Two non-traded BDCs reinforced their balance sheets this week through facility expansions. Bain Capital Private Credit drew a modest $50M accordion on its Goldman Sachs revolving facility ahead of its June tender deadline, while Ares Strategic Income Fund made a more substantial move, expanding its JPMorgan facility by $850M to $4.1B, extending its runway to 2031, and eliminating a 0.10% credit spread adjustment. These moves add to a broader wave of liquidity management activity seen across the space in recent weeks, including Golub Capital’s $525M SMBC facility expansion, Blue Owl’s $1.35B Core Income Funding VI restructuring, and HPS’s $600M unsecured notes issuance. In contrast to the broader redemption pressure seen across the credit BDC space, BREIT reported strong Q1 results, and with 3 consecutive months of net inflows and active capital deployment, actions that put them on strong liquidity footing rather than managing defensive liquidity needs.

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Weekly Liquidity Roundup
Bain Capital Private Credit Increases Credit Facility
Bain Capital Private Credit fund expanded its revolving credit facility by $50 million, from $200 million to $250 million, through the accordion feature in its existing credit agreement with Goldman Sachs from 2023. This modest facility expansion bolsters available liquidity ahead of their June 1 tender offer deadline.

Ares Strategic Income Fund Increases Credit Facility
Ares Strategic Income Fund amended and restated its JPMorgan-administered credit facility, achieving four significant improvements: 1) extending the revolving period to May 2030 and maturity to May 2031, 2) increasing commitments by $850 million from $3.25 billion to $4.1 billion, 3) eliminating the 0.10% credit spread adjustment on USD loans, and 4) modifying certain covenant restrictions. The facility also includes an accordion feature allowing expansion up to $6.15 billion.

Blackstone Real Estate Income Trust Reports Strong 1Q26
Blackstone Real Estate Income Trust returned 2.0% in Q1 2026 with positive performance every month, and subscriptions were up 44% year-over-year in Q1 2026 with three consecutive months of positive net flows. The fund is also actively deploying new capital, reporting that data centers are the fastest-growing allocation at 23% of portfolio (up from 1% in 2020). The combination of positive results suggest a strong liquidity profile as net flows have been positive and capital is being deployed.

Open Redemption Windows:
-Hamilton Lane Venture Capital & Growth Fund
-North Haven Private Income Fund
-Hamilton Lane Private Secondary Fund
-Hamilton Lane Private Assets Fund
-TPG Twin Brook Capital Income Fund
-T. Rowe Price OHA Select Private Credit Fund
-John Hancock Marathon Asset-Based Lending Fund
-Calamos Aksia Alternative Credit & Income Fund

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Recent Redemption Results:
No results reported this week.

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.