How to Read a BDC Tender Offer Letter Before You Get Prorated
The SEC's December 2024 Investor Bulletin on non-publicly traded BDCs is blunt: investors in retail-offered BDCs can generally only sell their shares when the BDC offers to repurchase them , and those
BDC Redemption Requests Are Easing, Except at One Fund: A Q3 2026 Data Read
Three of the four largest non-traded business development companies (BDCs) reporting Q3 2026 repurchase data through September 11 show declining redemption-request percentages from the prior quarter.
What Sixth Street Lending Partners' $500 Million Capital Call Actually Signals
On September 1, Sixth Street Lending Partners called 500 million against a closed commitment pool. Here is what that actually means for investors.
Non-Traded BDC and REIT Redemption Gates: A 2026 Snapshot Across Six Funds
In Q2 2026, all three largest U.S. non-traded BDCs gated simultaneously for the first time, trapping more than 11 billion in investor exit requests.
The Liquidity Promise Evergreen Private Equity Funds Can't Keep
TL;DR: When Blackstone's $69 billion Real Estate Income Trust (BREIT) hit its 5% quarterly redemption cap in late 2022, it took until 2024 to pay out the full backlog of investor requests, and only af
Blackstone's BCRED Just Borrowed $750 Million. Here's What It Means for Your Shares
TL;DR: On August 19, 2026, Blackstone Private Credit Fund (BCRED), the largest non-traded business development company (BDC) in the country, closed a $750 million offering of senior unsecured notes ca
BDC Discounts to NAV Are Flashing a Warning the Market Won't Ignore
TL;DR: A meaningful slice of publicly traded business development companies are trading well below their stated net asset value right now, and the gap is not random noise. The median price-to-forward-NAV ratio for BDCs...
Blackstone BCRED Hits 5% Redemption Cap on $79B Fund: The Liquidity Wall in Non-Traded Private Credit
TL;DR: In June 2026, Blackstone capped redemptions on its $79 billion BCRED fund at 5% of NAV after investors submitted more than 10% of fund assets in withdrawal requests. This is not a default. It i
How to Evaluate a Private Credit BDC Before You Invest: A Due-Diligence Checklist
TL;DR: In early 2026, Blue Owl Capital Corp II froze quarterly redemptions entirely for a $1.6 billion non-traded business development company, after investors realized a wave of loan markdowns could