Private Credit/BDC/REIT- Portfolio Management to Investment Associate?

Here are some positives. There is likely going to be a lot of distress work in the portfolio management team. New originations have certainly slowed, so your team's activities will be of greater importance in the near term. A regular function of portfolio management, depending on the firm, is actively improving portfolio companies almost like a consulting service if the firm does non-sponsor deals. However, even if it's not a formal mandate of your group, I'd guess you'd certainly be involved portco work at least to some extent given the distress in the macro environment. 

I think it's a good opportunity, especially if it's a name brand firm, and you could probably make the case for investment roles down the line. 

Ask alot of questions around day to day on role - this above paints an upside view of the seat.    

At my old firm portfolio management team was basically just coordinating valuations of existing portfolio / keying in data for the investment team to approve.   There was no restructuring work since the investment team took care of that.  This sounds real estate oriented based on OPs question about acquisitions as well so there is a good chance the firm already has an asset management team which makes it less likely portfolio management gets their hands dirty.