RREEF Redemption Plan Suspended: How the Old Price Worked
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Vehicle file: RREEF Property Trust, Inc. — assets, distributions, repurchases and every filing, as filed with the SEC.Open the file →Quick Answer
RREEF Property Trust (SEC CIK 1542447) is a daily NAV REIT whose board suspended its share redemption plan on September 15, 2026, when it approved a plan of liquidation (see the update below). Until then, redemptions worked as described here. The fund publishes a net asset value per share for every business day, on its website and in a monthly Form 424B3 supplement. It also publishes something else, in a separate supplement, that gets far less attention: a single fixed Redemption Price per share for the month.
Those are not the same number, and the reason is timing. The prospectus states the redemption price "is posted on our website at least ten business days before the last business day of the applicable month", while redemptions themselves are effected "as of the closing of the last business day of that month." So a shareholder who redeems receives a price struck roughly two weeks before the transaction happens.
We checked what that cost in 2026. Taking every monthly redemption price supplement and every monthly NAV supplement from January through August, across all seven share classes, gives 56 observations. The redemption price was below the NAV on the day the redemption actually settled 52 times, equal 4 times, and higher zero times. For Class A the gap ran from 0.00% to 0.53%, worst in June 2026 (a $13.09 redemption price against a $13.16 month-end NAV).
This is not a fee and it is not a penalty. It is a stale price, and a stale price has no direction of its own: the direction was supplied by a year in which RREEF's NAV rose, from $12.98 at the end of January to $13.21 at the end of August. In a falling year the same mechanic would pay redeemers more than their shares were worth. What is worth knowing is that in 2026 it never once fell the shareholder's way, and no marketing page mentions the mechanic at all.
Through August the fund was paying: it redeemed $2,668,287, about 1.3% of combined NAV against a 2% monthly cap, and states it "honored 100% of all redemption requests received." The record was not clean in every month, though. Its second-quarter 10-Q says stockholders received 71.3%, 79.4%, 95.6%, 97.5% and 67.6% of the amount requested in January, March, April, May and June 2026, and 100% in February and July. Then on September 15 the board suspended the plan altogether.
Updated October 21, 2026: the redemption plan described here is suspended. In a Form 8-K dated September 15 and filed September 18, 2026, RREEF Property Trust's board unanimously approved a Plan of Complete Liquidation and Dissolution and, effective immediately, suspended its share redemption plan, its distribution reinvestment plan and the sale of shares in its public and private offerings. The plan needs approval from a majority of the shares entitled to vote, at a special meeting expected in early 2027, and the company says it will “endeavor to complete the sale of its assets within 24 months” of that approval (press release). It intends to keep paying monthly distributions in the meantime. The company has not disclosed an estimate of proceeds per share. The last NAV supplement on file is August 31, 2026 (Class A $13.21, Class I $13.31). The redemption-price analysis below covers January to August 2026 and is unchanged. Our full review is at RREEF Property Trust Review.
Key Takeaways
- RREEF Property Trust publishes two different prices: a daily NAV per share, and a separate fixed Redemption Price for the month, each in its own Form 424B3 supplement.
- The prospectus sets the timing: the redemption price is posted at least ten business days before the last business day of the month, and redemptions are effected as of the close of the last business day.
- Verified mechanic: the redemption price equals the NAV from roughly the 12th to the 17th of the same month. August 2026's $13.20 Class A price is the NAV of August 17 and 18; July's $13.14 is the NAV of July 17 to 24; January's $12.94 is the NAV of January 12 to 16.
- Across 7 share classes and 8 months, 56 observations: redemption price below the month-end NAV 52 times, equal 4 times, above it 0 times.
- Class A by month, redemption price against month-end NAV: January -0.31%, February -0.31%, March 0.00%, April -0.08%, May -0.15%, June -0.53%, July -0.08%, August -0.08%.
- The largest single gap in the sample is June 2026: $13.09 paid against a $13.16 NAV on June 30, seven cents, 0.53%.
- This is a stale price, not a discount policy. Its sign is set by the direction of NAV, and RREEF's NAV rose through 2026 (Class A $12.98 at end-January to $13.21 at end-August). In a falling month the mechanic would favour the redeemer.
- It is disclosed. The prospectus states the posting rule plainly. What is not disclosed anywhere is the realised effect, which is what this dataset provides.
- Through August the fund was paying: August redemptions of $2,668,287 (about 1.3% of combined NAV), July $2,590,868 (1.3%), February $3,194,409 (1.6%), each below the 2% monthly cap, with all requests honored in full. In the other months of the first half the 2% or 5% limit bound: stockholders received 71.3% (January), 79.4% (March), 95.6% (April), 97.5% (May) and 67.6% (June) of what they requested.
- Caps are 2% of combined NAV per month and 5% per calendar quarter, calculated on the combined NAV as of the last calendar day of the prior quarter.
- Eight share classes receive an identical $0.07495 gross monthly distribution for August 2026, and the dealer manager and distribution fee then takes it apart: Class A nets $0.06350, Class T $0.06479, Class T2 $0.06544, Class I $0.06904, and Classes D, M-I, N and Z net the full $0.07495.
- RREEF filed a Form S-11 for a fifth offering on July 27, 2026. Less than two months later, on September 15, 2026, its board approved a plan of complete liquidation and suspended the redemption plan, the distribution reinvestment plan and both offerings. This is now a fund winding down; a stockholder vote is expected in early 2027.
CSV · data table
RREEF redemption price against month-end NAV, 2026
Fifty-six rows covering seven share classes and eight months: the published redemption price, the NAV on the last business day of the month, the gap in dollars and per cent, the monthly redemption volume and its percentage of NAV, and the accession numbers of both source supplements.
The two prices, and why they differ
A daily NAV REIT sounds like it removes the pricing problem that plagues the monthly-NAV vehicles we usually write about. RREEF publishes a NAV for every business day, on its website and on an automated telephone line, and the monthly supplement reproduces all of them in a table.
Redemptions do not use that table. They use a single number posted separately, in its own supplement, ahead of time. Both sentences are in the same document:
"The Redemption Price per share for each class of our common stock is posted on our website at least ten business days before the last business day of the applicable month."
"…we will only redeem shares as of the closing of the last business day of that month. To have your shares redeemed, your redemption request and required documentation must be received in good order by 4:00 p.m. (Eastern time) on the second to last business day."
The reason for the design is not mysterious: a shareholder deciding whether to redeem should know the price before the deadline to ask, and a price that moves daily cannot be known in advance. The cost of that certainty is that the price is old by the time it is used.
What it was actually worth in 2026
| Month | Redemption price | NAV, last business day | Difference | Per cent |
|---|---|---|---|---|
| January 2026 | $12.94 | $12.98 | -$0.04 | -0.31% |
| February 2026 | $13.02 | $13.06 | -$0.04 | -0.31% |
| March 2026 | $13.12 | $13.12 | $0.00 | 0.00% |
| April 2026 | $13.11 | $13.12 | -$0.01 | -0.08% |
| May 2026 | $13.10 | $13.12 | -$0.02 | -0.15% |
| June 2026 | $13.09 | $13.16 | -$0.07 | -0.53% |
| July 2026 | $13.14 | $13.15 | -$0.01 | -0.08% |
| August 2026 | $13.20 | $13.21 | -$0.01 | -0.08% |
Eight months, seven classes, 56 observations. Fifty-two below, four equal, none above.
If the price were simply noisy, roughly half the observations should land on each side. They do not, and the explanation is in the NAV series rather than in the policy: Class A went from $12.98 at the end of January to $13.21 at the end of August, so a price fixed two weeks early in a rising market is a price fixed lower. The mechanic is neutral. The year was not.
Which means the honest way to state the finding is conditional: in a year when the NAV rises, a redeemer at RREEF gives up a few basis points by construction; in a year when it falls, the same rule hands them a few basis points. Nothing in the documents caps that in either direction.
Verifying that the redemption price is a real NAV, not an estimate
If the redemption price were a valuation of its own, this would be a different and more serious article. It is not. It is a NAV, just an earlier one, and it can be matched to the day:
| Month | Class A redemption price | Business days in the month's NAV table | Days whose NAV equals it |
|---|---|---|---|
| January 2026 | $12.94 | 20 | January 12, 13, 14, 15, 16 |
| June 2026 | $13.09 | 21 | June 15, 16, 17, 18 |
| July 2026 | $13.14 | 22 | July 17, 20, 21, 22, 23, 24 |
| August 2026 | $13.20 | 21 | August 17, 18 |
In every case the matching days sit in the middle of the month, consistent with a price struck about ten business days before the month ends, exactly as the prospectus describes. Nothing here is undisclosed or irregular. It is a documented rule whose realised cost had simply never been added up.
The part of RREEF that was working, and what changed
It would have been a poor reading of this data to file RREEF alongside the funds we cover for locked doors, at least through the summer. The redemption plan paid out every month, though not always in full:
- August 2026: redeemed $2,668,287, about 1.3% of combined NAV, against a 2% monthly cap. The supplement states: "As the total requested was below the 2% monthly limit, then per the terms of our share redemption plan, we honored 100% of all redemption requests received."
- July 2026: $2,590,868, about 1.3%. February 2026: $3,194,409, about 1.6%. Same outcome.
- January, March, April, May and June 2026: requests exceeded the monthly or quarterly limit and stockholders received 71.3%, 79.4%, 95.6%, 97.5% and 67.6% of the amount requested (second-quarter 10-Q).
- July 27, 2026: a Form S-11 filed for a fifth offering.
- September 15, 2026: the board approved a plan of complete liquidation and suspended the redemption plan, the distribution reinvestment plan and the offerings. The offering filed seven weeks earlier is now moot.
Compare that with Starwood's SREIT, which has accepted no ordinary repurchase request since April 29, 2026, or Streitwise, which suspended its redemption plan on July 1 with a quarter of its shares in the queue. Until September 15, RREEF's shareholders were being paid in full in the months when requests stayed under the cap and pro rata in the months when they did not; since then no one is being paid, and the only route out is the liquidation. The finding in this article is worth eight to fifty-three basis points. The finding in those three is worth everything.
The distribution, taken apart
| Class | Gross | Dealer manager and distribution fee | Net | Kept |
|---|---|---|---|---|
| Class A | $0.07495 | -$0.01145 | $0.06350 | 84.7% |
| Class T | $0.07495 | -$0.01016 | $0.06479 | 86.4% |
| Class T2 | $0.07495 | -$0.00951 | $0.06544 | 87.3% |
| Class I | $0.07495 | -$0.00591 | $0.06904 | 92.1% |
| Class D | $0.07495 | $0.00000 | $0.07495 | 100% |
| Class M-I | $0.07495 | $0.00000 | $0.07495 | 100% |
| Class N | $0.07495 | $0.00000 | $0.07495 | 100% |
| Class Z | $0.07495 | $0.00000 | $0.07495 | 100% |
The portfolio is identical for all eight. The 15.3 percentage point spread between Class A and Class Z is entirely distribution channel, and at $0.01145 a month on a $13.20 share it runs to roughly 104 basis points a year. That is more than ten times the size of the redemption-price effect this article is about, and it is charged every month rather than once on the way out. Anyone worried about the two-week price should be far more worried about which class they were sold.
Sources
All primary, from SEC EDGAR, RREEF Property Trust, Inc., CIK 0001542447. The dataset carries the accession number of both source supplements for every row.
- Form 424B3 monthly redemption price supplements, January to August 2026 — the Redemption Price per share for each class, and the posting and settlement rules quoted above. August 2026 is Supplement No. 10 dated August 18, 2026, accession 0001542447-26-000100
- Form 424B3 monthly price supplements, January to August 2026 — the daily NAV per share tables and the monthly redemption volume and honoring statements. August 2026 accession 0001542447-26-000106
- Form 8-K, filed September 1, 2026, accession 0001542447-26-000108 — Item 8.01, the August 2026 distribution by class with the dealer manager and distribution fee deduction
- Form 10-Q, quarter ended June 30, 2026, filed August 13, 2026, accession 0001542447-26-000098
- Form S-11, filed July 27, 2026, accession 0001542447-26-000089 — the fifth offering
- Form 8-K, dated September 15 and filed September 18, 2026, accession 0001542447-26-000110 — Item 8.01, the plan of complete liquidation and dissolution and the suspension of the redemption plan, the distribution reinvestment plan and the offerings, with the plan (exhibit 2.1) and the press release (exhibit 99.1)
- Form 8-K, filed October 1, 2026, accession 0001542447-26-000112 — September 2026 distribution
Retrieved September 7, 2026; updated October 21, 2026 for the suspension of the redemption plan. Every price above moves; the NAV moves daily.
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