Volume XV No. 22 | Friday, May 29, 2026
Press Room
Blackstone Data Center REIT Signals New Era in Real Estate Capital Formation (5/28/2026)
Blackstone Inc., the market leader in alternative investments, has put a new and innovative product into the marketplace, Blackstone Digital Infrastructure Trust (“BXDC”). The $1.75 billion blind pool REIT is publicly listed on the NYSE and focused exclusively on net leased data centers to hyper-scalers, probably the hottest asset class in real estate today. The fund is externally managed by Blackstone with a favorable base fee structure. “BXDC marks a new chapter in real estate capital formation,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Blackstone is bringing together three powerful themes in one vehicle: demand for data center exposure, investor preference for liquidity, and pressure for lower fee structures. By offering a listed REIT focused on one of the most sought-after sectors in real estate with an advisory fee burden approximately 44% lower than a common NAV REIT structure, BXDC is likely to draw close attention from institutional and retail investors, advisors, and competing sponsors.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Publicly Registered NAV REITs and NAV BDCs Deliver More Than $82 Billion in Liquidity Since 2022 (5/27/2026)
Stanger published the Q1 2026 edition of The Stanger Chairman’s Report. Since January 2022, publicly registered NAV REITs and NAV BDCs have collectively met more than $82 billion in investor redemptions while generating nearly $125 billion in net capital formation. Over that period, the NAV REIT market moved through a major redemption cycle, while NAV BDC redemption activity has more recently increased. As of March 31, 2026, combined aggregate NAV across the two markets stood at $209.3 billion, underscoring that substantial liquidity has been delivered while a significant investor capital base remains in place. “Publicly registered NAV REITs and NAV BDCs have delivered more than $82 billion in redemptions to investors since 2022 — an unprecedented volume of liquidity through semi-liquid vehicles,” said Kevin T. Gannon, Chairman & CEO of Stanger. “The real story is not only the amount of capital returned, but the amount of capital that remains invested. With combined aggregate NAV still above $209 billion and nearly $125 billion of net capital formation over this period, the data shows that these structures have absorbed meaningful redemption pressure while continuing to retain and attract substantial investor capital. The REIT market has already moved through its redemption cycle, and the BDC market is now moving through a similar sequence.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
BDC Fundraising Declines 74% Year-Over-Year as Credit Pullback Intensifies (5/26/2026)
Stanger published the April 2026 edition of The Stanger Market Pulse. Alternative investment fundraising totaled approximately $11.8 billion in April 2026, down 33% from April 2025 and nearly 25% from March 2026. Through the first four months of 2026, total fundraising reached approximately $59.3 billion, down 14% year-over-year. The decline in BDC fundraising, the central storyline of 2026, intensified sharply in April. Combined publicly registered and private placement BDC sales totaled approximately $1.6 billion, down 74% from April 2025 and the lowest monthly total since May 2023. BDC fundraising has declined sequentially each month in 2026, bringing year-to-date combined BDC fundraising to approximately $10.8 billion, down 52% from the same period in 2025. “The BDC sector is now firmly in the downturn phase of the Stanger Liquidity Cycle — fundraising is contracting, redemption demand remains elevated, and investor capital is rotating out of private credit,” said Kevin T. Gannon, Chairman & CEO of Stanger. “What’s notable is that the broader alternative investment market outside of credit is holding up. Capital isn’t leaving alternatives — it’s leaving credit. Hard asset strategies continue to show relative strength on a year-to-date basis, and we expect that shift to remain a defining feature of the market in the coming months.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Current Reports
BDCs
ARES STRATEGIC INCOME FUND
5/26/2026 8-K 424B3 424B3
The Company amended its senior secured credit agreement with JPMorgan Chase Bank, N.A. to extend the end of the revolving period and the stated maturity date from 4/15/29 and 4/15/30, respectively, to 5/21/30 and 5/21/31, respectively, increase aggregate commitments from $3.25B to $4.1B, amend the base interest rate charged on USD loans under the credit facility, and modify certain covenant restrictions.
BAIN CAPITAL PRIVATE CREDIT
5/22/2026 8-K
The Company held its annual meeting where shareholders re-elected three individuals as Class I Trustees and ratified the selection of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the fiscal year ending 12/31/26.
5/27/2026 8-K
The Company amended its credit agreement with Goldman Sachs Bank USA to increase aggregate commitments under its revolving credit facility from $200M to $250M through the accordion feature.
BLACKROCK PRIVATE CREDIT FUND
5/26/2026 8-K
The Company reported its April 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 $8.9M.
April March All Classes: $23.65 $23.52
The Company declared May 2026 distributions payable on 6/26/26:
May April Gross Dist: $0.1931 $0.1921 Record Date: 5/28/26
5/27/2026 8-K
The Company held its annual meeting where shareholders elected Eric J. Draut to serve on the Board.
BLUE OWL CREDIT INCOME CORP.
5/26/2026 8-K
The Company reported its April 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 $1.1M.
April March Class S: $9.12 $9.08 Class D: $9.13 $9.09 Class I: $9.15 $9.11
The Company declared May, June, and July 2026 distributions, payable on or before 6/30/26, 7/31/26, 8/31/26, respectively:
May’26, Jun’26, Jul’26 Feb’26, Mar’26, Apr’26 Gross Dist: $0.0701 $0.0701 Record Dates: 5/29/26, 6/30/26, 7/31/26
BLUE OWL TECHNOLOGY INCOME CORP.
5/26/2026 8-K
The Company reported its April 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 $2.5M.
April March All Classes: $9.84 $9.82
The Company declared May, June, and July 2026 distributions, payable on or before 6/30/26, 7/31/26, and 8/31/26, respectively:
May, Jun, Jul April Gross Dist: $0.074775 $0.074775 Record Dates: 5/29/26, 6/30/26, 7/31/26
CRESCENT PRIVATE CREDIT INCOME CORP
5/22/2026 8-K 424B3
The Company reported its April 2026 NAV per share:
April March All Classes: $26.36 $26.27
The Company declared May 2026 distributions, payable on or about 6/30/26:
May April Gross Dist: $0.1650 $0.1650 Record Date: 5/31/26
FIDELITY PRIVATE CREDIT FUND
5/28/2026 8-K Fact Sheet
The Company reported its April 2026 NAV per share (table below) and issued a fact sheet as of April 2026.
April March Class I: $24.91 $24.95 Class S: $24.89 $24.93 Class D: $24.91 $24.95
The Company declared May 2026 distributions, payable on or about 6/30/26:
May April Gross Dist: $0.1750 $0.1750 Supp. Dist: $0.0160 $0.0160 Record Date: 5/29/26
FIRST EAGLE PRIVATE CREDIT FUND
5/22/2026 424B3
The Company amended the “Suitability Standards” section of its prospectus, updated its subscription agreement, and attached its 10-Q report.
GOLUB CAPITAL PRIVATE CREDIT FUND
5/22/2026 8-K
The Company reported its April 2026 NAV per share:
April March All Classes: $24.20 $24.14
The Company declared previously reported May 2026 distributions, payable on or about 6/29/26:
May April Gross Dist: $0.1875 $0.1875 Record Date: 5/31/26
5/28/2026 8-K Update
The Company issued a quarterly update for Q1 2026.
HPS CORPORATE LENDING FUND
5/28/2026 8-K
The Company reported its April 2026 NAV per share:
April March All Classes: $24.73 $24.79
The Company declared May 2026 distributions, payable on or about 6/30/26:
May April Gross Dist: $0.1600 $0.1600 Supp. Dist: $0.0440 $0.0470 Record Date: 5/31/26
NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND
5/28/2026 8-K
The Company held its annual meeting where shareholders elected six individuals to serve as trustees on the Board.
OAKTREE STRATEGIC CREDIT FUND
5/27/2026 8-K
The Company reported its April 2026 NAV per share:
April March All Classes: $22.39 $22.38
The Company declared May 2026 distributions, payable on or about 6/26/26:
May April Gross Dist: $0.1600 $0.1600 Record Date: 5/27/26
PGIM PRIVATE CREDIT FUND
5/28/2026 8-K
The Company reported its April 2026 NAV per share:
April March Class S: $25.36 $25.39 Class D: $25.28 $25.31 Class I: $24.79 $24.82
The Company declared May 2026 distributions, payable on or about 6/26/26:
May April Gross Dist: $0.21243 $0.21243 Record Date: 5/29/26
PROSPECT FLOATING RATE & ALTERNATIVE INCOME FUND, INC.
5/28/2026 8-K
The Company declared May 2026 distributions, payable on 6/5/26:
May April Gross Dist: $0.03655 $0.02916 Record Date: 5/29/26
T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND
5/28/2026 8-K
The Company reported its April 2026 NAV per share:
April March All Classes: $26.10 $26.15
The Company declared May 2026 distributions, payable on or about 6/30/26:
May April Gross Dist: $0.2000 $0.2000 Record Date: 5/29/26
TPG TWIN BROOK CAPITAL INCOME FUND
5/28/2026 8-K
The Company reported its April 2026 NAV per share:
April March All Classes: $25.2149 $25.2181
The Company declared May 2026 distributions, payable on or about 6/26/26:
May April Gross Dist: $0.2000 $0.2000 Record Date: 5/29/26
NAV REITs
BROOKFIELD REAL ESTATE INCOME TRUST INC.
5/22/2026 8-K
The Adviser elected the issuance of unregistered Class I common shares for management fees payable in April 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.
5/28/2026 8-K
The Company declared May 2026 distributions, payable on or about 6/19/26:
May April Gross Dist: $0.0722 $0.0722 Record Date: 5/28/26
COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.
5/28/2026 8-K
The Company declared May 2026 distributions, payable on or about 6/22/26:
May April Gross Dist: $0.0435 $0.0435 Record Date: 5/31/26
FS CREDIT REAL ESTATE INCOME TRUST, INC.
5/27/2026 424B3
The Company reallocated $15M of unissued shares from its primary offering to its distribution reinvestment plan, reducing the primary offering from $2.4B to $2.385B and increasing the distribution reinvestment plan from $350M to $365M, effective 5/27/26.
INVESCO REAL ESTATE INCOME TRUST INC.
5/22/2026 424B3
The Company amended its subscription agreement with MassMutual to extend the commencement of MassMutual’s repurchase rights from 1/1/26 to 4/1/28 and revise the monthly repurchase limitations applicable to MassMutual Shares. Beginning 4/1/28, the Company will be required to automatically repurchase MassMutual Shares monthly at NAV until at least $200M of such shares have been repurchased, and MassMutual will have the right to request monthly repurchases of its outstanding shares at NAV, subject to caps based on the Company’s prior month capital raising activity and aggregate NAV.
5/27/2026 8-K
The Company amended its subscription agreement with MassMutual to extend the commencement date for mandatory monthly repurchases of MassMutual’s Class N shares and MassMutual’s repurchase request rights from 1/1/26 to 4/1/28, and to revise the formula used to determine monthly repurchase amounts and related repurchase limitations.
IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.
5/28/2026 8-K
The Company declared May 2026 distributions, payable on or about 6/3/26:
May April Gross Dist: $0.1042 $0.1042 Record Date: 5/31/26
J.P. MORGAN REAL ESTATE INCOME TRUST, INC.
5/26/2026 8-K Statement
The Company filed its proxy statement delivered to stockholders for its annual meeting to be held on 8/7/26.
Private Placement REITs
ARES REAL ESTATE INCOME TRUST INC.
5/22/2026 8-K
The Company amended its subscription agreement with an affiliate of the Advisor to increase the purchase amount of Class B shares by an additional $100M, following the initial $200M purchase completed on 11/3/25. The additional shares will be issued on 6/1/26 and purchased at the NAV per share of Class I-PR common stock as of 4/30/26. The shares, together with the previously purchased shares, are subject to a three-year lock-up period from the original 10/17/25 purchase date, after which redemption requests will be subordinate to requests from all other common stockholders under the Company’s SRP.
BLACKROCK MONTICELLO DEBT REAL ESTATE INVESTMENT TRUST
5/26/2026 8-K
The Company amended its revolving credit agreement with JPMorgan Chase Bank, N.A. to extend the maturity date to 5/20/27 and modify the applicable margin.
BLUE OWL DIGITAL INFRASTRUCTURE TRUST
5/22/2026 8-K
Subsidiaries of the Company entered into three separate membership interest purchase agreements to acquire 100% of the membership interests in entities owning three hyperscale-leased data center facilities located in Gainesville, Virginia. The aggregate estimated purchase price for the three transactions is approximately $2.85B, and the transactions are expected to close separately between the second quarter of 2026 and the first quarter of 2027. The transactions are expected to be funded through a combination of cash on hand, primarily from the Company’s private offering proceeds, and new property-level debt.
CNL STRATEGIC RESIDENTIAL CREDIT, INC.
5/22/2026 8-K
The Company reported its April 2026 NAV per share (table below) and amended its loan and security agreement with Valley National Bank to permit the extension of credit of up to $5M to be used to satisfy Company liquidity covenants under existing repurchase agreement facilities.
April March Class FA: $24.92 $24.76 Class E: $25.23 $24.94
The Company declared June 2026 distributions, payable on or about 6/29/26:
June May Gross Dist: $0.166667 $0.166667 Record Date: 6/26/26
Closed-End Funds
AETOS DISTRESSED INVESTMENT STRATEGIES FUND LLC (TENDER OFFER FUND)
5/22/2026 N-2/A
Type: Tender Offer Fund
Primary: $1B - LLC Interests
The Company filed an amended prospectus. The fund intends to invest in the securities of companies in various levels of financial distress, including bankruptcy, exchange offers, workouts, financial reorganizations and other credit-related situations.
AETOS LONG/SHORT STRATEGIES FUND LLC (TENDER OFFER FUND)
5/22/2026 N-2/A
Type: Tender Offer Fund
Primary: $2.5B - LLC Interests
The Company filed an amended prospectus. The fund intends to invest in a select group of portfolio managers across a variety of long/short strategies, investing in both U.S. and non-U.S. securities and instruments.
AETOS MULTI-STRATEGY ARBITRAGE FUND LLC (TENDER OFFER FUND)
5/22/2026 N-2/A
Type: Tender Offer Fund
Primary: $1.5B - LLC Interests
The Company filed an amended prospectus. The fund intends to invest in a portfolio of high quality arbitrage strategies, investing in both U.S. and non-U.S. securities and instruments.
CARLYLE ALPINVEST PRIVATE MARKETS FUND (TENDER OFFER FUND)
5/22/2026 424B3
The Company filed an updated prospectus for its offering of Class A, I, W, and X Shares.
CARLYLE ALPINVEST PRIVATE MARKETS SECONDARIES FUND (TENDER OFFER FUND)
5/22/2026 424B3
The Company filed an updated prospectus for its offering of Class D, I, and U Shares.
CION ARES DIVERSIFIED CREDIT FUND (INTERVAL FUND)
5/27/2026 424B3
The Company amended its credit facility to lower the applicable borrowing costs and increase certain commitment fees on unused portions of the facility.
DAWSON PRIVATE MARKETS EVERGREEN FUND (TENDER OFFER FUND)
5/29/2026 N-2/A
Type: Tender Offer Fund
Primary: Unlimited - Class D, I, and S Shares
The Company filed an amended prospectus. The fund intends to invest in a diversified portfolio of private equity and other private assets, primarily through secondary investments, co-investments, and primary investments in underlying funds.
EVANSTON MULTI-ALPHA FUND (TENDER OFFER FUND)
5/27/2026 424B3
The Board approved the proposed conversion of the Company from a tender offer fund to an interval fund and approved new investment advisory and sub-advisory agreements under which XA Investments LLC will serve as Adviser and Evanston Capital Management, LLC, the Company’s current Adviser, will serve as a Sub-Adviser under the same investment strategy. The Board also approved a proposal to reconstitute the Board with a new six-member Board. All proposals are subject to shareholder approval at a special meeting scheduled for 8/13/26. If approved, the Adviser transition and Board reconstitution are expected to occur on or about 8/13/26, while the interval fund conversion would be implemented within 15 months. The advisory fee rate will remain unchanged.
FS MVP PRIVATE MARKETS FUND (TENDER OFFER FUND)
5/26/2026 424B3
The Company amended the “Summary of Fund Expenses” section of its prospectus.
MAN ALTERNATIVE INCOME FUND (INTERVAL FUND)
5/28/2026 N-2/A
Type: Interval Fund
Primary: Unlimited - Class A and I Shares
The Company filed an amended prospectus. The fund intends to invest in private credit, structured credit and public credit.
RBC BLUEBAY ENHANCED INCOME FUND (INTERVAL FUND)
5/28/2026 EFFECT N-2/A
Type: Interval Fund
Primary: Unlimited - Class A, I, and T Shares
The Company’s offering went effective. The fund intends to invest primarily in equity and junior debt tranches of CLOs issued in the U.S. or European markets that are collateralized by a portfolio consisting primarily of floating rate senior secured loans with a large number of distinct underlying borrowers across various industry sectors and ratings that are typically below investment grade.
Lifecycle REITs
HIGHLANDS REIT, INC.
5/22/2026 8-K
The Company disclosed remarks from the CEO that they plan to include at the 2026 annual meeting of stockholders.
5/26/2026 8-K
The Company adjourned its annual meeting of stockholders due to the lack of a quorum and does not expect to reconvene. As a result, the current directors will continue to serve on the Board until their respective successors are duly elected and qualified.
INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
5/28/2026 8-K
The Company declared May 2026 distributions, payable on or about 6/17/26:
May April Gross Dist: $0.1042 $0.1042 Record Date: 5/31/26
PACIFIC OAK STRATEGIC OPPORTUNITY REIT, INC.
5/27/2026 8-K
The Company received demand letters from Whitehawk Capital Partners alleging events of default under an $80M credit agreement and seeking immediate repayment of all outstanding obligations, including default interest and fees. The alleged defaults relate to certain restrictive agreements entered into by a British Virgin Islands affiliate and subsequent insolvency proceedings involving that affiliate. The Company is reviewing Whitehawk’s claims and reserves all rights and defenses. In addition, Whitehawk filed a lawsuit in Nevada seeking to prevent certain Company subsidiaries from transferring or encumbering real property collateral securing the loan.
PROCACCIANTI HOTEL REIT, INC.
5/27/2026 8-K
The Company is fulfilling approximately 1.3% of repurchase requests for Q1 2026 (3.6% in Q4 2025).
STRATEGIC STORAGE TRUST VI, INC.
5/28/2026 8-K Press Release
The Company issued a press release announcing the opening of a 124,000 square foot self storage facility located in Montreal, Quebec, Canada.
STRATEGIC STUDENT & SENIOR HOUSING TRUST, INC.
5/26/2026 8-K Letter
The Company provided an update on its financial results for Q1 2026.
Other Alts
BARINGS PRIVATE CREDIT CORP (PRIVATE PLACEMENT BDC)
5/27/2026 8-K
The Company completed a $499M term debt securitization.
BLACKROCK DIRECT LENDING CORP. (PRIVATE PLACEMENT BDC)
5/27/2026 8-K
The Company held its annual meeting where shareholders elected four individuals to the Board.
CIFC DIRECT LENDING EVERGREEN FUND LP (PRIVATE PLACEMENT BDC)
5/28/2026 10-12G
Type: Private Placement BDC
Primary: Unlimited - Class I and Y Shares
The fund intends to invest in a diversified portfolio of primarily senior loans to U.S. companies.
CNL STRATEGIC CAPITAL, LLC (OTHER)
5/22/2026 8-K 424B3
The Company reported its April 2026 NAV per share:
April March Class FA: $43.63 $43.58 Class A: $38.61 $38.61 Class T: $38.53 $38.54 Class D: $38.33 $38.33 Class I: $39.02 $39.03 Class S: $44.11 $44.07
The Company declared June 2026 distributions, payable on 6/29/26:
June May Gross Dist: $0.104167 $0.104167 Record Date: 6/26/26
REMORA CAPITAL CORP (PRIVATE PLACEMENT BDC)
5/22/2026 8-K Letter
The Company issued a shareholder letter for the quarter ended 3/31/26.
SIXTH STREET LENDING PARTNERS (PRIVATE PLACEMENT BDC)
5/22/2026 8-K
The Board appointed Michael Fishman as a trustee, effective as of the close of business on 5/21/26.
VENTURE LENDING & LEASING IX, INC. (PRIVATE PLACEMENT BDC)
5/26/2026 8-K
The Company held its annual meeting where shareholders elected four individuals to the Board and ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending on 12/31/26.
WTI FUND X, INC. (PRIVATE PLACEMENT BDC)
5/26/2026 8-K
The Company held its annual meeting where shareholders elected four individuals to the Board and ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending on 12/31/26.
WTI FUND XI, INC. (PRIVATE PLACEMENT BDC)
5/26/2026 8-K
The Company held its annual meeting where shareholders elected five individuals to the Board and ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending on 12/31/26.
