Diameter Credit Co
DE
Private creditNon-traded BDC1099
Compared against Private credit non-traded bdcs.
1Y return
+12.1%
95th pctile · ahead of most peersas of 2026-03-12
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$1.50B
as of 2026-03-12
Net expenses
9.53%
61th pctile · pricier than median
Repurchase
not stated yet
Level 3
95.5%
48th pctile · less model-priced than peersLast offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.25% management fee)9.53%
Minus interest on borrowings, the cost of portfolio leverage7.30%
Ongoing cost, determined from the filings2.23%
Ongoing cost is about 2.2% of net assets a year: a 1.4% management fee after the adviser's waiver plus roughly 0.8% of administration, audit, legal, trustee and other fund-level costs. Borrowing costs of 7.3% and the incentive fee are excluded. The waiver ends in January 2028, when the management fee doubles to 1.25% of gross assets.
Sales loadnone
Total drag per year2.23%
This is the cost for common Shares (single common class; 12.0% Series A Preferred Shares reported separately).
Based on Annual: full year ended December 31, 2025, using the 10-K financial highlights ratio (already annualized, not annualized twice). Interest and fee comp.
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 (Income incentive fee payable only after January 19, 2028: 15% of pre-incentive fee net investment income over a 1.75% quarterly hurdle (7% annualized) with a 100% catch-up to 2.0588% quarterly; plus a 15% capital gains fee. Adviser waived all incentive fees until January 19, 2028 ($15,614 thousand e) apply only to returns earned. Before waivers, the gross expense ratio is 12.58%. How this is calculated
Against Private credit non-traded bdcs
Total drag
58th pctile · pricier than most
1Y return
95th pctile · ahead of 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 Annual: full year ended December 31, 2025, using the 10-K financial highlights ratio (already annualized, not annualized twice). Interest and fee components derived from dollar amounts in the same period divided by average net assets of about $933.2 million (implied by both the 12.58% gross and 9.53% net ratios). Adjustment noted: the Q2 2026 10-Q shows the same non-interest cost running at about 1.9% on a larger asset base, and the management and incentive fee waivers both terminate January 19, 2028..
Open the filing on sec.gov (0001193125-26-104439)Size and leverage
Net assets$1.50B?
Borrowings$1.47B?
Leveragedebt to equity0.98x?
Asset coverage202.30%?
Investments held74?
Started2023-12-20?
What the manager charges
Management feeof gross assets1.25%?
The same fee against your equitybecause it is charged on borrowed assets too2.48%
Performance feePayable only following January 19, 2028. Income component: 100% of pre-incentive fee net investment income above a 1.75% quarterly hurdle until the adviser has received 15.0% of total pre-incentive fee net investment income, then 15.0% of the remainder (full catch-up at 2.0588% quarterly). Capital gains component: 15.0% of cumulative realized capital gains from the fiscal quarter following January 19, 2028, less cumulative realized losses and unrealized depreciation.?
Hurdle7.00%?
High water markYes?
Adviser is subsidising costsNo?
Where distributions come from
Paid out of income100.00%?
Return of your own capital0.00%?
What it holds
Floating rate95.20%?
Not paying interestloans on non-accrual0.00%?
Priced by the managerno market price available95.50%?
MostlyProfessional Services?
Who is involved
AdviserDiameter Principal Finance LLC?
AuditorErnst & Young LLP?
Valuedquarterly?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Common Shares | 1.25% | 0.00% | 9.53% | - |
| Series A Preferred Shares (12.0% cumulative) | - | - | - | $3,000 |
Also worth knowing
- The management fee waiver (capping the fee at 0.625% of gross assets) and the full incentive fee waiver both terminate January 19, 2028, after which the 1.25% gross-asset fee and the 15% incentive fee become payable.
- The company completed two CLO term securitizations in 2026: DPC CLO 1 ($399.9 million, March 24, 2026) and DPC CLO 2 ($412.6 million, April 24, 2026), and repaid all repurchase obligations.
- The final closing of the private offering occurred December 19, 2025; $1.72 billion of capital commitments were received, of which $268.7 million remained undrawn at June 30, 2026.
- The adviser began recouping prior expense support in 2026, taking $2,700 thousand in the first half of 2026 with $2,300 thousand of unreimbursed support remaining.
- Scheduled fee step-up on January 19, 2028: Management fee rises from 0.625% to 1.25% of gross assets and the 15% incentive fee becomes payable contract term (With gross assets roughly twice net assets, the full 1.25% gross-asset fee alone would equate to roughly 2.5% of net assets, more than doubling the current fee-only drag, and the 15% incentive fee over a 7% hurdle would begin to apply at the same time.)
- Fees waived in FY2025: 28,451,000 USD (Waived management and incentive fees of $28.5 million equal about 3.05% of average net assets, so the published cost is roughly one third of the contractual cost that will apply after the waivers lapse.)
- Two CLO term securitizations completed in 2026: $399.9 million (DPC CLO 1) and $412.6 million (DPC CLO 2) USD (Termed-out non-recourse CLO financing at Term SOFR plus 1.49% to 2.00% replaced higher-cost warehouse and repurchase financing, and all repurchase obligations were repaid, lowering the interest component of total cost from 7.3% in 2025 to about 6.1% annualized in the first half of 2026.)
- Unfunded portfolio commitments versus liquidity: $483.3 million unfunded commitments against $145.0 million cash and $99.8 million of available borrowing capacity USD (Unfunded delayed draw and revolver commitments are more than double the sum of cash and immediately available credit line capacity, so the fund relies on undrawn capital commitments and portfolio repayments to fund draws.)
- Undrawn investor capital commitments: $268.7 million of $1.72 billion committed USD (The final closing occurred December 19, 2025, so the capital base is now fixed; only $268.7 million remains callable to fund the $483.3 million of unfunded portfolio commitments and expenses.)
- Mandatory wind-down if no liquidity event: Six years from the Effective Date of January 19, 2024, extendable one year term (There is no share repurchase program and no public market, so an investor's exit depends on either a listing, a shareholder-approved tender program, or the mandatory wind-down; the fund also must stop reinvesting proceeds after January 19, 2030 absent a liquidity event.)
- Payment-in-kind share of investment income: 8.4% of total investment income in the first half of 2026 percent (PIK interest of $4.87 million plus PIK dividends of $7.20 million out of $144.19 million of total income is non-cash income that must still be distributed to preserve RIC status, which can force asset sales or borrowing to fund distributions.)
- Credit watchlist migration: Rating 3 (below expectations) exposure rose to $149.6 million from $20.9 million USD (Watchlist debt rose more than sevenfold in six months to about 5.8% of the debt portfolio, and the largest markdown, BVI Medical, is carried at $116.0 million fair value against $121.7 million cost across its term loan, delayed draw and revolver.)
Fees
Liquidity terms
Notice period, days60
Valuation
Independent valuation firmunchanged, 4 filingsEngaged, name in filing
Structure
Legal structurechanged · Mar 2026Delaware statutory trust
Share classeschanged · Mar 2026
Leverage limitchanged · Mar 2026150% asset coverage
Use of derivatives
Tax reporting formunchanged, 2 filings1099
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.