First Eagle Private Credit Fund 8-K

What Happened

• First Eagle Private Credit Fund filed an 8‑K on December 23, 2025 announcing: (1) regular distributions declared in December 2025, (2) net asset value (NAV) and portfolio metrics as of November 30, 2025, and (3) the sale of unregistered Class I common shares to a feeder vehicle (sale initiated Dec 1, 2025; final share count set Dec 19, 2025).
• The filing was signed by Jennifer Wilson, Chief Financial Officer and Treasurer.

Key Details

• Distributions declared Dec 23, 2025: payable Jan 29, 2026 to holders of record as of open of business Dec 31, 2025. Class I: $0.210 gross / $0.210 net; Class D: $0.210 gross / $0.205 net (Class D includes $0.005 servicing/distribution fee). Cash or reinvestment via the Fund’s dividend reinvestment plan.
• Unregistered sale: 4,337 Class I shares sold as of Dec 1, 2025 (finalized Dec 19, 2025) for $105,000; offered under Section 4(a)(2) and/or Regulation S exemptions.
• NAV and portfolio snapshot (as of Nov 30, 2025): NAV per share — Class I and Class D: $24.21; aggregate NAV $301.4 million; investment portfolio fair value ≈ $605.1 million; weighted average tenor 4.061 years; principal debt outstanding ≈ $354.6 million; debt-to-equity ratio 1.18x.
• Direct Lending portfolio yields: weighted average yield on debt and income-producing investments — at cost 9.99%, at fair value 9.98%. Shares outstanding (Nov 30, 2025): Class I 12,449,139; Class D 4,205.
• Offering status: ongoing public offering up to $5.0 billion. As of the filing, combined Offering and Private Offering issued 12,480,207 shares for total consideration of ~$304.0 million (Private Offering accounted for ~$303.8M via 12,470,843 Class I shares).

Why It Matters

• Distributions: The declared December distribution and reinvestment option affect short‑term income for shareholders and cash flow expectations for the next payment date (Jan 29, 2026).
• NAV & portfolio metrics: The $24.21 NAV, portfolio fair value, near‑10% portfolio yields, and 1.18x debt‑to‑equity ratio give investors a current snapshot of valuation, income potential, and leverage — key inputs when assessing risk and expected returns.
• Capital raising: The sizeable Private Offering proceeds (~$303.8M) and ongoing $5.0B public offering indicate continued fund growth and inflows; the small unregistered share sale to a feeder vehicle is minor in size but reflects fund capital‑raising activity.
• No management changes or unexpected events were reported in this filing; information is disclosure of distributions, valuation, portfolio characteristics, and share issuance.