CIM Real Assets & Credit Fund
Data through 2026-06-03 · latest filing N-23C3A filed 2026-06-10
Sponsored by CIM Group. Interval Fund structure focused on multi-strategy.
Interval FundMulti-strategy
- Net assets
- $237.7M
source
Semiannual shareholder report (Form N-CSRS) · filed 2026-06-05 · period 2026-03-31
Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)
“Consolidated Statement of Assets and Liabilities March 31, 2026 (Unaudited) ASSETS Investments: Unaffiliated Investments at fair value (cost $295,577,804) $ 258,516,183 Affiliated Investments at fair value (cost $54,520,458) 55,859,490 Cash 71,011 Cash collateral for total return swaps 29,907,749 Interest receivable 3,135,048 Due from Adviser 1,359,736 Receivable for investments sold 2,583,376 Receivable for Fund shares sold 34,962 Unrealized appreciation on total return swap contracts 294,331 Collateral receivable 1,868,559 Prepaid expenses and other assets 263,548 TOTAL ASSETS $ 353,893,993 LIABILITIES Payable for securities purchased 1,113,446 Line of credit payable (Note 7) 20,000,000 Unrealized depreciation on total return swap contracts 3,555,009 Payable for reverse repurchase agreements, including accrued interest (Note 7) 86,558,444 Administrative fees payable (Note 8) 140,265 Professional fees payable 379,447 Interest expense payable 2,346,548 Trustee fees payable (Note 8) 292,481 Transfer agency fees payable (Note 8) 237,220 Custody fees payable 39,675 Distribution fee payable (Note 8) 81,605 Shareholder Servicing fees payable (Note 8) 58,721 Deferred Tax Liability 472,003 Accrued expenses and other liabilities 889,105 TOTAL LIABILITIES $ 116,163,969 COMMITMENTS AND CONTINGENCIES (Note 2) NET ASSETS $ 237,730,024”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-03-31 - NAV / share
- $21.57
source
Repurchase offer notice (Form N-23c-3) · filed 2026-06-10 · period 2026-06-03
N-23c-3 informational NAV block
“On June 3, 2026 , the NAV of the Class I Shares (IRACX) was $21.57 per Share, the NAV of the Class C Shares (RACRX) was $20.32 per Share, the NAV of the Class A Shares (ARACX) was $21.24 per Share and the NAV of the Class L Shares (LRACX) was $20.92 per Share. The NAV at which the Fund will repurchase Shares will not be calculated until the Repurchase Pricing Date (defined below). The NAV of each Share class can fluctuate. Therefore, the NAV on the Repurchase Pricing Date may be higher or lower ”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
Class I · as of 2026-06-03 - Net flows, last qtr
- -3.5% qtr ended 2026-03-31
- Distribution coverage (NII)
- Not yet compiled Not yet compiled
- Leverage in use
- Not yet compiled Not yet compiled
- Total return, 12m
- +8.86% SEC-filed fiscal year return 2024-10-01 to 2025-09-30 · Class I · SEC source 0001580642-25-007690
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
NAV per share fell 3.1% from $22.25 to $21.57 (2026-06-03).
NAV per share fell 3.1% from $22.25 to $21.57 (2026-06-03).
Why it matters and what changed
A 2%+ single-month NAV decline, net of distributions, is a one-in-fifty-months event for these funds and usually means a portfolio problem is being recognized in the marks.
$22.25 -> $21.57 (down 3.1% vs prior period); trailing 4-period average $22.66; comparison interval: ~8 months (2025-09-30 -> 2026-06-03; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: https://www.sec.gov/Archives/edgar/data/1767074/000158064226003694/cim_n23c3a.htm | N-23c-3 informational NAV block
NAV per share ($21.57) is 9.5% below its trailing four-observation average ($23.83) as of 2026-06-03.
NAV per share ($21.57) is 9.5% below its trailing four-observation average ($23.83) as of 2026-06-03.
Why it matters and what changed
NAV has been running at least 2% below its own recent trailing average. Unlike a single sharp markdown, a sustained slide means the pressure on valuations is persistent rather than a one-period event.
$22.25 -> $21.57 (down 3.1% vs prior period); trailing 4-period average $23.83; breach persisted 2 consecutive periods (escalated per the two-stage ladder); comparison interval: ~8 months (2025-09-30 -> 2026-06-03; this fund's series is observed at that frequency, so 'month over month' rules compare consecutive observations)
Source: https://www.sec.gov/Archives/edgar/data/1767074/000158064226003694/cim_n23c3a.htm | N-23c-3 informational NAV block
Historical findings (5)
NAV per share fell 9.6% from $24.59 to $22.23 (2024-09-30).
NAV per share fell 6.4% from $26.26 to $24.59 (2023-09-30).
NAV per share is down 9.6% over the trailing year, net of distributions (2023-09-30 to 2024-09-30).
NAV per share is down 6.4% over the trailing year, net of distributions (2022-09-30 to 2023-09-30).
NAV per share fell 1.1% from $26.54 to $26.26 (2022-09-30).
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance history
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2024-10-01 to 2025-09-30 | Class I | basis not stated in the filed row | +8.86% | SEC source 0001580642-25-007690 |
| 2023-10-01 to 2024-09-30 | Class I | basis not stated in the filed row | -1.64% | SEC source 0001580642-25-007690 |
| 2022-10-01 to 2023-09-30 | Class I | basis not stated in the filed row | -0.15% | SEC source 0001580642-25-007690 |
| 2021-10-01 to 2022-09-30 | Class I | basis not stated in the filed row | +5.04% | SEC source 0001580642-25-007690 |
| 2020-10-01 to 2021-09-30 | Class I | basis not stated in the filed row | +11.88% | SEC source 0001580642-25-007690 |
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
Not yet compiled
Where exit demand met the cap.
Not yet compiled
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Not yet compiled
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class A | - | - | - | - | - |
| Class C | - | - | - | - | - |
| Class I | - | - | - | - | - |
| Class L | - | - | - | - | - |
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | - | 15% of income, 6% hurdle
*
CIM Capital IC Management, LLC: 15.00% of pre-incentive fee net investment income (All classes); Quarterly NAV hurdle of 1.50%; 100% catch-up through 1.765%; 15% thereafter. Accrued noncash income is included. Subsidiary incentive fees offset fund fees. No capital-gains fee; realized and unrealized losses do not reduce the income fee. SEC source 0001767074-26-000005 |
- | - | - | - |
| Fee component | Rate | Basis / class | Condition |
|---|---|---|---|
| Management · management | 1.50% | daily net assets; subsidiary fee offset and affiliated REIT waiver | Contractual component |
| Performance · CIM Capital IC Management, LLC | 15.00% | pre-incentive fee net investment income All classes | Quarterly NAV hurdle of 1.50%; 100% catch-up through 1.765%; 15% thereafter. Accrued noncash income is included. Subsidiary incentive fees offset fund fees. No capital-gains fee; realized and unrealized losses do not reduce the income fee.* |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (3)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Contractual 1.50% of daily net assets annually, paid quarterly; subsidiary advisory fees offset the fund fee and affiliated publicly traded REIT assets are waived. | Text disclosure | 2026-01-28 |
| expense_limitation | 0.75% cap on specified ordinary operating expenses through February 28, 2027. Management, incentive, distribution, service, real estate services, financing and acquired-fund expenses are excluded; this is not an all-in expense ratio. | Text disclosure | 2026-01-28 |
| fund_inception_date | 2020-05-05 | Text disclosure | 2020-05-05 |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-06-10 | N-23C3A | 0001580642-26-003694 |
| 2026-06-05 | N-CSRS | 0001580642-26-003583 |
| 2026-06-01 | NPORT-P | 0000910472-26-008752 |
| 2026-03-11 | N-23C3A | 0001580642-26-001750 |
| 2026-01-28 | 486BPOS | 0001767074-26-000005 |
| 2025-12-08 | N-CSR | 0001580642-25-007690 |
| 2025-06-09 | N-CSRS | 0001580642-25-003607 |