Private Credit Portfolio Analysis | First Eagle Private Credit Fund Reports Q1 2025 Results
- Editor
- May 14
- 2 min read
Whats New:
First Eagle Private Credit Fund reported its Q1 2025 financial results, showing growth in net income and investment activities. The fund's net income increased to $4.65 million for the quarter ended March 31, 2025, up from $3.60 million in the same period last year. Total assets stood at $18.77 million as of March 31, 2025, compared to $21.32 million at the end of 2024.
Portfolio Dynamics:
Total assets decreased to $18.77 million as of March 31, 2025, from $21.32 million at the end of 2024.
Proceeds from principal repayments and sales of investments increased significantly to $96.12 million in Q1 2025, compared to $212,000 in Q1 2024.
Purchase of investments rose to $123.37 million in Q1 2025, up from $95.67 million in Q1 2024.
Investment Activity:
Net cash used in operating activities was $16.78 million in Q1 2025, compared to $92.43 million in Q1 2024.
Realized investment losses were $539,000 in Q1 2025, compared to no losses in Q1 2024.
Unrealized losses on investments increased to $3.39 million in Q1 2025, compared to a gain of $46,000 in Q1 2024.
Capital Structure:
Net cash provided by financing activities was $14.23 million in Q1 2025, down from $51.15 million in Q1 2024.
Proceeds from issuance or sale of equity decreased to $901,000 in Q1 2025 from $50 million in Q1 2024.
Line of credit facility periodic payment increased to $21 million in Q1 2025 from $5 million in Q1 2024.
Performance Profile:
Net income increased to $4.65 million in Q1 2025, up from $3.60 million in Q1 2024.
Investment income net amortization of discount and premium rose to $627,000 in Q1 2025 from $159,000 in Q1 2024.
Distribution made to limited partners (cash distributions paid) increased to $7.64 million in Q1 2025 from $2.49 million in Q1 2024.
Risk & Quality:
Accrued interest and dividends received in kind was -$47,000 in Q1 2025, compared to $0 in Q1 2024.
Amortization of financing costs remained relatively stable at $152,000 in Q1 2025 compared to $153,000 in Q1 2024.
Non-interest expense offering cost increased to $750,000 in Q1 2025 from $198,000 in Q1 2024.
The Wrap:
First Eagle Private Credit Fund's Q1 2025 results show a mixed performance with increased net income and investment activities, but also higher expenses and unrealized losses. While the fund saw significant growth in proceeds from investments and purchases, it also experienced a decrease in total assets. The increased line of credit facility payments and higher distributions to limited partners indicate active management of the fund's capital structure and returns to investors.
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