SEC Form D · private real estate
Capital Flow Monitor
Where private real estate capital is actually closing — offered versus sold by state and quarter, the sponsors who just proved they have LP relationships, and the broker-dealers placing the deals.
Real-estate sponsors
6,189
unique issuers, all quarters
Hospitality / lodging
160
88 found only by issuer name
Raises ≥90% subscribed
2,381
current filings
Median investors, closed raise
28
min. investment median $25K
506(b) vs 506(c)
4,345 / 1,810
1,162 BDs placing RE · 456 with 3+ raises
Offered vs sold by quarter
All real-estate and lodging Form D filings.
Exemption relied on
Current filings. 506(c) permits general solicitation.
Where LP money is closing
Percent of offering sold, by state and quarter. Top 25 states by dollars sold.
| State | 2025Q3 | 2025Q4 | 2026Q1 | 2026Q2 | 2026Q3 | Sold, all |
|---|---|---|---|---|---|---|
| NY | 92% | 83% | 1624% | 210% | 52% | $53.05B |
| CA | 51% | 104% | 69% | 393% | 18% | $38.26B |
| IL | 188% | 95% | 50% | 32% | 24% | $18.63B |
| GA | 32% | 99% | 33% | 33% | 40% | $12.12B |
| N4 | · | · | · | · | · | $11.37B |
| TX | 38% | 31% | 35% | 70% | 69% | $11.35B |
| MA | 181% | 63% | 2119% | 105% | 20% | $8.38B |
| FL | 40% | 40% | 33% | 36% | 37% | $6.28B |
| WI | 215% | 130% | 176% | 190% | 31% | $4.74B |
| CO | 57% | 44% | 44% | 51% | 80% | $3.93B |
| MO | 51% | 53% | 75% | 78% | 25% | $3.52B |
| DC | 10000% | 1278% | 7% | 83% | · | $3.31B |
| NH | 77% | 12% | 74% | 134% | 99% | $3.24B |
| AZ | 31% | 59% | 11% | 120% | 42% | $3.19B |
| CT | 72% | 20% | 1134% | 41% | 16% | $2.66B |
| UT | 37% | 117% | 153% | 127% | 50% | $2.63B |
| MD | 83% | 79% | 83% | 83% | 70% | $2.43B |
| OH | 73% | 46% | 51% | 111% | 48% | $1.99B |
| U0 | · | · | · | · | · | $1.83B |
| NC | 4% | 44% | 50% | 17% | 5% | $1.73B |
| WA | 35% | 35% | 22% | 45% | 42% | $1.64B |
| NJ | 746% | 47% | 44% | 16% | 16% | $1.28B |
| AL | 73% | 313% | 125% | 106% | 93% | $1.23B |
| PA | 20% | 36% | 24% | 31% | 11% | $1.16B |
| IN | 83% | 64% | 84% | 26% | 70% | $1.14B |
Top sponsors by fit score
All sponsors →| 93 | IPC Detroit Hospitality DST OAK BROOK, IL · Other Real Estate |
$15.7M 100.0% sold |
| 88 | PLNTmatter, Inc. CULVER CITY, CA · Other Travel |
$1.5M 100.0% sold |
| 88 | Nickel Plate Hotel Partners, LLC INDIANAPOLIS, IN · Other Real Estate |
$2.7M 100.0% sold |
| 88 | Hotel Paisano Partners LLC Marfa, TX · Commercial |
$8.5M 100.0% sold |
| 88 | Stakeholders VR Aggregator, LLC MIAMI, FL · Lodging and Conventions |
$100.4M 100.0% sold |
| 88 | BRIDGE STREET 11 HOTEL INVESTORS, LLC NEW YORK, NY · Commercial |
$4.8M 100.0% sold |
| 88 | PW4168 SPV LLC AUSTIN, TX · Other Travel |
$13.1M 100.0% sold |
| 88 | Juniper Hospitality Fund, LLC ISSAQUAH, WA · REITS and Finance |
$950K 100.0% sold |
| 88 | DALLAS LODGING ASSOCIATES, LLC CHATTANOOGA, TN · Commercial |
$13.2M 100.0% sold |
| 88 | STATESBORO LODGING, LLC CHATTANOOGA, TN · Commercial |
$3.7M 100.0% sold |
Broker-dealers placing real estate
Directory →| Agent | RE raises | Lodging | Offered |
|---|---|---|---|
| Nexpoint Securities, Inc. | 4 | 3 | $227.3M |
| Ashok Adusumilli | 3 | 3 | $300.0M |
| Marko Issever | 3 | 3 | $300.0M |
| Andrew Wall | 3 | 3 | $300.0M |
| Realized Financial, Inc. | 121 | 2 | $9.41B |
| Wealthforge Securities, Llc | 49 | 2 | $3.05B |
| 1031 Securities Inc. | 48 | 2 | $3.54B |
| The M & A Group Llc | 2 | 2 | $125.0M |
| Emerson Equity Llc | 163 | 1 | $12.97B |
| Dfpg Investments, Llc | 152 | 1 | $10.76B |
Source: SEC EDGAR Form D filings, parsed as filed. Amounts are self-reported by issuers; amendments supersede originals per issuer. Nothing on this page is investment advice.