Volume XV No. 5 | Friday, January 30, 2026
Weekly Highlights
BLUE OWL CREDIT INCOME CORP. (NAV BDC)
1/29/2026 SC TO-I/A
The Company redeemed approximately $1B of shares, satisfying 100% of repurchase requests and representing 5.2% of the Company’s aggregate shares outstanding as of 9/30/25. This followed the Company’s original offer to repurchase up to $966.4M of shares or 5.0% of its aggregate NAV as of 9/30/25. The final redemption amount reflects a 217% increase compared to the Company’s Q3’25 tender offer.
BLUE OWL TECHNOLOGY INCOME CORP. (NAV BDC)
1/29/2026 SC TO-I/A
The Company redeemed $527.2M of shares, satisfying 100% of repurchase requests and representing 15.4% of the Company’s aggregate shares outstanding as of 9/30/25. The Company originally offered to repurchase up to 5% of its aggregate NAV and subsequently increased the offer to 65,771,325 shares, or ~19% of shares outstanding. The final redemption amount reflects a 484% increase compared to the Company’s Q3’25 tender offer.
PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC. (LIFECYCLE REIT)
1/23/2026 8-K
The Company, following a recommendation from its Special Committee, approved pursuing a plan of liquidation subject to Board and stockholder approval. In connection, the Company terminated its advisory agreement with Pacific Oak Capital Advisors effective 1/31/26, entered into an asset management agreement with Westdale Asset Management, and engaged R2 Advisors as its accounting and reporting manager. Additionally, a subsidiary of the Company has agreed to provide up to $905,000 of short-term funding to support working capital, regulatory compliance, public reporting, and liquidation-related efforts. The Company also removed Peter McMillan as Chairman of the Board and President and removed Keith D. Hall as CEO while appointing Brian Ragsdale to President, CEO, and CFO.
VOYA ENHANCED SECURITIZED INCOME FUND (INTERVAL FUND)
1/26/2026 424B3
The Board approved a proposal to liquidate the Company on or about 2/26/26.
Press Room
2025 Investment in Alternative Assets Exceeds $203 Billion; Non-Traded BDC Redemptions Spike in Q4 While Real Estate Programs Show Signs of Resurgence (1/28/2026)
Stanger has published its December 2025 issue of The Stanger Market Pulse. Alternative Investment fundraising for 2025 totaled approximately $203.7 billion, a 35.5% increase from last year and a staggering 121.9% increase from 2023 levels. As previously reported by Stanger, the current surge of retail capital into alternative investments has helped drive fundraising totals past the $1 trillion mark over the last twenty-five years. Fundraising in 2025 was led by business development companies at $63.0 billion, interval funds at $39.8 billion and tender offer funds at $33.1 billion. Publicly registered and private BDC fundraising finished the year up 13.9% as compared to 2024, while recent scrutiny around loan defaults, valuation transparency and interest rate uncertainty have contributed to a year-end slowdown in monthly fundraising levels and increased investor demand for redemptions. Combined monthly fundraising in publicly registered and private BDCs posted $4.8 billion of sales in December 2025, a 22.6% decline from their peak of $6.2 billion raised in March this year. According to Kevin T. Gannon, Chairman and CEO of Stanger, “Publicly registered and private BDC fundraising surpassed $63 billion in 2025, however, fourth quarter sales and preliminary redemption results tell the story of a new market dynamic. BDC fundraising in Q4 recorded a 10.1% decline from the prior quarter and redemptions reported by publicly registered non-traded BDCs to date report a combined increase of 200% by BDCs with aggregate NAVs exceeding $1 billion. With several BDCs expected to report in the coming weeks, Stanger believes this trend will continue for the quarter and into the new year.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Current Reports
BDCs
APOLLO DEBT SOLUTIONS BDC
1/23/2026 8-K 8-K 8-K
The Company reported its December 2025 NAV per share (table below), disclosed the sale of unregistered Class I shares to feeder vehicle pursuant to Regulation S for total consideration of $44.7M, and entered into a supplemental indenture related to the issuance of $750M of its 5.700% notes due 2031. The notes offering closed on 1/23/26 with net proceeds of $742.2M. The Company also provided shareholders a Q4 2025 performance and market update, highlighted by a three-month and one-year total net return of 1.75% and 7.94%, respectively.
December November All Classes: $24.40 $24.44
The Company declared January 2026 distributions, payable on or about 2/27/26:
January December Gross Dist: $0.1800 $0.1800 Record Date: 1/30/26
ARES STRATEGIC INCOME FUND
1/29/2026 8-K 424B3
The Company and U.S. Bank Trust Company entered into an additional supplemental indenture with regards to the Company’s $700M offer and sale of 5.55% notes due 2031.
BAIN CAPITAL PRIVATE CREDIT
1/27/2026 8-K
The Company reported its December 2025 NAV per share:
December November Class I: $25.98 $25.94
The Company declared January 2026 distributions, payable on or about 2/27/26:
January December Gross Dist: $0.1875 $0.1875 Special Dist: n/a $0.0300 Record Date: 1/30/26
1/30/2026 8-K
The Company entered into a transfer agent servicing agreement with U.S. Bancorp Fund Services, LLC, effective as of 2/1/26.
BLACKROCK PRIVATE CREDIT FUND
1/23/2026 8-K
The Company reported its December 2025 NAV per share:
December November All Classes: $23.95 $23.98
1/26/2026 8-K
The Company declared January 2026 distributions, payable on 2/25/26 (table below) and disclosed the sale of unregistered Institutional common shares to feeder vehicles pursuant to Regulation S for total consideration of $26.5M.
January December Gross Dist: $0.1956 $0.1959 Record Date: 1/29/26
BLUE OWL CAPITAL CORP II
1/30/2026 8-K
The Company updated its DRIP price:
January December Common: $8.26 $8.27
BLUE OWL CREDIT INCOME CORP.
1/28/2026 8-K
The Company reported its December 2025 NAV per share (table below) and disclosed the sale of unregistered Class I common shares to feeder vehicles pursuant to Regulation S for total consideration of $26.8M.
December November Class S: $9.32 $9.34 Class D: $9.33 $9.35 Class I: $9.34 $9.36
BLUE OWL TECHNOLOGY INCOME CORP.
1/28/2026 8-K
The Company reported its December 2025 NAV per share (table below) and disclosed the sale of unregistered Class I common shares to feeder vehicles pursuant to Regulation S for total consideration of $7.5M.
December November All Classes: $10.38 $10.40
The Company previously declared January 2026 distributions, payable on or before 2/28/26:
January December Gross Dist: $0.074775 $0.074775 Record Date: 1/30/26
FIDELITY PRIVATE CREDIT FUND
1/29/2026 8-K
The Company reported its December 2025 NAV per share:
December November Class I: $25.10 $25.07 Class S: $25.07 $25.05 Class D: $25.10 $25.07
The Company declared January 2026 distributions, payable on or about 2/27/26:
January December Gross Dist: $0.1750 $0.1750 Supp. Dist: $0.0160 $0.0160 Record Date: 1/30/26
FIRST EAGLE PRIVATE CREDIT FUND
1/23/2026 8-K
The Company reported its December 2025 NAV per share (table below) and disclosed the sale of unregistered Class I common shares to feeder vehicles pursuant to Regulation S for total consideration of $7,200.
December November Common: $24.23 $24.21
The Company declared January 2026 distributions, payable on or about 2/26/26:
January December Gross Dist: $0.210 $0.210 Record Date: 1/30/26
GOLUB CAPITAL PRIVATE CREDIT FUND
1/23/2026 8-K
The Company entered into a purchase agreement with several initial purchasers for the issuance and sale of $500M of its 5.600% notes due 2031.
1/29/2026 8-K
The Company completed its offering of a $500M aggregate principal amount of its 5.600% notes due 2031 in a private placement. The net proceeds from the sale of the notes were approximately $488.7M.
HPS CORPORATE LENDING FUND
1/28/2026 8-K
The Company reported its December 2025 NAV per share:
December November All Classes: $25.22 $25.27
The Company declared January 2026 distributions, payable on or about 2/27/26:
January December Gross Dist: $0.1600 $0.1600 Supp. Dist: $0.0550 $0.0550 Record Date: 1/31/26
KENNEDY LEWIS CAPITAL CO
1/29/2026 8-K
The Company reported its December 2025 NAV per share:
December November Class I: $20.04 $19.84 Class S: $20.01 $19.83 Class D: $20.03 $19.84
NEXPOINT CAPITAL, INC.
1/28/2026 8-K
The Company announced the appointment of Dorri McWhorter as a Class I Director in connection with the passing of Bryan A. Ward.
OAKTREE STRATEGIC CREDIT FUND
1/27/2026 8-K
The Company reported its December 2025 NAV per share:
December November All Classes: $22.93 $22.95
The Company declared January 2026 distributions, payable on or about 2/26/26:
January December Gross Dist: $0.1800 $0.1800 Record Date: 1/28/26
PGIM PRIVATE CREDIT FUND
1/28/2026 8-K
The Company reported its December 2025 NAV per share:
December November Class S: $25.42 $25.35 Class D: $25.36 $25.29 Class I: $24.87 $24.81
The Company declared January 2026 distributions, payable on or about 2/23/26:
January December Gross Dist: $0.21243 $0.24000 Variable Dist: n/a $0.03645 Record Date: 1/30/26
PROSPECT FLOATING RATE & ALTERNATIVE INCOME FUND, INC.
1/23/2026 8-K
The Company declared January 2026 distributions, payable on 2/6/26:
January December Gross Dist: $0.03970 $0.03176 Record Date: 1/30/26
1/27/2026 8-K
The Company announced it has entered into a distribution agreement with Ultimus Fund Distributors, LLC and has terminated its existing dealer manager agreement with Preferred Capital Securities, LLC.
TPG TWIN BROOK CAPITAL INCOME FUND
1/29/2026 8-K
The Company reported its December 2025 NAV per share:
December November All Classes: $25.1945 $25.1509
The Company declared January 2026 distributions, payable on or about 2/25/26:
January December Gross Dist: $0.2000 $0.2000 Record Date: 1/30/26
NAV REITs
BLACKSTONE REAL ESTATE INCOME TRUST, INC.
1/29/2026 8-K
The Company reported its preliminary estimated same property NOI for the year ended 12/31/25, highlighted by a ~3% increase YoY.
BROOKFIELD REAL ESTATE INCOME TRUST INC.
1/26/2026 8-K
The adviser elected the issuance of unregistered Class I common shares for management fees payable in December 2025 pursuant to the advisory agreement. The Company also issued Class I and E common shares to feeder vehicles, Brookfield and its affiliates pursuant to its DRIP and private offering.
1/29/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/20/26:
January December Gross Dist: $0.0718 $0.0718 Record Date: 1/29/26
COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.
1/29/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/23/26:
January December Gross Dist: $0.0435 $0.0435 Record Date: 1/31/26
COTTONWOOD COMMUNITIES, INC.
1/27/2026 8-K
The Company issued and sold shares of its 9/19/23 offering of Series A convertible preferred stock for aggregate proceeds of $1.5M.
1/28/2026 8-K
The Company issued and sold shares of its 12/9/24 offering of Series 2025 preferred stock for aggregate proceeds of $1.3M.
IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.
1/28/2026 8-K
The Company disclosed that it paid approximately $0.42M of distributions in 2025.
1/29/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/4/26 (table below) and amended its loan agreement with BMO Bank N.A. to extend the maturity date from 9/30/26 to 9/30/28.
January December Gross Dist: $0.1042 $0.1042 Record Date: 1/31/26
JLL INCOME PROPERTY TRUST, INC.
1/29/2026 8-K Press Release
The Company issued a press release announcing the sale of a 180-unit luxury coastal apartment community known as Dylan Point Loma, located in the upscale Point Loma neighborhood of San Diego, CA.
STRATCAP DIGITAL INFRASTRUCTURE REIT, INC.
1/28/2026 8-K
The Company reported its December 2025 NAV per share:
December November Class A: $10.1221 $10.0888 Class AX: $10.1070 $10.0736 Class I: $10.1511 $10.1188 Class IX: $10.1189 $10.0864 Class T Units: $10.1758 $10.1318 Class P Units: $10.1958 $10.1586 Class PX Units: $10.1898 $10.1517
Private Placement REITs
BLUE OWL REAL ESTATE NET LEASE TRUST
1/26/2026 8-K
The Company announced an increase to its gross distribution rate from $0.7000 per share per year to $0.7500 per share per year for all classes, beginning with its January 2026 monthly distribution and reported its 2025 highlights, including year-to-date and inception-to-date returns.
Closed-End Funds
ARK VENTURE FUND (INTERVAL FUND)
1/23/2026 424B3
The Company added a 1.50% deferred sales charge on Class S share purchases of $250,000 or more if tendered for repurchase within 12 months.
EVANSTON MULTI-ALPHA FUND (TENDER OFFER FUND)
1/29/2026 424B3
The Company’s shareholders approved its new advisory agreement with Evanston Capital Management, LLC.
JACKSON CREDIT OPPORTUNITIES FUND (INTERVAL FUND)
1/23/2026 497
The Company amended the “Trustees and Officers of the Trust” section of its prospectus.
JACKSON REAL ASSETS FUND (INTERVAL FUND)
1/23/2026 497
The Company amended the “Trustees and Officers of the Trust” section of its prospectus.
NB ASSET-BASED CREDIT FUND (INTERVAL FUND)
1/26/2026 424B3
The Company filed an updated prospectus for its offering of Class I, A-1, and A-2 shares.
VOYA CREDIT INCOME FUND (INTERVAL FUND)
1/27/2026 424B3
The Board approved a change to the Company’s fundamental investment restrictions to permit the purchase, sale, or holding of real estate and commodities, subject to shareholder approval. If approved, the change is expected to take effect on or about 5/20/26.
YIELDSTREET ALTERNATIVE INCOME FUND INC. (TENDER OFFER FUND)
1/28/2026 424B3
The Company announced that its adviser has changed its name from YieldStreet Management, LLC to Willow Asset Management LLC in connection with its sponsor changing its name from Yieldstreet Inc. to Willow Wealth Inc.
Lifecycle REITs
INLAND REAL ESTATE INCOME TRUST, INC.
1/26/2026 8-K
The Company disclosed that it paid approximately $19.6M of distributions in 2025.
INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
1/23/2026 8-K/A
The Company reported its amended December 2025 NAV per share:
December November Class P: $14.1205 $15.1522 Class A: $14.1682 $15.2031 Class T: $14.3016 $15.3431 Class D: $14.1942 $15.2290 Class I: $14.1701 $15.2046
1/26/2026 8-K
The Company disclosed that it paid approximately $12.6M of distributions in 2025.
1/29/2026 8-K
The Company declared January 2026 distributions, payable on or about 2/19/26:
January December Gross Dist: $0.1042 $0.1042 Record Date: 1/31/26
Other Alts
ASHFORD HOSPITALITY TRUST INC (NON-TRADED PREFERRED)
1/27/2026 8-K Press Release
The Company announced the tax reporting information for 2025 distributions.
BRAEMAR HOTELS & RESORTS INC. (NON-TRADED PREFERRED)
1/26/2026 8-K Press Release
The Company declared January 2026 distributions:
January Q4 2025 Series E: $0.15625 $0.15625 Series M CUSIPs: 10482B705: $0.17917 $0.17917 10482B887: $0.17917 $0.17917 10482B796: $0.17917 $0.17708 10482B861: $0.17708 $0.17708 10482B770: $0.17708 $0.17708 10482B846: $0.17708 $0.17708 All others: $0.17708 Record Date: 1/31/26
1/27/2026 8-K Press Release
The Company announced the tax reporting information for 2025 distributions.
CNL STRATEGIC CAPITAL, LLC (NON-TRADED PREFERRED)
1/26/2026 8-K 424B3
The Company reported its December 2025 NAV per share:
December November Class FA: $42.98 $42.54 Class A: $38.21 $37.93 Class T: $38.15 $37.81 Class D: $37.94 $37.63 Class I: $38.64 $38.45 Class S: $43.48 $43.08
The Company declared February 2026 distributions, payable on 2/27/26:
February January Gross Dist: $0.104167 $0.104167 Record Date: 2/26/26
FRANKLIN BSP CAPITAL CORP (PRIVATE PLACEMENT BDC)
1/29/2026 8-K
The Board appointed Jamie Smith to serve as Chief Operating Officer of the Company.
Registrations
ADAMS STREET VENTURE & GROWTH FUND
1/27/2026 N-2/A
Type: Tender Offer Fund
Primary: Unlimited - Class D, I, M, and S Shares
The fund intends to invest in venture capital and growth companies.
CAZ GP STAKES FUND
1/23/2026 EFFECT 424B3
Type: Interval Fund - IPO
Primary: Unlimited - Class A, C, E, F, and I Shares
The fund intends to invest primarily in institutionalized alternative asset management firms.
CHAMPION FUND
1/23/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Common Shares
The fund intends to invest in equity securities (e.g., common stock, preferred stock, and equity-linked securities convertible into equity securities) of private operating companies, which are expected to include mid- and late-stage venture-backed companies and middle-market private equity-backed companies.
DYNAMIC ALTERNATIVES FUND
1/28/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Common Shares
The fund invests in private investment vehicles, commonly referred to as hedge funds, private equity funds and private real estate investment funds.
EMERY PARTNERS INCOME CREDIT STRATEGIES FUND
1/28/2026 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.
JPMORGAN CREDIT MARKETS FUND
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.
TCW SPECIALTY LENDING LLC
1/30/2026 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.
