Redemption pressure across Evergreen funds remained broad-based this week, with the largest fund Blackstone Private Credit (BCRED) receiving requests for 10% of shares outstanding in Q2, and fulfilling half of those requests. Apollo Diversified Real Estate Fund’s (ADREF) decision to shift from quarterly to semi-annual distributions is the clearest signal yet of cash conservation in the interval fund space, where the fund has fulfilled less than 30% of tendered shares in each of the past two quarters. On the more constructive end, FS Credit Real Estate Income Trust fulfilled 100% of Q1 redemption requests without restriction while actively raising new capital, and Ares Real Estate Income Trust received a $100M affiliated capital injection with a three-year lock-up, a move we are seeing in different forms as managers seek to shore up investor bases without competing with existing shareholders for redemption capacity.

Never miss an upcoming deadline, open window, or liquidity events. Subscribe to Sekond’s Liquidity Calendar or download it to Excel & CSV.

Weekly Liquidity Roundup

Blackstone Private Credit Fund Caps Redemptions at 5% in 2Q26

Blackstone Private Credit Fund received redemption requests for approximately 10% of shares outstanding in 2Q26, and will fulfill 5% of requests. This decision stands in contrast to Q1, when the board approved a 7% cap fulfilling all requests (supported by Blackstone and employees investing approximately $400M into an existing BCRED feeder fund). On the liquidity side, the fund is well-positioned: over $15 billion in available liquidity, $2.6 billion in Q1 loan repayments, roughly $1 billion in Q2 inflows, and 0.8x leverage. Notably, PIK income as a percentage of total investment income declined 11% sequentially in Q1, a positive signal.

Star Mountain Lower Middle-Market Capital Corp., Q1 2026 Tender Offer Results

Star Mountain Lower Middle-Market Capital Corp. reported a notably oversubscribed tender in 2Q26, at approximately 5.25x oversubscribed. The fund honored the 2.5% cap (notably half the standard 5% used by most peers) on a pro rata basis, accepting roughly 19% of tendered shares at $23.34 NAV per share. Total payout was approximately $5.9M, paid via promissory notes on May 29, 2026. The combination of a below-market 2.5% cap, severe oversubscription, and promissory note payment places Star Mountain firmly in the most stressed tier of non-traded BDC liquidity dynamics observed this quarter.

Apollo Diversified Real Estate Fund Reduces Distribution Frequency

Apollo Diversified Real Estate Fund announced in an amended prospectus filing that effective October 1, 2026 the fund is reducing distribution frequency from quarterly to semi-annual, which will reduce near-term cash outflows. The move, aimed at capital conservation, may signal ongoing pressure on the fund’s ability to sustain its current payout cadence. The fund is experiencing meaningful redemption pressure, consistent with the broader pattern seen across non-traded real estate interval funds. The past two quarterly repurchase offers were oversubscribed, with the fund fulfilling only approximately 30% of shares tendered in Q4 2025 and approximately 27% in Q1 2026, both at the 5% cap.

FS Credit Real Estate Income Trust, Inc. Raises Capital

FS Credit Real Estate Income Trust filed an updated prospectus on June 2, 2026, offering up to $2.5 billion in shares of common stock across five classes. The fund fulfilled 100% of Q1 2026 share repurchase requests, totaling approximately $147M, without hitting its limits, as cumulative Q1 requests did not exceed the 5% quarterly cap, suggesting a stable liquidity profile relative to the broader non-traded real estate and credit stress seen across peers.

Ares Real Estate Income Trust Inc. Receives $100m Capital Injection
Ares Real Estate Income Trust entered into a $100M subscription agreement with Perigee SPV, an affiliate of its advisor Ares Commercial Real Estate Management LLC, capitalized by the Ares sponsor and an institutional investor. The shares were issued at April 30, 2026 NAV per share on June 1, 2026 in a private placement exempt from registration. The $100M investment carries a three-year lock-up and is subordinate to all other common stockholder redemption requests, meaning it provides capital support to Ares without competing with existing shareholders for redemption capacity, and also demonstrates that Ares is actively managing its liquidity position through strategic affiliated capital deployment rather than defensive redemption restrictions.

Open Redemption Windows:

- Blue Owl Credit Income Corp
-Apollo Debt Solutions BDC
-Ares Strategic Income Fund
-ACAP Strategic Fund
-Goldman Sachs Private Credit Corp

Recent Redemption Results:

-Ares Private Markets Fund | Q1 | $128.18M shares tendered, 100% repurchased
-Private Debt & Income Fund | Q1 | $1.16M shares tendered, 100% repurchased

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.