Covers Spring 2026 (April 1, 2026 to June 30, 2026). Every figure on this page comes from the REIT’s own quarterly report filed with the SEC, with a link to the filing beside it. Figures that could not be isolated for the quarter are marked Held back rather than estimated. How we track nontraded REIT capital flows.
The 29 nontraded REITs that file quarterly reports with the SEC raised $4.17 billion of gross capital in Spring 2026. Blackstone Real Estate Income Trust led with $1.11 billion, followed by Blue Owl Real Estate Net Lease Trust at $728 million and Fortress Net Lease REIT at $304 million. The three largest raisers took 51% of every dollar that came in.
Gross capital raised is the sum of three lines in each REIT’s own statement of cash flows and statement of equity: cash received from selling common shares, cash received in private placements where the REIT reports them separately, and distributions that investors reinvested in new shares. It is not net of repurchases. The net flows page subtracts repurchases.
Capital raised is a measure of distribution, not of investment quality. A large raise says the sponsor has wholesale relationships, a recognizable brand and a share class that fits advisor platforms. It says nothing about what the money bought or what it earns. Ranking by capital raised and ranking by return produce different lists, which is why this series publishes them separately.
| # | REIT | Gross capital raised | Cash from share sales | Private placement | Reinvested distributions | Spring 2025 | Change | Source |
|---|---|---|---|---|---|---|---|---|
| 1 | Blackstone Real Estate Income Trust | $1.11 B | $810.5 M | $0 | $303.3 M | $859.0 M | +30% | 10-Q August 7, 2026 |
| 2 | Blue Owl Real Estate Net Lease Trust | $727.5 M | $577.8 M | $149.8 M | $0 | $847.6 M | -14% | 10-Q August 12, 2026 |
| 3 | Fortress Net Lease REIT | $303.9 M | $289.5 M | $0 | $14.4 M | $152.9 M | +99% | 10-Q August 11, 2026 |
| 4 | Ares Real Estate Income Trust | $300.4 M | $291.6 M | $0 | $8.8 M | $33.1 M | +809% | 10-Q August 12, 2026 |
| 5 | North Haven Net REIT | $228.3 M | $215.1 M | $0 | $13.1 M | $88.6 M | +158% | 10-Q August 7, 2026 |
| 6 | J.P. Morgan Real Estate Income Trust | $166.2 M | $166.2 M | $0 | $0 | $108.0 M | +54% | 10-Q August 12, 2026 |
| 7 | Hines Global Income Trust | $138.7 M | $113.1 M | $0 | $25.6 M | $136.2 M | +2% | 10-Q August 14, 2026 |
| 8 | Invesco Commercial Real Estate Finance Trust | $133.6 M | $119.2 M | $0 | $14.4 M | $131.3 M | +2% | 10-Q August 10, 2026 |
| 9 | Apollo Realty Income Solutions | $102.0 M | $96.3 M | $0 | $5.7 M | $109.3 M | -7% | 10-Q August 11, 2026 |
| 10 | FS Credit Real Estate Income Trust | $99.0 M | $73.7 M | $0 | $25.3 M | $123.6 M | -20% | 10-Q August 14, 2026 |
| 11 | Blue Owl Digital Infrastructure Trust | $85.5 M | $85.5 M | $0 | $0 | Held back | n/a | 10-Q August 12, 2026 |
| 12 | Ares Industrial Real Estate Income Trust | $79.5 M | $56.2 M | $0 | $23.3 M | $72.4 M | +10% | 10-Q August 12, 2026 |
| 13 | BlackRock Monticello Debt Real Estate Investment Trust | $76.0 M | $76.0 M | $0 | $0 | $6.5 M | +1,068% | 10-Q August 7, 2026 |
| 14 | Brookfield Real Estate Income Trust | $73.1 M | $7.0 M | $66.1 M | $0 | $4.8 M | +1,428% | 10-Q August 12, 2026 |
| 15 | Fortress Credit Realty Income Trust | $67.8 M | $57.4 M | $0 | $10.3 M | $348.0 M | -81% | 10-Q August 12, 2026 |
| 16 | Nuveen Global Cities REIT | $66.7 M | $66.7 M | $0 | $0 | $78.1 M | -15% | 10-Q August 13, 2026 |
| 17 | Cohen & Steers Income Opportunities REIT | $64.9 M | $63.1 M | $0 | $1.8 M | $12.9 M | +403% | 10-Q August 12, 2026 |
| 18 | Sculptor Diversified Real Estate Income Trust | $62.4 M | $58.4 M | $0 | $4.0 M | $33.5 M | +86% | 10-Q August 13, 2026 |
| 19 | Franklin BSP Real Estate Debt | $59.3 M | $59.3 M | $0 | $0 | $79.3 M | -25% | 10-Q August 11, 2026 |
| 20 | Goldman Sachs Real Estate Finance Trust | $54.4 M | $49.9 M | $0 | $4.5 M | $91.5 M | -41% | 10-Q August 13, 2026 |
| 21 | New Mountain Net Lease Trust | $50.6 M | $48.9 M | $0 | $1.7 M | $25.4 M | +100% | 10-Q July 30, 2026 |
| 22 | JLL Income Property Trust | $33.0 M | $14.7 M | $0 | $18.3 M | $49.8 M | -34% | 10-Q August 11, 2026 |
| 23 | Rithm Perpetual Life Residential Trust | $32.8 M | $31.5 M | $0 | $1.3 M | Held back | n/a | 10-Q August 10, 2026 |
| 24 | Starwood Credit Real Estate Income Trust | $27.9 M | $27.9 M | $0 | $0 | $25.6 M | +9% | 10-Q August 13, 2026 |
| 25 | Invesco Real Estate Income Trust | $10.8 M | $10.1 M | $0 | $0.7 M | $5.9 M | +82% | 10-Q August 10, 2026 |
| 26 | EQT Exeter Real Estate Income Trust | $8.4 M | $7.6 M | $0 | $0.7 M | $10.0 M | -16% | 10-Q August 12, 2026 |
| 27 | Starwood Real Estate Income Trust | $2.7 M | $2.7 M | $0 | $0 | $17.6 M | -85% | 10-Q August 12, 2026 |
| 28 | RREEF Property Trust | $1.5 M | $0.4 M | $0 | $1.2 M | $2.8 M | -45% | 10-Q August 13, 2026 |
| 29 | Cantor Fitzgerald Income Trust | $0.9 M | $0.0 M | $0 | $0.9 M | $3.1 M | -69% | 10-Q August 13, 2026 |
Amounts in millions or billions of dollars for the three months ended June 30, 2026. Private placement proceeds appear only where the REIT reports them on a separate line; otherwise they are inside cash from share sales. Where a REIT raises capital through an exchange program and converts it into operating partnership units, those proceeds may sit outside the common stock line, so the gross figure can understate total capital for that sponsor. The Source column links to the SEC filing the figures come from.
What the raise rankings do and do not tell you
The capital-raise table is a map of distribution power. The funds at the top sell through the largest wirehouse and independent broker-dealer platforms, and in several cases through a private placement channel for institutions and family offices alongside the public offering. A fund that raises a lot can also lower its cost of capital, because new money dilutes nothing when it comes in at net asset value and funds acquisitions without borrowing.
Two things the table does not show. First, it does not show whether the capital stayed. Repurchases ran at $1.82 billion across the same group, and 6 of the 28 REITs with both figures available paid out more in repurchases than they took in. Second, it does not show returns. Both are on the companion pages linked below.
This is the Spring 2026 edition of an ongoing seasonal series. Companion pages: capital raised, net flows, distribution coverage, and the nontraded REIT profiles.
Frequently Asked Questions
What counts as capital raised for a nontraded REIT?
On this page it is cash received from selling common shares, plus private placement proceeds where reported separately, plus distributions investors reinvested in new shares, all taken from the REIT’s quarterly report for the three months ended June 30, 2026. It is a gross figure and does not subtract share repurchases.
Which nontraded REIT raised the most capital in Spring 2026?
Blackstone Real Estate Income Trust raised $1.11 billion of gross capital in Spring 2026, the most of the 29 SEC-filing nontraded REITs tracked here. Blue Owl Real Estate Net Lease Trust was second at $728 million and Fortress Net Lease REIT third at $304 million.
Why do these figures differ from sponsor press releases?
Sponsors often report total fundraising across every vehicle and share class, including operating partnership units sold through exchange programs and capital that arrived after quarter end. This page uses only the lines in the SEC filing for the quarter, so it can be lower. The method is the same for every REIT, which is what makes the ranking comparable.
Does a large capital raise mean a nontraded REIT is a good investment?
No. Capital raised measures the strength of a sponsor’s distribution network, not the quality of the portfolio or the return to shareholders. Returns, repurchase fulfillment, distribution coverage and leverage are separate questions, and this series publishes them on separate pages so that no single ranking gets mistaken for the others.
How often is this page updated?
Once a season, after the quarterly reports for that period are filed. Winter covers January to March, Spring April to June, Summer July to September and Fall October to December. The Summer 2026 edition will follow the next round of filings.
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.