UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2025

OR

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number: 814-01582

PGIM Private Credit Fund

(Exact name of Registrant as specified in its Charter)

Delaware	88-1771414
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification No.)
655 Broad Street
Newark, NJ	07102-4410
(Address of Principal Executive Offices)	(Zip Code)

(Registrant’s telephone number, including area code): (973) 802-5032

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

None	Not applicable	Not applicable
(Title of each class)	(Trading Symbol(s))	(Name of each exchange on which registered)

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

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

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

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller Reporting company	☐
Emerging growth company	☒

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

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

The number of shares of Registrant’s common shares of beneficial interest, $0.001 par value per share, outstanding as of May 13, 2025 was 6,098,835, 482 and 487 of Class I, Class S and Class D, respectively.

Table of Contents

PART I	Financial Information	PAGE
Item 1.	Financial Statements	1
	Statements of Assets and Liabilities as of March 31, 2025 (Unaudited) and December 31, 2024	1
	Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	2
	Statements of Changes in Net Assets for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	3
	Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)	4
	Schedules of Investments as of March 31, 2025 (Unaudited) and December 31, 2024	5
	Notes to Financial Statements	20
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	54
Item 4.	Controls and Procedures	55
PART II	Other Information	56
Item 1.	Legal Proceedings	56
Item 1A.	Risk Factors	56
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	56
Item 3.	Defaults Upon Senior Securities	56
Item 4.	Mine Safety Disclosures	56
Item 5.	Other Information	57
Item 6.	Exhibits	57
Signatures		58

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements about PGIM Private Credit Fund’s (the “Company,” “we,” “us” or “our”) business, including, in particular, statements about the Company’s plans, strategies and objectives. You can generally identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,” “continue” or other similar words. These statements include the Company’s plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond the Company’s control. Although the Company believes the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and the Company’s actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward looking statements, the inclusion of this information should not be regarded as a representation by the Company or any other person that the Company’s objectives and plans, which the Company considers to be reasonable, will be achieved. These risks, uncertainties and other factors include, without limitation:

●our future operating results;

●our business prospects and the prospects of the companies in which we may invest;

●the impact of the investments that we expect to make;

●our ability to raise sufficient capital and repurchase the Company’s common shares of beneficial interest, $0.001 par value per share (“Common Shares”), to execute our investment strategy;

●general economic, logistical and political trends and other external factors, including inflation and supply chain and labor market disruptions;

●the ability of our portfolio companies to achieve their objectives;

●our current and expected financing arrangements and investments;

●changes in the general interest rate environment;

●the adequacy of our cash resources, future financing sources and working capital;

●the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

●our contractual arrangements and relationships with third parties;

●risks associated with the demand for liquidity under our share repurchase program and the Board of Trustees’ (the “Board” and the members thereof, the “Trustees”) continued approval of quarterly tender offers;

●actual and potential conflicts of interest with PGIM Investments LLC (“PGIM Investments,” the “Manager” or the “Valuation Designee”) or any of its affiliates;

●the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we invest;

●the dependence of our future success on the general economy and its effect on the industries in which we may invest;

●the ability of the Manager to source suitable investments for us and to monitor and administer our investments;

●the impact of future acquisitions and divestitures;

●the ability of the Manager or its affiliates to attract and retain highly talented professionals;

●general price and volume fluctuations in the stock market;

●our ability to maintain our qualification as a regulated investment company (“RIC”) and as a business development company (“BDC”);

●the impact on our business of U.S. and international financial reform legislation, rules and regulations;

●the effect of changes to tax legislation and our tax position; and

●the tax status of the enterprises in which we may invest.

You should carefully review the “Risk Factors” section in Item 1A in the Annual Report on Form 10-K for the year ended December 31, 2024 for a discussion of the risks and uncertainties that the Company believes are material to its business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, the Company does not undertake to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Item 1. Financial Statements

PGIM Private Credit Fund

Statements of Assets and Liabilities

(in thousands, except share and per share amounts)

	March 31, 2025		December 31, 2024
	(Unaudited)
ASSETS
Investments at fair value
Non-affiliated investments (cost of $226,126 and $209,254, respectively)(1)	$	226,796	$	209,214
Cash and cash equivalents		13,672		3,742
Foreign currency, at value (cost of $1,632 and $1,417 respectively)		1,663		1,383
Interest receivable from non-affiliated investments		1,314		1,064
Deferred financing costs		958		918
Receivable for investments sold		34		33
Unrealized appreciation on OTC forward foreign currency exchange contracts		165		1,006
Due from manager		141		400
Other assets		185		—
Prepaid expenses		13		22
Total assets	$	244,941	$	217,782
LIABILITIES
Debt (Note 6)		96,550		94,150
Distribution payable (Note 8)		1,405		1,311
Unrealized depreciation on OTC forward foreign currency exchange contracts		376		7
Professional fees payable		96		200
Pricing fees payable		34		29
Interest payable		242		247
Custodian and accounting fees payable		77		172
Transfer agent’s fees payable		19		16
Affiliated transfer agent’s fees payable		8		4
Accrued expense and other liabilities		27		58
Total liabilities	$	98,834	$	96,194
Commitments and contingencies (Note 7)
NET ASSETS
Common Shares, $0.001 par value (unlimited shares authorized; 5,856,271 and 4,877,909    shares issued and outstanding, respectively)		6		5
Paid in capital in excess of par		144,691		120,294
Total distributable earnings/(accumulated losses)		1,410		1,289
Total net assets	$	146,107	$	121,588
Total liabilities and net assets	$	244,941	$	217,782
NET ASSET VALUE PER SHARE
Class I Shares:
Net assets	$	146,083	$	121,564
Common Shares outstanding ($0.001 par value, unlimited shares authorized)		5,855,310		4,876,977
Net asset value per share	$	24.95	$	24.93
Class S Shares:
Net assets	$	12	$	12
Common Shares outstanding ($0.001 par value, unlimited shares authorized)		478		464
Net asset value per share	$	25.43	$	25.40
Class D Shares:
Net assets	$	12	$	12
Common Shares outstanding ($0.001 par value, unlimited shares authorized)		483		468
Net asset value per share	$	25.42	$	25.38

(1) Includes fair value of unfunded loan commitments which are disclosed in footnote seven within the Schedule of Investments and Note 7. Commitments and Contingencies.

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

1

PGIM Private Credit Fund

Statements of Operations

(in thousands)

(Unaudited)

	For the Three Months Ended
	March 31, 2025				March 31, 2024
Investment income
From non-affiliated investments:
Interest income	$	6,134			$	3,463
Dividend income		—				120
Fee income		106				59
Payment-in-kind		8				—
From affiliated investments:
Dividend Income		30				—
Total investment income		6,278				3,642
Expenses
Interest expense		1,717				251
Income based incentive fees (Note 3)		448				220
Capital gains incentive fees (Note 3)		(5	)			34
Management fees (Note 3)		406				336
Professional fees		315				575
Custodian and accounting fees		65				67
Transfer agent’s fees and expenses (Note 3)(**)		52				28
Trustees’ fees		51				47
Shareholders’ reports		35				26
Blue sky fees	—					90
Pricing fees		12				27
Servicing and distribution fees	—			(*)		—		(*)
Other general & administrative		46				28
Total expenses		3,142				1,729
Expense reimbursement (Note 3)		(413	)			(795	)
Incentive fees waived (Note 3)		(443	)			(254	)
Management fees waived (Note 3)		(406	)			(336	)
Net expenses		1,880				344
Net investment income (loss)		4,398				3,298
Realized and Unrealized Gain (Loss):
Net realized gain (loss):
Non-affiliated investments transactions		4				—
Forward foreign currency contracts transactions		500				(144	)
Foreign currency transactions		(104	)			9
Net realized gain (loss)		400				(135	)
Net change in unrealized appreciation (depreciation):
Non-affiliated investments		710				(245	)
Forward foreign currency contracts		(1,210	)			457
Foreign currency		65				(3	)
Net change in unrealized appreciation (depreciation)		(435	)			209
Net realized and unrealized gain (loss)		(35	)			74
Net increase (decrease) in net assets resulting from operations	$	4,363			$	3,372

(*) Less than $500

(**) For the three months ended March 31, 2025 and 2024, $10 and $6, respectively, of affiliated expenses were included.

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

2

PGIM Private Credit Fund

Statements of Changes in Net Assets

(in thousands)

(Unaudited)

	For the Three Months Ended
	March 31, 2025				March 31, 2024
Increase (decrease) in net assets resulting from operations
Net investment income (loss)	$	4,398			$	3,298
Net realized gain (loss)		400				(135	)
Net change in unrealized appreciation (depreciation)		(435	)			209
Net increase (decrease) in net assets resulting from operations		4,363				3,372
Distributions to common shareholders
Class I		(4,242	)			(2,953	)
Class S	—			(*)		—		(*)
Class D	—			(*)		—		(*)
Net decrease in net assets resulting from distributions		(4,242	)			(2,953	)
Share transactions
Class I:
Proceeds from shares sold		20,280				500
Distributions reinvested		4,118				1,961
Class S:
Distributions reinvested		—		(*)		1
Class D:
Distributions reinvested		—		(*)		1
Net increase (decrease) from share transactions		24,398				2,463
Total increase (decrease) in net assets		24,519				2,882
Net Assets, beginning of period		121,588				106,699
Net Assets, end of period	$	146,107			$	109,581

(*) Less than $500

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

3

PGIM Private Credit Fund

Statements of Cash Flows

(in thousands)

(Unaudited)

	For the Three Months Ended
	March 31, 2025			March 31, 2024
Cash flows from operating activities:
Net increase (decrease) in net assets resulting from operations	$	4,363		$	3,372
Adjustments to reconcile net increase (decrease) in net assets resulting from operations    to net cash provided by (used in) operating activities:
Net change in unrealized (appreciation) depreciation on investments		(710	)		245
Net change in unrealized (appreciation) depreciation on foreign currency forward contracts		1,210			(457	)
Net change in unrealized (appreciation) depreciation on translation of assets and liabilities in foreign currencies		(65	)		3
Net realized (gain) loss on investments		(4	)		—
Payment-in-kind interest capitalized		(8	)		—
Net accretion of discount and amortization of premium		(385	)		(166	)
Amortization of deferred financing costs		65			60
Purchases of investments		(28,956	)		(14,386	)
Proceeds from principal repayments		12,481			2,872
Changes in operating assets and liabilities:
Interest receivable from non-affiliated investments		(250	)		(257	)
Receivable for investments sold		(1	)		21
Due from Manager		259			577
Prepaid expenses		9			—
Other assets		(185	)		17
Professional fees payable		(104	)		(125	)
Pricing fees payable		5			27
Interest payable		(5	)		41
Blue sky fees payable		—			90
Custodian and accounting fees payable		(95	)		—
Transfer agent’s fees payable		3			(9	)
Affiliated transfer agent’s fees payable		4			2
Accrued expenses and other liabilities		(31	)		29
Net cash provided by (used in) operating activities		(12,400	)		(8,044	)
Cash flows from financing activities:
Borrowings of debt		23,400			6,700
Repayments of debt		(21,000	)		—
Deferred financing costs paid		(105	)		—
Proceeds from issuance of Common Shares		20,280			500
Distributions paid in cash		(30	)		(12,088	)
Net cash provided by (used in) financing activities		22,545			(4,888	)
Net increase (decrease) in cash and cash equivalents, including foreign currency		10,145			(12,932	)
Effect of foreign exchange rate changes on cash and cash equivalents		65			(3	)
Cash and cash equivalents, beginning of period		5,125			16,278
Cash and cash equivalents, end of period, including foreign currency	$	15,335		$	3,343
Supplemental information and non-cash activities:
Interest paid during the period	$	1,657		$	150
Distribution payable	$	1,405		$	995
Issuance of Common Shares in connection with distribution reinvestment plan	$	4,118		$	1,963

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

4

PGIM Private Credit Fund

Schedule of Investments

March 31, 2025

(in thousands)

(Unaudited)

Investments(1)(11)	Reference Rate and Spread (2)			Interest Rate(2)	Maturity Date	Par Amount/ Units		Cost(3)			Fair Value			% of Net Assets
Investments—non-affiliated
First Lien Debt(4) (5)
Aerospace & Defense
Nayak Aircraft Services Holdings GmbH (Germany) (7)	3M	E +	5.50%	7.86%	1/16/2030	EUR	3,246	$	3,463		$	3,434			2.35	%
Nayak Aircraft Services Holdings GmbH (Delayed Draw) (Germany) (6) (7)	3M	E +	5.50%	7.86%	1/16/2030	EUR	877		(17	)		(20	)		(0.01	)
									3,446			3,414			2.34
Auto Components
ACS Industries, Inc.	1M	S +	5.35%	9.67%	11/26/2030		5,993		5,891			5,859			4.01
									5,891			5,859			4.01
Beverages
Cold Spring Brewing Company	1M	S +	4.75%	9.07%	12/10/2030		5,843		5,787			5,846			4.00
Suja Merger Sub, LLC (8)	1M	S +	5.60%	9.92%	8/23/2029		2,933		2,909			2,905			1.99
									8,696			8,751			5.99
Building Products
The Wells Companies, Inc	1M	S +	5.75%	10.07%	4/2/2029		12,020		11,696			11,752			8.04
Titan Home Improvement, LLC	3M	S +	5.75%	10.06%	5/31/2030		3,148		3,091			3,105			2.13
Titan Home Improvement, LLC (Delayed Draw) (6)	3M	S +	5.75%	10.06%	5/31/2030		593		(5	)		(8	)		(0.01	)
Titan Home Improvement, LLC (Revolver) (6)	3M	S +	5.75%	10.06%	5/31/2030		520		(9	)		(7	)	—
									14,773			14,842			10.16
Business Services
Universal GEM Gaming, LLC	3M	S +	5.50%	9.80%	3/13/2030		6,000		5,881			5,881			4.02
									5,881			5,881			4.02
Chemicals
AgroFresh, Inc.	1M	E +	7.00%	9.36%	3/31/2029	EUR	799		849			852			0.58
AgroFresh, Inc.	1M	S +	6.35%	10.67%	3/31/2029		5,740		5,618			5,666			3.88
AgroFresh, Inc. (Revolver)	1M	S +	6.35%	10.67%	3/31/2028		566		555			559			0.38
Airedale Newco Limited (United Kingdom) (7)	3M	SN +	6.00%	10.46%	12/21/2028	GBP	4,682		5,814			5,914			4.05
Airedale Newco Limited (Revolver) (United Kingdom) (6) (7)	3M	SN +	6.00%	10.46%	12/21/2028	GBP	781		(23	)		(22	)		(0.02	)
Kandelium Group GmbH (France) (7)	6M	S +	6.50%	10.72%	11/22/2030		1,926		1,876			1,884			1.29
Kandelium Group GmbH (France) (7)	3M	E +	5.75%	8.13%	11/22/2030	EUR	3,024		3,208			3,199			2.19
Kandelium Group GmbH (Delayed Draw) (France) (7)	6M	S +	6.50%	10.72%	11/22/2030		1,284		1,252			1,256			0.86
									19,149			19,308			13.21
Commercial Services & Supplies
CI(MG) Intermediate, LLC	6M	S +	5.50%	9.72%	3/27/2030		5,672		5,587			5,587			3.82
CI(MG) Intermediate, LLC (Delayed Draw) (6)	6M	S +	5.50%	9.72%	3/27/2030		2,690		(20	)		(20	)		(0.01	)
CI(MG) Intermediate, LLC (Revolver) (6)	6M	S +	5.50%	9.72%	3/27/2030		638		(10	)		(10	)		(0.01	)
HEF Safety Ultimate Holdings, LLC	3M	S +	5.25%	9.55%	11/19/2029		2,040		1,998			2,034			1.39
HEF Safety Ultimate Holdings, LLC (Delayed Draw) (6)	3M	S +	5.25%	9.55%	11/19/2029		563		(5	)		(2	)	—
HEF Safety Ultimate Holdings, LLC (Revolver) (6)	3M	S +	5.25%	9.55%	11/19/2029		297		135			140			0.10
Nationwide Acquisition, LLC	1M	S +	5.25%	9.57%	10/1/2029		8,150		8,002			7,877			5.39
Nationwide Acquisition, LLC (Delayed Draw) (6)	1M	S +	5.25%	9.57%	10/1/2029		2,234		1,611			1,563			1.07
Nationwide Acquisition, LLC (Revolver) (6)	1M	S +	5.25%	9.57%	10/1/2029		1,576		(29	)		(53	)		(0.04	)
ZircoData Holdings Pty Ltd (Australia) (7) (8)	3M	B +	7.25%	12.17% (incl 0.75% PIK)	5/3/2026	AUD	1,643		1,094			1,018			0.70
									18,363			18,134			12.41

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

5

PGIM Private Credit Fund

Schedule of Investments (continued)

March 31, 2025

(in thousands)

(Unaudited)

Investments(1)(11)	Reference Rate and Spread (2)			Interest Rate(2)	Maturity Date	Par Amount/ Units		Cost(3)			Fair Value			% of Net Assets
Investments—non-affiliated (continued)
Construction & Engineering
ADB Companies, LLC (8)	3M	S +	6.76%	12.06% (incl. 1.00% PIK)	12/18/2025		2,396	$	2,384		$	2,362			1.62	%
ADB Companies, LLC	3M	S +	6.76%	12.05% (incl. 1.00% PIK)	12/18/2025		458		454			451			0.31
APS Acquisition Holdings, LLC	3M	S +	5.75%	10.05%	7/11/2029		2,655		2,608			2,619			1.79
APS Acquisition Holdings, LLC (Delayed Draw) (6)	3M	S +	5.75%	10.05%	7/11/2029		944		(8	)		(13	)		(0.01	)
APS Acquisition Holdings, LLC (Revolver) (6)	3M	S +	5.75%	10.05%	7/11/2029		472		(8	)		(6	)	—
Capital Construction, LLC	1M	S +	5.60%	9.92%	10/22/2026		913		904			907			0.62
Capital Construction, LLC (Delayed Draw)	1M	S +	5.60%	9.92%	10/22/2026		1,238		1,225			1,230			0.84
Capital Construction, LLC (Revolver) (6)	1M	S +	5.60%	9.92%	10/22/2026		222		(2	)		(2	)	—
Full Circle Fiber Operating LLC	3M	S +	7.15%	11.45%	12/16/2027		5,353		5,276			5,285			3.62
TriplePoint Acquisition Holdings LLC	3M	S +	5.25%	9.55%	5/31/2029		4,444		4,370			4,404			3.01
TriplePoint Acquisition Holdings LLC (Delayed Draw) (6)	3M	S +	5.25%	9.55%	5/31/2029		1,119		(10	)		(10	)		(0.01	)
TriplePoint Acquisition Holdings LLC (Revolver) (6)	3M	S +	5.25%	9.55%	5/31/2029		622		(11	)		(6	)	—
									17,182			17,221			11.79
Containers & Packaging
Close The Loop Group USA, Inc.	3M	S +	6.15%	10.45%	10/26/2029		2,724		2,679			2,709			1.85
Close The Loop Group USA, Inc. (Revolver) (6)	3M	S +	6.15%	10.45%	12/26/2029		589		(10	)		(3	)	—
Johns-Byrne LLC	3M	S +	6.25%	10.55%	8/31/2029		986		966			975			0.67
Johns-Byrne LLC (Delayed Draw) (6)	3M	S +	6.25%	10.55%	8/31/2029		267		(5	)		(3	)	—
Johns-Byrne LLC (Revolver) (6)	3M	S +	6.25%	10.55%	8/31/2029		134		(3	)		(2	)	—
NPPI Buyer, LLC	3M	S +	5.00%	9.30%	8/20/2029		8,798		8,677			8,719			5.97
NPPI Buyer, LLC (Delayed Draw) (6)	3M	S +	5.00%	9.30%	8/20/2029		1,895		(13	)		(17	)		(0.01	)
NPPI Buyer, LLC (Revolver) (6)	1M	S +	5.00%	9.32%	8/20/2029		1,263		173			178			0.12
Toledo AcquisitionCo Inc. (8)	6M	S +	6.75%	10.98%	8/21/2029		2,940		2,905			2,901			1.98
									15,369			15,457			10.58
Distributors
Delaware Valley Floral Group LLC	3M	S +	5.85%	10.15%	8/24/2028		506		497			501			0.34
Delaware Valley Floral Group LLC (Revolver) (6)	3M	S +	5.85%	10.15%	8/24/2028		327		(5	)		(3	)	—
									492			498			0.34
Diversified Consumer Services
Aptive Environmental, LLC	1M	S +	5.50%	9.82%	10/1/2030		5,392		5,273			5,316			3.64
Aptive Environmental, LLC (Revolver) (6)	1M	S +	5.50%	9.82%	10/1/2030		554		(12	)		(8	)		(0.01	)
Global Education Holdings Limited (Revolver) (United Kingdom) (7)	1M	P +	2.20%	9.70%	5/22/2025	GBP	394		496			509			0.35
We Work for Kids, LLC	3M	S +	5.50%	9.80%	9/26/2029		11,039		10,840			10,889			7.45
We Work for Kids, LLC (Revolver) (6)	3M	S +	5.50%	9.80%	9/26/2029		905		(17	)		(12	)		(0.01	)
									16,580			16,694			11.42
Electronic Equipment, Instruments & Components
Rochester Sensors, LLC	3M	S +	7.15%	11.45%	5/8/2028		6,610		6,500			6,499			4.45
Rochester Sensors, LLC (Revolver)	3M	S +	7.15%	11.45%	5/8/2028		545		536			537			0.36
									7,036			7,036			4.81
Environmental & Facilities Services
Legend Buyer, Inc.	3M	S +	5.60%	9.82%	1/19/2029		1,109		1,090			1,093			0.75
Legend Buyer, Inc. (Revolver) (6)	3M	S +	5.60%	9.82%	1/19/2029		214		(3	)		(3	)	—
									1,087			1,090			0.75

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

6

PGIM Private Credit Fund

Schedule of Investments (continued)

March 31, 2025

(in thousands)

(Unaudited)

Investments(1) (11)	Reference Rate and Spread(2)			Interest Rate(2)	Maturity Date	Par Amount/ Units		Cost(3)			Fair Value			% of Net Assets
Investments—non-affiliated (continued)
Food Products
Frozen Bakery Acquisition, LLC	3M	S +	4.90%	9.19%	7/9/2029		5,985	$	5,928		$	5,928			4.06	%
Hometown Food Company	1M	S +	4.60%	8.92%	8/16/2029		5,727		5,686			5,723			3.92
Sun Orchard, LLC (9)	3M	S +	5.50%	9.80%	7/8/2028		8,508		8,400			8,434			5.77
				9.78%	7/8/2028									—
Sun Orchard, LLC (Delayed Draw) (6)	3M	S +	5.50%	9.80%	7/8/2028		3,448		300			315			0.21
									20,314			20,400			13.96
Gas Utilities
Sail Energy, LLC	6M	S +	7.25%	11.53%	1/24/2028		1,124		1,110			1,111			0.76
Sail Energy, LLC (Delayed Draw)	6M	S +	7.25%	11.53%	1/24/2028		756		747			747			0.51
Sail Energy, LLC (Revolver) (6)	6M	S +	7.25%	11.53%	1/24/2028		381		(4	)		(5	)	—
									1,853			1,853			1.27
Health Care Equipment
Medical Device Inc.	3M	S +	5.35%	9.65%	7/11/2029		2,943		2,893			2,914			1.99
Medical Device Inc.	3M	S +	5.35%	9.65%	7/11/2029		2,068		2,038			2,048			1.40
Medical Device Inc. (Revolver) (6)	3M	S +	5.35%	9.65%	7/11/2029		382		(6	)		(4	)	—
Medical Device Inc. (Revolver) (6)	3M	S +	5.35%	9.65%	7/11/2029		600		(9	)		(6	)	—
									4,916			4,952			3.39
Health Care Providers & Services
ADB Acquiror, Inc	3M	S +	4.45%	12.45% (incl. 4.00% PIK)	5/12/2028		5,190		5,094			5,077			3.48
ADB Acquiror, Inc (Delayed Draw) (6)	3M	S +	4.45%	12.45% (incl. 4.00% PIK)	5/12/2028		1,545		63			57			0.04
ADB Acquiror, Inc (Revolver) (6) (9)	3M	P +	7.00%	14.50%	5/12/2028		455		238			236			0.16
	3M	S +	8.15%	12.45%	5/12/2028
MM Proton I, LLC	1M	S +	6.75%	11.07%	5/29/2029		6,446		6,360			6,407			4.39
Pharmacy Partners Acquisition, LLC	3M	S +	6.50%	10.81%	2/28/2029		1,004		990			999			0.68
Pharmacy Partners Acquisition, LLC (Revolver) (6)	3M	S +	6.50%	10.81%	2/28/2029		202		(3	)		(1	)	—
									12,742			12,775			8.75
Hotels, Restaurants & Leisure
Regisa DC, S.A. (Spain) (7)	3M	E +	5.75%	8.11%	11/14/2030	EUR	441		450			465			0.32
									450			465			0.32
Household Products
Bluesun Consumer Brands, S.L. (Spain) (7)	3M	E +	5.50%	7.86%	2/28/2030	EUR	3,104		3,280			3,315			2.27
									3,280			3,315			2.27
Human Resource & Employment Services
Pryor Learning, LLC	1M	S +	5.35%	9.67%	2/28/2029		1,786		1,760			1,764			1.21
Pryor Learning, LLC (Revolver) (6)	1M	S +	5.35%	9.67%	2/28/2029		203		(3	)		(2	)	—
									1,757			1,762			1.21
IT Consulting & Other Services
MajorKey Technologies Holdings LLC (8)	6M	S +	6.26%	10.49%	12/3/2026		2,328		2,314			2,317			1.59
									2,314			2,317			1.59
IT Services
Penncomp, LLC	1M	S +	5.00%	9.32%	10/17/2028		3,672		3,602			3,635			2.49
Penncomp, LLC (Delayed Draw)	1M	S +	5.00%	9.32%	10/17/2028		1,177		1,162			1,166			0.80
Penncomp, LLC (Delayed Draw) (6)	1M	S +	5.00%	9.32%	4/17/2030		925		(7	)		(9	)		(0.01	)
Penncomp LLC, (Revolver) (6)	1M	S +	5.00%	9.32%	10/17/2028		214		(3	)		(2	)	—
									4,754			4,790			3.28

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

7

PGIM Private Credit Fund

Schedule of Investments (continued)

March 31, 2025

(in thousands)

(Unaudited)

Investments(1) (11)	Reference Rate and Spread(2)			Interest Rate(2)	Maturity Date	Par Amount/ Units		Cost(3)			Fair Value			% of Net Assets
Investments—non-affiliated (continued)
Media
AOM Intermediate Holdco, LLC	3M	S +	6.65%	10.95%	8/22/2028		3,268	$	3,207		$	3,219			2.20	%
AOM Intermediate Holdco, LLC (Revolver) (6)	3M	S +	6.65%	10.95%	8/22/2028		258		64			65			0.04
AS1 Sports Bidco Limited (United Kingdom) (7)	3M	E +	6.00%	8.36%	9/26/2030	EUR	366		399			387			0.27
AS1 Sports Bidco Limited (Revolver) (United Kingdom) (6) (7)	3M	E +	6.00%	8.36%	9/26/2030	EUR	63		(2	)		(1	)	—
TG Studios US, LLC	3M	S +	7.90%	12.20%	4/6/2029		4,950		4,843			4,897			3.35
									8,511			8,567			5.86
Paper & Forest Products
Hoffmaster Group, Inc.	3M	S +	6.25%	10.54%	2/24/2028		5,154		5,073			5,093			3.48
									5,073			5,093			3.48
Professional Services
Efficio Holdco Limited (United Kingdom) (7)	3M	E +	6.00%	8.36%	7/31/2031	EUR	79		83			84			0.06
Efficio Holdco Limited (United Kingdom) (7)	3M	S +	6.00%	10.31%	7/31/2031		386		376			378			0.26
HH Global Finance LTD (8)	6M	S +	6.43%	10.86%	2/25/2027		3,000		2,974			2,982			2.04
JCF Kestrel UK Bidco LTD (United Kingdom) (7)	3M	E +	5.75%	8.21%	11/4/2031	EUR	331		333			347			0.24
JCF Kestrel UK Bidco LTD (Delayed Draw) (United Kingdom) (6) (7)	3M	E +	5.75%	8.21%	11/4/2031	EUR	30	—			—			—
JCF Kestrel UK Bidco LTD (Revolver) (United Kingdom) (6) (7)	3M	E +	5.75%	8.21%	5/4/2025	EUR	65	—			—			—
Studio Bidco B.V. (Netherlands) (7)	3M	E +	6.50%	8.86%	4/24/2031	EUR	326		340			345			0.23
Studio Bidco B.V. (Delayed Draw) (Netherlands) (6) (7)	3M	E +	6.50%	8.86%	4/24/2031	EUR	122		(2	)		(3	)	—
Tetris Bidco Limited (United Kingdom) (7)	3M	SN +	6.75%	11.21%	10/24/2029	GBP	1,930		2,293			2,456			1.68
Tetris Bidco Limited (United Kingdom) (7)	1M	SN +	6.75%	11.21%	10/24/2029	GBP	70		88			89			0.06
Tetris Bidco Limited (Revolver) (United Kingdom) (6) (7)	3M	SN +	6.75%	11.21%	10/24/2029	GBP	263		(7	)		(5	)	—
									6,478			6,673			4.57
Software
CF Newco, Inc.	3M	S +	6.25%	10.54%	12/10/2029		5,530		5,396			5,442			3.73
CF Newco, Inc. (Revolver) (6) (9)	3M	S +	6.25%	10.54%	12/10/2029		429		290			293			0.20
				10.55%	12/10/2029
Knowledge Support Systems, Inc. (8)	3M	S +	6.50%	10.85%	11/17/2029		1,649		1,619			1,626			1.11
									7,305			7,361			5.04
Technology Hardware, Storage & Peripherals
Ivy Technology Parent Intermediate III Holdings, LLC	1M	S +	5.38%	9.70%	2/5/2031		5,277		5,185			5,185			3.55
Ivy Technology Parent Intermediate III Holdings, LLC (Revolver) (6)	1M	S +	5.38%	9.70%	2/5/2031		723		(13	)		(13	)		(0.01	)
									5,172			5,172			3.54
Trading Companies & Distributors
CPIG Holdco Inc.	3M	S +	7.10%	11.41%	4/28/2028		4,477		4,389			4,429			3.03
Entertainment Earth, LLC (8)	3M	S +	8.65%	12.95%	7/22/2027		2,903		2,873			2,687			1.84
									7,262			7,116			4.87
Total First Lien Debt								$	226,126		$	226,796			155.23	%
Total Investments—non-affiliated								$	226,126		$	226,796			155.23	%
Cash Equivalents
State Street Institutional Treasury Plus Money Market Fund (10)							240	$	240		$	240			0.16	%
								$	240		$	240			0.16	%
Total Portfolio Investments and Cash Equivalents								$	226,366		$	227,036			155.39	%

(1)Unless otherwise indicated, issuers of debt investments held by the Company are denominated in USD. All debt investments are income producing unless otherwise indicated.

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

8

(2)Unless otherwise indicated, loan contains a variable rate structure, and may be subject to an interest rate floor. Variable rate loans to the portfolio companies bear interest at a rate that is determined by reference to either the Secured Overnight Financing Rate (“SOFR” or “S”), EuroInterbank Offered Rate (“EURIBOR” or “E”), Australian Bank Bill Swap Rate (“BBSW” or “B”), Sterling Overnight Index Average (“SONIA or SN”), or an alternate base rate (commonly based on the U.S. Prime Rate (“P”), which generally resets periodically. For each loan, the Company has indicated the reference rate used (including any adjustments per the loan agreements), and provided the spread and interest rate in effect as of March 31, 2025.

(3)The cost represents the original cost adjusted for the accretion of discounts and amortization of premiums, as applicable, on debt investments using the effective interest method in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

(4)Unless otherwise indicated, issuers of debt held by the Company are domiciled in the United States.

(5)All investments are valued using unobservable inputs (Level 3), unless otherwise noted (see “Note 2. Accounting Policies” and “Note 5. Fair Value Measurements”).

(6)Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. Negative cost and fair value result from unamortized fees, which are capitalized to the investment cost. See below for more information on the Company’s unfunded commitments:

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

9

PGIM Private Credit Fund

Schedule of Investments (continued)

March 31, 2025

(in thousands)

(Unaudited)

Investments—non-affiliated	Commitment Type	Commitment Expiration Date	Unfunded		Unfunded Commitment Fair Value
ADB Acquiror, Inc	Delayed Draw Term Loan	5/12/2028	$	1,454	$	(31	)
ADB Acquiror, Inc	Revolver	5/12/2028		209		(5	)
Airedale Newco Limited	Revolver	12/21/2028		993		(22	)
AOM Intermediate Holdco, LLC	Revolver	8/22/2028		189		(3	)
APS Acquisition Holdings, LLC	Delayed Draw Term Loan	7/11/2029		944		(13	)
APS Acquisition Holdings, LLC	Revolver	7/11/2029		472		(6	)
Aptive Environmental, LLC	Revolver	10/1/2030		554		(8	)
AS1 Sports Bidco Limited	Revolver	9/26/2030		70		(1	)
Capital Construction, LLC	Revolver	10/22/2026		222		(1	)
CF Newco, Inc.	Revolver	12/10/2029		129		(2	)
CI(MG) Intermediate, LLC	Delayed Draw Term Loan	3/27/2030		2,690		(20	)
CI(MG) Intermediate, LLC	Revolver	3/27/2030		638		(10	)
Close The Loop Group USA, Inc.	Revolver	12/26/2029		589		(3	)
Delaware Valley Floral Group LLC	Revolver	8/24/2028		327		(3	)
HEF Safety Ultimate Holdings, LLC	Delayed Draw Term Loan	11/19/2029		563		(2	)
HEF Safety Ultimate Holdings, LLC	Revolver	11/19/2029		156		(1	)
Ivy Technology Parent Intermediate III Holdings, LLC	Revolver	2/5/2031		723		(13	)
JCF Kestrel UK Bidco LTD	Delayed Draw Term Loan	11/4/2031		31	—
JCF Kestrel UK Bidco LTD	Revolver	5/4/2025		68	—
Johns-Byrne LLC	Delayed Draw Term Loan	8/31/2029		267		(3	)
Johns-Byrne LLC	Revolver	8/31/2029		134		(2	)
Legend Buyer, Inc.	Revolver	1/19/2029		214		(3	)
Medical Device Inc.	Revolver	7/11/2029		382		(4	)
Medical Device Inc.	Revolver	7/11/2029		600		(6	)
Nationwide Acquisition, LLC	Delayed Draw Term Loan	10/1/2029		596		(20	)
Nationwide Acquisition, LLC	Revolver	10/1/2029		1,576		(53	)
Nayak Aircraft Services Holdings GmbH	Delayed Draw Term Loan	1/16/2030		954		(20	)
NPPI Buyer, LLC	Delayed Draw Term Loan	8/20/2029		1,895		(17	)
NPPI Buyer, LLC	Revolver	8/20/2029		1,074		(10	)
Penncomp LLC	Delayed Draw Term Loan	4/17/2030		925		(9	)
Penncomp LLC	Revolver	10/17/2028		214		(2	)
Pharmacy Partners Acquisition, LLC	Revolver	2/28/2029		202		(1	)
Pryor Learning, LLC	Revolver	2/28/2029		203		(2	)
Sail Energy, LLC	Revolver	1/24/2028		381		(5	)
Studio Bidco B.V. (Netherlands)	Delayed Draw Term Loan	4/24/2031		131		(3	)
Sun Orchard, LLC	Delayed Draw Term Loan	7/8/2028		3,103		(27	)
Tetris Bidco Limited	Revolver	10/24/2029		320		(5	)
Titan Home Improvement, LLC	Delayed Draw Term Loan	5/31/2030		593		(8	)
Titan Home Improvement, LLC	Revolver	5/31/2030		520		(7	)
TriplePoint Acquisition Holdings LLC	Delayed Draw Term Loan	5/31/2029		1,119		(10	)
TriplePoint Acquisition Holdings LLC	Revolver	5/31/2029		622		(6	)
We Work for Kids, LLC	Revolver	9/26/2029		905		(12	)
			$	27,951	$	(379	)

(7)The investment is not a qualifying asset under Section 55(a) of the 1940 Act. The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2025, non-qualifying assets represented 10.22% of the Company’s total assets as calculated in accordance with regulatory requirements.

(8)Represents a loan that was purchased by the Company and transferred at fair value from a wholly-owned subsidiary of Prudential Financial, Inc. ("Prudential") in March 2023.

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

10

(9)The investment has multiple unique terms, so the loan principal is being subdivided and accordingly, interest is being accrued at differing interest rates as presented on the Schedule of Investments.

(10)Cash equivalents balance represents amounts held in interest-bearing money market funds issued by State Street Institutional Treasury Plus Money Market Fund (Investor Class (SAEXX)), which had a 30-day yield of 4.19% as of March 31, 2025.

(11)Unless otherwise indicated, all investments are non-controlled, non-affiliated investments. Non-controlled, non-affiliated investments are defined as investments in which the Company owns less than 5% of a portfolio company's outstanding voting securities and does not have the power to exercise control over the management or policies of such portfolio company. As of March 31, 2025, all of the Company’s investments were non-controlled, non-affiliated.

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

11

PGIM Private Credit Fund

Schedule of Investments (continued)

March 31, 2025

(in thousands)

(Unaudited)

Forward Foreign Currency Exchange Contracts

Counterparty	Currency Purchased	Currency Sold	Settlement Date	Unrealized Appreciation (Depreciation)
Nomura International plc	USD 360	EUR 331	26-Feb-2027	$	(10	)
Macquarie Bank Limited	USD 480	EUR 441	23-Nov-2026		(10	)
Nomura International plc	USD 94	GBP 73	30-Oct-2026		1
Macquarie Bank Limited	USD 417	EUR 366	25-Sep-2026		11
Macquarie Bank Limited	USD 88	EUR 79	31-Jul-2026		1
Macquarie Bank Limited	USD 359	EUR 326	24-Apr-2026	—			(*)
Macquarie Bank Limited	USD 3,482	EUR 3,111	27-Feb-2026		59
Nomura International plc	USD 848	EUR 803	17-Feb-2026		(35	)
Nomura International plc	USD 3,428	EUR 3,246	17-Feb-2026		(141	)
Nomura International plc	USD 2,510	GBP 2,018	17-Feb-2026		(90	)
Macquarie Bank Limited	USD 6,601	GBP 5,180	31-Dec-2025		(78	)
Macquarie Bank Limited	GBP 266	USD 336	31-Dec-2025		6
Macquarie Bank Limited	USD 3,385	EUR 3,024	28-Nov-2025		74
Macquarie Bank Limited	USD 1,052	AUD 1,674	12-Aug-2025		8
Macquarie Bank Limited	USD 434	GBP 344	22-May-2025		(10	)
Macquarie Bank Limited	USD 63	GBP 50	20-May-2025		(2	)
Macquarie Bank Limited	USD 26	AUD 41	15-Apr-2025		1
Macquarie Bank Limited	USD 7	EUR 6	15-Apr-2025	—			(*)
Macquarie Bank Limited	USD 57	EUR 52	15-Apr-2025		1
Macquarie Bank Limited	USD 1	EUR 1	15-Apr-2025	—			(*)
Macquarie Bank Limited	USD 56	EUR 51	15-Apr-2025		1
Macquarie Bank Limited	USD 61	EUR 56	15-Apr-2025		1
Macquarie Bank Limited	USD 12	EUR 11	15-Apr-2025	—			(*)
Macquarie Bank Limited	USD 6	EUR 6	15-Apr-2025	—			(*)
Macquarie Bank Limited	USD 60	GBP 46	15-Apr-2025	—			(*)
Macquarie Bank Limited	USD 133	GBP 102	15-Apr-2025		1
				$	(211	)

(*) Less than $500

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

12

PGIM Private Credit Fund

Schedule of Investments

December 31, 2024

(in thousands)

Investments(1)(11)	Reference Rate and Spread (2)				Interest Rate(2)			Maturity Date	Par Amount/ Units		Cost(3)			Fair Value			% of Net Assets
Investments—non-affiliated
First Lien Debt(4) (5)
Aerospace & Defense
Nayak Aircraft Services Holdings GmbH (Germany) (7)	3M	E +	5.75	%		8.47	%	1/16/2030	EUR	3,246	$	3,460		$	3,287			2.71	%
Nayak Aircraft Services Holdings GmbH (Delayed Draw) (Germany) (6) (7)	3M	E +	5.75	%		8.47	%	1/16/2030	EUR	877		(18	)		(20	)		(0.02	)
												3,442			3,267			2.69
Auto Components
ACS Industries, Inc.	1M	S +	5.35	%		9.71	%	11/26/2030		6,000		5,897			5,897			4.85
												5,897			5,897			4.85
Beverages
Cold Spring Brewing Company	1M	S +	4.75	%		9.23	%	12/10/2030		6,000		5,941			5,941			4.89
Suja Merger Sub, LLC (8)	1M	S +	5.60	%		9.96	%	8/23/2029		2,940		2,917			2,911			2.39
												8,858			8,852			7.28
Building Products
Titan Home Improvement, LLC	3M	S +	5.75	%		10.26	%	5/31/2030		3,156		3,098			3,111			2.56
Titan Home Improvement, LLC (Delayed Draw)(6)	3M	S +	5.75	%		10.26	%	5/31/2030		593		(5	)		(8	)		(0.01	)
Titan Home Improvement, LLC (Revolver)(6)	3M	S +	5.75	%		10.26	%	5/31/2030		520		(10	)		(7	)		(0.01	)
The Wells Companies, Inc	1M	S +	5.75	%		10.11	%	4/02/2029		12,097		11,761			11,816			9.72
												14,844			14,912			12.26
Business Services
Eureka Entertainment, LLC	3M	S +	6.90	%		11.41	%	12/20/2027		2,106		2,076			2,088			1.72
Eureka Entertainment, LLC (Revolver) (6)(9)	3M	S +	6.90	%		11.41	%	12/20/2027		319		149			151			0.12
						11.23	%	12/20/2027
	6M	S +	7.00	%		12.14	%	12/20/2027
						11.39	%	12/20/2027
												2,225			2,239			1.84
Chemicals
AgroFresh, Inc.	1M	E +	7.00	%		9.86	%	3/31/2029	EUR	801		850			811			0.67
AgroFresh, Inc.	1M	S +	6.35	%		10.71	%	3/31/2029		5,754		5,626			5,629			4.63
AgroFresh, Inc. (Revolver) (6)	1M	S +	6.35	%		10.71	%	3/31/2028		566		526			525			0.43
Airedale Newco Limited (United Kingdom) (7)	3M	SN +	6.00	%		10.70	%	12/21/2028	GBP	4,782		5,929			5,849			4.81
Airedale Newco Limited (Revolver) (United Kingdom) (6) (7)	3M	SN +	6.00	%		10.70	%	12/21/2028	GBP	781		(25	)		(22	)		(0.02	)
Kandelium Group GmbH (France) (7)	3M	E +	5.75	%		8.43	%	11/22/2030	EUR	3,024		3,206			3,062			2.52
Kandelium Group GmbH (France) (7)	3M	S +	6.35	%		10.68	%	11/22/2030		1,926		1,875			1,883			1.55
Kandelium Group GmbH (Delayed Draw) (France) (7)	3M	S +	6.35	%		10.68	%	11/22/2030		1,284		1,251			1,256			1.03
												19,238			18,993			15.62
Commercial Services & Supplies
CI(MG) Intermediate, LLC	3M	S +	7.15	%		11.47	%	3/24/2028		30		29			29			0.02
CI(MG) Intermediate, LLC	3M	S +	7.15	%		11.66	%	3/24/2028		2,033		1,987			1,992			1.64
CI(MG) Intermediate, LLC (Delayed Draw) (6)	3M	S +	7.15	%		11.47	%	3/24/2028		70		(1	)		(1	)		—
CI(MG) Intermediate, LLC (Delayed Draw) (6) (9)	3M	S +	7.15	%		11.81	%	3/24/2028		3,944		3,398			3,407			2.80
						11.67	%	3/24/2028
						11.66	%	3/24/2028
						11.48	%	3/24/2028
CI(MG) Intermediate, LLC (Revolver) (6) (9)	3M	S +	7.15	%		11.48	%	3/24/2028		630		246			239			0.20
						11.66	%	3/24/2028
HEF Safety Ultimate Holdings, LLC	3M	S +	5.25	%		9.58	%	11/19/2029		2,045		2,002			2,039			1.68
HEF Safety Ultimate Holdings, LLC (Delayed Draw) (6)	3M	S +	5.25	%		9.58	%	11/19/2029		563		(6	)		(2	)		—
HEF Safety Ultimate Holdings, LLC (Revolver) (6)	3M	S +	5.25	%		9.58	%	11/19/2029		297		135			140			0.11
Nationwide Acquisition, LLC	1M	S +	5.25	%		9.61	%	10/1/2029		8,170		8,014			8,014			6.59
Nationwide Acquisition, LLC (Delayed Draw) (6)	1M	S +	5.25	%		9.61	%	10/1/2029		2,234		(21	)		(21	)		(0.02	)
Nationwide Acquisition, LLC (Revolver) (6)	1M	S +	5.25	%		9.61	%	10/1/2029		1,576		(30	)		(30	)		(0.02	)
ZircoData Holdings Pty Ltd (Australia) (7) (8)	3M	B +	8.00	%		12.50	%	5/3/2026	AUD	1,674		1,114			1,024			0.84
												16,867			16,830			13.84

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

13

PGIM Private Credit Fund

Schedule of Investments (continued)

December 31, 2024

(in thousands)

Investments(1)(11)	Reference Rate and Spread (2)				Interest Rate(2)			Maturity Date	Par Amount/ Units		Cost(3)			Fair Value			% of Net Assets
Investments—non-affiliated (continued)
Construction & Engineering
ADB Companies, LLC (8)	3M	S +	6.76	%		11.09	%	12/18/2025		2,455	$	2,440		$	2,410			1.98	%
ADB Companies, LLC	3M	S +	6.76	%		11.35	%	12/18/2025		468		463			460			0.38
APS Acquisition Holdings, LLC	3M	S +	5.75	%		10.08	%	7/11/2029		2,661		2,613			2,624			2.16
APS Acquisition Holdings, LLC (Delayed Draw) (6)	3M	S +	5.75	%		10.08	%	7/11/2029		944		(9	)		(13	)		(0.01	)
APS Acquisition Holdings, LLC (Revolver) (6)	3M	S +	5.75	%		10.08	%	7/11/2029		472		(9	)		(6	)		(0.01	)
Capital Construction, LLC	1M	S +	5.60	%		10.15	%	10/22/2026		915		905			909			0.75
Capital Construction, LLC (Delayed Draw)	1M	S +	5.60	%		10.15	%	10/22/2026		1,241		1,227			1,232			1.01
Capital Construction, LLC (Revolver) (6)	1M	S +	5.60	%		10.15	%	10/22/2026		222		(2	)		(2	)		—
Full Circle Fiber Operating LLC	3M	S +	7.15	%		11.48	%	12/16/2027		5,353		5,270			5,280			4.34
TriplePoint Acquisition Holdings LLC	3M	S +	5.50	%		9.83	%	5/31/2029		4,455		4,376			4,413			3.63
TriplePoint Acquisition Holdings LLC (Delayed Draw) (6)	3M	S +	5.50	%		9.83	%	5/31/2029		1,119		(10	)		(11	)		(0.01	)
TriplePoint Acquisition Holdings LLC (Revolver) (6)	3M	S +	5.50	%		9.83	%	5/31/2029		622		(11	)		(6	)		—
												17,253			17,290			14.22
Containers & Packaging
Close The Loop Group USA, Inc.	3M	S +	6.15	%		10.48	%	10/26/2029		2,742		2,695			2,727			2.24
Close The Loop Group USA, Inc. (Revolver) (6)	3M	S +	6.15	%		10.48	%	12/26/2029		589		(10	)		(3	)		—
Johns-Byrne LLC	3M	S +	6.00	%		10.33	%	8/31/2029		989		968			977			0.80
Johns-Byrne LLC (Delayed Draw) (6)	3M	S +	6.00	%		10.33	%	8/31/2029		267		(5	)		(3	)		—
Johns-Byrne LLC (Revolver) (6)	3M	S +	6.00	%		10.33	%	8/31/2029		134		(3	)		(2	)		—
NPPI Buyer, LLC	3M	S +	5.00	%		9.33	%	8/20/2029		8,820		8,697			8,738			7.19
NPPI Buyer, LLC (Delayed Draw) (6)	3M	S +	5.00	%		9.33	%	8/20/2029		1,895		(13	)		(18	)		(0.02	)
NPPI Buyer, LLC (Revolver) (6)	3M	S +	5.00	%		9.33	%	8/20/2029		1,263		(18	)		(12	)		(0.01	)
Toledo AcquisitionCo Inc. (8)	6M	S +	6.65	%		11.19	%	8/21/2029		2,947		2,914			2,907			2.39
												15,225			15,311			12.59
Distributors
Delaware Valley Floral Group LLC	3M	S +	5.85	%		10.18	%	8/24/2028		507		498			502			0.41
Delaware Valley Floral Group LLC (Revolver) (6)	3M	S +	5.75	%		10.18	%	8/24/2028		327		(6	)		(4	)		—
												492			498			0.41
Diversified Consumer Services
Aptive Environmental, LLC	1M	S +	5.50	%		9.86	%	10/1/2030		5,419		5,297			5,297			4.36
Aptive Environmental, LLC (Revolver) (6)	1M	S +	5.50	%		9.86	%	10/1/2030		554		(12	)		(12	)		(0.01	)
Global Education Holdings Limited (Revolver) (United Kingdom) (7)	1M	P +	2.75	%		9.70	%	5/22/2025	GBP	344		433			431			0.35
We Work for Kids, LLC	3M	S +	5.50	%		9.83	%	9/26/2029		11,067		10,856			10,910			8.97
We Work for Kids, LLC (Revolver) (6)	3M	S +	5.50	%		9.83	%	9/26/2029		905		(17	)		(13	)		(0.01	)
												16,557			16,613			13.66
Electronic Equipment, Instruments & Components
Rochester Sensors, LLC	3M	S +	7.15	%		11.48	%	5/8/2028		6,626		6,510			6,509			5.35
Rochester Sensors, LLC (Revolver)	3M	S +	7.15	%		11.48	%	5/8/2028		545		536			536			0.44
												7,046			7,045			5.79
Environmental & Facilities Services
Legend Buyer, Inc.	3M	S +	5.60	%		9.93	%	1/19/2029		1,112		1,092			1,095			0.01
Legend Buyer, Inc. (Revolver) (6)	6M	S +	5.60	%		9.87	%	1/19/2029		214		(4	)		(3	)		—
												1,088			1,092			0.90

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

14

PGIM Private Credit Fund

Schedule of Investments (continued)

December 31, 2024

(in thousands)

Investments(1) (11)	Reference Rate and Spread(2)				Interest Rate(2)			Maturity Date	Par Amount/ Units		Cost(3)			Fair Value			% of Net Assets
Investments—non-affiliated (continued)
Food Products
Hometown Food Company	1M	S +	4.60	%		9.03	%	8/16/2029		5,864	$	5,821		$	5,821			4.79	%
Sun Orchard, LLC (9)	3M	S +	5.50	%		9.83	%	7/8/2028		8,530		8,413			8,452			6.95
						10.09	%	7/8/2028
Sun Orchard, LLC (Delayed Draw) (6)	3M	S +	5.50	%		9.83	%	7/8/2028		3,448		(47	)		(32	)		(0.03	)
												14,187			14,241			11.71
Gas Utilities
Sail Energy, LLC	6M	S +	7.25	%		11.53	%	1/24/2028		1,132		1,117			1,118			0.92
Sail Energy, LLC (Delayed Draw)	6M	S +	7.25	%		11.53	%	1/24/2028		761		751			751			0.62
Sail Energy, LLC (Revolver) (6)	6M	S +	7.25	%		11.53	%	1/24/2028		381		(5	)		(4	)		(0.01	)
												1,863			1,865			1.53
Health Care Equipment
Medical Device Inc.	3M	S +	6.35	%		10.68	%	7/11/2029		1,596		1,564			1,569			1.29
Medical Device Inc. (Revolver) (6)	3M	S +	6.35	%		10.68	%	7/11/2029		202		(4	)		(3	)	—
												1,560			1,566			1.29
Health Care Providers & Services
ADB Acquiror, Inc	3M	S +	8.03	%		12.35	%	5/12/2028		5,190		5,088			5,105			4.20
ADB Acquiror, Inc (Delayed Draw) (6)	3M	S +	8.03	%		12.35	%	5/12/2028		1,545		62			66			0.06
ADB Acquiror, Inc (Revolver) (6) (9)	3M	S +	8.03	%		12.35	%	5/12/2028		455		173			174			0.14
	3M	P +	6.88	%		14.38	%	5/12/2028
MM Proton I, LLC	1M	S +	6.75	%		11.30	%	5/29/2029