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
6,189
unique issuers, all quarters
Hospitality / lodging
160
88 found only by issuer name
Raises ≥90% subscribed
2,381
current filings
Median investors, closed raise
28
min. investment median $25K
506(b) vs 506(c)
4,345 / 1,810
1,162 BDs placing RE · 456 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 | Sold, all |
|---|---|---|---|---|---|---|
| NY | 1737% | 734% | 4547% | 1076% | 3013% | $4410.9B |
| E9 | 9622% | 2315% | 3426% | 10000% | 10000% | $1947.67B |
| CA | 328% | 325% | 343% | 413% | 277% | $928.17B |
| IL | 271% | 214% | 2946% | 541% | 140% | $855.19B |
| MA | 357% | 536% | 1160% | 1939% | 987% | $744.99B |
| CT | 1279% | 1402% | 1021% | 1462% | 2328% | $548.7B |
| N4 | 305% | 1294% | 2846% | 173% | 1338% | $512.16B |
| DE | 282% | 502% | 4844% | 186% | 589% | $459.48B |
| TX | 391% | 181% | 467% | 190% | 242% | $439.04B |
| OH | 3629% | 2628% | 2795% | 4183% | 6231% | $396.03B |
| FL | 248% | 379% | 39% | 498% | 213% | $286.9B |
| MN | 134% | 1965% | 7244% | 193% | 568% | $188.97B |
| NJ | 430% | 429% | 1761% | 3857% | 1438% | $187.96B |
| L2 | 4675% | 7814% | 6654% | 10000% | 10000% | $178.82B |
| PA | 738% | 124% | 597% | 2009% | 295% | $176.47B |
| D8 | 4259% | 10000% | 10000% | 7304% | 1597% | $148.26B |
| GA | 102% | 307% | 274% | 311% | 335% | $112.15B |
| X0 | 2434% | 913% | 2501% | 237% | 790% | $108.68B |
| D0 | 10000% | 10000% | 10000% | · | · | $104.91B |
| NC | 344% | 166% | 116% | 364% | 69% | $71.89B |
| MO | 77% | 2325% | 144% | 174% | 187% | $70.34B |
| MD | 219% | 757% | 652% | 621% | 2228% | $70.25B |
| VA | 115% | 225% | 1479% | 492% | 142% | $51.57B |
| CO | 70% | 68% | 162% | 112% | 102% | $47.44B |
| WA | 364% | 135% | 347% | 182% | 68% | $43.96B |
Top sponsors by fit score
All sponsors →| 93 | IPC Detroit Hospitality DST OAK BROOK, IL · Other Real Estate |
$15.7M 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 |
| 88 | Stakeholders VR Aggregator, LLC MIAMI, FL · Lodging and Conventions |
$100.4M 100.0% sold |
| 88 | BRIDGE STREET 11 HOTEL INVESTORS, LLC NEW YORK, NY · Commercial |
$4.8M 100.0% sold |
| 88 | PW4168 SPV LLC AUSTIN, TX · Other Travel |
$13.1M 100.0% sold |
| 88 | Juniper Hospitality Fund, LLC ISSAQUAH, WA · REITS and Finance |
$950K 100.0% sold |
| 88 | DALLAS LODGING ASSOCIATES, LLC CHATTANOOGA, TN · Commercial |
$13.2M 100.0% sold |
| 88 | STATESBORO LODGING, LLC CHATTANOOGA, TN · Commercial |
$3.7M 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. | 121 | 2 | $9.41B |
| Wealthforge Securities, Llc | 49 | 2 | $3.05B |
| 1031 Securities Inc. | 48 | 2 | $3.54B |
| The M & A Group Llc | 2 | 2 | $125.0M |
| Emerson Equity Llc | 163 | 1 | $12.97B |
| Dfpg Investments, Llc | 152 | 1 | $10.76B |
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.