Private Credit Portfolio Analysis | MSD Investment Corp Reports Q1 2025 Results
- Editor
- May 14
- 2 min read
Whats New:
MSD Investment Corp reported its Q1 2025 financial results, showing growth in total assets and long-term debt compared to the previous quarter. The fund's total assets increased to $5.08 billion as of March 31, 2025, up from $4.69 billion at the end of 2024. Long-term debt rose to $2.58 billion from $2.20 billion in the same period.
Portfolio Dynamics:
Total assets grew to $5.08 billion as of March 31, 2025, compared to $4.69 billion at the end of 2024.
Non-controlled, non-affiliated investments at fair value increased to $4.94 billion from $4.53 billion at the end of 2024.
Cash and cash equivalents decreased to $89.35 million from $109.30 million at the end of 2024.
Investment Activity:
Principal receivable increased to $8.46 million from $5.50 million at the end of 2024.
Unrealized appreciation on forward contracts decreased to $4.11 million from $9.44 million at the end of 2024.
Prepaid expenses and other assets increased to $2.06 million from $124,000 at the end of 2024.
Capital Structure:
Long-term debt increased to $2.58 billion from $2.20 billion at the end of 2024.
Line of credit rose to $2.60 billion from $2.23 billion at the end of 2024.
Notes payable increased to $601.91 million from $599.14 million at the end of 2024.
Performance Profile:
Net asset value per share decreased slightly to $23.84 as of March 31, 2025, compared to $23.87 at the end of 2024.
Retained earnings deficit increased to $10.48 million from $7.33 million at the end of 2024.
Stockholders' equity grew to $2.44 billion from $2.40 billion at the end of 2024.
Risk & Quality:
Income-based incentive fee payable increased to $11.43 million from $10.40 million at the end of 2024.
Capital gains incentive fee payable decreased to $4.92 million from $5.36 million at the end of 2024.
Management fee payable rose to $8.97 million from $8.06 million at the end of 2024.
The Wrap:
MSD Investment Corp demonstrated growth in Q1 2025, with significant increases in total assets and long-term debt compared to the previous quarter. While the fund's net asset value per share slightly decreased, overall stockholders' equity improved. The increase in various fee payables suggests higher costs associated with the fund's expanded operations and investment activities. The fund's portfolio saw growth in non-controlled, non-affiliated investments, but also experienced a decrease in cash and cash equivalents.
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