Private credit ·
26North BDC's JPMorgan facility amendment caps recurring-revenue loans at 15% and resets the advance rate to 55%
8-K Items 1.01/2.03 (accession 0001193125-26-424070, filed Oct 16, 2026): Amendment No. 5, dated Oct 9, 2026, to 26N DL Funding 1 LLC's Loan and Security Agreement (JPMorgan Chase Bank, N.A., administrative agent) reduces "the Concentration Limitation with respect to ARR Portfolio Investments under the Facility to 15%", revises the advance rate to 55% (with possible increases to 57.5% and/or 60%, subject to certain Concentration Limitation conditions), sets the margin at 2.00% per annum, reduces the commitment fee rate to 0.70% per annum and extends the Scheduled Termination Date to Oct 9, 2031. The filing does not state the prior ARR limit.
Why it matters for deal teams: A second back-leverage lender in two weeks tightening the recurring-revenue (ARR) loan concentration limit — not a software sector cap. Test your own facility's concentration limits against a 15% ARR cap.
Source: SEC Form 8-K (26North BDC, Inc.) ↗ · more ↗