PGIM Private Credit Fund Liquidation Value

PGIM Private Credit Fund (PGIM) is an externally managed Business Development Company (BDC) organized as a Delaware statutory trust, investing primarily in illiquid private credit instruments. The filing covers the quarter ended March 31, 2026. Under the liquidation lens, the TAG_CONTEXT is empty — the filer emitted no XBRL-tagged balance sheet values in the data provided. All balance-sheet figures referenced below derive from narrative disclosure in the MD&A and are not separately tagged in XBRL.

Recovery posture is positive relative to a standard going-concern BDC: MFFAIS reports a cash liquidation value of approximately negative $16.6M and liquid liquidation value of approximately negative $15.8M, reflecting the standard BDC structure where face-value liabilities (debt) exceed haircut-adjusted assets on a liquidation basis. The primary asset is a portfolio of illiquid private credit instruments carried at fair value under ASC 820. In a forced liquidation, private credit instruments would face material haircuts well below the manager-determined fair values, widening the negative recovery further.

Key balance-sheet items from narrative: (1) Total debt outstanding of $144.6M at March 31, 2026, down from $173.6M at December 31, 2025, consisting of $144.4M drawn on the $175M Revolving Credit Facility (Sumitomo Mitsui, maturing ~October 2028) plus $214K in Promissory Notes (30-year term, 12% coupon). Debt reduction of ~$29M QoQ is meaningful — asset coverage ratio improved to 284.5% from 217.9%, well above the 150% statutory threshold. (2) Cash and cash equivalents of $13.0M at March 31, 2026 vs. $15.3M at March 31, 2025. Cash recovers at 100% in liquidation. (3) Investment portfolio at fair value is the dominant asset; the filing discloses $91.6M aggregate principal of new investments acquired in Q1 2026 and $33.5M in repayments. The portfolio is substantially Level 3 (illiquid), and the filing explicitly warns that liquidation values may differ materially from fair values. Unrealized depreciation on non-affiliated investments was $(1.6M) in Q1 2026. (4) Post-period, the Fund entered into a new SPV Credit Facility with Deutsche Bank (May 5, 2026) with initial capacity of $100M and accordion to $500M, secured by SPV assets — this materially increases potential senior secured leverage post-filing date and is not reflected in the March 31, 2026 balance sheet. (5) The Expense Limitation and Reimbursement Agreement creates a contingent liability: the Fund may owe the Manager reimbursement for previously waived expenses within three years if specified expenses fall below 0.50% of NAV annualized. The filing does not separately tag or quantify the cumulative recoupable amount in XBRL. (6) Management and incentive fees are now live (waiver period ended December 31, 2025): Q1 2026 saw $788K management fees and $743K income-based incentive fees accrued, all payable at face in a wind-up. (7) The Fund continues to raise equity via continuous public offering — $57.1M gross proceeds in Q1 2026 across Class I and Class S — which expands the equity cushion above debt. No share repurchases were completed in Q1 2026 or Q1 2025. The filing does not provide a complete consolidated balance sheet in the XBRL data supplied, preventing precise computation of net asset value or total assets from tagged data alone.