Capital Flow · Quarterly
Where private real estate capital was raised in 2026Q2
$57.13B was offered across 1,564 real estate Form D filings in 49 states, 0.0% against 2026Q1.
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Biggest increases
Against 2026Q1, states with a meaningful base in either quarter.
Most capital raised
| State | Offered | Sold | % sold | Filings |
|---|---|---|---|---|
| TX | $6.82B | $4.74B | 69.5% | 244 |
| GA | $6.38B | $2.12B | 33.2% | 104 |
| CA | $5.79B | $22.73B | 392.8% | 152 |
| DE | $4.6B | $239.8M | 5.2% | 54 |
| IL | $4.23B | $1.36B | 32.2% | 58 |
| MN | $3.29B | $227.9M | 6.9% | 44 |
| FL | $3.16B | $1.15B | 36.2% | 96 |
| NY | $2.94B | $6.18B | 210.3% | 106 |
| NC | $1.93B | $326.9M | 16.9% | 46 |
| OR | $1.81B | $413.4M | 22.8% | 14 |
Largest single offerings
| Issuer | State | Offering | Rule |
|---|---|---|---|
| RADCO - Everett, LP | GA | — | 506(b) |
| Higgins Waterfront, LLC | MT | — | 506(b) |
| Core University Living Real Estate Income Trust | IL | — | 506(b) |
| MPC HI 2027 LIHTC ICF, LLC | GA | — | 506(b) |
| ACG NW 29 LLC | FL | — | 506(b) |
| BIRGO INCOME FUND III, LP | PA | — | 506(b) |
| CIRE OpCo I, LLC | CA | — | 506(c) |
| Rithm Perpetual Life Residential Trust | NY | — | 506(b) |
| High Street Value Fund II, L.P. | MA | — | 506(b) |
| Canyon QOF FundCo, LLC | AZ | — | 506(c) |
Most active placement agents
- Aqr Investments, Llc 192 raises
- J.p. Morgan Securities Llc 138 raises
- Goldman Sachs & Co. Llc 120 raises
- Forge Securities Llc 113 raises
- Ubs Financial Services Inc. 112 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.