Capital Flow · Quarterly
Where private real estate capital was raised in 2025Q4
$47.2B was offered across 1,655 real estate Form D filings in 48 states, -7.4% against 2025Q3.
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Biggest increases
Against 2025Q3, states with a meaningful base in either quarter.
Most capital raised
| State | Offered | Sold | % sold | Filings |
|---|---|---|---|---|
| TX | $7.55B | $2.33B | 30.8% | 230 |
| NY | $5.67B | $4.73B | 83.4% | 163 |
| IL | $5.61B | $5.31B | 94.6% | 97 |
| CA | $5.39B | $5.61B | 104.2% | 168 |
| GA | $4.78B | $4.73B | 99.0% | 108 |
| FL | $2.43B | $961.2M | 39.5% | 108 |
| CO | $1.8B | $788.6M | 43.8% | 55 |
| MO | $1.25B | $666.0M | 53.1% | 17 |
| MD | $1.2B | $946.3M | 79.0% | 33 |
| DE | $1.01B | $75.3M | 7.5% | 43 |
Largest single offerings
| Issuer | State | Offering | Rule |
|---|---|---|---|
| SFF Realty Fund V, L.P. | CA | — | 506(b) |
| College Retail, LLC | AR | — | 506(b) |
| SFF V REIT, LLC | CA | — | 506(b) |
| At Last Joshua Tree, LLC | CA | — | 506(b) |
| 13100 Noel Road JV LLC | HI | — | 506(b) |
| MPC HI 2029 LIHTC ICF, LLC | GA | — | 506(b) |
| Bespoke Industrial Evergreen Income Fund, LP | CO | — | 506(b) |
| Avista Private Credit Fund LLC | WY | — | 506(b) |
| TR Villa Investors LLC | CA | — | 506(c) |
| Pathfinder Multifamily Opportunity Fund IX, L.P. | CA | — | 506(b) |
Most active placement agents
- Michelle Kaiser 110 raises
- Ica, Llc 99 raises
- J.p. Morgan Securities Llc 98 raises
- Goldman Sachs & Co. Llc 92 raises
- Forge Securities Llc 88 raises
How to read this
- Form D reports what issuers filed during the quarter. A raise that closed without an amendment shows its amount as of the original filing.
- State is the issuer's filing address, not where the property is. A Delaware entity buying in Texas counts as Delaware.
- Quarter-over-quarter changes off a small base are excluded; a state needs at least $25,000,000 in either quarter to appear as a mover.
- This reports what was filed. It is not a view on any state, sponsor or asset class, and nothing here is investment advice.