10-K Filing

FIRST EAGLE PRIVATE CREDIT FUND CIK: 1890107 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0000950170-24-038276`
Period End Date	20231231
Filing Date	20240329
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	ck0001890107-20231231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 27 Income Statement 31 Cash Flow Statement 26

Balance Sheet 27 line items

Line Item	Tag	Value	Unit	Period
Investment Amortized Cost	`InvestmentOwnedAtCost`	$70.68M	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: $70,684)	`InvestmentOwnedAtFairValue`	$70.88M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$183.40M	USD	Point-in-time
Common stock, Authorized	`CommonStockSharesAuthorized`	-	shares	Point-in-time
Interest and dividends receivable	`DividendAndInterestReceivable`	$1.65M	USD	Point-in-time
Common stock, Issued	`CommonStockSharesIssued`	10.37M	shares	Point-in-time
Deferred financing costs	`Deferredfinancingcosts`	$2.90M	USD	Point-in-time
Common stock, Outstanding	`CommonStockSharesOutstanding`	10.37M	shares	Point-in-time
Deferred offering costs	`DeferredOfferingCosts`	$978.00K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssets`	$71.00K	USD	Point-in-time
Total assets	`Assets`	$259.88M	USD	Point-in-time
Payable for investments purchased	`AccountsPayableCurrentAndNoncurrent`	$4.75M	USD	Point-in-time
Offering costs payable	`OfferingCostsPayable`	$275.00K	USD	Point-in-time
Financing costs payable	`FinancingCostsPayable`	$1.31M	USD	Point-in-time
Accrued professional fees	`AccruedProfessionalFeesCurrentAndNoncurrent`	$444.00K	USD	Point-in-time
Accrued administration expense	`AccruedAdministrationExpense`	$547.00K	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$881.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$8.21M	USD	Point-in-time
Commitments and contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, par value $0.001 (unlimited shares authorized, 10,366,818 shares issued and outstanding)	`CommonStockValue`	$10.00K	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$252.31M	USD	Point-in-time
Distributable earnings (accumulated losses)	`RetainedEarningsAccumulatedDeficit`	$-649.00K	USD	Point-in-time
Total net assets	`AssetsNet`	-	USD	Point-in-time
Total net assets	`AssetsNet`	$251.67M	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	-	USD	Point-in-time
Net asset value per share	`NetAssetValuePerShare`	$24.28	USD	Point-in-time

Income Statement 31 line items

Line Item	Tag	Value	Unit	Period
Interest income	`InvestmentIncomeInterest`	$1.02M	USD	3 Qtrs
Dividend income	`InvestmentIncomeDividend`	$3.21M	USD	3 Qtrs
Other Income	`OtherIncome`	$211.00K	USD	3 Qtrs
Total investment income	`InvestmentIncomeNet`	$4.45M	USD	3 Qtrs
Interest expense	`InterestExpenseDebt`	$888.00K	USD	3 Qtrs
Administration expense	`DefinedBenefitPlanAdministrationExpenses`	$769.00K	USD	3 Qtrs
Base management fees	`BaseManagementFees`	$683.00K	USD	3 Qtrs
Organization costs	`OrganizationCosts`	$1.17M	USD	3 Qtrs
Amortization of continuous offering costs	`NoninterestExpenseOfferingCost`	$374.00K	USD	3 Qtrs
Trustees' fees	`TrusteesFees`	$277.00K	USD	3 Qtrs
Professional fees	`ProfessionalFees`	$613.00K	USD	3 Qtrs
Other general and administrative expenses	`OtherGeneralAndAdministrativeExpense`	$347.00K	USD	3 Qtrs
Capital gains incentive fee	`CapitalGainsIncentiveFee`	$25.00K	USD	3 Qtrs
Total expenses	`OperatingExpenses`	$5.14M	USD	3 Qtrs
Management fees waiver	`ManagementFeesWaiver`	$-683.00K	USD	3 Qtrs
Incentive fees waiver	`IncentiveFeesWaiver`	$-25.00K	USD	3 Qtrs
Net expenses	`NetExpenses`	$4.43M	USD	3 Qtrs
Net investment income (loss)	`NetInvestmentIncomeLoss`	$13.00K	USD	3 Qtrs
Non-controlled/non-affiliated investments 1	`NonControlledNonAffiliatedInvestments`	-	USD	3 Qtrs
Net realized gain (loss)	`RealizedInvestmentGainsLosses`	-	USD	3 Qtrs
Non-controlled non-affiliated investments 2	`NonControlledNonAffiliatedInvestment`	$-199.00K	USD	3 Qtrs
Net change in unrealized appreciation (depreciation)	`NetChangeInUnrealizedAppreciationDepreciationOnInvestments`	$199.00K	USD	3 Qtrs
Net realized and unrealized gain (loss)	`GainLossOnInvestments`	$199.00K	USD	3 Qtrs
Net increase (decrease) in net assets resulting from operations	`NetIncomeLoss`	$212.00K	USD	3 Qtrs
Net investment income (loss) per share (basic)	`IncomeLossFromContinuingOperationsPerBasicShare`	-	USD	3 Qtrs
Net investment income (loss) per share (diluted)	`IncomeLossFromContinuingOperationsPerDilutedShare`	-	USD	3 Qtrs
Net increase (decrease) in net assets resulting from operations per share (basic)	`EarningsPerShareBasic`	$0.05	USD	3 Qtrs
Net increase (decrease) in net assets resulting from operations per share (diluted)	`EarningsPerShareDiluted`	$0.05	USD	3 Qtrs
Distributions declared per share	`CommonStockDividendsPerShareDeclared`	$0.12	USD	3 Qtrs
Weighted average shares outstanding (basic)	`WeightedAverageNumberOfSharesOutstandingBasic`	4.37M	shares	3 Qtrs
Weighted average shares outstanding (diluted)	`WeightedAverageNumberOfDilutedSharesOutstanding`	4.37M	shares	3 Qtrs

Cash Flow Statement 26 line items

Line Item	Tag	Value	Unit	Period
Net increase (decrease) in net assets resulting from operations	`NetIncomeLoss`	$212.00K	USD	3 Qtrs
Net accretion of discount and amortization of premium	`InvestmentIncomeNetAmortizationOfDiscountAndPremium`	$46.00K	USD	3 Qtrs
Proceeds from sale of investments and principal repayments	`ProceedsFromPrincipalRepaymentsAndSalesOfInvestments`	$243.00K	USD	3 Qtrs
Purchases of investments	`PurchaseOfInvestments`	$-66.13M	USD	3 Qtrs
Net realized gain (loss) on investments	`RealizedInvestmentGainsLosses`	-	USD	3 Qtrs
Net change in unrealized (appreciation) depreciation on investments	`UnrealizedGainLossOnInvestments`	$199.00K	USD	3 Qtrs
Amortization of deferred financing costs	`AmortizationOfFinancingCosts`	$151.00K	USD	3 Qtrs
Amortization of continuous offering costs	`NoninterestExpenseOfferingCost`	$374.00K	USD	3 Qtrs
Interest and dividends receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$1.65M	USD	3 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$71.00K	USD	3 Qtrs
Accrued administration expense	`IncreaseDecreaseInAccruedLiabilities`	$547.00K	USD	3 Qtrs
Accrued professional fees	`IncreaseDecreaseInAccruedProfessionalFees`	$444.00K	USD	3 Qtrs
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$881.00K	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-65.25M	USD	3 Qtrs
Proceeds from issuance of shares	`ProceedsFromIssuanceOrSaleOfEquity`	$252.70M	USD	3 Qtrs
Distributions paid	`DistributionMadeToLimitedPartnerCashDistributionsPaid`	$1.24M	USD	3 Qtrs
Deferred financing costs paid	`PaymentsOfFinancingCosts`	$1.74M	USD	3 Qtrs
Deferred offering costs paid	`PaymentForDeferredOfferingCosts`	$1.08M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$248.64M	USD	3 Qtrs
Net increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$183.40M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$183.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	-	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$183.40M	USD	Point-in-time
Accrued but unpaid debt financing costs	`DebtInstrumentIncreaseAccruedInterest`	$1.31M	USD	3 Qtrs
Accrued but unpaid offering costs	`AccruedButUnpaidOfferingCosts`	$-275.00K	USD	3 Qtrs

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