PGIM Private Credit Fund Reports Financial Performance for 2025
PGIM Private Credit Fund (PCF), a non-diversified, closed-end management investment company regulated as a BDC, released its 10-K filing, detailing its financial activities for the year ended December 31, 2025. The company, which primarily invests in privately placed floating rate leveraged debt of middle-market companies, reported total investment income of $28.8 million, a significant increase from $18.2 million in 2024 and $10.0 million in 2023. This income was largely derived from interest and fees on debt investments, dividend income, and payment-in-kind (PIK) interest. The company's investment portfolio at fair value was $361.6 million, spread across 64 portfolio companies, with 99.77% allocated to first lien debt and 0.23% to equity investments.
The company's expenses totaled $15.5 million before expense reimbursements and fee waivers, compared to $9.4 million in 2024. Key expense components included interest expense, professional fees, management fees, and incentive fees. However, the Manager waived a substantial portion of these fees, resulting in net expenses of $7.97 million. The company reported a net investment income of $20.8 million, up from $14.4 million in the previous year. The company also experienced a net realized and change in unrealized gain of $977 thousand.
Strategic developments included PGIM's sub-subadvisory agreement with Deerpath Capital Management, LP, aimed at managing a portion of the direct lending investments. As of December 31, 2025, no assets were managed by Deerpath. The company also increased the aggregate commitments under its Revolving Credit Facility with Sumitomo Mitsui Banking Corporation from $150 million to $175 million. The company also closed on an offering of promissory notes in connection with the issuance of Class S and Class D common shares.
Operationally, the company maintained a diversified portfolio across various industries, with significant allocations to food products, professional services, and chemicals. The company's investments were primarily concentrated in the United States, with smaller allocations to the United Kingdom, Spain, France, Germany, and Australia. The company's weighted average yield on debt and income-producing investments, at cost, was 8.49% as of December 31, 2025. The company also continued its share repurchase program, repurchasing 11,952 shares during the year. The company's management continues to focus on leveraging its unique origination network to produce a diverse portfolio of both non-sponsored, non-change of control loans coupled with a selective approach to sponsored loans.
About PGIM Private Credit Fund
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