The divergence within private credit funds continues as some funds face persistent redemption pressure, while others report undersubscribed tender offers. At one extreme, Blue Owl’s Technology Income Corp. and Credit Income Corp. both had oversubscribed tender offers, results that Blue Owl attributes to repeat tendering shareholders that were pro-rated in previous quarters. At the opposite end of the spectrum, Goldman Sachs Private Credit Corp. came in at just 3.24% of shares outstanding, comfortably below the 5% cap and 100% fulfilled. As Goldman notes in its shareholder letter, manager dispersion is becoming increasingly visible, with industry non-accrual increases concentrated among a small number of managers rather than reflecting broad-based credit deterioration.

Weekly Liquidity Roundup

Apollo Debt Solutions Issues $750M in Notes

Apollo Debt Solutions completed a $750M issuance of 6.350% unsecured notes due June 30, 2033. Proceeds will be used for general corporate purposes and/or to repay revolving credit facility indebtedness. This issuance comes days after they announced 16.8% Q2 redemption requests (approximately $2.4B) and fulfilled the standard 5% cap.

Blue Owl Credit Income Q2 Tender Oversubscribed

Blue Owl Credit Income Corp (OCIC) received Q2 redemption requests totaling approximately 18.8% of shares outstanding (approximately $3.6B), down 14% from $4.2B in Q1. The fund will fulfill at its standard 5% cap on a pro rata basis, representing approximately 27% of total shares tendered (approximately $958M). Despite the headline figure, OCIC notes in a letter to shareholders several constructive trends: the tendering shareholder base remained largely unchanged with limited new participation, approximately 90% of its 90,000 shareholders remain invested, and year-to-date gross inflows of approximately $1.2B partially offset outflows.

Blue Owl Technology Income Corp. (OTIC), Q2 2026 Shareholder Letter & FAQ Summary

Blue Owl Technology Income Corp (OTIC) received Q2 redemption requests totaling approximately 38.1% of shares outstanding (approximately $1.1B), down modestly from 40.4% in Q1. The fund will fulfill at its standard 5% cap resulting in 13% of tendered shares fulfilled on a pro rata basis. In a letter to shareholders, the fund attributes its above-industry redemption levels to its concentrated shareholder base and specialized technology investment mandate rather than portfolio underperformance. Over two quarters, repeat tendering shareholders have received $311M in total repurchases representing 26% of their original requests.

Goldman Sachs Private Credit Corp. 2Q26 Tender Offer Undersubscribed Goldman Sachs Private Credit Corp. received requests for approximately 3.24% of shares outstanding, below the 5% cap, and will fulfill 100% of tendered shares. This result is an improvement from Q1, when the redemptions requests came in just below their cap.

Open Redemption Windows:

- Jefferies Credit Partners BDC Inc.

- Golub Capital Private Credit Fund

- Invesco Senior Loan Fund

- AIP Alternative Lending Fund P, A

- PIMCO Flexible Real Estate Income Fund

Add all open redemption windows to your calendar → Liquidity Calendar

Recent Redemption Results:

- Steele Creek Capital Corp | Q2 | $1.14M tendered, 100% repurchased (2.26% of NAV, vs 10% cap)

- Crescent Private Credit Income Corp| Q2 | $0 shares tendered For all funds → my covered funds