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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___ to ___

Commission File Number: 814-01684

 

Jefferies Credit Partners BDC Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Maryland	92-1852483
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
520 Madison Avenue, 12th Floor New York, New York	10022
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (212) 284-3474

 

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act: None

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer		☐		Accelerated filer		☐
Non-accelerated filer		☒		Smaller reporting company		☐
Emerging growth company		☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 9, 2025, the registrant had 28,735,873 shares of common stock, $0.001 par value per share, outstanding. Common stock outstanding excludes May 1, 2025 subscriptions since the issuance price is not yet finalized at the date of this filing.

 

 

Table of Contents

 

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Consolidated Financial Statements	1
	Consolidated Statements of Assets and Liabilities as of March 31, 2025 and December 31, 2024 (Unaudited)	1
	Consolidated Statement of Operations for the three months ended March 31, 2025 and 2024 (Unaudited)	2
	Consolidated Statement of Changes in Net Assets for the three months ended March 31, 2025 and 2024 (Unaudited)	3
	Consolidated Statement of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2025 (Unaudited)	5
	Consolidated Schedule of Investments as of December 31, 2024 (Unaudited)	13
	Notes to Consolidated Financial Statements (Unaudited)	19
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	37
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46
Item 4.	Controls and Procedures	47
PART II.	OTHER INFORMATION	48
Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	49
	Signatures	50

 

PART I—FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

 

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Statements of Assets and Liabilities (Unaudited)

(In thousands, except for share and per share data)

 

		March 31, 2025				December 31, 2024
Assets
Investments at fair value:
Non-controlled/non-affiliated investments (amortized cost of $877,981 and $773,069, at March 31, 2025 and December 31, 2024, respectively)		$	881,622			$	778,371
Cash and cash equivalents			2,579				7,995
Restricted cash			20,325				16,114
Interest receivable			4,763				4,740
Deferred financing costs			7,263				7,630
Deferred offering costs			55				113
Due from Investment Adviser			659				516
Prepaid expenses and other assets			365				342
Total assets		$	917,631			$	815,821
Liabilities
Debt, net of debt issuance costs of $2,924 and $0, at March 31, 2025 and December 31, 2024, respectively		$	482,740			$	438,518
Payable for investments purchased			4,755				—
Subscriptions received in advance			25,345				7,087
Distributions payable			3,434				4,860
Interest payable			3,845				7,485
Management fees payable			1,158				392
Income based incentive fees payable			1,208				—
Accrued expenses and other liabilities			2,141				1,098
Total liabilities		$	524,626			$	459,440
Commitments and contingencies (Note 9)
Total net assets		$	393,005			$	356,381
Net Assets
Common shares, par value $0.001 (27,006,545 and 24,413,159, shares issued and outstanding, at March 31, 2025 and December 31, 2024, respectively)		$	27			$	24
Additional paid-in capital			394,411				356,611
Accumulated distributable earnings			(1,433	)			(254	)
Total net assets		$	393,005			$	356,381
Net Asset Value Per Share
Net assets		$	393,005			$	356,381
Common shares outstanding ($0.001 par value, 1,000,000,000 shares authorized at March 31, 2025 and December 31, 2024, respectively)			27,006,545				24,413,159
Net asset value per share		$	14.55			$	14.60

See accompanying notes to consolidated financial statements

JEFFERIES CREDIT PARTNERS BDC INC.

Consolidated Statement of Operations (Unaudited)

(In thousands, except for share and per share data)

 

		Three months ended March 31,
		2025				2024
Investment Income
Non-controlled/non-affiliated investments
Interest income		$	19,964			$	8,111
Payment-in-kind interest income			454				—
Other income			665				105
Total investment income			21,083				8,216
Operating Expenses
Interest and other financing expenses			8,752				3,253
Management fees			1,158				544
Income-based incentive fees			1,208				539
Capital gains incentive fees			—				(50	)
Other general and administrative expenses			1,508				1,596
Total expenses before fee waiver and expense support			12,626				5,882
Expense support			(1,508	)			(1,164	)
Management fees waived			—				(326	)
Incentive fees waived			—				(489	)
Net expenses			11,118				3,903
Net investment income			9,965				4,313
Net Realized Gain (Loss) and Change in Unrealized Appreciation (Depreciation)
Net realized gain (loss):
Non-controlled/non-affiliated investments			435				—
Net realized gain (loss)			435				—
Net change in unrealized appreciation (depreciation):
Non-controlled/non-affiliated investments			(1,661	)			(399	)
Net change in unrealized appreciation (depreciation)			(1,661	)			(399	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)			(1,226	)			(399	)
Net Increase in Net Assets Resulting from Operations		$	8,739			$	3,914
Net Increase in Net Assets Per Share Resulting from Operations - Basic and Diluted (Note 8)		$	0.34			$	0.33
Weighted Average Common Stock Outstanding - Basic and Diluted (Note 8)			25,631,994				11,738,844

See accompanying notes to consolidated financial statements