Non-traded real estate investment trusts(NT-REITS) are one of the most popular alternative investment vehicles. NT-REITs can invest in either commercial real estate or mortgages. Investors typically use NT-REITs to help diversify traditional portfolios, adding real estate exposure and a steady income stream. In recent years, several of the world’s largest asset managers have launched real estate products in order to reach a wide range of affluent investors. The table below includes all currently active NT-REITs in the United States. You can sort the table alphabetically, by total assets or by shareholder equity. Additionally, you can also download the data as a spreadsheet or pdf file. To access historical AUM data and detailed competitive intelligence on the non-traded REIT and BDC industry, sign up for an Alternative.Investments Pro Membership
| Fund | Category | Term | Current Total Assets | Shareholder's Equity |
|---|---|---|---|---|
| Blackstone Real Estate Income Trust, Inc. | Diversified | Evergreen | 116,238,241,000 | 27,353,907,000 |
| Starwood Real Estate Income Trust, Inc. | Diversified | Evergreen | 20,991,989,000 | 5,194,006,000 |
| FS Credit Real Estate Income Trust, Inc. | Real Estate Debt | Evergreen | 10,202,447,000 | 2,767,650,000 |
| Ares Industrial Real Estate Income Trust, Inc. | Office & Industrial | Evergreen | 7,581,011,000 | 1,623,019,000 |
| Blue Owl Real Estate Net Lease Trust | Real Estate | Evergreen | 6,377,588,000 | 3,948,179,000 |
| Ares Real Estate Income Trust | Diversified | Evergreen | 5,731,249,000 | 745,824,000 |
| CIM REAL ESTATE FINANCE TRUST, INC. | Retail/Net Lease | Finite | 5,197,749,000 | 1,774,858,000 |
| JLL Income Property Trust, Inc. | Diversified | Evergreen | 5,003,681,000 | 1,603,830,000 |
| Hines Global Income Trust, Inc. | Diversified | Finite | 4,275,937,000 | 1,815,139,000 |
| VINEBROOK HOMES TRUST, INC. | Real Estate | Evergreen | 3,209,448,000 | 154,281,000 |
| Nuveen Global Cities REIT, Inc. | Diversified | Evergreen | 2,596,977,000 | 1,647,875,000 |
| Invesco Commercial Real Estate Finance Trust, | Real Estate | Evergreen | 2,508,194,000 | 435,349,000 |
| SmartStop Self Storage REIT, Inc. | Self Storage | Finite | 2,042,067,000 | 325,698,000 |
| National Healthcare Properties, Inc. | Real Estate | Finite | 1,946,023,000 | 684,560,000 |
| Cottonwood Communities, Inc. | Multifamily | Evergreen | 1,943,855,000 | 230,816,000 |
| KBS Real Estate Investment Trust III, Inc. | Diversified | Finite | 1,823,445,000 | 256,559,000 |
| Brookfield Real Estate Income Trust, Inc. | Diversified | Evergreen | 1,821,263,000 | 323,226,000 |
| Fortress Net Lease REIT | Net Lease | Evergreen | 1,588,521,000 | 770,326,000 |
| CNL Healthcare Properties, Inc. | Healthcare | Finite | 1,319,341,000 | 711,781,000 |
| Inland Real Estate Income Trust, Inc. | Diversified | Finite | 1,294,825,000 | 369,436,000 |
| ExchangeRight Income Fund(d/b/a ExchangeRight Essential Income REIT) | Net Lease | Evergreen | 1,258,729,000 | 345,898,000 |
| Apollo Realty Income Solutions, Inc. | Diversified | Evergreen | 1,257,604,000 | 934,053,000 |
| NorthStar Healthcare Income, Inc. | Healthcare | Finite | 1,129,905,000 | 231,122,000 |
| Cantor Fitzgerald Income Trust, Inc. | Retail/Net Lease | Evergreen | 1,126,048,172 | 509,793,899 |
| Pacific Oak Strategic Opportunity REIT, Inc. | Diversified | Evergreen | 1,124,956,000 | 158,942,000 |
| Invesco Real Estate Income Trust Inc. | Diversified | Evergreen | 983,079,000 | 102,268,000 |
| AB Commercial Real Estate Private Debt Fund, L | Real Estate | Evergreen | 910,316,000 | 344,111,000 |
| North Haven Net REIT | Real Estate | Evergreen | 893,112,000 | 650,797,000 |
| Starwood Credit Real Estate Income Trust | Real Estate Debt | Evergreen | 844,605,000 | 161,532,000 |
| InPoint Commercial Real Estate Income, Inc. | Real Estate Debt | Evergreen | 661,315,000 | 244,579,000 |
| FORTRESS CREDIT REALTY INCOME TRUST | Real Estate Debt | Evergreen | 652,736,000 | 200,656,000 |
| Sculptor Diversified Real Estate Income Trust, | Real Estate | Evergreen | 609,012,000 | 251,801,000 |
| J.P. Morgan Real Estate Income Trust, Inc. | Diversified | Evergreen | 603,996,000 | 296,139,000 |
| Strategic Storage Trust VI, Inc. | Self Storage | Finite | 529,129,280 | 59,830,423 |
| EQT Exeter Real Estate Income Trust, Inc. | Office & Industrial | Evergreen | 503,935,816 | -14,023,957 |
| Lightstone Value Plus Real Estate Investment Trust V, Inc. | Diversified | Finite | 466,022,000 | 133,654,000 |
| Silver Star Properties REIT Inc. | Office & Industrial | Finite | 465,032,000 | 117,976,000 |
| IPC Alternative Real Estate Income Trust, Inc. | Diversified | Evergreen | 452,955,000 | 132,717,000 |
| Lightstone Value Plus Real Estate Investment Trust, Inc. | Diversified | Finite | 447,477,000 | 168,319,000 |
| RREEF Property Trust, Inc. | Diversified | Evergreen | 397,986,000 | 95,113,000 |
| Moody National REIT II, Inc. | Hospitality | Finite | 321,404,000 | 14,887,000 |
| Cohen & Steers Income Opportunities REIT, Inc. | Diversified | Evergreen | 301,103,000 | 123,858,000 |
| New Mountain Net Lease Trust | Real Estate | Evergreen | 262,935,000 | 1,000 |
| Forum Real Estate Income Fund | Real Estate Debt | Evergreen | 231,830,801 | 193,639,353 |
| BGO Industrial Real Estate Income Trust, Inc. | Office & Industrial | Evergreen | 213,921,804 | 785,245,000 |
| LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST II INC | Diversified | Finite | 193,900,000 | 84,656,000 |
| Strategic Student & Senior Housing Trust, Inc. | Senior Housing | Finite | 158,041,421 | 14,547,404 |
| Principal Credit Real Estate Income Trust | Diversified | Evergreen | 156,700,000 | 546,000 |
| Lightstone Value Plus REIT IV, Inc. | Diversified | Finite | 144,997,318 | 30,821,352 |
| Lightstone Value Plus Real Estate Investment Trust III, Inc. | Hospitality | Finite | 121,952,000 | 60,799,000 |
| Hartman vREIT XXI, Inc. | Diversified | Finite | 111,853,000 | 52,564,000 |
| PROCACCIANTI HOTEL REIT, INC. | Hospitality | Finite | 107,585,604 | 32,285,278 |
| Redwood Mortgage Investors IX, LLC | Real Estate Debt | Finite | 73,959,000 | 66,436,000 |
| Summit Healthcare REIT, Inc. | Healthcare | Finite | 70,818,000 | 25,114,000 |
| Stirling Hotels & Resorts, Inc. | Real Estate | Evergreen | 123,886 | 123,367 |
| Goldman Sachs Real Estate Finance Trust Inc | Real Estate Debt | Evergreen | 8,102 | 8,102 |
| Fund | Category | Term | Current Total Assets | Shareholder's Equity |