Cardone Capital Review 2026: Years of Distributions, No Property Sales Located, and a Certified Class Action
Cardone Capital is Grant Cardone's multifamily syndication business. The prior-performance tables in its own Regulation A filings identify 33 fund-property purchases since 2016 totaling $3.62 billion, and AltStreet located no fund property sale: the latest of those tables says none had been sold as of June 30, 2025, and REIT I reported none through year-end 2025. Non-accredited investors can only buy into four Regulation A funds, which hold minority stakes beside larger accredited-only funds, give the Manager 20% to 35% of profits with no preferred return, and are valued (Funds V and VI) at the Manager's estimate. The first two of those funds are the subject of Pino v. Cardone Capital, a Securities Act class action over Grant Cardone's social-media return projections that a federal court certified on March 27, 2026, with trial set for March 3, 2027; the claims are allegations, not findings.
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What the data actually shows - TL;DR
Cardone Capital has a long operating record and has paid substantial cash distributions; the part of its return story that depends on appreciation remains untested by property sales, while the sponsor controls the valuations, the timing of any sale and a material share of the reported economics. The filings support the first half.
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The funds have raised about $1.86 billion traced in the filings, the prior-performance tables identify 33 fund-property purchases totaling $3.62 billion since 2016, and the funds have paid distributions for years: Fund V paid at a 5.5% annual rate to its Class A investors in the first half of 2025, REIT I has paid $9.26 million to Class A since 2022, and refinancings have returned capital. The second half is where the questions are. AltStreet located no fund property sale: the latest comprehensive prior-performance table says none had been sold as of June 30, 2025, and REIT I reported none through year-end 2025.
The reported gains are the Manager's estimates. Fund V carries its stakes at a Manager-reported fair value of $104.7 million against a recorded cost basis of $28.8 million, and because the Manager's Class B interest, issued for no consideration, is allocated 35% of income including unrealized gains, $22.4 million of Fund V's reported net assets was allocated to the Manager's Class B capital account at June 30, 2025. A non-accredited investor's route in is narrow: the four Regulation A funds hold minority stakes (8% to 39%) in properties controlled alongside larger accredited-only Cardone Equity funds, and there is no sponsor redemption program or established secondary market, so principal liquidity generally depends on a refinancing or sale the Manager decides.
The fees run in layers: 1% on purchase, 1% a year on capital raised, 1% on each loan, 1% on sale, a share of property management to an affiliate, and a profit share of 20% to 35% with no preferred return. The prior-performance tables also report $69.5 million paid to the sponsor from the offering proceeds of 17 funds in an 'Other' category that includes reimbursements and marketing costs; the tables do not show how much of it was compensation. The newest accredited offering, Fund 31, changes the waterfall to an 8% preferred return followed by a 50/50 split with the Manager, and puts part of the money into Bitcoin.
And the first two Regulation A funds are the subject of a certified Securities Act class action, Pino v. Cardone Capital, alleging that Grant Cardone's Instagram and YouTube projections of about 15% annual returns were opinions he did not hold and that investors were not told the SEC staff had asked for those projections to be removed in 2018. Those are allegations; trial is set for March 3, 2027.
Fund property sales AltStreet located. The latest comprehensive prior-performance table: 'As of June 30, 2025, no Projects have been sold' (Cardone Non Accredited Fund circular, August 24, 2026); REIT I: 'As of December 31, 2025, no investments have been sold.' The investments page lists all 50 cards under Current Investments.
Total price of the 33 fund-property purchases the circulars' Table VI identifies from 2016 to 2025, from $19.2 million (188 units in Port St. Lucie, 2016) to $343 million (a 366-unit Florida property bought by Cardone Equity Fund 28 in July 2025). A filing-derived count, not everything the business owns: the site claims 47 assets, and 11 properties on its investments page appear in no fund table. About $1.86 billion of investor equity is traced in the filings.
Manager-reported fair value of Fund V's stakes ($104.7 million) divided by their recorded cost basis ($28.8 million) at June 30, 2025. Not an investor return multiple: the cost basis reflects capital transactions, and no sale has tested the value. $22.4 million of the fund's reported net assets was allocated to the Manager's Class B capital account at that date.
The Manager's profit share in the Regulation A funds, with no preferred return (35% in Funds V and VI, 20% in REIT I and the Non Accredited Fund). Fund 31, the current accredited offering, gives the Manager 50% above an 8% preferred return.
Reported in prior-performance Table II as 'Other (includes reimbursements and marketing costs)' paid to the sponsor from the offering proceeds of funds CE III to CE 21, plus $20.6 million of acquisition fees; together about 10.5% of the $859.3 million raised. The table does not show how much of the 'Other' category was net compensation versus reimbursement of expenses.
Pino v. Cardone Capital (C.D. Cal.
2:20-cv-08499), a Securities Act class action by non-accredited investors in Funds V and VI, certified March 27, 2026 after two Ninth Circuit reversals; trial set for March 3, 2027. Allegations, not findings.
Fund figures are from the audited 1-K and unaudited 1-SA reports of the four Regulation A funds (Kaufman, Rossin & Co., P.A.). Raises, purchases, leverage and sponsor compensation are from the unaudited prior-performance Tables I, II and VI of the Regulation A circulars, which cover the accredited-only funds as well. Form D figures are as filed and often predate a fund's final raise. Site figures ($5.4 billion AUM, $642 million returned, 20,000-plus investors) are platform claims AltStreet could not trace to a filing.
Quick Verdict
Is this platform right for you?
Cardone Capital has done the buying part of real estate investing at scale, with 33 fund-property purchases totaling $3.62 billion identified in its filings since 2016, mostly Florida apartments, and distributions paid to investors for years. The selling part is untested: AltStreet located no fund property sale, and the latest filing reports none as of June 30, 2025, so the appreciation in its marketing and in its funds' fair values is the Manager's estimate, and a large share of it is already allocated to the Manager's Class B account.
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A retail investor's way in is a minority Regulation A sleeve with no redemption, a Manager profit share without a preferred return, and layered affiliate fees; the newest accredited fund changes the waterfall to an 8% preferred return followed by a 50/50 split with the Manager, and adds Bitcoin. The site's track-record claims go further than the filings support, and the first retail funds are the subject of a certified class action over how they were marketed, with trial in March 2027.
Best for
- Investors who want apartment income through a Regulation A fund, accept a ten-year or longer hold with no exit until a sale, and are comfortable with the Manager's control and fees.
Avoid if
- You may need the money back within ten years.
- You want appreciation demonstrated by property sales before you invest.
- You want a preferred return ahead of the sponsor's share.
- You do not want Bitcoin in a real estate fund.
Top strengths
- Audited annual reports and detailed co-investment and prior-performance disclosure in the Regulation A filings.
- Distributions paid for years from stabilized properties; Fund V at a 5.5% annual rate to Class A in the first half of 2025.
- Six acquisitions from late 2023 to 2024 reported as all-cash, at 0% leverage, in Table VI.
- Fee percentages stated in every filing.
Key limitations
- No fund property sale located: no realized disposition gain or property-sale IRR, though distributions and refinancing proceeds have been paid.
- Manager-set fair values with a 35% Manager share of the gains (Funds V, VI).
- Minority Regulation A sleeves, no redemption program, no secondary market.
- Layered affiliate fees and a profit share with no preferred return; a large 'Other' sponsor-compensation line, including reimbursements and marketing costs, in earlier funds.
- Late annual and semiannual reports for Funds V and VI; Form D notices that understate or conflict with the circulars.
- A certified Securities Act class action over the marketing of Funds V and VI.
- Site track-record claims not reconciled to the filings.
Compare Before Deciding
Where Cardone Capital fits against alternatives
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How this compares to DiversyFund Review
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Quick Answers
What most investors want to know first
The highest-signal facts first: minimums, liquidity reality, K-1 timing, and whether distributions are actually part of the experience.
Minimum
Regulation A: $5,000, open to non-accredited investors (only the Non Accredited Fund is open now, $100 per unit). Regulation D Rule 506(c), accredited and verified: $100,000 to $5,000,000 minimums, the Manager may accept less.
Liquidity
None located. The REIT I circular: 'There is no market for our Interests, nor is one expected to develop.'
K-1 Timing
By March 31 per the Fund VI circular; actual delivery history not located.
Distributions
At the Manager's discretion from property cash flow; the Manager may distribute more than its formula to Class A and adjust later.
Overview
Platform Overview
A concise read on what the platform is, how the structure works, and where the practical friction shows up for real investors.
Cardone Capital LLC, a Delaware company in Aventura, Florida wholly owned by Grant Cardone, sponsors and manages real estate funds and sells them directly to investors through cardonecapital.com, without a broker-dealer. Each property sits in a single-asset LLC owned by a 'member' LLC, which in turn is owned by one or more Cardone funds and, in most cases, by Grant Cardone personally (typically 1% to 5%). Its affiliate Cardone Real Estate Acquisitions (CREA) receives the fees.
There are two channels. Four funds were offered under Regulation A Tier 2 to non-accredited investors with a $5,000 minimum: Cardone Equity Fund V ($50 million from over 2,200 investors, 2018 to 2019), Fund VI ($29.5 million from over 1,300, 2019 to 2020), Cardone REIT I ($74.9 million, 2021 to 2023) and the Cardone Non Accredited Fund (open since September 2023, about $48 million sold). Alongside them, Cardone Equity funds numbered I to 29 (with gaps) were sold to accredited investors under Rule 506(c), with minimums from $100,000 to $5,000,000.
Since late 2024 the newer funds also buy Bitcoin with part of their capital and are marketed as '10X Bitcoin Funds'. The properties are mainly Class A and B apartments in Florida, with others in Texas, Maryland, Georgia and Alabama, and two office buildings (Scottsdale and Aventura).
Lucie and Palm Bay in 2012 and a 1,434-unit portfolio in Alabama, Georgia and Tennessee in 2015, per his own press releases. Outside investors came in from 2016: Reserve at St. Lucie LP 188, LLC ($4.8 million) and Reserve at Ormond Beach 27, LLC ($8.33 million), then Cardone Equity Fund, LLC ($45 million, 2017). Cardone Capital LLC was formed in 2017.
In 2018 the SEC qualified Cardone Equity Fund V, the first fund open to non-accredited investors; its staff had asked the fund to remove a projected 15% return from the offering statement and asked how Grant Cardone's Instagram and YouTube posts complied with the offering rules. Fund V raised its $50 million in under ten months in 2019, Fund VI $29.5 million by June 2020. In 2020 the Manager suspended distribution processing and payment for about two months during the pandemic and then paid the suspended period, and an investor in Funds V and VI filed the Pino class action.
From 2020 to 2022 accredited funds IX to 21 bought larger properties in South Florida, Houston and Scottsdale, including four Fort Lauderdale-area communities for $718.5 million in December 2021, alongside Cardone REIT I. From late 2023 the funds bought for cash, and the Cardone Non Accredited Fund opened to retail investors. In late 2024 the business added Bitcoin: CE 26 (10X Space Coast), CE 27 (a 2025 recapitalization of 10X Miami River) and CE 28 (a 366-unit Boca Raton property bought in July 2025) bought $138 million of Bitcoin between them. In 2026 the class in Pino was certified, Fund 29 reported $43.4 million sold for a Naples property-and-Bitcoin fund (press reports name the property as Orchid Run; no filing does), and Fund 31 opened with a $5 million minimum.
Entities
Cardone Capital LLC, manager (Grant Cardone owns 100%); Cardone Real Estate Acquisitions (CREA), affiliate that receives the fees and shares in property management. Regulation A issuers: Cardone Equity Fund V, LLC (CIK 1741665), Cardone Equity Fund VI, LLC (CIK 1766343), Cardone REIT I, LLC (CIK 1882616, taxed as a REIT), Cardone Non Accredited Fund, LLC (CIK 1915521). Regulation D: Cardone Equity Fund, LLC and Funds IV, VIII to XIX, 20 to 25, 27 to 29 and 31, and 10X Space Coast Fund LLC. No Form ADV for Cardone Capital LLC; the Regulation A interests are sold directly, not through a broker-dealer.
What you own
Class A units of a fund LLC (or of REIT I) that holds a minority interest in one or more member LLCs, each owning one property, beside a Regulation D fund and Grant Cardone. The Manager holds the Class B interest (Class M in Fund 31), issued for no consideration.
Fees
1% acquisition fee on each property's price; 1% annual asset management fee on capital raised; 1% of each third-party loan (REIT I, Non Accredited Fund, Fund 31); 1% disposition fee; part of property management to CREA; other affiliate fees; interest on affiliate advances. Profit share: 35% (Funds V, VI) or 20% (REIT I, Non Accredited Fund), no preferred return; 50% above an 8% preferred return (Fund 31). Prior-performance Table II also reports 4.8% to 22.2% of each earlier fund's raise (CE III to CE 21) paid to the sponsor from offering proceeds in an 'Other' category that includes reimbursements and marketing costs.
Access and minimums
Regulation A: $5,000, open to non-accredited investors (only the Non Accredited Fund is open now, $100 per unit). Regulation D Rule 506(c), accredited and verified: $100,000 to $5,000,000 minimums, the Manager may accept less.
Scale (filings)
33 fund-property purchases totaling $3.62 billion from 2016 to 2025 identified in Table VI (11 investments-page properties appear in no fund table); about $1.86 billion of investor equity traced (Table I for 26 projects, $1.70 billion; REIT I $74.9 million; Non Accredited Fund about $48.0 million; Fund 29 at least $43.4 million on Form D). Site claims: 47 assets, $5.4 billion AUM, 14,850 units, $2 billion raised, over 20,000 investors.
Realized exits
None located. The latest prior-performance table reports no project sold as of June 30, 2025; REIT I reports none sold as of December 31, 2025. Distributions and refinancing proceeds have been paid.
Visual Summary
Cardone Capital against other Regulation A real estate sponsors AltStreet covers
Structure and liquidity from each sponsor's own documents as recorded in AltStreet's reviews. Cardone is the only one among these whose retail funds are minority sleeves in properties controlled alongside accredited-only funds.
Cardone Capital
Structure
Reg A funds hold 8% to 39% of single-property LLCs beside Reg D funds; Manager profit share 20% to 35%, no preferred return
Liquidity and exits
No sponsor redemption program; no fund property sale located (none as of June 30, 2025, per its filings)
Fundrise
Structure
Reg A eREITs and funds owning or lending on many properties, flat advisory and management fee
Liquidity and exits
Quarterly redemption program with limits
Streitwise
Structure
Reg A office REIT, 2.00% annual fee
Liquidity and exits
Redemption schedule reaching 100% of NAV at year five
DiversyFund
Structure
Reg A growth REIT, sponsor-managed
Liquidity and exits
Nothing returned to investors, per AltStreet's review
Investor Operations
The practical questions investors actually care about: when tax documents arrive, how cash distributions work, and whether capital can be exited before the underlying asset is sold.
Tax Documents
K-1 Timing
What to expect
By March 31 per the Fund VI circular; actual delivery history not located.
Cash Flow
Distributions
Frequency
Monthly (Funds V, VI) or quarterly (REIT I, Non Accredited Fund).
Timing
At the Manager's discretion from property cash flow; the Manager may distribute more than its formula to Class A and adjust later.
Consistency
Paid since each fund's first purchase; processing and payment were suspended from April 9 to June 15, 2020 and the suspended period was then paid; Fund V paid at a 5.5% annual rate to Class A in the first half of 2025.
Liquidity
Exit Reality
Holding period
No set lockup, but no sponsor redemption program; principal liquidity generally depends on a refinancing or sale.
Exit options
- Wait for a refinancing that returns capital or a sale of the property.
- A private transfer to a qualifying buyer, with the Manager's written consent and the buyer and seller paying the costs.
Secondary market
None located. The REIT I circular: 'There is no market for our Interests, nor is one expected to develop.'
Investment Structures
Regulation A funds (Funds V and VI, REIT I, Non Accredited Fund)
Class A units at $1,000 (Funds V, VI, REIT I) or $100 (Non Accredited Fund), $5,000 minimum, open to non-accredited investors subject to the Regulation A investment limits. Each fund holds minority interests in member LLCs beside Regulation D funds and Grant Cardone. Distributions monthly (Funds V, VI) or quarterly (REIT I, Non Accredited Fund); Manager profit share 35% or 20%, no preferred return; no redemption program; audited annual reports on EDGAR. Only the Non Accredited Fund is open; its unit count did not change between March 31, 2025 and June 30, 2026.
Regulation D funds (Cardone Equity Fund I to 31)
Single- or two-property funds for verified accredited investors under Rule 506(c), with minimums from $100,000 to $5,000,000. No public financial statements; raises and purchases appear in Form D notices and in the prior-performance tables of the Regulation A circulars. Fund 31 (open): $150 million, $5 million minimum, 8% preferred return then 50% to the Manager, part of the capital in Bitcoin, distributions planned to be reinvested.
Real estate plus Bitcoin funds ('10X Bitcoin Funds')
Regulation D funds since late 2024 that buy a property and Bitcoin. CE 26 (10X Space Coast) raised $88.35 million and bought $15 million of Bitcoin; CE 27 raised $33.15 million and bought $15 million; CE 28 raised $205.7 million and bought $108 million (prior-performance Table I). The FAQ says the Bitcoin share may range from 15% to 50% and will be added to over time from property cash flow.
Risk
Risk Structure
This is where the marketplace pitch gives way to the actual operating reality: delayed exits, limited disclosure, fee drag, and path-dependent outcomes.
No property-sale exits located
No fund property sale located; the latest tables report none as of June 30, 2025. Distributions and refinancing proceeds are the cash investors have received; appreciation is estimated, not realized.
Minority position
Regulation A funds own 8% to 39% of each property beside a larger Regulation D fund and Grant Cardone; all decisions sit with the same Manager.
Manager-set valuations
Funds V and VI are carried at fair value estimated by the Manager, at 2.9 to 3.6 times recorded cost basis (a ratio, not an investor return multiple), and the Manager's profit interest is allocated 35% of the unrealized gains.
Fee layers
Acquisition, asset management on capital raised, financing, disposition, property management, other affiliate fees, affiliate loan interest, and a profit share with no preferred return; Table II also reports an 'Other' category, including reimbursements and marketing costs, of 4.8% to 22.2% of each earlier fund's raise.
Floating-rate debt at REIT I's properties
Three of five leveraged property companies on floating-rate senior and mezzanine debt with all extensions used by April 30, 2026; a Manager affiliate lent $13.7 million for rate caps.
Bitcoin in newer funds
Up to 50% of a fund in Bitcoin per the FAQ; $138 million bought by three funds; Fund 31 plans to reinvest distributions in real estate and Bitcoin.
No fund property sale located, so appreciation is unrealized
'As of June 30, 2025, no Projects have been sold' (prior-performance section, Cardone Non Accredited Fund circular of August 24, 2026); the same statement appears, as of each filing's date, in every circular AltStreet read since 2018; REIT I: 'As of December 31, 2025, no investments have been sold.'
Why it matters
The appreciation in Cardone's marketing and in Funds V and VI's fair values has not been tested by a sale. Principal liquidity generally depends on a sale or refinancing the Manager chooses, with a ten-year target the Manager is not compelled to meet.
Mitigation / verification
Ask which properties the Manager plans to sell and when, and read the 'Real estate investments, at fair value' schedule and its valuation note in the latest 1-K or 1-SA.
The Manager sets the values and is allocated part of them
Fund V carries its stakes at a Manager-reported $104.7 million against $28.8 million recorded cost; at June 30, 2025, $22.4 million of Fund V's reported net assets and $9.8 million of Fund VI's were allocated to the Class B capital account of the Manager, which received that interest for no consideration, from its 35% share of income.
Why it matters
If a sale comes in below the Manager's estimate, the reported gains shrink for everyone; until then, net asset value per unit is the Manager's number.
Mitigation / verification
Ask for the appraisal or broker opinion behind each fair value and compare the capitalization rates used with current sales in the same market.
A certified Securities Act class action over the Regulation A funds' marketing
Pino v. Cardone Capital, LLC (C.D. Cal.
2:20-cv-08499): claims under Sections 12(a)(2) and 15 that Grant Cardone's social-media projections of about 15% annual returns were opinions he did not hold, that the SEC staff's 2018 request to remove those projections was not disclosed, and that statements about responsibility for the funds' debt were untrue. Class certified March 27, 2026; trial March 3, 2027.
Why it matters
The case concerns how the Regulation A funds were sold, and the class is the non-accredited investors in Funds V and VI. The 1-Ks say the Manager does not believe it will interfere with managing the funds. A judgment or settlement could involve rescission or damages; none has occurred. These are allegations.
Mitigation / verification
Follow the docket on CourtListener or PACER; investors in Funds V and VI should read any class notice they receive.
Layered fees with no preferred return
1% on purchase, 1% a year on capital raised, 1% on each loan, 1% on sale, property management to an affiliate, other affiliate fees and interest, and 20% to 35% of distributable cash to the Manager before investors have earned any minimum return. Fund 31: 50% to the Manager above 8%.
Why it matters
The Manager earns from acquisition and size whether or not a property performs; REIT I's own annual report notes that 'acquisitions of investments at higher purchase prices would entitle our Manager to higher acquisition fees and asset management fees regardless of the quality or performance of the investment'.
Mitigation / verification
Read the 'Compensation of Manager' section and the related-party note of the latest 1-K, and the prior-performance Table II for what each fund paid the sponsor.
Floating-rate loans at the end of their extensions
REIT I's 1-K: three of the five leveraged property companies it invests in have floating-rate loans whose second and final extensions were exercised by April 30, 2026; 2025 rates about 5.80% to 8.81% before caps; $13.7 million lent by a Manager affiliate at 5% to buy rate caps.
Why it matters
These loans must be refinanced or repaid. A refinancing at higher rates or lower values could cut distributions or require new equity.
Mitigation / verification
Ask which properties carry the floating-rate loans, their maturity dates and the refinancing plan.
Late reports and Form D notices that understate or conflict
Fund V's 2024 annual report was filed eight months late and its and Fund VI's 2025 annual reports were not filed by October 3, 2026. Several Regulation D funds' Form D notices were never amended; one reports $0 sold for a fund the circular says raised $88.35 million; another reports twice its circular figure.
Why it matters
The Regulation A reports are the main independent window into the funds, and the Form D notices are the only public record for most of the equity raised.
Mitigation / verification
Check EDGAR for the latest 1-K and 1-SA before investing more; compare a fund's Form D with the prior-performance tables in the current Regulation A circular.
Regulatory & Legal Posture
Security Status
Securities offered under Regulation A Tier 2 (Funds V and VI, REIT I, Non Accredited Fund; offering statements qualified by the SEC, which does not approve the merits) and under Rule 506(c) of Regulation D (accredited investors only, with verification). Interests are sold directly by the issuers. No Form ADV was located for Cardone Capital LLC. A firm with a similar name, Cardone Wealth Advisors, LLC, registered with the SEC as an investment adviser in November 2025 and reports no regulatory assets under management; AltStreet did not establish a link between the two.
Regulation A Tier 2 issuers file audited annual reports (Form 1-K), semiannual reports (1-SA) and current reports (1-U); Rule 506(c) issuers file only a Form D notice. Fund IX first filed a Form 1-A in 2020, withdrew it (1-A-W, May 5, 2020) and raised under Regulation D instead.
- Regulation A qualifications: Fund V December 11, 2018; Fund VI September 25, 2019; REIT I October 29, 2021; Non Accredited Fund September 28, 2023, with a post-qualification amendment qualified September 4, 2026.
- SEC staff letter to Fund V, July 30, 2018: asked how Grant Cardone's Instagram and YouTube communications complied with Regulation A and Section 5, and asked the fund to remove its disclosure of 'approximately 15% annualized return on investment' because the fund had 'commenced only limited operations, have not paid any distributions to date and do not appear to have a basis for such return'.
- Auditor: Kaufman, Rossin & Co., P.A. (Miami, PCAOB 137) for all four Regulation A funds; Fund V changed auditors from EisnerAmper in January 2019 (1-U). The latest reports contain no going-concern qualification.
- Pino v. Cardone Capital, LLC, No. 2:20-cv-08499 (C.D. Cal., filed September 16, 2020); Ninth Circuit No. 23-3512, opinion June 10, 2025, 139 F.4th 1102 (reversing dismissal); class certified March 27, 2026; Rule 23(f) petition (No. 26-2252) declined June 1, 2026; discovery cutoff November 16, 2026; pretrial conference February 12, 2027; trial March 3, 2027. Class counsel Susman Godfrey; defense counsel King & Spalding. Allegations; no finding of liability.
- Cincinnati Specialty Underwriters Insurance Co. v. Woodway Square 507, LLC, Cardone Woodway Square Member, LLC and Cardone Capital, LLC: an insurance contract case from the 189th District Court, Harris County (judgment November 18, 2025); the insurer's appeal was dismissed on August 31, 2026 and a motion for rehearing was filed September 15, 2026 (Texas First Court of Appeals, 01-25-01059-CV).
- Legal scan, October 3, 2026: no SEC or state enforcement action located naming Cardone Capital LLC or the funds (web search, CourtListener, EDGAR full text); PACER and state dockets were not comprehensively searched.
Disclosure Quality
Reasonably full in the Regulation A filings: ownership percentages, cost and fair value of each stake, co-investor tables, fee terms, distributions, prior-performance tables across all funds. Thin for the Regulation D funds (Form D only) and for property-level debt and operations. The site's aggregate claims are not reconciled to the filings.
Custody Model
No custodian. Investor interests are recorded by the issuers; properties are owned by single-asset LLCs controlled by the Manager; cash is held in the funds' and property companies' bank accounts.
Regulatory Backing
Securities Act exemptions (Regulation A, Regulation D) and the funds' operating agreements; no SIPC or broker-dealer protections, as no broker-dealer is involved. Funds V and VI and REIT I state they are not registered under the Investment Company Act.
Tax Treatment
Reporting
Schedule K-1 (Funds V, VI, Regulation D funds); Form 1099-DIV (REIT I and the Non Accredited Fund, which elected REIT status)
The Fund VI circular says K-1s will be provided by March 31 of the following year; the REIT I circular says Form 1099-DIV by January 31. AltStreet did not locate a record of actual delivery dates.
Income Character
Partnership income and losses from rental real estate (LLC funds); REIT dividends (REIT I)
The LLC funds pass through their share of rental income and depreciation; in the first years after a purchase, depreciation and cost segregation commonly produce tax losses (the prior-performance tables show large first-year tax losses per $1,000 invested). The site's '$900M in tax benefits' claim refers to this. A later sale can produce taxable gain and depreciation recapture; refinancing proceeds and debt-financed distributions can have separate basis and tax consequences.
Limitation
AltStreet is not a tax adviser. K-1s from multi-state properties may require filings in several states.
Special Considerations
- Bitcoin held inside a fund is taxed through the fund; gains are recognized when the fund sells.
- Investing through an IRA is permitted per the circulars; leveraged real estate in an IRA can generate unrelated business taxable income.
Account Suitability
Taxable
Yes.
Roth IRA
Permitted through a self-directed IRA custodian, per the circulars; check for UBTI from leveraged properties.
Traditional IRA
Permitted through a self-directed IRA custodian, per the circulars.
HSA
Not addressed in the materials reviewed.
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AltStreet Data Layer
What the data actually shows
The prior-performance tables in Cardone's own circulars are the fullest public record of the business: 26 projects, about $1.70 billion raised, 33 fund-property purchases for $3.62 billion, and no sale as of June 30, 2025. They also show what the sponsor was paid from offering proceeds, and they disagree in places with the Form D notices.
No property-sale exits located
33 fund-property purchases from September 2016 to July 2025; every circular AltStreet read states no project had been sold as of its date, most recently June 30, 2025.
What this means
Investors' realized cash so far is distributions and refinancing proceeds; appreciation is the Manager's estimate.
The Manager's share of Fund V's paper gains
Fund V net assets $104.7 million at June 30, 2025, of which $22.4 million is allocated to the Manager's Class B capital account, against $50 million raised and a $28.8 million recorded cost basis.
What this means
The Manager's allocated share grows with its own fair-value estimates; it is an accounting allocation, not cash received.
Offering proceeds paid to the sponsor
CE III to CE 21: $69.5 million 'Other' (reimbursements and marketing costs) and $20.6 million acquisition fees on $859.3 million raised.
What this means
Together about 10.5% of those raises; the table does not show how much of 'Other' was compensation versus expense reimbursement, and acquisition fees arise from buying the properties.
Form D notices understate and conflict
Fund 24: $53.4 million on Form D vs $122.5 million raised; 10X Space Coast Fund: $0 vs $88.35 million; Fund 27: $66.0 million vs $33.15 million.
What this means
Form D alone does not show what the Cardone funds raised.
Data as of 2026-10-03 . AltStreet review evidence layer . Public-source analysis
Full datasetDecision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Non-accredited investors who want income from apartments and can leave money untouched for ten years or more
The Regulation A funds have paid distributions for years and file audited reports. Principal liquidity generally depends on the Manager selling or refinancing, AltStreet located no fund property sale in ten years, the investor is a minority holder, and the Manager's share comes before any preferred return.
Investors who want to verify returns before they invest
There is no realized IRR for any fund property; the site's track-record figures cannot be traced to the filings; the fair values are the Manager's.
Investors who want liquidity or a defined exit date
No redemption program, no secondary market, and a ten-year target the Manager may extend.
Accredited investors considering Fund 31 or another Bitcoin fund
A $5 million minimum, an unnamed property, a Manager share of 50% above 8%, Bitcoin in an amount the Manager decides, and distributions planned to be reinvested rather than paid.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Income
At the Manager's discretion; temporarily suspended in 2020 and then paid; Fund 31 plans to reinvest them.
Access
A minority sleeve beside accredited funds, all under one Manager.
Returns
Never tested by a sale; set by the Manager, who is allocated 35% of them.
Cost
Many layers, a profit share without a preferred return, and an 'Other' sponsor-compensation line, including reimbursements, of 4.8% to 22.2% of earlier raises.
Oversight
Late reports for Funds V and VI, Form D notices that understate or conflict, and a certified class action over how the first funds were marketed.
Avoid
Who This Is Not For
This section should be read as a filter, not an afterthought. If you need income, simplicity, or near-term access to capital, the structure is working against you.
Anyone who may need the money back within ten years
No sponsor redemption program or established secondary market; principal liquidity generally depends on a refinancing or sale, and AltStreet located no fund property sale.
Investors who rely on the site's track-record figures
'$642M returned on $2B raised' and 'never missed a distribution' are not tied to audited figures; the filings record a temporary 2020 suspension that was later paid.
Investors who want a preferred return before the sponsor shares in profits
The Regulation A funds give the Manager 20% to 35% from the first dollar of distributable cash.
Investors who do not want Bitcoin exposure in a real estate fund
The newer funds put 15% to 50% into Bitcoin per the FAQ, at the Manager's discretion.
Editorial View
AltStreet Perspective
The compressed version of the review: what matters, what marketing tends to obscure, and how we would frame the platform for a serious allocator.
Verdict
Cardone Capital's filings describe a sponsor with a long operating record and substantial cash distributions. The part of the return story that depends on appreciation remains untested by property sales, while the sponsor controls the valuations, the timing of any sale and a material share of the reported economics. The marketing does not draw that line when it calls the track record flawless and quotes $642 million returned. For a retail investor, the questions are structural: a minority stake, no exit, valuations and timing in the Manager's hands, and a fee and profit-share design that pays the sponsor from the first dollar. The class action will test, in court, how the first retail funds were sold; its outcome is not a verdict on the properties.
Positioning
Among the Regulation A real estate sponsors AltStreet covers, Cardone is the only one whose retail funds sit as minority sleeves beside accredited-only funds in the same properties. Fundrise and Streitwise offer limited redemption programs; Cardone offers none.
The Bottom Line
Grant Cardone's apartment syndicator: $3.62 billion of fund-property purchases, years of distributions, no fund property sale located, Manager-set values, layered fees, and a certified class action over its retail funds' marketing.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Read the latest 1-K or 1-SA of the fund you are considering on EDGAR (Fund V CIK 1741665, Fund VI 1766343, REIT I 1882616, Non Accredited Fund 1915521), especially the schedule of investments, the related-party note and the legal proceedings section.
Read the prior-performance section of the current Non Accredited Fund circular for every fund's raise, purchases and sponsor compensation.
Ask the Manager which properties it intends to sell, when, and what appraisals support the fair values.
Ask which properties carry floating-rate loans and when they mature.
If you invested in Funds V or VI, follow Pino v.
Cardone Capital (C.D. Cal. 2:20-cv-08499) and read any class notice.
AltStreet Research Desk
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Cardone Capital is in Deal Intelligence detection. Subscribers get the alert the day a new Cardone Capitaloffering appears, with the sponsor's filed record attached, and the investment committee memo once an analyst approves it.
Deal Intelligence →Appendix
Sources, Disclosures, and Supporting Context
The lower section is structured like a report appendix: relationship context first, adjacent reading second, and evidence last.
Report Appendix
Disclosure
Relationship and compensation context
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Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Comparison Guides
Head-to-head guides featuring Cardone Capital
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Report Appendix
Comparison Guides
Head-to-head guides featuring Cardone Capital
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
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Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
Further Reading
Related Resources
Adjacent frameworks and reviews that help place the platform in a broader allocation or due-diligence context.
Fund Landscape
Similar Platform Reviews
- Fundrise Review
Regulation A eREITs and funds with a limited redemption program.
- Streitwise Review
A Regulation A office REIT with a published redemption schedule.
- DiversyFund Review
A sponsor-run Regulation A growth REIT that has returned nothing to investors.
Report Appendix
SEC Filers Behind Cardone Capital
The largest issuers linked to Cardone Capital on EDGAR, by total reported sold; each page carries the filing record and the related persons
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Report Appendix
SEC Filers Behind Cardone Capital
The largest issuers linked to Cardone Capital on EDGAR, by total reported sold; each page carries the filing record and the related persons
- Cardone Equity Fund 23, LLC2025 · $185M · 974 investors
- Cardone Equity Fund 27, LLC2025 · $66.0M · 289 investors
- Cardone Equity Fund IV, LLC2019 · $62.0M · 263 investors
- Cardone Equity Fund 28, LLC2025 · $59.3M · 335 investors
- Cardone Equity Fund 21, LLC2022 · $58.7M · 298 investors
- Cardone Equity Fund 24, LLC2024 · $53.4M · 378 investors
- Cardone Equity Fund XV, LLC2021 · $48.6M · 235 investors
- CARDONE EQUITY FUND 29, LLC2026 · $43.4M · 290 investors
- Cardone Equity Fund 22, LLC2023 · $38.5M · 246 investors
- Cardone Equity Fund XII, LLC2021 · $33.4M · 127 investors
- Cardone Equity Fund, LLC2018 · $32.7M · 133 investors
- Cardone Equity Fund 20, LLC2022 · $31.3M · 234 investors
- Cardone Equity Fund X, LLC2020 · $31.2M · 198 investors
- Cardone Equity Fund XVI, LLC2021 · $28.0M · 150 investors
- Cardone Equity Fund 25, LLC2024 · $27.6M · 210 investors
- Cardone Equity Fund XIV, LLC2021 · $11.8M · 5 investors
- Cardone Equity Fund XIX, LLC2022 · $2.5M · 2 investors
- Cardone Equity Fund VIII, LLC2019 · $2.3M · 18 investors
- Cardone Equity Fund XVIII, LLC2022 · $2.3M · 2 investors
- Cardone Equity Fund IX, LLC2020
Report Appendix
Evidence & Methodology
45 cited passages on file; sources, scope, and how the review was assembled
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Report Appendix
Evidence & Methodology
45 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
45 supporting passages on file for Cardone Capital and its offerings from 19 source documents, 45 verified by an analyst through 2026-10-03, 6 discrepancies flagged. Each passage records the metric it supports, the value read from the document, the page, and the verbatim text where the document has it. Terminal subscribers read the passages; open them in the terminal.
- Cited passages
- 45
- Source documents
- 19
- Analyst verified
- 45
- Discrepancies flagged
- 6
Latest analyst verification 2026-10-03; latest extraction 2026-10-04. A discrepancy is a disagreement between two sources, or between a document and a marketing claim, recorded rather than resolved silently.
ASReview Evidence
Methodology
Platform: cardonecapital.com crawl of 154 pages on October 3, 2026, with the investments page parsed into 50 property cards and the FAQ and home page claims captured. Filings fetched from EDGAR for 27 fund filers: Regulation A offering statements and amendments, qualification notices, 1-K and 1-SA reports, 1-U current reports and SEC correspondence for Funds V and VI, REIT I and the Non Accredited Fund; 27 Form D notices for 23 Regulation D entities. Prior-performance Tables I, II and VI read from six circulars: Fund V 1-A (July 3, 2018), REIT I 1-A (October 8, 2021) and 1-A POS (October 17, 2022), Non Accredited Fund 1-A (June 22, 2023), 1-A POS (March 31, 2025) and 1-A POS (August 24, 2026). Offering documents: Cardone Equity Fund 31 PPM (August 5, 2026); 10X Westshore investment memorandum (September 2026). Legal: CourtListener docket and RECAP filings for Pino v. Cardone Capital (Dkt. 262, 263, 266, 267, 269), the Ninth Circuit opinion of June 10, 2025, the SEC staff letter of July 30, 2018, the Texas First Court of Appeals docket 01-25-01059-CV, a Form ADV search and EDGAR full-text search. Acquisition details for properties outside the fund tables are from Cardone's and sellers' press releases and labeled as such.
Scope
Cardone Capital LLC; Cardone Equity Fund V, LLC (CIK 1741665), Cardone Equity Fund VI, LLC (CIK 1766343), Cardone REIT I, LLC (CIK 1882616), Cardone Non Accredited Fund, LLC (CIK 1915521); Regulation D funds Cardone Equity Fund, LLC and Funds IV, VIII to XIX, 20 to 25, 27 to 29, and 10X Space Coast Fund LLC; cardonecapital.com.
Key Findings
- *Cardone Non Accredited Fund circular (August 24, 2026): 'As of June 30, 2025, no Projects have been sold.'
- *Fund V 1-SA: 'Real estate investments, at fair value (costs of $28,770,552 and $30,473,593) $ 104,680,732 $ 105,711,850.'
- *Fund V 1-K: 'The Class A Interests are entitled to a 65% profit interest in the Company, and the Class B Interests, all of which are held by the Company's Manager, are entitled to a 35% profit interest.'
- *Fund 31 PPM: 'Each Investor's Capital Contribution will be invested in both the Property and BTC.'
- *SEC staff letter, July 30, 2018: the fund did 'not appear to have a basis for such return. Please revise to remove this disclosure throughout the offering statement.'
- *cardonecapital.com: 'We have never missed a distribution to our investors.'
Primary Source Pages
Comparable Platforms
- Fundrise
Regulation A funds with a limited redemption program and flat fees.
- Streitwise
Regulation A office REIT with a published redemption schedule.
- DiversyFund
Sponsor-run Regulation A REIT that has returned nothing to investors.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
Is Cardone Capital legit?
Cardone Capital is a real sponsor with real properties: its Regulation A funds are qualified by the SEC, file audited annual reports, and its filings identify 33 fund-property purchases totaling $3.62 billion since 2016, and the funds have paid distributions for years. The cautions are structural and legal. AltStreet located no fund property sale (the latest filing reports none as of June 30, 2025), so appreciation is the Manager's estimate; retail investors hold minority stakes with no redemption; fees run in layers with a 20% to 35% Manager share and no preferred return; and the first two retail funds are the subject of a certified Securities Act class action, Pino v. Cardone Capital, alleging misleading social-media return projections. Those are allegations; trial is set for March 3, 2027. AltStreet located no SEC or state enforcement action.
Has Cardone Capital ever sold a property?
AltStreet located no sale from its funds. The latest Regulation A circular says 'As of June 30, 2025, no Projects have been sold', and REIT I's 1-K says no investments had been sold as of December 31, 2025. Grant Cardone sold some properties he owned personally before the funds, such as an 826-unit Nashville portfolio in 2018.
Can non-accredited investors invest with Cardone Capital?
Yes, through the Regulation A funds, with a $5,000 minimum. Only the Cardone Non Accredited Fund is open now, at $100 per unit. It holds 8% to 17% stakes in three Fort Lauderdale-area properties beside larger accredited-only funds.
What are Cardone Capital's fees?
In the Regulation A funds: 1% of each property's purchase price, 1% a year of capital raised, 1% of each third-party loan, 1% of the sale price, part of the property management fee to an affiliate, other affiliate fees, and a profit share of 35% (Funds V and VI) or 20% (REIT I, Non Accredited Fund) with no preferred return. Fund 31 adds a 50% Manager share above an 8% preferred return. The prior-performance tables also report 4.8% to 22.2% of each earlier fund's raise paid to the sponsor from offering proceeds in an 'Other' category that includes reimbursements and marketing costs; how much was compensation is not shown.
Can I get my money out of a Cardone fund?
Not on demand. There is no sponsor redemption program or established secondary market; principal liquidity generally depends on the Manager refinancing or selling a property, with a target hold of about ten years that the Manager may extend, although a private transfer may be possible with the Manager's consent.
What is the Cardone class action about?
Pino v. Cardone Capital (C.D. Cal. 2:20-cv-08499) was filed in 2020 by a non-accredited investor in Funds V and VI. It alleges, under the Securities Act, that Grant Cardone's Instagram and YouTube projections of about 15% annual returns were opinions he did not believe, that investors were not told the SEC staff had asked the fund to remove those projections in 2018, and that statements about who was responsible for the funds' debt were untrue. The Ninth Circuit reinstated the case in 2025, the class was certified on March 27, 2026, and trial is set for March 3, 2027. None of the claims has been proven.
What are the Cardone Bitcoin funds?
Since late 2024, some Cardone Regulation D funds buy a property and Bitcoin. Three funds bought $138 million of Bitcoin in 2024 and 2025 per the prior-performance tables. Fund 31 invests each investor's money in both, in proportions the Manager decides, and plans to reinvest distributions into more real estate and Bitcoin. The FAQ says Bitcoin may be 15% to 50% of a fund.