Spotlight: Cantor Fitzgerald and Its DST, 721 Exchange and Interval Fund Platform

The asset management arm of the investment bank founded in 1945 runs 1031 DSTs, a non-traded REIT that issues operating partnership units for contributed property, and interval funds that now reach into oil and gas.

October 29, 2026

Cantor Fitzgerald Asset Management (CFAM), the investment management division of New York investment bank Cantor Fitzgerald, L.P., runs a real assets and private markets platform that the firm says covers interval funds, non-traded REITs, 1031 and 721 exchange vehicles, qualified opportunity zone funds, and customized private placements. According to an SEC registration statement filed in October 2026, CFAM and its affiliates had more than $31 billion in assets under management and advisement as of July 1, 2026.

The platform draws on the parent's real estate businesses. According to the firm, Cantor Fitzgerald has invested more than $2 billion since 2008 building vertically integrated commercial real estate investment, finance, and brokerage operations, and it counts BGC Group and Newmark among its affiliates.

DSTs and the Route Into a 721 Exchange REIT

CFAM sponsors Delaware statutory trusts as replacement property for 1031 exchanges and says it manages a multi-billion-dollar DST portfolio. The offerings carry a CF prefix, such as CF Net Lease Portfolio IV DST, CF Station Multifamily DST, and CF Summerfield Multifamily DST.

Cantor Fitzgerald Income Trust (CFIT), the firm's perpetual-life, monthly-valued non-traded REIT, connects to that program in two ways. Its SEC filings show CFIT holding interests in a series of CF-sponsored DSTs, most of them controlling stakes. Its operating partnership also issues units to property contributors: in January 2025 it acquired nine retail properties by issuing about 866,000 Class I OP units, and third-party investors held more than 3 million OP units as of March 2026.

A REIT Reworked for 2026

CFIT began in 2016 as Rodin Global Access Property Trust and took the Cantor Fitzgerald name in July 2020. In November 2025 its board approved a set of fee and share-class changes effective at the start of 2026. The advisor's asset management fee fell to 0.95% from 1.20%, and the performance participation allocation fell to 10% from 12.5%. A new Class SP share carries a 0.75% fee and a 5% allocation for qualifying new investors, larger existing holders, and advisor teams that meet aggregate thresholds. Distributions moved from a fixed per-share amount to an annualized 5% of NAV per class, and an advisor affiliate committed to raise its stake to 5% through Class I shares on the same terms as other investors.

By June 2026 the REIT also had a listed security, 9.50% Series A Cumulative Redeemable Preferred Stock trading on the NYSE as CFTR-PRA, while its common shares remain non-traded. Multifamily accounted for 51.2% of the real estate portfolio by adjusted fair value as of Aug. 31, 2026, up from 29.9% at year-end 2025, and total real estate assets reached $1.2 billion.

Opportunity Zones and Hedge Funds

Cantor Fitzgerald and Silverstein Properties launched an opportunity zone partnership in early 2019, which the firm says manages a multi-billion-dollar portfolio of projects at various stages of development. Outside real estate, Cantor completed the first closing of its acquisition of UBS's O'Connor alternative investment platform in December 2025, moving two O'Connor hedge fund strategies into CFAM, with further funds scheduled to transfer in phases through the first quarter of 2026. Bill Ferri heads CFAM.

Interval Funds: Infrastructure, Then Energy

The Cantor Fitzgerald Sustainable Infrastructure Fund launched in 2022 and began reporting on Nasdaq on June 30 of that year. The interval fund invests in private institutional infrastructure funds and public infrastructure securities tied to digital transformation, decarbonization, and the modernization of aging infrastructure, with Capital Innovations as sub-adviser.

Cantor Fitzgerald Energy Fund is the newest addition. Its adviser, Cantor Fitzgerald Energy Advisors, is a joint venture between Cantor Fitzgerald Investors and LEH II Management, a Colorado firm known as Lincoln that was founded in 2013 to invest in non-operated oil and gas assets. The fund is set to absorb Lincoln's private Del Rio Royalty Company II in a tax-free reorganization; the predecessor reported $96.7 million of members' capital as of July 31, 2026. An Oct. 15, 2026 amendment, the fifth to the fund's registration statement, covers Class S shares with a $10 million minimum and no sales load or distribution fees.