North Haven Private Income Fund Reports $161.5M Investment Income for Quarter Ending March 31, 2025

North Haven Private Income Fund LLC reported significant financial performance for the quarter ending March 31, 2025, with total investment income reaching $161.5 million, a substantial increase from $106.0 million in the same period last year. The company’s net investment income after taxes was $78.1 million, compared to $56.0 million in the prior year, reflecting a net increase in members' capital resulting from operations of $50.0 million, down from $53.7 million a year earlier. The increase in investment income was primarily driven by the deployment of capital and the acquisition of SL Investment Corp. (SLIC), which contributed to a larger investment portfolio valued at $6.36 billion, up from $3.86 billion a year prior.

The company experienced a notable rise in expenses, which totaled $91.4 million for the quarter, compared to $49.9 million in the previous year. This increase was largely attributed to higher interest and financing expenses, which surged to $59.9 million from $26.2 million, driven by increased borrowings. Management fees also rose to $10.5 million from $7.9 million, reflecting the growth in capital contributions. The company’s weighted average yield on debt investments decreased to 9.9% from 11.6%, influenced by lower base rates and repricing of existing loans.

In terms of operational developments, North Haven's investment portfolio included 319 companies, with 25 new investment commitments made during the quarter. The company reported a high percentage of performing debt investments, with 99.9% bearing floating rates. The portfolio's weighted average EBITDA remained stable at approximately $175.6 million, indicating consistent financial health among its portfolio companies. However, the company also noted a slight increase in non-accrual investments, which stood at $12.0 million, compared to $29.2 million at the end of the previous fiscal year.

Looking ahead, North Haven Private Income Fund LLC expressed confidence in its financial resources, with approximately $221.8 million in unrestricted cash and cash equivalents, alongside significant availability under its credit facilities. The company anticipates that these resources will be sufficient to meet its unfunded commitments of $1.02 billion and support its investment activities in the near term. Additionally, the company has received exemptive relief from the SEC to offer multiple classes of common units, which may enhance its capital-raising capabilities moving forward.