First Eagle Private Credit Fund 8-K

What Happened First Eagle Private Credit Fund filed an 8-K on January 23, 2026 that discloses the Fund’s December 31, 2025 net asset value (NAV), portfolio and financing metrics, a small unregistered sale of Class I shares, and regular distributions declared in January 2026. NAV per share for both Class I and Class D was $24.23 as of December 31, 2025. The filing was signed by Jennifer Wilson, Chief Financial Officer and Treasurer.

Key Details

• NAV and balance sheet: aggregate NAV $301.9 million; fair value of investment portfolio ≈ $567.3 million; principal debt outstanding ≈ $339.1 million; debt-to-equity ratio 1.12x (as of 12/31/2025).
• Portfolio yields and tenor: Direct Lending weighted average yield ~9.68% (at cost) and 9.67% (at fair value); weighted average tenor ~4.03 years.
• Shares and offerings: Shares outstanding (12/31/2025) — Class I: 12,453,562; Class D: 4,205. The Fund is conducting a continuous public Offering up to $5.0 billion and has raised about $304.0 million in total (Offering + Private Offering) with 12,480,504 common shares issued to date.
• Unregistered sale: As of January 1, 2026 (finalized Jan 23, 2026), the Fund sold 297 unregistered Class I shares for $7,200 to a feeder vehicle; the sale was exempt under Section 4(a)(2) and/or Regulation S.
• Distributions: On January 21, 2026 the Fund declared regular distributions payable Feb 26, 2026 to holders of record as of the open of business on Jan 30, 2026. Class I: $0.210 gross and net per share; Class D: $0.210 gross, $0.005 shareholder servicing/distribution fee, $0.205 net. Distributions may be taken in cash or reinvested.

Why It Matters These disclosures give investors a current snapshot of the Fund’s per-share NAV, portfolio size and composition, leverage level, and income profile (yields), which are key for assessing valuation and risk. The declared distributions and reinvestment option inform expected near-term cash flows for shareholders. The fundraising totals and the small unregistered sale indicate ongoing capital raising through both the continuous public Offering and a Private Offering. Investors should note the Fund’s leverage (debt-to-equity ~1.12x) and the portfolio’s mid-single-digit-to-high-single-digit yields when evaluating income potential and risk.