Volume XV No. 46 | Friday, November 13, 2026
Press Room
Non-Listed BDC Net Outflows Surpass $4 Billion in Q3 as Fundraising Continues to Decline (11/6/2026)
Stanger has published its Q3 2026 Non-Listed BDC edition of The Stanger Report. The issue highlights widening net outflows as fundraising continued to decline, even as redemption demand moderated and performance strengthened. Publicly registered non-listed BDCs raised $1.5 billion in Q3 2026, down 87% from Q3 2025. It was the lowest quarterly total since Q4 2020, before Blackstone Private Credit Fund and Blue Owl Credit Income Corp. began raising capital, falling below the previous low set last quarter. Through September, year-to-date fundraising totaled $8.6 billion, down 76% from $35.1 billion a year earlier. Redemption demand nevertheless showed signs of moderation, as requests declined from 12.5% of NAV in Q2 to 11.5% in Q3. Sponsors met 40% of requests, returning approximately $5.6 billion to investors and leaving an estimated $8.2 billion unmet, compared with 37% met and an estimated $9.8 billion unmet in Q2. “In Q2, we said the months ahead would test valuation discipline as sponsors managed portfolios to fund ongoing liquidity demand,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Through Q3, valuations have held. The non-listed BDC market is contracting as investors withdraw capital, not because of broad-based deterioration in NAV per share, and stable valuations have allowed recurring income to translate into improving total returns. The key question now is whether NAVs can remain stable as continued redemption pressure tests sponsors’ ability to generate liquidity through portfolio realizations.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Weekly Highlights
AMERICAN RESIDENTIAL HOUSING TRUST (PRIVATE PLACEMENT REIT)
11/12/2026 10-12G
Type: Private Placement REIT
Primary: Unlimited - Class I and L Shares
The Company filed its initial prospectus. The fund intends to invest primarily in multifamily rental properties throughout the U.S., targeting core, core-plus, value-add, and opportunistic investments through the acquisition, rehabilitation, and operation of income-producing properties.
BRAEMAR HOTELS & RESORTS INC. (NON-TRADED PREFERRED)
11/10/2026 8-K
The Company completed its transition to a self-managed REIT effective 11/10/26, terminating its advisory agreement with Ashford Inc. following payment of the remaining termination obligations, including a $480M Company Sale Fee and a $25M Master Agreement Termination Fee. In connection, six directors submitted resignations and seven new independent directors were appointed, all effective upon the filing of the Company’s definitive proxy statement. The Company also announced the closing of a new $358M CMBS loan secured by four hotel properties, replacing two existing loans totaling approximately $290.4M, reducing the weighted-average interest rate spread from SOFR + 3.41% to SOFR + 2.37% and extending the final maturity to November 2031.
Current Reports
BDCs
AB PRIVATE LENDING FUND
11/10/2026 8-K
The Company entered into an amendment to its senior secured credit agreement, extending the revolver availability period from 9/14/29 to 11/6/30 and the scheduled maturity date from 9/13/30 to 11/6/31, and resetting the minimum shareholders’ equity test.
BAIN CAPITAL PRIVATE CREDIT
11/9/2026 8-K
The Company announced the appointment of Amrit Kanwal as an independent Class III trustee, effective 11/4/26, expanding the Board from eight to nine members. Mr. Kanwal was also appointed to the Company’s Audit, Nominating and Corporate Governance, and Compensation Committees.
BLUE OWL CREDIT INCOME CORP.
11/6/2026 424B3
The Company amended the "Suitability Standards" section of its prospectus and attached its 10-Q report.
BLUE OWL TECHNOLOGY INCOME CORP.
11/6/2026 424B3
The Company amended the "Suitability Standards" section of its prospectus and attached its 10-Q report.
JOHN HANCOCK COMVEST PRIVATE INCOME FUND
11/9/2026 8-K
The Company announced that Cecilio Rodriguez will resign as CFO, effective 11/16/26, in connection with his retirement from Manulife | Comvest Credit Partners, effective 12/31/26. Mr. Rodriguez’s resignation was not the result of any disagreement with the Company. The Board appointed Fernando Silva as his successor, effective 11/17/26.
MONROE CAPITAL ENHANCED CORPORATE LENDING FUND
11/9/2026 8-K
The Company terminated its escrow agreement effective 11/2/26 after satisfying the minimum shareholder requirement of 100 investors for each of its Class S and Class D shares through private placements. In connection, the Company issued 110 Class S shares, 110 Class D shares and 110 promissory notes bearing 12.00% annual interest with 30-year terms, generating approximately $0.15 in net proceeds.
NAV REITs
CANTOR FITZGERALD INCOME TRUST, INC.
11/6/2026 8-K
The Company declared October 2026 distributions payable on or about 11/6/26:
October September Gross Dist: $0.089263 $0.083712 Record Date: 10/31/26
COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.
11/12/2026 8-K
The Company entered into amended agreements under which the Advisor agreed to cap specified expenses at 0.50% of net assets annually until 6/30/28 or NAV reaches $750M, and extend its payment of organization and offering expenses through 12/31/26, subject to a 0.20% annual expense cap beginning 1/1/27 until 6/30/29 or NAV reaches $1.0B.
11/12/2026 424B3
The Company reported its October 2026 NAV per share:
October September Class I: $12.33 $12.24 Class F-I: $12.17 $12.08 Class P: $12.96 $12.84 Class B: $12.32 $12.23 Class R-I: $12.33 $12.23 Class R-S: $12.27 $12.17 Class M-I: $12.18 $12.11
EQT EXETER REAL ESTATE INCOME TRUST, INC.
11/6/2026 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 $0.64M.
INVESCO REAL ESTATE INCOME TRUST INC.
11/12/2026 8-K
The Company held its annual meeting where shareholders elected seven directors and ratified the appointment of PricewaterhouseCoopers LLP as the Company's independent registered public accounting firm for the fiscal year ending 12/31/26.
JLL INCOME PROPERTY TRUST, INC.
11/10/2026 8-K Press Release
The Company issued a press release announcing it will hold a public earnings call on 11/11/26 to review third quarter operating and financial results.
11/12/2026 8-K Press Release
The Company issued a press release declaring November 2026 distributions, payable on or around 11/24/26:
November October Gross Dist: $0.0525 $0.0525 Record Date: 11/19/26
Private Placement REITs
ARES REAL ESTATE INCOME TRUST INC.
11/6/2026 8-K
The Company disclosed the sale of unregistered Class I-PR and S-PR shares for gross proceeds of approximately $19.9M.
BLUE OWL DIGITAL INFRASTRUCTURE TRUST
11/12/2026 8-K
The Company completed its previously announced acquisition of a 54-megawatt data center facility located in Gainesville, VA, for approximately $779.5M. The property is 100% leased to a hyperscaler customer, and the acquisition was partially financed through a new $512.6M mortgage loan with Citibank and Wells Fargo, bearing interest at one-month Term SOFR plus 2.00% through 11/9/27, increasing to 2.25% thereafter, with an initial maturity in December 2028 and one 12-month extension option.
CNL STRATEGIC RESIDENTIAL CREDIT, INC.
11/6/2026 8-K
A subsidiary of the Company entered into an amended and restated master repurchase agreement with Goldman Sachs Bank USA, primarily revising the income payment waterfall to eliminate a requirement for certain payments to reduce the outstanding purchase price.
GOLDMAN SACHS REAL ESTATE FINANCE TRUST INC
11/6/2026 8-K
The Company declared October 2026 distributions (table below), payable on or about 11/10/26, and disclosed the sale of unregistered Class I and S common shares for gross proceeds of $9.8M.
October September Gross Dist: $0.1660 $0.1660 Record Date: 10/31/26
INVESCO COMMERCIAL REAL ESTATE FINANCE TRUST, INC.
11/6/2026 8-K
The Company disclosed the sale of unregistered Class S-1, S, and I common stock for aggregate consideration of $40.0M.
NORTH HAVEN NET REIT
11/6/2026 8-K
The Company disclosed the sale of unregistered Class S, F-I, I, and E common shares for aggregate consideration of approximately $58.6M.
NUVEEN FARMLAND REIT
11/6/2026 8-K
The Company disclosed the sale of unregistered common shares for aggregate consideration of approximately $2.2M.
11/10/2026 8-K/A
The Company provided the required audited and unaudited combined statements of revenues and certain operating expenses, along with unaudited pro forma financial information, in connection with its acquisition of two agricultural properties known as the Mississippi Acquisition and the Illinois Acquisition, previously disclosed in the Company's 8-K filed on 9/30/26.
Closed-End Funds
ARK VENTURE FUND (INTERVAL FUND)
11/6/2026 424B3
The Company announced it will be changing its name to "ARK Venture & Innovation Fund" effective after the close of business on 11/24/26.
CLEARLAKE PRIVATE MARKETS FUND (INTERVAL FUND)
11/9/2026 N-2/A
Type: Interval Fund
Primary: Unlimited - Class A, I, and S Shares
The Company filed an amended prospectus. The fund intends to invest in private equity funds and continuation vehicles through bespoke, privately negotiated transactions.
FT VEST TOTAL RETURN INCOME FUND: SERIES B1 (TENDER OFFER FUND)
11/10/2026 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.
FUNDRISE INNOVATION FUND II, LLC (TENDER OFFER FUND)
11/12/2026 EFFECT 11/9/2026 N-2/A
Type: Tender Offer Fund
Primary: $1B - Common Shares
The Company's offering went effective. The fund intends to invest in private and public innovation companies, directly or indirectly, with a primary focus on the equity securities of certain privately held, mid-to-late-stage, growth companies or other investments that have economic characteristics similar to investments in innovation companies.
JPMORGAN TAX AWARE OPPORTUNITIES FUND (INTERVAL FUND)
11/6/2026 N-2/A
Type: Interval Fund
Primary: Unlimited - Class A, I, and S Shares
The Company filed an amended prospectus. The fund intends to invest in municipal securities.
LONGEVITYFP US EQUITY LARGE-CAP 500 INDEX FUND (1960) (TENDER OFFER FUND)
11/6/2026 N-2/A
Type: Tender Offer Fund
Primary: Unlimited - Common Shares
The Company filed an amended prospectus. The fund intends to invest in equity securities of large-capitalization U.S. companies.
RUSSELL INVESTMENTS NEW ECONOMY INFRASTRUCTURE FUND (INTERVAL FUND)
11/6/2026 N-2/A
Type: Interval Fund
Primary: Unlimited - Class F and I Shares
The Company filed an amended prospectus. The fund intends to invest in infrastructure assets across the renewable energy, digital communications, social infrastructure, utilities, transportation and energy sectors.
STEPSTONE PRIVATE CREDIT RETIREMENT STRATEGY (TENDER OFFER FUND)
11/9/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class I and Y Shares
The Company filed its initial prospectus. The fund intends to invest primarily in private credit investments, including senior secured loans, unitranche loans, subordinated debt, collateralized loan obligations, BDCs and other private credit funds.
TCW PRIVATE ASSET INCOME FUND (INTERVAL FUND)
11/6/2026 424B3
The Company updated its fee structure to introduce a 1.00% contingent deferred sales charge on Class A share investments of $500,000 or more if the shares are sold within 18 months of purchase.
VARIANT ALTERNATIVE INCOME FUND (INTERVAL FUND)
11/9/2026 424B3
The Company amended its prospectus to disclose its intention to authorize transfers of shares through auctions, providing shareholders with an additional potential liquidity option outside of its quarterly repurchase offers.
Lifecycle REITs
INLAND REAL ESTATE INCOME TRUST, INC.
11/6/2026 8-K
The Company held its annual meeting at which shareholders elected three directors, ratified the selection of KPMG LLP as the Company’s independent registered public accounting firm for the year ending 12/31/26, and approved the Company’s named executive officer compensation in a non-binding advisory vote.
Other Alts
ASHFORD HOSPITALITY TRUST INC (NON-TRADED PREFERRED)
11/10/2026 8-K Press Release
The Company issued a press release announcing its financial results for the third quarter ended 9/30/26.
AUDAX CREDIT BDC INC. (PRIVATE PLACEMENT BDC)
11/6/2026 8-K
The Company announced the appointments of Kris Corbett as CFO and Treasurer and Grant Bokerman as interim CCO, effective 11/4/26, succeeding Richard Joseph and Jason Scoffield, respectively, whose resignations were not the result of any disagreement with the Company.
AUDAX PRIVATE CREDIT FUND, LLC (PRIVATE PLACEMENT BDC)
11/6/2026 8-K
The Company announced the appointments of Kris Corbett as CFO and Grant Bokerman as interim CCO, effective 11/4/26, succeeding Alexander Gardiner and Jason Scoffield, respectively, whose resignations were not the result of any disagreement with the Company.
CNL STRATEGIC CAPITAL, LLC (OTHER)
11/10/2026 8-K 424B3
The Company entered into an amended and restated management agreement to reduce the base management fee for Non-Founder Shares from 2.0% to 1.5% and the total return incentive fee from 20% to 15%, effective 1/1/27. In addition, the Non-Founder Breakpoint will decrease from 8.75% to 8.235%, while the annual preferred return will remain unchanged at 7%.
GOLDMAN SACHS PRIVATE CREDIT CORP. (PRIVATE PLACEMENT BDC)
11/10/2026 8-K
The Company held its annual meeting where shareholders elected two Class III Directors and ratified the selection of PricewaterhouseCoopers LLP as the Company’s independent registered public accounting firm for the fiscal year ending 12/31/26.
LAFAYETTE SQUARE USA, INC. (PRIVATE PLACEMENT BDC)
11/9/2026 8-K Presentation
The Company provided an investor presentation to its shareholders summarizing financial and performance information for quarter ended 9/30/26.
NEW MOUNTAIN GUARDIAN IV BDC, L.L.C. (PRIVATE PLACEMENT BDC)
11/10/2026 8-K
The Company disclosed its consolidated schedule of investments as of 9/30/26.
REMORA CAPITAL CORP (PRIVATE PLACEMENT BDC)
11/10/2026 8-K
The Company held its annual meeting where shareholders elected Daniel Mafrice as Director.
