The Adverse Selection Problem Hidden in Retail Private Markets
TL;DR: Private markets are opening to retail investors at record speed, and my read is that the products reaching retail shelves first are disproportionately the ones institutional LPs have already pr
SEC Approves FINRA Rule Changes Easing Capital Rules for Non-Traded REITs and DPPs
On July 24, 2026, the SEC approved FINRA rule amendments to Rule 5110 and Rule 5123 that make it easier for underwriter affiliates to put capital into non-traded REITs and direct participation...
Redemption Gates: The Fine Print That Decides When You Actually Get Your Money Back
Redemption gates cap how much money can leave a fund in a given quarter, usually 2-5% of net asset value. When requests exceed that cap, you get a partial fill and a place in line for next quarter....
Ares Takes Whitestone REIT Private for $1.7B: Is $19/Share a Steal or a Signal That Public Non-Mega-Cap REITs Are Broken?
TL;DR: Ares Management closed its $1.7 billion, all-cash acquisition of Whitestone REIT on July 14, 2026, paying $19.00 a share for 54 grocery-anchored shopping centers and pulling the stock off the...
Non-Traded REIT Share Classes Explained: What Every Letter Really Costs You
TL;DR: A non-traded REIT's share class letter tells you almost nothing about the property portfolio and almost everything about who gets paid to sell it to you. Fortress Credit Realty Income Trust jus