Lord Abbett Private Credit Fund S Issues Shares, Portfolio Update & Distribution

What Happened

• Lord Abbett Private Credit Fund S filed an 8-K (Sept. 24, 2026) reporting that, as of Sept. 1, 2026, it issued and sold approximately 565,990 common shares for an aggregate offering price of about $13.9 million (purchase price $24.64 per share; final share count determined Sept. 21, 2026). The sales were made under subscription agreements and claimed an exemption from Securities Act registration under Section 4(a)(2) and/or Regulation D, relying on investor representations that purchasers were accredited investors.
• The filing also provides a portfolio and platform update as of Aug. 31, 2026, and reports a declared distribution: on Sept. 21, 2026 the Fund declared a distribution of about $0.19 per share to holders of record as of Sept. 30, 2026, payable on or about Oct. 29, 2026. NAV as of Aug. 31, 2026 was ~$212 million, or $24.64 per share.

Key Details

• Share issuance: ~565,990 Common Shares; aggregate proceeds ≈ $13.9M; price = $24.64/share; final share count fixed Sept. 21, 2026; sale relied on Reg D/Section 4(a)(2).
• Portfolio size & composition (as of Aug. 31, 2026): loans to 61 portfolio companies, 1 equity position, 1 joint venture; aggregate loan commitments ≈ $546M; par value ≈ $425M; 94% senior secured debt (by par/cost); 100% of debt investments at floating rates.
• Portfolio metrics: median 12‑month EBITDA $95M; weighted average net leverage 4.9x; weighted average loan‑to‑value 43%; interest coverage 2.4x; weighted average yield on debt investments (at cost) 9.3%.
• Recent loan activity (Aug. 1–31, 2026): total commitments $22.4M, par funded $19.7M (notable issuers: Ambient Enterprises, ComPsych, Earth Resources Technology, ICAT Intermediate).
• Platform scale: Lord Abbett estimates its Total Private Credit Platform Size at ≈ $4.9B and Total Committed Capital ≈ $3.4B (as of Aug. 31, 2026).
• Distribution & NAV: declared $0.19/share (record Sept. 30, pay ~Oct. 29); aggregate NAV ≈ $212M and NAV/share $24.64 (Aug. 31, 2026). Final reported results may change after financial close.

Why It Matters

• Capital & liquidity: the issuance raised about $13.9M (at ~$24.64/share), which can be used to fund new loans or support operations; the offering was made to accredited investors under exemptions from registration.
• Portfolio health: the update shows a concentrated private credit portfolio focused on senior secured, floating‑rate loans with a reported average yield of 9.3% and leverage metrics (net leverage 4.9x, LTV 43%) that help investors assess credit risk and income potential.
• Income for shareholders: a near‑term distribution of $0.19/share was declared and the Fund reported NAV per share equal to the issuance price ($24.64), which is relevant when evaluating dilution, recent capital raises, and yield.
• Platform context: the Fund is part of a larger Lord Abbett direct lending platform (~$4.9B estimated), which may affect deal sourcing and diversification but is subject to change and is not a GAAP measure.

(Information is as reported in the 8‑K; final financial results may differ after the Fund completes its financial closing procedures and files its Form 10‑Q.)