Capital Flow · Quarterly
Where private real estate capital was raised in 2026Q4
2026Q4 is still in progress. These figures are partial and will rise as filings arrive — the change against last quarter is not a trend.
$6.38B was offered across 159 real estate Form D filings in 34 states, -95.7% against 2026Q3.
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Biggest increases
Against 2026Q3, states with a meaningful base in either quarter.
Most capital raised
| State | Offered | Sold | % sold | Filings |
|---|---|---|---|---|
| IL | $1.29B | $680.1M | 52.8% | 12 |
| CA | $1.06B | $427.0M | 40.1% | 13 |
| TX | $964.6M | $795.2M | 82.4% | 26 |
| UT | $874.9M | $351.1M | 40.1% | 5 |
| FL | $497.8M | $35.6M | 7.2% | 8 |
| GA | $259.9M | $67.7M | 26.1% | 9 |
| OH | $250.0M | $38.7M | 15.5% | 3 |
| NY | $238.4M | $74.5M | 31.3% | 18 |
| DE | $187.9M | $14.0M | 7.4% | 8 |
| TN | $102.5M | $0 | 0.0% | 2 |
Largest single offerings
| Issuer | State | Offering | Rule |
|---|---|---|---|
| Barada Holdings LLC | TX | — | 506(b) |
| MSIG GP Fund I, LP | TX | — | 506(b) |
| J.P. Morgan REIT (US Plan) LLC | NY | — | 506(b) |
| Fundrise Opportunistic Credit Fund II, LLC | DC | — | 506(c) |
| CREE EQUITY FUND LLC | FL | — | 506(c) |
| Cetan Income Fund, LLC | OR | — | 506(c) |
| SC Greenville 291, LLC | SC | — | 506(b) |
| Hillcrest Tower Buligo LP | DE | — | 506(c) |
| Nordika V AB | V7 | — | 506(c) |
| Connor Group Fixed Income Fund 21, LLC | OH | — | 506(b) |
Most active placement agents
- Aqr Investments, Llc 50 raises
- Franklin Distributors, Llc 27 raises
- Ubs Financial Services Inc. 23 raises
- Merrill Lynch 20 raises
- Goldman Sachs & Co. Llc 19 raises
How to read this
- 2026Q4 is not finished. These figures are partial and will rise as filings arrive; do not read the change against the previous quarter as a trend.
- 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.