Blackstone vehicle buys 23.4% of Varagon Capital for $74.6m

A Blackstone investment vehicle, SP Marigold Acquisitions L.P., bought 9,728,256 shares of Varagon Capital Corporation (SEC CIK 1784700) on 30 September 2026, giving it 23.4% of the company's common stock, according to a Schedule 13D filed with the SEC on 7 October 2026.

The filing gives the aggregate purchase price as $74,614,556.14, paid in a privately negotiated transaction. That works out at about $7.67 a share. (Schedule 13D, filed 7 October 2026)

The money came from capital contributions from the vehicle's limited partners, the filing states. (Schedule 13D, Item 3)

The 23.4% figure is calculated against 41,538,726 shares outstanding as of 11 August 2026, the number reported in Varagon's quarterly report on Form 10-Q. (Schedule 13D, Item 5)

The reporting group includes Strategic Partners Fund Solutions Associates X L.P., Blackstone Holdings II L.P. and Blackstone Inc. Each reports sole voting and dispositive power over the shares, which are held directly by SP Marigold Acquisitions L.P.; the other entities disclaim beneficial ownership. (Schedule 13D, cover pages and Item 5)

The filing says the shares were acquired for investment purposes. It adds that the holders will review the investment on an ongoing basis and may talk to the board, management and other shareholders about matters including mergers, asset sales, board composition and dividend policy, and that they may seek to influence management or the board. Beyond that, it reports no present plans. (Schedule 13D, Item 4)

Varagon is registered with the SEC under business development company file number 814-01538. (SEC EDGAR company record)

The filings do not state who sold the shares or why. Loro has made no approach to the company. Figures are as reported in Varagon Capital Corporation's SEC filings.