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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.
| BDC | Price | Book value | Price vs book | PIK 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.
| Filed | Company | What | Filing |
|---|---|---|---|
| Oct 26 | KKR & Co. Inc. KKR | Exec or board change | 8-K |
| Oct 20 | Apollo Global Management, Inc. APO | Exec or board change | 8-K |
| Oct 15 | Blackstone Inc. BX | Exec or board change | 8-K |
| Sep 17 | Hercules Capital, Inc. HTGC | Exec or board change | 8-K |
| Jul 29 | Core Scientific, Inc. CORZ | Exec or board change | 8-K |
| Jul 24 | Blackstone Secured Lending Fund BXSL | Exec or board change | 8-K |
| Jul 24 | Blackstone Private Credit Fund BCRED | Exec or board change | 8-K |
| Jul 2 | Nvidia Corp NVDA | Exec or board change | 8-K |
| Jul 1 | IREN Ltd IREN | Exec or board change | 8-K |
| Jun 18 | Blackstone Private Credit Fund BCRED | Exec or board change | 8-K |
| Jun 18 | Blackstone Secured Lending Fund BXSL | Exec or board change | 8-K |
| Jun 5 | Microsoft Corp MSFT | Exec or board change | 8-K |
| May 29 | KKR & Co. Inc. KKR | Exec or board change | 8-K |
| May 26 | Core Scientific, Inc. CORZ | Exec or board change | 8-K |
| May 14 | Microsoft Corp MSFT | Exec or board change | 8-K |
| May 12 | Oracle Corp ORCL | Exec or board change | 8-K |
| May 8 | Nvidia Corp NVDA | Exec or board change | 8-K |
| May 5 | Core Scientific, Inc. CORZ | Exec or board change | 8-K |
| May 4 | Hercules Capital, Inc. HTGC | Exec or board change | 8-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.
| Filed | Fund | Kind | Paid out | Filing |
|---|---|---|---|---|
| Oct 16 | BIP Ventures Evergreen BDC | Update | 100% | SC TO-I/A |
| Oct 9 | Onex Direct Lending BDC Fund | Offer | SC TO-I | |
| Oct 6 | Barings Private Credit Corp | Update | 46.84% | SC TO-I/A |
| Oct 1 | Jefferies Credit Partners BDC Inc. | Offer | SC TO-I | |
| Sep 29 | PGIM Private Credit Fund | Offer | SC TO-I | |
| Sep 29 | Golub Capital Private Income Fund S | Offer | SC TO-I | |
| Sep 29 | Golub Capital Private Income Fund I | Offer | SC TO-I | |
| Sep 29 | Golub Capital Private Credit Fund | Offer | SC TO-I | |
| Sep 28 | NexPoint Capital, Inc. | Update | SC TO-I/A | |
| Sep 28 | AB Private Lending Fund | Offer | SC TO-I | |
| Sep 24 | Ares Strategic Income Fund | Update | SC TO-I/A | |
| Sep 24 | Vista Credit Strategic Lending Corp. | Offer | SC TO-I | |
| Sep 21 | Carlyle Credit Solutions, Inc. | Offer | SC TO-I | |
| Sep 18 | Crestline Lending Solutions, LLC | Offer | SC TO-I | |
| Sep 18 | Prospect Floating Rate & Alternative Income Fund, Inc. | Offer | SC TO-I | |
| Sep 16 | Oaktree Strategic Credit Fund | Update | 100% of 3.8% asked | SC TO-I/A |
| Sep 1 | Barings Private Credit Corp | Offer | SC TO-I | |
| Sep 1 | LGAM Private Credit LLC | Offer | SC TO-I | |
| Sep 1 | Audax Private Credit Fund, LLC | Offer | SC TO-I | |
| Sep 1 | KKR FS Income Trust | Offer | SC TO-I | |
| Sep 1 | KKR FS Income Trust Select | Offer | SC TO-I | |
| Aug 31 | Star Mountain Lower Middle-Market Capital Corp | Offer | SC TO-I | |
| Aug 31 | Kennedy Lewis Capital Co | Offer | SC TO-I | |
| Aug 28 | Nuveen Churchill Private Capital Income Fund | Offer | SC TO-I | |
| Aug 28 | AB Private Credit Investors Corp | Offer | SC TO-I | |
| Aug 28 | Fidelity Private Credit Co LLC | Offer | SC TO-I | |
| Aug 27 | Eagle Point Trinity Senior Secured Lending Co | Offer | SC TO-I | |
| Aug 26 | Blue Owl Technology Income Corp. | Offer | SC TO-I | |
| Aug 26 | Blue Owl Credit Income Corp. | Offer | SC TO-I | |
| Aug 26 | Crescent Private Credit Income Corp | Offer | SC TO-I | |
| Aug 25 | Goldman Sachs Private Credit Corp. | Offer | SC TO-I | |
| Aug 21 | NexPoint Capital, Inc. | Offer | SC TO-I | |
| Aug 20 | BIP Ventures Evergreen BDC | Update | SC TO-I/A | |
| Aug 20 | Ares Core Infrastructure Fund | Offer | SC TO-I | |
| Aug 20 | Ares Strategic Income Fund | Offer | SC TO-I | |
| Aug 19 | John Hancock Comvest Private Income Fund | Offer | SC TO-I | |
| Aug 17 | Stone Point Credit Income Fund | Offer | SC TO-I | |
| Aug 14 | Oaktree Strategic Credit Fund | Offer | SC TO-I | |
| Aug 14 | Apollo Debt Solutions BDC | Offer | SC TO-I | |
| Aug 14 | Antares Private Credit Fund | Offer | SC TO-I | |
| Aug 13 | North Haven Private Income Fund A LLC | Offer | SC TO-I | |
| Aug 13 | North Haven Private Income Fund LLC | Offer | SC TO-I | |
| Aug 10 | HPS Corporate Lending Fund | Offer | SC TO-I | |
| Aug 10 | HPS Corporate Capital Solutions Fund | Offer | SC TO-I | |
| Aug 10 | BlackRock Private Credit Fund | Offer | SC TO-I | |
| Aug 5 | TPG Twin Brook Capital Income Fund | Offer | SC TO-I | |
| Aug 4 | Silver Point Private Credit Fund | Offer | SC TO-I | |
| Aug 4 | First Eagle Private Credit Fund | Offer | SC TO-I | |
| Aug 4 | Blackstone Private Credit Fund | Offer | SC TO-I | |
| Aug 4 | T. Rowe Price OHA Select Private Credit Fund | Offer | SC TO-I | |
| Aug 3 | New Mountain Private Credit Fund | Offer | SC TO-I | |
| Aug 3 | Bain Capital Private Credit | Offer | SC TO-I | |
| Aug 3 | Stepstone Private Credit Fund LLC | Offer | SC TO-I | |
| Aug 3 | Fidelity Private Credit Fund | Offer | SC TO-I | |
| Aug 3 | Monroe Capital Income Plus Corp | Offer | SC TO-I | |
| Aug 3 | Stellus Private Credit BDC | Offer | SC TO-I | |
| Jul 30 | Partners Group Lending Fund, LLC | Offer | SC TO-I | |
| Jul 30 | Lord Abbett Private Credit Fund | Offer | SC TO-I | |
| Jul 30 | Lord Abbett Private Credit Fund S | Offer | SC TO-I | |
| Jul 23 | Fortress Private Lending Fund | Offer | SC TO-I | |
| Jul 20 | BIP Ventures Evergreen BDC | Offer | SC TO-I | |
| Jul 13 | Onex Direct Lending BDC Fund | Offer | SC TO-I | |
| Jul 7 | Barings Private Credit Corp | Update | 46.01% of 10.87% asked | SC TO-I/A |
| Jul 2 | Steele Creek Capital Corp | Update | 100% | SC TO-I/A |
| Jul 1 | Goldman Sachs Private Credit Corp. | Update | 100% of 3.24% asked | SC TO-I/A |
| Jul 1 | Jefferies Credit Partners BDC Inc. | Offer | SC TO-I | |
| Jun 29 | PGIM Private Credit Fund | Offer | SC TO-I | |
| Jun 29 | Golub Capital Private Income Fund S | Offer | SC TO-I | |
| Jun 29 | Golub Capital Private Income Fund I | Offer | SC TO-I | |
| Jun 29 | Golub Capital Private Credit Fund | Offer | SC TO-I | |
| Jun 26 | Prospect Floating Rate & Alternative Income Fund, Inc. | Offer | SC TO-I | |
| Jun 26 | AB Private Lending Fund | Offer | SC TO-I | |
| Jun 25 | Ares Strategic Income Fund | Update | 34.7% of 14.4% asked | SC TO-I/A |
| Jun 25 | Willow Tree Capital Corp | Offer | SC TO-I | |
| Jun 24 | Vista Credit Strategic Lending Corp. | Offer | SC TO-I | |
| Jun 23 | NexPoint Capital, Inc. | Update | SC TO-I/A | |
| Jun 22 | Carlyle Credit Solutions, Inc. | Offer | SC TO-I | |
| Jun 22 | Crestline Lending Solutions, LLC | Offer | SC TO-I | |
| Jun 17 | Oaktree Strategic Credit Fund | Update | 100% of 4.5% asked | SC TO-I/A |
| Jun 1 | Barings Private Credit Corp | Offer | SC TO-I | |
| Jun 1 | LGAM Private Credit LLC | Offer | SC TO-I | |
| Jun 1 | Star Mountain Lower Middle-Market Capital Corp | Offer | SC TO-I | |
| Jun 1 | Kennedy Lewis Capital Co | Offer | SC TO-I | |
| Jun 1 | KKR FS Income Trust Select | Offer | SC TO-I | |
| Jun 1 | KKR FS Income Trust | Offer | SC TO-I | |
| May 29 | Nuveen Churchill Private Capital Income Fund | Offer | SC TO-I | |
| May 29 | Steele Creek Capital Corp | Offer | SC TO-I | |
| May 29 | AB Private Credit Investors Corp | Offer | SC TO-I | |
| May 28 | Eagle Point Trinity Senior Secured Lending Co | Offer | SC TO-I | |
| May 26 | Blue Owl Credit Income Corp. | Offer | SC TO-I | |
| May 26 | Blue Owl Technology Income Corp. | Offer | SC TO-I | |
| May 26 | Crescent Private Credit Income Corp | Offer | SC TO-I | |
| May 26 | Goldman Sachs Private Credit Corp. | Offer | SC TO-I | |
| May 22 | Hancock Park Corporate Income, Inc. | Offer | SC TO-I | |
| May 20 | Ares Core Infrastructure Fund | Offer | SC TO-I | |
| May 20 | Ares Strategic Income Fund | Offer | SC TO-I | |
| May 18 | John Hancock Comvest Private Income Fund | Offer | SC TO-I | |
| May 15 | Oaktree Strategic Credit Fund | Offer | SC TO-I | |
| May 15 | Apollo Debt Solutions BDC | Offer | SC TO-I | |
| May 15 | NexPoint Capital, Inc. | Offer | SC TO-I | |
| May 15 | Stone Point Credit Income Fund | Offer | SC TO-I | |
| May 14 | Antares Strategic Credit Fund | Offer | SC TO-I | |
| May 14 | Antares Private Credit Fund | Offer | SC TO-I | |
| May 12 | Franklin BSP Capital Corp | Update | 7.2% | SC TO-I/A |
| May 11 | HPS Corporate Capital Solutions Fund | Offer | SC TO-I | |
| May 11 | HPS Corporate Lending Fund | Offer | SC TO-I | |
| May 11 | BlackRock Private Credit Fund | Offer | SC TO-I | |
| May 5 | TPG Twin Brook Capital Income Fund | Offer | SC TO-I | |
| May 5 | North Haven Private Income Fund A LLC | Offer | SC TO-I | |
| May 5 | North Haven Private Income Fund LLC | Offer | SC TO-I | |
| May 4 | T. Rowe Price OHA Select Private Credit Fund | Offer | SC TO-I | |
| May 1 | New Mountain Private Credit Fund | Offer | SC TO-I | |
| May 1 | Bain Capital Private Credit | Offer | SC TO-I | |
| May 1 | First Eagle Private Credit Fund | Offer | SC TO-I | |
| May 1 | Blackstone Private Credit Fund | Offer | SC TO-I | |
| May 1 | Stepstone Private Credit Fund LLC | Offer | SC TO-I | |
| Apr 30 | Fidelity Private Credit Fund | Offer | SC TO-I | |
| Apr 30 | Monroe Capital Income Plus Corp | Offer | SC TO-I | |
| Apr 30 | Lord Abbett Private Credit Fund S | Offer | SC TO-I | |
| Apr 30 | Lord Abbett Private Credit Fund | Offer | SC TO-I |