PGIM Private Credit Fund

What Do They Do?

Invests in privately placed floating-rate debt, including senior secured loans to middle-market companies, mainly in the United States.

How Do They Make Money?

Borrowers pay interest on its debt investments, generally monthly, quarterly or semiannually, though some interest is deferred until maturity. The fund may also earn equity dividends, transaction-related fees and gains on investments.

FY2025 revenue

Who Are Their Customers?

Investors can buy the fund’s shares through Prudential Investment Management Services, its underwriter and distributor, in a continuous offering.

Do Revenues Turn Into Profits?

Yes. Its net income in FY2025 was larger than its revenue.

Net income, FY2025

105% of revenue

▲ +45% vs FY2024 ($15.1M, 104%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +18%; vs $5M in Q2 FY2025
Net income: ▲ +50%; vs $4.3M in Q2 FY2025

Growing. Revenue grew 2.2x in 2 years, from $9.4M in FY2023 to $20.8M in FY2025, about 49% a year.

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