Non-Traded REITs Ranked 2026: 48 Funds Graded and Tracked

Non-traded REITs hold over $100 billion of investor capital, and nobody grades them publicly. These SEC-registered funds, Blackstone’s BREIT, Starwood’s SREIT, and roughly forty others, sell shares through financial advisors at sponsor-calculated NAV, pay monthly distributions, and promise limited liquidity through share repurchase programs. When markets turned in 2022, some honored every redemption request while others gated, prorated, or suspended withdrawals entirely, and that divergence is exactly what our grades measure. We track 48 vehicles from primary SEC sources: monthly NAV, distribution coverage, redemption fulfillment, fee loads, and leverage.

Grades use the same A through D bands as our 164 listed REIT rankings, with pillars adapted for the structure: distribution coverage from operations, redemption and liquidity health, fee load, NAV credibility, and leverage. Hard overrides: suspended redemptions cap a fund in the D band; active proration caps at 69; distributions funded less than half from operations cap at 69.

Graded Non-Traded NAV REITs

Tracked, Not Yet Graded

These vehicles are in our database with verified NAV and redemption data; grades follow as we complete distribution-coverage analysis from their 10-Q cash flow statements.

Lifecycle and Wind-Down Vehicles

Closed-offering REITs working toward listings, sales, or dissolution. For current holders the question is exit value, not entry.

What the Grades Cannot Say Politely

Three structural facts every prospective and current holder should weigh. First, fees: the standard stack is a 1.25% management fee plus 12.5% of returns over a 5% hurdle, with sales loads up to 3.5% on advisor-sold share classes, a cost structure no listed REIT carries. Second, liquidity is a promise, not a right: repurchase plans are capped at 2% of NAV monthly and 5% quarterly, and boards can suspend them, as the table’s redemption column shows. Third, the sponsor calculates the NAV you transact at; where secondary markets exist, shares have changed hands below it, sometimes slightly (BREIT printed at a 4.5% discount on LODAS in late 2023) and sometimes dramatically for funds with suspended redemptions.

Considering the Exit? Know the Landscape

Frequently Asked Questions

Data from SEC EDGAR filings, sponsor disclosures, and trade reporting, updated monthly. Grades are independent research opinions, not investment, legal, or tax advice, and no securities are offered or solicited. Consult your advisor before any investment decision.