Cantor Fitzgerald Income Trust Review: NAV Down 23%, Gated

Updated October 9, 2026 — the NAV decline recomputed, and what the latest filings add. We recomputed the decline from the Class I NAV per share in CFIT's own filings: $26.95 at November 30, 2022 (Supplement No. 5 of December 16, 2022; the September and October 2022 values were $26.94 and $26.92) to $20.78 at August 31, 2026 (Supplement No. 5 of September 15, 2026). That is 22.9% lower (our arithmetic). Measured to December 31, 2025 ($20.10) it was 25.4%, and to the November 2025 low ($19.43) 27.9%, so "about 24%" or "about 25%" depends on the end date; we now state the date each time. Since the Q2 10-Q: leverage fell, with loans payable of $568.5 million against $1.191 billion of total assets at June 30, 2026, about 47.8% (our arithmetic) against about 52% at year-end; repurchases in the first half of 2026 were 1,115,772 shares for $22.6 million, against 825,250 shares for $16.8 million in the first half of 2025; and the board declared the September distribution at 5.00% of NAV ($0.083712 per Class I share, October 6) and a $0.59375 quarterly dividend on the 9.50% preferred (October 2, payable November 2). The September 30 NAV and the September repurchase fill rate were not yet published as of this update; the August supplement came out on September 15, so we expect the next one in mid-October.

Update — October 2026: the Q2 10-Q, the August NAV, and a fund that has changed shape

This page was first written from filings through the Q1 2026 10-Q. Since then CFIT has filed its Form 10-Q for the quarter ended June 30, 2026 (August 13, accession 0001193125-26-349682) and two prospectus supplements with the July and August NAV (August 14, accession 0001193125-26-352475; September 15, accession 0001193125-26-391987). We read all three. Three things changed, and one did not.

What did not change: redemptions are still rationed. Requests exceeded the 2%-monthly and 5%-quarterly caps again in the second quarter, and the 10-Q says the fund filled 43.1% of requests in April, 49.1% in May and 38.4% in June. The supplements add 37.3% for July and 52.3% for August, about $4.4 million each month. No month since November 2025 has been paid in full. In the second quarter the fund bought back 561,441 shares for $11.4 million.

1. NAV per share has edged up. Class I was $20.37 at June 30, $20.63 at July 31 and $20.78 at August 31, 2026, against $20.22 at March 31. It is still about 23% below the $26.95 peak of November 2022 (our arithmetic).

2. Half the fund now belongs to people who came in through Cantor's DSTs. On February 1, 2026 the operating partnership issued 3,730,153 OP units ($74,970,355) to take the remaining 95% of the Pearland DST under its fair-market-value option and, through tender offers, interests in seven more DSTs (ON3, West End, Palms, Kacey, Valencia, Industry and Net Lease). On June 1 it issued 4,036,275 OP units ($82,087,912) for 100% of the Archer DST and 53.79% of the Westchester DST. With the April preferred offering, the September supplement says CFIT "has issued a total of $187.2 million of capital in 2026." The result, at August 31: an aggregate NAV of $436.1 million over 20,986,471 shares and units, of which 10,399,177 are common shares and 10,587,294 are OP units held by third parties (our sum of the class table), about 50% each. At December 31, 2025 the NAV had been $284.4 million over 14.1 million. On the balance sheet, non-controlling interests in the operating partnership went from $54.4 million to $207.5 million in six months.

Why it matters to a common shareholder: the exchanges made the fund bigger without bringing in cash. The roughly $4.4 million repurchased each month is close to 2% of the NAV of the common shares alone ($216.1 million at August 31, our sum of the class table), and about 1% of the $436.1 million aggregate. The repurchase program sets its cap at 2% of "aggregate NAV" without saying, in the filings we read, whether OP units count. Nor do they say how many of the new unitholders will want out, or when.

3. It is no longer an office-and-warehouse fund. By value, the portfolio at August 31, 2026 was 51.2% multifamily (29.9% at December 31, 2025), 22.7% single-tenant office (26.1%), 13.6% necessity retail (16.8%) and 8.6% distribution/logistics (24.3%), with life sciences 2.6% and data center 1.4%. Maryland fell from 20.8% to 14.4% and Ohio from 26.7% to 10.8%; Georgia (11.2%) and New York (8.9%) are new. The older table further down this page shows December 2025.

4. The payout was covered in the second quarter, not in the half. The 10-Q attributes 100% of the $2,744,891 declared in Q2 to operating cash flow, after 0% in Q1; for the first half, 50% operating cash flow and 50% offering proceeds. MFFO was $2,460,023 in the quarter, about 90% of what was declared (our arithmetic). At August 31 the fund had $2.4 million of cash excluding restricted cash and $44.4 million of undrawn credit facility.

Why this review exists: a Wall Street name on a redemption-stressed fund

CrowdfundedWealth's 2026 non-traded NAV REIT cluster is built around a single forensic question: through the 2022 to 2026 rate shock, did the redemption window stay open, and was the distribution actually earned? The cluster runs from the disciplined leaders — JLL Income Property Trust (4.0) and Nuveen Global Cities REIT (3.9) — down to Starwood's SREIT (2.0), which suspended almost all redemptions in 2026.

Cantor Fitzgerald Income Trust lands near the bottom of that range, and it gets there by failing the cluster's central test more often than not. CFIT is a serial gater: from October 2023 through March 2026 it pro-rated redemptions in 8 of 10 quarters, and in March 2026 it filled about 17% of what holders requested. That, together with a 25% NAV decline from the November 2022 peak to December 2025 (about 23% by August 2026) and a distribution that its own MFFO covered about half, is the spine of this review.

There is also a naming history worth getting straight. CFIT was incorporated on February 2, 2016 as Rodin Global Access Property Trust, Inc., was renamed Rodin Global Property Trust, Inc. on September 12, 2016, and took the Cantor Fitzgerald Income Trust name on July 30, 2020. If you find older "Rodin Global Property Trust" coverage online, it is describing the same entity (SEC CIK 1666244).

This review is built from primary SEC EDGAR filings under CIK 1666244 — the FY2025 10-K (filed March 24, 2026), the Q1 2026 10-Q, the prior 10-Ks and 10-Qs for the redemption history, the January 2026 8-K on the fee cuts, and the Series A preferred prospectus. Figures run through the Q1 2026 10-Q unless a later date is given.

The redemption record: pro-rated in 8 of 10 quarters

This is the forensic centerpiece. CFIT runs a standard non-traded-REIT share repurchase program capped at 2% of NAV monthly and 5% quarterly, and shares held less than a year are repurchased at 95% of the price. The board can amend or suspend it. The question is how it has actually performed under stress — and the filings answer month by month.

Read the pattern plainly. From October 2023 through March 2026, CFIT's repurchase requests exceeded its caps in 8 of 10 quarters, including all four quarters of 2024. The two lowest months were March 2024 (26%) and March 2026 (17%) — in March 2026 a holder who asked to sell got back roughly one share in six. The only break was the first half of 2025.

Two structural facts make this worse than it looks. First, the fund is shrinking: it repurchased 2.80 million shares ($59.6 million) in 2024 and 2.02 million ($40.4 million) in 2025, and common shares outstanding fell from about 12.6 million to about 11.1 million over 2025. A REIT that is contracting while repeatedly rationing redemptions is a fund whose investors are, on net, trying to leave faster than the structure permits. Second, the January 2026 amendment gives priority only to accounts holding less than $2,500, which are repurchased in full first; everyone else is pro-rated from what remains. Redemption Discipline scores 2.0 — this is gated-cluster behavior, closer to SREIT than to any never-gated peer.

NAV: 23% below the November 2022 peak (Class I, to August 2026)

CFIT prices a monthly NAV. Its trajectory is among the weakest in the cluster.

The method, so you can check it: Class I NAV per share of $26.95 at November 30, 2022 to $20.78 at August 31, 2026 is 22.9% lower; to $20.10 at December 31, 2025 it was 25.4% lower, and to the $19.43 low of November 2025, 27.9% (all our arithmetic; the dates are in the table above). The year-end 2025 drawdown of about 25% was comparable to INREIT and SREIT and among the deepest in the cluster. The filings do not split the decline by property type, so we cannot say how much of it came from any one sector. What they do say is that 26.1% of the portfolio is single-tenant office and that work-from-home and hybrid schedules "may cause office tenants to reassess their long-term physical space needs." The sharp November 2023 markdown landed in the second month of pro-rated redemptions, a reminder that NAV declines and liquidity stress feed each other.

The honest read: CFIT is not a stable-NAV fund that weathered the downturn. It took about a quarter off its per-share value and has stabilized in the low $20s, not recovered. Performance / NAV Resilience scores 1.8 — the weakest dimension in this review.

The distribution: a 35% smaller payout, and MFFO covered about half

Through November 2025, CFIT declared $0.004234973 per share per day, about $1.55 a year. Beginning in December 2025, it switched to an annualized 5.00% of NAV per share class — about $1.00 a year at the $20.10 December NAV, or roughly 35% less per share (our arithmetic). The filings call it a transition; for a holder, it is a smaller check.

Coverage depends on which line you read.

The honest synthesis: the 10-K's source-of-cash table says operating cash paid the whole FY2025 distribution, but MFFO — the non-traded REIT industry's own measure of recurring operating earnings — covered about 47% of it, and the operating cash figure is consolidated with Delaware Statutory Trusts that belong mostly to outside investors. And the 100% label did not survive the new year: for the first quarter of 2026, the 10-Q lists offering proceeds — money from new investors — as the source of all $2.8 million declared. Over the fund's life, about 14% of cumulative cash distributions came from borrowings and offering proceeds. The return-of-capital tax characterization for 2025 is not broken out in the 10-K (it appears on the annual 1099-DIV). Distribution Quality scores 2.8.

The NYSE listing that doesn't make the common shares liquid

This is the most important thing for a casual reader to understand, because it is easy to get exactly backward. In April 2026, CFIT listed a security on the New York Stock Exchange. But the listed security is a 9.50% Series A Cumulative Redeemable Preferred Stock (ticker CFTR-PRA): 800,000 shares with a $25.00 liquidation preference, about $20 million of face value and about $17.6 million of estimated net proceeds. The common NAV-REIT shares — the ones a retail investor in CFIT actually owns — remain non-traded and illiquid.

The FY2025 10-K says the company "currently has no plans to list the Company's shares of common stock on a national securities exchange." So a holder of CFIT common stock cannot sell on the NYSE. Their only routine exit remains the share repurchase program — the same program that pro-rated requests in 8 of the 10 quarters through March 2026. The preferred listing does nothing to change that. It also adds a claim that ranks senior to the common stock for dividends and in liquidation, at a 9.50% coupon, and if preferred dividends fall behind, the company is restricted from paying dividends on or repurchasing junior shares. An investor who reads "Cantor Fitzgerald Income Trust is on the NYSE" and infers that their common shares are now liquid would be making a costly error that the filings flatly contradict.

Portfolio: diversified, with a quarter in single-tenant office

CFIT's portfolio is diversified by sector. The breakdown in the FY2025 10-K:

The diversification is real. But 26.1% single-tenant office is a heavy weight in the property type that has driven many of the cluster's worst NAV declines. The other structural feature is the DST layer: CFIT's operating partnership holds options to require investors in DSTs sponsored by an affiliate of its adviser to exchange their interests for OP units and cash, and it consolidates several of those DSTs even where it owns 5% or 10% of them. That makes the consolidated balance sheet look much larger than the common shareholders' stake, and it adds related-party fee flows (more on that below). Portfolio Quality scores 2.3.

Leverage and balance sheet

Loans payable (net) were $595.6 million against $1.137 billion of total assets at December 31, 2025, about 52% of total assets — but that ratio is consolidated, and it includes DSTs whose equity belongs mostly to outside investors. Of the $470.3 million of total equity, $300.3 million is non-controlling interests; the controlling interest is $170.0 million. For the common shareholder, the more useful number is the NAV of $284.4 million across 14.1 million shares and OP units. CFIT uses an interest rate swap and an interest rate cap, and its Citizens Bank credit facility was increased to $150 million in July 2025, with an option to expand to $250 million. By June 30, 2026 the consolidated ratio had come down: loans payable of $568.5 million against $1.191 billion of total assets, about 47.8% (our arithmetic), with approximately $28.9 million outstanding under the Citizens facility and total equity of $558.8 million. In the August 31, 2026 NAV statement debt is carried at fair value of $542.2 million against $1.268 billion of gross assets at fair value, about 42.7% (our arithmetic). For a low-leverage comparison, JLL Income Property Trust reported a 29% leverage ratio at June 30, 2026. Leverage scores 3.0.

Fees: cut in January 2026, after the drawdown

Through 2025, CFIT paid its adviser an asset management fee of 1.20% of NAV a year — $3.6 million in 2025 and $3.6 million in 2024 — and carried a 12.5% performance participation allocation. Effective January 1, 2026, it cut both, in an 8-K filed January 7, 2026.

The January 2026 cuts are real and shareholder-friendly. The timing still matters: holders paid the 1.20% management fee throughout the 2023 to 2025 NAV decline. The performance allocation, on the other hand, was not being earned in the drawdown — no allocation was accrued at December 31, 2025, and the special unit holder's last $9.6 million entitlement had been paid in full by the first quarter of 2023. So the cut to 5.0% matters for a future recovery, not for the past three years. One more caveat on how long the cut lasts: the 8-K of December 15, 2025 that announced it also says: "Upon the expiration of the current public offering in 2027, the Company expects the follow-on offering to revert to the then-current market fee levels." Fee Structure scores 2.8.

Sponsor: a real platform, heavy conflicts, and a marquee departure

The sponsor is the part of the story that keeps CFIT from rating lower. Cantor Fitzgerald is a large financial-services firm: the April 2026 preferred prospectus puts Cantor's asset-management platform at about $20 billion of assets under management and advisement, with about $4.0 billion of commercial real estate assets under management. This is not a thinly resourced sponsor.

But three things temper the sponsor credit. First, the structure is full of related-party relationships: the adviser is a subsidiary of the sponsor, the dealer manager is Cantor Fitzgerald & Co., and the DSTs whose investors can be rolled into the REIT are sponsored by an affiliate of the adviser. Second, 2025 brought heavy turnover at the top: Howard Lutnick stepped down as chairman and CEO on February 18, 2025, the day the Senate confirmed him as U.S. Secretary of Commerce; on March 5, 2025 the company appointed William Ferri as CEO and Brandon Lutnick, his son, to the board; and CFO Paul Pion stepped down on September 1, 2025. Third, a Cantor affiliate added to its stake while outside holders were being pro-rated: according to a Schedule 13D filed May 6, 2026, CF Real Estate Holdings bought 478,641 Class I shares at $19.43 on January 2, 2026 ($9.3 million), taking it to about 6.36% of the common stock, and bought 100,000 of the new preferred shares in April. Sponsor Credibility scores 3.3 — a real platform, with governance features an investor should weigh carefully.

How CFIT fits the NAV REIT spectrum

CFIT lands at 2.3, above only SREIT among the 14 non-traded NAV REITs in our ranking. It edges above SREIT because it has not suspended ordinary redemptions and because its adviser cut fees — but it sits below BREIT and INREIT (both 3.0) because of the repeated pro-ration, the 25% NAV decline, the smaller payout with thin MFFO coverage, the office exposure, and a small, shrinking, related-party-heavy structure. The January 2026 fee cut and the Cantor parent are what keep it at 2.3 rather than lower.

Who CFIT is — and is not — for

CFIT makes sense for a narrow investor: someone who specifically wants Cantor Fitzgerald-sponsored real estate exposure through an adviser, values the reduced fees, and can accept a multi-year illiquidity profile with a real chance of being pro-rated when they try to exit. For that investor, treating it as a long hold and understanding the gating record up front, it is a defensible (if low-conviction) allocation.

It is a poor fit for almost everyone else. It is wrong for an investor who needs liquidity — requests were pro-rated in 8 of 10 quarters through March 2026, down to 17%, and the NYSE preferred listing does nothing to help common holders sell. It is wrong for an investor buying on the assumption of a stable NAV (25% below peak) or a stable payout (about 35% smaller since December 2025). And it is wrong for anyone uncomfortable with a quarter of the portfolio in single-tenant office, a pervasive related-party structure, or being an outside holder while a Cantor affiliate adds to its stake.

The honest summary: CFIT is a small, repeatedly-gated NAV REIT with a quarter in single-tenant office, a credible parent and recently cut fees. The fee cut is welcome, but the redemption record, the NAV decline and the smaller distribution are the facts that define it — and the NYSE listing is not the liquidity event it sounds like.

ProsCons

FAQ

Verdict

Cantor Fitzgerald Income Trust earns 2.3 out of 5 in this forensic SEC-primary-source review; among the 14 non-traded NAV REITs in our ranking, only Starwood's SREIT rates lower. The case against it is concrete and filing-backed. CFIT is a serial gater: it pro-rated redemptions in 8 of the 10 quarters from October 2023 through March 2026, with fulfillment down to 26% in March 2024 and 17% in March 2026, in a fund that is shrinking as investors try to leave. Its Class I NAV per share fell 25.4% from the November 2022 peak to December 2025 and was still 22.9% below it at August 31, 2026 (our arithmetic). Its payout became about 35% smaller in December 2025, and FY2025 MFFO covered about 47% of what it declared. And it is small and built on a related-party architecture in which a Cantor affiliate added to its stake while outside holders were pro-rated.

The offsets are real but limited. The January 2026 fee cut (asset management fee from 1.20% to 0.75%, performance allocation from 12.5% to 5.0%) is shareholder-friendly, though holders paid the 1.20% fee through the entire drawdown. The 10-K attributes the FY2025 distribution to operating cash flow, although the Q1 2026 10-Q attributes that quarter's entirely to offering proceeds. And Cantor Fitzgerald is a credible parent. But the most important thing for a prospective investor to understand is what the April 2026 NYSE listing is not: it is a 9.50% preferred (CFTR-PRA), and the common NAV-REIT shares remain non-traded and illiquid.

For an investor weighing it: read the FY2025 10-K, the Q1 2026 10-Q and the later 10-Qs directly, and focus on the monthly repurchase fulfillment notes, the NAV table, the MFFO reconciliation and the non-controlling interests on the balance sheet — those are the figures that actually matter.

Sources

• Form 10-Q for the quarter ended June 30, 2026 (accession 0001193125-26-349682)
• 424B3 Supplement No. 4, August 14, 2026 — July 31, 2026 NAV and July repurchases (accession 0001193125-26-352475)
• 424B3 Supplement No. 5, September 15, 2026 — August 31, 2026 NAV, August repurchases and portfolio mix (accession 0001193125-26-391987)
• Form 8-K, September 8, 2026 — August 2026 distribution at 5.00% of NAV

Primary SEC EDGAR filings:

• Cantor Fitzgerald Income Trust — CIK 1666244 EDGAR filings index
• Annual Report on Form 10-K (FY2025, filed March 24, 2026) — NAV table, Q4 2025 repurchases, sources of distributions, MFFO, balance sheet, portfolio mix, fees, officers
• Quarterly Report on Form 10-Q (Q1 2026) — Q1 2026 repurchases and March 31, 2026 NAV
• Annual Report on Form 10-K (FY2024) — Q4 2024 repurchases
• Annual Report on Form 10-K (FY2023) — Q4 2023 repurchases
• Quarterly Reports on Form 10-Q for Q1 2024, Q2 2024, Q3 2024, Q1 2025, Q2 2025 and Q3 2025 — monthly repurchase fulfillment
• Form 8-K filed December 15, 2025 — announcement of the fee cuts and the expected reversion for a post-2027 offering
• Form 8-K filed January 7, 2026 — fee cuts and the Fourth Amended and Restated Share Repurchase Program
• 424B1 — 9.50% Series A Preferred prospectus (NYSE: CFTR-PRA) — cumulative distributions and sponsor figures
• Form 8-K filed April 10, 2026 — Articles Supplementary for the preferred
• Schedule 13D filed May 6, 2026 — CF Real Estate Holdings, Cantor Fitzgerald, L.P., Brandon Lutnick

Peer figures come from CrowdfundedWealth's individual reviews and its ranking of non-traded NAV REITs, each built from that issuer's filings.

Corrected September 16, 2026. This review previously said CFIT pro-rated redemptions only in the fourth quarters of 2023, 2024 and 2025 and in the first quarter of 2026 (its 10-Qs also disclose pro-ration in every quarter of 2024 and in the third quarter of 2025); gave "total net assets about $470 million" (that is consolidated GAAP equity, $300.3 million of it owned by outside DST investors; NAV was $284.4 million); described the December 2025 distribution change as a reset without saying it paid about 35% less, did not give FY2025 MFFO, or that the Q1 2026 10-Q attributes all of that quarter's distributions to offering proceeds; dated the NAV peak to February 2023 at $26.45 (the Class I NAV was $26.95 at November 30, 2022, so the decline to December 2025 is 25%, not 24%); said FY2025 coverage "improved" (the 10-K shows the same 100% label for 2024); described the data center as a property (it is a fund commitment); omitted that multifamily is the largest allocation; attributed the NAV decline mainly to office, which the filings do not do; said the adviser earned performance fees during the drawdown (none were accrued; the last entitlement was paid by early 2023); called the fee cut "quiet" (it was filed on Form 8-K); gave Cantor's $20 billion as AUM (it is assets under management and advisement); linked the Schedule 13D's joint filing agreement instead of the filing; mixed operating-cash and tax-label measures in the peer table; and said CrowdfundedWealth earns nothing on the page, which carries a paid advisor-referral box.

Corrected October 9, 2026. The title of the data table on this page said the NAV was down “about 24%”, a figure no stated end date supports. Class I NAV per share fell from $26.95 (November 30, 2022) to $20.78 (August 31, 2026), 22.9%, and by 25.4% to December 31, 2025 (our arithmetic); the table title now names neither.