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

What Happened

• Sculptor Diversified Real Estate Income Trust filed an 8‑K (Apr 6, 2026) disclosing unregistered share issuances and its March 2026 distribution. On April 1, 2026 the company issued 866,070 shares based on the Feb 28, 2026 NAV, generating gross proceeds of $9,839,646. On March 12, 2026 the company issued 55,244 shares under its distribution reinvestment plans based on the Jan 31, 2026 NAV, for $623,617. The filings note the share issuances were exempt from SEC registration (Section 4(a)(2), Regulation D and/or Regulation S).

Key Details

• April 1, 2026 issuances: 15,722 Class E shares to Sculptor Advisors LLC for $185,231 (management fee payment) and 850,348 Class AA shares for $9,654,415 (includes $96,415 sales load); total 866,070 shares for $9,839,646.
• March 12, 2026 DRIP issuances: 55,244 shares across classes (including 113 restricted Class E shares to independent directors) totaling $623,617.
• Distribution declared March 31, 2026: Gross distribution $0.0671 per share for all classes; Classes FF and AA have $0.0048 distribution fees, giving a net $0.0623 for those classes. Record date March 31, 2026; payable on or about April 10, 2026. Cash or reinvestment options available under the DRIP.
• Filing signed by Ellen Conti, Chief Financial Officer, dated April 6, 2026.

Why It Matters

• These actions increase shares outstanding via fee-related issuances and DRIP activity (total reported issuances of 921,314 shares across the two transactions), which is a direct, factual source of dilution for existing holders. Management accepted part of its fee in Class E shares, aligning payment in equity rather than cash. The company also confirmed the March distribution amounts and payment logistics, which affect near-term cash or reinvestment outcomes for shareholders.