Volume XV No. 6 | Friday, February 6, 2026
Weekly Highlights
FUNDRISE INNOVATION FUND, LLC (TENDER OFFER FUND)
2/3/2026 424B3
The Board approved proposals to facilitate the Company’s conversion from a tender offer closed-end fund to a listed closed-end fund, subject to shareholder approval. Related proposals include increasing the management fee from 1.85% to 2.5% of average daily net assets and imposing a six-month sale restriction on shares purchased before 2/20/26. The Board also approved changing the Company’s name from Fundrise Growth Tech Fund, LLC to Fundrise Innovation Fund, LLC. Effective upon listing, the Board also approved the termination of the expense limitation agreement.
STELLUS PRIVATE CREDIT BDC (PRIVATE PLACEMENT BDC)
2/5/2026 8-K Press Release
The Company issued a press release announcing that Stellus Capital Management, LLC, the majority owner of the Adviser, has entered into an agreement to be acquired by P10 Intermediate Holdings, LLC. The transaction is expected to close in mid-2026 subject to BDC shareholder approvals and other customary closing conditions.
Press Room
After Years of Open-Road Growth, Non-Listed BDCs Enter Hairpin Turn (2/5/2026)
Stanger is set to publish its Q4 2025 Non-Listed BDC edition of The Stanger Report later today. The latest edition introduces several enhancements, including expanded fundraising and redemption trend analysis and deeper portfolio concentration insights. After several years of full-throttle fundraising, expanding NAVs, and double-digit total return expectations, the non-listed BDC market is now navigating a sharp change in direction. Aggregate net asset value rose 2.9% in Q4 to $131.8 billion, a notable downshift from the 9.0% quarter-over-quarter growth recorded in Q3. The Stanger NL BDC Index gained 1.8% in Q4, tying its lowest quarterly performance in nearly three years and falling below its 2.6% trailing ten-quarter average, signaling moderating total return momentum. “The prolonged period of open-road growth for non-listed BDCs is giving way to a hairpin turn,” said Kevin T. Gannon, Chairman & CEO of Stanger. “While 2025 marked another record year for capital formation, Q4 data shows slowing inflows, moderating total returns, and rising redemption levels. Importantly, sponsors largely met elevated redemption requests – and in several cases exceeded the standard 5% quarterly cap – demonstrating the structural integrity of the products. As investors reassess risk, capital is beginning to rotate toward tangible, income-durable sectors such as defensive real estate, NNN structures, and mortgage REITs. Turns don’t end cycles – they reset them. The coming quarters will reveal which platforms are best positioned to navigate tightening liquidity and shifting investor sentiment.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
NAV REITs Close 2025 on the Upswing as Fundraising and Performance Bring Renewed Momentum (2/3/2026)
Stanger published its Q4 2025 Non-Listed REIT edition of The Stanger Report. The latest edition introduces several enhancements, including the new Stanger Composite NAV REIT Total Return Index, expanded fundraising and redemption trend analysis, and deeper portfolio concentration insights. The non-listed REIT sector showed clear signs of stabilization and renewed strength in Q4 as aggregate net asset value edged higher to $90.2 billion. While the full sector remains down 2.7% year-over-year (largely due to declines in Lifecycle REITs), NAV REITs delivered positive NAV growth of 2.1% quarter-over-quarter and 2.3% year-over-year, marking a notable shift after a prolonged period of NAV contraction. “The Q4 numbers confirm that NAV REITs are regaining their footing after a prolonged adjustment period,” said Kevin Gannon, Chairman and CEO of Robert A. Stanger & Company, Inc. “Periods like this test structure, underwriting discipline, and liquidity management. The funds that held their line are now seeing signs for optimism, with NAV growth returning, redemptions easing, and capital re-engaging. Our new Composite Index reflects the full scope of that resilience, particularly as private placement vehicles scale. We now enter 2026 with stabilization, renewed confidence, and tangible momentum.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Current Reports
BDCs
ANTARES PRIVATE CREDIT FUND
2/2/2026 8-K
The Company reported its December 2025 NAV per share:
December November Class I: $25.18 $25.17
The Company declared January 2026 distributions, payable on or about 2/26/26:
January December Gross Dist: $0.1925 $0.1924 Special Dist: $0.0107 $0.0160 Record Date: 1/30/26
ARES STRATEGIC INCOME FUND
2/4/2026 8-K 424B3
The Company amended its credit agreement with The Bank of Nova Scotia to increase total commitments from $750M to $1.5B, extend the reinvestment period from 10/8/27 to 7/29/28, extend the stated maturity date from 4/8/34 to 1/29/35, and adjust the interest rate charged and commitment fee.
BAIN CAPITAL PRIVATE CREDIT
2/2/2026 8-K
The Company amended its senior secured revolving credit agreement to increase the total facility amount from $575M to $650M.
2/5/2026 424B3
The Company filed an updated prospectus for its offering of Class D, I, and S shares.
BLACKSTONE PRIVATE CREDIT FUND
2/6/2026 8-K
The Company provided a portfolio and performance update for Q4 2025.
CRESCENT PRIVATE CREDIT INCOME CORP
1/30/2026 8-K 424B3
The Company reported its December 2025 NAV per share:
December November All Classes: $27.06 $26.89
The Company declared January 2026 distributions, payable on or about 2/27/26:
January December Gross Dist: $0.1600 $0.1600 Special Dist: $0.0400 $0.0400 Record Date: 1/31/26
FIDELITY PRIVATE CREDIT FUND
2/4/2026 8-K Fact Sheet
The Company issued a fact sheet as of December 2025.
GOLUB CAPITAL PRIVATE CREDIT FUND
2/5/2026 8-K
The Company declared February, March, and April distributions, payable on 3/30/26, 4/29/26, and 5/28/26, respectively:
Feb, Mar, Apr Nov, Dec, Jan Gross Dist: $0.1875 $0.1875 Record Dates: 2/28/26, 3/31/26, 4/30/26
JOHN HANCOCK COMVEST PRIVATE INCOME FUND
2/4/2026 8-K
The Company reported its December 2025 NAV per share:
December November Class I: $25.25 $25.27
The Company declared January 2026 distributions, payable on or about 2/23/26:
January December Gross Dist: $0.2104 $0.2176 Record Date: 1/29/26
NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND
1/30/2026 8-K
The Company reported its December 2025 NAV per share:
December November Class I: $24.32 $24.39 Class S: $24.25 $24.32 Class D: $24.32 $24.39
The Company declared January 2026 distributions, payable on 2/27/26:
January December Gross Dist: $0.170 $0.170 Record Date: 1/31/26
T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND
1/30/2026 8-K
The Company reported its December 2025 NAV per share:
December November All Classes: $26.89 $26.87
The Company declared January 2026 distributions, payable on or about 2/27/26:
January December Gross Dist: $0.2000 $0.2000 Supp. Dist: $0.0300 $0.0300 Record Date: 1/30/26
NAV REITs
APOLLO REALTY INCOME SOLUTIONS, INC.
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/20/26:
January December Gross Dist: $0.1123 $0.1123 Record Date: 1/31/26
BGO INDUSTRIAL REAL ESTATE INCOME TRUST, INC.
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/6/26:
January December Gross Dist: $0.0392 $0.0392 Record Date: 1/30/26
BLACKSTONE REAL ESTATE INCOME TRUST, INC.
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/20/26:
January December Gross Dist: $0.0554 $0.0553 Record Date: 1/31/26
2/5/2026 8-K
The Company disclosed the sale of unregistered Class S-2 shares for an aggregate consideration of $8M.
CANTOR FITZGERALD INCOME TRUST, INC.
2/3/2026 8-K
The Company held its reconvened 2025 annual meeting of stockholders where voters elected five nominees to the Board and approved the ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending 12/31/25.
COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.
1/30/2026 424B3
The Company filed an updated prospectus for its offering of Class D, F-I, I, S, T, B, M-I, M-S, P, R-I, and R-S shares.
2/5/2026 8-K
The Company disclosed the private placement sale of Class P, B, R-I, and R-S shares for an aggregate purchase price of $3.7M.
COTTONWOOD COMMUNITIES, INC.
2/2/2026 8-K
The Company issued and sold shares of its 9/19/23 offering of Series A convertible preferred stock for aggregate proceeds of $5.1M.
EQT EXETER REAL ESTATE INCOME TRUST, INC.
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/10/26:
January December Gross Dist: $0.04326 $0.04326 Record Date: 1/31/26
INVESCO REAL ESTATE INCOME TRUST INC.
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/10/26:
January December Gross Dist: $0.1395 $0.1395 Record Date: 1/31/26
JLL INCOME PROPERTY TRUST, INC.
2/2/2026 8-K Press Release 424B3
The Company reported its January 2026 daily NAV per share (table below), disclosed that it satisfied 100% of redemption requests in January for a total of ~$29.1M, and announced the income tax treatment of its 2025 dividends.
Jan. 30 Dec. 31 Class A: $11.25 $11.26 Class M: $11.27 $11.27 Class A-I: $11.29 $11.29 Class M-I: $11.26 $11.27
2/5/2026 8-K Press Release
The Company issued a press release announcing the sale of Kingston at McClean Crossing, a 319-unit apartment community located in the suburb of McClean, VA, located 20 minutes northwest of Washington DC.
J.P. MORGAN REAL ESTATE INCOME TRUST, INC.
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/4/26:
January December Gross Dist: $0.0421 $0.0416 Record Date: 1/31/26
2/4/2026 424B3
The Company filed an updated prospectus for its offering of Class D, I, S, T, E, X, and Y shares.
RREEF PROPERTY TRUST, INC.
2/2/2026 8-K 424B3
The Company reported its January 2026 daily NAV per share (table below), and disclosed that it received January 2026 redemption requests in excess of its 2.0% monthly limit, resulting in a proration of 71.3% (36.1% in December).
Jan. 30 Dec. 31 Class A: $12.98 $12.98 Class I: $13.08 $13.08 Class T: $13.11 $13.11 Class D: $13.11 $13.11 Class M-I: $12.98 $12.99 Class T2: $12.91 $12.92 Class N: $12.99 $13.00
The Company declared January 2026 distributions, payable on 2/3/26:
January December Gross Dist: $0.07495 $0.07495 Record Date: 2/2/26
STARWOOD REAL ESTATE INCOME TRUST, INC.
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/4/26:
January December Gross Dist: $0.1035 $0.1035 Record Date: 1/31/26
2/4/2026 424B3
The Company filed an updated prospectus for its offering of Class D, I, S, and T shares.
Private Placement REITs
BLACKROCK MONTICELLO DEBT REAL ESTATE INVESTMENT TRUST
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/20/26:
January December Gross Dist: $0.1927 $0.1927 Special Dist: n/a $0.1018 Record Date: 1/30/26
2/5/2026 8-K
The Company disclosed the sale of unregistered Class F-I and F-S shares for gross proceeds of approximately $10.2M.
BLUE OWL REAL ESTATE NET LEASE TRUST
2/5/2026 8-K
The Company declared January 2026 distributions (table below), payable on or about 2/18/26, and disclosed the sale of unregistered Class S, N, D, and I common shares for gross proceeds of approximately $195.8M.
January December Gross Dist: $0.0625000 $0.0583333 Record Date: 1/31/26
CNL STRATEGIC RESIDENTIAL CREDIT, INC.
2/3/2026 8-K
The Company declared February 2026 distributions (table below), payable on or about 2/26/26, disclosed the sale of unregistered Class E and FA shares for gross proceeds of approximately $24.5M, and entered into a master repurchase agreement with Goldman Sachs Bank USA for a maximum amount of up to $400M.
February January Gross Dist: $0.166667 n/a Record Date: 2/25/26
EXCHANGERIGHT INCOME FUND
2/4/2026 8-K
The Company reported its December 2025 NAV per share:
December September All Classes: $27.46 $27.30
The Company declared December 2025 distributions, payable on or about 1/15/26:
December November Gross Dist: $0.1449 $0.1449 Record Date: 12/31/25
2/5/2026 8-K
The Company disclosed the sale of unregistered Class D shares for gross proceeds of approximately $0.2M.
FORTRESS NET LEASE REIT
2/4/2026 8-K
The Company amended its credit agreement with Bank of America, N.A. to increase the aggregate principal amount of the credit facilities from $1.65B to $1.8B.
INVESCO COMMERCIAL REAL ESTATE FINANCE TRUST, INC.
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/11/26:
January December Gross Dist: $0.1600 $0.1600 Record Date: 1/31/26
NEW MOUNTAIN NET LEASE TRUST
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/9/26:
January December Gross Dist: $0.1546 $0.1546 Record Date: 1/30/26
2/5/2026 8-K
The Company disclosed the sale of unregistered Class F and I common shares for aggregate consideration of $22.84M.
NORTH HAVEN NET REIT
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/20/26:
January December Gross Dist: $0.1153 $0.1152 Record Date: 1/30/26
2/5/2026 8-K
The Company disclosed the sale of unregistered Class S, I, and E common shares for aggregate consideration of approximately $41.9M.
PRINCIPAL CREDIT REAL ESTATE INCOME TRUST
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/20/26 (table below), disclosed the sale of its 12.0% Series A Cumulative Redeemable Preferred Shares for aggregate gross proceeds of $74,000, and amended its declaration of trust.
January December Gross Dist: $0.1350 $0.1350 Special Dist: n/a $0.0400 Record Date: 1/30/26
RITHM PERPETUAL LIFE RESIDENTIAL TRUST
2/5/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/20/26 (table below) and disclosed the sale of unregistered Class J shares for aggregate consideration of approximately $6.6M.
January December Gross Dist: $0.1700 n/a Record Date: 1/30/26
SCULPTOR DIVERSIFIED REAL ESTATE INCOME TRUST, INC.
2/5/2026 8-K
The Company declared January 2026 distributions (table below), payable on or about 2/12/26, and disclosed the sale of unregistered Class E, A, AA, and I-S shares for gross proceeds of approximately $39.3M.
January December Gross Dist: $0.0668 $0.0648 Record Date: 1/31/26
STARWOOD CREDIT REAL ESTATE INCOME TRUST
1/30/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/4/26:
January December Gross Dist: $0.1560 $0.1560 Special Dist: n/a $0.2100 Record Date: 1/31/26
2/4/2026 8-K
The Company disclosed the sale of unregistered Class I and S common shares for aggregate consideration of approximately $7.5M.
Closed-End Funds
AOG INSTITUTIONAL FUND (INTERVAL FUND)
2/4/2026 424B3
The Company filed an updated prospectus for its offering of Class A and I shares.
APOLLO DIVERSIFIED REAL ESTATE FUND (INTERVAL FUND)
2/3/2026 424B3
The Company announced that effective as of the close of business on 2/3/26, CenterSquare Investment Management LLC will no longer serve as a sub-adviser to the Company. In connection, the Adviser will assume direct management of the portion of the Company’s assets previously managed by CenterSquare.
DYNAMIC ALTERNATIVES FUND (TENDER OFFER FUND)
2/5/2026 424B3
The Company filed an updated prospectus for its offering of Common shares.
EAGLE POINT DEFENSIVE INCOME TRUST (INTERVAL FUND)
2/2/2026 424B3
The Company filed an updated prospectus for its offering of Class A, C, I, and S shares.
EAGLE POINT ENHANCED INCOME TRUST (INTERVAL FUND)
2/2/2026 424B3
The Company filed an updated prospectus for its offering of Class AA, A, C, I, and S shares.
JACKSON CREDIT OPPORTUNITIES FUND (INTERVAL FUND)
1/30/2026 497
The Company amended the “Trustees and Officers of the Fund” section of its prospectus.
JACKSON REAL ASSETS FUND (INTERVAL FUND)
1/30/2026 497
The Company amended the “Trustees and Officers of the Fund” section of its prospectus.
JETSTREAM VENTURE FUND (INTERVAL FUND)
2/4/2026 424B3
The Company lowered the minimum initial investment for its Common shares from $20,000 to $5,000.
LORD ABBETT MUNICIPAL OPPORTUNITIES FUND (INTERVAL FUND)
1/30/2026 424B3
The Company filed an updated prospectus for its offering of Class A, I, and U shares.
VOYA CREDIT INCOME FUND (INTERVAL FUND)
2/6/2026 424B3
The Company announced that effective 2/27/26, Randall Parrish will no longer serve as a portfolio manager for the Company.
Lifecycle REITs
INLAND REAL ESTATE INCOME TRUST, INC.
2/2/2026 8-K
The Company announced the retirement of Mark E. Zalatoris and his resignation as President, CEO, and as a member of the Board. Mr. Zalatoris’s resignation was not due to any disagreement with the Company. In connection, the Board elected Bernard J. Michael to serve as President and CEO, effective 2/2/26. The Board also elected Alan Feldman as a Class II director of the Company. In addition, Lee Daniels stepped down as the Company’s lead independent director but will continue to serve on the Board. In connection, Steven Davis was appointed to lead independent director.
KBS REAL ESTATE INVESTMENT TRUST III, INC.
1/30/2026 8-K Presentation
The Company posted a January 2026 portfolio update to its website.
2/2/2026 8-K
The Company amended its revolving loan facility to extend the maturity date to 3/25/26. In connection, the Company also agreed to limit asset management fees paid to the advisor to 90%, deferring the remaining 10%, and limit disposition fees to 0.65% of property sale prices without lender consent, with any excess fees deferred until the related loan facility is fully repaid.
PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC.
2/4/2026 8-K
The Company received a notice of default and reservation of rights letter from its former advisor relating to a $10M loan dated 7/14/25. The notice alleges that no interest has been paid, resulting in an asserted default under which all principal and interest payments are immediately due, default interest is accruing, and additional collateral is required under the related pledge agreement. The Company is investigating the nature of the payments made and reserves all rights to dispute that the loan is in default.
PROCACCIANTI HOTEL REIT, INC.
1/30/2026 8-K
The Company amended the suitability standards section of its prospectus with regards to Alabama investors.
2/5/2026 8-K
The Company authorized the payment of Q4 2025 distributions for Class K and K-I shares and Class K OP Units reflecting accrual rates of 7% per annum (same as Q3 2025).
Other Alts
BARINGS PRIVATE CREDIT CORP (PRIVATE PLACEMENT BDC)
2/2/2026 8-K
The Company priced a $350M private placement offering of its 5.750% notes due 2029, which will mature on 2/6/29. The offering is expected to close on 2/6/26.
BRAEMAR HOTELS & RESORTS INC. (NON-TRADED PREFERRED)
2/2/2026 8-K Press Release
The Company issued a press release announcing clarifications about its first quarter preferred dividend declarations and 2026 common dividend policy.
GOLUB CAPITAL BDC 4, INC. (PRIVATE PLACEMENT BDC)
2/5/2026 8-K
The Company held its annual meeting of stockholders where voters elected two Class I directors and ratified the selection of Ernst & Young LLP to serve as the Company’s independent registered public accounting firm for the fiscal year ending 9/30/26.
GOLUB CAPITAL DIRECT LENDING CORP (PRIVATE PLACEMENT BDC)
2/5/2026 8-K
The Company held its annual meeting of stockholders where voters elected two Class I directors and ratified the selection of Ernst & Young LLP to serve as the Company’s independent registered public accounting firm for the fiscal year ending 9/30/26.
Registrations
EMERY PARTNERS INCOME CREDIT STRATEGIES FUND
2/6/2026 EFFECT 2/4/2026 N-2/A
Type: Tender Offer Fund
Primary: Unlimited - Common Shares
The fund intends to invest in credit and credit-related investments including debt securities, such as bonds and loans, yielding securities, and fixed income investments.
FT VEST TOTAL RETURN INCOME FUND: SERIES A1
2/5/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class A and I Shares
The fund intends to invest primarily in U.S. exchange-traded equity securities contained in the S&P 500 Index.
GUGGENHEIM INVESTMENTS PRIVATE CREDIT FUND
2/5/2026 N-2/A
Type: BDC - IPO
Primary: $2.5B - Class S, D, and I Shares
The fund intends to invest in U.S. private companies in the middle market and upper-middle market in the form of first lien and senior secured loans.
JPMORGAN CREDIT MARKETS FUND
1/30/2026 EFFECT 1/28/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Class S, A, and I Shares
The fund intends to invest in a portfolio of credit investments, including loans, bonds, other credit instruments, CDOs, CLOs, ABS, credit-linked notes or other structured finance securities.
LIBREMAX ASSET-BACKED INCOME FUND
2/3/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Class A, I, and L shares
The fund intends to invest in private asset-backed finance products, traded credit products, and other credit related investments that provide exposure to asset backed investments.
SILVER POINT PRIVATE CREDIT FUND
2/2/2026 10-12G
Type: Private Placement BDC
Primary: Unlimited - Common Shares
The fund intends to invest primarily in senior secured loans to private U.S. middle market companies.
TCW SPECIALTY LENDING IX LLC
2/2/2026 10-12G
Type: Private Placement BDC
Primary: Unlimited - Common Units
The fund intends to invest in senior secured loans to middle market companies or other issuers.
TERRA PROPERTY TRUST, INC.
2/4/2026 S-11/A
Type: Private Placement REIT - Notes Offering
Primary: $60,000,000
The fund is offering notes due 2029, the details of which are TBD.
