Act IPulse
24 of 39 filled in full · 14 of 39 windows drew demand above the cap — still honored
Q1-26 · within cap · 100% honored · click a window to replay it below
Property-type mix
| Rental Housing | 43.7% |
| Industrial | 22.3% |
| Data Centers | 21.2% |
| Net Lease | 5.1% |
| Office | 2.7% |
| Hospitality | 2.2% |
| Retail | 2.1% |
| Self Storage | 0.7% |
Top properties · 10 disclosed
| Property | Type | Location | Fair value | %port | Occupancy |
|---|---|---|---|---|---|
| Mileway Industrial Portfolio | Industrial | Various Europe | Not disclosed | Not disclosed | |
| Explorer Industrial Portfolio | Industrial | Various | Not disclosed | Not disclosed | |
| Winston Industrial Portfolio | Industrial | Various | Not disclosed | 96.0% | |
| Sleep Extended Stay Hotel Portfolio | Hospitality | Various | Not disclosed | Not disclosed | |
| QTS Data Centers | Data Centers | Various | Not disclosed | Not disclosed |
Modules shown reflect what this fund discloses — questions that don't apply to this vehicle type are omitted.
The balance sheet the latest filing stated, the two leverage multiples it implies, the rate / FX hedge book that sits against it, and the per-facility debt schedule beneath.
The property book by sector — gross asset value, occupancy and property count per type — plus the real-estate debt sleeve the fund holds alongside its equity properties.
Asset-level risk — occupancy and lease-rollover for real estate, revenue quality for infrastructure.
The per-share NAV composition — gross real estate and debt investments, less property leverage and other liabilities, summing to the equity NAV the fund strikes and divides to each class. The fair-value mark behind each asset sits in The Book · Marks.
The management + incentive structure and the per-class servicing / distribution load behind the headline rate.
Per-share return, earnings quality, and yield trajectory.
TodayNAV total return and operating metrics render in The Book · Portfolio; distribution tax-character in Economics · Income.
Next laneAsset-class operating performance depth.
from the RE/infra operating-metric tables (Phase-2, not yet landed).
Exit terms — repurchase policy and the window-by-window tender record.
TodayRepurchase policy, window-by-window tender history and offering progress render in Liquidity.
Next laneA forward-funding obligation applies only to credit funds with unfunded loan commitments; this fund discloses none.
exit terms are fully surfaced in the Liquidity act.
fund silence and AltHarbor coverage are different facts — both stated per family
| Disclosure family | Status | Latest source | |
|---|---|---|---|
| Exit mechanics → | Disclosed | Prospectus supplement · filed Apr 23 | |
| Tender record → | Disclosed | Quarterly report · filed May 8 | |
| Per-class economics → | Disclosed | Prospectus supplement · filed May 15 | |
| Distribution composition → | Disclosed | Annual report · filed Feb 27 | |
| Fair-value hierarchy → | Disclosed | Quarterly report · filed May 8 | |
| Unobservable inputs → | Not yet covered by AltHarbor | — | |
| Credit measures → | Not yet covered by AltHarbor | — | |
| Portfolio composition → | Disclosed | Annual report · filed Feb 27 |
| Bellagio Net Lease | Net Lease | Las Vegas, NV | Not disclosed | 100.0% |
| Alaska Industrial Portfolio | Industrial | Various UK | Not disclosed | Not disclosed |
| Cosmopolitan Net Lease | Net Lease | Las Vegas, NV | Not disclosed | 100.0% |
| Vault Industrial Portfolio | Industrial | Various | Not disclosed | Not disclosed |
| Alpaca Self Storage Portfolio | Self Storage | Various | Not disclosed | 83.0% |
MSA concentration
| South (NCREIF region) | 36.0% |
| West (NCREIF region) | 28.0% |
| East (NCREIF region) | 20.0% |
every filing on record · one tick per filing · hue = type, height = rarity
all 280Prospectus supplement 117Current report 115Quarterly report 28Annual report 11Imported record 8Amended quarterly report 1
| Filed | Type | Accession |
|---|---|---|
| 04/20/26 | impImported record |
Derivative book not disclosed by this fund
| Property type | Discount rate | Exit cap rate |
|---|---|---|
| Rental Housing | 7.2% | 5.4% |
| Industrial | 7.5% | 5.5% |
| Net Lease | 6.6% | 5.5% |
| Hospitality | 10.8% | 9.0% |
| Data Centers | 8.5% | 6.1% |
| Self Storage | 8.5% | 6.5% |
| Office | 7.8% | 5.6% |
| Retail | 7.9% | 6.3% |
| Class | Primary raised | DRIP raised | Max offering | % sold |
|---|---|---|---|---|
| Class D | $1.50B | $600M | $60.0B | 3.5% |
| Class D-2 | $1.50B | $600M | $60.0B | 3.5% |
| Class I | $1.50B | $600M | $60.0B | 3.5% |
| Class S | $1.50B | $600M | $60.0B | 3.5% |
| Class S-2 | $1.50B | $600M | $60.0B | 3.5% |
| Class T | $1.50B | $600M | $60.0B | 3.5% |
| Class T-2 | $1.50B | $600M | $60.0B | 3.5% |
Cap: 2.0% NAV/qtr (all windows) · 24 of 39 windows filled in full · 15 prorated · 14 gated
| Window | Req ÷ cap | Requested | Accepted | Price |
|---|---|---|---|---|
| Q1-26 | Not disclosed | 28.7M sh | 28.7M sh | $14.23 |
| Q1-26 | Not disclosed | 27.3M sh | 27.3M sh | $14.18 |
| Q1-26 | Not disclosed | 32.8M sh | 32.8M sh | $14.12 |
| Q4-25 | Not disclosed | 25.0M sh | 25.0M sh | $14.00 |
| Q4-25 | Not disclosed | 28.1M sh | 28.1M sh | $13.91 |
| Q4-25 | Not disclosed | 32.7M sh | 32.7M sh | $13.86 |
| Q3-25 | Not disclosed | 28.7M sh | 28.7M sh | $13.81 |
| Q3-25 | Not disclosed | 33.2M sh | 33.2M sh | $13.79 |
| Q3-25 | Not disclosed | 32.9M sh | 32.9M sh | $13.79 |
| Q2-25 | Not disclosed | 31.9M sh | 31.9M sh | $13.78 |
| Q2-25 | Not disclosed | 28.4M sh | 28.4M sh | $13.75 |
| Q2-25 | Not disclosed | 45.4M sh | 45.4M sh | $13.79 |
| Q1-25 | Not disclosed | 52.5M sh | 52.5M sh | $13.78 |
| Q1-25 | Not disclosed | 59.3M sh | 59.3M sh | $13.74 |
| Q1-25 | Not disclosed | 42.8M sh | 42.8M sh | $13.70 |
| Q3-24 | Not disclosed | 33.7M sh | 33.7M sh | $13.96 |
| Q3-24 | Not disclosed | 39.0M sh | 39.0M sh | $14.00 |
| Q3-24 | Not disclosed | 49.0M sh | 49.0M sh | $14.08 |
| Q2-24 | Not disclosed | 57.0M sh | 57.0M sh | $14.12 |
| Q2-24 | Not disclosed | 113.6M sh | 113.6M sh | $14.17 |
| Q2-24 | Not disclosed | 57.4M sh | 57.4M sh | $14.16 |
| Q1-24 | Not disclosed | 56.5M sh | 56.5M sh | $14.14 |
| Q1-24 | Not disclosed | 68.2M sh | 68.2M sh | $14.11 |
| Q1-24accepted 88.0% of shares requested | Not disclosed | 92.4M sh | 81.3M sh | $14.08 |
| Q4-23⊘accepted 53.0% of shares requested, requests exceeded the stated cap | 1.89× | 75.1M sh | 39.8M sh | $14.31 |
| Q4-23⊘accepted 67.0% of shares requested, requests exceeded the stated cap | 1.49× | 123.9M sh | 83.0M sh | $14.60 |
| Q4-23⊘accepted 56.0% of shares requested, requests exceeded the stated cap | 1.79× | 150.4M sh | 84.2M sh | $14.80 |
| Q3-23⊘accepted 29.0% of shares requested, requests exceeded the stated cap | 3.45× | 145.3M sh | 42.1M sh | $14.88 |
| Q3-23⊘accepted 43.0% of shares requested, requests exceeded the stated cap | 2.33× | 200.9M sh | 86.4M sh | $14.80 |
| Q3-23⊘accepted 34.0% of shares requested, requests exceeded the stated cap | 2.94× | 258.8M sh | 88.0M sh | $14.67 |
| Q2-23⊘accepted 17.0% of shares requested, requests exceeded the stated cap | 5.88× | 253.1M sh | 43.0M sh | $14.59 |
| Q2-23⊘accepted 30.0% of shares requested, requests exceeded the stated cap | 3.33× | 299.6M sh | 89.9M sh | $14.54 |
| Q2-23⊘accepted 29.0% of shares requested, requests exceeded the stated cap | 3.45× | 316.8M sh | 91.9M sh | $14.56 |
| Q1-23⊘accepted 15.0% of shares requested, requests exceeded the stated cap | 6.67× | 301.1M sh | 45.2M sh | $14.77 |
| Q1-23⊘accepted 35.0% of shares requested, requests exceeded the stated cap | 2.86× | 264.2M sh | 92.5M sh | $14.71 |
| Q1-23⊘accepted 25.0% of shares requested, requests exceeded the stated cap | 4.00× | 355.5M sh | 88.9M sh | $14.80 |
| Q4-22⊘accepted 4.0% of shares requested, requests exceeded the stated cap | 25.00× | 253.0M sh | 10.1M sh | $14.84 |
| Q4-22⊘accepted 43.0% of shares requested, requests exceeded the stated cap | 2.33× | 207.2M sh | 89.1M sh | $15.02 |
| Q4-22 | 1.00× | 120.2M sh | 120.2M sh | $15.07 |
⊘ = requests exceeded the stated cap · fill bars on prorated windows only · requested basis: shares tendered · rows expand (tap or e)
Stated fees · mgmt solid · servicing hatch · distribution hollow · bars share a scale · click a class to read the act through it
| Cls | Net assets | % fund | Stated fee | Min initial | Channel |
|---|---|---|---|---|---|
| Iinstitutional | $29.5B | 60.6% | Class I stated fees: management 1.3 percent1.25%+0.0% load | Primary offering / institutional | |
| Srestricted | $17.1B | 35.2% | Class S stated fees: management 1.3 percent, servicing 0.8 percent2.10%+0.0% load | Legacy DRIP-only | |
| Drestricted | $1.37B | 2.8% | Class D stated fees: management 1.3 percent, servicing 0.3 percent1.50%+0.0% load | Legacy DRIP-only / fee-based | |
| Trestricted | $487M | 1.0% | Class T stated fees: management 1.3 percent, servicing 0.8 percent2.10%+0.0% load | Legacy DRIP-only / brokerage | |
| Crestricted | $96.8M | 0.2% | Class C stated fees: management 1.3 percent1.25%+0.0% load | Private offering / feeder | |
| S-2retail | $88.8M | 0.2% | Class S-2 stated fees: management 1.3 percent, servicing 0.8 percent2.10%+3.5% load | Primary offering / retail brokerage | |
| D-2retail | $3.27M | 0.0% | Class D-2 stated fees: management 1.3 percent, servicing 0.3 percent1.50%+1.5% load | Primary offering / fee-based | |
| T-2retail | $1.25M | 0.0% | Class T-2 stated fees: management 1.3 percent, servicing 0.8 percent2.10%+3.5% load | Primary offering / brokerage | |
| L-2restricted | Class L-2 stated fees: management 0.8 percent0.85%+0.0% load | Private offering / DST platform | |||
| Lrestricted | Class L stated fees: management 1.0 percent1.00%+0.0% load | Private offering / DST platform | |||
| B | not disclosed | ||||
| Frestricted | 0.00%+0.0% load | Private offering |
| Filed | Filing | Period / note |
|---|---|---|
| 05/21/26 | Current report | 05/20/26 |
| 05/15/26 | Prospectus supplement | |
| 05/11/26 | Amended quarterly report | 03/31/26 |
| 05/08/26 | Quarterly report | 03/31/26 |
| 05/05/26 | Current report | 05/01/26 |
| 04/30/26 | Current report | 04/29/26 |
| 04/23/26 | Prospectus supplement | |
| 04/23/26 | Current report | 04/22/26 |
| 04/07/26 | Current report | 04/01/26 |
| 03/31/26 | Current report | 03/30/26 |
| 03/19/26 | Current report | 03/13/26 |
| 03/16/26 | Prospectus supplement | |
| 03/06/26 | Current report | 03/02/26 |
| 02/27/26 | Annual report | 12/31/25 |
| 02/27/26 | Current report | 02/26/26 |
| 02/27/26 | Current report | 02/26/26 |
| 02/27/26 | Annual report | 12/31/25 |
| 02/13/26 | Prospectus supplement | |
| 02/05/26 | Current report | 02/02/26 |
| 01/30/26 | Current report | 01/29/26 |
| 01/29/26 | Current report | 01/28/26 |
Showing the latest 50 of 272 — the complete filing index is above.
| 01/20/26 | Current report | 01/14/26 |
| 01/15/26 | Prospectus supplement |
| 01/08/26 | Current report | 01/02/26 |
| 01/05/26 | Prospectus supplement |
| 12/31/25 | Current report | 12/30/25 |
| 12/17/25 | Current report | 12/12/25 |
| 12/15/25 | Prospectus supplement |
| 12/08/25 | Current report | 12/05/25 |
| 12/05/25 | Current report | BREIT disclosed a tender, repurchase, or redemption-program update in its 2025-12-08 8-K. |
| 11/28/25 | Current report | 11/26/25 |
| 11/19/25 | Current report | 11/13/25 |
| 11/14/25 | Prospectus supplement | 10/31/25 |
| 11/07/25 | Quarterly report | 09/30/25 |
| 11/05/25 | Current report | 11/01/25 |
| 11/04/25 | Current report | 11/03/25 |
| 10/31/25 | Current report | 10/30/25 |
| 10/23/25 | Prospectus supplement |
| 10/23/25 | Current report | 10/22/25 |
| 10/17/25 | Current report | 10/14/25 |
| 10/07/25 | Current report | 10/01/25 |
| 09/30/25 | Current report | 09/29/25 |
| 09/19/25 | Prospectus supplement |
| 09/19/25 | Current report | 09/18/25 |
| 09/08/25 | Current report | 09/02/25 |
| 08/29/25 | Current report | 08/28/25 |
| 08/18/25 | Current report | 08/14/25 |
| 08/18/25 | Current report | 08/15/25 |
| 08/15/25 | Prospectus supplement |
| 08/13/25 | Quarterly report | 06/30/25 |
Largest sector
43.7%Rental Housing · share of gross RE · 12/31/25Sectors
8property types disclosed · 12/31/25Gross real estate
$122BΣ sector GAV · 12/31/25Sector shares are of the $122B gross-asset-value base (derived from the per-type GAV the filing discloses). Occupancy is on the basis each sector states — leased square footage, leased units or occupied keys.
| Sector | Gross asset value | % of GAV | Occupancy | Properties | Size |
|---|---|---|---|---|---|
| Rental Housing | $53.3B | 43.7% | 93.0% | 837 | 257,811 units |
| Industrial | $27.1B | 22.3% | 92.0% | 2,940 | 398.3M sqft |
| Data Centers | $25.9B | 21.2% | 100.0% | 133 | 19.7M sqft |
| Net Lease | $6.21B | 5.1% | 100.0% | 179 | 16.6M sqft |
| Office | $3.26B | 2.7% | 96.0% | 14 | 5.2M sqft |
| Hospitality | $2.63B | 2.2% | 72.0% | 240 | 33,056 keys |
| Retail | $2.61B | 2.1% | 96.0% | 61 | 8.5M sqft |
| Self Storage | $841M | 0.7% | 83.0% | 79 | 5.0M sqft |
Expiring ≤ 2 yr
18.9%next two lease years · base rent · 12/31/25Long-dated
32.2%beyond the ladder · base rent · 12/31/25Leases
3,342in the ladder · 12/31/25Shares are of annualized base rent expiring in each window; a heavy near-term roll is re-leasing risk, a long-dated tail is locked-in income. Square-footage share is shown alongside. The filing discloses no per-bucket expiring-rent dollar column.
| Expiration | % base rent | % sq ft | Expiring sq ft | Leases |
|---|---|---|---|---|
| 2026 | 7.2% | 17.1% | 28,993K | 536 |
| 2027 | 11.7% | 15.7% | 26,606K | 655 |
| 2028 | 11.5% | 15.3% | 25,929K | 600 |
| 2029 | 11.5% | 13.7% | 23,122K | 463 |
| 2030 | 11.3% | 12.3% | 20,906K | 411 |
| 2031 | 5.7% | 7.7% | 13,001K | 236 |
| 2032 | 3.4% | 3.0% | 5,027K | 103 |
| 2033 | 2.7% | 2.7% | 4,530K | 95 |
| 2034 | 1.4% | 1.9% | 3,278K | 63 |
| 2035 | 1.3% | 1.1% | 1,911K | 64 |
| Thereafter | 32.2% | 9.4% | 15,965K | 116 |
Sleeve fair value
$4.83BΣ debt securities at FV · 12/31/25WA coupon
4.4%fair-value-weighted · 12/31/25Floating-rate
95.3%share of sleeve FV · 12/31/25These are the debt positions the fund holds as investments — distinct from the property leverage in How levered?. The weighted coupon is fair-value-weighted across the sleeve; floating-rate paper resets with its benchmark, fixed paper carries duration risk.
| Security type | Fair value | Amortized cost | WA coupon | Rate | WA maturity |
|---|---|---|---|---|---|
| CMBS | $3.80B | $3.99B | 4.4% | Floating | 10/26/33 |
| Commercial real estate loans | $794M | $782M | 4.6% | Floating | 12/18/27 |
| Other investments | $96.6M | $88.8M | Not disclosed | Not disclosed | — |
| RMBS | $76.7M | $92.5M | 4.2% | Fixed | 10/09/58 |
| Corporate bonds | $53.1M | $54.0M | 4.9% | Fixed | 06/09/28 |
Total assets
$93.6BTotal liabilities
$67.9BNet assets
$25.7BAssets invested
$71.9BLiabilities / net assets
2.64×derivedTotal assets / net assets
3.64×derivedREIT 10-Q balance sheet ($ thousands scaled). net_assets=total assets-total liabilities (residual incl. redeemable NCI mezzanine between liabilities and GAAP Total equity). GAAP residual differs from sponsor NAV. assets_invested=investments in real estate, net. N-PORT-only fields N/A.
hover or touch the chart to scrub
Last 30 distributions for Class I: 01/31/25 $0.0551, NII $0.0000, return of capital $0.0551; 02/27/25 $0.0541, NII $0.0000, return of capital $0.0541; 02/28/25 $0.0541, NII $0.0000, return of capital $0.0541; 03/28/25 $0.0551, NII $0.0000, return of capital $0.0551; 03/31/25 $0.0551, NII $0.0000, return of capital $0.0551; 04/29/25 $0.0547, NII $0.0000, return of capital $0.0547; 04/30/25 $0.0547, NII $0.0000, return of capital $0.0547; 05/29/25 $0.0551, NII $0.0000, return of capital $0.0551; 05/31/25 $0.0551, NII $0.0000, return of capital $0.0551; 06/27/25 $0.0548, NII $0.0000, return of capital $0.0548; 06/30/25 $0.0548, NII $0.0000, return of capital $0.0548; 07/30/25 $0.0551, NII $0.0000, return of capital $0.0551; 07/31/25 $0.0551, NII $0.0000, return of capital $0.0551; 08/28/25 $0.0551, NII $0.0000, return of capital $0.0551; 08/31/25 $0.0551, NII $0.0000, return of capital $0.0551; 09/29/25 $0.0548, NII $0.0000, return of capital $0.0548; 09/30/25 $0.0548, NII $0.0000, return of capital $0.0548; 10/30/25 $0.0552, NII $0.0000, return of capital $0.0552; 10/31/25 $0.0552, NII $0.0000, return of capital $0.0552; 11/26/25 $0.0549, NII $0.0000, return of capital $0.0549; 11/30/25 $0.0549, NII $0.0000, return of capital $0.0549; 12/30/25 $0.0553, components not disclosed; 12/31/25 $0.0553, NII $0.0000, return of capital $0.0553; 01/29/26 $0.0554, components not disclosed; 01/31/26 $0.0554, components not disclosed; 02/26/26 $0.0544, components not disclosed; 02/28/26 $0.0544, components not disclosed; 03/30/26 $0.0554, components not disclosed; 03/31/26 $0.0554, components not disclosed; 04/29/26 $0.0551, components not disclosed
NII · realized gains · return of capital · components not disclosed · last 30 declarations, Class I
Annual coverage · Class I · where each year’s distribution came from
| Year | $/sh | from NII | from gains | return of capital | Read |
|---|---|---|---|---|---|
| 2025 | $1.3184 | 0% | 0% | 100% | High ROC |
| 2024 | $1.3216 | 0% | 4% | 96% | High ROC |
| 2023 | $0.6660 | 0% | 15% | 85% | High ROC |
| 2020 | $0.5819 | 0% | 0% | 100% | High ROC |
Return of capital is the portion paid from invested principal rather than income or realized gains; a sustained high reading erodes NAV. Annual roll-up of the same filings charted above.
ASC-820 hierarchy · band width = share · hover to read
L3 $4.57B 34.5%
Unobservable-input ranges: not disclosed in latest annual filing
| Category | Ending | Activity | Coverage |
|---|---|---|---|
| Level 3 Investments | $4.57B | Ending balance only |
| Ending Balance Only |
Management fee
1.3%annual · on grossIncentive fee
12.5%Hard hurdle with catch-up hurdle · 5.0% hurdle| Class | Channel | Servicing | Distribution | Total ex-incentive |
|---|---|---|---|---|
| D | — | 0.3% | 0.0% | 1.5% |
| D-2 | — | 0.3% | 0.0% | 1.5% |
| I | — | 0.0% | 0.0% | 1.3% |
| S | — | 0.8% | 0.0% | 2.1% |
| S-2 | — | 0.8% | 0.0% | 2.1% |
| T-2 | — | 0.8% | 0.0% | 2.1% |
The two-part incentive-fee mechanics (lookback / per-class expense caps & recapture) are not yet surfaced — they need a dedicated terms table still in the schema queue.
Net asset value
$55.5Bties to per-class NAV · 04/30/26NAV per share
$14.35I · 10 classes · 04/30/26Real estate investments
$113Bproperty + JV at fair value · 04/30/26Real estate debt
$4.13Bdebt investments at fair value · 04/30/26Property leverage
$58.1Bmortgage notes, term loans & financings · 04/30/26Leverage / gross assets
47.4%borrowings ÷ $123B gross assets · 04/30/26Gross real estate and debt investments, less property leverage and other liabilities, sum to the $55.5B net asset value — the filing’s own monthly “Components of NAV”, struck and divided to the per-class NAV per share. The fair-value mark behind each asset — the Level I / II / III mix and unobservable inputs — lives in The Book · Marks.
| Component | Value |
|---|---|
| Investments in real estate | $94.1B |
| Investments in unconsolidated entities | $18.9B |
| Investments in real estate debt | $4.13B |
| Other assets | $3.21B |
| Cash and cash equivalents | $1.41B |
| Restricted cash | $749M |
| Gross assets | $123B |
| Accrued stockholder servicing fees | −$12.7M |
| Management fee payable | −$58.3M |
| Subscriptions received in advance | −$189M |
| Accrued performance participation allocation | −$242M |
| Secured financings on investments in real estate debtleverage | −$2.41B |
| Other liabilities | −$2.53B |
| Non-controlling interests in consolidated subsidiaries | −$5.90B |
| Mortgage notes, term loans, and revolving credit facilities, netleverage | −$55.7B |
| Net asset value | $55.5B |
| Disclosed per-class NAV (Σ classes) | $55.5B |
$55.5B ÷ shares outstanding = $14.35 per I (flagship class).