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Glitch in the Credit

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Filings and fund books

What lenders and borrowers have told the SEC.

BDC book check

Taken together, weighted by size, these BDCs trade −13% from book. The median one trades −13%, and 6 of 10 sit more than 10% below. The median PIK share is 11.0%, up from 9.9% a year ago. A deep discount means the market doesn’t believe the marks. Book value is the last reported NAV per share from SEC filings; PIK share is interest paid in IOUs as a share of total investment income.

BDCPriceBook valuePrice vs bookPIK share
Prospect Capital PSEC$1.49$5.71 · Jun 30−74%11.4% was 11.4%
FS KKR Capital FSK$10.41$18.30 · Jun 30−43%12.5% was 16.0%
Blue Owl Capital OBDC$10.00$14.26 · Jun 30−30%7.9% was 6.3%
Oaktree Specialty Lending OCSL$11.40$15.70 · Jun 30−27%7.5% was 6.7%
Golub Capital BDC GBDC$12.06$14.25 · Jun 30−15%11.0% was 9.9%
Blackstone Secured Lending BXSL$22.93$25.53 · Jun 30−10%not reported
Ares Capital ARCC$18.58$19.35 · Jun 30−4%15.2% was 16.0%
Sixth Street Specialty TSLX$17.00$16.24 · Jun 30+5%not reported
Hercules Capital HTGC$16.40$12.15 · Jun 30+35%8.3% was 9.9%
Main Street Capital MAIN$53.21$33.92 · Jun 30+57%not reported

SEC red flags

8-K red flags and late-filing notices from 33 watched companies and funds over the last six months. Most exec and board changes are routine; a surprise CFO exit at a stressed name is the one that counts.

FiledCompanyWhatFiling
Oct 26KKR & Co. Inc. KKRExec or board change8-K
Oct 20Apollo Global Management, Inc. APOExec or board change8-K
Oct 15Blackstone Inc. BXExec or board change8-K
Sep 17Hercules Capital, Inc. HTGCExec or board change8-K
Jul 29Core Scientific, Inc. CORZExec or board change8-K
Jul 24Blackstone Secured Lending Fund BXSLExec or board change8-K
Jul 24Blackstone Private Credit Fund BCREDExec or board change8-K
Jul 2Nvidia Corp NVDAExec or board change8-K
Jul 1IREN Ltd IRENExec or board change8-K
Jun 18Blackstone Private Credit Fund BCREDExec or board change8-K
Jun 18Blackstone Secured Lending Fund BXSLExec or board change8-K
Jun 5Microsoft Corp MSFTExec or board change8-K
May 29KKR & Co. Inc. KKRExec or board change8-K
May 26Core Scientific, Inc. CORZExec or board change8-K
May 14Microsoft Corp MSFTExec or board change8-K
May 12Oracle Corp ORCLExec or board change8-K
May 8Nvidia Corp NVDAExec or board change8-K
May 5Core Scientific, Inc. CORZExec or board change8-K
May 4Hercules Capital, Inc. HTGCExec or board change8-K

Withdrawal windows

55 non-traded BDCs opened or updated a cash-out window (a tender offer) in the last 90 days: 55 offers and 6 updates. Updates usually say how much investors asked to pull. When the asks beat the cap, everyone gets prorated, and that’s a gate in all but name. In the last 90 days, 1 paid out less than was asked: Barings Private Credit Corp 46.84%. “Paid out” is the share of requests the fund honored, read from the filing.

FiledFundKindPaid outFiling
Oct 16BIP Ventures Evergreen BDCUpdate100%SC TO-I/A
Oct 9Onex Direct Lending BDC FundOfferSC TO-I
Oct 6Barings Private Credit CorpUpdate46.84%SC TO-I/A
Oct 1Jefferies Credit Partners BDC Inc.OfferSC TO-I
Sep 29PGIM Private Credit FundOfferSC TO-I
Sep 29Golub Capital Private Income Fund SOfferSC TO-I
Sep 29Golub Capital Private Income Fund IOfferSC TO-I
Sep 29Golub Capital Private Credit FundOfferSC TO-I
Sep 28NexPoint Capital, Inc.UpdateSC TO-I/A
Sep 28AB Private Lending FundOfferSC TO-I
Sep 24Ares Strategic Income FundUpdateSC TO-I/A
Sep 24Vista Credit Strategic Lending Corp.OfferSC TO-I
Sep 21Carlyle Credit Solutions, Inc.OfferSC TO-I
Sep 18Crestline Lending Solutions, LLCOfferSC TO-I
Sep 18Prospect Floating Rate & Alternative Income Fund, Inc.OfferSC TO-I
Sep 16Oaktree Strategic Credit FundUpdate100% of 3.8% askedSC TO-I/A
Sep 1Barings Private Credit CorpOfferSC TO-I
Sep 1LGAM Private Credit LLCOfferSC TO-I
Sep 1Audax Private Credit Fund, LLCOfferSC TO-I
Sep 1KKR FS Income TrustOfferSC TO-I
Sep 1KKR FS Income Trust SelectOfferSC TO-I
Aug 31Star Mountain Lower Middle-Market Capital CorpOfferSC TO-I
Aug 31Kennedy Lewis Capital CoOfferSC TO-I
Aug 28Nuveen Churchill Private Capital Income FundOfferSC TO-I
Aug 28AB Private Credit Investors CorpOfferSC TO-I
Aug 28Fidelity Private Credit Co LLCOfferSC TO-I
Aug 27Eagle Point Trinity Senior Secured Lending CoOfferSC TO-I
Aug 26Blue Owl Technology Income Corp.OfferSC TO-I
Aug 26Blue Owl Credit Income Corp.OfferSC TO-I
Aug 26Crescent Private Credit Income CorpOfferSC TO-I
Aug 25Goldman Sachs Private Credit Corp.OfferSC TO-I
Aug 21NexPoint Capital, Inc.OfferSC TO-I
Aug 20BIP Ventures Evergreen BDCUpdateSC TO-I/A
Aug 20Ares Core Infrastructure FundOfferSC TO-I
Aug 20Ares Strategic Income FundOfferSC TO-I
Aug 19John Hancock Comvest Private Income FundOfferSC TO-I
Aug 17Stone Point Credit Income FundOfferSC TO-I
Aug 14Oaktree Strategic Credit FundOfferSC TO-I
Aug 14Apollo Debt Solutions BDCOfferSC TO-I
Aug 14Antares Private Credit FundOfferSC TO-I
Aug 13North Haven Private Income Fund A LLCOfferSC TO-I
Aug 13North Haven Private Income Fund LLCOfferSC TO-I
Aug 10HPS Corporate Lending FundOfferSC TO-I
Aug 10HPS Corporate Capital Solutions FundOfferSC TO-I
Aug 10BlackRock Private Credit FundOfferSC TO-I
Aug 5TPG Twin Brook Capital Income FundOfferSC TO-I
Aug 4Silver Point Private Credit FundOfferSC TO-I
Aug 4First Eagle Private Credit FundOfferSC TO-I
Aug 4Blackstone Private Credit FundOfferSC TO-I
Aug 4T. Rowe Price OHA Select Private Credit FundOfferSC TO-I
Aug 3New Mountain Private Credit FundOfferSC TO-I
Aug 3Bain Capital Private CreditOfferSC TO-I
Aug 3Stepstone Private Credit Fund LLCOfferSC TO-I
Aug 3Fidelity Private Credit FundOfferSC TO-I
Aug 3Monroe Capital Income Plus CorpOfferSC TO-I
Aug 3Stellus Private Credit BDCOfferSC TO-I
Jul 30Partners Group Lending Fund, LLCOfferSC TO-I
Jul 30Lord Abbett Private Credit FundOfferSC TO-I
Jul 30Lord Abbett Private Credit Fund SOfferSC TO-I
Jul 23Fortress Private Lending FundOfferSC TO-I
Jul 20BIP Ventures Evergreen BDCOfferSC TO-I
Jul 13Onex Direct Lending BDC FundOfferSC TO-I
Jul 7Barings Private Credit CorpUpdate46.01% of 10.87% askedSC TO-I/A
Jul 2Steele Creek Capital CorpUpdate100%SC TO-I/A
Jul 1Goldman Sachs Private Credit Corp.Update100% of 3.24% askedSC TO-I/A
Jul 1Jefferies Credit Partners BDC Inc.OfferSC TO-I
Jun 29PGIM Private Credit FundOfferSC TO-I
Jun 29Golub Capital Private Income Fund SOfferSC TO-I
Jun 29Golub Capital Private Income Fund IOfferSC TO-I
Jun 29Golub Capital Private Credit FundOfferSC TO-I
Jun 26Prospect Floating Rate & Alternative Income Fund, Inc.OfferSC TO-I
Jun 26AB Private Lending FundOfferSC TO-I
Jun 25Ares Strategic Income FundUpdate34.7% of 14.4% askedSC TO-I/A
Jun 25Willow Tree Capital CorpOfferSC TO-I
Jun 24Vista Credit Strategic Lending Corp.OfferSC TO-I
Jun 23NexPoint Capital, Inc.UpdateSC TO-I/A
Jun 22Carlyle Credit Solutions, Inc.OfferSC TO-I
Jun 22Crestline Lending Solutions, LLCOfferSC TO-I
Jun 17Oaktree Strategic Credit FundUpdate100% of 4.5% askedSC TO-I/A
Jun 1Barings Private Credit CorpOfferSC TO-I
Jun 1LGAM Private Credit LLCOfferSC TO-I
Jun 1Star Mountain Lower Middle-Market Capital CorpOfferSC TO-I
Jun 1Kennedy Lewis Capital CoOfferSC TO-I
Jun 1KKR FS Income Trust SelectOfferSC TO-I
Jun 1KKR FS Income TrustOfferSC TO-I
May 29Nuveen Churchill Private Capital Income FundOfferSC TO-I
May 29Steele Creek Capital CorpOfferSC TO-I
May 29AB Private Credit Investors CorpOfferSC TO-I
May 28Eagle Point Trinity Senior Secured Lending CoOfferSC TO-I
May 26Blue Owl Credit Income Corp.OfferSC TO-I
May 26Blue Owl Technology Income Corp.OfferSC TO-I
May 26Crescent Private Credit Income CorpOfferSC TO-I
May 26Goldman Sachs Private Credit Corp.OfferSC TO-I
May 22Hancock Park Corporate Income, Inc.OfferSC TO-I
May 20Ares Core Infrastructure FundOfferSC TO-I
May 20Ares Strategic Income FundOfferSC TO-I
May 18John Hancock Comvest Private Income FundOfferSC TO-I
May 15Oaktree Strategic Credit FundOfferSC TO-I
May 15Apollo Debt Solutions BDCOfferSC TO-I
May 15NexPoint Capital, Inc.OfferSC TO-I
May 15Stone Point Credit Income FundOfferSC TO-I
May 14Antares Strategic Credit FundOfferSC TO-I
May 14Antares Private Credit FundOfferSC TO-I
May 12Franklin BSP Capital CorpUpdate7.2%SC TO-I/A
May 11HPS Corporate Capital Solutions FundOfferSC TO-I
May 11HPS Corporate Lending FundOfferSC TO-I
May 11BlackRock Private Credit FundOfferSC TO-I
May 5TPG Twin Brook Capital Income FundOfferSC TO-I
May 5North Haven Private Income Fund A LLCOfferSC TO-I
May 5North Haven Private Income Fund LLCOfferSC TO-I
May 4T. Rowe Price OHA Select Private Credit FundOfferSC TO-I
May 1New Mountain Private Credit FundOfferSC TO-I
May 1Bain Capital Private CreditOfferSC TO-I
May 1First Eagle Private Credit FundOfferSC TO-I
May 1Blackstone Private Credit FundOfferSC TO-I
May 1Stepstone Private Credit Fund LLCOfferSC TO-I
Apr 30Fidelity Private Credit FundOfferSC TO-I
Apr 30Monroe Capital Income Plus CorpOfferSC TO-I
Apr 30Lord Abbett Private Credit Fund SOfferSC TO-I
Apr 30Lord Abbett Private Credit FundOfferSC TO-I