Blue Vault Insights | October 29, 2026
As Blue Vault begins populating Q3 intelligence, Q2 offers a useful baseline for evaluating what changes next. Fundraising, redemption requests, and completed repurchases each describe a different part of a REIT’s capital activity. Examining them together helps wealth advisors identify where the next quarter’s results deserve closer attention.
Across the 29 REITs in this comparison, combined quarterly public and private capital raising increased from $5.129 billion in Q1 to $5.212 billion in Q2. The increase was approximately $83.1 million, or 1.6%.
Combined Fundraising Increased 1.6%
Combined public and private capital raised across the same 29 REITs classified as open offerings in Q2 2026.
$5.129B
$5.212B
Bars start at zero and use the same scale. Full track = $6 billion.
Approximately $83.1 million more capital raised in Q2.
Source: Blue Vault’s Alts Intelligence Portal. Combined reported public and private quarterly capital raising across the same 29 REITs classified as open offerings in Q2 2026. Private channels can include DST programs. Totals are rounded; changes use unrounded figures. These figures are not a measure of net investor flows.
The combined total includes both public and private capital raising. Many funds record more capital through private channels than publicly. Private fundraising can involve different channels, including private share offerings, affiliate investments, and DST programs; the combined measure should not be interpreted as exclusively public REIT share subscriptions.
The modest aggregate increase did not reflect a broad increase across funds: 13 raised more, while 16 raised less. This makes the composition of fundraising as important as the headline change.
Where the Largest Fundraising Totals Were Reported
The five largest Q2 capital raisers accounted for 63.7% of the combined total, compared with 63.6% for the five largest in Q1. The table ranks the ten largest Q2 totals and shows how each changed from Q1. Dollar amounts are in millions.
| REIT | Q1 | Q2 | Change | Change % |
|---|---|---|---|---|
| Blackstone Real Estate Income Trust | $1,197.7 | $1,219.7 | +$21.9 | +1.8% |
| Blue Owl Real Estate Net Lease Trust | $1,045.0 | $808.5 | −$236.5 | −22.6% |
| Ares Real Estate Income Trust | $401.2 | $646.5 | +$245.3 | +61.1% |
| Hines Global Income Trust | $376.0 | $341.0 | −$35.0 | −9.3% |
| Fortress Net Lease REIT | $172.5 | $305.8 | +$133.3 | +77.3% |
| North Haven Net REIT | $159.6 | $230.8 | +$71.1 | +44.6% |
| J.P. Morgan Real Estate Income Trust | $52.6 | $174.1 | +$121.5 | +231.0% |
| JLL Income Property Trust | $158.5 | $171.0 | +$12.5 | +7.9% |
| Ares Industrial Real Estate Income Trust | $242.0 | $145.7 | −$96.3 | −39.8% |
| Invesco Commercial Real Estate Finance Trust | $134.7 | $131.5 | −$3.1 | −2.3% |
Source: Blue Vault’s Alts Intelligence Portal. Ranked by combined reported Q2 public and private capital raised among the 29 REITs in this comparison, not the entire industry. Dollar amounts are in millions. Fund-level changes use unrounded figures and may differ from subtraction of the displayed amounts. Rankings describe fundraising activity, not investment performance or overall fund quality.
Blackstone retained the largest quarterly fundraising total. Ares Real Estate Income Trust recorded the largest dollar increase, and Blue Owl Real Estate Net Lease Trust recorded the largest dollar decline. Both Ares Real Estate Income Trust and Ares Industrial Real Estate Income Trust appear in this comparison; they are different funds.
The Largest Changes Moved in Both Directions
The Largest Fundraising Changes Went Both Ways
Three largest dollar increases and three largest dollar decreases among the 29 REITs. Q2 less Q1, in millions.
Source: Blue Vault’s Alts Intelligence Portal. Three largest dollar increases and three largest dollar decreases in combined quarterly capital raising among the 29 REITs in this comparison. Positive changes are shown first, followed by negative changes. This selection does not rank investment performance or overall fund quality.
Ares Real Estate Income Trust’s $245.3 million increase, Fortress Net Lease REIT’s $133.3 million increase, and J.P. Morgan Real Estate Income Trust’s $121.5 million increase offset declines elsewhere. J.P. Morgan’s 231.0% increase came from a smaller Q1 base. Dollar changes and percentage changes should be reviewed together.
How Completed Repurchase Rates Changed
Blue Vault’s Alts Intelligence Portal reports completed redemption activity through its “Share Redemption Rate Granted” measure. In the selected examples below, that rate declined between Q1 and Q2. These examples include the four largest Q2 fundraisers, plus JLL and FS Credit, and are not a ranking of all funds.
Repurchase Rates Declined in These Selected Examples
Reported share redemption rate granted. Q1 is gray; Q2 is blue. Bars use the same 0%–6% scale.
| REIT | Q1 Granted | Q2 Granted | Change (pp) |
|---|---|---|---|
| FS Credit Real Estate Income Trust |
4.94%
|
3.63%
|
−1.31 |
| JLL Income Property Trust |
3.70%
|
3.00%
|
−0.70 |
| Hines Global Income Trust |
2.41%
|
2.12%
|
−0.29 |
| Blackstone Real Estate Income Trust |
2.50%
|
1.80%
|
−0.70 |
| Blue Owl Real Estate Net Lease Trust |
1.59%
|
1.58%
|
−0.01 |
| Ares Real Estate Income Trust |
0.68%
|
0.67%
|
−0.01 |
“pp” means percentage points. Full bar track = 6%.
Source: Blue Vault’s Alts Intelligence Portal. Selected fund comparisons, not a ranking. Figures retain Blue Vault’s reported redemption-rate definitions. Rates are not repurchase dollars or percentages of requests fulfilled. Percentage-point changes equal Q2 rates minus Q1 rates.
For these six examples, the reported requested and granted rates match in each quarter. That is consistent with fulfillment of reported demand on the reported basis.
A lower granted rate does not necessarily mean fewer repurchase dollars. The fund’s size, the rate denominator, request levels, and program terms can change. Repurchase rates also cannot be subtracted from fundraising dollars to calculate net capital flows.
Cantor Illustrates Why Requests and Fulfillment Belong Together
Cantor Fitzgerald Income Trust’s reported request rate declined from 14.52% in Q1 to 11.32% in Q2, a decrease of 3.20 percentage points. Its granted rate remained 5.00% in both quarters.
Cantor Requests Declined but Remained Above Fulfillment
Cantor Fitzgerald Income Trust | Requested and granted rates, not the percentage of requests fulfilled.
Bars start at zero and use the same scale. Full track = 18%.
Source: Blue Vault’s Alts Intelligence Portal. Cantor Fitzgerald Income Trust’s reported requested and granted redemption rates for Q1 and Q2 2026. The granted rate is not the percentage of requests fulfilled. This is a selected example, not a market ranking.
Requests eased, but continued to exceed the reported granted rate. The difference narrowed from 9.52 to 6.32 percentage points. The granted rate is not the percentage of redemption requests fulfilled: “5.00% granted” must not be described as “5% of requests fulfilled.”
Request Rates Declined at More Funds Than They Increased
Among the 28 funds with populated requested rates in both quarters, rates declined at 17, increased at 10, and were unchanged at one. This is a count of fund-level changes, not a dollar-weighted measure of market-wide demand.
Fund experiences varied. Fortress Net Lease REIT’s request rate increased from 0.36% to 2.16%, even as its fundraising increased 77.3%. Blue Owl Real Estate Net Lease Trust’s request rate was nearly unchanged at approximately 1.58% in Q2, even as its fundraising declined 22.6%. Fundraising and redemption demand do not necessarily move together.
What to Watch as Q3 Intelligence Arrives
Q2 provides a baseline for the next set of comparisons. As Q3 intelligence is populated, wealth advisors can watch four developments:
Whether fundraising growth broadens.
Q2’s combined increase occurred even though more funds raised less than raised more. Q3 will show whether growth spreads across a larger share of the tracked funds.
Whether the largest changes persist.
Ares Real Estate Income Trust, Blue Owl Real Estate Net Lease Trust, Fortress Net Lease REIT, and J.P. Morgan Real Estate Income Trust provide useful Q2 reference points. New quarterly results will help distinguish a continuing pattern from a single-quarter change.
Whether redemption-request rates continue to ease.
Most funds with comparable data reported lower request rates in Q2, but some recorded increases. The next quarter should be assessed fund by fund as well as in aggregate.
Whether requests and fulfillment move closer together.
Cantor’s Q2 request rate declined but remained above its granted rate. Comparing both figures over time will provide a clearer view than either alone.
The Blue Vault Perspective
Q2 combined fundraising rose modestly, while fund-level results and redemption experiences differed. Q3 will help reveal whether those differences persist. Blue Vault Intelligence helps wealth advisors follow those changes as new data become available.
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Sources & Methodology
Source: Blue Vault’s Alts Intelligence Portal. The fundraising comparison includes the same 29 REITs classified as open offerings in Q2 2026 and compares their Q1 and Q2 results. It combines reported public and private quarterly capital raising. Rankings describe this comparison group, not the entire industry.
Combined fundraising totaled approximately $5.129 billion in Q1 and $5.212 billion in Q2, an increase of approximately $83.1 million, or 1.6%. Calculations use unrounded figures. Fund-level dollar and percentage changes may therefore differ from calculations using displayed rounded amounts.
Fundraising concentration is calculated using the five largest capital raisers in each quarter divided by that quarter’s total for the comparison group. Their shares were approximately 63.6% in Q1 and 63.7% in Q2.
Redemption comparisons use Blue Vault’s reported “Share Redemption Rate Requested” and “Share Redemption Rate Granted” measures. Percentage-point changes equal Q2 rates minus Q1 rates. No simple average is used to estimate industry redemption demand.
Starwood Real Estate Income Trust’s Q2 requested rate is unavailable in the reviewed data and is excluded from the matched request-rate count. Missing values are not treated as zero. This analysis does not calculate dollar outflows or net capital flows.
Private capital can include different fundraising channels and is not synonymous with institutional capital or exclusively private REIT share sales. The combined fundraising measure should not be interpreted as exclusively public REIT share subscriptions.
Q1 figures refer to the quarter ended March 31, 2026; Q2 figures refer to the quarter ended June 30, 2026. Q3 refers to the quarter ended September 30, 2026. The October 29, 2026 publication date does not indicate that the underlying Q2 data are current through October. Historical activity does not predict future results. This content is informational and does not constitute investment advice.
