Private Credit Funds Are Rationing Exits: What SEC Filings Show at Blackstone, Blue Owl, Apollo and Others

A non-traded BDC has no exchange listing, so the only routine way out is the quarterly tender offer the fund itself makes, almost always for 5% of the shares outstanding. The fund files a Schedule TO-I when the offer opens and a final amendment when it closes, and that amendment is where the result lives: how many shares were validly tendered, how many the fund accepted, at what price, and what it paid. When tenders exceed the offer, the fund generally allocates acceptances pro rata, subject to the offer's exceptions, and the amendment states the fraction.

AltStreet reads those amendments for the 70 BDCs on its registered-fund watch-list, alongside the N-PORT, N-CEN and N-CSR filings of 382 other registered funds. The chart counts tender offers, not documents: each offer is one event, dated by the expiration the final amendment states, and where a fund filed two amendments for the same offer the later, corrected one is used. An offer is "readable" when its amendment states the shares tendered and accepted or the rate itself; older formats that state an amount paid without an accepted count are counted as offers but left out of the rate, which is why the light bars are shorter than the number of offers in each quarter. The table gives the bridge from amendments to offers to funds.

Among the readable results for offers that expired in 2026, the funds that still filled every tender include Barings Private Credit Corp., Fidelity Private Credit Fund, Silver Point Private Credit Fund, Ares Core Infrastructure Fund, Stepstone Private Credit Fund and Golub Capital Private Credit Fund in its July offer, after one prorated offer in May. BlackRock Private Credit Fund's 95.2% counts as prorated under the threshold used here, though it is a different event from the rates in the teens and twenties. The prorated group includes several large retail private-credit funds. Expiration, valuation, payment and filing dates are separate events: Blackstone Private Credit Fund's August 4 amendment reports an offer that expired May 29, values the accepted shares at June 30 and describes payment in July, which is why the chart groups by expiration and the fund tables show filing dates.

Each table below lists the Schedule TO final amendments the fund has filed since the start of 2025 that AltStreet holds, in filing order, with the offer's expiration where the amendment states it. "Filled" is shares accepted as a percentage of shares validly tendered, as the amendment states it or as the two counts imply. Where a fund filed a second amendment for the same offer, the later one is shown. The accession number links to the filing on EDGAR; the fund name links to its AltStreet entity page, where the N-PORT, NAV and repurchase record sits.

Two details in those tables matter for reading the headline numbers. First, the 100% rows of late 2025 and early 2026 were not small offers: Blackstone Private Credit Fund bought back 133.7 million shares for $3.23 billion in the offer that expired March 2, 2026, more than its stated 96.0 million share offer, by accepting every tendered share as Rule 13e-4(f)(1) permits; Blue Owl Technology Income raised its January offer to 15.4% of the fund to meet all demand; Ares Strategic Income accepted 21.6 million shares against a 19.2 million share offer in December 2025. Boards had room to enlarge, and used it, until the tendered volumes outran that room. Second, an acceptance rate should be read alongside the volume tendered: HPS Corporate Lending's tendered count went from 18.9 million shares in the offer that expired December 2, 2025 to 66.7 million by June 2026, Apollo Debt Solutions' from 28.2 million to 101.5 million, Blue Owl Credit Income's from 108.2 million to 463.8 million by March 2026 before easing to 341.4 million in September. Those volumes are shares tendered, not holders: later tenders may include shares previously submitted but not accepted, and the filings do not identify how much demand comes from repeat submissions, so a rising queue is not necessarily a rising number of investors seeking an exit.

The October results so far are the two Blue Owl funds, covered in AltStreet's news item on Blue Owl Technology Income Corp.'s 12.8% fill. Apollo Debt Solutions (offer opened August 14 for 29,368,950 shares), HPS Corporate Lending (24,668,750 shares), Blackstone Private Credit (90,421,330 shares) and Ares Strategic Income have offers outstanding whose final amendments will land in November and December; this page will be updated as they do.

An interval fund does not file a Schedule TO. It gives notice of each repurchase offer on Form N-23C3A, which states the percentage offered and the deadline but never the result, and reports what happened in the notes to its next Form N-CSR or N-CSRS. AltStreet extracts those notes with a model and checks the arithmetic, so these figures carry a lower confidence than the Schedule TO series above, and the offer each row describes belongs to the report's period rather than to a filing quarter. The rows below are the private credit interval funds whose reports filed between July and September 2026 state a prorated result, plus one venture fund as a comparison.

The Private Shares Fund is included as a comparison from outside private credit: it holds late-stage venture positions rather than loans, its June 2026 offer filled 58.5%, and its four offers in fiscal 2025 filled between 42% and 62%, so its proration predates the credit cohort's and reflects a different market. Cliffwater's two credit interval funds, the largest in the group at $30.4 billion and $7.8 billion of net assets, report each offer's outcome in the notes to their annual reports as the percentage of shares repurchased (3.42%, 2.90%, 5.32% and 7.00% of Cliffwater Corporate Lending's shares across its fiscal 2026 offers, the last with the full 2% extension) but not the shares tendered, so no fill rate can be computed and they are left off the table; their review covers those results, including the $6.04 billion the fund repurchased in fiscal 2026.

Form N-PORT, which every registered fund files for each quarter end, carries three months of share sales, reinvested distributions and redemptions. Summed across the 261 interval, tender-offer and listed funds on the watch-list that reported them, the quarter to June 30, 2026 shows $16.56 billion of sales against $7.82 billion of redemptions on $270 billion of combined net assets; the quarter to March 31 shows $16.86 billion against $7.90 billion. That population is the registered-fund universe AltStreet tracks, not a private credit cohort: it includes municipal, equity, real estate and multi-strategy funds, and it excludes every BDC in the tables above.

So the figures support only a narrow statement: within the registered funds that report flows, sales exceeded redemptions in both quarters, and the largest net outflows in the latest quarter as a share of net assets were at Pomona Investment Fund (-6.6%, $124 million redeemed against $14 million sold) and Stone Ridge Trust V (-6.7%), neither of which is a private credit vehicle. Whether private credit as a sector is gaining or losing money would need the BDCs' 10-Q subscription and repurchase lines and a defined cohort, which is a separate exercise.

The arithmetic is simple and worth doing. Assuming uniform proration and no applicable priority exceptions, a holder who tenders an entire position and submits every remaining share in each subsequent offer has, after n offers at a constant fill rate r, exited a fraction 1 minus (1 minus r) to the power n. At 30% that is 51% after two offers, 76% after four and 94% after eight. At Blue Owl Technology Income's filed rates of 13.1% and 12.8% in its June and September offers, the same holder would have had about 24% of the original position repurchased across the two; the rest remains invested and may be submitted in a subsequent offer, with acceptance and timing uncertain. None of this is a forecast: every rate on this page moved from the quarter before, in both directions, and a board can enlarge an offer, as several did in late 2025.

Settlement is a second term to read. Several of the BDCs above pay in non-interest-bearing promissory notes rather than cash at expiration; Apollo, HPS, Blackstone and both Blue Owl funds state this in their amendments, with the note paid in cash once the quarter-end price is determined. Ares Strategic Income and Golub state cash payment within days of expiration. The amendment reports the obligation, not the disbursement.

The third is price. The per-share price in each table is the NAV or net offering price at which the fund bought: Blue Owl Credit Income's moved from $9.42 in July 2025 to $9.14 in September 2026, Blue Owl Technology Income's from $10.42 to $9.85, Apollo's from $24.86 to $23.83, HPS's from $25.27 to $24.42, Blackstone's from $25.42 to $23.65. Shares not accepted in one offer remain invested and, if tendered again, are repurchased at that later price. The direction of the repurchase price over this period, at every one of the eight funds, was down; these are prices, not total returns, and they exclude the distributions each fund paid in between.

Three limits apply to every number here. The amendments state outcomes, not causes: nothing in a Schedule TO-I/A says why stockholders tendered, and AltStreet has not inferred it. The counts cover the final amendments reviewed across AltStreet's tracked funds, not every BDC in existence, and between five and ten offers per quarter use a format that reports the amount paid without an accepted count; those are counted as offers but excluded from the rate, which is conservative in this period since the format was mostly used by funds whose tendered count sat below the offer size. And the interval fund rows depend on a model's reading of report notes, with the arithmetic checked but the extraction not hand-verified line by line as the BDC tables were.

Method, for anyone who wants to reproduce it: AltStreet maintains a watch-list of 452 registered funds and BDCs, built from the EDGAR full index (every filer of a Rule 23c-3 notice or a Schedule TO-I, plus listed closed-end funds, non-traded REITs and the funds behind the platforms it reviews). For each it reads every N-23C3A, SC TO-I and SC TO-I/A from the submissions feed, and every N-PORT, N-CEN and N-CSR. The parser takes the tendered and accepted counts from the Rule 13e-4(c)(4) sentence of the final amendment and the fill rate as stated or as the ratio of the two; multi-class results are summed per class. The series then reduces amendments to offers: 124 BDC final amendments since June 2025 become 121 offers once second amendments for the same offer are merged, dated by the expiration each amendment states (four Blue Owl amendments were dated by hand), and grouped by the quarter the offer expired. Every BDC row above was then checked by hand against the amendment text on October 30, 2026. The same figures sit on each fund's entity page and on the registered funds hub.