Public nonlisted real estate funds, especially nontraded REITs (NTRs), have been on fire the past two years. 2021 proved to be a record-setting year with $36.5 billion raised, and 2022 wasn’t far behind. 2023 is a different story altogether. Fundraising among nontraded real estate investment trusts in February 2023 sank to just $489 million, a low not seen since August 2020, while reported monthly redemptions have exceeded $1.7 billion, an amount reflecting 351 percent of fundraising and about 1.6 percent of reported net asset value (NAV) for the industry, according to Robert A. Stanger and Co.