61 results
10-Q
2024 Q1
Manulife Private Credit Fund
13 May 24
Quarterly report
4:42pm
For the three months ended | ||||||
March 31, 2024 | ||||||
(Unaudited) | ||||||
Cash flows from operating activities | Net increase (decrease) in net assets from operations | $ | 2,365,272 | |||
Adjustments to reconcile net increase (decrease) in net assets from operations to net cash provided by (used in) operating activities | Long-term investments purchased | (23,991,923) | ||||
Long-term investments sold | 561,618 | |||||
Net purchases and sales of short-term investments | (22,443,878) | |||||
Net amortization of premium (discount) | (8,924) | |||||
Amortization of deferred financing cost | 5,558 | |||||
(Increase) decrease in assets: | Receivable for investments sold | (60,781) | ||||
Interest and dividends receivable | (202,574) | |||||
Receivable from affiliates | 68,082 | |||||
Other assets | 53,293 | |||||
Increase (decrease) in liabilities: | Interest and credit facility expenses payable | 25,927 | ||||
Payable to affiliates | 116,350 | |||||
Other liabilities and accrued expenses | (80,802) | |||||
Net change in unrealized (appreciation) depreciation of: | non-controlled/non-affiliated investments | (484,289) | ||||
Net realized (gain) loss on: | non-controlled/non-affilaited investments | (2,895) | ||||
Net cash provided by (used in) operating activities | $ | (44,079,966) | ||||
Cash flows from financing activities | Cash distributions to shareholders | $ | (1,491,569) | |||
Borrowings under credit facility | 5,000,000 | |||||
Financing cost paid | (1,692,500) | |||||
Proceeds from Fund shares issued | 45,000,000 | |||||
Net cash provided by (used in) financing activities | $ | 46,815,931 | ||||
Net increase (decrease) in cash | $ | 2,735,965 | ||||
Cash at beginning of period | 95,039 | |||||
Cash at end of period | $ | 2,831,004 | ||||
Supplemental disclosure of cash flow information: | Distributions declared for the period | $ | 1,090,634 |
10-Q
2024 Q1
Manulife Private Credit Fund
13 May 24
Quarterly report
4:42pm
The sector composition of investments at fair value as a percentage of net assets as of March 31, 2024 and December 31, 2023, was as follows:
Sector Composition | as of 3-31-24 (% of net assets) | as of 12-31-23 (% of net assets) | ||||||
Industrials | 38.7 | 48.3 | ||||||
Consumer discretionary | 15.7 | 9.5 | ||||||
Health care | 14.6 | 12.7 | ||||||
Information technology | 3.8 | 3.2 | ||||||
Consumer staples | 2.6 | 4.5 | ||||||
Materials | 1.9 | 6.5 | ||||||
Financials | 1.9 | 3.2 | ||||||
Short-term investments and other (less unfunded loan commitments) | 20.8 | 12.1 | ||||||
100 | 100 |
10-Q
2024 Q1
Manulife Private Credit Fund
13 May 24
Quarterly report
4:42pm
Sector Composition | as of March 31, 2024 (% of net assets) | as of December 31, 2023 (% of net assets) | ||||||
Industrials | 38.7 | 48.3 | ||||||
Consumer discretionary | 15.7 | 9.5 | ||||||
Health care | 14.6 | 12.7 | ||||||
Information technology | 3.8 | 3.2 | ||||||
Consumer staples | 2.6 | 4.5 | ||||||
Materials | 1.9 | 6.5 | ||||||
Financials | 1.9 | 3.2 | ||||||
Short-term investments and other (less unfunded loan commitments) | 20.8 | 12.1 | ||||||
100 | 100 |
10-Q
2024 Q1
Manulife Private Credit Fund
13 May 24
Quarterly report
4:42pm
Rate (%) | Maturity date | Par value^ | Value | |||||||||||||
Industrials 48.3% | 32,102,459 | |||||||||||||||
AIDC Intermediate LLC, Term Loan (3 month CME Term SOFR + 6.250%) | 11.798 | 07-22-27 | 2,164,070 | 2,142,430 | ||||||||||||
BCTS Parent LLC, Delayed Draw Term Loan (C) | — | 12-26-29 | 974,832 | 974,832 | ||||||||||||
BCTS Parent LLC, Revolver (1 month CME Term SOFR + 5.250%) (C) | 10.606 | 12-26-29 | 354,484 | 350,939 | ||||||||||||
BCTS Parent LLC, Term Loan (1 month CME Term SOFR + 5.250%) | 10.606 | 12-26-29 | 1,417,937 | 1,403,758 | ||||||||||||
Beary Landscaping LLC, Delayed Draw Term Loan (C) | — | 12-21-29 | 422,535 | 414,085 | ||||||||||||
Beary Landscaping LLC, Revolver (C) | — | 12-21-29 | 422,535 | 414,085 | ||||||||||||
Beary Landscaping LLC, Term Loan (1 month CME Term SOFR + 5.750%) | 11.107 | 12-21-29 | 1,901,408 | 1,863,380 | ||||||||||||
BLP Buyer, Inc., Delayed Draw Term Loan (C) | — | 12-21-29 | 290,323 | 284,516 | ||||||||||||
BLP Buyer, Inc., Revolver (1 month CME Term SOFR + 5.750%) (C) | 11.107 | 12-21-29 | 290,323 | 284,516 | ||||||||||||
BLP Buyer, Inc., Term Loan (1 month CME Term SOFR + 5.750%) | 11.107 | 12-21-29 | 2,419,355 | 2,370,965 | ||||||||||||
Capital Construction LLC, Delayed Draw Term Loan (1 month CME Term SOFR + 6.250%) | 11.695 | 10-22-26 | 1,145,261 | 1,148,124 | ||||||||||||
Capital Construction LLC, Revolver (1 month CME Term SOFR + 6.250%) (C) | 11.693 | 10-22-26 | 179,846 | 179,846 | ||||||||||||
Capital Construction LLC, Term Loan (1 month CME Term SOFR + 6.250%) | 11.693 | 10-22-26 | 844,887 | 847,000 | ||||||||||||
Gannet Fleming, Inc., Revolver (C) | — | 12-20-28 | 297,877 | 297,877 | ||||||||||||
Gannet Fleming, Inc., Term Loan (3 month CME Term SOFR + 6.500%) | 11.948 | 12-20-28 | 1,867,690 | 1,881,698 | ||||||||||||
Genuine Cable Group LLC, Term Loan (1 month CME Term SOFR + 5.500%) | 10.956 | 11-01-26 | 2,164,043 | 2,104,532 | ||||||||||||
M+D Midco, Inc., Delayed Draw Term Loan (3 month CME Term SOFR + 5.500%) (C) | 11.032 | 08-31-28 | 500,044 | 500,044 | ||||||||||||
M+D Midco, Inc., Revolver (Prime rate + 4.500%) (C) | 13.000 | 08-31-28 | 250,675 | 250,675 | ||||||||||||
M+D Midco, Inc., Term Loan (3 month CME Term SOFR + 5.500%) | 11.038 | 08-31-28 | 1,415,937 | 1,415,937 | ||||||||||||
OIS Management Services LLC, Delayed Draw Term Loan (3 month CME Term SOFR + 5.750%) | 11.208 | 11-16-28 | 556,340 | 561,904 | ||||||||||||
OIS Management Services LLC, Revolver (C) | — | 11-16-28 | 167,626 | 167,626 | ||||||||||||
OIS Management Services LLC, Term Loan (3 month CME Term SOFR + 5.750%) | 11.198 | 11-16-28 | 1,441,865 | 1,456,283 | ||||||||||||
Paint Intermediate III LLC, Revolver (C) | — | 10-07-27 | 216,516 | 216,516 | ||||||||||||
Paint Intermediate III LLC, Term Loan (3 month CME Term SOFR + 5.750%) | 11.233 | 10-06-28 | 1,948,643 | 1,963,257 | ||||||||||||
PVI Holdings, Inc., Term Loan (3 month CME Term SOFR + 6.770%) | 12.162 | 01-18-28 | 2,164,043 | 2,185,683 | ||||||||||||
Security Services Acquisition Sub Corp., 5th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 6.000%) | 11.457 | 09-30-26 | 83,395 | 82,769 | ||||||||||||
Security Services Acquisition Sub Corp., 5th Amendment Term Loan A (1 month CME Term SOFR + 6.000%) | 11.457 | 09-30-26 | 116,963 | 116,086 | ||||||||||||
Security Services Acquisition Sub Corp., 6th Amendment Term Loan A (1 month CME Term SOFR + 6.000%) | 11.457 | 09-30-26 | 354,158 | 351,501 | ||||||||||||
Security Services Acquisition Sub Corp., 7th Amendment Delayed Draw Term Loan (1 month CME Term SOFR + 6.000%) | 11.457 | 09-30-26 | 189,861 | 188,437 | ||||||||||||
Security Services Acquisition Sub Corp., 8th Amendment Delayed Draw Term Loan (C) | — | 09-30-26 | 1,245,556 | 1,236,214 |
10-Q
2024 Q1
Manulife Private Credit Fund
13 May 24
Quarterly report
4:42pm
The following is a summary of the values by input classification of the Fund’s investments as of March 31, 2024 and December 31, 2023, by major security category or type:
Total value at 3-31-24 | Level 1 Quoted price | Level 2 Significant observable inputs | Level 3 Significant unobservable inputs | |||||||||||||||||||||||
Investments in securities: | Assets | Senior loans (less unfunded loan commitments) | $ | 71,839,236 | — | — | $ | 71,839,236 | ||||||||||||||||||
Short-term investments | 41,842,425 | $ | 41,842,425 | — | — | |||||||||||||||||||||
Total investments in securities | $ | 113,681,661 | $ | 41,842,425 | — | $ | 71,839,236 |
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