Clarion Partners Real Estate Income Fund Inc.
MD
Real estateTender-offer fund1099
Compared against all funds (its own peer group has too few funds with data yet).
1Y return
+2.8%
15th pctile · behind most peersas of 2026-06-30
Since inception
+8.1%
annualized, as reported
Distribution rate
7.1%
exceeds net investment incomeNet assets
$1.47B
as of 2026-08-28
Net expenses
2.95%
40th pctile · cheaper than median
Repurchase
5% quarterly
23 of 293 peers matchLevel 3
85.7%
55th pctile · more model-priced than peersLast offer
no offer yet
25 offers on record · never prorated
What owning this fund costs per year
Hold period3 yrs
Net expense ratio (includes the 1.25% management fee)2.95%
Minus interest on borrowings, the cost of portfolio leverage0.19%
Ongoing cost, determined from the filings1.75%
Class I investors pay about 1.75% a year: a 1.25% management fee plus transfer agent, legal, audit and director costs, after a small waiver. The reported 2.95% also contains 1.01% of property operating costs and 0.19% of borrowing costs, which are not manager or wrapper fees. Class T ongoing cost is 2.50% plus a 3.00% sales charge and 0.50% dealer manager fee.
This record does not state which class's load is inside the figure, so the holding period leaves it unchanged. Loads across the classes reach 0%.not stated
Total drag per year1.75%
This is the cost for class I (institutional, no sales load).
Based on fiscal year ended December 31, 2025 (full year, already annual, Class I), from the annual report financial highlights and confirmed by the prospectus .
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly.
Drag is the fixed cost of ownership: paid regardless of performance. Net expenses reflect a fee waiver expiring December 31, 2027; the gross ratio is 2.98%. How this is calculated
Against all funds
Total drag
36th pctile · cheaper than most
1Y return
15th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Fiscal year ended December 31, 2025 (full year, already annual, Class I), from the annual report financial highlights and confirmed by the prospectus dated April 28, 2026; the six-month interim to June 30, 2026 (filing's own annualized ratios) implies 1.78% on the same basis, and a new Class U was added May 4, 2026..
Open the filing on sec.gov (0001133228-26-011837)Size and leverage
Net assets$1.47B?
Borrowings$44.8M?
Leveragedebt to equity0.03x?
Asset coverage3376.00%?
Investments held46?
Started2019-09-27?
What the manager charges
Management feeof net assets1.25%?
Expense cap1.75%?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersquarterly?
Share of the fund offered5.00%?
Early repurchase fee2.00%?
Last offer filled in fullYes?
Where distributions come from
Distribution rate7.07%?
Paid out of income32.00%?
Return of your own capital68.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Priced by the managerno market price available85.70%?
MostlyIndustrial (with healthcare and residential the next largest)?
Who is involved
AdviserFranklin Templeton Fund Adviser, LLC (subadvisers Clarion Partners, LLC and Western Asset Management Company, LLC)?
AuditorPricewaterhouseCoopers LLP?
Valuedmonthly limited-scope appraisals with a full-scope appraisal annually?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class I | 0.00% | 0.00% | 2.95% | - |
| Class D | 0.25% | 0.00% | 3.11% | - |
| Class S | 0.85% | 0.00% | 3.76% | - |
| Class T | 0.85% | 3.00% | 3.69% | - |
| Class U | 0.75% | 0.00% | 3.64% | - |
Also worth knowing
- Unfunded commitments: 4,715,943 USD (Future capital calls must be funded from cash, the credit line or subscriptions, competing with quarterly repurchases.)
- Credit facility size, maturity and drawn amount: $175,000,000 commitment, $29,500,000 drawn, matures November 15, 2026 (extendable to November 15, 2027) (Near-term facility maturity and covenants that can limit distributions are a liquidity risk for an illiquid portfolio.)
- Credit agreement covenants: Covenants may limit distributions, additional debt and mergers, and require asset coverage ratios beyond the 1940 Act (A covenant restriction on distributions would directly affect the income an investor receives.)
- Property-level mortgage financing: $15,250,000 at 1-month SOFR plus 130 bps, maturing January 20, 2031 (Asset-level floating rate debt added in 2026 raises interest cost and was used to return capital from a joint venture.)
- Interim-period expense ratio inflation: Class I gross 4.14% annualized, including 1.92% property level and 0.43% borrowing expenses percent (The headline ratio moves with property-level and financing costs, so the reported number can look much higher without the manager fee changing.)
- Weighted average borrowings and rate: Weighted average loan and mortgage payable $91,569,000 at a 5.38% weighted average rate (six months to 6/30/2026) (Average leverage during the period was far above the period-end balance, so financing cost is understated by end-of-period debt.)
- Distributions versus funds available for distribution: FAD $22,798,053 versus distributions $47,133,480 for the six months to June 30, 2026 USD (Distributions exceeded funds available for distribution, and 68% of the payout was return of capital, which reduces NAV and tax basis.)
- Class U share class launch: Inception May 4, 2026, 0.75% servicing and distribution fee, 2.50% expense cap (A new class changes the fee menu; its first-period ratios are distorted by a small asset base (9.04% gross annualized).)
Fees
Liquidity terms
Repurchase frequencyunchanged, 6 filingsquarterly
Repurchase percentage of shares outstandingvaries across filings5%
Early repurchase feeunchanged, 2 filings2%
Minimum investmentvaries by share class$1.0M
Valuation
Fair value determined byunchanged, 6 filingsAdviser as valuation designee
Independent valuation firmunchanged, 5 filingsEngaged, name in filing
Valuation frequencyvaries across filingsDaily
Structure
Leverage limitchanged · Apr 2026
Use of derivativesvaries across filings
Feeder structurechanged · Apr 2026
Tax reporting formunchanged, 6 filings1099
Stated benchmarkchanged · Jun 2026S&P 500 Index
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
What the fund reported over time, each point sourced to its filing. Series deepen as older shareholder reports are read.
2024-06-302026-08-28
Each point is a value from one SEC filing, dated as reported. Hover a point for its value.
Net assets$1.47B
Total annual expenses, net of waiver2.95%
Total annual expenses, gross2.98%
Distribution rateraised from 7% · Aug 20267.07%
Distributions exceed net investment incomeunchanged, 6 filingsyes
Total return, 1 yearvaries across filings2.79%
Since inception, annualizedlowered from 8.34% · Jun 20268.14%
Level 1 inputslowered from 2.2% · Jun 20261.77%
Level 2 inputslowered from 19.29% · Jun 202615.12%
Level 3 inputsraised from 83.12% · Aug 202685.7%
Leverage, actualvaries across filings14.5%
Offer dateOfferedRequestedAcceptedSource
2025-12-15···SC TO-I
2025-09-16···SC TO-I
2025-06-13···SC TO-I
2025-03-14···SC TO-I
2024-12-13···SC TO-I
2024-09-17···SC TO-I
2024-06-13···SC TO-I
2024-03-14···SC TO-I
2023-12-11···SC TO-I
2023-09-13···SC TO-I
2023-06-13···SC TO-I
2023-03-15···SC TO-I
2022-12-12···SC TO-I
2022-09-14···SC TO-I
2022-06-14···SC TO-I
2022-03-16···SC TO-I
2021-12-13···SC TO-I
2021-09-15···SC TO-I
2021-06-15···SC TO-I
2021-03-17···SC TO-I
2020-12-14···SC TO-I
2020-09-16···SC TO-I
2020-06-16···SC TO-I
2020-03-18···SC TO-I
2019-12-19···SC TO-I
2026-09-02424B3Prospectus supplement2026-08-28N-CSRSSemiannual shareholder report2026-07-31424B3Prospectus supplement2026-04-28486BPOSPost-effective amendment, effective2026-03-11N-CENAnnual census of service providers2026-02-27486APOSPost-effective amendment, not yet effective2026-02-27N-CSRAnnual shareholder report2026-01-23SC TO-I/AAmended issuer tender offer2025-12-15SC TO-IIssuer tender offer2025-11-20424B3Prospectus supplement2025-10-22SC TO-I/AAmended issuer tender offer2025-09-16SC TO-IIssuer tender offer2025-08-26N-CSRSSemiannual shareholder report2025-07-28SC TO-I/AAmended issuer tender offer2025-06-13SC TO-IIssuer tender offer2025-04-30N-2Registration statement and prospectus2025-04-22SC TO-I/AAmended issuer tender offer2025-03-14SC TO-IIssuer tender offer2025-02-27N-CSRAnnual shareholder report2025-01-21SC TO-I/AAmended issuer tender offer2024-12-13SC TO-IIssuer tender offer2024-10-21SC TO-I/AAmended issuer tender offer2024-09-17SC TO-IIssuer tender offer2024-08-28N-CSRSSemiannual shareholder report2024-07-18SC TO-I/AAmended issuer tender offer2024-06-13SC TO-IIssuer tender offer2024-06-10SC TO-I/AAmended issuer tender offer2024-03-14SC TO-IIssuer tender offer2024-03-04N-CSRAnnual shareholder report2024-01-19SC TO-I/AAmended issuer tender offer2023-12-11SC TO-IIssuer tender offer2023-10-18SC TO-I/AAmended issuer tender offer2023-09-13SC TO-IIssuer tender offer2023-07-19SC TO-I/AAmended issuer tender offer2023-06-13SC TO-IIssuer tender offer2023-04-20SC TO-I/AAmended issuer tender offer2023-03-15SC TO-IIssuer tender offer2023-01-19SC TO-I/AAmended issuer tender offer2022-12-12SC TO-IIssuer tender offer2022-10-19SC TO-I/AAmended issuer tender offer2022-09-14SC TO-IIssuer tender offer2022-07-20SC TO-I/AAmended issuer tender offer2022-06-14SC TO-IIssuer tender offer2022-04-22SC TO-I/AAmended issuer tender offer2022-03-16SC TO-IIssuer tender offer2022-01-19SC TO-I/AAmended issuer tender offer2021-12-13SC TO-IIssuer tender offer2021-10-18SC TO-I/AAmended issuer tender offer2021-09-15SC TO-IIssuer tender offer2021-07-19SC TO-I/AAmended issuer tender offer2021-06-15SC TO-IIssuer tender offer2021-04-19SC TO-I/AAmended issuer tender offer2021-03-17SC TO-IIssuer tender offer2021-01-19SC TO-I/AAmended issuer tender offer2020-12-14SC TO-IIssuer tender offer2020-10-22SC TO-I/AAmended issuer tender offer2020-09-16SC TO-IIssuer tender offer2020-07-31497Definitive prospectus or supplement2020-07-22SC TO-I/AAmended issuer tender offer2020-06-23497Definitive prospectus or supplement2020-06-16SC TO-IIssuer tender offer2020-05-01POS 8CPost-effective amendment (closed-end fund prospectus update)2020-04-22SC TO-I/AAmended issuer tender offer2020-03-18SC TO-IIssuer tender offer2020-01-27SC TO-I/AAmended issuer tender offer2019-12-19SC TO-IIssuer tender offer2019-06-07N-2/AAmended registration statement
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.