BlackRock today provided an update on the progress of its discount management programs for certain closed-end funds, designed to address trading discounts and support shareholder alignment. The programs, which began on January 1, 2026, and are scheduled to run through September 30, 2026, utilize a framework where funds trading at an average daily discount to net asset value (NAV) greater than 10% during the Measurement Period intend to conduct a tender offer. If triggered, the fund would repurchase a minimum of 5% of its outstanding shares at a price equal to 98% of its NAV.

Based on average daily discounts from January 1, 2026, through June 30, 2026, most funds remained below the 10% threshold. However, two funds have exceeded the discount level required to potentially trigger a tender offer. BlackRock will continue to monitor each fund's discount to NAV through the end of the Measurement Period and expects to provide additional updates as the conclusion approaches.

Mid-Year Discount Results

The following table details the average daily discount for funds in the program year-to-date through June 30, 2026:

Program Conditions and Next Steps

Funds that meet the program conditions following the conclusion of the Measurement Period are expected to announce the terms and timing of any resulting tender offers. Any offer to purchase common shares will be made pursuant to an offer on Schedule TO. BlackRock will update performance and other data for the funds on a monthly basis on its website in the "Closed-end Funds" section.

James Tseng will step down as Chief Executive Officer of a BlackRock private credit fund that has encountered recent operational challenges. The departure marks a significant leadership change for the investment vehicle as it navigates a period of turbulence. BlackRock has not yet named a permanent successor to the role.

The fund, which focuses on private credit investments, has been described as troubled in recent financial reports. While specific performance metrics were not disclosed in the filing, the leadership shift suggests a strategic pivot to address underlying issues. The move comes as the broader private credit market faces increased scrutiny from investors.

Tseng's exit is effective immediately, according to the report. The fund's management team is expected to oversee operations during the transition period. BlackRock remains committed to the fund's long-term objectives despite the recent setbacks.

Leadership Transition Details

The fund's future strategy will likely be shaped by the incoming leadership. Investors will be watching closely for any changes in direction or risk management practices. BlackRock's broader private credit platform continues to manage significant assets across various strategies.