Imagine Chapel Hill has two baskets.
NIDF means Nigeria infrastructure debt fund and

NREIT Means Nigeria real estate investment Trust

NIDF basket
Chapel Hill takes investors’ money and uses it to finance infrastructure projects.
The projects/borrowers pay according to their financing arrangements.
That income ultimately supports the fund’s returns and distributions.
So NIDF is closer to:
“I am financing infrastructure and earning income from the debt.”

NREIT basket
NREIT buys/owns interests in income-producing properties.
Tenants pay rent.
That rental income contributes to the REIT’s income, which can then be distributed to investors.
So NREIT is closer to:
“I am indirectly owning a piece of a portfolio of commercial properties and earning from the property income.”
But there is one VERY interesting similarity
Both can give you regular cash distributions, which is why they can look similar when you’re simply looking at their dividend/distribution history.
But don’t make the mistake of saying:
“Both pay good dividends, therefore they are basically the same.”
They’re not.
The source of the income is different.
NIDF → infrastructure debt financing.
NREIT → real estate/property income.

Nigeria Infrastructure Debt Fund +1
And both are listed on the NGX
This is another reason beginners can get confused.

Nigerian Exchange Group +1
So when you buy them through your broker, they can feel somewhat like buying an ordinary share.
But economically, you’re buying exposure to different underlying assets.