Volume XV No. 39 | Friday, September 25, 2026
Press Room
NAV BDCs Return Nearly $4.5 Billion to Investors So Far in Q3 And More Than $17.1 Billion Year-to-Date 2026 (9/24/2026)
With approximately 77% of the market reporting, NAV BDC sponsors have delivered nearly $4.5 billion in liquidity to investors so far in Q3 2026, according to Robert A. Stanger & Company, Inc. Year-to-date, total redemptions met by NAV BDCs have exceeded $17.1 billion. “Redemption demand is easing across most reporting funds, but at several of the largest, requests remain backlogged and persisting,” said Kevin T. Gannon, Chairman & CEO of Stanger. “Sponsors continue to deliver substantial liquidity within defined program limits, and a sustained decline in demand would mark an important step in the Stanger Liquidity Cycle. With eight funds still to report, it is too soon to conclude that the broader market has turned a corner, but the direction is encouraging. In the meantime, the structure is functioning exactly as designed – balancing the needs of redeeming investors with those of investors who wish to remain.”
The above is an abbreviated version of an official Stanger press release. View the Full Press Release →
Alternative Investment Fundraising Totals $119.0 Billion, Down 13% Year-over-Year (9/23/2026)
Stanger has published its August 2026 issue of The Stanger Market Pulse. The report highlights continued capital rotation out of credit and into hard assets, with year-to-date hard asset fundraising now moving ahead of credit. Alternative investment fundraising totaled $119.0 billion through August 2026, down 13% from $137.3 billion in the same period of 2025. The decline remained concentrated in credit strategies, where year-to-date fundraising fell 47% to $38.7 billion from $72.5 billion a year ago. Excluding credit, fundraising increased 24% year-over-year to $80.3 billion. HALO strategies – hard assets with low obsolescence, consisting of real estate and infrastructure – raised $38.9 billion through August, up 37% from $28.4 billion in the same period last year. “Hard assets moving ahead of credit is a meaningful marker in a rotation we have been tracking all year,” said Kevin T. Gannon, Chairman & CEO of Stanger. “The crossover is narrow, but the shift behind it is not. A year ago, credit had raised more than two-and-a-half times as much as real estate and infrastructure combined through August. Investors are not leaving alternatives; they are reallocating, and the monthly data has pointed in the same direction since April.”
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 August 2026.
View the August 2026 REIT Pricing Table →
Weekly Highlights
APOLLO DEBT SOLUTIONS BDC (NAV BDC)
9/22/2026 8-K
The Company reported Q3 2026 repurchase requests of approximately 14.7% of shares outstanding, down from 16.8% in Q2, and will be fulfilling up to the 5% quarterly cap.
ARES STRATEGIC INCOME FUND (NAV BDC)
9/24/2026 SC TO-I/A Update
The Company reported Q3 2026 repurchase requests of approximately 13.1% of shares outstanding, down from 14.4% in Q2, and will be fulfilling up to the 5% quarterly cap.
POLEN CREDIT OPPORTUNITIES FUND (INTERVAL FUND)
9/18/2026 424B3
The Board approved the deregistration of the Company under the 1940 Act, after which it will continue as a private investment fund and begin an orderly wind down of investment operations. In connection, the Board approved a discretionary repurchase offer for up to 40% of outstanding shares, expected to commence on 10/1/26, in addition to the Company’s pending quarterly 5% repurchase offer. Effective immediately, the Company suspended its offering and does not intend to reopen it.
STRATCAP DIGITAL INFRASTRUCTURE REIT, INC. (LIFECYCLE REIT)
9/23/2026 8-K Letter
The Company issued a letter to stockholders announcing the conclusion of its strategic alternatives review process and decision not to pursue a sale at this time. The Board and external Advisor will continue to evaluate the business plan and other alternatives, including potential asset sales or strategic transactions, measures to manage liabilities, capital structure and liquidity, and potential special distributions or other returns of capital in connection with any completed transaction.
Current Reports
BDCs
AB PRIVATE LENDING FUND
9/21/2026 8-K
The Company reported its August 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 $0.05M.
August July Class I: $24.64 $24.61
The Company declared September 2026 distributions, payable on or about 10/30/26:
September August Gross Dist: $0.20 $0.20 Record Date: 9/30/26
APOLLO DEBT SOLUTIONS BDC
9/22/2026 8-K
The Company reported its August 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 $8.5M.
August July All Classes: $23.84 $23.83
The Company declared September 2026 distributions, payable on or about 10/29/26:
September August Gross Dist: $0.1800 $0.1800 Record Date: 9/30/26
ARES STRATEGIC INCOME FUND
9/22/2026 8-K 424B3
The Company reported its August 2026 NAV per share (table below) and disclosed the sale of unregistered Class I shares pursuant to Regulation S for total consideration of $8M.
August July All Classes: $26.74 $26.67
The Company previously declared September 2026 distributions, payable on or about 10/23/26:
September August Gross Dist: $0.21430 $0.21430 Record Date: 9/30/26
BLACKSTONE PRIVATE CREDIT FUND
9/22/2026 8-K
The Company reported its August 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 $3.5M.
August July All Classes: $23.60 $23.64
The Company declared September 2026 distributions, payable on or about 10/27/26:
September August Gross Dist: $0.1800 $0.1800 Record Date: 9/30/26
BLUE OWL CREDIT INCOME CORP.
9/22/2026 8-K Press Release
The Company amended its senior secured revolving credit agreement with Sumitomo Mitsui Banking Corporation to extend the revolver availability period from October 2028 to September 2030 and the scheduled maturity date from October 2029 to September 2031, increase the total facility amount from $3.9B to $4.2B and the accordion provision from $5.85B to $6.3B, reduce applicable margins, and reset the minimum shareholders’ equity test. Additionally, the Company issued a press release announcing the completion of a $1.0B notes offering consisting of $700M of 6.250% notes due 2029 and $300M of additional 6.550% notes due 2031.
9/23/2026 8-K
The Company reported its August 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 $1.8M.
August July Class S: $9.11 $9.07 Class D: $9.12 $9.08 Class I: $9.14 $9.09
The Company previously declared September and October 2026 distributions, payable on or before 10/30/26 and 11/30/26, respectively:
Sep, Oct August Gross Dist: $0.0701 $0.0701 Record Dates: 9/30/26, 10/30/26
BLUE OWL TECHNOLOGY INCOME CORP.
9/23/2026 8-K
The Company reported its August 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 $0.9M.
August July All Classes: $9.75 $9.67
The Company previously declared September and October 2026 distributions, payable on or before 10/30/26 and 11/30/26, respectively:
Sep, Oct August Gross Dist: $0.074775 $0.074775 Record Dates: 9/30/26, 10/30/26
FIDELITY PRIVATE CREDIT FUND
9/22/2026 424B3
The Company amended the "Suitability Standards" section of its prospectus and updated its Subscription Agreement.
FIRST EAGLE PRIVATE CREDIT FUND
9/22/2026 8-K
The Company reported its August 2026 NAV per share:
August July All Classes: $23.74 $23.74
The Company declared September 2026 distributions, payable on or about 10/29/26:
September August Gross Dist: $0.210 $0.210 Record Date: 9/30/26
9/24/2026 424B3
The Company restated information regarding Victory Capital Holdings, Inc.’s previously announced acquisition of First Eagle Holdings, Inc. and the anticipated changes to the Company’s advisory arrangements upon closing.
HPS CORPORATE LENDING FUND
9/23/2026 8-K
The Company reported its August 2026 NAV per share:
August July All Classes: $24.45 $24.45
The Company declared September 2026 distributions, payable on or about 10/30/26:
September August Gross Dist: $0.1600 $0.1600 Supp. Dist: $0.0390 $0.0390 Record Date: 9/30/26
MONROE CAPITAL ENHANCED CORPORATE LENDING FUND
9/21/2026 8-K 424B3
The Company reported its August 2026 NAV per share:
August July Class I: $26.20 $26.04
The Company declared September 2026 distributions, payable on or about 10/22/26.
September August Gross Dist: $0.187 $0.187 Record Date: 9/30/26
NEXPOINT CAPITAL, INC.
9/24/2026 8-K
The Company reported its new NAV per share:
9/22/26 8/31/26 All Classes: $4.64 $4.68
OAKTREE STRATEGIC CREDIT FUND
9/24/2026 8-K
The Company reported its August 2026 NAV per share:
August July All Classes: $22.32 $22.30
The Company declared September 2026 distributions, payable on or about 10/28/26:
September August Gross Dist: $0.1600 $0.1600 Record Date: 9/28/26
PGIM PRIVATE CREDIT FUND
9/24/2026 8-K
A subsidiary of the Company amended its loan and servicing agreement to increase the facility amount from $100M to $200M, amend the applicable margin, and revise certain concentration and reporting requirements.
NAV REITs
BROOKFIELD REAL ESTATE INCOME TRUST INC.
9/24/2026 8-K
The Adviser elected the issuance of unregistered Class I common shares for management fees payable in August 2026 pursuant to the advisory agreement. The Company also issued Class C, I, and E common shares to feeder vehicles, Brookfield and its affiliates pursuant to its DRIP.
COTTONWOOD COMMUNITIES, INC.
9/18/2026 8-K
The Company issued and sold shares of its 9/19/23 offering of Series A convertible preferred stock for aggregate proceeds of $1.55M.
9/22/2026 8-K
The Company issued and sold shares of its 12/9/24 offering of Series 2025 preferred stock for aggregate proceeds of $2.1M.
NUVEEN GLOBAL CITIES REIT, INC.
9/22/2026 8-K
The Company declared August 2026 distributions, payable on or about 9/22/26:
August July Gross Dist: $0.06282867 $0.06353773 Record Date: 8/30/26
Private Placement REITs
BLUE OWL DIGITAL INFRASTRUCTURE TRUST
9/18/2026 8-K
The Company reported its August 2026 NAV per share (table below) and disclosed the sale of unregistered Class S and I common shares for gross proceeds of approximately $12.8M.
August July Class S: $10.5048 $10.4671 Class D: $10.5050 $10.4673 Class I: $10.5051 $10.4674 Class E: $10.7362 $10.6741 Class I OP Units: $10.5051 $10.4674 Class E OP Units: $10.7362 $10.6741
The Company declared August 2026 distributions, payable on or about 9/17/26.
August July Gross Dist: $0.0416667 $0.0416667 Record Date: 8/31/26
BLUE OWL REAL ESTATE NET LEASE TRUST
9/18/2026 8-K
The Company reported its August 2026 NAV per share (table below) and disclosed the sale of unregistered Class I common shares for gross proceeds of approximately $25M.
August July Class S: $10.6910 $10.6395 Class N: $10.7825 $10.7302 Class D: $10.5440 $10.4938 Class I: $10.7695 $10.7174 OP Units: $10.7695 $10.7174
EXCHANGERIGHT INCOME FUND
9/18/2026 8-K
The Company disclosed the sale of unregistered Class ER-A shares for gross proceeds of approximately $0.6M.
9/21/2026 8-K
The Company declared August 2026 distributions, payable on or about 9/15/26:
August July Gross Dist: $0.1449 $0.1449 Record Date: 8/31/26
FRANKLIN BSP REAL ESTATE DEBT, INC.
9/18/2026 8-K
The Company entered into a master repurchase agreement with Goldman Sachs Bank USA that includes a facility capacity of $125M.
NORTH HAVEN NET REIT
9/18/2026 8-K
The Company disclosed the sale of unregistered Class I and F-I common shares for aggregate consideration of approximately $4.8M.
Closed-End Funds
AB CARVAL CREDIT OPPORTUNITIES FUND (INTERVAL FUND)
9/21/2026 424B3
The Company’s shareholders approved a new investment advisory agreement with AB CarVal Investors, L.P. at a special meeting held on 9/1/26 in connection with the pending merger of Equitable Holdings, Inc. and Corebridge Financial, Inc., which will result in a change of control of the Adviser and termination of the existing advisory agreement. The new agreement will allow the Adviser to continue providing investment advisory services following the merger and will not materially change the Company’s investment objectives or principal investment strategies.
CANTOR FITZGERALD ENERGY FUND (INTERVAL FUND)
9/22/2026 N-2/A
Type: Interval Fund
Primary: Unlimited - Class A, C, I, and S Shares
The Company filed an amended prospectus. The fund intends to invest in energy-related assets located in the continental United States.
FT VEST TOTAL RETURN INCOME FUND: SERIES A4 (TENDER OFFER FUND)
9/23/2026 N-2/A
Type: Tender Offer Fund
Primary: Unlimited - Class A and I Shares
The Company filed an amended prospectus. The fund invests primarily in U.S. exchange-traded equity securities contained in the S&P 500 Index.
JPMORGAN CREDIT MARKETS FUND (INTERVAL FUND)
9/22/2026 424B3
The Company filed an updated prospectus for its offering of Class A, I, and S shares.
LORD ABBETT FLEXIBLE INCOME FUND (INTERVAL FUND)
9/18/2026 424B3
The Company amended the "Plan of Distribution - Acceptance and Timing of Purchase Orders" subsection of its prospectus.
MUZINICH AVIATION INCOME FUND (MAIR) (INTERVAL FUND)
9/23/2026 424B3
The Company filed an updated prospectus for its offering of Supra Institutional, Institutional, and Investor shares.
NUVEEN ENHANCED CLO INCOME FUND (INTERVAL FUND)
9/24/2026 424B3
The Company reported that Himani Trivedi will cease serving as portfolio manager effective 11/1/26 in connection with her planned retirement from Nuveen on 6/30/27. In connection, Stephen Virgilio was appointed portfolio manager effective 9/24/26, and Joshua Grumer will continue to serve as portfolio manager.
PRINCIPAL PRIVATE CREDIT FUND (INTERVAL FUND)
9/24/2026 424B3
The Company amended the "Management of the Fund" section of its prospectus.
PRINCIPAL REAL ASSET FUND (INTERVAL FUND)
9/24/2026 424B3
The Company amended the "Management of the Fund" section of its prospectus.
STEPSTONE PRIVATE CREDIT INCOME FUND (INTERVAL FUND)
9/22/2026 424B3
The Company added language to its prospectus referencing a subsidiary entering into a $250M revolving credit facility with Goldman Sachs Bank USA.
T. ROWE PRICE GOLDMAN SACHS ALL EQUITY ACCESS FUND (INTERVAL FUND)
9/24/2026 424B3
The Company reported that Daniel E. Draper and Stephen A. Riddick were appointed as independent trustees of the Company, effective 9/22/26.
T. ROWE PRICE GOLDMAN SACHS PRIVATE MARKETS FUND (INTERVAL FUND)
9/24/2026 424B3
The Company reported that Daniel E. Draper and Stephen A. Riddick were appointed as independent trustees of the Company, effective 9/22/26.
VOYA CREDIT INCOME FUND (INTERVAL FUND)
9/22/2026 424B3
The Company amended the "Portfolio Transactions" section of its SAI.
Lifecycle REITs
INPOINT COMMERCIAL REAL ESTATE INCOME, INC.
9/21/2026 8-K
The Company held its annual meeting where stockholders elected five individuals to serve on the Board and ratified the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending 12/31/26.
Other Alts
CNL STRATEGIC CAPITAL, LLC (OTHER)
9/24/2026 8-K 424B3
The Company reported its August 2026 NAV per share:
August July Class FA: $44.96 $44.45 Class A: $39.63 $39.18 Class T: $39.51 $39.11 Class D: $39.32 $38.91 Class I: $40.08 $39.55 Class S: $45.43 $44.91
The Company declared October 2026 distributions, payable on 10/27/26:
October September Gross Dist: $0.104167 $0.104167 Record Date: 10/26/26
MUZINICH BDC, INC. (PRIVATE PLACEMENT BDC)
9/22/2026 8-K
The Company held its annual meeting where stockholders elected Kathleen T. Barr to serve on the Board and ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending 12/31/26.
MUZINICH CORPORATE LENDING INCOME FUND, INC. (PRIVATE PLACEMENT BDC)
9/22/2026 8-K
The Company held its annual meeting where stockholders elected Kathleen T. Barr to serve on the Board and ratified the appointment of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending 12/31/26.
NEW CARLYLE CREDIT SOLUTIONS (PRIVATE PLACEMENT BDC)
9/24/2026 424B3
The Company issued a joint proxy statement/prospectus and scheduled a special stockholder meeting for 10/27/26 to vote on the previously announced reorganization of Carlyle Credit Solutions, Inc. into the Company, with the reorganization expected to be completed in Q4’26, subject to stockholder approval and other closing conditions.
SIXTH STREET LENDING PARTNERS (PRIVATE PLACEMENT BDC)
9/18/2026 8-K
The Company entered into a purchase agreement with BofA Securities, Inc., in connection with the issuance and sale of $750M aggregate principal amount of the Company’s 6.500% Notes due 2031.
9/21/2026 8-K
The Company entered into a supplemental indenture related to the issuance of $750M of its 6.500% notes due 2031. The transaction closed on 9/21/26 and the notes will mature on 12/15/31.
TRIPLEPOINT PRIVATE VENTURE CREDIT INC. (PRIVATE PLACEMENT BDC)
9/21/2026 8-K
The Company reported that Sajal K. Srivastava notified the Company of his resignation from his positions as a member of the Board and as President and Chief Investment Officer, effective as of the close of business on 12/31/26. Mr. Srivastava's resignation is not the result of any disagreement with the Company. In connection, the Board decreased its size from five to four members and appointed Ian Schworer to serve as Chief Investment Officer, effective the same date.
