BDC Tender Offer Results, Q3 2026: Who Prorated, Who Paid

What we counted, and what we did not

We searched EDGAR for every Schedule TO-I and TO-I/A filed from July 1 to October 20, 2026, read the amendment that reports each result, and kept the issuers that are business development companies (the filing says so, or the issuer files 10-Ks and 10-Qs rather than N-CSRs). That left 55 BDCs and 67 result filings. The dollar amounts stated in the 57 final filings add up to at least $7.5 billion (our arithmetic), $2.2 billion of it at Blackstone Private Credit Fund. A "result" is an amendment that says how many shares were tendered or accepted, or that none were. Interval funds and registered tender-offer funds that are not BDCs are in our tender offer census and are not in this table.

Three things to know before you read the tables:

• Two cycles are mixed. Most results filed in July and August belong to offers that closed in May, June or July and were priced at the June 30 NAV; the results filed in September and October belong to offers that closed in August and September. Each row shows when its offer expired.
• "n/s" means the filing does not state it. Where the fund gives the share bought, we show it as "(fund)". Where we divided accepted by tendered shares, it says "(ours)".
• Ten rows are preliminary. Funds such as Goldman Sachs Private Credit Corp., Oaktree Strategic Credit Fund and North Haven Private Income Fund filed an estimate in September; the price is set at the September 30 NAV and the dollars come in a later amendment.

For the ten largest funds' history quarter by quarter, see our private credit redemptions tracker and the list of 66 non-traded BDCs, which show the latest result per fund. This page adds what they leave out: offer size, price, when and how each fund paid, and the funds' third-quarter request levels.

The 19 results where the fund prorated

Sorted by the share of tendered shares bought, lowest first. The five largest cheques in the window went to holders of these funds.

How to read the proration: if a fund offers to buy 5% of its shares and holders tender 38%, it buys about 13% of every request. At OTIC the fund reported 38.1% of shares tendered and 13.1% accepted; at HLEND the filing gives 66,718,586 tendered and 25,076,907 accepted. A worked example (our arithmetic): a holder who tendered 10,000 HLEND shares sold about 3,760 of them (37.6%) at $24.42, or $91,819.20, paid on July 31, 2026 by promissory note, 53 days after the offer closed on June 8, 2026, and still held 6,240 shares.

One filing needs a caution. Onex Direct Lending BDC Fund's amendment states that 421,913.000 shares were tendered, which is also the size of its offer, and that it accepted 7.38% of the tendered shares pro rata. Both cannot describe the same number of shares, so we show the filing's words and do not compute a fill. Hancock Park Corporate Income's amendment says tenders exceeded the 15,582 shares it could buy and that it bought 15,582 pro rata plus 95 odd-lot shares, without stating the tendered total.

The 28 results where every request was paid

This group is mostly small funds and funds whose holders have not rushed to sell. Goldman Sachs Private Credit Corp., Golub Capital Private Credit Fund, Fidelity Private Credit Fund and KKR FS Income Trust all paid every request: Golub's holders tendered 9,042,171 shares against an offer for up to 9,423,269, KKR FS Income Trust's September tender was about 1.5% of shares and Fidelity's about 2.5%. For Goldman Sachs the September estimate is 7,605,110.708 shares, 2.03% of shares at June 30, 2026, and the fund says all requests will be fulfilled in full; the final dollars come after the September 30 NAV. For the fund-by-fund history see our pages on Golub and KKR FS Income Trust.

The 10 results where no shares were tendered

Nobody tendered in these offers. The offer size is the most the fund would have bought.

The 10 results that do not allow a fill rate

In these filings the fund reports what was tendered, or an estimate, and either pays without saying whether it accepted everything or has not yet filed the amount. Where payment equals tendered shares times the NAV, the request was met in full; we do not assume it.

When the money arrives

The filings that state a payment date show a pattern that has little to do with the fund's size. A fund that prices at a NAV dated before the offer closes can pay in days; a fund that prices at the next quarter-end NAV makes you wait for it.

All 12 promissory-note payments with a stated date priced at a NAV dated on or after the day the offer closed, and were paid 31 to 71 days after expiry (median 55). Six of the eight cash payments priced at a month-end before the close (Ares Strategic Income Fund twice, Ares Core Infrastructure Fund, Fortress Private Lending Fund, Crescent Private Credit Income Corp. and Vista Credit Strategic Lending Corp.) and were paid 5 to 8 days after it. The two cash payments priced after the close, Kennedy Lewis Capital Co and Fidelity Private Credit Fund, took 30 and 59 days. Counted from the NAV date instead, payment came a median 31 days later for the note payers and 26.5 days later for the cash payers (our arithmetic). Golub Capital Private Credit Fund and Golub Capital Private Income Fund I paid in cash "within five business days" of the July 29, 2026 close, without stating the date.

The filings describe the notes as "non-interest bearing, non-transferable promissory notes", so a holder waiting for one earns nothing in the meantime and cannot sell the note. A tender is also not an order to sell at a known price: BCRED's offer says the price is the NAV as of September 30, 2026 and that the fund may purchase up to 2.0% more than the 5% offered, and its offer lets a holder elect either to withdraw the whole request or to have it honored pro rata.

The September 30 cycle: what the big funds have said, and what is still open

The offers launched in August and September are priced at the September 30 NAV, so their result amendments come after the quarter closes. On October 20, 2026 the following were on EDGAR as fund letters or 8-Ks, not as results.

Using each fund's own figures, a holder who tenders everything gets back roughly the 5% offer divided by the request: about half at BCRED (5% of shares against about 10% requested), about 43% at HLEND (5.0 against 11.5), about 34% at ADS (5 against 14.7), about 30% at OCIC (fund estimate) and about 13% at OTIC (fund estimate) (our arithmetic where not marked fund). A holder who tendered everything at OCIC in the June cycle and again in the September cycle would have sold about 49% of the position: 1 minus 0.734 times 0.70, using the 26.6% filed and the fund's estimate of about 30% (our arithmetic). For each fund's history see our pages on BCRED, HLEND, OCIC and OTIC, ADS and Ares Strategic Income Fund.

Offers that closed between August 27 and September 30, 2026 whose result amendment we did not find on EDGAR by October 20, 2026:

Offers open or closing on October 19 or later, which our Q4 2026 redemption calendar tracks:

Three offers readers ask about

• Vista Credit Strategic Lending Corp. We found no filing that shows an oversubscribed offer. The only result on EDGAR is the July 23 offer: 873,765.843 shares tendered against an offer of up to 2,401,540.880, all accepted, paid in cash at $19.13 on July 29, 2026. The next offer closes October 22, 2026.
• BIP Ventures Evergreen BDC. Its final amendment of October 16, 2026 reports an offer that closed on August 14, 2026: about 105,319 shares, all accepted, priced at the September 30 NAV of $34.79 and paid in promissory notes on or about October 15, 2026.
• Stellus Private Credit BDC. Its offer for up to 685,810.313 shares closed August 28, 2026 with about 372,766 tendered; the fund bought all of them at $15.25.

What a holder can do with this

• Find your fund in the first three tables and read its last two rows. The fill is the 5% cap divided by the requests, so one quarter tells you little and two quarters tell you the trend.
• Read the price date before you tender. If your fund prices at the quarter-end NAV after the offer closes, expect to be paid five to ten weeks after the deadline, and in some cases by promissory note.
• Do not count a prorated request as a sale of your whole position. Plan on selling the fill, and decide in advance what you will do with the unfilled part. Many holders tender again: BCRED's September letter says a significant portion of its unfulfilled second-quarter requests were resubmitted in the third quarter, and OTIC's says the vast majority of its tender requests were resubmissions of previously unfulfilled tenders.
• Tax is a separate question. What a tender does to your tax bill depends on your basis and on whether you buy back; see wash sales and tender offers.

FAQ

All figures are from the Schedule TO, TO-I and TO-I/A filings of the 55 BDCs named in the tables, read on SEC EDGAR on October 20, 2026, with the third-quarter request levels of Blackstone Private Credit Fund, HPS Corporate Lending Fund, HPS Corporate Capital Solutions Fund, Apollo Debt Solutions BDC, Blue Owl Credit Income Corp. and Blue Owl Technology Income Corp. taken from their shareholder letters and 8-Ks. Shares accepted marked "ours" are accepted shares divided by tendered shares. The sums, day counts and the compounding example marked "our arithmetic" are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.