Volume XV No. 20 | Friday, May 15, 2026
Weekly Highlights
BGO INDUSTRIAL REAL ESTATE INCOME TRUST, INC. (NAV REIT)
5/13/2026 15-12G
The Company terminated its registration.
STRATEGIC STORAGE TRUST VI, INC. (LIFECYCLE REIT)
5/14/2026 8-K Press Release
The Company issued a press release announcing that it was the top lifecycle REIT over a three-year period as of 3/31/26, according to Robert A. Stanger & Co.
Press Room
Quarterly Redemptions Exceed Fundraising for the First Time in Non-Listed BDC Market (5/14/2026)
Stanger has published its Q1 2026 Non-Listed BDC edition of The Stanger Report, highlighting a new phase in the non-listed BDC liquidity cycle as quarterly redemptions exceeded fundraising for the first time. Pressure that began building late in 2025 became more apparent in Q1 2026, as publicly registered non-listed BDCs saw a sharp decline in fundraising. Q1 gross sales totaled $4.9 billion, down 46% from Q4 2025 and 59% from Q1 2025. Redemption activity increased meaningfully in Q1. NAV BDC sponsors met approximately $6.9 billion of redemption requests, exceeding the $4.9 billion of new capital raised by publicly registered BDCs during the quarter. This marks the first time quarterly outflows have surpassed quarterly inflows. “The Stanger Liquidity Cycle is progressing as we anticipated,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Fundraising has slowed, redemptions have risen, and for the first time, more capital left non-listed BDCs in a quarter than came in. But the structures are functioning as designed: sponsors delivered a record level of liquidity in Q1, and no NAV BDC has gated redemptions. As we saw with NAV REITs in 2022, these vehicles were built to manage periods of elevated redemptions, and Q1 showed that the structure can absorb meaningful liquidity pressure.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Current Reports
BDCs
AB PRIVATE LENDING FUND
5/8/2026 8-K
The Board approved an amended DRIP effective 5/7/26, providing that participation in the program will terminate only with respect to shares repurchased in a tender offer, while shares submitted but not repurchased will remain enrolled. In connection, California investors will be required to opt in to participate.
BLUE OWL CREDIT INCOME CORP.
5/11/2026 8-K
A subsidiary of the Company amended its credit facility to add the ability to draw in CAD, Euro and GBP and reallocate commitments under the facility to a total Class A-R-1 commitment of $1.2B and a total Class A-R-2 commitment of $135M.
FIDELITY PRIVATE CREDIT FUND
5/14/2026 8-K Quarterly Report
The Company issued an investment strategy quarterly report for Q1 2026.
GOLUB CAPITAL PRIVATE CREDIT FUND
5/11/2026 EFFECT 424B3
Type: BDC - Notes exchange
Primary: $500M aggregate principal amount
The fund is offering to exchange all of its outstanding and unregistered 5.450% Notes due 2028 for an equal amount of its new Notes, that have been registered.
HPS CORPORATE LENDING FUND
5/13/2026 8-K
The Company priced a private placement offering of $600M of its 6.300% notes due 2031. The offering is expected to close on 5/19/26.
PGIM PRIVATE CREDIT FUND
5/8/2026 8-K
A subsidiary of the Company entered into a loan financing and servicing agreement for an initial facility amount of $100M, with an accordion feature that permits increases up to an aggregate commitment of $500M.
PROSPECT CAPITAL CORP
5/8/2026 8-K
The Company entered into an equity distribution agreement with Alliance Global Partners, and any additional sales agents added from time to time, to issue and sell up to $400M aggregate liquidation preference of its 5.35% Series A Fixed Rate Cumulative Perpetual Preferred Stock via at-the-market offering. Sales agents will receive a commission of up to 2.0% of gross sales price. In connection, the Company reclassified 16,000,000 shares of common stock into Series A Preferred Stock.
TPG TWIN BROOK CAPITAL INCOME FUND
5/13/2026 424B3
The Company amended the language of several sections of its prospectus and updated its subscription agreement.
NAV REITs
BROOKFIELD REAL ESTATE INCOME TRUST INC.
5/14/2026 424B3
The Company reported its April 2026 NAV per share (table below) and attached its 10-Q Report.
April March Class S: $10.2725 $10.2547 Class I: $10.3874 $10.3689 Class D: $10.4838 $10.4652 Class T: $10.4798 $10.4560 Class C: $10.0657 $10.0498 Class E: $10.3787 $10.3603 Class I OP: $10.3874 $10.3689 Class E OP: $10.3787 $10.3603
COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.
5/13/2026 424B3 8-K Press Release
The Company reported its April 2026 NAV per share (table below) and issued a press release regarding the acquisition of Winslow Bay Commons, a 268,000 square foot community shopping center in Mooresville, North Carolina, for a total purchase price of $61.2M.
April March Class I: $11.79 $11.48 Class F-I: $11.60 $11.29 Class P: $12.21 $11.85 Class B: $11.77 $11.42 Class R-I: $11.78 $11.43 Class R-S: $11.78 $11.45
EQT EXETER REAL ESTATE INCOME TRUST, INC.
5/14/2026 424B3
The Company reported its April 2026 NAV per share (table below) and attached its 10-Q Report.
April March Class I: $11.13 $11.11 Class A-I: $11.03 $10.99 Class A-II: $10.96 $10.94 Class E: $11.95 $11.89 Class T: $11.10 $11.07
FS CREDIT REAL ESTATE INCOME TRUST, INC.
5/14/2026 424B3
The Company reported its April 2026 NAV per share (table below) and attached its 10-Q Report.
April March Class S: $24.7933 $24.8002 Class T: $24.5339 $24.5415 Class D: $24.5878 $24.5948 Class M: $24.6571 $24.6663 Class I: $23.8737 $23.8810 Class F: $25.1575 $25.1595 Class Y: $23.8585 $23.8663
HINES GLOBAL INCOME TRUST, INC.
5/14/2026 8-K 424B3
The Company reported its April 2026 NAV per share:
April March All Classes: $9.83 $9.80
The Company declared May 2026 distributions, payable on 6/1/26:
May April Gross Dist: $0.052 $0.052 Record Date: 5/29/26
INVESCO REAL ESTATE INCOME TRUST INC.
5/14/2026 8-K 424B3
The Company reported its April 2026 NAV per share:
April March Class T: $26.0402 $26.0963 Class S: $26.1120 $26.1397 Class D: $26.0604 $26.1159 Class I: $26.2095 $26.2637 Class E: $28.2395 $28.2659 Class N: $27.7043 $27.7101 Class S-PR: $26.9578 $26.9948 Class K-PR: $26.9574 $26.9908
JLL INCOME PROPERTY TRUST, INC.
5/8/2026 8-K Press Release
The Company issued a press release announcing the sale of a 130,000 square foot industrial facility located in Fremont, CA.
5/12/2026 8-K Press Release
The Company issued a press release announcing it will hold a public earnings call on 5/13/26 to review Q1 2026 operating and financial results.
J.P. MORGAN REAL ESTATE INCOME TRUST, INC.
5/13/2026 424B3
The Company reported its April 2026 NAV per share (table below) and updated its subscription agreement.
April March Class D: $10.57 $10.60 Class I: $10.61 $10.65 Class E: $11.50 $11.53 Class Y: $11.29 $11.32 OP Units: $11.50 $11.53
NUVEEN GLOBAL CITIES REIT, INC.
5/14/2026 424B3
The Company reported its April 2026 NAV per share (table below) and attached its 10-Q Report.
April March Class T: $11.31 $11.24 Class S: $11.17 $11.10 Class D: $11.33 $11.27 Class I: $11.29 $11.23 Class N: $11.76 $11.69
RREEF PROPERTY TRUST, INC.
5/14/2026 8-K
The Company held its annual meeting where stockholders elected four individuals to the Board and ratified the appointment of Forvis Mazars, LLP as the Company’s independent registered public accounting firm for the year ending 12/31/26.
STARWOOD REAL ESTATE INCOME TRUST, INC.
5/14/2026 424B3
The Company reported its April 2026 NAV per share (table below) and attached its 10-Q Report.
April March Class S: $19.77 $19.82 Class T: $19.77 $19.83 Class D: $19.35 $19.40 Class I: $19.59 $19.65 OP Units: $19.59 $19.65
Private Placement REITs
AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC
5/12/2026 8-K
The Company became party to a master repurchase agreement with Morgan Stanley, under which the Company may sell and agree to repurchase securities or other assets at Term SOFR plus an agreed margin rate, with a minimum margin call trigger of $0.25M.
INVESCO COMMERCIAL REAL ESTATE FINANCE TRUST, INC.
5/11/2026 8-K
The Company adjourned its annual meeting of stockholders due to the lack of a quorum and will reconvene on 7/9/26.
5/14/2026 8-K
The Company reported its April 2026 NAV per share:
April March Class S-1: $24.9801 $24.9794 Class I: $24.9430 $24.9424 Class S: $24.8692 $24.8694 Class E: $25.8768 $25.8327 Class D: $24.8455 $24.8460 Class F: $25.9972 $25.9583 Class D-1: $24.8794 $24.8796
Closed-End Funds
ABX LONGEVITY GROWTH & INCOME FUND (INTERVAL FUND)
5/14/2026 N-2/A
Type: Interval Fund
Primary: Unlimited - Common Shares
The Company filed an amended prospectus. The fund intends to invest in mortality contracts and annuity contracts.
AMERICAN BEACON ASSET-BASED INCOME FUND (INTERVAL FUND)
5/8/2026 N-2
Type: Interval Fund
Primary: Unlimited - Class I, S, and U Shares
The Company filed its initial prospectus. The fund intends to invest in asset-based income investments including secured and unsecured loans, ABS, CDOs, CBOs, CLOs, CMOs, MBS, CLNs, and more.
AMG PANTHEON INFRASTRUCTURE FUND, LLC (INTERVAL FUND)
5/8/2026 424B3
The Company reported that Janice Ince no longer serves as a portfolio manager of the fund.
BLACKROCK PRIVATE INVESTMENTS FUND (TENDER OFFER FUND)
5/11/2026 424B3
The Company amended its investment management agreement to reduce the management fee payable to the Advisor from an annual rate of 1.75% to 1.50% of net assets, effective 8/1/26.
COLLER PRIVATE CREDIT SECONDARIES (TENDER OFFER FUND)
5/11/2026 424B3
The Company filed an updated prospectus for its offering of Class D, I, and S Shares.
HAMILTON LANE CREDIT INCOME FUND (INTERVAL FUND)
5/8/2026 424B3
The Company reported that Keith Kleinman has resigned as Secretary of the fund, effective immediately. In connection, the Board approved the appointment of Mary Kate Leonard to serve as Secretary.
HAMILTON LANE PRIVATE ASSETS FUND (TENDER OFFER FUND)
5/8/2026 424B3
The Company reported that Keith Kleinman has resigned as Secretary of the fund, effective immediately. In connection, the Board approved the appointment of Mary Kate Leonard to serve as Secretary.
HAMILTON LANE PRIVATE INFRASTRUCTURE FUND (INTERVAL FUND)
5/8/2026 424B3
The Company reported that Keith Kleinman has resigned as Secretary of the fund, effective immediately. In connection, the Board approved the appointment of Mary Kate Leonard to serve as Secretary.
HAMILTON LANE PRIVATE SECONDARY FUND (TENDER OFFER FUND)
5/8/2026 424B3
The Company reported that Keith Kleinman has resigned as Secretary of the fund, effective immediately. In connection, the Board approved the appointment of Mary Kate Leonard to serve as Secretary.
HAMILTON LANE VENTURE CAPITAL & GROWTH FUND (TENDER OFFER FUND)
5/8/2026 424B3
The Company reported that Keith Kleinman has resigned as Secretary of the fund, effective immediately. In connection, the Board approved the appointment of Mary Kate Leonard to serve as Secretary.
MORGAN STANLEY PRIVATE MARKETS & ALTERNATIVES FUND (TENDER OFFER FUND)
5/14/2026 EFFECT 424B3
Type: Tender Offer Fund
Primary: Unlimited - Class A and I Shares
The Company’s offering went effective. The fund intends to invest in portfolio funds across private market asset classes including private equity, private credit, and real assets.
PARTNERS GROUP GROWTH, LLC (TENDER OFFER FUND)
5/12/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class A, I, M, and S Shares
The Company filed an updated prospectus. The fund invests in securities issued by companies with above-market growth potential in all investment stages of the private equity lifecycle, including but not limited to venture capital, growth equity, buyout, and debt.
PARTNERS GROUP NEXT GENERATION INFRASTRUCTURE, LLC (TENDER OFFER FUND)
5/12/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class A, I, M, and S Shares
The Company filed an updated prospectus. The fund invests in securities issued by infrastructure businesses, infrastructure-related pooled investment vehicles and/or infrastructure-related private equity investments.
PRE-IPO & GROWTH FUND (INTERVAL FUND)
5/14/2026 424B3
The Company filed an updated fee table with corrected total annual fund operating expenses.
Lifecycle REITs
HIGHLANDS REIT, INC.
5/12/2026 8-K
The Company reported its updated NAV per share as of 3/31/26:
3/31/26 12/15/24 All Classes: $0.29 $0.31
PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC.
5/14/2026 8-K
Subsidiaries of the Company entered into a loan agreement providing for a maximum principal amount of up to $216M. The Company also entered into amended and restated agreements with Brian Ragsdale, its President, CEO, and CFO, and with its accounting and reporting manager, R2 Advisors, LLC.
PROCACCIANTI HOTEL REIT, INC.
5/12/2026 8-K
A subsidiary of the Company amended its commercial real estate mortgage loan agreement to reduce the interest rate applicable to the loan to a fixed rate of 6.50% per annum for the remainder of the initial term, currently maturing on 6/6/27.
Other Alts
AGL PRIVATE CREDIT INCOME FUND (PRIVATE PLACEMENT BDC)
5/11/2026 8-K Presentation
The Company issued an investor presentation to its shareholders of record as of 3/31/26.
ASHFORD HOSPITALITY TRUST INC (NON-TRADED PREFERRED)
5/11/2026 8-K Press Release
The Company issued a press release announcing its financial results for the first quarter ended 3/31/26.
BRIGHTWOOD CAPITAL CORP I (PRIVATE PLACEMENT BDC)
5/11/2026 8-K
The Company held its annual meeting where stockholders elected Peter Dancy as Class III director of the Board and ratified the selection of RSM US LLP to serve as the Company’s independent registered public accounting firm for the fiscal year ending 12/31/26.
CNL STRATEGIC CAPITAL, LLC (OTHER)
5/12/2026 424B3
The Company amended several sections of its prospectus and provided updated financial statements as of 3/31/26.
FRANKLIN BSP CAPITAL CORP (PRIVATE PLACEMENT BDC)
5/8/2026 8-K
The Company reported that Nina Baryski is resigning from her role as CFO and Treasurer, effective as of the close of business on 7/27/26. Ms. Baryski’s resignation is not a result of any disagreement with the Company.
GOLUB CAPITAL DIRECT LENDING CORP (PRIVATE PLACEMENT BDC)
5/14/2026 8-K Presentation
The Company provided an earnings presentation to its shareholders of record as of 3/31/26.
LAFAYETTE SQUARE USA, INC. (PRIVATE PLACEMENT BDC)
5/8/2026 8-K Presentation
The Company provided an investor presentation to its shareholders summarizing certain financial and performance information for the quarter ended 3/31/26.
5/11/2026 8-K
The Board appointed Casey Alexander as a director of the Company, effective 5/7/26.
NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C. (PRIVATE PLACEMENT BDC)
5/13/2026 8-K
The Company provided portfolio metrics as of 3/31/26.
VARAGON CAPITAL CORP (PRIVATE PLACEMENT BDC)
5/12/2026 8-K Presentation
The Company released an earnings presentation relating to its financial results for the quarter ended 3/31/26.
X1 CAPITAL INC. (PRIVATE PLACEMENT BDC)
5/12/2026 8-K
The Company held a special meeting of shareholders at which David McMurry was approved as a member of the Board in connection with Edward Hatfield stepping down from his position on the Board. Additionally, the Company approved an expansion of its investment strategy to acquire non-guaranteed portions of government-guaranteed loans and invest in companies providing services to the US government.
