Non-traded REITs filed two notable redemption results this week, with shareholders willing to accept steep discounts to exit for both. Highlands REIT bought all 135.4 million shares tendered, about 18.7% of shares outstanding, at $0.20 per share, roughly 31% below its estimated per-share value. VineBrook Homes Trust offered $33.00 per share, about 37% below its $52.68 NAV, and drew roughly three times the shares it sought, resulting in prorated fulfillment of ~33%. By contrast, redemption requests at KKR’s two income funds were modest. KKR FS Income Trust drew requests of 1.53% of shares and KKR FS Income Trust Select 5.06%, barely above the 5% cap, and both funds will repurchase everything tendered, paying in cash within 65 days of September 29. On the financing side, Vista Credit Strategic Lending Corp. issued $150 million of 7.75% senior notes due October 2028, and amended its revolver to permit additional unsecured debt, including notes with tenors under three years.

Weekly Liquidity Roundup

KKR FS Income Trust & Income Trust Select Report Divergent Redemption Results

KKR FS Income Trust reported that tender requests represented approximately 1.53% of shares outstanding for the third quarter. K-FIT offered to repurchase up to 5% of shares outstanding, so they accepted 100% of the tendered shares. Sister fund KKR FS Income Trust Select reported that repurchase requests were approximately 5.06% of shares outstanding. The fund noted that given the amount requested only modestly exceeded the offer cap, they will repurchase 100% of shares tendered. Both redemptions will be paid in cash, no later than 65 days from September 29th. 

Vista Credit Strategic Lending Corp. to Issue $150 Million of 7.75% Senior Notes

Vista Credit Strategic Lending Corp. agreed to issue $150 million of 7.75% Series 2026A Senior Notes due October 2, 2028 in a private placement to institutional investors. The unsecured notes pay interest semiannually and rank pari passu with the Company’s other unsecured debt. The rate can rise by up to 2.00% if the notes lose their investment-grade rating and the Company’s secured debt ratio exceeds certain thresholds. Proceeds will go toward general corporate purposes, including investments, repaying existing debt and permitted distributions. On the same day, the Company amended its senior secured revolving credit agreement with ING Capital to permit additional unsecured debt, including notes with a tenor of less than three years, up to specified caps.

Highlands REIT Self-Tender Draws 18.7% of Shares, Company Buys All at ~31% Discount to NAV

Highlands REIT reported the final results of its self-tender offer, which began September 1, 2026 and expired September 29, 2026. The Company offered to buy up to 125,000,000 shares at $0.20 per share in cash, about $25.0 million. Shareholders tendered 135,380,971 shares, so the Company exercised its right to raise the offer by up to 2% of outstanding shares and accepted all of them with no proration. The purchase totals $27,076,194, excluding fees and expenses, and represents approximately 18.7% of shares outstanding at the start of the offer. The $0.20 price was about 31% below the Company’s most recent estimated per-share value of $0.29.

VineBrook Homes Trust Tender Oversubscribed, Accepts ~33% of Shares Tendered

VineBrook Homes Trust, announced on October 7, 2026 the final results of its tender offer for up to $30 million of its Class A common stock at $33.00 per share. The offer price represents a ~37% discount to the most recent NAV of $52.68/share. The offer was oversubscribed as shareholders tendered 2,753,350 shares, roughly $90.9 million at the offer price. The Company accepted shares on a pro rata basis, fulfilling about 33%. The 909,090 shares purchased represent approximately 3.46% of shares outstanding, leaving 25,327,913 shares outstanding. Management said the offer gave investors with near-term liquidity needs an option, and that it continues to pursue longer-term liquidity and value creation, including expanding into newer built-to-rent communities and improving its debt maturity profile.

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Recent Redemption Results

Barings Private Credit Corp | $301M tendered, $141M repurchased (10.67% of NAV vs 5% cap)

Liquidity Roundup is a 5-minute briefing created by Sekond and designed to keep you current on liquidity events across evergreen funds. For full details on deadlines, caps, and more, sign into your Sekond account.