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 filings put five of them.
The exit scorecard
- JLL Income Property Trust: paid 100% of requests again in Q3, $75.0 million, using about two thirds of its limit.
- Blackstone BCRED: paid 100% for two years, then 48.5% in Q2. It expects about half again for Q3.
- Ares ASIF: 43.1% in March, 34.7% in June.
- Cantor Fitzgerald Income Trust: between 37% and 52% of requests each month from April to August.
- Blue Owl OBDC II: no tender offer since September 2025. Since February it hands every holder the same cash back instead: $3.54 a share so far, with a stated goal that implies about $0.60 more by year-end.
The ones paying less have one thing in common in their filings: new money fell. BCRED sold about 89% fewer new shares this summer than last; ASIF's inflows went from $1.75 billion a quarter to $165 million.
Coming up
- Oct 5: VineBrook Homes' $33.00 tender closes (its own NAV: $52.68).
- Mid-October: September NAVs for the big NAV REITs, and OBDC II's next return of capital if it keeps its April and July rhythm.
- Oct 16: Fortress Net Lease REIT's credit line comes due; no extension filed yet.
- Oct 23: VCMIX repurchase deadline.
One question
I'd rather send you what matters for what you actually own. Hit reply with one word: fund (you hold a non-traded REIT, interval fund, BDC or DST), platform (Fundrise, Arrived, Groundfloor and the like), loan (you're looking for a real estate loan) or researching.
Or tell me the fund by name. I'll watch its filings for you.
If you hold one of these and a filing just landed, we can read it line by line against the one before it for you: crowdfundedwealth.com/forensic-read.
I read every reply.
— Jorge