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JUN 23, 2026
This week’s filings remained mixed in terms of redemption pressure. Apollo Debt Solutions BDC received Q2 redemption requests for approximately 16.8% of shares outstanding and will fulfill 5%, while Oaktree Strategic Credit Fund‘s Q2 tender came in just under its 5% cap at approximately 4.5% of shares outstanding, and Lincoln Partners Group Royalty Fund reported zero shares tendered in its Q2 offer, consistent with its niche royalty-focused structure and limited retail investor base. Outside tender offer activity, National Healthcare Properties moved to retire preferred equity below par value as a liability management measure, and Brookfield Real Estate Income Trust introduced a bonus share program to drive subscription momentum.
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Weekly Liquidity Roundup
Apollo Debt Solutions BDC 2Q26 Tender Offer Oversubscribed Apollo Debt Solutions BDC received Q2 redemption requests for approximately 16.8% of shares outstanding and will fulfill 5%, representing approximately $0.7B in gross outflows. Apollo reported the geographic split for redemptions which is notable: U.S. onshore requests moderated to approximately 4.3% while offshore redemptions surged to 12.5%, suggesting the stress is concentrated in international distribution channels rather than domestic retail.
Oaktree Strategic Credit Fund 2Q26 Tender Offer Undersubscribed Oaktree Strategic Credit Fund’s Q2 2026 tender offer came in undersubscribed, with roughly 4.5% of shares outstanding tendered against the 5% cap. All tendered shares are expected to be accepted in full. The fund has fulfilled 100% of tender requests every quarter since inception in June 2022.
Carlyle Open Redemption Windows for BDC and Interval Fund Carlyle opened redemption windows for Carlyle Tactical Private Credit Fund and Carlyle Credit Solutions in June 2026. The funds are each allowing shareholders to request redemptions up to 5.0% of net asset value, equal to $230.39 million for Carlyle Tactical Private Credit Fund and $89.73 million for Carlyle Credit Solutions. In its prior tender, Carlyle Credit Solutions accepted $86.66 million of shares for repurchase, representing 4.83% of shares outstanding.
Lincoln Partners Group Royalty Fund Reports No Shares Tendered in 2Q26 Lincoln Partners Group Royalty Fund reported no shares were tendered against a cap of 5% of net assets in Lincoln Partners Group Royalty Fund’s Q2 2026 offer, which expired May 29, 2026. Lincoln Partners Group Royalty Fund is a niche royalty-focused vehicle managed by Lincoln Financial where the standard retail redemption dynamics driving stress in other private credit funds don’t apply.
National Healthcare Properties, Inc. Reports Preferred Stock Tender Offer Results National Healthcare Properties announced a cash tender offer for its own preferred stock rather than a share repurchase program driven by investor redemption requests. The company offered to purchase up to $100M aggregate of its 7.375% Series A and 7.125% Series B Cumulative Redeemable Perpetual Preferred Stock at $22.50 per share in cash, with both offers expiring June 16, 2026. The $22.50 purchase price represents a discount to par value of $25.00, suggesting the company is opportunistically retiring preferred equity at below-face value, a liability management move rather than a defensive liquidity action.
Brookfield Real Estate Income Trust Launches Investor Incentive Program Brookfield Real Estate Income Trust launched an Investor Incentive Program effective July 1, 2026, offering 3% bonus shares to new investors and 4% to existing shareholders who add capital, funded entirely by the Fund at no cost to investors, running through October 1, 2026 or until $250M in new proceeds are raised, whichever comes first. This aggressive capital-raising tool is an effort to meaningfully accelerate fundraising with $25.9M raised to date. The fund also changed its distribution policy from a fixed dollar amount to a target yield of 5.25% annualized on Class I shares, effective June 29, 2026.
Open Redemption Windows
- Nuveen Churchill Private Capital Income Fund
- Lord Abbett Credit Opportunities Fund
- Carlyle Tactical Private Credit Fund
Recent Redemption Results
- Peachtree Alternative Strategies Fund| Q1 | $1.21M shares tendered, 100% repurchased
- Monroe Capital Income Plus Corp| Q1 | $246.92M shares tendered, fulfilled requests on a pro rata basis at 56.3 percent
Liquidity Roundup is a 5-minute briefing created by Sekond and designed to keep you current on liquidity events across evergreen funds. For full details on deadlines, caps, and more, sign into your Sekond Account.