- Since peaking in 2022, non-traded REIT assets have fallen 17.3%, while other intermittent-liquidity vehicles have surged. Non-traded BDCs soared 172.2%, interval funds gained 67.5% (through 1Q25), and tender offer funds are up 79.9% (through 1Q25).
- The bulk of the decline stems from Blackstone Real Estate Income Trust, which holds $112.9 billion in assets (61.1% of the non-traded REIT market). Redemption pressures since 2022 have dragged its assets down, weighing heavily on the broader market.
- Fundraising has plunged from a $36.5 billion peak in 2021 to just $6.3 billion in 2024.
- For firms entering alternatives, non-traded REITs remain the hardest structure to raise capital in compared with other intermittent-liquidity vehicles.
