Volume XV No. 2 | Friday, January 9, 2026
Weekly Highlights
BLACKSTONE REAL ESTATE INCOME TRUST, INC. (NAV REIT)
1/5/2026 424B3
The Company announced an investor incentive program under which investors who subscribe for shares between 1/1/26 and 4/1/26 will receive an additional 1% of their subscription amount in bonus shares of the same class at no additional cost, with the Adviser or its affiliates funding the full purchase price of such shares. The bonus shares will have the same rights as all other shares and will be eligible for repurchase under the Company’s SRP. Additionally, Class D-2, S-2, and T-2 bonus shares will bear stockholder servicing fees but will not be subject to upfront selling commissions or dealer manager fees.
SILVER POINT SPECIALTY LENDING FUND (PRIVATE PLACEMENT BDC)
1/2/2026 8-K
The Company announced the implementation of a 1-for-2 reverse share split of its Common Shares, effective as of the close of business on 12/26/25.
Press Room
Amid Ongoing Policy Debate, Stanger Estimates $14 Billion in NAV REIT Exposure to Single-Family Rentals (1/8/2026)
Following recent public discussions on institutional ownership of single-family homes, Stanger estimates that equity NAV REIT exposure to single-family rental properties (including manufactured housing communities) stands at approximately $14 billion. This represents roughly 7% of overall property investments across the equity NAV REIT sector, with exposure varying significantly by fund strategy.
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
NAV BDC Redemptions Spike in Q4 2025; Early Reporting Indicates 200% Increase in Redemption Activity (1/6/2026)
With over half the market reporting thus far, early indications are that larger publicly registered NAV BDCs experienced a significant spike in redemption activity in the fourth quarter, according to Robert A Stanger & Co., Inc. Of those who have reported Q4 redemption activity, BDCs with NAVs exceeding $1 billion saw a combined 200% increase in redemptions versus the third quarter, from $981 million to over $2.9 billion. 80% of the larger NAV REITs experienced increases in redemptions ranging from 30% to 635%. At least one BDC flexed its quarterly tender offer up over the normal 5% of NAV to accommodate heightened redemption requests. Smaller NAV BDCs reported little to no redemption activity. These figures exclude private placement NAV BDCs that register with the SEC. “It is all about interest rates,” stated Kevin Gannon, Chairman and CEO of Stanger. “NAV BDCs are income-driven products that are heavily weighted to floating rate debt investments, and during Q4, the average distribution rate dropped below 10% for the first time since September 2023.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Current Reports
BDCs
ARES STRATEGIC INCOME FUND
1/8/2026 8-K 424B3
The Company declared January, February, March, April, May, and June 2026 distributions, payable on or about 2/23/26, 3/25/26, 4/23/26, 5/21/26, 6/24/26, and 7/23/26:
January–June 2026 December 2025 Gross Dist: $0.21430 $0.21430 Record Dates: 1/30/26, 2/27/26, 3/31/26, 4/30/26, 5/29/26, 6/30/26
BLACKSTONE PRIVATE CREDIT FUND
1/8/2026 8-K
The Company amended its master note purchase agreement, governing the issuance of $210M in aggregate principal amount of its 5.94% Series 2026A Notes to qualified institutional investors in a private placement. The Notes were issued on 1/8/26 and will mature on 1/8/32.
BLUE OWL CREDIT INCOME CORP.
1/6/2026 8-K
A subsidiary of the Company entered into a revolving credit and security agreement for an initial maximum principal amount of $750M.
FIDELITY PRIVATE CREDIT FUND
1/6/2026 8-K Fact Sheet
The Company issued a fact sheet as of November 2025.
HPS CORPORATE LENDING FUND
1/7/2026 8-K
The Company priced a private placement offering of $350M of its 5.150% notes due 2029 and $400M of its 5.650% notes due 2031. The offering is expected to close on 1/13/26.
JOHN HANCOCK COMVEST PRIVATE INCOME FUND
1/5/2026 8-K
The Company reported its November 2025 NAV per share:
November October Class I: $25.27 $25.26
The Company declared December 2025 distributions, payable on or about 1/23/26:
December November Gross Dist: $0.2176 $0.2094 Record Date: 12/30/25
NAV REITs
BLACKSTONE REAL ESTATE INCOME TRUST, INC.
1/8/2026 8-K
The Company disclosed the sale of unregistered Class S-2 shares for an aggregate consideration of $12.3M.
CANTOR FITZGERALD INCOME TRUST, INC.
1/7/2026 8-K
The Company amended its advisory and limited partnership agreements in connection with previously announced reductions of its asset management fee from 1.20% to 0.75% of NAV and its performance participation allocation from 12.5% to 5.0% of total return. In addition, the Company eliminated a provision that had limited reimbursement of certain expenses advanced by the advisor or its affiliates whenever such reimbursement would reduce the Company’s NAV per share below $25.00. The Company also amended its SRP so that repurchase requests submitted by stockholders whose accounts hold less than $2,500 of the Company’s common stock will be repurchased in full to the extent there are available funds, while remaining repurchase requests will be repurchased on a pro rata basis.
COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.
1/8/2026 8-K
The Company disclosed the private placement sale of Class P, B, and R-I shares for an aggregate purchase price of $24.3M.
COTTONWOOD COMMUNITIES, INC.
1/2/2026 8-K
The Company issued and sold shares of its 9/19/23 offering of Series A convertible preferred stock for aggregate proceeds of $2.2M.
1/8/2026 8-K
The Company issued and sold shares of its 12/9/24 offering of Series 2025 preferred stock for aggregate proceeds of $1.1M.
EQT EXETER REAL ESTATE INCOME TRUST, INC.
1/8/2026 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 $1.14M.
FS CREDIT REAL ESTATE INCOME TRUST, INC.
1/5/2026 8-K
A subsidiary of the Company amended its master repurchase and securities contract agreement to increase the maximum facility amount to $200M, with an option to increase up to $400M, extend the reinvestment period to 12/29/27, and extend the facility termination date to 12/29/29.
IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.
1/7/2026 8-K 424B3
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 $0.1M and announced the appointments of Alan Feldman and Anthony Chereso to serve as directors of the Company, effective 1/6/26.
JLL INCOME PROPERTY TRUST, INC.
1/5/2026 424B3
The Company reported its December 2025 daily NAV per share (table below) and disclosed that it satisfied 100% of redemption requests in Q4 2025 for a total of ~$100.5M.
Dec. 31 Nov. 28 Class A: $11.26 $11.35 Class M: $11.27 $11.37 Class A-I: $11.29 $11.39 Class M-I: $11.27 $11.37
1/8/2026 8-K Press Release
The Company issued a press release announcing the acquisition of Westbury Square, a 115,000 square foot community retail center in an established submarket of Huntsville, AL, for a purchase price of approximately $32M.
PGIM PRIVATE REAL ESTATE FUND, INC.
1/7/2026 424B3
The Company filed an updated prospectus for its offering of Class D, I, S, and T shares.
RREEF PROPERTY TRUST, INC.
1/2/2026 8-K 424B3
The Company reported its December 2025 daily NAV per share (table below), and disclosed that it received December 2025 redemption requests in excess of its 5.0% quarterly limit, resulting in a proration of 36.1% (58.5% in November).
Dec. 31 Nov. 28 Class A: $12.98 $13.15 Class I: $13.08 $13.25 Class T: $13.11 $13.29 Class D: $13.11 $13.29 Class M-I: $12.99 $13.14 Class T2: $12.92 $13.09 Class N: $13.00 $13.17
The Company declared December 2025 distributions, payable on 1/5/26:
December November Gross Dist: $0.07495 $0.07495 Record Date: 1/2/26
STARWOOD REAL ESTATE INCOME TRUST, INC.
1/7/2026 8-K
The Company announced the resignation of Andres Panza from his position as Head of Asset & Portfolio Management and director of the Company. Mr. Panza’s resignation was not due to any disagreement with the Company.
Private Placement REITs
ARES REAL ESTATE INCOME TRUST INC.
1/8/2026 8-K
The Company disclosed the sale of unregistered Class I-PR and S-PR shares for gross proceeds of approximately $18M.
BLACKROCK MONTICELLO DEBT REAL ESTATE INVESTMENT TRUST
1/5/2026 8-K
The Company disclosed the sale of unregistered Class F-I, F-S, and E shares for gross proceeds of approximately $20.3M.
BLUE OWL REAL ESTATE NET LEASE TRUST
1/6/2026 8-K
The Company declared December 2025 distributions (table below), payable on or about 1/19/26, and disclosed the sale of unregistered Class S, N, D, and I common shares for gross proceeds of approximately $219.1M.
December November Gross Dist: $0.0583333 $0.0583333 Record Date: 12/31/25
CNL STRATEGIC RESIDENTIAL CREDIT, INC.
1/7/2026 8-K
The Company entered into a loan and security agreement with Valley National Bank for a revolving line of credit for up to $15M.
EXCHANGERIGHT INCOME FUND
1/6/2026 8-K
The Company disclosed the sale of unregistered Class D, ER-A, and ER-D shares for gross proceeds of approximately $0.98M.
FORTRESS CREDIT REALTY INCOME TRUST
1/7/2026 8-K
The Company declared December 2025 distributions (table below), payable on or about 1/5/26, and disclosed the sale of unregistered common shares for gross proceeds of $35.3M.
December November Gross Dist: $0.1549 $0.1506 Record Date: 12/31/25
FORTRESS NET LEASE REIT
1/2/2026 8-K
A subsidiary of the Company entered into a loan agreement with Bank of America, N.A. for an aggregate principal amount of $111.1M.
1/7/2026 8-K
The Company declared December 2025 distributions (table below), payable on or about 1/5/26, and disclosed the sale of unregistered common shares for gross proceeds of $37.8M.
December November Gross Dist: $0.0709 $0.0709 Record Date: 12/31/25
FRANKLIN BSP REAL ESTATE DEBT, INC.
1/7/2026 8-K
The Company disclosed the sale of unregistered Class G, G-D, and G-S common stock for aggregate consideration of $7.6M.
GOLDMAN SACHS REAL ESTATE FINANCE TRUST INC
1/8/2026 8-K
The Company declared December 2025 distributions (table below), payable on or about 1/10/26, and disclosed the sale of unregistered Class I and S common shares for gross proceeds of $14.1M.
December November Gross Dist: $0.1660 $0.1660 Record Date: 12/31/25
NEW MOUNTAIN NET LEASE TRUST
1/6/2026 8-K
The Company disclosed the sale of unregistered Class F and I common shares for aggregate consideration of $19.8M.
NORTH HAVEN NET REIT
1/2/2026 8-K
The Company declared December 2025 distributions, payable on or about 1/20/26:
December November Gross Dist: $0.1152 $0.1152 Record Date: 12/31/25
1/6/2026 8-K
The Company disclosed the sale of unregistered Class S, I, E, and F-I common shares for aggregate consideration of approximately $30.6M.
PRINCIPAL CREDIT REAL ESTATE INCOME TRUST
1/8/2026 8-K
The Company disclosed the sale of Class I, E, and F-I shares in connection with their private offering for an aggregate purchase price of $2.2M.
RITHM PERPETUAL LIFE RESIDENTIAL TRUST
1/8/2026 8-K
The Company disclosed the sale of unregistered Class J and E common shares for aggregate consideration of approximately $11M.
SCULPTOR DIVERSIFIED REAL ESTATE INCOME TRUST, INC.
1/7/2026 8-K
The Company declared December 2025 distributions (table below), payable on or about 1/12/26, and disclosed the sale of unregistered Class E, AA, and F shares for gross proceeds of approximately $34.7M.
December November Gross Dist: $0.0648 $0.0645 Record Date: 12/31/25
STARWOOD CREDIT REAL ESTATE INCOME TRUST
1/5/2026 8-K
The Company disclosed the sale of unregistered Class I, S, and E common shares for aggregate consideration of approximately $5.6M.
Closed-End Funds
BOOSTER INCOME OPPORTUNITIES FUND (INTERVAL FUND)
1/9/2026 424B3
The Company filed an updated prospectus for its offering of Class Y shares.
FRANKLIN BSP LENDING FUND (INTERVAL FUND)
1/8/2026 424B3
The Company filed an updated prospectus for its offering of Class D, I, M, R6, and S shares.
PIMCO FLEXIBLE EMERGING MARKETS INCOME FUND (INTERVAL FUND)
1/6/2026 424B3
The Company filed an updated prospectus for its offering of Institutional, Class A-1, A-2, A-3, and A-4 shares.
PRIVACORE VPC ASSET BACKED CREDIT FUND (INTERVAL FUND)
1/2/2026 424B3
The Company filed an updated prospectus for its offering of Class D, I, and S shares.
TCG STRATEGIC INCOME FUND (INTERVAL FUND)
1/5/2026 424B3
The Company filed an updated prospectus for its offering of Class I, A-1, and A-2 shares.
Lifecycle REITs
MOODY NATIONAL REIT II, INC.
1/5/2026 8-K
The Company announced the sale of a hotel property located in Austin, Texas for an aggregate sale price of $9.4M.
Registrations
ABL LONGEVITY GROWTH & INCOME FUND
1/9/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Common Shares
The fund intends to invest in mortality contracts and annuity contracts.
APS BDC, LLC
1/2/2026 10-12G
Type: Private Placement BDC
Primary: Unlimited - LLC Units
The fund intends to invest in a diversified portfolio of primarily senior secured, privately originated floating rate loans to well-established companies in North America.
INVESTCORP US PRIVATE CREDIT BDC II
1/5/2026 10-12G
Type: Private Placement BDC
Primary: Unlimited - Class A, D, and I Shares
The fund intends to invest in unitranche loans, standalone second and first lien loans, and, selectively, in mezzanine loans/structured equity and in the equity of portfolio companies through warrants.
NILSINE PARTNERS NP1X FUND
1/7/2026 N-2
Type: Interval Fund
Primary: Unlimited - Class I Shares
The fund intends to invest in a diversified portfolio across segments of the private markets that will generate attractive long-term returns, with low sensitivity to traditional public equity and fixed-income indices.
