Private Credit Portfolio Analysis | Bain Capital Private Credit Reports Q1 2025 Results

Whats New:

Bain Capital Private Credit reported its Q1 2025 financial results, showing significant growth in assets and investments compared to the previous quarter. The fund's total assets increased to $1.03 billion as of March 31, 2025, up from $752.5 million at the end of 2024. Investments owned at fair value grew to $899.3 million from $717.3 million in the previous quarter.

Portfolio Dynamics:

• Total assets grew to $1.03 billion as of March 31, 2025, compared to $752.5 million at the end of 2024.

• Investments owned at fair value increased to $899.3 million, up from $717.3 million at the end of 2024.

• Cash and cash equivalents rose to $21.3 million from $15.4 million at the end of 2024.

Investment Activity:

• Receivable from investment sales increased significantly to $85.4 million from $510,000 at the end of 2024.

• The fund reported no derivative assets, down from $1.5 million at the end of 2024.

• Payable for investment purchases rose to $74.4 million from $401,000 at the end of 2024.

Capital Structure:

• Long-term debt increased to $487.2 million from $378.1 million at the end of 2024.

• Stockholders' equity grew to $459.1 million from $358.4 million at the end of 2024.

• The fund issued additional common stock, with the value increasing to $179,000 from $140,000 at the end of 2024.

Performance Profile:

• Net asset value per share increased to $25.69 as of March 31, 2025, compared to $25.62 at the end of 2024.

• Retained earnings grew to $7.2 million from $6.0 million at the end of 2024.

• Additional paid-in capital increased to $451.7 million from $352.3 million at the end of 2024.

Risk & Quality:

• The fund reported derivative liabilities of $283,000, up from zero at the end of 2024.

• Management fee payable increased to $1.6 million from $1.3 million at the end of 2024.

• Incentive fee payable rose to $1.7 million from $1.6 million at the end of 2024.

The Wrap:

Bain Capital Private Credit demonstrated strong growth in Q1 2025, with significant increases in total assets, investments at fair value, and stockholders' equity. The fund's net asset value per share also improved slightly. However, the increase in long-term debt and various fee payables suggests higher costs associated with the fund's expanded operations and investment activities. The substantial rise in receivables and payables for investment transactions indicates an active period of portfolio management.

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