At a glance
- The half-cent cut lowers the annualized payout rate to about 5.5% of NAV per share as of Sept. 30, the filing says.
- For advisors holding Cottonwood in income sleeves, the change is a per-share cash-flow cut: 10,000 shares now throw off $6,204 a year instead of $6,804.
- Stanger's Oct. 23 weekly also lists October distributions declared by five semi-liquid funds, payable from Nov. 20 through Nov. 30.
Cottonwood Communities cut its monthly distribution to $0.0517 a share from $0.0567, an 8.8% reduction effective for distributions with a Nov. 30 record date, according to Stanger's summary of the company's Oct. 16 8-K.
The half-cent cut lowers the annualized payout rate to about 5.5% of NAV per share as of Sept. 30, the filing says. Annualized, the per-share distribution drops from $0.6804 to $0.6204. The board approved the reduction, and the filing ties the new rate to third-quarter NAV rather than to a stated earnings target.
For advisors holding Cottonwood in income sleeves, the change is a per-share cash-flow cut: 10,000 shares now throw off $6,204 a year instead of $6,804. Because the filing keys the change to a record date rather than a payment date, income projections for the November cycle onward should use $0.0517; earlier record dates sit under the prior rate.
Late-November pay dates across the shelf
Stanger's Oct. 23 weekly also lists October distributions declared by five semi-liquid funds, payable from Nov. 20 through Nov. 30.
Ares Strategic Income Fund pays Nov. 20, Monroe Capital Enhanced Corporate Lending Fund Nov. 24, Blackstone Private Credit Fund Nov. 25, Apollo Debt Solutions BDC Nov. 27 and AB Private Lending Fund Nov. 30.
Advisors sequencing client cash flow will see several positions pay within roughly ten days of each other rather than spread across the month.
Four of those funds disclosed Reg S sales of unregistered Class I shares to feeder vehicles in their latest filings: Blackstone Private Credit reported $17.1 million, Ares Strategic Income $14.5 million, Apollo Debt Solutions $11.2 million and AB Private Lending $0.7 million, or $43.5 million across the four.
Blue Owl's return of capital and Apollo's note exchange
Blue Owl Capital Corp II declared a fourth-quarter return of capital distribution that Stanger sizes at 7.5% of the fund's Dec. 31, 2025 NAV, paid Oct. 21. Its October monthly dividend of $0.025 a share is scheduled for on or before Oct. 28; the filing summary lists the two as separate distributions.
Apollo Debt Solutions BDC has an Oct. 20 effective registration statement for a notes exchange covering $1.2 billion aggregate principal. The fund is offering to exchange all of its unregistered 5.200% notes due 2028 and 5.700% notes due 2031 for an equal amount of registered notes. A separate Oct. 21 8-K listed in the same Stanger entry reported three-month total net return of 2.06% and one-year total net return of 6.05%.
Cottonwood's first distribution at the reduced rate carries a Nov. 30 record date.
Reported by the New funds desk from The Stanger Alt Street Journal, Oct. 23, 2026. Published . Corrections