Cantor Income Trust fills 27% of September repurchase requests; Cliffwater caps Q3 at 5%

Cantor Income Trust filled 27% of the repurchase requests it received in September, the tenth consecutive month it has prorated redemptions.

Cliffwater Corporate Lending Fund, a $30.4 billion interval fund, capped third-quarter repurchases at 5% while requests reached 16%. That implies a fill rate just above 30%, matching its Sept. 3 letter to shareholders that it expected to fill about one-third. The implied fill rate holds if the two percentages are measured against the same base.

Cantor's 27% left 73% of September requests unpaid, and ten prorated months mean the trust has come up short of the full amount requested every month. Cantor's figure is the share of requests paid; Cliffwater's 5% is a ceiling for the quarter.

Listed private credit had a down week. Main Street Capital's preliminary third-quarter metrics pointed to a softer quarter, and BDC common stocks fell again in the week ended Oct. 9, according to BDC Reporter.

The two structures handle an exit differently. A BDC shareholder who wants cash sells into the market at the price on screen. A shareholder in a fund that prorates redemptions waits and receives only the fraction the fund will repurchase: 27% at Cantor in September, and at Cliffwater a 5% ceiling against requests that reached 16%.