Lord Abbett Private Credit Fund S 8-K

What Happened

• Lord Abbett Private Credit Fund S filed an 8-K on December 23, 2025. The Fund issued and sold approximately 239,425 common shares for an aggregate offering price of about $6.0 million (purchase price $25.06 per share; final share count set December 18, 2025). The sale was made under subscription agreements and relied on exemptions from registration under Section 4(a)(2) and/or Regulation D, with investors representing they are accredited.
• The filing discloses portfolio and NAV details as of November 30, 2025: loans to 31 portfolio companies, an equity position in 1 company, and 1 joint-venture investment; aggregate loan commitments of ~ $313 million and par value of ~ $254 million. The portfolio is ~93% senior secured debt and ~7% joint-venture (by par/cost), and 100% of debt investments (by par) are floating rate. The Fund declared a distribution of ~$0.19 per share on December 19, 2025 to shareholders of record December 31, 2025, payable on or about January 28, 2026. Aggregate NAV was ~ $121 million and NAV per share was $25.06 as of November 30, 2025.

Key Details

• Unregistered issuance: ~239,425 common shares at $25.06/share for ~ $6.0 million (subscription agreements; accredited investor reliance).
• Portfolio (11/30/25): $313M committed, $254M par; 31 loan portfolio companies; 93% senior secured debt; 100% of debt investments are floating rate.
• Portfolio metrics (excludes one liquid loan and one recurring revenue investment): median 12‑month EBITDA $70M; weighted average net leverage 4.4x; weighted average LTV 40%; interest coverage 2.5x; weighted average yield on debt investments at cost 9.4%.
• Recent loan activity (Nov 1–30, 2025): commitments $12.8M, par $10.0M across four issuers. Distribution declared $0.19/share; NAV $121M (NAV/share $25.06).

Why It Matters

• The Fund raised incremental capital (~$6M) at approximately its reported NAV per share ($25.06), which may support additional lending or portfolio activity without an apparent discount to NAV.
• The portfolio is concentrated in private senior secured, floating‑rate loans (93% senior secured; 100% floating), which is relevant in higher-rate environments because interest income typically adjusts with reference rates.
• Investors should note the size of the issuance relative to reported NAV (~5% of NAV) and the declared $0.19/share distribution (record date Dec 31, 2025). All figures are preliminary and may change when the Fund completes its financial close and files its Form 10‑K for year-end 2025.