• Non-traded REIT assets totaled approximately $226 billion in 4Q25; public non-traded REITS represent about 83% share, while private non-traded REITs have quickly grown to 13%. Blackstone Real Estate Income Trust continues to dominate with a 43.6% share.
• Private non-traded REITs have gained traction due to lower regulatory hurdles, accounting for 70% of new launches since 2020 (19 funds). Public non-traded REITs launched 8 funds, with none since 2023.
• Since 2020, 12 public non-traded REITs have been liquidated, and five have transitioned to publicly listed vehicles.

Note: Certain funds have not yet filed 10-Ks or reported late; AUM was estimated and is not expected to materially affect the analysis.