Volume XV No. 13 | Friday, March 27, 2026
Weekly Highlights
APOLLO DEBT SOLUTIONS BDC (NAV BDC)
3/23/2026 8-K
The Company reported Q1 2026 repurchase requests of approximately 11.2% of shares outstanding as of 12/31/25 and will be fulfilling up to the 5% quarterly cap, or 45% of requests.
ARES STRATEGIC INCOME FUND (NAV BDC)
3/24/2026 SC TO-I/A
The Company reported Q1 2026 repurchase requests of approximately 11.6% of shares outstanding as of 1/31/26 and will be fulfilling up to the 5% quarterly cap, or 43.1% of requests.
OAKTREE STRATEGIC CREDIT FUND (NAV BDC)
3/27/2026 SC TO-I/A Update
The Company reported Q1 2026 repurchase requests of approximately 6.8% of shares outstanding as of 12/31/25 and increased its offer up to the allowable 7.0% to satisfy 100% of requests. An affiliate of the Adviser will purchase a portion of an existing investor’s shares to enable the Company to meet 100%. In addition, the Board has reduced the monthly dividend to $0.16 per share from $0.18 per share beginning with the March 2026 distribution.
YIELDSTREET ALTERNATIVE INCOME FUND INC. (TENDER OFFER FUND) & OPPORTUNISTIC CREDIT INTERVAL FUND (INTERVAL FUND)
3/23/2026 425 3/20/2026 425 3/19/2026 425
The Companies entered into an agreement for Yieldstreet to be acquired by Opportunistic Credit in a NAV-for-NAV stock exchange, pending shareholder approval. The transaction is currently expected to be completed in late Q2 or Q3 2026. In connection, Yieldstreet has suspended the offering of its shares and has extended its current tender offer through 4/6/26 from 3/20/26. The Board has also authorized a regular quarterly distribution of $0.15 per share to shareholders of record on 3/24/26, to be paid on or about 3/31/26. This distribution will reduce NAV per share by $0.15 and therefore impact the NAV of shares tendered in connection with the extended offer.
Press Room
Investment in Alternative Assets Totals $13.4 Billion in February 2026; Fundraising Shifts to HALO Strategies (3/23/2026)
Stanger has published its February 2026 issue of The Stanger Market Pulse. Alternative Investment fundraising for February 2026 totaled approximately $13.4 billion, an 8% month-over-month decline from January levels. Interval funds narrowly surpassed business development companies in February with $2.90 billion and $2.87 billion, respectively, while tender offer funds followed at $2.1 billion. The recent BDC fundraising slowdown has continued into the new year with their February 2026 sales down nearly 43% as compared to February 2025 and down just under 54% from their all-time monthly high of $6.2 billion raised in March 2025. According to Kevin T. Gannon, Chairman and CEO of Stanger, “Investor allocations across alternatives are beginning to realign toward HALO strategies — hard assets with low obsolescence — as market conditions evolve. While February monthly fundraising totals for BDCs declined 43% year-over-year and broader credit strategies declined 30%, real estate strategies, including REITs, DSTs and closed-end funds increased 31%, with infrastructure deals also posting year-over-year growth. This coupled with the recent increase in BDC redemption activity is consistent with the early stages of a broader cycle transition.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
NAV BDCs Provide Record-Breaking Liquidity in Semi-Liquid Vehicles; Sponsors Return More Than $5.8 Billion to Investors So Far in Q1 (3/25/2026)
With approximately 75% of the market reporting, NAV BDC sponsors have delivered more than $5.8 billion in liquidity to investors so far in Q1 2026, demonstrating the resilience of the semi-liquid vehicle structure even in the face of historically elevated redemption demand, according to Robert A. Stanger & Co., Inc. “The $5.8 billion in liquidity provided to NAV BDC investors so far in Q1 is a testament to how these vehicles are designed,” stated Kevin T. Gannon, Chairman & CEO of Stanger. “Semi-liquid structures like NAV BDCs are built to accommodate investor redemptions within defined program limits, and that is exactly what we are seeing. The comparison to NAV REITs in 2022 is instructive — those vehicles navigated a similar period of elevated demand and demonstrated the efficacy of the product. The record liquidity delivered so far this quarter is the clearest evidence yet that these structures are working exactly as promised.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Current Reports
BDCs
APOLLO DEBT SOLUTIONS BDC
3/23/2026 8-K
The Company reported its February 2026 NAV per share (table below) and disclosed the sale of unregistered Class I shares to feeder vehicle pursuant to Regulation S for total consideration of $53.7M.
February January All Classes: $24.14 $24.34
The Company declared March 2026 distributions, payable on or about 4/29/26:
March February Gross Dist: $0.1800 $0.1800 Record Date: 3/31/26
ARES STRATEGIC INCOME FUND
3/23/2026 8-K 424B3
The Company reported its February 2026 NAV per share (table below) and disclosed the sale of unregistered Class I shares pursuant to Regulation S for total consideration of $190.4M.
February January All Classes: $26.86 $27.26
The Company previously declared March 2026 distributions, payable on or about 4/23/26:
March February Gross Dist: $0.21430 $0.21430 Record Date: 3/31/26
BLACKROCK PRIVATE CREDIT FUND
3/25/2026 8-K
The Company reported its February 2026 NAV per share (table below) and disclosed the sale of unregistered Institutional common shares to feeder vehicles pursuant to Regulation S for total consideration of $38M.
February January All Classes: $23.53 $23.90
The Company declared March 2026 distributions payable on 4/28/26:
March February Gross Dist: $0.1922 $0.1951 Record Date: 3/30/26
BLUE OWL CREDIT INCOME CORP.
3/27/2026 8-K
The Company reported its February 2026 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 $20.7M.
February January Class S: $9.11 $9.25 Class D: $9.12 $9.26 Class I: $9.13 $9.28
BLUE OWL TECHNOLOGY INCOME CORP.
3/27/2026 8-K
The Company reported its February 2026 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 $19.9M.
February January All Classes: $9.97 $10.27
The Company previously declared March and April 2026 distributions, payable on or before 4/30/26 and 5/31/26, respectively:
Mar, Apr February Gross Dist: $0.074775 $0.074775 Record Dates: 3/31/26, 4/30/26
FIDELITY PRIVATE CREDIT FUND
3/23/2026 8-K Letter
The Company issued an annual shareholder letter.
FIRST EAGLE PRIVATE CREDIT FUND
3/24/2026 8-K 424B3
The Company reported its February 2026 NAV per share (table below) and updated its subscription agreement.
February January Common: $23.97 $24.09
The Company declared March 2026 distributions, payable on or about 4/29/26:
March February Gross Dist: $0.210 $0.210 Record Date: 3/31/26
GOLUB CAPITAL PRIVATE CREDIT FUND
3/23/2026 8-K
The Company reported its February 2026 NAV per share:
February January All Classes: $24.59 $25.04
The Company declared previously reported March 2026 distributions, payable on or about 4/29/26:
March February Gross Dist: $0.1875 $0.1875 Record Date: 3/31/26
HPS CORPORATE LENDING FUND
3/26/2026 8-K
The Company completed its previously disclosed $748.3M term debt securitization.
MONROE CAPITAL ENHANCED CORPORATE LENDING FUND
3/20/2026 8-K 424B3
The Company reported its February 2026 NAV per share:
February January Class I: $25.69 $25.65
The Company declared March 2026 distributions, payable on or about 4/22/26.
March February Gross Dist: $0.20 $0.18 Record Date: 3/31/26
OAKTREE STRATEGIC CREDIT FUND
3/27/2026 8-K
The Company reported its February 2026 NAV per share:
February January All Classes: $22.64 $22.87
The Company declared March 2026 distributions, payable on or about 4/28/26:
March February Gross Dist: $0.1600 $0.1800 Record Date: 3/27/26
TPG TWIN BROOK CAPITAL INCOME FUND
3/25/2026 8-K
The Company provided its Q4 2025 portfolio update.
NAV REITs
BROOKFIELD REAL ESTATE INCOME TRUST INC.
3/26/2026 8-K
The Adviser elected the issuance of unregistered Class I common shares for management fees payable in February 2026 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 issued Class C common shares to a feeder vehicle pursuant to a private offering.
COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.
3/26/2026 8-K
The Company declared March 2026 distributions, payable on or about 4/22/26:
March February Gross Dist: $0.0435 $0.0435 Record Date: 3/31/26
NUVEEN GLOBAL CITIES REIT, INC.
3/23/2026 8-K
The Company declared February 2026 distributions, payable on or about 3/23/26:
February January Gross Dist: $0.06248100 $0.06357481 Record Date: 2/27/26
Private Placement REITs
EXCHANGERIGHT INCOME FUND
3/20/2026 8-K
The Company amended its operating partnership agreement to create a new class of NLP Common Units, issued in multiple series to facilitate acquisitions of net-leased DST portfolios. These units are junior equity with distributions determined at the general partner’s full discretion and able to vary by series, have no conversion rights, and do not include redemption rights unless granted later by the general partner. Additionally, the Company updated its DRIP to allow holders of these units to reinvest distributions into Class I common shares and make optional cash purchases.
GOLDMAN SACHS REAL ESTATE FINANCE TRUST INC
3/24/2026 8-K
The Company priced a $1.05B commercial real estate collateralized loan obligation transaction, expected to close on or about 3/31/26.
STERLING REAL ESTATE TRUST
3/23/2026 8-K
The Company extended its advisory agreement for an additional year.
TERRA PROPERTY TRUST, INC.
3/27/2026 8-K Press Release
The Company announced the results of its previously announced exchange offers and consent solicitation for its 6.00% Senior Notes due 6/30/26 and its 7.00% Senior Notes due 3/31/26.
Closed-End Funds
BLACKROCK HPS CREDIT STRATEGIES FUND (INTERVAL FUND)
3/24/2026 424B3
The Company amended the “Distribution of Fund Shares—Additional Payments to Dealers” section of its SAI.
BLACKROCK PRIVATE INVESTMENTS FUND (TENDER OFFER FUND)
3/24/2026 424B3
The Company amended the “Distribution of Fund Shares—Additional Payments to Financial Intermediaries” section of its SAI.
CARLYLE TACTICAL PRIVATE CREDIT FUND (INTERVAL FUND)
3/24/2026 424B3
The Company reported that effective 4/1/26, dividend payments will be distributed on a monthly basis, as opposed to a quarterly basis.
HAMILTON LANE PRIVATE SECONDARY FUND (TENDER OFFER FUND)
3/25/2026 424B3
The Board approved Distribution Services, LLC as the Company’s distributor and principal underwriter, effective on or about 4/15/26, in place of PINE Distributors LLC.
HAMILTON LANE VENTURE CAPITAL & GROWTH FUND (TENDER OFFER FUND)
3/25/2026 424B3
The Board approved Distribution Services, LLC as the Company’s distributor and principal underwriter, effective on or about 4/15/26, in place of PINE Distributors LLC.
JOHN HANCOCK CQS ASSET BACKED SECURITIES FUND (INTERVAL FUND)
3/24/2026 424B3
The Board approved the election of three trustees, subject to shareholder approval at a special meeting to be held on 6/18/26.
JOHN HANCOCK CQS MULTI ASSET CREDIT FUND (INTERVAL FUND)
3/24/2026 424B3
The Board approved the election of three trustees, subject to shareholder approval at a special meeting to be held on 6/18/26.
JOHN HANCOCK MARATHON ASSET-BASED LENDING FUND (TENDER OFFER FUND)
3/24/2026 424B3
The Board approved the election of three trustees and a new subadvisory agreement following the acquisition of the fund’s subadviser, Marathon, by an affiliate of CVC Capital Partners plc, both subject to shareholder approval at a special meeting to be held on 6/18/26.
MANULIFE PRIVATE CREDIT PLUS FUND (TENDER OFFER FUND)
3/24/2026 424B3
The Board approved the election of three trustees, subject to shareholder approval at a special meeting to be held on 6/18/26.
PRE-IPO & GROWTH FUND (INTERVAL FUND)
3/20/2026 424B3
The Company amended the language of several sections of its prospectus regarding the purchase of its shares.
Lifecycle REITs
STRATEGIC STORAGE TRUST VI, INC.
3/23/2026 8-K Press Release
The Company reported its updated NAV per share as of 9/30/25:
9/30/25 3/31/24 All Classes: $10.00 $10.00
Other Alts
ANDALUSIAN CREDIT COMPANY, LLC (PRIVATE PLACEMENT BDC)
3/26/2026 8-K
The Company announced a joint venture with certain affiliates of Carlyle to invest primarily in middle market loan assets and other private credit assets. The joint venture will be initially capitalized with $60M of equity interests ($52.5M from the Company; $7.5M from Carlyle).
APS BDC, LLC (PRIVATE PLACEMENT BDC)
3/20/2026 8-K
The Company reported Thomas Hansen has resigned from his position as CFO effective as of the close of business on 3/20/26. Mr. Hansen’s resignation is not a result of any disagreement with the Company. In connection, the Board appointed Amaka Dike as CFO.
ASHFORD HOSPITALITY TRUST INC. (NON-TRADED PREFERRED)
3/26/2026 8-K
The Company reported its estimated liquidation value per share of its Series J, K, L, and M preferred stock:
12/31/25 12/31/24 Series J & K: $25.00 $25.00
BRAEMAR HOTELS & RESORTS INC. (NON-TRADED PREFERRED)
3/24/2026 8-K Press Release
The Company declared March 2026 distributions:
March February Series E: $0.15625 $0.15625 Series M CUSIPs: 10482B705: $0.17917 $0.17917 10482B887: $0.17917 $0.17917 10482B796: $0.17917 $0.17917 10482B861: $0.17708 $0.17708 10482B770: $0.17708 $0.17708 10482B846: $0.17708 $0.17708 All others: $0.17708 Record Date: 3/31/26
3/26/2026 8-K
The Company reported its estimated liquidation value per share of its Series E and M preferred stock:
12/31/25 12/31/24 Series E & M: $25.00 $25.00
CNL STRATEGIC CAPITAL, LLC (OTHER)
3/24/2026 8-K 424B3
The Company reported its February 2026 NAV per share:
February January Class FA: $43.20 $43.08 Class A: $38.37 $38.28 Class T: $38.29 $38.20 Class D: $38.09 $38.00 Class I: $38.79 $38.70 Class S: $43.71 $43.59
The Company declared April 2026 distributions, payable on 4/28/26:
April March Gross Dist: $0.104167 $0.104167 Record Date: 4/27/26
LAFAYETTE SQUARE USA, INC. (PRIVATE PLACEMENT BDC)
3/25/2026 8-K Presentation
The Company provided an investor presentation to its shareholders summarizing certain financial and performance information for the fiscal year and fourth quarter ended 12/31/25.
MUZINICH BDC, INC. (PRIVATE PLACEMENT BDC)
3/25/2026 8-K
The Company reported the resignations of Jeffrey Youle as CEO and Paul Fehre as CFO and Treasurer, effective 4/1/26. Both will remain on the Board. In connection with this transition, the Board appointed Cheryl Rivkin as CEO, Jens Ernberg as President, Rocco DelGuercio as CFO and Treasurer, and Susan Cohen as Secretary.
MUZINICH CORPORATE LENDING INCOME FUND, INC. (PRIVATE PLACEMENT BDC)
3/25/2026 8-K
The Company reported the resignations of Jeffrey Youle as CEO and Paul Fehre as CFO and Treasurer, effective 4/1/26. Both will remain on the Board. In connection with this transition, the Board appointed Cheryl Rivkin as CEO, Jens Ernberg as President, Rocco DelGuercio as CFO and Treasurer, and Susan Cohen as Secretary.
NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C. (PRIVATE PLACEMENT BDC)
3/24/2026 8-K
The Company reported the resignation of Kris Corbett as CFO and Treasurer of the Company. Mr. Corbett’s resignation will become effective upon the completion of a prudent transition of the role to a successor, which is expected to occur by 5/29/26. Mr. Corbett will continue to serve as CFO and Treasurer of the Company until the effective date.
NEW MOUNTAIN PRIVATE CREDIT FUND (PRIVATE PLACEMENT BDC)
3/24/2026 8-K
The Company reported the resignation of Kris Corbett as CFO and Treasurer of the Company. Mr. Corbett’s resignation will become effective upon the completion of a prudent transition of the role to a successor, which is expected to occur by 5/29/26. Mr. Corbett will continue to serve as CFO and Treasurer of the Company until the effective date.
NMF SLF I, INC. (PRIVATE PLACEMENT BDC)
3/24/2026 8-K
The Company reported the resignation of Kris Corbett as CFO and Treasurer of the Company. Mr. Corbett’s resignation will become effective upon the completion of a prudent transition of the role to a successor, which is expected to occur by 5/29/26. Mr. Corbett will continue to serve as CFO and Treasurer of the Company until the effective date.
OVERLAND ADVANTAGE (PRIVATE PLACEMENT BDC)
3/20/2026 8-K
The Company dismissed PricewaterhouseCoopers LLP as its independent registered public accounting firm effective upon their completion of the Company’s financial statements for the fiscal year ended 12/31/25. In connection, the Company appointed Deloitte & Touche LLP as its new independent registered public accounting firm for the fiscal year ended 12/31/26.
SILVER POINT SPECIALTY LENDING FUND (PRIVATE PLACEMENT BDC)
3/25/2026 8-K
The Company dismissed PricewaterhouseCoopers LLP and appointed KPMG LLP as its independent registered public accounting firm for the fiscal year ending 12/31/26, effective immediately.
Registrations
AMPLIFI COLLECTIVE FUND
3/23/2026 N-2
Type: Interval Fund - IPO
Primary: Unlimited - Common Shares
The fund intends to primarily invest in a portfolio consisting of equity (and equity-like) interests in privately-held growth companies and in vehicles that buy, hold, and manage real estate properties.
BLUE OWL CREDIT INCOME CORP.
3/20/2026 EFFECT 424B3
Type: BDC - Notes exchange
Primary: $500M aggregate principal amount
The fund is offering to exchange all of its outstanding and unregistered 5.900% Notes due 2028 for an equal amount of its new Notes that have been registered.
FELICITAS INCOME FUND
3/24/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Common Shares
The fund intends to invest in a portfolio of private credit investments.
FRANKLIN LEXINGTON VENTURE & GROWTH FUND
3/20/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class D, I, M, and S Shares
The fund intends to invest directly or indirectly in companies that are primarily in their venture capital or growth stages of development.
HAMILTON LANE CREDIT INCOME FUND
3/23/2026 EFFECT 424B3
Type: Interval Fund - IPO
Primary: Unlimited - Class R, I, Y, and S Shares
The fund intends to invest in direct credit investments focused on senior secured loans structured as revolving, first lien, unitranche, or second lien term loans.
JPMORGAN PUBLIC & PRIVATE CREDIT FUND
3/25/2026 N-2
Type: Interval Fund - IPO
Primary: Unlimited - Class S, A, and I Shares
The fund intends to invest an actively managed portfolio of public and private credit investments and credit-related investments, including loans, bonds, other credit instruments, CDOs, CLOs, ABS, credit-linked assets, credit-linked notes and more.
LOOMIS SAYLES CREDIT INCOME OPPORTUNITIES FUND
3/20/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Institutional Class and Class A Shares
The fund intends to invest in credit focused investments including corporate issues, mortgage backed and asset backed securities, structured notes, credit default swaps, preferred equity, debt securities, and more.
SOUND POINT ALTERNATIVE INCOME FUND
3/23/2026 EFFECT 3/24/2026 424B3
Type: Interval Fund - IPO
Primary: Unlimited - Class I, Y, and A Shares
The fund intends to invest in a portfolio of liquid, private, and structured credit strategies.
THIRD POINT PRIVATE CAPITAL INCOME FUND
3/20/2026 10-12G
Type: Private Placement BDC
Primary: Unlimited - Common Shares
The fund intends to invest primarily in newly-originated senior secured term loans in middle market companies that are obtained through privately negotiated transactions.
