CNBC and wealth-platform Addepar released the Family Office Portfolio Tracker on Thursday, aggregating anonymized holdings data from 850 single-family offices managing a combined $680 billion. The dataset shows public equities grew 14.2% year-over-year as an allocation share, while real estate contracted 6.8%—the first sustained decline in property weighting since Q4 2019.

The tracker pulls from Addepar's client base, which skews toward North American offices with $500 million to $5 billion in AUM. Public equities now represent 31% of aggregate allocations, up from 27% a year prior. Real estate fell to 18% from 22%. Private equity held flat at 23%, while hedge fund exposure drifted to 11% from 12%. The data does not segment by strategy or manager, but the directional shift is unambiguous: families are rotating out of illiquid property and into liquid stocks at a pace not seen in the post-GFC era.

The timing coincides with rising cap rates compressing real estate valuations and a Treasury curve that makes income-producing equities competitive again. Families that loaded commercial real estate from 2015 to 2021—when rates were anchored near zero—are now sitting on paper losses in office and retail. The tracker does not itemize sectors, but concurrent Fed data shows office valuations down 22% from peak and multifamily cap rates up 180 basis points since early 2022. Families are not panic-selling; they are simply not re-allocating dry powder to property. New commitments to real estate funds dropped 41% in 2024 across the Addepar sample.

The public-equity surge is concentrated in large-cap growth and dividend aristocrats, per Addepar's commentary. That suggests families are chasing yield and defensive moats, not venture bets. The 14.2% increase in equity weighting translates to roughly $47 billion in net inflows across the cohort over twelve months. For context, that is equivalent to the entire 2023 capital raise for KKR's North American private equity funds. The capital is coming from both asset sales and from redirected distributions. Families that historically reinvested PE distributions into new fund commitments are now allocating a portion to public markets, effectively shortening duration and increasing liquidity buffers.

Allocators should monitor two follow-on signals. First, whether hedge fund allocations stabilize or continue to drift lower—that 11% figure is down from 15% in 2019, and many families are questioning the fee structure relative to public-index performance. Second, whether private credit begins to show up as a distinct line item. Addepar currently lumps direct lending into "alternatives," but if families are moving away from traditional PE and real estate, private credit is the logical next accumulation point. Expect Addepar to unbundle that category in the next tracker update, likely Q3 2025.

The tracker will refresh quarterly. CNBC is positioning it as the family-office equivalent of the 13F filings that track institutional equity holdings. The difference: this one covers all asset classes and updates faster. The next release, scheduled for late August, will show whether the real estate drawdown accelerates or stabilizes.