Common equity · DST program cash · 721 UPREIT conversions · fee/carry in equity · all components per fund · FY2025 and historical
⚠ Stanger count gap: Robert A. Stanger & Co. reported ~$10.3B in NTR equity raised in FY2025. Our universe shows ~$8.9B. The difference reflects: (1) FS Credit ($446M) excluded from equity count; (2) some funds' DRIP reinvestment counted by Stanger but excluded here; (3) Stanger tracks additional smaller/newer funds not yet in our database. RGS methodology = direct-subscription equity only, verified from 10-K/10-Q cash flow statements.
Common equity (cash)
DST program (cash)
721 UPREIT conversions (non-cash)
Fee/carry in equity (non-cash, dilutive)
Annual capitalization 2019–2025 — stacked all components ($M) · universe total
FY2025 capitalization — by fund · sorted by total
FY2025 — cash vs. non-cash by fund (top 8)
UPREIT conversion volumes — 3 funds with 721 programs (non-cash)
Performance
Monthly returns · multi-period comparisons · NAV per share indexed · distribution yield · Class I net total return
Best 1Y — 2025
+11.3%
AREIT · Ares
Worst 1Y — 2025
−2.4%
SREIT · Starwood
Best 5Y ann.
+10.1%
PGIM · PGIM Priv. RE
Avg dist. yield
6.1%
7 funds reporting
Monthly return heatmap · Class I net total return
Criteria: All equity funds with monthly return data · Jan–Dec for selected year
Color scale:+1.5%++0.5–1.5%~0%-0.5 to -1.5%-1.5%+
Multi-period returns — 1Y / 3Y / 5Y annualized · all funds with data
Criteria: All equity NTRs with data for the selected period. Period filter above controls which bar series highlights. Source: fund 10-K / 424B3 supplements · SEC EDGAR ↗
Large (>$4B)Mid ($1B–$4B)Small (<$1B)OtherNegative returns shown at 60% opacity
NAV per share indexed — Jan 2023 = 100 · funds with monthly data
Criteria: Funds with monthly NAV/share data from Jan 2023. Jan 2023 = 100 base.
Distribution yield ranking
Criteria: All funds reporting distribution rate. Annualized current rate as of most recent supplement · SEC EDGAR ↗
Return vs. distribution yield scatter
Criteria: Equity NTRs with both return for selected period and distribution yield disclosed. Bubble size = data point. Period filter above controls the return period shown.
Portfolio composition
Property type and geographic exposure · averages of filtered funds
Avg. property type mix — filtered funds
Avg. geographic exposure — filtered funds
Industrial vs. residential — bubble = FY2025 total cap
Property type grid — fund × asset class
Geographic diversification — East / West / South / Midwest · in band order
Scoring basis: Every fund is scored only against peers in its own band (Large / Mid / Small). A score of 100 = highest in the band on that measure; 0 = lowest. Scores are within-band percentile ranks, not absolute figures. The composite score runs on 75% weight while Cat 4 is pending.
Fund NAV size and recovery momentum:
· 60% — NAV size ($M) percentile within band
· 20% — vs. Peak NAV/share percentile within band (recovery depth: higher = less impaired)
· 20% — 1Y total return percentile within band (recovery momentum) Rationale: a fund should get credit for recovering NAV, not just for being large. Size alone (old Cat 1) penalized funds recovering from a drawdown.
Cat 2 — Performance · 25% of composite
Composite return (Class I, net):
· 1Y return × 40% weight
· 3Y annualized × 30% weight
· 5Y annualized × 20% weight
· ITD annualized × 10% weight
Weights renormalized for funds with shorter track records (e.g., no 5Y → 1Y/3Y/ITD only). Within-band percentile of the composite figure.
Cat 3 — Fundraising · 25% of composite
12-month cash raise ($M):
· Includes: common equity + DST program subscriptions
· Excludes: 721 UPREIT conversions (non-cash) and fee/carry equity
· Metric: within-band percentile rank of trailing 12M cash raise $M
· Also shown: raise rank within band and 12M raise as % of band total NAV
Cat 4 — Outlook · 25% of composite ⏳ PENDING
Planned components (not yet scored):
· Gate status (redemption queue / restriction level)
· Fund Reported Leverage vs. sector peers
· NAV trend — 3-month NAV/share direction While Cat 4 is pending, composite scores reflect 75% of the 100-point scale (Cat1+2+3 only). Band ranks are based on the 75% composite.
Band rank = composite rank within band, descending (1 = highest composite in band) · FS Credit = RE credit/debt fund tracked in Mid by NAV size; not band-scored against equity peers (REF) · Clarion ⚠IF = converted to Interval Fund Feb 2, 2026 · HGIT / PGIM returns as of Dec 31, 2024 (FY2025 10-K pending)
Fund profiles
Click any fund for full profile · capital breakdown · returns · portfolio exposure
⚠ Section 1 figures sourced from verified third-party broker research and market data. Sources: CBRE U.S. Cap Rate Survey H2 2025 (Feb 2026) · CBRE Net Lease Q4 2025 (Feb 2026) · CBRE Senior Housing & Care Investor Survey H2 2025 (Dec 2025) · CRED iQ Loan Analytics Q4 2025 (Jan 2026) · Colliers 2026 Data Center Marketplace Report (Mar 2026) · Colliers 2026 Healthcare Marketplace Report (Apr 2026). All links verified April 2, 2026. CBRE CRS figures represent Class A stabilized midpoints across major U.S. markets. CRED iQ figures based on CMBS/CRE CLO/Agency loan-level transaction data.
ECR assessment key
IN LINE ✓ECR within market range — NAV valuation defensible
SLIGHTLY LOWECR 30-90 bps below market mid — modest downside risk to NAV
AGGRESSIVE ⚠ECR 100+ bps below market — material NAV overstatement risk
—Sector not material in fund portfolio
How ECRs drive NAV: Each 25 bps increase in assumed exit cap rate reduces the appraised value of a property by roughly 3–5% depending on income profile. Funds using ECRs 100+ bps below market are implicitly marking assets at 8–15% above where they would trade today.
Section 2 — Fund ECR Assumptions vs. Market Mid · All Available Funds · Click fund name → Fund Profile
Fund
As-of
Multifamily (mkt 6.0%)
Industrial (mkt 5.3%)
Net lease (mkt 5.9%)
Office (mkt 7.5%)
Retail (mkt 6.3%)
Self-storage (mkt 6.5%)
Hotel (mkt 7.5%)
ECR
Alloc%
Assessment
ECR
Alloc%
Assessment
ECR
Alloc%
Assessment
ECR
Alloc%
Assessment
ECR
Alloc%
Assessment
ECR
Alloc%
Assessment
ECR
Alloc%
Assessment
ECR = exit cap rate used in third-party appraisal as of supplement date. Alloc% = fund's disclosed portfolio weight for that sector (N/D = not disclosed in supplement). Fund names link to Fund Profiles. 13 funds with disclosed ECRs. 11 funds confirmed non-disclosing — see Section 2b below. Source: 424B3 prospectus supplements / 10-K / N-CSR / ARS property valuation disclosures. All sources browser-verified Apr 2026.
Section 2b — Funds Not Disclosing Sector-Level ECRs · 11 Funds · Verified by Source Filing · Apr 2026
Fund
Band
Filing
Page
Notes
Source
2 funds confirmed non-disclosing after direct review of all 11 filings (Apr 2026). 9 funds reclassified to ECR_DATA with verified sector rates — see Valuation tab Section 1. SST VI uses direct capitalization (not DCF exit cap). InPoint: CRE debt fund — ECR concept not applicable.
Section 3 — key observations
Sensitivity — Rate Stress Analysis
Exit cap rate sensitivity vs. 10Y Treasury · NAV impact by fund and sector · Gap risk + scenario stress · Dec 2025