Sculptor Diversified Real Estate Income Trust, Inc. 8-K

What Happened

• Sculptor Diversified Real Estate Income Trust, Inc. filed an 8-K on January 20, 2026 announcing its net asset value (NAV) as of December 31, 2025 and replacing a risk factor about potential “dead deal costs.”
• The registrant reported total NAV of $519,367 (amounts in the filing are presented in thousands, so $519.4 million) and provided NAV per share for each class: Class E $11.7312, Class F $11.4822, Class FF $11.3025, Class AA $11.2290, Class A $11.1167, Class I‑S $11.0725. Total outstanding shares/units: 45,333,877.

Key Details

• Total NAV: $519,367 (in thousands) = $519.4 million; NAV per share (overall): $11.4565.
• NAV by class: Class E $11.7312; Class F $11.4822; Class FF $11.3025; Class AA $11.2290; Class A $11.1167; Class I‑S $11.0725.
• Major NAV components (in thousands): Investments in real estate, net $776,900; real estate debt $102,058; net mortgages/financing obligations ($358,334); cash & cash equivalents $37,591; restricted cash $40,759.
• Risk factor update: the prior “dead deal costs” risk was replaced with language clarifying the company may incur non‑refundable deposits, due diligence and other costs on potential acquisitions that, if transactions fail to close, will reduce cash available for investments or distributions.

Why It Matters

• NAV and per‑share figures give shareholders and prospective investors a snapshot of the company’s reported net value and how it’s allocated across share classes as of Dec 31, 2025. The asset and liability breakdown (large real estate portfolio, debt, and cash levels) helps assess balance‑sheet strength.
• The risk factor update reiterates that unsuccessful acquisition efforts can create unrecoverable expenses (“dead deal costs”), which can materially reduce cash available for future investments or distributions — an explicit reminder about potential liquidity and deployment risks associated with the company’s acquisition activities.