This week’s roundup shows funds managing liquidity in various ways. Carlyle Credit Solutions settled its latest tender with promissory notes and proposed a reorganization that, if stockholders approve, would let the fund use more leverage. KKR Real Estate Select Trust fully honored its fourth-quarter tender, repurchasing about 3.67% of NAV. Cottonwood Communities cut its monthly distribution by roughly 9% while Ares Strategic Income Fund held its distribution flat for the rest of the year.

Weekly Liquidity Roundup

Carlyle Credit Solutions Settles 3Q26 Tender With Promissory Notes, Proposes Reorganization Allowing Greater Leverage

Carlyle Credit Solutions stockholders tendered about 1.8% of shares outstanding, and the Company accepted all of them. Tendering stockholders received non-interest-bearing, non-transferable promissory notes.

Separately, the Company has proposed reorganizing from a Maryland corporation into a Delaware statutory trust, which requires a stockholder vote at a special meeting tomorrow, October 27, 2026. This change would allow them to operate under a 150% asset coverage requirement instead of the current 200%, roughly doubling its maximum debt-to-equity ratio. If stockholders vote it down, the Company stays a Maryland corporation under the current limit.

Source: Form SC TO-I/A Oct 22, 2026 & Form 425 Sep 30, 2026

KKR Real Estate Select Trust Fulfills 100% of 4Q26 Tender

KKR Real Estate Select Trust reported the results of its fourth-quarter tender offer, and shareholders tendered 2,285,571 shares, all of which were accepted. The price was $22.75 per share, for a total of $51,996,730, or 3.67% of NAV, compared with the 5% quarterly cap. That total is down from the $72.0 million repurchased in the prior quarter’s offer. The Trust’s Shareholder Priority Plan, under which a KKR affiliate has committed to contribute shares to support a $27.00 NAV per share target by June 1, 2027, remains in place.

Source: Form SC TO-I/A Oct 20, 2026

Cottonwood Communities Reduces Monthly Distribution

Cottonwood Communities’ board declared its October distribution at $0.056 per share, or $0.68 annualized. It also reduced the monthly gross rate to $0.051 per share, effective for the November 30, 2026 record date. The new rate is roughly a 9% reduction. The board said the change aligns distributions more closely with earnings, strengthens coverage, and gives management flexibility to deploy capital. The fund also entered a loan agreement with JPMorgan Chase Bank, for a $75 million term loan, of which $38 million was funded at closing, and revolving commitments of up to $100 million. Proceeds will finance an acquisition and related fees and repay $25.4 million of an outstanding loan.

Source: Form 8-K, Oct 19, 2026

Ares Strategic Income Fund Holds Distribution Flat

Ares Strategic Income Fund reported that they will hold its regular monthly gross distribution at $0.21 per share for October, November and December, a 9.64% annualized rate for Class I, with 100% of inception-to-date distributions funded from operating cash flow.

Source: Form 8-K, Oct 21, 2026

Open Redemption Windows

• StepStone Private Venture & Growth Fund | Requests due: Nov 25, 2026

• Dynamic Alternatives Fund | Requests due: Nov 24, 2026

• Federated Hermes Project & Trade Finance Tender Fund | Requests due: Nov 16, 2026

Recent Redemption Results

Coatue Innovative Strategies Fund | $30M requested, $30M paid (0.28% of NAV vs 5% cap)