Volume XV No. 33 | Friday, August 14, 2026
Press Room
Non-Listed BDC Fundraising Falls to Lowest Quarterly Level Since 2020 (8/10/2026)
Stanger has published its Q2 2026 Non-Listed BDC edition of The Stanger Report, highlighting the sector’s lowest quarterly fundraising total since 2020 and highest quarterly redemption demand on record. Publicly registered non-listed BDCs raised $2.0 billion in Q2 2026, down 82% from Q2 2025. That is the lowest quarterly total since Q4 2020, before Blackstone Private Credit Fund and Blue Owl Credit Income Corp. began raising capital. First-half 2026 fundraising totaled $7.1 billion, down 70% from $23.5 billion during the first six months of 2025. Redemptions exceeded new capital by nearly three times during Q2, producing net outflows of approximately $3.8 billion and marking the sector’s second consecutive quarter of net outflows. For the first half, redemptions exceeded fundraising by approximately $5.6 billion. “The Stanger Liquidity Cycle has moved out of its early stage and into its most demanding one,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Fundraising has contracted sharply, redemption demand remains elevated, and the pressure is now visible in net flows and market size. At the same time, sponsors continue to deliver substantial liquidity within defined program limits, with proration functioning as designed to balance liquidity demand against protection of the investors who remain. Early Q3 data offers an encouraging initial read, but it is too limited to determine whether redemption pressure is easing across the broader market.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Weekly Highlights
BLACKSTONE PRIVATE CREDIT FUND (NAV BDC)
8/12/2026 10-Q
The Company reported $1.85B of net unrealized depreciation for the six months ended 6/30/26, an increase from $522.9M for all of 2025. The second quarter accounted for $811.7M of net unrealized depreciation, compared with $78.9M of net unrealized appreciation in the prior-year period, primarily driven by declining fair values on debt investments.
HPS CORPORATE LENDING FUND (NAV BDC)
8/13/2026 10-Q
The Company reported $382.5M of net unrealized depreciation for the six months ended 6/30/26, an increase from $4.7M in the prior-year period. The second quarter accounted for $156.3M of net unrealized depreciation, compared with $12.4M in the prior-year period.
Current Reports
BDCs
APOLLO DEBT SOLUTIONS BDC
8/7/2026 8-K
The Company completed a $514.9M term debt securitization.
8/10/2026 424B3
The Company amended several sections of its prospectus and attached its 10-Q report.
FIDELITY PRIVATE CREDIT FUND
8/12/2026 8-K Quarterly Report
The Company issued an investment strategy quarterly report for Q2 2026.
FIRST EAGLE PRIVATE CREDIT FUND
8/12/2026 8-K
The Company reported the retirement and resignation of Nancy Hawthorne from her positions as Trustee and Chairperson of the Board. Ms. Hawthorne’s decision to retire and resign was not the result of any disagreement with the Company. In connection, the Board elected Patrick Coyne to the position of Chairperson of the Board.
NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND
8/12/2026 8-K
The Company entered into a new $292.5M credit facility with Norinchukin Bank consisting of $247.5M of Class A-T Loans bearing interest at Term SOFR plus 1.58% and $45M of Class B Loans bearing interest at Term SOFR plus 1.93%. The facility has a reinvestment period through 7/25/30 and matures on 7/25/38. Proceeds were used to repay and terminate the Company’s existing Scotiabank Credit Facility II and may also be used to fund loan originations and acquisitions and other permitted uses. Concurrently, the Company amended its Scotiabank Credit Facility I to increase commitments from $450M to $550M, reduce the applicable margin from 2.025% to 1.925%, extend the reinvestment period to 8/6/28, and extend the maturity date to 8/6/35.
T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND
8/14/2026 8-K Press Release
The Company announced its financial results and total distributions declared for Q2 2026.
TPG TWIN BROOK CAPITAL INCOME FUND
8/12/2026 424B3
The Company amended the “Suitability Standards” section of its prospectus and attached its 10-Q report.
NAV REITs
COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.
8/12/2026 424B3
The Company reported its July 2026 NAV per share (table below) and attached its 10-Q report.
July June Class I: $12.16 $12.12 Class F-I: $11.97 $11.92 Class P: $12.68 $12.60 Class B: $12.09 $12.03 Class R-I: $12.09 $12.04 Class R-S: $12.05 $11.98 Class M-I: $12.05 $11.91
COTTONWOOD COMMUNITIES, INC.
8/12/2026 8-K
The Company issued and sold shares of its 9/19/23 offering of Series A convertible preferred stock for aggregate proceeds of $3M.
EQT EXETER REAL ESTATE INCOME TRUST, INC.
8/7/2026 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 $3.5M.
IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.
8/10/2026 8-K 424B3
The Company held its annual meeting where shareholders elected five individuals to serve on the Board. Additionally, the Company amended the “Suitability Standards” section of its prospectus and attached its 10-Q report.
JLL INCOME PROPERTY TRUST, INC.
8/11/2026 8-K Press Release
The Company issued a press release announcing it will hold a public earnings call on 8/13/26 to review second quarter operating and financial results.
8/12/2026 8-K Press Release
The Company issued a press release declaring August 2026 distributions, payable on or around 8/26/26:
August July Gross Dist: $0.0525 $0.0525 Record Date: 8/21/26
8/13/2026 8-K Press Release
The Company issued a press release announcing the acquisition of Whitestown Distribution Center IV, a 1.1 million-square-foot Class A industrial facility located in the Northwest submarket of Indianapolis in Whitestown, Indiana, for approximately $137M.
J.P. MORGAN REAL ESTATE INCOME TRUST, INC.
8/7/2026 8-K
The Company adjourned its annual meeting due to the lack of a quorum. As a result, each incumbent nominee for the Board will continue to serve as a “holdover” director until his or her successor is duly elected and qualifies and PricewaterhouseCoopers LLP will continue to serve as the Company’s independent registered public accounting firm for the year ending 12/31/26, as shareholder ratification is not required for its appointment.
STARWOOD REAL ESTATE INCOME TRUST, INC.
8/12/2026 8-K
The Company adjourned its annual meeting due to the lack of a quorum. As a result, each incumbent nominee for the Board will continue to serve as a “holdover” director until his or her successor is duly elected and qualifies and Deloitte & Touche LLP will continue to serve as the Company’s independent registered public accounting firm for the year ending 12/31/26, as shareholder ratification is not required for its appointment.
Private Placement REITs
ARES INDUSTRIAL REAL ESTATE INCOME TRUST INC.
8/7/2026 8-K
The Company held its annual meeting where shareholders approved the re-election of eight directors to serve on the Board and approved the ratification of the appointment of KPMG LLP to serve as the Company’s independent registered public accounting firm for the year ending 12/31/26. Additionally, the Company amended its SRP to eliminate the early redemption deduction with respect to the redemption of a stockholder’s shares due to the stockholder’s failure to maintain a minimum account balance of $2,000 of shares of the Company’s common stock.
8/11/2026 8-K
The Board authorized an increase to the amount of monthly gross distributions for each class of the Company’s common stock beginning with the month of August 2026, from $0.0525 per share, which had been paid since 7/31/25, to $0.0550 per share, which will be paid to stockholders of record on 8/31/26 and 9/30/26.
ARES REAL ESTATE INCOME TRUST INC.
8/7/2026 8-K
The Company disclosed the sale of unregistered Class I-PR and S-PR shares for gross proceeds of approximately $23.9M and adjourned its annual meeting due to the lack of a quorum. As a result, each incumbent nominee for the Board will continue to serve as a “holdover” director until his or her successor is duly elected and qualifies and KPMG LLP will continue to serve as the Company’s independent registered public accounting firm for the year ending 12/31/26, as shareholder ratification is not required for its appointment. Additionally, the Company amended its SRP to eliminate the early redemption deduction with respect to the redemption of a stockholder’s shares due to the stockholder’s failure to maintain a minimum account balance of $2,000 of shares of the Company’s common stock.
8/11/2026 8-K
The Board authorized an increase to the amount of monthly gross distributions for each class of the Company’s common stock beginning with the month of August 2026, from $0.03450 per share, which had been paid since 7/31/25, to $0.03583 per share, which will be paid to stockholders of record on 8/31/26 and 9/30/26.
BLACKROCK MONTICELLO DEBT REAL ESTATE INVESTMENT TRUST
8/7/2026 8-K
The Company disclosed the sale of unregistered Class F-I and F-S shares for gross proceeds of approximately $26.7M.
BLUE OWL DIGITAL INFRASTRUCTURE TRUST
8/7/2026 8-K/A
The Company amended its 8-K filed on 6/29/26 to provide required financial statements and pro forma financial information in connection with its previously disclosed acquisition of 100% of the membership interests in GCDC Purchaser Phase 1 LLC and its fee interest in Gainesville Crossing Data Center Building 1, a 72-megawatt single-tenant data center property.
FIDELITY CORE REAL ESTATE FUND
8/11/2026 8-K
The Company reported the resignation of Simon Fisk from his positions as VP of the Company and as a director and VP of Fidelity CRET Trustee LLC, the Company’s sole trustee, effective 9/30/26. Mr. Fisk’s resignation was not the result of any disagreement with the Company. In connection, Vipul Gautam was appointed to succeed Mr. Fisk in each of these roles, effective 9/30/26.
FORTRESS CREDIT REALTY INCOME TRUST
8/7/2026 8-K
The Company declared July 2026 distributions (table below), payable on or about 8/3/26, and disclosed the sale of unregistered common shares for gross proceeds of $52.4M.
July June Gross Dist: $0.1540 $0.1542 Record Date: 7/31/26
FORTRESS NET LEASE REIT
8/7/2026 8-K
The Company declared July 2026 distributions (table below), payable on or about 8/3/26, and disclosed the sale of unregistered common shares for gross proceeds of $91.3M.
July June Gross Dist: $0.0736 $0.0734 Record Date: 7/31/26
GOLDMAN SACHS REAL ESTATE FINANCE TRUST INC
8/7/2026 8-K
The Company declared July 2026 distributions (table below), payable on or about 8/10/26, and disclosed the sale of unregistered Class I and S common shares for gross proceeds of $6.3M.
July June Gross Dist: $0.1660 $0.1660 Record Date: 7/31/26
INVESCO COMMERCIAL REAL ESTATE FINANCE TRUST, INC.
8/7/2026 8-K
The Company disclosed the sale of unregistered Class S-1, S, I, and E common stock for aggregate consideration of $33.7M.
Closed-End Funds
CAZ GP STAKES GROWTH FUND (INTERVAL FUND)
8/12/2026 EFFECT 424B3
Type: Interval Fund
Primary: Unlimited - Class A, C, E, I, and R Shares.
The Company’s offering went effective. The fund intends to invest in either direct or indirect investments in asset management firms, including firms that manage both publicly and privately offered funds across multiple strategies, geographies and asset classes.
CVC-PSEC PRIVATE SECONDARIES FUND (TENDER OFFER FUND)
8/12/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class D, I, and S Shares
The Company filed its initial prospectus. The fund intends to invest in the acquisition, holding, financing, refinancing and disposition of a diverse portfolio of investments including buyout, growth capital, venture capital, special situations, turnaround, private debt, mezzanine, distressed opportunities, real estate and infrastructure assets on the secondary market.
FT VEST TOTAL RETURN INCOME FUND: SERIES A2 (TENDER OFFER FUND)
8/11/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class A and I Shares
The Company filed an updated prospectus. The fund invests primarily in U.S. exchange-traded equity securities contained in the S&P 500 Index.
GLOBAL X VENTURE & INNOVATION FUND (INTERVAL FUND)
8/7/2026 424B3
The Company filed an updated prospectus for its offering of Class A, I, S, and U Shares.
JPMORGAN REAL ASSETS DEDICATED FUND (INTERVAL FUND)
8/7/2026 N-2
Type: Interval Fund
Primary: Unlimited - Class A, I, and S Shares
The Company filed its initial prospectus. The fund intends to invest in real assets including infrastructure and infrastructure-related assets or businesses, real estate and real estate-related assets or businesses, and other tangible or resource based asset classes and related businesses.
MUZINICH AVIATION INCOME FUND (MAIR) (INTERVAL FUND)
8/12/2026 N-2/A
Type: Interval Fund
Primary: Unlimited - Investor, Institutional, and Supra Institutional Class Shares
The Company filed an amended prospectus. The fund intends to invest in aviation-related debt instruments and securities.
RAREVIEW SECURITIZED INCOME FUND (TENDER OFFER FUND)
8/7/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Common Shares
The Company filed its initial prospectus. The fund intends to invest in securitized debt securities such as ABS, CMOs, RMBS, CMBS, REITs, and CLOs.
REGAN CAPITAL ALTERNATIVE INCOME FUND (INTERVAL FUND)
8/11/2026 N-2/A
Type: Interval Fund
Primary: Unlimited - Investor and Institutional Shares
The Company filed an amended prospectus. The fund intends to invest primarily in mortgage-backed securities.
ROCKEFELLER MUNICIPAL OPPORTUNITIES FUND (INTERVAL FUND)
8/7/2026 424B3
The Company amended the “Management of the Fund” section of its SAI.
SAVVLY FUND #3 (TENDER OFFER FUND)
8/12/2026 EFFECT 8/10/2026 N-2/A
Type: Tender Offer Fund
Primary: Unlimited - Class A and B Shares
The Company’s offering went effective. The fund intends to invest in S&P 500 ETFs, such as Vanguard’s VOO, or similar low-cost investment funds that track the S&P 500 index.
SEI ALTERNATIVE INCOME FUND (INTERVAL FUND)
8/10/2026 424B3
The Company amended its investment strategy to limit its allocation to equity securities of CLOs to no more than 10% of net assets, measured at the time of purchase.
SEI CARLYLE PRIVATE MARKETS FUND (INTERVAL FUND)
8/13/2026 N-2/A
Type: Interval Fund
Primary: Unlimited - Class I Shares
The Company filed an amended prospectus. The fund intends to invest primarily in private market instruments through underlying funds managed, sponsored, or advised by Carlyle and SEI, along with select direct and co-investments.
STARTENGINE TECH GROWTH FUND (TENDER OFFER FUND)
8/13/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Common Shares
The Company filed its initial prospectus. The fund intends to invest in the securities of technology and technology-related companies and other investments that have economic characteristics similar to investments in technology companies.
UBS ASSET MANAGEMENT CREDIT INCOME OPPORTUNITIES FUND (INTERVAL FUND)
8/12/2026 N-2
Type: Interval Fund
Primary: Unlimited - Class I, P, A, I-F, and A-F Shares
The Company filed its initial prospectus. The fund intends to primarily invest in liquid and illiquid credit opportunities across global credit markets and interest rate environments.
Other Alts
ASHFORD HOSPITALITY TRUST INC (NON-TRADED PREFERRED)
8/12/2026 8-K Press Release
The Company issued a press release announcing its financial results for the second quarter ended 6/30/26.
BARINGS PRIVATE CREDIT CORP (PRIVATE PLACEMENT BDC)
8/13/2026 8-K
The Company priced a $350M private placement offering of its 6.500% notes due 2031, which will mature on 8/18/31. The offering is expected to close on 8/18/26.
BIP VENTURES EVERGREEN BDC (PRIVATE PLACEMENT BDC)
8/10/2026 8-K
The Company reported the resignation of Mark Teixeira from the Board. Mr. Teixeira’s resignation is in connection with his candidacy as the Republican nominee for Texas’s 21st congressional district in the 2026 general election, and was not the result of any disagreement with the Company.
CNL STRATEGIC CAPITAL, LLC (OTHER)
8/13/2026 8-K
A subsidiary of the Company amended its loan and security agreement with Valley National Bank to extend the maturity date of the line of credit to 11/15/26.
CREATIVE MEDIA & COMMUNITY TRUST CORP (NON-TRADED PREFERRED)
8/14/2026 8-K Press Release Presentation
The Company filed a press release announcing its financial results for the period ended 6/30/26, as well as a Q2 investor presentation.
GOLDMAN SACHS PRIVATE CREDIT CORP. (PRIVATE PLACEMENT BDC)
8/10/2026 8-K Letter
The Company provided a Q2 2026 update.
GOLUB CAPITAL DIRECT LENDING CORP (PRIVATE PLACEMENT BDC)
8/13/2026 8-K Presentation
The Company provided an earnings presentation to its shareholders of record as of 6/30/26.
INVESTCORP US PRIVATE CREDIT BDC II LIQUIDATING TRUST (PRIVATE PLACEMENT BDC)
8/13/2026 15-12G
The Company terminated its registration.
MONROE CAPITAL INCOME PLUS CORP (PRIVATE PLACEMENT BDC)
8/11/2026 8-K
The Company held its annual meeting where shareholders elected Roger Schoenfeld as a Class II director.
NEW MOUNTAIN GUARDIAN IV INCOME FUND, L.L.C. (PRIVATE PLACEMENT BDC)
8/12/2026 8-K
The Company provided portfolio metrics as of 6/30/26.
STAR MOUNTAIN LOWER MIDDLE-MARKET CAPITAL CORP (PRIVATE PLACEMENT BDC)
8/12/2026 8-K
The Company issued $25M of floating-rate senior unsecured notes due 1/15/29, bearing interest at three-month SOFR plus 3.75%. The new notes form a single series with the Company’s existing $25M notes, bringing the total outstanding principal to $50M.
VARAGON CAPITAL CORP (PRIVATE PLACEMENT BDC)
8/11/2026 8-K Presentation
The Company released an earnings presentation relating to its financial results for the quarter ended 6/30/26.
