Apollo, Blue Owl, VineBrook buyback rates: a third, 29.8%, zero

Apollo BDC paid $698.3 million for about a third of the shares tendered in its quarterly repurchase offer, and VineBrook ended all share repurchases as $651 million of debt comes due.

The Apollo offer settled on or about Oct. 30, and the fund's net assets fell to $13.51 billion; buybacks outpaced sales in the quarter. Blue Owl Credit Income filled 29.8% of tendered shares, and its Class I NAV rose 1% in the third quarter to $9.17 at Sept. 30, below the $9.34 mark at the end of 2025. VineBrook's Oct. 26 vote closed hardship redemptions three weeks after a $30 million tender at $33 a share.

For an advisor sizing a redemption to a client's cash need, the acceptance rate is the number that decides the outcome, not the NAV. A $100,000 repurchase request returns about $33,000 at Apollo's roughly one-third rate and $29,800 at Blue Owl's 29.8%. At VineBrook it returns nothing because the program has ended.

Meeting every request is still common. Five nontraded funds filled every third-quarter tender request, with requests ranging from about 2% to half of offer limits, while BCRED, HLEND and a Morgan Stanley BDC prorated, which suggests demand ran past the caps at those three.

The aggregates point the same way. Fundraising for non-listed BDCs fell to $1.5 billion in the third quarter, the lowest since the fourth quarter of 2020, according to Stanger, with $4.1 billion of outflows and an estimated $8.2 billion of redemption requests left unfilled.

Two of the three funds took a partial exit and VineBrook closed its program with $651 million of debt coming due. The next quarterly offers will show whether Apollo and Blue Owl hold those rates or move them.