PGIM Private Credit Fund

PGIMdata completeness 63%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'epsDiluted'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

PGIM Private Credit Fund earns about 11% on equity, but has diluted owners by 90% over 3 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $18.96 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	—	—
Net income	$9.6M¹	$15.1M¹	$21.8M¹
Operating cash flow	−$83.2M²	−$94.3M²	−$128M²
Capital expenditure	—	—	—
Free cash flow (derived)	—	—	—
Total debt	—	—	—
Cash & equivalents	$16.1M³	$3.74M⁴	$16.6M⁴
Diluted shares	4.3M	4.9M	8.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$248.69

your share of equity

Profit it earned you last year

$26.52

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $248.69 of net worth that earned you $26.52 last year.

iii. Is this a good business?

Moat signal · return on equity

11% avg · 3y

FY23 9%FY24 12%FY25 11%

It earned an average 11% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+90% shares · 3y

Share count is up 90% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 0 years of FCF (need ≥3) — model not applicable

Earnings Power Value

$18.96

assumptions (8)

riskFreeRate4.7%
equityRiskPremium5.0%
beta100.0%
equityWeight85.0%
costOfDebtSpread1.5%
taxRate21.0%
normalizedEarnings$15.1M
growthAssumed0.0%

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2023-12-31 · accession 0001193125-26-111462 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001193125-26-111462 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001410578-25-000373 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001193125-26-111462 (CashAndCashEquivalentsAtCarryingValue)