Key Takeaways
- • Starlight Investments Capital GP Inc. (Starlight Capital), on behalf of Global Real Assets Trust, reported Q3 2026 results for the three months ended September 30, 2026.
- • The Trust's investment in its four Private Portfolio LPs stood at $211,573,093 as of September 30, 2026, up from $188,799,591 at December 31, 2025.
- • The Public Equity LP held 60 investments with an effective market value of $30,625,359 in publicly traded global real estate and infrastructure securities, which management says remain liquid.
- • The Trust declared three monthly distributions in the period, totaling $0.4569 per Series C unit, $0.4638 per Series F unit, $0.4725 per Series I unit, and $0.4500 per Series B and Series B USD unit.
- • Preferred Unit downside protection was approximately 80.6% at September 30, 2026, down from 81.5% at June 30, 2026.
Summary
Starlight Investments Capital GP Inc. ("Starlight Capital") announced on behalf of Global Real Assets Trust (the "Trust") its financial results for the three months ended September 30, 2026. As of that date, the Trust held $211,573,093 in four Private Portfolio LPs, compared with $188,799,591 at December 31, 2025. Its investment in the Public Equity LP was $36,301,294 at September 30, 2026, versus $25,171,937 at December 31, 2025, with the Public Equity LP holding 60 investments with an effective market value of $30,625,359 in publicly traded global real estate and infrastructure securities. The release states that the Public Equity LP's portfolio remains liquid and that the Trust does not anticipate any issues meeting its liquidity needs.
During the period, the Trust declared three distributions for each series. The cumulative totals were $0.4569 per Series C unit, $0.4638 per Series F unit, $0.4725 per Series I unit, $0.4500 per Series B unit, and US$0.4500 per Series B USD unit. Some distributions included a component funded through the Trust's distribution reinvestment plan ("DRIP"), which lets unitholders reinvest cash distributions into their series at net asset value. The tax composition of distributions will be determined annually and is available only after the Trust's tax year-end.
On September 30, 2026, 501 Series F units were redeemed at a net asset value of $9.7106, for total proceeds of $4,865, and 17,355 Series B units were redeemed at a NAV of $8.8591, for proceeds of $153,750. During Q3 2026, 7,549 Series I units were redeemed at a weighted average NAV of $10.5703, for proceeds of $79,795.
The Trust declared a quarterly distribution of $0.428 per Series 1 preferred unit for the quarter ended September 30, 2026. Preferred Units had downside protection of approximately 80.6% as of September 30, 2026, versus 81.5% at June 30, 2026. This is the percentage by which net assets, before deducting Preferred Units, would have to decline before the $25.00 issue price would be impaired.
The Trust's objective is to provide unitholders with cash distributions and long-term capital appreciation through exposure to institutional-quality real assets in global real estate and global infrastructure, and to a lesser extent, global diversified equity. Starlight Capital describes itself as an independent Canadian asset manager with over $1 billion in AUM and is a wholly-owned subsidiary of Starlight Investments, which reports over $30 billion in AUM. The unaudited financial statements and MD&A are available at starlightcapital.com and sedarplus.ca.
During the period, the Trust declared three distributions for each series. The cumulative totals were $0.4569 per Series C unit, $0.4638 per Series F unit, $0.4725 per Series I unit, $0.4500 per Series B unit, and US$0.4500 per Series B USD unit. Some distributions included a component funded through the Trust's distribution reinvestment plan ("DRIP"), which lets unitholders reinvest cash distributions into their series at net asset value. The tax composition of distributions will be determined annually and is available only after the Trust's tax year-end.
On September 30, 2026, 501 Series F units were redeemed at a net asset value of $9.7106, for total proceeds of $4,865, and 17,355 Series B units were redeemed at a NAV of $8.8591, for proceeds of $153,750. During Q3 2026, 7,549 Series I units were redeemed at a weighted average NAV of $10.5703, for proceeds of $79,795.
The Trust declared a quarterly distribution of $0.428 per Series 1 preferred unit for the quarter ended September 30, 2026. Preferred Units had downside protection of approximately 80.6% as of September 30, 2026, versus 81.5% at June 30, 2026. This is the percentage by which net assets, before deducting Preferred Units, would have to decline before the $25.00 issue price would be impaired.
The Trust's objective is to provide unitholders with cash distributions and long-term capital appreciation through exposure to institutional-quality real assets in global real estate and global infrastructure, and to a lesser extent, global diversified equity. Starlight Capital describes itself as an independent Canadian asset manager with over $1 billion in AUM and is a wholly-owned subsidiary of Starlight Investments, which reports over $30 billion in AUM. The unaudited financial statements and MD&A are available at starlightcapital.com and sedarplus.ca.
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