Volume XV No. 8 | Friday, February 20, 2026
Weekly Highlights
BLUE OWL CAPITAL CORP II (TRADITIONAL BDC)
2/18/2026 8-K Press Release
The Company entered into six loan sale agreements to dispose of $600M of total debt investment commitments, representing approximately 34% of total investment commitments including unfunded commitments. The investments will be sold at fair value, which is equivalent to 99.7% of par value as of 2/12/26 inclusive of the additional $800M of direct lending investments being sold by two other Blue Owl BDCs. The Company also intends to make a special cash distribution to shareholders in Q1 2026 of up to approximately 30% of NAV as of 12/31/25. In connection, the Company will terminate its dividend reinvestment plan, with all payments expected to be made in cash going forward, and intends to continue monthly cash distributions while prioritizing quarterly return of capital distributions in place of reinstating its quarterly tender offers.
CANTOR FITZGERALD INCOME TRUST, INC. (NAV REIT)
2/18/2026 424B3
The Company issued $74.9M of operating partnership equity, representing 3,728,218 OP Units, in connection with the exercise of a fair market value purchase option to acquire 95% of the interests in the CF Pearland Multifamily DST, as well as through tender offers to exchange OP Units for interests in several affiliated DST offerings. Since inception, the Company has issued $136.5M of OP equity, representing 6,761,737 OP Units.
CNL HEALTHCARE PROPERTIES, INC. (LIFECYCLE REIT)
2/13/2026 8-K
The Company announced that in connection with its merger agreement with Sonida Senior Living, two lawsuits have been filed by purported stockholders of Sonida against Sonida and members of its Board. The actions generally allege, among other things, that the definitive proxy statement provided by the Company and Sonida omits material information regarding the proposed transactions contemplated by the merger agreement. In order to mitigate any risk of delaying or otherwise adversely affecting the merger, and without admitting any liability or wrongdoing, Sonida and the Company have determined to voluntarily supplement the definitive proxy statement.
Press Room
Public Markets Are Pricing AI Risk: Now It’s Time to Look at Non-Traded BDCs (2/13/2026)
Public markets are increasingly pricing in the risks and disruptions associated with artificial intelligence, with new industries coming into focus each day. Against this backdrop, Robert A. Stanger & Company, Inc. (“Stanger”) today announced the release of its AI Disruption Risk Assessment of the non-traded BDC landscape—an analysis the firm believes is timely given recent volatility and AI-driven repricing across public credit and equity markets. The assessment evaluates how artificial intelligence (“AI”) may influence underlying sector exposure across non-traded Business Development Companies (“BDCs”). The assessment applies an AI disruption risk profile to each BDC’s most recently disclosed top five sector exposures, evaluating workforce displacement risk, margin compression potential, business-model vulnerability, and barriers to AI adoption. Across the universe analyzed, the top five sector exposures represent, on average, 52% of total portfolio allocation, underscoring the concentration risk embedded in non-traded BDC portfolios. In aggregate, the analysis covers 22 non-traded NAV BDCs, representing $235.2 billion in total investment value and $130.7 billion in total net asset value, providing a comprehensive view of how AI-related disruption may impact credit risk and portfolio valuations across the space.
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Private Placement REITs Surge to Record $30.5 Billion NAV in 2025; New Private Index Outperforms Publicly Registered Peers (2/17/2026)
Stanger published the Q4 2025 Stanger Privates – REIT Preview Edition. This edition provides year-end data on private placement REITs, while a final version – including BDC data as of December 31 – will be released following the filing of 10-Ks at the end of the first quarter. Private placement REITs continued their recent expansion, with combined aggregate NAV surging to $30.5 billion in Q4 – a 17.4% quarter-over-quarter increase and a 66.4% year-over-year jump. These vehicles now represent 25.3% of the $120.7 billion total aggregate NAV across publicly registered and private placement REITs, up substantially from 16.5% at the end of 2024 and reflecting a meaningful acceleration in market share penetration. “All new non-listed REIT offerings are now being launched as private placements, reflecting the realities of today’s regulatory environment,” said Kevin T. Gannon, Chairman and CEO of Robert A. Stanger & Company, Inc. “Performance has benefited from the absence of legacy asset drag, with newer portfolios constructed at current market pricing. This is evident in the Stanger Private NAV REIT Total Return Index, which posted a 9.6% full-year return, outperforming publicly registered NAV REIT benchmarks. As redemptions begin to build in BDCs, we expect private placement REITs to capture a disproportionate share of these flows.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Current Reports
BDCs
AB PRIVATE LENDING FUND
2/13/2026 8-K
A subsidiary of the Company amended its credit agreement to decrease the applicable margin and interest rate cap, extend the stated maturity date to 2/9/35, and extend the reinvestment period to 2/9/28.
APOLLO DEBT SOLUTIONS BDC
2/13/2026 424B3
A subsidiary of the Company amended its loan and security agreement to increase the maximum facility amount from $500M to $1B and increase the minimum equity amount from $175M to $300M.
ARES STRATEGIC INCOME FUND
2/19/2026 8-K 424B3
The Company reported its January 2026 NAV per share (table below) and disclosed the sale of unregistered Class I shares pursuant to Regulation S for total consideration of $99.5M.
January December All Classes: $27.26 $27.48
The Company previously declared February 2026 distributions, payable on or about 3/25/26:
February January Gross Dist: $0.21430 $0.21430 Record Date: 2/27/26
BLACKSTONE PRIVATE CREDIT FUND
2/20/2026 8-K
The Company reported its January 2026 NAV per share (table below) and disclosed the sale of unregistered Class I shares to feeder vehicles pursuant to Regulation S for consideration of $185.3M.
January December All Classes: $24.68 $24.79
The Company declared February 2026 distributions, payable on or about 3/26/26:
February January Gross Dist: $0.2000 $0.2000 Record Date: 2/28/26
BLUE OWL CAPITAL CORP II
2/18/2026 8-K Press Release
The Company amended its revolving credit agreement to reduce the maximum commitment from $225M to $75M, shorten the availability period to October 2027, increase pricing, and ease certain equity and restricted payment provisions. The Board also approved monthly distributions for February and March 2026 of $0.0533 per share.
BLUE OWL TECHNOLOGY INCOME CORP.
2/18/2026 8-K
The Company entered into six separately negotiated loan sale agreements totaling $400M in debt investment commitments, each relating to the disposition of a portion of the Company’s portfolio company investments. The settlement of the sales of such portfolio company investments is expected to be completed in the first quarter of 2026.
GOLUB CAPITAL PRIVATE CREDIT FUND
2/17/2026 8-K
The Company entered into an agreement with Sumitomo Mitsui Banking Corporation to exercise the accordion feature under its senior secured revolving credit facility, increasing total commitments from $2.55B to $2.60B.
NEXPOINT CAPITAL, INC.
2/18/2026 8-K
The Company reported its new NAV per share:
1/31/26 12/31/25 All Classes: $4.43 $4.60
NAV REITs
APOLLO REALTY INCOME SOLUTIONS, INC.
2/18/2026 424B3
The Company reported its January 2026 NAV per share:
January December Class S: $21.1616 $21.1616 Class D: $21.2585 $21.2574 Class I: $21.0537 $21.0534 Class F-I: $20.9825 $20.9796 Class A-I: $21.5491 $21.5335 Class A-III: $21.4932 $21.4781 Class E: $21.6362 $21.6199 OP Class A-I: $21.5491 $21.5335 OP Class E: $21.6362 $21.6199
BLACKSTONE REAL ESTATE INCOME TRUST, INC.
2/13/2026 424B3
The Company reported its January 2026 NAV per share:
January December Class I: $14.2081 $14.1339 Class S: $14.1976 $14.1247 Class S-2: $14.1976 $14.0621 Class D: $13.8537 $13.7853 Class D-2: $13.8537 $13.6905 Class T: $13.9550 $13.8833 Class T-2: $13.9550 $13.8542 Class C: $16.3746 $16.2269 Class L: $14.2146 n/a OP Units: $14.2081 $14.1339
BROOKFIELD REAL ESTATE INCOME TRUST INC.
2/13/2026 424B3
The Company reported its January 2026 NAV per share:
January December Class S: $10.2474 $10.2656 Class I: $10.3602 $10.3778 Class D: $10.4546 $10.4720 Class T: $10.4412 $10.4557 Class C: $10.0459 $10.0657 Class E: $10.3516 $10.3687 Class I OP: $10.3602 $10.3778 Class E OP: $10.3516 $10.3687
CANTOR FITZGERALD INCOME TRUST, INC.
2/18/2026 424B3
The Company reported its January 2026 NAV per share (table below) and announced it satisfied 53.9% of January 2026 repurchase requests (50.7% in December).
January December Class AX: $20.19 $20.10 Class IX: $20.19 $20.10 Class I: $20.19 $20.10 Class TX: $20.18 $20.09 Class T: $20.18 $20.09 Class D: $20.19 $20.10 Class S: $20.18 $20.09 Class I OP Units: $20.19 $20.10 Class T OP Units: $20.18 $20.09
COTTONWOOD COMMUNITIES, INC.
2/17/2026 8-K 424B3
The Company reported its January 2026 NAV per share (table below) and issued and sold shares of its 9/19/23 offering of Series A convertible preferred stock for aggregate proceeds of $1.6M.
January December All Classes: $11.3665 $11.3574
The Company declared February 2026 distributions, payable in March 2026:
February January Gross Dist: $0.05666667 $0.05666667 Record Date: 2/28/26
2/18/2026 8-K
The Company issued and sold shares of its 12/9/24 offering of Series 2025 preferred stock for aggregate proceeds of $1.5M.
J.P. MORGAN REAL ESTATE INCOME TRUST, INC.
2/19/2026 8-K
The Company issued Class E, I and Y shares pursuant to its distribution reinvestment plan on 12/1/25, 1/2/26, and 2/2/26. The Company also issued Class E, I, and Y shares in a private placement to accredited investors for an aggregate purchase of $6.2M on 12/1/25, $15.5M on 1/2/26, and $13.1M on 2/2/26, respectively.
RREEF PROPERTY TRUST, INC.
2/13/2026 424B3
The Company reported its February 2026 redemption price per share:
February January Class A: $13.02 $12.94 Class I: $13.12 $13.04 Class T: $13.15 $13.07 Class D: $13.15 $13.07 Class M-I: $13.02 $12.94 Class T2: $12.96 $12.88 Class N: $13.03 $12.95
STRATCAP DIGITAL INFRASTRUCTURE REIT, INC.
2/13/2026 8-K 424B3
The Company held its 2025 annual meeting of stockholders where voters elected nine individuals to the Board and the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending 12/31/25 was ratified.
Private Placement REITs
ARES INDUSTRIAL REAL ESTATE INCOME TRUST INC.
2/13/2026 8-K
The Company reported its January 2026 NAV per share:
January December All Classes: $13.1995 $13.1272
The Company declared January 2026 distributions:
January December Gross Dist: $0.05250 $0.05250 Record Date: 1/30/26
ARES REAL ESTATE INCOME TRUST INC.
2/13/2026 8-K
The Company reported its January 2026 NAV per share:
January December All Classes: $8.1020 $8.0353
The Company declared January 2026 distributions:
January December Gross Dist: $0.03450 $0.03450 Record Date: 1/30/26
BLUE OWL DIGITAL INFRASTRUCTURE TRUST
2/17/2026 8-K/A
The Company provided required audited and unaudited statements of revenues and certain expenses in connection with its acquisition of a portfolio of 11 digital infrastructure real estate assets disclosed in its 8-K filed on 12/4/25.
2/20/2026 8-K
The Company reported its January 2026 NAV per share (table below) and disclosed the sale of unregistered Class S, D, I, and E common shares for gross proceeds of approximately $42.4M.
January December Class S: $10.0695 $10.0604 Class D: $10.0696 $10.0604 Class I: $10.0696 $10.0604 Class E: $10.1116 $10.0849 Class I OP Units: $10.0696 $10.0604 Class E OP Units: $10.1116 $10.0849
The Company declared January 2026 distributions, payable on or about 2/18/26.
January December Gross Dist: $0.0375 $0.0375 Record Date: 1/31/26
BLUE OWL REAL ESTATE NET LEASE TRUST
2/19/2026 8-K
The Company reported its January 2026 NAV per share (table below) and disclosed the sale of unregistered Class I common shares for gross proceeds of approximately $35.6M.
January December Class S: $10.5324 $10.4980 Class N: $10.6197 $10.5838 Class D: $10.3963 $10.3620 Class I: $10.6069 $10.5706 OP Units: $10.6069 $10.5706
EXCHANGERIGHT INCOME FUND
2/17/2026 8-K
The Company announced that ExchangeRight has appointed David Van Steenis, its current CFO and CIO, to serve as President, effective 2/11/26.
2/18/2026 8-K
The Company disclosed the sale of unregistered Class D shares for gross proceeds of approximately $0.17M.
FORTRESS CREDIT REALTY INCOME TRUST
2/19/2026 8-K
The Company reported its January 2026 NAV per share:
January December Class B: $20.0550 $20.0745 Class R: $19.9107 $19.9319 Class J-1: $19.9172 $19.9383 Class J-2: $19.9015 $19.9226 Class J-4: $20.1350 $20.1523 Class S: $20.1129 $20.1319 Class I: $20.1116 $20.1293 Class E: $20.0367 $20.0564
FORTRESS NET LEASE REIT
2/19/2026 8-K
The Company reported its January 2026 NAV per share:
January December Class S: $10.3546 $10.3382 Class I: $10.4069 $10.3505 Class F-S: $10.4190 $10.3550 Class F-I: $10.4858 $10.4205 Class D-S: $10.7447 $10.6611 Class E: $10.8100 $10.7261
FRANKLIN BSP REAL ESTATE DEBT, INC.
2/13/2026 8-K
The Company declared January 2026 distributions, paid on 2/13/26:
January December Gross Dist: $0.1667 $0.1667 Record Date: 1/30/26
SCULPTOR DIVERSIFIED REAL ESTATE INCOME TRUST, INC.
2/13/2026 8-K
The Company reported its January 2026 NAV per share:
January December Class E: $11.7489 $11.7312 Class F: $11.4546 $11.4822 Class FF: $11.3128 $11.3025 Class AA: $11.2237 $11.2290 Class A: $11.1215 $11.1167 Class I-S: $11.0754 $11.0725 OP Units: $11.7489 $11.7312
Closed-End Funds
CALAMOS AKSIA ALTERNATIVE CREDIT & INCOME FUND (INTERVAL FUND)
2/20/2026 424B3
The Board approved the appointment of State Street Bank and Trust Company as administrator and custodian of the Company, as well as the appointment of U.S. Bancorp Fund Services, LLC as transfer agent of the Company. Such appointments are expected to take effect around the beginning of Q2 2026.
CALAMOS AKSIA HEDGED STRATEGIES FUND (INTERVAL FUND)
2/20/2026 424B3
The Board approved the appointment of U.S. Bancorp Fund Services, LLC as transfer agent of the Company. Such appointment is expected to take effect within Q1 2026.
CALAMOS AKSIA PRIVATE EQUITY & ALTERNATIVES FUND (INTERVAL FUND)
2/20/2026 424B3
The Board approved the appointment of U.S. Bancorp Fund Services, LLC as transfer agent of the Company. Such appointment is expected to take effect within Q1 2026.
CARLYLE TACTICAL PRIVATE CREDIT FUND (INTERVAL FUND)
2/18/2026 8-K
The Company announced it is currently conducting a private offering of preferred stock to certain institutional investors.
CATALYST/PERINI STRATEGIC INCOME FUND (INTERVAL FUND)
2/19/2026 424B3
The Company provided an update on management fees incurred and the portion waived by the Adviser for the period from 8/2/24 through 9/30/24, and for the fiscal year ended 9/30/25.
FS MVP PRIVATE MARKETS FUND (TENDER OFFER FUND)
2/17/2026 424B3
The Company amended the “Interested Trustees And Officers” section of its prospectus.
PIMCO FLEXIBLE REAL ESTATE INCOME FUND (INTERVAL FUND)
2/13/2026 424B3
The Company amended the “Principal Investment Strategies” section of its prospectus.
PRINCIPAL REAL ASSET FUND (INTERVAL FUND)
2/17/2026 424B3
The Company amended the language of several sections of its prospectus.
PURSUIT ASSET-BASED INCOME FUND (INTERVAL FUND)
2/19/2026 424B3
The Company filed an updated prospectus for its offering of Class A, C, and I shares.
Lifecycle REITs
CNL HEALTHCARE PROPERTIES, INC.
2/17/2026 8-K Letter
The Company provided a letter to stockholders announcing the Board’s approval of a NAV per share of $6.90 as of 11/4/25 and declared a prorated regular quarterly distribution of $0.02133 per share for the first quarter through 3/16/26. The distribution is expected to be paid on or about 2/18/26, to shareholders of record as of 2/13/26.
INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
2/17/2026 8-K
The Company reported its January 2026 NAV per share:
January December Class P: $14.0159 $14.1205 Class A: $14.0637 $14.1682 Class T: $14.1989 $14.3016 Class D: $14.0910 $14.1942 Class I: $14.0655 $14.1701
NATIONAL HEALTHCARE PROPERTIES, INC.
2/20/2026 8-K Press Release
The Company issued a press release announcing its financial results for Q4 2025.
Other Alts
BLUEROCK HOMES TRUST, INC. (NON-TRADED PREFERRED)
2/17/2026 8-K
The Company reported its estimated value per share of its Series A redeemable preferred stock:
9/30/25 9/30/24 Series A Pref: $25.00 $25.00
GOLDMAN SACHS PRIVATE CREDIT CORP. (PRIVATE PLACEMENT BDC)
2/19/2026 8-K
The Company priced an additional $400M private placement offering of its 5.875% notes due 2031 and $700M private placement offering of its 5.050% notes due 2028. The 2031 notes will mature on 1/31/31 and the 2028 notes will mature on 2/23/28. The offering is expected to close on 2/23/26.
REDWOOD ENHANCED INCOME CORP. (PRIVATE PLACEMENT BDC)
2/18/2026 8-K
The Company held a special meeting of stockholders at which stockholders authorized the Board’s proposal to withdraw the Company’s election to be regulated as a BDC and to convert the Company from a Maryland corporation to a Delaware limited partnership.
Registrations
BANNER RIDGE DSCO PRIVATE MARKETS FUND
2/18/2026 N-2/A
Type: Tender Offer Fund
Primary: Unlimited - Common Shares
The fund intends to invest in private investments on an opportunistic basis primarily in the United States and Europe.
CAPITAL GROUP KKR U.S. EQUITY (PLUS)
2/19/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Class A, A-2, A-3, F-2, F-3, and R-6 Shares
The fund intends to invest in both publicly traded and private equity securities.
CIBC PRIVATE LENDING STRATEGIES
2/13/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Class I Shares
The fund intends to focus mainly on strategies that invest in short term assets, prioritize capital structure seniority, produce high, stable cash distributions monthly or quarterly, and exhibit limited sensitivity to public equity and credit market volatility.
CLIFFWATER CORPORATE LENDING FUND
2/19/2026 N-2
Type: Interval Fund - Notes Offering
Primary: TBD
The fund is offering notes, the details of which are TBD.
MSD INVESTMENT CORP.
2/13/2026 EFFECT 2/17/2026 424B3
Type: Private Placement BDC - Notes exchange
Primary: $500M aggregate principal amount
The fund is offering to exchange all of its outstanding and unregistered 6.250% Notes due 2030 for an equal amount of its new Notes that have been registered.
PRIVATE DEBT & INCOME FUND
2/19/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class I Shares
The fund invests in private income-generating, credit-related investments.
T. ROWE PRICE GOLDMAN SACHS PRIVATE MARKETS FUND
2/13/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Class A, D, and I Shares
The fund intends to invest in private markets or underlying funds that invest predominantly in private markets.
