 4.75%

 

0.00%

 

9.05%

 

3/28/2030

 

 

10,000

 

 

 

9,950

 

 

 

10,046

 

 

 

3.37

 

CI (MG) Group, LLC

(8)(12)

 

United States

 

S + 5.50%

 

1.00%

 

9.72%

 

3/27/2030

 

 

9,774

 

 

 

9,628

 

 

 

9,627

 

 

 

3.23

 

CI (MG) Group, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

1.00%

 

1.00%

 

3/27/2030

 

 

 

 

 

(35

)

 

 

(70

)

 

 

(0.02

)

CI (MG) Group, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

1.00%

 

0.50%

 

3/27/2030

 

 

 

 

 

(16

)

 

 

(16

)

 

 

(0.01

)

Cimpress USA Incorporated

(8)(12)

 

United States

 

S + 2.50%

 

0.50%

 

6.82%

 

5/17/2028

 

 

1,990

 

 

 

1,990

 

 

 

1,948

 

 

 

0.65

 

LRS Holdings LLC

(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.69%

 

8/31/2028

 

 

1,974

 

 

 

1,974

 

 

 

1,890

 

 

 

0.64

 

LSF12 Crown US Commercial Bidco, LLC

(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.57%

 

12/2/2031

 

 

2,000

 

 

 

1,981

 

 

 

1,968

 

 

 

0.66

 

Prime Security Services Borrower, LLC

 

 

United States

 

S + 2.00%

 

0.00%

 

6.32%

 

10/13/2030

 

 

1,995

 

 

 

2,007

 

 

 

1,989

 

 

 

0.67

 

Waste Resource Management Inc.

(8)(12)

 

United States

 

S + 5.75%

 

1.00%

 

10.07%

 

12/28/2029

 

 

5,572

 

 

 

5,505

 

 

 

5,572

 

 

 

1.87

 

Waste Resource Management Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.75%

 

1.00%

 

10.07%

 

12/28/2029

 

 

1,146

 

 

 

1,137

 

 

 

1,146

 

 

 

0.38

 

Waste Resource Management Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 5.75%

 

1.00%

 

10.07%

 

12/28/2029

 

 

538

 

 

 

528

 

 

 

538

 

 

 

0.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,569

 

 

 

42,499

 

 

 

14.25

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SonicWall US Holdings Inc.

(11)

 

United States

 

S + 5.00%

 

0.50%

 

0.00%

 

5/18/2028

 

 

1,995

 

 

 

2,000

 

 

 

1,968

 

 

 

0.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,000

 

 

 

1,968

 

 

 

0.66

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RL James, Inc.

(8)(12)

 

United States

 

S + 6.00%

 

1.00%

 

10.42%

 

12/15/2028

 

 

2,273

 

 

 

2,241

 

 

 

2,250

 

 

 

0.75

 

RL James, Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.00%

 

1.00%

 

10.45%

 

12/15/2028

 

 

1,539

 

 

 

1,509

 

 

 

1,517

 

 

 

0.51

 

RL James, Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 6.00%

 

1.00%

 

10.45%

 

12/15/2028

 

 

65

 

 

 

50

 

 

 

54

 

 

 

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,800

 

 

 

3,821

 

 

 

1.28

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Closure Systems International Group Inc.

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.82%

 

3/22/2029

 

 

1,995

 

 

 

1,986

 

 

 

1,998

 

 

 

0.67

 

R-Pac International Corp

(8)

 

United States

 

S + 6.00%

 

0.00%

 

10.29%

 

12/29/2027

 

 

2,374

 

 

 

2,354

 

 

 

2,362

 

 

 

0.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,340

 

 

 

4,360

 

 

 

1.46

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMCP Clean Acquisition Co LLC

(8)(12)

 

United States

 

S + 4.75%

 

0.50%

 

9.05%

 

6/15/2028

 

 

9,625

 

 

 

9,546

 

 

 

9,655

 

 

 

3.24

 

AMCP Clean Acquisition Co LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 4.75%

 

0.00%

 

9.05%

 

6/15/2028

 

 

1,087

 

 

 

1,078

 

 

 

1,094

 

 

 

0.37

 

LaserAway Intermediate Holdings II, LLC

(8)(12)

 

United States

 

S + 5.75%

 

0.75%

 

10.31%

 

10/14/2027

 

 

1,502

 

 

 

1,491

 

 

 

1,502

 

 

 

0.50

 

Mammoth Holdings, LLC

(8)(12)

 

United States

 

S + 6.00%

 

1.00%

 

10.30%

 

11/15/2030

 

 

5,207

 

 

 

5,120

 

 

 

5,077

 

 

 

1.70

 

Mammoth Holdings, LLC (Delayed Draw)

(8)(10)(12)

 

United States

 

S + 6.00%

 

1.00%

 

10.30%

 

11/15/2030

 

 

1,309

 

 

 

1,287

 

 

 

1,276

 

 

 

0.43

 

Mammoth Holdings, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.75%

 

1.00%

 

0.50%

 

11/15/2029

 

 

 

 

 

(11

)

 

 

(16

)

 

 

(0.01

)

Reedy Industries Inc.

(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.55%

 

8/31/2028

 

 

1,995

 

 

 

1,986

 

 

 

1,999

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,497

 

 

 

20,587

 

 

 

6.90

 

Diversified Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guardian US Holdco LLC

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.80%

 

1/31/2030

 

 

3,960

 

 

 

3,943

 

 

 

3,907

 

 

 

1.31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,943

 

 

 

3,907

 

 

 

1.31

 

 

 

11


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arcline FM Holding, LLC

(12)

 

United States

 

S + 4.50%

 

0.00%

 

8.80%

 

6/23/2028

 

 

3,589

 

 

 

3,604

 

 

 

3,578

 

 

 

1.20

 

Energy Acquisition

(8)(12)

 

United States

 

S + 6.50%

 

2.00%

 

10.81%

 

5/10/2029

 

 

7,841

 

 

 

7,715

 

 

 

7,762

 

 

 

2.60

 

Energy Acquisition (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.50%

 

2.00%

 

1.00%

 

5/10/2029

 

 

 

 

 

(4

)

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,315

 

 

 

11,336

 

 

 

3.80

 

Electronic Equipment, Instruments & Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Creation Technologies Inc.

(8)

 

United States

 

S + 5.50%

 

0.50%

 

10.06%

 

10/5/2028

 

 

1,995

 

 

 

1,970

 

 

 

1,940

 

 

 

0.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,970

 

 

 

1,940

 

 

 

0.65

 

Entertainment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

StubHub

(12)

 

United States

 

S + 4.75%

 

0.00%

 

9.07%

 

3/15/2030

 

 

4,888

 

 

 

4,848

 

 

 

4,876

 

 

 

1.64

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,848

 

 

 

4,876

 

 

 

1.64

 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahead DB Holdings, LLC

(12)

 

United States

 

S + 3.00%

 

0.75%

 

7.30%

 

2/1/2031

 

 

983

 

 

 

974

 

 

 

982

 

 

 

0.33

 

Apella Capital, LLC

(8)(12)(13)

 

United States

 

P + 6.50%

 

1.00%

 

13.00%

 

3/1/2029

 

 

1,257

 

 

 

1,239

 

 

 

1,257

 

 

 

0.42

 

Apella Capital, LLC

(8)(12)(13)

 

United States

 

S + 6.50%

 

1.00%

 

10.82%

 

3/1/2029

 

 

589

 

 

 

578

 

 

 

589

 

 

 

0.20

 

Apella Capital, LLC

(8)(12)(13)

 

United States

 

S + 6.50%

 

1.00%

 

10.80%

 

3/1/2029

 

 

996

 

 

 

977

 

 

 

996

 

 

 

0.33

 

Apella Capital, LLC (Delayed Draw)

(7)(8)(10)(13)

 

United States

 

S + 6.50%

 

1.00%

 

1.00%

 

3/1/2029

 

 

 

 

 

(9

)

 

 

 

 

 

 

Apella Capital, LLC (Delayed Draw)

(7)(8)(10)(13)

 

United States

 

S + 6.50%

 

1.00%

 

10.80%

 

3/1/2029

 

 

147

 

 

 

145

 

 

 

147

 

 

 

0.05

 

Apella Capital, LLC (Delayed Draw)

(8)(10)(13)

 

United States

 

S + 6.50%

 

1.00%

 

10.81%

 

3/1/2029

 

 

249

 

 

 

243

 

 

 

249

 

 

 

0.08

 

Apella Capital, LLC (Revolver)

(8)(9)(13)

 

United States

 

S + 6.50%

 

1.00%

 

10.80%

 

3/1/2029

 

 

250

 

 

 

246

 

 

 

250

 

 

 

0.08

 

Apex Group Treasury Limited

(13)

 

Europe

 

S + 3.50%

 

0.00%

 

7.82%

 

2/27/2032

 

 

3,000

 

 

 

2,993

 

 

 

2,994

 

 

 

1.01

 

Aretec Group Inc.

 

 

United States

 

S + 3.50%

 

0.00%

 

7.82%

 

8/9/2030

 

 

1,995

 

 

 

2,007

 

 

 

1,981

 

 

 

0.66

 

Auxey Bidco Ltd.

(8)(12)(13)

 

Europe

 

S + 6.00%

 

0.00%

 

10.44%

 

6/29/2027

 

 

7,890

 

 

 

7,802

 

 

 

7,703

 

 

 

2.58

 

Evertec Group, LLC

(8)(13)

 

United States

 

S + 2.75%

 

0.00%

 

7.07%

 

10/30/2030

 

 

2,000

 

 

 

2,032

 

 

 

2,010

 

 

 

0.67

 

Focus Financial Partners, LLC

(12)

 

United States

 

S + 2.75%

 

0.00%

 

7.07%

 

9/15/2031

 

 

1,995

 

 

 

1,990

 

 

 

1,978

 

 

 

0.66

 

GTCR Everest Borrower LLC

(12)

 

United States

 

S + 2.75%

 

0.00%

 

7.05%

 

9/5/2031

 

 

1,995

 

 

 

1,988

 

 

 

1,984

 

 

 

0.67

 

Paint Intermediate III LLC

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.30%

 

10/9/2031

 

 

2,000

 

 

 

1,991

 

 

 

2,001

 

 

 

0.67

 

PRGX Global, Inc

(8)(12)

 

United States

 

S + 5.50%

 

1.00%

 

9.85%

 

12/20/2030

 

 

4,474

 

 

 

4,430

 

 

 

4,429

 

 

 

1.49

 

PRGX Global, Inc (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

1.00%

 

1.00%

 

12/20/2030

 

 

 

 

 

(3

)

 

 

(6

)

 

 

 

Priority Holdings, LLC

(12)

 

United States

 

S + 4.75%

 

0.00%

 

9.07%

 

5/16/2031

 

 

4,922

 

 

 

4,918

 

 

 

4,928

 

 

 

1.65

 

Ryan Specialty Group, LLC

(12)

 

United States

 

S + 2.25%

 

0.00%

 

6.57%

 

9/15/2031

 

 

998

 

 

 

995

 

 

 

996

 

 

 

0.33

 

Sagebrush Buyer, LLC

(8)(12)

 

United States

 

S + 5.00%

 

1.00%

 

9.32%

 

7/1/2030

 

 

10,074

 

 

 

9,941

 

 

 

10,074

 

 

 

3.38

 

Sagebrush Buyer, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.00%

 

1.00%

 

0.50%

 

7/1/2030

 

 

 

 

 

(17

)

 

 

 

 

 

 

TouchTunes

(12)

 

United States

 

S + 4.75%

 

0.00%

 

9.05%

 

4/2/2029

 

 

3,456

 

 

 

3,456

 

 

 

3,389

 

 

 

1.14

 

XPT Partners, LLC

(8)(12)

 

United States

 

S + 5.50%

 

0.00%

 

10.01%

 

9/13/2028

 

 

5,115

 

 

 

5,045

 

 

 

5,039

 

 

 

1.69

 

XPT Partners, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

1.00%

 

10.01%

 

9/13/2028

 

 

255

 

 

 

247

 

 

 

237

 

 

 

0.08

 

XPT Partners, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

0.00%

 

0.50%

 

9/13/2028

 

 

 

 

 

(4

)

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

54,204

 

 

 

54,203

 

 

 

18.17

 

 

12


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Food Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aspire Bakeries Holdings LLC

(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.57%

 

12/23/2030

 

 

2,985

 

 

 

2,971

 

 

 

2,996

 

 

 

1.00

 

Golden State Foods Corp

(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.56%

 

12/4/2031

 

 

3,412

 

 

 

3,387

 

 

 

3,427

 

 

 

1.15

 

Primary Products Finance LLC

 

 

United States

 

S + 3.25%

 

0.00%

 

7.55%

 

4/1/2029

 

 

1,990

 

 

 

1,990

 

 

 

1,980

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,348

 

 

 

8,403

 

 

 

2.82

 

Ground Transportation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Student Bidco Inc.

(12)

 

United States

 

S + 2.50%

 

0.00%

 

6.80%

 

7/21/2028

 

 

1,990

 

 

 

1,990

 

 

 

1,989

 

 

 

0.67

 

Kenan Advantage Group, Inc.

(12)

 

United States

 

S + 3.25%

 

0.00%

 

7.57%

 

1/25/2029

 

 

4,970

 

 

 

4,969

 

 

 

4,957

 

 

 

1.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,959

 

 

 

6,946

 

 

 

2.33

 

Health Care Equipment & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Journey Personal Care

(12)

 

United States

 

S + 3.75%

 

0.00%

 

8.05%

 

3/1/2028

 

 

4,949

 

 

 

4,937

 

 

 

4,912

 

 

 

1.64

 

Prescott's Inc.

(8)(12)

 

United States

 

S + 5.00%

 

1.00%

 

9.30%

 

12/30/2030

 

 

5,066

 

 

 

5,011

 

 

 

5,009

 

 

 

1.68

 

Prescott's Inc. (Delayed Draw)

(7)(8)

 

United States

 

S + 5.00%

 

1.00%

 

0.75%

 

12/30/2030

 

 

 

 

 

(13

)

 

 

(40

)

 

 

(0.01

)

Prescott's Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 5.00%

 

1.00%

 

0.50%

 

12/30/2030

 

 

 

 

 

(10

)

 

 

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,925

 

 

 

9,871

 

 

 

3.31

 

Health Care Providers & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crisis Prevention Institute, Inc.

(12)

 

United States

 

S + 4.00%

 

0.50%

 

8.30%

 

4/9/2031

 

 

2,993

 

 

 

2,978

 

 

 

3,001

 

 

 

1.01

 

Dermatology Intermediate Holdings III, Inc.

(12)

 

United States

 

S + 5.50%

 

0.50%

 

9.79%

 

3/30/2029

 

 

3,465

 

 

 

3,448

 

 

 

3,306

 

 

 

1.11

 

Dermatology Intermediate Holdings III, Inc.

(12)

 

United States

 

S + 4.25%

 

0.50%

 

8.54%

 

3/30/2029

 

 

4,949

 

 

 

4,863

 

 

 

4,661

 

 

 

1.56

 

Elevate HD Parent, Inc.

(8)(12)

 

United States

 

S + 6.00%

 

1.00%

 

10.42%

 

8/20/2029

 

 

985

 

 

 

972

 

 

 

985

 

 

 

0.33

 

Elevate HD Parent, Inc. (Delayed Draw)

(8)(10)

 

United States

 

S + 6.00%

 

1.00%

 

10.42%

 

8/20/2029

 

 

23

 

 

 

23

 

 

 

23

 

 

 

0.01

 

Elevate HD Parent, Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.00%

 

1.00%

 

10.42%

 

8/20/2029

 

 

51

 

 

 

49

 

 

 

51

 

 

 

0.02

 

Elevate HD Parent, Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 6.00%

 

1.00%

 

0.50%

 

8/20/2029

 

 

 

 

 

(3

)

 

 

 

 

 

 

First Steps Recovery Acquisition, LLC

(8)(12)

 

United States

 

S + 6.25%

 

1.00%

 

10.57%

 

3/29/2030

 

 

4,776

 

 

 

4,716

 

 

 

4,657

 

 

 

1.56

 

First Steps Recovery Acquisition, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.25%

 

1.00%

 

1.00%

 

3/29/2030

 

 

 

 

 

(5

)

 

 

(29

)

 

 

(0.01

)

First Steps Recovery Acquisition, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 6.25%

 

1.00%

 

10.55%

 

3/29/2030

 

 

551

 

 

 

537

 

 

 

523

 

 

 

0.17

 

Gen4 Dental Partners Opco, LLC

(8)(12)

 

United States

 

S + 5.75%

 

1.00%

 

10.07%

 

5/13/2030

 

 

6,947

 

 

 

6,829

 

 

 

6,756

 

 

 

2.26

 

Gen4 Dental Partners Opco, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.75%

 

0.00%

 

1.00%

 

5/13/2030

 

 

 

 

 

(20

)

 

 

(64

)

 

 

(0.02

)

Gen4 Dental Partners Opco, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.75%

 

0.00%

 

0.50%

 

5/13/2030

 

 

 

 

 

(8

)

 

 

(13

)

 

 

 

Houseworks Holdings

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

9.50%

 

12/15/2028

 

 

1,096

 

 

 

1,078

 

 

 

1,090

 

 

 

0.36

 

Houseworks Holdings

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

9.50%

 

12/15/2028

 

 

2,511

 

 

 

2,497

 

 

 

2,499

 

 

 

0.84

 

Houseworks Holdings (Delayed Draw)

(7)(8)(9)

 

United States

 

S + 5.25%

 

1.00%

 

0.50%

 

12/15/2028

 

 

 

 

 

(3

)

 

 

(2

)

 

 

 

Houseworks Holdings (Delayed Draw)

(8)(9)

 

United States

 

S + 5.50%

 

1.00%

 

9.50%

 

12/15/2028

 

 

319

 

 

 

314

 

 

 

317

 

 

 

0.11

 

Houseworks Holdings (Revolver)

(7)(8)(9)

 

United States

 

S + 5.25%

 

1.00%

 

9.55%

 

12/15/2028

 

 

116

 

 

 

112

 

 

 

115

 

 

 

0.04

 

 

13


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Health Care Providers & Services (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Vitro Sciences, LLC

(8)(12)

 

United States

 

S + 7.00%

 

1.00%

 

11.44%

 

2/28/2029

 

 

8,721

 

 

 

8,618

 

 

 

8,023

 

 

 

2.69

 

In Vitro Sciences, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 7.00%

 

1.00%

 

11.44%

 

2/28/2029

 

 

2,228

 

 

 

2,219

 

 

 

2,048

 

 

 

0.69

 

In Vitro Sciences, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 7.00%

 

1.00%

 

0.50%

 

2/28/2029

 

 

 

 

 

(7

)

 

 

(45

)

 

 

(0.02

)

Medrina, LLC

(8)(12)

 

United States

 

S + 6.00%

 

1.00%

 

10.44%

 

10/20/2029

 

 

7,266

 

 

 

7,163

 

 

 

7,266

 

 

 

2.44

 

Medrina, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.00%

 

1.00%

 

10.25%

 

10/20/2029

 

 

1,284

 

 

 

1,277

 

 

 

1,284.00

 

 

 

0.43

 

Medrina, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 6.00%

 

1.00%

 

0.50%

 

10/20/2029

 

 

 

 

 

(16

)

 

 

 

 

 

 

Monarch Behavioral Therapy, LLC

(8)(12)

 

United States

 

S + 5.00%

 

1.00%

 

9.32%

 

6/6/2030

 

 

9,116

 

 

 

8,998

 

 

 

9,071

 

 

 

3.04

 

Monarch Behavioral Therapy, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.00%

 

1.00%

 

9.32%

 

6/6/2030

 

 

930

 

 

 

923

 

 

 

922

 

 

 

0.31

 

Monarch Behavioral Therapy, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.00%

 

1.00%

 

9.33%

 

6/6/2030

 

 

613

 

 

 

599

 

 

 

607

 

 

 

0.20

 

Neon Maple US Debt Mergersub Inc.

 

 

United States

 

S + 3.00%

 

0.00%

 

7.32%

 

11/17/2031

 

 

1,000

 

 

 

999

 

 

 

995

 

 

 

0.33

 

NSM Top Holdings Corp

(12)

 

United States

 

S + 5.25%

 

0.00%

 

9.65%

 

5/14/2029

 

 

3,365

 

 

 

3,357

 

 

 

3,390

 

 

 

1.14

 

RMBUS Holdco Inc.

(8)(12)

 

United States

 

S + 6.50%

 

1.00%

 

10.74%

 

1/8/2029

 

 

5,589

 

 

 

5,518

 

 

 

5,589

 

 

 

1.87

 

RMBUS Holdco Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.50%

 

1.00%

 

1.00%

 

1/8/2029

 

 

 

 

 

(13

)

 

 

 

 

 

 

RMBUS Holdco Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 6.50%

 

1.00%

 

0.50%

 

1/8/2029

 

 

 

 

 

(13

)

 

 

 

 

 

 

Southern Veterinary Partners, LLC

(12)

 

United States

 

S + 3.25%

 

0.00%

 

7.57%

 

12/4/2031

 

 

2,000

 

 

 

1,990

 

 

 

1,997

 

 

 

0.67

 

US Fertility Enterprises, LLC

(8)(12)

 

United States

 

S + 4.50%

 

0.00%

 

8.78%

 

10/11/2031

 

 

2,132

 

 

 

2,112

 

 

 

2,137

 

 

 

0.72

 

US Fertility Enterprises, LLC (Delayed Draw)

(7)(8)(12)

 

United States

 

S + 4.50%

 

0.00%

 

2.25%

 

10/11/2031

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

72,100

 

 

 

71,160

 

 

 

23.86

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Advantmed Buyer Inc

(8)(12)

 

United States

 

S + 5.00%

 

1.00%

 

9.30%

 

2/14/2031

 

 

11,603

 

 

 

11,454

 

 

 

11,451

 

 

 

3.84

 

Advantmed Buyer Inc (Delayed Draw)

(8)(10)

 

United States

 

S + 5.00%

 

1.00%

 

9.31%

 

2/14/2031

 

 

1,642

 

 

 

1,635

 

 

 

1,620

 

 

 

0.54

 

Advantmed Buyer Inc (Revolver)

(7)(8)(9)

 

United States

 

S + 5.00%

 

1.00%

 

0.50%

 

2/14/2031

 

 

 

 

 

(28

)

 

 

(29

)

 

 

(0.01

)

Greenway Health, LLC

(8)(12)

 

United States

 

S + 6.75%

 

0.00%

 

11.05%

 

4/1/2029

 

 

9,660

 

 

 

9,441

 

 

 

9,660

 

 

 

3.24

 

Visante Acquisition, LLC

(8)(12)

 

United States

 

S + 5.75%

 

1.00%

 

10.04%

 

1/31/2030

 

 

8,376

 

 

 

8,275

 

 

 

8,376

 

 

 

2.81

 

Visante Acuqisition, LLC (Revolver)

(7)(8)

 

United States

 

S + 5.75%

 

1.00%

 

0.50%

 

1/31/2030

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

30,765

 

 

 

31,078

 

 

 

10.42

 

Hotels, Restaurants & Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Caesars Entertainment, Inc.

(13)

 

United States

 

S + 2.25%

 

0.00%

 

6.56%

 

2/6/2030

 

 

1,735

 

 

 

1,752

 

 

 

1,728

 

 

 

0.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,752

 

 

 

1,728

 

 

 

0.58

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Conditioning Specialist, Inc.

(8)(12)

 

United States

 

S + 5.50%

 

1.00%

 

9.82%

 

11/19/2029

 

 

5,011

 

 

 

4,951

 

 

 

4,935

 

 

 

1.65

 

Air Conditioning Specialist, Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

1.00%

 

9.81%

 

11/19/2029

 

 

1,741

 

 

 

1,690

 

 

 

1,686

 

 

 

0.57

 

Air Conditioning Specialist, Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

1.00%

 

9.82%

 

11/19/2029

 

 

226

 

 

 

214

 

 

 

213

 

 

 

0.07

 

Dorel Industries

(8)(12)(13)

 

Canada

 

S + 8.30%

 

2.00%

 

12.60%

 

12/8/2026

 

 

5,002

 

 

 

4,956

 

 

 

5,002

 

 

 

1.68

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,811

 

 

 

11,836

 

 

 

3.97

 

 

14


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acrisure, LLC

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.32%

 

11/6/2030

 

 

2,985

 

 

 

2,985

 

 

 

2,972

 

 

 

1.00

 

Amynta Agency Borrower Inc.

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.33%

 

12/29/2031

 

 

2,985

 

 

 

2,985

 

 

 

2,961

 

 

 

0.99

 

Ardonagh Midco 3 Limited

(12)(13)

 

Europe

 

S + 3.75%

 

0.00%

 

8.03%

 

2/15/2031

 

 

3,000

 

 

 

2,986

 

 

 

2,966

 

 

 

1.00

 

Community Based Care Acquisition, Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

1.00%

 

9.90%

 

9/30/2027

 

 

1,624

 

 

 

1,571

 

 

 

1,624

 

 

 

0.54

 

OEG Borrower, LLC

(8)(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.80%

 

6/30/2031

 

 

2,985

 

 

 

2,978

 

 

 

2,989

 

 

 

1.00

 

PEX Holdings LLC

(8)(12)

 

United States

 

S + 2.75%

 

0.00%

 

6.97%

 

11/26/2031

 

 

1,000

 

 

 

998

 

 

 

995

 

 

 

0.34

 

The Mutual Group, LLC

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

9.55%

 

1/31/2030

 

 

9,643

 

 

 

9,526

 

 

 

9,643

 

 

 

3.23

 

The Mutual Group, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

1.00%

 

0.50%

 

1/31/2030

 

 

 

 

 

(16

)

 

 

 

 

 

 

Truist Insurance Holdings, LLC

(12)

 

United States

 

S + 2.75%

 

0.00%

 

7.05%

 

5/6/2031

 

 

1,379

 

 

 

1,376

 

 

 

1,372

 

 

 

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,389

 

 

 

25,522

 

 

 

8.56

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asurion, LLC

(12)

 

United States

 

S + 4.00%

 

0.00%

 

8.42%

 

8/19/2028

 

 

4,937

 

 

 

4,927

 

 

 

4,893

 

 

 

1.64

 

Ensono, Inc.

(12)

 

United States

 

S + 4.00%

 

0.00%

 

8.44%

 

5/26/2028

 

 

1,990

 

 

 

1,985

 

 

 

1,963

 

 

 

0.66

 

Rackspace Technology Global Inc.

(12)

 

United States

 

S + 6.25%

 

0.75%

 

10.69%

 

5/15/2028

 

 

1,990

 

 

 

2,012

 

 

 

2,047

 

 

 

0.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,924

 

 

 

8,903

 

 

 

2.99

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acuren Delaware Holdco, Inc.

 

 

United States

 

S + 2.75%

 

0.00%

 

7.07%

 

7/30/2031

 

 

1,988

 

 

 

1,988

 

 

 

1,976

 

 

 

0.66

 

CPM Holdings, Inc.

(12)

 

United States

 

S + 4.50%

 

0.00%

 

8.82%

 

9/28/2028

 

 

4,950

 

 

 

4,972

 

 

 

4,876

 

 

 

1.63

 

Goat Holdco LLC

 

 

United States

 

S + 3.00%

 

0.00%

 

7.32%

 

1/27/2032

 

 

2,000

 

 

 

1,995

 

 

 

1,989

 

 

 

0.67

 

Madison iAQ LLC

(12)

 

United States

 

S + 2.50%

 

0.00%

 

6.76%

 

6/21/2028

 

 

3,969

 

 

 

3,981

 

 

 

3,930

 

 

 

1.32

 

Nvent Thermal LLC

 

 

United States

 

S + 3.50%

 

0.00%

 

7.82%

 

1/30/2032

 

 

2,000

 

 

 

1,990

 

 

 

2,002

 

 

 

0.67

 

Project Castle, Inc.

 

 

United States

 

S + 5.50%

 

0.50%

 

9.76%

 

6/1/2029

 

 

3,959

 

 

 

3,653

 

 

 

3,369

 

 

 

1.13

 

SPX Flow, Inc.

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.32%

 

4/5/2029

 

 

2,000

 

 

 

2,012

 

 

 

1,999

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,591

 

 

 

20,141

 

 

 

6.75

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABG Intermediate Holdings 2 LLC

(12)

 

United States

 

S + 2.25%

 

0.00%

 

6.57%

 

12/21/2028

 

 

2,736

 

 

 

2,736

 

 

 

2,711

 

 

 

0.91

 

Cengage Learning, Inc.

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.83%

 

3/24/2031

 

 

2,978

 

 

 

2,950

 

 

 

2,958

 

 

 

0.99

 

MH Sub I/Indigo/WebMD Health

(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.57%

 

5/3/2028

 

 

2,370

 

 

 

2,351

 

 

 

2,257

 

 

 

0.76

 

WH Borrower, LLC

(12)

 

United States

 

S + 4.75%

 

0.00%

 

9.07%

 

2/11/2032

 

 

2,000

 

 

 

1,990

 

 

 

1,993

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,027

 

 

 

9,919

 

 

 

3.33

 

Metals & Mining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minerals Technologies Inc.

(8)(13)

 

United States

 

S + 2.00%

 

0.00%

 

6.32%

 

11/26/2031

 

 

1,995

 

 

 

2,007

 

 

 

1,995

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,007

 

 

 

1,995

 

 

 

0.67

 

 

 

 

 

 

 

15


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquid Tech Solutions Holdings, LLC

(8)

 

United States

 

S + 3.75%

 

0.00%

 

8.07%

 

3/19/2028

 

 

998

 

 

 

998

 

 

 

999

 

 

 

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

998

 

 

 

999

 

 

 

0.33

 

Passenger Airlines

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AAdvantage Loyalty IP Ltd.

 

 

United States

 

S + 2.25%

 

0.00%

 

6.57%

 

4/20/2028

 

 

1,857

 

 

 

1,916

 

 

 

1,838

 

 

 

0.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,916

 

 

 

1,838

 

 

 

0.62

 

Personal Care Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KDC/ONE Development Corporation, Inc.

(12)

 

United States

 

S + 4.00%

 

0.00%

 

8.32%

 

8/15/2028

 

 

2,000

 

 

 

2,000

 

 

 

2,002

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,000

 

 

 

2,002

 

 

 

0.67

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amneal Pharmaceuticals LLC

(12)(13)

 

United States

 

S + 5.50%

 

0.00%

 

9.82%

 

5/4/2028

 

 

994

 

 

 

998

 

 

 

1,013

 

 

 

0.34

 

Nephron Pharmaceuticals, LLC

(8)(12)

 

United States

 

S + 4.00%

 

3.25%

 

8.33%

 

12/30/2027

 

 

1,875

 

 

 

1,857

 

 

 

1,856

 

 

 

0.62

 

Nephron Pharmaceuticals, LLC

(8)(12)

 

United States

 

S + 9.20%

 

3.25%

 

13.53%

 

12/30/2027

 

 

6,375

 

 

 

6,285

 

 

 

6,279

 

 

 

2.11

 

Syner-G Intermediate Holdings, LLC

(8)(12)

 

United States

 

S + 5.00%

 

1.00%

 

9.30%

 

9/17/2030

 

 

10,353

 

 

 

10,247

 

 

 

9,939

 

 

 

3.34

 

Syner-G Intermediate Holdings, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.00%

 

1.00%

 

0.50%

 

9/17/2030

 

 

 

 

 

(12

)

 

 

(46

)

 

 

(0.02

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,375

 

 

 

19,041

 

 

 

6.39

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case Works, LLC

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

9.56%

 

10/1/2029

 

 

5,026

 

 

 

4,966

 

 

 

4,960

 

 

 

1.66

 

Case Works, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.25%

 

1.00%

 

9.55%

 

10/1/2029

 

 

482

 

 

 

479

 

 

 

472

 

 

 

0.16

 

Case Works, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.25%

 

1.00%

 

9.55%

 

10/1/2029

 

 

241

 

 

 

234

 

 

 

233

 

 

 

0.08

 

CP Iris Holdco I, Inc.

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.82%

 

10/2/2028

 

 

3,959

 

 

 

3,963

 

 

 

3,915

 

 

 

1.31

 

Dun & Bradstreet Corporation

(13)

 

United States

 

S + 2.25%

 

0.00%

 

6.57%

 

1/18/2029

 

 

1,990

 

 

 

1,999

 

 

 

1,987

 

 

 

0.67

 

Eisner Advisory Group LLC

(12)

 

United States

 

S + 4.00%

 

0.50%

 

8.32%

 

2/28/2031

 

 

2,985

 

 

 

3,010

 

 

 

2,986

 

 

 

1.00

 

Grant Thornton Advisors LLC

(12)

 

United States

 

S + 2.75%

 

0.00%

 

7.07%

 

6/2/2031

 

 

4,975

 

 

 

5,016

 

 

 

4,956

 

 

 

1.66

 

SR Landscaping, LLC

(8)(12)

 

United States

 

S + 6.25%

 

1.00%

 

10.67%

 

10/30/2029

 

 

5,336

 

 

 

5,275

 

 

 

5,336

 

 

 

1.79

 

SR Landscaping, LLC (Delayed Draw)

(8)(10)(12)

 

United States

 

S + 6.25%

 

1.00%

 

10.66%

 

10/30/2029

 

 

1,772

 

 

 

1,766

 

 

 

1,772

 

 

 

0.59

 

SR Landscaping, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.00%

 

1.00%

 

10.42%

 

10/30/2029

 

 

590

 

 

 

567

 

 

 

590

 

 

 

0.20

 

SR Landscaping, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 6.00%

 

1.00%

 

10.42%

 

10/30/2029

 

 

312

 

 

 

301

 

 

 

312

 

 

 

0.10

 

Strategy Corps, LLC

(8)(12)

 

United States

 

S + 5.50%

 

1.00%

 

9.57%

 

6/28/2030

 

 

6,296

 

 

 

6,224

 

 

 

6,233

 

 

 

2.09

 

Strategy Corps, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.25%

 

1.00%

 

1.00%

 

6/28/2030

 

 

 

 

 

(9

)

 

 

(33

)

 

 

(0.01

)

Strategy Corps, LLC (Revolver)

(7)(8)(9)

 

United States

 

P + 5.25%

 

1.00%

 

11.75%

 

6/28/2030

 

 

82

 

 

 

63

 

 

 

66

 

 

 

0.02

 

Teneo Holdings LLC

(12)

 

United States

 

S + 4.75%

 

1.00%

 

9.07%

 

3/13/2031

 

 

2,970

 

 

 

2,944

 

 

 

2,980

 

 

 

1.00

 

Tri Scapes, LLC

(8)(12)

 

United States

 

S + 5.50%

 

1.00%

 

9.80%

 

7/12/2030

 

 

4,953

 

 

 

4,888

 

 

 

4,879

 

 

 

1.64

 

Tri Scapes, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

1.00%

 

1.00%

 

7/12/2030

 

 

 

 

 

(31

)

 

 

(36

)

 

 

(0.01

)

Tri Scapes, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

1.00%

 

0.50%

 

7/12/2030

 

 

 

 

 

(16

)

 

 

(18

)

 

 

(0.01

)

Unified Patents, LLC

(8)(12)

 

United States

 

S + 5.00%

 

0.00%

 

9.28%

 

12/23/2027

 

 

11,412

 

 

 

11,334

 

 

 

11,327

 

 

 

3.80

 

Unified Patents, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.00%

 

0.00%

 

0.50%

 

12/23/2027

 

 

 

 

 

(9

)

 

 

(10

)

 

 

 

Zenith American Solutions, Inc.

(8)(12)

 

United States

 

S + 5.50%

 

1.00%

 

9.80%

 

7/11/2029

 

 

9,950

 

 

 

9,822

 

 

 

9,875

 

 

 

3.31

 

Zenith American Solutions, Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

1.00%

 

5.50%

 

7/11/2029

 

 

604

 

 

 

589

 

 

 

595

 

 

 

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

63,375

 

 

 

63,377

 

 

 

21.25

 

 

16


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Real Estate Management & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

841 Prudential MOB LLC

(8)

 

United States

 

S + 6.50%

 

2.50%

 

10.82%

 

10/9/2027

 

 

13,773

 

 

 

13,599

 

 

 

13,566

 

 

 

4.55

 

841 Prudential MOB LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.50%

 

2.50%

 

1.00%

 

10/9/2027

 

 

 

 

 

(3

)

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,596

 

 

 

13,555

 

 

 

4.55

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AQA Acquisition Holding, Inc

 

 

United States

 

S + 4.00%

 

0.00%

 

8.29%

 

3/3/2028

 

 

1,000

 

 

 

998

 

 

 

997

 

 

 

0.33

 

Argano, LLC

(8)(12)

 

United States

 

S + 5.75%

 

1.00%

 

10.07%

 

9/13/2029

 

 

9,517

 

 

 

9,348

 

 

 

9,422

 

 

 

3.16

 

Argano, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.75%

 

1.00%

 

1.00%

 

9/13/2029

 

 

 

 

 

(19

)

 

 

(21

)

 

 

(0.01

)

Argano, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.75%

 

1.00%

 

0.50%

 

9/13/2029

 

 

 

 

 

(6

)

 

 

(3

)

 

 

 

Boxer Parent Company Inc.

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.29%

 

7/30/2031

 

 

3,000

 

 

 

2,997

 

 

 

2,952

 

 

 

0.99

 

CDK Global, Inc.

 

 

United States

 

S + 3.25%

 

0.00%

 

7.55%

 

7/6/2029

 

 

1,990

 

 

 

1,981

 

 

 

1,714

 

 

 

0.57

 

Cloud Software Group, Inc.

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.80%

 

3/30/2029

 

 

1,959

 

 

 

1,957

 

 

 

1,944

 

 

 

0.65

 

Cloudera, Inc.

(12)

 

United States

 

S + 3.75%

 

0.00%

 

8.17%

 

10/8/2028

 

 

4,707

 

 

 

4,703

 

 

 

4,652

 

 

 

1.56

 

CMI Marketing, Inc

 

 

United States

 

S + 4.25%

 

0.00%

 

8.69%

 

3/23/2028

 

 

1,990

 

 

 

1,985

 

 

 

1,958

 

 

 

0.66

 

Condor Merger Sub, Inc

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.32%

 

3/1/2029

 

 

2,667

 

 

 

2,667

 

 

 

2,552

 

 

 

0.86

 

Dragon Buyer Inc.

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.30%

 

9/30/2031

 

 

1,995

 

 

 

1,986

 

 

 

1,983

 

 

 

0.66

 

Enverus Holdings, Inc.

(8)

 

United States

 

S + 5.50%

 

0.75%

 

9.82%

 

12/24/2029

 

 

3,929

 

 

 

3,884

 

 

 

3,929

 

 

 

1.32

 

Enverus Holdings, Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

0.75%

 

9.82%

 

12/24/2029

 

 

 

 

 

 

 

 

 

 

 

 

Enverus Holdings, Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

0.75%

 

0.50%

 

12/24/2029

 

 

 

 

 

(3

)

 

 

(9

)

 

 

 

Flash Charm, Inc.

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.79%

 

3/2/2028

 

 

1,990

 

 

 

1,976

 

 

 

1,850

 

 

 

0.62

 

Irving Parent, Corp.

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

9.54%

 

3/11/2031

 

 

18,375

 

 

 

18,102

 

 

 

18,099

 

 

 

6.07

 

Irving Parent, Corp. (Revolver)

(7)(8)(9)

 

United States

 

S + 5.25%

 

1.00%

 

0.50%

 

3/11/2031

 

 

 

 

 

(39

)

 

 

(39

)

 

 

(0.01

)

ISolved, Inc.

(12)

 

United States

 

S + 3.25%

 

0.00%

 

7.57%

 

10/15/2030

 

 

1,990

 

 

 

2,018

 

 

 

1,995

 

 

 

0.67

 

Mitchell International, Inc.

(12)

 

United States

 

S + 3.25%

 

0.00%

 

7.57%

 

6/17/2031

 

 

1,990

 

 

 

1,974

 

 

 

1,969

 

 

 

0.66

 

Modena Buyer LLC

(12)

 

United States

 

S + 4.50%

 

0.00%

 

8.79%

 

7/1/2031

 

 

4,987

 

 

 

4,898

 

 

 

4,841

 

 

 

1.62

 

Project Alpha Intermediate Holdings, Inc.

 

 

United States

 

S + 3.25%

 

0.50%

 

7.55%

 

10/26/2030

 

 

1,990

 

 

 

2,009

 

 

 

1,988

 

 

 

0.67

 

Rocket Software, Inc.

(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.57%

 

11/28/2028

 

 

997

 

 

 

989

 

 

 

996

 

 

 

0.34

 

VS Buyer LLC

(12)

 

United States

 

S + 2.75%

 

0.00%

 

7.07%

 

4/12/2031

 

 

988

 

 

 

985

 

 

 

989

 

 

 

0.33

 

WatchGuard Technologies, Inc.

(12)

 

United States

 

S + 5.25%

 

0.75%

 

9.57%

 

7/2/2029

 

 

3,969

 

 

 

3,957

 

 

 

3,946

 

 

 

1.32

 

Zuora

 

 

United States

 

S + 3.50%

 

0.00%

 

7.82%

 

2/17/2032

 

 

1,000

 

 

 

995

 

 

 

989

 

 

 

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

70,342

 

 

 

69,693

 

 

 

23.37

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BW Gas & Convenience Holdings, LLC

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.94%

 

3/31/2028

 

 

1,964

 

 

 

1,962

 

 

 

1,953

 

 

 

0.65

 

LS Group Opco Acquisition LLC

(12)

 

United States

 

S + 2.50%

 

0.00%

 

6.81%

 

4/23/2031

 

 

3,980

 

 

 

3,980

 

 

 

3,958

 

 

 

1.33

 

Sweetwater Borrower LLC

(8)(12)

 

United States

 

S + 4.25%

 

0.75%

 

8.69%

 

8/7/2028

 

 

2,133

 

 

 

2,121

 

 

 

2,131

 

 

 

0.71

 

Xcel Brands, Inc.

(8)(12)(13)

 

United States

 

S + 8.50%

 

2.00%

 

12.80%

 

12/12/2028

 

 

2,000

 

 

 

1,930

 

 

 

1,955

 

 

 

0.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,993

 

 

 

9,997

 

 

 

3.35

 

 

17


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Protective Industrial Products Inc.

(12)

 

United States

 

S + 4.00%

 

0.75%

 

8.44%

 

12/29/2027

 

 

4,961

 

 

 

4,953

 

 

 

4,784

 

 

 

1.60

 

Rachel Zoe, Inc.

(8)(12)

 

United States

 

S + 7.66%

 

3.00%

 

11.96%

 

10/13/2026

 

 

430

 

 

 

427

 

 

 

430

 

 

 

0.14

 

Rachel Zoe, Inc.

(8)(12)

 

United States

 

S + 7.66%

 

3.00%

 

11.96%

 

10/13/2026

 

 

140

 

 

 

139

 

 

 

140

 

 

 

0.05

 

TR Apparel, LLC

(8)(12)

 

United States

 

S + 9.00%

 

2.00%

 

13.32%

 

6/21/2027

 

 

1,280

 

 

 

1,263

 

 

 

1,280

 

 

 

0.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,782

 

 

 

6,634

 

 

 

2.22

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DXP Enterprises, Inc.

(12)(13)

 

United States

 

S + 3.75%

 

0.00%

 

8.07%

 

10/11/2030

 

 

1,478

 

 

 

1,486

 

 

 

1,477

 

 

 

0.49

 

Johnstone Supply, LLC

(12)

 

United States

 

S + 2.50%

 

0.00%

 

6.82%

 

6/9/2031

 

 

4,975

 

 

 

5,011

 

 

 

4,941

 

 

 

1.66

 

Verde Purchaser, LLC

(12)

 

United States

 

S + 4.00%

 

0.00%

 

8.30%

 

11/30/2030

 

 

2,992

 

 

 

2,978

 

 

 

2,980

 

 

 

1.00

 

White Cap Supply Holdings, LLC

(12)

 

United States

 

S + 3.25%

 

0.00%

 

7.57%

 

10/19/2029

 

 

1,987

 

 

 

1,976

 

 

 

1,932

 

 

 

0.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,451

 

 

 

11,330

 

 

 

3.80

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CCI Buyer, Inc.

(12)

 

United States

 

S + 4.00%

 

0.75%

 

8.30%

 

12/17/2027

 

 

967

 

 

 

966

 

 

 

968

 

 

 

0.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

966

 

 

 

968

 

 

 

0.32

 

Total First Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

616,681

 

 

$

613,639

 

 

 

205.76

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Second Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alvogen Pharma US, Inc.

(8)

 

United States

 

S + 2.50%

 

0.00%

 

6.80%

 

3/1/2029

 

 

830

 

 

 

550

 

 

 

456

 

 

 

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

550

 

 

 

456

 

 

 

0.15

 

Warrant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Xcel Brands, Inc.

(8)(13)

 

United States

 

 

 

 

 

 

 

 

 

 

8

 

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31

 

 

 

 

 

 

 

Total Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

617,262

 

 

$

614,095

 

 

 

205.91

%

 

(1)
Security may be an obligation of one or more entities affiliated with the named portfolio company.
(2)
All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted.
(3)
All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(4)
Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR (denoted as “S”) or Prime (denoted as “P”) which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of March 31, 2025. For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at March 31, 2025. Variable rate loans typically include an interest reference rate floor feature, which the Company has indicated if applicable.

18


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Unaudited) - (Continued)

March 31, 2025

(in thousands, except shares)

(5)
Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares/shares owned.
(6)
The cost represents the original cost adjusted for the amortization of discount and premium, as applicable, and inclusive of any capitalized paid-in-kind income (“PIK), for debt securities.
(7)
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost.
(8)
These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the valuation designee under the oversight of the Board of Trustees (refer to Note 2 and Note 5), pursuant to the Company’s valuation policy.
(9)
Portfolio company pays 0.5% unfunded commitment fee on revolving loan facility.
(10)
Portfolio company pays 1.0% unfunded commitment fee on delayed draw term loan.
(11)
All or a portion of this position has not yet settled as of March 31, 2025. The Company will not accrue interest until the settlement date at which point SOFR will be established.
(12)
These debt investments were pledged as collateral under the Company's Credit Facility as of March 31, 2025 (refer to Note 6, “Borrowings”).
(13)
The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, non-qualifying assets represented approximately 5.7% of the total assets of the Company.
(14)
Loan was on non-accrual status as of March 31, 2025.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

19


First Eagle Private Credit Fund

Consolidated Schedule of Investments

December 31, 2024

(in thousands, except shares)

 

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace & Defense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Bleriot US Bidco Inc.

 

 

United States

 

S + 2.75%

 

0.00%

 

7.08%

 

10/31/2030

 

 

2,883

 

 

$

2,888

 

 

$

2,902

 

 

 

0.97

%

Chromalloy Corporation

(12)

 

United States

 

S + 3.75%

 

0.00%

 

8.35%

 

3/27/2031

 

 

7

 

 

 

7

 

 

 

7

 

 

 

 

Ovation Parent, Inc.

(12)

 

United States

 

S + 3.50%

 

0.75%

 

7.83%

 

4/21/2031

 

 

2,993

 

 

 

3,011

 

 

 

3,017

 

 

 

1.00

 

Titan Sub LLC

(8)

 

United States

 

S + 3.00%

 

0.00%

 

7.37%

 

6/14/2030

 

 

2,382

 

 

 

2,382

 

 

 

2,403

 

 

 

0.80

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,288

 

 

 

8,329

 

 

 

2.77

 

Air Freight & Logistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Buyer Inc.

(8)(12)

 

United States

 

S + 5.25%

 

0.00%

 

9.88%

 

7/23/2030

 

 

5,161

 

 

 

5,098

 

 

 

5,093

 

 

 

1.70

 

Air Buyer Inc. (Delayed Draw)

(7)(8)

 

United States

 

S + 5.25%

 

1.00%

 

1.00%

 

7/23/2030

 

 

 

 

 

(14

)

 

 

(15

)

 

 

 

Air Buyer Inc. (Revolver)

(7)(8)

 

United States

 

S + 5.25%

 

1.00%

 

0.13%

 

7/23/2030

 

 

 

 

 

(6

)

 

 

(7

)

 

 

 

AIT Worldwide Logistics Holdings, Inc.

(12)

 

United States

 

S + 4.75%

 

0.00%

 

9.28%

 

4/8/2030

 

 

4,974

 

 

 

4,993

 

 

 

5,016

 

 

 

1.67

 

LaserShip, Inc.

 

 

United States

 

S + 6.25%

 

0.00%

 

11.03%

 

1/2/2029

 

 

1,267

 

 

 

1,255

 

 

 

1,323

 

 

 

0.44

 

LaserShip, Inc.

 

 

United States

 

S + 4.50%

 

0.75%

 

9.28%

 

2/10/2029

 

 

1,957

 

 

 

1,510

 

 

 

1,497

 

 

 

0.50

 

LaserShip, Inc.

(14)

 

United States

 

S + 4.50%

 

0.00%

 

9.28%

 

8/10/2029

 

 

1,417

 

 

 

368

 

 

 

500

 

 

 

0.16

 

Odyssey Logistics & Technology Corporation

(12)

 

United States

 

S + 4.50%

 

0.00%

 

8.83%

 

10/12/2027

 

 

1,990

 

 

 

1,983

 

 

 

1,994

 

 

 

0.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15,187

 

 

 

15,401

 

 

 

5.13

 

Automobile Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enthusiast Auto Holdings, LLC

(8)(12)

 

United States

 

S + 4.75%

 

0.00%

 

9.12%

 

12/19/2026

 

 

8,402

 

 

 

8,402

 

 

 

8,402

 

 

 

2.81

 

Enthusiast Auto Holdings, LLC (Revolver)

(7)(8)

 

United States

 

S + 5.25%

 

1.00%

 

0.38%

 

12/19/2026

 

 

 

 

 

(1

)

 

 

 

 

 

 

First Brands Group, LLC

(12)

 

United States

 

S + 5.00%

 

0.00%

 

9.85%

 

3/30/2027

 

 

998

 

 

 

979

 

 

 

937

 

 

 

0.31

 

Owl Vans, LLC

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

9.61%

 

12/31/2030

 

 

3,840

 

 

 

3,789

 

 

 

3,789

 

 

 

1.26

 

Owl Vans, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.25%

 

1.00%

 

0.50%

 

12/31/2030

 

 

 

 

 

(16

)

 

 

(16

)

 

 

(0.01

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,153

 

 

 

13,112

 

 

 

4.37

 

Building Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Groundworks Operations, LLC

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.65%

 

3/14/2031

 

 

2,527

 

 

 

2,533

 

 

 

2,543

 

 

 

0.84

 

Groundworks Operations, LLC (Delayed Draw)

(7)(9)(12)

 

United States

 

S + 3.00%

 

0.50%

 

7.65%

 

3/14/2031

 

 

74

 

 

 

76

 

 

 

77

 

 

 

0.03

 

MI Windows and Doors, LLC

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.36%

 

3/28/2031

 

 

3,980

 

 

 

3,962

 

 

 

4,026

 

 

 

1.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,571

 

 

 

6,646

 

 

 

2.21

 

Chemicals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hexion Holdings Corporation

 

 

United States

 

S + 4.00%

 

0.00%

 

8.45%

 

3/15/2029

 

 

2,992

 

 

 

2,978

 

 

 

2,998

 

 

 

1.00

 

Ineos US Finance LLC

(8)(11)

 

United States

 

S + 3.00%

 

0.00%

 

N/A

 

2/7/2031

 

 

998

 

 

 

997

 

 

 

1,007

 

 

 

0.34

 

Project Cloud Holdings, LLC

(8)(12)

 

United States

 

S + 6.25%

 

1.00%

 

10.71%

 

3/31/2029

 

 

10,496

 

 

 

10,290

 

 

 

10,234

 

 

 

3.41

 

Project Cloud Holdings, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 6.25%

 

0.00%

 

10.71%

 

3/31/2029

 

 

1,353

 

 

 

1,321

 

 

 

1,318

 

 

 

0.44

 

Sparta U.S. Holdco LLC

(11)

 

United States

 

S + 3.00%

 

0.00%

 

N/A

 

8/2/2030

 

 

1,995

 

 

 

1,995

 

 

 

2,011

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,581

 

 

 

17,568

 

 

 

5.86

 

 

 

 

 

 

20


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Commercial Services & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

APS Acquisition Holdings, LLC

(8)(12)

 

United States

 

S + 5.50%

 

1.00%

 

10.08%

 

7/11/2029

 

 

8,080

 

 

 

7,971

 

 

 

7,959

 

 

 

2.65

 

APS Acquisition Holdings, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

1.00%

 

1.00%

 

7/11/2029

 

 

 

 

 

(16

)

 

 

(52

)

 

 

(0.02

)

APS Acquisition Holdings, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

1.00%

 

0.50%

 

7/11/2029

 

 

 

 

 

(24

)

 

 

(26

)

 

 

(0.01

)

Ardonagh Midco 3 Limited

(8)(12)(13)

 

Europe

 

S + 3.75%

 

0.00%

 

8.53%

 

2/15/2031

 

 

3,000

 

 

 

2,986

 

 

 

3,022

 

 

 

1.01

 

Cimpress USA Incorporated

 

 

United States

 

S + 2.50%

 

0.50%

 

6.86%

 

5/17/2028

 

 

1,995

 

 

 

1,995

 

 

 

2,007

 

 

 

0.67

 

LRS Holdings LLC

(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.72%

 

8/31/2028

 

 

1,980

 

 

 

1,980

 

 

 

1,881

 

 

 

0.63

 

LSF12 Crown US Commercial Bidco, LLC

(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.80%

 

12/2/2031

 

 

2,000

 

 

 

1,980

 

 

 

2,000

 

 

 

0.66

 

Prime Security Services Borrower, LLC

(11)

 

United States

 

S + 2.00%

 

0.00%

 

N/A

 

10/13/2030

 

 

2,000

 

 

 

2,012

 

 

 

2,007

 

 

 

0.67

 

Waste Resource Management Inc.

(8)(12)

 

United States

 

S + 5.75%

 

1.00%

 

10.11%

 

12/28/2029

 

 

5,586

 

 

 

5,516

 

 

 

5,586

 

 

 

1.86

 

Waste Resource Management Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.75%

 

1.00%

 

10.11%

 

12/28/2029

 

 

858

 

 

 

849

 

 

 

858

 

 

 

0.29

 

Waste Resource Management Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 5.75%

 

1.00%

 

10.11%

 

12/28/2029

 

 

41

 

 

 

31

 

 

 

41

 

 

 

0.01

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

25,280

 

 

 

25,283

 

 

 

8.42

 

Communications Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SonicWall US Holdings Inc.

(11)

 

United States

 

S + 5.00%

 

0.50%

 

N/A

 

5/18/2028

 

 

1,995

 

 

 

2,000

 

 

 

1,995

 

 

 

0.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,000

 

 

 

1,995

 

 

 

0.66

 

Construction & Engineering

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RL James, Inc.

(8)(12)

 

United States

 

S + 6.00%

 

1.00%

 

10.44%

 

12/15/2028

 

 

2,278

 

 

 

2,245

 

 

 

2,221

 

 

 

0.74

 

RL James, Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.00%

 

1.00%

 

10.81%

 

12/15/2028

 

 

1,542

 

 

 

1,510

 

 

 

1,489

 

 

 

0.49

 

RL James, Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 6.00%

 

1.00%

 

10.48%

 

12/15/2028

 

 

108

 

 

 

92

 

 

 

81

 

 

 

0.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,847

 

 

 

3,791

 

 

 

1.26

 

Containers & Packaging

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Berlin Packaging L.L.C.

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.95%

 

6/7/2031

 

 

3,990

 

 

 

4,000

 

 

 

4,018

 

 

 

1.34

 

Closure Systems International Group Inc.

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.86%

 

3/22/2029

 

 

4,975

 

 

 

4,952

 

 

 

5,025

 

 

 

1.67

 

R-Pac International Corp

(8)

 

United States

 

S + 6.00%

 

0.00%

 

10.51%

 

12/29/2027

 

 

2,374

 

 

 

2,352

 

 

 

2,350

 

 

 

0.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,304

 

 

 

11,393

 

 

 

3.79

 

Diversified Consumer Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMCP Clean Acquisition Co LLC

(8)(12)

 

United States

 

S + 4.75%

 

0.50%

 

9.08%

 

6/15/2028

 

 

9,649

 

 

 

9,563

 

 

 

9,685

 

 

 

3.22

 

AMCP Clean Acquisition Co LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 4.75%

 

0.00%

 

9.08%

 

6/15/2028

 

 

160

 

 

 

150

 

 

 

168

 

 

 

0.06

 

LaserAway Intermediate Holdings II, LLC

(8)(12)

 

United States

 

S + 5.75%

 

0.75%

 

10.66%

 

10/14/2027

 

 

1,506

 

 

 

1,493

 

 

 

1,506

 

 

 

0.50

 

Mammoth Holdings, LLC

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

10.33%

 

11/15/2030

 

 

5,220

 

 

 

5,129

 

 

 

5,064

 

 

 

1.69

 

Mammoth Holdings, LLC (Delayed Draw)

(8)(12)

 

United States

 

S + 5.00%

 

1.00%

 

10.55%

 

11/15/2030

 

 

1,312

 

 

 

1,289

 

 

 

1,273

 

 

 

0.43

 

Mammoth Holdings, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.75%

 

1.00%

 

0.50%

 

11/15/2029

 

 

 

 

 

(11

)

 

 

(20

)

 

 

(0.01

)

Reedy Industries Inc.

(8)(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.58%

 

8/31/2028

 

 

4,927

 

 

 

4,901

 

 

 

4,967

 

 

 

1.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,514

 

 

 

22,643

 

 

 

7.54

 

 

 

 

 

 

 

 

21


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Diversified Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guardian US Holdco LLC

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.83%

 

1/31/2030

 

 

3,970

 

 

 

3,952

 

 

 

3,983

 

 

 

1.33

 

Virgin Media Bristol LLC

(12)

 

United States

 

S + 3.18%

 

0.00%

 

7.80%

 

3/31/2031

 

 

5,000

 

 

 

4,907

 

 

 

4,960

 

 

 

1.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,859

 

 

 

8,943

 

 

 

2.98

 

Electrical Equipment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arcline FM Holding, LLC

(12)

 

United States

 

S + 4.50%

 

0.00%

 

9.57%

 

6/23/2028

 

 

3,598

 

 

 

3,614

 

 

 

3,624

 

 

 

1.20

 

Energy Acquisition

(8)(12)

 

United States

 

S + 6.50%

 

2.00%

 

11.28%

 

5/10/2029

 

 

7,860

 

 

 

7,727

 

 

 

7,743

 

 

 

2.58

 

Energy Acquisition (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.50%

 

2.00%

 

1.00%

 

5/10/2029

 

 

 

 

 

(4

)

 

 

(7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,337

 

 

 

11,360

 

 

 

3.78

 

Electronic Equipment, Instruments & Components

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Creation Technologies Inc.

(8)(11)

 

United States

 

S + 5.50%

 

0.50%

 

N/A

 

10/5/2028

 

 

2,000

 

 

 

1,975

 

 

 

1,968

 

 

 

0.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,975

 

 

 

1,968

 

 

 

0.66

 

Entertainment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liberty Media Corporation

 

 

United States

 

S + 2.00%

 

0.00%

 

6.33%

 

9/30/2031

 

 

1,333

 

 

 

1,333

 

 

 

1,339

 

 

 

0.45

 

Liberty Media Corporation

(11)

 

United States

 

S + 2.00%

 

0.00%

 

N/A

 

9/6/2031

 

 

667

 

 

 

667

 

 

 

669

 

 

 

0.22

 

StubHub

(12)

 

United States

 

S + 4.75%

 

0.00%

 

9.11%

 

3/15/2030

 

 

4,901

 

 

 

4,858

 

 

 

4,919

 

 

 

1.64

 

UFC Holdings, LLC

 

 

United States

 

S + 2.25%

 

0.00%

 

6.77%

 

11/21/2031

 

 

2,000

 

 

 

1,998

 

 

 

2,014

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,856

 

 

 

8,941

 

 

 

2.98

 

Financial Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ahead DB Holdings, LLC

(12)

 

United States

 

S + 3.50%

 

0.75%

 

7.83%

 

2/1/2031

 

 

2,985

 

 

 

2,957

 

 

 

3,009

 

 

 

1.00

 

Apella Capital LLC

(8)(12)(13)

 

United States

 

P + 6.50%

 

1.00%

 

13.00%

 

3/1/2029

 

 

1,260

 

 

 

1,241

 

 

 

1,254

 

 

 

0.42

 

Apella Capital, LLC

(8)(12)(13)

 

United States

 

S + 6.50%

 

1.00%

 

10.83%

 

3/1/2029

 

 

590

 

 

 

579

 

 

 

587

 

 

 

0.20

 

Apella Capital, LLC (Delayed Draw)

(7)(8)(10)(13)

 

United States

 

S + 6.50%

 

1.00%

 

10.83%

 

3/1/2029

 

 

148

 

 

 

145

 

 

 

146

 

 

 

0.05

 

Apella Capital LLC (Delayed Draw)

(8)(10)(13)

 

United States

 

S + 6.50%

 

1.00%

 

11.01%

 

3/1/2029

 

 

250

 

 

 

243

 

 

 

248

 

 

 

0.08

 

Apella Capital LLC (Revolver)

(7)(8)(9)(13)

 

United States

 

S + 6.50%

 

1.00%

 

10.85%

 

3/1/2029

 

 

200

 

 

 

196

 

 

 

199

 

 

 

0.07

 

Apex Group Treasury Limited

(12)

 

United States

 

S + 3.75%

 

0.50%

 

8.96%

 

7/27/2028

 

 

2,992

 

 

 

3,014

 

 

 

3,024

 

 

 

1.01

 

Aretec Group Inc.

(11)

 

United States

 

S + 3.50%

 

0.00%

 

N/A

 

8/9/2030

 

 

2,000

 

 

 

2,013

 

 

 

2,007

 

 

 

0.67

 

Auxey Bidco Ltd.

(8)(12)(13)

 

Europe

 

S + 6.00%

 

0.00%

 

10.67%

 

6/29/2027

 

 

7,910

 

 

 

7,812

 

 

 

7,722

 

 

 

2.57

 

Evertec Group, LLC

(8)(11)(13)

 

United States

 

S + 2.75%

 

0.00%

 

N/A

 

10/30/2030

 

 

2,000

 

 

 

2,033

 

 

 

2,028

 

 

 

0.68

 

Focus Financial Partners, LLC

 

 

United States

 

S + 3.25%

 

0.00%

 

7.61%

 

9/15/2031

 

 

1,806

 

 

 

1,802

 

 

 

1,825

 

 

 

0.61

 

Focus Financial Partners, LLC (Delayed Draw)

(7)

 

United States

 

S + 3.25%

 

0.00%

 

1.63%

 

9/15/2031

 

 

 

 

 

 

 

 

2

 

 

 

 

GTCR Everest Borrower LLC

(12)

 

United States

 

S + 2.75%

 

0.00%

 

7.08%

 

9/5/2031

 

 

3,000

 

 

 

2,989

 

 

 

3,016

 

 

 

1.00

 

Paint Intermediate III LLC

 

 

United States

 

S + 3.00%

 

0.00%

 

7.52%

 

10/9/2031

 

 

2,000

 

 

 

1,990

 

 

 

2,014

 

 

 

0.67

 

Priority Holdings, LLC

 

 

United States

 

S + 4.75%

 

0.00%

 

9.11%

 

5/16/2031

 

 

4,975

 

 

 

4,971

 

 

 

4,992

 

 

 

1.66

 

Ryan Specialty Group, LLC

(12)

 

United States

 

S + 2.25%

 

0.00%

 

6.61%

 

9/15/2031

 

 

2,000

 

 

 

1,995

 

 

 

2,010

 

 

 

0.67

 

Sagebrush Buyer, LLC

(8)(12)

 

United States

 

S + 5.00%

 

1.00%

 

9.36%

 

7/1/2030

 

 

10,074

 

 

 

9,935

 

 

 

9,922

 

 

 

3.30

 

Sagebrush Buyer, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.25%

 

1.00%

 

0.50%

 

7/1/2030

 

 

 

 

 

(17

)

 

 

(19

)

 

 

(0.01

)

TouchTunes

(12)

 

United States

 

S + 4.75%

 

0.00%

 

9.08%

 

4/2/2029

 

 

3,465

 

 

 

3,465

 

 

 

3,480

 

 

 

1.16

 

XPT Partners, LLC

(8)(12)

 

United States

 

S + 5.50%

 

0.00%

 

10.24%

 

9/13/2028

 

 

5,128

 

 

 

5,053

 

 

 

5,051

 

 

 

1.68

 

XPT Partners, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

0.00%

 

1.00%

 

9/13/2028

 

 

 

 

 

(9

)

 

 

(18

)

 

 

(0.01

)

XPT Partners, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

0.00%

 

0.50%

 

9/13/2028

 

 

 

 

 

(4

)

 

 

(4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

52,403

 

 

 

52,495

 

 

 

17.48

 

 

22


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Food Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aspire Bakeries Holdings LLC

(8)(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.61%

 

12/23/2030

 

 

2,992

 

 

 

2,978

 

 

 

3,026

 

 

 

1.01

 

Golden State Foods Corp

(12)

 

United States

 

S + 4.00%

 

0.00%

 

8.77%

 

12/4/2031

 

 

3,429

 

 

 

3,403

 

 

 

3,463

 

 

 

1.15

 

Primary Products Finance LLC

(11)

 

United States

 

S + 3.25%

 

0.00%

 

N/A

 

4/1/2029

 

 

1,995

 

 

 

1,995

 

 

 

2,003

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,376

 

 

 

8,492

 

 

 

2.83

 

Ground Transportation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First Student Bidco Inc.

(12)

 

United States

 

S + 2.50%

 

0.00%

 

6.89%

 

7/21/2028

 

 

3,990

 

 

 

3,990

 

 

 

4,002

 

 

 

1.33

 

Kenan Advantage Group, Inc.

(11)(12)

 

United States

 

S + 3.25%

 

0.00%

 

7.61%

 

1/25/2029

 

 

4,982

 

 

 

4,981

 

 

 

5,020

 

 

 

1.67

 

UPC Financing Partnership

(12)

 

United States

 

S + 2.93%

 

0.00%

 

7.44%

 

1/31/2029

 

 

3,042

 

 

 

3,043

 

 

 

3,062

 

 

 

1.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,014

 

 

 

12,084

 

 

 

4.02

 

Health Care Equipment & Supplies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Journey Personal Care

(12)

 

United States

 

S + 3.75%

 

0.00%

 

8.11%

 

3/1/2028

 

 

4,961

 

 

 

4,948

 

 

 

4,972

 

 

 

1.65

 

Prescott's Inc.

(8)(12)

 

United States

 

S + 5.00%

 

0.00%

 

9.32%

 

12/30/2030

 

 

5,078

 

 

 

5,021

 

 

 

5,021

 

 

 

1.67

 

Prescott's Inc. (Delayed Draw)

(7)(8)

 

United States

 

S + 5.00%

 

0.00%

 

0.75%

 

12/30/2030

 

 

 

 

 

(13

)

 

 

(40

)

 

 

(0.01

)

Prescott's Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 5.00%

 

0.00%

 

0.50%

 

12/30/2030

 

 

 

 

 

(10

)

 

 

(10

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,946

 

 

 

9,943

 

 

 

3.31

 

Health Care Providers & Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Crisis Prevention Institute, Inc.

(8)(12)

 

United States

 

S + 4.00%

 

0.50%

 

8.39%

 

4/9/2031

 

 

3,000

 

 

 

2,985

 

 

 

3,019

 

 

 

1.01

 

Dermatology Intermediate Holdings III, Inc.

 

 

United States

 

S + 5.50%

 

0.50%

 

10.09%

 

3/30/2029

 

 

3,474

 

 

 

3,439

 

 

 

3,416

 

 

 

1.14

 

Dermatology Intermediate Holdings III, Inc.

(12)

 

United States

 

S + 4.25%

 

0.50%

 

8.84%

 

3/30/2029

 

 

4,962

 

 

 

4,870

 

 

 

4,800

 

 

 

1.60

 

Elevate HD Parent, Inc.

(8)(12)

 

United States

 

S + 6.00%

 

1.00%

 

10.46%

 

8/20/2029

 

 

988

 

 

 

973

 

 

 

988

 

 

 

0.33

 

Elevate HD Parent, Inc. (Delayed Draw)

(8)(10)

 

United States

 

S + 6.00%

 

1.00%

 

10.46%

 

8/20/2029

 

 

23

 

 

 

23

 

 

 

23

 

 

 

0.01

 

Elevate HD Parent, Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.00%

 

1.00%

 

10.46%

 

8/20/2029

 

 

52

 

 

 

49

 

 

 

52

 

 

 

0.02

 

Elevate HD Parent, Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 6.00%

 

1.00%

 

0.50%

 

8/20/2029

 

 

 

 

 

(3

)

 

 

 

 

 

 

First Steps Recovery Acquisition, LLC

(8)(12)

 

United States

 

S + 6.25%

 

1.00%

 

10.61%

 

3/29/2030

 

 

4,788

 

 

 

4,725

 

 

 

4,692

 

 

 

1.55

 

First Steps Recovery Acquisition, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.25%

 

1.00%

 

1.00%

 

3/29/2030

 

 

 

 

 

(5

)

 

 

(23

)

 

 

(0.01

)

First Steps Recovery Acquisition, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 6.25%

 

1.00%

 

10.58%

 

3/29/2030

 

 

551

 

 

 

536

 

 

 

528

 

 

 

0.17

 

Gen4 Dental Partners Opco, LLC

(8)(12)

 

United States

 

S + 5.75%

 

1.00%

 

10.56%

 

5/13/2030

 

 

6,965

 

 

 

6,840

 

 

 

6,756

 

 

 

2.25

 

Gen4 Dental Partners Opco, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.75%

 

0.00%

 

1.00%

 

5/13/2030

 

 

 

 

 

(21

)

 

 

(70

)

 

 

(0.02

)

Gen4 Dental Partners Opco, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.75%

 

0.00%

 

0.50%

 

5/13/2030

 

 

 

 

 

(8

)

 

 

(14

)

 

 

 

Houseworks Holdings

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

9.76%

 

12/15/2028

 

 

1,099

 

 

 

1,080

 

 

 

1,099

 

 

 

0.36

 

Houseworks Holdings

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

9.76%

 

12/15/2028

 

 

2,518

 

 

 

2,502

 

 

 

2,518

 

 

 

0.84

 

Houseworks Holdings (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.25%

 

1.00%

 

1.00%

 

12/15/2028

 

 

 

 

 

(4

)

 

 

 

 

 

 

Houseworks Holdings (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

1.00%

 

9.76%

 

12/15/2028

 

 

97

 

 

 

89

 

 

 

97

 

 

 

0.03

 

Houseworks Holdings (Revolver)

(7)(8)(9)

 

United States

 

S + 5.25%

 

1.00%

 

5.25%

 

12/15/2028

 

 

25

 

 

 

21

 

 

 

25

 

 

 

0.01

 

 

 

 

 

 

23


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Health Care Providers & Services (continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Vitro Sciences, LLC

(8)(12)

 

United States

 

S + 6.50%

 

1.00%

 

10.47%

 

2/28/2029

 

 

8,743

 

 

 

8,634

 

 

 

8,437

 

 

 

2.81

 

In Vitro Sciences, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.50%

 

1.00%

 

10.47%

 

2/28/2029

 

 

2,234

 

 

 

2,224

 

 

 

2,155

 

 

 

0.72

 

In Vitro Sciences, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 6.00%

 

1.00%

 

0.50%

 

2/28/2029

 

 

 

 

 

(7

)

 

 

(20

)

 

 

(0.01

)

Medrina, LLC

(8)(12)

 

United States

 

S + 6.00%

 

1.00%

 

10.44%

 

10/20/2029

 

 

7,285

 

 

 

7,176

 

 

 

7,285

 

 

 

2.43

 

Medrina, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.00%

 

1.00%

 

1.00%

 

10/20/2029

 

 

 

 

 

(8

)

 

 

 

 

 

 

Medrina, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 6.25%

 

1.00%

 

0.50%

 

10/20/2029

 

 

 

 

 

(17

)

 

 

 

 

 

 

Monarch Behavioral Therapy, LLC

(8)(12)

 

United States

 

S + 5.00%

 

1.00%

 

9.36%

 

6/6/2030

 

 

9,139

 

 

 

9,015

 

 

 

9,071

 

 

 

3.02

 

Monarch Behavioral Therapy, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.00%

 

1.00%

 

9.45%

 

6/6/2030

 

 

588

 

 

 

580

 

 

 

575

 

 

 

0.19

 

Monarch Behavioral Therapy, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.00%

 

1.00%

 

9.34%

 

6/6/2030

 

 

56

 

 

 

41

 

 

 

47

 

 

 

0.02

 

Neon Maple US Debt Mergersub Inc.

(11)

 

United States

 

S + 3.00%

 

0.00%

 

N/A

 

11/17/2031

 

 

3,000

 

 

 

2,996

 

 

 

3,010

 

 

 

1.00

 

NSM Top Holdings Corp

(12)

 

United States

 

S + 5.25%

 

0.00%

 

9.68%

 

5/14/2029

 

 

4,987

 

 

 

4,975

 

 

 

5,050

 

 

 

1.68

 

Physician Partners, LLC

(8)(12)

 

United States

 

S + 5.50%

 

0.00%

 

10.09%

 

12/22/2028

 

 

4,950

 

 

 

4,275

 

 

 

2,351

 

 

 

0.78

 

RMBUS Holdco Inc.

(8)(12)

 

United States

 

S + 6.50%

 

1.00%

 

11.74%

 

1/8/2029

 

 

5,603

 

 

 

5,527

 

 

 

5,603

 

 

 

1.87

 

RMBUS Holdco Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.50%

 

1.00%

 

1.00%

 

1/8/2029

 

 

 

 

 

(14

)

 

 

 

 

 

 

RMBUS Holdco Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 6.50%

 

1.00%

 

0.50%

 

1/8/2029

 

 

 

 

 

(14

)

 

 

 

 

 

 

Southern Veterinary Partners, LLC

 

 

United States

 

S + 3.25%

 

0.00%

 

7.71%

 

12/4/2031

 

 

2,000

 

 

 

1,990

 

 

 

2,017

 

 

 

0.67

 

US Fertility Enterprises, LLC

(12)

 

United States

 

S + 4.50%

 

0.00%

 

8.78%

 

10/11/2031

 

 

2,137

 

 

 

2,116

 

 

 

2,159

 

 

 

0.72

 

US Fertility Enterprises, LLC (Delayed Draw)

(7)(8)(12)

 

United States

 

S + 4.50%

 

0.00%

 

2.25%

 

10/11/2031

 

 

 

 

 

(1

)

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

77,579

 

 

 

75,647

 

 

 

25.19

 

Health Care Technology

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Greenway Health, LLC

(8)(12)

 

United States

 

S + 6.75%

 

0.00%

 

11.08%

 

4/1/2029

 

 

9,685

 

 

 

9,451

 

 

 

9,685

 

 

 

3.22

 

Visante Acquisition, LLC

(8)(12)

 

United States

 

S + 5.75%

 

1.00%

 

10.34%

 

1/31/2030

 

 

8,397

 

 

 

8,291

 

 

 

8,397

 

 

 

2.80

 

Visante Acuqisition, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.75%

 

1.00%

 

0.50%

 

1/31/2030

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,730

 

 

 

18,082

 

 

 

6.02

 

Hotels, Restaurants & Leisure

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Caesars Entertainment, Inc.

(11)(13)

 

United States

 

S + 2.25%

 

0.00%

 

N/A

 

2/6/2030

 

 

1,741

 

 

 

1,758

 

 

 

1,744

 

 

 

0.58

 

Catawba Nation Gaming Authority

(11)

 

United States

 

S + 4.75%

 

0.00%

 

N/A

 

12/13/2031

 

 

10,000

 

 

 

9,950

 

 

 

10,044

 

 

 

3.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11,708

 

 

 

11,788

 

 

 

3.92

 

Household Durables

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Air Conditioning Specialist, Inc.

(8)

 

United States

 

S + 5.50%

 

1.00%

 

9.99%

 

11/19/2029

 

 

5,023

 

 

 

4,961

 

 

 

4,998

 

 

 

1.66

 

Air Conditioning Specialist, Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

1.00%

 

10.01%

 

11/19/2029

 

 

1,745

 

 

 

1,692

 

 

 

1,727

 

 

 

0.58

 

Air Conditioning Specialist, Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

1.00%

 

0.50%

 

11/19/2029

 

 

 

 

 

(12

)

 

 

(4

)

 

 

 

Dorel Industries

(8)(12)(13)

 

Canada

 

S + 8.30%

 

2.00%

 

12.80%

 

12/8/2026

 

 

5,810

 

 

 

5,749

 

 

 

5,810

 

 

 

1.93

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

12,390

 

 

 

12,531

 

 

 

4.17

 

 

24


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Insurance

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acrisure, LLC

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.36%

 

11/6/2030

 

 

2,992

 

 

 

2,991

 

 

 

3,001

 

 

 

1.00

 

Amynta Agency Borrower Inc.

 

 

United States

 

S + 3.00%

 

0.00%

 

7.34%

 

12/29/2031

 

 

2,993

 

 

 

2,992

 

 

 

2,996

 

 

 

1.00

 

Community Based Care Acquisition, Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

1.00%

 

9.93%

 

9/30/2027

 

 

1,628

 

 

 

1,570

 

 

 

1,628

 

 

 

0.54

 

Howden Group Holdings Ltd

(12)(13)

 

Europe

 

S + 3.00%

 

0.50%

 

7.36%

 

2/15/2031

 

 

4,987

 

 

 

4,987

 

 

 

5,028

 

 

 

1.67

 

OEG Borrower, LLC

(8)(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.85%

 

6/30/2031

 

 

2,993

 

 

 

2,986

 

 

 

3,000

 

 

 

1.00

 

PEX Holdings LLC

(8)(12)

 

United States

 

S + 2.75%

 

0.00%

 

7.08%

 

11/26/2031

 

 

3,000

 

 

 

2,993

 

 

 

3,019

 

 

 

1.01

 

The Mutual Group, LLC

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

9.58%

 

1/31/2030

 

 

9,667

 

 

 

9,544

 

 

 

9,522

 

 

 

3.17

 

The Mutual Group, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

1.00%

 

0.50%

 

1/31/2030

 

 

 

 

 

(16

)

 

 

(19

)

 

 

(0.01

)

Truist Insurance Holdings, LLC

(12)

 

United States

 

S + 2.75%

 

0.00%

 

7.08%

 

5/6/2031

 

 

1,379

 

 

 

1,376

 

 

 

1,385

 

 

 

0.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,423

 

 

 

29,560

 

 

 

9.84

 

IT Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Asurion, LLC

(12)

 

United States

 

S + 4.00%

 

0.00%

 

8.46%

 

8/19/2028

 

 

4,949

 

 

 

4,939

 

 

 

4,943

 

 

 

1.65

 

Ensono, Inc.

(11)

 

United States

 

S + 4.00%

 

0.00%

 

N/A

 

5/26/2028

 

 

1,995

 

 

 

1,990

 

 

 

1,997

 

 

 

0.66

 

Rackspace Technology Global Inc.

(12)

 

United States

 

S + 6.25%

 

0.75%

 

10.85%

 

5/15/2028

 

 

1,995

 

 

 

2,018

 

 

 

2,071

 

 

 

0.69

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,947

 

 

 

9,011

 

 

 

3.00

 

Machinery

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASP Acuren Merger Sub Inc.

 

 

United States

 

S + 3.50%

 

0.00%

 

7.86%

 

7/30/2031

 

 

2,993

 

 

 

2,992

 

 

 

3,021

 

 

 

1.01

 

CPM Holdings, Inc.

(12)

 

United States

 

S + 4.50%

 

0.00%

 

9.05%

 

9/28/2028

 

 

4,962

 

 

 

4,986

 

 

 

4,825

 

 

 

1.61

 

Crown Equipment Corporation

(12)

 

United States

 

S + 2.50%

 

0.00%

 

6.94%

 

10/10/2031

 

 

2,000

 

 

 

1,990

 

 

 

2,016

 

 

 

0.67

 

Goat Holdco LLC

(11)

 

United States

 

S + 3.00%

 

0.00%

 

N/A

 

12/10/2031

 

 

2,000

 

 

 

1,995

 

 

 

2,004

 

 

 

0.66

 

Madison iAQ LLC

(12)

 

United States

 

S + 2.75%

 

0.00%

 

7.89%

 

6/21/2028

 

 

3,969

 

 

 

3,982

 

 

 

3,988

 

 

 

1.33

 

Mid-State Machine and Fabricating Corporation

(8)(12)

 

United States

 

S + 5.50%

 

1.00%

 

9.86%

 

6/21/2029

 

 

8,793

 

 

 

8,675

 

 

 

8,727

 

 

 

2.90

 

Mid-State Machine and Fabricating Corporation (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

1.00%

 

0.50%

 

6/21/2029

 

 

 

 

 

(26

)

 

 

(14

)

 

 

 

Nvent Thermal LLC

(11)

 

United States

 

S + 3.50%

 

0.00%

 

N/A

 

9/12/2031

 

 

2,000

 

 

 

1,990

 

 

 

2,024

 

 

 

0.67

 

Project Castle, Inc.

 

 

United States

 

S + 5.50%

 

0.50%

 

9.76%

 

6/1/2029

 

 

3,970

 

 

 

3,644

 

 

 

3,482

 

 

 

1.16

 

SPX Flow, Inc.

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.36%

 

4/5/2029

 

 

3,000

 

 

 

3,018

 

 

 

3,029

 

 

 

1.01

 

Vertical Midco

(12)(13)

 

Europe

 

S + 3.50%

 

0.50%

 

8.59%

 

4/30/2030

 

 

3,960

 

 

 

3,951

 

 

 

3,994

 

 

 

1.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,197

 

 

 

37,096

 

 

 

12.35

 

Media

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ABG Intermediate Holdings 2 LLC

(11)(12)

 

United States

 

S + 2.25%

 

0.00%

 

6.59%

 

12/21/2028

 

 

2,743

 

 

 

2,743

 

 

 

2,757

 

 

 

0.92

 

Cengage Learning, Inc.

(12)

 

United States

 

S + 3.50%

 

0.00%

 

8.01%

 

3/24/2031

 

 

2,985

 

 

 

2,956

 

 

 

3,004

 

 

 

1.00

 

MH Sub I/Indigo/WebMD Health

(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.61%

 

5/3/2028

 

 

2,382

 

 

 

2,362

 

 

 

2,386

 

 

 

0.79

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,061

 

 

 

8,147

 

 

 

2.71

 

Metals & Mining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Minerals Technologies Inc.

(8)(11)(13)

 

United States

 

S + 2.00%

 

0.00%

 

N/A

 

11/21/2031

 

 

2,000

 

 

 

2,012

 

 

 

2,010

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,012

 

 

 

2,010

 

 

 

0.67

 

 

25


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Oil, Gas & Consumable Fuels

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liquid Tech Solutions Holdings, LLC

(8)(11)

 

United States

 

S + 3.75%

 

0.00%

 

N/A

 

3/20/2028

 

 

1,000

 

 

 

1,000

 

 

 

1,003

 

 

 

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,000

 

 

 

1,003

 

 

 

0.33

 

Passenger Airlines

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AAdvantage Loyalty IP Ltd.

 

 

United States

 

S + 4.75%

 

0.75%

 

9.63%

 

4/20/2028

 

 

2,000

 

 

 

2,065

 

 

 

2,057

 

 

 

0.69

 

United AirLines, Inc.

(12)(13)

 

United States

 

S + 2.00%

 

0.00%

 

6.57%

 

2/22/2031

 

 

3,332

 

 

 

3,315

 

 

 

3,347

 

 

 

1.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,380

 

 

 

5,404

 

 

 

1.80

 

Personal Care Products

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KDC/ONE Development Corporation, Inc.

(11)

 

United States

 

S + 4.00%

 

0.00%

 

N/A

 

8/15/2028

 

 

2,000

 

 

 

2,000

 

 

 

2,016

 

 

 

0.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,000

 

 

 

2,016

 

 

 

0.67

 

Pharmaceuticals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Alvogen Pharma US, Inc.

 

 

United States

 

S + 8.50%

 

1.00%

 

11.96%

 

6/30/2025

 

 

4,927

 

 

 

4,851

 

 

 

4,699

 

 

 

1.56

 

Amneal Pharmaceuticals LLC

(12)

 

United States

 

S + 5.50%

 

0.00%

 

9.86%

 

5/4/2028

 

 

3,925

 

 

 

3,941

 

 

 

4,044

 

 

 

1.34

 

Syner-G Intermediate Holdings, LLC

(8)(12)

 

United States

 

S + 5.00%

 

1.00%

 

9.35%

 

9/17/2030

 

 

10,379

 

 

 

10,268

 

 

 

10,262

 

 

 

3.42

 

Syner-G Intermediate Holdings, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.00%

 

1.00%

 

0.50%

 

9/17/2030

 

 

 

 

 

(12

)

 

 

(13

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,048

 

 

 

18,992

 

 

 

6.32

 

Professional Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case Works, LLC

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

9.58%

 

10/1/2029

 

 

5,039

 

 

 

4,976

 

 

 

4,972

 

 

 

1.66

 

Case Works, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.25%

 

1.00%

 

9.65%

 

10/1/2029

 

 

483

 

 

 

480

 

 

 

473

 

 

 

0.16

 

Case Works, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.25%

 

1.00%

 

9.65%

 

10/1/2029

 

 

241

 

 

 

234

 

 

 

233

 

 

 

0.08

 

CP Iris Holdco I, Inc.

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.86%

 

10/2/2028

 

 

3,969

 

 

 

3,974

 

 

 

3,997

 

 

 

1.33

 

Dun & Bradstreet Corporation

(11)

 

United States

 

S + 2.25%

 

0.00%

 

N/A

 

1/18/2029

 

 

1,995

 

 

 

2,005

 

 

 

1,999

 

 

 

0.66

 

Eisner Advisory Group LLC

 

 

United States

 

S + 4.00%

 

0.50%

 

8.36%

 

2/28/2031

 

 

2,992

 

 

 

3,018

 

 

 

3,030

 

 

 

1.01

 

Grant Thornton LLP

(12)

 

United States

 

S + 3.25%

 

0.00%

 

7.82%

 

6/2/2031

 

 

4,988

 

 

 

5,028

 

 

 

4,995

 

 

 

1.66

 

Nielsen Consumer, Inc.

(8)(12)

 

United States

 

S + 4.75%

 

0.50%

 

9.11%

 

3/6/2028

 

 

4,988

 

 

 

4,977

 

 

 

5,037

 

 

 

1.68

 

SR Landscaping, LLC

(8)(12)

 

United States

 

S + 6.25%

 

1.00%

 

10.90%

 

10/30/2029

 

 

5,350

 

 

 

5,285

 

 

 

5,337

 

 

 

1.78

 

SR Landscaping, LLC (Delayed Draw)

(8)(12)

 

United States

 

S + 6.25%

 

1.00%

 

10.90%

 

10/30/2029

 

 

1,777

 

 

 

1,770

 

 

 

1,772

 

 

 

0.59

 

SR Landscaping, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.25%

 

1.00%

 

10.90%

 

10/30/2029

 

 

592

 

 

 

567

 

 

 

587

 

 

 

0.19

 

SR Landscaping, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 6.25%

 

1.00%

 

10.92%

 

10/30/2029

 

 

312

 

 

 

301

 

 

 

309

 

 

 

0.10

 

Strategy Corps, LLC

(8)(12)

 

United States

 

S + 5.25%

 

1.00%

 

9.61%

 

6/28/2030

 

 

6,312

 

 

 

6,236

 

 

 

6,249

 

 

 

2.08

 

Strategy Corps, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.25%

 

1.00%

 

1.00%

 

6/28/2030

 

 

 

 

 

(10

)

 

 

(33

)

 

 

(0.01

)

Strategy Corps, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.25%

 

1.00%

 

0.50%

 

6/28/2030

 

 

 

 

 

(20

)

 

 

(16

)

 

 

(0.01

)

Teneo Holdings LLC

(12)

 

United States

 

S + 4.75%

 

1.00%

 

9.11%

 

3/13/2031

 

 

2,978

 

 

 

2,951

 

 

 

3,009

 

 

 

1.00

 

Tri Scapes, LLC

(8)(12)

 

United States

 

S + 5.50%

 

1.00%

 

10.16%

 

7/12/2030

 

 

4,965

 

 

 

4,897

 

 

 

4,891

 

 

 

1.63

 

Tri Scapes, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

1.00%

 

1.00%

 

7/12/2030

 

 

 

 

 

(33

)

 

 

(36

)

 

 

(0.01

)

Tri Scapes, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

1.00%

 

0.50%

 

7/12/2030

 

 

 

 

 

(16

)

 

 

(18

)

 

 

(0.01

)

Unified Patents, LLC

(8)(12)

 

United States

 

S + 5.00%

 

0.00%

 

9.28%

 

12/23/2027

 

 

11,441

 

 

 

11,356

 

 

 

11,355

 

 

 

3.78

 

Unified Patents, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.00%

 

0.00%

 

0.50%

 

12/23/2027

 

 

 

 

 

(9

)

 

 

(10

)

 

 

 

Zenith American Solutions, Inc.

(8)(12)

 

United States

 

S + 5.50%

 

1.00%

 

9.83%

 

7/11/2029

 

 

9,975

 

 

 

9,840

 

 

 

9,825

 

 

 

3.27

 

Zenith American Solutions, Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

1.00%

 

5.50%

 

7/11/2029

 

 

604

 

 

 

588

 

 

 

586

 

 

 

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

68,395

 

 

 

68,543

 

 

 

22.82

 

 

26


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Real Estate Management & Development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

841 Prudential MOB LLC

(8)

 

United States

 

S + 6.50%

 

2.50%

 

11.03%

 

10/9/2027

 

 

13,773

 

 

 

13,582

 

 

 

13,566

 

 

 

4.51

 

841 Prudential MOB LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 6.50%

 

2.50%

 

0.00%

 

10/9/2027

 

 

 

 

 

(3

)

 

 

(11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,579

 

 

 

13,555

 

 

 

4.51

 

Software

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AQA Acquisition Holding, Inc

 

 

United States

 

S + 4.00%

 

0.00%

 

8.55%

 

3/3/2028

 

 

1,000

 

 

 

998

 

 

 

1,010

 

 

 

0.34

 

Argano, LLC

(8)(12)

 

United States

 

S + 5.75%

 

1.00%

 

10.15%

 

9/13/2029

 

 

9,541

 

 

 

9,362

 

 

 

9,350

 

 

 

3.11

 

Argano, LLC (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.75%

 

1.00%

 

1.00%

 

9/13/2029

 

 

 

 

 

(20

)

 

 

(42

)

 

 

(0.01

)

Argano, LLC (Revolver)

(7)(8)(9)

 

United States

 

S + 5.75%

 

1.00%

 

0.50%

 

9/13/2029

 

 

 

 

 

(7

)

 

 

(7

)

 

 

 

Boxer Parent Company Inc.

(12)

 

United States

 

S + 3.75%

 

0.00%

 

8.34%

 

7/30/2031

 

 

5,000

 

 

 

4,994

 

 

 

5,047

 

 

 

1.68

 

CDK Global, Inc.

(11)

 

United States

 

S + 3.25%

 

0.00%

 

N/A

 

7/6/2029

 

 

1,995

 

 

 

1,985

 

 

 

1,971

 

 

 

0.66

 

Cloud Software Group, Inc.

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.83%

 

3/30/2029

 

 

2,964

 

 

 

2,960

 

 

 

2,976

 

 

 

0.99

 

Cloudera, Inc.

(12)

 

United States

 

S + 3.75%

 

0.00%

 

8.21%

 

10/8/2028

 

 

4,719

 

 

 

4,715

 

 

 

4,716

 

 

 

1.57

 

CMI Marketing, Inc

 

 

United States

 

S + 4.25%

 

0.00%

 

8.72%

 

3/23/2028

 

 

1,995

 

 

 

1,990

 

 

 

1,985

 

 

 

0.66

 

Condor Merger Sub, Inc

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.37%

 

3/1/2029

 

 

2,674

 

 

 

2,674

 

 

 

2,679

 

 

 

0.89

 

Dragon Buyer Inc.

(12)

 

United States

 

S + 3.25%

 

0.00%

 

7.58%

 

9/30/2031

 

 

2,000

 

 

 

1,990

 

 

 

2,007

 

 

 

0.67

 

Enverus Holdings, Inc.

(8)

 

United States

 

S + 5.50%

 

0.75%

 

9.86%

 

12/24/2029

 

 

3,819

 

 

 

3,772

 

 

 

3,819

 

 

 

1.27

 

Enverus Holdings, Inc. (Delayed Draw)

(7)(8)(10)

 

United States

 

S + 5.50%

 

0.75%

 

1.00%

 

12/24/2029

 

 

 

 

 

(1

)

 

 

 

 

 

 

Enverus Holdings, Inc. (Revolver)

(7)(8)(9)

 

United States

 

S + 5.50%

 

0.75%

 

9.86%

 

12/24/2029

 

 

9

 

 

 

5

 

 

 

 

 

 

 

Flash Charm, Inc.

 

 

United States

 

S + 3.50%

 

0.00%

 

8.07%

 

3/2/2028

 

 

1,995

 

 

 

1,980

 

 

 

1,963

 

 

 

0.65

 

ISolved, Inc.

 

 

United States

 

S + 3.25%

 

0.00%

 

7.61%

 

10/15/2030

 

 

1,995

 

 

 

2,025

 

 

 

2,021

 

 

 

0.67

 

Mitchell International, Inc.

 

 

United States

 

S + 3.25%

 

0.00%

 

7.61%

 

6/17/2031

 

 

1,995

 

 

 

1,978

 

 

 

1,999

 

 

 

0.66

 

Modena Buyer LLC

(12)

 

United States

 

S + 4.50%

 

0.00%

 

8.86%

 

7/1/2031

 

 

5,000

 

 

 

4,907

 

 

 

4,855

 

 

 

1.62

 

Project Alpha Intermediate Holdings, Inc.

(11)

 

United States

 

S + 3.25%

 

0.50%

 

N/A

 

10/26/2030

 

 

1,995

 

 

 

2,015

 

 

 

2,010

 

 

 

0.67

 

Rocket Software, Inc.

(12)

 

United States

 

S + 4.25%

 

0.00%

 

8.61%

 

11/28/2028

 

 

3,970

 

 

 

3,936

 

 

 

4,004

 

 

 

1.33

 

VS Buyer LLC

(12)

 

United States

 

S + 2.75%

 

0.00%

 

7.12%

 

4/12/2031

 

 

3,990

 

 

 

3,980

 

 

 

4,025

 

 

 

1.34

 

WatchGuard Technologies, Inc.

(12)

 

United States

 

S + 5.25%

 

0.75%

 

9.61%

 

7/2/2029

 

 

3,980

 

 

 

3,966

 

 

 

3,952

 

 

 

1.32

 

Zuora

(8)(11)

 

United States

 

S + 3.50%

 

0.00%

 

N/A

 

12/15/2031

 

 

1,000

 

 

 

995

 

 

 

998

 

 

 

0.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

61,199

 

 

 

61,338

 

 

 

20.42

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Apro LLC

(12)

 

United States

 

S + 3.75%

 

0.00%

 

8.27%

 

7/9/2031

 

 

1,995

 

 

 

1,990

 

 

 

2,017

 

 

 

0.67

 

BW Gas & Convenience Holdings, LLC

(12)

 

United States

 

S + 3.50%

 

0.00%

 

7.97%

 

3/31/2028

 

 

3,969

 

 

 

3,965

 

 

 

3,997

 

 

 

1.33

 

LS Group Opco Acquisition LLC

(12)

 

United States

 

S + 3.00%

 

0.00%

 

7.36%

 

4/23/2031

 

 

3,980

 

 

 

3,980

 

 

 

4,005

 

 

 

1.34

 

Sweetwater Borrower LLC

(8)(12)

 

United States

 

S + 4.25%

 

0.75%

 

8.72%

 

8/7/2028

 

 

2,133

 

 

 

2,120

 

 

 

2,147

 

 

 

0.72

 

Xcel Brands, Inc.

(8)(12)(13)

 

United States

 

S + 8.50%

 

2.00%

 

12.83%

 

12/12/2028

 

 

1,317

 

 

 

1,257

 

 

 

1,287

 

 

 

0.43

 

Xcel Brands, Inc. (Delayed Draw)

(7)(8)(12)(13)

 

United States

 

S + 8.50%

 

2.00%

 

12.89%

 

12/12/2028

 

 

 

 

 

(15

)

 

 

(15

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,297

 

 

 

13,438

 

 

 

4.49

 

 

27


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

Investments (1)(2)(3)

Footnotes

 

Region

 

Reference Rate and Spread

 

Interest Rate Floor

 

Interest Rate (4)

 

Maturity Date

 

Principal (5)

 

 

Amortized Cost (6)

 

 

Fair Value

 

 

Percentage of Net Assets

 

Textiles, Apparel & Luxury Goods

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Protective Industrial Products Inc.

(12)

 

United States

 

S + 4.00%

 

0.75%

 

8.47%

 

12/29/2027

 

 

4,974

 

 

 

4,965

 

 

 

4,979

 

 

 

1.66

 

Rachel Zoe, Inc.

(8)(12)

 

United States

 

S + 7.66%

 

3.00%

 

12.02%

 

10/13/2026

 

 

430

 

 

 

426

 

 

 

430

 

 

 

0.14

 

Rachel Zoe, Inc.

(8)(12)

 

United States

 

S + 7.66%

 

3.00%

 

11.99%

 

10/13/2026

 

 

140

 

 

 

138

 

 

 

140

 

 

 

0.05

 

TR Apparel, LLC

(8)(12)

 

United States

 

S + 9.00%

 

2.00%

 

13.55%

 

6/21/2027

 

 

1,284

 

 

 

1,266

 

 

 

1,284

 

 

 

0.43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,795

 

 

 

6,833

 

 

 

2.28

 

Trading Companies & Distributors

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DXP Enterprises, Inc.

(12)(13)

 

United States

 

S + 3.75%

 

0.00%

 

8.11%

 

10/11/2030

 

 

1,481

 

 

 

1,490

 

 

 

1,502

 

 

 

0.51

 

Johnstone Supply, LLC

(12)

 

United States

 

S + 2.50%

 

0.00%

 

6.88%

 

6/9/2031

 

 

4,988

 

 

 

5,025

 

 

 

5,010

 

 

 

1.67

 

Verde Purchaser, LLC

(11)

 

United States

 

S + 0.00%

 

0.00%

 

N/A

 

11/30/2030

 

 

2,992

 

 

 

2,978

 

 

 

3,006

 

 

 

1.00

 

White Cap Supply Holdings, LLC

(12)

 

United States

 

S + 3.25%

 

0.00%

 

7.61%

 

10/19/2029

 

 

5,000

 

 

 

4,981

 

 

 

5,016

 

 

 

1.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,474

 

 

 

14,534

 

 

 

4.85

 

Wireless Telecommunication Services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CCI Buyer, Inc.

(12)

 

United States

 

S + 4.00%

 

0.75%

 

8.33%

 

12/17/2027

 

 

3,969

 

 

 

3,965

 

 

 

3,978

 

 

 

1.32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,965

 

 

 

3,978

 

 

 

1.32

 

Total First Lien Debt

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

653,670

 

 

$

653,893

 

 

 

217.73

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Specialty Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Xcel Brands, Inc.

(8)(13)

 

United States

 

 

 

 

 

 

 

 

 

 

77

 

 

 

31

 

 

 

32

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31

 

 

 

32

 

 

 

 

Total Investments - non-controlled/non-affiliated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

653,701

 

 

$

653,925

 

 

 

217.73

%

 

(1)
Security may be an obligation of one or more entities affiliated with the named portfolio company.
(2)
All debt investments are income producing unless otherwise noted. All equity and warrant investments are non-income producing unless otherwise noted.
(3)
All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the “1940 Act”). The provisions of the 1940 Act classify investments based on the level of control that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally presumed to be “non-controlled” when we own 25% or less of the portfolio company’s voting securities and “controlled” when we own more than 25% of the portfolio company’s voting securities. The provisions of the 1940 Act also classify investments further based on the level of ownership that we maintain in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as “non-affiliated” when we own less than 5% of a portfolio company’s voting securities and “affiliated” when we own 5% or more of a portfolio company’s voting securities.
(4)
Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to SOFR (denoted as “S”) which generally resets periodically. For each loan, the Company has indicated the reference rate used and provided the spread and the interest rate in effect as of December 31, 2024. For portfolio companies with multiple interest rate contracts under a single credit agreement, the interest rate shown is a weighted average current interest rate in effect at December 31, 2024. Variable rate loans typically include an interest reference rate floor feature, which the Company has indicated if applicable.
(5)
Unless noted otherwise, the principal amount (par amount) for all debt securities is denominated in U.S. dollars. Equity investments are recorded as number of shares/shares owned.

28


First Eagle Private Credit Fund

Consolidated Schedule of Investments (Continued)

December 31, 2024

(in thousands, except shares)

(6)
The cost represents the original cost adjusted for the amortization of discount and premium, as applicable, and inclusive of any capitalized paid-in-kind income (“PIK), for debt securities.
(7)
Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value results from unamortized fees, which are capitalized to the investment cost.
(8)
These investments were valued using unobservable inputs and are considered Level 3 investments. Fair value was determined in good faith by the valuation designee under the oversight of the Board of Trustees (refer to Note 2 and Note 5), pursuant to the Company’s valuation policy.
(9)
Portfolio company pays 0.5% unfunded commitment fee on revolving loan facility.
(10)
Portfolio company pays 1.0% unfunded commitment fee on delayed draw term loan.
(11)
All or a portion of this position has not yet settled as of December 31, 2024. The Company will not accrue interest until the settlement date at which point SOFR will be established.
(12)
These debt investments were pledged as collateral under the Company's Credit Facility as of December 31, 2024 (refer to Note 6, “Borrowings”).
(13)
The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of December 31, 2024, non-qualifying assets represented approximately 6.9% of the total assets of the Company.
(14)
Loan was on non-accrual status as of December 31, 2024.

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29


 

First Eagle Private Credit Fund

Notes to Consolidated Financial Statements (unaudited)

(in thousands, except share/per share data, percentages and as otherwise noted)

Note 1. Organization

First Eagle Private Credit Fund (together with its subsidiaries, the “Company”), is a Delaware statutory trust formed on October 20, 2021 to act as a non-diversified, closed-end management investment company. On May 31, 2023, the Company elected to be regulated as a business development company (BDC”) under the Investment Company Act of 1940, as amended (the 1940 Act”). In addition, the Company has elected to be treated as a regulated investment company (RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the Code”), and expects to qualify as a RIC annually.

The Company is externally managed by First Eagle Investment Management, LLC (FEIM” or the Adviser”). The Adviser oversees the management of the Company’s activities and supervises the activities of First Eagle Alternative Credit, LLC (FEAC” or the Subadviser”, and together with the Adviser, the Advisers”). FEAC, an alternative credit adviser that is a wholly-owned subsidiary of FEIM, serves as the Company’s investment subadviser and administrator (the Administrator”).

The Company has two wholly owned subsidiaries - First Eagle Private Credit Fund SPV, LLC, which is a financing subsidiary of the Company, and FEPC Fund Servicer, LLC, which is the servicer of the Company’s Credit Facility.

The Company’s investment objectives are to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation of investments. Under normal circumstances, the Company expects that the majority of its total assets will be in private credit investments to U.S. private companies through (i) directly originated first lien senior secured cash flow loans, (ii) directly originated asset-based loans, (iii) club deals (directly originated first lien senior secured or asset-based loans in which the Company co-invests with a small number of third party private debt providers), (iv) second lien loans, and (v) broadly syndicated loans, Rule 144A high yield bonds and other debt securities (the investments described in this sentence, collectively, Private Credit”). Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans and other credit instruments that are issued in private offerings or issued by private U.S. or non-U.S. companies). This policy may be changed by the Board, and with at least 60 days’ prior notice to shareholders, upon the completion of the Company’s next repurchase offer (so long as such repurchase offer is not oversubscribed). To a lesser extent, the Company will also invest in broadly syndicated loans of publicly traded issuers, publicly traded high yield bonds and equity securities. The Company expects that investments in broadly syndicated loans and high yield bonds will generally be more liquid than other Private Credit assets and will likely be used to initially deploy capital upon receipt of subscriptions and may also be used for the purposes of maintaining and managing liquidity for its share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Prior to the commencement of its public offering on March 11, 2025, the Company conducted a separate private offering (the “Private Offering”) of common shares (the “Common Shares”) (i) to accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act. The Company expects to continue to conduct a private offering to sell Common Shares outside of the United States to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act). On January 10, 2025, the Company was granted exemptive relief by the SEC that permits the Company to offer multiple classes of Common Shares in the public offering.

The Company commenced its loan origination process and investment activities contemporaneously with the initial closing (excluding the initial seed capital investment made by the Adviser) of the Private Offering on June 12, 2023 (the “Initial Closing”) and commenced operations following its first capital call on July 10, 2023 (the “Commencement of Operations”). Prior to the Initial Closing, on April 28, 2023, the Adviser purchased 4,000 Common Shares at $25.00 per share.

Note 2. Significant Accounting Policies

Basis of Presentation

The Company is an investment company following the accounting and reporting guidance under the Financial Accounting Standards Board (FASB”) Accounting Standards Codification (ASC”) Topic 946, Financial Services—Investment Companies. The Company’s first fiscal year ended on December 31, 2023.

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and pursuant to the requirements for reporting on Form 10-Q and Article 6 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with GAAP are omitted. In the opinion of management, the unaudited financial results included herein contain all adjustments, consisting solely of normal accruals, considered necessary for the fair statement of financial statements for the interim period included herein. The current period’s results of operations are not necessarily indicative of the operating results to be expected for the year ending December 31, 2025.

30


 

As an emerging growth company, the Company intends to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards.

31


 

Consolidation

As provided under ASC Topic 946, Financial Services—Investment Companies, the Company generally will not consolidate its investment in a company other than substantially owned investment company subsidiaries or a controlled operating company whose business consists of providing services to the Company.

Use of Estimates

The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates and such differences could be material.

Segment Reporting

In accordance with ASC Topic 280 - Segment Reporting (ASC 280”), the Company has determined that it has a single operating and reporting segment. As a result, the Company’s segment accounting policies are the same as described herein and the Company does not have any intra-segment sales and transfers of assets.

Cash and Cash Equivalents

Cash and cash equivalents consist of demand deposits and highly liquid investments, such as money market funds, with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value. The Company’s cash and cash equivalents are held with a financial institution and, at times, may exceed the Federal Deposit Insurance Corporation insured limit.

Investments

Investment transactions are recorded on a trade date basis.

Realized gains or losses are measured by the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries, and is recorded within net realized gain (loss) on the Consolidated Statement of Operations.

The net change in unrealized gains or losses primarily reflects the change in investment values, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period, and is recorded within net unrealized appreciation (depreciation) on the Consolidated Statement of Operations.

Fair Value of Financial Instruments

The Company applies fair value to its portfolio investments in accordance with ASC Topic 820—Fair Value Measurements and Disclosures (ASC Topic 820”). ASC Topic 820 defines fair value, establishes a framework used to measure fair value, and requires disclosures for fair value measurements, including the categorization of financial instruments into a three-level hierarchy based on the transparency of valuation inputs. ASC Topic 820 also requires disclosure of the fair value of financial instruments for which it is practical to estimate such value. Refer to Note 5—Fair Value Measurements” for further discussion regarding fair value measurements and hierarchy.

Revenue Recognition

Interest Income

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Discounts from and premiums to par value on debt investments, loan origination fees and upfront fees received that are deemed to be an adjustment to yield are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including loan origination fees and upfront fees, adjusted for the accretion of discounts and amortization of premiums, if any. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

The Company will recognize any earned exit or back-end fees into income when it believes the amounts will ultimately become collected by using either the beneficial interest model or other appropriate income recognition frameworks.

During the three months ended March 31, 2025 and 2024, the Company had $15,052 and $3,251, respectively, of interest income.

PIK Income

The Company may have investments in its portfolio which contain a contractual paid-in-kind (PIK”), interest provision. PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income. The Company will cease accruing PIK interest if there is insufficient value to support the accrual or if the

32


 

Company does not expect amounts to be collectible and will generally only begin to recognize PIK income again when all principal and interest have been paid or upon the restructuring of the investment where the interest is deemed collectible. To maintain the Company’s status as a RIC, PIK interest income, which is considered investment company taxable income, may be required to be paid out to shareholders in the form of dividends even though the Company has not yet collected the cash. Amounts necessary to pay these dividends may come from available cash. The Company did not have any PIK investments during both the three months ended March 31, 2025 and 2024.

Dividend Income

Dividend income from cash equivalents is recorded on the record date. Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies. Distributions received from a limited liability company or limited partnership investment are evaluated to determine if the distribution should be recorded as dividend income or a return of capital. During the three months ended March 31, 2025 and 2024, the Company had $263 and $2,013, respectively, of dividend income.

Other Income

The Company may also generate revenue in the form of structuring, arranger or due diligence fees, amendment or consent fees, portfolio company administration fees, fees for providing significant managerial assistance and consulting fees. Such fees are recognized as income when earned or the services are rendered. During the three months ended March 31, 2025 and 2024, the Company had $204 and $279, respectively, of other income.

Non-Accrual

Loans are placed on non-accrual status when there is reasonable doubt whether principal or interest payments will be collected in full. The Company records the reversal of any previously accrued income against the same income category reflected in the Consolidated Statement of Operations. Additionally, any original issue discount (OID”) and market discount are no longer accreted to interest income as of the date the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid current and, in management’s judgment, are likely to remain current. However, the Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2025, non-accrual investments as a percentage of total debt investments at cost and fair value were 0.06% and 0.06%, respectively. As of December 31, 2024, non-accrual investments as a percentage of total debt investments at cost and fair value were 0.06% and 0.08%, respectively.

Organization and Offering Expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Costs associated with the offering of Common Shares are capitalized as deferred offering costs on the Consolidated Statement of Assets and Liabilities and amortized over a twelve-month period from the later of the Commencement of Operations or the date of incurrence. These expenses consist primarily of legal fees and other costs incurred in connection with the Company’s continuous offering.

Deferred Financing Costs

Deferred financing costs consist of fees and expenses paid in connection with the closing and amendments of the Credit Facility (as defined in Note 6 hereto), including legal, accounting, and other related expenses. These costs are capitalized at the time of payment and are amortized using the straight line method over the term of the Credit Facility.

Under the Credit Facility, if the borrowing capacity of a new arrangement is lower than the borrowing capacity of the old arrangement, evaluated on a lender by lender basis, then any unamortized deferred financing costs would be expensed during the period in proportion to the decrease in the old arrangement for that lender. Any remaining unamortized deferred financing costs relating to the old arrangement would be deferred and amortized over the term of the new arrangement along with any costs associated with the new arrangement.

Capitalized deferred financing costs related to the Credit Facility are presented separately on the Company’s Consolidated Statement of Assets and Liabilities. Refer to Note 6—Borrowings” for additional information.

U.S. Federal Income Taxes, Including Excise Tax

The Company has elected to be regulated as a BDC under the 1940 Act. In addition, the Company has elected to be treated as a RIC under Subchapter M of the Code, and expects to qualify as a RIC annually. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes at least

33


 

annually to its shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company would represent obligations of the Company’s investors and would not be reflected in the financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its financial statement to determine whether the tax positions are more-likely-than-not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source-of-income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of the sum of (i) its investment company taxable income, as defined by the Code but determined without regard to the deduction for dividends paid, and (ii) its net tax-exempt income for such taxable year.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed earnings unless the Company distributes in a timely manner in each calendar year an amount at least equal to the sum of (1) 98% of its ordinary income for the calendar year, (2) 98.2% of its capital gain net income (both long-term and short-term, and adjusted for certain ordinary losses) for the one-year period generally ending October 31 of that calendar year and (3) any income realized, but not distributed, in prior years. For this purpose, however, any ordinary income or capital gain net income retained by the Company that is subject to corporate income tax is considered to have been distributed. Although the Company currently intends to make the required distributions to avoid the application of the 4% U.S. federal excise tax, the Company may also decide to retain taxable income in excess of current year dividend distributions and to pay any applicable excise tax on such undistributed income.

Distributions

The Company intends to make monthly distributions to its shareholders. Distributions to shareholders are recorded on the record date. All distributions will be paid at the discretion of the Company’s board of trustees (the Board”), considering factors such as the Company’s earnings, cash flows, capital and liquidity needs and general financial condition and the requirements of Delaware law.

Recent Accounting Pronouncements

The Company considers the applicability and impact of each accounting standard update (“ASU”) issued by the FASB. ASUs not listed were assessed by the Company and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which enhances disclosure requirements about significant segment expenses that are regularly provided to the chief operating decision maker (the “CODM”). ASU 2023-07, among other things, (i) requires a single segment public entity to provide all of the disclosures as required by ASC 280, (ii) requires a public entity to disclose the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for the fiscal years beginning after December 15, 2023, and interim periods beginning with the first quarter ended March 31, 2025. Early adoption is permitted and retrospective adoption is required for all prior periods presented. The Company has adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. Refer to Note 11—“Segment Reporting” in the Notes to the Consolidated Financial Statements for additional information on the effects of the adoption of ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures (“ASU 2023-09”), which intends to improve the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. The Company has adopted ASU 2023-09 effective for the fiscal year ending December 31, 2025 and concluded that the application did not have any material impact on its consolidated financial statements for the quarter ended March 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods beginning with the first quarter ended March 31, 2028. Early adoption and retrospective application is permitted. The Company is currently assessing the impact of this guidance. However, the Company does not expect a material impact on its consolidated financial statements.

Note 3. Agreements and Related Party Transactions

Investment Advisory Agreement

34


 

On March 29, 2023, the Company’s Board unanimously approved an investment advisory agreement (the Advisory Agreement”) and a subadvisory agreement (the Subadvisory Agreement”), each of which became effective on March 30, 2023. The Advisory Agreement is effective for an initial two-year term and will remain in effect from year-to-year thereafter if approved annually by a majority of the Board or by the holders of a majority of the Company’s outstanding voting securities and, in each case, a majority of the independent trustees. The Company may terminate the Advisory Agreement, without payment of any penalty, upon 60 days’ written notice. The Advisory Agreement will automatically terminate in the event of its assignment within the meaning of the 1940 Act and related SEC guidance and interpretations.

Under the terms of the Advisory Agreement, the Company will pay the Adviser a fee for its services consisting of two components: a management fee and an incentive fee. The cost of both the management fee and the incentive fee will ultimately be borne by the shareholders. The subadvisory fee payable to FEAC will be paid by FEIM out of its investment advisory fee rather than paid separately by the Company. Base management fees and incentive fees began to accrue upon the Commencement of Operations.

On November 7, 2024 and March 11, 2025, the Company’s Board unanimously approved certain amendments to the Advisory Agreement and the Subadvisory Agreement in connection with the registration of the offering of the Company’s shares in certain U.S. states.

On March 11, 2025, the Company’s Board unanimously approved the renewal of the Advisory Agreement and the Subadvisory Agreement for one-year terms.

Base Management Fee

The management fee is calculated at an annual rate of 1.25% of the value of the Company’s net assets as of the beginning of the first calendar day of the applicable month. For services rendered under the Advisory Agreement, the management fee is payable monthly in arrears. Management fees that are payable under the Advisory Agreement for any partial period will be appropriately prorated.

For these purposes, net assets” means the Company’s total assets less liabilities determined on a consolidated basis in accordance with GAAP. For the first calendar month in which the Company had operations, net assets were measured as the beginning net assets as of the Initial Closing.

For the three months ended March 31, 2025 and 2024, the Company accrued $931 and $785, respectively, in base management fees, which were fully waived (see Fee Waiver” below). As of March 31, 2025 and December 31, 2024, there were no amounts payable to the Adviser relating to management fees.

Incentive Fees

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of income and a portion is based on a percentage of capital gains, each as described below:

(i)
Incentive Fee Based on Income

The portion based on our income is based on Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns” means, as the context requires, either the dollar value of, or percentage rate of return on the value of our net assets at the end of the immediately preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that we receive from portfolio companies) accrued during the calendar quarter, minus our operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement entered into between us and the Administrator, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any shareholder servicing and/or distribution fees).

Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The impact of expense support payments and recoupments are also excluded from Pre-Incentive Fee Net Investment Income Returns.

Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of our net assets at the end of the immediately preceding quarter, is compared to a hurdle rate” of return of 1.25% per quarter (5.0% annualized). Pre-Incentive Fee Net Investment Income Returns are calculated on a quarterly basis with no look-back period.

The Company will pay the Adviser an incentive fee quarterly in arrears with respect to our Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows:

35


 

No incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which our Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25% per quarter (5.0% annualized);
100% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income Returns, if any, that exceeds the hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). The Company refers to this portion of our Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the catch-up.” The catch-up” is meant to provide the Adviser with approximately 12.5% of our Pre-Incentive Fee Net Investment Income Returns as if a hurdle rate did not apply if this net investment income exceeds 1.43% in any calendar quarter; and
12.5% of the dollar amount of our Pre-Incentive Fee Net Investment Income Returns, if any, that exceed a rate of return of 1.43% (5.72% annualized). This reflects that once the hurdle rate is reached and the catch-up is achieved, 12.5% of all Pre-Incentive Fee Net Investment Income Returns thereafter are allocated to the Adviser.

These calculations are appropriately prorated for any period of less than three months and adjusted for any share issuances or repurchases during the current quarter.

For the three months ended March 31, 2025, the Company accrued $907 in income-based incentive fees, which were fully waived (see Fee Waiver” below). For the three months ended March 31, 2024, the Company accrued $198 in income-based incentive fees, which were fully waived (see Fee Waiver” below). As of March 31, 2025 and December 31, 2024, there were no amounts payable to the Adviser relating to income-based incentive fees.

 

(ii)
Incentive Fee on Capital Gains

The second component of the incentive fee, the capital gains incentive fee, is payable at the end of each calendar year in arrears. The amount payable equals 12.5% of cumulative realized capital gains from inception through the end of such calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fee on capital gains as calculated in accordance with GAAP.

Under GAAP, the Company includes unrealized gains in the calculation of capital gains incentive fee expense. This accrual reflects the incentive fees that would be payable to the Adviser if the Company’s entire portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an incentive fee with respect to unrealized gains unless and until such gains are actually realized.

For the three months ended March 31, 2025, the Company accrued no capital gain incentive fees and for the three months ended March 31, 2024, the Company accrued $6 in capital gains incentive fees which were fully waived (see Fee Waiver” below). As of March 31, 2025 and December 31, 2024, there were no amounts payable to the Adviser relating to capital gain incentive fees.

Fee Waiver

For the period from the effective date of the Company’s registration statement relating to its public offering (June 6, 2024) through June 30, 2025, the Advisers have agreed to waive all management fees, incentive fees and subadvisory fees (the Advisory Fee Waiver”) payable to them under the Advisory Agreement and Subadvisory Agreement (collectively, the Advisory Agreements”). The Advisory Fee Waiver is not revocable during its term and amounts waived pursuant to the Advisory Fee Waiver will not be subject to any right of future recoupment in favor of FEIM and FEAC.

Administration Agreement

The Company has also entered into an Administration Agreement with FEAC as the Administrator. Under the Administration Agreement, the Administrator performs, or oversees the performance of, administrative services necessary for the operation of the Company, which include, among other things, being responsible for the financial records which the Company is required to maintain and preparing reports to the Company’s shareholders and reports filed with the U.S. Securities and Exchange Commission (SEC”). In addition, the Administrator assists in determining and publishing the Company’s net asset value (“NAV”), oversees the preparation and filing of the Company’s tax returns, oversees the printing and dissemination of reports to the Company’s shareholders, and generally oversees the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others. The Company will reimburse the Administrator for its allocable portion of the costs and expenses incurred by the Administrator in performance by the Administrator of its duties under the Administration Agreement, including technology costs and the Company’s allocable portion of cost of compensation and related expenses of the Company’s Chief Financial Officer and Chief Compliance Officer and their respective staffs, which may include personnel at FEIM or FEAC, as well as any costs and expenses incurred by the Administrator relating to any administrative or operating services provided by the Administrator to the Company. The Company’s Board reviews the allocation methodologies with respect to such expenses. Under the Administration Agreement,

36


 

non-investment professionals of the Administrator may provide, on behalf of the Company, managerial assistance to those portfolio companies to which the Company is required to provide such assistance. To the extent that the Company’s Administrator outsources any of its functions, the Company pays the fees associated with such functions on a direct basis without profit to the Administrator. Administrative costs and expenses under the Administration Agreement began to accrue upon the Commencement of Operations.

For the three months ended March 31, 2025 and 2024, the Company incurred administrator expenses of $604 and $422, respectively. As of March 31, 2025 and December 31, 2024, $591 and $469, respectively, of administrator expenses were due to the Administrator, which were included in accrued administrator expenses on the Consolidated Statement of Assets and Liabilities. Additionally, as of March 31, 2025 and December 31, 2024, $93 and $138, respectively, were due to the Administrator for direct expenses paid on the Company’s behalf, which were included in due to affiliates on the Consolidated Statement of Assets and Liabilities.

Expense Support and Conditional Reimbursement Agreement

From the effective date of the Company’s registration statement relating to its public offering (June 6, 2024) through the term of the Expense Support and Conditional Reimbursement Agreement (the “Expense Support Agreement”), which shall be at least 24 months from the effective date of the Company’s registration statement, the Adviser will advance all of the Company's Other Operating Expenses (as defined below) so such expenses do not exceed 1.00% (on an annualized basis) of the Company's NAV (“Required Expense Payment”). Any Required Expense Payment must be paid by the Adviser to the Company in any combination of cash or other immediately available funds and/or offset against amounts due from the Company to the Adviser or its affiliates.

“Other Operating Expenses” means the Company's organization and offering expenses, professional fees (including accounting, legal and auditing fees), custodian and transfer agent fees, third party valuation service fees, insurance costs, trustee fees, administration fees and other general and administrative expenses. For the avoidance of doubt, Other Operating Expenses excludes: (i) base management fees, (ii) incentive fees, (iii) shareholder servicing and/or distribution fees, (iv) brokerage costs or other investment-related out-of-pocket expenses, (v) dividend/interest payments (including any dividend payments, interest expense, commitment fees, or other expenses related to any leverage incurred by the Company), (vi) taxes, and (vii) extraordinary expenses (as determined in the sole discretion of the Adviser).

Additionally, pursuant to the Expense Support Agreement, the Adviser may elect to pay, at such times as the Adviser determines, certain additional expenses on the Company's behalf (each such payment, a “Voluntary Expense Payment” and together with a Required Expense Payment, the “Expense Payments”), provided that no portion of the payment will be used to pay any interest expense or shareholder servicing and/or distribution fees of the Company. Any Voluntary Expense Payment that the Adviser has committed to pay must be paid by the Adviser to the Company in any combination of cash or other immediately available funds no later than 45 days after such commitment was made in writing, and/or offset against amounts due from the Company to the Adviser or its affiliates.

Following any calendar month (the "Applicable Calendar Month") in which Available Operating Funds (as defined below) exceed the cumulative distributions accrued to the Company's shareholders based on distributions declared with respect to record dates occurring in the Applicable Calendar Month (“Excess Operating Funds”), the Company will pay such Excess Operating Funds, or a portion thereof, to the Adviser until such time as all Expense Payments made by the Adviser to or on behalf of the Company within three years prior to the last business day of the Applicable Calendar Month have been reimbursed (“Reimbursement Payment”).

“Available Operating Funds” means the sum of (i) the Company's net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company's net capital gains (including the excess of net long-term capital gains over net short-term capital losses) and (iii) dividends and other distributions paid to the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above).

No Reimbursement Payment for any Applicable Calendar Month shall be made if (1) the Effective Rate of Distributions Per Share (as defined below) declared by the Company at the time of such proposed Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates unless such decrease in the Effective Rate of Distribution Per Share is as a result of a reduction in SOFR, or (2) the Company's Other Operating Expenses at the time of such Reimbursement Payment exceed 1.00% of the Company's net asset value at the end of the Applicable Calendar Month. “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365-day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder servicing fees, and declared special dividends or special distributions, if any.

The Company's obligation to make a Reimbursement Payment will automatically become a liability of the Company on the last business day of the Applicable Calendar Month, except to the extent the Adviser has waived its right to receive such payment for the Applicable Calendar Month.

The following is a summary of Expense Payments and related Reimbursement Payments for the three months ended March 31, 2025:

37


 

For the Month Ended

 

Expense Payments by Adviser

 

 

Reimbursement Payments to Adviser

 

 

Unreimbursed Expense Payments

 

 

Reimbursement Eligibility Expiration

January 31, 2025

 

$

434

 

 

$

 

 

$

434

 

 

January 31, 2028

February 28, 2025

 

 

359

 

 

 

 

 

 

359

 

 

February 28, 2028

March 31, 2025

 

 

559

 

 

 

 

 

 

559

 

 

March 31, 2028

Total

 

$

1,352

 

 

$

 

 

$

1,352

 

 

 

 

For the three months ended March 31, 2025, the Company accrued Expense Payments due from the Adviser in the amount of $1,352. For the three months ended March 31, 2025, there were no Reimbursement Payments made to the Adviser.

For the three months ended March 31, 2024, there were no Expense Payments made by the Adviser and no Reimbursement Payments made to the Adviser.

As of March 31, 2025 and December 31, 2024, $1,352 and $2,585, respectively, of Expense Payments were due from the Adviser, which were included in due from adviser on the Consolidated Statement of Assets and Liabilities.

Note 4. Investments

The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2025 and December 31, 2024:

 

 

March 31, 2025

 

 

December 31, 2024

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

First Lien Debt

 

$

616,681

 

 

$

613,639

 

 

 

99.93

%

 

$

653,670

 

 

$

653,893

 

 

 

100.00

%

Second Lien Debt

 

 

550

 

 

 

456

 

 

 

0.07

%

 

 

 

 

 

 

 

 

 

Warrant

 

 

31

 

 

 

 

 

 

 

 

 

31

 

 

 

32

 

 

 

 

Total investments

 

$

617,262

 

 

$

614,095

 

 

 

100.00

%

 

$

653,701

 

 

$

653,925

 

 

 

100.00

%

 

38


 

The following is a summary of the industry classifications in which the Company invests as of March 31, 2025 and December 31, 2024:

March 31, 2025

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

Aerospace & Defense

$

6,257

 

 

$

6,244

 

 

 

1.02

%

 

 

2.09

%

Air Freight & Logistics

 

15,220

 

 

 

14,815

 

 

 

2.41

 

 

 

4.97

 

Automobile Components

 

12,147

 

 

 

12,144

 

 

 

1.98

 

 

 

4.07

 

Building Products

 

4,567

 

 

 

4,482

 

 

 

0.73

 

 

 

1.50

 

Chemicals

 

19,612

 

 

 

19,521

 

 

 

3.18

 

 

 

6.55

 

Commercial Services & Supplies

 

42,569

 

 

 

42,499

 

 

 

6.92

 

 

 

14.25

 

Communications Equipment

 

2,000

 

 

 

1,968

 

 

 

0.32

 

 

 

0.66

 

Construction & Engineering

 

3,800

 

 

 

3,821

 

 

 

0.62

 

 

 

1.28

 

Containers & Packaging

 

4,340

 

 

 

4,360

 

 

 

0.71

 

 

 

1.46

 

Diversified Consumer Services

 

20,497

 

 

 

20,587

 

 

 

3.35

 

 

 

6.90

 

Diversified Telecommunication Services

 

3,943

 

 

 

3,907

 

 

 

0.64

 

 

 

1.31

 

Electrical Equipment

 

11,315

 

 

 

11,336

 

 

 

1.85

 

 

 

3.80

 

Electronic Equipment, Instruments & Components

 

1,970

 

 

 

1,940

 

 

 

0.31

 

 

 

0.65

 

Entertainment

 

4,848

 

 

 

4,876

 

 

 

0.79

 

 

 

1.64

 

Financial Services

 

54,204

 

 

 

54,203

 

 

 

8.83

 

 

 

18.17

 

Food Products

 

8,348

 

 

 

8,403

 

 

 

1.37

 

 

 

2.82

 

Ground Transportation

 

6,959

 

 

 

6,946

 

 

 

1.13

 

 

 

2.33

 

Health Care Equipment & Supplies

 

9,925

 

 

 

9,871

 

 

 

1.61

 

 

 

3.31

 

Health Care Providers & Services

 

72,100

 

 

 

71,160

 

 

 

11.59

 

 

 

23.86

 

Health Care Technology

 

30,765

 

 

 

31,078

 

 

 

5.06

 

 

 

10.42

 

Hotels, Restaurants & Leisure

 

1,752

 

 

 

1,728

 

 

 

0.28

 

 

 

0.58

 

Household Durables

 

11,811

 

 

 

11,836

 

 

 

1.93

 

 

 

3.97

 

Insurance

 

25,389

 

 

 

25,522

 

 

 

4.16

 

 

 

8.56

 

IT Services

 

8,924

 

 

 

8,903

 

 

 

1.45

 

 

 

2.99

 

Machinery

 

20,591

 

 

 

20,141

 

 

 

3.28

 

 

 

6.75

 

Media

 

10,027

 

 

 

9,919

 

 

 

1.61

 

 

 

3.33

 

Metals & Mining

 

2,007

 

 

 

1,995

 

 

 

0.32

 

 

 

0.67

 

Oil, Gas & Consumable Fuels

 

998

 

 

 

999

 

 

 

0.16

 

 

 

0.33

 

Passenger Airlines

 

1,916

 

 

 

1,838

 

 

 

0.30

 

 

 

0.62

 

Personal Care Products

 

2,000

 

 

 

2,002

 

 

 

0.33

 

 

 

0.67

 

Pharmaceuticals

 

19,925

 

 

 

19,497

 

 

 

3.17

 

 

 

6.54

 

Professional Services

 

63,375

 

 

 

63,377

 

 

 

10.32

 

 

 

21.25

 

Real Estate Management & Development

 

13,596

 

 

 

13,555

 

 

 

2.21

 

 

 

4.55

 

Software

 

70,342

 

 

 

69,693

 

 

 

11.35

 

 

 

23.37

 

Specialty Retail

 

10,024

 

 

 

9,997

 

 

 

1.63

 

 

 

3.35

 

Textiles, Apparel & Luxury Goods

 

6,782

 

 

 

6,634

 

 

 

1.08

 

 

 

2.22

 

Trading Companies & Distributors

 

11,451

 

 

 

11,330

 

 

 

1.84

 

 

 

3.80

 

Wireless Telecommunication Services

 

966

 

 

 

968

 

 

 

0.16

 

 

 

0.32

 

 

$

617,262

 

 

$

614,095

 

 

 

100.00

%

 

 

205.91

%

 

39


 

 

December 31, 2024

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

Aerospace & Defense

$

8,288

 

 

$

8,329

 

 

 

1.27

%

 

 

2.77

%

Air Freight & Logistics

 

15,187

 

 

 

15,401

 

 

 

2.35

 

 

 

5.13

 

Automobile Components

 

13,153

 

 

 

13,112

 

 

 

2.00

 

 

 

4.37

 

Building Products

 

6,571

 

 

 

6,646

 

 

 

1.02

 

 

 

2.21

 

Chemicals

 

17,581

 

 

 

17,568

 

 

 

2.69

 

 

 

5.86

 

Commercial Services & Supplies

 

25,280

 

 

 

25,283

 

 

 

3.87

 

 

 

8.42

 

Communications Equipment

 

2,000

 

 

 

1,995

 

 

 

0.31

 

 

 

0.66

 

Construction & Engineering

 

3,847

 

 

 

3,791

 

 

 

0.58

 

 

 

1.26

 

Containers & Packaging

 

11,304

 

 

 

11,393

 

 

 

1.74

 

 

 

3.79

 

Diversified Consumer Services

 

22,514

 

 

 

22,643

 

 

 

3.46

 

 

 

7.54

 

Diversified Telecommunication Services

 

8,859

 

 

 

8,943

 

 

 

1.37

 

 

 

2.98

 

Electrical Equipment

 

11,337

 

 

 

11,360

 

 

 

1.74

 

 

 

3.78

 

Electronic Equipment, Instruments & Components

 

1,975

 

 

 

1,968

 

 

 

0.29

 

 

 

0.66

 

Entertainment

 

8,856

 

 

 

8,941

 

 

 

1.37

 

 

 

2.98

 

Financial Services

 

52,403

 

 

 

52,495

 

 

 

8.03

 

 

 

17.48

 

Food Products

 

8,376

 

 

 

8,492

 

 

 

1.30

 

 

 

2.83

 

Ground Transportation

 

12,014

 

 

 

12,084

 

 

 

1.85

 

 

 

4.02

 

Health Care Equipment & Supplies

 

9,946

 

 

 

9,943

 

 

 

1.52

 

 

 

3.31

 

Health Care Providers & Services

 

77,579

 

 

 

75,647

 

 

 

11.57

 

 

 

25.19

 

Health Care Technology

 

17,730

 

 

 

18,082

 

 

 

2.77

 

 

 

6.02

 

Hotels, Restaurants & Leisure

 

11,708

 

 

 

11,788

 

 

 

1.80

 

 

 

3.92

 

Household Durables

 

12,390

 

 

 

12,531

 

 

 

1.92

 

 

 

4.17

 

Insurance

 

29,423

 

 

 

29,560

 

 

 

4.52

 

 

 

9.84

 

IT Services

 

8,947

 

 

 

9,011

 

 

 

1.38

 

 

 

3.00

 

Machinery

 

37,197

 

 

 

37,096

 

 

 

5.67

 

 

 

12.35

 

Media

 

8,061

 

 

 

8,147

 

 

 

1.25

 

 

 

2.71

 

Metals & Mining

 

2,012

 

 

 

2,010

 

 

 

0.31

 

 

 

0.67

 

Oil, Gas & Consumable Fuels

 

1,000

 

 

 

1,003

 

 

 

0.14

 

 

 

0.33

 

Passenger Airlines

 

5,380

 

 

 

5,404

 

 

 

0.83

 

 

 

1.80

 

Personal Care Products

 

2,000

 

 

 

2,016

 

 

 

0.31

 

 

 

0.67

 

Pharmaceuticals

 

19,048

 

 

 

18,992

 

 

 

2.90

 

 

 

6.32

 

Professional Services

 

68,395

 

 

 

68,543

 

 

 

10.48

 

 

 

22.82

 

Real Estate Management & Development

 

13,579

 

 

 

13,555

 

 

 

2.07

 

 

 

4.51

 

Software

 

61,199

 

 

 

61,338

 

 

 

9.38

 

 

 

20.42

 

Specialty Retail

 

13,328

 

 

 

13,470

 

 

 

2.06

 

 

 

4.49

 

Textiles, Apparel & Luxury Goods

 

6,795

 

 

 

6,833

 

 

 

1.05

 

 

 

2.28

 

Trading Companies & Distributors

 

14,474

 

 

 

14,534

 

 

 

2.22

 

 

 

4.85

 

Wireless Telecommunication Services

 

3,965

 

 

 

3,978

 

 

 

0.61

 

 

 

1.32

 

 

$

653,701

 

 

$

653,925

 

 

 

100.00

%

 

 

217.73

%

The following is a summary of the geographical concentration of the Company’s investment portfolio as of March 31, 2025 and December 31, 2024:

 

 

March 31, 2025

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

United States

 

$

597,530

 

 

$

594,476

 

 

 

96.81

%

 

 

199.32

%

Canada

 

 

4,956

 

 

 

5,002

 

 

 

0.81

 

 

 

1.68

 

Europe

 

 

14,776

 

 

 

14,617

 

 

 

2.38

 

 

 

4.91

 

Total

 

$

617,262

 

 

$

614,095

 

 

 

100.00

%

 

 

205.91

%

 

40


 

 

 

December 31, 2024

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

United States

 

$

628,216

 

 

$

628,349

 

 

 

96.09

%

 

 

209.22

%

Canada

 

 

5,749

 

 

 

5,810

 

 

 

0.89

 

 

 

1.93

 

Europe

 

 

19,736

 

 

 

19,766

 

 

 

3.02

 

 

 

6.58

 

Total

 

$

653,701

 

 

$

653,925

 

 

 

100.00

%

 

 

217.73

%

As of March 31, 2025, we had one loan on non-accrual status, and non-accrual investments as a percentage of total debt investments at cost and fair value were 0.06% and 0.06%, respectively. As of December 31, 2024, we had one loan on non-accrual status, and non-accrual investments as a percentage of total debt investments at cost and fair value were 0.06% and 0.08%, respectively.

As of March 31, 2025 and December 31, 2024, on a fair value basis, 100% of the Company’s performing debt investments bore interest at a floating rate.

Note 5. Fair Value Measurements

Investments

The Company values all investments in accordance with ASC Topic 820, which requires enhanced disclosures about assets and liabilities that are measured and reported at fair value. As defined in ASC Topic 820, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where available, fair value is based on observable market prices or parameters, or derived from such prices or parameters. Where observable prices or inputs are not available, valuation models are applied. These valuation models involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the assets or liabilities or market and the assets’ or liabilities’ complexity.

ASC Topic 820 establishes a hierarchical disclosure framework which prioritizes and ranks the level of market price observability of inputs used in measuring investments at fair value. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 - Quoted prices in markets that are not considered to be active or financial instruments for which significant inputs are observable, either directly or indirectly; and

Level 3 - Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

The level of an asset or liability within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes observable” requires significant judgment by management.

Pursuant to Rule 2a-5 under the 1940 Act (Rule 2a-5”), the Board has designated FEIM as the Company’s valuation designee, as the term is defined in Rule 2a-5 (the Valuation Designee”). FEIM, as the Valuation Designee, performs fair value determinations of the Company’s assets by implementing valuation policies and procedures approved by the Board, subject to the oversight of the Board and the Board’s Audit Committee, and in compliance with the requirements of Rule 2a-5. In calculating the value of the Company’s total assets, investments for which market quotations are readily available are valued using market quotations, which are generally obtained from an independent pricing service or one or more broker-dealers or market makers. Debt and equity securities for which market quotations are not readily available or are determined to be unreliable are valued at fair value as determined in good faith by the Valuation Designee.

With respect to the investments for which market quotations are not readily available, the Company undertakes a multi-step valuation process each quarter, as described below:

1.
the Company’s valuation process begins with each portfolio company or investment being initially valued by the investment professionals responsible for managing portfolio investments; concurrently therewith, on at least an annual basis, independent valuation firms are used to conduct independent appraisals of all investments for which market

41


 

quotations are either not readily available or are determined to be unreliable unless the amount of an investment is immaterial;
2.
the preliminary valuation recommendation of the investment professionals and the applicable input of the independent valuation firms (the Preliminary Valuation Data”) are then documented and reviewed with FEAC’s pricing professionals;
3.
the Preliminary Valuation Data are then discussed with, and approved by, the pricing committee of FEAC;
4.
FEIM’s valuation committee independently discusses the Preliminary Valuation Data and determines the fair value of each investment in good faith based on the Preliminary Valuation Data; and
5.
on a quarterly basis, a designee of FEIM’s valuation committee discusses the fair value determinations of each investment with the Audit Committee.

When we determine our net asset value (NAV”) as of the last day of a month that is not also the last day of a calendar quarter, we intend to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, FEIM’s valuation team will generally value such assets at the most recent quarterly valuation unless FEAC determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If FEAC determines such a change has occurred with respect to one or more investments, the relevant portfolio management team shall determine whether to recommend a change to the FEIM valuation committee and whether the applicable pricing professional will determine whether to engage an independent valuation firm for assistance. FEIM will then discuss and determine the fair value of such investment(s) in the Company’s portfolio in good faith based on the input of any applicable respective independent valuation firms.

The types of factors that the Valuation Designee may take into account in fair value pricing the Company’s investments include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors.

For cash flow debt investments, the Valuation Designee generally determines the fair value primarily using an income, or yield, approach that analyzes the discounted cash flows of interest and principal for the debt security, as set forth in the associated loan agreements, as well as the financial position and credit risk of each portfolio investment. The Valuation Designee’s estimate of the expected repayment date is generally the legal maturity date of the instrument. The yield analysis considers changes in leverage levels, credit quality, portfolio company performance and other factors. The enterprise value, a market approach, is used to determine the value of debt investments that are credit impaired, close to maturity or where the Company also holds a controlling equity interest. The method for determining enterprise value uses a multiple analysis, whereby appropriate multiples are applied to the portfolio company’s revenues or net income before net interest expense, income tax expense, depreciation and amortization, or EBITDA.

For asset-based loans, the Valuation Designee generally determines the fair value using the liquidation approach that analyzes the underlying collateral of the loan, as set forth in the associated loan agreements and the borrowing base certificates. Liquidation valuations may be determined using a net orderly liquidation value, a forced liquidation value, or other methodology. Such liquidation values may be further reduced by certain reserves that may reduce the value of the collateral available to support the outstanding debt in a wind down scenario (the net realized value of the collateral).

For equity investments, an income and/or market approach is generally used to value equity investments for which there is no established public or private market. The market approach values an investment by examining observable market values for similar investments. The resulting valuation, although stated as a precise number, is necessarily within a range of values that vary depending upon the significance attributed to the various factors being considered. Some of these factors may include current market trading and/or transaction multiples, the portfolio company’s relative financial performance relative to public and private peer companies and leverage levels.

In addition, for certain debt investments, the Valuation Designee may base its valuation on indicative bid and ask prices provided by an independent third-party pricing service. Bid prices reflect the highest price that the Company and others may be willing to pay. Ask prices represent the lowest price that the Company and others may be willing to accept. The Valuation Designee generally uses the midpoint of the bid/ask range as its best estimate of fair value of such investment.

The Company has adopted the authoritative guidance under GAAP for estimating the fair value of investments in investment companies that have calculated NAV per share in accordance with the specialized accounting guidance for investment companies. Accordingly, in circumstances in which NAV per share of an investment is determinative of fair value, the Company estimates the fair value of an investment in an investment company using the NAV per share of the investment (or its equivalent) without further

42


 

adjustment if the NAV per share of the investment is determined in accordance with the specialized accounting guidance for investment companies as of the reporting entity’s measurement date.

As of March 31, 2025, the Valuation Designee determined, in good faith, the fair value of the Company’s portfolio investments in accordance with GAAP and the Company’s valuations procedures based on the facts and circumstances known by the Company at that time, or reasonably expected to be known at that time.

Fair Value Disclosures

The following is a summary of the composition of the Company’s investment portfolio at cost and fair value as of March 31, 2025 and December 31, 2024:

 

 

March 31, 2025

 

 

 

 

Level 1

 

 

 

Level 2

 

 

 

Level 3

 

 

 

Total

 

 

First Lien Debt

 

$

 

 

 

$

248,932

 

 

 

$

364,707

 

 

 

$

613,639

 

 

Second Lien Debt

 

 

 

 

 

 

 

 

 

 

456

 

 

 

 

456

 

 

Warrant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Investments

 

$

 

 

 

$

248,932

 

 

 

$

365,163

 

 

 

$

614,095

 

 

Percentage of Total

 

 

0.00

 

%

 

 

40.54

 

%

 

 

59.46

 

%

 

 

100.00

 

%

 

 

 

December 31, 2024

 

 

 

 

Level 1

 

 

 

Level 2

 

 

 

Level 3

 

 

 

Total

 

 

First Lien Debt

 

$

 

 

 

$

321,304

 

 

 

$

332,589

 

 

 

$

653,893

 

 

Warrant

 

 

 

 

 

 

 

 

 

 

32

 

 

 

 

32

 

 

Total Investments

 

$

 

 

 

$

321,304

 

 

 

$

332,621

 

 

 

$

653,925

 

 

Percentage of Total

 

 

0.00

 

%

 

 

49.13

 

%

 

 

50.87

 

%

 

 

100.00

 

%

The following table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2025:

 

Three Months Ended March 31, 2025

 

 

First Lien Loan

 

 

Second Lien Loan

 

 

Warrant

 

 

Total Investments

 

Fair value, beginning of period

$

332,589

 

 

$

 

 

$

32

 

 

$

332,621

 

Purchase of investments (including PIK)

 

68,504

 

 

 

17

 

 

 

 

 

 

68,521

 

Proceeds from principal repayments and sales of investments

 

(29,651

)

 

 

 

 

 

 

 

 

(29,651

)

Amortization of premium/accretion of discount, net

 

550

 

 

 

5

 

 

 

 

 

 

555

 

Net realized gain (loss) on investments

 

(941

)

 

 

 

 

 

 

 

 

(941

)

Net change in unrealized appreciation (depreciation) on investments

 

1,358

 

 

 

(94

)

 

 

(32

)

 

 

1,232

 

Reclassification

 

(528

)

 

 

528

 

 

 

 

 

 

 

Transfers out of Level 3

 

(16,039

)

 

 

 

 

 

 

 

 

(16,039

)

Transfers to Level 3

 

8,865

 

 

 

 

 

 

 

 

 

8,865

 

Fair value, end of period

$

364,707

 

 

$

456

 

 

$

 

 

$

365,163

 

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2025

$

(594

)

 

$

(94

)

 

$

(32

)

 

$

(720

)

The following table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three months ended March 31, 2024:

 

Three Months Ended March 31, 2024

 

 

First Lien Loan

 

 

Warrant

 

 

Total Investments

 

Fair value, beginning of period

$

65,862

 

 

$

2

 

 

$

65,864

 

Purchase of investments (including PIK)

 

63,082

 

 

 

 

 

 

63,082

 

Proceeds from principal repayments and sales of investments

 

(76

)

 

 

 

 

 

(76

)

Amortization of premium/accretion of discount, net

 

105

 

 

 

 

 

 

105

 

Net realized gain (loss) on investments

 

 

 

 

 

 

 

 

Net change in unrealized appreciation (depreciation) on investments

 

36

 

 

 

 

 

 

36

 

Transfers out of Level 3

 

(4,938

)

 

 

 

 

 

(4,938

)

Fair value, end of period

$

124,071

 

 

$

2

 

 

$

124,073

 

Net change in unrealized appreciation (depreciation) on non-controlled/non-affiliated company investments still held at March 31, 2024

$

36

 

 

$

 

 

$

36

 

 

43


 

Investments were transferred out of Level 3 during the three months ended March 31, 2025 and 2024 due to improvements in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment, as assessed by the Valuation Designee. Investments were transferred into Level 3 during the three months ended March 31, 2025 due to a decrease in the quantity and quality of information, specifically the number of vendor quotes available to support the valuation of each investment, as assessed by the Valuation Designee.

 

Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 financial instruments as of March 31, 2025 and December 31, 2024. These tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Company’s determination of fair value.

 

March 31, 2025

 

 

 

 

 

 

 

 

 

Range

 

 

 

 

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Low

 

 

High

 

 

Weighted Average (1)

 

First lien debt (2)

 

$

288,332

 

 

Discounted cash flows (income approach)

 

Comparative Yield

 

 

8.56

%

 

 

16.11

%

 

 

10.31

%

 

 

 

30,498

 

 

Recoverability

 

Collateral Value

 

$22.4mm

 

 

$434.3mm

 

 

$200.2mm

 

 

 

 

318,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant

 

 

 

 

Option pricing model

 

Volatility

 

 

30.00

%

 

 

40.00

%

 

 

35.00

%

 

 

 

 

 

 

 

Time Horizon (years)

 

5.0 yrs

 

 

10.0 yrs

 

 

7.5 yrs

 

Total

 

$

318,830

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Weighted averages are calculated based on fair value of investments.
(2)
Excluded from the presentation is $45,877 in first lien senior secured debt and $456 in second lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

 

44


 

 

 

December 31, 2024

 

 

 

 

 

 

 

 

 

 

Range

 

 

 

 

 

Fair Value

 

 

Valuation Technique

 

Unobservable Input

 

Low

 

 

High

 

 

Weighted Average (1)

 

First lien debt (2)

 

$

247,699

 

 

Discounted cash flows (income approach)

 

Comparative Yield

 

 

8.56

%

 

 

14.23

%

 

 

10.40

%

 

 

 

22,492

 

 

Recoverability

 

Collateral Value

 

$19.6mm

 

 

$367.9mm

 

 

$132.3mm

 

 

 

 

270,191

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Warrant

 

 

32

 

 

Option pricing model

 

Volatility

 

 

78.00

%

 

 

88.00

%

 

 

83.00

%

 

 

 

 

 

 

 

Time Horizon (years)

 

5.0 yrs

 

 

10.0 yrs

 

 

7.5 yrs

 

Total

 

$

270,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)
Weighted averages are calculated based on fair value of investments.
(2)
Excluded from the presentation is $62,398 in first lien senior secured debt for which the Valuation Designee did not develop the unobservable inputs for the determination of fair value (examples include insufficient liquidity and single source quotation).

The significant unobservable input used in the fair value measurement of the Company’s debt securities, excluding investments in asset-backed loans, is the comparative yield which is used to discount the estimated future cash flows expected to be received from the underlying investment, which include both future principal and interest payments. In determining the comparative yield for the income approach, the Company considers current market yields and multiples, weighted average cost of capital, portfolio company performance, leverage levels, credit quality, among other factors, including U.S. federal tax rates, in its analysis. Significant increases (decreases) in the comparative yield in isolation would result in a significantly lower (higher) fair value measurement.

The primary significant unobservable input used in the fair value measurement of the Company’s investment in asset-backed loans is the net realizable value of the underlying collateral of the loan. The Company considers information provided by the borrower in its compliance certificates and information from third party appraisals, among other factors, in its analysis. Significant increases (decreases) in the net realizable value of the underlying collateral would result in a significantly higher (lower) fair value measurement.

Other Financial Assets and Liabilities

As of March 31, 2025, the carrying amounts of the Company’s other financial instruments, such as cash and cash equivalents, receivables and payables, approximate the fair value of such items due to the short maturity of such instruments and would be categorized as Level 1 within the fair value hierarchy. As of March 31, 2025, the carrying amount of the Company’s outstanding Credit Facility approximates fair value and would be categorized as Level 3 within the fair value hierarchy. The fair value of the Credit Facility is estimated based upon market interest rates and entities with similar credit risk.

Note 6. Borrowings

In connection with the Company’s organization, the Board and the Company’s initial shareholder, approved the application of the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act to the Company. As a result of this approval, the Company is permitted to borrow amounts such that its asset coverage ratio, as defined in the 1940 Act, is at least 150% after such borrowing. As of March 31, 2025, the Company’s asset coverage ratio was 187.8%.

SPV Financing Facility

On September 22, 2023, First Eagle Private Credit Fund SPV, LLC (the “SPV”), a wholly-owned financing subsidiary of the Company, as borrower, the Company, as transferor, and FEPC Fund Servicer, LLC, an affiliate of the Company, as servicer, entered into a $350,000 senior secured revolving credit facility, as amended (the “Credit Facility”) with Morgan Stanley Bank, N.A., as initial lender, certain other lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as account bank and collateral custodian, and FEPC Fund Servicer, LLC, a wholly-owned subsidiary of the Company, as servicer under the Credit Facility.

On June 20, 2024, the SPV entered into the second amendment to the loan and servicing agreement (“Second Amendment”), amending the Credit Facility. The Second Amendment (i) amends the concentration limitation component of the borrowing base to allow, (x) until April 1, 2025, up to 75% of the SPV’s portfolio to be broadly syndicated loans or senior secured bonds, (y) thereafter until September 30, 2025, 50% of the SPV’s portfolio to be broadly syndicated loans or senior secured bonds, and (z) after September 30, 2025, 35% of the SPV’s portfolio to be broadly syndicated loans or senior secured bonds, (ii) reduces the minimum utilization amount under the Credit Facility to be 35% of the commitments under the Credit Facility until September 22, 2024, and (iii) changes the interest rate applicable to the minimum utilization amount to be only the “applicable margin.”

45


 

On November 7, 2024, the SPV entered into the third amendment to the loan and servicing agreement (“Third Amendment”), amending the Credit Facility. The Third Amendment (i) reduces the spread to 2.55% per annum during the revolving period and 3.05% per annum during the amortization period; (ii) amends the 5% PIK loan concentration limitation component of the borrowing base to exclude from the concentration limitation PIK loans with a minimum cash spread of at least 5% paid quarterly; (iii) increases the minimum utilization amount to be 75% of the commitments under the Credit Facility; and (iv) resets as of the Third Amendment date the time period the prepayment premium is due in connection with reducing or terminating commitments under the Credit Facility.

The Company’s ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants, as well as availability under the borrowing base, which permits the Company to borrow up to 75% of the principal balance of its eligible portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 65%. Under the terms of the Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the Credit Facility through September 22, 2026. The Credit Facility has a minimum utilization requirement (“Minimum Utilization”) of 35% of the facility amount (following a nine-month ramp-up period through September 21, 2024). The Minimum Utilization increased to 65% from September 22, 2024 and increased again to 75% from November 7, 2024 through the end of the revolving period. Distributions from the SPV to the Company are limited by the terms of the Credit Facility, which generally allows for the distribution of net interest income quarterly pursuant to a waterfall during the reinvestment period. The SPV’s obligations under the Credit Facility are secured by a first priority security interest in substantially all of the assets of the SPV, including its portfolio of investments, and the Company’s equity interest in the SPV. As of March 31, 2025, the Company held 132 investments with a total fair market value of $515,377 in the SPV as collateral for the Credit Facility. As of March 31, 2025, the Company had $346,600 in borrowings outstanding under the Credit Facility. As of December 31, 2024, the Company held 120 investments with a total fair market value of $505,108 in the SPV as collateral for the Credit Facility. As of December 31, 2024, the Company had $325,600 in borrowings outstanding under the Credit Facility.

The Credit Facility has a scheduled maturity date of September 22, 2028, or earlier in accordance with the terms of the Credit Facility. Borrowings under the Credit Facility bear interest initially at the annual rate of three month SOFR plus a spread. The initial spread through November 6, 2024 was 3.05% per annum for term SOFR advances, reducing to 2.55% per annum for term SOFR advances from November 7, 2024 through the end of the revolving period, and 3.05% per annum during the amortization period. Additionally, the SPV pays a fee of 0.15% per annum on the notional loan amount of $350,000, a minimum utilization fee of 2.55% on the Minimum Utilization less any outstanding borrowings if outstanding borrowings are less than the Minimum Utilization, and an unused fee of 0.60% per annum on the difference between the total facility amount and the greater of the Minimum Utilization or total outstanding borrowings.

Components of Interest Expense

The components of the Company’s interest expense were as follows:

 

For the Three Months Ended March 31, 2025

 

 

For the Three Months Ended March 31, 2024

 

 

Borrowing interest expense

$

5,864

 

 

$

3

 

 

Borrowing administration fees

 

131

 

 

 

133

 

 

Facility unused fees

 

12

 

 

 

531

 

 

Amortization of financing costs

 

152

 

 

 

153

 

 

Total interest expense

$

6,159

 

 

$

820

 

 

Average Debt Outstanding

 

341,878

 

 

 

5,000

 

(1)

Average Stated Interest Rate

 

6.86

%

 

 

8.35

%

(1)

(1)
Average taken from date of initial borrowing on March 29, 2024.

 

Note 7. Commitments and Contingencies

Unfunded Commitments

Unfunded commitments to provide funds to portfolio companies are not reflected on the Company’s Consolidated Statement of Assets and Liabilities. The Company’s unfunded commitments may be significant from time to time. These commitments will be subject to the same underwriting and ongoing portfolio maintenance as are the on-balance sheet financial instruments that the Company holds. Since these commitments may expire without being drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company intends to use cash flow from normal and early principal repayments and proceeds from borrowings to fund these commitments.

As of March 31, 2025 and December 31, 2024, the Company has the following unfunded commitments to portfolio companies:

46


 

March 31, 2025

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment

 

 

Fair
Value

 

Delayed Draw

 

 

 

 

 

 

 

 

 

 

841 Prudential MOB LLC

 

Delayed Draw

 

10/8/2027

 

$

719

 

 

$

(11

)

Air Conditioning Specialist, Inc.

 

Delayed Draw

 

11/19/2026

 

$

1,915

 

 

$

(32

)

AMCP Clean Acquisition Co LLC

 

Delayed Draw

 

6/15/2028

 

$

910

 

 

$

12

 

Apella Capital LLC

 

Delayed Draw

 

3/6/2027

 

$

996

 

 

$

 

Apella Capital LLC

 

Delayed Draw

 

12/4/2026

 

$

148

 

 

$

1

 

APS Acquisition Holdings, LLC

 

Delayed Draw

 

7/11/2026

 

$

3,483

 

 

$

(52

)

Argano, LLC

 

Delayed Draw

 

3/13/2026

 

$

2,087

 

 

$

(21

)

Case Works, LLC

 

Delayed Draw

 

10/1/2029

 

$

272

 

 

$

(4

)

CI (MG) Group, LLC

 

Delayed Draw

 

3/27/2027

 

$

4,636

 

 

$

(70

)

Community Based Care Acquisition, Inc.

 

Delayed Draw

 

3/19/2026

 

$

2,118

 

 

$

21

 

Elevate HD Parent, Inc.

 

Delayed Draw

 

2/18/2025

 

$

482

 

 

$

1

 

Electrical Components International, Inc.

 

Delayed Draw

 

5/10/2026

 

$

433

 

 

$

(4

)

Enverus Holdings, Inc.

 

Delayed Draw

 

12/12/2026

 

$

73

 

 

$

 

First Steps Recovery Acquisition, LLC

 

Delayed Draw

 

9/29/2025

 

$

1,149

 

 

$

(29

)

Gen4 Dental Partners Opco, LLC

 

Delayed Draw

 

5/13/2026

 

$

2,333

 

 

$

(64

)

Groundworks Operations, LLC

 

Delayed Draw

 

3/6/2026

 

$

393

 

 

$

(8

)

Housework Holdings

 

Delayed Draw

 

5/28/2026

 

$

417

 

 

$

(2

)

In Vitro Sciences, LLC

 

Delayed Draw

 

7/31/2024

 

$

23

 

 

$

(135

)

Medrina, LLC

 

Delayed Draw

 

4/20/2025

 

$

266

 

 

$

(11

)

Monarch Behavioral Therapy, LLC

 

Delayed Draw

 

6/6/2026

 

$

732

 

 

$

20

 

Prescott's Inc.

 

Delayed Draw

 

12/30/2026

 

$

3,585

 

 

$

(40

)

PRGX Global, Inc

 

Delayed Draw

 

2/20/2027

 

$

596

 

 

$

(6

)

RL James, Inc.

 

Delayed Draw

 

12/15/2025

 

$

612

 

 

$

(22

)

RMBUS Holdco Inc.

 

Delayed Draw

 

1/8/2026

 

$

2,070

 

 

$

 

SR Landscaping, LLC

 

Delayed Draw

 

2/20/2026

 

$

1,191

 

 

$

21

 

Strategy Corps, LLC

 

Delayed Draw

 

6/28/2026

 

$

3,300

 

 

$

(33

)

Tri Scapes, LLC

 

Delayed Draw

 

7/12/2026

 

$

2,370

 

 

$

(36

)

US Fertility Enterprises, LLC

 

Delayed Draw

 

10/3/2026

 

$

97

 

 

$

 

Waste Resource Management Inc.

 

Delayed Draw

 

12/28/2029

 

$

919

 

 

$

29

 

XPT Partners, LLC

 

Delayed Draw

 

12/10/2026

 

$

950

 

 

$

(18

)

 

47


 

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment

 

 

Fair
Value

 

Revolver

 

 

 

 

 

 

 

 

 

 

Advantmed Buyer Inc

 

Revolver

 

2/14/2031

 

$

2,189

 

 

$

(29

)

Air Buyer Inc.

 

Revolver

 

7/23/2030

 

$

517

 

 

$

(5

)

Air Conditioning Specialist, Inc.

 

Revolver

 

11/19/2029

 

$

621

 

 

$

(13

)

APS Acquisition Holdings, LLC

 

Revolver

 

7/11/2029

 

$

1,741

 

 

$

(26

)

Argano, LLC

 

Revolver

 

9/13/2029

 

$

348

 

 

$

(3

)

Case Works, LLC

 

Revolver

 

10/1/2029

 

$

362

 

 

$

(8

)

CI (MG) Group, LLC

 

Revolver

 

3/27/2030

 

$

1,044

 

 

$

(16

)

Elevate HD Parent, Inc.

 

Revolver

 

8/20/2029

 

$

200

 

 

$

 

Enthusiast Auto Holdings, LLC

 

Revolver

 

12/19/2026

 

$

1,151

 

 

$

(1

)

Enverus Holdings, Inc.

 

Revolver

 

12/24/2029

 

$

293

 

 

$

(9

)

First Steps Recovery Acquisition, LLC

 

Revolver

 

3/29/2030

 

$

597

 

 

$

(29

)

Gen4 Dental Partners Opco, LLC

 

Revolver

 

5/13/2030

 

$

467

 

 

$

(13

)

Housework Holdings

 

Revolver

 

12/15/2028

 

$

77

 

 

$

(1

)

In Vitro Sciences, LLC

 

Revolver

 

2/28/2029

 

$

568

 

 

$

(45

)

Irving Parent, Corp.

 

Revolver

 

3/11/2031

 

$

2,625

 

 

$

(39

)

Mammoth Holdings, LLC

 

Revolver

 

11/15/2029

 

$

659

 

 

$

(16

)

Medrina, LLC

 

Revolver

 

10/20/2029

 

$

1,107

 

 

$

 

Monarch Behavioral Therapy, LLC

 

Revolver

 

6/6/2030

 

$

502

 

 

$

(6

)

Owl Vans, LLC

 

Revolver

 

12/31/2030

 

$

1,200

 

 

$

(16

)

Prescott's Inc.

 

Revolver

 

12/30/2030

 

$

896

 

 

$

(10

)

RL James, Inc.

 

Revolver

 

12/15/2028

 

$

1,016

 

 

$

(11

)

RMBUS Holdco Inc.

 

Revolver

 

1/8/2029

 

$

1,035

 

 

$

 

Sagebrush Buyer, LLC

 

Revolver

 

7/1/2030

 

$

1,263

 

 

$

 

SR Landscaping, LLC

 

Revolver

 

10/30/2029

 

$

579

 

 

$

 

Strategy Corps, LLC

 

Revolver

 

6/28/2030

 

$

1,567

 

 

$

(16

)

Syner-G Intermediate Holdings, LLC

 

Revolver

 

9/17/2030

 

$

1,150

 

 

$

(46

)

The Mutual Group, LLC

 

Revolver

 

1/31/2030

 

$

1,299

 

 

$

 

Tri Scapes, LLC

 

Revolver

 

7/12/2030

 

$

1,185

 

 

$

(18

)

Unified Patents, LLC

 

Revolver

 

12/23/2027

 

$

1,271

 

 

$

(10

)

Visante Acquisition, LLC

 

Revolver

 

1/31/2030

 

$

976

 

 

$

 

Waste Resource Management Inc.

 

Revolver

 

12/28/2029

 

$

290

 

 

$

 

XPT Partners, LLC

 

Revolver

 

9/13/2028

 

$

271

 

 

$

(4

)

Zenith American Solutions, Inc.

 

Revolver

 

7/11/2029

 

$

588

 

 

$

(9

)

Total Unfunded Commitments

 

 

 

 

 

$

68,929

 

 

$

(892

)

 

48


 

 

December 31, 2024

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment

 

 

Fair
Value

 

Delayed Draw

 

 

 

 

 

 

 

 

 

 

841 Prudential MOB LLC

 

Delayed Draw

 

10/8/2027

 

$

719

 

 

$

(11

)

Air Buyer Inc.

 

Delayed Draw

 

1/23/2026

 

$

1,138

 

 

$

(15

)

Air Conditioning Specialist, Inc.

 

Delayed Draw

 

11/19/2026

 

$

1,915

 

 

$

(10

)

AMCP Clean Acquisition Co LLC

 

Delayed Draw

 

6/15/2028

 

$

1,840

 

 

$

8

 

Apella Capital LLC

 

Delayed Draw

 

12/4/2026

 

$

148

 

 

$

(1

)

APS Acquisition Holdings, LLC

 

Delayed Draw

 

7/11/2026

 

$

3,483

 

 

$

(52

)

Argano, LLC

 

Delayed Draw

 

3/13/2026

 

$

2,087

 

 

$

(42

)

Case Works, LLC

 

Delayed Draw

 

10/1/2029

 

$

272

 

 

$

(4

)

Community Based Care Acquisition, Inc.

 

Delayed Draw

 

3/19/2026

 

$

2,118

 

 

$

 

Elevate HD Parent, Inc.

 

Delayed Draw

 

2/18/2025

 

$

482

 

 

$

 

Electrical Components International, Inc.

 

Delayed Draw

 

5/10/2026

 

$

433

 

 

$

(7

)

Enverus Holdings, Inc.

 

Delayed Draw

 

12/12/2026

 

$

192

 

 

$

 

First Steps Recovery Acquisition, LLC

 

Delayed Draw

 

9/29/2025

 

$

1,149

 

 

$

(23

)

Focus Financial Partners, LLC

 

Delayed Draw

 

9/10/2026

 

$

194

 

 

$

2

 

Gen4 Dental Partners Opco, LLC

 

Delayed Draw

 

5/13/2026

 

$

2,333

 

 

$

(70

)

Groundworks Operations, LLC

 

Delayed Draw

 

3/6/2026

 

$

393

 

 

$

3

 

Housework Holdings

 

Delayed Draw

 

3/1/2025

 

$

428

 

 

$

 

Housework Holdings

 

Delayed Draw

 

5/28/2026

 

$

417

 

 

$

 

In Vitro Sciences, LLC

 

Delayed Draw

 

7/31/2024

 

$

23

 

 

$

(1

)

Medrina, LLC

 

Delayed Draw

 

4/20/2025

 

$

1,550

 

 

$

 

Monarch Behavioral Therapy, LLC

 

Delayed Draw

 

6/6/2026

 

$

1,076

 

 

$

(8

)

Prescott's Inc.

 

Delayed Draw

 

12/30/2026

 

$

3,585

 

 

$

(40

)

RL James, Inc.

 

Delayed Draw

 

12/15/2025

 

$

612

 

 

$

(15

)

RMBUS Holdco Inc.

 

Delayed Draw

 

1/8/2026

 

$

2,070

 

 

$

 

SR Landscaping, LLC

 

Delayed Draw

 

2/20/2026

 

$

1,191

 

 

$

(3

)

Strategy Corps, LLC

 

Delayed Draw

 

6/28/2026

 

$

3,300

 

 

$

(33

)

Tri Scapes, LLC

 

Delayed Draw

 

7/12/2026

 

$

2,370

 

 

$

(36

)

US Fertility Enterprises, LLC

 

Delayed Draw

 

10/3/2026

 

$

97

 

 

$

1

 

Waste Resource Management Inc.

 

Delayed Draw

 

12/28/2029

 

$

1,208

 

 

$

 

Xcel Brands, Inc.

 

Delayed Draw

 

12/12/2028

 

$

683

 

 

$

(15

)

XPT Partners, LLC

 

Delayed Draw

 

12/10/2026

 

$

1,205

 

 

$

(18

)

 

49


 

 

Investments—non-controlled/non-affiliated

 

Commitment Type

 

Commitment
Expiration Date

 

Unfunded
Commitment

 

 

Fair
Value

 

Revolver

 

 

 

 

 

 

 

 

 

 

Air Buyer Inc.

 

Revolver

 

7/23/2030

 

$

517

 

 

$

(7

)

Air Conditioning Specialist, Inc.

 

Revolver

 

11/19/2029

 

$

847

 

 

$

(4

)

Apella Capital LLC

 

Revolver

 

3/1/2029

 

$

50

 

 

$

 

APS Acquisition Holdings, LLC

 

Revolver

 

7/11/2029

 

$

1,741

 

 

$

(26

)

Argano, LLC

 

Revolver

 

9/13/2029

 

$

348

 

 

$

(7

)

Case Works, LLC

 

Revolver

 

10/1/2029

 

$

362

 

 

$

(5

)

Elevate HD Parent, Inc.

 

Revolver

 

8/20/2029

 

$

200

 

 

$

 

Enthusiast Auto Holdings, LLC

 

Revolver

 

12/19/2025

 

$

1,151

 

 

$

 

Enverus Holdings, Inc.

 

Revolver

 

12/24/2029

 

$

284

 

 

$

(8

)

First Steps Recovery Acquisition, LLC

 

Revolver

 

3/29/2030

 

$

597

 

 

$

(12

)

Gen4 Dental Partners Opco, LLC

 

Revolver

 

5/13/2030

 

$

467

 

 

$

(14

)

Housework Holdings

 

Revolver

 

12/15/2028

 

$

176

 

 

$

 

In Vitro Sciences, LLC

 

Revolver

 

2/28/2029

 

$

568

 

 

$

(20

)

Mammoth Holdings, LLC

 

Revolver

 

11/15/2029

 

$

659

 

 

$

(20

)

Medrina, LLC

 

Revolver

 

10/20/2029

 

$

1,107

 

 

$

 

Mid-State Machine and Fabricating Corporation

 

Revolver

 

6/21/2029

 

$

1,917

 

 

$

(14

)

Monarch Behavioral Therapy, LLC

 

Revolver

 

6/6/2030

 

$

1,059

 

 

$

(8

)

Owl Vans, LLC

 

Revolver

 

12/31/2030

 

$

1,200

 

 

$

(16

)

Prescott's Inc.

 

Revolver

 

12/30/2030

 

$

896

 

 

$

(10

)

Project Cloud Holdings, LLC

 

Revolver

 

3/31/2029

 

$

71

 

 

$

(2

)

RL James, Inc.

 

Revolver

 

12/15/2028

 

$

973

 

 

$

(24

)

RMBUS Holdco Inc.

 

Revolver

 

1/8/2029

 

$

1,035

 

 

$

 

Sagebrush Buyer, LLC

 

Revolver

 

7/1/2030

 

$

1,263

 

 

$

(19

)

SR Landscaping, LLC

 

Revolver

 

10/30/2029

 

$

579

 

 

$

(1

)

Strategy Corps, LLC

 

Revolver

 

6/28/2030

 

$

1,650

 

 

$

(16

)

Syner-G Intermediate Holdings, LLC

 

Revolver

 

9/17/2030

 

$

1,150

 

 

$

(13

)

The Mutual Group, LLC

 

Revolver

 

1/31/2030

 

$

1,299

 

 

$

(19

)

Tri Scapes, LLC

 

Revolver

 

7/12/2030

 

$

1,185

 

 

$

(18

)

Unified Patents, LLC

 

Revolver

 

12/23/2027

 

$

1,271

 

 

$

(10

)

Visante Acquisition, LLC

 

Revolver

 

1/31/2030

 

$

976

 

 

$

 

Waste Resource Management Inc.

 

Revolver

 

12/28/2029

 

$

786

 

 

$

 

XPT Partners, LLC

 

Revolver

 

9/13/2028

 

$

271

 

 

$

(4

)

Zenith American Solutions, Inc.

 

Revolver

 

7/11/2029

 

$

596

 

 

$

(9

)

Total Unfunded Commitments

 

 

 

 

 

$

65,962

 

 

$

(696

)

Legal Proceedings

From time to time, the Company, or the Advisers, may become party to legal proceedings in the ordinary course of business, including proceedings related to the enforcement of the Company’s rights under contracts with its portfolio companies. Neither the Company, nor the Advisers, is currently subject to any material legal proceedings.

Note 8. Net Assets

Share Issuances

In connection with its formation, the Company has the authority to issue an unlimited number of Common Shares.

On January 1, 2025, the Company sold 37,241 Common Shares of beneficial interest (with the final number of shares being determined on January 24, 2025) to a feeder vehicle primarily created to hold the Company’s Common Shares for an aggregate offering price of $902.

The following table summarizes the issuance of shares during the three months ended March 31, 2025:

Share Issuance Date

 

Number of
Common Shares Issued

 

 

Aggregate
Offering Proceeds

 

January 1, 2025

 

 

37,241

 

 

$

902

 

Total

 

 

37,241

 

 

$

902

 

 

The following table summarizes the issuance of shares during the three months ended March 31, 2024:

Share Issuance Date

 

Number of
Common Shares Issued

 

 

Aggregate
Offering Proceeds

 

March 1, 2024

 

 

2,058,460

 

 

$

50,000

 

Total

 

 

2,058,460

 

 

$

50,000

 

 

50


 

During the three months ended March 31, 2025, the Company also issued 111 shares for an aggregate value of $3 under the DRP (as defined below).

Distributions

The following table presents distributions that were declared and payable during the three months ended March 31, 2025 and 2024:

Date Declared

 

Record Date

 

Payment Date

 

Distribution Per Share

 

 

Distribution Amount

 

For the Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

January 31, 2025

 

January 31, 2025

 

February 27, 2025

 

$

0.205

 

 

$

2,548

 

March 26, 2025

 

March 26, 2025

 

March 28, 2025

 

$

0.205

 

 

$

2,550

 

March 31, 2025

 

March 31, 2025

 

April 29, 2025

 

$

0.205

 

 

$

2,551

 

 

 

 

 

 

 

 

 

 

$

7,649

 

For the Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

February 5, 2024

 

February 6, 2024

 

February 27, 2024

 

$

0.120

 

 

$

1,244

 

February 29, 2024

 

February 29, 2024

 

March 26, 2024

 

$

0.120

 

 

$

1,244

 

March 28, 2024

 

March 28, 2024

 

April 26, 2024

 

$

0.120

 

 

$

1,491

 

 

 

 

 

 

 

 

 

 

$

3,979

 

Character of Distributions

The Company may fund its cash distributions to shareholders from any source of funds available to the Company, including but not limited to offering proceeds, net investment income from operations, and capital gains proceeds from the sale of assets.

Sources of distributions, other than net investment income and realized gains on a GAAP basis, include required adjustments to GAAP net investment income in the current period to determine taxable income available for distributions. The following table presents the sources of cash distributions on a GAAP basis that the Company has declared on its Common Shares during the three months ended March 31, 2025 and 2024:

 

March 31, 2025

 

 

March 31, 2024

 

Ordinary income (including net short-term capital gains)

 

$

7,109

 

 

$

3,979

 

Capital gains

 

 

540

 

 

 

 

Return of capital

 

 

 

 

 

 

Total taxable distributions

 

$

7,649

 

 

$

3,979

 

Distribution Reinvestment

The Company has adopted a dividend reinvestment plan (DRP”), pursuant to which it reinvests all cash dividends declared by the Board on behalf of its shareholders who elected not to receive their dividends in cash. Shareholders who have opted into the Company’s DRP will have their cash distributions automatically reinvested in additional shares as described below, rather than receiving the cash dividend or other distribution. As of the commencement of the public offering, investors and clients of certain participating brokers in states that do not permit automatic enrollment in our DRP will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares. A participating shareholder will receive an amount of shares equal to the amount of the distribution on that participant’s shares divided by the most recent NAV per share that is available on the date such distribution was paid. Shareholders who receive distributions in the form of shares will generally be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions; however, since their cash distributions will be reinvested, those shareholders will not receive cash with which to pay any applicable taxes. The Company intends to use newly issued shares to implement the plan.

Share Repurchase Program

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board intends to reinstate the share repurchase program when appropriate and subject to our Board’s duties to the Company. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the Exchange Act”), and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares.

51


 

Under the Company’s share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase Common Shares pursuant to quarterly tender offers (such date of the offer, the Repurchase Date”) using a purchase price equal to the NAV per share as of the close of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an Early Repurchase Deduction”). The one-year holding period is measured as of the prospective repurchase date. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

We may, from time to time, waive the Early Repurchase Deduction in respect of repurchase of Common Shares resulting from the death, qualifying disability (as such term is defined in Section 72(m)(7) of the Code) or divorce of a shareholder who is a natural person.

In addition, our Common Shares are sold to certain feeder vehicles primarily created to hold the Company's Shares that in turn offer interests in such feeder vehicles to non-U.S. persons. For such feeder vehicles and similar arrangements in certain markets, we may not apply the Early Repurchase Deduction to repurchase requests made by the feeder vehicles, including because of administrative or systems limitations.

Share Repurchases

During the three months ended March 31, 2025, zero shares were repurchased. During the three months ended March 31, 2024, zero shares were repurchased.

52


 

 

Note 9. Financial Highlights and Senior Securities

The following is a schedule of financial highlights for the three months ended March 31, 2025 and 2024:

 

 

 

For the Three Months Ended March 31, 2025

 

 

For the Three Months Ended March 31, 2024

 

Per Share Data:

 

 

 

 

 

 

 

Net assets, beginning of period

 

$

 

24.21

 

$

 

24.28

 

Net investment income (loss) after excise tax (1)

 

 

 

0.69

 

 

 

0.32

 

Net realized gain (loss) (1)

 

 

 

(0.04

)

 

 

 

Net change in unrealized appreciation (depreciation) (1)

 

 

 

(0.27

)

 

 

0.01

 

Net increase (decrease) in net assets resulting from operations (1)

 

 

 

0.38

 

 

 

0.33

 

Distributions declared from net investment income

 

 

 

(0.58

)

 

 

(0.36

)

Distributions declared from net realized gains

 

 

 

(0.04

)

 

 

 

Other (2)

 

 

 

 

 

 

 

Total increase (decrease) in net assets

 

 

 

(0.24

)

 

 

(0.03

)

Net assets, end of period

 

$

 

23.97

 

$

 

24.25

 

Shares outstanding, end of period

 

 

 

12,444,713

 

 

 

12,425,318

 

Total return based on NAV (3)

 

 

 

1.55

%

 

 

(0.12

)%

Ratios:

 

 

 

 

 

 

 

Net expenses to average net assets (4)

 

 

 

9.37

%

 

 

3.97

%

Net investment income to average net assets (4)

 

 

 

11.34

%

 

 

3.79

%

Portfolio turnover rate (5)

 

 

 

11.62

%

 

 

0.16

%

Supplemental Data:

 

 

 

 

 

 

 

Net assets, end of period

 

$

 

298,240

 

$

 

301,288

 

Average debt outstanding

 

$

 

341,878

 

$

 

165

 

Asset coverage ratio

 

 

 

187.8

%

 

 

6125.8

%

(1)
The per share data was derived by using the weighted average shares outstanding during the period.
(2)
Includes the impact of different share amounts used in calculating per share data as a result of calculating certain per share data based on weighted average shares outstanding during the period and certain per share data based on shares outstanding as of a period end or transaction date.
(3)
Total return is calculated as the change in net asset value (NAV”) per share during the period, plus distributions per share (assuming dividends and distributions are reinvested in accordance with the Company’s dividend reinvestment plan), if any, divided by the beginning NAV per share. Return calculations are not annualized.
(4)
For the three months ended March 31, 2025, the ratio of total operating expenses to average net assets was 13.68%, excluding the effect of management fee and income based incentive fee waivers by the Adviser, if any, which represented 4.32% of average assets. For the three months ended March 31, 2024, amounts are annualized except for organizational costs, excise tax, and management fee and income based incentive fee waivers by the Adviser, if any. For the three months ended March 31, 2024, the ratio of total operating expenses to average net assets was 4.33% on an annualized basis, excluding the effect of management fee and income based incentive fee waivers by the Adviser, if any, which represented 0.36% of average assets.
(5)
Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value for the periods reported. Ratio is not annualized.

 

The following is information about the Company’s senior securities as of March 31, 2025 and December 31, 2024:

Class and Period

 

Total Amount Outstanding Exclusive of Treasury Securities (1)

 

 

Asset Coverage per Unit (2)

 

 

Involuntary Liquidating Preference per Unit (3)

 

Average Market Value per Unit (4)

Credit Facility

 

 

 

 

 

 

 

 

 

 

March 31, 2025

 

$

346,600

 

 

$

1,860

 

 

N/A

 

N/A

 

53


 

Class and Period

 

Total Amount Outstanding Exclusive of Treasury Securities (1)

 

 

Asset Coverage per Unit (2)

 

 

Involuntary Liquidating Preference per Unit (3)

 

Average Market Value per Unit (4)

Credit Facility

 

 

 

 

 

 

 

 

 

 

December 31, 2024

 

$

325,600

 

 

$

1,922

 

 

N/A

 

N/A

 

(1)
Total amount of each class of senior securities outstanding at the end of the period presented, in thousands.
(2)
Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities excluding indebtedness represented by senior securities in this table, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.
(3)
The amount to which such class of senior security would be entitled upon our involuntary liquidation in preference to any security junior to it. The -” in this column indicates information that the SEC expressly does not require to be disclosed for certain types of senior securities.
(4)
Not applicable because the senior securities are not registered for public trading.

Note 10. Segment Reporting

Operating segments are defined as components of a company that engage in business activities and for which discrete financial information is available and regularly reviewed by the chief operating decision maker (“CODM”) in deciding how to allocate resources and assess performance. In accordance with ASC 280, the Company has determined that it has a single operating segment which makes investments in accordance with the Company’s investment objectives to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation investments. The Company’s CODM is comprised of the Subadviser’s Direct Lending Investment Committee and Tradeable Credit Investment Committee.

The CODM assesses the performance of, and makes the operating decisions of, the Company on a consolidated basis primarily based on the Company’s net investment income and net increase (decrease) in net assets resulting from operations. In addition to numerous other factors and metrics, the CODM utilizes net investment income and net increase (decrease) in net assets resulting from operations as key metrics in determining the amount of dividends to be distributed to the Company's stockholders. As the Company has a single reporting segment, the segment assets are reflected on the accompanying consolidated Statement of Assets and Liabilities as “total assets,” and the significant segment expenses are listed on the accompanying consolidated Statement of Operations.

Note 11. Subsequent Events

There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of March 31, 2025, except as discussed below.

On April 9, 2025, First Eagle Private Credit Fund BSL SPV, LLC (the "BSL SPV"), a wholly-owned financing subsidiary of the Company, entered into a $100 million senior secured revolving credit facility (the “BSL Credit Facility”) with JPMorgan Chase Bank, National Association, as initial lender, certain other lenders from time to time party thereto, First Eagle Alternative Credit, LLC, as portfolio manager, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent. The BSL Credit Facility also provides for a feature that allows the Borrower, under certain circumstances, to increase the overall size of the BSL Credit Facility to a maximum of $250 million. The BSL Credit Facility has a scheduled maturity date of April 9, 2030, or earlier in accordance with the terms of the BSL Credit Facility. Borrowings under the BSL Credit Facility bear interest at the annual rate of three month SOFR plus a spread of 1.55%. Additionally, the BSL SPV pays a minimum utilization fee of 1.55% on the Minimum Utilization less any outstanding borrowings if outstanding borrowings are less than the Minimum Utilization, and an unused fee of 0.50% per annum on the difference between the total facility amount and the greater of the Minimum Utilization or total outstanding borrowings.

On April 22, 2025, the Advisers delivered a Fee Waiver Letter (the "Fee Waiver Letter") to the Company for the purpose of extending, with modifications, waiver of management fees (including incentive fees) and subadvisory fees payable to them. The Fee Waiver Letter provides for (i) a waiver of 50% of the fee payable by the Company and (ii) a waiver of 100% of the incentive fee payable by the Company, in each case for the period from July 1, 2025 through December 31, 2025. The Fee Waiver Letter is not revocable during its term and amounts waived pursuant to the Fee Wavier Letter will not be subject to any right of future recoupment in favor of the Advisers. Additionally, the Company and the Adviser have decided to continue the Expense Support and Conditional Reimbursement Agreement between the Company and the Adviser for an additional one-year term.

On April 23, 2025, the Company’s Board declared a distribution of $0.205 per Common Share, which is payable on May 29, 2025 to shareholders of record as of April 30, 2025.

54


 

On April 30, 2025, the Company’s Board appointed Seth Gelman to the position of Interim Chief Compliance Officer of the Company, effective as of April 30, 2025. Mr. Gelman will serve as Interim Chief Compliance Officer of the Company until his successor has been duly elected and qualified, or until the earlier of his death, resignation or removal.

55


 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Except as otherwise specified, references to the “Company,”“we,” “us” and “our” refer to First Eagle Private Credit Fund and its consolidated subsidiaries; “FEIM” and “Adviser” refer to First Eagle Investment Management, LLC, our investment adviser; and “FEAC,” “Subadviser,” and “Administrator” refer to First Eagle Alternative Credit, LLC, our investment sub-adviser (and, together with the Adviser, the “Advisers”) and administrator.

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and notes thereto appearing elsewhere in this quarterly report on Form 10-Q (the “Quarterly Report”).

Overview

The Company is a Delaware statutory trust formed on October 20, 2021 to act as a non-diversified, closed-end management investment company. On May 31, 2023, the Company elected to be regulated as a BDC under the 1940 Act. In addition, the Company has elected to be treated as a RIC under Subchapter M of the Code and expects to qualify as a RIC annually.

Prior to the commencement of its public offering on March 11, 2025, the Company conducted a separate private offering (the “Private Offering”) of Common Shares (the “Common Shares”) (i) to accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act. The Company expects to continue to conduct a private offering to sell Common Shares outside of the United States to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act). On January 10, 2025, the Company was granted exemptive relief by the SEC that permits the Company to offer multiple classes of Common Shares in the public offering.

The Company commenced its loan origination process and investment activities contemporaneously with the initial closing (excluding the initial seed capital investment made by the Adviser) of the Private Offering of its Common Shares on June 12, 2023 (the “Initial Closing”) and commenced operations following its first capital call on July 10, 2023 (the “Commencement of Operations”).

The Company is externally managed by the Adviser. The Adviser oversees the management of the Company’s activities and supervises the activities of the Subadviser. FEAC, an alternative credit adviser that is a wholly-owned subsidiary of FEIM, serves as the Company’s investment subadviser and administrator.

The Company’s investment objectives are to generate returns in the form of current income and, to a lesser extent, long-term capital appreciation of investments. Under normal circumstances, the Company expects that the majority of its total assets will be in private credit investments to U.S. private companies through (i) directly originated first lien senior secured cash flow loans, (ii) directly originated asset-based loans, (iii) club deals (directly originated first lien senior secured loans or asset-based loans in which the Company co-invests with a small number of third party private debt providers), (iv) second lien loans, and (v) broadly syndicated loans, Rule 144A high yield bonds and other debt securities (the investments described in this sentence, collectively, Private Credit”). Under normal circumstances, the Company will invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (loans and other credit instruments that are issued in private offerings or issued by private U.S. or non-U.S. companies). To a lesser extent, the Company will also invest in broadly syndicated loans of publicly traded issuers, publicly traded high yield bonds and equity securities. The Company expects that investments in broadly syndicated loans and high yield bonds will generally be more liquid than other Private Credit assets and will likely be used to initially deploy capital upon receipt of subscriptions and may also be used for the purposes of maintaining and managing liquidity for its share repurchase program and cash management, while also presenting an opportunity for attractive investment returns.

Key Components of Our Results of Operations

Revenues

We generate revenue in the form of interest income on debt investments, capital gains, and dividend income from our equity investments in our portfolio companies. Our debt investments will generally bear interest at a fixed or floating rate. Interest on debt securities is generally payable monthly, quarterly or semiannually. In some cases, some of our investments may provide for deferred interest payments or PIK interest. The principal amount of the debt securities and any accrued but unpaid PIK interest generally will become due at the maturity date. In addition, we may generate revenue in the form of commitment and other fees in connection with transactions. OIDs and market discounts or premiums will be capitalized, and we will accrete or amortize such amounts as interest income. We will record prepayment premiums on loans and debt securities as interest income. Dividend income, if any, will be recognized on an accrual basis to the extent that we expect to collect such amounts.

Expenses

Except as specifically provided below, all investment professionals and staff of the Advisers, when and to the extent engaged in providing investment advisory services to the Company, and the base compensation, bonuses and benefits of such personnel and the routine overhead expenses (including rent, office equipment and utilities) allocable to such services, will be provided and paid for by the Advisers.

56


 

The Company will bear all other costs and expenses of the Company’s operations, administration and transactions. Our primary operating expenses include the payment of base management fees and incentive fees to the Adviser pursuant to the Advisory Agreement, the payment of fees to the Administrator for the Company’s allocable portion of compensation and other expenses incurred by the Administrator in performing its administrative obligations under the Administration Agreement, interest expense on borrowing, and other operating costs. Refer to Note 3—Agreements and Related Party Transactions” in the Notes to the Consolidated Financial Statements for additional information on our Advisory Agreement and Administration Agreement.

Expense Support and Conditional Reimbursement Agreement

The Company has entered into an Expense Support Agreement with the Adviser. For additional information, see Note 3—Agreements and Related Party Transactions” in the Notes to the Consolidated Financial Statements.

Portfolio and Investment Activity

For the three months ended March 31, 2025, the Company made new investments in 10 new portfolio companies for an aggregate principal commitment amount of $693.7 million (including $68.9 million of unfunded commitments), all of which was first lien debt.

The following summarizes our investment activity (information presented is at cost unless otherwise indicated) (dollar amounts in thousands):

 

As of and For the Three Months Ended March 31, 2025

 

Investments:

 

 

Total investments, beginning of period

$

653,701

 

New investments purchased

 

73,726

 

Net accretion of discount on investments

 

627

 

Net realized gain (loss) on investments

 

(539

)

Investments sold or repaid

 

(110,253

)

Total investments, end of period

 

617,262

 

Amount of investments funded at principal:

 

 

First lien debt

$

623,905

 

Second lien debt

 

830

 

Warrant

 

8

 

Total portfolio investments

$

624,743

 

 

 

 

March 31, 2025

 

 

December 31, 2024

 

Number of portfolio companies

 

154

 

 

 

161

 

Weighted average yield on debt and income producing investments, at cost (1)

 

9.51

%

 

 

9.47

%

Weighted average yield on debt and income producing investments, at fair value (1)

 

9.51

%

 

 

9.45

%

Average loan to value (LTV) (2)

 

40.33

%

 

 

35.40

%

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

 

100.00

%

 

 

100.00

%

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

 

0.00

%

 

 

0.00

%

Percentage of assets on non-accrual, at amortized cost (3)

 

0.06

%

 

 

0.06

%

(1)
Computed as (a) the annual stated interest rate or yield plus the annual accretion of discounts or less the annual amortization of premiums, as applicable, on accruing debt included in such 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 above.
(2)
Average loan-to-value represents the net ratio of loan-to-value for each private debt portfolio company, weighted based on the fair value of each respective investment. This calculation includes all private debt investments for which fair value is determined by our Valuation Designee and excludes quoted assets and asset-based loan (“ABL”) investments. Loan-to-value is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.
(3)
As a percentage of total amortized cost of investments. Assets on non-accrual represented 0.06% and 0.08% of total fair value of investments as of March 31, 2025 and December 31, 2024, respectively.

57


 

As of March 31, 2025 and December 31, 2024, our portfolio companies had a weighted average annual adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) of approximately $38.8 million and $39.4 million, respectively. Amounts are weighted based on fair value of each respective investment. These calculations include all private debt investments for which fair value is determined by the Valuation Designee and excludes quoted assets and ABL investments, as well as companies with negative or de minimus EBITDA. Amounts were derived from the most recently available portfolio company financial statements, have not been independently estimated by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

The following is a summary of the industry classifications in which we invested as of March 31, 2025 and December 31, 2024 (dollar amounts in thousands):

March 31, 2025

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

Aerospace & Defense

$

6,257

 

 

$

6,244

 

 

 

1.02

%

 

 

2.09

%

Air Freight & Logistics

 

15,220

 

 

 

14,815

 

 

 

2.41

 

 

 

4.97

 

Automobile Components

 

12,147

 

 

 

12,144

 

 

 

1.98

 

 

 

4.07

 

Building Products

 

4,567

 

 

 

4,482

 

 

 

0.73

 

 

 

1.50

 

Chemicals

 

19,612

 

 

 

19,521

 

 

 

3.18

 

 

 

6.55

 

Commercial Services & Supplies

 

42,569

 

 

 

42,499

 

 

 

6.92

 

 

 

14.25

 

Communications Equipment

 

2,000

 

 

 

1,968

 

 

 

0.32

 

 

 

0.66

 

Construction & Engineering

 

3,800

 

 

 

3,821

 

 

 

0.62

 

 

 

1.28

 

Containers & Packaging

 

4,340

 

 

 

4,360

 

 

 

0.71

 

 

 

1.46

 

Diversified Consumer Services

 

20,497

 

 

 

20,587

 

 

 

3.35

 

 

 

6.90

 

Diversified Telecommunication Services

 

3,943

 

 

 

3,907

 

 

 

0.64

 

 

 

1.31

 

Electrical Equipment

 

11,315

 

 

 

11,336

 

 

 

1.85

 

 

 

3.80

 

Electronic Equipment, Instruments & Components

 

1,970

 

 

 

1,940

 

 

 

0.31

 

 

 

0.65

 

Entertainment

 

4,848

 

 

 

4,876

 

 

 

0.79

 

 

 

1.64

 

Financial Services

 

54,204

 

 

 

54,203

 

 

 

8.83

 

 

 

18.17

 

Food Products

 

8,348

 

 

 

8,403

 

 

 

1.37

 

 

 

2.82

 

Ground Transportation

 

6,959

 

 

 

6,946

 

 

 

1.13

 

 

 

2.33

 

Health Care Equipment & Supplies

 

9,925

 

 

 

9,871

 

 

 

1.61

 

 

 

3.31

 

Health Care Providers & Services

 

72,100

 

 

 

71,160

 

 

 

11.59

 

 

 

23.86

 

Health Care Technology

 

30,765

 

 

 

31,078

 

 

 

5.06

 

 

 

10.42

 

Hotels, Restaurants & Leisure

 

1,752

 

 

 

1,728

 

 

 

0.28

 

 

 

0.58

 

Household Durables

 

11,811

 

 

 

11,836

 

 

 

1.93

 

 

 

3.97

 

Insurance

 

25,389

 

 

 

25,522

 

 

 

4.16

 

 

 

8.56

 

IT Services

 

8,924

 

 

 

8,903

 

 

 

1.45

 

 

 

2.99

 

Machinery

 

20,591

 

 

 

20,141

 

 

 

3.28

 

 

 

6.75

 

Media

 

10,027

 

 

 

9,919

 

 

 

1.61

 

 

 

3.33

 

Metals & Mining

 

2,007

 

 

 

1,995

 

 

 

0.32

 

 

 

0.67

 

Oil, Gas & Consumable Fuels

 

998

 

 

 

999

 

 

 

0.16

 

 

 

0.33

 

Passenger Airlines

 

1,916

 

 

 

1,838

 

 

 

0.30

 

 

 

0.62

 

Personal Care Products

 

2,000

 

 

 

2,002

 

 

 

0.33

 

 

 

0.67

 

Pharmaceuticals

 

19,925

 

 

 

19,497

 

 

 

3.17

 

 

 

6.54

 

Professional Services

 

63,375

 

 

 

63,377

 

 

 

10.32

 

 

 

21.25

 

Real Estate Management & Development

 

13,596

 

 

 

13,555

 

 

 

2.21

 

 

 

4.55

 

Software

 

70,342

 

 

 

69,693

 

 

 

11.35

 

 

 

23.37

 

Specialty Retail

 

10,024

 

 

 

9,997

 

 

 

1.63

 

 

 

3.35

 

Textiles, Apparel & Luxury Goods

 

6,782

 

 

 

6,634

 

 

 

1.08

 

 

 

2.22

 

Trading Companies & Distributors

 

11,451

 

 

 

11,330

 

 

 

1.84

 

 

 

3.80

 

Wireless Telecommunication Services

 

966

 

 

 

968

 

 

 

0.16

 

 

 

0.32

 

 

$

617,262

 

 

$

614,095

 

 

 

100.00

%

 

 

205.91

%

 

58


 

December 31, 2024

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

Aerospace & Defense

$

8,288

 

 

$

8,329

 

 

 

1.27

%

 

 

2.77

%

Air Freight & Logistics

 

15,187

 

 

 

15,401

 

 

 

2.35

 

 

 

5.13

 

Automobile Components

 

13,153

 

 

 

13,112

 

 

 

2.00

 

 

 

4.37

 

Building Products

 

6,571

 

 

 

6,646

 

 

 

1.02

 

 

 

2.21

 

Chemicals

 

17,581

 

 

 

17,568

 

 

 

2.69

 

 

 

5.86

 

Commercial Services & Supplies

 

25,280

 

 

 

25,283

 

 

 

3.87

 

 

 

8.42

 

Communications Equipment

 

2,000

 

 

 

1,995

 

 

 

0.31

 

 

 

0.66

 

Construction & Engineering

 

3,847

 

 

 

3,791

 

 

 

0.58

 

 

 

1.26

 

Containers & Packaging

 

11,304

 

 

 

11,393

 

 

 

1.74

 

 

 

3.79

 

Diversified Consumer Services

 

22,514

 

 

 

22,643

 

 

 

3.46

 

 

 

7.54

 

Diversified Telecommunication Services

 

8,859

 

 

 

8,943

 

 

 

1.37

 

 

 

2.98

 

Electrical Equipment

 

11,337

 

 

 

11,360

 

 

 

1.74

 

 

 

3.78

 

Electronic Equipment, Instruments & Components

 

1,975

 

 

 

1,968

 

 

 

0.29

 

 

 

0.66

 

Entertainment

 

8,856

 

 

 

8,941

 

 

 

1.37

 

 

 

2.98

 

Financial Services

 

52,403

 

 

 

52,495

 

 

 

8.03

 

 

 

17.48

 

Food Products

 

8,376

 

 

 

8,492

 

 

 

1.30

 

 

 

2.83

 

Ground Transportation

 

12,014

 

 

 

12,084

 

 

 

1.85

 

 

 

4.02

 

Health Care Equipment & Supplies

 

9,946

 

 

 

9,943

 

 

 

1.52

 

 

 

3.31

 

Health Care Providers & Services

 

77,579

 

 

 

75,647

 

 

 

11.57

 

 

 

25.19

 

Health Care Technology

 

17,730

 

 

 

18,082

 

 

 

2.77

 

 

 

6.02

 

Hotels, Restaurants & Leisure

 

11,708

 

 

 

11,788

 

 

 

1.80

 

 

 

3.92

 

Household Durables

 

12,390

 

 

 

12,531

 

 

 

1.92

 

 

 

4.17

 

Insurance

 

29,423

 

 

 

29,560

 

 

 

4.52

 

 

 

9.84

 

IT Services

 

8,947

 

 

 

9,011

 

 

 

1.38

 

 

 

3.00

 

Machinery

 

37,197

 

 

 

37,096

 

 

 

5.67

 

 

 

12.35

 

Media

 

8,061

 

 

 

8,147

 

 

 

1.25

 

 

 

2.71

 

Metals & Mining

 

2,012

 

 

 

2,010

 

 

 

0.31

 

 

 

0.67

 

Oil, Gas & Consumable Fuels

 

1,000

 

 

 

1,003

 

 

 

0.14

 

 

 

0.33

 

Passenger Airlines

 

5,380

 

 

 

5,404

 

 

 

0.83

 

 

 

1.80

 

Personal Care Products

 

2,000

 

 

 

2,016

 

 

 

0.31

 

 

 

0.67

 

Pharmaceuticals

 

19,048

 

 

 

18,992

 

 

 

2.90

 

 

 

6.32

 

Professional Services

 

68,395

 

 

 

68,543

 

 

 

10.48

 

 

 

22.82

 

Real Estate Management & Development

 

13,579

 

 

 

13,555

 

 

 

2.07

 

 

 

4.51

 

Software

 

61,199

 

 

 

61,338

 

 

 

9.38

 

 

 

20.42

 

Specialty Retail

 

13,328

 

 

 

13,470

 

 

 

2.06

 

 

 

4.49

 

Textiles, Apparel & Luxury Goods

 

6,795

 

 

 

6,833

 

 

 

1.05

 

 

 

2.28

 

Trading Companies & Distributors

 

14,474

 

 

 

14,534

 

 

 

2.22

 

 

 

4.85

 

Wireless Telecommunication Services

 

3,965

 

 

 

3,978

 

 

 

0.61

 

 

 

1.32

 

 

$

653,701

 

 

$

653,925

 

 

 

100.00

%

 

 

217.73

%

The following is a summary of the asset type breakdown of our investment portfolio as of March 31, 2025 and December 31, 2024:

 

 

March 31, 2025

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

Direct Lending (1)

 

$

211,089

 

 

$

211,170

 

 

 

34.39

%

 

 

70.81

%

Club Loans (2)

 

 

144,106

 

 

 

144,042

 

 

 

23.45

 

 

 

48.30

 

Syndicated Loans (3)

 

 

262,067

 

 

 

258,883

 

 

 

42.16

 

 

 

86.80

 

Total

 

$

617,262

 

 

$

614,095

 

 

 

100.00

%

 

 

205.91

%

 

59


 

 

 

December 31, 2024

 

 

 

Amortized Cost

 

 

Fair Value

 

 

% of Total Investments at Fair Value

 

 

Fair Value as % of Net Assets

 

Direct Lending (1)

 

$

172,747

 

 

$

173,174

 

 

 

26.48

%

 

 

57.66

%

Club Loans (2)

 

 

130,382

 

 

 

130,482

 

 

 

19.96

 

 

 

43.44

 

Syndicated Loans (3)

 

 

350,572

 

 

 

350,269

 

 

 

53.56

 

 

 

116.63

 

Total

 

$

653,701

 

 

$

653,925

 

 

 

100.00

%

 

 

217.73

%

(1) Direct Lending involves loans where the Company lends directly to the borrower and holds the loan generally on its own or only with affiliates and, in some cases, third-party lenders.

(2) Club Loans are directly originated first lien senior secured loans or asset-based loans in which the Company co-invests with a small number of third party private debt providers.

(3) Syndicated Loans are generally originated by a bank and then syndicated, or sold, in several pieces to other investors.

As of March 31, 2025 and December 31, 2024, ABL investments represented 5.0% and 3.4%, respectively, of the total fair market value of all of our investments.

Direct Lending

As of March 31, 2025 and December 31, 2024, the Direct Lending portfolio had the following characteristics:

 

March 31, 2025

 

 

December 31, 2024

 

Weighted average spread (1)

 

5.72

%

 

 

5.85

%

Average EBITDA (2)

$

22.3

 

 

$

24.4

 

Average LTV (3)

 

36.10

%

 

 

34.34

%

Average Leverage Ratio (4)

3.7x

 

 

3.4x

 

(1) Weighted average spread above the applicable reference rate (i.e. SOFR, Base Rate, etc.) for the Direct Lending portfolio, weighted based on the fair value of each respective investment.

(2) Average adjusted EBITDA for the Direct Lending portfolio, weighted based on fair value of each respective investment. This calculation includes all Direct Lending investments for which fair value is determined by the Valuation Designee and excludes quoted assets and ABL investments, as well as companies with negative or de minimis EBITDA. Amounts are derived from the most recently available portfolio company financial statements, have not been independently estimated by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

(3) Average LTV represents the net ratio of loan-to-value for each Direct Lending portfolio company, weighted based on the fair value of each respective investment. This calculation includes all Direct Lending investments for which fair value is determined by the Valuation Designee and excludes quoted assets and ABL investments. LTV is calculated as the current total net debt through each respective loan tranche divided by the estimated enterprise value of the portfolio company. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

(4) Average leverage ratio represents the leverage ratio for each Direct Lending portfolio company, weighted based on the fair value of each respective investment. This calculation includes all Direct Lending investments for which fair value is determined by the Valuation Designee and excludes quoted assets and ABL investments, as well as companies with negative or de minimis EBITDA. Company leverage is calculated as the current total debt as defined in the underlying applicable investment credit agreement through each respective loan tranche divided by the adjusted EBITDA as defined in the underlying applicable investment credit agreement of the portfolio company. Amounts were derived from the most recently available portfolio company financial statements, have not been independently verified by us, and may reflect a normalized or adjusted amount. Accordingly, we make no representation or warranty in respect of this information.

 

Portfolio Asset Quality

We employ the use of board observation and information rights, regular dialogue with company management and sponsors, and detailed internally generated monitoring reports to actively monitor performance. Additionally, FEAC has developed a monitoring template that promotes compliance with these standards and that is used as a tool to assess investment performance relative to plan.

As part of the monitoring process, FEAC assesses the risk profile of each of our investments and assigns each portfolio investment a score of a 1, 2, 3, 4, or 5.

The investment performance scores are as follows:

60


 

1 - The portfolio investment is performing above our underwriting expectations.

2 - The portfolio investment is performing as expected at the time of underwriting. All new investments are initially scored a 2.

3 - The portfolio investment is operating below our underwriting expectations and requires closer monitoring. The company may be out of compliance with financial covenants, however, principal or interest payments are generally not past due.

4 - The portfolio investment is performing materially below our underwriting expectations and returns on our investment are likely to be impaired. Principal or interest payments may be past due, however, full recovery of principal and interest payments are expected.

5 - The portfolio investment is performing substantially below expectations and the risk of the investment has increased substantially. The company is in payment default and the principal and interest payments are not expected to be repaid in full.

For purposes of clarity, underwriting as referenced herein may be redetermined after the initial investment as a result of a transformative credit event or other material event whereby such initial underwriting is deemed by FEAC to be no longer appropriate for the purpose of assessing investment performance relative to plan. For any investment receiving a score of a 3 or lower, FEAC will increase their level of focus and prepare regular updates for the Investment Committee summarizing current operating results, material impending events and recommended actions.

FEAC monitors and, when appropriate, changes the investment scores assigned to each investment in our portfolio. In connection with our investment valuation process, the Adviser, the Subadviser and the Board review these investment scores on a quarterly basis. Our average portfolio company investment score was 1.89 and 1.87 at March 31, 2025 and December 31, 2024, respectively. The following is a distribution of the investment scores of our portfolio companies at March 31, 2025 and December 31, 2024 (dollar amounts in thousands):

 

As of March 31, 2025

 

 

 

As of December 31, 2024

 

Risk Rating

 

Fair Value

 

 

% of Portfolio

 

 

Amortized Cost

 

 

% of Portfolio

 

 

 

Fair Value

 

 

% of Portfolio

 

 

Amortized Cost

 

 

% of Portfolio

 

1

 

$

26,546

 

 

 

4.32

%

 

$

26,413

 

 

 

4.28

%

 

 

$

33,911

 

 

 

5.19

%

 

$

33,601

 

 

 

5.14

%

2

 

 

566,373

 

 

 

92.23

 

 

 

568,232

 

 

 

92.06

 

 

 

 

594,479

 

 

 

90.91

 

 

 

592,448

 

 

 

90.63

 

3

 

 

18,397

 

 

 

3.00

 

 

 

19,439

 

 

 

3.15

 

 

 

 

22,215

 

 

 

3.40

 

 

 

24,519

 

 

 

3.75

 

4

 

 

2,779

 

 

 

0.45

 

 

 

3,178

 

 

 

0.51

 

 

 

 

3,320

 

 

 

0.50

 

 

 

3,133

 

 

 

0.48

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

614,095

 

 

 

100.00

%

 

$

617,262

 

 

 

100.00

%

 

 

$

653,925

 

 

 

100.00

%

 

$

653,701

 

 

 

100.00

%

Loans are placed on non-accrual status when principal or interest payments are past due 30 days or more and/or when it is no longer probable that principal or interest will be collected. However, we may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2025, we had two loans on non-accrual status, and non-accrual investments as a percentage of total debt investments at cost and fair value were 0.06% and 0.06%, respectively. As of December 31, 2024, we had one loan on non-accrual status, and non-accrual investments as a percentage of total debt investments at cost and fair value were 0.06% and 0.08%, respectively.

Results of Operations

The following table represents our operating results (1) (in thousands):

 

For the Three Months Ended March 31, 2025

 

 

For the Three Months Ended March 31, 2024

 

Operating Results

 

 

 

 

 

Total investment income

$

15,519

 

 

$

5,543

 

Net expenses, including excise tax

 

6,937

 

 

 

1,991

 

Net unrealized appreciation (depreciation)

 

(3,392

)

 

 

46

 

Net realized gain (loss)

 

(539

)

 

 

 

Net increase (decrease) in net assets resulting from operations

$

4,651

 

 

$

3,598

 

Investment Income

The composition of our investment income was as follows (in thousands):

 

61


 

 

For the Three Months Ended March 31, 2025

 

 

For the Three Months Ended March 31, 2024

 

Investment Income

 

 

 

 

 

Interest income

$

15,052

 

 

$

3,251

 

Dividend income

 

263

 

 

 

2,013

 

Other income

 

204

 

 

 

279

 

     Total investment income

$

15,519

 

 

$

5,543

 

Total investment income increased to $15.5 million for the three months ended March 31, 2025, an increase of $9.7 million or 175% compared to the same period in the prior year. Interest income increased by $11.5 million driven by our deployment of capital, offset by a decline in benchmark rates. The size of our investment portfolio at fair value was $614.1 million as of March 31, 2025, with a weighted average yield of 9.5%, compared to $198.5 million as of March 31, 2024, with a weighted average yield of 11.2%.

The increase in interest income was offset by a decrease in dividend income of $1.8 million due to a decrease in cash equivalents with the additional deployment into investments.

Operating Expenses

The composition of our operating expenses was as follows (in thousands):

 

For the Three Months Ended March 31, 2025

 

 

For the Three Months Ended March 31, 2024

 

Operating Expenses

 

 

 

 

 

Interest expense

$

6,159

 

 

$

820

 

Administrator expense

 

604

 

 

 

422

 

Base management fees

 

931

 

 

 

785

 

Amortization of continuous offering costs

 

750

 

 

 

198

 

Other Expenses

 

742

 

 

 

551

 

Income based incentive fee

 

907

 

 

 

198

 

Capital gains incentive fee

 

 

 

 

6

 

Total operating expenses

 

10,093

 

 

 

2,980

 

Management fees waiver

 

(931

)

 

 

(785

)

Incentive fee waiver

 

(907

)

 

 

(204

)

Expense support

 

(1,352

)

 

 

 

Total expenses, net of fee waivers

$

6,903

 

 

$

1,991

 

 

For the three months ended March 31, 2025 and 2024, total expenses, net of expense support and fee waivers, were $6.9 million and $2.0 million, respectively.

Interest Expense

Total interest expense (including unused fees and amortization of deferred financing costs) increased to $6.2 million for the three months ended March 31, 2025, an increase of $5.3 million compared to the same period in the prior year. This was driven by and an increase in our average debt principal outstanding.

Our average borrowings outstanding increased to $341.9 million for the three months ended March 31, 2025 from $5 million for the same period in the prior year. Our average coupon interest rate decreased to 6.86% for the three months ended March 31, 2025 from 8.35% for the same period in the prior year.

Base Management Fees

Management fees are payable monthly in arrears at an annual rate of 1.25% of the value of our net assets as of the beginning of the first calendar day of the applicable month.

 

Base management fees increased to $0.9 million for the three months ended March 31, 2025, an increase of $0.1 million or 19% compared to the same period in the prior year. The increase is driven by an increase in weighted average net assets to $301.7 million for the three months ended March 31, 2025, compared to $254.8 million for the three months ended March 31, 2024.

The Adviser has waived all base management fees through June 30, 2025 and 50% of base management fees for the period from July 1, 2025 through December 31, 2025.

Income Based Incentive Fees

62


 

Income based incentive fees increased to $0.9 million for the three months ended March 31, 2025, an increase of $0.7 million compared to the three months ended March 31, 2024. The increase in income based incentive fees was driven by the increase in pre-incentive fee net investment income to $7.2 million for the three months ended March 31, 2025 from $3.5 million for the three months ended March 31, 2024.

The Adviser has waived income based incentive fees through December 31, 2025.

Capital Gains Incentive Fees

For the three months ended March 31, 2025, the Company accrued capital gains incentive fees of zero, compared to $6 for the three months ended March 31, 2024.

The Adviser has waived capital gains incentive fees through December 31, 2025.

The accrual for any capital gains incentive fee under U.S. GAAP in a given period may result in an additional expense if such cumulative amount is greater than in the prior period or a reduction of previously recorded expense if such cumulative amount is less than in the prior period. If such cumulative amount is negative, then there is no accrual.

Other Expense

Organization costs and offering costs include expenses incurred in our initial formation and our continuous offering. Administrator expenses include fees due to the Administrator under the Administration Agreement, including the Company’s allocable portion of the salaries of certain of our executive officers, their respective staff and other non-investment professionals that perform duties for the Company. Other expenses include professional fees (legal, audit and tax services), trustee fees, accounting and sub-administration fees, custodian fees, printing fees and other costs.

Total other expenses increased to $2.1 million for the three months ended March 31, 2025, an increase of $0.9 million or 79% compared to the three months ended March 31, 2024. The increase compared to the same period in the prior year was primarily driven by an increase in offering costs and administrator expense.

Income Taxes, Including Excise Taxes

The Company has elected to be treated as a RIC under Subchapter M of the Code, and we intend to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. To qualify for tax treatment as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements and timely distribute to our shareholders in each taxable year generally at least 90% of the sum of our investment company taxable income, as defined by the Code (without regard to the deduction for dividends paid), and net tax-exempt income for that taxable year. To maintain our tax treatment as a RIC, we, among other things, intend to make the requisite distributions to our shareholders, which generally relieves us from corporate-level U.S. federal income taxes on the distributed income. The Company will be subject to U.S. federal income tax at regular corporate rates on any income or capital gain not distributed to our shareholders.

Depending on the level of taxable income earned in a tax year, we may carry forward taxable income (including net capital gains, if any) in excess of current year dividend distributions from the current tax year into the next tax year and pay a nondeductible 4% U.S. federal excise tax on the excess of such taxable income that was required to be distributed over actual distributions for such tax year. To the extent that we determine that our estimated current year annual required distributions will be in excess of estimated dividend distributions from such income, we will accrue excise tax on estimated excess taxable income.

For the three months ended March 31, 2025 and 2024, we accrued $34 and zero, respectively, of U.S. federal excise tax.

Net Realized Gains and Losses Investments

For the three months ended March 31, 2025, the Company had net realized losses on investments of ($0.5) million from the full or partial sale or restructurings of our debt investments.

For the three months ended March 31, 2024, the Company had no full or partial sales of investments and recognized no realized gains or losses on investment activity.

Net Change in Unrealized Appreciation (Depreciation) of Investments

Net change in unrealized appreciation (depreciation) reflects the change in portfolio investment values during the reporting period, including the reversal of previously recorded appreciation or depreciation when gains or losses are realized, if any.

For the three months ended March 31, 2025, the Company had net unrealized appreciation on investments of ($3.4) million.

For the three months ended March 31, 2024, the Company had net unrealized appreciation on investments of $46.

Net Increase (Decrease) in Net Assets Resulting from Operations

63


 

Net increase (decrease) in net assets resulting from operations totaled $4.7 million, or $0.38 per common share based on a weighted average of 12,444,641 outstanding shares for the three months ended March 31, 2025.

Net increase (decrease) in net assets resulting from operations totaled $3.6 million, or $0.33 per common share based on a weighted average of 11,060,438 outstanding shares for the three months ended March 31, 2024.

Financial Condition, Liquidity and Capital Resources

We generate our liquidity and capital resources primarily from (i) net proceeds from private offerings of our equity , (ii) cash flows from our operations (including interest and fees earned from our investments and principal repayments and proceeds from sales of our investments), and (iii) borrowings under our existing leverage facilities and any financing arrangements we may enter into in the future. These financings may come in the form of borrowings from banks and issuances of senior securities. Any such incurrence or issuance would be subject to prevailing market conditions, our liquidity requirements, contractual and regulatory restrictions and other factors. Our primary uses of cash include (i) investments in portfolio companies in accordance with our investment strategy, (ii) general corporate operations (including payments to the Adviser and Subadviser), (iii) debt service of any borrowings, (iv) share repurchases under our share repurchase program, and (v) cash distributions to our shareholders. We believe our current cash position, available capacity on our Credit Facility and net cash provided by operating activities will provide us with sufficient resources to meet our obligations and continue to support our investment objectives, including reserving for the capital needs which may arise at our portfolio companies.

As of March 31, 2025 and December 31, 2024, we had $18.8 million and $21.3 million, respectively, in cash and cash equivalents. Additionally, as of March 31, 2025, we had $346.6 million of borrowings outstanding and $21.0 million available for additional borrowings under the Credit Facility, subject to borrowing base availability. As of December 31, 2024, we had $325.6 million of borrowings outstanding and $24.4 million available for additional borrowings under the Credit Facility, subject to borrowing base availability. See “Debt below for additional information.

We are required to meet an asset coverage ratio, defined under the 1940 Act as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) to our outstanding senior securities, of at least 150% after each issuance of senior securities. As of March 31, 2025, our asset coverage ratio was 187.8%.

Cash Flows

For the three months ended March 31, 2025 and 2024, our operating activities used cash of $16.8 million and $92.4 million, respectively, primarily in connection with the purchase of portfolio investments and payment of Company expenses.

For the three months ended March 31, 2025 and 2024, our financing activities included proceeds of $0.9 million and $50.0 million, respectively, from the issuance of Common Shares, and $21.0 million and $5.0 million, respectively, from borrowings under our Credit Facility. Additionally, our financing activities included the payment of $7.6 million and $2.5 million, respectively, for distribution payments, $21 and $50, respectively, for offering costs and $11 and $1.3 million, respectively, for financing costs.

Share Issuances

On January 1, 2025, the Company sold 37,241 Common Shares of beneficial interest (with the final number of shares being determined on January 24, 2025) to a feeder vehicle primarily created to hold the Company’s Common Shares for an aggregate offering price of $902.

The following table summarizes the issuance of shares pursuant to subscription agreements during the three months ended March 31, 2025 (dollar amounts in thousands):

Share Issuance Date

 

Number of
Common Shares Issued

 

 

Aggregate
Offering Proceeds

 

January 1, 2025

 

 

37,241

 

 

$

902

 

Total

 

 

37,241

 

 

$

902

 

During the three months ended March 31, 2025, the Company also issued 111 shares for an aggregate value of $3 under the Company’s dividend reinvestment plan.

Share Repurchases

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter.

Under the Company’s share repurchase program, to the extent the Company offers to repurchase Common Shares in any particular quarter, the Company expects to repurchase Common Shares pursuant to quarterly tender offers (such date of the offer, the “Repurchase Date”) using a purchase price equal to the NAV per share as of the close of the last calendar day of the applicable quarter, except that Common Shares that have not been outstanding for at least one year will be repurchased at 98% of such NAV (an “Early Repurchase

64


 

Deduction”). The one-year holding period is measured as of the prospective repurchase date. The Early Repurchase Deduction will be retained by the Company for the benefit of remaining shareholders.

During the three months ended March 31, 2025, zero shares were repurchased. During the three months ended March 31, 2024, zero shares were repurchased.

Distributions and Distribution Reinvestment

The following table presents distributions that were declared and payable during the three months ended March 31, 2025 and 2024 (dollar amounts in thousands):

Date Declared

 

Record Date

 

Payment Date

 

Distribution Per Share

 

 

Distribution Amount

 

For the Three Months Ended March 31, 2025

 

 

 

 

 

 

 

 

 

 

January 31, 2025

 

January 31, 2025

 

February 27, 2025

 

$

0.205

 

 

$

2,548

 

March 26, 2025

 

March 26, 2025

 

March 28, 2025

 

$

0.205

 

 

$

2,550

 

March 31, 2025

 

March 31, 2025

 

April 29, 2025

 

$

0.205

 

 

$

2,551

 

 

 

 

 

 

 

 

 

 

$

7,649

 

For the Three Months Ended March 31, 2024

 

 

 

 

 

 

 

 

 

 

February 5, 2024

 

February 6, 2024

 

February 27, 2024

 

$

0.120

 

 

$

1,244

 

February 29, 2024

 

February 29, 2024

 

March 26, 2024

 

$

0.120

 

 

$

1,244

 

March 28, 2024

 

March 28, 2024

 

April 26, 2024

 

$

0.120

 

 

$

1,491

 

 

 

 

 

 

 

 

 

 

$

3,979

 

With respect to distributions, we have adopted an opt out” dividend reinvestment plan for shareholders. As a result, in the event of a declared cash distribution or other distribution, each shareholder that has not opted out” of the dividend reinvestment plan will have their dividends or distributions automatically reinvested in additional shares rather than receiving cash distributions. As of the commencement of the public offering, investors and clients of certain participating brokers in states that do not permit automatic enrollment in our dividend reinvestment plan will automatically receive their distributions in cash unless they elect to have their cash distributions reinvested in additional Common Shares. Shareholders who receive distributions in the form of shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

Debt

On September 22, 2023, First Eagle Private Credit Fund SPV, LLC (the “SPV”), a wholly-owned financing subsidiary of the Company, as borrower, the Company, as transferor, and FEPC Fund Servicer, LLC, an affiliate of the Company, as servicer, entered into a $350,000 senior secured revolving credit facility, as amended (the “Credit Facility”) with Morgan Stanley Bank, N.A., as initial lender, certain other lenders from time to time party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, U.S. Bank Trust Company, National Association, as collateral agent, U.S. Bank National Association, as account bank and collateral custodian, and FEPC Fund Servicer, LLC, a wholly-owned subsidiary of the Company, as servicer under the Credit Facility.

On June 20, 2024, the SPV entered into the second amendment to the loan and servicing agreement (“Second Amendment”), amending the Credit Facility. The Second Amendment (i) amends the concentration limitation component of the borrowing base to allow, (x) until April 1, 2025, up to 75% of the SPV’s portfolio to be broadly syndicated loans or senior secured bonds, (y) thereafter until September 30, 2025, 50% of the SPV’s portfolio to be broadly syndicated loans or senior secured bonds, and (z) after September 30, 2025, 35% of the SPV’s portfolio to be broadly syndicated loans or senior secured bonds, (ii) reduces the minimum utilization amount under the Credit Facility to be 35% of the commitments under the Credit Facility until September 22, 2024, and (iii) changes the interest rate applicable to the minimum utilization amount to be only the “applicable margin.”

On November 7, 2024, the SPV entered into the third amendment to the loan and servicing agreement (“Third Amendment”), amending the Credit Facility. The Third Amendment (i) reduces the spread to 2.55% per annum during the revolving period and 3.05% per annum during the amortization period; (ii) amends the 5% PIK loan concentration limitation component of the borrowing base to exclude from the concentration limitation PIK loans with a minimum cash spread of at least 5% paid quarterly; (iii) increases the minimum utilization amount to be 75% of the commitments under the Credit Facility; and (iv) resets as of the Third Amendment date the time period the prepayment premium is due in connection with reducing or terminating commitments under the Credit Facility.

The Company’s ability to borrow under the Credit Facility is subject to certain financial and restrictive covenants, as well as availability under the borrowing base, which permits the Company to borrow up to 75% of the principal balance of its eligible portfolio company investments depending on the type of investment, subject to a maximum advance rate on the portfolio of 65%. Under the terms of the Credit Facility, the SPV is permitted to reinvest available cash and make new borrowings under the Credit Facility through September 22, 2026. The Credit Facility has a minimum utilization requirement (“Minimum Utilization”) of 35% of the facility amount (following a nine-month ramp-up period through September 21, 2024). The Minimum Utilization increased to 65% from September 22, 2024 and increased again to 75% from November 7, 2024 through the end of the revolving period. Distributions from the SPV to the Company are limited by the terms of the Credit Facility, which generally allows for the distribution of net interest income quarterly pursuant to a waterfall during the reinvestment period. The SPV’s obligations under the Credit Facility are secured by a first priority

65


 

security interest in substantially all of the assets of the SPV, including its portfolio of investments, and the Company’s equity interest in the SPV. As of March 31, 2025, the Company held 132 investments with a total fair market value of $515.4 million in the SPV as collateral for the Credit Facility. As of March 31, 2025, the Company had $346.6 million of borrowings outstanding under the Credit Facility. As of December 31, 2024, the Company held 120 investments with a total fair market value of $505.1 million in the SPV as collateral for the Credit Facility. As of December 31, 2024, the Company had $325.6 million of borrowings outstanding under the Credit Facility.

The Credit Facility has a scheduled maturity date of September 22, 2028, or earlier in accordance with the terms of the Credit Facility. Borrowings under the Credit Facility bear interest initially at the annual rate of three month SOFR plus a spread. The initial spread through November 6, 2024 was 3.05% per annum for term SOFR advances, reducing to 2.55% per annum for term SOFR advances from November 7, 2024 through the end of the revolving period, and 3.05% per annum during the amortization period. Additionally, the SPV pays a fee of 0.15% per annum on the notional loan amount of $350 million, a minimum utilization fee of 2.55% on the Minimum Utilization less any outstanding borrowings if outstanding borrowings are less than the Minimum Utilization, and an unused fee of 0.60% per annum on the difference between the total facility amount and the greater of the Minimum Utilization or total outstanding borrowings.

 

The components of interest expense were as follows (dollar amounts in thousands):

 

For the Three Months Ended March 31, 2025

 

 

For the Three Months Ended March 31, 2024

 

 

Borrowing interest expense

$

5,864

 

 

$

3

 

 

Borrowing administration fees

 

131

 

 

 

133

 

 

Facility unused fees

 

12

 

 

 

531

 

 

Amortization of financing costs

 

152

 

 

 

153

 

 

Total interest expense

$

6,159

 

 

$

820

 

 

Average Debt Outstanding

 

341,878

 

 

 

5,000

 

(1)

Average Stated Interest Rate

 

6.86

%

 

 

8.35

%

(1)

(1) Average for the period of March 29, 2024 (initial draw down on the Credit Facility) through March 31, 2024.

Commitments and Contingencies and Off-Balance Sheet Arrangements

As of March 31, 2025 and December 31, 2024, we had outstanding commitments to fund revolving lines of credit or delayed draw investments with an aggregate principal amount of $68.9 million and $66.0 million, respectively.

Related Party Transactions

Refer to Note 3—Agreements and Related Party Transactions” in the Notes to the Consolidated Financial Statements.

Critical Accounting Policies

The preparation of the 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 policies and estimates should be read in connection with our risk factors described in our Annual Report on Form 10-K, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time.

Revenue Recognition

Interest Income

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis to the extent that the Company expects to collect such amounts. Discounts from and premiums to par value on debt investments, loan origination fees and upfront fees received that are deemed to be an adjustment to yield are accreted/amortized into interest income over the life of the respective security using the effective interest method. Upon prepayment of a loan or debt security, any prepayment premiums, unamortized upfront loan origination fees and unamortized discounts are recorded as interest income in the current period.

The Company will recognize any earned exit or back-end fees into income when it believes the amounts will ultimately become collected by using either the beneficial interest model or other appropriate income recognition frameworks.

PIK Income

PIK interest is computed at the contractual rate specified in each investment agreement, is added to the principal balance of the investment, and is recorded as income.

Dividend Income

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Dividend income on preferred equity investments is recorded on an accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity investments is recorded on the record date for private portfolio companies and on the ex-dividend date for publicly traded portfolio companies.

Other Income

The Company may also generate revenue in the form of structuring, arranger or due diligence fees, amendment or consent fees, portfolio company administration fees, fees for providing significant managerial assistance and consulting fees. Such fees are recognized as income when earned or the services are rendered.

Valuation of Portfolio Investments

The Board designated FEIM as the Valuation Designee as that term is defined in Rule 2a-5. As the Valuation Designee, the Board designated FEIM to perform fair value determinations of the Company’s assets by implementing valuation policies and procedures approved by the Board, subject to the oversight of the Board and the Audit Committee, and in compliance with the requirements of Rule 2a-5.

In calculating the value of our total assets, investments for which market quotations are readily available are valued using market quotations, which are generally obtained from an independent pricing service or one or more broker-dealers or market makers. Debt and equity securities for which market quotations are not readily available or are determined to be unreliable are valued at fair value as determined in good faith by the Valuation Designee.

With respect to investments for which market quotations are not readily available, we undertake a multi-step valuation process each quarter, as described below:

 

1.

the Company’s valuation process begins with each portfolio company or investment being initially valued by the investment professionals responsible for managing portfolio investments; concurrently therewith, on at least an annual basis, independent valuation firms are used to conduct independent appraisals of all investments for which market quotations are either not readily available or are determined to be unreliable unless the amount of an investment is immaterial;

 

2.

the preliminary valuation recommendation of the investment professionals and the applicable input of the independent valuation firms (the Preliminary Valuation Data”) are then documented and reviewed with FEAC’s pricing professionals;

 

3.

the Preliminary Valuation Data are then discussed with, and approved by, the pricing committee of FEAC;

 

4.

FEIM’s valuation committee independently discusses the Preliminary Valuation Data and determines the fair value of each investment in good faith based on the Preliminary Valuation Data; and

 

5.

on a quarterly basis, a designee of FEIM’s valuation committee discusses the fair value determinations of each investment with the Audit Committee.

The types of factors that FEIM may take into account in fair value pricing the Company’s investments include, as relevant, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flows, the markets in which the portfolio company does business, comparison to publicly traded securities and other relevant factors.

Net Realized Gains or Losses and Net Change in Unrealized Appreciation or Depreciation

We measure realized gains or losses by the difference between the net proceeds from the repayment or sale and the amortized cost basis of the investment, using the specific identification method, without regard to unrealized appreciation or depreciation previously recognized. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation, when gains or losses are realized.

U.S. Federal Income Taxes, Including Excise Tax

The Company has elected to be treated as a RIC under Subchapter M of the Code, and intends to operate in a manner so as to continue to qualify each year as a RIC under the Code. So long as the Company maintains its tax treatment as a RIC, it will not be subject to corporate-level federal income tax on the portion of its ordinary income and capital gains distributed to shareholders as dividends.

In order to qualify for favorable tax treatment as a RIC, the Company is required to, among other things, distribute annually to its shareholders at least 90% of the sum of (i) its investment company taxable income, as defined by the Code but determined without regard to the deduction for dividends paid, and (ii) its net tax-exempt income for such taxable year.

Recent Developments

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On March 3, 2025, First Eagle Holdings, Inc. announced a definitive agreement under which funds managed by Genstar Capital will make a majority investment in First Eagle Holdings, Inc. First Eagle Holdings, Inc. is the parent company to the Advisers, Genstar Capital is a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries. The transaction will involve the buyout of all interests in First Eagle Holdings, Inc. currently held by funds indirectly controlled by Blackstone Inc. and Corsair Capital LLC and certain related co-investors. The transaction is expected to be completed in the second half of 2025, subject to customary closing conditions, including obtaining necessary fund and client consents and customary regulatory approvals. As required under the 1940 Act, closing of the transaction will be deemed an “assignment” of the current investment advisory agreement between the Company and the Adviser, the current subadvisory agreement between the Company, the Adviser and the Subadviser, and the current intermediary manager agreement between the Company and FEF Distributors, LLC (“FEFD”), which will result in automatic termination of the agreements. On April 17, 2025, the Board approved a new substantially identical investment advisory agreement with FEIM, a new substantially identical subadvisory agreement with FEAC (together, the “New Advisory Agreements”), and a new substantially identical intermediary manager agreement with FEFD. The New Advisory Agreements will be presented to the shareholders of the Company for approval, and, if so approved by shareholders, will take effect upon closing of the transaction or such later time as shareholder approval is obtained. The transaction is not expected to result in any change in the portfolio management of the Company or in the Company’s investment objectives or policies.

On March 11, 2025, the Company’s Board unanimously approved certain amendments to the Advisory Agreement, the Subadvisory Agreement, the Administration Agreement, the Company’s declaration of trust, and the Company’s bylaws, in connection with the registration of the offering of the Company’s shares in certain U.S. states.

On March 12, 2025, Telmo Martins notified the Company of his intent to resign from his position as Chief Compliance Officer of the Company, effective as of April 30, 2025. Mr. Martins’ decision to resign from the Company was not due to a disagreement on any matter related to the Company’s operations, policies or practices.

On April 9, 2025, First Eagle Private Credit Fund BSL SPV, LLC (the “BSL SPV”), a wholly-owned financing subsidiary of the Company, entered into a $100 million senior secured revolving credit facility (the “BSL Credit Facility”) with JPMorgan Chase Bank, National Association, as initial lender, certain other lenders from time to time party thereto, First Eagle Alternative Credit, LLC, as portfolio manager, U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator, U.S. Bank National Association, as securities intermediary, and JPMorgan Chase Bank, National Association, as administrative agent. The BSL Credit Facility also provides for a feature that allows the Borrower, under certain circumstances, to increase the overall size of the BSL Credit Facility to a maximum of $250 million. The BSL Credit Facility has a scheduled maturity date of April 9, 2030, or earlier in accordance with the terms of the BSL Credit Facility. Borrowings under the BSL Credit Facility bear interest at the annual rate of three month SOFR plus a spread of 1.55%. Additionally, the BSL SPV pays a minimum utilization fee of 1.55% on the Minimum Utilization less any outstanding borrowings if outstanding borrowings are less than the Minimum Utilization, and an unused fee of 0.50% per annum on the difference between the total facility amount and the greater of the Minimum Utilization or total outstanding borrowings.

On April 22, 2025, the Advisers delivered a Fee Waiver Letter (the “Fee Waiver Letter”) to the Company for the purpose of extending, with modifications, the waiver of management fees (including incentive fees) and subadvisory fees payable to them. The Fee Waiver Letter provides for (i) a waiver of 50% of the base management fee payable by the Company and (ii) a waiver of 100% of the incentive fee payable by the Company, in each case for the period from July 1, 2025 through December 31, 2025. The Fee Waiver Letter is not revocable during its term and amounts waived pursuant to the Fee Waiver Letter will not be subject to any right of future recoupment in favor of the Advisers. Additionally, the Company and the Adviser have decided to continue the Expense Support and Conditional Reimbursement Agreement between the Company and the Adviser for an additional one-year term.

On April 23, 2025, the Company’s Board declared a distribution of $0.205 per Common Share, which is payable on May 29, 2025 to shareholders of record as of April 30, 2025.

On April 30, 2025, the Company’s Board appointed Seth Gelman to the position of Interim Chief Compliance Officer of the Company, effective as of April 30, 2025. Mr. Gelman will serve as Interim Chief Compliance Officer of the Company until his successor has been duly elected and qualified, or until the earlier of his death, resignation or removal.

 

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

We are subject to financial market risks, including valuation risk and interest rate risk.

Valuation Risk

We have invested, and plan to continue to invest in directly originated debt and equity securities of middle market companies. Because we expect that there will not be a readily available market value for many of the investments in our portfolio, we expect to value many of our portfolio investments at fair value as determined in good faith by the Valuation Designee in accordance with a documented valuation policy and GAAP and that has been reviewed and approved by our Board. The Valuation Designee will provide the Board and the Audit Committee with periodic reports, no less than quarterly, that discuss the functioning of the valuation process, if applicable to that period, and that identify issues and valuation problems that have arisen, if any. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

Interest Rate Risk

The majority of the loans in our portfolio have floating interest rates and we expect that our loans in the future may also have floating interest rates. These loans are usually based on a floating SOFR and typically have interest rate re-set provisions that adjust applicable interest rates under such loans to current market rates on a monthly or quarterly basis. The majority of the loans in our current portfolio have interest rate floors that will effectively convert the loans to fixed rate loans in the event interest rates decrease. In addition, our Credit Facility and Term Loan have a floating interest rate provision. We expect that other credit facilities into which we may enter in the future may also have floating interest rate provisions.

Assuming that the consolidated statement of assets and liabilities as of March 31, 2025 was to remain constant and that we took no actions to alter our existing interest rate sensitivity as of such date, the following table shows the annualized impact of hypothetical base rate changes in interest rates (dollar amounts in thousands):

Change in Interest Rates

 

Interest
Income

 

 

Interest
Expense

 

 

Net
Income

 

Up 300 basis points

 

$

18,851

 

 

$

(10,392

)

 

$

8,459

 

Up 200 basis points

 

 

12,604

 

 

 

(6,926

)

 

 

5,678

 

Up 100 basis points

 

 

6,356

 

 

 

(3,460

)

 

 

2,896

 

Down 100 basis points

 

 

(6,139

)

 

 

3,472

 

 

 

(2,667

)

Down 200 basis points

 

 

(12,273

)

 

 

6,938

 

 

 

(5,335

)

Down 300 basis points

 

 

(18,180

)

 

 

10,404

 

 

 

(7,776

)

 

Market prices for floating rate investments may fluctuate in rising rate environments with prices tending to decline when credit spreads widen. Additionally, market prices tend to fluctuate more for fixed-rate securities that have longer maturities. Although we have no policy governing the maturities of our investments, under current market conditions we expect that we will invest in a portfolio of debt generally having maturities of up to 10 years. Market prices for debt that pays a fixed rate of return tend to decline as interest rates rise. This means that we are subject to greater risk (other things being equal) than a fund invested solely in shorter-term, fixed-rate securities. A decline in the prices of the debt we own could adversely affect our net assets resulting from operations and the NAV of our Common Shares.

Item 4. Controls and Procedures.

 

(a) Evaluation of Disclosure Controls and Procedures

In accordance with Rules 13a-15(b) and 15d-15(b) of the Exchange Act, the Company, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q and determined that our disclosure controls and procedures are effective as of the end of the period covered by the Quarterly Report on Form 10-Q.

 

(b) Management's Report on Internal Control Over Financial Reporting

The Company is responsible for establishing and maintaining adequate internal control over financial reporting as such term is defined in Exchange Act Rule 13a-15(f), and for performing an assessment of the effectiveness of internal control over financial reporting as of March 31, 2025. Our internal control over financial reporting is a process designed by, or under the supervision of, our principal executive and principal financial officers, or persons performing similar functions, and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial

69


 

reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.

Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted an assessment of the effectiveness of our internal control over financial reporting as of March 31, 2025, based on the framework established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management has determined that our internal control over financial reporting as of March 31, 2025 was effective.

 

(c) Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II—OTHER INFORMATION

We are not a defendant in any material pending legal proceeding, and no such material proceedings are known to be contemplated. However, from time to time, we may be party to certain legal proceedings incidental to the normal course of our business including the enforcement of our rights under the contracts with our portfolio companies.

Item 1A. Risk Factors.

For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk factors discussed in Item 1A. Risk Factors of our Annual Report on Form 10-K filed with the SEC on March 14, 2025, as well as in our registration statement on Form N-2 and our other filings with the SEC that we make from time to time. These risks are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Prior to the commencement of its public offering on March 11, 2025, the Company conducted a separate private offering (the “Private Offering”) of Common Shares (the “Common Shares”) (i) to accredited investors (as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”)) and (ii) in the case of shares sold outside the United States, to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act) in reliance on exemptions from the registration requirements of the Securities Act.

The Company expects to continue to conduct a private offering to sell Common Shares outside of the United States to persons that are not “U.S. persons” (as defined in Regulation S under the Securities Act).

On January 1, 2025, the Company sold 37,241 Common Shares of beneficial interest (with the final number of shares being determined on January 24, 2025) in the Private Offering to a feeder vehicle primarily created to hold the Company’s Common Shares for an aggregate offering price of $0.9 million.

The Company has implemented a share repurchase program under which, at the discretion of the Board, the Company may repurchase, in each quarter, up to 5% of its Common Shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter. For the avoidance of doubt, such target amount is assessed each calendar quarter. The Board may amend or suspend the share repurchase program at any time (including to offer to purchase fewer shares) if in its reasonable judgment it deems such action to be in the Company’s best interest and the best interest of its shareholders. As a result, share repurchases may not be available each quarter, such as when a repurchase offer would place an undue burden on the Company’s liquidity, adversely affect its operations or risk having an adverse impact on the Company that would outweigh the benefit of the repurchase offer. Following any such suspension, the Board intends to reinstate the share repurchase program when appropriate and subject to our Board’s duties to the Company. The Company intends to conduct such repurchase offers in accordance with the requirements of Rule 13e-4 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the 1940 Act. All Common Shares purchased by us pursuant to the terms of each tender offer will be retired and thereafter will be authorized and unissued Common Shares.

During the quarter ended March 31, 2025, there were no repurchases of Common Shares under the Company’s share repurchase program.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

None.

Item 5. Other Information.

During the quarter ended March 31, 2025, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement”, as each such term is defined in Item 408(c) of Regulation S-K.

 

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Item 6. Exhibits.

 

Exhibit

Number

Description

3.1

 

Third Amended and Restated Agreement and Declaration of Trust (incorporated by reference to Exhibit 3.1 to the Companys Current Report on Form 8-K, filed on March 11, 2025).

3.2

 

Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K, filed on March 11, 2025).

10.1

 

Amended and Restated Advisory Agreement (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on March 11, 2025).

10.2

 

Amended and Restated Subadvisory Agreement (incorporate by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K, filed on March 11, 2025).

10.3

 

Amended and Restated Administration Agreement (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K, filed on March 11, 2025).

10.4

 

Loan and Security Agreement, dated April 9, 2025, among First Eagle Private Credit Fund, as parent; First Eagle Private Credit Fund BSL SPV I, LLC, as borrower; First Eagle Alternative Credit, LLC, as portfolio manager; U.S. Bank Trust Company, National Association, as collateral agent and collateral administrator; U.S. Bank National Association, as securities intermediary; JPMorgan Chase Bank, National Association, as administrative agent (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on April 11, 2025).

10.5

 

Fee Waiver (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K, filed on April 25, 2025).

31.1

Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

31.2

Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*

32.1

Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2

Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS

 

Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document*

101.SCH

 

Inline XBRL Taxonomy Extension Schema Document*

101.CAL

 

Inline XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF

 

Inline XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB

 

Inline XBRL Taxonomy Extension Label Linkbase Document*

101.PRE

 

Inline XBRL Taxonomy Extension Presentation Linkbase Document*

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document)*

 

* Filed herewith.

 

72


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

First Eagle Private Credit Fund

Date: May 14, 2025

By:

/s/ David O’Connor

David O’Connor

Chief Executive Officer

 

 

 

 

Date: May 14, 2025

 

By:

/s/ Jennifer M. Wilson

 

 

 

Jennifer M. Wilson

 

 

 

Chief Financial Officer and Treasurer

 

73