Volume XV No. 15 | Friday, April 10, 2026
Weekly Highlights
NATIONAL HEALTHCARE PROPERTIES, INC. (LIFECYCLE REIT)
4/6/2026 S-11
The Company applied to list its Class A Common Stock on Nasdaq under the symbol “NHP.” The number of shares to be offered and offering price have yet to be determined.
NUVEEN CHURCHILL BDC V (PRIVATE PLACEMENT BDC) & NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND (NAV BDC)
4/2/2026 8-K Press Release 8-K
The Companies entered into an agreement under which Nuveen Churchill BDC V will sell substantially all of its assets to Nuveen Churchill Private Capital Income Fund in exchange for cash equal to its NAV, with Private Capital Income Fund assuming all related liabilities. The transaction, which has been approved by both boards and is expected to close in the second quarter of 2026 subject to shareholder approval and customary conditions, will result in the selling entity winding down operations, distributing proceeds to shareholders, and terminating its existence. In addition, the Adviser has agreed to extend a full waiver of certain incentive fees through the earlier of the transaction closing or 6/30/26.
TCW DIRECT LENDING VIII LLC & TCW SPECIALTY LENDING LLC (PRIVATE PLACEMENT BDCS)
4/7/2026 8-K 8-K
The Companies completed an exchange offer in which Fund VIII investors tendered approximately 50% of their units in exchange for equivalent units in TCW Specialty Lending LLC. In connection with the transaction, Fund VIII transferred a proportional share of its assets and liabilities to TCW Specialty Lending LLC, and TCW Specialty Lending LLC entered into a $625M credit facility to assume and refinance the related debt.
Press Room
Private Placement BDCs Show Redemption Trends Mirroring Publicly Registered Counterparts (4/9/2026)
Stanger published the Q4 2025 edition of Stanger Privates. The non-listed BDC market crossed the $200 billion milestone in aggregate NAV in Q4 2025, reaching $203.9 billion, with private placement BDCs now accounting for 35.7% of the space. Meanwhile, private placement REITs continue to expand their market share, now representing 25.1% of the $120.5 billion non-listed REIT universe. With redemptions dominating the conversation around publicly registered NAV BDCs in recent months, Stanger has expanded this edition of Stanger Privates to include unparalleled coverage of private placement BDC redemption activity. Published for the first time, this data gives clients the ability to track how private placement sponsors are managing similar dynamics to their publicly registered counterparts. “The Q1 redemption data from private placement BDCs confirms what we have been tracking on the publicly registered side — investor demand for liquidity is broad-based across the non-listed BDC market,” stated Kevin T. Gannon, Chairman & CEO of Stanger. “What is notable is how consistently the semi-liquid structure is functioning across both segments. Sponsors are delivering liquidity within defined program limits, and where demand exceeds those limits, proration is working exactly as intended. As more private placement BDCs report in the coming quarters, we expect this data to become an essential resource for understanding the full scope of redemption activity across the non-listed BDC landscape.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Current Reports
BDCs
FIDELITY PRIVATE CREDIT FUND
4/8/2026 8-K Fact Sheet
The Company issued a fact sheet as of February 2026.
PGIM PRIVATE CREDIT FUND
4/7/2026 8-K
The Company amended its Declaration of Trust to clarify regulatory liability for appraisals, align assignee rights with purchasing shareholders, and standardize the conditions under which shareholders may bring direct legal actions.
NAV REITs
BLACKSTONE REAL ESTATE INCOME TRUST, INC.
4/7/2026 8-K
The Company disclosed the sale of unregistered Class S-2 shares for an aggregate consideration of $63.2M.
CANTOR FITZGERALD INCOME TRUST, INC.
4/2/2026 8-K
The Company entered into an underwriting agreement to issue and sell 800,000 shares of its 9.50% Series A Cumulative Redeemable Preferred Stock at $25.00 per share, generating $20M in gross proceeds or up to $23M if the underwriters exercise their over-allotment option. An affiliate will purchase an additional 100,000 shares without an underwriting discount, and the offering is expected to close on 4/8/26, with the shares expected to begin trading on the NYSE under the symbol “CFTR-PRA.” The Company intends to contribute the net proceeds to its Operating Partnership in exchange for similar preferred units and use the funds to acquire assets, refinance or repay existing debt, and for general corporate purposes.
4/6/2026 8-K
The Company declared March 2026 distributions payable on or about 4/6/26:
March February Gross Dist: $0.08536 $0.07710 Record Date: 3/31/26
COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.
4/7/2026 8-K
The Company disclosed the sale of Class P, B, R-I, and R-S shares for an aggregate purchase price of $3M.
EQT EXETER REAL ESTATE INCOME TRUST, INC.
4/7/2026 8-K
The Company disclosed the issuance of common shares pursuant to DRIP and common shares in a private placement for an aggregate purchase price of $2.56M.
IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.
4/3/2026 8-K
The Company disclosed the sale of unregistered Class X-1 shares to an accredited investor in a private placement for an aggregate purchase price of $0.18M and provided information on the prior performance of programs sponsored by certain affiliates of the Company’s sponsor.
JLL INCOME PROPERTY TRUST, INC.
4/2/2026 8-K Press Release 424B3
The Company reported its March 2026 daily NAV per share (table below), disclosed that it satisfied 100% of redemption requests in Q1 2026 for a total of ~$90.2M, and issued a press release announcing it will hold a public earnings call on 4/8/26 to review Q4 2025 operating and financial results.
Mar. 31 Feb. 27 Class A: $11.23 $11.22 Class M: $11.25 $11.24 Class A-I: $11.27 $11.25 Class M-I: $11.24 $11.23
J.P. MORGAN REAL ESTATE INCOME TRUST, INC.
4/7/2026 8-K
The Company issued Class E, I, and Y shares pursuant to its distribution reinvestment plan on 3/2/26 and 4/1/26 and issued Class E, I, and Y shares in a private placement to accredited investors for an aggregate purchase of $11.5M on 3/2/26 and $54.7M on 4/1/26, respectively.
Private Placement REITs
AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC
4/7/2026 8-K
The Company amended its master repurchase agreement to extend the stated termination date from 4/1/27 to 4/1/28 and amended its fee letter to increase the facility amount from $258.2M to $500M.
ARES INDUSTRIAL REAL ESTATE INCOME TRUST INC.
4/7/2026 8-K
The Company reported the resignation of Stanley A. Moore from his position on the Board. Mr. Moore’s decision to resign was not the result of any disagreement with the Company. In connection, the Board appointed Scott W. Lang.
ARES REAL ESTATE INCOME TRUST INC.
4/7/2026 8-K
The Company disclosed the sale of unregistered Class I-PR and S-PR shares for gross proceeds of approximately $21.1M and reported the resignation of Brian P. Mathis from his position on the Board. Mr. Mathis’s decision to resign was not the result of any disagreement with the Company. In connection, the Board appointed Bryan B. Sanchez.
BLACKROCK MONTICELLO DEBT REAL ESTATE INVESTMENT TRUST
4/2/2026 8-K
The Company disclosed the sale of unregistered Class F-I and F-S shares for gross proceeds of approximately $16.2M.
BLUE OWL DIGITAL INFRASTRUCTURE TRUST
4/3/2026 8-K
Affiliates of the Company entered into a revolving credit agreement pursuant to which lenders and letter of credit issuers thereunder agreed to provide loans and letters of credit for up to an aggregate initial principal amount of $200M, subject to customary conditions, and a letter of credit sublimit of up to $100M. The available capacity under the agreement may be increased, in an aggregate amount not in excess of $3B.
BLUE OWL REAL ESTATE NET LEASE TRUST
4/3/2026 8-K
The Company declared March 2026 distributions (table below), payable on or about 4/17/26, and disclosed the sale of unregistered Class S, N, D, and I common shares for gross proceeds of approximately $188.7M.
March February Gross Dist: $0.0625 $0.0625 Record Date: 3/31/26
EXCHANGERIGHT INCOME FUND
4/6/2026 8-K
The Company disclosed the sale of unregistered Class ER-I and ER-D shares for gross proceeds of approximately $0.52M.
FORTRESS CREDIT REALTY INCOME TRUST
4/7/2026 8-K
The Company declared March 2026 distributions (table below), payable on or about 4/1/26, and disclosed the sale of unregistered common shares for gross proceeds of $16.8M.
March February Gross Dist: $0.1544 $0.1546 Record Date: 3/31/26
FORTRESS NET LEASE REIT
4/7/2026 8-K
The Company declared March 2026 distributions (table below), payable on or about 4/1/26, and disclosed the sale of unregistered common shares for gross proceeds of $110.6M.
March February Gross Dist: $0.0717 $0.0715 Record Date: 3/31/26
FRANKLIN BSP REAL ESTATE DEBT, INC.
4/7/2026 8-K
The Company disclosed the sale of unregistered Class G, G-D, and G-S common stock for aggregate consideration of $9.8M.
GOLDMAN SACHS REAL ESTATE FINANCE TRUST INC
4/6/2026 8-K
The Company closed its previously announced $1.05B commercial real estate collateralized loan obligation transaction.
4/7/2026 8-K
The Company declared March 2026 distributions (table below), payable on or about 4/10/26, and disclosed the sale of unregistered Class I and S common shares for gross proceeds of $19M.
March February Gross Dist: $0.1660 $0.1660 Record Date: 3/31/26
INVESCO COMMERCIAL REAL ESTATE FINANCE TRUST, INC.
4/7/2026 8-K
The Company disclosed the sale of unregistered shares of common stock at February NAV per share plus upfront selling commissions for aggregate consideration of $46.6M and issued common shares under its distribution reinvestment plan. Price per share as follows:
February January Class S-1: $24.9856 $25.0017 Class I: $24.9498 $24.9650 Class S: $24.8784 $24.8944 Class E: $25.8025 $25.7799
NEW MOUNTAIN NET LEASE TRUST
4/6/2026 8-K
The Company disclosed the sale of unregistered Class F and I common shares for aggregate consideration of $16.65M.
NORTH HAVEN NET REIT
4/7/2026 8-K
The Company disclosed the sale of unregistered Class S, F-I, I, and E common shares for aggregate consideration of approximately $68.3M.
PRINCIPAL CREDIT REAL ESTATE INCOME TRUST
4/7/2026 8-K
The Company disclosed the sale of Class I, F-S, F-I, and E shares in connection with their private offering for an aggregate purchase price of $0.9M.
RITHM PERPETUAL LIFE RESIDENTIAL TRUST
4/7/2026 8-K
The Company declared March 2026 distributions (table below), payable on or about 4/20/26, and disclosed the sale of unregistered Class J shares for aggregate consideration of approximately $10.5M.
March February Gross Dist: $0.1700 $0.1700 Record Date: 3/31/26
SCULPTOR DIVERSIFIED REAL ESTATE INCOME TRUST, INC.
4/6/2026 8-K
The Company declared March 2026 distributions (table below), payable on or about 4/10/26, and disclosed the sale of unregistered Class E and AA shares for gross proceeds of approximately $9.8M.
March February Gross Dist: $0.0671 $0.0668 Record Date: 3/31/26
Closed-End Funds
ARISTOTLE PACIFIC ENHANCED CLO INCOME FUND (INTERVAL FUND)
4/3/2026 424B3
The Company changed its distribution frequency from quarterly to monthly.
BLACKROCK PRIVATE INVESTMENTS FUND (TENDER OFFER FUND)
4/6/2026 424B3
The Company amended the “Distribution of Fund Shares—Additional Payments to Financial Intermediaries” section of its SAI.
FLOWSTONE OPPORTUNITY FUND (TENDER OFFER FUND)
4/2/2026 424B3
The Company reported the closing of the previously announced acquisition of all of the membership interests in the Adviser by Towers Watson Investment Services, Inc. In connection, the Company removed prospectus language stating that shares were not being offered for sale and that share repurchases were not expected until further notice. The Company also announced that, beginning on or about 9/30/26, it intends to commence share repurchases. Additionally, shareholders approved a new investment management agreement under which the Adviser agreed, for at least two years following 4/1/26, to reduce its management fee from 1.25% to 1.00% of NAV. The Company also elected six new members to the Board.
HAMILTON LANE CREDIT INCOME FUND (INTERVAL FUND)
4/6/2026 424B3
The Company filed an updated prospectus for its offering of Class I, R, S, and Y Shares.
HAMILTON LANE PRIVATE INFRASTRUCTURE FUND (INTERVAL FUND)
4/8/2026 424B3
The Company amended several sections of its prospectus with regards to purchasing shares through financial intermediaries.
PRIVACORE PCAAM ALTERNATIVE GROWTH FUND (TENDER OFFER FUND)
4/7/2026 424B3
The Company amended its prospectus and SAI in connection with its conversion to an interval fund, expected to occur on or about 5/4/26, and updated several investment management and sub-advisory agreements accordingly. The amendments also reflect the previously announced acquisition of Janus Henderson Group plc, an indirect 49% owner of Privacore Capital, LLC, by funds associated with Trian Fund Management, L.P. and General Catalyst Group Management, LLC.
PRIVACORE VPC ASSET BACKED CREDIT FUND (INTERVAL FUND)
4/3/2026 424B3
The Company filed an updated prospectus for its offering of Class D, I, and S Shares.
ROCKEFELLER MUNICIPAL OPPORTUNITIES FUND (INTERVAL FUND)
4/7/2026 424B3
The Company replaced all references in its prospectus and SAI of Rockefeller Asset Management to Rockefeller Global Investment Management.
USVC VENTURE CAPITAL ACCESS FUND (TENDER OFFER FUND)
4/9/2026 424B3
The Company amended the “Investment Process” and “Portfolio Management Team” sections of its prospectus.
VOYA CREDIT INCOME FUND (INTERVAL FUND)
4/6/2026 424B3
The Company amended its investment policy and eliminated its performance benchmark, the Bloomberg U.S. Aggregate Bond Index.
Lifecycle REITs
KBS REAL ESTATE INVESTMENT TRUST III, INC.
4/8/2026 8-K
The Company sold Gateway Tech Center to an unaffiliated purchaser for $48.1M in net sales proceeds. In connection with the sale, the Company used $47.5M to pay down the outstanding principal of its loan facility and $0.6M to fund the cash management account of the facility. The Company also amended the facility to extend the maturity date to 12/15/26, eliminate principal amortization, defer payment of REIT-level expenses and advisor asset management fees allocable to the underlying collateral properties, and modify certain loan terms.
STRATEGIC STORAGE TRUST VI, INC.
4/2/2026 8-K Press Release
The Company issued a press release discussing its financial results for the year ended 12/31/25.
Other Alts
PARTNERS GROUP LENDING FUND, LLC (PRIVATE PLACEMENT BDC)
4/7/2026 8-K
The Company amended its expense agreement to modify the expense limitation such that other operating expenses shall not exceed 1.00% of the Company’s NAV rather than capital commitments.
Registrations
ADAMS STREET VENTURE & GROWTH FUND
4/6/2026 424B3 4/3/2026 EFFECT
Type: Tender Offer Fund
Primary: Unlimited - Class D, I, M, and S Shares
The fund intends to invest in venture capital and growth companies.
DAWSON PRIVATE MARKETS EVERGREEN FUND
4/9/2026 N-2/A
Type: Tender Offer Fund
Primary: Unlimited - Class D, I, and S Shares
The fund intends to invest in a diversified portfolio of private equity and other private assets, primarily through secondary investments, co-investments, and primary investments in underlying funds.
G-X PRIVATE EQUITY
4/3/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class S, D, and I Shares
The fund intends to invest in private equity across secondary investments, co-investments, and GP stake investments.
MORGAN STANLEY PRIVATE MARKETS & ALTERNATIVES FUND
4/2/2026 N-2/A
Type: Tender Offer Fund
Primary: Unlimited - Class A and I Shares
The fund intends to invest in portfolio funds across private market asset classes including private equity, private credit, and real assets.
MUZINICH AVIATION INCOME FUND (MAIR)
4/7/2026 N-2
Type: Interval Fund - IPO
Primary: Unlimited - Investor, Institutional, and Supra Institutional Class Shares
The fund intends to invest in aviation-related debt instruments and securities.
NORTH HAVEN STRATEGIC CREDIT FUND
4/3/2026 N-2
Type: Interval Fund - IPO
Primary: Unlimited - Class S, D, and I Shares
The fund intends to invest in fixed-income securities and credit instruments such as private corporate loans, private hybrid financing solutions, private asset-based loans, private asset-backed lending facilities, broadly-syndicated loans, high yield bonds, securitized assets and emerging market debt.
