Method page for the seasonal nontraded REIT capital flow series. Current edition: Spring 2026 capital raised, net flows and distribution coverage.
Nontraded REIT fundraising data is usually sold by subscription and sourced from sponsor submissions. Every number in this series comes instead from the REIT’s own filings with the SEC, is produced by the same rule for every fund, and is linked to the filing it came from. Anyone can check any figure in a few minutes, which is the standard this site applies to listed REITs as well.
Which REITs are covered
The series covers perpetual-life nontraded REITs that file quarterly reports on Form 10-Q with the SEC and are open to new investment: 32 funds in the Spring 2026 edition, of which 29 had every figure needed for the capital raised ranking. Three well-known vehicles are excluded because they are registered under the Investment Company Act of 1940 rather than as REIT reporting companies, and file semi-annual fund reports instead of 10-Qs: Clarion Partners Real Estate Income Fund, KKR Real Estate Select Trust, PGIM Real Estate Fund. Funds that have stopped raising capital, suspended repurchases without an offering, or entered liquidation are tracked on the profiles page but are not ranked here.
Definitions
Cash from share sales is proceeds from issuance of common stock in the financing section of the statement of cash flows. For a few REITs that raise through an exchange program, this line also carries proceeds later converted into operating partnership units, which is why the sponsor’s own fundraising total can differ.
Private placement is proceeds from issuance of private placement shares, included only where the REIT reports it on its own line. Where it does not, those proceeds are already inside cash from share sales.
Reinvested distributions is the value of shares issued under the distribution reinvestment plan, a non-cash issuance taken from the statement of equity or the supplemental cash flow disclosure.
Gross capital raised is the sum of the three lines above. Repurchases is cash paid for repurchases of common stock. Net flow is gross capital raised minus repurchases.
Distribution coverage is net cash provided by operating activities divided by cash distributions paid to common stockholders, measured over the year to date so that working capital swings in a single quarter are damped.
How a quarter is isolated
Cash flow statements in a second or third quarter 10-Q report year-to-date totals, not the quarter alone. The quarter figure is the year-to-date total in the current filing minus the year-to-date total in the previous quarter’s filing, both read from the structured XBRL data the SEC publishes for every filing. When the previous quarter’s figure is missing from the SEC data, for example because the REIT first used a tag this quarter, the quarter cannot be isolated and the figure is marked Held back. Nothing is estimated and nothing is carried forward from a sponsor fact sheet.
Cross-checks
Each cash figure is compared with its counterpart in the statement of equity: cash from share sales against the value of new shares issued, and repurchases paid against the value of shares repurchased. The two lines differ by timing (subscriptions received before shares are issued, repurchases accrued before they are paid), so they rarely match to the dollar. Where they differ by more than a few percent the cash figure is still published, because it is the audited cash line, but the pair is flagged in the underlying dataset for review. Totals are also compared with the fundraising figures that industry trackers release each month, and any gap larger than the known definitional differences is investigated before the edition goes live.
What is deliberately left out
Returns. Net asset value per share and total return are not in the structured SEC data; they are published monthly in prospectus supplements and current reports as text. A separate return series is in development that reads those documents directly and reconciles the computed return with the figure each sponsor publishes. Until both agree for a fund, its return is not published. Fundraising by vehicles that do not file 10-Qs, including Delaware statutory trust programs run alongside several of these REITs, is also outside this series.
Schedule
Editions are named for the season the data covers: Winter for January to March, Spring for April to June, Summer for July to September and Fall for October to December. Each edition is built about six weeks after the quarter ends, once the last 10-Q in the group is on file. Pages are regenerated from the source data rather than edited by hand, so a correction to the data corrects every page that uses it.
Frequently Asked Questions
Where does the nontraded REIT data on REIT Rankings come from?
From each REIT’s own quarterly and annual reports filed with the SEC, read through the structured XBRL data the SEC publishes for every filing. No figure is taken from a sponsor fact sheet, press release or third-party database, and every published number links to the filing it came from.
Why are some well-known nontraded real estate funds missing?
Vehicles registered under the Investment Company Act of 1940, such as interval funds, file semi-annual fund reports rather than Form 10-Q, so their capital flows are not disclosed on the same schedule or in the same structure. Three such funds are excluded from the rankings: Clarion Partners Real Estate Income Fund, KKR Real Estate Select Trust, PGIM Real Estate Fund.
What does Held back mean on these pages?
That the figure for the quarter could not be isolated from the filings to this site’s standard. The usual cause is a missing prior-quarter value in the SEC’s structured data, which makes the year-to-date subtraction impossible. The fund stays in the table with the figure marked rather than being silently dropped or estimated.
Why do the fundraising totals differ from Stanger or Blue Vault?
Industry trackers report fundraising as sponsors submit it, typically across every vehicle and share class including exchange programs and operating partnership units, and sometimes including capital received after the quarter closed. This series uses only the lines in the SEC filing for the quarter and applies the same rule to every fund, so individual figures can be lower while the ranking stays comparable.
When will returns be added to the series?
When the computed total return for a fund, built from its published monthly net asset values and distributions, matches the return the sponsor itself publishes within a tight tolerance. That reconciliation is being built now. Funds will be added individually as they pass, not all at once.
REIT Rankings publishes data and grades, not investment advice. Nothing on this page is a recommendation to buy, sell or hold any security. Do your own research or consult a licensed advisor.