Capital Flow · Quarterly
Where private real estate capital was raised in 2026Q3
$148.25B was offered across 1,468 real estate Form D filings in 47 states, 159.5% against 2026Q2.
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Biggest increases
Against 2026Q2, states with a meaningful base in either quarter.
Most capital raised
| State | Offered | Sold | % sold | Filings |
|---|---|---|---|---|
| NC | $101.5B | $139.0M | 0.1% | 42 |
| GA | $7.74B | $3.17B | 40.9% | 100 |
| CA | $6.81B | $3.54B | 52.0% | 158 |
| IL | $4.71B | $11.35B | 241.1% | 63 |
| TX | $4.32B | $2.67B | 61.8% | 221 |
| NY | $3.99B | $3.09B | 77.5% | 116 |
| FL | $3.09B | $1.16B | 37.6% | 102 |
| CO | $2.03B | $2.34B | 115.4% | 43 |
| DE | $1.4B | $188.8M | 13.4% | 39 |
| LA | $1.29B | $749.4M | 58.1% | 5 |
Largest single offerings
| Issuer | State | Offering | Rule |
|---|---|---|---|
| PNC LIHTC Fund 103, LLC | OR | — | 506(b) |
| Landmark Note LP | MD | — | 506(b) |
| Nuveen Farmland REIT | NY | — | 506(b) |
| TA Realty Logistics Fund, L.P. | MA | — | 506(b) |
| SunCap Commercial Real Estate Growth Fund II, L.P. | FL | — | 506(b) |
| Home Love Series Fund, LLC | CA | — | 506(b) |
| Marble Capital Fund V, L.P. | TX | — | 506(b) |
| Dual City Advantage Fund LLC | SC | — | 506(c) |
| Nvision Capital Group, LLC | FL | — | 506(b) |
| MPC OK 2029 LIHTC ICF, LLC | GA | — | 506(b) |
Most active placement agents
- Aqr Investments, Llc 230 raises
- J.p. Morgan Securities Llc 157 raises
- Goldman Sachs & Co. Llc 133 raises
- Morgan Stanley Smith Barney Llc 110 raises
- Fas Corp. 85 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.