Fidelity Private Credit Fund — Q3 2026 Earnings Summary

The Fidelity Private Credit Fund targets senior secured loans to private equity-owned middle-market companies, maintaining a weighted average loan-to-value of 39% and net leverage of 4.7 times as of September 30, 2026. The fund's investment strategy emphasizes disciplined underwriting and strong documentation to navigate an environment characterized by rising interest rates and increased credit dispersion among borrowers. Performance data indicates a year-to-date total net return of 4.52% for Class I shares, with a distribution rate of 9.36% calculated on the net asset value. The portfolio is heavily concentrated in floating-rate investments at 99.8%, with top holdings including Project Fractal in aerospace, Project METIS in healthcare services, and Project Sentinel in industrial distribution.