Carlyle Tactical Private Credit Fund (TAKIX) Repurchases: Holders Asked to Sell 15.65% in April and Were Paid 5%

What the fund is, in one paragraph

Carlyle Tactical Private Credit Fund is a private credit fund sold to individual investors through advisers and wealth platforms, in seven share classes (A, I, L, M, N, U and Y). It started operations on June 4, 2018, as the OFI Carlyle Private Credit Fund, and took its present name on November 4, 2019, after Carlyle replaced the earlier adviser, a joint venture of Invesco and Carlyle affiliates. The portfolio is mostly corporate loans (first-lien debt was 98.0% of net assets and second lien 1.0% at June 30, 2026, because the fund is levered) with CLOs and other credit on top, and net assets were $4.47 billion on June 30, 2026, down from $4.78 billion at the end of 2025. It is an interval fund: it “will conduct quarterly repurchase offers for between 5% and 25%” of its shares at NAV, and in practice offers the minimum 5%. Unlike a non-traded BDC such as HLEND or OCIC, the offer is a standing legal requirement, not something its board chooses each quarter.

Eleven offers, 2024 to July 2026

From the repurchase tables in the fund's annual reports and its June 2026 semiannual report. The percentage is of shares outstanding at the offer. Through 2025 the reports show only what the fund bought; from the January 2026 offer they also show what holders tendered.

Dollars paid went from $289.0 million in 2024 to $701.8 million in 2025, and the three 2026 offers add up to $691.4 million (our sum). April 2025 was the big one before this year: the footnote to that line says the offer “was oversubscribed and the Fund elected to repurchase the full amount requested by shareholders”, 6.80% of the fund against a 5% offer. The notice lets the fund do exactly that: if holders tender more than 5%, it “may, but is not required to, repurchase an additional amount of Shares not to exceed two percent (2%)”, and if it does not, or if requests exceed 7%, it “will repurchase the Shares on a pro rata basis.”

April and July 2026: what was asked and what was paid

The June 2026 report adds a column that earlier reports did not have, shares tendered, and it changes the picture. In January 2026 holders tendered 4.93% of the fund, all of it paid. In April they tendered 89,867,869 shares, 15.65%, more than three times the 5% offered, and the fund repurchased 28,703,006, exactly 5.00%. In July, per the report's note on subsequent events, they tendered 65,877,260 shares, 11.82%, and the fund repurchased 27,865,369, again 5.00%.

That is 31.9% of each April request and 42.3% of each July one (our arithmetic). The reports do not use the word “prorated” for either offer; the cap and the offer terms are what imply it. A holder who tendered everything in April and resubmitted the remainder in July would have sold about 61% of the position by early July, at $8.04 and $8.02 a share (our arithmetic: 1 − 0.681 × 0.577). In April 2025, with 6.80% requested, the fund bought all of it. In April 2026, with more than twice that, it did not use the extra 2%. The filings give no reason.

Requests did ease between the two offers, from 15.65% to 11.82% of the fund. The report does not say whether the July requesters were the April ones coming back.

The offer that closes October 6

The fund's September 15 notice (Form N-23C-3) offers to repurchase “up to five percent (5%)” of its shares at NAV, with requests due by 4:00 p.m. Eastern on October 6, 2026, the same day as the pricing date, and payment “no more than seven (7) calendar days” later. Class I NAV in the notice is $8.03 (Class A $8.00, Class N $7.99, Class U $8.04). Terms that matter to anyone planning an exit:

• "The Fund will not charge a repurchase fee."
• The fund "may accept all Shares tendered" by holders of fewer than 100 shares who tender all of them, before prorating the rest.
• Tenders can be withdrawn or modified until the deadline.
• A request applies to one offer. The notice says a form received after the deadline is held "until a subsequent quarterly repurchase offer, at which time you must submit a new Repurchase Request Form for that offer." Nothing in it gives an unfilled balance priority in the next one (our reading).

The window is shorter than it used to be. From March 2024 to the January 2026 offer, the notice went out about six weeks before the deadline (38 to 42 days). The three 2026 notices after that, in March, June and September, each gave 21 days. The result of the October offer should appear in the fund's next shareholder report; on its pattern, the July result reached EDGAR in a report filed August 21, and the October one would be in the annual report due around March 2027 (our expectation, not a filed date).

Money in, money out

Redemptions were 1.9 times new money (our arithmetic). In 2025 share transactions had added $909.1 million, and net assets rose from $3.99 billion to $4.78 billion. The fund's net assets at the three dates: $3.99 billion (December 31, 2024), $4.78 billion (December 31, 2025) and $4.47 billion (June 30, 2026).

Leverage, income and NAV

At June 30, 2026 the fund owed $991.2 million on credit facilities (Bank of America $300.0 million, JPMorgan $691.2 million) and had $1.08 billion of mandatory redeemable preferred shares outstanding, net of issuance costs, together about 46% of net assets (our arithmetic). Total investments were 143.4% of net assets. The fund sold $150 million of new preferred shares in the half, and in August notified holders that it would redeem its $50 million Series D. Interest expense and fees on borrowings ran at 2.71% of average Class I net assets annualized in the half, against 2.35% in 2025 and 2.03% in 2024.

Income is close to the payout. In the first half net investment income was $175.7 million and distributions $177.0 million (99.3%); in 2025, $368.7 million against $374.7 million (98.4%). About 16% of the half's $316.4 million of investment income was paid in kind (PIK interest $35.3 million and PIK dividends $15.7 million, our sum). The half also booked $68.6 million of net realized losses and $83.8 million of net unrealized depreciation, leaving a net increase in net assets from operations of $23.3 million. Loans on non-accrual had a fair value of $17.8 million at June 30, 2026, against $79.9 million (eight companies, 120 basis points of cost) at the end of 2025.

Class I NAV is down 6.0% since the end of 2024 ($8.55 to $8.04, our arithmetic), and the total return for the first half of 2026 was 0.74%.

What a holder can do with this

• If you are in the October offer: requests are due October 6. Of the last two offers the fund repurchased 32% and 42% of what was tendered; this one is priced at the NAV of the same day, with the $8.03 in the notice as the latest reference.
• If you asked in April or July: the rest of your shares stayed in the fund. A request does not carry over: you resubmit in each offer.
• If you are an adviser: the number to watch is shares tendered, which the fund now reports. The next report will show whether October looks like April (15.65%) or July (11.82%), and whether the fund uses the extra 2%.
• What would change the math: requests falling toward 5%, the fund buying the extra 2% as it did in April 2025, or new money recovering from $253 million a half.

Other funds, same quarter: the private credit redemptions tracker puts twelve funds' latest offers side by side, including North Haven PIF and GCRED.

FAQ

All figures are from the SEC filings of Carlyle Tactical Private Credit Fund (CIK 1725472) read on EDGAR on October 5, 2026: the annual reports on Form N-CSR for 2024 and 2025 (accessions 0001725472-25-000003 and 0001725472-26-000003), the semiannual reports for June 2025 and June 2026 (0001725472-25-000010 and 0001725472-26-000005), and twelve Form N-23C-3 repurchase notices from March 2024 to September 2026. The number of shares tendered is reported only for the offers of January, April and July 2026. Percentages of each request filled, cumulative fills, ratios and sums are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.