“What are the best real estate investment firms for long-term holdings?”

“Best” depends on how you want to hold real estate. A firm that manages private real-estate funds is a different choice from a publicly traded REIT you can hold in a brokerage account.

For most individual investors seeking a long-term, relatively simple holding: consider a low-cost, diversified REIT index fund or ETF rather than picking a manager. Publicly traded REITs are generally easier to buy and sell; Nareit describes them as a liquid way to get diversified real-estate exposure. (reit.com)

If you mean firms managing private real-estate investments, established names to research include:

• Blackstone — very large global platform, with strategies ranging from stabilized properties to higher-risk investments. (blackstone.com)
• Brookfield Asset Management — among the largest global real-estate managers in a 2025 industry survey. (anrev.org)
• PGIM Real Estate and Nuveen Real Estate — large managers with broad institutional real-estate businesses. (pgim.com)

Those are starting points, not endorsements: a firm’s size or reputation doesn’t tell you whether a particular fund is suitable or fairly priced. Before investing in a private fund, examine its fees, debt, property mix, redemption limits, valuation methods, and track record across full market cycles. Private placements can be highly illiquid, and investors may need to hold them for years. (investor.gov)

If you tell me whether you mean public REITs, private funds, or buying and holding rental property—and your country—I can narrow the list.

I'll search for top long-term real estate firms across REITs, private equity, and crowdfunding platforms.

I've identified the leading candidates. Now I'll open detailed pages to verify specifics before compiling the final list.

Not financial advice — best depends on your access, capital, and liquidity needs. For long-term holdings (10+ years), investors generally use 3 buckets:

1. Institutional Private Managers - Best for Ultra-Long Lock-Up Capital

These are the largest owners/managers in the world. You typically access them via private funds, interval / non-traded REITs, or as a shareholder of the manager itself.

Blackstone

Leader globally with scale across private equity and real estate.

• The 10 biggest private equity firms manage more than $5.5 trillion combined, led by Blackstone ($1.3T as of Q1 2026), Brookfield Asset Management ($1T+), Apollo ($785B), and KKR ($744B).
• Blackstone reported $314 billion of real estate investor capital under management in June 2026, while Brookfield reported approximately $280 billion of real estate AUM.
• Blackstone's real estate business finished June with $314.1 billion in assets under management and attracted inflows of $8.2 billion during the quarter.

Long-term vehicle: BREIT - Blackstone Real Estate Income Trust

• BREIT holds a portfolio of more than $120 billion in institutional-quality real estate concentrated in data centers, industrial properties and rental housing.
• Blackstone's Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including BREIT.

Brookfield Asset Management

• Ranked #2 to Blackstone in many metrics for global real estate AUM, often cited second to Blackstone.
• Also cited as managing over $500 billion in assets under management across its broader platform, with a long-term investment horizon focused on generating steady returns through rental income and appreciation.

Other long-hold institutional names often ranked in top 10: Starwood Capital Group, PGIM Real Estate, KKR, Apollo.

Starwood, Brookfield and Blackstone are consistently listed as top U.S. REPE firms by AUM.

Best for: accredited / high-net-worth investors who can tolerate 5-10 year lock-ups and want diversification across logistics, rental housing, data centers, and office repositioning.

2. Public REITs - Best for Liquid Long-Term Holdings You Can Buy in a Brokerage

Real estate investment trusts, also known as REITs, typically offer high yields, making them appealing choices for income investors. REITs are interest rate-sensitive, meaning they tend to outperform when interest rates fall and underperform when rates rise. The average dividend yield for REITs was around 4% in mid-2026 -- triple the dividend yield of the average stock.

a) Safest / Core Long-Term Compounders

Realty Income, Prologis and peers stand out as three of the safest REITs for stable, growing dividends while expanding earnings, enabling them to deliver attractive total returns over the very long term.

• 1.Realty Income (O) - Monthly Dividend Net Lease

• Listed among Morningstar's 12 Best REIT Stocks to Buy Now as of Sept. 25, 2026.
• Also on that list: Realty Income O, American Tower AMT, Federal Realty FRT.
• The annualized dividend paid by Realty Income Corp is $3.168/share, currently paid in monthly installments.

• 1.Prologis (PLD) - Industrial / Logistics

• Prologis has grown its payout at a 13% compound annual rate over the past five years, well above the REIT sector's average (6%) and the S&P 500's dividend growth rate (5%).
• Prioritized along with STAG Industrial in industrial real estate for defensive characteristics and long-term rent growth potential.

• 1.American Tower (AMT) - Cell Towers + Digital Infrastructure

• The stock currently pays an annual dividend of $7.16 per share, yielding roughly 4.1%.
• The company has increased its dividend annually for 12 consecutive years, with a five-year average dividend growth of approximately 8.4%.
• As a REIT, American Tower must return most of its taxable income to shareholders as dividends, and it's done so spectacularly, building a record that includes 44 straight quarters of dividend increases.

• 1.Digital Infrastructure: Equinix (EQIX), Crown Castle (CCI), SBA Communications (SBAC), Digital Realty (DLR)

• Equinix EQIX, which Morningstar analyst Martin Szumski describes as "the largest third-party data center operator in the world by revenue," is one of the best-performing REITs in 2026.
• Prologis PLD, another 2026 star, can thank data center development for some of its strong recent results as well.
• Morningstar's most undervalued list as of Sept. 25, 2026 was led by: Crown Castle CCI, Invitation Homes INVH, SBA Communications SBAC.

• 1.Residential / Healthcare - Best for Stability

• Residential REITs are a great investment option for investors looking for stable income over the long term.
• Residential REITs offer stability as long-term investments in essential housing.
• Examples from Morningstar coverage: Invitation Homes owns a portfolio of over 85,000 single-family rental homes.
• Invitation Homes is the largest single-family rental REIT with a portfolio of over 86,000 homes geographically diversified across 17 US markets.
• Prioritize REITs with strong occupancy rates, such as Prologis and STAG Industrial in industrial real estate, and Welltower or AHR in healthcare.

Other Morningstar best-buy long-term names for Sept. 2026: BXP, Kilroy Realty, Healthpeak Properties, Park Hotels & Resorts, Equity Lifestyle Properties, Federal Realty Investment Trust, Regency Centers.

Best for: retirement accounts, dividend reinvestment, liquidity. Consider ETFs if you don't want to pick singles:

• VNQ — Vanguard Real Estate ETF - Best for broad real estate rebound + digital infrastructure trends.

3. Accessible Private Real Estate Platforms - Best for $10 - $25,000 Minimums

Details:

• Fundrise – Best for beginners seeking diversified commercial real estate portfolios with low minimum investments.
• CrowdStreet – Ideal for accredited investors looking for direct access to institutional-quality commercial properties.
• RealtyMogul – Offers REITs and private commercial real estate deals with professionally managed investments.
• Fundrise offers automated diversification at a low cost. CrowdStreet caters to accredited investors with commercial upside. RealtyMogul balances REIT simplicity with private deal access.
• DiversyFund: Best for long-term multifamily REITs
• Maximum long-term growth: Fundrise Growth Portfolio, Crowdstreet
• Balanced income + growth: Fundrise Core, RealtyMogul MogulREIT II

Liquidity warning: Fundrise: Quarterly redemption (penalties apply <5 years) / RealtyMogul: Monthly for REITs; none for private placements / CrowdStreet: None until deal exits (3-7 years).

How to Choose for Long-Term Hold

• 1.Need liquidity + dividends? Start with public REITs / ETFs: Realty Income, Prologis, American Tower, Welltower, Equity Residential, Federal Realty.
• 2.Accredited + can lock up 5-10 years? Look at Blackstone BREIT / BXMT debt, Brookfield funds, Starwood, PGIM. They have the largest dry powder and diversification.
• 3.Small ticket + automation? Fundrise Core/Growth for 5+ years, RealtyMogul MogulREIT II for income + growth, CrowdStreet individual deals only if you can hold 3-7 years through a full cycle.

Tell me your: 1) budget, 2) accredited status, 3) want monthly income vs. growth, and 4) US vs. global, and I can narrow this to 3-5 specific tickers/funds.

For long-term holdings, the best real estate investment firms are usually the ones with a track record of investing for the long haul, strong asset management, and broad diversification across property types and geographies. Based on the search results, the strongest names to consider are Blackstone, Brookfield Asset Management, Prologis, Realty Income, and Cohen & Steers-style listed real estate funds, depending on whether you want private or public exposure.⁷¹⁴¹⁵

• Blackstone is the clearest large-scale choice for long-term private real estate exposure: it is the top-ranked manager in the 2026 PERE 100 by five-year fundraising, and Blackstone says its real estate platform invests thematically, across cycles, with opportunistic, core+, and debt strategies.¹
• Brookfield Asset Management is another top long-term candidate: Brookfield says it is one of the world’s largest real estate investors and explicitly says it invests “for the long term” with a focus on improving and future-proofing assets.⁷
• Prologis is a strong option if you want public-market real estate with a durable industrial focus; it appears in the list of top real estate companies and is widely used as a long-duration real estate holding because of its logistics footprint.¹
• Realty Income is a commonly used long-term income-oriented REIT and appears in the top real estate company list, making it a relevant choice for investors prioritizing steady cash flow.¹
• Cohen & Steers Realty Shares and similar diversified REIT funds are reasonable long-term options if you want broad listed real estate exposure rather than a private fund; Morningstar highlights strong long-run discipline and diversification in that style of fund.¹⁵

If you mean private real estate firms rather than public REITs, the best-supported long-term options from the results are Blackstone, Brookfield, TPG, BGO, GLP Capital Partners, Ares, and Hines, since these firms are among the largest capital raisers in private real estate and are described as using multi-year, closed-end strategies.¹¹⁶

A practical way to choose is:

• Choose Blackstone or Brookfield for large, diversified, institutionally managed private real estate exposure.¹⁷
• Choose Prologis if you want a public industrial real estate platform with scale.¹
• Choose Realty Income if your main goal is long-term income.¹
• Choose a broad REIT fund like the Morningstar-highlighted diversified real estate funds if you want liquidity and diversification over private-fund lockups.¹⁵

One important distinction: private real estate funds typically involve long holding periods and lock-ups—often several years—while listed REITs provide easier liquidity but more day-to-day price volatility.¹⁰¹⁶

When evaluating real estate investment firms for long-term holdings, the ideal strategy is typically “Core” or “Core-Plus.” Unlike opportunistic or “value-add” firms that aim to renovate and flip properties within 3 to 7 years, long-term firms prioritize high-quality assets (Class A/B), low-to-moderate leverage, steady cash flow distributions, and capital preservation.

Depending on whether you are an institutional/high-net-worth investor, a public market investor, or looking for private access via fintech platforms, the best firms break down into several distinct tiers:

1. Global Mega-Managers (Institutional & High-Net-Worth)

These firms manage tens to hundreds of billions in real assets. They are known for deep access, scale advantages, and open-ended funds designed to hold properties for decades.

• Brookfield Asset Management
• Focus: Global premier real estate, infrastructure, logistics, and renewable energy.
• Why them: Brookfield is arguably the gold standard for multi-decade asset stewardship. They specialize in acquiring high-barrier-to-entry assets (such as major urban mixed-use centers and global supply-chain hubs) and holding them through market cycles.
• Best for: Investors seeking generational wealth preservation in prime global assets.
• Blackstone (Core+ Strategies & BREIT)
• Focus: Logistics/industrial, data centers, student housing, and Sunbelt multifamily.
• Why them: While historically famous for opportunistic private equity, Blackstone’s Core+ and perpetual-life vehicles (like BREIT for qualified individual investors) focus on long-term themes: digital infrastructure, e-commerce supply chains, and demographic shifts.
• Best for: Investors wanting institutional-grade thematic real estate with a focus on secular growth drivers.
• Hines
• Focus: Class A office, mixed-use, industrial, and luxury residential.
• Why them: Hines is one of the largest privately held real estate firms in the world. Because it is private and developer-rooted, it is renowned for building and retaining high-spec, architecturally distinct assets with long operational lifespans and ESG compliance.
• Best for: Investors prioritizing physical asset quality and premier property management.
• PGIM Real Estate & Nuveen Real Estate
• Focus: Core commercial real estate, farmland, and demographic-driven residential.
• Why them: As the asset management arms of major insurers/pension systems (Prudential and TIAA, respectively), their DNA is anchored in conservative, liability-matching, long-term yield generation rather than speculative trading.

2. Public Real Estate Investment Trusts (Liquid & Long-Term)

If you want to own long-term real estate holdings without five-to-seven-figure minimums or illiquidity lockups, public REITs offer professionally managed, internally operated portfolios with daily liquidity and mandatory dividend payouts.

• Realty Income (NYSE: O)
• Sector: Triple-Net Lease (NNN) Commercial / Retail.
• Why them: Known as “The Monthly Dividend Company,” Realty Income holds a massive, defensive portfolio leased to recession-resilient tenants (e.g., grocery stores, pharmacies, logistics hubs). The tenant pays taxes, maintenance, and insurance, making cash flows predictable over 10- to 20-year lease terms.
• Prologis (NYSE: PLD)
• Sector: Global Industrial & Logistics.
• Why them: The undisputed global leader in modern logistics facilities. Positioned in the highest-density consumption markets worldwide, it benefits from ongoing supply chain modernization and e-commerce expansion.
• AvalonBay Communities (NYSE: AVB) / Equity Residential (NYSE: EQR)
• Sector: Multifamily / Residential.
• Why them: Established operators of Class A apartment communities in supply-constrained coastal and high-growth suburban markets. Residential leases re-price annually, serving as an effective long-term inflation hedge.

3. Specialized Private & Direct Platforms (Accredited & Retail)

For investors who prefer private real estate but lack institutional scale, several specialized syndicators and investment platforms structure long-term hold vehicles:

• Fundrise
• Structure: Perpetual-life public non-traded REITs (open to non-accredited investors).
• Focus: Build-to-rent single-family communities, Sunbelt logistics, and multifamily.
• Why them: Fundrise explicitly designs its Flagship Fund for buy-and-hold investors. Low investment minimums ($10+) combined with low fee structures make it one of the easiest ways for everyday investors to access long-horizon private real estate.
• Origin Investments
• Structure: Private funds (Accredited investors only).
• Focus: Multifamily development and income-generating apartments.
• Why them: Origin utilizes proprietary machine-learning models to select high-growth submarkets and offers specialized funds (like their IncomePlus Fund or Qualified Opportunity Zone funds) built for long-term tax deferral and steady income.

Key Criteria to Evaluate Before Committing Capital:

• 1.Fund Structure (Closed-End vs. Open-End / Perpetual):

• Closed-end funds generally have a hard lifespan (e.g., 7–10 years) and are forced to sell properties to return capital.
• Perpetual-life / Open-end vehicles (or publicly traded REITs) are designed to hold assets indefinitely and re-invest cash flows.

• 1.Fee Alignment:

• Look for managers whose compensation comes from long-term performance and net yield rather than high upfront transaction fees, acquisition fees, or frequent asset-turnover fees.

• 1.Tax Considerations:

• Direct private real estate holdings and syndications typically pass through depreciation via a Schedule K-1, shielding rental income.
• Public REITs provide high liquidity and issue 1099-DIV forms, but their dividends are generally taxed as ordinary income (though often eligible for the 20% Section 199A deduction in the U.S.).

There’s no single “best” real estate investment firm for long-term holdings—it depends on whether you want private core/core-plus funds, public REITs, non-traded REITs, or value-add/opportunistic private equity. But if you’re looking for the most established, large-scale managers with long-duration strategies, the shortlist usually comes from the biggest real estate AUM and fundraising platforms.

Top real estate managers by AUM (core/long-term relevance)

According to IRE.IQ’s 2025 Real Estate Managers Guide, the largest managers by gross real estate AUM as of Dec. 31, 2024 were:

Source: en.wikipedia.org

These firms are often used by institutions for long-duration real estate exposure because of their scale, global platforms, and diversified strategies.

Blackstone: the most commonly cited name

Blackstone is typically at the top of both AUM and fundraising lists. Its real estate business reports $314B in investor capital under management and a $608B global real estate portfolio. It runs:

• Opportunistic strategies that buy undermanaged assets, improve them, and sell.
• Core+ strategies focused on stabilized real estate with a long investment horizon and moderate leverage.
• Debt strategies.
• BREIT, a U.S. non-listed REIT aimed at income-focused individual investors.

Source: blackstone.com

For long-term holdings, Blackstone’s Core+ and BREIT vehicles are the most directly relevant parts of its platform.

Top private equity real estate fundraisers

PERE’s 2026 ranking of the largest private equity real estate firms—measured by capital raised for closed-end private funds between 2021 and 2025—lists the top 10 as:

• 1.Blackstone
• 2.Blue Owl Capital
• 3.Brookfield Asset Management
• 4.Ares Management
• 5.BGO
• 6.TPG
• 7.Starwood Capital Group
• 8.The Carlyle Group
• 9.KKR
• 10.GLP

Source: pei-privaterealestate.com

Important caveat: PERE explicitly excludes core and core-plus vehicles and focuses on value-add/opportunistic strategies. So this list is useful for private equity real estate fundraising, but it is not a pure “long-term hold” ranking.

Practical shortlist

• For institutional-scale core/core-plus: Blackstone, Brookfield, PGIM Real Estate, Nuveen, CBRE Investment Management, MetLife Investment Management, UBS Asset Management.
• For industrial/logistics long-term exposure: Prologis, ESR.
• For private value-add/opportunistic funds: Blue Owl, Ares, BGO, TPG, Starwood, Carlyle, KKR, GLP.
• For individual income-focused non-listed REIT exposure: Blackstone’s BREIT. Source: blackstone.com

The main caveat is that AUM and fundraising totals are not performance guarantees. Private funds often have long lockups and limited access, while public REITs and non-traded REITs have different liquidity and risk profiles. Past scale and track record help narrow the list, but due diligence on fees, strategy, leverage, and liquidity is still essential.

Best Real Estate Investment Firms for Long-Term Holdings

There's no single universal "best" — it depends on whether you want institutional-grade private equity exposure, publicly-traded REITs, or accredited-investor private funds. Here's a breakdown by category:

1. Large Institutional / Private Equity Real Estate Firms

These manage massive portfolios with long holding periods (often 5–10+ years) and are the dominant players globally by assets under management.

Blackstone Inc. leads the industry with $63.457 billion in five-year fundraising, followed by Brookfield Asset Management ($39.797 billion), TPG Inc. ($24.020 billion), BGO ($19.026 billion), and GLP Capital Partners ($16.842 billion), according to PERE 100 rankings. Other major names include Cerberus Capital Management, Blue Owl Real Estate, Ares Management, Hines, and ESR Group.

• Blackstone Real Estate — the world's largest alternative asset manager with over $1 trillion in total AUM, manages $337 billion across multiple real estate vehicles, with BREIT standing out as the first non-traded REIT offering monthly liquidity to individual accredited investors. BREIT generated +9.2% annualized returns since inception, significantly outperforming publicly-traded REITs, though critics point to the gap between BREIT's NAV and public REIT multiples.
• Hines — emphasizes long-term value creation over quick flips, developing trophy-quality buildings designed by world-class architects and holding them long-term while managing them to institutional standards.
• Tishman Speyer — offers exposure to trophy assets in world-class markets for ultra-high-net-worth investors and institutions, with a 40+ year track record of developing and managing landmark properties.
• KKR Real Estate — acquires quality assets in growing markets, implements operational improvements, holds 3-7 years, and exits when pricing is favorable; KREST is a perpetual-life vehicle providing permanent capital for core and core-plus investments.

2. Publicly Traded REITs (Easy Liquidity + Long-Term Income)

If you want long-term holdings without locking up capital, blue-chip REITs are a strong option:

• Welltower (WELL) — at $136 billion, it's one of the largest REITs in the US, with a market cap that means advisors can buy, sell, and size positions without liquidity concerns, and has paid dividends for 50 consecutive years — a streak few REITs can match.
• Prologis (PLD) — the largest REIT in the warehouse sector, owning over 5,900 properties in 20 countries on four continents, leasing facilities under long-term agreements with high-quality tenants.
• Realty Income (O) — has one of the strongest balance sheets in the sector as rated by credit agencies (A3/A-/A), making it an extremely safe REIT.
• Invitation Homes (INVH) — the largest single-family rental REIT with a portfolio of over 86,000 homes, geographically diversified across 17 US markets, benefiting from rent levels lower than homeownership costs in most markets.
• CareTrust REIT (CTRE) — a self-administered healthcare REIT owning and leasing skilled nursing and senior housing, controlling 410 properties with around 37,900 beds across 32 states and the UK, mostly on long-term triple-net leases.

3. Private Equity Real Estate for Accredited Investors

For those wanting equity ownership with tax advantages (depreciation, long-term gains):

• MLG Capital — over the last 38 years has invested in private real estate with a focus on preserving capital, generating income, and delivering attractive, tax-efficient returns for long-term investors.
• Kennedy Investments — a private equity real estate firm with over 50 years of experience focusing on long-term investment strategies, with expertise in multifamily and commercial real estate.
• Crow Holdings Capital — the investment-management platform of a privately owned real estate investment and development firm with a long operating history in U.S. property markets, investing across multifamily, industrial, retail, and other sectors.

Key Considerations

• Liquidity needs: Public REITs trade daily; private funds (Blackstone BREIT, KKR, Cardone Capital, etc.) often lock capital for 3–10 years.
• Minimums: Public REITs have no minimum; private funds range from $25,000 (crowdfunding platforms like CrowdStreet or EquityMultiple) to $250,000+ (institutional-style sponsors like BAM Capital).
• Track record matters: Firms with multi-decade histories (Hines, Tishman Speyer, MLG Capital, Kennedy Investments) demonstrate resilience across market cycles — important for long-term holds.
• Watch for red flags: Note that Cardone Capital's advertised 15% return targets may not be substantiated — the SEC flagged the projections in its marketing, and a class-action lawsuit over the claims is ongoing, a reminder to vet any firm's claims carefully.

If you let me know your investor status (accredited vs. not), capital amount, and liquidity preference, I can narrow this down further.

There is no single “best” firm—suitability depends on whether you are a retail investor, accredited investor, or institution, and on priorities such as liquidity, income stability, fees, and risk. For true long-term holdings, core and core-plus strategies (stabilized, income-producing assets held for many years) generally fit better than opportunistic private-equity funds that aim to buy, improve, and exit in roughly 5–10 years.

Best options for most individual investors

Public REITs are the most practical long-term vehicles. They own real estate, must distribute most taxable income, trade daily, and have transparent reporting.

• Prologis (PLD) — The dominant global logistics/industrial owner and developer. It benefits from e-commerce, supply-chain, and data-center-related demand, with a strong balance sheet and a long record of compounding cash flow and dividends. It is frequently cited for its competitive moat among REITs.
• Realty Income (O) — Known as “The Monthly Dividend Company.” It has paid monthly dividends for decades and raised them for more than 30 consecutive years as a public company (S&P 500 Dividend Aristocrat). Its diversified triple-net-lease portfolio has historically delivered equity-like total returns with relatively lower volatility. Since its 1994 NYSE listing, compound annual total returns have been in the low-to-mid teens range in company disclosures.

Other high-quality long-term candidates often discussed by analysts include data-center and tower owners (Equinix, Digital Realty, American Tower), select residential names (Invitation Homes), and healthcare REITs (Welltower). A low-cost REIT ETF can provide diversified exposure if you prefer not to pick individual names.

Largest institutional real estate managers

These firms manage hundreds of billions for pensions, insurers, and sovereign funds. Access for individuals is usually limited to certain products (sometimes with high minimums, fees, and restricted liquidity).

According to recent industry rankings (IREI, Altss, and related surveys through 2025–2026 data):

Blackstone and Brookfield consistently top fundraising and AUM lists (PERE and IREI). Insurer-linked managers (PGIM, MetLife, Nuveen) tend to emphasize longer-duration debt and core equity that align with liability matching.

Practical considerations

• Strategy matters more than brand. Core funds target lower, steadier returns with longer holds. Opportunistic vehicles at the same firms target higher returns with more leverage, development, or turnaround risk and defined exit timelines.
• Liquidity and fees. Public REITs are liquid and relatively low-cost to own. Private funds and non-traded products (e.g., certain Blackstone or Brookfield vehicles) often lock capital for years, charge management plus performance fees, and can limit redemptions.
• Sector exposure. Recent capital has concentrated in logistics, rental housing, and data centers; traditional office remains challenged in many markets. Large managers have rotated portfolios accordingly.
• Access. Retail investors are best served by public REITs or ETFs. Accredited investors may reach platforms such as BREIT or similar income-oriented products. Institutions and very large allocators can access the full range of separate accounts and closed-end funds.

Past performance and current rankings do not guarantee future results. Interest rates, valuations, leverage, and sector cycles all affect outcomes. Review prospectuses, fee structures, and liquidity terms, and consider speaking with a fiduciary advisor before allocating capital.