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4. Funds feel pressure

This layer is flashing: it scores 93.3 of 100, with 3 of 3 signals flashing.

  • Redemption gatesflashingsteady

    Gates at several managers at once

    Ten of 16 non-traded BDCs Fitch tracks couldn't meet Q2 requests, leaving about $15.6B unpaid, and Apollo's flagship capped withdrawals for a third straight quarter. EDGAR shows no new tender results since BIP Ventures (Oct 16) and Barings (Oct 6); Q4 tender offers should start showing up next month.

    Angel Investors Network: BDC redemption crisis, $15.6B gated · Oct 20, 2026

  • Public BDC discountsflashingeasing

    Sector about 29% below stated NAV

    Mercer had the listed sector near a 29% discount in late September, a COVID-era level. On today's closes against June NAVs, the ten names we track have a 12% median discount, but that's propped up by premium names like Main Street and Hercules; FS KKR (43%), Blue Owl (29%) and Oaktree Specialty (27%) are deep in the hole and BIZD is down 7% this month.

    Mercer Capital: what BDC discounts are signaling · Oct 9, 2026

  • Credit default swapsflashingsteady

    CoreWeave 5-yr CDS about 1,145bp; Oracle at a record

    CoreWeave's five-year CDS hit about 1,145bp on Oct 21 (peak 1,194bp), which prices in about 61% risk-neutral odds of default over five years at 40% recovery (Bloomberg put it above 60%). That's what the market charges for the risk, and it runs higher than real-world odds. A secondhand report has it easing back to about 1,088bp (unverified). Oracle's CDS set a record near 288–315bp in mid-October.

    CNBC: CoreWeave's market confidence erodes · Oct 21, 2026

Layer history

CheckedScoreStatus
Oct 26, 202693.3flashing
Oct 25, 2026100flashing