SEC Form D · private real estate
Capital Flow Monitor
Where private real estate capital is actually closing — offered versus sold by state and quarter, the sponsors who just proved they have LP relationships, and the broker-dealers placing the deals.
Real-estate sponsors
6,931
unique issuers, all quarters
Hospitality / lodging
183
98 found only by issuer name
Raises ≥90% subscribed
2,671
current filings
Median investors, closed raise
26
min. investment median $25K
506(b) vs 506(c)
4,859 / 2,036
1,292 BDs placing RE · 516 with 3+ raises
Offered vs sold by quarter
All real-estate and lodging Form D filings.
Exemption relied on
Current filings. 506(c) permits general solicitation.
Where LP money is closing
Percent of offering sold, by state and quarter. Top 25 states by dollars sold.
| State | 2025Q3 | 2025Q4 | 2026Q1 | 2026Q2 | 2026Q3 | 2026Q4 | Sold, all |
|---|---|---|---|---|---|---|---|
| NY | 1737% | 734% | 4547% | 1076% | 1400% | 1233% | $4888.11B |
| E9 | 9622% | 2315% | 3426% | 10000% | 6278% | 10000% | $2204.95B |
| CA | 328% | 325% | 343% | 413% | 268% | 387% | $1081.53B |
| IL | 271% | 214% | 2946% | 541% | 158% | 886% | $967.3B |
| MA | 357% | 536% | 1160% | 1939% | 532% | 134% | $815.34B |
| CT | 1279% | 1402% | 1021% | 1462% | 2662% | 10000% | $672.05B |
| N4 | 305% | 1294% | 2846% | 173% | 1507% | 2894% | $595.9B |
| TX | 391% | 181% | 467% | 190% | 239% | 159% | $521.33B |
| DE | 282% | 502% | 4844% | 186% | 300% | 359% | $471.48B |
| OH | 3629% | 2628% | 2795% | 4183% | 2729% | 77% | $461.42B |
| FL | 248% | 379% | 39% | 498% | 195% | 367% | $311.63B |
| NJ | 430% | 429% | 1761% | 3857% | 1488% | 143% | $209.16B |
| PA | 738% | 124% | 597% | 2009% | 579% | 316% | $208.49B |
| L2 | 4675% | 7814% | 6654% | 10000% | 10000% | · | $197.22B |
| MN | 134% | 1965% | 7244% | 193% | 305% | 122% | $190.67B |
| D8 | 4259% | 10000% | 10000% | 7304% | 1644% | 2305% | $150.41B |
| MO | 77% | 2325% | 144% | 174% | 73% | 10000% | $132.74B |
| D0 | 10000% | 10000% | 10000% | · | 3134% | · | $120.97B |
| GA | 102% | 307% | 274% | 311% | 177% | 240% | $120.04B |
| X0 | 2434% | 913% | 2501% | 237% | 805% | 4456% | $116.84B |
| MD | 219% | 757% | 652% | 621% | 1836% | 418% | $81.84B |
| NC | 344% | 166% | 116% | 364% | 2% | 1974% | $74.99B |
| CO | 70% | 68% | 162% | 112% | 140% | 16% | $61.59B |
| VA | 115% | 225% | 1479% | 492% | 358% | 20% | $57.74B |
| WA | 364% | 135% | 347% | 182% | 348% | 539% | $57.6B |
Top sponsors by fit score
All sponsors →| 88 | Longmont First Mortgage, LLC DENVER, CO · Lodging and Conventions |
$6.5M 100.0% sold |
| 88 | Longview H G LLC Longview, TX · Lodging and Conventions |
$4.5M 100.0% sold |
| 88 | Fogcatcher Inn, LLC CAMBRIA, CA · Commercial |
$5.2M 100.0% sold |
| 88 | AH Drinkwater Holdings, LLC GILBERT, AZ · Lodging and Conventions |
$2.0M 100.0% sold |
| 88 | IWF MDR Hotel II, LLC ALISO VIEJO, CA · Commercial |
$6.5M 100.0% sold |
| 88 | Heli Destinations 4, LLC Silverton, CO · Other Travel |
$3.9M 100.0% sold |
| 88 | PENSACOLA PALAFOX LODGING, LLC CHATTANOOGA, TN · Commercial |
$22.5M 100.0% sold |
| 88 | PLNTmatter, Inc. CULVER CITY, CA · Other Travel |
$1.5M 100.0% sold |
| 88 | Nickel Plate Hotel Partners, LLC INDIANAPOLIS, IN · Other Real Estate |
$2.7M 100.0% sold |
| 88 | Hotel Paisano Partners LLC Marfa, TX · Commercial |
$8.5M 100.0% sold |
Broker-dealers placing real estate
Directory →| Agent | RE raises | Lodging | Offered |
|---|---|---|---|
| Nexpoint Securities, Inc. | 4 | 3 | $227.3M |
| Ashok Adusumilli | 3 | 3 | $300.0M |
| Marko Issever | 3 | 3 | $300.0M |
| Andrew Wall | 3 | 3 | $300.0M |
| Realized Financial, Inc. | 142 | 2 | $10.98B |
| 1031 Securities Inc. | 60 | 2 | $4.3B |
| Wealthforge Securities, Llc | 52 | 2 | $3.2B |
| The M & A Group Llc | 2 | 2 | $125.0M |
| Emerson Equity Llc | 190 | 1 | $14.41B |
| Dfpg Investments, Llc | 176 | 1 | $11.82B |
Source: SEC EDGAR Form D filings, parsed as filed. Amounts are self-reported by issuers; amendments supersede originals per issuer. Nothing on this page is investment advice.