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.
Net flow is gross capital raised minus cash paid to repurchase shares. Across the 28 nontraded REITs with both figures available for Spring 2026, gross raise was $4.14 billion, repurchases were $1.82 billion and the net flow was $2.32 billion. Blue Owl Real Estate Net Lease Trust had the strongest net inflow at $584 million. Starwood Real Estate Income Trust had the weakest at minus $62 million.
Fundraising league tables are usually published gross, which flatters any fund that is recycling capital: taking in new subscriptions at the front door while paying out redemptions at the back. The repurchase column is the one advisors most often ask about and least often see, because sponsors report it in the quarterly filing rather than the fact sheet.
6 of the 28 REITs shrank in Spring 2026, meaning repurchases exceeded everything raised: Invesco Real Estate Income Trust, RREEF Property Trust, Cantor Fitzgerald Income Trust, JLL Income Property Trust, FS Credit Real Estate Income Trust, Starwood Real Estate Income Trust. A negative quarter is not by itself a problem; a fund that is fulfilling every repurchase request in full is doing what it promised. It becomes a problem when the fund has to sell assets or draw its credit line to meet the queue, which shows up in leverage and in the distribution coverage page.
| # | REIT | Net flow | Gross capital raised | Repurchases paid | Repurchases as share of raise | Net flow Spring 2025 | Source |
|---|---|---|---|---|---|---|---|
| 1 | Blue Owl Real Estate Net Lease Trust | $583.8 M | $727.5 M | $143.8 M | 20% | $726.5 M | 10-Q August 12, 2026 |
| 2 | Fortress Net Lease REIT | $277.8 M | $303.9 M | $26.1 M | 9% | $147.1 M | 10-Q August 11, 2026 |
| 3 | Ares Real Estate Income Trust | $274.2 M | $300.4 M | $26.2 M | 9% | $6.1 M | 10-Q August 12, 2026 |
| 4 | North Haven Net REIT | $218.1 M | $228.3 M | $10.2 M | 4% | $87.0 M | 10-Q August 7, 2026 |
| 5 | J.P. Morgan Real Estate Income Trust | $164.1 M | $166.2 M | $2.1 M | 1% | $106.7 M | 10-Q August 12, 2026 |
| 6 | Blackstone Real Estate Income Trust | $144.4 M | $1.11 B | $969.3 M | 87% | -$868.7 M | 10-Q August 7, 2026 |
| 7 | Invesco Commercial Real Estate Finance Trust | $119.4 M | $133.6 M | $14.2 M | 11% | $129.1 M | 10-Q August 10, 2026 |
| 8 | Blue Owl Digital Infrastructure Trust | $83.0 M | $85.5 M | $2.4 M | 3% | Held back | 10-Q August 12, 2026 |
| 9 | Apollo Realty Income Solutions | $77.8 M | $102.0 M | $24.2 M | 24% | $106.8 M | 10-Q August 11, 2026 |
| 10 | Hines Global Income Trust | $69.0 M | $138.7 M | $69.7 M | 50% | $71.8 M | 10-Q August 14, 2026 |
| 11 | Fortress Credit Realty Income Trust | $65.6 M | $67.8 M | $2.1 M | 3% | $348.0 M | 10-Q August 12, 2026 |
| 12 | Cohen & Steers Income Opportunities REIT | $64.4 M | $64.9 M | $0.5 M | 1% | $12.4 M | 10-Q August 12, 2026 |
| 13 | BlackRock Monticello Debt Real Estate Investment Trust | $61.0 M | $76.0 M | $15.0 M | 20% | Held back | 10-Q August 7, 2026 |
| 14 | Sculptor Diversified Real Estate Income Trust | $59.7 M | $62.4 M | $2.7 M | 4% | $32.5 M | 10-Q August 13, 2026 |
| 15 | New Mountain Net Lease Trust | $47.6 M | $50.6 M | $3.1 M | 6% | Held back | 10-Q July 30, 2026 |
| 16 | Franklin BSP Real Estate Debt | $46.0 M | $59.3 M | $13.2 M | 22% | Held back | 10-Q August 11, 2026 |
| 17 | Goldman Sachs Real Estate Finance Trust | $45.5 M | $54.4 M | $8.9 M | 16% | $91.5 M | 10-Q August 13, 2026 |
| 18 | Brookfield Real Estate Income Trust | $43.3 M | $73.1 M | $29.7 M | 41% | -$28.4 M | 10-Q August 12, 2026 |
| 19 | Starwood Credit Real Estate Income Trust | $21.4 M | $27.9 M | $6.4 M | 23% | $25.2 M | 10-Q August 13, 2026 |
| 20 | Ares Industrial Real Estate Income Trust | $11.6 M | $79.5 M | $67.9 M | 85% | $4.3 M | 10-Q August 12, 2026 |
| 21 | EQT Exeter Real Estate Income Trust | $7.7 M | $8.4 M | $0.7 M | 8% | Held back | 10-Q August 12, 2026 |
| 22 | Nuveen Global Cities REIT | $3.4 M | $66.7 M | $63.3 M | 95% | $19.8 M | 10-Q August 13, 2026 |
| 23 | Invesco Real Estate Income Trust | -$0.3 M | $10.8 M | $11.1 M | 103% | -$4.1 M | 10-Q August 10, 2026 |
| 24 | RREEF Property Trust | -$9.8 M | $1.5 M | $11.4 M | 748% | -$9.0 M | 10-Q August 13, 2026 |
| 25 | Cantor Fitzgerald Income Trust | -$10.5 M | $0.9 M | $11.4 M | 1,216% | -$4.4 M | 10-Q August 13, 2026 |
| 26 | JLL Income Property Trust | -$41.0 M | $33.0 M | $74.0 M | 224% | -$52.6 M | 10-Q August 11, 2026 |
| 27 | FS Credit Real Estate Income Trust | -$43.0 M | $99.0 M | $142.0 M | 143% | -$62.5 M | 10-Q August 14, 2026 |
| 28 | Starwood Real Estate Income Trust | -$62.5 M | $2.7 M | $65.2 M | 2,441% | -$97.2 M | 10-Q August 12, 2026 |
Held back this edition (raise or repurchases could not be isolated for the quarter): Rithm Perpetual Life Residential Trust.
Repurchases are cash paid during the quarter for shares tendered under each REIT’s share repurchase plan, from the statement of cash flows (or the statement of equity where the cash line could not be isolated). Repurchases requested but not yet paid at quarter end are not included. Amounts for the three months ended June 30, 2026.
Reading the repurchase column
Most perpetual nontraded REITs cap repurchases at two percent of net asset value a month and five percent a quarter. A fund whose repurchases sit near that cap quarter after quarter is prorating requests, and a fund well below it is either small, young or seeing little selling pressure. Comparing the repurchase figure to the gross raise shows whether new investors are effectively funding exits for old ones. When that share passes one hundred percent, the fund is shrinking.
Net flow for the same season a year earlier is shown for every fund where both years can be isolated from the filings, so the direction of travel is visible alongside the level.
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 is net flow for a nontraded REIT?
Gross capital raised (cash share sales, separately reported private placements and reinvested distributions) minus cash paid to repurchase shares in the same quarter. It is the clearest single measure of whether a fund grew or shrank through its offering in a given period. For the 28 nontraded REITs tracked here, net flow in Spring 2026 was $2.32 billion in total.
Which nontraded REITs had net outflows in Spring 2026?
6 of the 28 REITs with both figures available paid out more in repurchases than they raised: Invesco Real Estate Income Trust, RREEF Property Trust, Cantor Fitzgerald Income Trust, JLL Income Property Trust, FS Credit Real Estate Income Trust, Starwood Real Estate Income Trust. Each of them is listed in the table with the repurchase amount and a link to the filing.
Why are repurchases not in the sponsor’s fundraising numbers?
Fundraising figures in press releases and industry league tables are gross by convention. Repurchases are disclosed in the quarterly report under financing activities, which is where this page takes them from. Showing both side by side is the point of this page.
Are share repurchases a bad sign?
Not on their own. Perpetual nontraded REITs are designed to repurchase shares every month within stated limits, and a fund that fulfills every request is keeping its promise. Repurchases become a concern when they run at the cap for several quarters while new capital slows, or when the fund funds them by selling assets or borrowing.
How is this different from the capital raised page?
The capital raised page ranks funds by gross inflow, which measures distribution reach. This page subtracts repurchases, which measures whether the fund kept the capital. A fund can lead the first ranking and sit near the bottom of this one in the same season.
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.