Private credit ·
Fitch: Q3 tender requests at perpetual non-traded BDCs average 9.8% of shares; Fitch says nine exceeded the 5% cap
Fitch says third-quarter 2026 tender requests at perpetual non-traded BDCs averaged 9.8% of shares (10.3% in Q2) and, in Fitch's words, "exceeding the 5% cap at nine BDCs," ranging from 0.2% (BCPC) to 39.0% (OTIC). Much of the excess is resubmitted, previously pro-rated requests. This item does not state how many BDCs Fitch reviewed.
Why it matters for deal teams: Requests above the 5% cap are pro-rated and often come back next quarter. Track the tender queue, not just the headline request rate.
Source: Fitch Ratings (Fitch Wire) ↗