Private Credit Portfolio Analysis | AMG Comvest Senior Lending Fund Reports Q1 2025 Results
- Editor
- May 13
- 2 min read
Whats New:
AMG Comvest Senior Lending Fund reported its Q1 2025 financial results, showing significant growth in assets and stockholders' equity compared to the previous quarter. The fund's total assets increased to $579.9 million as of March 31, 2025, up from $427.5 million at the end of 2024. The fund also reported an increase in its net asset value per share to $25.43, up from $25.33 at the end of the previous quarter.
Portfolio Dynamics:
Total assets grew to $579.9 million as of March 31, 2025, compared to $427.5 million at the end of 2024.
Cash and cash equivalents decreased slightly to $19.6 million from $20.4 million at the end of 2024.
Restricted cash increased to $3.9 million from $2.5 million at the end of 2024.
Investment Activity:
Interest receivable increased significantly to $5.1 million from $3.2 million at the end of 2024.
Receivable for paydowns of investments increased to $90,000 from $36,000 at the end of 2024.
The fund reported $268,000 in due from affiliate, compared to zero at the end of 2024.
Capital Structure:
Line of credit increased to $259.8 million from $159.4 million at the end of 2024.
Secured debt decreased to $30.7 million from $63.2 million at the end of 2024.
Stockholders' equity grew to $272.5 million from $201.3 million at the end of 2024.
Performance Profile:
Net asset value per share increased to $25.43 as of March 31, 2025, compared to $25.33 at the end of 2024.
Retained earnings grew to $2.5 million from $1.5 million at the end of 2024.
Additional paid-in capital increased to $270.0 million from $199.8 million at the end of 2024.
Risk & Quality:
The fund reported an incentive fee payable of $1.1 million, up from $634,000 at the end of 2024.
Management fee payable increased to $837,000 from $505,000 at the end of 2024.
Deferred income tax liabilities increased slightly to $33,000 from $25,000 at the end of 2024.
The Wrap:
AMG Comvest Senior Lending Fund demonstrated strong growth in Q1 2025, with significant increases in total assets and stockholders' equity. The fund's net asset value per share also improved, reflecting positive performance. However, the increase in line of credit and various fee payables suggests higher costs associated with the fund's expanded operations and investment activities. The decrease in secured debt alongside the increase in line of credit indicates a shift in the fund's financing strategy.
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