10-Q Filing

FIRST EAGLE PRIVATE CREDIT FUND CIK: 1890107 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-063242`
Period End Date	20230930
Filing Date	20231114
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	ck0001890107-20230930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 27 Income Statement 59 Cash Flow Statement 29

Balance Sheet 27 line items

Line Item	Tag	Value	Unit	Period
Investment Amortized Cost	`InvestmentOwnedAtCost`	$5.95M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Non-controlled/non-affiliated investments, at fair value (amortized cost of: $5,951)	`InvestmentOwnedAtFairValue`	$5.96M	USD	Point-in-time
Common stock, Authorized	`CommonStockSharesAuthorized`	-	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$42.40M	USD	Point-in-time
Interest and dividends receivable	`DividendAndInterestReceivable`	$256.00K	USD	Point-in-time
Common stock, Issued	`CommonStockSharesIssued`	2.06M	shares	Point-in-time
Common stock, Outstanding	`CommonStockSharesOutstanding`	2.06M	shares	Point-in-time
DeferredFinancingCosts	`Deferredfinancingcosts`	$2.60M	USD	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$696.00K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$44.00K	USD	Point-in-time
Total assets	`Assets`	$51.95M	USD	Point-in-time
Offering costs payable	`OfferingCostsPayable`	$166.00K	USD	Point-in-time
Financing costs payable	`FinancingCostsPayable`	$1.31M	USD	Point-in-time
Accrued professional fees	`AccruedProfessionalFeesCurrentAndNoncurrent`	$321.00K	USD	Point-in-time
Accrued Administration Expense	`AccruedAdministrationExpense`	$220.00K	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$241.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.26M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, par value $0.001 (unlimited shares authorized, 2,056,000 shares issued and outstanding)	`CommonStockValue`	$2.00K	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$51.40M	USD	Point-in-time
Distributable earnings (accumulated losses)	`RetainedEarningsAccumulatedDeficit`	$-1.71M	USD	Point-in-time
Total net assets	`AssetsNet`	$49.69M	USD	Point-in-time
Total net assets	`AssetsNet`	-	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$24.17	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	-	USD	Point-in-time

Income Statement 59 line items

Line Item	Tag	Value	Unit	Period
Interest income	`InvestmentIncomeInterest`	$65.00K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$65.00K	USD	2 Qtrs
Dividend income	`InvestmentIncomeDividend`	$563.00K	USD	2 Qtrs
Dividend income	`InvestmentIncomeDividend`	$563.00K	USD	1 Quarter
Other Income	`OtherIncome`	$3.00K	USD	1 Quarter
Other Income	`OtherIncome`	$3.00K	USD	2 Qtrs
Total investment income	`InvestmentIncomeNet`	$631.00K	USD	1 Quarter
Total investment income	`InvestmentIncomeNet`	$631.00K	USD	2 Qtrs
Interest expense	`InterestExpenseDebt`	$88.00K	USD	2 Qtrs
Interest expense	`InterestExpenseDebt`	$88.00K	USD	1 Quarter
Administration expense	`DefinedBenefitPlanAdministrationExpenses`	$220.00K	USD	1 Quarter
Administration expense	`DefinedBenefitPlanAdministrationExpenses`	$220.00K	USD	2 Qtrs
Base management fees	`BaseManagementFees`	$105.00K	USD	2 Qtrs
Base management fees	`BaseManagementFees`	$105.00K	USD	1 Quarter
Organization costs	`OrganizationCosts`	$1.16M	USD	2 Qtrs
Organization costs	`OrganizationCosts`	$116.00K	USD	1 Quarter
Amortization of continuous offering costs	`NoninterestExpenseOfferingCost`	$198.00K	USD	1 Quarter
Amortization of continuous offering costs	`NoninterestExpenseOfferingCost`	$198.00K	USD	2 Qtrs
Trustees' fees	`TrusteesFees`	$91.00K	USD	1 Quarter
Trustees' fees	`TrusteesFees`	$177.00K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$321.00K	USD	2 Qtrs
Professional fees	`ProfessionalFees`	$259.00K	USD	1 Quarter
Other general and administrative expenses	`OtherGeneralAndAdministrativeExpense`	$112.00K	USD	1 Quarter
Other general and administrative expenses	`OtherGeneralAndAdministrativeExpense`	$182.00K	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$1.19M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$2.45M	USD	2 Qtrs
Management fees waiver	`ManagementFeesWaiver`	$-105.00K	USD	1 Quarter
Management fees waiver	`ManagementFeesWaiver`	$-105.00K	USD	2 Qtrs
Net expenses	`NetExpenses`	$1.08M	USD	1 Quarter
Net expenses	`NetExpenses`	$2.34M	USD	2 Qtrs
Net investment income (loss)	`NetInvestmentIncomeLoss`	$-453.00K	USD	1 Quarter
Net investment income (loss)	`NetInvestmentIncomeLoss`	$-1.71M	USD	2 Qtrs
Non-controlled/non-affiliated investments	`NonControlledNonAffiliatedInvestments`	-	USD	2 Qtrs
Non-controlled/non-affiliated investments	`NonControlledNonAffiliatedInvestments`	-	USD	1 Quarter
Net realized gain (loss)	`RealizedInvestmentGainsLosses`	-	USD	1 Quarter
Net realized gain (loss)	`RealizedInvestmentGainsLosses`	-	USD	2 Qtrs
Non-controlled non-affiliated investments	`NonControlledNonAffiliatedInvestment`	$5.00K	USD	2 Qtrs
Non-controlled non-affiliated investments	`NonControlledNonAffiliatedInvestment`	$5.00K	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on investments, Total	`NetChangeInUnrealizedAppreciationDepreciationOnInvestments`	$5.00K	USD	1 Quarter
Net change in unrealized appreciation (depreciation) on investments, Total	`NetChangeInUnrealizedAppreciationDepreciationOnInvestments`	$5.00K	USD	2 Qtrs
Gain (Loss) on Investments, Total	`GainLossOnInvestments`	$5.00K	USD	1 Quarter
Gain (Loss) on Investments, Total	`GainLossOnInvestments`	$5.00K	USD	2 Qtrs
Net increase (decrease) in net assets resulting from operations	`NetIncomeLoss`	$-1.71M	USD	2 Qtrs
Net increase (decrease) in net assets resulting from operations	`NetIncomeLoss`	$-448.00K	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations	`NetIncomeLoss`	$-1.26M	USD	1 Quarter
Net investment income (loss) per share (basic)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-1.56	USD	2 Qtrs
Net investment income (loss) per share (basic)	`IncomeLossFromContinuingOperationsPerBasicShare`	$-0.24	USD	1 Quarter
Net investment income (loss) per share (diluted)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-1.56	USD	2 Qtrs
Net investment income (loss) per share (diluted)	`IncomeLossFromContinuingOperationsPerDilutedShare`	$-0.24	USD	1 Quarter
Earnings per share (basic)	`EarningsPerShareBasic`	$-0.24	USD	1 Quarter
Earnings per share (basic)	`EarningsPerShareBasic`	$-1.56	USD	2 Qtrs
Earnings per share (diluted)	`EarningsPerShareDiluted`	$-0.24	USD	1 Quarter
Earnings per share (diluted)	`EarningsPerShareDiluted`	$-1.56	USD	2 Qtrs
Distributions declared per share	`CommonStockDividendsPerShareDeclared`	-	USD	1 Quarter
Distributions declared per share	`CommonStockDividendsPerShareDeclared`	-	USD	2 Qtrs
Weighted average shares outstanding (basic)	`WeightedAverageNumberOfSharesOutstandingBasic`	1.86M	shares	1 Quarter
Weighted average shares outstanding (basic)	`WeightedAverageNumberOfSharesOutstandingBasic`	1.10M	shares	2 Qtrs
Weighted average shares outstanding (diluted)	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.10M	shares	2 Qtrs
Weighted average shares outstanding (diluted)	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.86M	shares	1 Quarter

Cash Flow Statement 29 line items

Line Item	Tag	Value	Unit	Period
Net increase (decrease) in net assets resulting from operations	`NetIncomeLoss`	$-1.71M	USD	2 Qtrs
Net increase (decrease) in net assets resulting from operations	`NetIncomeLoss`	$-448.00K	USD	1 Quarter
Net increase (decrease) in net assets resulting from operations	`NetIncomeLoss`	$-1.26M	USD	1 Quarter
Net accretion of discount and amortization of premium	`InvestmentIncomeNetAmortizationOfDiscountAndPremium`	$2.00K	USD	2 Qtrs
Proceeds from sale of investments and principal repayments	`ProceedsFromPrincipalRepaymentsAndSalesOfInvestments`	$14.00K	USD	2 Qtrs
Purchases of investments	`PurchaseOfInvestments`	$-5.96M	USD	2 Qtrs
Net change in unrealized (appreciation) depreciation on investments	`UnrealizedGainLossOnInvestments`	$5.00K	USD	2 Qtrs
Amortization of financing costs	`AmortizationOfFinancingCosts`	$22.00K	USD	1 Quarter
Amortization of financing costs	`AmortizationOfFinancingCosts`	$22.00K	USD	2 Qtrs
Amortization of continuous offering costs	`NoninterestExpenseOfferingCost`	$198.00K	USD	1 Quarter
Amortization of continuous offering costs	`NoninterestExpenseOfferingCost`	$198.00K	USD	2 Qtrs
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$256.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$44.00K	USD	2 Qtrs
Accrued administration expense	`IncreaseDecreaseInAccruedLiabilities`	$220.00K	USD	2 Qtrs
Accrued professional fees	`IncreaseDecreaseInAccruedProfessionalFees`	$321.00K	USD	2 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$241.00K	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.96M	USD	2 Qtrs
Proceeds from issuance of shares	`ProceedsFromIssuanceOrSaleOfEquity`	$51.40M	USD	2 Qtrs
Deferred Financing costs paid	`PaymentsOfFinancingCosts`	$1.31M	USD	2 Qtrs
Deferred offering costs paid	`PaymentForDeferredOfferingCosts`	$728.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$49.36M	USD	2 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$42.40M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$42.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$42.40M	USD	Point-in-time
Interest paid during the period	`InterestPaidNet`	-	USD	2 Qtrs
Accrued but unpaid debt financing costs	`DebtInstrumentIncreaseAccruedInterest`	$1.31M	USD	2 Qtrs
Accrued but unpaid offering costs	`AccruedButUnpaidOfferingCosts`	$166.00K	USD	2 Qtrs

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.