At a glance
- Per-share net asset value fell to $23.51 at Sept. 30 from $24.23 at year-end.
- HLEND accepted 43.7% of third-quarter tender requests and BCRED filled 49.9%, leaving about half of third-quarter demand unfilled, third-quarter fund disclosures show.
- Advisors who put clients into these semi-liquid vehicles may have to explain that a full quarterly redemption request can be only partially filled.
First Eagle cut the monthly payout on its nontraded BDC to $0.19 a share, payable Nov. 27, according to the fund's announcement. Per-share net asset value fell to $23.51 at Sept. 30 from $24.23 at year-end.
HLEND accepted 43.7% of third-quarter tender requests and BCRED filled 49.9%, leaving about half of third-quarter demand unfilled, third-quarter fund disclosures show.
Advisors who put clients into these semi-liquid vehicles may have to explain that a full quarterly redemption request can be only partially filled. BCRED's third straight quarter above its 5% repurchase cap suggests the constraint is not isolated.
HLEND paid $603 million, prorating redemptions for a third straight quarter and leaving about 31.8 million tendered shares unfilled. Blackstone's BCRED paid about $2.13 billion after shareholders tendered roughly 10% of shares outstanding.
Reported by The Wrap desk from Fund disclosures and SEC filings. Published . Corrections