Private Credit & Revenue-Based Financing

Percent reports a 0.90% charge-off rate on its public track record page. AltStreet's full-platform ingest of all 1,067 deals finds something the public page doesn't surface: 49 deals in active workout and 2 reperforming after prior default. The realized charge-off rate is accurate. The lifetime distress rate — workouts, charge-offs, and recoveries combined — is 5.90%. Both numbers matter; only one is visible.

Fundrise is a vertically-integrated private markets platform open to non-accredited investors — $2.94B AUM, KPMG-audited, $1K minimums — but its quarterly redemption window is gated at 5% of NAV per quarter, its Innovation Fund just listed on the NYSE as VCX, and its corporate parent has disclosed a going-concern dependency on continued Reg A capital raises.

B2B private markets infrastructure provider—NOT a direct investment platform. Powers crowdfunding platforms (Wefunder, StartEngine, Republic), alternative investment platforms, and private issuers with broker-dealer services, transaction technology (TransactAPI), escrow/custody, and secondary trading (PPEX ATS). Individual investors do not interact with North Capital directly.

Harvest Returns has deployed $38M across 90+ agricultural loan series since 2016 with a self-reported 9.9% weighted average annual return — but two defaults surfaced in Q4 2023, all three current fund vehicles eliminate manager fiduciary duties, and a five-person team is simultaneously running four concurrent product lines. The track record is real. The governance terms are not for the inattentive.

Fractional real estate platform with 966K registered investors and $414M total invested — offering non-accredited investors $100 entry into individual single-family rentals, short-term rentals, and a private credit fund via Regulation A — with going-concern disclosures on every equity entity it operates and a Debt Fund that is the only profitable product in the portfolio.

RealtyMogul spent a decade convincing retail investors they could own institutional commercial real estate for $5,000. Now it is quietly becoming the platform that helps the Wideman Company raise capital — and the REIT investors who came for the 6% yield are sitting in a suspended redemption queue at $7.49 a share.

EquityMultiple is a New York-based CRE platform with 201 EDGAR-verified entities, three structurally distinct product pillars, and materially different fee and governance structures disclosed across its offering documents.

RD Advisors is a Boston-based private real estate lender with a 9-year track record, $400M+ deployed across 380+ projects, 2 EDGAR-verified fund entities, and a fee and yield structure disclosed exclusively in offering documents — not on the public website.

Groundfloor is the only retail-accessible US platform offering individual residential renovation loans at $10 minimums under Regulation A+ — open to non-accredited investors, with 12+ years of operating history — but the loan-count diversification it markets overstates real diversification, with 74% of loans concentrated in five Southeast states and entire properties sliced into 7-14 separate LROs that share underlying credit risk.

Concreit offers one of the most accessible real estate income products in the market — a $1-minimum Reg A fund with weekly distributions — but its SEC filings show cumulative distributions exceeding GAAP net income by $204,563, two parallel governance regimes, a captive transfer agent, and multiple Manager-discretion fee layers.