PGIM Private Credit Fund Files 2023 Annual Report on Form 10-K

TL;DR

<b>PGIM Private Credit Fund has submitted its 2023 annual 10-K report, detailing its financial performance and operations.</b>

AI Summary

PGIM Private Credit Fund (PGIM) filed a Annual Report (10-K) with the SEC on March 25, 2024. PGIM Private Credit Fund filed its annual report for the period ending December 31, 2023. The filing is a 10-K, indicating a comprehensive annual disclosure. The company was formerly known as PGIM Senior Loan Opportunities Fund. A name change occurred on April 14, 2022. The filing was submitted on March 25, 2024.

Why It Matters

For investors and stakeholders tracking PGIM Private Credit Fund, this filing contains several important signals. This 10-K filing provides investors with a detailed overview of the fund's financial health, investment strategies, and risk factors for the fiscal year 2023. Understanding the fund's performance and structure through this annual report is crucial for current and potential investors to make informed decisions.

Risk Assessment

Risk Level: low — PGIM Private Credit Fund shows low risk based on this filing. The risk is low as this is a standard annual filing (10-K) providing historical financial information and disclosures, not indicating immediate operational or financial distress.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess the fund's performance and outlook for the upcoming year.

Key Numbers

• 20231231 — Period End Date (Conformed period of report)
• 20240325 — Filing Date (Filed as of date)
• 814-01582 — SEC File Number (SEC file number for the filer)
• 0001923622 — Central Index Key (Central Index Key for the filer)

Key Players & Entities

• PGIM Private Credit Fund (company) — Filer of the 10-K
• PGIM Senior Loan Opportunities Fund (company) — Former name of the filer
• 20231231 (date) — Conformed period of report
• 20240325 (date) — Filed as of date
• 0001410578-24-000295 (filing_id) — Accession number
• 655 BROAD ST (address) — Business address street
• NEWARK (address) — Business address city
• NJ (address) — Business address state

FAQ

Industry Context

PGIM Private Credit Fund operates within the private credit market, providing debt financing to companies. As a registered investment company, it is subject to specific regulatory frameworks.

Regulatory Implications

The fund is registered under the Investment Company Act of 1940 and files reports like the 10-K as required by the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements and management's discussion and analysis in the 10-K.
2. Review the identified risk factors to understand potential challenges.
3. Compare the fund's performance metrics against industry benchmarks and prior periods.

Key Dates

• 2023-12-31: Period End Date — Marks the end of the reporting fiscal year.
• 2024-03-25: Filing Date — Date the 10-K was officially submitted to the SEC.
• 2022-04-14: Name Change Date — Date the company changed its name from PGIM Senior Loan Opportunities Fund.

Year-Over-Year Comparison

This filing is the annual 10-K for the period ending December 31, 2023, replacing previous quarterly (10-Q) and annual filings. Specific comparative financial data between this 10-K and the prior year's 10-K would be detailed within the document itself.

Key Financial Figures

• $0.001 — Act: Class I Common shares, par value $0.001 Class S Common shares, par value $0.0
• $2,500,000,000 — ly offering on a continuous basis up to $2,500,000,000 of Common Shares pursuant to an offerin

Filing Documents

• temp-20231231x10k.htm (10-K) — 4297KB
• temp-20231231xex3d2.htm (EX-3.2) — 308KB
• temp-20231231xex3d3.htm (EX-3.3) — 104KB
• temp-20231231xex4d1.htm (EX-4.1) — 244KB
• temp-20231231xex4d2.htm (EX-4.2) — 64KB
• temp-20231231xex10d2.htm (EX-10.2) — 78KB
• temp-20231231xex10d4.htm (EX-10.4) — 57KB
• temp-20231231xex10d15.htm (EX-10.15) — 350KB
• temp-20231231xex10d16.htm (EX-10.16) — 114KB
• temp-20231231xex14d1.htm (EX-14.1) — 35KB
• temp-20231231xex31d1.htm (EX-31.1) — 14KB
• temp-20231231xex31d2.htm (EX-31.2) — 15KB
• temp-20231231xex32d1.htm (EX-32.1) — 7KB
• temp-20231231xex32d2.htm (EX-32.2) — 6KB
• temp-20231231x10k003.jpg (GRAPHIC) — 12KB
• 0001410578-24-000295.txt (&nbsp;) — 15112KB
• temp-20231231.xsd (EX-101.SCH) — 73KB
• temp-20231231_cal.xml (EX-101.CAL) — 61KB
• temp-20231231_def.xml (EX-101.DEF) — 311KB
• temp-20231231_lab.xml (EX-101.LAB) — 535KB
• temp-20231231_pre.xml (EX-101.PRE) — 395KB
• temp-20231231x10k_htm.xml (XML) — 2452KB

Business

Business 3 Item 1A .

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 59 Item 1C. Cybersecurity 59 Item 2.

Properties

Properties 61 Item 3.

Legal Proceedings

Legal Proceedings 61 Item 4. Mine Safety Disclosures 61 PART II 61 Item 5 . Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 61 Item 6. [Reserved] 64 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 65 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 75 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 77 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 113 Item 9A.

Controls and Procedures

Controls and Procedures 113 Item 9B. Other Information 113 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 114 PART III 115 Item 10. Directors, Executive Officers and Corporate Governance 115 Item 11.

Executive Compensation

Executive Compensation 121 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 121 Item 13. Certain Relationships and Related Transactions, and Director Independence 122 Item 14. Principal Accounting Fees and Services 124 PART IV 126 Item 15 . Exhibits and Financial Statement Schedules 126 Item 16. Form 10-K Summary 128

Signatures

Signatures 129 Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements about the PGIM Private Credit Fund's (the "Company," "we," "us" or "our") business, including, in particular, statements about the Company's plans, strategies and objectives. You can generally identify forward-looking statements by the use of forward-looking terminology such as "may," "will," "expect," "intend," "anticipate," "estimate," "believe," "continue" or other similar words. These statements include the Company's plans and objectives for future operations, including plans and objectives relating to future growth and availability of funds, and are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to these statements involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to accurately predict and many of which are beyond the Company's control. Although the Company believes the assumptions underlying the forward-looking statements, and the forward-looking statements themselves, are reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that these forward-looking statements will prove to be accurate and the Company's actual results, performance and achievements may be materially different from that expressed or implied by these forward-looking statements. In light of the significant uncertainties inherent in these forward looking statements, the inclusion of this information should not be regarded as a representation by the Company or any other person that the Company's objectives and plans, which the Company considers to be reasonable, will be achieved. These risks, uncertainties and other factors include, without limitation: our future operating results; our business prospects and the prospects of the companies

Business

Item 1. Business. The Company is a Delaware statutory trust formed on March 21, 2022. The Company currently invests and intends to continue investing primarily in privately placed floating rate leveraged (below investment grade) debt, including, but not limited to, senior secured, first lien, debt issuances in middle market companies primarily in the United States as well as up to 30% of its total assets in investments in other countries (primarily Canada, Europe, Australia and Latin America). The Company currently is majority-owned by Prudential Insurance Company of America ("PICA"), an affiliate of the Company and the Manager. The Company elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the "1940 Act") effective May 5, 2023. The Company also intends to elect to be treated, and qualify annually, as a RIC for U.S. federal income tax purposes as defined under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") commencing with its initial taxable year ended December 31, 2023. The Company's investment objective is to seek to generate current income and, to a lesser extent, long-term capital appreciation. Under normal circumstances, the Company intends to invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments. The Company considers private credit investments to include loans, bonds and other credit instruments that are issued in private offerings or issued by private companies. Under normal circumstances, it is expected that the Company will primarily be invested in privately originated and privately negotiated direct lending investments to U.S. middle market companies through (i) first lien senior secured loans (including club deals by a small group of investment firms), and (ii) with not more than 20% of total invested capital in senior secured second and third lien loans, and unsecured loans. The Company is currently offering on a conti

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View this 10-K filing on SEC EDGAR