This is a routine quarterly tender offer providing liquidity in a non-traded closed-end fund. Monitor the tender results for oversubscription levels, which would signal shareholder demand for liquidity. The fund continues to accept new subscriptions monthly, so net asset flow impact depends on subscription volume.
Price Chart
Executive Summary
Federated Hermes Project & Trade Finance Tender Fund (XPTFX) is offering to repurchase up to $54.9 million of its common shares (5% of net assets) at NAV per share as part of its quarterly liquidity program for shareholders. Shares are not traded on any exchange, so this tender offer provides the primary exit mechanism for investors. The offer runs from October 16 to November 16, 2026, with payment approximately three business days after the December 22, 2026 valuation date.
Key Financial Metrics
Key Facts
- Maximum repurchase amount: $54,889,205.71 (5% of net assets as of September 18, 2026)
- Total net assets: approximately $1,097,784,114.11
- NAV per share as of September 18, 2026: $10.22 for both Institutional and Service Shares
- Shares outstanding: 107,387,537 Institutional Shares and 5,300 Service Shares
- Offer period: October 16, 2026 (Commencement) to November 16, 2026 (Expiration)
- Repurchase Valuation Date: December 22, 2026
- Payment within approximately three business days after valuation date
- Funding sources: cash on hand, sale of portfolio securities, or borrowings (no borrowing currently planned)
- No minimum tender condition; pro rata if oversubscribed
- Previous tender offer expired August 14, 2026; quarterly offers expected
Financial Impact
Up to $54.9 million (5% of net assets) will be returned to shareholders at NAV, reducing fund AUM by that amount.
Risk Factors
- If oversubscribed, tenders may be accepted on a pro rata basis, limiting liquidity for some shareholders
- Fund may need to liquidate portfolio holdings earlier than planned to fund repurchases, potentially realizing gains or losses
- Reduction in fund assets may increase expense ratios for remaining shareholders
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC TO-I Filing (Primary) | 0001623632-26-001573 |
| Exhibit: exfilingfees.htm | 0001623632-26-001573 |
| Document: fptft2777-form.htm | 0001623632-26-001573 |
| Document: fptfttoexhibit993edg.htm | 0001623632-26-001573 |
| Document: fptfttoexhibit991edg.htm | 0001623632-26-001573 |
| Document: 0001623632-26-001573-index-headers.html | 0001623632-26-001573 |
| Document: 0001623632-26-001573-index.html | 0001623632-26-001573 |
| Document: 0001623632-26-001573.txt | 0001623632-26-001573 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 11d ago | SC TO-I/A | $10.09 | awaiting T+20 | — | $10.11 (+0.20%) |
Oct 16, 2026 11d ago | SC TO-I | $10.09 | awaiting T+20 | — | $10.11 (+0.20%) |
May 8, 2026 24w ago | 3 | $10.13 $10.18 | ▲ +0.49% | ▲ +0.47% | $10.11 (−0.20%) |
May 8, 2026 24w ago | 3 | $10.13 $10.18 | ▲ +0.49% | ▲ +0.47% | $10.11 (−0.20%) |
US Market Status
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