NAV REIT Share Class Fee Calculator: What Your Class Costs You Against the No-Fee Class, From the Sponsor's Own 8-K
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Quick Answer
Non-traded NAV REITs declare one gross distribution per share, then deduct a stockholder servicing fee that depends on the share class you were sold, and print the net. The class is decided by the channel that sold you the shares, not by anything about the portfolio. This calculator takes the gross and net figures exactly as filed in each sponsor's August 2026 distribution 8-K for nine NAV REITs, lets you pick your class and your amount, and shows what the deduction costs you per year against the class that keeps 100%. For Blue Owl's ORENT the gap between Class S and Class I is 81 basis points a year; for Brookfield REIT, Class T keeps 64.6% of what Class E keeps. Where a sponsor's per-share NAV is on file we translate that into dollars on your position; where it is not, we show the per-share gap and do not guess.
CALCULATOR
What your share class costs you, from the sponsor's own 8-K
Class S keeps of its gross
87.71%
0.0548192 of 0.0625000 / share / month
Best class: Class I
100.00%
0.0625000 / share / month
Gap, per share per year
0.0922 $
same gross, so this gap is entirely fees
On $250,000 at the Class I NAV Jul 31 2026 of $10.7174 (23,327 shares):
- Class S pays $15,345 a year (6.14%)
- Class I pays $17,495 a year (7.00%)
- Difference: $2,150 a year
- Over 10 years, flat: $21,500
Source: 8-K Sep 3 2026, acc. 0001944366-26-000073. Figures are one month's declared distribution, not a yield promise; multiplied by 12 for readability only. Where the table also deducts a management fee (Apollo, Brookfield) the "best class" comparison is within that REIT and not comparable to sponsors that deduct only a servicing fee.
CSV · 56 rows
NAV REIT August 2026 distributions by share class, nine sponsors
The 56 rows behind this calculator: gross and net per class for Blackstone, Starwood, J.P. Morgan, Invesco, Apollo, Brookfield, RREEF, North Haven and Blue Owl, with what each table deducts and the SEC accession number.
How to read the result
Within one REIT the comparison is exact. The gross is the same for every class (with one exception, below), the deduction set is the same, and the month is the same. The gap between your class and the best class is the servicing fee, and it compounds for as long as you hold.
Across REITs the net column is not comparable, and this calculator does not pretend it is. Apollo and Brookfield itemise a management fee in the same table; Blackstone, Starwood, J.P. Morgan, Invesco, Blue Owl and North Haven do not, because they charge it before the gross is struck. That is why Apollo's Class I appears to lose 19.9% while Blackstone's Class I appears to lose nothing. We worked through the whole problem in the eight-sponsor share-class piece.
North Haven is the exception that proves the method. It declares four different gross figures across six classes, so its 53.22% class gap is mostly a distribution-policy decision, not a fee. The calculator shows North Haven against each class's own gross and flags it.
What to do with the number
- Find your class on your statement. Most investors sold through a commission-based intermediary hold Class S, T or A.
- Ask whether a conversion exists. Most of these REITs convert Class S, T or D into a no-fee class once cumulative servicing fees hit a cap, and some allow it when you move to a fee-based advisory account. The trigger and timing are in the prospectus and are a concrete question for the sponsor.
- If you are being sold one now, ask for the class with no servicing fee. Whether you can get it depends on the channel, and what a financial adviser actually costs a real estate investor is largely this question.
Sources
Every gross and net figure is from the sponsor's Form 8-K declaring its August 2026 distribution, read on SEC EDGAR: Blackstone BREIT (accession 0001662972-26-000130), Starwood SREIT (0001193125-26-375795), J.P. Morgan JPMREIT (0001628280-26-059501), Invesco INREIT (0001756761-26-000122), Apollo ARIS (0001193125-26-376677), Brookfield REIT (0001713407-26-000090), RREEF Property Trust (0001542447-26-000108), North Haven Net REIT (0001999784-26-000066) and Blue Owl ORENT (0001944366-26-000073). NAV per share where used: BREIT Class I $14.6479 and ORENT Class I $10.7174 at July 31, 2026, ARIS $21.5917 at July 31, 2026, North Haven $20.8464 at June 30, 2026. Retrieved September 4, 2026.
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