Compared against all funds.
1Y return
+7.5%
42th pctile · behind most peersas of 2026-03-20
Since inception
not stated in filings
Distribution rate
4.8%
Net assets
$317.5M
as of 2026-03-20
Net expenses
not stated yet
Repurchase
2% monthly
6 of 293 peers matchLevel 3
not stated yet
Last offer
no offer yet
What owning this fund costs per year
Hold period3 yrs
Entity-level expenses$3.9M
Sponsor fees at the property level$0.3M
Average net asset value$290.8M
Fixed costs as a share of net assets1.97%
Fixed running costs dominate: entity-level general and administrative expenses plus the affiliate property management fee ran 1.47% of average net asset value in 2025, because the portfolio is only five buildings. Adding the 0.50% Class A-I management fee gives 1.97%. The 12.5% performance fee and 5.35% to 5.75% mortgage interest are excluded.
This record does not state which class's load is inside the figure, so the holding period leaves it unchanged. Loads across the classes reach 0%.not stated
Total drag per year1.97%
This is the cost for class A-I (cheapest investor class, 0.50% management fee, no sales load, no distribution fee). Class E is cheaper still at about 1.5% but is only sold to the Adviser, Sponsor, their affiliates and employees, so it is not an investor class.. It reports in dollars, so entity expenses include the servicing fees of every class and the figure is blended across them.
Based on Year ended December 31, 2025 (audited 10-K), annual figures, not annualized by me. Entity-level dollars divided by average NAV of $261.5M (simple aver.
This fund's cost was determined by reading its filings in full, because the figures in its expense table do not decompose cleanly. Parts were derived from dollar amounts the filing states.
This issuer reports costs in dollars rather than as an expense ratio. The figure above is 3.9M of entity-level expenses plus 0.3M of sponsor fees charged at the property level against 290.8M of average net assets. Property operating costs, depreciation and mortgage interest sit in the returns, not here. Drag is the fixed cost of ownership: paid regardless of performance. The incentive terms (Special Limited Partner receives 12.5% of annual Total Return, subject to a 5% annual hurdle, high-water mark with catch-up; accrued monthly, paid annually. Class E units excluded.) apply only to returns earned. How this is calculated
Against all funds
Total drag
47th pctile · cheaper than most
1Y return
42th pctile · behind most
Gray mark is the peer median. The drag comparison uses the same 3-year hold for every fund.
Every figure below was read from this fund's filing. Hover any number to see the sentence it came from. Figures cover Year ended December 31, 2025 (audited 10-K), annual figures, not annualized by me. Entity-level dollars divided by average NAV of $261.5M (simple average of $232.2M at 12/31/2024 and $290.8M at 12/31/2025), plus the Class A-I contractual management fee rate of 0.50% of NAV. Adjustment noted: the Q2 2026 10-Q shows the fixed-cost component falling to roughly 1.25% annualized as NAV grew to $317.5M..
Open the filing on sec.gov (0001193125-26-117572)Size and leverage
Net assets$317.5M?
Borrowings$194.8M?
Leveragedebt to equity0.61x?
Investments held5?
Started2024-03-20?
What the manager charges
Management feeof net assets1.25%?
Performance fee12.5% of the annual Total Return of the Operating Partnership, subject to a 5% annual Hurdle Amount and a High-Water Mark, with a Catch-Up; accrued monthly and measured annually; Class E shares and units are excluded.?
Hurdle5.00%?
High water markYes?
Expense cap2.00%?
Adviser is subsidising costsYes?
Getting your money back
Repurchase offersmonthly?
Notice required2 days?
Early repurchase fee2.00%?
Last offer filled in fullYes?
Where distributions come from
Distribution rate4.85%?
Paid out of income100.00%?
Funded by borrowing0.00%?
Distributions were larger than the income the fund earned, so part of what was paid out came from capital or borrowing.
What it holds
Largest position33.00%?
Top ten100.00%?
Floating rate0.00%?
MostlyIndustrial?
Who is involved
AdviserEQT Real Estate, LLC?
AuditorKPMG LLP?
Valuedmonthly?
Independent valuation agentYes?
Deals with affiliatesYes?
Share classes
| Class | Ongoing fee | Entry charge | Expense ratio | Minimum |
|---|---|---|---|---|
| Class T | 2.10% | 3.50% | 4.74% | - |
| Class S | 2.10% | 3.50% | 4.74% | - |
| Class D | 1.50% | 1.50% | 3.47% | - |
| Class I | 1.25% | 0.00% | 2.72% | - |
| Class A-I | 0.50% | 0.00% | 1.97% | - |
| Class A-II | 0.90% | 0.00% | 2.37% | - |
| Class E | 0.00% | 0.00% | 1.47% | - |
Also worth knowing
- An affiliate of the Sponsor holds 19,628,251 Class E Operating Partnership units bought for $197.1 million, about 73% of total NAV, and those units pay no management fee, no distribution fee and no performance participation, so entity-wide fee accruals understate what an outside investor pays.
- The Adviser is advancing all organization and offering expenses and certain general and administrative expenses through March 19, 2027; $16.6 million was accrued as due to affiliates at June 30, 2026 and is reimbursable ratably over the following 60 months, and this liability is excluded from NAV until paid.
- Amazon.com Services LLC leases represent about 64% of portfolio annualized base rent across two of the five properties.
- On July 29, 2026 the Company filed a Registration Statement for a follow-on public offering of up to $4.5 billion, while the existing public offering had raised only about $6.9 million of gross proceeds through June 30, 2026.
- Sponsor seed capital share of NAV: 73 % of total NAV (Class E units held by the Sponsor affiliate pay no management fee, no distribution fee and no performance participation, so entity-wide fee dollars divided by total NAV badly understate what an outside Class I or Class T investor actually pays. This is why the drag was built from class fee rates rather than from the $315 thousand of management fee actually accrued in 2025.)
- Adviser expense advance liability and 60-month payback: 16,575,000 USD due to Adviser at June 30, 2026 (These advanced organization, offering and general and administrative costs are excluded from NAV until paid, then repaid ratably over 60 months starting after March 19, 2027. NAV per share is therefore flattered today and will absorb roughly $3.3 million a year of reimbursements once repayment starts.)
- NAV methodology excludes advanced expenses: Advanced organization, offering and general and administrative expenses are not recognized in NAV until reimbursed (An investor buying today pays a price that does not reflect a $16.6 million accrued obligation that GAAP already records. The reconciliation adds $16.4 million back to arrive at NAV.)
- Total Operating Expenses versus the 2%/25% cap: 1.02% of Average Invested Assets and 31.98% of Net Income FY2025 (The Net Income test was breached in 2025, which triggers a written disclosure obligation and requires the affiliated-transactions committee to find the excess justified, or the Adviser must reimburse the excess. It is an independent check on total cost.)
- Leverage well below target: 34% actual versus 50% to 60% target leverage ratio at June 30, 2026 (Interest is excluded from drag, but a rise from 34% to the 50% to 60% target will materially change the risk and cash flow profile without changing the fee load.)
- Debt profile and ground lease imputed interest: $194.85 million fixed at 5.35% to 5.75%, interest only, maturing 2032 and 2034; finance lease liability $98.6 million with $404.3 million of imputed interest (There is no amortization before maturity, so the full principal is refinancing risk in 2032 and 2034. The ground lease on the Washington Property runs to 2074 and carries a fixed escalating payment stream that is accounted for as interest rather than rent expense.)
- Tax character of distributions: 100% return of capital FY2025 and FY2024 (The full distribution reduced tax basis rather than being taxed as income, which reflects heavy depreciation shields but also means distributions are not being covered by taxable earnings.)
- Distribution fee cap and automatic conversion: 8.75% of gross proceeds aggregate selling commission, dealer manager and distribution fee limit per account (Class T, S and D shares stop paying the 0.85% or 0.25% distribution fee and convert into Class I once total sales charges reach 8.75%, so the high Class T drag is time limited rather than permanent.)
Valuation
Independent valuation firmunchanged, 6 filingsEngaged, name in filing
Structure
Share classesunchanged, 2 filings
Every value links to the SEC filing it came from. A chip marks a change against the prior filing of the same type; hover a green-dotted value for what changed and why, as stated in the filing.
No repurchase offer filings on record yet.
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Data from public SEC filings. Argus is not a broker-dealer. Nothing here is an offer or investment advice. Every value shows the filing it came from and the date of that filing. Peer percentiles describe where a value sits in the comparison set, never fund quality. "Not stated in filings" is a fact about a document, never a verdict about this fund.