Volume XV No. 34 | Friday, August 21, 2026
Press Room
Private Placement REIT Fundraising Climbs 11.8% Year-Over-Year as Private Placement BDC Fundraising Declines 18.5% (8/19/2026)
Stanger published the Q2 2026 edition of Stanger Privates. Private placement REIT and BDC aggregate NAV reached a combined $119.3 billion as of June 30, 2026, up 5.6% quarter-over-quarter and 39.0% year-over-year. Private placement REITs accounted for 28.5% of the $125.1 billion non-listed REIT market, while private placement BDCs represented 40.5% of the $206.6 billion non-listed BDC market. Private placement REITs raised $4.8 billion during the first six months of 2026, up 11.8% from the $4.3 billion raised over the same period in 2025 and nearly 41% more than their publicly registered counterparts. Second quarter fundraising totaled $2.5 billion, a 15.1% year-over-year increase. “Capital continues to rotate toward hard assets with low obsolescence, and private placement REITs continue to benefit from that shift,” said Kevin T. Gannon, Chairman & CEO of Stanger. “These vehicles have now outraised their publicly registered counterparts for seven consecutive quarters, highlighting their growing adoption across the market.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Stanger published its preliminary Non-Traded REIT Pricing Table for July 2026.
View the July 2026 REIT Pricing Table →
Weekly Highlights
APOLLO S3 PRIVATE MARKETS FUND (TENDER OFFER FUND)
8/20/2026 424B3
The Board approved the conversion of the Company into an interval fund, with the conversion currently expected to occur in November 2026.
Current Reports
BDCs
AB PRIVATE LENDING FUND
8/20/2026 8-K
The Company reported its July 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 $1M.
July June Class I: $24.61 $24.60
The Company declared August 2026 distributions, payable on or about 9/30/26:
August July Gross Dist: $0.20 $0.20 Record Date: 8/31/26
APOLLO DEBT SOLUTIONS BDC
8/18/2026 8-K
The Company amended and restated its revolving credit facility with JPMorgan Chase Bank, N.A. to extend the final maturity date from 8/12/30 to 8/12/31, increase the total facility amount from $3.828B to $3.990B, remove the credit spread adjustment applicable to dollar-denominated borrowings, increase the accordion provision from $5.180B to $5.985B, and modify the minimum shareholders’ equity test to remove the quarterly limitation on deducting only buybacks of equity interests issued in the same quarterly period and instead permit a 25% deduction of any equity interests bought back on or after 7/1/26.
8/19/2026 8-K
The Company reported its July 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 $8M.
July June All Classes: $23.83 $23.83
The Company declared August 2026 distributions, payable on or about 9/29/26:
August July Gross Dist: $0.1800 $0.1800 Record Date: 8/31/26
ARES STRATEGIC INCOME FUND
8/19/2026 8-K 424B3
The Company reported its July 2026 NAV per share (table below) and disclosed the sale of unregistered Class I shares pursuant to Regulation S for total consideration of $16.7M.
July June All Classes: $26.67 $26.71
The Company previously declared August 2026 distributions, payable on or about 9/24/26:
August July Gross Dist: $0.21430 $0.21430 Record Date: 8/31/26
BLACKSTONE PRIVATE CREDIT FUND
8/18/2026 424B3
The Company amended several sections of its prospectus and attached its 10-Q report.
8/18/2026 424B3
The Company is offering $750M in aggregate principal amount of 6.200% notes due 11/15/31.
8/19/2026 8-K
The Company issued $750M aggregate principal amount of 6.200% notes due 2031. The transaction closed on 8/19/26.
8/20/2026 8-K
The Company reported its July 2026 NAV per share (table below) and disclosed the sale of unregistered Class I shares to feeder vehicles pursuant to Regulation S for consideration of $31.7M.
July June All Classes: $23.64 $23.65
The Company declared August 2026 distributions, payable on or about 9/25/26:
August July Gross Dist: $0.1800 $0.1800 Record Date: 8/31/26
CRESCENT PRIVATE CREDIT INCOME CORP
8/14/2026 8-K
The Company reported the resignation of Raymond Barrios as President of the Company. Mr. Barrios’ decision to resign was not the result of any disagreement with the Company. In connection, the Board appointed Eric Hall as the Company’s President.
FIRST EAGLE PRIVATE CREDIT FUND
8/20/2026 8-K
The Company reported its July 2026 NAV per share:
July June Common: $23.74 $23.79
The Company declared August 2026 distributions, payable on or about 9/29/26:
August July Gross Dist: $0.210 $0.210 Record Date: 8/31/26
GOLUB CAPITAL PRIVATE CREDIT FUND
8/17/2026 424B3
The Company amended several sections of its prospectus and attached its 10-Q report.
MONROE CAPITAL ENHANCED CORPORATE LENDING FUND
8/20/2026 8-K 424B3
The Company reported its July 2026 NAV per share:
July June Class I: $26.04 $25.85
The Company declared August 2026 distributions, payable on or about 9/23/26.
August July Gross Dist: $0.187 $0.187 Record Date: 8/31/26
PROSPECT CAPITAL CORP
8/21/2026 8-K Press Release
The Company declared September, October, and November 2026 distributions for its non-listed preferreds (table below), payable on 10/1/26, 11/2/26, and 12/1/26, respectively and announced its financial results for Q2 2026.
Sep, Oct, Nov Jun, Jul, Aug Floating Rate Pref: $0.135417 $0.135417 7.50% Pref: $0.156250 $0.156250 5.50% Pref: $0.114583 $0.114583 6.50% Pref: $0.135417 $0.135417 Record Dates: 9/21/26, 10/21/26, 11/18/26
Aug - Oct May - Jul 5.35% Pref: $0.334375 $0.334375 Record Date: 10/21/26
NAV REITs
APOLLO REALTY INCOME SOLUTIONS, INC.
8/17/2026 424B3
The Company reported its July 2026 NAV per share (table below) and attached its 10-Q report.
July June Class S: $21.2206 $21.2079 Class D: $21.2707 $21.2753 Class I: $21.0571 $21.0630 Class F-I: $21.0026 $21.0059 Class A-I: $21.6467 $21.6377 Class A-III: $21.5873 $21.5787 Class E: $21.7384 $21.7288 OP Class A-I: $21.6467 $21.6377 OP Class E: $21.7384 $21.7288
BLACKSTONE REAL ESTATE INCOME TRUST, INC.
8/17/2026 424B3
The Company reported its July 2026 NAV per share (table below) and attached its 10-Q report.
July June Class I: $14.6479 $14.5256 Class S: $14.6353 $14.5134 Class S-2: $14.6353 $14.5134 Class D: $14.2703 $14.1525 Class D-2: $14.2703 $14.1525 Class T: $14.3813 $14.2621 Class T-2: $14.3813 $14.2621 Class C: $17.2740 $17.0646 Class L: $14.6956 $14.5658 OP Units: $14.6479 $14.5256
8/20/2026 8-K
The Company disclosed the sale of unregistered Class C shares in July for aggregate consideration of $4.7M and the sale of unregistered Class C and L shares in August for aggregate considerations of $9.1M and $20M, respectively.
BROOKFIELD REAL ESTATE INCOME TRUST INC.
8/14/2026 424B3
The Company reported its July 2026 NAV per share (table below), announced the completion of its acquisition of Oaktree, amended the “Suitability Standards” and “Risk Factors” sections of its prospectus, updated its subscription agreement, and attached its 10-Q report.
July June Class S: $10.4201 $10.4064 Class I: $10.5257 $10.5230 Class D: $10.6365 $10.6203 Class T: $10.6244 $10.6043 Class C: $10.2109 $10.1982 Class E: $10.5276 $10.5132 Class I OP: $10.5257 $10.5230 Class E OP: $10.5276 $10.5132
CANTOR FITZGERALD INCOME TRUST, INC.
8/14/2026 424B3
The Company reported its July 2026 NAV per share (table below), announced it satisfied 37.3% of July 2026 repurchase requests (38.4% in June), amended several sections of its prospectus, updated its subscription agreement, and attached its 10-Q report.
July June Class AX: $20.63 $20.37 Class IX: $20.63 $20.37 Class I: $20.63 $20.37 Class TX: $20.61 $20.36 Class T: $20.61 $20.36 Class D: $20.62 $20.37 Class S: $20.61 $20.36 Class I OP Units: $20.63 $20.37 Class T OP Units: $20.62 $20.37
COTTONWOOD COMMUNITIES, INC.
8/18/2026 424B3
The Company reported its July 2026 NAV per share (table below), announced the acquisition of Park Lafayette Towers, a 271-unit multifamily community in Milwaukee, WI for a purchase price of $94.1M, and attached its 10-Q report.
July June All Classes: $11.3250 $11.3127
The Company declared August 2026 distributions, payable in September 2026:
August July Gross Dist: $0.0566666 $0.05666667 Record Date: 8/31/26
EQT EXETER REAL ESTATE INCOME TRUST, INC.
8/17/2026 424B3
The Company reported its July 2026 NAV per share (table below), amended the “Suitability Standards” section of its prospectus, and attached its 10-Q report.
July June Class I: $11.21 $11.21 Class A-I: $11.12 $11.11 Class A-II: $11.04 $11.04 Class E: $12.11 $12.09 Class T: $11.18 $11.18
FS CREDIT REAL ESTATE INCOME TRUST, INC.
8/17/2026 424B3
The Company reported its July 2026 NAV per share (table below), amended the “Suitability Standards” section of its prospectus, updated its subscription agreement, and attached its 10-Q report.
July June Class S: $24.7092 $24.7613 Class T: $24.4460 $24.5010 Class D: $24.5025 $24.5548 Class M: $24.5731 $24.6254 Class I: $23.7907 $23.8409 Class F: $25.0927 $25.1388 Class Y: $23.7768 $23.8282
HINES GLOBAL INCOME TRUST, INC.
8/17/2026 8-K 424B3
The Company reported its July 2026 NAV per share:
July June All Classes: $9.83 $9.78
The Company declared August 2026 distributions, payable on 9/1/26:
August July Gross Dist: $0.052 $0.052 Record Date: 8/31/26
INVESCO REAL ESTATE INCOME TRUST INC.
8/17/2026 8-K 424B3
The Company reported its July 2026 NAV per share (table below), amended the “Suitability Standards” section of its prospectus, and updated its subscription agreement.
July June Class T: $26.1375 $26.0994 Class S: $26.0942 $26.1045 Class D: $26.1573 $26.1190 Class I: $26.3087 $26.2702 Class E: $28.4503 $28.3732 Class N: $27.8324 $27.7857 Class S-PR: $26.9836 $26.9625 Class K-PR: $26.9737 $26.9527
IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.
8/14/2026 424B3
The Company reported its July 2026 NAV per share:
July June Class T: $23.5230 $23.4718 Class D: $23.4917 $23.4398 Class I: $23.4612 $23.4107 Class A: $23.7544 $23.6899 Class X-1: $23.4859 $23.4045
JLL INCOME PROPERTY TRUST, INC.
8/19/2026 8-K Press Release
The Company issued a press release announcing the full cycle UPREIT of assets owned by JLLX Diversified Portfolio III, DST from its JLL Exchange platform, which offers reinvestment opportunities to 1031 exchange investors.
J.P. MORGAN REAL ESTATE INCOME TRUST, INC.
8/14/2026 424B3
The Company reported its July 2026 NAV per share (table below) and attached its 10-Q report.
July June Class D: $10.56 $10.56 Class I: $10.61 $10.61 Class E: $11.54 $11.53 Class Y: $11.31 $11.31 Class T: $11.50 $11.50 OP Units: $11.54 $11.53
NUVEEN GLOBAL CITIES REIT, INC.
8/17/2026 424B3
The Company reported its July 2026 NAV per share (table below), announced the acquisitions of DuPage Crossing, a 100% leased, light industrial property located in the Central Kane submarket of Chicago, Illinois for $29.1M, and Plaza at Park 51, a 100% leased, medical outpatient building located in Charlotte, North Carolina for $27.2M, amended several sections of its prospectus, updated its subscription agreement, and attached its 10-Q report.
July June Class T: $11.24 $11.24 Class S: $11.10 $11.10 Class D: $11.27 $11.26 Class I: $11.23 $11.22 Class N: $11.70 $11.69
RREEF PROPERTY TRUST, INC.
8/18/2026 424B3
The Company reported its August 2026 redemption price per share:
August July Class A: $13.20 $13.14 Class I: $13.30 $13.23 Class T: $13.35 $13.28 Class D: $13.32 $13.26 Class M-I: $13.17 $13.11 Class T2: $13.12 $13.05 Class N: $13.20 $13.13
8/19/2026 424B3
The Company reported a $448.4M estimated value of its investments in real estate as of 6/30/26, amended the “Suitability Standards” section of its prospectus, updated its subscription agreement, and attached its 10-Q report.
STARWOOD REAL ESTATE INCOME TRUST, INC.
8/14/2026 424B3
The Company reported its July 2026 NAV per share (table below), announced the resignation of Jeffery Dishner as a member of the Advisor’s Investment Committee, amended the “Suitability Standards” section of its prospectus, updated its subscription agreement, and attached its 10-Q report.
July June Class S: $19.58 $19.69 Class T: $19.59 $19.70 Class D: $19.17 $19.27 Class I: $19.41 $19.52 OP Units: $19.41 $19.52
Private Placement REITs
ARES INDUSTRIAL REAL ESTATE INCOME TRUST INC.
8/17/2026 8-K
The Company reported its July 2026 NAV per share:
July June All Classes: $13.3499 $13.3101
The Company declared July 2026 distributions:
July June Gross Dist: $0.05250 $0.05250 Record Date: 7/31/26
ARES REAL ESTATE INCOME TRUST INC.
8/17/2026 8-K
The Company reported its July 2026 NAV per share:
July June All Classes: $8.2554 $8.2229
The Company declared July 2026 distributions:
July June Gross Dist: $0.03450 $0.03450 Record Date: 7/31/26
BLUE OWL DIGITAL INFRASTRUCTURE TRUST
8/19/2026 8-K
The Company reported its July 2026 NAV per share (table below) and disclosed the sale of unregistered Class S, I, and E common shares for gross proceeds of approximately $16.5M.
July June Class S: $10.4671 $10.4126 Class D: $10.4673 $10.4128 Class I: $10.4674 $10.4129 Class E: $10.6741 $10.5928 Class I OP Units: $10.4674 $10.4129 Class E OP Units: $10.6741 $10.5928
The Company declared July 2026 distributions, payable on or about 8/18/26.
July June Gross Dist: $0.0416667 $0.0416667 Record Date: 7/31/26
BLUE OWL REAL ESTATE NET LEASE TRUST
8/19/2026 8-K
The Company reported its July 2026 NAV per share (table below) and disclosed the sale of unregistered Class I common shares for gross proceeds of approximately $18.9M.
July June Class S: $10.6395 $10.6215 Class N: $10.7302 $10.7115 Class D: $10.4938 $10.4769 Class I: $10.7174 $10.6988 OP Units: $10.7174 $10.6988
FIDELITY CORE REAL ESTATE FUND
8/20/2026 8-K
The Company introduced new Class I, S, and F Shares. In connection, all existing common shares were converted into Class I Shares, and the Company amended its governing and operating agreements to establish the rights, fees, and conversion provisions applicable to the new share classes and corresponding partnership unit classes. The Company also entered into a dealer manager agreement with Fidelity Distributors Company LLC and amended its DRIP and SRP to incorporate the new share classes.
FORTRESS CREDIT REALTY INCOME TRUST
8/20/2026 8-K
The Company reported its July 2026 NAV per share:
July June Class B: $19.9994 $19.9756 Class R: $19.8487 $19.8263 Class J-1: $19.8557 $19.8331 Class J-2: $19.8394 $19.8170 Class J-4: $20.0785 $20.0602 Class S: $20.0473 $20.0292 Class I: $20.0398 $20.0217 Class E: $19.9801 $19.9561 Class F-I: $20.0477 $20.0278 Class F-S: $20.0589 $20.0364
FORTRESS NET LEASE REIT
8/20/2026 8-K
The Company reported its July 2026 NAV per share:
July June Class S: $10.5358 $10.5031 Class I: $10.6184 $10.5840 Class F-S: $10.6778 $10.6370 Class F-I: $10.7494 $10.7073 Class D-S: $11.1057 $11.0473 Class D: $10.5805 n/a Class E: $11.1703 $11.1116
FRANKLIN BSP REAL ESTATE DEBT, INC.
8/17/2026 8-K
The Company declared July 2026 distributions, paid on 8/14/26:
July June Gross Dist: $0.1900 $0.1900 Record Date: 7/31/26
INVESCO COMMERCIAL REAL ESTATE FINANCE TRUST, INC.
8/17/2026 8-K
The Company reported its July 2026 NAV per share:
July June Class S-1: $25.0161 $25.0524 Class I: $24.9772 $25.0144 Class S: $24.9036 $24.9405 Class E: $26.0370 $26.0209 Class D: $24.8802 $24.9166 Class F: $26.1540 $26.1515 Class D-1: $24.9145 $24.9509
NORTH HAVEN NET REIT
8/20/2026 8-K
The Company disclosed the sale of unregistered Class I and F-I common shares for aggregate consideration of approximately $6.1M.
RITHM PERPETUAL LIFE RESIDENTIAL TRUST
8/17/2026 8-K
The Company reported its July 2026 NAV per share:
July June Class J: $20.1595 $20.1637 Class E: $20.2982 $20.2802
SCULPTOR DIVERSIFIED REAL ESTATE INCOME TRUST, INC.
8/17/2026 8-K
The Company reported its July 2026 NAV per share:
July June Class E: $11.8100 $11.7001 Class F: $11.4600 $11.3919 Class FF: $11.3130 $11.2465 Class AA: $11.2155 $11.1492 Class A: $11.1067 $11.0378 Class I-S: $11.0598 $10.9932 OP Units: $11.8100 $11.7001
Closed-End Funds
FELICITAS INCOME FUND (TENDER OFFER FUND)
8/14/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Common Shares
The Company filed its initial prospectus. The fund intends to invest in a portfolio of private credit investments.
FT VEST TOTAL RETURN INCOME FUND: SERIES A3 (TENDER OFFER FUND)
8/18/2026 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.
FT VEST TOTAL RETURN INCOME FUND: SERIES A4 (TENDER OFFER FUND)
8/18/2026 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.
INVESCO PRIVATE ASSET-BASED CREDIT FUND (INTERVAL FUND)
8/19/2026 N-2
Type: Interval Fund
Primary: Unlimited - Class P-X and P-F Shares
The Company filed its initial prospectus. The fund intends to invest in private asset-based finance investments and derivatives that provide investment exposure to such asset-based finance investments and/or to one or more of the market risk factors associated with such asset-based finance investments.
LONGEVITYFP US EQUITY LARGE-CAP 500 INDEX FUND (1960) (TENDER OFFER FUND)
8/14/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Common Shares
The Company filed its initial prospectus. The fund intends to invest in equity securities of large-capitalization U.S. companies.
REDWOOD PRIVATE REAL ESTATE DEBT FUND (INTERVAL FUND)
8/20/2026 424B3 424B3
The Company amended the “Repurchase Procedures” and “Investment Policy” sections of its prospectus and provided notice of its upcoming repurchase offer that will take place during the period of 10/20/26 to 11/10/26.
T. ROWE PRICE GOLDMAN SACHS ALL EQUITY ACCESS FUND (INTERVAL FUND)
8/19/2026 N-2/A
Type: Interval Fund
Primary: Unlimited - Class A, D, and I Shares
The Company filed an amended prospectus. The fund intends to invest in equity securities and equity-related investments, or underlying funds that invest predominantly in equity.
Lifecycle REITs
INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
8/14/2026 8-K
The Company reported its July 2026 NAV per share:
July June Class P: $13.1186 $13.2204 Class A: $13.1654 $13.2672 Class T: $13.3081 $13.4082 Class D: $13.2005 $13.3009 Class I: $13.1673 $13.2690
LIGHTSTONE VALUE PLUS REIT V, INC.
8/18/2026 8-K
The Company adjourned its annual meeting due to a lack of a quorum and intends to reconvene on 9/10/26.
STRATCAP DIGITAL INFRASTRUCTURE REIT, INC.
8/17/2026 8-K
The Company renewed its advisory agreement for a one-year term, effective on 8/18/26.
Other Alts
BARINGS PRIVATE CREDIT CORP (PRIVATE PLACEMENT BDC)
8/18/2026 8-K
The Company entered into a supplemental indenture related to the issuance of $350M of its 6.500% notes due 2031. The notes offering closed on 8/18/26 with net proceeds of $341.6M.
CCS IX PORTFOLIO HOLDINGS, LLC (PRIVATE PLACEMENT BDC)
8/14/2026 8-K
The Company reported the resignation of Raymond Barrios as a member of the Board and as Co-CEO of the Company. Mr. Barrios’ decision to resign was not the result of any disagreement with the Company. In connection, the Board appointed Eric Hall as the Company’s Co-CEO and elected him as a director and Chairman of the Board.
CIFC DIRECT LENDING EVERGREEN FUND (PRIVATE PLACEMENT BDC)
8/17/2026 8-K
The Board approved the dismissal of Deloitte & Touche LLP as the Company’s independent registered public accounting firm, effective 8/14/26. In connection, the Board engaged KPMG LLP to serve as the Company’s independent registered public accounting firm, effective immediately.
MSD INVESTMENT CORP. (PRIVATE PLACEMENT BDC)
8/14/2026 8-K
The Company extended the commitment period for its current private offering by one year, from 12/21/26 to 12/21/27.
SLR HC BDC LLC (PRIVATE PLACEMENT BDC)
8/20/2026 8-K
The Company entered into a new $35M credit facility with Deutsche Bank AG, New York Branch, bearing interest at the applicable cost of funds rate plus 2.60%, with a revolving period through 8/14/29 and maturity on 8/14/31. The Company borrowed $29M at closing to repay and terminate its existing $35M JPMorgan Chase credit facility.
