RREEF Redemptions Use a Two-Week-Old Price. In 2026 It Was Never Above NAV

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

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:

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 is working

It would be a poor reading of this data to file RREEF alongside the funds we cover for locked doors. It belongs in the other column.

• 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.
• July 27, 2026: a Form S-11 filed for a fifth offering. Funds in trouble do not register new shares.

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. RREEF's shareholders are being paid out in full, every month, on request. The finding in this article is worth eight to fifty-three basis points. The finding in those two is worth everything.

The distribution, taken apart

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

Retrieved September 7, 2026. Every price above moves; the NAV moves daily.