BlackRock HPS’s semi-liquid private credit fund caps redemption at 5% limit
As exit requests for the perpetual nontraded BDC, HPS Corporate Lending Fund, surge past its original liquidity limits, some investors will not get their money back in full this quarter

Private credit managers rush to cover outflows from perpetual, nontraded BDCs
ANALYSIS: Individual investors, once a reliable source of direct lending dry powder, are redeeming nontraded BDC shares beyond what the product was designed to handle

Carlyle, Sixth Street BDCs find yield boost in CLOs
ANALYSIS: The two firms recently struck a joint venture that will buy up broadly syndicated loans and issue CLOs managed by the two teams

BlackRock TCP reports new write-downs, wiping out 19% of NAV
Loans on non-accrual now account for 9.7% of cost for the BDC’s portfolio and 4% of fair value, the fourth quarter earnings presentation shows

FS KKR’s Lionbridge loan hit with AI threat, put on nonaccrual
The listed BDC also added Alacrity Solutions, AmeriVet Partners, Dental Care Alliance and Gracent to its nonaccrual list and cut dividends by nearly a third to USD 0.48 per share

Private credit liquidity risk rises as retail investor base grows – Moody’s
The ratings agency warns individual investors in the retail channel are less patient and predictable, which will force private credit managers to focus more on managing redemptions, liquidity and asset values

New Mountain BDC sells USD 477m private credit portfolio at 94% of par
The latest private credit portfolio sale comes from the firm’s listed business development company, New Mountain Finance Corporation

Blue Owl shares drop nearly 6% as market faces nontraded BDC “confusion”
Investors in the nontraded BDC OBDC II should be getting more money back after the announced portfolio sale yesterday, indicating that there might be “some confusion” in the market, KBRA said

Inflows for nontraded BDCs slow while redemptions rise – Fitch
The negative investor sentiment seen last year for listed BDCs now hits perpetual, non-traded BDCs

BlackRock TCP’s BDC waives Q4 fees, anticipating NAV drop
The listed BDC faces nearly a 20% plunge in net asset value after making a series of bad bets

Blue Owl’s unwise BDC merger rekindles liquidity risk worries
A bungled attempt by Blue Owl to merge two of its credit funds highlights the risks wealthy investors in non-listed debt vehicles run in trading off the promise of consistent returns for limited liquidity

Monroe launches direct lending fund for US retail investors
The latest nontraded BDC will offer quarterly liquidity windows via share repurchases

Leverage constraints, dividend potential was a driver in Blue Owl’s failed BDC merger
EXCLUSIVE: Investors in the nontraded BDC may have taken a hit to the share price as part of the original merger plan, but merging with the more leveraged listed BDC would have improved dividend yield

Blue Owl BDC M&A termination highlights the cost of market timing
ANALYSIS: BDC mergers are a common tactic to provide immediate liquidity to investors in less liquid private credit funds, but Blue Owl’s attempt came after a tumble in listed BDC share prices

Blue Owl calls off BDC merger
The firm previously planned to merge its listed BDC, OBDC, with the nontraded BDC, Blue Owl Capital Corporation II

Prices of listed BDCs tumble as falling rates and bankruptcies spook investors
The business development company, a once overlooked vehicle for middle market direct lending in the US, has spent the past few years riding the wave of private credit interest and favourable interest rates. But as rates come down and investors worry about credit quality, publicly traded BDCs have seen share prices decline

Barings BDC taps new CEO for the new year
Thomas McDonnell, who has spent two decades at the firm, will step in as CEO for the listed business-development company

Nontraded BDC liquidity concerns grow after listed BDC sell-off
The rapid growth in these semi-liquid vehicles has meant many more individual investors in the wealth channel are exposed

Sixth Street Specialty Lending starts CEO transition
The BDC’s current CEO Joshua Easterly will step down from his position at the end of the year but continue his role as co-CIO of the greater Sixth Street platform

Crestline launches perpetual, private BDC to attract private wealth investors
This is the firm’s first business development company and commingled perpetual vehicle

Runway to acquire healthcare-focused specialty finance company
The acquisition is part of the firm’s push to grow its platform through organic and inorganic means

Sponsors abandoning companies to private lenders at rapid rate---Lincoln International
The first half of 2025 saw private equity sponsors hand over companies to direct lenders at a volume that exceeded the past five years combined, the valuation firm’s data shows

Venture debt specialist Horizon expands lending to listed, small cap companies
EXCLUSIVE: Horizon Technology Finance revamps its strategy by merging with Monroe’s other listed BDC and expanding its focus beyond traditional venture lending

CAIS, Solactive launch private credit index
The index can be used by wealth advisors to benchmark the performance of private BDCs

Morgan Stanley Direct Lending debuts inaugural private credit CLO
Morgan Stanley Direct Lending Fund, a business development company, has launched its first private credit CLO