By Chris van Heerden

Director of Market Research - Global Finance | Fund Finance

BDC earnings analysis for Q2 continue to percolate with variations in sample sizes used to represent the market, and an inaugural CFO closes. 

• Cox Capital Partners offered to purchase up to $90 million of interests across five private-credit vehicles at an average discount of approximately 26% to NAV, according to reporting by the Wall Street Journal (subscription required). The offer follows a February initiative by Cox Capital and Saba Capital Management to acquire shares in three non-traded BDCs at expected discounts of 20% to 35% to NAV.
• Research by Fitch Ratings published in July reported that redemption requests increased sequentially in Q2 for 10 out a sample of 16 non-traded BDCs tracked by Fitch. Requests averaged 10.3% of shares in Q2 compared to 9.7% in Q1 26, but dispersion was significant. Inflows fell by about 56% on average from Q1 leaving the majority of funds in the sample with net outflows.
• Franklin Templeton announced the closing of its inaugural CFO, Franklin Templeton Structured Solutions 2026, L.P. The $1.4 billion vehicle finances fund interests in private equity secondaries and continuation vehicles managed by Lexington Partners and U.S. middle-market direct lending investments managed by Benefit Street Partners.