Key Takeaways
- According to SEC Form D filings, 18% of new real estate offerings relied on Rule 506(c), which lets an issuer advertise, against 6% of new fund offerings and 7% of other companies' offerings.
- Real estate issuers reported $23.5 billion sold across 2,964 new private offerings in the year to September 30, 2026, 3.6% of all new offering sales on Form D, according to SEC filings.
- The median new real estate offering reported $1.6 million sold to 18 investors, according to SEC filings.
- Form D names the issuer, not the platform that sold it, and the SEC's crowdfunding data has no industry field, so this page reports industry groups, not platforms.
Of the new real estate private offerings noticed to the SEC on Form D in the year to September 30, 2026, 18% relied on Rule 506(c), the exemption that lets an issuer advertise, against 6% of new fund offerings and 7% of other companies' offerings, according to SEC filings. Real estate issuers reported $23.5 billion sold across 2,964 new offerings in the year, 3.6% of all new private offering sales on Form D, according to the same filings.
The median new real estate offering reported $1.6 million sold to 18 investors, according to SEC data. Every figure is the amount the issuer itself reported on Form D, for an offering first sold inside the year.
Real estate offerings by Form D industry group
Form D asks every issuer to choose an industry group, and five of them are real estate. Each row counts the new offerings whose issuer chose that group, at the latest Form D each filed in the year from October 1, 2025, to September 30, 2026.
| Form D industry group | New offerings | Amount sold | Share of real estate sales | Median amount sold | Median investors | Rule 506(c) share of offerings | Rule 506(c) share of dollars | Median minimum investment, where stated | With non-accredited investors | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| Other Real Estate | 805 | $11.1 billion | 47.3% | $3.0 million | 14 | 27% | 16% | $50,000 | 8% | SEC |
| Commercial | 872 | $5.8 billion | 24.5% | $2.6 million | 13 | 20% | 22% | $35,937 | 14% | SEC |
| Residential | 613 | $4.4 billion | 18.7% | $2.1 million | 10 | 20% | 15% | $50,000 | 25% | SEC |
| REITS and Finance | 630 | $1.5 billion | 6.5% | $125,000 | 125 | 3% | 32% | $1,000 | 1% | SEC |
| Construction | 44 | $709 million | 3.0% | $2.4 million | 5 | 7% | 31% | $75,000 | 5% | SEC |
| All real estate groups | 2,964 | $23.5 billion | 100.0% | $1.6 million | 18 | 18% | 19% | $25,000 | 12% | SEC |
Download this table (CSV), free. The full dataset, every new real estate offering in the year with its amounts, investors, exemption, minimum investment and filing, is one email away.
- Other Real Estate issuers reported the most, $11.1 billion, or 47% of real estate sales, according to SEC filings.
- Among real estate groups with at least 100 new offerings, Other Real Estate issuers relied on Rule 506(c) most often, for 27% of offerings, and REITS and Finance issuers least often, for 3%, according to SEC filings.
- According to SEC filings, 343 new real estate offerings, 12%, reported selling to at least one investor who is not accredited, and 26% reported paying sales commissions.
Offerings that may advertise, and those that may not
According to the SEC, Rule 506(c) lets an issuer solicit investors publicly, including online, provided every buyer is an accredited investor and the issuer takes reasonable steps to verify it. Rule 506(b) does not allow general solicitation. The issuer says on Form D which one it relies on. Among new real estate offerings, according to SEC filings:
| Exemption claimed | New offerings | Amount sold | Median amount sold | Median investors | Median minimum investment, where stated | Source |
|---|---|---|---|---|---|---|
| Rule 506(c): may advertise | 544 | $4.5 billion | $2.2 million | 11 | $50,000 | SEC |
| Rule 506(b): may not advertise | 2,401 | $19.0 billion | $1.6 million | 20 | $25,000 | SEC |
| Other exemptions | 19 | $11 million | $445,000 | 6 | $10,000 | SEC |
Real estate offerings under Rule 506(c) reported a median $2.2 million sold from 11 investors, against $1.6 million from 20 investors for offerings under Rule 506(b), according to SEC data. Rule 506(c) offerings made up 19% of real estate dollars sold, according to SEC filings.
What Form D can and cannot say about platforms
Form D names the issuer, not the website or sponsor that found its investors. A platform's deals can each file under their own issuer, and nothing on the form identifies the platform behind them, so this page does not call any issuer a platform or add up a platform's raises. What the form does record is whether the issuer relied on the exemption that allows advertising, which is what the table above uses.
The SEC also publishes data on offerings made under Regulation Crowdfunding, filed on Form C. It was read for this page and not used: according to the SEC's documentation of that data, a Form C records the target and maximum offering amounts and a progress update written as text, with no industry group and no amount sold, so real estate offerings cannot be picked out of it or their sales added up.
What this means for technology buyers
A sponsor that advertises an offering under Rule 506(c) takes on work a quietly placed deal does not: verifying that every buyer is accredited, running an investor-facing offering page, and keeping each investor's commitment, documents and distributions straight from the first close. These guides compare the options:
- Crowdfunding and syndication platforms for real estate: the software sponsors use to raise from many investors and manage them afterward.
- Real estate deal pipeline and underwriting platforms: sourcing and underwriting the properties an offering funds.
- Investor relations and reporting platforms for alternative managers: portals, statements and reporting for investors.
- Subscription and capital call management for private funds: onboarding investors and tracking commitments.
Mapping the business? The Real Estate Business Architecture Toolkit sets out what a real estate firm does, including raising and reporting on investor capital.
More from Finantrix Atlas
- Largest private fund raises filed on Form D
- Largest real estate fund advisers
- Largest US-listed REITs
- Largest lenders on apartment buildings
How this list was built
The SEC publishes every Form D and amendment as a quarterly data set. This page reads the latest four, 2025 Q4 to 2026 Q3: 62,963 filings. Every Form D and amendment in EDGAR's own quarterly form indexes for those quarters is in the data sets. The rules are those of the Finantrix Atlas ranking of the largest Form D raises, so the two pages count offerings the same way.
Each offering once, at its latest filing. An offering is the issuer's SEC identifier and the offering's file number, which every amendment repeats, and only the latest filing in the year counts.
Only offerings first sold in the year. Form D reports the total sold since the first sale, so an amendment for an offering that began earlier reports earlier years too. According to SEC data, 1,252 real estate offerings first sold before October 1, 2025 filed in the year, reporting $148 billion sold since they began; they are left out. Another 24 new real estate offerings reported nothing sold yet, and 1,562 gave no date of first sale.
Companion vehicles once. Offerings that report the same amount sold to the dollar and share a related person, or whose names begin alike when the amount is not a round thousand, are counted once: one such group among real estate offerings, according to SEC data.
Checked against the filings. The amount sold, date of first sale, industry group and Rule 506(c) claim of the 40 largest real estate offerings were read again from the Form D each issuer filed on EDGAR, and match the data set. Four offerings in the year reported an amount sold made only of nines, one of them in a real estate group. Such a figure is treated as not reported and is left out of every total and median here; the full dataset lists them.
Limits
- Self-reported. Form D is a notice of an exempt offering, not a registration. Amounts and industry groups are as filed, and an issuer's figures can change in a later amendment.
- Industry groups are the issuer's choice. A real estate fund that chose "pooled investment fund" as its industry group is counted with funds, not here; Form D has no real estate fund type. A company whose main business is not real estate can also choose a real estate group.
- Not every offering files. Form D is required for offerings under Regulation D; private placements under other exemptions file none, and Regulation Crowdfunding and Regulation A offerings use other forms.
- Sold, not invested. The amount sold is what the issuer reports. It does not show how much was invested in property, and it is not a platform's volume.
- One year. The data is filings from October 1, 2025, to September 30, 2026.
Cite this
Free to quote, cite and republish, including the chart, with credit to Finantrix Atlas and a link to this page.
18% of new real estate private offerings filed on Form D in the year to September 30, 2026 relied on Rule 506(c), which permits advertising, against 6% of new fund offerings, according to a Finantrix Atlas analysis of SEC data.
Real estate issuers reported $23.5 billion sold in 2,964 new private offerings on Form D in the year to September 30, 2026, according to Finantrix Atlas.
Suggested citation: Finantrix Atlas, "Real Estate Private Offerings on Form D," filings from October 1, 2025, to September 30, 2026, from SEC Form D data sets. https://www.finantrix.com/articles/real-estate-crowdfunding-offerings
Embed the chart:
<a href="https://www.finantrix.com/articles/real-estate-crowdfunding-offerings"><img src="https://www.finantrix.com/atlas/real-estate-crowdfunding-offerings.png" alt="Share of new Form D offerings relying on Rule 506(c), by industry group, from SEC data, by Finantrix Atlas"></a>
<p>Chart: <a href="https://www.finantrix.com/articles/real-estate-crowdfunding-offerings">Finantrix Atlas</a>, from SEC Form D data.</p>
Frequently asked questions
Q: How much do real estate private offerings raise on Form D? A: $23.5 billion across 2,964 new offerings first sold in the year to September 30, 2026, according to SEC Form D filings. The median offering reported $1.6 million sold, according to the same filings.
Q: What is a Rule 506(c) offering? A: A private offering under Regulation D in which, according to the SEC, the issuer may advertise and solicit investors publicly, as long as every buyer is a verified accredited investor. 18% of new real estate offerings relied on it in the year, according to SEC filings.
Q: Can Form D show how much a real estate crowdfunding platform raised? A: No. Form D names the issuer of each offering, not the platform that sold it, so a platform's raises cannot be added up from it. This page reports totals by the industry group each issuer chose.
Q: Why not use Regulation Crowdfunding data? A: According to the SEC's documentation of its crowdfunding data sets, a Form C carries the target and maximum amounts of an offering but no industry group and no amount sold, so real estate offerings cannot be identified or summed from it.
Download the data
The 9 rows on this page (CSV), free. The full dataset has all 2,965 rows, as of September 30, 2026; we email you a link.
Frequently Asked Questions
How much do real estate private offerings raise on Form D?
$23.5 billion across 2,964 new offerings first sold in the year to September 30, 2026, according to SEC Form D filings. The median offering reported $1.6 million sold, according to the same filings.
What is a Rule 506(c) offering?
A private offering under Regulation D in which, according to the SEC, the issuer may advertise and solicit investors publicly, as long as every buyer is a verified accredited investor. 18% of new real estate offerings relied on it in the year, according to SEC filings.
Can Form D show how much a real estate crowdfunding platform raised?
No. Form D names the issuer of each offering, not the platform that sold it, so a platform's raises cannot be added up from it. This page reports totals by the industry group each issuer chose.
Why not use Regulation Crowdfunding data?
According to the SEC's documentation of its crowdfunding data sets, a Form C carries the target and maximum amounts of an offering but no industry group and no amount sold, so real estate offerings cannot be identified or summed from it.