Sculptor Diversified REIT: $696M NAV, Six Classes, $690M Loan

What this page adds

SDREIT is one of the smaller NAV REITs and it has no review and no tracker page on this site; the only mention is a line in our census of private REIT Form D filings. The search results we looked at on October 22, 2026 for its name are the company's own SEC filings, one monthly NAV 8-K after another. None puts the six classes side by side, none reads the debt that is not on the NAV table, and none shows what the repurchase plan has actually paid. This page does that from the 8-Ks of January 2 to October 15, 2026, the audited statements for the resort, the 10-Q filings and the 10-K for 2025. For how the large public-brand NAV REITs compare, see the big-brand comparison and our redemption status tracker.

One structural point first. SDREIT is registered with the SEC (it files 10-Qs and 10-Ks) but it sells its shares in a continuous private placement under Section 4(a)(2) and Regulation D, so it is not a public offering open to anyone. The sponsor, Sculptor Capital Management, is owned by Rithm Capital (NYSE: RITM); our Rithm Capital page covers the parent's side.

Six classes, six NAVs

Source: Form 8-K of October 15, 2026 for NAV; Form 10-K for 2025 for fees. Shares in the percent columns are our arithmetic; the last column is the $0.0664 gross distribution declared for September 2026 (Form 8-K of October 9, 2026) times 12, divided by September 30 NAV, using the net amount of $0.0618 for Classes FF and AA.

Why the NAVs differ. The 10-K says the classes carry different upfront selling commissions and different class-specific expenses (management fees, distribution fees, performance allocations and organization and offering expenses), and that NAV per share for each class is reduced by them. Every class receives the same gross distribution per share. Class E has no management fee and, in the 10-Q's words, is “only expected to be held by Sculptor, its personnel, and affiliates.” Class FF is now open only through the distribution reinvestment plan. The practical reading: a Class I-S share and a Class E share are claims on the same portfolio at different prices, and the difference compounds, so the NAV per share of one class says nothing about whether you did better than another class. Compare total returns instead.

Source: Form 10-K for 2025 and Form 10-Q for June 30, 2026, total return without upfront selling commissions, change in NAV plus distributions with reinvestment. The 10-K attributes the rise in NAV during 2025 in part to appreciation of CapGrow and of the Marysville property, so most of the 2025 return came from appraisals rather than from income.

The monthly path, from each month's NAV 8-K:

Two months stand out. Class E fell 0.95% in May 2026, the month of the resort purchase, and 1.19% in August 2026 (our arithmetic); it rose 0.64% in September. The 8-Ks give no reason for either move, and the 10-Q for the third quarter should show what changed. Class I-S, the class that has started to raise real money (below), ended September 0.50% under its December 31, 2025 NAV, while Class E was 0.11% above.

What is inside the $696 million

Source: Forms 8-K of January 20, July 15 and October 15, 2026 (cash, receivables, other assets, fees payable and non-controlling interests omitted for space; all are in the CSV for the dates shown). Three things changed in nine months. The resort joint venture went from $2.6 million to $61.3 million. Investments in real estate debt, the income sleeve (preferred equity, a casino junior loan, an equestrian-show financing facility and floating-rate CMBS), nearly doubled from $102.1 million to $200.2 million. And at September 30, restricted cash ($58.0 million) and accounts payable and other liabilities ($72.3 million) were both far above June; the 8-K for October 9 shows $55.5 million of shares issued on October 1, which is consistent with subscription money held at month-end (our reading; the filings do not say so).

The portfolio the NAV rests on, at June 30, 2026 (Form 10-Q):

Shares of total are our arithmetic. The 10-Q says the resort stake “approximates cost” in the June valuation, so the biggest new holding has not yet been through a full appraisal cycle. Separately, the bridge from GAAP equity to NAV includes $89.2 million of unrealized net real estate appreciation at June 30, 2026: 13.4% of NAV is value above depreciated cost (our arithmetic). CapGrow also carries a tenant concentration the 10-Q spells out: subsidiaries of one operator, Sevita, lease 481 of its properties and account for about 31% of the company's rental income and 21% of total assets, with parent guarantees on 400 of them.

The debt that is not on the NAV table

The NAV table shows $369.3 million of mortgages, credit facility and financing obligations at September 30, 2026, which is 53.1% of NAV. The company's own target, after its ramp-up, is about 55% of gross real estate assets, and its governance guidelines cap borrowing at 300% of the cost of net assets unless independent directors approve more (Form 10-K). On the NAV-table assets that debt is 31.6% (our arithmetic, a different base from the company's). But the largest loan in the story is somewhere else.

The $690.0 million mortgage on the JW Marriott Marco Island Beach Resort sits in an unconsolidated joint venture, not in the debt line of the NAV table. The 10-Q says plainly that the investment is held at fair value and “has a floating rate debt of $690.0 million.” What the filings give:

Three readings, all ours. First, the 2025 revenues less the expenses the statement lists, $87.9 million, are 12.7% of the $690.0 million loan, and 10.5% of the price (our arithmetic; it excludes capital reserves, and the first quarter was lower than a year earlier). The spread alone, 2.10% on $690.0 million, is about $14.5 million a year before the SOFR component. Second, the co-investors are funds managed by affiliates of the adviser; the 10-K gives approval of affiliate transactions to a committee of independent directors. Third, SDREIT's money at risk is its equity, about $49 million net of the July repayment ($60.2 million less $10.8 million, our arithmetic), plus its guaranty, not $690.0 million; the NAV carries the stake at fair value. The question for a holder is how much weight the resort has in a NAV that is $696.0 million, and whether the next appraisal shows it above or below cost.

The consolidated debt is mostly fixed: mortgages carry a weighted average of 4.98%, the revolving credit facility ($14.3 million drawn of $50 million, one-month Term SOFR plus 3.50%) matures in February 2027, and $6.5 million of debt falls due within a year, $43.1 million in one to three years, $205.5 million in three to five and $120.4 million beyond five (Form 10-Q, June 30, 2026). The company says about 60% of its debt is fixed-rate CapGrow mortgages. At the 5.02% weighted fixed rate the 10-Q uses against a 6.34% market rate in its debt valuation, the debt is valued below face in NAV (our reading). The nearest maturities are small: $6.5 million inside a year.

Repurchases: paid in full, with one month close to the line

The plan lets holders ask to sell monthly. The aggregate limit is 2% of NAV a month and 5% a quarter, each measured on NAV at the end of the previous quarter; every class is allocated at least 2% of its own NAV a month. Shares held under one year are repurchased at 95% of the transaction price (the transaction price is generally the prior month's NAV), except shares from the distribution reinvestment plan. The board can modify, suspend or terminate the plan.

The limit is 2% of the previous quarter-end aggregate NAV: $519.4 million at December 31, 2025 for January to March ($10.4 million a month) and $608.6 million at March 31 for April to June ($12.2 million). The 10-Q states each month's repurchases “represented all of the share repurchase requests received.” For 2025 the 10-K lists 1,281,563 shares at an average $10.65 (about $13.6 million): 591,694 in January, 548,558 in February, 76,616 in March, then 16,319 in May, 5,263 in July and 43,113 in November. January 2025 was the exception: requests exceeded the 2% limit, so about 57% of them were satisfied. The third-quarter numbers are not out until the 10-Q; the second-quarter 10-Q says the company repurchased $0.5 million of shares after June 30.

Two features of the first-half pattern. Class A went from 1,745,168 shares at December 31, 2025 to 896,015 at June 30, 2026 after 1,048,988 were repurchased, 60% of the class (our arithmetic), and the 10-K counts one holder of record in Class A at March 30, 2026. Record-holder counts mostly reflect nominee accounts (Class F 4, Class FF 109, Class E 7, Class AA 158, Class I-S 2), so they say how shares are custodied rather than how many investors there are, but they do suggest a few large positions. And the money runs the other way: from January 2 to October 1, 2026 the trust issued $235.4 million of shares (Forms 8-K, Item 3.02, our sum), $100.7 million of it Class E, $54.2 million Class I-S on October 1 and $30.0 million Class F on January 2. In a NAV REIT, a plan stays easy to use while new money exceeds old money; the stress test is a quarter in which that reverses.

Income: what covers the distribution

The gross distribution declared per share was $0.0668 in January 2026 and February, $0.0671 in March, $0.0670 in April and May, $0.0665 in June, $0.0667 in July, $0.0671 in August and $0.0664 in September, $0.6014 for the nine months (our sum). For the six months to June 30, 2026 the 10-Q reports:

The company reports 82% of distributions from operating cash flow and 18% from other sources, a category it defines as reinvested distributions and investing cash flows such as sale proceeds. AFFO, after removing straight-line rent, paid-in-kind interest of $2.5 million and other items, covered 73%. Distribution fees on Classes FF and AA are taken out of the monthly distribution and paid to the distributor, which is why those two classes receive $0.0618 against $0.0664.

What a reader can do with this

• Find your class before you read any NAV. Your statement names it. Classes E, F, AA, A and I-S appear in the 2026 issuance tables; FF is reinvestment only and E is reserved for the sponsor side. Take the “vs Class E” column out of your head: it is not a performance gap against anyone, it is fee structure.
• Ask what fee stack your class carries. The management fee runs from none (E) to 0.50% (F, FF) to 0.75% (A, AA, I-S), with a 0.50% distribution fee on FF and AA and performance allocations of 6.25% (F, FF) or 10.0% (A, AA, I-S) of class total return above a 7% hurdle. Our share-class fee-drag page shows the same arithmetic for the large public brands.
• Size the resort. Of the $696.0 million, about $61 million sits in unconsolidated joint ventures, nearly all of it the resort stake. If your concern is leverage, the number to watch is not $369.3 million but the $690.0 million that sits next to it.
• If you plan to sell, check the first-year 5% deduction, the dates (month-end, request in advance) and whether your class has allocated capacity. Requests were fully paid in 2026 so far; they were not in January 2025.
• Use the same discipline you would for any non-traded REIT: compare the redemption record with the other NAV REITs.

FAQ

All figures are from Sculptor Diversified Real Estate Income Trust's SEC filings read on EDGAR on October 22, 2026: the Forms 8-K of January 7 to October 15, 2026 (the latest NAV release, accession 0001914496-26-000152, and the October 9 sales and distributions report, 0001914496-26-000150), the Form 8-K of May 7, 2026 (0001914496-26-000076) and the Form 8-K/A of July 17, 2026 (0001914496-26-000125) with the audited statements of revenues and certain expenses of the resort, the Form 10-Q for June 30, 2026 (0001914496-26-000135) and March 31, 2026 (0001914496-26-000083), and the Form 10-K for 2025 (0001914496-26-000038). Shares of NAV, gaps between classes, dollars repurchased, issuance sums, the 98.7% January figure, leverage ratios, look-through debt, coverage ratios and other percentages marked are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.