Vista Credit BDC Returns 50% of Redemption Requests in First Oversubscribed Quarter

Vista Credit Strategic Lending Corp. paid approximately $46.1 million to repurchase about half of the shares stockholders submitted in its latest quarterly tender offer, the first time the nontraded business development company has been oversubscribed.

Stockholders validly tendered 4,910,881.567 shares, and the company accepted 2,437,463.588 shares for repurchase under its quarterly 5% redemption cap, according to the company.

Redeeming investors are estimated to receive approximately 50% of the shares they originally tendered after Vista – which primarily invests in senior secured loans – implemented a pro rata repurchase.

The aggregate net asset value of the accepted shares was approximately $47.03 million as of the March 31, 2026, valuation date. The company paid a total of approximately $46.1 million to tendering stockholders on April 28, 2026, representing the NAV of $19.29 per share minus any applicable early repurchase deductions.

The BDC, advised by Vista Credit BDC Management LP, said the 5% quarterly cap was a deliberate design element of its perpetually private structure, intended to align investor liquidity with the realization profile of its private credit portfolio.

Vista’s results follow a similar pattern at other nontraded BDCs. Apollo Global Management told shareholders in March that Apollo Debt Solutions BDC would fulfill roughly 45% of first-quarter redemption requests, returning approximately $730 million to investors after demand exceeded the fund’s quarterly cap.

Vista said 100% of its portfolio investments are performing at or above underwriting expectations, with no nonaccruals. The portfolio, focused on senior secured loans to enterprise B2B software borrowers, delivered a distribution yield of approximately 10% in 2025.

The BDC, which offers Class I, D, and S shares, said net flows were positive in the first quarter of 2026 following $360 million of net inflows in the fourth quarter of 2025. Liquidity is supported by a combination of cash, liquid assets, uncalled investor capital, and available debt capacity, the company said.

Vista Credit BDC Management LP is affiliated with Vista Credit Partners.

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