PGIM Private Credit Fund Reports $10.1M Investment Income and Expands Portfolio

PGIM Private Credit Fund reported significant financial performance for the three months ending March 31, 2026, with total investment income reaching $10.1 million, a substantial increase from $6.3 million in the same period last year. This growth was primarily driven by a rise in interest income from non-controlled/non-affiliated investments, which surged to $9.5 million from $6.1 million. The fund's net investment income also improved, totaling $5.8 million compared to $4.4 million in the prior year, reflecting a net increase in net assets resulting from operations of $6.1 million, up from $4.4 million.

The fund's total assets increased to $427.9 million as of March 31, 2026, compared to $383.9 million at the end of 2025. This growth was attributed to a rise in the fair value of investments, particularly in non-controlled/non-affiliated investments, which increased to $395.2 million from $359.4 million. The fund's liabilities decreased to $161.1 million from $179.3 million, primarily due to a reduction in the outstanding balance of its credit facility, which fell to $144.4 million from $165.8 million.

In terms of operational developments, PGIM Private Credit Fund has expanded its investment portfolio, acquiring $91.6 million in new investments during the quarter, including $29.8 million in unfunded commitments. The number of portfolio companies increased to 71, up from 56 in the previous year. The fund's strategy continues to focus on investing in privately placed floating rate leveraged debt, primarily targeting middle-market companies in the U.S. and selectively in international markets.

The fund's net asset value per share for Class I Shares was reported at $24.82, a slight decrease from $24.87 at the end of 2025. Class S and Class D Shares also saw minor declines in their net asset values. The fund declared monthly distributions totaling $6.6 million for Class I Shares, $12,000 for Class S Shares, and $62 for Class D Shares during the quarter. The fund's management has indicated that it intends to maintain its distribution strategy while navigating market conditions and investment opportunities.

Looking ahead, PGIM Private Credit Fund remains focused on its investment strategy, aiming to generate current income and long-term capital appreciation. The fund's management is optimistic about its ability to raise capital and execute its investment strategy, despite potential market challenges. The company has also entered into a new credit facility agreement, which is expected to enhance its liquidity and support future investment activities.