Private Credit Portfolio Analysis | Golub Capital Private Credit Fund Reports Q2 2025 Results
- Editor
- May 15
- 2 min read
Whats New:
Golub Capital Private Credit Fund reported its Q2 2025 financial results, showing significant growth in assets and investments compared to the previous quarter. The fund's total assets increased to $5.08 billion as of March 31, 2025, up from $3.51 billion at the end of September 2024. This growth was primarily driven by an expansion in investments owned at fair value, which rose to $4.94 billion from $3.27 billion.
Portfolio Dynamics:
Total assets grew to $5.08 billion as of March 31, 2025, compared to $3.51 billion at the end of September 2024.
Investments owned at fair value increased to $4.94 billion, up from $3.27 billion at the end of September 2024.
Cash and cash equivalents decreased to $44.14 million from $170.62 million at the end of September 2024.
Investment Activity:
Derivative assets increased to $13.74 million from $12.62 million at the end of September 2024.
Receivable for investment sales decreased to $2.56 million from $9.20 million at the end of September 2024.
Restricted cash and cash equivalents rose to $30.86 million from $16.41 million at the end of September 2024.
Capital Structure:
Long-term debt increased to $2.25 billion from $1.57 billion at the end of September 2024.
Stockholders' equity grew to $2.45 billion from $1.73 billion at the end of September 2024.
The fund issued additional common stock, with shares outstanding increasing to 97.90 million from 69.01 million at the end of September 2024.
Performance Profile:
Net income for the quarter ended March 31, 2025, was $42.71 million, compared to $30.58 million for the same period in 2024.
Interest income paid in kind increased to $4.82 million for the quarter, up from $1.29 million in the same period of 2024.
The fund reported an unrealized loss on derivatives of $1.45 million for the quarter.
Risk & Quality:
Derivative liabilities increased to $8.33 million from $1.96 million at the end of September 2024.
Payable for investment purchases rose significantly to $307.15 million from $165.32 million at the end of September 2024.
Management and incentive fee payable increased to $15.24 million from $11.66 million at the end of September 2024.
The Wrap:
Golub Capital Private Credit Fund demonstrated substantial growth in Q2 2025, with significant increases in total assets, investments at fair value, and stockholders' equity. The fund's expansion was primarily driven by increased investments and additional common stock issuance. However, the growth was accompanied by a rise in long-term debt and various liabilities, suggesting higher leverage and potential risks associated with the fund's expanded operations and investment activities.
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