Private Credit funds remain under redemption stress, but the news this week has shown that liquidity is being managed rather than breaking down. Some managers are proactively reinforcing balance sheets, building structural insulation ahead of continued redemption pressure rather than reacting to it. Although redemption offers remain broadly oversubscribed across the space, ranging from mildly oversubscribed at roughly 1.25x to severely oversubscribed at over 4x, the method of payment diverged: some funds paid entirely in cash, while others relied on promissory notes. A subtler liquidity signal worth watching is rising PIK income as a share of total investment income, a trend that, if increasing, could compress the cash generation available to fund future redemptions for some funds.

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Weekly Liquidity Roundup

Blue Owl Credit Income Corp Adds New Credit Facilities in 1Q26 Blue Owl Credit Income Corp actively managed their liabilities during the first half of 2026: added a new $800 million CLO (CLO XXIV) in March, refinanced CLO XI for $395.8 million in April, added a new $500 million SPV facility (SPV XI), and amended its Core Income Funding VI facility to add multi-currency draw capability, all moves that provide meaningful insulation against the continued redemption pressure.

Barings Private Credit Corp Fulfills ~44% of 1Q26 Redemption Requests Barings Private Credit Corp fulfilled 44.3% of 1Q26 redemption requests on a pro rata basis, paying out approximately $139.7 million to redeeming shareholders via promissory notes. The offer was meaningfully oversubscribed, coming at a time when 1Q26 showed meaningful stress from rising non-accruals, broader unrealized depreciation, and a total return of less than 1% for the quarter.

Monroe Capital Income Plus Corp PIK Income Up Year-Over-Year Monroe Capital Income Plus Corp’s payment-in-kind investment income as a percentage of total investment income was 3.1% for the 3 months ended 3/31/26, up from 2.8% over the same period in 2025. This increase in PIK comes as 1Q26 total return was modest at 1.33%, down from 2.21% for 1Q25.

Golub Capital Private Credit Fund 1Q26 Redemptions Oversubscribed Golub Capital Private Credit Fund capped 1Q26 redemptions at 5% of shares outstanding, fulfilling only 58.7% of tendered shares on a pro rata basis (approximately $213.6 million). Notably, the fund paid out redemptions in cash rather than via promissory notes, suggesting they had the liquidity to readily meet the 5% cap this quarter.

KKR FS Income Trust Fulfills 80% of 1Q26 Redemption Requests KKR FS Income Trust’s 1Q26 tender offer was modestly oversubscribed, as the fund fulfilled 80% of tendered shares on a pro rata basis, paying out approximately $75.7 million to redeeming shareholders. The redemption pressure comes as the fund returned 0.59% over the first three months of the year, down year-over-year from 3.17%, but in-line with broader private credit trends.

Open Redemption Windows:

• HPS Corporate Lending Fund

• HPS Corporate Capital Solutions Fund

• BlackRock Private Credit Fund

• StepStone Private Credit Income Fund

Recent Redemption Results:

• Golub Capital Private Credit Fund Tendered: ~8.5% of shares outstanding vs. 5% cap Repurchased: 5% of outstanding shares

• Adams Street Private Equity Navigator Fund Tendered: ~2.79% of shares outstanding vs. 5% cap Repurchased: ~2.79% of outstanding shares

Data is powered by Sekond and its proprietary evergreen dataset and insights built from regulatory filings, fund documents and public disclosures.