Private Credit & Revenue-Based Financing

Percent reports a 0.90% charge-off rate on its public track record page, and it remains accurate — realized losses are still just 12 deals. What AltStreet's full-platform captures (all 1,125 deals as of October 6, 2026) find is the part the public page doesn't surface: deals in workout or reperforming rose from 49 in May to 70 in August and 72 in October, holding the lifetime distress rate, workouts and charge-offs combined, at 7.5% by count. Every new distressed deal since May is an unrealized workout, not a charge-off; the two added since August are both Edly student-loan notes. Both numbers matter; only one is foregrounded on the public track-record and deal-page interface.

Fundrise is a vertically-integrated private markets platform open to non-accredited investors — $3.4B AUM and 402,000+ active investor accounts at March 31, 2026, KPMG-audited, $1K subscription minimums. But its interval funds' quarterly repurchase offers run 5-25% of shares with Fundrise stating it will likely offer the 5% minimum (the June 2026 Income Fund offer was 5%); its Innovation Fund just listed on the NYSE as VCX; its corporate parent remains loss-making, though current Exchange Act filings no longer present a going-concern position; and in April 2026 it merged seven legacy eREITs into a single Exchange Act-reporting vehicle at manager-set exchange NAVs, after suspending their redemption plans in anticipation of the merger.

North Capital is B2B private-markets infrastructure, not an investment platform. Individual investors meet it indirectly: it runs escrow and investor verification for crowdfunding portals, custodies customer funds and securities itself as a 15c3-3 carrying broker-dealer, a custody model most small firms outsource to large clearing houses ($18.0M segregated against $19.6M payable to customers at FY2026), and operates PPEX, the ATS where Arrived, Rally and (until December 14, 2026) Masterworks shares change hands (59,305 trades and $8.8M of notional in the first half of 2026, averaging ~$148 a trade). AltStreet's records scan found a six-entity regulated complex that got materially deeper in 2025-2026 (a second broker-dealer, a new SEC transfer-agent registration effective July 10, 2026, and a Treasury money market fund that grew 51% in three months) co-owned 25-50% by Franklin Templeton through FT Fintech Holdings, with one regulatory disciplinary event identified in AltStreet's records scan: a resolved, non-fraud 2024 FINRA AWC ($40,000) for late offering filings and unbalanced retail communications.

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.

Arrived (formerly Arrived Homes) is a fractional real estate platform with a $100 minimum across individual rentals, pooled real estate, and private credit — 983K platform-reported registered investors and $446M invested — with issuer-level going-concern disclosures at all eight non-Debt-Fund reporting entities, while the Debt Fund was the only Arrived issuer to report positive FY2025 audited net income.

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. UPDATED SEPTEMBER 2026: the platform states on its own live deal pages that it is now operated day to day by Larson Capital Management under a platform license effective August 2026, and that LCM is simultaneously the sponsor of offerings on it. On the first such offering, Vintage Hamilton, EquityMultiple charges no platform fee, which it attributes to sponsor and operator being the same party.

RD Advisors is a Boston-based private real estate lender with a 9-year track record, $395M+ deployed across 375+ investments (company-stated, as of September 30, 2025), 2 EDGAR-verified fund entities, and a fee structure disclosed exclusively in offering documents — not on the public website. AltStreet's August 2026 verification sweep added what the EDGAR record newly shows: a control restructuring of the manager effective April 2025 (Dominion Capital LLC replaced as managing member by the principals' own entities), an investor count that declined from 252 to 230 between the March 2025 and February 2026 amendments while the prior-offering balance also shrank — figures consistent with net redemptions — and target economics the site itself doesn't carry: 10-12% net returns with ~8% quarterly distributions, company-stated via a third-party webinar. No RIA or broker-dealer registration exists (IAPD-verified), and AltStreet's legal scan found no litigation or enforcement naming the firm or its principals.

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 66% 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.

AltStreet reconciled 41 of Climatize's 48 funded projects to their SEC Form C filings: $17.2M in clean-energy project loans at offered rates of 6.5%-12.75%, with the 2026 close pace running at roughly 3x the 2025 rate. Two things the marketing does not surface: six recent offerings were sized at exactly $124,000 — coinciding with Reg CF's lowest financial-disclosure threshold — and no deal-level repayment ledger is published. The rates you see are offered coupons, not realized returns.

AltStreet reconstructed Honeycomb's SEC Form C record — 1,109 distinct offerings under its single portal CIK since 2017 — and captured the live campaign book with its per-deal credit terms. Three things the campaign pages do not put together for you: Honeycomb charges investors a 3% ACH transaction fee (5.5% + $2 by card) that its closest structural comparable does not charge at all; 21 of 117 live campaigns disclose an explicitly junior lien — second, third, fourth or subordinate position behind another creditor — and those junior positions carried no observed coupon premium; and FINRA censured and fined the portal $140,000 in May 2025. No per-loan repayment record is published anywhere.

AltStreet reconstructed SMBX's SEC Form C record (271 offerings by 250 small businesses since 2019) and captured the platform's own market dashboard, which shows every listed bond's amount raised, investor count and monthly repayment progress: 211 funded bonds, $21.84 million, 63 repaid in full and 148 repaying, 147 of them within one payment of schedule. Three things the marketplace does not put together for you: 53 of the 275 numbered auction slots are absent from that dashboard, and AltStreet could recover archived listings for 48 of them (34 SEC-filed offerings) but not their outcomes; among issuers whose bond is confirmed funded and old enough to owe the SEC an annual report, 89 of 106 have filed neither a report nor a termination; and no bond has closed on SMBX since April 2026.

Mainvest ceased operations on June 14, 2024, 53 days after its banking partner Synapse filed for Chapter 11. Synapse was the trigger. The vulnerability was already on file: the operator's own Regulation Crowdfunding filing in November 2022 disclosed 2.5 months of runway and a going-concern paragraph, and none of the 779 offerings it hosted carried any arrangement for servicing revenue-sharing notes if the portal stopped. AltStreet reconstructed the full SEC record and the site's own marketing claims to answer the question that outlives the platform: what investors can learn from the first major failure of a revenue-sharing crowdfunding portal, and what its 30,000 note holders still own.

Worthy sells $10 bonds at a fixed 6.5% APY and markets them as fully liquid and redeemable at any time. Its own SEC filings show that three of its five Regulation A bond programs stopped honoring redemptions between 2022 and 2023, that two of them were dissolved in January 2026 with $12.66 million unpaid, and that the two programs still on sale carry going-concern paragraphs. AltStreet read every filing since 2017 to set the marketing against the record.

Compound Real Estate Bonds sells $10 demand bonds at a fixed 8.5% APY, compounded daily, redeemable within five business days, through an app that calls them senior secured and fee free. The offering circular calls them unsecured general obligations of a two-year-old Florida corporation. Every audit of the original issuer since FY2021 and the second issuer's first audit carry a going-concern paragraph, bond interest has exceeded total income in every year, and 56% of the first issuer's loan book sits in one industrial property in Ontario. Every redemption request has been honored so far, and the semiannual report filed September 28, 2026 shows how: the first issuer liquidated its entire $4,980,679 Treasury bill position to zero, and an affiliate paid $1,547,663 of redemptions on its behalf. AltStreet read all 70 filings of both issuers to set the marketing against the record.

The Oak Companies is the renamed Red Oak Capital Holdings, a Charlotte bridge lender that raised about $353 million of retail Reg A bonds through eight fund vehicles and is now selling a 9% perpetual preferred in the parent to retire some of them. The consolidated group lost $31.4 million in 2025; one bond fund is in liquidation, one carries a going-concern opinion, and the District of Columbia is suing the lender over its own loans.

Iron Bridge Mortgage Fund makes 12-month first-lien loans to house flippers and builders in 14 states, funds them with $1.00 LLC units paying 5%, 6% or 9% preferred returns plus a 10% profit share, and borrows up to $80 million from Columbia Bank ahead of every unit. Seventeen years in, the filed record shows nine straight profitable years, a 1.5% allowance for loan losses, zero charge-offs in 2025 and the first half of 2026, and no missed payment, investor suit or regulator action AltStreet could find. The price of that record: Class A takes 90% of profit after the preferreds and is 96.1% owned by the CEO (about 36% of 2025 net income on 11% of the equity), NAV is held at $1.00 by the accounting, redemptions are capped at 5% a quarter and the Manager may redeem or rebalance you on its own.

Sharestates is a Great Neck, New York private lender that makes short-term bridge, fix-and-flip and construction loans to real estate investors and sells accredited investors notes tied to them from $5,000. The collateral protects the loan held inside Sharestates' structure; the note investor owns, in Sharestates' words, an 'unsecured special obligation of Sharestates' that pays only if the borrower pays. Sharestates once published enough performance data to follow its loan book, and that record can still be reconstructed from archives, but its public statistics have not changed since at least December 2024, its published principal-loss metric now reads 'TBA', and its newer investor portal shows projected gross rates rather than realized returns.