Private Credit Portfolio Analysis | Fidelity Private Credit Fund Reports Q1 2025 Results
- Editor
- May 13, 2025
- 2 min read
Whats New:
Fidelity 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 $1.80 billion as of March 31, 2025, up from $1.42 billion at the end of 2024. Investments owned at fair value grew to $1.75 billion, while long-term debt increased to $838.06 million.
Portfolio Dynamics:
Total assets grew to $1.80 billion as of March 31, 2025, compared to $1.42 billion at the end of 2024.
Investments owned at fair value increased to $1.75 billion, up from $1.37 billion at the end of 2024.
Cash and cash equivalents decreased to $12.65 million from $18.26 million at the end of 2024.
Investment Activity:
Receivable from investment sales decreased slightly to $5.39 million from $5.45 million at the end of 2024.
Interest receivable increased to $18.24 million from $17.61 million at the end of 2024.
The fund reported $171,766 in foreign currency contract current value, up from $78,147 at the end of 2024.
Capital Structure:
Long-term and short-term debt combined increased to $838.06 million from $611.07 million at the end of 2024.
Stockholders' equity grew to $912.88 million from $775.09 million at the end of 2024.
The fund issued additional common stock, with shares outstanding increasing to 35.74 million from 30.10 million at the end of 2024.
Performance Profile:
Net profit for Q1 2025 was $14.57 million, compared to $11.10 million in Q1 2024.
Realized investment gains decreased to -$37,143 in Q1 2025 from -$667 in Q1 2024.
Unrealized losses on investments and derivatives increased to $8.25 million in Q1 2025 from $1.17 million in Q1 2024.
Risk & Quality:
The fund reported an increase in incentive fee payable for income to $354,628 in Q1 2025 from $1,677,293 in Q1 2024.
Management fee payable increased to $963,852 from $818,848 at the end of 2024.
Deferred revenue of $424,972 was reported in Q1 2025, compared to $0 at the end of 2024.
The Wrap:
Fidelity Private Credit Fund demonstrated strong growth in Q1 2025, with significant increases in total assets, investments at fair value, and stockholders' equity. The fund's expanded investment portfolio and increased debt suggest a more aggressive growth strategy. However, the increase in unrealized losses and changes in fee structures indicate potential challenges and evolving market conditions that the fund is navigating.
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