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JUL 27, 2026
The week’s most notable development was Blackstone Real Estate Income Trust (BREIT) reporting its strongest trailing-twelve-month performance in nearly four years at +10.3% for Class I, with Q2 marking its first quarter of positive net flows in nearly four years, a meaningful reversal from years of redemption pressure. Ares Real Estate Income Trust (AREIT) also reported positive results, raising $646M in Q2 against only $43M in redemptions while completing a $473M post-period acquisition of Whitestone REIT retail centers. On the credit side, BCRED’s aggregate NAV fell $2.5B month-over-month, reflecting Q2 redemption outflows and modest portfolio depreciation. KREST reported a second consecutive modestly oversubscribed Q2 tender, fulfilled at just above the 5% cap using board discretion, while Lord Abbett’s near-zero tender against a $1.49B fund reflects its stable institutional investor base.
Weekly Liquidity Roundup
Blackstone Real Estate Income Trust Reports Positive 2Q26 Results
Blackstone Real Estate Income Trust reported a June net return of +1.1% for Class I, contributing to a +5.2% H1 2026 return and +10.3% trailing twelve-month return, described as their best trailing-twelve-month performance in nearly four years. June also marked BREIT’s fifth consecutive month of positive net flows and Q2 2026 was its first quarter of positive net flows in nearly four years, a significant milestone for a fund that spent much of 2023-2024 managing significant redemption pressure.
Ares Real Estate Income Trust Monthly NAV Increases
Ares Real Estate Income Trust (AREIT) reported that NAV per share increased from $8.1908 to $8.2229 month-over-month as of June 30, with aggregate Fund NAV jumping from $3.46B to $3.89B. For Q2 2026, AREIT raised gross proceeds of approximately $646M while total redemptions for April, May, and June were $43M, all fulfilled completely.
Additionally, on July 14, 2026, AREIT acquired approximately 28% of Whitestone REIT’s portfolio, nine grocery-anchored and service-oriented retail centers for approximately $473M as part of a joint venture with an affiliated Ares fund.
Blackstone Private Credit Fund NAV Per Share Down Month-Over-Month
Blackstone Private Credit Fund’s NAV per share declined 1.2% from $23.94 to $23.65 month-over-month with aggregate NAV falling from approximately $45.3B to $42.8B, a meaningful $2.5B drop that reflects both the Q2 redemption outflows and modest portfolio depreciation. The portfolio average mark declined slightly to 95.4 with the bottom 5% of Level 3 assets marked at 63.41.
Lord Abbett Private Credit Fund Q2 2026 Tender Offer Undersubscribed
Lord Abbett Private Credit Fund reported an undersubscribed tender for 2Q26. They received tenders for 139,488 shares against a cap of 5% of outstanding shares, with all tendered shares accepted in full for a total payout of approximately $3.5M, paid July 21, 2026.
KKR Real Estate Select Trust 2Q26 Tender Offer Modestly Oversubscribed
KKR Real Estate Select Trust (KREST) received repurchase requests exceeding 5% of aggregate NAV, repurchasing 3,155,949 shares at $22.82 per share for a total payout of approximately $72.0M (representing 5.06% of NAV, slightly above the standard 5% cap). The fund exercised its board-discretionary right to repurchase an additional 0.06% of NAV above the cap without amending or extending the offer. This is the second consecutive oversubscribed quarter for KREST.
Open Redemption Windows
Innovation Access Fund
Dynamic Alternatives Fund
Recent Redemption Results
Carlyle Credit Solutions | Q2 | $62.7M tendered, 100% repurchased (~3.49% 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.