Skip to content
Friday, October 23, 2026 · Today’s edition, 6:30 a.m. ETFri, Oct 23 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in

Liquid Strategies restates two interval funds over an accrued interest error

The same totals, a different income line.

At a glance

  1. The revision changed how the funds' returns were classified.
  2. For a private credit interval fund, the income line is the product.
  3. The restatement arrives as the category's published numbers draw scrutiny.

Liquid Strategies has restated previously reported results for two interval funds after finding an accounting error in interest accrued on private credit holdings, according to Blue Vault Partners. The revision changed how the funds' returns were classified. Net assets and total returns were untouched; the same totals now arrive with different components.

Net assets intact, income attribution moved

For a private credit interval fund, the income line is the product. Investors buy the wrapper for yield as much as for published NAV, and accrued interest drives both. An error on that line can shift the timing of income recognition, so the return attribution changes while the bottom line holds.

The restatement arrives as the category's published numbers draw scrutiny. Interval Fund Daily's tracking shows BCRED absorbed a fourth straight quarterly NAV decline in its first half, and the unrealized loss was three times 2025's figure. Apollo has set a $150 billion private wealth target, with semi-liquid strategies at the core and a path to half of its third-party fundraising by 2029.

Blue Vault's report names neither fund and does not size the reclassification. The lesson is in that split: a restatement that changes the income side of a semi-liquid private credit portfolio without moving net assets. That is the line investors use to underwrite distributions, and it can shift quietly.

Reported by the New funds desk from Blue Vault Partners, Interval Fund Daily prior coverage and Interval Fund Daily prior coverage. Published . Corrections

Related

Interval Funds

MLEND portfolio build outpaces its public offering

Blue Vault sees Monroe Capital's nontraded BDC investing faster than its public offering can sell shares, a test for semi-liquid distribution.

Interval Funds

Interval funds drive Cerulli's $2 trillion advisor private-markets forecast

The forecast puts the semi-liquid fund at the center of advisor allocations, even as the vehicle absorbs repricing pressure.

Interval Funds

BREIT's $3.3B data-center bet puts its redemption promise to the test

The fund sold self-storage, its most liquid property type, to build data centers that won't pay off for years.

Interval Funds

Cottonwood Communities cuts monthly payout 8.8% to $0.0517

The NAV REIT's new rate annualizes to about 5.5% of Sept. 30 NAV, a $0.06-a-share annual cut.

Interval Funds

Legal & General, NTR and Griffis file $592 million in hard-asset registrations

Blackstone also filed an energy transition vehicle, while the week's remaining registrations carried zero or near-zero size.

Interval Fund Dailyfrom Private Wealth Daily

Redemption windows, new launches, fees and terms. Weekdays at 7:35 a.m. ET.

Free. Weekday mornings. Unsubscribe from any edition in one click.

From other sections