Private Credit Portfolio Analysis | T Series Middle Market Loan Fund Reports Q1 2025 Results
- Editor
- May 14
- 2 min read
Whats New:
T Series Middle Market Loan Fund reported its Q1 2025 financial results, showing growth in total assets and investments compared to the previous quarter. The fund's total assets increased to $2.12 billion as of March 31, 2025, up from $2.11 billion at the end of 2024. Investments owned at fair value rose to $2.03 billion from $2.03 billion in the previous quarter.
Portfolio Dynamics:
Total assets grew to $2.12 billion as of March 31, 2025, compared to $2.11 billion at the end of 2024.
Investments owned at fair value increased to $2.03 billion, up from $2.03 billion at the end of 2024.
Cash and cash equivalents rose to $59.38 million from $48.59 million at the end of 2024.
Investment Activity:
Receivable from investment sales increased to $342,000 from $315,000 at the end of 2024.
Payable for investment purchases rose to $185,000 from $0 at the end of 2024.
Prepaid expenses and other assets grew to $425,000 from $327,000 at the end of 2024.
Capital Structure:
Long-term debt decreased to $1.01 billion from $1.01 billion at the end of 2024.
Stockholders' equity grew to $1.06 billion from $1.04 billion at the end of 2024.
The fund issued additional common stock, with the value increasing to $57 million from $55 million at the end of 2024.
Performance Profile:
Net asset value per share decreased to $18.76 as of March 31, 2025, compared to $18.94 at the end of 2024.
Retained earnings deficit increased to $35.01 million from $24.85 million at the end of 2024.
Additional paid-in capital increased to $1.10 billion from $1.07 billion at the end of 2024.
Risk & Quality:
Management fee payable increased to $1.06 million from $1.03 million at the end of 2024.
Incentive fee payable decreased to $2.79 million from $2.89 million at the end of 2024.
Interest and financing costs payable decreased to $12.68 million from $13.00 million at the end of 2024.
The Wrap:
T Series Middle Market Loan Fund demonstrated modest growth in Q1 2025, with slight increases in total assets and investments at fair value. The fund's net asset value per share decreased, while stockholders' equity improved. The decrease in long-term debt and changes in various fee payables suggest shifts in the fund's cost structure and investment activities. Overall, the fund shows a stable performance with some areas of growth and others of slight decline.
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