Goldman Sachs Real Estate Diversified Income Fund: The October 14 Repurchase Deadline, and Why Holders Have Been Getting 3 Shares Out of 10

What the fund is

The fund began life as Resource Real Estate Diversified Income Fund, an interval fund sold through brokers, and became a Goldman Sachs fund when the predecessor was reorganized into it on May 15, 2020; the Goldman fund carries the predecessor's performance record. It invests in a mix of private real estate funds and listed REIT stocks and has six share classes (A, C, I, L, W and P); it is advised by Goldman Sachs Asset Management, L.P. At March 31, 2026 its $262.2 million of net assets were split: Class P $130.9 million, Class I $63.4 million, Class A $44.3 million, Class W $13.1 million, Class C $7.2 million and Class L $3.3 million.

As an interval fund it must offer, every quarter, to buy back between 5% and 25% of its shares at NAV; its board sets the amount, and in every offer reported since September 2023 it has offered the 5% minimum, with discretion to take up to 7% if the offer is oversubscribed. That rule is what makes the fill rate below the number that matters for anyone who wants out.

Ten quarters of repurchase offers

Sources: note 7, "Repurchase Offers", in the annual reports for September 30, 2024 (accession 0001193125-24-272568) and September 30, 2025 (accession 0001193125-25-309827), and the semi-annual report for March 31, 2026 (accession 0001193125-26-256782). The 2024 report prints the October 2023 repurchase as "3,586.144" shares; we read it as 3,586,144. Fill rates are our arithmetic.

Two things stand out. First, tenders have not fallen as the fund has shrunk: they have run between 4.5 million and 6.1 million shares a quarter since January 2024, while the fund's share count kept dropping, so the same absolute demand is a larger share of a smaller fund. Second, the number of shares bought back per quarter has fallen with the fund, because 5% (or 7%) of a smaller share count is fewer shares. A holder who tendered 10,000 shares in January 2026 would have sold about 2,930 and carried the rest into the next offer, where they had to tender again.

The fill rates for the April and July 2026 offers are not in any filing yet; they will be in the annual report for September 30, 2026, which the fund has filed in the first week of December in each of the last two years.

Net assets and NAV

Sources: financial highlights and statements of assets and liabilities in the N-CSR and N-CSRS reports cited above; N-PORT filings for June 30, 2024, 2025 and 2026 (accessions 0001752724-24-187908, 0001752724-25-203116, 0000940400-26-034582); Form N-23C-3 of September 16, 2026.

The Class A shares have a net expense ratio of 2.13% (fiscal 2025) and returned 1.97% in fiscal 2024, -3.15% in fiscal 2025 and -0.29% in the six months to March 2026, including distributions. The six-month payout of $0.23 is below the $0.30 that half of the previous annual rate would give; the reports do not describe a change in the distribution policy, so treat that as a data point, not an announcement. NAV did recover from $7.25 in March to $7.52 in September.

What it owns

At June 30, 2026 the fund held 40 positions. About 67% of net assets were in private real estate funds valued at the NAV their managers report, about 31% in listed REIT stocks and about 4.5% in a Goldman Sachs Trust short-term investment fund (N-PORT fair-value categories). The largest private positions:

Source: Form N-PORT for June 30, 2026 (accession 0000940400-26-034582); names exactly as abbreviated in the filing, all reported as private funds valued at NAV. The CSV lists all 40 holdings.

Two practical points follow. The private funds are the reason the fund cannot simply sell to meet every tender: it can meet tenders only from cash, the listed REITs it can sell and what its underlying funds pay out, and those funds have their own redemption queues. And a real estate income fund now has 5.56% in a position named "EQT AI Infrastructure", which a holder may want to ask about, since data-center infrastructure is a different risk from apartments and warehouses.

Who runs it now

Two supplements in five weeks changed the team. Effective March 20, 2026, "Sean Brenan will no longer serve as a portfolio manager for the Fund"; on April 23, 2026, "John Papadoulias will no longer serve as a portfolio manager" and Igor Ostrowski joined Kristin Kuney and Abhinav Zutshi. The fund also reduced its secured credit facilities from $95 million to $85 million on February 13, 2026; it had no borrowings outstanding at March 31, after averaging $34 million at 4.89% during the half.

If you hold it

• Decide before October 14. Tenders must be "received in proper form" by the transfer agent or your broker by the NYSE close; "The Repurchase Request Deadline will be strictly observed." Class C shares held under 12 months pay a 1% deferred sales charge.
• Tender more than you need. On the last two results you would have sold about 30% of what you tendered. Whatever is not bought has to be tendered again in January; nothing carries over.
• Small holders can get priority. The fund "may accept all shares tendered for repurchase by shareholders who own less than one hundred shares and who tender all of their shares, before prorating".
• Know what the payout is. At $0.60 a year on a $7.52 NAV the headline yield looks like 8% (our arithmetic), but for two years it has been almost all return of capital, which lowers your basis rather than paying you income.
• Compare the exits. Our real estate interval fund comparison and the reviews of Bluerock Total Income+, Versus Capital and Clarion Partners Real Estate Income Fund cover how other funds of this kind have handled redemption demand; USQ Core Real Estate Fund shows where one of them ended up.

FAQ

All figures are from the filings cited, read on EDGAR on September 27, 2026. Fill rates, shares of net assets, the share of shares tendered, the example tender and the headline yield are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.