Liquidity: archive
Every Liquidity story in Interval Funds, newest first. 66 stories
1 story
NHP converts 44.3 million Class A shares to Nasdaq common
Shares bought at $25 in 2013-14 traded at $14.81 on Oct. 19, about 85% below the split-adjusted cost.
1 story
Blackstone Private Credit Fund Q3 net outflows widen to $1.4 billion
Third-quarter repurchase requests equaled 10% of net asset value, twice the fund's 5% quarterly limit; Blackstone filled roughly half.
1 story
Ares Strategic Income Fund leverage rises to 1.24x after Q3 repurchase payout
The $9.9 billion nontraded BDC filled 38.2% of repurchase requests totaling 13.1% of shares against a 5% cap; aggregate NAV fell by roughly the $515 million payout.
1 story
KREST Q4 tender draws 3.67% of NAV, first below cap in a year
Shareholders tendered 2,285,571 shares against the 3,116,841 offered; the fund paid $22.75 each and used no overflow.
1 story
Ares, Invesco nontraded REITs pay all Q3 redemption requests
The three vehicles raised about $692 million and redeemed about $117 million of requests in full, with Ares Industrial Real Estate Income Trust accounting for $408 million of the proceeds.
2 stories
Credit interval fund redemptions take a growing share of sales as fundraising slows, Stanger says
Tender offer funds grew 9.7% to $136.6 billion in Q3, outpacing interval funds' 3.9% rise to $142.0 billion, per the firm's report.
Cantor Fitzgerald Income Trust fills 27% of September repurchase requests in 10th prorated month
The nontraded REIT paid $2.2 million for 106,071 shares on Sept. 30 while its aggregate net asset value rose 6.2% to $463.2 million.
1 story
Cliffwater Corporate Lending Fund caps Q3 repurchases at 5% as requests reach 16%
The $30.4 billion interval fund told shareholders in a Sept. 3 letter it would fill about one-third of requests, its second straight prorated quarter.
1 story
Destra Multi-Alternative Fund authorizes buyback, raises monthly distribution
The NYSE-listed former interval fund may repurchase shares at a discount to net asset value, with Clear Street as executing broker, after a 30-day cooling-off period.
1 story
Fitch: nontraded BDC redemption requests ease to 9.8%, still near twice the 5% cap
Third-quarter requests averaged 9.8% of shares across 13 of 15 perpetual nontraded BDCs, down from 10.3%, but still nearly double the 5% quarterly cap.
2 stories
SEC cross-trading proposal restores Level 2 fixed income, excludes Level 3 assets
Registered closed-end funds, including interval funds, held 38% of gross investments in the excluded Level 3 or non-leveled categories as of September 2025.
Deloitte survey finds 4% of RIC fund groups update unobservable fair-value inputs daily
Of 95 registered investment company fund groups surveyed, 48% refresh valuations daily using observable market inputs and 39% reassess unobservable inputs only quarterly.
1 story
VineBrook shareholders face one-in-three proration on $30M tender priced 37% below NAV
Roughly 2.75 million Class A shares were tendered; the nontraded REIT expects to buy 909,090 at $33 each.
1 story
Cox Capital bids $10m for Blue Owl Credit Income shares at 20% below NAV
Alternatives Watch reports the offer; acceptance terms and the fund's per-share NAV are undisclosed.
3 stories
KKR Asset-Based Income Fund extends fee concession and drops early repurchase charge
Blue Vault Partners reports both changes came after the fund shifted to an interval-fund structure, though the disclosure leaves key terms unquantified.
Highlands REIT expands oversubscribed tender offer, repurchases 18.7% of shares
Blue Vault reports the offer cut the share count by 18.7%; the tender price and any proration were not in the coverage.
Blackstone Private Credit Fund board urges shareholders to reject 12.5% discount tender
The board's filing compares the unsolicited Class I share bid with the fund's NAV, repurchase program and recent performance, according to Blue Vault Partners.
5 stories
Harrison Street and LODAS open second interval fund auction for $2 billion Harrison Street Real Assets Fund
The first sale, in Harrison Street Real Estate Fund, filled 91% of shares offered; no clearing discount was disclosed.
Nontraded NAV BDCs paid $5.6B to exiting investors in Q3, leaving $8.2B unmet
Stanger's tally now covers 98% of the market, and the 19 reporting funds fulfilled about 40% of $13.8 billion in redemption requests
Stanger's Q3 data suggests NAV BDC redemption demand may have peaked in Q2
Across 19 NAV BDCs, sponsors returned nearly $5.6 billion and filled about 40% of redemption requests, leaving $8.2 billion unfilled.
Blue Owl's OCIC repurchase queue drains while OTIC's holds at 39%
Combined third-quarter requests fell to an estimated $4.2 billion, and a 5% cap with pro rata fills leaves OTIC paying about 13% of what shareholders seek.
Blue Owl Credit Income will fill about 30% of third-quarter repurchase requests
Shareholders asked to redeem 16.8% of shares outstanding, more than three times the fund's 5% quarterly cap, down from 18.8% in the second quarter.
1 story
Ares Strategic Income Fund limits third-quarter repurchases as requests hit 11.6%
Investor requests reached 11.6% in the third-quarter window, and the published summary omits the payout split and new portfolio-quality figures.
2 stories
MoonPay to acquire North Capital, adding a secondary venue for nontraded alts
PPEX, the ATS North Capital operates, has executed more than 84,000 trades this year and 2026 volume has already passed 2025's total, according to the companies.
VineBrook borrows $25 million from adviser affiliate to fund discounted tender
The loan clears a financing condition on a tender offer priced 37% below June 30 NAV and gives the affiliated lender a minimum-NAV covenant.
3 stories
StratCap's REIT ends its sale review and parks the queue
With no buyer to inherit the redemption obligation, shareholder recovery now runs through asset sales and a special distribution the board has not committed to.
Sterling doubles the OP unit lockup; retail shareholders keep their one-year clock
The REIT's acquisition currency now takes twice as long to redeem, while the retail share class keeps its one-year minimum.
NAV BDC redemptions ease, but the largest queues still set the price
Stanger's Q3 repurchase data shows the structure clearing redemptions within program limits while eight funds remain unreported — and credit's lost fundraising is hard assets' gain.
4 stories
Cox Capital prices the semi-liquid exit at 12.5% and 17.5% off NAV
A $40 million tender offer on two of the largest nontraded BDCs is too small to clear a queue, but it hands the wealth channel a number for what the repurchase cap costs.
BlackRock's lighter BDC tenders show the exit queue is doing the work
A modest dip in nontraded BDC redemption requests measures the wrapper, not the loans, and the pressure is clearest where no scheduled repurchase window exists.
Ares prorates a third time, and the balance sheet clears it
Ares Strategic Income Fund will pay about $515 million of a $1.35 billion redemption queue while September subscriptions ran at $8 million — the arithmetic that decides which semi-liquid vehicles hold their shelf space.
Apollo Debt Solutions caps third-quarter tender at $700 million as requests hit 14.7%
A $700 million buyback against a 14.7% request line leaves the queue intact; the fill rate decides how the next window reads.
4 stories
OCIC's bigger revolver backs the raise, not the queue
Blue Owl's credit BDC added $300 million of revolver capacity and $1 billion of unsecured notes in September; its repurchase window is still 5% against requests of 18.8%.
Apollo BDC holds its 5% cap as the queue rolls again
Three straight oversubscribed tenders have kept the fill rate under half, and the inflow line is now the fund's weakest number.
North Haven prorates a third straight window
Three consecutive prorations turn a quarterly liquidity feature into a backlog, and advisors price backlogs differently.
KKR Draws Early Under Its NAV-Support Plan
An accelerated contribution spends support already promised, and the timing tells wealth advisors more than the amount would.
2 stories
North Haven prorates a third straight tender as the queue refiles
Three straight quarters of sub-50% proration have tied the flagship's exit window to inflows, not the asset calendar.
Priority Income caps its quarterly exit at 2.5%
A repurchase priced off a NAV down 71% in two years can only scale back the queue it was built to serve.
1 story
RREEF ends the queue and puts seven properties on a two-year clock
A trust that cleared every July redemption request now pays holders out through asset sales, and the 2% ceiling that rationed the queue looks like the only liquidity term the wrapper ever really sold.
1 story
Ares trusts raise payouts as fundraising outruns redemptions
A distribution increase is cheap to print when the repurchase queue is short, and it is the same lever every semi-liquid sponsor will have to pull in reverse once sales slow.