Private Credit Portfolio Analysis | AMG Comvest Senior Lending Fund Reports FY 2024 Results
- Editor
- Mar 20
- 2 min read
Whats New:
AMG Comvest Senior Lending Fund has reported its financial results for the fiscal year 2024, showing significant growth in total assets to $22.89 billion as of December 31, 2024. The fund generated a net income of $7.54 million for the year, with investments at fair value increasing to $385.21 million. The fund also reported an increase in long-term debt and stockholders' equity.
Portfolio Dynamics:
Total assets grew to $22.89 billion as of December 31, 2024, up from $8.51 billion at the end of 2023.
Investments at fair value increased to $385.21 million in 2024, compared to $1.20 million in 2023.
Cash and cash equivalents rose to $22.89 million from $8.51 million at the end of 2023.
Investment Activity:
The fund reported $385.21 million in purchases of portfolio investments in 2024, up from $1.20 million in 2023.
Net unrealized gain on investments increased to $1.52 million in 2024 from a loss of $17,000 in 2023.
Net accretion of discount and payment in kind on investments rose to $302,000 in 2024 from $17,000 in 2023.
Capital Structure:
Long-term debt increased to $223.24 million in 2024, with $177.60 million in proceeds from long-term lines of credit.
The fund issued $172.50 million in common stock during 2024, compared to $10.37 million in 2023.
Total stockholders' equity grew to $172.50 million in 2024 from $10.37 million in 2023.
Performance Profile:
Net income for the fiscal year 2024 was $7.54 million, compared to $422,000 for the period in 2023.
The fund reported a net realized and unrealized gain on investments of $1.52 million in 2024, up from a loss of $17,000 in 2023.
Interest income paid in kind increased to $33,000 in 2024.
Risk & Quality:
The fund reported an incentive fee payable of $634,000 in 2024, up from zero in 2023.
Management fee payable increased to $505,000 in 2024 from zero in 2023.
Interest payable rose to $1.27 million in 2024 from zero in 2023.
The Wrap:
AMG Comvest Senior Lending Fund demonstrated substantial growth in fiscal year 2024, with significant increases in total assets, investments at fair value, and net income. The fund's expansion is evident in its increased long-term debt and equity issuance. While the fund shows improved performance and investment activity, it also faces higher costs associated with management fees and incentive fees, reflecting the challenges of its expanded operations.
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