Private Credit Portfolio Analysis | BlackRock Private Credit Fund Reports Q1 2025 Results
- Editor
- May 8
- 2 min read
Whats New:
BlackRock Private Credit Fund 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 $1.41 billion as of March 31, 2025, up from $1.10 billion at the end of 2024. The net asset value per share decreased slightly to $24.42 from $24.79 at the end of the previous quarter.
Portfolio Dynamics:
Total assets grew to $1.41 billion as of March 31, 2025, compared to $1.10 billion at the end of 2024.
Investments owned at fair value increased to $1.34 billion, up from $1.04 billion at the end of 2024.
Cash and cash equivalents rose to $48.55 million from $41.08 million at the end of 2024.
Investment Activity:
Receivable from investment sales decreased to $1.49 million from $8.00 million at the end of 2024.
Payable for investment purchases increased significantly to $179.45 million from $43.35 million at the end of 2024.
Dividend and interest receivable increased to $7.51 million from $6.52 million at the end of 2024.
Capital Structure:
Long-term debt increased to $437.98 million from $389.13 million at the end of 2024.
Stockholders' equity grew to $766.74 million from $651.19 million at the end of 2024.
The fund issued additional common stock, with the value increasing to $31,401 from $26,269 at the end of 2024.
Performance Profile:
Net asset value per share decreased to $24.42 as of March 31, 2025, compared to $24.79 at the end of 2024.
Retained earnings turned negative, showing a deficit of $8.34 million compared to earnings of $2.96 million at the end of 2024.
Additional paid-in capital increased to $775.05 million from $648.20 million at the end of 2024.
Risk & Quality:
The fund reported an incentive fee payable of $4.40 million, up from $3.98 million at the end of 2024.
Management fee payable decreased to $1.48 million from $1.79 million at the end of 2024.
Accrued capital gains incentive fees decreased to $0 from $498,552 at the end of 2024.
The Wrap:
BlackRock Private Credit Fund demonstrated strong growth in Q1 2025, with significant increases in total assets and investments at fair value. However, the fund also saw an increase in long-term debt and a slight decrease in net asset value per share. The shift from retained earnings to a deficit suggests potential challenges in profitability during the quarter. The increase in payables for investment purchases indicates active portfolio management, while changes in fee structures reflect the fund's ongoing operations and performance.
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