BCRED filled 49.9% of exit requests. OTIC, 12.8%.
# Same 5% cap, very different exits Most non-traded BDCs, REITs and interval funds buy back about 5% of their shares a quarter. When holders ask for more,...
Who to talk to when a fund won't let you out
Jorge here. Quick one, and it's not about a filing. Most of you found us while reading about a fund that won't let you out, or only lets out a slice each...
Partners Group filled 33% of sale requests, down from 82.9%
# Partners Group filled 33% of sale requests Holders of Partners Group Private Equity asked to sell $2,208,776,044.73 in the round that closed Aug 26, 2026....
Lightstone DIRECT, Fortress, KREST: what's due this week
# Lightstone DIRECT, Fortress, KREST: what's due this week Three filings from the last week, and the dates that matter before the next newsletter. The filing...
Who still pays you out: JLL, BCRED, ASIF, OBDC II
Going into the fourth quarter, the same question matters for every fund we follow: if you ask for your money, how much do you get? Here is where the latest...
Three numbers to check before you trust a private credit REIT's payout
Three numbers to check before you trust a private credit REIT's payout Goldman Sachs and Fortress both launched private real estate credit REITs for wealthy...
A $97.8 million loan came due six days ago. Its borrower has filed nothing.
A $97.8 million loan came due six days ago. Its borrower has filed nothing. Lightstone Value Plus REIT II has one loan. It is $97,818,000, it is secured by...
Two REITs with a year of debt coming due. Only one still lets you out.
Two REITs with a year of debt coming due. Only one still lets you out. Two non-traded REITs filed their June 10-Qs with the same problem: a wall of debt...
J.P. Morgan's REIT just finished paying its own sponsor back $100 million
J.P. Morgan's REIT just finished paying its own sponsor back $100 million First, an open loop from last time. Lightstone REIT V reconvenes on Wednesday. And...
One in four asked to be bought out. Six months later, a third would not vote.
One in four asked to be bought out. Six months later, a third would not vote. On August 13, Lightstone Value Plus REIT V convened its annual meeting and...
Two funds published a "fill rate" this month. They mean opposite things.
Two funds published a "fill rate" this month. They mean opposite things. A framework this week rather than news. One number, and the trap inside it. A fill...
We said a supply wall was coming. It came. The price went up.
We said a supply wall was coming. It came. The price went up. Last week I wrote that ~100,000 Fundrise investors were about to be let out of a lockup on a...
Fundrise's own funds sold $45M of VCX. Retail unlocks Thursday.
Fundrise's own funds sold $45M of VCX. Retail unlocks Thursday. Everyone is watching Thursday's lockup expiry. The SEC filings show the more interesting...
The internet keeps calling it an SEC settlement. It never was — and the real story just got a trial date.
The internet keeps calling it an "SEC settlement." It isn't — and the real story just got bigger. Search "Grant Cardone lawsuit" and you'll find a hundred...
VCX just fell 33% in three weeks — the supply wall started pricing in early
The premium we said hadn't cracked just did Three weeks ago, Fundrise's Innovation Fund (NYSE: VCX) had one date that mattered — around September 19, 2026,...
The SEC filings warned us first — 3 of the 8 red flags
Landa. Cityfunds. PeerStreet. Every platform that went dark had one thing in common: the SEC filings said so first — usually months before the app stopped...
One non-traded REIT paid every exit in May. Another sealed the door in April.
One non-traded REIT paid every redemption in May. Another will only let you out if you die. Same legal structure. Same six weeks of 2026. Opposite doors....
One door can be locked. The other just rations you.
One door can be locked. The other just rations you. There are three legal wrappers for owning non-traded real estate, and they look almost identical on the...
Two more real estate apps just went dark — the SEC filings warned us first
Two more real estate apps just went dark — and the SEC filings warned us first Two platforms a lot of beginners started with — Landa ($5 to buy a share of a...
A "NAV" of $67. A market price of $11.
A "NAV" of $67. A market price of $11. For years, a non-traded REIT called Peakstone told its investors each share was worth about $67. Then, in April 2023,...