Volume XV No. 10 | Friday, March 6, 2026
Weekly Highlights
HPS CORPORATE LENDING FUND (NAV BDC)
3/6/2026 8-K Letter
The Company reported Q1 2026 repurchase requests of approximately 9.3% of shares outstanding as of 12/31/25 and will be fulfilling up to the 5% quarterly cap. This marks the first NAV BDC to report proration of redemption requests above the cap.
BLACKSTONE PRIVATE CREDIT FUND (NAV BDC)
3/2/2026 SC TO-I/A
The Company reported Q1 2026 repurchase requests of approximately 7.9% of shares outstanding, exceeding its typical 5% quarterly limit and prompting the Board to increase the offer to 7%, the maximum amount permitted without modifying the tender terms. To satisfy the additional 0.9% of requests, Blackstone and its employees invested approximately $400M into an existing BCRED feeder fund, offsetting repurchase requests from that vehicle and enabling the Company to fulfill 100% of repurchase requests.
PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC. (LIFECYCLE REIT)
3/2/2026 8-K
The Company approved the dismissal of Ernst & Young, LLP as its independent registered public accounting firm effective immediately and announced a shift to a modified reporting approach under which it will discontinue filing Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q while continuing to file Current Reports on Form 8-K. The Company also provided an update on a proposed debt restructuring involving its BVI subsidiary, noting that the Tel Aviv–Jaffa District Court ordered a meeting of bondholders to consider the arrangement, and stated that the Board has decided not to seek stockholder approval of a plan of liquidation at this time. In addition, the Board determined not to provide an updated estimated NAV per share due to financial constraints and valuation uncertainty, and noted that the Company is focusing on reducing expenses, with all current independent directors waiving their accrued and future director fees.
RREEF PROPERTY TRUST, INC. (NAV REIT)
3/3/2026 424B3
The Company received February 2026 redemption requests representing 1.6% of its monthly limit, resulting in 100% of all redemption requests being honored. This is the first time 100% of requests were fulfilled since at least July 2024.
Press Room
Is History Repeating Itself? The BDC Redemption Cycle Has Started (3/4/2026)
The same sequence that defined the non-listed REIT liquidity cycle is now emerging in non-listed BDCs, according to new Stanger analysis.
Stanger released a new analysis examining emerging redemption dynamics in the non-listed BDC market, comparing them with the liquidity cycle experienced by non-listed REITs beginning in 2022. The comparison highlights a pattern familiar to many market participants: declining fundraising followed by rising redemption requests. This sequence has ultimately reshaped the non-listed REIT market over the past several years, and early data suggests the non-listed BDC sector may be entering the early stages of a similar liquidity cycle.
According to Kevin T. Gannon, Chairman & CEO of Stanger, “We have been tracking capital flows in non-listed alternatives for nearly five decades, and the sequence that typically drives these cycles is very consistent. Fundraising slows first. Redemption requests begin to rise over the following quarters. Eventually leadership must begin managing liquidity more proactively. We call this the Stanger Liquidity Cycle, and what we are seeing today in the BDC market resembles the early stages of that process. Management should already be assessing liquidity capacity to ensure they can meet potential redemption demand. I expect we will be hearing from sponsors seeking capital solutions as these dynamics unfold.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Current Reports
BDCs
ANTARES PRIVATE CREDIT FUND
3/4/2026 8-K
The Company reported its January 2026 NAV per share:
January December Class I: $25.07 $25.18
The Company declared February 2026 distributions, payable on or about 3/30/26:
February January Gross Dist: $0.1731 $0.1925 Special Dist: $0.0096 $0.0107 Record Date: 2/27/26
BAIN CAPITAL PRIVATE CREDIT
2/27/2026 8-K
The Company reported its January 2026 NAV per share:
January December Class I: $25.97 $25.98
The Company declared February 2026 distributions, payable on or about 3/31/26:
February January Gross Dist: $0.1875 $0.1875 Record Date: 2/27/26
FIDELITY PRIVATE CREDIT FUND
2/27/2026 8-K
The Company reported its January 2026 NAV per share:
January December Class I: $25.14 $25.10 Class S: $25.11 $25.07 Class D: $25.14 $25.10
The Company declared February 2026 distributions, payable on or about 3/31/26:
February January Gross Dist: $0.1750 $0.1750 Supp. Dist: $0.0160 $0.0160 Record Date: 2/27/26
GOLUB CAPITAL PRIVATE CREDIT FUND
3/2/2026 8-K
The Company held its annual meeting of shareholders where voters elected seven trustees 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.
3/3/2026 8-K Update
The Company issued a quarterly update for Q4 2025.
HPS CORPORATE LENDING FUND
2/27/2026 8-K
The Company amended its revolving credit facility to increase commitments from $2.25B to $2.65B through the use of the accordion feature.
3/3/2026 8-K
The Company reported its January 2026 NAV per share:
January December All Classes: $25.21 $25.22
The Company declared February 2026 distributions, payable on or about 3/31/26:
February January Gross Dist: $0.1600 $0.1600 Supp. Dist: $0.0550 $0.0550 Record Date: 2/28/26
KENNEDY LEWIS CAPITAL CO
3/6/2026 8-K
The Company reported its January 2026 NAV per share:
January December Class I: $20.18 $20.04 Class S: $20.14 $20.01 Class D: $20.17 $20.03
NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND
3/2/2026 8-K
The Company reported its January 2026 NAV per share:
January December Class I: $24.28 $24.32 Class S: $24.21 $24.25 Class D: $24.28 $24.32
The Company declared February 2026 distributions, payable on 3/27/26:
February January Gross Dist: $0.170 $0.170 Record Date: 2/28/26
T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND
2/27/2026 8-K
The Company reported its January 2026 NAV per share:
January December All Classes: $26.69 $26.89
The Company declared February 2026 distributions, payable on or about 3/30/26:
February January Gross Dist: $0.2000 $0.2000 Supp. Dist: $0.0300 $0.0300 Record Date: 2/27/26
TPG TWIN BROOK CAPITAL INCOME FUND
2/27/2026 424B3
The Company amended the “Suitability Standards” section of its prospectus and updated its subscription agreement.
NAV REITs
APOLLO REALTY INCOME SOLUTIONS, INC.
2/27/2026 8-K
The Company declared February 2026 distributions, payable on or about 3/20/26:
February January Gross Dist: $0.1123 $0.1123 Record Date: 2/28/26
BGO INDUSTRIAL REAL ESTATE INCOME TRUST, INC.
2/27/2026 8-K
The Company declared February 2026 distributions, payable on or about 3/6/26:
February January Gross Dist: $0.0392 $0.0392 Record Date: 2/27/26
BLACKSTONE REAL ESTATE INCOME TRUST, INC.
2/27/2026 8-K 8-K
The Company declared February 2026 distributions, payable on or about 3/20/26 (table below) and appointed Paul Kolodziej as CFO and Treasurer. In connection, Anthony Marone stepped down from his role as CFO and Treasurer. Mr. Marone will continue to serve as the Global Head of Real Estate Finance for Blackstone.
February January Gross Dist: $0.0544 $0.0554 Record Date: 2/28/26
COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.
3/5/2026 8-K
The Company disclosed the sale of Class P, B, R-I, and R-S shares for an aggregate purchase price of $5.9M.
COTTONWOOD COMMUNITIES, INC.
2/27/2026 8-K
The Company issued and sold shares of its 9/19/23 offering of Series A convertible preferred stock for aggregate proceeds of $1.6M.
3/4/2026 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.
EQT EXETER REAL ESTATE INCOME TRUST, INC.
2/27/2026 8-K 424B3
The Company declared February 2026 distributions, payable on or about 3/10/26 (table below) and amended its advisory agreement to reflect the extension of the period over which its Adviser will advance O&O expenses by one year.
February January Gross Dist: $0.04326 $0.04326 Record Date: 2/28/26
INVESCO REAL ESTATE INCOME TRUST INC.
2/27/2026 8-K
The Company declared February 2026 distributions, payable on or about 3/12/26:
February January Gross Dist: $0.1372 $0.1395 Record Date: 2/28/26
IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.
3/5/2026 8-K
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 $0.15M.
JLL INCOME PROPERTY TRUST, INC.
3/2/2026 424B3
The Company reported its February 2026 daily NAV per share (table below) and disclosed that it satisfied 100% of redemption requests in January and February for a total of ~$58.4M.
Feb. 27 Jan. 30 Class A: $11.22 $11.25 Class M: $11.24 $11.27 Class A-I: $11.25 $11.29 Class M-I: $11.23 $11.26
3/4/2026 8-K Press Release
The Company issued a press release announcing the acquisition of West Boston Medical Center, a 53,000 square foot medical outpatient complex located in the Greater Boston suburb of Watertown, MA, for a purchase price of approximately $32M.
J.P. MORGAN REAL ESTATE INCOME TRUST, INC.
2/27/2026 8-K
The Company declared February 2026 distributions, payable on or about 3/4/26:
February January Gross Dist: $0.0421 $0.0421 Record Date: 2/28/26
RREEF PROPERTY TRUST, INC.
3/3/2026 8-K 424B3
The Company reported its February 2026 daily NAV per share (table below) and announced that an affiliate of the advisor purchased $15M of unregistered shares of Class Z common stock.
Feb. 27 Jan. 30 Class A: $13.06 $12.98 Class I: $13.16 $13.08 Class T: $13.21 $13.11 Class D: $13.19 $13.11 Class M-I: $13.06 $12.98 Class T2: $13.00 $12.91 Class N: $13.08 $12.99
The Company declared February 2026 distributions, payable on 3/3/26:
February January Gross Dist: $0.07495 $0.07495 Record Date: 3/2/26
STARWOOD REAL ESTATE INCOME TRUST, INC.
2/27/2026 8-K
The Company declared February 2026 distributions, payable on or about 3/4/26:
February January Gross Dist: $0.1035 $0.1035 Record Date: 2/27/26
STRATCAP DIGITAL INFRASTRUCTURE REIT, INC.
2/27/2026 424B3
The Company reported its January 2026 NAV per share:
January December Class A: $10.0355 $10.1221 Class AX: $10.0206 $10.1070 Class I: $10.0641 $10.1511 Class IX: $10.0312 $10.1189 Class T: $10.0903 $10.1758 Class P Units: $10.1129 $10.1958 Class PX Units: $10.1080 $10.1898
Private Placement REITs
AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC
3/4/2026 8-K
A subsidiary of the Company amended its fee letter with Citibank, N.A. to increase the master repurchase facility amount from $250M to $258.2M.
BLACKROCK MONTICELLO DEBT REAL ESTATE INVESTMENT TRUST
2/27/2026 8-K
The Company declared February 2026 distributions, payable on or about 3/20/26:
February January Gross Dist: $0.1927 $0.1927 Record Date: 2/27/26
3/5/2026 8-K
The Company disclosed the sale of unregistered Class E, F-I, and F-S shares for gross proceeds of approximately $21.8M.
BLUE OWL DIGITAL INFRASTRUCTURE TRUST
3/5/2026 8-K
A subsidiary of the Company issued $695M aggregate principal amount of Secured Data Center Revenue Term Notes, Series 2026-1 Class A-2, in a private placement.
BLUE OWL REAL ESTATE NET LEASE TRUST
3/4/2026 8-K
The Company declared February 2026 distributions (table below), payable on or about 3/17/26, and disclosed the sale of unregistered Class S, N, D, and I common shares for gross proceeds of approximately $249.5M.
February January Gross Dist: $0.0625 $0.0625 Record Date: 2/28/26
CNL STRATEGIC RESIDENTIAL CREDIT, INC.
2/27/2026 8-K
The Company reported its first NAV per share, as of January 2026 (table below) and extended its expense support and conditional reimbursement agreement from 12/31/25 to 12/31/26. The Adviser has also agreed to waive the Company’s reimbursement obligation of organizational and offering expenses on capital raised prior to 2/1/26.
January Class FA: $25.06 Class E: $25.07
The Company declared March 2026 distributions, payable on or about 3/27/26:
March February Gross Dist: $0.166667 $0.166667 Record Date: 3/26/26
EXCHANGERIGHT INCOME FUND
3/5/2026 8-K
The Company disclosed the sale of unregistered Class D shares for gross proceeds of approximately $0.4M.
FRANKLIN BSP REAL ESTATE DEBT, INC.
3/2/2026 8-K
The Company amended its advisory agreement with Benefit Street Partners L.L.C. Commencing 1/1/26 through 12/31/26, the Company will reimburse the Advisor for operating expenses it pays on the Company’s behalf in an amount up to 0.60% of average NAV, while expenses above such amount will be paid in twelve equal, quarterly installments, with approval of the independent directors of the Company required for the Company to reimburse the Advisor if such amounts are in excess of the greater of 2% of average invested capital and 25% of net income.
3/5/2026 8-K
The Company disclosed the sale of unregistered Class G, G-D, and G-S common stock for aggregate consideration of $7.8M.
INVESCO COMMERCIAL REAL ESTATE FINANCE TRUST, INC.
2/27/2026 8-K
The Company declared February 2026 distributions, payable on or about 3/16/26:
February January Gross Dist: $0.1600 $0.1600 Record Date: 2/28/26
NEW MOUNTAIN NET LEASE TRUST
2/27/2026 8-K
The Company declared February 2026 distributions, payable on or about 3/9/26:
February January Gross Dist: $0.1546 $0.1546 Record Date: 2/27/26
3/4/2026 8-K
The Company disclosed the sale of unregistered Class E, F, and I common shares for aggregate consideration of $35.96M.
NORTH HAVEN NET REIT
3/4/2026 8-K
The Company disclosed the sale of unregistered Class S, F-I, I, and E common shares for aggregate consideration of approximately $66.8M.
PRINCIPAL CREDIT REAL ESTATE INCOME TRUST
2/27/2026 8-K
The Company declared February 2026 distributions, payable on or about 3/20/26:
February January Gross Dist: $0.1350 $0.1350 Record Date: 2/27/26
RITHM PERPETUAL LIFE RESIDENTIAL TRUST
3/5/2026 8-K
The Company declared February 2026 distributions, payable on or about 3/20/26 (table below) and disclosed the sale of unregistered Class J and E shares for aggregate consideration of approximately $32.9M.
February January Gross Dist: $0.1700 $0.1700 Record Date: 2/27/26
SCULPTOR DIVERSIFIED REAL ESTATE INCOME TRUST, INC.
3/5/2026 8-K
The Company entered into a purchase and sale agreement with Marco Hotel LLC and HB Naples Golf Owner LLC to acquire certain real property and related assets located in Marco Island and Naples, Florida, including the JW Marriott Marco Island Beach Resort and the Hammock Bay and Rookery golf courses, for an aggregate purchase price of $835M. The property consists of an 809-key beach resort, more than 10 acres of private beachfront land and two 18-hole golf courses. Closing is expected to occur on or before 5/1/26.
STARWOOD CREDIT REAL ESTATE INCOME TRUST
2/27/2026 8-K
The Company declared February 2026 distributions, payable on or about 3/4/26:
February January Gross Dist: $0.1560 $0.1560 Record Date: 2/27/26
3/4/2026 8-K
The Company disclosed the sale of unregistered Class I and S common shares for aggregate consideration of approximately $3.6M.
VINEBROOK HOMES TRUST, INC.
3/4/2026 8-K
The Company entered into a secured revolving credit agreement for an aggregate amount of up to $15M with The Ohio State Life Insurance Company.
Closed-End Funds
BROOKFIELD INFRASTRUCTURE INCOME FUND INC. (TENDER OFFER FUND)
2/27/2026 424B3
The Company filed an updated prospectus for its offering of Class D, I, S, and T shares.
CARLYLE TACTICAL PRIVATE CREDIT FUND (INTERVAL FUND)
3/5/2026 424B3
The Company announced that as of 2/24/26, Justin Plouffe no longer serves as an interested trustee or a portfolio manager of the Company or as a member of the Portfolio Allocation Advisory Committee of the Adviser.
ORIGIN REAL ESTATE CREDIT FUND (INTERVAL FUND)
3/3/2026 424B3
The Company filed an updated prospectus for its offering of Class A, E, I, and O shares.
NOMURA ALTERNATIVE INCOME FUND (INTERVAL FUND)
3/2/2026 424B3
The Company announced that effective immediately, its Adviser will no longer charge an incentive fee.
VOYA CREDIT INCOME FUND (INTERVAL FUND)
2/27/2026 424B3
The Company amended several sections of its prospectus relating to sales charge waivers and discounts applicable to purchases through certain financial intermediaries.
Lifecycle REITs
CNL HEALTHCARE PROPERTIES, INC.
3/3/2026 8-K Presentation
The Company, through a webinar, provided a Company update and presented their views on the state of the seniors housing market.
PROCACCIANTI HOTEL REIT, INC.
3/4/2026 8-K
The Company is fulfilling approximately 3.6% of repurchase requests for Q4 2025 (4.6% in Q3 2025).
Other Alts
ANTARES STRATEGIC CREDIT FUND II LLC (PRIVATE PLACEMENT BDC)
3/2/2026 8-K
The Company entered into a waiver letter agreement with its Adviser to extend the prior waiver of the base management fee and incentive fee payable to the Adviser through 8/31/26.
PARTNERS GROUP LENDING FUND, LLC (PRIVATE PLACEMENT BDC)
3/3/2026 8-K
The Board approved a 5:1 forward split of all of its issued and outstanding common units. Unitholders of record as of 2/26/26 received four additional units of each class of common unit for each unit held, effective on 2/27/26.
VISTA CREDIT STRATEGIC LENDING CORP. (PRIVATE PLACEMENT BDC)
3/4/2026 8-K
The Company completed its $517.2M asset backed securitization.
Registrations
83 INVESTMENT GROUP INCOME FUND
2/27/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class I Shares
The fund invests primarily in domestic and foreign privately held investment vehicles managed by private fund managers that pursue various credit-related strategies.
ABX LONGEVITY GROWTH & INCOME FUND
2/27/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Common Shares
The fund intends to invest in mortality contracts and annuity contracts.
CASCADE REAL ASSETS FUND
2/27/2026 N-2
Type: Interval Fund - IPO
Primary: Unlimited - Class I Shares
The fund intends to invest in equity or debt interests in physical assets, companies that own or operate real assets, or pooled investment vehicles such as private funds, special purpose vehicles, or joint ventures that invest in real estate, infrastructure, or other tangible or resource-based sectors.
COLLER SECONDARIES PRIVATE EQUITY OPPORTUNITIES FUND
3/5/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class D, I, and S Shares
The fund invests primarily in private equity investments acquired through secondary transactions.
MAN ALTERNATIVE INCOME FUND
3/4/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Class A and I Shares
The fund intends to invest in private credit, structured credit and public credit.
MEGACORN FUND
3/5/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Institutional and Advisor Shares
The fund intends to invest in portfolio companies and SPVs or forward contracts that seek to provide exposure to private growth companies primarily comprising of the Forge Accuidity Private Market Index.
MORGAN STANLEY PRIVATE MARKETS & ALTERNATIVES FUND - GROWTH
3/5/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class A and I Shares
The fund intends to invest in portfolio funds across private market asset classes such as private equity and real assets.
MORGAN STANLEY PRIVATE MARKETS & ALTERNATIVES FUND - INCOME
3/5/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class A and I Shares
The fund intends to invest in portfolio funds across private market asset classes such as private credit and real assets.
PRIVACORE PCAAM ALTERNATIVE GROWTH FUND
3/5/2026 N-2
Type: Interval Fund - IPO
Primary: Unlimited - Class D, I, and S Shares
The fund invests in private market assets that provide the opportunity for capital growth, with an expected bias toward private equity investments.
T. ROWE PRICE OHA FLEXIBLE CREDIT INCOME FUND
3/2/2026 N-2/A
Type: Interval Fund - IPO
Primary: Unlimited - Class A, D, and I Shares
The fund intends to invest in fixed-income securities and credit instruments through strategies including direct lending, junior capital solutions, asset-based lending, structured credit, liquid credit, and special situations.
