AGL Private Credit Income Fund: NAV $23.46, No Repurchases Yet

What kind of fund this is

AGL Private Credit Income Fund is a Delaware statutory trust that elected to be a BDC. The 10-Q says it “is seeking to raise equity capital through private placements on a continuous basis” rather than through a public offering, and its 8-Ks report share sales exempt under Regulation D to accredited investors. Investors sign capital commitments and the fund calls them in drawdowns on at least ten business days’ notice, buying shares at the NAV set by the board. The adviser is AGL US DL Management LLC; the filing uses “AGL” for AGL Credit Management LLC and its subsidiaries.

That is a different product from a continuously offered non-traded BDC such as the ones on our list of non-traded BDCs, where you buy at the monthly NAV and can tender each quarter. Here the fund decides when your money is needed, and the repurchase program has not begun. A close structural sibling among our pages is MidCap Apollo Institutional Private Lending, also a private BDC with debt above net assets.

Which filing says what

No 8-K reports a monthly or October NAV: the fund publishes NAV in its quarterly reports, so September 30, 2026 is the latest figure on EDGAR as of November 7, 2026. The investor report attached to the November 4 8-K was not part of the text we read.

NAV: $23.46, and what moved it

Net assets rose $74.5 million in the quarter, or 13.3% (our arithmetic). The statement of changes shows where it came from: $70.0 million of new shares, $18.95 million of net increase from operations, less $14.44 million of distributions declared, plus $20 thousand of reinvested distributions. Operations were net investment income of $14.6 million, a small realized gain, and $4.2 million of net unrealized appreciation, compared with a $12.5 million unrealized loss in the third quarter of 2025. The NAV rise of $0.18 is therefore mostly mark-to-market, not income left over after distributions: income of $0.60 a share matched the $0.60 paid.

Because the fund issues shares only at NAV and only on drawdown dates, the NAV is set by the adviser as valuation designee under board oversight; the filing says the majority of investments are expected to fall within Level 3 of the fair value hierarchy, meaning unobservable inputs.

Repurchases: the program has not started

The 10-Q describes the program in its notes. Beginning no later than October 21, 2028, and at the board’s discretion, the fund intends to offer to repurchase each quarter up to 5% of shares outstanding at the close of the previous quarter, at the NAV of the last day of the prior quarter. Shares tendered within 12 months of issue may bear a 2% early repurchase deduction retained for remaining holders, and if requests exceed the offer, shares are repurchased pro rata, with unfilled requests resubmitted in the next offer. The board may amend or suspend the program, so the filing itself says repurchases “may not be available each quarter.”

The key fact is the date. The June 30, 2026 10-Q already tied the start to the fourth anniversary of the initial closing (October 21, 2024), and the September 30 10-Q states it as October 21, 2028. The fund therefore has no repurchase history to report: zero offers, zero shares repurchased. The fund had not commenced its repurchase program at September 30, 2026, and the board’s November 4 extension of the drawdown period does not change the stated start date.

Our arithmetic on what the program would mean at today’s size: 5% of 27,060,009 shares is about 1.35 million shares, or about $31.7 million at $23.46, against $634.8 million of net assets. Shares and NAV will differ by 2028, so this only shows the scale of the quarterly window relative to the fund, not a forecast.

Capital calls: money in, and what is still to come

For a shareholder, the uncalled amount is the number that matters most. A commitment is an obligation to fund on a ten-business-day notice, not money already paid. On November 4, 2026 the board approved extending the period in which commitments are drawn pro rata from two to four years after the initial closing. After the fourth anniversary, the 10-Q says, new investor commitments will not be called until existing commitments are fully drawn or terminated. To call everything by October 21, 2028 would take roughly $82 million a quarter over eight quarters (our arithmetic: $653.6 million / 8), against $70 million and $30 million in the last two. The fund does not say how much it plans to call.

Distributions and how much of them income covers

The 10-Q reports that distributions declared “are entirely comprised of distributions of net investment income.” On the $23.46 NAV, $2.40 a year is 10.2% (our arithmetic). Quarterly net investment income was $14.6 million against $14.4 million declared, 101.1% (our arithmetic). The fund also reports expense reimbursement from the adviser of $2.2 million in the quarter and $6.3 million for nine months, under an agreement that caps the fund’s other operating expenses at 1.50% of NAV a year. Without it, coverage would have been 85.6% in the quarter and 88.4% for nine months (our arithmetic). The adviser has waived its right to be repaid $3.5 million of past support, and the balance sheet shows a $18.9 million receivable from the adviser against $13.4 million payable to it.

The per-share distribution fell from $0.72 a quarter in early 2025 to $0.60 in 2026, while net investment income per share for nine months fell from $1.93 to $1.86. Net expenses were 12.1% of average net assets annualized after support and 13.6% before, mostly interest on borrowings.

Leverage

Debt of $869.5 million is 1.37 times net assets of $634.8 million, up from 1.28 times at June 30 when debt was $717.7 million (our arithmetic). Asset coverage was 173.0%, against a legal minimum of 150% that the fund adopted in October 2024 (the normal limit is 200%). Quarterly interest and financing costs were $12.4 million, 39% of investment income of $31.6 million (our arithmetic). The September 4 amendment moved the subline’s maturity from September 16, 2026 to September 3, 2027. The subline is the facility secured by investors’ capital commitments, so it is the one most tied to the uncalled amount above.

Portfolio

The fund held $1,482.6 million of investments at fair value in 47 companies (44 at June 30), 97.6% first lien debt and 2.4% equity. In the quarter it bought $269.5 million of investments against $49.6 million of sales and repayments (our arithmetic: net deployment of $219.9 million, funded by $70.0 million of equity and $151.8 million of added debt). The weighted average contractual rate on performing debt was 8.8%, up from 8.5% at June 30.

Two details are worth a reader’s attention. First, the September 24 8-K gave interest coverage of 2.4x as of September 25 for a portfolio table with similar wording, while the 10-Q gives 1.9x at September 30; the 8-K and the 10-Q do not explain the gap, so we show both rather than choose. Second, in March 2026 the fund formed AGL Enhanced PC Income I LLC, sold it loans with a fair value of $230.1 million and contributed $21.3 million of equity; it carries its stake at $23.5 million and has an unfunded equity commitment of $51.7 million to it. Moving loans into that vehicle reduced borrowings at the time, but the fund keeps the economic exposure. One more loan of $10.6 million was sold to it in the third quarter. Unfunded commitments to portfolio companies were $284.9 million. After September 30 the fund committed to about $50.0 million of further investments.

The one thing that changed this quarter

The board’s November 4, 2026 decision to double the pro rata capital-call window, from two years to four, is the only term change in the quarter. It lengthens the period over which the fund can draw commitments, and the filing gives no reason. The other developments are operating ones: more leverage, higher loan-to-value and lower interest coverage, with NAV up on marks.

What a reader can do with this

• If you hold shares: the first question is how much of your commitment is still uncalled. The 10-Q gives the fund-wide figure ($653.6 million, 49.6% of commitments, our arithmetic) but your own share depends on your subscription agreement. Check it against the capital-call notices you received on September 14 and June 11, 2026.
• If you wanted to sell: the fund had not started its repurchase program at September 30, 2026, and says it will begin no later than October 21, 2028. Read your subscription documents for any transfer terms; the 10-Q describes none.
• If you are comparing it with an interval fund or a non-traded BDC that tenders every quarter: use the repurchase results on our private credit redemptions tracker. This fund has none to show.
• Taxes: the 10-Q elects regulated investment company treatment and attributes the nine-month distributions to net investment income on a GAAP basis; the tax character is set at year end, see our 1099-DIV page.
• Watch these: the next drawdown 8-K (each one has been filed within days of closing), the next distribution declaration, the Form 10-K for December 31, 2026, and loan-to-value and interest coverage in the next 10-Q.

If a large part of your savings is committed to a private fund that decides when to call your money and has not yet opened an exit, it may be worth a conversation with a qualified adviser about how that fits the rest of your holdings. The fund had not commenced its repurchase program at September 30, 2026.

FAQ

All figures are from SEC EDGAR filings of AGL Private Credit Income Fund (CIK 2011498) read on November 7, 2026: the Form 10-Q for September 30, 2026 (accession 0001193125-26-447164) and for June 30, 2026 (0001193125-26-334994), and the Forms 8-K of June 29 (0001193125-26-288416), September 9 (0001193125-26-386441), September 30 (0001193125-26-409038) and November 4, 2026 (0001193125-26-447614). The last filing on this CIK was the Form 10-Q and Form 8-K of November 4, 2026. Percentages, sums, coverage ratios and quarter-to-quarter changes labelled “our arithmetic” are ours. This is analysis of public documents, not investment, legal or tax advice.