Gate Watch
When private-credit funds get crowded exits, redemptions are gated — prorated below what investors asked for. Gate Watch tracks how much each non-traded BDC and interval fund honored vs. what was requested, straight from SEC EDGAR.
Q1 2026 · Industry aggregate Source: Robert A. Stanger & Co.
$13.9BRequested
$7.4BHonored
$6.5BUnmet (gated)
46.8%% Gated
Robert A. Stanger & Co. estimate: ~$13.9B redemptions requested vs ~$7.4B honored in Q1 2026 (~$4.6B reported unmet under Stanger's definition). Gated % shown = (requested − honored) / requested.
By fund
| Fund | Type | Requested | Honored | Gated $ | % Gated ▼ | Source filing |
|---|---|---|---|---|---|---|
| Blue Owl Technology Income Corp. OTIC | Non-traded BDC | — | $141.8M | — | 86.0% | SC TO-I · May 26, 2026 ↗ |
| Blackstone Private Credit Fund BCRED | Non-traded BDC | — | — | — | — | 8-K · Jun 18, 2026 ↗ |
| Apollo Debt Solutions BDC ADS | Non-traded BDC | — | — | — | — | 8-K · May 19, 2026 ↗ |
| HPS Corporate Lending Fund HLEND | Non-traded BDC | — | — | — | — | 8-K · Jun 12, 2026 ↗ |
| Cliffwater Corporate Lending Fund CCLFX | Interval fund | — | — | — | — | NPORT-P · May 22, 2026 ↗ |
Sources: SEC EDGAR (N-PORT, 8-K, SC TO-I, N-23C3A filings) and industry redemption estimates from Robert A. Stanger & Co. General information only, not investment advice. Figures may be prorated, restated, or revised by the issuer.