Capital Flow · Quarterly
Where private real estate capital was raised in 2026Q1
$57.11B was offered across 1,939 real estate Form D filings in 48 states, 21.0% against 2025Q4.
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Biggest increases
Against 2025Q4, states with a meaningful base in either quarter.
Most capital raised
| State | Offered | Sold | % sold | Filings |
|---|---|---|---|---|
| FL | $8.81B | $2.89B | 32.8% | 101 |
| GA | $6.98B | $2.31B | 33.0% | 150 |
| CA | $6.69B | $4.6B | 68.7% | 211 |
| IL | $5.0B | $2.48B | 49.5% | 168 |
| TX | $4.5B | $1.58B | 35.1% | 254 |
| AZ | $4.4B | $503.8M | 11.4% | 59 |
| CO | $4.13B | $1.81B | 44.0% | 77 |
| NY | $2.25B | $36.6B | 1623.8% | 198 |
| NC | $1.76B | $870.9M | 49.6% | 55 |
| NH | $1.62B | $1.19B | 73.8% | 8 |
Largest single offerings
| Issuer | State | Offering | Rule |
|---|---|---|---|
| Wild Pines Investor LLC | MD | — | 506(b) |
| Cabretta SC LIHTC Fund, LLC | GA | — | 506(b) |
| MPC FED CI Energy Fund VI, LLC | GA | — | 506(b) |
| AREG US Fund XI REIT 3-5 LLC | CA | — | 506(b) |
| Journal Capital Priority Yield Fund, LLC | OH | — | 506(b) |
| Proyecto 1 DB Holding LLC | NY | — | 506(b) |
| BC Easy Street, LLC | IL | — | 506(c) |
| LRC2 Hospitality Holdings I, LLC | MS | — | 506(b) |
| Prime Storage Strategic Value Fund, LLC | NY | — | 506(b) |
| Wisconsin Foundry Partners, LLC | CA | — | 506(b) |
Most active placement agents
- Ica, Llc 187 raises
- Lori Mayfield 178 raises
- Scott Harrison 178 raises
- Charles Harrison 123 raises
- Patrick Whelchel 121 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.