Commonwealth vs MyRacehorse 2026
Commonwealth means joincommonwealth.com: its Reg CF offerings through ALAO Invest since 2024 and its earlier Reg A series of Commonwealth Thoroughbreds LLC. MyRacehorse means myracehorse.com: series of My Racehorse CA LLC under Reg A, plus MRH CF LLC (Reg CF) and Edge Racing (Rule 506(c)).
Both sell racehorse shares for about $50 to anyone, both put roughly half of the money into reserves, expenses and fees rather than the horse, and both leave every decision with a manager. They split on who that manager is, how the fees fall at the end, and which tax form arrives.
Guide Thesis
Compare the offering, not the brand: how much of the share buys the horse, what the manager takes at the end, and who decides when it ends.
Start here
What you actually own: a slice of a company that owns some of a horse
On neither platform do you own a horse. The exemption, the share of the horse and the tax form all vary, sometimes from one offering to the next on the same platform.
| Offering type | What you own | Who can buy, minimum | Who manages | Tax form |
|---|---|---|---|---|
| Commonwealth Reg CF (2024 onward) | Non-voting Class A units in a single-horse LLC owning 5% to 50% of the horse | Anyone, within Reg CF investment limits; $50 per unit | The horse's seller or co-owner | 1099-DIV for the six LLCs verified (taxed as corporations); check each offering |
| Commonwealth Reg A (2020 to 2023, closed) | Units in a series of Commonwealth Thoroughbreds LLC owning a minority stake | No longer offered | Commonwealth's founders | 1099-DIV (series taxed as corporations) |
| MyRacehorse Reg A | An interest in a series of My Racehorse CA LLC owning all or part of a horse | Anyone; blocks about $45 to $250 | Experiential Squared, Inc. | Schedule K-1 per series (verified for My Racehorse CA LLC) |
| MyRacehorse Reg CF / 506(c) | Interests in MRH CF LLC or an Edge Racing LLC | Reg CF: anyone within limits; 506(c): accredited only, e.g. $10,000 a block | Experiential Squared, Inc. | Check the offering's documents |
TL;DR
The comparison in two sentences
Commonwealth's recent offerings sell non-voting units in an LLC the horse's seller manages, with 9% to 71% of each $50 buying the horse, a portal fee of 10% to 18% of acquisition and working-capital proceeds depending on the offering, and 10% of later distributions to an affiliate. MyRacehorse puts a steadier 40% to 52% of each raise into the horse but takes a heavier manager load, including 20% of gross sale proceeds when a horse appreciates; in AltStreet's illustrative sale-only scenario the median offering needs the horse to sell for 2.59 times its purchase price at Commonwealth and 3.08 times at MyRacehorse, a structural comparison rather than a forecast, and the tax forms differ (1099-DIV after corporate tax against a K-1 per series, for the vehicles verified).
If you read nothing else: jump to the illustrative sale-only scenario →
At a glance
Side-by-side at a glance
| Feature | Commonwealth | MyRacehorse |
|---|---|---|
| Sponsor | Commonwealth Markets Inc.; portal ALAO Invest LLC (owned since April 2024); founded 2019 | Experiential Squared, Inc. (manager); issuer My Racehorse CA LLC, Reg A since 2018 |
| Exemptions | Reg A series 2020 to 2023; Reg CF since May 2024 | Reg A, Reg CF (MRH CF LLC) and Rule 506(c) (Edge Racing), labeled per listing |
| Price | $50 per unit | About $45 to $250 per block (retail); $10,000 on the 506(c) listing |
| Horse share of the money | 9.4% to 70.9% of the share, median 42.9% (21 Reg CF offerings) | 40.08% to 52.18% of gross proceeds (10 series), including the bloodstock fee |
| Compensation up front | Affiliated portal 10% to 18% of acquisition and working-capital proceeds plus 2% of units | Manager: 15% management, up to 12.5% organizational and experiential, 5% to 7.5% bloodstock; outside broker: 1% to 5% |
| Fees at the end | 10% of distributions plus a monthly administration fee | 20% of gross sale proceeds (5% on a loss); 10% of gross stakes purses |
| Illustrative sale-only recovery multiple | Median 2.59x (21 offerings; 1.57x to 11.77x) | Median 3.08x (12 series; 2.58x to 3.33x) |
| Payouts on record | Country Grammer $1.15M (FY2023) on $113,850; five liquidated series $130,082 on $441,800 | None reconciled to a raise |
| Tax form (vehicles verified) | 1099-DIV (Reg A series and six Reg CF LLCs taxed as corporations) | Schedule K-1 per My Racehorse CA LLC series |
| Secondary market | None | None |
| AltStreet score | 2.7 (F) | 2.9 (D-); see how to read the scores below |
Head-to-head
Commonwealth vs MyRacehorse, factor by factor
Seven factors, from what you legally own to the tax form, with a $1,000 example and a break-even table beside the relevant sections. Racing success and investor returns are kept apart throughout.
A non-voting unit in a seller-managed LLC vs an interest in a series the platform manages
Commonwealth vs MyRacehorse: What You Own and Under Which Exemption
Both sell interests in companies that own racehorses, not the horses. Since 2024 each Commonwealth horse is a separate Regulation Crowdfunding offering by a single-asset 'Nation' LLC, sold through ALAO Invest, a funding portal Commonwealth's holding company has owned since April 2024. The horse's seller or co-owner manages the LLC and holds its only voting unit; investors buy non-voting Class A units, and the LLC buys 5% to 50% of the horse from that manager under a purchase option. From 2020 to 2023 Commonwealth instead sold series of Commonwealth Thoroughbreds LLC under Regulation A, managed by its founders, which is where Mage and Country Grammer sat. MyRacehorse's manager, Experiential Squared, Inc., buys the horse and sells interests in a series that owns all or part of it: under Regulation A through My Racehorse CA LLC, under Regulation Crowdfunding through MRH CF LLC, or to accredited investors under Rule 506(c) through Edge Racing LLCs. Its circular says an investment 'does not constitute direct ownership of a racehorse'.
Practical answer
On both platforms you own a slice of a company that owns some or all of a horse, and someone else makes every decision. The difference is who that someone is: the horse's seller at Commonwealth, the platform's own manager at MyRacehorse.
| Decision factor | What changes |
|---|---|
| What you buy | Commonwealth: non-voting Class A units in a single-horse LLC. MyRacehorse: an interest in one series of a series LLC (or a Reg CF or 506(c) vehicle). |
| Share of the horse | Commonwealth: the LLC owns 5% to 50%. MyRacehorse: usually the whole horse; six series read owned 51% to 75%. |
| Who manages | Commonwealth: the horse's seller or co-owner, who holds the only vote. MyRacehorse: Experiential Squared, Inc., the platform's manager. |
| Exemption | Commonwealth: Reg A 2020 to 2023, Reg CF since 2024. MyRacehorse: Reg A, Reg CF and 506(c) side by side; check each listing. |
9% to 71% of a $50 share vs 40% to 52% of a series raise for the horse
Commonwealth vs MyRacehorse: Where Each Dollar Goes
Commonwealth's API publishes a per-share breakdown for every offering. For the open Good Magic x Imply colt, each $50 splits into $23.69 for the 49% interest, $14.20 of training and operating reserves including insurance for 30 months, $4.95 of offering and acquisition expenses, and $7.16 of portal compensation, plus 2% of the units to the portal. Across 21 Reg CF horse offerings the horse's share runs from 70.9% (Simply Joking) to 9.4% (Let Freedom Ring), median 42.9%. MyRacehorse itemizes each series in its offering circular: across the ten series AltStreet read, the Asset Cost line is 40.08% to 52.18% of gross proceeds, and that line includes the manager's bloodstock fee of 5% to 7.5% of the horse cost and any sales tax, so the amount reaching the seller of the horse is lower. The rest is a 15% management and due diligence fee, an organizational and experiential fee of up to 12.5%, a brokerage fee of 1% to 5%, and an operating expense reserve of 15.32% to 33.93%.
Practical answer
MyRacehorse puts a narrower band of each raise into the horse; Commonwealth's band is wider in both directions. On both, a large part of the rest is a two-year reserve for training and care, which a horse owner pays either way; the platform's own take is the smaller slice, stated separately at Commonwealth and partly inside the asset cost (the bloodstock fee) at MyRacehorse.
| Decision factor | What changes |
|---|---|
| Horse purchase | Commonwealth: 9.4% to 70.9% of the share, median 42.9% (21 offerings). MyRacehorse: 40.08% to 52.18% of gross proceeds (10 series), including the bloodstock fee. |
| Reserves | Commonwealth: 24 to 30 months of training, care and insurance; unused amounts returned on sale or retirement. MyRacehorse: 15.32% to 33.93% of proceeds, about 24 months. |
| Compensation up front | Commonwealth: affiliated portal 10% to 18% of acquisition and working-capital proceeds plus 2% of units; separately, offering expenses (legal, accounting, escrow, compliance). MyRacehorse: to the manager, 15% management, up to 12.5% organizational and experiential, and a 5% to 7.5% bloodstock fee inside the asset cost; to Dalmore Group, an outside broker-dealer, 1% to 5% brokerage. |
| Where to read it | Commonwealth: the listing's share breakdown and the Form C. MyRacehorse: the Use of Proceeds table and the paragraphs under it in the circular. |
Worked example
Where $1,000 goes on each platform
Commonwealth: the open Good Magic x Imply offering's published per-share breakdown, scaled to $1,000. MyRacehorse: the ranges across the ten series AltStreet read in the current circular, because the split varies by series. AltStreet arithmetic.
| Bucket | Commonwealth (Imply colt) | MyRacehorse (10 series, range) |
|---|---|---|
| Horse acquisition | $474 for a slice of a 49% interest | $401 to $522, of which about $19 to $36 is the manager's 5% to 7.5% bloodstock fee |
| Training and operating reserves (incl. insurance) | $284, 30 months; unused amounts returned on sale or retirement | $153 to $339, about 24 months |
| Offering and acquisition expenses | $99 | Inside the fee lines below |
| Platform and affiliate compensation at closing | $143 to ALAO Invest, the affiliated portal, plus 2% of units | $150 management fee and up to $125 organizational and experiential fee to the manager, plus the bloodstock fee above |
| Outside broker | None stated | $10 to $50 brokerage to Dalmore Group, an unaffiliated broker-dealer |
| Paid later | Monthly administration fee from the LLC; 10% of distributions | 20% of gross sale proceeds (5% on a loss); 10% of gross stakes purses |
The reserves pay for owning a horse and would be spent by any owner. Platform and affiliate compensation is the fourth row, the later fees in the last row, and, at MyRacehorse, the bloodstock fee inside the acquisition row; the brokerage row goes to an outside firm. The Imply offering is at Commonwealth's 18% portal fee; most of its 2024 and 2025 offerings were at 10%.
10% of distributions plus a monthly fee vs 20% of the gross sale and 10% of stakes purses
Commonwealth vs MyRacehorse: Fees After the Offering
The back-end fees differ more than the front-end ones. At Commonwealth's Reg CF LLCs, CMNWLTH LLC, an affiliate, charges each LLC a monthly administration fee ($1,590 for Ideal Palace) and 'a distribution fee of 10%' on race earnings, breeding revenue and sale proceeds; it does not apply to returned working capital. The portal fee itself has varied by offering: 10% for every offering from May 2024 to May 2025, 15% for two in July 2025, 18% for Schoolyardsuperman in November 2025 and the open Imply offering, and 10% for Italian Soiree and Shippy in December 2025 and February 2026, always as a share of acquisition and working-capital proceeds rather than the whole subscription. Commonwealth's older Reg A series paid its manager 10% of net winnings, rising to 20% once holders had their money back. At MyRacehorse, every series AltStreet read carries a Final Gross Proceeds Fee of 20% of all money from a sale before deductions if the horse appreciated, 5% if it lost value, plus a Management Performance Bonus of 10% of gross stakes purses. Neither appears in the Use of Proceeds table. MyRacehorse's brokerage fee rose from 1% to 5% and its bloodstock fee from 5% to 7.5% on the 2025 series.
Practical answer
MyRacehorse's manager is paid on gross sale proceeds even when the horse sells at a loss; Commonwealth's affiliate is paid on what reaches investors. Both platforms changed fee levels between offerings, so read the specific offering.
| Decision factor | What changes |
|---|---|
| On a sale | Commonwealth: 10% of the distribution of sale proceeds. MyRacehorse: 20% of gross sale proceeds if the horse appreciated, 5% if not. |
| On purses | Commonwealth (Reg CF): 10% of distributions; (Reg A) manager 10% of net winnings, 20% after holders repaid. MyRacehorse: 10% of gross stakes purses. |
| Ongoing | Commonwealth: monthly administration fee from the LLC. MyRacehorse: costs from the reserve; manager advances repaid before distributions. |
| Fee changes | Commonwealth: portal fee 10%, 15% or 18% by offering. MyRacehorse: brokerage 1% to 5%, bloodstock 5% to 7.5% on 2025 series. |
Calculation table
Illustrative sale-only recovery multiples, before specified exclusions
A defined scenario, not a forecast: the reserve is fully spent, the horse earns no prize money, and the sale proceeds, after the back-end fee, must equal what investors paid. The multiple is of the price the issuer paid for its interest. The samples differ: Commonwealth's 21 Reg CF horse offerings with a published per-share breakdown, and the 12 MyRacehorse series with both a filed raise and a stated acquisition cost (the $1,000 example above uses the ten series whose Use of Proceeds tables AltStreet read). AltStreet arithmetic.
| Measure | Commonwealth (21 Reg CF horse offerings) | MyRacehorse (12 series) |
|---|---|---|
| Formula | raise / (0.9 x purchase price of the stake), after the 10% distribution fee | raise / (0.8 x cost of the stake), after the 20% Final Gross Proceeds Fee |
| Lowest | 1.57x (Simply Joking) | 2.58x |
| Median | 2.59x | 3.08x |
| Highest | 11.77x (Let Freedom Ring, 9.4% of the share in the horse) | 3.33x |
| Excluded | Corporate tax on the LLC's gain (raises it); manager loans or extra units if costs exceed reserves; administration costs beyond the reserve; prize money and returned reserves (lower it); the portal's 2% units, which the 2026 annual reports do not count in Class A units outstanding (The Town 3,949, So Jaded 5,018, Simply Joking 9,412, each equal to units sold); if they shared in distributions, about 2% more | Manager advances repaid before distributions; prize money (lowers it) |
Read these as structure, not as which platform is cheaper: Commonwealth's median is lower, but its range is far wider, five of its 21 offerings put 30% or less of the share into the horse and need 3.75 to 11.77 times, and its corporate tax is left out. Read the breakdown for the offering in front of you.
One documented cash payout and five liquidations at 29% vs no reconciled series record
Commonwealth vs MyRacehorse: Payouts on Record
Racing success and investor returns are different numbers. The lifetime earnings in Commonwealth's API (Country Grammer $14.9 million, Mage $2.5 million) are the whole horse's purses, not what investors received. What the filings show for Commonwealth: Series Country Grammer, which owned about 14.7% of the 2022 Dubai World Cup winner, paid $1,149,663 to holders in the year to June 2023 on units sold for $113,850; Series Mage owned 25% of the 2023 Kentucky Derby winner, and its share of his breeding rights was set at 10 of 40 fractional interests valued at $225,000 to $300,000 each, but no filing located reports what Mage holders received after June 2023. The five liquidated series identified in the FY2023 Form 1-K (Steinbeck, Pine Valley, Swing Shift, I Got a Gal, Tshiebwe) paid $130,082 on $441,800, about 29%; those are the series that had ended, and the winners were still active, so they are not a platform average. Commonwealth's home page says $3.6 million has been distributed to investors, a platform-stated figure AltStreet has not reconciled. No Reg CF LLC distributions are on file. For MyRacehorse, nothing filed reconciles what a series raised to what it paid. Separately, as an accounting matter, the Reg A issuer reported net losses every year from 2018 to 2025, $40,165,621 in total; the filings attribute them to horse depreciation and training and care costs that begin before a horse races, plus management fees to the manager (in the first half of 2026, operating expenses of $3,764,758 included $1,797,916 of management fees and $1,880,103 of depreciation). Those are issuer results, not investor returns. Of 118 horses in its US stable feed in September 2026, 59 were retired, 29 had never raced, 18 were active, 8 sold and 4 claimed (platform-stated).
Practical answer
Commonwealth has the more legible record: one documented large cash payout (Country Grammer), one documented racing result with breeding-rights values but no filed distributions after June 2023 (Mage), and five documented losing exits, partly because its Reg A filings itemized liquidations. MyRacehorse has a larger book and no reconciled payout record. Neither supports a platform-wide return figure.
| Decision factor | What changes |
|---|---|
| Best documented payout | Commonwealth: Country Grammer, $1,149,663 in FY2023 on $113,850. MyRacehorse: none reconciled to a raise in the filings. |
| Ended deals | Commonwealth: five liquidated series returned $130,082 on $441,800. MyRacehorse: 8 sold and 4 claimed of 118 US horses, outcomes not reconciled. |
| Platform claims | Commonwealth: '$3.6M distributed' (platform-stated). MyRacehorse: horse values and career earnings (platform-stated). |
| Issuer accounts (not investor returns) | Commonwealth: Reg A issuer's latest annual report located covers FY2023. MyRacehorse: net loss every year 2018 to 2025, $40.2M total, driven by depreciation, pre-revenue costs and manager fees. |
Standard perks plus a G1 Club for larger holders vs a membership program funded from each raise
Commonwealth vs MyRacehorse: Race Days, Visits and Updates
Both platforms sell the experience as part of the product. Commonwealth's listing perks, 'with every investment', include ongoing updates and exclusive content, winner's circle access if the horse wins (when available), morning workouts, opportunities to meet the horse, trainer or jockey, and invitations to stable tours and auction events; each offering also has a race-day text channel. Buying a set number of shares in one offering joins its G1 Club, 80 shares ($4,000) on 19 of the 32 listings in Commonwealth's API and 50, 70 or 100 on others, adding race-day concierge, paddock access when available, a welcome kit, private events and invitations to private offerings. MyRacehorse's circular states that its Organizational and Experiential Fee, up to 12.5% of each raise, funds the Membership Experience Programs, which include winners circle access and race-day privileges.
Practical answer
Commonwealth ties its better perks to a larger position in one horse, typically $4,000; MyRacehorse funds its program from every raise. AltStreet has not attended either, and neither platform's perks are a financial term of the security.
| Decision factor | What changes |
|---|---|
| Standard access | Commonwealth: updates, winner's circle when available, workouts, meet the horse, stable tours. MyRacehorse: membership program with winners circle access and race-day privileges. |
| Upgraded tier | Commonwealth: G1 Club, usually 80 shares ($4,000) in one offering. MyRacehorse: no tier stated in the documents AltStreet read. |
| Who pays | Commonwealth: not itemized as a fee. MyRacehorse: the Organizational and Experiential Fee, up to 12.5% of each raise. |
No secondary market on either; the horse's end is your exit
Commonwealth vs MyRacehorse: Injury, Retirement, Sale and Selling Your Shares
Neither platform runs a secondary market or redeems shares, and Reg CF securities carry a one-year resale restriction on top of each operating agreement's transfer limits. Money comes back through distributions and when the horse's career ends. A Commonwealth LLC sells its interest, usually through a major auction once the co-owners agree, and makes a liquidating distribution of sale proceeds, retained racing revenue and unused reserves; its reserve buys racing and medical insurance for 24 months. A MyRacehorse series is sold, retired or claimed at the manager's decision; if its horse runs in a claiming race and is purchased, the series dissolves at the claiming price. The circular estimates most series exist two to six years before the horse is sold. Retirement need not end the investment: a stallion or broodmare interest can keep earning breeding income, as Series Mage's 10 of 40 fractional interests in his breeding rights show.
Practical answer
Plan to hold until the horse is done racing. On both platforms the manager, not the investor, decides when that is.
| Decision factor | What changes |
|---|---|
| Secondary market | Both: none; Reg CF one-year resale restriction and operating-agreement transfer limits. |
| When it ends | Commonwealth: manager and co-owners decide a sale, usually at auction. MyRacehorse: manager decides sale, retirement or a claiming race; typically two to six years. |
| What you get | Commonwealth: share of sale proceeds less the 10% distribution fee, plus unused reserves, which the fee does not apply to. MyRacehorse: share of sale proceeds after the 20% or 5% manager fee. |
| After retirement | Both: breeding income can continue for a stallion or broodmare interest. |
Form 1099-DIV from corporate-taxed LLCs vs a Schedule K-1 per series
Commonwealth vs MyRacehorse: Tax Forms and Reporting
Tax treatment differs for the vehicles AltStreet verified. Commonwealth Thoroughbreds' series (FY2023 Form 1-K) and the six Commonwealth Reg CF LLCs whose 2026 annual reports AltStreet read (Simply Joking, The Town, Keepsake Box, So Jaded, Shine Softly and Schoolyardsuperman Nation) elected to be taxed as corporations: the LLC pays tax on race earnings and sale gains, distributions reach you on Form 1099-DIV, and you cannot deduct the LLC's losses. My Racehorse CA LLC's series are partnerships: each sends a Schedule K-1, one per horse held, and allocates its results to you; an allocated loss is not necessarily deductible right away, because basis, at-risk, passive-activity and hobby-loss rules can limit it. AltStreet did not verify the tax treatment of MRH CF LLC or the Edge Racing LLCs. Reporting differs too. Commonwealth Thoroughbreds' latest annual report located was filed in October 2023; later filings included a March 2024 semiannual report and an October 2024 late-report notice; several Reg CF progress and annual reports were late or not located, and its Reg CF annual financials are unaudited and not reviewed, which Regulation Crowdfunding permits. My Racehorse CA LLC files audited annual reports on Form 1-K (IndigoSpire CPA Group) and has been continuously qualified under Regulation A since 2018.
Practical answer
MyRacehorse's Reg A reporting is the steadier; Commonwealth's has gaps. A K-1 per horse is more paperwork; a 1099-DIV is simpler but comes after a layer of corporate tax.
| Decision factor | What changes |
|---|---|
| Tax form (vehicles verified) | Commonwealth: Form 1099-DIV (Reg A series and six Reg CF LLCs taxed as corporations). MyRacehorse: Schedule K-1 per My Racehorse CA LLC series; Reg CF and 506(c) vehicles not verified. |
| Entity-level tax | Commonwealth: yes, before distributions. MyRacehorse series: no; income and losses are allocated to you, losses subject to deduction limits. |
| Annual reports | Commonwealth: Reg A latest located FY2023; Reg CF C-ARs late or missing, unaudited. MyRacehorse: audited Form 1-K every year 2018 to 2025. |
| AltStreet score | Commonwealth: 2.7 (F). MyRacehorse: 2.9 (D-); see how to read the scores below. |
How to read the scores
What 2.9 against 2.7 does and does not say
AltStreet scores four pillars (methodology). The two land close together for different reasons: MyRacehorse loses on investment merit (no reconciled payouts, with the issuer's accounting losses scored as a separate factor) and Commonwealth on transparency and reporting (its Reg A issuer's latest annual report located is from October 2023). Neither score predicts how a particular horse will run.
| Pillar (0 to 100) | Commonwealth | MyRacehorse | What drives the difference |
|---|---|---|---|
| Operational Risk | 25.5 (F) | 30.2 (D) | Both affiliate-run; MyRacehorse files audited annual reports every year, Commonwealth's Reg A audit stops at FY2023 and its Reg CF financials are unreviewed |
| Investment Merit | 32.7 (D+) | 22.0 (F) | Commonwealth has a documented payout (Country Grammer) and documented losses (five liquidations); MyRacehorse has no reconciled series record, and its issuer's accounting losses (depreciation, pre-revenue costs, manager fees) count separately |
| Transparency & Alignment | 31.1 (D) | 46.3 (C+) | MyRacehorse's itemized circulars and continuous Reg A reporting against Commonwealth's late or missing reports |
| Liquidity & Access | 10.0 (F) | 10.0 (F) | No secondary market on either |
Final read
Bottom line
Both are speculative securities with an entertainment component: a $50 share in one animal's career, decided by a manager, with no way out until the horse is done. Commonwealth's recent offerings let the seller keep a stake and take a smaller platform cut at the end, but the share of each $50 that buys the horse swings widely by offering, its tax treatment adds a corporate layer, and its reporting has gaps. MyRacehorse is more consistent and reports steadily, but its manager is paid heavily at both ends, including on gross sale proceeds when a horse sells at a loss, and it has no filed record of what investors received.
Pick the specific offering, not the platform: read how much of the price buys the horse, what the manager takes at the sale, the exemption and the tax form, and size the purchase as money you can afford to lose.
Primary sources
Sources and access
Commonwealth (SEC EDGAR and platform, public)
- ›Commonwealth Thoroughbreds LLC filings (CIK 1789339): FY2023 Form 1-K: liquidated series distributions, Country Grammer and Mage terms; October 2024 Form 1-U late notice.
- ›ALAO Invest LLC portal registrations (CIK 1886148): Ownership by Commonwealth Markets Inc. and control persons.
- ›Imply Nation LLC Form C (CIK 2150159): 18% portal compensation and the open offering's terms; other Nation LLC Form Cs, C-Us and C-ARs as cited.
- ›Commonwealth offerings API and listing pages: Per-share breakdowns for 32 listings and the perks and G1 Club terms, read October 17, 2026.
MyRacehorse (SEC EDGAR and platform, public)
- ›My Racehorse CA LLC filings (CIK 1744448): Form 1-A circulars (POS-AM 13, September 16, 2026): Use of Proceeds by series, Final Gross Proceeds Fee; Form 1-K FY2018 to FY2025.
- ›MRH CF, LLC filings (CIK 2008780): 18 Form C offerings since March 2024, three withdrawn.
- ›MyRacehorse platform API: Stable and buylisting feeds for the US, Australia and UK, captured September 27, 2026.
FAQs
Commonwealth vs MyRacehorse: Common questions
Is Commonwealth or MyRacehorse better?＋
Neither is a clear winner; AltStreet scores Commonwealth 2.7 (F) and MyRacehorse 2.9 (D-). Commonwealth's recent offerings let the seller keep a stake and take 10% of distributions at the end; MyRacehorse puts a steadier 40% to 52% of each raise into the horse but its manager takes more at both ends. Judge the specific offering, not the brand.
Which platform has lower total fees?＋
It depends on the offering and the outcome. MyRacehorse's manager takes 15% management, up to 12.5% organizational and experiential and a 5% to 7.5% bloodstock fee, plus 20% of gross sale proceeds (5% on a loss); an outside broker takes 1% to 5%. Commonwealth's affiliated portal takes 10% to 18% of acquisition and working-capital proceeds plus 2% of units, and an affiliate takes 10% of distributions. AltStreet's illustrative sale-only multiples (median 2.59x against 3.08x) show structure, not which will cost you less.
How much of my purchase actually buys an interest in the horse?＋
MyRacehorse: 40.08% to 52.18% of gross proceeds across ten series, including the manager's bloodstock fee. Commonwealth: 9% to 71% of each $50 across 21 Reg CF horse offerings, median 42.9%. Much of the rest on both is a two-year reserve for training, care and insurance, a cost of owning a horse rather than platform pay.
Do I own the horse directly or shares in a company?＋
Shares in a company on both. Commonwealth: non-voting units in a single-horse LLC owning 5% to 50% of the horse, managed by the seller. MyRacehorse: an interest in a series whose circular says it 'does not constitute direct ownership of a racehorse'; some series own only 51% to 75%.
Can either platform charge me additional training or veterinary expenses?＋
Neither document AltStreet read calls more money from investors; costs come from a reserve in the share price. If it runs out, MyRacehorse's manager advances funds the series repays before distributing; Commonwealth's manager may lend at interest or issue more units, diluting holders.
How are race winnings, sale proceeds and breeding income distributed?＋
At the manager's discretion after reserves on both. MyRacehorse shares net purses and sale, stud or broodmare value pro rata after the manager's 10% of gross stakes purses and 20% (or 5%) of gross sale proceeds. Commonwealth's LLCs pay corporate tax, then distribute, less a 10% fee that does not apply to returned working capital.
Which offers better race-day access, stable visits and owner updates?＋
Both advertise it; AltStreet has not tested either. Commonwealth lists updates, winner's circle access when available, workouts and stable tours, plus a G1 Club for larger holders (usually 80 shares, $4,000). MyRacehorse funds a membership program with winners circle access and race-day privileges from a fee of up to 12.5% of each raise.
Have investors made money after all expenses?＋
Some have, on a few horses, but neither platform has a filed record that supports a platform-wide return. Commonwealth's Country Grammer series paid $1,149,663 in FY2023 on a $113,850 raise; its five liquidated series paid $130,082 on $441,800. MyRacehorse files no reconciliation of what series raised against what they paid out.
What happens if the horse is injured, retired or sold?＋
A sale or claim usually ends the investment with a liquidating distribution. Retirement need not: a stallion or broodmare can keep earning breeding income, as Mage's syndicated breeding rights show. Commonwealth's reserve buys 24 months of insurance; at MyRacehorse a claiming-race sale dissolves the series.
Can I sell my shares?＋
Not in practice. Neither platform has a secondary market or redemption, Reg CF securities carry a one-year resale restriction, and both operating agreements limit transfers.
What tax documents will I receive?＋
For the vehicles AltStreet verified: My Racehorse CA LLC series send a Schedule K-1 per horse; Commonwealth Thoroughbreds' series and the six Commonwealth Reg CF LLCs whose 2026 annual reports AltStreet read elected corporate taxation, so distributions arrive on Form 1099-DIV. A K-1 loss is not necessarily deductible right away (basis, at-risk, passive-activity and hobby rules apply). Check other vehicles' documents; AltStreet is not a tax adviser.
Is Commonwealth Reg CF and MyRacehorse Reg A?＋
Not as a rule. Commonwealth used Reg A from 2020 to 2023 and Reg CF since 2024. MyRacehorse runs Reg A, Reg CF (MRH CF LLC) and accredited-only Rule 506(c) (Edge Racing) side by side. Check each offering's exemption.
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Platform Review
Commonwealth Review
$50 racehorse shares through Commonwealth's own funding portal: the share breakdown, the fee by offering, the liquidations and the reporting gaps.
Platform Review
MyRacehorse Review
Three exemptions behind one storefront, a filed fee load near half the raise, and a 20% gross sale fee disclosed outside the use-of-proceeds table.
Platform Review
Finlete Review
Athlete-income offerings, the model behind Commonwealth's golf and tennis listings.
Category Guide
Fractional Collectible Platforms
Category coverage of fractional ownership in horses, collectibles and other single assets.