This is a scheduled liquidity offer for a non-traded closed-end fund — no market signal. Monitor the final tender results after December 15, 2026, to gauge shareholder redemption demand, which may indicate sentiment about fund performance.
Executive Summary
Emery Partners Income Credit Strategies Fund, a non-traded closed-end fund, commenced an issuer tender offer to repurchase up to approximately 5.00% of its net assets (or $4,250,000 as of June 30, 2026) at net asset value. The offer expires December 15, 2026, and is a routine semi-annual liquidity event for shareholders in a fund with no secondary market for its shares.
Key Facts
- Fund offers to buy back up to 5.00% of net assets, or $4,250,000 as of June 30, 2026
- Purchase price is NAV as of Repurchase Date (Dec 15, 2026, or later if extended)
- Offer expires 11:59 PM ET on December 15, 2026
- No minimum tender condition; oversubscription may be pro-rated
- Payment in cash, up to 65 days after Repurchase Date; initial payment at least 95% of NAV
- Shares not traded on any market; transfers strictly limited
- Purpose is to provide liquidity per fund's governing documents; Adviser expects semi-annual repurchase offers
- NAV per share as of June 30, 2026 was $10.10; total NAV was $80,631,665
- No trustees held shares as of June 30, 2026; no insider transactions in past 60 days
Financial Impact
Up to $4,250,000 (5.00% of net assets) cash outflow for share repurchase at NAV
Risk Factors
- Oversubscription may lead to pro-rata repurchase, limiting liquidity for tendering shareholders
- Payment may take up to 65 days after Repurchase Date
- Fund may cancel or amend offer at its discretion
- Repurchase reduces fund assets, potentially increasing expense ratios for remaining shareholders
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC TO-I Filing (Primary) | 0001398344-26-018440 |
| Document: fp0101492-1_ex9912b.htm | 0001398344-26-018440 |
| Document: fp0101492-1_ex9912c.htm | 0001398344-26-018440 |
| Document: fp0101492-1_ex9912d.htm | 0001398344-26-018440 |
| Document: fp0101492-1_exfilingfees.htm | 0001398344-26-018440 |
| Document: fp0101492-1_ex9912a.htm | 0001398344-26-018440 |
| Document: fp0101492-1_ex9912e.htm | 0001398344-26-018440 |
| Document: 0001398344-26-018440-index-headers.html | 0001398344-26-018440 |
| Document: 0001398344-26-018440-index.html | 0001398344-26-018440 |
| Document: 0001398344-26-018440.txt | 0001398344-26-018440 |
US Market Status
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