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 |
|---|---|---|---|---|---|---|---|
| FL | 89% | 65% | · | 100% | · | · | $161.6M |
| CA | 100% | 84% | · | · | 100% | 67% | $146.8M |
| NY | 894% | · | 0% | 58% | · | · | $83.5M |
| TX | 0% | · | · | 100% | 100% | · | $33.6M |
| CO | 100% | 48% | · | 3% | 100% | 100% | $25.1M |
| MN | · | 55% | · | 25% | · | · | $17.5M |
| MS | · | · | · | · | · | · | $15.0M |
| OR | 0% | · | · | · | 57% | · | $9.2M |
| NC | · | 93% | · | · | · | · | $9.1M |
| PA | · | 61% | 6% | · | · | · | $7.1M |
| GA | 96% | · | 0% | 100% | · | · | $6.7M |
| SD | 0% | 15% | · | · | 11% | 55% | $6.3M |
| MD | · | · | 91% | · | 91% | · | $4.9M |
| 1T | · | · | 48% | · | · | · | $4.8M |
| WY | 52% | 6% | · | · | · | · | $3.3M |
| NJ | · | · | · | 76% | · | · | $3.0M |
| MI | · | 95% | · | · | 9% | · | $3.0M |
| UT | 21% | 100% | · | · | · | · | $2.5M |
| LA | · | 100% | · | · | · | · | $2.0M |
| AZ | · | · | · | · | 100% | · | $2.0M |
| NH | 47% | · | · | · | · | · | $1.8M |
| MO | 7% | · | · | · | · | · | $1.4M |
| WI | · | · | 8% | 0% | 5% | · | $1.2M |
| TN | · | 0% | · | · | 16% | · | $1.2M |
| MA | · | · | · | 0% | 49% | · | $970K |
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.