Aggregate net asset value (NAV) for non-traded REITs ticked up to $90.0 billion in Q3 2025, essentially unchanged from Q2’s $89.9 billion, according to the latest Non-Listed REIT edition of The Stanger Report by Robert A. Stanger & Co., Inc. While the sector remains down 4.7% year-over-year, the sequential stabilization marks the first signs of normalization following more than two years of NAV contraction. 

Over the past 12 months, fundraising totaled $5.9 billion, a 1.8% year-over-year increase, supported in part by the growing integration of Delaware Statutory Trust (DST) programs and the resulting uptick in 721 UPREIT transactions among NAV REITs. 

Performance trends were notably stronger. The Stanger NAV REIT Total Return Index rose 1.2% in Q3 and 3.3% over the past year, outperforming major public REIT indices, which averaged a 2.5% decline during the same period. Over a five-year horizon, the NAV REIT Index has generated a 42.2% cumulative total return, slightly trailing diversified listed real estate benchmarks but achieving that with significantly lower volatility. 

“The Q3 data confirms what we’ve been anticipating for several quarters,” said Kevin T. Gannon, Chairman and CEO of Stanger. “While capital inflows remain subdued compared to the 2021–2022 peaks, underlying portfolio performance is stabilizing, and redemption pressures continue to ease—pointing to a sector that is recalibrating rather than retreating. At the same time, we’re seeing growing momentum among NAV REITs as investor confidence gradually returns.” 

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