Revere Capital Readies Monthly-Liquidity Interval Fund Built on Real Estate Mezzanine Debt

Key terms including the distributor, minimum investment and final expense cap are still blank, but the 0.45% management fee and the monthly buyback policy are already set.

October 7, 2026

Revere Capital Management, a Dallas-based real estate credit manager, is preparing to enter the registered fund market through Evergreen Fixed Income Fund, a new interval fund that would pair subordinated real estate loan interests with a sleeve of liquid fixed income and offer to buy back shares every month.

The preliminary registration, filed October 5, describes a continuously offered, non-diversified closed-end fund organized as a Delaware statutory trust, with an objective of current income consistent with preservation of capital. The prospectus says sales are expected to continue until shares equal to roughly $5 billion have been sold. Shares will not be listed on an exchange, and no secondary market is expected to develop.

Much of the document is still unfinished. The distributor, administrator, transfer agent, custodian, minimum initial investment, total expense figures and repurchase notice windows are all left blank, which is typical of a first-pass registration that has not yet been declared effective.

How the Portfolio Is Built

The fund's distinguishing feature is its real estate credit sleeve. It plans to buy mezzanine interests issued by a senior lender against diversified pools of business-purpose real estate loans, with each pool spread across geography, borrower and property type. The fund's position sits beneath the senior lender's interest in each pool, so losses on the underlying loans would reach the fund before they reach the senior tranche. Interest floats off the Secured Overnight Financing Rate, and some of the interests may be rated below investment grade. The fund expects to put up to 35% of its assets into this strategy.

The rest of the portfolio goes to more liquid holdings:

• Treasury and money market funds
• Investment-grade corporate bonds
• Short-duration debt ETFs and mutual funds
• ETFs that invest mainly in investment-grade collateralized loan obligations

Under normal conditions the fund must keep at least 80% of net assets, plus any borrowings, in fixed income securities. The prospectus does not identify the senior lender or lenders whose pools the fund would buy into, and it does not say whether any of them are affiliated with Revere.

The registration is explicit about the risks attached to the mezzanine position. Those instruments are not registered for public sale, which can make them harder to trade than the rest of the book. They carry credit risk tied to the cash flow of the underlying loans, prepayment risk when rates fall and borrowers refinance, and extension risk when rates rise and loans pay down more slowly than expected. Because market quotations may not be available, these holdings would be fair valued under board-approved procedures, with day-to-day valuation responsibility delegated to Revere.

Monthly Liquidity

The fund will operate under a fundamental policy of making repurchase offers every month, a faster cadence than the quarterly schedule used by most interval funds. Each offer must cover at least 5% and no more than 25% of outstanding shares, with the exact amount set by the board. Shares are repurchased at net asset value, and payment is due within seven days of the pricing date.

If requests exceed the offer amount, the fund will prorate. It may first accept the full tenders of shareholders holding fewer than 100 shares, and it will honor tenders tied to required minimum distributions from IRAs and other qualified retirement plans. Shareholders will not pay a repurchase fee, and the fee table shows no early withdrawal charge on shares held less than a year.

Repurchases will generally be funded from cash or portfolio sales, and the prospectus acknowledges that selling securities to meet tenders could weigh on net asset value. The fund may instead borrow to finance repurchases, in which case the interest cost would fall on the shareholders who stay in.

Fees and Expense Support

Revere will charge a management fee of 0.45% of average daily net assets. The fee table lists no sales load on purchases and puts acquired fund fees and expenses, the indirect cost of the underlying funds and ETFs, at an estimated 0.01%. Other expenses and the total expense ratio have not yet been filled in.

Revere has also agreed to waive fees and absorb ordinary operating expenses above a set level. The prospectus summary puts that cap at 1.75% of average daily net assets, though the same figure is left blank in the fee table and the management section. Loads, taxes, borrowing and leverage interest, brokerage commissions, acquired fund fees and extraordinary expenses fall outside the cap. Revere can recoup any amounts it waives or absorbs within three years, provided the repayment does not push expenses above the cap.

Investors in the automatic investment program can add to positions in increments as small as $100; other subsequent purchases require at least $1,000. Beyond fees paid by the fund, Revere or its affiliates may pay brokers additional compensation from their own resources in exchange for marketing support, such as access to a firm's representatives or placement on its list of available products. Revere or its affiliates will also pay a servicing fee to the distributor and selected dealers for ongoing account services.

Distributions

The fund intends to pay distributions quarterly from net investment income after operating expenses, at a rate the board can change. Distributions are reinvested in additional shares unless a shareholder elects cash. The prospectus warns that any shortfall between income and the distribution amount would be covered by selling assets, producing a return of capital, and that the first distribution may consist mainly of return of capital if the fund is slow to deploy its proceeds.

Who Runs It

Two Revere executives are named as portfolio managers. Clark Briner, the firm's founder and principal, oversees its open-ended discretionary specialty finance and commercial real estate bridge lending funds; the registration states that Revere is deemed to be controlled by Briner through his ownership of the adviser. Tiffany Culwell is Revere's vice president of asset management. She previously worked as a senior associate asset manager at ACORE Capital, where she managed a portfolio of complex loans totaling more than $1.1 billion, and earlier spent five years as a development analyst at Trammell Crow Residential.

The fund's board will have four trustees, whose names and backgrounds are left to the statement of additional information. Before the public offering begins, Revere purchased shares in an amount sufficient to meet the 1940 Act's minimum net worth requirement for a new investment company. The fund has not yet produced financial statements.

What to Watch

For advisors, the structure combines subordinated real estate loan exposure, run by a manager whose private funds focus on real estate bridge lending, with monthly repurchase offers. Coming amendments will fill in the pieces that determine how the product reaches platforms: the distributor and selling arrangements, the minimum investment, the final expense cap and the full slate of service providers. The fund cannot sell shares until the registration statement is declared effective.