Redemption pressure remained elevated across several large non-traded BDCs this week, with Ares Strategic Income Fund receiving requests for 14.6% of shares outstanding — nearly 3x the 5% cap — and North Haven Private Income Fund coming in at approximately 2.3x oversubscribed, with both funds fulfilling only their standard 5% on a pro rata basis. Blackstone Private Credit Fund's pre-declared reduction of its July distribution from $0.20 to $0.18 per share is the week's most notable signal to monitor, coming on the heels of an oversubscribed Q2 tender. On the other end of the spectrum, Crescent Private Credit Income Corp reported zero shares tendered in Q2 and declared a special distribution of $0.045 per share alongside its regular distribution, reflecting just how bifurcated private credit funds seem to be right now.

Weekly Liquidity Roundup

Blackstone Private Credit Fund Cuts July Distribution Blackstone Private Credit Fund announced that June distributions were declared to continue at the current $0.20 per share, while July distributions were pre-declared at a reduced $0.18 per share, a 10% sequential reduction that is worth monitoring as this reduction follows an oversubscribed 2Q tender offer.

Ares Strategic Income Fund 2Q26 Tender Offer Oversubscribed Ares Strategic Income Fund received redemption requests for approximately 14.6% of shares outstanding, nearly 3x the 5% cap, with the fund intending to fulfill only 34.7% of requested amounts on a pro rata basis at May 31, 2026 NAV. These results follow an oversubscribed 1Q tender. However, in a letter to shareholders, the fund notes that U.S. private wealth channel requests declined more than 35% sequentially to just 2.4% of shares outstanding, with this segment also accounting for nearly half of Q2 inflows, a signal they feel suggests the domestic retail base remains committed. Moreover, nearly two-thirds of Q2 requests came from repeat requesters who also tendered in Q1, suggesting a concentrated rather than broadening redemption trend.

North Haven Private Income Fund 2Q26 Tender Offer Oversubscribed North Haven Private Income Fund's Q2 2026 tender offer came in approximately 2.3x oversubscribed with 11.6% of units outstanding requested. The fund will fulfill approximately 43.0% of units tendered on a pro rata basis at the 5% cap. The fund details that over half of Q2 requests came from unit holders whose Q1 requests were already prorated, which in their view suggests a concentrated rather than broadening redemption trend.

Crescent Private Credit Income Corp Declares Special Distribution Crescent Private Credit Income Corp declared a special distribution of $0.045 per share for June 2026, in addition to its regular distribution of $0.165. This fund, which holds $549M in net assets, shows no signs of redemption pressure with no shares tendered in 2Q26.

Open Redemption Windows:

Recent Redemption Results:

  • Ares Strategic Income Fund | Cap: 5% of shares outstanding | Tendered: 14.6% | Repurchase: 34.7% of shares tendered on a pro rata basis
  • Ares Core Infrastructure Fund | Cap: 5% of shares outstanding | Tendered: ~0.16% | Repurchase: 100% of shares tendered
  • North Haven Private Income Fund | Cap: 5% of shares outstanding | Tendered: 11.6% of units outstanding | Repurchase: 43.0% of units tendered on a pro rata basis