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Where can I find free data on BDC redemption requests, tender offers and discounts to book value?
By Flook. Checked
Short answer: Non-traded BDCs file their quarterly buyback offers with the SEC as forms SC TO-I (the offer) and SC TO-I/A (the amendment that usually carries the result). Both are free on SEC EDGAR. Glitch in the Credit collects them into one CSV, data/filings.csv, with the share of the fund requested and the share of requests filled where our file has them. Book values and PIK income for ten listed BDCs are in data/bdcs.csv. Both are CC BY 4.0, refreshed each morning.
What is a tender offer or redemption gate?
A non-traded BDC lets investors cash out once a quarter by offering to buy back a slice of its shares, usually capped at 5% of the fund. If investors ask for more than the cap, the fund can pay only part of each request. When that happens at a manager, it’s called a gate. (The glossary has the plain-English version.)
Two numbers tell you how tight it is:
- Requested: the share of the fund investors asked to sell.
- Filled: the share of those requests the fund bought back.
Where do the filings live?
On EDGAR, search by form type SC TO-I and SC TO-I/A and the fund’s name. The SEC says information on sec.gov may be copied or further distributed without its permission, and asks that you credit it as the source (SEC website policies). It asks automated users to declare a User-Agent and stay under 10 requests per second (SEC: accessing EDGAR data).
The SEC also publishes BDC Data Sets: XBRL data from BDC filings, listed as an open government data asset under the U.S. government copyright policy, updated quarterly. Good for portfolio holdings. It isn’t a daily reading.
What do recent results look like?
From SEC filings, as collected in data/filings.csv on Oct 27, 2026. Percentages come from the filing text. “Share of requests filled” is the figure the filing gives or, where it gives none, bought back divided by requested. “Not captured” means our file has no value there; the filing may still state one.
| Fund | Filed | Requested (share of fund) | Bought back (share of fund) | Share of requests filled | Filing |
|---|---|---|---|---|---|
| BIP Ventures Evergreen BDC | Oct 16, 2026 | not captured | 2.1% | 100% | SC TO-I/A |
| Barings Private Credit Corp | Oct 6, 2026 | not captured | 5% | 46.84% | SC TO-I/A |
| Oaktree Strategic Credit Fund | Sep 16, 2026 | 3.8% | not captured | 100% | SC TO-I/A |
| Barings Private Credit Corp | Jul 7, 2026 | 10.87% | 5% | 46.01% | SC TO-I/A |
| Steele Creek Capital Corp | Jul 2, 2026 | not captured | not captured | 100% | SC TO-I/A |
| Goldman Sachs Private Credit Corp. | Jul 1, 2026 | 3.24% | not captured | 100% | SC TO-I/A |
In the 90 days to Oct 16, 2026, the date of the newest tender filing, our file counts 55 tender offers and 6 posted results, from 55 funds. Of those 6, one shows that the fund bought back less than was asked: Barings Private Credit Corp (46.84%). Results usually post some weeks after an offer closes, so the newest quarter is always partly missing. The redemption-gates signal is flashing as of Oct 27, 2026 (signal page).
How do I read a BDC’s discount to book value?
Book value is the net asset value (NAV) per share a BDC last reported to the SEC. Price versus book is the market price divided by that figure. A deep discount means buyers don’t fully trust the reported marks, or want more compensation for illiquidity. It doesn’t prove losses: NAV is updated quarterly, and price also moves with sentiment and liquidity.
As of Oct 26, 2026 closes against the latest reported NAVs, the ten listed BDCs on the BDC book check traded 12.5% below book weighted by size (12.6% below at the median), and 6 of 10 were more than 10% below. NAV dates: 9 of 10 are from Jun 30, 2026; 1 of 10 is from Sep 30, 2026. Closes are from Yahoo Finance; NAVs are from SEC filings. The Public BDC discounts signal is watch.
How do I track PIK interest?
PIK (payment in kind) is interest paid in extra debt instead of cash. The share is PIK income divided by total investment income, from each BDC’s quarterly report. For the ten BDCs we track, the median PIK share is 11.0%, up from 9.9% a year earlier (from 10-Q filings; three of the ten don’t report it). Per-fund values and dates are in data/bdcs.csv.
What’s not covered?
- Only ten listed BDCs, and only the non-traded funds that filed tender documents with the SEC.
- We don’t know loan marks until funds file. NAVs lag by a quarter.
- Where a filing doesn’t state a percentage, the file leaves it blank rather than guess.
- It reports what filings show. It doesn’t forecast, and it isn’t advice.
Follow the debt. Not a timing tool. Not financial advice.
Sources: SEC EDGAR filings linked above; Glitch in the Credit data files and daily check, Oct 27, 2026 (api/latest.json); SEC BDC Data Sets; SEC: accessing EDGAR data.