Gratus Funds Review 2026: Distributions That Do Not Add Up, December Loan Maturities, Fees and How You Invest

Gratus Capital Properties Fund III, LLC is a real Delaware LLC whose Regulation A offerings the SEC qualified in 2021 and 2025; it files audited annual reports and semiannual reports, and owns stakes in seven Minnesota and North Dakota projects. AltStreet located no lawsuit, regulator action or complaint naming the Minneapolis Gratus entities or principals in the sources searched on November 13, 2026 (Minnesota state courts, PCAOB inspection reports and the Minnesota Commerce enforcement database were not searched directly). Qualification is not approval. The filings also show distribution figures that differ even within one circular, two audit firms for FY2021 to FY2025 followed by a third for FY2026, and four late annual reports. Gratus Funds of Minneapolis is not the Atlanta adviser Gratus Capital, LLC.

Through a call. The site has no listings or checkout; every 'Schedule a call' button books time on Bob Barlau's Calendly, including a 'Gratus Funds Presentation' of Fund III. After the call the team walks you through investor forms, and you fund by check, wire or ACH to South State Bank as escrow agent. The minimum is $10,000; units cost $13.15 direct or up to $14.00 through a broker (from April 1, 2026). Non-accredited investors are limited to 10% of the greater of income or net worth.

Per the July 20, 2026 circular: a 2% acquisition fee on the leveraged purchase price ($1,188,895.80 paid to May 31, 2026); an asset management fee of the greater of 1% a year of all contributed capital, not reduced for returned capital, or 2% of gross income ($418,447 paid to December 31, 2025); and, through the Manager's Class C units, 20% of distributable cash from Class A units and 30% from Class B units, with no preferred return. Interest on the sponsor's advances ($703,179 paid), WealthForge's 0.40% plus $1,500 a month, and up to 6% to brokers through the unit price are also disclosed. The site says 'most of our compensation is performance-based'.

Yes, per the circulars, since April 2025, but the amounts do not reconcile. The July 20, 2026 circular gives $460,373 in 2025 ($370,363 to Class A and B, $90,010 to the Manager) and $180,481 in 2026 to May 31, a total of $640,854; the same circular also says $543,054.46 was paid through May 31, 2026, $419,642.70 of it to Class A and B. The audited statements record $476,012 in 2024 and $401,370 in 2025, and the June 2026 1-SA records $6,450 for the half year. Ask Gratus for a statement of distributions paid by date; AltStreet does not derive a yield from figures that do not reconcile.

Not in the first 12 months, and then only within limits. The fund allows at most 5% of its interests to be withdrawn each year, at the Manager's approval and subject to available cash; it will never pay more than the current offering price; and the Manager 'shall not allow any Withdrawals' while the offering-price value of all outstanding Class A and B units exceeds the fund's NAV as the Manager calculates it, a figure the circular does not publish. Requests need 90 days' notice and are paid at the greater of 95% of the latest NAV per unit or your unreturned capital. No withdrawal appears in the equity statements for 2023 to mid-2026. The Manager intends to operate the fund for at least eight years.

Two firms audited FY2021 to FY2025, and KNAV CPA LLC was engaged on August 4, 2026 for FY2026. Before that, Boladale Lawal & Co. of Lagos, Nigeria audited FY2023 to FY2025 and re-audited FY2022, with unqualified opinions, and was dismissed on August 4, 2026 with no disagreements. BF Borgers CPA PC audited FY2021 and FY2022 and was dismissed on May 6, 2024 after the SEC barred it from practice on May 3, 2024; the SEC order makes no allegation against Gratus.

A Wyoming LLC from the same sponsor that qualified on September 15, 2026 to sell up to $75 million of $1.00 units, directly through gratusfunds.com, in a fund holding crypto (bitcoin, ether and others listed in its circular) and precious metals. Fees are 2% of NAV a year, a 3% launch fee for 18 months capped at $750,000, and 20% of yield. No units had been sold at June 30, 2026, and its statements carry substantial-doubt language.

A Rule 506(b) fund of the same principals (first named Gratus Black I LLC) that reported $5,934,833 sold of a $20 million offering to 53 investors, 18 of them non-accredited, with a $100,000 minimum and a 3.00% annual fee on net asset value (Form D/A, February 17, 2026). The Reserve V circular says its Manager manages 'another fund with similar investment objectives'. It does not appear on the Gratus site and no offering document is public.

No. Gratus Funds is the trade name of Gratus Capital, LLC of Minneapolis (Minnesota file 3115400-6, formed 2008). The Atlanta Gratus Capital, LLC was a registered investment adviser (CRD 173627) whose SEC registration was terminated on December 2, 2024 after it joined Focus Financial's Colony Group. They share no people or addresses. Gratus Wealth Advisors (Virginia Beach) and Gratus Capital Partners (Columbus, Ohio) are also unrelated.