Private Credit Portfolio Analysis | Muzinich BDC Reports Q1 2025 Results
- Editor
- May 13
- 2 min read
Whats New:
Muzinich BDC reported its Q1 2025 financial results, showing growth in assets and net investment income compared to the previous quarter. The fund's total assets increased to $290.75 million as of March 31, 2025, up from $289.43 million at the end of 2024. Net investment income rose to $4.28 million for Q1 2025, compared to $4.75 million in Q1 2024.
Portfolio Dynamics:
Total assets grew to $290.75 million as of March 31, 2025, compared to $289.43 million at the end of 2024.
Cash and cash equivalents increased to $8.33 million from $5.13 million at the end of 2024.
Interest receivable and other assets decreased to $56,961 from $110,337 at the end of 2024.
Investment Activity:
Purchases and drawdowns of investments totaled $134.84 million in Q1 2025, compared to $137.34 million in Q1 2024.
Proceeds from sale, maturity, and collection of long-term investments were $139.05 million in Q1 2025, up from $146.78 million in Q1 2024.
Unrealized gain on investments was $150,939 in Q1 2025, compared to an unrealized loss of $4.27 million in Q1 2024.
Capital Structure:
Line of credit decreased slightly to $113.20 million from $113.21 million at the end of 2024.
Stockholders' equity grew to $175.82 million from $171.84 million at the end of 2024.
Common stock value remained unchanged at $169.
Performance Profile:
Net asset value per share increased to $1039.74 as of March 31, 2025, compared to $1016.20 at the end of 2024.
Net investment income was $4.28 million for Q1 2025, down from $4.75 million in Q1 2024.
Net income increased to $4.43 million in Q1 2025 from $482,096 in Q1 2024.
Risk & Quality:
Management fee payable increased to $840,328 from $427,268 at the end of 2024.
Distribution payable decreased to $450,654 from $3,588,322 at the end of 2024.
Accrued other general and administrative expenses rose to $214,094 from $122,560 at the end of 2024.
The Wrap:
Muzinich BDC demonstrated moderate growth in Q1 2025, with increases in total assets, stockholders' equity, and net asset value per share. The fund's net investment income decreased year-over-year, but overall net income significantly improved. The fund maintained a stable capital structure with a slight decrease in line of credit and growth in stockholders' equity. While management fees and administrative expenses increased, the fund saw a substantial reduction in distribution payable.
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