Non-traded REITs · BDCs · Interval and tender-offer funds
What each fund earns, charges, pays out, and owes, and whether its holders can get their money out. Checked across sources and explained in plain English.
95 funds on the same terms · Figures traced to their sources · Alerts when the funds you follow report
Why Fontris
Evergreen funds report a lot of information. Regulatory filings, investor reports, and offering materials are loaded with data. But it’s scattered, written for lawyers, and rarely standardized across funds. It’s dirty data. We gather it, clean it, and validate it, then keep digging where the public record falls short. What would take an analyst days to piece together is here on one page, in plain English.
What you’ll find
Built from years of each fund’s reporting, kept current as it reports, and set out on the same terms, so one fund can be set beside another.
Total return with distributions counted, the distribution rate, how much of it income actually covers, income paid in kind instead of cash, and what you pay in fees.
The distribution figures and income paid in kind where the fund reports them.
Repurchase requests against the fund’s limit, offers that were prorated, programs gated or suspended, and money coming in against money going out.
Loans behind on interest or in default, non-accruals, holdings marked down or gone, borrowing close to its limit, and borrowers shared with other funds.
The loan figures where the fund reports them; shared borrowers for signed-in readers.
Method
Everything a fund reports, wherever it reports it, collected as it appears: regulatory filings, its own reports and fact sheets, notices, and repurchase results.
Figures are tested against the fund’s other sources. When they disagree, we find out why, and we tell you.
Each finding is written as an analyst would say it, in a sentence, with its source one click away. If a figure can’t be supported, it isn’t shown.
What it saves you
A fund’s repurchase history alone can run to dozens of documents. Here it is a single table, every offer on record.
Prorated repurchases, fee changes, and departures reach you when they are reported, not when they show up on your next statement.
Figures link to where they came from, so you can check them yourself and show your working to anyone who asks.
Alerts
Follow a fund and you will hear when it prorates a repurchase offer, changes a fee, or loses a key manager. Nothing on quiet days.
Income covered 89 cents of every dollar BCRED paid out in both the first and second quarters. The fund has cut its monthly distribution twice, from 22 cents a share to 20 in October 2025 and to 18 in July 2026.
Source: quarterly report
Holders asked for 18.8% of the fund and got 26.6% of what they asked for, up from 22.8% in March. The fund bought back 5% of its shares both times, just under $1 billion each quarter. The better fill this quarter came from fewer requests.
Source: tender offer results
Since April 2026, Starwood buys back shares only when a holder dies or becomes disabled, or holds an account under $5,000, up to $5 million a month for each. Other requests are not accepted. The manager has taken a fifth off its fee since May 2024 and keeps it off until the plan is back to 2% of NAV a month.
Source: share repurchase plan and fee waiver
Standards
A figure appears only when its source supports it. No estimates and no filled-in blanks.
A fund’s own documents sometimes conflict. We work out why and explain it, plainly.
We say what the numbers mean. We don’t round away bad news or dress up good news.
Coverage
From the largest flagships down. Each has its own page: repurchase history, distributions, fees, leverage, holdings, and recent filings.
Blackstone Private Credit Fund · Cliffwater Corporate Lending Fund · Blue Owl Credit Income Corp. and 38 more
Blackstone Real Estate Income Trust · Starwood Real Estate Income Trust · Apollo Diversified Real Estate Fund and 17 more
Partners Group Private Equity Fund · KKR Private Equity Conglomerate · Hamilton Lane Private Assets Fund and 12 more
KKR Infrastructure Conglomerate · Brookfield Infrastructure Income Fund · StepStone Private Infrastructure Fund and five more
Stone Ridge Reinsurance Risk Premium Interval Fund · Victory Pioneer ILS Interval Fund · Ares Sports, Media & Entertainment Opportunities and four more
ACAP Strategic Fund · First Trust Alternative Opportunities Fund · Beacon Pointe Multi-Alternative Fund and one more
Free to start
We keep watch, and write to you when something matters.
Need a question studied in depth: a market segment, a set of fund terms, how a disclosure practice has changed? We take on scoped research engagements.
Research engagements