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 |
|---|---|---|---|---|---|---|
| FL | 89% | 65% | · | 100% | · | $161.6M |
| CA | 100% | 84% | · | · | 100% | $145.8M |
| NY | 894% | · | 0% | 58% | · | $83.5M |
| TX | 0% | · | · | 100% | · | $29.1M |
| MN | · | 55% | · | 25% | · | $17.5M |
| MS | · | · | · | · | · | $15.0M |
| CO | 100% | 48% | · | 3% | · | $14.7M |
| NC | · | 93% | · | · | · | $9.1M |
| PA | · | 61% | 6% | · | · | $7.1M |
| GA | 96% | · | 0% | 100% | · | $6.7M |
| 1T | · | · | 48% | · | · | $4.8M |
| WY | 52% | 6% | · | · | · | $3.3M |
| NJ | · | · | · | 76% | · | $3.0M |
| MI | · | 95% | · | · | 9% | $3.0M |
| UT | 21% | 100% | · | · | · | $2.5M |
| MD | · | · | 91% | · | · | $2.5M |
| SD | 0% | 15% | · | · | 15% | $2.2M |
| LA | · | 100% | · | · | · | $2.0M |
| NH | 47% | · | · | · | · | $1.8M |
| XX | 79% | · | · | · | · | $790K |
| WI | · | · | 8% | 0% | · | $760K |
| DE | 58% | · | · | · | · | $700K |
| IL | · | · | · | 186% | · | $650K |
| ME | · | · | · | 31% | · | $615K |
| MO | 7% | · | · | · | · | $400K |
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.