Volume XV No. 3 | Friday, January 16, 2026
Weekly Highlights
ASHFORD HOSPITALITY TRUST INC (NON-TRADED PREFERRED)
1/13/2026 8-K Press Release
The Company announced that, in connection with its evaluation of strategic alternatives, it has suspended preferred dividends on its Series D, F, G, H, I, J, K, L, and M preferred stock, including dividends previously declared for recordholders as of 12/31/25 and payable on 1/15/26.
HAMILTON LANE PRIVATE INFRASTRUCTURE FUND (TENDER OFFER FUND)
1/9/2026 424B3
The Company announced that the board has approved the Company’s conversion to an interval fund, which is expected to occur in April 2026.
NATIONAL HEALTHCARE PROPERTIES, INC. (LIFECYCLE REIT)
1/12/2026 8-K
The Company approved a board declassification resulting in directors now standing for election annually rather than the previous multi-year terms. The Company also accelerated the expiration of its stockholder rights plan from 5/18/26 to 1/12/26.
Press Room
Blackstone Real-Estate Fund Stages Comeback With Best Return In Three Years (THE WALL STREET JOURNAL)
1/14/2026 Article
Robert A. Stanger & Company, Inc. CEO Kevin Gannon was quoted in the above article stating “Real estate hit bottom last June and has been in recovery ever since”.
Closed-End Funds Reach $237 Billion NAV in 2025 as Fundraising Tops $67 Billion Through November (1/14/2026)
Robert A. Stanger & Company, Inc. has published its Q4 2025 edition of The Stanger Closed-End Fund Report, now expanded to include performance data for public offerings of tender offer funds exceeding $100 million in aggregate net asset value (NAV). Interval and tender offer funds closed 2025 on a high note, with combined aggregate NAV reaching $237 billion after a 6.6% quarter-over-quarter increase. Powered by more than $67 billion in gross fundraising year-to-date through November — a 34% jump from the $50 billion raised in full-year 2024 — these vehicles have quickly become a portfolio staple for retail investors seeking access to private markets. Private credit strategies continue to dominate closed-end fund flows, accounting for more than 44% of the $67 billion total raised. “We’re seeing closed-end funds evolve from niche players to essential building blocks for diversified portfolios,” said Kevin T. Gannon, Chairman and CEO of Stanger. “The market has seen surging demand for private credit and private equity exposure, with nearly $42 billion flowing into closed-end funds focused on these strategies. With no signs of slowing down, investors continue to show a strong appetite for illiquid assets wrapped in accessible, semi-liquid formats.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Current Reports
BDCs
ANTARES PRIVATE CREDIT FUND
1/14/2026 8-K
The Company entered into an agreement with Apple Bank and Webster Bank, National Association to increase the aggregate commitments under its credit facility from $500M to $560M through the use of the accordion feature.
APOLLO DEBT SOLUTIONS BDC
1/13/2026 424B3
A subsidiary of the Company entered into a revolving credit and security agreement with Toucan Funding for a maximum principal amount of $600M with an accordion provision that permits an increase up to $1B. The Company also amended the suitability standards section of its prospectus.
1/15/2026 8-K
The Company priced a $750M private placement offering of its 5.700% notes due 2031, which will mature on 1/23/31. The offering is expected to close on 1/23/26.
BLACKSTONE PRIVATE CREDIT FUND
1/12/2026 8-K
The Company issued $700M aggregate principal amount of 5.350% notes due 2031. The notes will mature on 3/12/31.
FIDELITY PRIVATE CREDIT FUND
1/12/2026 8-K
A subsidiary of the Company amended its credit and security agreement to extend the reinvestment period from December 2027 to December 2028, extend the maturity date from December 2029 to December 2030, and reduce the applicable margin.
HPS CORPORATE LENDING FUND
1/13/2026 8-K
The Company entered into a supplemental indenture related to the issuance of $350M of its 5.150% notes due 2029 and $400M of its 5.650% notes due 2031. The notes offering closed on 1/13/26 with net proceeds of $742.3M.
MONROE CAPITAL ENHANCED CORPORATE LENDING FUND
1/15/2026 8-K
The Company announced the appointment of Ronald A. Holinsky as Chief Compliance Officer, Chief Legal Officer and Corporate Secretary. Mr. Holinsky will replace Kristan Gregory, who previously served as Chief Compliance Officer, and Christopher Lund, who previously served as Corporate Secretary.
PROSPECT CAPITAL CORP
1/15/2026 8-K
The Company held its annual stockholder meeting where voters elected two Class III directors to the board.
NAV REITs
BLACKSTONE REAL ESTATE INCOME TRUST, INC.
1/15/2026 424B3
The Company reported its December 2025 NAV per share:
December November Class I: $14.1339 $14.0148 Class S: $14.1247 $14.0055 Class S-2: $14.0621 $13.9621 Class D: $13.7853 $13.6703 Class D-2: $13.6905 $13.6319 Class T: $13.8833 $13.7669 Class T-2: $13.8542 $13.7452 Class C: $16.2269 $16.0272 OP Units: $14.1339 $14.0148
CANTOR FITZGERALD INCOME TRUST, INC.
1/9/2026 8-K 424B3
The Company declared December 2025 distributions payable on or about 1/9/26 (table below) and restated previously announced reductions to its management fee and performance participation allocation as well as an amendment to its SRP.
December November Gross Dist: $0.08378 $0.12740 Record Date: 12/31/25
COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.
1/15/2026 424B3
The Company reported its December 2025 NAV per share:
December November Class I: $11.18 $11.20 Class F-I: $11.01 $10.99 Class P: $11.47 $11.49
EQT EXETER REAL ESTATE INCOME TRUST, INC.
1/15/2026 424B3
The Company reported its December 2025 NAV per share:
December November Class I: $10.87 $10.84 Class A-I: $10.73 $10.70 Class A-II: $10.70 $10.67 Class E: $11.53 $11.47 Class T: $10.86 n/a
FS CREDIT REAL ESTATE INCOME TRUST, INC.
1/15/2026 8-K 424B3
The Company reported its December 2025 NAV per share (table below) and announced that at the recommendation of the adviser, the board has approved a reduction in the monthly distribution paid by the Company for its common stock commencing with the distribution to holders of record as of 2/26/26.
December November Class S: $24.8478 $24.8627 Class T: $24.5916 $24.6071 Class D: $24.6437 $24.6594 Class M: $24.7109 $24.7259 Class I: $23.9307 $23.9470 Class F: $25.1960 $25.2072 Class Y: $23.9138 $23.9284
The Company disclosed distributions paid since September 2025, including a reduction in the distributions per share as of the 2/27/26 record date.
Feb. 2026 Sep. 2025 - Jan. 2026 Gross Dist: $0.1479 $0.1539 Record Date: 2/27/26
HINES GLOBAL INCOME TRUST, INC.
1/9/2026 8-K
The Company amended its limited partnership agreement to designate Class S Partnership Units as either Series 1 or Series 2 Class S Units and incorporate the terms of each series throughout the agreement, clarify and adjust the process for redemptions, and reduce the consent required to approve certain amendments or any merger or consolidation of the operating partnership from 67% to 50% of limited partners’ interests.
1/15/2026 8-K 424B3
The Company reported its December 2025 NAV per share:
December November All Classes: $9.82 $9.78
The Company declared January 2026 distributions, payable on 2/2/26:
January December Gross Dist: $0.052 $0.052 Record Date: 1/30/26
INVESCO REAL ESTATE INCOME TRUST INC.
1/15/2026 8-K 424B3
The Company reported its December 2025 NAV per share:
December November Class T: $26.0583 $26.0373 Class S: $26.1285 $26.0979 Class D: $26.0768 $25.0544 Class I: $26.2231 $26.1993 Class E: $28.1231 $28.0658 Class N: $27.6205 $27.5649 Class S-PR: $26.9953 $27.0029 Class K-PR: $26.9959 $27.0013
IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.
1/15/2026 424B3
The Company reported its December 2025 NAV per share:
December November Class T: $23.1533 $23.2084 Class D: $23.0984 $23.1665 Class I: $23.0883 $23.1520 Class A: $23.2873 $23.3424 Class X-1: $23.1998 n/a
J.P. MORGAN REAL ESTATE INCOME TRUST, INC.
1/15/2026 424B3
The Company reported its December 2025 NAV per share:
December November Class D: $10.56 $10.58 Class I: $10.61 $10.63 Class E: $11.42 $11.43 Class Y: $11.24 $11.23 OP Units: $11.42 $11.43
NUVEEN GLOBAL CITIES REIT, INC.
1/15/2026 424B3
The Company reported its December 2025 NAV per share:
December November Class T: $11.29 $11.35 Class S: $11.15 $11.21 Class D: $11.32 $11.37 Class I: $11.28 $11.33 Class N: $11.74 $11.80
Private Placement REITs
FORTRESS CREDIT REALTY INCOME TRUST
1/15/2026 8-K
A subsidiary of the Company amended its master repurchase agreement to increase the financing available from an aggregate of $300M to $450M.
INVESCO COMMERCIAL REAL ESTATE FINANCE TRUST, INC.
1/15/2026 8-K
The Company reported its December 2025 NAV per share:
December November Class S-1: $25.0342 $25.0322 Class I: $24.9979 $24.9959 Class S: $24.9275 $24.9279 Class E: $25.7712 $25.7233 Class D: $24.9061 $24.9070 Class F: $25.9043 $25.8660
RITHM PERPETUAL LIFE RESIDENTIAL TRUST
1/15/2026 8-K
The Company reported its December 2025 NAV per share, its first reported NAV.
December Class J: $20.17 Class E: $20.19
TERRA PROPERTY TRUST, INC.
1/12/2026 8-K
The Company announced preliminary financial and operating information for the quarter and year ended 12/31/25.
Closed-End Funds
AB CARVAL CREDIT OPPORTUNITIES FUND (INTERVAL FUND)
1/13/2026 424B3
The Company announced James Ganley has retired as Managing Principal of the adviser. In connection, Mr. Ganley will no longer serve as a portfolio manager of the Company but will continue to serve as President and Principal Executive Officer of the Company and Executive Chairman of the adviser.
BOW RIVER CAPITAL EVERGREEN FUND (INTERVAL FUND)
1/13/2026 424B3
The Company amended its prospectus to add language discussing its application for exemptive relief, reduced the minimum initial investment for Class I shares from $250,000 to $50,000, announced the expiration of its sub-advisory agreement with Aksia CA, and announced it has entered into a credit agreement with City National Bank for an aggregate principal amount of up to $125M.
CITY NATIONAL ROCHDALE SELECT STRATEGIES FUND (INTERVAL FUND)
1/9/2026 424B3
The Company’s adviser changed its name from City National Rochdale, LLC to RBC Rochdale, LLC.
CITY NATIONAL ROCHDALE STRATEGIC CREDIT FUND (INTERVAL FUND)
1/9/2026 424B3
The Company’s adviser changed its name from City National Rochdale, LLC to RBC Rochdale, LLC.
FS MVP PRIVATE MARKETS FUND (TENDER OFFER FUND)
1/15/2026 424B3
The Company announced that effective immediately, Stephen Sloan will no longer serve as a portfolio manager of the Company.
INSTITUTIONAL INVESTMENT STRATEGY FUND (INTERVAL FUND)
1/13/2026 424B3
The Company’s adviser changed its name from Buena Capital Advisers, LLC to Ivy Invest Corporation.
LINCOLN BAIN CAPITAL TOTAL CREDIT FUND (INTERVAL FUND)
1/9/2026 424B3
The Company announced that the adviser has agreed to waive its management fee effective 2/1/26 through 7/31/26.
LINCOLN PARTNERS GROUP ROYALTY FUND (TENDER OFFER FUND)
1/9/2026 424B3
The Company announced that the adviser has agreed to waive 50% of its management fee to achieve an effective management fee rate of 0.625% of the greater of the Company’s NAV or the Company’s NAV less cash and cash equivalents plus the total of all commitments made by the Company that have not yet been drawn for investment, to go effective 2/1/26 through 7/31/26.
NB ASSET-BASED CREDIT FUND (INTERVAL FUND)
1/14/2026 424B3
The Company announced that effective immediately, a 2.00% early repurchase fee will be charged with respect to any repurchase of a shareholder’s shares at any time prior to the one-year anniversary of the shareholder’s acquisition of Institutional Class, Class A-1 or Class A-2 Shares, as applicable, on a “first in-first out” basis.
OCTAGON XAI CLO INCOME FUND (INTERVAL FUND)
1/14/2026 424B3
The Company’s distributor and administrator updated their addresses.
Lifecycle REITs
CNL HEALTHCARE PROPERTIES, INC.
1/14/2026 8-K Letter
The Company sent a letter to stockholders without recommendation and remaining neutral in response to an unsolicited mini-tender offer from an unaffiliated third party, Mackenzie Capital Management. Mackenzie proposed to purchase up to 400,000 shares of common stock at a price of $4.55 per share. The most recent estimated value per share was $6.64 per share as of 12/31/24.
INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
1/15/2026 8-K
The Company reported its December 2025 NAV per share:
December November Class P: $14.3407 $15.1522 Class A: $14.3892 $15.2031 Class T: $14.5246 $15.3431 Class D: $14.4155 $15.2290 Class I: $14.3911 $15.2046
Other Alts
MONROE CAPITAL INCOME PLUS CORP (PRIVATE PLACEMENT BDC)
1/14/2026 8-K
The Company announced the appointment of Ronald A. Holinsky as Chief Compliance Officer, Chief Legal Officer and Corporate Secretary. Mr. Holinsky will replace Kristan Gregory, who previously served as Chief Compliance Officer, and Lewis Solimene, Jr., who previously served as Corporate Secretary.
REMORA CAPITAL CORP (PRIVATE PLACEMENT BDC)
1/13/2026 8-K
The Company announced the appointment of Kyleah Adamson as CFO and Treasurer of the Company in connection with the resignation of Daniel Mafrice as the interim CFO. Mr. Mafrice’s decision to resign was not the result of any disagreement with the Company and he will continue his role as President and CEO of the Company.
Registrations
CONSTITUTION CAPITAL EVERGREEN PARTNERSHIP FUND, LLC
1/9/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Common Shares
The fund intends to invest secondary purchases of closed-end funds, primary investments in portfolio funds, and other liquid investments that pursue the business of private equity investing.
FIRST TRUST PRIVATE ASSETS FUND
1/15/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Common Shares
The fund invests in private assets including direct investments in the equity or debt of a company which are not generally available to unaccredited investors; investments in general or limited partnerships, funds, corporations, trusts, and closed-end private funds.
GCM GROSVENOR PRIVATE EQUITY CAPITAL OPPORTUNITIES FUND
1/12/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class D, I, and S Shares
The fund intends to invest primarily in private equity transactions in sectors including, but not limited to, business services, consumer staples, financials, healthcare, industrials, and information technology sectors.
KEYSTONE PRIVATE INCOME FUND
1/9/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class A, D, I, Y, and Z Shares
The fund invests in a wide range of private credit-oriented or other cash flow producing investments, including corporate loans and credit facilities, equipment leasing transactions, real estate backed loans, corporate and consumer receivables, and other specialty finance opportunities or income-producing assets.
PRE-IPO & GROWTH FUND
1/12/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Class F, D, and S Shares
The fund intends to invest in securities of companies that are not listed on an exchange, private funds, PIPE transactions, and SPACs.
