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Fidelity Private Credit Fund — Q3 2026 Earnings Summary

  • Financial Performance:

    • The fund reported a Class I Total Net Return of 0.21% for the one-month period ended September 30, 2026, 1.36% for the three-month period, 4.52% Year-to-Date (YTD), 6.20% for the one-year period, and 8.91% for the three-year period.
    • Class S shares reported a 0.14% one-month return, 1.14% three-month return, 3.85% YTD, 5.30% one-year return, and 7.88% since inception (Class S inception November 1, 2023).
    • Class D shares reported a 0.19% one-month return, 1.30% three-month return, 4.31% YTD, 5.93% one-year return, and 8.55% since inception (Class D inception November 1, 2023).
    • The weighted average mark on funded private credit investments was 98.1% as of September 30, 2026.
    • The annualized distribution rate was 9.36% as of September 30, 2026.
    • The fund utilizes leverage, which magnifies potential losses.
    • The adviser reimbursed or waived a portion of the fund's expenses; absent these waivers, returns would have been lower.

  • Business Segments and Product Lines:

    • The fund focuses on originating senior secured loans to privately-owned, middle-market companies with strong cash flow profiles.
    • 98.3% of the portfolio consists of First Lien Senior Secured loans.
    • 99.8% of investments carry floating interest rates.
    • The portfolio maintains a Loan to Value of 39%, Net Leverage of 4.7X, and an Interest Coverage ratio of 2.3X.
    • The weighted average spread on directly originated loans is 5.4%.
    • Featured investments include Project Fractal (Aerospace & Defense), Project METIS (Health Care Services), and Project Sentinel (Trading Companies & Distributors).

  • Other Key Points:

    • The fund commenced a share repurchase program, though only a limited number of shares are eligible for repurchase subject to liquidity and other restrictions.
    • Distributions may be funded from sources other than cash flow from operations, including the sale of assets, borrowings, return of capital, or offering proceeds.
    • Distributions may also be funded from temporary waivers or expense reimbursements borne by the Adviser or affiliates, which may be subject to reimbursement.
    • The fund is classified as an "emerging growth company" under the Jumpstart Our Business Startups Act.
    • The fund does not intend to list shares on a securities exchange and does not expect a secondary market to develop.
    • The fund's investment strategy limits software investments to less than 10% of the portfolio due to current supply and demand imbalances.
    • The senior investment leadership team averages 25 years of middle market credit experience.