Further on the Returns to Non-traded REITs, updates our 2015 paper including 51 additional nontraded REITs that came into existence after May 1, 2015 and either had had a liquidity event or updated their NAVs between May 1, 2015 and December 31, 2019. We documented that returns to nontraded REITs continue to fall substantially short of the returns to traded REITs. For all 140 nontraded REITs, the shortfall relative to traded REITs was at least $59.2 billion. This systematic underperformance was observed for the additional nontraded REITs launched since May 1, 2015 as well as for the nontraded REITs in existence on May 1, 2015. We also documented nontraded REITs’ returns were lower than traded REIT returns for capital raised by nontraded REITs in every calendar quarter.