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AUG 24, 2026
Semi-liquid funds continued to build out credit capacity and shore up liquidity this week. Jefferies Credit Partners BDC closed a new CLO and expanded its senior secured facility, JPMREIT upsized its repurchase facility, and Ares Strategic Income Fund held its distribution rate steady through year-end on a strong cash and credit cushion. Even as some non-traded BDCs face outflow pressure and wider spreads on new private financings, a number of funds are still finding room to grow their funding capacity and maintain payouts, a trend worth watching as the redemption environment evolves.
Weekly Liquidity Roundup
Ares Strategic Income Fund Holds Distribution Rate Steady Through Year-End
Ares Strategic Income Fund (ASIF) reported in their recent 8-K filing that their liquidity position remains strong with $4.1B of undrawn credit facility capacity available and $381M cash on hand. They also held their distribution rate flat at $0.21430/share through year-end 2026.
Jefferies Credit Partners BDC Announces Two Debt Moves
Jefferies Credit Partners BDC reported two moves in their recent 10-Q. First, a new CLO issuance: Jefferies Credit Partners BDC CLO II, a $404.3M term debt securitization, providing an additional source of capital from their existing revolving facility.
They also amended & restated a senior secured credit facility: adding broadly syndicated loan collateral flexibility, stepped commitments up +$100M, and extending their Revolving Credit Facility termination date to Oct 2026.
J.P. Morgan Real Estate Income Trust Resizes Credit Facility
J.P. Morgan Real Estate Income Trust’s (JPMREIT) repurchase Facility (originally entered into August 22, 2024) was amended on July 13, 2026 to increase its maximum aggregate purchase price from $250 million to $400 million, a +$150M (60%) expansion. The terms were unchanged: same SOFR + 1.52% pricing, same August 22, 2027 maturity. Only the capacity increased. The facility funds JPMREIT’s commercial mortgage loan originations, and as of June 30, 2026, $228.5M was drawn against the prior $250M cap, suggesting ~91% of capacity was utilized before this upsize. This is the second expansion of this same facility.
Franklin Lexington Private Markets Fund Reports Q2 Tender Offer Results
Franklin Lexington Private Markets Fund reported that their Q2 tender offer was undersubscribed. The fund reported that 100% of all tendered shares were accepted and paid, totaling ~$48M repurchased, well below the ~$100M (5%) ceiling.
Recently Opened Redemption Windows:
Manulife Private Credit Plus Fund
AMG Pantheon Fund (Closing Soon)
Stepstone Private Credit Fund LLC (Closing Soon)
Recent Redemption Results:
AIP Alternative Lending Fund A | $283M tendered, 24% repurchased (~6.54% vs 5% cap, prospectus)
Onex Direct Lending BDC Fund | $7.3M tendered, 100% repurchased (~4.4% vs 5% cap)
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.