5C Lending Partners Corp.
MD
Private creditNon-traded BDC
Compared against Private credit non-traded bdcs.
1Y return
+3.1%
17th pctile · behind most peersas of 2026-03-05
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$293.0M
as of 2026-03-05
Net expenses
14.75%
95th pctile · pricier than median
Repurchase
not stated yet
Level 3
100%
55th pctile · more model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 0.6% management fee)14.75%
Minus interest on borrowings, the cost of portfolio leverage8.22%
Minus incentive fees accrued this period, which vary with returns0.96%
Ongoing cost, determined from the filings4.05%
Ongoing cost is about 4.1% of net assets: a 1.4% management fee, charged on gross assets including borrowings, plus 2.7% for administration, legal, audit, research and directors on a $272 million equity base. Reported cost was 5.6% because 1.4% of one-time catch-up payments for earlier advanced expenses and 0.1% of offering cost write-off are ending.
Sales loadnone
Total drag per year4.05%
This is the cost for common Stock (single class; 12.0% Series A Preferred Stock is a leverage instrument, not a share class). It reports in dollars, so entity expenses include the servicing fees of every class and the figure is blended across them.
The figure above is the ongoing cost. For the period the filing covers it was 5.57%, including 1.52% of one-time costs that will not repeat.
Based on Annualized from the six months ended June 30, 2026 interim report (filing's own ratios are already annualized: net 14.75%, gross 13.34%); FY2025 annua.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (10% of pre-incentive fee net investment income above a 1.50% quarterly hurdle (6% annualized) with 100% catch-up to 1.6667%, plus 10% cumulative capital gains incentive fee; rates rise to 17.5% upon an exchange listing.) apply only to returns earned. How this is calculated
Against Private credit non-traded bdcs
Total drag
92th pctile · pricier than most
1Y return
17th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Annualized from the six months ended June 30, 2026 interim report (filing's own ratios are already annualized: net 14.75%, gross 13.34%); FY2025 annual report used as the base and cross-check (net 12.67%, gross 13.23% on $132 million average net assets). Adjusted upward-in-quality for two persistent changes shown in the interim: the asset base more than doubled and the expense support catch-up is essentially complete ($7,625 of $7,731 repaid at June 30, 2026)..
Open the filing on sec.gov (0001193125-26-093475)Size and leverage
Net assets$293.0M?
Borrowings$438.6M?
Leveragedebt to equity1.50x?
Asset coverage166.22%?
Investments held26?
Started2023-10-16?
What the manager charges
Management feeof gross assets0.60%?
The same fee against your equitybecause it is charged on borrowed assets too1.50%
Performance fee10.0% of Pre-Incentive Fee Net Investment Income above a 1.50% quarterly hurdle (6.0% annualized), subject to a 100% catch-up between the hurdle and 1.6667% per quarter, plus an annual Capital Gains Incentive Fee of 10.0% of cumulative realized capital gains net of realized losses and unrealized depreciation. Both rates rise to 17.5% (catch-up to 1.8182%) upon an Exchange Listing.?
Hurdle6.00%?
High water markNo?
Expense cap0.25%?
Adviser is subsidising costsYes?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
What it holds
Largest position8.80%?
Floating rate83.10%?
Not paying interestloans on non-accrual0.00%?
Priced by the managerno market price available100.00%?
MostlyHealth Care Providers and Services (21.3% of investments at fair value)?
Who is involved
Adviser5C Lending Partners Advisor LLC?
AuditorDeloitte & Touche LLP?
Valuedquarterly?
Independent valuation agentYes?
Deals with affiliatesYes?
Also worth knowing
- Fee step-up on an Exchange Listing: Management fee 0.60% to 1.00% of gross assets; incentive fee 10.0% to 17.5% percent (A listing, which the manager may pursue within seven years of the September 2024 initial closing, would roughly double the ongoing management fee and lift the performance fee by 75%, raising drag well above the current level.)
- Payment-in-kind income share: 24.1 percent of total investment income (six months ended June 30, 2026) (Nearly a quarter of income is not received in cash yet is included in the base for the income incentive fee and in the distributions the fund must pay, which can force borrowing or asset sales to fund distributions.)
- Largest single markdown: SolarWinds second lien: Fair value $38,900 on $50,000 par (77.8) thousands / percent of par (This one position accounts for the bulk of the $16.8 million of net unrealized losses that cut NAV per share from $25.24 to $24.17, and its discount rate widened to as high as 16.2%.)
- Unfunded portfolio commitments versus liquidity: $182,988 unfunded against $211,444 undrawn credit and $718,591 undrawn capital commitments thousands (Shows whether the fund can honor delayed draw and revolver obligations without forced sales; management states resources are adequate and that it keeps borrowing headroom inside the 150% asset coverage limit.)
- Credit facility repricing and extension: Applicable margin cut from 2.30% to 1.85%; maturity extended to January 14, 2028 percent / date (Lowers the interest component of total expenses, which at 8.22% of net assets annualized is the single largest line, and removes near-term refinancing risk on the subscription line.)
- ABL facility upsize: $300,000 to $400,000 of commitments on February 4, 2026 thousands (Asset-level leverage rose to $302,000 drawn at SOFR plus 1.75%, driving both higher interest expense and a larger management fee, which is charged on gross assets including borrowed amounts.)
- Expense limitation is effectively non-binding: 0.25% of average quarterly Gross Assets, with Gross Assets floored at $4.5 billion percent (The cap equates to roughly $11 million of operating expenses per quarter at the stated floor, far above the $1.5 million actually incurred, so investors should not count on it to limit costs at current scale.)
- Preferred Stock terms: 515 shares at 12.0% per annum on a $3,000 liquidation preference shares / percent (A small but expensive senior security whose holders are entitled as a class to elect two directors and can veto certain fundamental changes; its dividends rank ahead of common distributions.)
Fees
Liquidity terms
Notice period, daysunchanged, 2 filings60
Valuation
Fair value determined byunchanged, 4 filingsAdviser as valuation designee
Independent valuation firmunchanged, 2 filingsEngaged, name in filing
Valuation frequencyquarterly
Structure
Legal structurechanged · Mar 2026
Share classes
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-12-312026-06-30
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
No repurchase offer filings on record yet.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.