N-CSRS 1 tm2427534d2_ncsrs.htm N-CSRS

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

 

Investment Company Act file number 811-23792

 

 

First Trust Private Credit Fund

 

(Exact name of registrant as specified in charter)

 

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

 

(Address of principal executive offices) (Zip code)

 

Ann Maurer

235 West Galena Street

Milwaukee, WI 53212

 

(Name and address of agent for service)

 

registrant's telephone number, including area code: (414) 299-2270

 

 

Date of fiscal year end: March 31

 

 

Date of reporting period: September 30, 2024

 

 

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

 

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

 

 

 

 

 

ITEM 1. REPORTS TO STOCKHOLDERS.

 

(a)The Report to Shareholders is attached herewith.

 

 

 

First Trust Private Credit Fund
Table of Contents
​ ​ ​ ​ ​ 1 ​ ​
​ ​ ​ ​ ​ 14 ​ ​
​ ​ ​ ​ ​ 15 ​ ​
​ ​ ​ ​ ​ 16 ​ ​
​ ​ ​ ​ ​ 17 ​ ​
​ ​ ​ ​ ​ 18 ​ ​
​ ​ ​ ​ ​ 19 ​ ​
​ ​ ​ ​ ​ 21 ​ ​
​ ​ ​ ​ ​ 38 ​ ​
​ ​ ​ ​ ​ 41 ​ ​
This report and the consolidated financial statements contained herein are provided for the general information of the shareholders of the First Trust Private Credit Fund (the “Fund”). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS
As of September 30, 2024 (Unaudited)
​
​
Principal
Amount
​ ​ ​ ​ ​
Value
​ ​
​ ​ ​ ​ ​ ​ ​ ASSET-BACKED SECURITIES – 6.9% ​ ​ ​ ​
​ ​ $ 1,500,0001 ​ ​ ​
Banco Santander, S.A.
11.468%, 12/27/20432,3
​ ​ ​ $ 1,667,965 ​ ​ ​
​ ​ ​ 2,845,260 ​ ​ ​
Deutsche Bank AG
Series 2021-1X, Class CLN, 13.888% (3-Month Term SOFR+876    basis points), 2/21/20293,4,5
​ ​ ​ ​ 2,873,713 ​ ​ ​
​ ​ ​ 3,500,000 ​ ​ ​
Ducati
Series 2024-1, 12.458%, 6/20/20302,3
​ ​ ​ ​ 3,897,763 ​ ​ ​
​ ​ ​ 2,500,0001 ​ ​ ​
Landesbank Baden-Wuerttemberg
Series LION-5, Class MEZ, 12.772% (3-Month Euribor+900 basis    points), 7/31/20342,3
​ ​ ​ ​ 2,782,725 ​ ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
Mespil Securities
Series 2024-1, Class B, 14.330% (SOFR Rate+950 basis points),    7/28/20323
​ ​ ​ ​ 3,000,000 ​ ​ ​
​ ​ ​ 2,753,8421 ​ ​ ​
Santander UK PLC
Series 2024-2, Class F, 14.950% (SONIO+100 basis points),    5/22/20342,3
​ ​ ​ ​ 3,682,342 ​ ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL ASSET-BACKED SECURITIES
(Cost $17,457,596)
​ ​ ​
​
17,904,508
 ​ ​ ​
​ ​ ​ ​ ​ ​ ​ BANK LOANS – 37.6% ​ ​
​ ​ ​ 296,250 ​ ​ ​
Accordion Partners
11.516%, 8/29/20296,9
​ ​ ​ ​ 296,250 ​ ​ ​
​ ​ ​ 448,766 ​ ​ ​    11.889%, 8/29/20296 ​ ​ ​ ​ 448,766 ​ ​ ​
​ ​ ​ 611,187 ​ ​ ​
Alegeus Technologies Holding Corp.
13.463%, 9/4/20266
​ ​ ​ ​ 611,187 ​ ​ ​
​ ​ ​ 429,790 ​ ​ ​
Athos Merger Sub, LLC
9.6037% (3-Month Term SOFR+500 basis points), 7/31/20264,5
 ​ ​ ​ ​ 399,705 ​ ​ ​
​ ​ ​ 359,229 ​ ​ ​    10.319%, 7/31/20275,6 ​ ​ ​ ​ 324,491 ​ ​ ​
​ ​ ​ 987,500 ​ ​ ​
Black Rifle Coffee Company, LLC
13.826%, 8/10/20286
​ ​ ​ ​ 972,687 ​ ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
C3 Rentals, LLC
13.343%, 4/22/20276
​ ​ ​ ​ 2,030,000 ​ ​ ​
​ ​ ​ 1,982,031 ​ ​ ​
Cardinal Parent, Inc.
9.985% (3-Month Term SOFR+450 basis points), 11/12/20274,5
​ ​ ​ ​ 1,855,677 ​ ​ ​
​ ​ ​ 394,750 ​ ​ ​
CB Buyer, Inc.
0.500% Revolver, 7/1/20316,7
​ ​ ​ ​ 79 ​ ​ ​
​ ​ ​ 1,012,250 ​ ​ ​    1.000% Delay Draw, 7/1/20316,7 ​ ​ ​ ​ (4,859) ​ ​ ​
​ ​ ​ 3,593,000 ​ ​ ​    9.854% Term Loan, 7/1/20316 ​ ​ ​ ​ 3,557,789 ​ ​ ​
​ ​ ​ 2,597,445 ​ ​ ​
CIRE Alto OpCo, LLC
10.800%, 11/29/20246
​ ​ ​ ​ 2,597,445 ​ ​ ​
​ ​ ​ 3,980,000 ​ ​ ​
Cooper Mach
10.104%, 12/13/20276
​ ​ ​ ​ 3,953,732 ​ ​ ​
​ ​ ​ 985,000 ​ ​ ​
CPC/Cirtec Holdings, Inc.
11.594%, 1/30/20296
​ ​ ​ ​ 977,120 ​ ​ ​
1
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2024 (Unaudited)
​
 
​
Principal
Amount
​ ​ ​ ​ ​
Value
​
​ ​ ​ ​ ​ ​ ​ BANK LOANS (Continued) ​
​ ​ $ 137,714 ​ ​ ​
Dentive Capital, LLC
1.000% Delay Draw, 12/23/20286
​ ​ ​ $ 135,304 ​ ​
​ ​ ​ 277,222 ​ ​ ​    12.085% Term Loan, 12/23/20286 ​ ​ ​ ​ 272,370 ​ ​
​ ​ ​ 2,999,164 ​ ​ ​    1.000% Delay Draw, 12/26/20286,8 ​ ​ ​ ​ 1,344,723 ​ ​
​ ​ ​ 2,032,961 ​ ​ ​
DigiCert, Inc.
11.845%, 2/24/2029
​ ​ ​ ​ 1,765,779 ​ ​
​ ​ ​ 51,231 ​ ​ ​
Fenix Topco, LLC
11.840%, 4/2/20276
​ ​ ​ ​ 50,053 ​ ​
​ ​ ​ 854,276 ​ ​ ​    11.840%, 3/28/20296 ​ ​ ​ ​ 834,627 ​ ​
​ ​ ​ 1,598,684 ​ ​ ​
Fertility (ITC) Buyer, Inc.
0.000%, 1/3/2025*,6
​ ​ ​ ​ 1,187,822 ​ ​
​ ​ ​ 1,331,985 ​ ​ ​    11.298%, 1/3/20296 ​ ​ ​ ​ 1,329,321 ​ ​
​ ​ ​ 466,116 ​ ​ ​
Fingerpaint Group
12.185% Delay Draw, 12/20/20266
​ ​ ​ ​ 462,620 ​ ​
​ ​ ​ 349,554 ​ ​ ​    12.185% Term Loan, 12/20/20266 ​ ​ ​ ​ 346,932 ​ ​
​ ​ ​ 493,671 ​ ​ ​
Florida Food Products, LLC
10.361% (1-Month Term SOFR+500 basis points), 10/18/20284,5
​ ​ ​ ​ 435,897 ​ ​
​ ​ ​ 499,578 ​ ​ ​
Fortis Payment Systems, LLC
1.000% Delay Draw, 2/13/20266,8
​ ​ ​ ​ 211,668 ​ ​
​ ​ ​ 1,492,500 ​ ​ ​    11.185% Term Loan, 2/13/20266 ​ ​ ​ ​ 1,483,246 ​ ​
​ ​ ​ 539,734 ​ ​ ​
Fortna Group, Inc.
10.080% (3-Month Term SOFR+550 basis points), 6/1/20294,5
​ ​ ​ ​ 495,209 ​ ​
​ ​ ​ 1,629,688 ​ ​ ​
Global IID Parent, LLC
10.096% (3-Month Term SOFR+450 basis points), 12/18/20284,5
​ ​ ​ ​ 1,621,540 ​ ​
​ ​ ​ 242,134 ​ ​ ​
H.W. Lochner, LLC
12.218%, 7/2/20276
​ ​ ​ ​ 240,632 ​ ​
​ ​ ​ 1,492,187 ​ ​ ​
HS Purchaser LLC
9.444% (1-Month Term SOFR+400 basis points), 11/30/20264,5
​ ​ ​ ​ 1,426,904 ​ ​
​ ​ ​ 532,468 ​ ​ ​
IDC Infusion Services
1.000% Delay Draw, 7/7/20286,7
​ ​ ​ ​ (6,017) ​ ​
​ ​ ​ 3,491,250 ​ ​ ​    11.332% Term Loan, 7/7/20286 ​ ​ ​ ​ 3,456,337 ​ ​
​ ​ ​ 1,452,857 ​ ​ ​    11.446% Term Loan, 7/7/20286 ​ ​ ​ ​ 1,436,440 ​ ​
​ ​ ​ 3,948,744 ​ ​ ​
Ipsen TL, LLC
15.497%, 7/31/20296,9
​ ​ ​ ​ 3,796,886 ​ ​
​ ​ ​ 1,080,611 ​ ​ ​
Ivanti Software, Inc.
9.833% (3-Month Term SOFR+425 basis points), 12/1/20274,5
​ ​ ​ ​ 921,146 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​
Leonard Valve Term Loan
10.778%, 9/30/20276
​ ​ ​ ​ 1,980,000 ​ ​
​ ​ ​ 1,492,500 ​ ​ ​
MAX US Bidco, Inc.
9.604%, 10/3/2030
​ ​ ​ ​ 1,418,308 ​ ​
​ ​ ​ 494,438 ​ ​ ​
Monroe Capital Corp.
1.011% Delay Draw, 12/20/20286
​ ​ ​ ​ 488,900 ​ ​
​ ​ ​ 492,500 ​ ​ ​    11.346% Term Loan, 12/20/20286 ​ ​ ​ ​ 486,984 ​ ​
2
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2024 (Unaudited)
​
 
​
Principal
Amount
​ ​ ​ ​ ​
Value
​
​ ​ ​ ​ ​ ​ ​ BANK LOANS (Continued) ​
​ ​ $ 1,992,443 ​ ​ ​
Neptune Bidco US, Inc.
10.154% (3-Month Term SOFR+475 basis points), 10/11/20285
​ ​ ​ $ 1,868,414 ​ ​
​ ​ ​ 1,979,962 ​ ​ ​    10.404% (3-Month Term SOFR+500 basis points), 4/11/20294,5 ​ ​ ​ ​ 1,863,996 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​    15.154%, 10/11/2029 ​ ​ ​ ​ 4,000,000 ​ ​
​ ​ ​ 1,559,149 ​ ​ ​
Orthopaedic (ITC) Buyer, LLC
11.935%, 7/31/20286
​ ​ ​ ​ 1,555,563 ​ ​
​ ​ ​ 425,532 ​ ​ ​    12.253%, 7/31/20286,7 ​ ​ ​ ​ (979) ​ ​
​ ​ ​ 1,015,124 ​ ​ ​
PhyNet Dermatology, LLC
1.000% Delay Draw, 10/20/20296,7
​ ​ ​ ​ (7,613) ​ ​
​ ​ ​ 483,678 ​ ​ ​    1.000% Term Loan, 10/20/20296 ​ ​ ​ ​ 480,050 ​ ​
​ ​ ​ 517,241 ​ ​ ​    11.493% Delay Draw, 10/20/20296,7 ​ ​ ​ ​ (3,879) ​ ​
​ ​ ​ 972,949 ​ ​ ​    11.782% Term Loan, 10/20/20296 ​ ​ ​ ​ 965,652 ​ ​
​ ​ ​ 3,995,555 ​ ​ ​
Progress Lighting, LLC
15.343%, 9/18/20296
​ ​ ​ ​ 3,895,666 ​ ​
​ ​ ​ 2,788,469 ​ ​ ​
Project Leopard Holdings, Inc.
10.602% (3-Month Term SOFR+525 basis points), 7/20/20294,5
​ ​ ​ ​ 2,513,400 ​ ​
​ ​ ​ 1,989,975 ​ ​ ​
Resolute Investment Managers, Inc.
12.096% (3-Month Term SOFR+650 basis points), 4/30/20275
​ ​ ​ ​ 1,841,971 ​ ​
​ ​ ​ 5,000,000 ​ ​ ​
RHF VI Funding, LLC
13.096%, 11/19/20246,7
​ ​ ​ ​ 4,750,000 ​ ​
​ ​ ​ 4,000,000 ​ ​ ​
Riskonnect, Inc.
0.500% Delay Draw, 12/7/20286,7
​ ​ ​ ​ (41,600) ​ ​
​ ​ ​ 975,288 ​ ​ ​    10.254% Term Loan, 12/7/20286 ​ ​ ​ ​ 965,145 ​ ​
​ ​ ​ 417,610 ​ ​ ​
Royal Palm I
0.000%, 10/24/2033*,6,7,9​
​ ​ ​ ​ 9,561 ​ ​
​ ​ ​ 679,395 ​ ​ ​    0.000%, 10/24/2033*,6,9​ ​ ​ ​ ​ 675,251 ​ ​
​ ​ ​ 46,603 ​ ​ ​
Royal Palm II
0.000%, 10/24/2028*,6,9
​ ​ ​ ​ 46,197 ​ ​
​ ​ ​ 83,522 ​ ​ ​    0.000%, 10/24/2033*,6,7,9 ​ ​ ​ ​ 1,912 ​ ​
​ ​ ​ 5,598,440 ​ ​ ​
Russell Investments U.S. Institutional Holdco, Inc.
10.255% (3-Month Term SOFR+500 basis points), 6/1/20274,5,9
​ ​ ​ ​ 4,862,245 ​ ​
​ ​ ​ 432,836 ​ ​ ​
Sepro Holdings, LLC
1.000% Delay Draw, 7/26/20306,7
​ ​ ​ ​ — ​ ​
​ ​ ​ 432,836 ​ ​ ​    1.000% Revolver, 7/26/20306,7 ​ ​ ​ ​ — ​ ​
​ ​ ​ 3,029,851 ​ ​ ​    10.529% Term Loan (SOFR Rate+0 basis points), 7/26/20306 ​ ​ ​ ​ 2,969,254 ​ ​
​ ​ ​ 2,618,277 ​ ​ ​
Shryne Group, Inc.
18.000%, 5/26/20266,9
​ ​ ​ ​ 2,631,368 ​ ​
​ ​ ​ 976,244 ​ ​ ​
South Florida ENT Associates
12.435% Term Loan, 3/25/20256
​ ​ ​ ​ 971,266 ​ ​
​ ​ ​ 421,814 ​ ​ ​    1.000% Delay Draw, 12/31/20256,8 ​ ​ ​ ​ 146,632 ​ ​
​ ​ ​ 545,572 ​ ​ ​
Steward Health Care System, LLC
16.180%, 10/31/20246
​ ​ ​ ​ 545,572 ​ ​
​ ​ ​ 2,150,001 ​ ​ ​    15.458%, 12/31/20246 ​ ​ ​ ​ 2,150,001 ​ ​
3
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2024 (Unaudited)
​
 
​
Principal
Amount
​ ​ ​ ​ ​
Value
​ ​
​ ​ ​ ​ ​ ​ ​ BANK LOANS (Continued) ​ ​
​ ​ $ 1,024,520 ​ ​ ​    16.208%, 12/31/20256 ​ ​ ​ $ 1,024,520 ​ ​ ​
​ ​ ​ 1,109,406 ​ ​ ​    21.250%, 12/31/20276,9 ​ ​ ​ ​ 1,109,406 ​ ​ ​
​ ​ ​ 213,089 ​ ​ ​
Stronghold Digital Mining, Inc.
15.342%, 10/25/20256
​ ​ ​ ​ 210,959 ​ ​ ​
​ ​ ​ 1,322,414 ​ ​ ​
Synamedia Americas Holdings, Inc.
13.085%, 12/5/20286
​ ​ ​ ​ 1,294,379 ​ ​ ​
​ ​ ​ 371,972 ​ ​ ​
TA/WEG Holdings, LLC
12.253%, 10/2/20276
​ ​ ​ ​ 371,972 ​ ​ ​
​ ​ ​ 221,760 ​ ​ ​    0.500% Revolver, 10/4/20276,7 ​ ​ ​ ​ — ​ ​ ​
​ ​ ​ 3,228,143 ​ ​ ​    12.253% Delay Draw, 10/4/20276,8 ​ ​ ​ ​ 1,373,933 ​ ​ ​
​ ​ ​ 1,870,643 ​ ​ ​
Tank Holding Corp.
11.097%, 3/31/2028
​ ​ ​ ​ 1,844,221 ​ ​ ​
​ ​ ​ 15,409 ​ ​ ​    11.750%, 3/31/20288 ​ ​ ​ ​ 10,462 ​ ​ ​
​ ​ ​ 298,735 ​ ​ ​    1.000%, 5/11/20298 ​ ​ ​ ​ 130,125 ​ ​ ​
​ ​ ​ 689,500 ​ ​ ​    11.347%, 5/11/2029 ​ ​ ​ ​ 681,167 ​ ​ ​
​ ​ ​ 214,991 ​ ​ ​
Taoglas Group Holdings Limited
0.500% Revolver, 2/28/20296,8
​ ​ ​ ​ 182,440 ​ ​ ​
​ ​ ​ 773,234 ​ ​ ​    12.585% Term Loan, 2/28/20296 ​ ​ ​ ​ 739,753 ​ ​ ​
​ ​ ​ 2,487,500 ​ ​ ​
USN OPCO, LLC
10.504%, 12/21/20266
​ ​ ​ ​ 2,487,500 ​ ​ ​
​ ​ ​ 1,498,874 ​ ​ ​
West Side Holdco, LLC
14.201%, 9/3/20276
​ ​ ​ ​ 1,483,885 ​ ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL BANK LOANS
(Cost $98,303,200)
​ ​ ​
​
98,243,467
 ​ ​ ​
​
Number
of Shares
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​
   ​
 ​ ​ CLOSED-END FUNDS – 2.9% ​ ​ ​ ​
​ ​ ​ 166,076 ​ ​ ​ Palmer Square Capital BDC, Inc.10 ​ ​ ​
​
2,707,039
 ​ ​ ​
​ ​ ​ 120,000 ​ ​ ​ TCW Direct Lending VIII, LLC ​ ​ ​
​
4,891,260
​ ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL CLOSED-END FUNDS
(Cost $8,201,621)
​ ​ ​
​
7,598,299
 ​ ​ ​
​
4
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2024 (Unaudited)
​
 
​
Principal
Amount
​ ​ ​ ​ ​
Value
​
​ ​ ​ ​ ​ ​ ​ COLLATERALIZED LOAN OBLIGATIONS – 35.1% ​
​ ​ $ 250,000 ​ ​ ​
AIMCO CLO Ltd.
Series 2019-10A, Class ERR, 10.932% (3-Month Term SOFR+565    basis points), 7/22/2037*,4,5,11
​ ​ ​ $ 251,215 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Antares Loan Funding CLO
0.000%, 2/17/2032*,2,6
​ ​ ​ ​ 562,296 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Apidos CLO Ltd.
Series 2017-28A, Class C, 8.044% (3-Month Term SOFR+276 basis
   points), 1/20/20314,5,11
​ ​ ​ ​ 500,148 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2020-33A, Class ER, 11.895% (3-Month Term SOFR+661    basis points), 10/24/20344,5,11
​ ​ ​ ​ 502,124 ​ ​
​ ​ ​ 461,958 ​ ​ ​
Ares Capital Corp.
0.000%, 7/11/2033*,6
​ ​ ​ ​ 487,315 ​ ​
​ ​ ​ 375,000 ​ ​ ​
Ares CLO Ltd.
Series 2014-32RA, Class C, 8.280% (3-Month Term SOFR+316    basis points), 5/15/20304,5,11
​ ​ ​ ​ 376,526 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Assurant CLO Ltd.
Series 2017-1A, Class ER, 12.744% (3-Month Term SOFR+746    basis points), 10/20/20344,5,11
​ ​ ​ ​ 487,365 ​ ​
​ ​ ​ 750,000 ​ ​ ​
Bain Capital Credit CLO Ltd.
Series 2018-2A, Class DR, 8.229% (3-Month Term SOFR+295    basis points), 7/19/20314,5,11
​ ​ ​ ​ 750,027 ​ ​
​ ​ ​ 750,000 ​ ​ ​
Barings CLO Ltd.
Series 2018-3A, Class E, 11.294% (3-Month Term SOFR+601 basis
   points), 7/20/20294,5,11
​ ​ ​ ​ 752,850 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2018-4A, Class D, 8.463% (3-Month Term SOFR+316 basis    points), 10/15/20304,5,11
​ ​ ​ ​ 501,708 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Benefit Street Partners CLO Ltd.
Series 2015-8A, Class DR, 11.144% (3-Month Term SOFR+586    basis points), 1/20/20314,5,11
​ ​ ​ ​ 248,580 ​ ​
​ ​ ​ 1,852,142 ​ ​ ​
BNP Paribas – Broadway
Series 1, Class JNR, 13.337% (SOFR Rate+800 basis points),    4/12/20313,4,5
​ ​ ​ ​ 1,852,142 ​ ​
​ ​ ​ 750,000 ​ ​ ​
Carlyle Global Market Strategies CLO Ltd.
Series 2014-4RA, Class C, 8.463% (3-Month Term SOFR+316    basis points), 7/15/20304,5,11
​ ​ ​ ​ 748,804 ​ ​
​ ​ ​ 250,000 ​ ​ ​
   Series 2014-1A, Class DR, 8.147% (3-Month Term SOFR+286    basis points), 4/17/20314,5,11
​ ​ ​ ​ 250,417 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
   Series 2014-2RA, Class C, 8.180% (3-Month Term SOFR+306    basis points), 5/15/20314,5,11
​ ​ ​ ​ 1,006,722 ​ ​
​ ​ ​ 625,000 ​ ​ ​
   Series 2014-3RA, Class C, 8.475% (3-Month Term SOFR+321    basis points), 7/27/20314,5,11
​ ​ ​ ​ 624,210 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Carlyle U.S. CLO Ltd.
Series 2017-4A, Class C, 8.363% (3-Month Term SOFR+306 basis    points), 1/15/20304,5,11
​ ​ ​ ​ 501,562 ​ ​
5
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2024 (Unaudited)
​
 
​
Principal
Amount
​ ​ ​ ​ ​
Value
​
​ ​ ​ ​ ​ ​ ​ COLLATERALIZED LOAN OBLIGATIONS (Continued) ​
​ ​ $ 700,000 ​ ​ ​
   Series 2017-5A, Class D, 10.844% (3-Month Term SOFR+556    basis points), 1/20/20304,5,11
​ ​ ​ $ 688,054 ​ ​
​ ​ ​ 500,000 ​ ​ ​
CBAM Ltd.
Series 2017-4A, Class D, 8.163% (3-Month Term SOFR+286 basis    points), 1/15/20314,5,11
​ ​ ​ ​ 500,666 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Cedar Funding CLO Ltd.
Series 2016-5A, Class DR, 8.547% (3-Month Term SOFR+326    basis points), 7/17/20314,5,11
​ ​ ​ ​ 501,232 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Cedar Funding XVII CLO Ltd.
Series 2023-17A, Class E, 13.442% (3-Month Term SOFR+816    basis points), 7/20/20364,5,11
​ ​ ​ ​ 517,791 ​ ​
​ ​ ​ 500,000 ​ ​ ​
CIFC Funding Ltd.
Series 2017-4A, Class D, 11.645% (3-Month Term SOFR+636 basis
   points), 10/24/20304,5,11
​ ​ ​ ​ 501,252 ​ ​
​ ​ ​ 250,000 ​ ​ ​
   Series 2018-2A, Class C, 8.394% (3-Month Term SOFR+311 basis    points), 4/20/20314,5,11
​ ​ ​ ​ 250,000 ​ ​
​ ​ ​ 875,000 ​ ​ ​
   Series 2018-2A, Class D, 11.394% (3-Month Term SOFR+611 basis
   points), 4/20/20314,5,11
​ ​ ​ ​ 875,000 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2013-3RA, Class D, 11.445% (3-Month Term SOFR+616    basis points), 4/24/20314,5,11
​ ​ ​ ​ 492,867 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2018-2A, Class D1R, 7.700% (3-Month Term SOFR+305    basis points), 10/20/20374,5,11
​ ​ ​ ​ 500,000 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Clear Creek CLO
Series 2015-1A, Class DR, 8.494% (3-Month Term SOFR+321    basis points), 10/20/20304,5,11
​ ​ ​ ​ 501,359 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Crestline Denali CLO Ltd.
Series 2018-1A, Class D, 8.813% (3-Month Term SOFR+351 basis    points), 10/15/20314,5,11
​ ​ ​ ​ 248,901 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Dryden Senior Loan Fund
Series 2013-30A, Class DR, 7.980% (3-Month Term SOFR+286    basis points), 11/15/20284,5,11
​ ​ ​ ​ 500,068 ​ ​
​ ​ ​ 392,218 ​ ​ ​
   Series 2014-36A, Class AR3, 6.583% (3-Month Term SOFR+128    basis points), 4/15/20294,5,11
​ ​ ​ ​ 392,468 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2017-54A, Class D, 8.641% (3-Month Term SOFR+336 basis
   points), 10/19/20294,5,11
​ ​ ​ ​ 498,302 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2016-45A, Class DRR, 7.654% (3-Month Term SOFR+305    basis points), 10/15/20304,5,11
​ ​ ​ ​ 500,000 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2022-106A, Class D, 11.001% (3-Month Term SOFR+570    basis points), 10/15/20354,5,11
​ ​ ​ ​ 502,856 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Eaton Vance CLO Ltd.
Series 2015-1A, Class DR, 8.044% (3-Month Term SOFR+276    basis points), 1/20/20304,5,11
​ ​ ​ ​ 500,684 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Elmwood CLO Ltd.
Series 2022-1A, Class E, 11.632% (3-Month Term SOFR+635 basis
   points), 4/20/20354,5,11
​ ​ ​ ​ 502,153 ​ ​
6
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2024 (Unaudited)
​
 
​
Principal
Amount
​ ​ ​ ​ ​
Value
​
​ ​ ​ ​ ​ ​ ​ COLLATERALIZED LOAN OBLIGATIONS (Continued) ​
​ ​ $ 500,000 ​ ​ ​
Empower CLO Ltd.
Series 2023-2A, Class D, 10.701% (3-Month Term SOFR+540 basis
   points), 7/15/20364,5,11
​ ​ ​ $ 515,023 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Galaxy CLO Ltd.
Series 2018-26A, Class E, 11.233% (3-Month Term SOFR+611    basis points), 11/22/20314,5,11
​ ​ ​ ​ 501,800 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2017-24A, Class AR, 6.841% (3-Month Term SOFR+154    basis points), 4/15/20374,5,11
​ ​ ​ ​ 502,090 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Generate CLO Ltd.
Series 2023-12A, Class E, 13.682% (3-Month Term SOFR+840    basis points), 7/20/20364,5,11
​ ​ ​ ​ 517,718 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Goldentree Loan Management U.S. CLO Ltd.
Series 2019-5A, Class DRR, 8.069% (3-Month Term SOFR+280    basis points), 10/20/20324,5,11
​ ​ ​ ​ 500,004 ​ ​
​ ​ ​ 1,750,000 ​ ​ ​
Golub Capital Partners Short Duration
Series 2022-1A, Class DR, 9.945% (3-Month Term SOFR+460    basis points), 7/25/20334,5,11
​ ​ ​ ​ 1,748,919 ​ ​
​ ​ ​ 310,917 ​ ​ ​
GPG Loan Funding, LLC
0.000%, 4/29/2034*,6
​ ​ ​ ​ 321,710 ​ ​
​ ​ ​ 850,000 ​ ​ ​
Great Lakes CLO Ltd.
Series 2014-1A, Class ER, 13.063% (3-Month Term SOFR+776    basis points), 10/15/20294,5,11
​ ​ ​ ​ 853,195 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
   Series 2019-1A, Class E, 13.563% (3-Month Term SOFR+826 basis
   points), 7/15/20314,5,11
​ ​ ​ ​ 1,003,876 ​ ​
​ ​ ​ 500,000 ​ ​ ​
HPS Loan Management Ltd.
Series 8A-2016, Class DR, 8.444% (3-Month Term SOFR+316    basis points), 7/20/20304,5,11
​ ​ ​ ​ 501,614 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 13A-18, Class DR, 8.251% (3-Month Term SOFR+295 basis
   points), 10/15/20304,5,11
​ ​ ​ ​ 498,812 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Invesco U.S. CLO Ltd.
Series 2023-3A, Class E, 13.461% (3-Month Term SOFR+816 basis
   points), 7/15/20364,5,11
​ ​ ​ ​ 518,693 ​ ​
​ ​ ​ 1,500,000 ​ ​ ​
Kohlberg CLO
0.000%, 12/28/2033*,6
​ ​ ​ ​ 1,570,450 ​ ​
​ ​ ​ 250,090 ​ ​ ​
LCM Ltd.
Series 25A, Class AR, 6.382% (3-Month Term SOFR+110 basis    points), 7/20/20304,5,11
​ ​ ​ ​ 250,164 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Long Point Park CLO Ltd.
Series 2017-1A, Class C, 7.947% (3-Month Term SOFR+266 basis    points), 1/17/20304,5,11
​ ​ ​ ​ 500,835 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Magnetite CLO Ltd.
Series 2018-20A, Class E, 10.894% (3-Month Term SOFR+561    basis points), 4/20/20314,5,11
​ ​ ​ ​ 501,760 ​ ​
7
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2024 (Unaudited)
​
 
​
Principal
Amount
​ ​ ​ ​ ​
Value
​
​ ​ ​ ​ ​ ​ ​ COLLATERALIZED LOAN OBLIGATIONS (Continued) ​
​ ​ $ 1,250,000 ​ ​ ​
Maranon Loan Funding Ltd.
Series 2021-3A, Class ER, 12.872% (3-Month Term SOFR+782    basis points), 10/15/20364,5,11
​ ​ ​ $ 1,250,074 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Marathon CLO Ltd.
Series 2018-12A, Class C, 9.141% (3-Month Term SOFR+386 basis
   points), 4/18/20314,5,11
​ ​ ​ ​ 496,630 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
MCF CLO Ltd.
Series 2018-1A, Class SUB, 0.000%, 4/18/2036*,4,11
​ ​ ​ ​ 2,289,392 ​ ​
​ ​ ​ 2,175,000 ​ ​ ​
   Series 2018-1A, Class ER, 13.299% (3-Month Term SOFR+800    basis points), 4/18/20364,5,11
​ ​ ​ ​ 2,191,570 ​ ​
​ ​ ​ 1,926,983 ​ ​ ​
Mount Logan Funding LP
Series 2018-1A, Class SUBR, 0.000%, 1/22/2033*,4,10,11
​ ​ ​ ​ 1,100,047 ​ ​
​ ​ ​ 600,000 ​ ​ ​
   Series 2018-1A, Class ER, 14.004% (3-Month Term SOFR+872    basis points), 1/22/20334,5,10,11
​ ​ ​ ​ 588,334 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Neuberger Berman Loan Advisers CLO Ltd.
Series 2018-28A, Class D1R, 8.178% (3-Month Term SOFR+320    basis points), 10/20/20384,5,11
​ ​ ​ ​ 499,959 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
New Mountain CLO 6 Ltd.
Series CLO-6A, Class D1, 7.738% (3-Month Term SOFR+310 basis
   points), 10/15/20374,5,6,11
​ ​ ​ ​ 1,000,000 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Newark BSL CLO Ltd.
Series 2017-1A, Class CR, 8.696% (3-Month Term SOFR+341    basis points), 7/25/20304,5,11
​ ​ ​ ​ 501,870 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2017-1A, Class D, 11.846% (3-Month Term SOFR+656 basis
   points), 7/25/20304,5,11
​ ​ ​ ​ 490,057 ​ ​
​ ​ ​ 500,000 ​ ​ ​
OCP CLO Ltd.
Series 2014-6A, Class CR, 8.747% (3-Month Term SOFR+346    basis points), 10/17/20304,5,11
​ ​ ​ ​ 501,275 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Octagon Investment Partners Ltd.
Series 2013-1A, Class DR2, 8.046% (3-Month Term SOFR+276    basis points), 1/25/20314,5,11
​ ​ ​ ​ 501,788 ​ ​
​ ​ ​ 500,000 ​ ​ ​
OZLM Ltd.
Series 2018-22A, Class C, 8.197% (3-Month Term SOFR+291 basis
   points), 1/17/20314,5,11
​ ​ ​ ​ 501,355 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2018-20A, Class C, 8.494% (3-Month Term SOFR+321 basis
   points), 4/20/20314,5,11
​ ​ ​ ​ 500,911 ​ ​
​ ​ ​ 600,0001 ​ ​ ​
Palmer Square European Loan Funding
Series 2023-1A, Class SUB, 0.000%, 11/15/2032*,2,4,10,11
​ ​ ​ ​ 26,247 ​ ​
​ ​ ​ 900,0001 ​ ​ ​    Series 2023-2X, Class SUB, 0.000%, 1/15/2033*,2,4,10 ​ ​ ​ ​ 916,500 ​ ​
​ ​ ​ 1,000,0001 ​ ​ ​    Series 2023-3X, Class SUB, 0.000%, 5/15/2033*,2,4,10 ​ ​ ​ ​ 967,961 ​ ​
​ ​ ​ 2,500,0001 ​ ​ ​    Series 2024-1X, Class SUB, 0.000%, 8/15/2033*,2,4,10 ​ ​ ​ ​ 2,356,992 ​ ​
​ ​ ​ 4,000,0001 ​ ​ ​    Series 2024-2X, Class SUB, 0.000%, 5/15/2034*,2,4,10 ​ ​ ​ ​ 4,446,994 ​ ​
​ ​ ​ 1,050,0001 ​ ​ ​    Series 2023-1X, Class SUB, 0.000%, 7/15/2036*,2,4,10 ​ ​ ​ ​ 802,094 ​ ​
8
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2024 (Unaudited)
​
 
​
Principal
Amount
​ ​ ​ ​ ​
Value
​
​ ​ ​ ​ ​ ​ ​ COLLATERALIZED LOAN OBLIGATIONS (Continued) ​
​ ​ $ 132,0001 ​ ​ ​
   Series 2023-1X, Class F, 11.665% (3-Month Euribor+798 basis    points), 7/15/20362,4,5,10
​ ​ ​ $ 148,404 ​ ​
​ ​ ​ 1,450,0001 ​ ​ ​    Series 2023-2X, Class SUB, 0.000%, 10/15/2036*,2,4,10 ​ ​ ​ ​ 1,102,712 ​ ​
​ ​ ​ 2,000,0001 ​ ​ ​    Series 2024-1X, Class SUB, 0.000%, 5/15/2037*,2,4,10 ​ ​ ​ ​ 2,226,180 ​ ​
​ ​ ​ 2,833,7501 ​ ​ ​    Series 2024-2X, Class SUB, 0.000%, 10/15/2037*,2,4,10 ​ ​ ​ ​ 3,004,489 ​ ​
​ ​ ​ 1,500,0001 ​ ​ ​
   Series 2024-2X, Class F, 11.744% (3-Month Euribor+824 basis    points), 10/15/20372,4,5,10
​ ​ ​ ​ 1,655,297 ​ ​
​ ​ ​ 825,000 ​ ​ ​
Palmer Square Loan Funding Ltd.
Series 2023-1A, Class SUB, 0.000%, 7/20/2031*,4,10,11
​ ​ ​ ​ 20,170 ​ ​
​ ​ ​ 450,000 ​ ​ ​    Series 2022-4A, Class SUB, 0.000%, 7/24/2031*,4,10,11 ​ ​ ​ ​ 404,406 ​ ​
​ ​ ​ 300,000 ​ ​ ​
   Series 2022-4A, Class D, 12.573% (3-Month Term SOFR+729 basis
   points), 7/24/20314,5,10,11
​ ​ ​ ​ 300,000 ​ ​
​ ​ ​ 500,000 ​ ​ ​    Series 2024-2A, Class SUB, 0.000%, 1/25/2032*,4,10,11 ​ ​ ​ ​ 472,657 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​    Series 2024-3A, Class SUB, 0.000%, 8/8/2032*,4,10,11 ​ ​ ​ ​ 3,047,482 ​ ​
​ ​ ​ 2,510,000 ​ ​ ​    Series 2024-2A, Class SUB, 0.000%, 10/15/2032*,4,10,11 ​ ​ ​ ​ 2,510,000 ​ ​
​ ​ ​ 250,000 ​ ​ ​
   Series 2024-1A, Class E, 11.681% (3-Month Term SOFR+657 basis
   points), 10/15/20324,5,10,11
​ ​ ​ ​ 247,496 ​ ​
​ ​ ​ 500,000 ​ ​ ​    Series 2023-2A, Class SUB, 0.000%, 4/20/2036*,4,10,11 ​ ​ ​ ​ 455,941 ​ ​
​ ​ ​ 500,000 ​ ​ ​    Series 2023-3A, Class SUB, 0.000%, 1/20/2037*,4,10,11 ​ ​ ​ ​ 479,577 ​ ​
​ ​ ​ 1,540,000 ​ ​ ​    Series 2024-1A, Class SUB, 0.000%, 4/15/2037*,4,10,11 ​ ​ ​ ​ 1,547,193 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​    Series 2024-2A, Class SUB, 0.000%, 7/20/2037*,4,10,11 ​ ​ ​ ​ 2,780,134 ​ ​
​ ​ ​ 2,000,000 ​ ​ ​    Series 2024-3A, Class SUB, 0.000%, 7/20/2037*,4,10,11 ​ ​ ​ ​ 1,918,732 ​ ​
​ ​ ​ 1,250,000 ​ ​ ​    Series 2023-4A, Class SUB, 0.000%, 10/20/2037*,4,10,11 ​ ​ ​ ​ 1,221,381 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Post CLO Ltd.
Series 2024-1A, Class E, 12.072% (3-Month Term SOFR+680 basis
   points), 4/20/20374,5,11
​ ​ ​ ​ 510,058 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Regatta Funding Ltd.
Series 2018-2A, Class CR, 8.001% (3-Month Term SOFR+270    basis points), 7/15/20314,5,11
​ ​ ​ ​ 1,003,633 ​ ​
​ ​ ​ 750,000 ​ ​ ​
   Series 2018-3A, Class E, 11.496% (3-Month Term SOFR+621 basis
   points), 10/25/20314,5,11
​ ​ ​ ​ 743,557 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2016-1A, Class A1R2, 6.225% (3-Month Term SOFR+141    basis points), 6/20/20344,5,11
​ ​ ​ ​ 500,699 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
Sound Point CLO Ltd.
Series 2017-3A, Class C, 8.544% (3-Month Term SOFR+326 basis    points), 10/20/20304,5,11
​ ​ ​ ​ 1,001,794 ​ ​
​ ​ ​ 1,266,873 ​ ​ ​
Silver Point Loan Funding, LLC
0.000%, 10/20/2033*,6
​ ​ ​ ​ 1,329,378 ​ ​
​ ​ ​ 3,000,000 ​ ​ ​
St. Lawrence Corp.
Series 2023-1X, Class MEZZ, 15.070% (SOFR Rate+975 basis    points), 5/25/20333,4,5
​ ​ ​ ​ 3,000,000 ​ ​
9
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2024 (Unaudited)
​
 
​
Principal
Amount
​ ​ ​ ​ ​
Value
​
​ ​ ​ ​ ​ ​ ​ COLLATERALIZED LOAN OBLIGATIONS (Continued) ​
​ ​ $ 500,000 ​ ​ ​
Stewart Park CLO Ltd.
Series 2015-1A, Class ER, 10.843% (3-Month Term SOFR+554    basis points), 1/15/20304,5,11
​ ​ ​ $ 493,269 ​ ​
​ ​ ​ 250,000 ​ ​ ​
Symphony CLO Ltd.
Series 2022-34A, Class DR, 10.533% (3-Month Term SOFR+525    basis points), 7/24/20364,5,11
​ ​ ​ ​ 255,782 ​ ​
​ ​ ​ 375,000 ​ ​ ​
TCI-Flatiron CLO Ltd.
Series 2018-1A, Class ER, 11.675% (3-Month Term SOFR+641    basis points), 1/29/20324,5,11
​ ​ ​ ​ 377,358 ​ ​
​ ​ ​ 534,231 ​ ​ ​
Upland CLO Ltd.
Series 2016-1A, Class A1AR, 6.564% (3-Month Term SOFR+128    basis points), 4/20/20314,5,11
​ ​ ​ ​ 534,669 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Verdelite Static CLO Ltd.
Series 2024-1A, Class D, 8.144% (3-Month Term SOFR+285 basis    points), 7/20/20324,5,11
​ ​ ​ ​ 499,055 ​ ​
​ ​ ​ 500,000 ​ ​ ​
Voya CLO Ltd.
Series 2017-1A, Class C, 8.877% (3-Month Term SOFR+359 basis    points), 4/17/20304,5,11
​ ​ ​ ​ 502,214 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2013-1A, Class CR, 8.513% (3-Month Term SOFR+321    basis points), 10/15/20304,5,11
​ ​ ​ ​ 500,902 ​ ​
​ ​ ​ 380,000 ​ ​ ​
   Series 2019-1A, Class DR, 8.413% (3-Month Term SOFR+311    basis points), 4/15/20314,5,11
​ ​ ​ ​ 381,243 ​ ​
​ ​ ​ 1,000,000 ​ ​ ​
   Series 2014-1A, Class CR2, 8.341% (3-Month Term SOFR+306    basis points), 4/18/20314,5,11
​ ​ ​ ​ 1,002,141 ​ ​
​ ​ ​ 250,000 ​ ​ ​
   Series 2018-2A, Class D, 8.313% (3-Month Term SOFR+301 basis    points), 7/15/20314,5,11
​ ​ ​ ​ 250,488 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2016-3A, Class CR, 8.791% (3-Month Term SOFR+351    basis points), 10/18/20314,5,11
​ ​ ​ ​ 502,947 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2015-3A, Class CR, 8.694% (3-Month Term SOFR+341    basis points), 10/20/20314,5,11
​ ​ ​ ​ 498,945 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2019-2A, Class D, 9.244% (3-Month Term SOFR+396 basis    points), 7/20/20324,5,11
​ ​ ​ ​ 501,289 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2020-3A, Class ER, 11.944% (3-Month Term SOFR+666    basis points), 10/20/20344,5,11
​ ​ ​ ​ 501,627 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2022-4A, Class ER, 11.982% (3-Month Term SOFR+670    basis points), 4/20/20374,5,11
​ ​ ​ ​ 506,229 ​ ​
​ ​ ​ 500,000 ​ ​ ​
   Series 2019-1A, Class D1RR, 7.499% (3-Month Term SOFR+305    basis points), 10/15/20374,5,11
​ ​ ​ ​ 500,000 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $91,362,412)
​ ​ ​
​
91,553,905
 ​ ​
​
10
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2024 (Unaudited)
​
 
​
Number
of Shares
​ ​ ​ ​ ​
Value
​
​
         ​
 ​ ​ PRIVATE INVESTMENT FUNDS – 9.4% ​
​ ​ ​ N/A12 ​ ​ ​ DSC Meridian Credit Opportunities Onshore6 ​ ​ ​ $ 5,763,893 ​ ​
​ ​ ​ N/A12 ​ ​ ​ Linden Investors LP6 ​ ​ ​ ​ 5,780,523 ​ ​
​ ​ ​ 2,750,000 ​ ​ ​ IFRG Investor III LP6 ​ ​ ​ ​   2,145,000 ​ ​
​ ​ ​ N/A12 ​ ​ ​ Old Orchard Credit Fund LP6 ​ ​ ​ ​ 5,548,797 ​ ​
​ ​ ​ N/A12 ​ ​ ​ Seer Capital Regulatory Capital Relief Fund ​ ​ ​ ​ 4,050,606 ​ ​
​ ​ ​ N/A12 ​ ​ ​ TCW Rescue Financing II LP ​ ​ ​ ​ 58,610 ​ ​
​ ​ ​ N/A12 ​ ​ ​ Whitehawk IV-Plus Onshore Fund LP ​ ​ ​ ​ 943,044 ​ ​
​ ​ ​ N/A12 ​ ​ ​ Wynwood BN, LLC ​ ​ ​ ​ 303,601 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL PRIVATE INVESTMENT FUNDS
(Cost $23,490,803)
​ ​ ​
​
24,594,074
 ​ ​
​ ​ ​ ​ ​ ​ ​ SHORT-TERM INVESTMENTS – 18.4% ​ ​ ​ ​ ​ ​ ​
​ ​ ​ 47,965,607 ​ ​ ​ Morgan Stanley Institutional Liquidity Fund – Government Portfolio –     Institutional Class, 4.76%13 ​ ​ ​
​
47,965,607
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL SHORT-TERM INVESTMENTS
(Cost $47,965,607)
​ ​ ​
​
47,965,607
 ​ ​
​ ​ ​ ​ ​ ​ ​
TOTAL INVESTMENTS – 110.3%
(Cost $286,781,239)
​ ​ ​ ​ 287,859,860 ​ ​
​ ​ ​ ​ ​ ​ ​ Liabilities in Excess of Other Assets – (10.3)% ​ ​ ​ ​ (26,889,689) ​ ​
​ ​ ​ ​ ​ ​ ​ TOTAL NET ASSETS – 100.0% ​ ​ ​ $ 260,970,171 ​ ​
LLC – Limited Liability Company
LP – Limited Partnership
PLC – Public Limited Company
* Non-income producing security.
1 Principal Amount denoted in local currency.
2 Foreign security denominated in U.S. Dollars.
3 All or a portion of this investment is a holding of FTPCF Cayman Sub1 Ltd.
4 Callable.
5 Floating rate security, upon which the interest rate adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. Rate shown is the rate in effect as of period end.
6 The value of these securities was determined using significant unobservable inputs. These are reported as Level 3 securities in the Fair Value Hierarchy.
7 Represents an unfunded loan commitment. The rate disclosed is equal to the commitment fee. The negative cost and/or fair value, if applicable, is due to the discount received in excess of the principal amount of the unfunded commitment.
8 A portion of this holding is subject to unfunded loan commitments. The stated interest rate reflects the reference rate and spread for the funded portion.
9 Payment-in-kind interest is generally paid by issuing additional par of the security rather than paying cash.
10 Affiliated company.
11 Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $64,802,991, which represents 24.83% of the total net assets of the Fund.
12 Investment does not issue shares.
13 The rate is the annualized seven-day yield at period end.
11
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2024 (Unaudited)
​
 
Securities With Restrictions On Redemptions
​ ​
Redemptions
Permitted
​ ​
Redemption
Notice Period
​ ​
Cost
​ ​
Fair Value
​ ​
Original
Acquisition
Date
​
DSC Meridan Credit Opportunities Onshore LPa
​ ​
Quarterlyb
​ ​
65 Days
​ ​ ​ $ 5,000,000 ​ ​ ​ ​ $ 5,763,893 ​ ​ ​
5/1/2023
​
IRFG Investors LPa
​ ​
Not permitted
​ ​
N/A
​ ​ ​ ​ 2,750,000 ​ ​ ​ ​ ​ 2,145,000 ​ ​ ​
7/28/2023
​
Linden Investors LPa
​ ​
Quarterlyb
​ ​
65 Days
​ ​ ​ ​ 5,250,000 ​ ​ ​ ​ ​ 5,780,523 ​ ​ ​
5/1/2023
​
Old Orchard Credit Fund LPa
​ ​
Quarterlyb
​ ​
65 Days
​ ​ ​ ​ 5,250,000 ​ ​ ​ ​ ​ 5,548,797 ​ ​ ​
5/31/2023
​
Palmer Square Capital BDC, Inc.
​ ​
Not permitted
​ ​
N/A
​ ​ ​ ​ 2,725,605 ​ ​ ​ ​ ​ 2,707,039 ​ ​ ​
2/1/2023
​
Seer Capital Regulatory Capital Relief Funda
​ ​
Not permitted
​ ​
N/A
​ ​ ​ ​ 4,000,000 ​ ​ ​ ​ ​ 4,050,606 ​ ​ ​
3/7/2023
​
TCW Direct Lending VIII LLCa
​ ​
Not permitted
​ ​
N/A
​ ​ ​ ​ 5,476,015 ​ ​ ​ ​ ​ 4,891,260 ​ ​ ​
8/9/2023
​
TCW Rescue Financing II LPa
​ ​
Not permitted
​ ​
N/A
​ ​ ​ ​ — ​ ​ ​ ​ ​ 58,610 ​ ​ ​
9/12/2024
​
WhiteHawk IV-Plus Onshore Fund,
L.P.a
​ ​
Not permitted
​ ​
N/A
​ ​ ​ ​ 940,804 ​ ​ ​ ​ ​ 943,044 ​ ​ ​
6/29/2023
​
Wynwood BN, LLCa
​ ​
Not permitted
​ ​
N/A
​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 303,601 ​ ​ ​
1/26/2023
​
Totals ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 32,192,373 ​ ​ ​ ​ $ 31,692,423 ​ ​ ​ ​ ​
​
a Securities generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.
b The Private Investment Fund can institute a gate provision on redemptions at the investor level of 25% of the fair value of the investment in the Private Investment Fund.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Sale Contracts
​ ​
Counterparty
​ ​
Currency
Exchange
​ ​
Settlement
Date
​ ​
Currency
Amount
Sold
​ ​
Value At
Settlement
Date
​ ​
Value At
September 30,
2024
​ ​
Unrealized
Appreciation
(Depreciation)
​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 10/22/2024 ​ ​ ​ ​ $ (20,000) ​ ​ ​ ​ $ (22,210) ​ ​ ​ ​ $ (22,285) ​ ​ ​ ​ $ (75) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 10/22/2024 ​ ​ ​ ​ ​ (50,000) ​ ​ ​ ​ ​ (54,325) ​ ​ ​ ​ ​ (55,713) ​ ​ ​ ​ ​ (1,388) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 10/24/2024 ​ ​ ​ ​ ​ (40,000) ​ ​ ​ ​ ​ (44,156) ​ ​ ​ ​ ​ (44,574) ​ ​ ​ ​ ​ (418) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 11/15/2024 ​ ​ ​ ​ ​ (7,500,000) ​ ​ ​ ​ ​ (8,281,500) ​ ​ ​ ​ ​ (8,364,163) ​ ​ ​ ​ ​ (82,663) ​ ​
GBP
​ ​
BNP Paribas
​ ​
GBP per USD
​ ​ ​ ​ 11/15/2024 ​ ​ ​ ​ ​ (2,753,842) ​ ​ ​ ​ ​ (3,528,053) ​ ​ ​ ​ ​ (3,681,455) ​ ​ ​ ​ ​ (153,402) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 11/22/2024 ​ ​ ​ ​ ​ (30,000) ​ ​ ​ ​ ​ (33,315) ​ ​ ​ ​ ​ (33,466) ​ ​ ​ ​ ​ (151) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 11/22/2024 ​ ​ ​ ​ ​ (50,000) ​ ​ ​ ​ ​ (55,040) ​ ​ ​ ​ ​ (55,777) ​ ​ ​ ​ ​ (737) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 11/22/2024 ​ ​ ​ ​ ​ (210,000) ​ ​ ​ ​ ​ (229,857) ​ ​ ​ ​ ​ (234,265) ​ ​ ​ ​ ​ (4,408) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 12/20/2024 ​ ​ ​ ​ ​ (132,000) ​ ​ ​ ​ ​ (142,032) ​ ​ ​ ​ ​ (147,432) ​ ​ ​ ​ ​ (5,400) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 1/22/2025 ​ ​ ​ ​ ​ (30,000) ​ ​ ​ ​ ​ (33,390) ​ ​ ​ ​ ​ (33,542) ​ ​ ​ ​ ​ (152) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 1/22/2025 ​ ​ ​ ​ ​ (80,000) ​ ​ ​ ​ ​ (87,664) ​ ​ ​ ​ ​ (89,445) ​ ​ ​ ​ ​ (1,781) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 1/22/2025 ​ ​ ​ ​ ​ (120,000) ​ ​ ​ ​ ​ (133,284) ​ ​ ​ ​ ​ (134,168) ​ ​ ​ ​ ​ (884) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 2/21/2025 ​ ​ ​ ​ ​ (10,000) ​ ​ ​ ​ ​ (11,120) ​ ​ ​ ​ ​ (11,194) ​ ​ ​ ​ ​ (74) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 2/21/2025 ​ ​ ​ ​ ​ (40,000) ​ ​ ​ ​ ​ (44,220) ​ ​ ​ ​ ​ (44,775) ​ ​ ​ ​ ​ (555) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 2/21/2025 ​ ​ ​ ​ ​ (530,000) ​ ​ ​ ​ ​ (585,010) ​ ​ ​ ​ ​ (593,271) ​ ​ ​ ​ ​ (8,261) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 2/24/2025 ​ ​ ​ ​ ​ (70,000) ​ ​ ​ ​ ​ (77,014) ​ ​ ​ ​ ​ (78,366) ​ ​ ​ ​ ​ (1,352) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 4/22/2025 ​ ​ ​ ​ ​ (20,000) ​ ​ ​ ​ ​ (22,280) ​ ​ ​ ​ ​ (22,436) ​ ​ ​ ​ ​ (156) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 4/22/2025 ​ ​ ​ ​ ​ (90,000) ​ ​ ​ ​ ​ (99,271) ​ ​ ​ ​ ​ (100,963) ​ ​ ​ ​ ​ (1,692) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 4/22/2025 ​ ​ ​ ​ ​ (190,000) ​ ​ ​ ​ ​ (209,171) ​ ​ ​ ​ ​ (213,143) ​ ​ ​ ​ ​ (3,972) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 5/22/2025 ​ ​ ​ ​ ​ (448,000) ​ ​ ​ ​ ​ (498,848) ​ ​ ​ ​ ​ (503,149) ​ ​ ​ ​ ​ (4,301) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 5/22/2025 ​ ​ ​ ​ ​ (50,000) ​ ​ ​ ​ ​ (55,400) ​ ​ ​ ​ ​ (56,155) ​ ​ ​ ​ ​ (755) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 5/22/2025 ​ ​ ​ ​ ​ (410,000) ​ ​ ​ ​ ​ (454,287) ​ ​ ​ ​ ​ (460,471) ​ ​ ​ ​ ​ (6,184) ​ ​
12
First Trust Private Credit Fund
CONSOLIDATED SCHEDULE OF INVESTMENTS — Continued
As of September 30, 2024 (Unaudited)
​
 
Sale Contracts
​ ​
Counterparty
​ ​
Currency
Exchange
​ ​
Settlement
Date
​ ​
Currency
Amount
Sold
​ ​
Value At
Settlement
Date
​ ​
Value At
September 30,
2024
​ ​
Unrealized
Appreciation
(Depreciation)
​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 7/22/2025 ​ ​ ​ ​ ​ (20,000) ​ ​ ​ ​ ​ (22,340) ​ ​ ​ ​ ​ (22,515) ​ ​ ​ ​ ​ (175) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 7/22/2025 ​ ​ ​ ​ $ (70,000) ​ ​ ​ ​ $ (77,318) ​ ​ ​ ​ $ (78,802) ​ ​ ​ ​ $ (1,484) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 7/22/2025 ​ ​ ​ ​ ​ (110,000) ​ ​ ​ ​ ​ (121,451) ​ ​ ​ ​ ​ (123,831) ​ ​ ​ ​ ​ (2,380) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 8/22/2025 ​ ​ ​ ​ ​ (30,000) ​ ​ ​ ​ ​ (33,420) ​ ​ ​ ​ ​ (33,813) ​ ​ ​ ​ ​ (393) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 8/22/2025 ​ ​ ​ ​ ​ (540,000) ​ ​ ​ ​ ​ (600,003) ​ ​ ​ ​ ​ (608,626) ​ ​ ​ ​ ​ (8,623) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 10/22/2025 ​ ​ ​ ​ ​ (20,000) ​ ​ ​ ​ ​ (22,380) ​ ​ ​ ​ ​ (22,591) ​ ​ ​ ​ ​ (211) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 10/22/2025 ​ ​ ​ ​ ​ (688,000) ​ ​ ​ ​ ​ (769,402) ​ ​ ​ ​ ​ (777,123) ​ ​ ​ ​ ​ (7,721) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 10/22/2025 ​ ​ ​ ​ ​ (120,000) ​ ​ ​ ​ ​ (132,924) ​ ​ ​ ​ ​ (135,545) ​ ​ ​ ​ ​ (2,621) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 11/21/2025 ​ ​ ​ ​ ​ (30,000) ​ ​ ​ ​ ​ (33,465) ​ ​ ​ ​ ​ (33,925) ​ ​ ​ ​ ​ (460) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 11/21/2025 ​ ​ ​ ​ ​ (330,000) ​ ​ ​ ​ ​ (368,187) ​ ​ ​ ​ ​ (373,175) ​ ​ ​ ​ ​ (4,988) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 11/24/2025 ​ ​ ​ ​ ​ (70,000) ​ ​ ​ ​ ​ (77,840) ​ ​ ​ ​ ​ (79,167) ​ ​ ​ ​ ​ (1,327) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 1/22/2026 ​ ​ ​ ​ ​ (80,000) ​ ​ ​ ​ ​ (89,070) ​ ​ ​ ​ ​ (90,682) ​ ​ ​ ​ ​ (1,612) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 2/20/2026 ​ ​ ​ ​ ​ (680,000) ​ ​ ​ ​ ​ (760,920) ​ ​ ​ ​ ​ (771,652) ​ ​ ​ ​ ​ (10,732) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 2/20/2026 ​ ​ ​ ​ ​ (360,000) ​ ​ ​ ​ ​ (402,792) ​ ​ ​ ​ ​ (408,521) ​ ​ ​ ​ ​ (5,729) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 2/23/2026 ​ ​ ​ ​ ​ (1,505,000) ​ ​ ​ ​ ​ (1,673,880) ​ ​ ​ ​ ​ (1,708,043) ​ ​ ​ ​ ​ (34,163) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 4/22/2026 ​ ​ ​ ​ ​ (50,000) ​ ​ ​ ​ ​ (55,855) ​ ​ ​ ​ ​ (56,872) ​ ​ ​ ​ ​ (1,017) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 4/22/2026 ​ ​ ​ ​ ​ (100,000) ​ ​ ​ ​ ​ (111,380) ​ ​ ​ ​ ​ (113,744) ​ ​ ​ ​ ​ (2,364) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 5/22/2026 ​ ​ ​ ​ ​ (1,954,000) ​ ​ ​ ​ ​ (2,191,391) ​ ​ ​ ​ ​ (2,225,131) ​ ​ ​ ​ ​ (33,740) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 6/18/2026 ​ ​ ​ ​ ​ (944,000) ​ ​ ​ ​ ​ (1,062,000) ​ ​ ​ ​ ​ (1,076,105) ​ ​ ​ ​ ​ (14,105) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 6/18/2026 ​ ​ ​ ​ ​ 144,000 ​ ​ ​ ​ ​ 160,013 ​ ​ ​ ​ ​ 164,152 ​ ​ ​ ​ ​ 4,139 ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 7/22/2026 ​ ​ ​ ​ ​ (50,000) ​ ​ ​ ​ ​ (55,800) ​ ​ ​ ​ ​ (57,072) ​ ​ ​ ​ ​ (1,272) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 7/22/2026 ​ ​ ​ ​ ​ (140,000) ​ ​ ​ ​ ​ (156,310) ​ ​ ​ ​ ​ (159,801) ​ ​ ​ ​ ​ (3,491) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 8/21/2026 ​ ​ ​ ​ ​ (200,000) ​ ​ ​ ​ ​ (225,000) ​ ​ ​ ​ ​ (228,552) ​ ​ ​ ​ ​ (3,552) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 8/24/2026 ​ ​ ​ ​ ​ (70,000) ​ ​ ​ ​ ​ (78,645) ​ ​ ​ ​ ​ (80,002) ​ ​ ​ ​ ​ (1,357) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 10/22/2026 ​ ​ ​ ​ ​ (50,000) ​ ​ ​ ​ ​ (55,975) ​ ​ ​ ​ ​ (57,275) ​ ​ ​ ​ ​ (1,300) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 10/22/2026 ​ ​ ​ ​ ​ (110,000) ​ ​ ​ ​ ​ (123,255) ​ ​ ​ ​ ​ (126,005) ​ ​ ​ ​ ​ (2,750) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 11/6/2026 ​ ​ ​ ​ ​ (1,408,000) ​ ​ ​ ​ ​ (1,576,960) ​ ​ ​ ​ ​ (1,613,807) ​ ​ ​ ​ ​ (36,847) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 11/6/2026 ​ ​ ​ ​ ​ 368,000 ​ ​ ​ ​ ​ 412,344 ​ ​ ​ ​ ​ 421,790 ​ ​ ​ ​ ​ 9,446 ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 11/20/2026 ​ ​ ​ ​ ​ (2,560,000) ​ ​ ​ ​ ​ (2,885,120) ​ ​ ​ ​ ​ (2,935,787) ​ ​ ​ ​ ​ (50,667) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 11/23/2026 ​ ​ ​ ​ ​ (80,000) ​ ​ ​ ​ ​ (90,200) ​ ​ ​ ​ ​ (91,754) ​ ​ ​ ​ ​ (1,554) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 1/22/2027 ​ ​ ​ ​ ​ (120,000) ​ ​ ​ ​ ​ (134,808) ​ ​ ​ ​ ​ (137,952) ​ ​ ​ ​ ​ (3,144) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 2/22/2027 ​ ​ ​ ​ ​ (90,000) ​ ​ ​ ​ ​ (101,880) ​ ​ ​ ​ ​ (103,589) ​ ​ ​ ​ ​ (1,709) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 4/22/2027 ​ ​ ​ ​ ​ (130,000) ​ ​ ​ ​ ​ (146,484) ​ ​ ​ ​ ​ (149,972) ​ ​ ​ ​ ​ (3,488) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 5/24/2027 ​ ​ ​ ​ ​ (90,000) ​ ​ ​ ​ ​ (102,285) ​ ​ ​ ​ ​ (103,957) ​ ​ ​ ​ ​ (1,672) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 6/4/2027 ​ ​ ​ ​ ​ (1,976,000) ​ ​ ​ ​ ​ (2,242,760) ​ ​ ​ ​ ​ (2,283,411) ​ ​ ​ ​ ​ (40,651) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 7/22/2027 ​ ​ ​ ​ ​ (120,000) ​ ​ ​ ​ ​ (135,480) ​ ​ ​ ​ ​ (138,929) ​ ​ ​ ​ ​ (3,449) ​ ​
EUR
​ ​
BNP Paribas
​ ​
EUR per USD
​ ​ ​ ​ 7/30/2027 ​ ​ ​ ​ ​ (2,584,000) ​ ​ ​ ​ ​ (2,917,853) ​ ​ ​ ​ ​ (2,992,546) ​ ​ ​ ​ ​ (74,693) ​ ​
TOTAL FORWARD FOREIGN CURRENCY
EXCHANGE CONTRACTS
​ ​ ​ ​ ​ ​ ​ ​ ​ $ (33,763,923) ​ ​ ​ ​ $ (34,394,540) ​ ​ ​ ​ $ (630,617) ​ ​
​
EUR – Euro
GBP – British Pound Sterling
 
13
First Trust Private Credit Fund
CONSOLIDATED SUMMARY OF INVESTMENTS
As of September 30, 2024 (Unaudited)
​
Security Type/Sector​
​ ​
Percent of Total
Net Assets​
​
Asset-Backed Securities
​ ​ ​ ​ 6.9% ​ ​
Bank Loans
​ ​ ​ ​ 37.6% ​ ​
Closed-End Funds
​ ​ ​ ​ 2.9% ​ ​
Collateralized Loan Obligations
​ ​ ​ ​ 35.1% ​ ​
Private Investment Funds
​ ​ ​ ​ 9.4% ​ ​
Short-Term Investments
​ ​ ​ ​ 18.4% ​ ​
Total Investments
​ ​ ​ ​ 110.3% ​ ​
Liabilities in Excess of Other Assets
​ ​ ​ ​ (10.3)% ​ ​
Total Net Assets
​ ​ ​ ​ 100.0% ​ ​
​
See accompanying Notes to Consolidated Financial Statements.
14
First Trust Private Credit Fund
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
As of September 30, 2024 (Unaudited)
​
​ ​ ​
​ Assets: ​ ​ ​ ​ ​ ​ ​
​
Investments in securities, at fair value
​ ​ ​ ​ ​ ​ ​
​
Unaffiliated investments (cost $248,331,142)
​ ​ ​ $ 250,405,402 ​ ​
​
Affiliated investments (cost $38,450,097)
​ ​ ​ ​ 37,454,458 ​ ​
​
Forward foreign currency exchange contracts
​ ​ ​ ​ 13,585 ​ ​
​
Cash
​ ​ ​ ​ 817,149 ​ ​
​
Foreign currency, at value (cost $513,734)
​ ​ ​ ​ 518,773 ​ ​
​
Receivables:
​ ​ ​ ​ ​ ​ ​
​
Interest and dividends
​ ​ ​ ​ 3,086,317 ​ ​
​
Fund shares sold
​ ​ ​ ​ 863,760 ​ ​
​
Investment securities sold
​ ​ ​ ​ 35,814 ​ ​
​
Prepaid expenses
​ ​ ​ ​ 91,172 ​ ​
​
Total assets
​ ​ ​ ​ 293,286,430 ​ ​
​ Liabilities: ​ ​ ​ ​ ​ ​ ​
​
Forward foreign currency exchange contracts
​ ​ ​ ​ 644,202 ​ ​
​
Payables:
​ ​ ​ ​ ​ ​ ​
​
Line of credit payable (Note 13)
​ ​ ​ ​ 20,000,000 ​ ​
​
Fund shares redeemed
​ ​ ​ ​ 9,204,853 ​ ​
​
Investment securities purchased
​ ​ ​ ​ 2,081,615 ​ ​
​
Investment Advisor fees
​ ​ ​ ​ 130,612 ​ ​
​
Fund services expense
​ ​ ​ ​ 100,970 ​ ​
​
Legal fees
​ ​ ​ ​ 42,691 ​ ​
​
Auditing fees
​ ​ ​ ​ 40,404 ​ ​
​
Interest payable (Note 13)
​ ​ ​ ​ 18,317 ​ ​
​
Tax services expense
​ ​ ​ ​ 16,900 ​ ​
​
Distribution fees – Class A (Note 3)
​ ​ ​ ​ 42 ​ ​
​
Distribution fees – Class I (Note 3)
​ ​ ​ ​ 6,895 ​ ​
​
Unused line of credit fees (Note 13)
​ ​ ​ ​ 4,169 ​ ​
​
Chief Compliance Officer fees
​ ​ ​ ​ 3,957 ​ ​
​
Trustees’ fees and expenses
​ ​ ​ ​ 1,531 ​ ​
​
Accrued other expenses
​ ​ ​ ​ 19,101 ​ ​
​
Total liabilities
​ ​ ​ ​ 32,316,259 ​ ​
​
Commitments and contingencies (Note 3 & Note 12)
​ ​
​
Net Assets
​ ​ ​ $ 260,970,171 ​ ​
​ Components of Net Assets ​ ​ ​ ​ ​ ​ ​
​
Paid-in Capital (par value of $0.01 per share with an unlimited number of shares authorized)
​ ​ ​ $ 258,721,446 ​ ​
​
Total accumulated earnings
​ ​ ​ ​ 2,248,725 ​ ​
​
Net Assets
​ ​ ​ $ 260,970,171 ​ ​
​ Maximum Offering Price per Share ​ ​ ​ ​ ​ ​ ​
​
Class A Shares:
​ ​ ​ ​ ​ ​ ​
​
Net assets applicable to shares outstanding
​ ​ ​ $ 217,426 ​ ​
​
Shares of beneficial interest issued and outstanding
​ ​ ​ ​ 20,957 ​ ​
​
Net asset value, offering and redemption price per share
​ ​ ​ $ 10.37 ​ ​
​
Maximum sales charge (4.50% of offering price)*
​ ​ ​ $ 0.49 ​ ​
​
Maximum offer price to public
​ ​ ​ $ 10.86 ​ ​
​
Class I Shares:
​ ​ ​ ​ ​ ​ ​
​
Net assets applicable to shares outstanding
​ ​ ​ $ 260,752,745 ​ ​
​
Shares of beneficial interest issued and outstanding
​ ​ ​ ​ 25,093,298 ​ ​
​
Net asset value, offering and redemption price per share
​ ​ ​ $ 10.39 ​ ​
​
* Investors in Class A Shares may be charged a sales charge of up to 4.50% of the subscription amount. For Class A Shares, no sales charge applies on investments of $250,000 or more, but a contingent deferred sales charge (“CDSC”) of 1.25% will be imposed to the extent a finder’s fee was paid on certain redemptions of such shares within 12 months of the date of purchase.
See accompanying Notes to Consolidated Financial Statements.
15
First Trust Private Credit Fund
CONSOLIDATED STATEMENT OF OPERATIONS
For the Six Months Ended September 30, 2024 (Unaudited)
​
​ Investment Income: ​ ​ ​ ​ ​ ​ ​
​
Dividends
​ ​ ​ $ 1,032,609 ​ ​
​
Interest
​ ​ ​ ​ 9,760,704 ​ ​
​
Interest from affiliated issuers
​ ​ ​ ​ 2,741,794 ​ ​
​
Total investment income
​ ​ ​ ​ 13,535,107 ​ ​
​ Expenses: ​ ​ ​ ​ ​ ​ ​
​
Investment Advisor fees
​ ​ ​ ​ 1,530,972 ​ ​
​
Fund services expense
​ ​ ​ ​ 174,267 ​ ​
​
Distribution fees – Class I (Note 3)
​ ​ ​ ​ 148,965 ​ ​
​
Distribution fees – Class A (Note 3)
​ ​ ​ ​ 41 ​ ​
​
Legal fees
​ ​ ​ ​ 77,898 ​ ​
​
Auditing fees
​ ​ ​ ​ 41,523 ​ ​
​
Trustees’ fees and expenses
​ ​ ​ ​ 32,839 ​ ​
​
Registration fees
​ ​ ​ ​ 28,240 ​ ​
​
Shareholder reporting fees
​ ​ ​ ​ 26,882 ​ ​
​
Interest expense (Note 13)
​ ​ ​ ​ 18,317 ​ ​
​
Chief Compliance Officer fees
​ ​ ​ ​ 14,976 ​ ​
​
Insurance fees
​ ​ ​ ​ 12,790 ​ ​
​
Unused line of credit fee (Note 13)
​ ​ ​ ​ 8,604 ​ ​
​
Tax services
​ ​ ​ ​ 7,907 ​ ​
​
Miscellaneous
​ ​ ​ ​ 23,887 ​ ​
​
Total expenses
​ ​ ​ ​ 2,148,108 ​ ​
​
Investment Advisor fees waived
​ ​ ​ ​ (318,465) ​ ​
​
Net expenses
​ ​ ​ ​ 1,829,643 ​ ​
​
Net investment income
​ ​ ​ ​ 11,705,464 ​ ​
​ Realized and Unrealized Gain (Loss): ​ ​ ​ ​ ​ ​ ​
​
Net realized gain (loss) on:
​ ​ ​ ​ ​ ​ ​
​
Investments in unaffiliated issuers
​ ​ ​ ​ 98,076 ​ ​
​
Investments in affiliated issuers
​ ​ ​ ​ 14,480 ​ ​
​
Foreign currency transactions
​ ​ ​ ​ 41,746 ​ ​
​
Forward contracts
​ ​ ​ ​ (295,899) ​ ​
​
Net realized gain (loss)
​ ​ ​ ​ (141,597) ​ ​
​
Net change in unrealized appreciation/depreciation on:
​ ​ ​ ​ ​ ​ ​
​
Investments in unaffiliated issuers
​ ​ ​ ​ (635,146) ​ ​
​
Investments in affiliated issuers
​ ​ ​ ​ (798,858) ​ ​
​
Forward contracts
​ ​ ​ ​ (588,992) ​ ​
​
Foreign currency transactions
​ ​ ​ ​ 5,842 ​ ​
​
Net change in unrealized appreciation/depreciation
​ ​ ​ ​ (2,017,154) ​ ​
​
Net realized and unrealized gain (loss) on investments, foreign currency and forward contracts
​ ​ ​
​
(2,158,751)
 ​ ​
​
Net Increase in Net Assets from Operations
​ ​ ​ $ 9,546,713 ​ ​
See accompanying Notes to Consolidated Financial Statements.
16
First Trust Private Credit Fund
CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS
​
​ ​ ​
For the
Six Months Ended
September 30, 2024
(Unaudited)
​ ​
For the
Year Ended
March 31, 2024
​
Increase (Decrease) in Net Assets From: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income
​ ​ ​ $ 11,705,464 ​ ​ ​ ​ $ 7,081,797 ​ ​
Net realized gain (loss) on investments, foreign currency and forward contracts
​ ​ ​ ​ (141,597) ​ ​ ​ ​ ​ 231,171 ​ ​
Net change in unrealized appreciation/depreciation on investments and forward contracts
​ ​ ​ ​ (2,017,154) ​ ​ ​ ​ ​ 2,348,320 ​ ​
Net increase in net assets resulting from operations
​ ​ ​ ​ 9,546,713 ​ ​ ​ ​ ​ 9,661,288 ​ ​
Distributions to Shareholders: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Distributions:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class A1
​ ​ ​ ​ (2,893) ​ ​ ​ ​ ​ (76) ​ ​
Class I
​ ​ ​ ​ (10,419,166) ​ ​ ​ ​ ​ (6,980,305) ​ ​
Total distributions to shareholders
​ ​ ​ ​ (10,422,059) ​ ​ ​ ​ ​ (6,980,381) ​ ​
Capital Transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net proceeds from shares sold:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class A1
​ ​ ​ ​ 215,470 ​ ​ ​ ​ ​ 1,000 ​ ​
Class I
​ ​ ​ ​ 117,807,581 ​ ​ ​ ​ ​ 133,242,086 ​ ​
Reinvestment of distributions:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class A1
​ ​ ​ ​ 630 ​ ​ ​ ​ ​ 76 ​ ​
Class I
​ ​ ​ ​ 352,482 ​ ​ ​ ​ ​ 212,152 ​ ​
Cost of shares redeemed:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ (19,219,245) ​ ​ ​ ​ ​ (4,457,172) ​ ​
Net increase in net assets from capital transactions
​ ​ ​ ​ 99,156,918 ​ ​ ​ ​ ​ 128,998,142 ​ ​
Total increase in net assets
​ ​ ​ ​ 98,281,572 ​ ​ ​ ​ ​ 131,679,049 ​ ​
Net Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Beginning of period
​ ​ ​ ​ 162,688,599 ​ ​ ​ ​ ​ 31,009,550 ​ ​
End of period
​ ​ ​ $ 260,970,171 ​ ​ ​ ​ $ 162,688,599 ​ ​
Capital Share Transactions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Shares sold:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class A1
​ ​ ​ ​ 20,790 ​ ​ ​ ​ ​ 99 ​ ​
Class I
​ ​ ​ ​ 11,337,693 ​ ​ ​ ​ ​ 12,898,799 ​ ​
Shares reinvested:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class A1
​ ​ ​ ​ 61 ​ ​ ​ ​ ​ 7 ​ ​
Class I
​ ​ ​ ​ 34,063 ​ ​ ​ ​ ​ 20,783 ​ ​
Shares redeemed:
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Class I
​ ​ ​ ​ (1,846,087) ​ ​ ​ ​ ​ (429,565) ​ ​
Net increase in capital share transactions
​ ​ ​ ​ 9,546,520 ​ ​ ​ ​ ​ 12,490,123 ​ ​
​
1 Class A Shares commenced public offering on June 6, 2023.
See accompanying Notes to Consolidated Financial Statements.
17
First Trust Private Credit Fund
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Six Months Ended September 30, 2024 (Unaudited)
​
​ Increase (Decrease) in Cash ​ ​ ​ ​ ​ ​ ​
​
Cash flows provided by (used for) operating activities:
​ ​ ​ ​ ​ ​ ​
​
Net increase in net assets resulting from operations
​ ​ ​ $ 9,546,713 ​ ​
​
Adjustments to reconcile net increase in net assets resulting from operations to
net cash provided by (used for) operating activities:
​ ​ ​ ​ ​ ​ ​
​
Purchases of long-term portfolio investments
​ ​ ​ ​ (125,226,698) ​ ​
​
Sales of long-term portfolio investments
​ ​ ​ ​ 23,627,233 ​ ​
​
Purchase/Sales of short-term investments, net
​ ​ ​ ​ (23,828,258) ​ ​
​
Increase in interest and dividends
​ ​ ​ ​ (1,835,192) ​ ​
​
Decrease in due from Investment Adviser
​ ​ ​ ​ 14,041 ​ ​
​
Increase in fund shares sold
​ ​ ​ ​ (214,951) ​ ​
​
Increase in prepaid expenses
​ ​ ​ ​ (64,138) ​ ​
​
Increase in line of credit payable (Note 13)
​ ​ ​ ​ 20,000,000 ​ ​
​
Increase in Investment Advisor fees
​ ​ ​ ​ 130,612 ​ ​
​
Increase in fund shares redeemed
​ ​ ​ ​ 7,552,977 ​ ​
​
Decrease in auditing fees
​ ​ ​ ​ (16,577) ​ ​
​
Increase in legal fees
​ ​ ​ ​ 17,433 ​ ​
​
Increase in distribution fees – Class A (Note 3)
​ ​ ​ ​ 41 ​ ​
​
Decrease in distribution fees – Class I (Note 3)
​ ​ ​ ​ (13,984) ​ ​
​
Increase in tax services expense
​ ​ ​ ​ 32 ​ ​
​
Decrease in shareholder reporting fees
​ ​ ​ ​ (14,194) ​ ​
​
Increase in fund services expense
​ ​ ​ ​ 87,042 ​ ​
​
Increase in Chief Compliance Officer fees
​ ​ ​ ​ 1,105 ​ ​
​
Increase in interest payable (Note 13)
​ ​ ​ ​ 18,317 ​ ​
​
Increase in unused line of credit fees (Note 13)
​ ​ ​ ​ 4,169 ​ ​
​
Increase in trustees’ fees and expenses
​ ​ ​ ​ 1,339 ​ ​
​
Decrease in accrued other expenses
​ ​ ​ ​ (4,617) ​ ​
​
Net realized gain (loss) on investments, foreign currency and forward contracts
​ ​ ​ ​ 141,597 ​ ​
​
Net change in unrealized appreciation/depreciation on investments and forward contracts
​ ​ ​ ​ 2,017,154 ​ ​
​
Net cash provided by (used for) operating activities
​ ​ ​ ​ (88,058,804) ​ ​
​ Cash flows provided by (used for) financing activities: ​ ​ ​ ​ ​ ​ ​
​
Proceeds from shares sold
​ ​ ​ ​ 118,023,051 ​ ​
​
Dividends paid to shareholders, net of reinvestments
​ ​ ​ ​ (10,068,947) ​ ​
​
Cost of shares redeemed
​ ​ ​ ​ (19,219,245) ​ ​
​
Net cash provided by (used for) financing activities
​ ​ ​ ​ 88,734,859 ​ ​
​ Non-cash Investing and financiang activities: ​ ​ ​ ​ ​ ​ ​
​
Payment-in-kind of long-term portfolio investments
​ ​ ​ ​ (344,393) ​ ​
​
Net non-cash (used for) investing and financing activities
​ ​ ​ ​ (344,393) ​ ​
​
Net increase in cash and foreign currency
​ ​ ​ ​ 331,662 ​ ​
​
Effect of foreign exchange rate changes on cash
​ ​ ​ ​ 5,039 ​ ​
​
Cash at beginning of period
​ ​ ​ ​ 999,221 ​ ​
​
Cash and foreign currency at end of period
​ ​ ​ $ 1,335,922 ​ ​
Non-cash financing activities not included herein consist of $630 and $352,482 of reinvested dividends for Class A and Class I Shares, respectively.
See accompanying Notes to Consolidated Financial Statements.
18
First Trust Private Credit Fund
CONSOLIDATED FINANCIAL HIGHLIGHTS
Class A
​
Per share operating performance.
For a capital share outstanding throughout the period.
​ ​ ​
For the
Six Months Ended
September 30, 2024
(Unaudited)
​ ​
For the Period
June 6, 2023*
Through
March 31, 2024
​
Net asset value, beginning of period
​ ​ ​ $ 10.45 ​ ​ ​ ​ $ 10.00 ​ ​
Income from Investment Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income1
​ ​ ​ ​ 0.53 ​ ​ ​ ​ ​ 0.85 ​ ​
Net realized and unrealized gain (loss) on investments
​ ​ ​ ​ (0.09) ​ ​ ​ ​ ​ 0.35 ​ ​
Total from investment operations
​ ​ ​ ​ 0.44 ​ ​ ​ ​ ​ 1.20 ​ ​
Less Distributions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
From net investment income
​ ​ ​ ​ (0.52) ​ ​ ​ ​ ​ (0.72) ​ ​
From net realized gain
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.03) ​ ​
Total distributions
​ ​ ​ ​ (0.52) ​ ​ ​ ​ ​ (0.75) ​ ​
Net asset value, end of period
​ ​ ​ $ 10.37 ​ ​ ​ ​ $ 10.45 ​ ​
Total return2
​ ​ ​ ​ 4.34%3 ​ ​ ​ ​ ​ 10.59%3 ​ ​
Ratios and Supplemental Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (in thousands)
​ ​ ​ ​ 217 ​ ​ ​ ​ ​ 1 ​ ​
Ratio of expenses to average net assets (excluding interest expense, commitment fees and taxes):
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Before fees waived and expenses absorbed
​ ​ ​ ​ 2.29%4 ​ ​ ​ ​ ​ 2.30%4 ​ ​
After fees waived and expenses absorbed
​ ​ ​ ​ 2.29%4 ​ ​ ​ ​ ​ 2.30%4 ​ ​
Ratio of net investment income (loss) to average net assets (excluding interest expense, commitment fees and taxes):
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Before fees waived and expenses absorbed
​ ​ ​ ​ 10.09%4 ​ ​ ​ ​ ​ 10.06%4 ​ ​
After fees waived and expenses absorbed
​ ​ ​ ​ 10.09%4 ​ ​ ​ ​ ​ 10.06%4 ​ ​
Ratio of expenses to average net assets (including interest expense, commitment fees and taxes):
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Before fees waived and expenses absorbed
​ ​ ​ ​ 2.32%4 ​ ​ ​ ​ ​ 2.30%4 ​ ​
After fees waived and expenses absorbed
​ ​ ​ ​ 2.32%4 ​ ​ ​ ​ ​ 2.30%4 ​ ​
Ratio of net investment income (loss) to average net assets (including interest expense, commitment fees and taxes):
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Before fees waived and expenses absorbed
​ ​ ​ ​ 10.13%4 ​ ​ ​ ​ ​ 10.06%4 ​ ​
After fees waived and expenses absorbed
​ ​ ​ ​ 10.13%4 ​ ​ ​ ​ ​ 10.06%4 ​ ​
Portfolio turnover rate
​ ​ ​ ​ 13%3 ​ ​ ​ ​ ​ 25%3 ​ ​
​
* Commencement of public offering.
1 Based on average shares outstanding for the period.
2 Total return would have been lower had fees not been waived or absorbed by the Investment Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Class A Shares.
3 Not annualized.
4 Annualized.
See accompanying Notes to Consolidated Financial Statements.
19
First Trust Private Credit Fund
CONSOLIDATED FINANCIAL HIGHLIGHTS
Class I
​
Per share operating performance.
For a capital share outstanding throughout each period.
​ ​ ​
For the
Six Months Ended
September 30, 2024
(Unaudited)
​ ​
For the
Year Ended
March 31, 2024
​ ​
For the Period
May 9, 2022*
Through
March 31, 2023
​
Net asset value, beginning of period
​ ​ ​ $ 10.45 ​ ​ ​ ​ $ 10.08 ​ ​ ​ ​ $ 10.00 ​ ​
Income from Investment Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net investment income1
​ ​ ​ ​ 0.56 ​ ​ ​ ​ ​ 0.96 ​ ​ ​ ​ ​ 0.54 ​ ​
Net realized and unrealized gain (loss) on investments
​ ​ ​ ​ (0.10) ​ ​ ​ ​ ​ 0.35 ​ ​ ​ ​ ​ (0.20) ​ ​
Total from investment operations
​ ​ ​ ​ 0.46 ​ ​ ​ ​ ​ 1.31 ​ ​ ​ ​ ​ 0.34 ​ ​
Less Distributions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
From net investment income
​ ​ ​ ​ (0.52) ​ ​ ​ ​ ​ (0.91) ​ ​ ​ ​ ​ (0.25) ​ ​
From net realized gain
​ ​ ​ ​ — ​ ​ ​ ​ ​ (0.03) ​ ​ ​ ​ ​ (0.01) ​ ​
Total distributions
​ ​ ​ ​ (0.52) ​ ​ ​ ​ ​ (0.94) ​ ​ ​ ​ ​ (0.26) ​ ​
Net asset value, end of period
​ ​ ​ $ 10.39 ​ ​ ​ ​ $ 10.45 ​ ​ ​ ​ $ 10.08 ​ ​
Total return2
​ ​ ​ ​ 4.54%3 ​ ​ ​ ​ ​ 13.77% ​ ​ ​ ​ ​ 3.37%3 ​ ​
Ratios and Supplemental Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Net assets, end of period (in thousands)
​ ​ ​ $ 260,753 ​ ​ ​ ​ $ 162,687 ​ ​ ​ ​ $ 31,010 ​ ​
Ratio of expenses to average net assets (excluding
interest expense, commitment fees and taxes):
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Before fees waived and expenses absorbed
​ ​ ​ ​ 1.94%4 ​ ​ ​ ​ ​ 2.35% ​ ​ ​ ​ ​ 5.46%4 ​ ​
After fees waived and expenses absorbed
​ ​ ​ ​ 1.65%4 ​ ​ ​ ​ ​ 1.65% ​ ​ ​ ​ ​ 1.65%4 ​ ​
Ratio of net investment income (loss) to average net
assets (excluding interest expense, commitment
fees and taxes):
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Before fees waived and expenses absorbed
​ ​ ​ ​ 10.44%4 ​ ​ ​ ​ ​ 8.61% ​ ​ ​ ​ ​ 2.22%4 ​ ​
After fees waived and expenses absorbed
​ ​ ​ ​ 10.73%4 ​ ​ ​ ​ ​ 9.31% ​ ​ ​ ​ ​ 6.03%4 ​ ​
Ratio of expenses to average net assets (including interest expense, commitment fees and taxes):
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Before fees waived and expenses absorbed
​ ​ ​ ​ 1.97%4 ​ ​ ​ ​ ​ 2.35% ​ ​ ​ ​ ​ 5.46%4 ​ ​
After fees waived and expenses absorbed
​ ​ ​ ​ 1.68%4 ​ ​ ​ ​ ​ 1.65% ​ ​ ​ ​ ​ 1.65%4 ​ ​
Ratio of net investment income (loss) to average net
assets (including interest expense, commitment
fees and taxes):
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Before fees waived and expenses absorbed
​ ​ ​ ​ 10.47%4 ​ ​ ​ ​ ​ 8.61% ​ ​ ​ ​ ​ 2.22%4 ​ ​
After fees waived and expenses absorbed
​ ​ ​ ​ 10.76%4 ​ ​ ​ ​ ​ 9.31% ​ ​ ​ ​ ​ 6.03%4 ​ ​
Portfolio turnover rate
​ ​ ​ ​ 13%3 ​ ​ ​ ​ ​ 25% ​ ​ ​ ​ ​ 46%3 ​ ​
​
* Commencement of operations.
1 Based on average shares outstanding for the period.
2 Total return would have been lower had fees not been waived or absorbed by the Investment Advisor. These returns do not reflect the deduction of taxes that a shareholder would pay on the Fund distributions or redemption of Class I Shares.
3 Not annualized.
4 Annualized.
See accompanying Notes to Consolidated Financial Statements.
20
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2024 (Unaudited)
​
Note 1 — Organization
First Trust Private Credit Fund (the “Fund”), is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a non-diversified, closed-end management investment company. The Fund operates as an interval fund. The Fund operates under an Amended and Restated Agreement and Declaration of Trust dated August 16, 2022 (the “Declaration of Trust”). First Trust Capital Management L.P. serves as the investment adviser (the “Investment Advisor”) of the Fund. The Investment Advisor is an investment adviser registered with the Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended. The Fund has elected to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). The Fund currently offers shares of beneficial interest (the “Shares”) in two separate share classes: Class A Shares and Class I Shares.
The Fund’s investment objective is to produce current income. The Fund seeks to achieve its investment objective by allocating at least 80% of its net assets, plus the amount of any borrowings for investment purposes, to a diverse portfolio of private credit instruments. The Fund uses a “multi-manager” approach whereby the Fund’s assets are allocated among the Investment Advisor and one or more Sub-Advisers (as defined in Note 3 below), in percentages determined at the discretion of the Investment Advisor.
The Fund commenced the public offering of Class I Shares on September 6, 2022 and has publicly offered Class I Shares in a continuous offering since that time. Class A Shares have been publicly offered since June 6, 2023. The Shares are generally offered for purchase on any business day, which is any day the New York Stock Exchange is open for business, in each case subject to any applicable sales charges and other fees, as described herein. The Shares are issued at net asset value (“NAV”) per Share. No holder of Shares (each, a “Shareholder”) has the right to require the Fund to redeem its Shares.
The Shares of each class represent an interest in the same portfolio of investments of the Fund and have equal rights as to voting, redemptions, dividends and liquidation, subject to the approval of the Fund’s Board of Trustees (the “Board” and the members thereof, “Trustees”). Income, expenses (other than expenses attributable to a specific class), and realized and unrealized gains and losses on investments are allocated to each class of shares in proportion to their relative shares outstanding. Shareholders of a class that bears distribution and service expenses under the terms of a distribution plan have exclusive voting rights with respect to that distribution plan.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services — Investment Companies.”
(a) Consolidation of Subsidiary
The Fund may invest up to 25% of its total assets in its subsidiary, FTPCF Cayman Sub1 Ltd., a wholly-owned and controlled subsidiary formed under the laws of the Cayman Islands. The Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statement of Changes in Net Assets, Consolidated Statement of Cash Flows and Consolidated Financial Highlights of the Fund include the accounts of the FTPCF Cayman Sub1 Ltd. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. The FTPCF Cayman Sub1 Ltd. is advised by the Investment Advisor and acts as an investment vehicle in order to effect certain investments consistent with the Fund’s investment objectives and policies specified in the Fund’s prospectus and Statement of Additional Information. As of September 30, 2024, net assets of FTPCF Cayman Sub1 Ltd. were $23,289,761 representing 8.92% of the Fund’s consolidated net assets.
21
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
FTPCF Cayman Sub1 Ltd. is an exempted company incorporated in the Cayman Islands with limited liability. It has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. The subsidiary has elected to be disregarded as an entity separate from the Fund for U.S. federal income tax purposes.
Note 2 — Accounting Policies
The following is a summary of the significant accounting policies consistently followed by the Fund in the preparation of its consolidated financial statements. The preparation of consolidated financial statements in conformity with the generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements. Actual results could differ from these estimates.
(a) Valuation of Investments
UMB Fund Services, Inc. (“UMBFS”), the Fund’s administrator, calculates the Fund’s NAV as of the close of business on each business day and at such other times as the Board may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board (each, a “Determination Date”).
For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.
Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset 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. Pursuant to Rule 2a-5, the Board has designated Investment Advisor as the valuation designee (in such capacity, the “Valuation Designee”) for the Fund to perform in good faith the fair value determination relating to all Fund investments, under the Board’s oversight. The Investment Advisor carries out its designated responsibilities as Valuation Designee through its Valuation Committee. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.
The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets by utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources.
Securities traded on one or more of the U.S. national securities exchanges, the Nasdaq Stock Market or any foreign stock exchange will be valued at the last sale price or the official closing price on the exchange or system where such securities are principally traded for the business day as of the relevant Determination Date. If no sale or official closing price of particular securities are reported on a particular day, the securities will be valued at the closing bid price for securities held long, or the closing ask price for securities held short, or if a closing bid or ask price, as applicable, is not available, at either the exchange or system-defined closing price on the exchange or system in which such securities are principally traded. Over-the-counter securities not quoted on the Nasdaq Stock Market will be valued at the last sale price on the relevant Determination Date or, if no sale occurs, at the last bid price, in the case of securities held long, or the last ask price, in the case of securities held short,
22
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
at the time NAV is determined. Equity securities for which no prices are obtained under the foregoing procedures, including those for which a pricing service supplies no exchange quotation or a quotation that is believed by the Valuation Designee not to reflect the market value, will be valued at the bid price, in the case of securities held long, or the ask price, in the case of securities held short, supplied by one or more dealers making a market in those securities or one or more brokers. Futures index options will be valued at the mid-point between the last bid price and the last ask price on the relevant Determination Date at the time NAV is determined. The mid-point of the last bid and the last ask is also known as the “mark.”
Fixed-income securities, except for private debt investments discussed below, with a remaining maturity of sixty (60) days or more, will normally be valued according to dealer-supplied mean quotations or mean quotations from a recognized pricing service. Fixed-income securities for which market quotations are unavailable or are believed by the Valuation Designee not to reflect market value will be valued based upon broker-supplied quotations provided that if such quotations are unavailable or are believed by the Valuation Designee not to reflect market value, such fixed-income securities will be valued using valuation models that take into account spread and daily yield changes on government securities in the appropriate market (e.g., matrix pricing). High quality investment grade debt securities (e.g., treasuries, commercial paper, etc.) with a remaining maturity of sixty (60) days or less are valued at amortized cost.
The Valuation Designee will evaluate each private debt investment’s fair value based on numerous factors, including but not limited to, changes in credit risk, construction risk, the financial strength of the borrower, and the debt instrument’s spread to US Treasuries. The Fund will also engage qualified external valuation consultants to provide valuation information, typically on a quarterly basis, but at least semi-annually. The Fund will generally value any private debt investments at the lesser of their amortized cost or the mid-point of any valuation range as provided by a qualified external valuation consultant. In certain circumstances, the Valuation Designee may determine that this amount does not represent the fair value of the private debt investment based on current market conditions. In such an instance, the Valuation Designee will fair value the investment using another methodology. In its fair valuation assessment process, the Valuation Designee may consider any information it deems appropriate including from external valuation consultants.
The Fund values its investments in private investment funds (generally private funds that are excluded from the definition of “investment company” pursuant to Sections 3(c)(1) or 3(c)(7) of the 1940 Act) at the value determined by each private investment fund in accordance with such private investment fund’s valuation policies and reported at the time of the Fund’s valuation. The Fund will determine the fair value of such private investment fund based on the most recent final or estimated value reported by the private investment fund, as well as any other relevant information available at the time the Fund values its portfolio. A substantial amount of time may elapse between the pricing of Fund assets and the receipt of valuation information from the underlying manager of a private investment fund. Where deemed appropriate by the Valuation Designee and consistent with the 1940 Act, investments in private investment funds may be valued at cost. Cost will be used only when cost is determined to best approximate the fair value of the particular security under consideration.
The Fund will generally value shares of open-end and closed-end investment companies that do not trade on one or more of the U.S. national securities exchanges at their respective NAVs.
Warrants for which market quotations are not readily available will be fair valued based on the underlying investment. The Fund will engage qualified external valuation consultants to provide valuation information, typically on a quarterly basis, but at least semiannually. The Fund will generally value warrants at the mid-point of any valuation range as provided by a qualified external valuation consultant. In certain circumstances, the Valuation Designee may determine that this amount does not represent the fair value of the private debt investment based on current market conditions. In such an
23
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
instance, the Valuation Designee will fair value the investment using another methodology. In its fair valuation assessment process, the Valuation Designee may consider any information it deems appropriate including from external valuation consultants.
Assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars using foreign exchange rates provided by a pricing service. Trading in foreign securities generally is completed, and the values of such securities are determined, prior to the close of securities markets in the United States. Foreign exchange rates are also determined prior to such close. On occasion, the values of securities and exchange rates may be affected by events occurring between the time as of which determination of such values or exchange rates are made and the time as of which the NAV of the Fund is determined. When such events materially affect the values of securities held by the Fund or its liabilities, such securities and liabilities will be valued at fair value as determined in good faith by the Valuation Designee.
The Investment Advisor and/or Sub-Advisers act as investment adviser to other clients that may invest in securities for which no public market price exists. Valuation determinations by the Investment Advisor or its affiliates for other clients may result in different values than those ascribed to the same security owned by the Fund. Consequently, the fees charged to the Fund may be different than those charged to other clients, given that the method of calculating the fees takes the value of all assets, including assets carried at different valuations, into consideration. Investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund’s NAV if the judgments regarding appropriate valuations should prove incorrect. In no event does the Distributor (defined below) have any responsibility for any valuations of the Fund’s investments (including the accuracy, reliability or completeness thereof) or for the valuation processes utilized for the Fund, and the Distributor disclaims any and all liability for any direct, incidental, or consequential damages arising out of any inaccuracy or incompleteness in valuations. The Distributor has no duty to calculate the NAV of Fund Shares or to inquire into, or liability for, the accuracy of the NAV per Share (including a Class thereof) as calculated by or for the Fund.
(b) Foreign Currency Translation
The Fund’s records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted as of 4:00 PM Eastern Standard Time. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.
The Fund does not isolate that portion of its net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gains or losses from investments and foreign currency.
Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency translation gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.
24
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
(c) Private Investment Funds
The Fund may also invest in private investment funds (i.e., investment funds that would be investment companies but for the exemptions under Section 3(c)(1) or 3(c)(7) of the 1940 Act) that invest or trade in a wide range of securities. When the Fund invests in securities issued by private investment funds, it will bear its pro rata portion of the private funds’ expenses. These expenses are in addition to the direct expenses of the Fund’s own operations, thereby increasing indirect costs and potentially reducing returns to Shareholders. A private investment fund in which the Fund invests has its own investment risks, and those risks can affect the value of such private investment fund’s shares and therefore the value of the Fund’s investments. There can be no assurance that the investment objective of a private investment fund will be achieved. A private investment fund may change its investment objective or policies without the Fund’s approval, which could force the Fund to withdraw its investment from such private investment fund at a time that is unfavorable to the Fund. In addition, one private investment fund may buy the same securities that another private investment fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose.
(d) Forward Foreign Currency Exchange Contracts
The Fund may utilize forward foreign currency exchange contracts (“forward contracts”) under which it is obligated to exchange currencies on specified future dates at specified rates, and are subject to the translations of foreign exchange rates fluctuations. All contracts are “marked-to-market” daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on foreign currency translations. The Fund records realized gains or losses at the time the forward contract is settled. Counter parties to these forward contracts are major U.S. financial institutions.
(e) Investment Transactions, Investment Income and Expenses
Investment transactions are accounted for on the trade date. Realized gains and losses on investments are determined on the identified cost basis. Dividend income and expense is recorded net of applicable withholding taxes on the ex-dividend date and interest income and expense, including where applicable, accretion of discount and amortization of premium on investments, is recorded on an accrual basis. Withholding taxes on foreign dividends, if applicable, are paid (a portion of which may be reclaimable) or provided for in accordance with the applicable country’s tax rules and rates and are disclosed in the Consolidated Statement of Operations. Withholding tax reclaims are filed in certain countries to recover a portion of the amounts previously withheld. The Fund records a reclaim receivable based on a number of factors, including a jurisdiction’s legal obligation to pay reclaims as well as payment history and market convention. Discounts or premiums on debt securities are accreted or amortized to interest income over the lives of the respective securities using the effective interest method.
(f) Federal Income Taxes
The Fund intends to comply with the requirements of Subchapter M of the Code applicable to RICs and to distribute an amount equal to at least the sum of 90% of its investment company taxable income (net investment income and the excess of net short-term capital gain over net long-term capital loss) and 90% of its tax-exempt income, if any, for the year. Therefore, no provision is made for federal income or excise taxes. Due to the timing of dividend distributions and the differences in accounting for income and realized gains and losses for consolidated financial statement and federal income tax purposes, the fiscal year in which amounts are distributed may differ from the year in which the income and realized gains and losses are recorded by the Fund.
Accounting for Uncertainty in Income Taxes (the “Income Tax Statement”) requires an evaluation of tax positions taken (or expected to be taken) in the course of preparing a Fund’s tax returns to determine whether these positions meet a “more-likely-than-not” standard that, based on the technical merits,
25
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
have a more than fifty percent likelihood of being sustained by a taxing authority upon examination. A tax position that meets the “more-likely-than-not” recognition threshold is measured to determine the amount of benefit to recognize in the consolidated financial statements. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Consolidated Statement of Operations.
The Income Tax Statement requires management of the Fund to analyze tax positions taken in the prior three open tax years, if any, and tax positions expected to be taken in the Fund’s current tax year, based on the statute of limitations for all major jurisdictions, including federal tax authorities and certain state tax authorities. For the period from the commencement of the Fund’s operations on May 9, 2022 through September 30, 2024, the Fund did not have a liability for any unrecognized tax benefits. The Fund has no examination in progress and is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.
(g) Distributions to Shareholders
The Fund makes monthly distributions to its shareholders equal to 10% annually of the Fund’s NAV per Share (the “Distribution Policy”). Prior to December 14, 2023, the Fund made monthly distribution to its shareholders equal to 8% annually of the Fund’s NAV per Share. Prior to August 28, 2023, the Fund made monthly distributions to its shareholders equal to 7% annually of the Fund’s NAV per Share. Prior to March 1, 2023, the Fund made monthly distributions to its shareholders equal to 5% annually of the Fund’s NAV per Share. This predetermined dividend rate may be modified by the Board from time to time, and may be increased to the extent of the Fund’s investment company taxable income that it is required to distribute in order to maintain its status as a RIC. The amount and timing of distributions are determined in accordance with federal income tax regulations, which may differ from GAAP. The character of distributions made during the year from net investment income or net realized gains may differ from the characterization for federal income tax purposes due to differences in the recognition of income expense and gain (loss) items for consolidated financial statement and tax purposes.
For financial reporting purposes, dividends and distributions to Shareholders are recorded on the ex-date. If, for any distribution, available cash is less than the amount of this predetermined dividend rate, then assets of the Fund will be sold and such disposition may generate additional taxable income. The Fund’s final distribution for each calendar year will include any remaining investment company taxable income and net tax-exempt income undistributed during the year, as well as the remaining net capital gain realized during the year. If the total distributions made in any calendar year exceed investment company taxable income, net tax-exempt income and net capital gains, such excess amount distributed would be treated as ordinary dividend income to the extent of the Fund’s current and accumulated earnings and profits. Payments in excess of the earnings and profits would first be a tax-free return of capital to the extent of the adjusted tax basis in the Shares. After such adjusted tax basis is reduced to zero, the payment would constitute capital gain (assuming the Shares are held as capital assets). The Distribution Policy may, under certain circumstances, have certain adverse consequences to the Fund and its Shareholders because it may result in a return of capital resulting in less of a shareholder’s assets being invested in the Fund and, over time, increase the Fund’s expense ratio. The Distribution Policy also may cause the Fund to sell a security at a time it would not otherwise do so in order to manage the distribution of income and gain.
Note 3 — Investment Advisory and Other Agreements and Activity with Affiliates
The Fund has also entered into an investment management agreement (the “Agreement”) with the Investment Advisor. Pursuant to the Agreement, the Fund pays the Investment Advisor a monthly fee, in arrears, equal to 1.35% on an annualized basis of the Fund’s net assets determined as of month-end (the “Investment Management Fee”), subject to certain adjustments.
26
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
The Investment Advisor has entered into an expense limitation and reimbursement agreement (the “Expense Limitation and Reimbursement Agreement”) with the Fund, whereby the Investment Advisor has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a “Waiver”), if required to ensure that Total Annual Expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), expenses incurred in connection with any merger or reorganization, and extraordinary expenses, (such as litigation expenses) do not exceed 2.40% and 1.65% of the average daily net assets of Class A Shares and Class I Shares, respectively (the “Expense Limit”). The Expense Limitation and Reimbursement Agreement may not be terminated by the Fund or the Investment Advisor until April 29, 2025. Thereafter, the Expense Limitation and Reimbursement Agreement will automatically renew for consecutive one-year terms unless terminated by the Fund or the Investment Advisor upon 30 days’ advanced written notice. Because taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization, and extraordinary expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 2.40% and 1.65% for the Class A Shares and Class I Shares, respectively. For a period not to exceed three years from the date on which a Waiver is made, the Investment Advisor may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the expense limit in effect at the time of the Waiver and the expense limit at the time of the recoupment.
For the six months ended September 30, 2024, the Investment Advisor has waived $318,465 in advisory fees. For a period not to exceed three years from the date on which advisory fees are waived or Fund expenses absorbed by the Investment Advisor, the Investment Advisor may recoup amounts waived or absorbed, provided they are able to effect such recoupment without causing the Fund’s expense ratio (after recoupment) to exceed the lesser of (i) the expense limit in effect at the time of the waiver and (ii) the expense limit in effect at the time of the recoupment. At September 30, 2024, the amount of these potentially recoverable expenses was $1,260,734. The Investment Advisor may recapture all or a portion of this amount no later than March 31st of the year stated below:
​
2026
​ ​ ​ $ 411,518 ​ ​
​
2027
​ ​ ​ ​ 530,751 ​ ​
​
2028
​ ​ ​ ​ 318,465 ​ ​
​
Total
​ ​ ​ $ 1,260,734 ​ ​
The Fund uses a “multi-manager” approach whereby the Fund’s assets are allocated amongst the Investment Advisor and one or more sub-advisers in percentages determined at the discretion of the Investment Advisor. During the six months ended September 30, 2024, the Investment Advisor has engaged, Mount Logan Management, LLC (“Mount Logan”) and Palmer Square Capital Management LLC (“Palmer Square”), (each, a “Sub-Adviser” and together, the “Sub-Advisers”) to manage certain assets of the Fund. Pursuant to a separate sub-advisory agreement among the Fund, the Investment Advisor and Mount Logan, Mount Logan receives a portfolio management fee equal to 1.00% on an annualized basis of their portion of the Fund’s average daily net assets, subject to certain adjustments. Pursuant to a separate sub-advisory agreement among the Fund, the Investment Advisor and Palmer Square, Palmer Square receives a portfolio management fee equal to 0.50% on an annualized basis of their portion of the Fund’s average daily net assets, subject to certain adjustments. Each Sub-Adviser’s fee is paid by the Investment Advisor out of the Investment Management Fee.
Pursuant to exemptive relief from the SEC, the Fund has adopted a Distribution and Service Plan for Class A Shares and Class I Shares. The Fund may pay a distribution and servicing fee (the “Distribution and Servicing Fee”) of up to 1.00% and 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Class A Shares and Class I Shares, respectively, to qualified
27
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
recipients. Payment of the Distribution and Servicing Fee is governed by the Distribution and Service Plan for Class A Shares and Class I Shares which, pursuant to the conditions of the exemptive order issued by the SEC, has been adopted by the Fund with respect to the applicable class in compliance with Rule 12b-1 under the 1940 Act. Pursuant to the Distribution and Service Plan, Class I Shares paid $148,965 and Class A Shares paid $41 as reported on the Consolidated Statement of Operations.
First Trust Portfolios L.P. (the “Distributor”), an affiliate of the Investment Advisor, currently serves as the Fund’s distributor. UMBFS serves as the Fund’s fund accountant, transfer agent and administrator; and UMB Bank, n.a., an affiliate of UMBFS, serves as the Fund’s custodian.
A Trustee and certain officers of the Fund are employees of UMBFS. The Fund does not compensate trustees and officers affiliated with UMBFS. For the six months ended September 30, 2024, the Fund’s allocated fees incurred for Trustees are reported on the Consolidated Statement of Operations.
Vigilant Compliance, LLC provides Chief Compliance Officer (“CCO”) services to the Fund. The Fund’s allocated fees incurred for CCO services for the six months ended September 30, 2024 are reported on the Consolidated Statement of Operations.
Ernst & Young LLP provides tax services to the Fund. The Fund’s allocated fees incurred for tax services for the six months ended September 30, 2024 are reported on the Consolidated Statement of Operations.
Note 4 — Federal Income Taxes
The Fund has elected to be treated and to continue to qualify as a RIC for federal income tax purposes. As a RIC, the Fund will generally not be subject to federal corporate income tax, provided that when it is a RIC, it distributes substantially all of its income and gains each year.
At September 30, 2024, gross unrealized appreciation and depreciation of investments and short securities owned by the Fund, based on cost for federal income tax purposes, were as follows:
​
Cost of investments
​ ​ ​ $ 286,580,921 ​ ​
​
Gross unrealized appreciation
​ ​ ​ $ 5,221,767 ​ ​
​
Gross unrealized depreciation
​ ​ ​ $ (3,942,828) ​ ​
​
Net unrealized appreciation on investments
​ ​ ​ $ 1,278,939 ​ ​
The difference between cost amounts for consolidated financial statement and federal income tax purposes is due primarily to timing differences in recognizing certain gains and losses in securities transactions.
GAAP requires that certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. For the tax year ended March 31, 2024, permanent differences in book and tax accounting have been reclassified to paid-in capital, undistributed net investment income (loss) and accumulated realized gain (loss) as follows:
​
Increase (Decrease)
​
​
Paid-in Capital
​ ​
Total Distributable
Earnings
​
​
$(6,782)
​ ​
$6,782
​
28
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
As of March 31, 2024, the components of accumulated earnings (deficit) on a tax basis were as follows:
​
Undistributed ordinary income
​ ​ ​ $ 1,001,164 ​ ​
​
Undistributed long-term capital gains
​ ​ ​ ​ 29,932 ​ ​
​
Accumulated capital and other losses
​ ​ ​ ​ — ​ ​
​
Net unrealized appreciation on investments
​ ​ ​ ​ 2,097,879 ​ ​
​
Other temporary differences
​ ​ ​ ​ (4,904) ​ ​
​
Total accumulated earnings
​ ​ ​ $ 3,124,071 ​ ​
The tax character of distributions paid during the years ended March 31, 2024 and March 31, 2023 were as follows:
Distribution paid from:
​ ​
2024
​ ​
2023
​
Ordinary income
​ ​ ​ $ 6,940,804 ​ ​ ​ ​ $ 478,831 ​ ​
Net long-term capital gains
​ ​ ​ ​ 39,577 ​ ​ ​ ​ ​ — ​ ​
Total taxable distributions
​ ​ ​ $ 6,980,381 ​ ​ ​ ​ $ 478,831 ​ ​
As of March 31, 2024, the Fund had no capital loss carryovers.
Note 5 — Investment Transactions
For the six months ended September 30, 2024, purchases and sales of investments, excluding short-term investments, were $125,226,698 and $23,627,233, respectively.
Note 6 — Redemption Fee
The Fund may impose a maximum deferred sales charge of 1.25% of the total redemption amount on Class A Shares redeemed within 12 months of the date of purchase. For the six months ended September 30, 2024, the Fund received $0 in deferred sales charges.
Note 7 — Indemnifications
In the normal course of business, the Fund enters into contracts that contain a variety of representations, which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.
Note 8 — Repurchase of Shares
The Fund intends to provide a limited degree of liquidity to the Shareholders by conducting quarterly repurchase offers. In each repurchase offer, the Fund may offer to repurchase its Shares at their NAV as determined as of approximately March 31, June 30, September 30 and December 31, of each year, as applicable (each such date, a “Valuation Date”). Each repurchase offer will be for no less than 5% of the Shares outstanding, but if the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund.
29
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
The results of the repurchase offers conducted during the six months ended September 30, 2024 are as follows:
​ ​ ​ ​
Repurchase Offer
​ ​
Repurchase Offer
​
​
Commencement Date
​ ​
May 29, 2024
​ ​
August 30, 2024
​
​
Repurchase Request Date
​ ​
June 28, 2024
​ ​
September 30, 2024
​
​
Repurchase Pricing Date
​ ​
June 28, 2024
​ ​
September 30, 2024
​
​ Net Asset Value as of Repurchase Pricing Date ​ ​ ​ ​ ​ ​ ​
​
Class A Shares
​ ​
$10.41
​ ​
$10.37
​
​
Class I Shares
​ ​
$10.43
​ ​
$10.39
​
​ Amount Repurchased ​ ​ ​ ​ ​ ​ ​
​
Class A Shares
​ ​
$—
​ ​
$—
​
​
Class I Shares
​ ​
$960,153
​ ​
$885,934
​
​ Percentage of Outstanding Shares Repurchased ​ ​ ​ ​ ​ ​ ​
​
Class A Shares
​ ​
—%
​ ​
—%
​
​
Class I Shares
​ ​
4.55%
​ ​
3.42%
​
Note 9 — Fair Value Measurements and Disclosure
Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or a liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.
Under Fair Value Measurements and Disclosures, various inputs are used in determining the value of the Fund’s investments. These inputs are summarized into three broad levels as described below:
•
Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
​
•
Level 2 — Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
​
•
Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
​
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement.
30
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
In accordance with Accounting Standards Update (“ASU”) 2015-07, Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) investments valued at the NAV as practical expedient are no longer included in the fair value hierarchy.
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities. The following table summarizes the Fund’s investments that are measured at fair value by level within the fair value hierarchy as of September 30, 2024:
​ ​ ​
Level 1
​ ​
Level 2
​ ​
Level 3
​ ​
Total
​
Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Asset-Backed Securities
​ ​ ​ $ — ​ ​ ​ ​ $ 17,904,508 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 17,904,508 ​ ​
Bank Loans
​ ​ ​ ​ — ​ ​ ​ ​ ​ 29,956,164 ​ ​ ​ ​ ​ 68,287,303 ​ ​ ​ ​ ​ 98,243,467 ​ ​
Closed-End Fund
​ ​ ​ ​ 2,707,039 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,707,039 ​ ​
Collateralized Loan Obligations
​ ​ ​ ​ — ​ ​ ​ ​ ​ 86,282,756 ​ ​ ​ ​ ​ 5,271,149 ​ ​ ​ ​ ​ 91,553,905 ​ ​
Private Investment Funds
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 19,238,214 ​ ​ ​ ​ ​ 19,238,214 ​ ​
Short-Term Investments
​ ​ ​ ​ 47,965,607 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 47,965,607 ​ ​
Subtotal
​ ​ ​ $ 50,672,646 ​ ​ ​ ​ $ 134,143,428 ​ ​ ​ ​ $ 92,796,666 ​ ​ ​ ​ $ 277,612,740 ​ ​
Closed-End Fund
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,891,260 ​ ​
Private Investments Funds
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5,355,860 ​ ​
Total Investments
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 287,859,860 ​ ​
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining value:
​ ​ ​
Asset-Backed
Securities
​ ​
Bank Loans
​ ​
Collateralized
Loan
Obligations
​ ​
Private
Investment
Funds
​
Balance as of March 31, 2024
​ ​ ​ $ 4,932,500 ​ ​ ​ ​ $ 37,353,014 ​ ​ ​ ​ $ 4,868,595 ​ ​ ​ ​ $ 14,036,817 ​ ​
Transfers into Level 3
​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​
Transfers out of Level 3
​ ​ ​ ​ (4,932,500) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (2,697,163) ​ ​ ​ ​ ​ — ​ ​
Total gains or losses for the period
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Included in earnings (or changes in net assets)
​ ​ ​ ​ — ​ ​ ​ ​ ​ 140,912 ​ ​ ​ ​ ​ 65,804 ​ ​ ​ ​ ​ 201,397 ​ ​
Included in other comprehensive
income
​ ​ ​ ​ — ​ ​ ​ ​ ​ 147,386 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,000,000 ​ ​
Net purchases
​ ​ ​ ​ — ​ ​ ​ ​ ​ 36,544,887 ​ ​ ​ ​ ​ 3,045,987 ​ ​ ​ ​ ​ — ​ ​
Net sales
​ ​ ​ ​ — ​ ​ ​ ​ ​ (5,898,896) ​ ​ ​ ​ ​ (12,074) ​ ​ ​ ​ ​ — ​ ​
Balance as of September 30, 2024
​ ​ ​ $ — ​ ​ ​ ​ $ 68,287,303 ​ ​ ​ ​ $ 5,271,149 ​ ​ ​ ​ $ 19,238,214 ​ ​
Change in unrealized gains or losses for the
period included in earnings (or changes in
net assets) for assets held at the end of the
reporting period
​ ​ ​ $ — ​ ​ ​ ​ $ 204,341 ​ ​ ​ ​ $ 65,804 ​ ​ ​ ​ $ 201,397 ​ ​
31
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
The following table presents additional quantitative information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of September 30, 2024:
Investments
​ ​
Fair Value
​ ​
Valuation Technique
​ ​
Unobservable Inputs
​ ​
Range of Input
​
Bank Loans
​ ​ ​ ​ 8,213,579 ​ ​ ​
Discounted Cash Flow
​ ​
Discount Rates
​ ​
13.02% – 16.40%
​
​ ​ ​ ​ ​ 4,829,500 ​ ​ ​
Liquidation Approach
​ ​
Expected Sales Proceeds
​ ​
N/A
​
​ ​ ​ ​ ​ 18,695,588 ​ ​ ​
Transaction Price
​ ​
Transaction Price
​ ​
N/A
​
​ ​ ​ ​ ​ 36,548,636 ​ ​ ​
Yield Analysis
​ ​
Market Yield
​ ​
6.84% – 17.55%
​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Collateralized Loan Obligations
​ ​ ​ ​ 4,271,149 ​ ​ ​
Income Approach
​ ​
Expected yield
​ ​
10.64% – 20.01%
​
​ ​ ​ ​ ​ 1,000,000 ​ ​ ​
Transaction Price
​ ​
Transaction Price
​ ​
N/A
​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Private Investment Funds
​ ​ ​ ​ 17,093,214 ​ ​ ​
Adjusted Net Asset Value
​ ​
Reported net asset/​
fair value adjustments
​ ​
N/A
​
​ ​ ​ ​ ​ 2,145,000 ​ ​ ​
Enterprise Valuation
​ ​
Sum of Parts: Market Yield/​
EBITDA Multiple
 ​ ​
32.6% / 7.2x
​
Note 10 — Affiliated Issuers
The table below reflects transactions during the period with entities advised or sponsored by a Sub-Adviser as of September 30, 2024.
Name of Issuer
​ ​
Value
Beginning
of
Period
​ ​
Purchases
​ ​
Sales
Proceeds
​ ​
Net
Realized
Gain
(Loss)
​ ​
Amortization
​ ​
Prior
Year
Unrealized
Appreciation
(Depreciation)
​ ​
Change in
Unrealized
Appreciation
(Depreciation)
​ ​
Value
End of
Period
​ ​
Investment
Income
(Loss)
​
CLOSED-END FUNDS ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Palmer Square Capital
BDC, Inc.
​ ​ ​ $ 2,882,939 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (178,657) ​ ​ ​ ​ $ 4,257 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ (17,066) ​ ​ ​ ​ $ 15,566 ​ ​ ​ ​ $ 2,707,039 ​ ​ ​ ​ $ — ​ ​
COLLATERALIZED LOAN
OBLIGATIONS
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Mount Logan Funding LP
​ ​ ​ ​ — ​ ​ ​ ​ ​ 590,700 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (2,366) ​ ​ ​ ​ ​ 588,334 ​ ​ ​ ​ ​ — ​ ​
Mount Logan Funding LP
​ ​ ​ ​ 1,414,872 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (108,021) ​ ​ ​ ​ ​ (206,804) ​ ​ ​ ​ ​ 1,100,047 ​ ​ ​ ​ ​ 185,296 ​ ​
Palmer Square CLO
2024-3 Ltd.
​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,900,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,528 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 17,204 ​ ​ ​ ​ ​ 1,918,732 ​ ​ ​ ​ ​ 55,036 ​ ​
Palmer Square European
CLO 2024-2 DAC
​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,525,533 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (350) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 130,114 ​ ​ ​ ​ ​ 1,655,297 ​ ​ ​ ​ ​ — ​ ​
Palmer Square European
Loan Funding
​ ​ ​ ​ 611,954 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (483,648) ​ ​ ​ ​ ​ (26,073) ​ ​ ​ ​ ​ (75,986) ​ ​ ​ ​ ​ 26,247 ​ ​ ​ ​ ​ 143,533 ​ ​
Palmer Square European
Loan Funding
​ ​ ​ ​ — ​ ​ ​ ​ ​ 141,275 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 7,129 ​ ​ ​ ​ ​ 148,404 ​ ​ ​ ​ ​ 5,150 ​ ​
Palmer Square European
Loan Funding
​ ​ ​ ​ 1,013,942 ​ ​ ​ ​ ​ 795,893 ​ ​ ​ ​ ​ (937,168) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (141,211) ​ ​ ​ ​ ​ (64,437) ​ ​ ​ ​ ​ 135,075 ​ ​ ​ ​ ​ 802,094 ​ ​ ​ ​ ​ 53,981 ​ ​
Palmer Square European
Loan Funding
​ ​ ​ ​ 848,015 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (153,766) ​ ​ ​ ​ ​ 222,251 ​ ​ ​ ​ ​ 916,500 ​ ​ ​ ​ ​ 100,274 ​ ​
Palmer Square European
Loan Funding
​ ​ ​ ​ 1,087,521 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 23,822 ​ ​ ​ ​ ​ (143,383) ​ ​ ​ ​ ​ 967,960 ​ ​ ​ ​ ​ 266,746 ​ ​
32
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
Name of Issuer
​ ​
Value
Beginning
of
Period
​ ​
Purchases
​ ​
Sales
Proceeds
​ ​
Net
Realized
Gain
(Loss)
​ ​
Amortization
​ ​
Prior
Year
Unrealized
Appreciation
(Depreciation)
​ ​
Change in
Unrealized
Appreciation
(Depreciation)
​ ​
Value
End of
Period
​ ​
Investment
Income
(Loss)
​
Palmer Square European
Loan Funding
​ ​ ​ ​ 1,568,528 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (339,069) ​ ​ ​ ​ ​ 37,053 ​ ​ ​ ​ ​ (163,800) ​ ​ ​ ​ ​ 1,102,712 ​ ​ ​ ​ ​ 106,219 ​ ​
Palmer Square European
Loan Funding
​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,152,853 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 73,327 ​ ​ ​ ​ ​ 2,226,180 ​ ​ ​ ​ ​ 33,314 ​ ​
Palmer Square European
Loan Funding
​ ​ ​ ​ 2,697,163 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (14,040) ​ ​ ​ ​ ​ (326,131) ​ ​ ​ ​ ​ 2,356,992 ​ ​ ​ ​ ​ 399,068 ​ ​
Palmer Square European
Loan Funding
​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,051,065 ​ ​ ​ ​ ​ (179,381) ​ ​ ​ ​ ​ 10,223 ​ ​ ​ ​ ​ 3,266 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 119,316 ​ ​ ​ ​ ​ 3,004,489 ​ ​ ​ ​ ​ 94,829 ​ ​
Palmer Square European
Loan Funding 2024-2
DAC
​ ​ ​ $ — ​ ​ ​ ​ $ 4,374,453 ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ — ​ ​ ​ ​ $ 72,541 ​ ​ ​ ​ $ 4,446,994 ​ ​ ​ ​ $ 199,361 ​ ​
Palmer Square European
Loan Funding 2024-2
DAC
​ ​ ​ ​ 324,818 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (324,992) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 24,116 ​ ​ ​ ​ ​ 23,942 ​ ​ ​ ​ ​ (47,884) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,524 ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ 889,160 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (554,855) ​ ​ ​ ​ ​ 64,160 ​ ​ ​ ​ ​ (378,295) ​ ​ ​ ​ ​ 20,170 ​ ​ ​ ​ ​ 440,938 ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ — ​ ​ ​ ​ ​ 245,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 19 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,477 ​ ​ ​ ​ ​ 247,496 ​ ​ ​ ​ ​ 1,541 ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ 299,072 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 456 ​ ​ ​ ​ ​ 10,196 ​ ​ ​ ​ ​ (9,724) ​ ​ ​ ​ ​ 300,000 ​ ​ ​ ​ ​ 7,230 ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ 430,974 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (19,026) ​ ​ ​ ​ ​ (7,542) ​ ​ ​ ​ ​ 404,406 ​ ​ ​ ​ ​ — ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ 461,574 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (38,426) ​ ​ ​ ​ ​ 32,793 ​ ​ ​ ​ ​ 455,941 ​ ​ ​ ​ ​ 19,126 ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ 511,018 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 11,018 ​ ​ ​ ​ ​ (49,379) ​ ​ ​ ​ ​ 472,657 ​ ​ ​ ​ ​ 42,642 ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ 502,791 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,791 ​ ​ ​ ​ ​ (26,005) ​ ​ ​ ​ ​ 479,577 ​ ​ ​ ​ ​ — ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ 1,262,225 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 12,225 ​ ​ ​ ​ ​ (53,069) ​ ​ ​ ​ ​ 1,221,381 ​ ​ ​ ​ ​ 35,044 ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ 1,504,918 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,852 ​ ​ ​ ​ ​ 41,073 ​ ​ ​ ​ ​ (1,650) ​ ​ ​ ​ ​ 1,547,193 ​ ​ ​ ​ ​ 100,501 ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,510,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,510,000 ​ ​ ​ ​ ​ 23,153 ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,724,286 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 5,595 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 50,253 ​ ​ ​ ​ ​ 2,780,134 ​ ​ ​ ​ ​ 147,535 ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ — ​ ​ ​ ​ ​ 3,000,000 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 47,482 ​ ​ ​ ​ ​ 3,047,482 ​ ​ ​ ​ ​ 96,006 ​ ​
Palmer Square Loan
Funding Ltd.
​ ​ ​ ​ 753,582 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ (750,000) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 14,212 ​ ​ ​ ​ ​ 17,794 ​ ​ ​ ​ ​ (35,588) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 47,456 ​ ​
Total ​ ​ ​ $ 19,065,066 ​ ​ ​ ​ $ 23,011,058 ​ ​ ​ ​ $ (2,370,198) ​ ​ ​ ​ $ 14,480 ​ ​ ​ ​ $ (1,467,089) ​ ​ ​ ​ $ (196,781) ​ ​ ​ ​ $ (602,077) ​ ​ ​ ​ $ 37,454,458 ​ ​ ​ ​ $ 2,741,794 ​ ​
​
33
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
Note 11 — Derivatives and Hedging Disclosures
Derivatives and Hedging requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effects on the Fund’s financial position, performance and cash flows.
The effects of these derivative instruments on the Fund’s financial position and financial performance as reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations are presented in the tables below. The fair values of derivative instruments as of September 30, 2024 by risk category are as follows:
​ ​ ​
Derivatives not designated
as hedging instruments
​
​ ​ ​
Foreign
Exchange
Contracts
​ ​
Total
​
Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward foreign currency exchange contracts
​ ​ ​ $ 13,585 ​ ​ ​ ​ $ 13,585 ​ ​
​ ​ ​ ​ $ 13,585 ​ ​ ​ ​ $ 13,585 ​ ​
​ ​ ​
Foreign
Exchange
Contracts
​ ​
Total
​
Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward foreign currency exchange contracts
​ ​ ​ $ 644,202 ​ ​ ​ ​ $ 644,202 ​ ​
​ ​ ​ ​ $ 644,202 ​ ​ ​ ​ $ 644,202 ​ ​
The effects of derivative instruments on the Consolidated Statement of Operations for the six months ended September 30, 2024 are as follows:
​ ​ ​
Derivatives not designated
as hedging instruments
​
​ ​ ​
Foreign
Exchange
Contracts
​ ​
Total
​
Amount of Net Realized Gain / (Loss) on Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward contracts
​ ​ ​ $ (295,899) ​ ​ ​ ​ $ (295,899) ​ ​
​ ​ ​ ​ $ (295,899) ​ ​ ​ ​ $ (295,899) ​ ​
​ ​ ​
Derivatives not designated
as hedging instruments
​
​ ​ ​
Foreign
Exchange
Contracts
​ ​
Total
​
Net Change in Unrealized Appreciation/(Depreciation) on Derivatives
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward contracts
​ ​ ​ $ (588,992) ​ ​ ​ ​ $ (588,992) ​ ​
​ ​ ​ ​ $ (588,992) ​ ​ ​ ​ $ (588,992) ​ ​
34
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
The notional amount and the number of contracts are included on the Schedule of Investments. The quarterly average volumes of derivative instruments as of September 30, 2024 are as follows:
Derivatives not designated
as hedging instruments 		​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Forward contracts
​ ​
Foreign exchange contracts
​ ​
Notional amount
​ ​ ​ $ (21,122,736) ​ ​
Note 12 — Commitments
Bank Loans, Collateralized Loan Obligations and Private Investment Funds may be structured to be fully funded at the time of investment or include unfunded investment commitments, which are contractual obligations for future funding. The potential investment commitments are noted as “Commitments and contingencies” as reported on the Consolidated Statement of Assets and Liabilities. The unfunded investment commitments outstanding as of September 30, 2024, are as follows:
​ ​ ​
Unfunded
Commitment
​
Arbour Lane Credit Opportunity Fund IV (B), L.P.
​ ​ ​ ​ 2,000,000 ​ ​
Audax Private Credit Fund, LP
​ ​ ​ ​ 9,000,000 ​ ​
BCP Special Opportunities Offshore Feeder III LP
​ ​ ​ ​ 3,019,865 ​ ​
CW Co-Invest: Ares 2023-1 Sub
​ ​ ​ ​ 38,042 ​ ​
CW Co-Invest: Golub CLO Sub
​ ​ ​ ​ 689,083 ​ ​
CW Co-Invest: Silver Point 2022-1 CLO
​ ​ ​ ​ 733,127 ​ ​
FPA Whitehawk IV-Plus Onshore Fund, LP
​ ​ ​ ​ 2,073,025 ​ ​
TCW Co-Invest: Fenix DDTL B-1
​ ​ ​ ​ 7,901 ​ ​
TCW Co-Invest: Fenix DDTL B-2
​ ​ ​ ​ 332,043 ​ ​
TCW Direct Lending VIII LLC
​ ​ ​ ​ 6,742,174 ​ ​
TCW Rescue Financing Fund II LP
​ ​ ​ ​ 5,000,000 ​ ​
WH Co-Invest: Shryne
​ ​ ​ ​ 1,483,516 ​ ​
WH Co-Invest: Steward DIP
​ ​ ​ ​ 86,000 ​ ​
​ ​ ​ ​ ​ 31,204,777 ​ ​
Note 13 — Credit Agreement
The Fund, as the borrower, has entered into a credit agreement, as amended (the “Credit Agreement”), with TriState Capital Bank as the lender. The Credit Agreement provides for borrowings on a committed basis in an aggregate principal amount up to $5,000,000, which amount may be increased from time to time upon mutual agreement by the parties. The maturity date is March 31, 2025. Effective September 27, 2024, the Fund requested a temporary increase in the maximum revolving commitment by $15,000,000 (from $5,000,000 to $20,000,000) through and including November 15, 2024. In connection with the Credit Agreement, the Fund has made certain customary representations and warranties and is required to comply with various customary covenants, reporting requirements and other requirements. The Credit Agreement contains events of default customary for similar financing transactions, including: (i) the failure to make principal, interest or other payments when due after the applicable grace period; (ii) the insolvency or bankruptcy of the Fund; or (iii) a change of management of the Fund. Upon the occurrence and during the continuation of an event of default, the lender may declare the outstanding advances and all other obligations under the Credit Agreement immediately
35
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
due and payable. The Fund’s obligations to the lender under the Credit Agreement are secured by a first-priority security interest in substantially all of the assets of the Fund. The Fund complies with Section 8 and Section 18 of the 1940 Act, governing investment policies and capital structure and leverage.
For the six month ended September 30, 2024, the Fund incurred a cost related to the setup and maintenance of the credit agreement (“Commitment fees”) and for the quarterly average daily unused portion of the revolving commitment (“Unused line of credit fees”) as reported on the Consolidated Statement of Operations. The average interest rate, average daily loan balance, maximum outstanding and amount recorded as interest expense for the four (4) days the Fund had outstanding borrowings were 8.24%, $20,000,000, $20,000,000, and $18,317, respectively. As of September 30, 2024, the Fund had an outstanding principal balance in the amount of $20,000,000.
Note 14 — Risk Factors
An investment in the Fund involves various risks. The Fund invests in and actively trades securities and other financial instruments using a variety of strategies and investment techniques with significant risk characteristics, including the risks arising from the volatility of the equity and fixed income securities.
No guarantee or representation is made that the investment program will be successful.
Certain local, regional or global events such as war, acts of terrorism, the spread of infectious illnesses and/or other public health issues, financial institution instability or other events may have a significant impact on a security or instrument. These types of events and other like them are collectively referred to as “Market Disruptions and Geopolitical Risks” and they may have adverse impacts on the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. Some of the impacts noted in recent times include but are not limited to embargos, political actions, supply chain disruptions, bank failures, restrictions to investment and/or monetary movement including the forced selling of securities or the inability to participate impacted markets. The duration of these events could adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment. The ultimate impact of “Market Disruptions and Geopolitical Risks” on the financial performance of the Fund’s investments is not reasonably estimable at this time. Management is actively monitoring these events.
Note 15 — Recently Issued Accounting Pronouncements and Regulatory Updates
In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in the ASU provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate and other interbank-offered based reference rates as of the end of 2021. The ASU is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848) — Deferral of the Sunset Date of Topic 848, which extends the period through December 31, 2024. Management has reviewed the requirements and believes the adoption of these ASUs will not have a material impact on the consolidated financial statements.
Note 16 — Events Subsequent to the Period End
In preparing these consolidated financial statements, management has evaluated subsequent events through the date of issuance of the consolidated financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the consolidated financial statements other than the following:
36
First Trust Private Credit Fund
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — Continued
September 30, 2024 (Unaudited)
​
 
The Board declared a cash dividend for Class A Shares and Class I Shares of $0.08642 and $0.08658, respectively, per Shares from undistributed investment income-net, payable on October 2, 2024 to Shareholders of record as of the close of business on October 1, 2024. The ex-dividend date was October 2, 2024.
37
First Trust Private Credit Fund
FUND INFORMATION
September 30, 2024 (Unaudited)
​
Approval of the Sub-Advisory Agreement
At a meeting of the Board of Trustees (the “Board” and the members thereof, “Trustees”) held on June 5 – 6, 2024 (the “Meeting”), the Board, including a majority of Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved the continuation of the sub-advisory agreement among First Trust Capital Management L.P. (the “Investment Manager”), First Trust Private Credit Fund (the “Fund”) and Mount Logan Management, LLC (“Mount Logan”) (the “Sub-Advisory Agreement”).
In advance of the Meeting, the Board requested and received materials from the Investment Manager and Mount Logan to assist them in considering the approval of the Sub-Advisory Agreement. Among other things, the Board reviewed reports about the below factors. The Board did not consider any single factor as controlling in determining whether to approve the Sub-Advisory Agreement. Nor are the items described herein all encompassing of the matters considered by the Board.
The Board engaged in a detailed discussion of the materials with management of the Investment Manager. The Independent Trustees then met separately with independent counsel for a full review of the materials. Following this session, the full Board reconvened and after further discussion determined that the information presented provided a sufficient basis upon which to approve the Sub-Advisory Agreement.
NATURE, EXTENT AND QUALITY OF SERVICES
The Board reviewed and considered the nature, extent and quality of the investment advisory services provided by Mount Logan to the Fund under the Sub-Advisory Agreement, including the selection of Fund investments. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by Mount Logan to the Fund, including, among other things, providing office facilities, equipment, and personnel. The Board reviewed and considered the qualifications of the portfolio managers and other key personnel of Mount Logan who provide the investment advisory and administrative services to the Fund. The Board determined that Mount Logan’s portfolio managers and key personnel are well-qualified by education and/or training and experience to perform the services for the Fund in an efficient and professional manner. The Board also took into account Mount Logan’s compliance policies and procedures. The Board concluded that the overall quality of the sub-advisory and administrative services to be provided was satisfactory.
EXPERIENCE AND PERFORMANCE
The Board considered the investment experience of Mount Logan and the performance of the Fund for the past twelve months. The Trustees noted that Mount Logan could not calculate performance for the portion of the Fund’s assets that it managed (the “Allocated Assets”). The Board also took into account that the investment performance of the Allocated Assets was not easily comparable to the performance of the peer funds identified in the relevant evaluation materials. The Board concluded that the investment experience of Mount Logan was satisfactory.
FEES AND EXPENSES
The Board reviewed the sub-advisory fee rate and total expense ratio of the Fund, noting that the Investment Manager pays Mount Logan from its advisory fee. The Board compared the sub-advisory fee and total expense ratio for the Fund with various comparative data. The Board noted that the sub-advisory fee was favorable to the fees payable by other comparable peer funds identified the relevant evaluation materials. The Board concluded that the sub-advisory fee payable to Mount Logan and total expense ratio were reasonable and satisfactory in light of the services provided.
BREAKPOINTS AND ECONOMIES OF SCALE
The Board reviewed the structure of the sub-advisory fee paid by the Investment Manager to Mount Logan under the Sub-Advisory Agreement, which did not include breakpoints. The Board also noted
38
First Trust Private Credit Fund
FUND INFORMATION — Continued
September 30, 2024 (Unaudited)
​
 
that Mount Logan did not anticipate economies of scale as the Fund grows. The Board considered the fee paid by the Investment Manager to Mount Logan and concluded that such a fee was reasonable and satisfactory in light of the services provided and breakpoints were not necessary.
PROFITABILITY
The Board considered and reviewed information concerning the costs incurred and profits realized by Mount Logan from its relationship with the Fund. The Board also reviewed Mount Logan’s financial condition. The Board noted that the financial condition of Mount Logan appeared stable. The Board determined that the compensation to Mount Logan was reasonable and its financial condition was adequate.
ANCILLARY BENEFITS AND OTHER FACTORS
The Board also discussed other benefits to be received by Mount Logan from its management of the Allocated Assets. The Board noted that the Mount Logan did not have affiliations with the Fund’s distributor, transfer agent, administrator or custodian, and therefore would not derive any benefits from the relationships these parties may have with the Fund. The Board further noted that Mount Logan did not anticipate receiving any demonstratable benefits from its relationship with the Fund other than additional brand awareness. The Board concluded that the sub-advisory fee was reasonable in light of the fall-out benefits.
GENERAL CONCLUSION
Based on its consideration of all factors that it deemed material, and assisted by the advice of its counsel, the Board concluded it would be in the best interest of the Fund and its shareholders to approve the continuance of the Sub-Advisory Agreement.
39
First Trust Private Credit Fund
FUND INFORMATION — Continued
September 30, 2024 (Unaudited)
​
 
​ ​ ​ ​
TICKER
​ ​
CUSIP
​
​ First Trust Private Credit Fund – Class A Shares ​ ​ ​
​
FTCAX
 ​ ​ ​ ​
​
33741K100
 ​ ​
​ First Trust Private Credit Fund – Class I Shares ​ ​ ​
​
FTPCX
 ​ ​ ​ ​
​
33741K209
 ​ ​
Availability of Quarterly Portfolio Schedules
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Part F of Form N-PORT. The Fund’s Form N-PORT is available on the SEC website at www.sec.gov or without charge and upon request by calling the Fund at (877)-779-1999.
Proxy Voting Record
Information regarding how the Fund voted proxies for portfolio securities, if applicable, during the most recent 12-month period ended June 30, is also available, without charge and upon request by calling the Fund at (877)-779-1999 or by accessing the Fund’s Form N-PX on the SEC’s website at www.sec.gov.
Proxy Voting Policies and Procedures
A description of the Fund’s proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (877) 779-1999 or on the SEC website at www.sec.gov.
First Trust Private Credit Fund
235 West Galena Street
Milwaukee, WI 53212
Toll Free: (877) 779-1999
40
First Trust Private Credit Fund
PRIVACY POLICY
(Unaudited)
​
​ ​
FACTS
​ ​ ​
WHAT DOES THE FUND DO WITH YOUR PERSONAL INFORMATION?
​ ​
​ ​ Why? ​ ​ ​
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
​ ​
​ ​ What? ​ ​ ​
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
•
Social Security number
​
•
Account balances
​
•
Account transactions
​
•
Transaction history
​
•
Wire transfer instructions
​
•
Checking account information
​
When you are no longer our customer, we continue to share your information as described in this notice.
​ ​
​ ​ How? ​ ​ ​
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons funds choose to share; and whether you can limit this sharing.
​ ​
​ ​
Reasons we can share your personal information
​ ​ ​
Does the Fund share?
​ ​ ​ Can you limit this
sharing? 		​ ​
​ ​ For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus ​ ​ ​ Yes ​ ​ ​ No ​ ​
​ ​ For our marketing purposes – to offer our products and services to you ​ ​ ​ No ​ ​ ​ We don’t share ​ ​
​ ​
For joint marketing with other financial companies
​ ​ ​ No ​ ​ ​ We don’t share ​ ​
​ ​ For our affiliates’ everyday business purposes – information about your transactions and experiences ​ ​ ​ Yes ​ ​ ​ No ​ ​
​ ​ For our affiliates’ everyday business purposes – information about your creditworthiness ​ ​ ​ No ​ ​ ​ We don’t share ​ ​
​ ​
For our affiliates to market to you
​ ​ ​ No ​ ​ ​ We don’t share ​ ​
​ ​
For nonaffiliates to market to you
​ ​ ​ No ​ ​ ​ We don’t share ​ ​
​ ​ Questions? ​ ​ ​
Call 1-844-440-4450
​ ​ ​ ​ ​ ​
41
First Trust Private Credit Fund
PRIVACY POLICY — Continued
(Unaudited)
​
 
​ ​
What we do
​ ​ ​ ​ ​ ​
​ ​
How does the Fund protect my personal information?
​ ​ ​
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
​ ​
​ ​
How does the Fund collect my personal information?
​ ​ ​
We collect your personal information, for example, when you
•
Open an account
​
•
Provide account information
​
•
Give us your contact information
​
•
Make a wire transfer
​
•
Tell us where to send the money
​
We also collect your information from others, such as credit bureaus, affiliates, or other companies.
​ ​
​ ​
Why can’t I limit all sharing?
​ ​ ​
Federal law gives you the right to limit only
•
Sharing for affiliates’ everyday business purposes-information about your creditworthiness
​
•
Affiliates from using your information to market to you
​
•
Sharing for nonaffiliates to market to you
​
State laws and individual companies may give you additional rights to limit sharing.
​ ​
​ ​
Definitions
​ ​ ​ ​ ​ ​
​ ​
Affiliates
​ ​ ​
Companies related by common ownership or control. They can be financial and nonfinancial companies.
Our affiliates include companies such as First Trust Capital Management L.P.
 ​ ​
​ ​
Nonaffiliates
​ ​ ​
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
The Fund doesn’t share with nonaffiliates so they can market to you.
 ​ ​
​ ​
Joint marketing
​ ​ ​
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
The Fund doesn’t jointly market.
 ​ ​
42

 

(b) Not applicable.

 

ITEM 2. CODE OF ETHICS.

 

Not applicable to semi-annual reports.

 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

 

Not applicable to semi-annual reports.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

 

Not applicable to semi-annual reports.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

 

Not applicable.

 

ITEM 6. INVESTMENTS.

 

(a)Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form.

 

(b)Not applicable.

 

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable.

 

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

 

The information is included in Item 1(a) of this Form N-CSR.

 

 

 

 

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

Not applicable to semi-annual reports.

 

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

 

(a)Not applicable to semi-annual reports.

 

(b)There are no changes to the Portfolio Managers identified in response to paragraph (a)(1) of this Item in the registrant’s most recent annual report on form N-CSR.

 

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

 

Not applicable.

 

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407), or this Item.

 

ITEM 16. CONTROLS AND PROCEDURES.

 

(a)The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT COMPANIES.

 

(a)Not applicable.

 

(b)Not applicable.

 

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

 

Not applicable.

 

 

 

 

ITEM 19. EXHIBITS.

 

(a)(1) Not applicable to semi-annual reports.

 

(a)(2) Not applicable

 

(a)(3) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(a)(4) There were no written solicitations.

 

(a)(5) There is no change to the registrant’s independent public accountant.

 

(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(registrant) First Trust Private Credit Fund

 

By (Signature and Title)* /s/ Michael Peck
  Michael Peck, President
  (Principal Executive Officer)

 

Date December 6, 2024

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)* /s/ Michael Peck
  Michael Peck, President
  (Principal Executive Officer)

 

Date December 6, 2024

 

By (Signature and Title)* /s/ Chad Eisenberg
  Chad Eisenberg, Treasurer
  (Principal Financial Officer)

 

Date December 6, 2024

 

* Print the name and title of each signing officer under his or her signature.