Remora Capital Corp
MD
Private creditNon-traded BDC
Compared against Private credit non-traded bdcs.
1Y return
+1.9%
12th pctile · behind most peersas of 2026-03-30
Since inception
not stated in filings
Distribution rate
not stated in filings
Net assets
$203.7M
as of 2026-03-30
Net expenses
5.07%
14th pctile · cheaper 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 1% management fee)5.07%
Minus interest on borrowings, the cost of portfolio leverage2.16%
Ongoing cost, determined from the filings3.24%
Ongoing cost is about 3.2% a year. The 5.07% net expense ratio less 2.16% of borrowing cost leaves 2.91%, and the 25% management fee waiver ends 5 September 2026, adding back 0.33%. Sub-adviser and loan sourcing fees of 0.30% to 0.80% on investment value sit inside that figure. Incentive fees, fully waived so far, are excluded.
This record does not state which class's load is inside the figure, so the holding period leaves it unchanged. Loads across the classes reach 0%.not stated
Total drag per year3.24%
This is the cost for common Stock (single class; Preferred Stock is a senior security, not an investor 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. The period the filing covers looks cheaper at 2.91%, because a fee waiver or expense support was in place that does not continue.
Based on Annualized. Based on the interim report for the six months ended 30 June 2026 (net expense ratio stated as annualized 5.07%), used in place of the stu.
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: 15% of pre-incentive fee net investment income above a 1.5% quarterly hurdle (6% annualized), with a 50% catch-up between 1.5% and 1.765%; plus 15% of cumulative realized capital gains net of losses and unrealized depreciation, paid annually. Adviser waived 100% of incentive fe) apply only to returns earned. Net expenses reflect a fee waiver expiring Twelve months following the BDC Election Date (BDC Election Date September 5, 2025); the gross ratio is 5.98%. How this is calculated
Against Private credit non-traded bdcs
Total drag
83th pctile · pricier than most
1Y return
12th 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. Based on the interim report for the six months ended 30 June 2026 (net expense ratio stated as annualized 5.07%), used in place of the stub annual period 5 Sep 2025 to 31 Dec 2025 which was distorted by one-off merger and organizational write-offs. Adjusted upward by 0.33% to add back the 25% management fee waiver that expires on 5 September 2026..
Open the filing on sec.gov (0001213900-26-035841)Size and leverage
Net assets$203.7M?
Borrowings$52.3M?
Leveragedebt to equity0.26x?
Asset coverage466.20%?
Started2025-09-05?
What the manager charges
Management feeof gross assets1.00%?
The same fee against your equitybecause it is charged on borrowed assets too1.26%
Performance feeIncome component: 15% of pre-incentive fee net investment income above a 1.5% quarterly hurdle (6.00% annualized), with a 50% catch-up between 1.5% and 1.765% per quarter; plus a capital gains component of 15% of cumulative realized gains net of realized losses and unrealized depreciation, paid annually. Would rise to 20% with a 100% catch-up on an exchange listing.?
Hurdle6.00%?
High water markNo?
Adviser is subsidising costsYes?
Where distributions come from
Paid out of income100.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Floating rate99.88%?
Not paying interestloans on non-accrual1.40%?
Priced by the managerno market price available100.00%?
MostlyHealth Care Providers & Services (12.60% of investments at fair value)?
Who is involved
AdviserRemora Capital Management, LLC?
AuditorRSM US LLP?
Valuedquarterly?
Independent valuation agentNo?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Common Stock | 1.00% | 0.00% | 5.07% | - |
| Preferred Stock | 0.10% | 0.00% | - | - |
Also worth knowing
- The 25% management fee waiver and 100% incentive fee waiver expire on 5 September 2026 and the amounts waived are not recoupable; $317 of management fees and $557 of incentive fees were waived in the six months to 30 June 2026.
- Three loans were on non-accrual at 30 June 2026, $6,843 at cost and $3,591 at fair value, up from two loans at $2,916 cost at 31 December 2025.
- On 27 July 2026 the Company added a loan sourcing agreement with Sound Point Capital Management at 0.80% per annum of sourced investment value, tiering down to 0.65% above $750 million.
- Borrowings fell from $77,800 to $52,300 in the six months and asset coverage rose from 318.3% to 466.2%, well above the target of about 1.0x leverage.
- Management fee waiver expiry: 25% of management fees and 100% of incentive fees waived only through 5 September 2026 n/a (The reported 5.07% expense ratio understates the run rate. Adding back the waived management fee raises ongoing drag by about 0.33% of net assets, and incentive fees of 0.58% annualized will begin to be charged once the waiver lapses.)
- Layered third party sub-adviser, sourcing and sub-administration fees: Eldridge 0.80%, Kayne 0.75%, Crescent 0.50% plus 0.30% administration, all on investment value % per annum (These fees are paid by the fund on top of the 1.00% adviser management fee and are the reason non-interest operating costs run near 3% of net assets. Eldridge alone cost $878 in six months, more than half of administration expense.)
- New Sound Point loan sourcing agreement: 0.80% per annum up to $250 million of sourced investments, stepping to 0.65% above $750 million % per annum (Adds another external sourcing fee layer that will raise expenses as the portfolio grows, though the rate tiers down with scale.)
- Unfunded commitments and coverage: 11,726,000 USD (Delayed draw and revolver commitments have grown from $8.6 million to $11.7 million and must be funded from cash or the credit facility, competing with distributions and new investments.)
- Credit facility terms, covenants and headroom: $52.3 million drawn of $150 million; $97.7 million available; SOFR plus 2.00%; interest coverage covenant of 125% minimum n/a (Borrowing cost is 2.16% of net assets, the largest single line in the expense ratio, and the facility is non-recourse to the Company but secured by substantially all SPV assets with a maximum advance rate and coverage test.)
- Cap on allocated personnel and overhead reimbursements: 22.5 basis points of NAV (The only expense cap in the structure, and it applies solely to the allocable salaries of the General Counsel, CFO and CCO and their staffs, not to total expenses.)
- Credit deterioration and portfolio risk ratings: Grade 3 and 4 loans rose to 4.2% of the portfolio; three loans on non-accrual at 1.4% of fair value % of portfolio at fair value (Non-accruals grew from two loans at $2.9 million cost to three loans at $6.8 million cost in six months, and fair value marks on Patuxent, Sentrics and MarketCast are well below cost, pressuring NAV per share.)
- Continuous private offering and NAV price: 2,932,882 shares for $29.2 million in six months; July and August 2026 issuances priced at $9.85 USD (New capital is coming in monthly at NAV, which dilutes nothing but means expense ratios should fall with scale, and the offering price has stepped down with NAV from $9.98 to $9.85.)
Fees
Liquidity terms
Notice period, days60
Valuation
Fair value determined byunchanged, 3 filingsAdviser as valuation designee
Independent valuation firmunchanged, 3 filingsEngaged, name in filing
Valuation frequencyquarterly
Structure
Legal structure
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.
2025-12-312026-06-30
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.