Volume XV No. 44 | Friday, October 30, 2026
Press Room
Hard Asset Fundraising Outpaces Credit by $5.3 Billion in Q3 2026 (10/23/2026)
Stanger has published its September 2026 issue of The Stanger Market Pulse. The report highlights hard asset strategies outraising credit by $5.3 billion in the third quarter while extending their year-to-date lead through September. Alternative investment fundraising totaled $134.4 billion through September 2026, down 14% from $156.4 billion in the same period of 2025. Credit strategies raised $42.5 billion year-to-date, down 48% year-over-year, while non-credit fundraising increased 24% to $91.9 billion. HALO strategies – hard assets with low obsolescence, consisting of real estate and infrastructure – raised $44.7 billion through September, a 39% year-over-year increase. “The overall decline in fundraising doesn’t tell the full story,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Credit is weighing heavily on the totals, but outside of credit, capital formation is growing at a healthy pace. The market isn’t slowing down across the board – it’s slowing in credit, while real estate and infrastructure keep gaining ground.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
NAV REITs Post Seventh Straight Quarter of Positive Performance as Listed REITs Fall 6.2% in Q3 2026 (10/29/2026)
Stanger has published its Q3 2026 Non-Listed REIT edition of The Stanger Report. The latest issue highlights a sharp contrast between NAV REIT and listed REIT performance during the quarter, alongside continued fundraising momentum for NAV REITs. The Stanger Public NAV REIT Total Return Index rose 1.6% in Q3 2026, its seventh consecutive quarterly gain. The Stanger Composite NAV REIT Total Return Index, which also includes private placement NAV REITs, gained 1.8% in Q3, its eleventh consecutive positive quarter. By contrast, the three major listed REIT benchmarks tracked by Stanger averaged a 6.2% decline for the quarter after an 11.5% average gain in Q2. “Listed REITs and NAV REITs reflect real estate value through different lenses,” said Kevin T. Gannon, Chairman & CEO of Stanger. “NAV REIT valuations are based on underlying private real estate values and operating fundamentals, while listed REIT prices move with daily swings in the broader stock market. That difference was clear this quarter, as the major listed REIT benchmarks fell an average of 6.2% while NAV REITs continued to post gains. What stands out is the consistency of NAV REIT returns, now paired with improving fundraising. We believe that combination positions the sector well heading into 2027.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Stanger published its preliminary Non-Traded BDC Pricing Table for September 2026.
View the September 2026 BDC Pricing Table →
Weekly Highlights
NORTH HAVEN PRIVATE INCOME FUND A LLC & NORTH HAVEN PRIVATE INCOME FUND LLC (PRIVATE PLACEMENT BDCs)
10/26/2026 8-K Press Release Investor Presentation
The Companies announced a merger agreement under which North Haven Private Income Fund A LLC (PIF A) will merge into North Haven Private Income Fund LLC (PIF), with PIF continuing as the surviving entity and PIF A investors receiving Class I units based on a NAV-for-NAV exchange ratio. The combined BDC is expected to have approximately $6.6B in investments across 312 portfolio companies, based on 6/30/26 figures, and reduce its base management fee from 1.25% to 1.00% of NAV effective 1/1/27. The transaction is expected to close in December 2026, subject to regulatory approvals and customary closing conditions.
USVC VENTURE CAPITAL ACCESS FUND (TENDER OFFER FUND)
10/23/2026 424B3
The Company intends to implement a bonus share program under which eligible investors purchasing shares directly through the Company’s website during designated offering periods may receive additional shares at no cost, generally limited to the first $1.0M invested per offering period. The Adviser or its affiliates will fund the bonus shares, which will have the same rights as other shares but will be subject to a three-year transfer restriction and potential clawback. The Adviser may modify, suspend or terminate the program at any time.
Current Reports
BDCs
ANTARES PRIVATE CREDIT FUND
10/27/2026 8-K
The Company reported its September 2026 NAV per share:
September August Class I: $24.69 $24.70
The Company declared October 2026 distributions, payable on or about 11/30/26:
October September Gross Dist: $0.1887 $0.1827 Record Date: 10/23/26
ARES STRATEGIC INCOME FUND
10/27/2026 8-K 424B3
The Company announced that Paul Cho will step down as Chief Accounting Officer and Principal Accounting Officer effective 10/31/26, but will continue serving within Ares Management Corporation’s finance and accounting function. Mr. Cho’s departure was not the result of any disagreement with the Company. In connection with his departure, Scott Lem, the Company’s CFO and Treasurer, will assume the role of Principal Accounting Officer effective 10/31/26.
BAIN CAPITAL PRIVATE CREDIT
10/26/2026 8-K
The Company reported its September 2026 NAV per share (table below) and disclosed the sale of unregistered Class I shares to feeder vehicles for total consideration of $57M.
September August Class I: $26.03 $25.98
The Company declared October 2026 distributions, payable on or about 11/30/26:
October September Gross Dist: $0.1875 $0.1875 Special Dist: n/a $0.0300 Record Date: 10/30/26
BLACKROCK PRIVATE CREDIT FUND
10/23/2026 8-K
The Company reported its September 2026 NAV per share (table below) and disclosed the sale of unregistered Institutional shares to feeder vehicles for total consideration of $5.9M.
September August All Classes: $23.53 $23.64
The Company declared October 2026 distributions, payable on 11/25/26:
October September Gross Dist: $0.1774 $0.1783 Record Date: 10/29/26
BLUE OWL CREDIT INCOME CORP.
10/23/2026 8-K
The Company reported its September 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 $4.3M.
September August Class S: $9.14 $9.11 Class D: $9.15 $9.12 Class I: $9.17 $9.14
The Company previously declared October 2026 distributions, payable on or before 11/30/26:
October September Gross Dist: $0.0701 $0.0701 Record Date: 10/30/26
BLUE OWL TECHNOLOGY INCOME CORP.
10/23/2026 8-K
The Company reported its September 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 $5.0M.
September August All Classes: $9.85 $9.75
The Company previously declared October 2026 distributions, payable on or before 11/30/26:
October September Gross Dist: $0.074775 $0.074775 Record Date: 10/30/26
CRESCENT PRIVATE CREDIT INCOME CORP
10/28/2026 8-K 424B3
The Company reported its September 2026 NAV per share (table below), amended the "Suitability Standards" section of its prospectus with regards to New Jersey investors, and updated its subscription agreement.
September August All Classes: $26.38 $26.47
The Company declared October 2026 distributions, payable on or about 11/30/26:
October September Gross Dist: $0.16500 $0.16500 Special Dist: n/a $0.04500 Record Date: 10/31/26
FIDELITY PRIVATE CREDIT FUND
10/28/2026 8-K Fact Sheet
The Company reported its September 2026 NAV per share and issued a fact sheet as of September 2026:
September August Class I: $24.48 $24.62 Class S: $24.46 $24.60 Class D: $24.48 $24.62
The Company declared October 2026 distributions, payable on or about 11/30/26:
October September Gross Dist: $0.1750 $0.1750 Supp. Dist: $0.0160 $0.0160 Record Date: 10/30/26
FIRST EAGLE PRIVATE CREDIT FUND
10/23/2026 8-K
The Company reported its September 2026 NAV per share:
September August All Classes: $23.51 $23.74
The Company declared October 2026 distributions, payable on or about 11/27/26:
October September Gross Dist: $0.190 $0.210 Record Date: 10/30/26
10/29/2026 8-K
The Company reported its schedule of investments as of 9/30/26.
GOLUB CAPITAL PRIVATE CREDIT FUND
10/23/2026 8-K
The Company reported its September 2026 NAV per share:
September August All Classes: $24.28 $24.28
The Company reported previously declared October 2026 distributions, payable on or about 11/25/26:
October September Gross Dist: $0.1875 $0.1875 Record Date: 10/31/26
HPS CORPORATE LENDING FUND
10/26/2026 8-K
The Company reported its September 2026 NAV per share:
September August All Classes: $24.45 $24.45
The Company declared October 2026 distributions, payable on or about 11/30/26:
October September Gross Dist: $0.1600 $0.1600 Supp. Dist: $0.0390 $0.0390 Record Date: 10/31/26
10/28/2026 8-K
The Company convened and adjourned its 2026 annual shareholder meeting due to a lack of a quorum.
NUVEEN CHURCHILL PRIVATE CAPITAL INCOME FUND
10/29/2026 8-K
The Company reported its September 2026 NAV per share:
September August Class I: $23.83 $23.85 Class S: $23.75 $23.77 Class D: $23.83 $23.85
The Company declared October 2026 distributions, payable on or about 11/30/26:
October September Gross Dist: $0.170 $0.170 Record Date: 10/31/26
OAKTREE STRATEGIC CREDIT FUND
10/26/2026 8-K
The Company reported its September 2026 NAV per share:
September August All Classes: $22.24 $22.32
The Company declared October 2026 distributions, payable on or about 11/25/26:
October September Gross Dist: $0.1600 $0.1600 Record Date: 10/28/26
PGIM PRIVATE CREDIT FUND
10/27/2026 8-K
The Company reported its September 2026 NAV per share:
September August Class S: $24.78 $24.85 Class D: $24.69 $24.76 Class I: $24.21 $24.28
The Company declared October 2026 distributions, payable on or about 11/27/26:
October September Gross Dist: $0.18550 $0.18550 Record Date: 10/30/26
PROSPECT FLOATING RATE & ALTERNATIVE INCOME FUND, INC.
10/27/2026 8-K
The Company declared October 2026 distributions, payable on 11/6/26:
October September Gross Dist: $0.03242 $0.03242 Record Date: 10/30/26
T. ROWE PRICE OHA SELECT PRIVATE CREDIT FUND
10/28/2026 8-K
The Company reported its September 2026 NAV per share:
September August All Classes: $26.02 $26.07
The Company declared October 2026 distributions, payable on or about 11/30/26:
October September Gross Dist: $0.2000 $0.2000 Record Date: 10/30/26
TPG TWIN BROOK CAPITAL INCOME FUND
10/28/2026 8-K
The Company reported its September 2026 NAV per share:
September August All Classes: $25.2021 $25.2073
The Company declared October 2026 distributions, payable on or about 11/25/26:
October September Gross Dist: $0.2000 $0.2000 Record Date: 10/31/26
NAV REITs
COHEN & STEERS INCOME OPPORTUNITIES REIT, INC.
10/29/2026 8-K
The Company declared October 2026 distributions, payable on or about 11/23/26:
October September Gross Dist: $0.0435 $0.0435 Record Date: 10/31/26
COTTONWOOD COMMUNITIES, INC.
10/27/2026 8-K
The Company issued and sold shares of its 9/19/23 offering of Series A convertible preferred stock for aggregate proceeds of $2.4M.
IPC ALTERNATIVE REAL ESTATE INCOME TRUST, INC.
10/29/2026 8-K
The Company declared October 2026 distributions, payable on or about 11/4/26:
October September Gross Dist: $0.1042 $0.1042 Record Date: 10/31/26
NUVEEN GLOBAL CITIES REIT, INC.
10/29/2026 424B3
The Company amended the "Suitability Standards" section of its prospectus and updated its subscription agreement.
Private Placement REITs
AB COMMERCIAL REAL ESTATE PRIVATE DEBT FUND, LLC
10/23/2026 8-K
The Company announced the resignations of Peter Gordon, Marguerite Brogan and Edward Gellert from its Board and appointed Clark Coffee, Mark Manley and Alexander Chaloff as directors, effective 10/23/26. The resignations were not the result of any disagreement with the Company. Additionally, Peter Gordon and Marguerite Brogan resigned as CEO and CFO, respectively, with Clark Coffee appointed CEO and Shane McGrogan appointed CFO, effective the same date.
CNL STRATEGIC RESIDENTIAL CREDIT, INC.
10/26/2026 8-K
The Company reported its September 2026 NAV per share:
September August Class FA: $23.88 $24.26 Class E: $24.64 $24.95
The Company declared October 2026 distributions, payable on 10/27/26:
October September Gross Dist: $0.166667 $0.166667 Record Date: 10/26/26
EXCHANGERIGHT INCOME FUND
10/23/2026 8-K
The Company disclosed the sale of unregistered Class D shares for gross proceeds of approximately $0.5M.
FIDELITY CORE REAL ESTATE FUND
10/28/2026 8-K
The Company amended and restated its declaration of trust to modify the terms under which Class I shares held by certain shareholders and clients of financial intermediaries convert into Class F shares upon reaching specified aggregate subscription thresholds. The Company also amended and restated its dealer manager agreement with Fidelity Distributors Company LLC to reflect these changes.
10/29/2026 8-K 8-K Fact Sheet
The Company issued a fact sheet as of 9/30/26 and declared October 2026 distributions, payable on or about 11/20/26:
October September Gross Dist: $0.0480 $0.0434 Record Date: 10/30/26
NUVEEN FARMLAND REIT
10/23/2026 8-K
The Company reported its first NAV per share, as of 9/30/26:
September Type A-I: $20.01 Type A-II: $20.01 Type S: $20.00 Type S-I: $20.00 Type S-II: $20.00 Type D: $20.00 Type I: $20.01 Type E: $20.00
SCULPTOR DIVERSIFIED REAL ESTATE INCOME TRUST, INC.
10/26/2026 8-K
The Company announced plans to conduct a private offering of two new share classes, Class II and Class SII, and amended its charter to increase authorized capital stock to 2.6 billion shares, including 2.5 billion common shares. The Company also designated 100 million shares for each new class and amended its advisory and operating partnership agreements to reflect the new share classes and corresponding operating partnership units.
Closed-End Funds
CANTOR FITZGERALD ENERGY FUND (INTERVAL FUND)
10/23/2026 424B3
The Company filed an updated prospectus for its offering of Class A, C, I, and S shares.
CLEARLAKE PRIVATE MARKETS FUND (INTERVAL FUND)
10/26/2026 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.
DIAMETER DYNAMIC CREDIT FUND (INTERVAL FUND)
10/27/2026 424B3
The Company amended the "Valuation Risk" and "Determination of Net Asset Value" sections of its prospectus.
DLP ACCESS FUND (INTERVAL FUND)
10/28/2026 N-2/A
Type: Interval Fund
Primary: Unlimited - Common Shares
The Company filed an amended prospectus. The fund intends to invest in a group of private investment vehicles sponsored by DLP Capital that invest in loans secured by, and equity interests in, income-producing and to-be-developed real estate assets focused on providing rental housing that is affordable to working households.
FELICITAS PRIVATE MARKETS FUND (TENDER OFFER FUND)
10/28/2026 N-2
Type: Tender Offer Fund
Primary: Unlimited - Class I and Y Shares
The Company filed an updated prospectus. The fund intends to invest in a portfolio of private equity, private credit, and real estate investments.
FRANKLIN BSP LENDING FUND (INTERVAL FUND)
10/26/2026 424B3
The Adviser extended its voluntary waiver of the Company's 0.75% annual management fee through 3/31/27, after which the fee will resume unless the waiver is further extended.
FUNDRISE INNOVATION FUND II, LLC (TENDER OFFER FUND)
10/28/2026 N-2/A
Type: Tender Offer Fund
Primary: $1B - Common Shares
The Company filed an amended prospectus. 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.
GLADSTONE ALTERNATIVE INCOME FUND (INTERVAL FUND)
10/26/2026 424B3
The Company announced the resignation of Walter H. Wilkinson, Jr. as Trustee, effective 10/22/26, and the appointments of George Stelljes as Lead Independent Trustee and Michela A. English as Chairperson of the Valuation Committee, effective 10/26/26.
G-X PRIVATE MARKETS (TENDER OFFER FUND)
10/27/2026 N-2/A
Type: Tender Offer Fund
Primary: Unlimited - Class S, D, I and E Shares
The Company filed an amended prospectus. The fund intends to invest in private market investments across secondary investments, co-investments, and GP stake investments.
JPMORGAN PUBLIC & PRIVATE INCOME FUND (INTERVAL FUND)
10/23/2026 EFFECT 9/28/2026 N-2/A
Type: Interval Fund
Primary: Unlimited - Class S, A, and I Shares
The Company's offering went effective. The fund intends to invest an actively managed portfolio of public and private credit investments and credit-related investments, including loans, bonds, other credit instruments, CDOs, CLOs, ABS, credit-linked assets, credit-linked notes and more.
PRIMARK MEKETA PRIVATE EQUITY INVESTMENTS FUND (INTERVAL FUND)
10/27/2026 424B3
The Company announced that it has transitioned from a non-diversified to a diversified closed-end management investment company under the 1940 Act as a result of ongoing operations.
SEI CARLYLE PRIVATE MARKETS FUND (INTERVAL FUND)
10/28/2026 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.
Lifecycle REITs
INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
10/29/2026 8-K
The Company declared October 2026 distributions, payable on or about 11/18/26:
October September Gross Dist: $0.0260 $0.0260 Record Date: 10/31/26
PROCACCIANTI HOTEL REIT, INC.
10/23/2026 8-K
The Company authorized the payment of Q3 2026 distributions for Class K and K-I shares and Class K OP Units reflecting accrual rates of 7% per annum (same as Q2 2026) and amended its mortgage loan with Beacon Bank & Trust, increasing the maximum principal amount from $15.6M to $17.35M and extending the maturity date from 6/6/27 to 6/6/28, with two additional one-year extension options.
Other Alts
BARINGS CAPITAL INVESTMENT CORP (PRIVATE PLACEMENT BDC)
10/27/2026 8-K
The Company issued $100.0M of senior unsecured notes due 2/22/28 to qualified institutional investors in a private placement.
CNL STRATEGIC CAPITAL, LLC (OTHER)
10/26/2026 8-K 424B3
The Company reported its September 2026 NAV per share:
September August Class FA: $45.57 $44.96 Class A: $40.08 $39.63 Class T: $40.00 $39.51 Class D: $39.81 $39.32 Class I: $40.47 $40.08 Class S: $46.02 $45.43
The Company declared November 2026 distributions, payable on 11/25/26:
November October Gross Dist: $0.104167 $0.104167 Record Date: 11/24/26
10/28/2026 8-K
The Company held its annual meeting at which shareholders elected Mr. James M. Seneff, Jr. and Mr. Mark D. Linsz to the Board and ratified the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for 2026.
SAGARD PRIVATE INCOME FUND INC. (PRIVATE PLACEMENT BDC)
10/28/2026 10-12G
Type: Private Placement BDC
Primary: Unlimited - Class I Shares
The Company filed its initial prospectus. The fund intends to invest in a portfolio of newly originated, privately negotiated first-lien senior secured loans to U.S. middle market companies.
