Private Credit Portfolio Analysis | BlackRock Direct Lending Corp Reports Q1 2025 Results
- Editor
- May 8
- 2 min read
Whats New:
BlackRock Direct Lending Corp reported its Q1 2025 financial results, showing an increase in total assets and net asset value per share compared to the previous quarter. The fund's total assets grew to $264.4 million as of March 31, 2025, up from $261.4 million at the end of 2024. Net asset value per share increased to $9.70, compared to $9.57 at the end of the previous quarter.
Portfolio Dynamics:
Total assets increased to $264.4 million as of March 31, 2025, up from $261.4 million at the end of 2024.
Investments owned at fair value decreased to $219.7 million from $229.3 million at the end of 2024.
Cash and cash equivalents rose significantly to $43.1 million from $28.4 million at the end of 2024.
Investment Activity:
Interest receivable decreased to $1.6 million from $2.1 million at the end of 2024.
Receivables from long-term contracts or programs decreased to $0 from $1.5 million at the end of 2024.
Prepaid expenses and other assets decreased to $33,855 from $94,641 at the end of 2024.
Capital Structure:
Long-term debt remained relatively stable at $96,049, compared to $95,915 at the end of 2024.
Stockholders' equity increased to $262.8 million from $259.3 million at the end of 2024.
Common stock value and additional paid-in capital remained unchanged at $27,083 and $280.4 million respectively.
Performance Profile:
Net asset value per share increased to $9.70 as of March 31, 2025, compared to $9.57 at the end of 2024.
Retained earnings deficit decreased to $17.6 million from $21.1 million at the end of 2024.
Net profit for the quarter was $3.5 million, compared to $4.1 million in the same quarter of the previous year.
Risk & Quality:
Management fee payable decreased to $517,188 from $583,102 at the end of 2024.
Incentive fee payable decreased to $398,079 from $883,149 at the end of 2024.
Total liabilities decreased to $1.6 million from $2.1 million at the end of 2024.
The Wrap:
BlackRock Direct Lending Corp's Q1 2025 results show modest growth in total assets and net asset value per share. The fund increased its cash position significantly while reducing its investment portfolio slightly. Despite lower net profit compared to the same quarter last year, the fund improved its balance sheet by reducing liabilities and increasing stockholders' equity. The decrease in management and incentive fees payable suggests potentially lower costs for the fund going forward.
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