Lord Abbett Private Credit Fund S
DE
Private creditNon-traded BDC
Compared against Private credit non-traded bdcs.
1Y return
+10.4%
82th pctile · ahead of most peersas of 2026-03-20
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$200.7M
as of 2026-03-20
Net expenses
11.3%
76th pctile · pricier than median
Repurchase
5% quarterly (at the discretion of the Board; no obligation in any quarter)
1 of 118 peers matchLevel 3
93.3%
42th pctile · less model-priced than peersLast offer
no offer yet
4 offers on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1% management fee)11.30%
Minus interest on borrowings, the cost of portfolio leverage7.41%
Minus incentive fees accrued this period, which vary with returns1.28%
Ongoing cost, determined from the filings2.60%
Owners pay a 1.00% management fee, a 0.85% shareholder servicing and distribution fee, and other operating costs the adviser caps at 0.70% of net assets, about 2.6% a year. The reported 11.3% expense ratio is mostly 7.4% interest on borrowings and 1.3% of performance fees, which are financing and contingent items rather than fixed ownership costs.
Sales loadnot stated
Total drag per year2.60%
This is the cost for common Shares (single class; fund markets these as Class S).
Based on Six months ended June 30, 2026 (Form 10-Q ratios stated by the filing as annualized). Not based on FY2025 annual ratios because management, administra.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (12.5% of pre-incentive fee net investment income over a 1.50% quarterly hurdle (6.00% annualized) with 100% catch-up to 1.71%, plus 12.5% of cumulative realized capital gains net of losses and unrealized depreciation, paid annually) apply only to returns earned. Before waivers, the gross expense ratio is 11.7%. How this is calculated
Against Private credit non-traded bdcs
Total drag
73th pctile · pricier than most
1Y return
82th pctile · ahead of most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Six months ended June 30, 2026 (Form 10-Q ratios stated by the filing as annualized). Not based on FY2025 annual ratios because management, administration and servicing fees only began accruing on the April 1, 2025 BDC election date, so the 13.2% FY2025 net expense ratio understates ongoing fees; H1 2026 reflects a full fee run rate..
Open the filing on sec.gov (0000930413-26-000842)Size and leverage
Net assets$200.7M?
Borrowings$259.8M?
Leveragedebt to equity1.10x?
Asset coverage177.00%?
Investments held61?
Started2024-11-04?
What the manager charges
Management feeof net assets1.00%?
Performance feeIncome component: 12.5% of pre-incentive fee net investment income above a 1.50% quarterly hurdle (6.00% annualized), with a 100% catch-up between 1.50% and 1.71% per quarter. Capital gains component: 12.5% of cumulative realized capital gains net of realized losses and unrealized depreciation, less previously paid capital gains fees, payable annually in arrears.?
Hurdle6.00%?
High water markNo?
Expense cap0.70%?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly (at the discretion of the Board; no obligation in any quarter)?
Share of the fund offered5.00%?
Early repurchase fee1.50%?
Last offer filled in fullYes?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Largest position13.63%?
Floating rate100.00%?
Not paying interestloans on non-accrual0.00%?
Priced by the managerno market price available93.30%?
MostlyAerospace & Defense (15.01% of portfolio at fair value)?
Who is involved
AdviserLord Abbett Private Credit Advisor LLC?
AuditorDeloitte & Touche LLP?
Valuedmonthly?
Independent valuation agentYes?
Deals with affiliatesYes?
Also worth knowing
- Lord Abbett and affiliated registered funds/pooled vehicles owned approximately 68% of the Company at June 30, 2026, down from 100% at December 31, 2025.
- Two tender offers in 2026 (241,710 shares expiring February 27, 2026 and 316,840 shares expiring May 29, 2026) drew no validly tendered shares.
- Unfunded portfolio commitments were $120,033 thousand at June 30, 2026, plus $34 million of uncalled commitment to the SBLA II joint venture, against $34,964 thousand of cash.
- The Solarwinds second lien loan is carried at $7,425 thousand against $8,710 thousand cost and $9,000 thousand par, valued at a 13.45% to 14.45% discount rate.
- Unfunded portfolio commitments: 120,033 USD thousands (Unfunded revolvers and delayed draws equal 60% of net assets and must be funded on borrower request, competing with repurchases and distributions for liquidity.)
- Unreimbursed expense support subject to recoupment: 2,132 USD thousands (The adviser can claw back these advances within three years, but only while other operating expenses stay at or below the 0.70% cap, so ongoing drag is capped even if recoupment occurs.)
- Credit facility utilization: BNP $198,140 drawn of $250,000; ING $61,619 drawn of $125,000 USD thousands (Headroom of roughly $115 million across two facilities supports further deployment and repurchases; both facilities were in compliance with covenants.)
- NAV per share decline versus distributions: NAV fell from $25.11 to $24.71 while $1.14 per share was distributed against $1.09 of net investment income USD per share (Distributions modestly exceeded net investment income and net asset value fell, so part of the yield was funded from capital while marks weakened.)
- Largest markdown: Solarwinds second lien: Fair value $7,425 versus cost $8,710 and par $9,000 USD thousands (The only second lien position accounts for most of the portfolio's unrealized depreciation and is valued at a 13.45% to 14.45% discount rate, well above first lien marks.)
- Payment-in-kind income: 252 USD thousands for six months ended June 30, 2026 (PIK is non-cash income that still feeds management and income incentive fees; Falcon Parent Holdings now carries a 2.75% PIK component.)
- Joint venture leverage and income: SBLA II JV: $113,951 investments, $88,476 debt, $29,462 members' equity; $1,169 dividend income to the Company USD thousands (The 87.5%-owned, non-consolidated joint venture is levered about three times equity, so a meaningful share of the fund's income and risk sits outside the consolidated balance sheet.)
- Non-qualifying assets: 12 % of total assets (BDC rules require 70% qualifying assets; non-qualifying exposure rose from 7% to 12%, still inside the 30% allowance but trending up.)
Fees
Liquidity terms
Repurchase frequencyvaries across filingsquarterly
Repurchase percentage of shares outstanding5%
Minimum investment$2,500
Valuation
Fair value determined byunchanged, 3 filingsAdviser as valuation designee
Independent valuation firmunchanged, 3 filingsEngaged, name in filing
Valuation frequencyquarterly
Structure
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2025-12-312026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Offer dateOfferedRequestedAcceptedSource
2026-07-305%··SC TO-I
2026-04-305%··SC TO-I
2026-01-295%··SC TO-I
2025-10-295%··SC TO-I
2026-08-31SC TO-I/AAmended issuer tender offer2026-08-1310-QQuarterly report2026-07-30SC TO-IIssuer tender offer2026-06-09SC TO-I/AAmended issuer tender offer2026-05-1410-QQuarterly report2026-04-30SC TO-IIssuer tender offer2026-03-2010-KAnnual report2026-03-03SC TO-I/AAmended issuer tender offer2026-01-29SC TO-IIssuer tender offer2025-12-02SC TO-I/AAmended issuer tender offer2025-10-29SC TO-IIssuer tender offer
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.