Gate Watch

The most recent quarter, fund by fund

One row per fund: its latest quarter with a result we could read from a filing. Ordered by the share honored, lowest first. Every figure cites the document it came from — the form, the date it was filed, and a link to it on sec.gov. The order is set on the server, so the table is complete and readable with JavaScript off; where JavaScript runs, the column headers become sort buttons.

Source: each fund’s own filings on SEC EDGAR (Schedule TO-I and its amendments), read line by line. “Honored in full” means the fund repurchased every share validly tendered to it; “prorated” means it repurchased a share of each request. Last read from EDGAR: Aug 7, 2026, 07:10 AM UTC.

Results pending NAV strike

These funds have reported that their tender offer closed, but the repurchase price — and therefore the final figures — will only exist once the fund strikes its net asset value. The filing itself says when it will disclose the result; the row completes when that follow-on amendment files.

Filings we could not read

We read these filings and could not extract a figure we could stand behind, so we published none. They are listed here because a fund missing from the board is not the same as a fund with no gate.

Interval funds: offers now, results when the report files

US registered closed-end interval funds operating under Investment Company Act Rule 23c-3 are not required to publish per-offer repurchase results promptly. Their Form N-23c-3 notifications contain prospective offer terms only. The one mandated results disclosure is the annual shareholder report: Rule 23c-3(b)(2)(ii)(B) requires the annual report (filed on Form N-CSR) to state, for each repurchase offer during the fiscal year, the repurchase offer amount, the amount tendered, and the extent of any pro rata repurchase. Consequently, per-offer results reach EDGAR only in the annual or semiannual report covering the offer — a lag of roughly two to eight months depending on where the offer falls in the fund's fiscal cycle — and the granularity varies by fund: some (e.g., PIMCO Flexible Credit Income Fund) publish full shares-tendered-vs-repurchased-vs-proration tables, while others (e.g., Cliffwater Corporate Lending Fund) report only shares/percentage repurchased, omitting the amount requested. By contrast, non-traded BDCs that conduct issuer tender offers under Exchange Act Rule 13e-4 must file a final Schedule TO amendment reporting results (tendered, accepted, proration) promptly after expiration. As of mid-July 2026, no EDGAR filing disclosed the results of Cliffwater Corporate Lending Fund's (CCLFX) Q2 2026 repurchase offer — reported by Bloomberg (June 2, 2026) as capped at 5% against about 17% of shares requested, with tendering holders getting back roughly one-third of what they asked for.

Non-traded BDCs conducting Rule 13e-4 tender offers publish results in a final SC TO-I/A amendment, usually within weeks of expiration. Interval funds' Rule 23c-3 results follow in shareholder reports months later. The two mechanics are tracked separately and never conflated on the board.

• Funds send tendering shareholders a confirmation of any proration directly. That document is not filed with the SEC and is not a source here — only EDGAR filings are.
• Rule 23c-3(b)(5) lets a fund repurchase up to an additional 2% of outstanding shares beyond the stated offer amount before prorating — so a '5% offer' can honor tenders of up to roughly 7% of outstanding shares without any proration.

The interval funds we track: Alpha Alternative Assets Fund , Alternative Credit Income Fund , AOG Institutional Fund , Arca U.S. Treasury Fund , Axxes Opportunistic Credit Fund , Beacon Pointe Multi-Alternative Fund , Bluerock High Income Institutional Credit Fund , Booster Income Opportunities Fund , Bow River Capital Evergreen Fund , Callodine Specialty Income Fund , CANTOR FITZGERALD INFRASTRUCTURE FUND , Cascade Private Capital Fund , CAZ GP Stakes Fund , CAZ Strategic Opportunities Fund , CIM Real Assets & Credit Fund , Cliffwater Corporate Lending Fund , Cliffwater Enhanced Lending Fund , Connetic Venture Capital Access Fund , Denali Structured Return Strategy Fund , Diamond Hill Securitized Credit Fund , ELLINGTON INCOME OPPORTUNITIES FUND , FIRST TRUST ALTERNATIVE OPPORTUNITIES FUND , First Trust Enhanced Private Credit Fund , First Trust Hedged Strategies Fund , First Trust Private Credit Fund , First Trust Real Assets Fund , IDA Private Access Fund , iDirect Private Credit Fund , KKR Asset-Based Finance Fund , KKR Asset-Based Income Fund , LibreMax Asset-Backed Income Fund , Lincoln Bain Capital Total Credit Fund , Lind Capital Partners Municipal Credit Income Fund , Meketa Infrastructure Fund , Niagara Income Opportunities Fund , Nomura Alternative Income Fund , Oaktree Asset-Backed Income Fund Inc. , Oaktree Diversified Income Fund Inc. , OneAscent Capital Opportunities Fund , Opportunistic Credit Interval Fund , Origin Real Estate Credit Fund , Pender Real Estate Credit Fund , Pre-IPO & Growth Fund , Primark Meketa Private Equity Investments Fund , Privacore PCAAM Alternative Growth Fund , Privacore PCAAM Alternative Income Fund , Prospect Enhanced Yield Fund , Pursuit Asset-Based Income Fund , Redwood Private Real Estate Debt Fund , Rockefeller Municipal Opportunities Fund , Sardis Credit Opportunities Fund , SEI Alternative Income Fund , T. Rowe Price OHA Flexible Credit Income Fund , Thirdline Real Estate Income Fund , USQ Core Real Estate Fund , Variant Alternative Lending Fund , Variant Impact Fund , XAI CLO & Income Opportunities Fund . Each fund’s page shows what it offered to repurchase, and — once the covering shareholder report has filed — what its own report states was tendered and repurchased, at the granularity the fund chose. An offer whose report has not filed yet says “results not yet reported”, never a blank.

Funds not yet covered

We enumerated every non-traded business development company that runs a repurchase tender offer — 65 in all, from EDGAR’s own filing index. Of those, 42 are on the board above. The remaining 23 are listed here, each with its reason. Every non-traded BDC that files a tender offer is accounted for: it is on the board, pending a NAV strike, queued below with a stated reason, or excluded with a stated policy. Nothing in the universe is silently absent.

Excluded by policy (3)

• MSC INCOME FUND, INC. — EXCLUDED BY POLICY (listed-issuer): MSIF on NYSE. A fund whose holders have exchange liquidity is outside product scope — its prorated tender is capital-management choice, not the trapped-investor gating this board tracks. Read correctly by the parser where results exist; withheld as a category error, not a parser gap.
• Neostellar Capital Corp. — EXCLUDED BY POLICY (listed-issuer): NSLR/SSSS/NSLRL/SSSSL on Nasdaq. A fund whose holders have exchange liquidity is outside product scope — its prorated tender is capital-management choice, not the trapped-investor gating this board tracks. Read correctly by the parser where results exist; withheld as a category error, not a parser gap.
• New Mountain Finance Corp — EXCLUDED BY POLICY (listed-issuer): NMFC/NMFCZ on Nasdaq. A fund whose holders have exchange liquidity is outside product scope — its prorated tender is capital-management choice, not the trapped-investor gating this board tracks. Read correctly by the parser where results exist; withheld as a category error, not a parser gap.

Results filed, not yet safely readable (1)

Their results amendments exist, but we cannot yet extract a figure that passes every cross-check. Parser work in progress; nothing is published until it verifies.

• Kennedy Lewis Capital Co — RULED 2026-07-18: noun dialect readable in principle, but the filings state no independent total to verify against — the identity requirement binds; refuse. No parser accommodation without an identity anchor.

Results not yet machine-readable (19)

These funds file tender offers, but we do not yet publish a figure for them — each line says why. We investigated where their results actually live: with only one exception (an exchange offer, out of scope), every one reports its results in the same SC TO‑I/A final amendment the board already reads, in an acceptance wording the parser does not yet recognise — or its offers have drawn no tenders yet. No new SEC form is needed; the work is dialect recognition, in progress.

• Audax Credit BDC Inc. — 2e MAP: results ARE in its SC TO-I/A final amendment — acceptance stated as 'accepted for PAYMENT … for an aggregate purchase price of $15,000,000' (a dialect not yet parsed). No form-scope change needed.
• Crescent Private Credit Income Corp — 2e MAP: multi-class results in its SC TO-I/A final amendment (final-amendment checkbox set). Dialect not yet parsed.
• Crestline Lending Solutions, LLC — 2e MAP: results-bearing SC TO-I/A final amendment; acceptance dialect not yet parsed.
• Eagle Point Trinity Senior Secured Lending Co — RULED 2026-07-18: no results amendments filed yet — SC TO documents to date are offers only. The daily-index watcher catches its first results filing.
• Golub Capital Private Income Fund I — 2e MAP: new fund, single offer on file — no results yet.
• Golub Capital Private Income Fund S — 2e MAP: new fund, single offer on file — no results yet.
• John Hancock Comvest Private Income Fund — 2e MAP: results in its SC TO-I/A final amendment ('The Fund has received the final results of the Offer'). Dialect not yet parsed.
• LGAM Private Credit LLC — No machine-readable results amendment recognised yet — parser work in progress.
• Lord Abbett Private Credit Fund — RULED 2026-07-18: no results amendments filed yet — offers only. Watcher catches its first results filing.
• Lord Abbett Private Credit Fund S — RULED 2026-07-18: no results amendments filed yet — offers only. Watcher catches its first results filing.
• Manulife Private Credit Plus Fund — 2e MAP: offers only — no results-bearing final amendment filed yet. Watcher catches its first.
• NexPoint Capital, Inc. — 2d INVESTIGATION 2026-07-18: results NOT in the SC TO family. Its 92 SC TO-I/A docs are offers carrying a hypothetical cost table ('If the Company purchased 2.5% or 235,229 Shares at NAV $5.21…') — a conditional, not a result. Actual results location unresolved (likely 8-K or shareholder report); a form-scope question reserved for a separate ruling.
• Partners Group Lending Fund, LLC — 2e MAP: single offer on file — no results yet.
• PGIM Private Credit Fund — 2e MAP: results in SC TO-I/A — acceptance stated passively as 'The … Shares were repurchased at a price of $X per Share', with a tendered count and a price but no independently stated aggregate. States results without independently checkable arithmetic — held pending single-source policy (Brief 2f).
• SL Investment Fund II LLC — 2e MAP: offers only — no results-bearing final amendment filed yet.
• Steele Creek Capital Corp — 2e MAP: results in SC TO-I/A — undersubscribed, acceptance stated as 'the Company will purchase N Shares pursuant to the Offer'. Dialect not yet parsed.
• Stone Point Credit Income Fund — 2e MAP: results in SC TO-I/A — acceptance stated in words, 'The Fund has accepted all repurchase requests for the total number of shares tendered', with no independently stated dollar total to cross-check. States results without independently checkable arithmetic — held pending single-source policy (Brief 2f).
• TCW Direct Lending VIII LLC — 2e MAP / OUT OF SCOPE: this is an EXCHANGE offer ('accepted for exchange all Units') — Units swapped for another security, not a cash repurchase, so not a redemption gate.
• Willow Tree Capital Corp — 2e MAP: offers in the sampled window; a results-bearing final amendment was not located. Watcher catches its first.

Data revisions

How to read this board

• Honored in full — the fund repurchased every share validly tendered in that quarter’s offer. It is the ordinary outcome, and it is rendered as a full bar.
• Prorated — more was tendered than the offer’s cap, so the fund repurchased a share of each request. A prospectus permits this; the fund is doing what it said it would do. The fact worth publishing is simply what share it honored.
• Not reported — we have no figure from a filing. It is never rendered as a dash in a money column, and never carried forward from an earlier quarter.