Jefferies Credit Partners’ Redemption Demand Surges Nearly 100-Fold in a Year as BDC Opens New Tender

Jefferies Credit Partners BDC Inc. opened its latest quarterly share repurchase offer on July 1, seeking to buy back up to 5% of its net asset value as of March 31, a tender that arrives amid a sharp and sustained acceleration in investor redemption requests at the nontraded business development company.

The fund, advised by Jefferies Credit Management LLC, an affiliate of Jefferies Finance LLC, has accepted 100% of validly tendered shares in every quarterly repurchase offer since it began accepting tenders. No shares were tendered in the fund’s first two repurchase offers, which closed in October 2024 and February 2025. Since then, the dollar value of tendered shares has grown steadily: $254,505 in NAV in the offer that closed in July 2025, $1.36 million in the offer that closed in October 2025, and $26.2 million – 3.87% of the fund’s NAV as of Dec. 31, 2025 – in the offer that closed in April 2026 and paid out in early May.

That progression amounts to roughly a 100-fold increase in tendered value over three consecutive quarters of redemption activity, even as the fund’s own NAV grew a comparatively modest 20%, to $810.6 million as of May 31 from an estimated $677 million at year-end 2025, based on the percentage disclosed in the fund’s most recent tender results.

Of the total distributions paid during the three months ended March 31, 2026, $3.2 million was reinvested by stockholders. Of the total distributions paid one year prior, $0.9 million was reinvested by stockholders.

The new offer, which is scheduled to terminate Aug. 26 unless extended, caps purchases at 5% of the fund’s NAV per share – $14.33 per share for both its Class I and Class S shares. Its aggregate NAV is spread almost entirely across Class I shares; Class S shares, aimed at the brokerage and wealth-management distribution channel, remain a small fraction of the total: just more than 6,100 shares outstanding against more than 56.5 million Class I shares.

Jefferies Credit Partners BDC, a Maryland corporation formed in 2023, is registered under the Investment Company Act of 1940 as a nondiversified, closed-end BDC. The fund has not prorated a repurchase offer to date and has not disclosed plans to borrow in order to fund redemptions.

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