Q4 2026 Redemption Dates: Non-Traded REITs, BDCs, Interval Funds

How to read this calendar: three kinds of window

A holder of one of these vehicles does not face one deadline but three different mechanisms, and the SEC filing that carries the date is different for each.

The first kind never closes but never promises: it is a standing plan with caps. The second is a one-month window the fund may or may not open. The third is the most predictable, because the fund has to make an offer every quarter.

The seven windows with a published date

These are the dates printed in a filing as of October 19, 2026. “Last fill” is the most recent result the fund has reported.

Three of the five interval-fund notices also print the next deadline: PGIM Real Estate Fund “will be on January 28, 2027”, PIMCO Flexible Credit Income Fund on February 4, 2027 and Capital Group KKR Multi-Sector+ on February 17, 2027. For those three, the October or November date is the only chance before year-end. Golub's offer is not tied to a quarterly rule: its filing says the adviser expects to recommend quarterly purchases, “However, the Fund is not required to conduct tender offers.” The offer filed on December 19, 2025 expired on February 2, 2026, so a second Golub window before December 31 is not published and not implied.

The monthly REIT plans: three month-ends left

Seven non-traded REITs reach holders through a monthly plan, and one (Blue Owl Net Lease) through a quarterly one. All eight state a cap as a percent of NAV; what differs is whether the 10-Q gives the hour of the cut-off and what happened to the last requests.

Two details matter for planning. BREIT's own 10-Q fixes the repurchase date as the opening of the last calendar day of the month, so the December repurchase is December 31, 2026, a Thursday. The two Ares REITs make the cut-off earlier than the repurchase: a request received after 4:00 p.m. Eastern on the second to last business day waits for the next month, and the 10-Qs let an investor withdraw until 4:00 p.m. on the last business day. The dates in the table are our counting of weekdays, not a list the REITs publish. The other REITs, including BREIT, do not state their cut-off in the 10-Q, so the transfer agent or the broker is the place to get it.

The headline for a holder of one of these is the Q2 result: five of the seven monthly REITs and ORENT paid everything asked. The exceptions are SREIT, which since April 29, 2026 accepts only two kinds of request, and Cantor Fitzgerald Income Trust, whose April-June requests exceeded both its 2% monthly and 5% quarterly limits. Our pages on BREIT, SREIT, Ares Industrial, Ares Real Estate Income Trust, Hines Global, JPMREIT, Cantor and Blue Owl Net Lease go deeper on each, and the NAV REIT status page compares the Q2 10-Qs.

The nine BDC tender offers: no Q4 filing yet

A non-traded BDC tender offer is a Schedule TO-I filed about a month before it expires. For these nine, the Q3 2026 offers have all expired and none has filed the next one. What each did last year is the best guide to when, and what each said about Q3 is the best guide to the fill.

Read the table by column. In the middle, the Q3 requests: about 2% of shares at Goldman Sachs and 2.5% at Fidelity, 39.0% at Blue Owl Technology, and BCRED, HLEND and Apollo between 10% and 14.7%. Next to it, last year's dates: the earliest Q4 expiry among the nine was November 28 (Fidelity) and the latest December 31 (both Blue Owl funds), so most of the nine will probably file in November and close in the first half of December or at year-end, if 2026 repeats 2025. That is our reading of last year's filings, not anything the funds have published.

BCRED's September 3 letter, filed as an exhibit to its tender amendment, states the queue most plainly: “In Q2, BCRED fulfilled approximately half of the $4.5 billion requested for repurchase, leaving a backlog of $2.3 billion in unfulfilled requests, a significant portion of which were resubmitted in Q3.” Blue Owl's October 2 letter for OCIC says new tender participation “remained limited, with the vast majority of requests representing resubmissions of previously unfulfilled tenders.” In other words, a holder not paid in full in Q2 has had to ask again, and the Q4 offer will carry the same queue.

The last filed results, where a final amendment exists, are in the CSV: Q2 for BCRED (48.5% of 191,782,834 shares tendered, our arithmetic), HLEND (37.6%), Blue Owl Credit Income (26.6%), Blue Owl Technology Income (13.1%) and Apollo Debt Solutions (29.8%), and Q3 for Ares Strategic Income. Q3 results for BCRED, HLEND, Apollo and both Blue Owl funds are not on EDGAR yet. BCRED and HLEND filed their Q2 results on August 4, 2026, the same day as and six days before their Q3 offers, which suggests that the Q3 results will arrive with the Q4 offers. Per-fund series are on our pages for BCRED, HLEND, Blue Owl Credit Income, Blue Owl Technology Income, Apollo Debt Solutions, Ares Strategic Income, North Haven and Fidelity, and the private credit redemptions tracker puts twelve funds side by side.

The two with no Q4 window to count on

KKR Real Estate Select Trust (KREST). Its tender expired at 4:00 p.m. Eastern on October 16, 2026, three days before this page, for up to 3,116,841 shares (about 5% of the 62,336,819 outstanding on September 3) at NAV on October 16. The result was not on EDGAR on October 19. The offer before it, which expired July 17, 2026, accepted every one of the 3,155,949 shares tendered: “KREST repurchased Shares equating to 5.06% of NAV for the quarter, or $72,018,747.” Last year the offer after the October one was filed on December 10, 2025 and expired on January 9, 2026, after year-end. No new KREST offer was on EDGAR on October 19. See our KREST review.

Cliffwater Corporate Lending Fund (CCLFX). An interval fund, so it must make a repurchase offer every quarter. The last notice on EDGAR is dated July 28, 2026, with a request deadline of 4:00 p.m. Eastern on August 31, 2026 and an offer of 5% of shares. A year ago the Q4 notice was dated November 6, 2025 and the deadline was December 9, 2025, so the Q4 2026 notice is not out and its date is not published. In the offers its June 2026 annual report covers, the fund repurchased 5.32% of Class I shares in December 2025 and 7.00% in March 2026. The same report says the fund “may accept the total number of Shares tendered in connection with required minimum distributions from an IRA or other qualified retirement plan,” provided the shareholder gives notice and documentation. Our page on CCLFX repurchases has the series.

Why this calendar matters before December 31

Four pressures meet in Q4, and the filings above say something about each.

Year-end cash and the sale date. Six of the nine Q4 2025 BDC offers were priced at the NAV as of December 31, 2025: HLEND, BCRED, Apollo Debt Solutions, North Haven and Goldman Sachs Private Credit Corp., whose offers expired between December 2 and December 30, and Fidelity, whose offer expired November 28. Ares Strategic Income's offer was priced at NAV as of November 28, 2025. If 2026 repeats 2025, an offer that closes in early December may still be priced after year-end, and the check is the fund's own confirmation, not the expiry date. Our year-end tax calendar sets these dates beside the IRS ones.

Taxes. A repurchase is a sale by the holder. PGIM Real Estate Fund's notice says so in a sentence: “Any sale of shares to the Fund pursuant to this repurchase offer is a taxable event.” Blue Owl's offer to purchase adds the wash-sale warning for the holder who sells at a loss: a loss on shares sold in the offer “ordinarily will be disallowed to the extent a shareholder acquires substantially identical Shares within 30 days before or after the date the Shares are purchased by the Company pursuant to the Offer.” Our page on the wash sale rule and tender offers reads the statute.

Required minimum distributions. Two interval funds address them in the documents we pulled, and in opposite ways. Cliffwater says it “may accept the total number of Shares tendered in connection with required minimum distributions” before prorating. Apollo Diversified Real Estate Fund's notice warns that if it prorates, “it may result in the shareholder not receiving the full amount of a required minimum distribution.” The rule that governs an IRA holder is on our RMD page for illiquid IRA assets.

The queue. At the seven BDCs that prorated, a holder who asks in Q4 competes with the unfilled requests of Q3. Our tender offer census shows how many such funds there are, and the evergreen fund comparison compares 26 semi-liquid funds.

Dates that can still move

Every date above is as filed on or before October 19, 2026. Four things can change them: a tender extended past its expiry, a REIT board suspending or limiting its plan, a BDC deciding not to offer, and a new filing for a fund that had none. The dates inside the next 60 days (through December 18, 2026) are the ones to re-check first: October 28 (Golub, PGIM Real Estate), October 29 (Ares REITs, our arithmetic), October 31 (BREIT), November 3, 5, 6, 9 and 18 (Apollo Diversified Real Estate, PIMCO, Onex, Oaktree, Capital Group KKR), November 4 (Golub payment), November 27 and 30 (Ares cut-off, BREIT), and the unpublished BDC and Cliffwater dates that should appear in November.

What a holder can do with this

• Find your mechanism first. Monthly REIT plan, BDC tender, or interval fund: the table above says which, and it decides whether you have a deadline this month or a month-end rule.
• For the seven published windows, ask the broker or the transfer agent for its own cut-off, which can be earlier than the fund's. Blue Owl's offer, for one, says the financial intermediary “may establish its own earlier deadline.”
• For the nine BDCs, watch EDGAR for a Schedule TO-I in November. The offer states the expiry, the valuation date and the offer size, and your request must reach the processing agent by the expiry.
• Read the fill before the date. A request at BCRED, HLEND, Apollo or the two Blue Owl funds has been bought at between about 13% and 50% in the latest figures. A holder who needs a given amount of cash by year-end is planning against that fill.
• Do not count on the same price as the date. An offer that expires in December may be priced at the December 31 NAV.
• If a sale is for taxes, check the wash-sale and sale-date points on the two pages above before choosing the day.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

All dates, caps and fills are from SEC EDGAR documents read on October 19, 2026: the Form 10-Q of each REIT (BREIT 0001662972-26-000111, SREIT 0001193125-26-346339, Ares Industrial 0001628280-26-056338, Ares Real Estate Income Trust 0001628280-26-056330, Hines Global 0001628280-26-057031, JPMREIT 0001628280-26-056009, Cantor Fitzgerald Income Trust 0001193125-26-349682, Blue Owl Net Lease 0001944366-26-000066); the Schedule TO-I and TO-I/A filings of each tender-offer fund for the third quarter of 2026 and the fourth quarter of 2025; the fund letters furnished with HLEND (0001628280-26-061454), Apollo Debt Solutions (0001193125-26-398001), Blue Owl Credit Income and Technology Income (0001193125-26-411315, 0001193125-26-411314) and BCRED (0001213900-26-096935); the Form N-23c-3 notices of PGIM Real Estate Fund, Apollo Diversified Real Estate Fund, PIMCO Flexible Credit Income Fund, Oaktree Asset-Backed Income Fund, Capital Group KKR Multi-Sector+ and Cliffwater Corporate Lending Fund; their latest N-CSR and N-CSRS reports; and EDGAR filing lists for each issuer for July 1 to October 19, 2026. “Not published as of October 19, 2026” means no filing on the list for that issuer states the date. Dates marked as our arithmetic count weekdays from the rule in the filing. Percentages marked about are the funds' own estimates or our division of two filed figures. This is analysis of public documents, not investment, legal or tax advice.