2026 NON-TRADED REIT LIQUIDITY
Non-Traded REITs With Suspended Redemptions
& Limited Liquidity In 2026
Liquidity conditions can vary significantly among non-traded real estate investment trusts. Some REITs have suspended or terminated their share redemption programs, others operate repurchase programs with substantial limitations, and certain programs are pursuing tender offers, liquidation plans, restructuring transactions, or other potential liquidity events.
For investors, these distinctions matter. A non-traded REIT may publish an estimated net asset value or estimated share value while still offering little or no immediate liquidity at that amount.
Shareholders may also face limits on the number of shares that can be repurchased, eligibility restrictions, pricing below estimated NAV, uncertain liquidation timelines, transfer requirements, or limited private buyer demand.
This guide reviews several non-traded REITs with significant liquidity considerations in 2026 and explains how their current redemption, repurchase, tender, liquidation, or strategic circumstances may affect investors exploring potential exit options.
2026 LIQUIDITY SNAPSHOT
Non-Traded REIT Liquidity
Can Take Several Forms
| REIT | Liquidity Status | Value Reference | Current Consideration |
|---|---|---|---|
| Pacific Oak Strategic Opportunity REIT | Redemption program suspended | $5.72 historical estimated value | Liquidity and restructuring considerations |
| Strategic Student & Senior Housing Trust | Redemption program suspended | $6.37 estimated NAV | Long-running redemption suspension |
| KBS REIT III | Redemption program terminated | $2.70 estimated value | Liquidity constrained by financing arrangements |
| Inland Real Estate Income Trust | SRP active but limited | $16.89 estimated NAV | Ordinary repurchases at 80% of NAV |
| Lightstone Value Plus REIT II | Restricted SRP | $10.67 estimated NAV | Death and certain hardship requests |
| Highlands REIT | Issuer tender offer | $0.29 estimated value | $0.20 per-share tender offer |
| Moody National REIT II | Approved liquidation | Liquidation value uncertain | Asset sales and liability settlement |
| CIM / Legacy CMFT | Strategic transformation | $5.14 historical CMFT NAV | Future listing or alternative liquidity process |
Value references shown above are based on issuer disclosures and should not be interpreted as current secondary market prices or guaranteed amounts available to shareholders.
WHY LIQUIDITY CAN BE LIMITED
A Published NAV Does Not
Guarantee An Available Exit
Non-traded REIT shares are not listed on a national securities exchange, which means investors generally cannot enter a traditional sell order at a continuously quoted market price.
Instead, company-sponsored liquidity may depend on a share repurchase or redemption program. Those programs can impose annual limits, quarterly limits, eligibility requirements, pricing formulas, holding periods, proration, or board discretion.
A program may also be suspended or terminated entirely. In those situations, investors may need to consider other alternatives, including a tender offer, private secondary market transaction, or waiting for a future sponsor-led liquidity event.
Investors seeking a broader overview can review AIL's guide to the non-traded REIT secondary market.
REDEMPTION SUSPENDED
Pacific Oak Strategic
Opportunity REIT
Pacific Oak Strategic Opportunity REIT represents one of the clearest examples of a non-traded REIT with suspended company-sponsored liquidity.
The company's board indefinitely suspended its share redemption program effective July 30, 2024 because of the company's liquidity position.
The latest company-approved estimated value publicly disclosed is $5.72 per share, based on the company's assets and liabilities as of September 30, 2024. That estimate had declined from the prior estimated value of $8.03 per share.
Because substantial company developments have occurred since that valuation date, the $5.72 figure should be viewed as a historical value reference rather than an indication of a currently available sale price.
Investors can review additional information on AIL's Pacific Oak Strategic Opportunity REIT liquidity page.
LONG-RUNNING SUSPENSION
Strategic Student &
Senior Housing Trust
Strategic Student & Senior Housing Trust ("STSR") has operated with a suspended share redemption program for several years.
The company's board initially approved suspension of the program in March 2020, and the company's June 30, 2026 Form 10-Q confirms that the share redemption program remained suspended at that date.
In January 2026, the board established an estimated net asset value of $6.37 per share based on the company's assets and liabilities as of September 30, 2025.
Although that NAV provides a current valuation reference, the suspended redemption program means shareholders generally cannot assume that the company will repurchase shares at that amount.
Additional information is available on AIL's Strategic Student & Senior Housing Trust page.
REDEMPTION PROGRAM TERMINATED
KBS Real Estate
Investment Trust III
KBS Real Estate Investment Trust III terminated its share redemption program on March 15, 2024.
The company has disclosed that certain restrictions and covenants contained in its loan agreements limit its ability to provide shareholder liquidity and that it does not expect to redeem shares until certain loans are repaid or refinanced.
On December 18, 2025, the board approved an estimated value of $2.70 per share based primarily on the company's September 30, 2025 net asset value.
KBS also cautions that an estimated value per share may not reflect the amount a shareholder could actually receive for an investment.
Investors can review AIL's KBS REIT III liquidity information for additional details.
ACTIVE BUT LIMITED SRP
Inland Real Estate
Income Trust
Inland Real Estate Income Trust illustrates a different form of limited liquidity. Its share repurchase program is currently active, but the program does not necessarily provide full liquidity to every shareholder who submits a request.
Inland reinstated its share repurchase program effective February 1, 2026. Under the current program, ordinary repurchases are generally priced at 80% of the then-current estimated NAV, while qualifying exceptional repurchases are generally priced at 100% of NAV.
The company's current estimated NAV is $16.89 per share. At that NAV, an ordinary repurchase price equal to 80% would be approximately $13.51 per share.
Repurchase capacity can also be significantly lower than shareholder demand. In April 2026, approximately 2.9 million shares were submitted for repurchase, while only 59,238 shares were repurchased.
That difference illustrates why the existence of an active repurchase program does not necessarily mean an investor can redeem an entire position when desired.
Additional information is available on AIL's Inland Real Estate Income Trust page.
RESTRICTED ELIGIBILITY
Lightstone Value Plus
REIT II
Lightstone Value Plus REIT II also maintains a share repurchase program, but eligibility is significantly restricted.
The program currently permits requests associated with a shareholder's death or certain hardship circumstances. Eligible repurchases are priced at the company's estimated NAV in effect on the redemption date.
The company's latest board-approved estimated NAV is $10.67 per share as of December 31, 2025.
Annual redemption limits apply, and eligible requests may be prorated if requests exceed available program capacity.
As a result, a shareholder who simply wants to sell for portfolio, retirement, or other financial reasons may not qualify for company-sponsored repurchase liquidity.
Investors can review AIL's Lightstone Value Plus REIT II liquidity page.
TENDER OFFER
Highlands REIT
2026 Tender Offer
Highlands REIT presents a different liquidity situation because the company launched an issuer tender offer in September 2026.
Highlands is offering to purchase up to 125 million shares of its common stock at $0.20 per share, subject to the terms and conditions of the offer.
The company's board adopted an estimated value of $0.29 per share as of March 31, 2026. The company specifically cautions that its estimated share value does not represent the amount at which an investor could necessarily sell shares.
The current tender price therefore provides shareholders with an actual company-sponsored liquidity option, but at a price below the company's most recent estimated share value.
Investors evaluating the tender offer or other potential liquidity alternatives can review AIL's Highlands REIT information.
APPROVED LIQUIDATION
Moody National
REIT II
Moody National REIT II is no longer simply operating with a restricted redemption program. The company is now pursuing a complete liquidation.
Stockholders approved the company's Plan of Complete Liquidation and Dissolution on September 30, 2025.
Under the plan, Moody National REIT II intends to sell its remaining assets, pay or otherwise settle known and contingent liabilities, distribute any remaining net proceeds to stockholders, wind up operations, and dissolve.
The company has stated that there is no assurance regarding either the timing of the liquidation or the amount of liquidating distributions, if any, that stockholders ultimately may receive.
For investors who do not want to wait for completion of the liquidation process, the question may become whether a private transfer opportunity exists before final liquidation.
Additional information is available on AIL's Moody National REIT II page.
STRATEGIC TRANSFORMATION
CIM Real Estate Finance Trust
And CIM Group
Legacy CIM Real Estate Finance Trust shareholders face a different liquidity situation following the company's 2026 transformation.
In June 2026, CMFT acquired CIM Group, LLC's real assets management business and investment portfolio and changed its legal name to CIM Group, Inc.
Existing CMFT shareholders retained approximately 32.5% economic ownership of the combined company immediately following the transaction.
The former CMFT had established an estimated NAV of $5.14 per share using a December 31, 2025 valuation date.
The combined company has committed to use commercially reasonable efforts to initiate a national securities exchange listing process within 24 months following the transaction and to complete a listing within five years. If a listing is not completed, the company is required to evaluate other potential liquidity alternatives under the transaction arrangements.
These commitments create a potential future liquidity pathway, but they do not guarantee that a listing will occur at a particular time or value.
Legacy shareholders can review AIL's CIM Real Estate Finance Trust liquidity page.
VALUE VS. LIQUIDITY
Why Estimated NAV And
Available Liquidity May Differ
The issuer examples above illustrate an important distinction: estimated value and available liquidity are not the same thing.
A REIT may publish an estimated NAV while its redemption program remains suspended. Another may operate an active repurchase program but purchase only a fraction of requested shares. A tender offer may provide liquidity below estimated value, while a liquidation may create the possibility of future proceeds without establishing either the final amount or timing.
Private secondary market buyers may also evaluate factors beyond published NAV, including portfolio performance, debt, expected holding period, transfer restrictions, future liquidity expectations, position size, ownership structure, and current market demand.
Investors who want a more detailed explanation of these pricing considerations can review AIL's guide on how to sell a non-traded REIT.
EXIT OPTIONS
What Options May Be Available
When Redemptions Are Limited?
The appropriate liquidity path depends on the specific investment. Investors researching a specific issuer can use AIL's Non-Traded REIT Directory for program-specific liquidity information.
An investor may first review whether the REIT currently offers a share repurchase or redemption program and whether the investor qualifies under its terms.
If company-sponsored liquidity is unavailable or insufficient, other possibilities may include participating in a tender offer, exploring a private secondary market transaction, or continuing to hold the investment while waiting for a listing, merger, liquidation, asset sale, or another sponsor-led liquidity event.
Investors comparing these alternatives can review AIL's guide on how to get out of a non-traded REIT or learn more about AIL's non-traded REIT liquidity process.
FREQUENTLY ASKED QUESTIONS
Common Questions About
Suspended REIT Redemptions
What happens when a non-traded REIT suspends redemptions?
When a redemption or share repurchase program is suspended, shareholders generally cannot rely on that program for liquidity while the suspension remains in effect. Depending on the investment, other alternatives may include private secondary market transactions, tender offers, or waiting for a future sponsor-led liquidity event.
Can a non-traded REIT have a NAV but no redemption program?
Yes. An estimated NAV is a valuation reference. It does not require the REIT to repurchase shares or guarantee that an investor can sell shares at the published value.
Can I sell shares if the REIT's redemption program is suspended?
Potentially. Certain non-traded REIT shares may be transferable through a private secondary market transaction, although transfer restrictions, company procedures, buyer qualifications, ownership registration, and available buyer demand may affect whether a transaction is possible.
Why might a private sale price be below NAV?
Private transaction pricing may reflect limited liquidity, expected holding periods, transfer restrictions, debt, portfolio performance, uncertainty surrounding future liquidity events, position size, and current buyer demand.
Is a tender offer the same as a redemption program?
No. A share repurchase or redemption program generally operates under standing company rules, while a tender offer is a specific offer to purchase shares under stated terms for a defined period.
Should I wait for a future liquidity event instead of selling?
That decision depends on the individual investment, available alternatives, potential transaction pricing, expected holding period, liquidity needs, tax considerations, and the investor's financial objectives.
CONFIDENTIAL INVESTMENT REVIEW
Evaluating A Specific
Non-Traded REIT Position
Liquidity conditions can differ significantly even among investments within the same non-traded REIT category.
A meaningful review generally begins with identifying the specific REIT, number of shares, ownership registration, account type, current company liquidity programs, transfer restrictions, available documentation, and potential buyer demand.
Alternative Investment Liquidity evaluates individual positions to help determine whether a potential secondary market liquidity pathway may currently exist.
Investors, trustees, estate representatives, attorneys, and financial professionals can request a Confidential Investment Review for a specific position.
PRIMARY SOURCES
Issuer And SEC
Disclosure Sources
This article is based primarily on issuer disclosures and filings with the U.S. Securities and Exchange Commission. Liquidity programs, estimated values, tender offers, financing arrangements, and strategic plans may change after publication. Investors should review the most current issuer materials before making a decision.
Pacific Oak Strategic Opportunity REIT: December 10, 2024 Form 8-K — estimated value and redemption-program suspension
Strategic Student & Senior Housing Trust: June 30, 2026 Form 10-Q — redemption program remains suspended and January 16, 2026 Form 8-K — $6.37 estimated NAV .
KBS Real Estate Investment Trust III: December 18, 2025 Form 8-K — $2.70 estimated value per share and April 28, 2025 filing — redemption program termination and financing restrictions .
Inland Real Estate Income Trust: June 30, 2026 Form 10-Q — repurchase activity and limited SRP capacity .
Lightstone Value Plus REIT II: 2025 Form 10-K — $10.67 NAV and death/hardship share repurchase terms .
Highlands REIT: September 1, 2026 Offer to Purchase — issuer tender at $0.20 per share .
Moody National REIT II: September 30, 2025 Form 8-K — approval of the Plan of Complete Liquidation and Dissolution .
CIM Real Estate Finance Trust / CIM Group: March 27, 2026 Form 8-K — $5.14 estimated NAV and June 2026 Form 8-K — CMFT transaction and transformation into CIM Group, Inc. .