Private Credit Portfolio Analysis | Brightwood Capital Corp I Reports FY 2024 Results
- Editor
- Mar 24
- 2 min read
Whats New:
Brightwood Capital Corp I reported its fiscal year 2024 financial results, showing significant growth in total assets and investments at fair value. The fund's total assets increased to $809.28 million as of December 31, 2024, up from $592.56 million at the end of 2023. Investments owned at fair value grew to $776.19 million from $562.95 million in the previous year.
Portfolio Dynamics:
Total assets grew to $809.28 million as of December 31, 2024, compared to $592.56 million at the end of 2023.
Investments owned at fair value increased to $776.19 million, up from $562.95 million at the end of 2023.
Cash and cash equivalents rose to $21.39 million from $20.43 million at the end of 2023.
Investment Activty:
The fund made payments for purchase of investments totaling $288.23 million in 2024.
Proceeds from disposition of investments amounted to $78.35 million in 2024.
Interest income paid in kind increased to $212,000 in 2024 from $4,000 in 2023.
Capital Structure:
Line of credit increased to $373.35 million from $252.00 million at the end of 2023.
Stockholders' equity grew to $411.75 million from $323.38 million at the end of 2023.
The fund issued additional common stock, with the value increasing to $399,000 from $316,000 at the end of 2023.
Performance Profile:
Net asset value per share increased to $10.33 as of December 31, 2024, compared to $10.22 at the end of 2023.
Retained earnings grew to $4.78 million from $3.16 million at the end of 2023.
Net income for 2024 was $49.85 million, up from $28.92 million in 2023.
Risk & Quality:
The fund reported unrealized losses on investments of $1.85 million in 2024, compared to gains of $2.90 million in 2023.
Management fee payable increased to $1.59 million from $1.04 million at the end of 2023.
Distribution payable rose to $13.95 million from $10.75 million at the end of 2023.
The Wrap:
Brightwood Capital Corp I demonstrated strong growth in fiscal year 2024, with significant increases in total assets, investments at fair value, and stockholders' equity. The fund's net asset value per share improved, reflecting positive performance. However, the increase in line of credit and various payables suggests higher costs associated with the fund's expanded operations and investment activities. The fund also faced some challenges with unrealized losses on investments in 2024.
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