Concreit vs RealtyMogul
Both platforms use Regulation A to offer non-accredited investors access to real estate, but they are in very different operating states. Concreit is a small, mobile-first platform built around a $1-minimum weekly-distribution Fund I, currently operational with a functioning redemption gate. RealtyMogul is a 13-year-old institutional CRE platform currently in platform restructuring — both REITs paused to new investors, share repurchase programs suspended, and an audited Sherwood Oaks deed-in-lieu event in the Apartment Growth REIT.
Guide Thesis
Same regulatory wrapper. Different operating realities.
The comparison is not which platform is better in aggregate. It is which operating state fits the investor today. Concreit Fund I is operational and accessible at $1, with documented governance trade-offs in the Operating Agreement and a cumulative GAAP return-of-capital identity in the audited financials. RealtyMogul has greater scale and a 13-year track record, but both REITs are currently paused with no disclosed redemption reinstatement timeline, the Apartment Growth REIT has produced a deed-in-lieu event and a realized loss on sale, and the marketplace now features exclusively deals sponsored by the platform's new owner.
Concreit Fund I is currently the more deployable product for small-check non-accredited investors prioritizing weekly distribution cadence and a functioning redemption gate. RealtyMogul is structurally an institutional CRE platform, but the products that historically served retail are paused and existing investors are locked in until the share repurchase programs reopen on undisclosed timelines.
Both platforms provide meaningful primary-source disclosure through SEC Reg A filings. What differs is the operating state of the products today, the audited findings in each platform's most recent 1-K filings, and the structural governance posture.
Quick verdict
Concreit is the more deployable platform today for small non-accredited investors because Fund I remains open, has a $1 minimum, pays weekly distributions, and maintains an operational redemption gate. RealtyMogul is the larger and more institutional platform, but its two retail REITs are paused to new investors and have suspended share repurchase programs, so new non-accredited investors currently have limited access. Existing RealtyMogul REIT investors cannot redeem through the share repurchase programs at stated NAV while those programs remain suspended.
A note on terminology
For the purposes of this guide, “platform restructuring” or “post-acquisition operating transition” refers to the observable operating changes following The Wideman Company's November 2025 acquisition of RealtyMogul: paused REIT subscriptions (July 11, 2025), suspended share repurchase programs (April 21, 2026), suspended DRIPs (April 21, 2026), management change (Jilliene Helman resigned; Matthew Wideman installed as CEO), RM Securities broker-dealer registration withdrawal (July 11, 2025), Maryland corporation conversion (April 27, 2026), and a marketplace now consisting entirely of Wideman-sponsored offerings as of the platform snapshot reviewed by AltStreet. The term does not imply formal bankruptcy, Chapter 11 proceedings, court-supervised restructuring, or insolvency — both REITs continue to file audited 1-K reports with CohnReznick LLP clean opinions and RM Adviser LLC remains an SEC-registered investment adviser.
Winner by use case
Which platform wins, for what
Skim-reader summary. The decision varies materially by investor goal and current operating state — neither platform wins across every dimension.
| Investor goal | Better fit |
|---|---|
| Lowest possible minimum (sub-$100) | Concreit — Fund I ($1) |
| Weekly distribution cadence | Concreit — Fund I |
| Functioning redemption gate (Reg A vehicle) | Concreit — Fund I (10% per 3-month rolling, operational) |
| Institutional CRE exposure at $5K minimum | RealtyMogul — but both REITs currently paused to new investors |
| Accredited CRE deal-by-deal selection | RealtyMogul — Wideman marketplace (all four current deals Wideman-sponsored) |
| 1031 exchange concierge | RealtyMogul — DST/TIC structures for $5M+ exchanges |
| Single-form tax simplicity (1099-DIV only) | Concreit (both vehicles); RealtyMogul REITs only (marketplace adds K-1) |
| Larger operating scale and audited entity-level history | RealtyMogul |
| EDGAR-verified historical deal track record | RealtyMogul (43 Form D SPVs, $128.7M verified) |
| Independent third-party transfer agent | RealtyMogul (Concreit operates captive Transfer Services LLC) |
| Existing REIT investor monitoring | RealtyMogul — monitor Form 1-U filings for redemption reinstatement |
| Mobile-first delivery | Concreit |
Operating-status timeline
The fifteen months that defined each platform's current state
The differences between Concreit's currently operational state and RealtyMogul's post-acquisition operating transition are best understood as an event chronology drawn from primary SEC filings.
Concreit
Operational continuity
Concreit's same fifteen-month window shows one disclosure cycle on an operationally continuous platform: FY2024 1-K (April 2025) carried a going-concern qualification at the Fund I level; new Form 1-A filed July 2024 and qualified June 30, 2025; June 30, 2025 Reg A requalification alleviated the going-concern; the Fund I 10% per 3-month rolling redemption gate continued operating through 2025 at 30–38% annualized observed volumes; FY2025 1-K (April 2026) filed on schedule with Aprio LLP clean audit, surfacing the cumulative $204,563 GAAP excess identity; Series LLC FY2025 1-K filed May 2026 with Aprio LLP audit (third firm in three years on that vehicle).
Fund I continues accepting subscriptions; Series LLC remains active with property-level availability subject to current offerings; the redemption gate continues operating.
RealtyMogul
Event-driven post-acquisition operating transition
| Date | Event |
|---|---|
| Feb 21, 2025 | Income REIT distribution cut from 6% to 3% annualized (Form 1-U, Helman signature) |
| May 27, 2025 | Lotus Village sold at $32.85M vs $38.5M acquisition (-14.7% realized loss) |
| Jul 11, 2025 | Both REITs paused to new investors; RM Securities broker-dealer registration withdrawn |
| Sep 2, 2025 | Brooklyn Portfolio enters mortgage maturity default (no resolution disclosed) |
| Nov 6, 2025 | Wideman Company acquires platform via merger; Helman, Janisse, Weeks resign from board |
| Jan 2026 | Apartment Growth REIT distributions paused (first pause in REIT history) |
| Mar 26, 2026 | Sherwood Oaks transferred to lender via deed in lieu of foreclosure |
| Apr 21, 2026 | Both REIT share repurchase programs and DRIPs suspended |
| Apr 27, 2026 | Income REIT converts from Delaware LLC to Maryland corporation |
Marketplace shifts to exclusively Wideman-sponsored offerings under technology licensing model; both REITs remain paused to new investors as of the platform snapshot reviewed by AltStreet.
The chronology demonstrates the editorial finding: Concreit's most recent fifteen months show one disclosure cycle (going-concern alleviated post-requalification) on an operationally continuous platform. RealtyMogul's same period shows nine distinct operating-status events, materially changing the platform from the one that originally raised investor capital. Both event streams are sourced entirely from primary SEC filings — Form 1-K, Form 1-SA, Form 1-U, Form 1-A, Form D — and RM Adviser LLC fact sheets dated May 6, 2026.
The Core Decision
Same Reg A wrapper. Very different operating states.
Concreit is the smaller, currently operational Reg A platform: two active vehicles, 5,207 verified securityholders per Form TA-2, combined AUM around $10.5M, $1 Fund I minimum, weekly distributions, and a functioning 10% per 3-month redemption gate. RealtyMogul is the larger Reg A platform, currently in a post-acquisition operating transition: platform-reported 300,000+ members and $1.2B+ deployed since 2012, audited Income REIT total assets $288.7M with NAV declined 32% from peak to $7.49, Apartment Growth REIT $157.3M total assets with an audited Sherwood Oaks deed-in-lieu event (March 2026), both REIT repurchase programs suspended (April 21, 2026), and 100% of active marketplace deals sponsored by The Wideman Company under a technology licensing model.
Operating Status
Different states
Concreit: Fund I open to new investments with redemption gate functional (~40% annualized). RealtyMogul: both REITs paused to new investors (July 2025); share repurchase programs suspended (April 2026); no reinstatement timeline.
Asset Class
Different products
Concreit Fund I: ~75% short-term real-estate-secured loan participations, ~25% equity, weekly distributions. RealtyMogul: non-traded REITs holding institutional CRE (commercial debt/equity, multifamily) plus accredited-only Wideman marketplace.
Headline Audited Finding
Different pressure points
Concreit: $204,563 cumulative GAAP excess of distributions over net income (FY2019–FY2025) reconciling to accumulated deficit. RealtyMogul: Income REIT NAV -32% from peak; Apartment Growth REIT deed-in-lieu event (Sherwood Oaks, March 2026).
Decision shortcut
Pick your action in 10 seconds
Three deployment paths depending on the allocation objective. Use one, two, or all three — they capture different exposures.
If you want
weekly distribution cadence at the lowest possible minimum
Concreit — Fund I
$1 minimum, weekly distributions, 10%/3-month rolling redemption gate operational (~40% annualized), 1099-DIV. Read Operating Agreement Section 5.2 (fiduciary waiver) and Form ADV Part 2A ($5/mo flat fee on accounts under $5K) first.
If you already own
RealtyMogul Income REIT or Apartment Growth REIT shares
RealtyMogul — monitor & wait
Both share repurchase programs suspended April 21, 2026 with no reinstatement timeline. Subscribe to EDGAR alerts for CIKs 0001669664 and 0001699573 to receive immediate notification of any Form 1-U filings — these will contain any changes to repurchase program terms.
If you want
accredited-only CRE deal-by-deal selection
RealtyMogul — Wideman marketplace
$35K–$50K minimum. Currently four active deals, all sponsored by The Wideman Company (the same entity that owns and manages the platform). 4–7 year illiquid hold. Read the full PPM and benchmark fees against deals on platforms with genuinely independent sponsors.
$1
Concreit Fund I minimum investment
Among the lowest in fractional real estate. Weekly distributions. 10% per 3-month rolling redemption gate operational with FY2023–FY2025 redemption volumes of 30–38% annualized.
Suspended
Both RealtyMogul REIT share repurchase programs (April 21, 2026)
Income REIT (7,700 investors) and Apartment Growth REIT (3,600 investors) cannot redeem through the share repurchase programs at stated NAV while the programs remain suspended. No reinstatement timeline disclosed. DRIPs also suspended.
Deed-in-lieu
RealtyMogul Apartment Growth REIT — Sherwood Oaks deed-in-lieu event (March 2026)
Property transferred to lender via deed in lieu of foreclosure. Plus Lotus Village sold at $32.85M vs $38.5M acquisition (-14.7%); Brooklyn Portfolio mortgage maturity default (September 2025) unresolved.
$204,563
Concreit Fund I cumulative distributions in excess of GAAP net income
FY2019–FY2025: $2,091,583 distributions vs $1,887,020 GAAP net income. Reconciles exactly to accumulated deficit on FY2025 balance sheet — documented design feature of Operating Agreement Section 4.1.
Final read
Bottom Line Up Front
Concreit and RealtyMogul are not direct substitutes. Concreit is a small, currently operational Reg A platform built around a debt-heavy pooled fund with a $1 minimum and weekly distributions — combined AUM around $10.5M, 5,207 verified securityholders per Form TA-2 (vs ~40,000 marketed), Operating Agreement governance posture at the high-discretion end of Delaware LLC law, and a documented cumulative GAAP return-of-capital identity. RealtyMogul is a 13-year-old institutional CRE platform with materially larger scale (platform-reported 300,000+ members and $1.2B+ deployed; $128.7M EDGAR-verified across 43 historical Form D SPVs; Income REIT audited $288.7M total assets), now in platform restructuring following the November 2025 Wideman acquisition — both REITs paused to new investors, both share repurchase programs suspended, and a portfolio that has produced an audited Sherwood Oaks deed-in-lieu event, a realized loss on sale (Lotus Village -14.7%), and an unresolved mortgage default (Brooklyn Portfolio).
For investors choosing between them: the operating-state difference dominates the decision. If the allocation objective is weekly distribution cadence at the smallest possible check size with a functioning redemption gate, Concreit Fund I is structurally available today — with the disciplined caveat that the Operating Agreement Section 5.2 fiduciary duty waiver, the cumulative $204,563 GAAP excess across FY2019–FY2025, and the regressive $5/month platform-level advisory fee on small accounts (Form ADV Part 2A) require honest underwriting. If the allocation objective is institutional CRE exposure through a non-traded REIT, RealtyMogul historically delivered that — but both REITs are currently paused, and as of the platform snapshot reviewed by AltStreet, all active marketplace offerings were Wideman-sponsored, creating a disclosed structural conflict: the platform owner, REIT manager, and marketplace sponsor are the same economic group. Existing RealtyMogul REIT investors are locked in until the repurchase programs reopen under terms that have not been published.
Neither platform is risk-free. Concreit: express fiduciary duty waiver on Fund I; cumulative GAAP excess of distributions over net income reconciling to accumulated deficit; three audit firms in three years on Series LLC; captive transfer agent; related-party at-par transfer of the Sanctuary Broadway position to a Manager affiliate (FY2023); regressive $5/month platform-level advisory fee on accounts under $5,000; founder ownership declined from ~85% at inception to 0.74% by April 2026. RealtyMogul: both REIT share repurchase programs suspended with no reinstatement timeline; Income REIT NAV -32% from peak; Apartment Growth REIT audited Sherwood Oaks deed-in-lieu event and realized loss on sale; unresolved Brooklyn Portfolio mortgage default; RM Securities broker-dealer registration withdrawn (July 2025); structural conflict of interest with The Wideman Company simultaneously platform owner, REIT manager, and sole active marketplace sponsor; no public Wideman Company standalone financials. These are diligence inputs, not deal-breakers.
Concreit strengths
$1 minimum on Fund I — among the lowest in fractional real estate; weekly distribution cadence; 10% per 3-month rolling redemption gate operational with observed FY2023–FY2025 redemption volumes of 30–38% annualized; mobile-first delivery; both active Reg A vehicles open to new investments; seven fiscal years of audited Fund I reporting on EDGAR; 1099-DIV simplicity (REIT structure, low UBTI risk for IRAs); Series LLC offering circular preserves Manager fiduciary language; FY2024 going-concern alleviated post-June 2025 requalification.
RealtyMogul strengths
13-year operating history (founded 2012); platform-reported 300,000+ members and $1.2B+ deployed; $128.7M EDGAR-verified across 43 historical Form D SPVs (2,433 investors); CohnReznick LLP audit on both REITs with clean opinions; institutional CRE asset class exposure at $5K minimum (when REITs reopen); Wideman Company brings 50-year operator track record in Sunbelt commercial real estate; 1031 exchange concierge with DST/TIC structures for large exchanges; Income REIT has paid 110+ consecutive distribution periods historically (cadence now diminished); both REITs are SEC Reg A Tier 2 with audited annual financials and material event disclosure via Form 1-U.
Comparison hub
The comparison broken down by category
Two Regulation A real estate platforms, three decision dimensions: product structure, operating status, and fees / tax / liquidity.
The three sections below isolate the dimensions where the differences are most material to investor decisions.
Mobile-first retail debt fund vs institutional CRE REIT complex
Product Structure & Asset Class
Concreit operates two active Regulation A vehicles plus a captive transfer agent and a separately-registered investment adviser. Concreit Fund I LLC is the operative debt-heavy REIT vehicle (~$8.99M FY2025 AUM, ~75% loan participations / ~25% equity) with $1 minimum and weekly distributions. Concreit Series LLC is a newer per-property SFR equity vehicle (~$1.54M FY2025 AUM, five properties). RealtyMogul operates two non-traded REITs and a marketplace under three different investor tiers. The RealtyMogul Income REIT (CIK 0001669664, $288.7M audited total assets, 7,700 investors, $148.2M raised) is a diversified commercial real estate debt-and-equity vehicle. The Apartment Growth REIT (CIK 0001699573, $157.3M audited total assets, 3,600 investors, $66.3M raised) targets multifamily and industrial value-add. Both REITs are currently paused to new investors. The accredited-only marketplace ($35K–$50K minimum) currently features exclusively Wideman Company-sponsored deals.
Practical answer
Use Concreit Fund I when the objective is weekly distribution cadence at the smallest possible check size, and the investor accepts the documented Operating Agreement governance posture. RealtyMogul is structurally suited for institutional CRE exposure, but both REIT products are paused and existing investors have no near-term exit. The accredited-only marketplace is the only currently-deployable RealtyMogul product.
| Decision factor | What changes |
|---|---|
| Asset focus | Concreit Fund I: ~75% short-term real-estate-secured loan participations, ~25% equity in residential/commercial real estate. Series LLC: direct SFR equity. RealtyMogul: institutional CRE (commercial debt and equity in Income REIT; multifamily and industrial in Apartment Growth REIT). Marketplace: Wideman-sponsored CRE (NNN industrial, trophy office, preferred equity). |
| Number of active products | Concreit: 2 active Reg A vehicles (Fund I + Series LLC); plus dormant Reg D Series 1. RealtyMogul: 4 product tiers — Income REIT (paused), Apartment Growth REIT (paused), accredited marketplace (open), 1031 concierge (open). |
| Minimum investment | Concreit: $1 Fund I; $1,000 Series LLC. RealtyMogul: $5,000 REITs (both currently paused to new investors); $35,000–$50,000 marketplace (accredited only); 1031 concierge varies by deal (typically $5M+ exchanges for custom acquisition services). |
| Distribution cadence | Concreit Fund I: weekly distributions; annualized rate range 5.00%-7.00% over fund history, currently 6.30%. RealtyMogul Income REIT: quarterly (changed from monthly January 2026), 3.0% annualized (cut from 6% in February 2025). Apartment Growth REIT: distributions paused January 2026. |
| Investor type served | Concreit: non-accredited eligible (Fund I, Series LLC); accredited only on dormant Reg D Series 1 LLC. RealtyMogul: non-accredited eligible on both REITs (currently paused); accredited only on marketplace and 1031 concierge. |
Currently operational vs in platform restructuring
Operating Status & Disclosure Architecture
This is the dimension where the two platforms diverge most materially. Concreit is operating: Fund I is open to new investments and Series LLC remains an active Reg A vehicle with property-level availability subject to current offerings, Fund I's redemption gate has been functional with observed FY2023–FY2025 redemption volumes of 30–38% annualized, and the FY2024 going-concern qualification was alleviated after the June 30, 2025 Reg A requalification. The audited findings on Concreit are governance-related rather than operational: Fund I's cumulative distributions exceed cumulative GAAP net income by $204,563 across FY2019–FY2025, reconciling exactly to the accumulated deficit; the Operating Agreement Section 5.2 contains an express fiduciary duty waiver; Concreit Series LLC has used three different audit firms in three consecutive fiscal years. RealtyMogul is in active platform restructuring. Both REITs paused to new investors July 11, 2025. Income REIT distribution cut from 6% to 3% (February 2025), NAV declined from approximately $11.00 peak to $7.49 at December 31, 2025 (-32%). Apartment Growth REIT distributions paused January 2026; Sherwood Oaks property transferred to lender via deed in lieu of foreclosure March 26, 2026; Brooklyn Portfolio in mortgage maturity default since September 2, 2025; Lotus Village sold at $32.85M vs $38.5M acquisition (-14.7% realized loss). Both REIT share repurchase programs suspended April 21, 2026.
Practical answer
Concreit's audited findings are governance and disclosure mechanics on an operational platform. RealtyMogul's audited findings are realized portfolio events on currently paused products. Investors evaluating each platform are answering different questions — for Concreit, whether the governance terms are acceptable; for RealtyMogul, whether to wait for the Offering Circular refresh and at least one audited fiscal year under Wideman management.
| Decision factor | What changes |
|---|---|
| New investment status | Concreit: Fund I open to new investments; Series LLC active with property-level availability subject to current offerings. RealtyMogul: both REITs paused to new investors July 11, 2025. Marketplace open to accredited investors. 1031 concierge open. |
| Liquidity status | Concreit Fund I: 10%/3-month rolling redemption gate operational (~40% annualized capacity). RealtyMogul: both REIT share repurchase programs SUSPENDED April 21, 2026 with no reinstatement timeline; no secondary market for REIT shares. |
| Distribution status | Concreit Fund I: weekly distributions, currently 6.30% annualized rate. RealtyMogul Income REIT: 3.0% quarterly (cut from 6%). Apartment Growth REIT: distributions PAUSED since Q4 2025 quarter (first pause in REIT history). |
| Headline audited finding | Concreit Fund I: cumulative $204,563 GAAP excess of distributions over net income (FY2019–FY2025), reconciling exactly to accumulated deficit. RealtyMogul: Income REIT NAV -32% from peak; Apartment Growth REIT deed-in-lieu event (Sherwood Oaks, March 2026). |
| Audit firm history | Concreit Fund I: Aprio LLP current; one transition since 2019 (dbb mckennon → Aprio LLP). Series LLC: three firms in three years (Duner & Foote → dbb mckennon → Aprio LLP). RealtyMogul: CohnReznick LLP for both REITs, clean opinions across multiple years. |
| Ownership & governance | Concreit: founder-managed (Sean Hsieh CEO); Hsieh ownership declined from ~85% at inception to 0.74% by April 2026, driver not separately disclosed. RealtyMogul: acquired November 6, 2025 by The Wideman Company; Jilliene Helman resigned; Matthew Wideman now CEO; Wideman simultaneously owns platform, manages REITs, and sponsors 100% of active marketplace deals. |
Base AMF plus Manager-discretion triggers vs multi-product fee architecture
Fees, Tax & Liquidity
Concreit Fund I applies a 1.0% base asset management fee on NAV with Manager-discretion fee triggers — Special Servicing Fee (1.0% on original loan value, Manager-classified non-performing), Recovery Fee (1.0%, stacks with Special Servicing on the same loan), uncapped 'Other Fees' rate-differential capture, plus a separately-registered $5/month platform-level advisory fee on accounts under $5,000 (Form ADV Part 2A). Tax: 1099-DIV for both Reg A vehicles. Liquidity: Fund I 10%/3-month rolling gate operational. RealtyMogul Income REIT: 1% AMF + 0.5% servicing + 1.0% special servicing + up to 3% organizational/offering costs. Apartment Growth REIT: 1.25% AMF + same servicing. Marketplace: sponsor-set fees vary (FedEx Ground example: 2% acquisition + 1.5% AMF + 2% property management); RM Technologies charges sponsors $1,500/investor + $125/quarter as a separate technology licensing layer. Tax: 1099-DIV (REITs) + K-1 (marketplace) + K-1 (1031 DST) — investors holding multiple products receive multiple tax documents. Liquidity: REITs suspended; marketplace 4–7 year holds.
Practical answer
Use Concreit Fund I for operationally simpler economics — uniform 1099-DIV, operational redemption gate, single-vehicle exposure — with the discipline to model the all-in fee architecture against account size. RealtyMogul's fee architecture varies by product tier and tax reporting is fragmented across 1099-DIV and K-1 forms; the marketplace is the only currently-deployable product but requires accredited status and 4–7 year illiquid commitment.
| Decision factor | What changes |
|---|---|
| Platform fee — base | Concreit Fund I: 1.0% per annum asset management on NAV. RealtyMogul Income REIT: 1% AMF; Apartment Growth REIT: 1.25% AMF; both REITs add 0.5% servicing + 1.0% special servicing + up to 3% org/offering costs. |
| Manager-discretion / stacked fees | Concreit Fund I: Special Servicing (1% on original loan value), Recovery Fee (1%, stacks), uncapped 'Other Fees' rate-differential capture, 5% in-house property management. RealtyMogul: special servicing on REITs; marketplace deals have separate sponsor-set acquisition/AMF/property management fee stacks per deal. |
| Separate platform-level fee | Concreit Fund Management LLC: $5/month platform advisory fee on accounts under $5,000 (Form ADV Part 2A) — 6.0% effective annual drag at $1,000 AUM. RealtyMogul: RM Technologies LLC charges sponsors $1,500 per investor onboarded plus $125/quarter per investor on marketplace deals — paid by sponsor, but embedded in deal economics. |
| Primary tax form | Concreit: 1099-DIV for both Fund I and Series LLC (REIT election). RealtyMogul: 1099-DIV for both REITs; K-1 for marketplace private placements; K-1 for 1031 DST structures. Multiple tax forms for investors holding both REIT and marketplace products. |
| Return-of-capital component | Concreit Fund I: cumulative ROC identity of $204,563 across FY2019–FY2025, reconciling to accumulated deficit. RealtyMogul: Income REIT FY2025 distributions ($5.47M) exceeded net income ($3.18M); Apartment Growth REIT distributions from a loss-making entity (now paused) included substantial ROC. |
| Liquidity — REIT/Reg A vehicle | Concreit Fund I: 10% per 3-month rolling gate (~40% annualized), operational. Manager-discretion suspension authority on six enumerated triggers; 2024 OC permits use of offering proceeds for redemptions. RealtyMogul: both REIT share repurchase programs SUSPENDED April 21, 2026. No reinstatement timeline. No secondary market. |
| Liquidity — accredited products | Concreit: dormant Reg D Series 1 LLC ($0 raised across three-plus years). RealtyMogul: marketplace private placements illiquid 4–7 year holds; 1031 DST 5–10 year holds; no secondary market on any product. |
Scenario Analysis
$25,000 · Allocation comparison · Both platforms
What the operating-state difference actually looks like when a non-accredited investor with $25,000 evaluates both platforms today.
Same investor. Same capital. Today, only one platform is fully deployable for non-accredited retail.
| Metric | Concreit ($25K: $20K Fund I + $5K Series LLC) | RealtyMogul ($25K — non-accredited) |
|---|---|---|
| Deployable at $25K (non-accredited) | Yes — both Fund I and Series LLC accept new investments | Currently no — both REITs paused to new investors since July 11, 2025; marketplace requires accredited status and $35K+ minimum |
| Position structure | Fund I: pooled debt-heavy REIT (~75% loan participations / ~25% equity). Series LLC: 1+ per-property SFR equity positions. | If accredited: 1 Wideman marketplace deal (would need additional $10K+ to reach $35K min on most deals). |
| Distribution cadence | Fund I: weekly. Series LLC: per-property. | REITs paused/cut. Marketplace: monthly per deal terms (sponsor discretion). |
| Headline yield / target return | Fund I 6.30% current annualized rate; range 5.00%-7.00% over fund history. | Sponsor-projected target IRRs: FedEx Ground 15.1%, Truist Plaza 16.5%; sponsor-projected preferred return target: Gaia Herbs 8%. |
| Platform fee structure | Fund I: 1.0% base AMF + Manager-discretion Special Servicing/Recovery/'Other Fees' + 5% in-house property management. No flat $5/mo fee above $5K AUM. | Marketplace: sponsor-set fees vary (FedEx example: 2% acquisition + 1.5% AMF + 2% property mgmt). RM Technologies licensing layer paid by sponsor. |
| Tax form expected | 1099-DIV (both vehicles, REIT election) | Marketplace: K-1 (partnership), extension likely |
| Liquidity at $25K | Fund I 10%/3-month rolling gate operational. Series LLC per-property, no defined redemption mechanism. | REITs suspended (no exit). Marketplace 4–7 year illiquid hold, no secondary market. |
| Governance posture | Fund I: express fiduciary duty waiver (OA Section 5.2). Series LLC: Manager described as fiduciary. | Wideman: simultaneously platform owner, REIT manager, sole marketplace sponsor. RealtyMogul disclaims liability for sponsor representations on marketplace deals. |
Concreit ($25K: $20K Fund I + $5K Series LLC)
RealtyMogul ($25K — non-accredited)
The scenario illustrates the practical asymmetry today: a non-accredited investor with $25,000 can deploy into Concreit Fund I and Series LLC immediately, with a functioning Fund I redemption gate and weekly distributions. The same $25,000 cannot currently be deployed into a RealtyMogul product — both REITs are paused to new investors, and the marketplace requires accredited status and $35,000–$50,000 minimums. An accredited investor with $50,000 or more could access the Wideman marketplace today; that does not change the conclusion that for non-accredited retail in the $1K–$25K range, Concreit is currently the deployable platform of the two.
Before you invest
Most investors miss these — and they matter more than yield
The questions below matter most when evaluating either platform. Most investors only ask them after committing capital.
Which product am I actually buying?
Concreit: Fund I (debt-heavy pooled REIT, ~75% loan participations / ~25% equity, $1 minimum, weekly distributions) or Series LLC (per-property SFR equity, $1,000 minimum). RealtyMogul: Income REIT (paused, diversified commercial debt/equity), Apartment Growth REIT (paused, multifamily/industrial value-add), Wideman marketplace (open to accredited only, $35K–$50K minimum, currently four deals all Wideman-sponsored), or 1031 concierge (DST/TIC structures, contact-driven). These are very different products with different audit posture, fee architecture, and current operating state.
Where do the most material fees actually live?
Concreit Fund I: 1.0% base AMF surfaced on platform; Manager-discretion Special Servicing (1% on original loan value), Recovery Fee (1%, stacks with Special Servicing on the same loan), uncapped 'Other Fees' rate-differential capture, and 5% in-house property management require pulling the Management Compensation section of the OC. SEPARATELY, the $5/month platform-level advisory fee on accounts under $5,000 is disclosed in Form ADV Part 2A — not in the fund offering circulars. RealtyMogul REITs: 1% (Income) / 1.25% (Apartment Growth) AMF + 0.5% servicing + 1.0% special servicing + up to 3% org/offering costs disclosed in offering circulars. Marketplace: sponsor-set fees per deal (acquisition, AMF, property management, promote) disclosed in PPM; RM Technologies $1,500/investor + $125/quarter licensing layer disclosed on deal pages.
What does the audit actually say?
Concreit Fund I: across FY2019–FY2025, cumulative distributions ($2,091,583) exceed cumulative GAAP net income ($1,887,020) by $204,563 — a figure reconciling exactly to accumulated deficit on the FY2025 balance sheet. Going-concern carried FY2024, alleviated post-June 30 2025 requalification. Series LLC has used three different audit firms in three consecutive fiscal years. RealtyMogul: CohnReznick LLP clean opinion on both REITs. The clean opinion coexists with material adverse audit disclosures — Income REIT NAV declined from $10.05 (12/31/2023) to $7.49 (12/31/2025), Apartment Growth REIT FY2025 net loss $8.0M, Sherwood Oaks deed-in-lieu event (March 26, 2026), Lotus Village sold at -14.7% realized loss, Brooklyn Portfolio mortgage default. A clean opinion means the financials are fairly presented under GAAP — it does not mean the investments performed well.
What is the governance posture?
Concreit Fund I: Operating Agreement Section 5.2 contains express fiduciary duty waiver — Manager has waived duties of care and loyalty (permitted under Delaware LLC law). Investor Members cannot sue for breach of fiduciary duty, only for fraud, willful misconduct, or federal securities law violations. Plus mandatory arbitration, jury trial waiver, class action waiver, one-way fee-shifting on federal securities claims. Concreit Series LLC: Manager described as fiduciary. Captive transfer agent. RealtyMogul: RM Adviser LLC is an SEC-registered investment adviser; arbitration clauses in both REIT subscription agreements limit class action recourse. Following the November 2025 Wideman acquisition, the same entity (The Wideman Company) owns the platform, manages both REITs, and sponsors 100% of active marketplace deals — a disclosed structural conflict.
What does the active distress picture look like?
Concreit Fund I: Sanctuary Broadway Multifamily LLC ($200K equity position) was transferred at par to a Manager affiliate in FY2023 — no loan loss provision recorded. Columbia Pacific Income Fund I LP impairment of $125K marked down on FY2025 balance sheet with separate $125K Manager backstop. Founder ownership (Hsieh) declined from ~85% at inception to 0.74% by April 2026. RealtyMogul Apartment Growth REIT: Sherwood Oaks property transferred to lender via deed in lieu of foreclosure March 26, 2026 (first actual property loss in the REIT). Lotus Village sold May 27, 2025 at $32.85M vs $38.5M acquisition ($5.65M realized loss, -14.7%). Brooklyn Portfolio entered mortgage maturity default September 2, 2025 with no disclosed resolution. RealtyMogul Income REIT: NAV declined approximately 32% from peak ($11.00) to $7.49 over two years; distributions cut from 6% to 3%.
Is there any pre-maturity exit option?
Concreit Fund I: 10% of weighted-average outstanding Investor Shares per 3-month rolling period (~40% annualized capacity) — materially more permissive than many non-traded REIT redemption programs. Observed FY2023–FY2025 redemption volumes of 30–38% annualized confirm the gate has functioned. Manager retains sole discretion to amend or suspend the Redemption Plan under six enumerated triggers. 2024 OC explicitly authorizes use of offering proceeds for redemptions at Manager discretion. No secondary market. RealtyMogul: both REIT share repurchase programs SUSPENDED April 21, 2026. No reinstatement timeline disclosed. DRIPs also suspended. No secondary market for either REIT. Marketplace 4–7 year illiquid hold. 1031 DST 5–10 year illiquid hold. The 7,700 Income REIT investors and 3,600 Apartment Growth REIT investors cannot redeem through the REIT share repurchase programs at stated NAV while the programs remain suspended; reopening terms have not been disclosed.
What is the underlying product difference between Concreit and RealtyMogul?
Short answer
Concreit and RealtyMogul both use Regulation A to offer non-accredited investors access to real estate, but the products are very different. Concreit Fund I is a debt-heavy pooled REIT ($1 minimum, weekly distributions, ~$8.99M FY2025 AUM); Series LLC is per-property SFR equity ($1,000 minimum, ~$1.54M FY2025 AUM). RealtyMogul operates two non-traded REITs at $5,000 minimums targeting institutional commercial real estate ($288.7M and $157.3M audited total assets, both currently paused to new investors), an accredited-only marketplace at $35K–$50K minimums currently featuring exclusively Wideman Company deals, and a 1031 concierge for $5M+ exchanges. Investors choosing between them are answering different questions — for Concreit, whether the Operating Agreement governance is acceptable; for RealtyMogul, whether to wait for the Offering Circular refresh and at least one audited fiscal year under Wideman management.
Concreit's product architecture is concentrated. Concreit Fund I LLC is the operative debt-heavy REIT vehicle (~$8.99M FY2025 AUM) — a pooled fund targeting ~75% short-term real-estate-secured loan participations and ~25% equity in residential/commercial real estate. Distributions are weekly. The $1 minimum is among the lowest in fractional real estate. Concreit Series LLC (the newer per-property SFR vehicle, ~$1.54M FY2025 AUM) launched in 2023 with five properties (Belfort, Scotlyn, Monarch, Burlington, Crimson). Beyond the two active Reg A vehicles, Concreit operates Concreit Series 1 LLC (a Reg D 506(b) pooled fund filed April 2023 for $75M authorized but $0 raised across three-plus years — appears dormant), Concreit Transfer Services LLC (the captive SEC-registered transfer agent maintaining the securityholder ledger for both active Reg A vehicles), and Concreit Fund Management LLC (the SEC-registered investment adviser charging a separate platform-level $5/month flat fee on accounts under $5,000 per Form ADV Part 2A).
RealtyMogul's product architecture spans three investor tiers across a 13-year operating history. The Income REIT (CIK 0001669664, Reg A Tier 2, non-accredited eligible at $5,000 minimum, currently paused) has 7,700 investors, $148.2M raised, and $288.7M audited total assets at FY2025. The Apartment Growth REIT (CIK 0001699573, Reg A Tier 2, non-accredited eligible at $5,000, currently paused) has 3,600 investors, $66.3M raised, and $157.3M audited total assets. The accredited-only marketplace ($35K–$50K minimum) currently features exclusively Wideman Company-sponsored deals (FedEx Ground Portfolio, Truist Plaza, Gaia Herbs Distribution Center, RM Communities Distressed GP Fund). The 1031 exchange concierge offers DST and TIC structures, typically for $5M+ exchanges. Historically, RealtyMogul operated a numbered SPV series (RealtyMogul 66 through RealtyMogul 134) raising $128.7M across 43 EDGAR-verified Form D entities from 2,433 investors between 2017 and 2019 — the platform pivoted entirely to REITs in August 2019.
The structural difference matters: Concreit's two-vehicle architecture concentrates retail capital into Fund I's debt-heavy pooled fund or Series LLC's per-property SFR equity, with a captive transfer agent and a separately-registered RIA layering platform-level economics on top of fund-level fees. RealtyMogul's multi-tier architecture serves non-accredited retail (REITs, currently paused), accredited investors (marketplace, currently exclusively Wideman-sponsored), and large 1031 exchange clients (concierge model) — but the platform's economics shifted in November 2025 from fund manager with fiduciary obligations to technology licensor with disclaimer-heavy terms following the Wideman acquisition.
| Product Structure Factor | Concreit | RealtyMogul |
|---|---|---|
| Number of active Reg A entities | 2 active (Fund I + Series LLC); plus dormant Reg D Series 1 LLC | 2 active Reg A REITs (Income + Apartment Growth, both paused to new investors); plus Reg D marketplace deals + 1031 concierge |
| Primary asset class | Fund I: ~75% debt / ~25% equity. Series LLC: direct SFR equity. | Institutional CRE (commercial debt + equity in Income REIT; multifamily + industrial in Apartment Growth REIT); marketplace: NNN industrial, trophy office, preferred equity |
| Minimum investment | $1 (Fund I); $1,000 (Series LLC) | $5,000 (both REITs, both paused); $35,000–$50,000 (marketplace, accredited only) |
| Distribution cadence | Weekly (Fund I); per-property (Series LLC) | Income REIT: quarterly (cut from monthly Jan 2026); Apartment Growth REIT: PAUSED since Q4 2025 |
| Broker-dealer | Dalmore Group LLC (Fund I, 1% NAV selling commission); Cultivate Capital (Series LLC) | RM Securities registration WITHDRAWN July 11, 2025 — future REIT offerings will require third-party broker-dealers |
| Transfer agent | Captive — Concreit Transfer Services LLC (Sponsor-affiliated SEC-registered TA) | Transfer-agent details to be confirmed from current offering documents post-Maryland-corporation conversion |
| Headline platform-reported scale | 5,207 verified securityholders (Form TA-2 FY2025) vs ~40,000 marketed; ~$10.5M combined AUM | Platform-reported 300,000+ members and $1.2B+ deployed since 2012; audited: $148.2M Income REIT + $66.3M Apt Growth + $128.7M EDGAR-verified SPV history |
For the full structural breakdown, see the individual reviews: Concreit and RealtyMogul.
How does the operating status and disclosure picture compare?
Short answer
The two platforms are in materially different operating states today. Concreit is operational — Fund I open to new investments and Series LLC active with property-level availability subject to current offerings, Fund I's 10% per 3-month rolling redemption gate functional, and the FY2024 going-concern qualification alleviated after the June 30, 2025 Reg A requalification. The audited findings are governance and disclosure mechanics (cumulative $204,563 GAAP excess of distributions over net income reconciling to accumulated deficit; Operating Agreement Section 5.2 fiduciary duty waiver; Concreit Series LLC three-firm auditor sequence). RealtyMogul is in active platform restructuring — both REITs paused to new investors July 11, 2025, both share repurchase programs suspended April 21, 2026, Income REIT NAV declined 32% from peak, Apartment Growth REIT FY2025 disclosed a Sherwood Oaks deed-in-lieu event (March 2026), a realized loss on sale (Lotus Village -14.7%), and an unresolved mortgage default (Brooklyn Portfolio). Existing RealtyMogul REIT investors cannot redeem through the REIT share repurchase programs at stated NAV while the programs remain suspended.
Operating status is the single most material dimension separating these two platforms today. Both file annual audited 1-Ks with the SEC under Regulation A Tier 2 — that disclosure trail is substantial on both. The audited findings are very different in character.
Concreit's primary audited findings are governance and disclosure mechanics on a platform that is currently operating. Across seven fiscal years (FY2019–FY2025), Fund I's cumulative distributions of $2,091,583 exceed cumulative GAAP net income of $1,887,020 by $204,563. That excess reconciles exactly to the accumulated deficit on the FY2025 Statement of Financial Condition. Three of seven fiscal years show distributions in excess of cash provided by operating activities. The Operating Agreement and every offering circular explicitly authorize this — Section 4.1 permits distributions from any source including offering proceeds. The FY2025 1-K states verbatim that “distributions will constitute a return of capital to the extent that they exceed our current and accumulated earnings and profits.” The disclosure is forthright; the editorial finding is that the documented risk has materialized cumulatively. Separately, Operating Agreement Section 5.2 contains an express fiduciary duty waiver (permitted under Delaware LLC law). Concreit Series LLC has used three different audit firms in three consecutive fiscal years on a vehicle holding approximately $1.54M in total assets. Concreit Transfer Services LLC's Form TA-2 FY2025 reports 5,207 securityholder accounts vs the ~40,000 “members” marketed on concreit.com — a 7.7x gap.
RealtyMogul's primary audited findings are realized portfolio events on products that are currently paused. The Income REIT's NAV declined from $10.05 (December 31, 2023) to $8.26 (December 31, 2024) to $7.49 (December 31, 2025) — a 25.5% decline over two years against an approximately 32% decline from the implied peak of $11.00. The distribution was cut from 6% to 3% in February 2025. FY2025 was technically profitable ($3.18M net income) but distributions paid ($5.47M) exceeded net income, confirming partial return of capital. The Apartment Growth REIT sustained two consecutive years of audited net losses (-$10.9M FY2024, -$8.0M FY2025), and FY2025 1-K disclosures included three material adverse events: Sherwood Oaks transferred to lender via deed in lieu of foreclosure March 26, 2026; Lotus Village sold May 27, 2025 at $32.85M vs $38.5M acquisition price ($5.65M realized loss, -14.7%); Brooklyn Portfolio entered mortgage maturity default September 2, 2025 with no disclosed resolution path. Distributions paused January 2026. Both REIT share repurchase programs suspended April 21, 2026. The platform was acquired November 6, 2025 by The Wideman Company; founder Jilliene Helman resigned; the marketplace now features exclusively Wideman-sponsored deals.
| Operating Status / Disclosure Factor | Concreit | RealtyMogul |
|---|---|---|
| New investment status | Both Reg A vehicles open to new investments | Both REITs paused to new investors (July 11, 2025); marketplace open to accredited only |
| Redemption status | Fund I 10%/3-month rolling gate operational; observed 30–38% annualized volumes FY2023–FY2025 | Both REIT share repurchase programs SUSPENDED (April 21, 2026); no reinstatement timeline |
| Distribution status | Fund I: weekly, 6.30% current annualized; Series LLC: per-property | Income REIT: 3% quarterly (cut from 6%); Apartment Growth REIT: PAUSED since Q4 2025 |
| Audit firm | Fund I: Aprio LLP (FY2022, FY2024, FY2025). Series LLC: three firms in three years (Duner & Foote → dbb mckennon → Aprio LLP). | CohnReznick LLP for both REITs, clean opinions across multiple years |
| Headline audited finding | Fund I cumulative $204,563 GAAP excess of distributions over net income (FY2019–FY2025) reconciling to accumulated deficit | Income REIT NAV -32% from peak; Apartment Growth REIT deed-in-lieu event (Sherwood Oaks, March 2026), realized loss on sale (Lotus Village -14.7%), unresolved mortgage default (Brooklyn Portfolio) |
| NAV methodology | Fund I: NAV per Investor Share held flat at $0.96 throughout observed 2023-2024 period; manager-calculated | Both REITs: NAV calculated quarterly by internal manager, explicitly non-GAAP fair value compliant per both 1-Ks. $196M gap between Income REIT audited assets ($288.7M) and product page “total asset value” ($485M). |
| Governance / ownership | Founder-managed (Hsieh CEO); ownership declined from ~85% inception to 0.74% April 2026. Fund I OA Section 5.2: express fiduciary duty waiver. | Acquired November 6, 2025 by The Wideman Company; Helman resigned. Wideman simultaneously platform owner, REIT manager, sole active marketplace sponsor. |
| Verified investor count vs marketing | 5,207 verified securityholders per Form TA-2 FY2025 vs ~40,000 marketed (7.7x gap) | Platform-reported 300,000+ members; audited entity counts: 7,700 Income REIT investors + 3,600 Apartment Growth REIT investors + 2,433 historical SPV investors |
Neither platform's disclosure architecture is superior in aggregate — they surface different structural mechanics in different operating states. Concreit's findings are governance and disclosure-mechanic issues on a platform that continues to accept new investments and process redemptions. RealtyMogul's findings are realized portfolio events documented in clean-opinion audits on products that are currently paused to new investors and have suspended redemptions. Both platforms reward investors who read primary documents. The editorial finding in either case is not that information is hidden — it is that the audited findings tell different stories than the platform marketing alone.
How do tax mechanics compare across the two platforms?
Short answer
Concreit is operationally simpler at the tax form level: 1099-DIV for both Fund I and Series LLC (REIT election), no K-1s, generally low UBTI risk in IRAs, qualified REIT dividends may be eligible for the Section 199A 20% pass-through deduction. RealtyMogul issues 1099-DIV on its two REITs but K-1 on marketplace private placements and 1031 DST structures — investors holding multiple RealtyMogul products receive multiple tax forms with different timing (K-1s may require extensions). For both platforms, a portion of REIT distributions is likely characterized as return of capital reducing cost basis. Concreit Fund I's cumulative $204,563 GAAP excess across FY2019–FY2025 reconciles to accumulated deficit. RealtyMogul Income REIT FY2025 distributions ($5.47M) exceeded net income ($3.18M). Apartment Growth REIT distributions were drawn from a loss-making entity (now paused).
Tax mechanics differ materially across the two platforms because the product mix differs. Concreit's two active vehicles are both REIT-elected and issue 1099-DIV — operationally simpler than partnership-structured alternatives. RealtyMogul's REITs are also 1099-DIV, but its marketplace private placements and 1031 DST structures issue K-1s — meaning an investor holding both REIT shares and a marketplace deal receives multiple tax documents with different timing characteristics.
| Tax Factor | Concreit | RealtyMogul |
|---|---|---|
| Primary tax form | 1099-DIV for both Fund I and Series LLC (REIT election) | 1099-DIV for both REITs; K-1 for marketplace; K-1 for 1031 DST |
| K-1 exposure | None on active Reg A vehicles | Marketplace deals issue K-1s (extensions likely); 1031 DST issues K-1 |
| Timing | 1099-DIV typically by mid-February | 1099-DIV (REITs) typically by mid-February; K-1 (marketplace, DST) may be delayed to September-October if underlying partnerships file extensions |
| Section 199A deduction | May apply to qualified REIT dividends (20% pass-through) | May apply to qualified REIT dividends (20% pass-through); marketplace K-1s pass through deal tax attributes including depreciation |
| Return of capital component | Fund I cumulative ROC identity: $204,563 across FY2019–FY2025, reconciling to accumulated deficit | Income REIT FY2025: distributions ($5.47M) exceeded net income ($3.18M) — partial ROC. Apartment Growth REIT: distributions from loss-making entity (now paused) included substantial ROC. |
| Multi-state filing | No (REIT income at investor level) | No on REITs; marketplace K-1s may create multi-state nexus depending on underlying CRE holdings |
| UBTI risk for IRA | Low — REIT dividends generally do not generate UBTI | Low on REITs; material on marketplace (levered operating partnership income may generate UBTI) |
| IRA suitability | Suitable. Fund I weekly distributions support tax-free compounding in Roth or RMD coverage in Traditional. Illiquidity considerations apply. | REITs suitable but currently paused; suspended redemptions create RMD planning risk for investors 73+. Marketplace: UBTI risk warrants adviser consultation. |
For an investor whose objective is single-form tax simplicity at the smallest possible check size, Concreit's 1099-DIV-only structure across both active Reg A vehicles is operationally cleaner than RealtyMogul's mixed REIT-and-marketplace product suite. For investors specifically wanting CRE depreciation passthrough through partnership K-1s, the RealtyMogul marketplace captures features Concreit's REIT structure does not — at the cost of additional tax-document complexity and extension risk. Cost-basis tracking for return-of-capital distributions is downstream work for investors on both platforms; the cumulative ROC identity on Concreit Fund I and the audited Income REIT distribution-exceeds-net-income mechanic both contribute to basis reduction over time.
Full Comparison
Side-by-side reference table
The complete structural comparison across regulatory, operational, financial, and disclosure dimensions.
| Dimension | Concreit | RealtyMogul |
|---|---|---|
| Operating Status | ||
| Platform status | Active, 2 Reg A vehicles operational, post-requalification June 2025 | In platform restructuring; both REITs paused to new investors |
| Recent milestones | Form 1-A qualified June 30, 2025; Series LLC FY2025 1-K filed May 2026 | Wideman acquisition November 6, 2025; redemptions suspended April 21, 2026; Sherwood Oaks deed-in-lieu event March 26, 2026; Maryland corporation conversion April 27, 2026 |
| Founded | 2019 by Sean Hsieh, Mark Young, Jordan Levy (Seattle WA) | 2012 by Jilliene Helman (Los Angeles); HQ relocated to Orlando FL November 2025 post-Wideman acquisition |
| Regulatory | ||
| SEC-registered entities | 2 active Reg A Tier 2 vehicles (REIT-elected); 1 dormant Reg D; SEC-registered RIA (Concreit Fund Management LLC); SEC-registered captive transfer agent | 2 active Reg A Tier 2 REITs (REIT-elected); Reg D marketplace deals; SEC-registered RIA (RM Adviser LLC); RM Securities broker-dealer WITHDRAWN July 11, 2025 |
| Broker-dealer | Dalmore (Fund I); Cultivate Capital (Series LLC) | None active — RM Securities registration withdrawn July 11, 2025 |
| Transfer agent | Captive — Concreit Transfer Services LLC (Sponsor-affiliated, Form TA-2 FY2025 filed) | Transfer-agent details to be confirmed from current offering documents post-Maryland-corporation conversion |
| SEC enforcement actions | None identified in AltStreet's review | None identified in AltStreet's review |
| SIPC coverage | No (Reg A vehicles) | No (Reg A REITs; Reg D marketplace) |
| Scale & Track Record | ||
| Platform-reported scale | ~$10.5M combined AUM; ~40,000 “members” marketed | Platform-reported 300,000+ members; $1.2B+ capital deployed since 2012; $8B+ total property value financed |
| Verified investor count | 5,207 securityholders per Form TA-2 FY2025 (7.7x gap vs marketing) | Audited entity-level: 7,700 Income REIT + 3,600 Apartment Growth REIT + 2,433 historical SPV investors |
| Audited entity-level data | Fund I ~$8.99M AUM FY2025; Series LLC ~$1.54M FY2025; 7 fiscal years audited Fund I history | Income REIT $288.7M total assets FY2025 audited; Apartment Growth REIT $157.3M total assets FY2025 audited; $128.7M EDGAR-verified across 43 historical Form D SPVs |
| Headline audited finding | Cumulative $204,563 GAAP excess of distributions over net income (FY2019–FY2025) reconciling to accumulated deficit | Income REIT NAV -32% from peak; Apartment Growth REIT deed-in-lieu event (Sherwood Oaks), realized loss on sale (Lotus Village -14.7%), unresolved mortgage default (Brooklyn Portfolio) |
| Notable balance-sheet events | Sanctuary Broadway at-par transfer to Manager affiliate (FY2023, no loan loss provision); Columbia Pacific $125K impairment with Manager backstop (FY2025); founder ownership decline 85% → 0.74% | Sherwood Oaks deed-in-lieu event (March 26, 2026); Lotus Village sold at -14.7% realized loss (May 27, 2025); Brooklyn Portfolio mortgage maturity default (September 2, 2025, unresolved); Income REIT FY2025 distributions ($5.47M) exceeded net income ($3.18M) |
| Structure & Fees | ||
| Asset focus | Fund I: ~75% debt / ~25% equity; Series LLC: SFR equity | Income REIT: diversified commercial debt/equity. Apartment Growth REIT: multifamily/industrial value-add. Marketplace: institutional CRE (NNN industrial, trophy office, preferred equity). |
| Minimum investment | $1 (Fund I); $1,000 (Series LLC) | $5,000 (REITs, both paused); $35,000–$50,000 (marketplace, accredited only) |
| Distribution cadence | Weekly (Fund I) | Income REIT: quarterly (cut from monthly Jan 2026); Apartment Growth REIT: PAUSED |
| Headline yield / rate | Fund I 6.30% current annualized; 5.00%-7.00% range over fund history | Income REIT 3% annualized (cut from 6%); Apartment Growth REIT distributions paused; sponsor-projected marketplace target IRRs 8–16.5% |
| Platform fee structure | Fund I 1.0% base AMF + tiered acquisition + 5% in-house prop mgmt + Manager-discretion Special Servicing/Recovery/“Other Fees”. SEPARATE $5/mo platform fee on accounts under $5K (Form ADV). | Income REIT: 1% AMF + 0.5% servicing + 1.0% special servicing + up to 3% org/offering. Apartment Growth REIT: 1.25% AMF + same. Marketplace: sponsor-set fees per deal + $1,500/investor + $125/qtr platform licensing layer. |
| Governance posture | Fund I: express fiduciary duty waiver (OA Section 5.2). Series LLC: Manager described as fiduciary. | RM Adviser LLC SEC-registered RIA; arbitration clauses in REIT subscription agreements; Wideman owner = REIT manager = sole marketplace sponsor (disclosed structural conflict). |
| Tax & Liquidity | ||
| Primary tax form | 1099-DIV (both active vehicles, REIT election) | 1099-DIV (REITs) + K-1 (marketplace + 1031 DST) |
| Tax timing | Typically by mid-February | 1099-DIV mid-February; marketplace K-1s may delay to September-October |
| Lockup / redemption | Fund I 10%/3-month rolling gate operational (~40% annualized); Manager-discretion suspension | Both REITs SUSPENDED April 21, 2026; no reinstatement timeline; marketplace 4-7yr illiquid |
| Secondary market | None for any product | None for any product |
| Disclosure | ||
| Audit firm stability | Fund I: one transition since 2019 (dbb mckennon → Aprio LLP). Series LLC: three firms in three years. | CohnReznick LLP across both REITs, multi-year continuity |
| NAV methodology | Fund I: NAV per Investor Share held flat at $0.96 throughout observed 2023-2024 period; manager-calculated | Both REITs: NAV calculated quarterly by internal manager, explicitly non-GAAP fair value compliant per both 1-Ks |
| Disclosure asymmetry pattern | Hierarchy-level: $5/mo flat fee in Form ADV Part 2A not in offering circular; 5,207 TA-2 verified vs 40,000 marketed | Marketing-vs-audit: $485M product page “total asset value” vs $288.7M Income REIT audited total assets; 110+ consecutive distribution period framing vs 50% distribution cut + suspended redemptions |
Data Integrity
How this comparison was built
AltStreet's Concreit review is synthesized from primary SEC filings: Concreit Fund I LLC Form 1-K annual reports FY2019–FY2025 and Form 1-SA semi-annual reports (H1 2022 through H1 2025) under CIK 0001781324; Concreit Series LLC Form 1-K filings FY2023–FY2025 under CIK 0001990419; Concreit Series 1 LLC Form D (April 28, 2023) under CIK 0001975806; Concreit Transfer Services LLC Form TA-2 FY2025 under CIK 0001798685; the May 6, 2021 initial Reg A offering circular for Fund I (with Second Amended and Restated Operating Agreement, Exhibit 2.2); the July 2, 2024 Form 1-A qualified June 30, 2025; and Form ADV Part 2A for Concreit Fund Management LLC.
AltStreet's RealtyMogul review is synthesized from primary SEC filings: Form 1-K annual reports for the RealtyMogul Income REIT (CIK 0001669664, FY2024 and FY2025) and the RealtyMogul Apartment Growth REIT (CIK 0001699573, FY2024 and FY2025); Form 1-U current reports (November 13, 2025 change of control; February 21, 2025 distribution cut); Form D filings for 43 SPV entities ($128.7M total); RM Adviser LLC fact sheets dated May 6, 2026 for both REITs; and authenticated marketplace deal pages (FedEx Ground Portfolio, Truist Plaza, Gaia Herbs Distribution Center, RM Communities Distressed GP Fund).
Updated June 11, 2026
Concreit data sources
Fund I Form 1-K FY2019-FY2025 + Form 1-SA H1 2022-H1 2025 (CIK 0001781324). Series LLC Form 1-K FY2023-FY2025 (CIK 0001990419). Series 1 LLC Form D April 2023 (CIK 0001975806). Transfer Services Form TA-2 FY2025 (CIK 0001798685). May 2021 Reg A OC + Second Amended Operating Agreement (Exhibit 2.2). July 2024 Form 1-A qualified June 30, 2025. Form ADV Part 2A. Platform scrape (June 5, 2026). Auditors: dbb mckennon (Fund I FY2019-FY2021), Aprio LLP (Fund I FY2022, FY2024, FY2025; FY2023 confirmation pending), Duner & Foote / dbb mckennon / Aprio LLP (Series LLC FY2023/FY2024/FY2025).
RealtyMogul data sources
Income REIT FY2024 1-K (accession 0001641172-25-006521) + FY2025 1-K (accession 0001493152-26-020752) under CIK 0001669664. Apartment Growth REIT FY2024 + FY2025 1-Ks under CIK 0001699573. Form 1-U change of control (November 13, 2025, accession 0001493152-25-022405). Form 1-U distribution cut (February 21, 2025, accession 0001493152-25-007846). 43 Form D SPV entities in AltStreet EDGAR database ($128.7M, 2,433 investors). RM Adviser LLC fact sheets (May 6, 2026). Platform scrape (86 pages, May 10, 2026). Auditor: CohnReznick LLP, clean opinions on both REITs.
Audit and governance verification
Concreit: Cumulative distribution-vs-net-income reconciliation traced through Statement of Cash Flows and Statement of Operations across FY2019–FY2025 Fund I filings — $2,091,583 distributions vs $1,887,020 GAAP net income; $204,563 reconciles to accumulated deficit on FY2025 Statement of Financial Condition. RealtyMogul: Income REIT NAV trajectory ($10.05 → $8.26 → $7.49) traced through FY2023, FY2024, FY2025 audited balance sheets. Apartment Growth REIT FY2025 1-K notable disclosures verified verbatim: Sherwood Oaks deed-in-lieu event (March 26, 2026); Lotus Village sold at $32.85M vs $38.5M acquisition; Brooklyn Portfolio mortgage maturity default (September 2, 2025).
Editorial principles
Hedged language on contested figures. Direct labeling when multiple methodologies disagree (platform-reported figures vs audited entity-level data; marketing “members” vs Form TA-2 securityholder count; product page “total asset value” vs audited balance sheet). Verbatim quotation from audited reports and offering documents where material. AltStreet has no compensated relationship with either platform — no affiliate, sponsored, or paid links.
Final View
Same regulatory wrapper. Very different operating realities.
The honest framing for this comparison: Concreit and RealtyMogul are not interchangeable alternatives competing for the same allocation slot. Concreit is a smaller, currently operational Reg A platform with documented Operating Agreement governance trade-offs and a cumulative GAAP return-of-capital identity on Fund I. RealtyMogul is a larger Reg A platform with a 13-year operating history and materially greater audited scale, but currently in platform restructuring with suspended REIT redemptions and a portfolio that has produced an audited Sherwood Oaks deed-in-lieu event, a realized loss on sale, and an unresolved mortgage default.
The decision is not which platform is better in aggregate. It is which product within each platform fits the investor's objective and the current operating state. For non-accredited retail seeking weekly distribution cadence at the lowest possible check size with a functioning redemption gate today, Concreit Fund I is structurally available — with disciplined reading of the Operating Agreement Section 5.2 fiduciary duty waiver, the Form ADV Part 2A platform-level $5/month advisory fee disclosure, and the seven-year cumulative GAAP excess reconciliation. For accredited investors seeking institutional CRE deal-by-deal selection, RealtyMogul's Wideman-sponsored marketplace is the current deployable option — with the disciplined caveat that the platform owner, REIT manager, and sole marketplace sponsor are the same entity. AltStreet's full reviews provide the deeper decision frameworks: the Concreit review covers the cumulative ROC identity, the two parallel governance regimes, the Series LLC three-firm auditor sequence, the captive transfer agent structure, and the regressive platform-level advisory fee; the RealtyMogul review covers the Wideman acquisition mechanics, the Apartment Growth REIT deed-in-lieu event and realized loss on sale, the Income REIT NAV trajectory, the technology licensing model shift, and the broker-dealer withdrawal.
Neither platform is risk-free. Concreit: express fiduciary duty waiver on Fund I; cumulative GAAP excess of distributions over net income reconciling to accumulated deficit; three audit firms in three years on Series LLC; captive transfer agent; related-party at-par transfer of Sanctuary Broadway to Manager affiliate; regressive $5/month platform-level advisory fee on small accounts; founder ownership decline from ~85% to 0.74% across 2025. RealtyMogul: both REIT share repurchase programs suspended with no reinstatement timeline; Income REIT NAV -32% from peak; Apartment Growth REIT audited Sherwood Oaks deed-in-lieu event, realized loss on sale (Lotus Village -14.7%), unresolved Brooklyn Portfolio mortgage default; RM Securities broker-dealer registration withdrawn July 2025; structural conflict of interest with The Wideman Company simultaneously platform owner, REIT manager, and sole active marketplace sponsor; no public Wideman Company standalone financials. These are real diligence inputs, not deal-breakers — but they require honest underwriting before any allocation.
AltStreet verdict
Choose by current operating state. Concreit Fund I is deployable today for non-accredited retail. RealtyMogul is structurally an institutional CRE platform but currently in platform restructuring — existing investors wait, new accredited investors evaluate Wideman marketplace deals on their own merits.
The asymmetry between the two platforms is not preferential — it reflects different scales, different product architectures, and very different current operating states. Both have earned their slots through verifiable Reg A filing trails. The remaining caveats on each (Concreit's ROC identity, fiduciary waiver, and Series LLC auditor instability; RealtyMogul's suspended redemptions, Sherwood Oaks deed-in-lieu event, and Wideman conflict of interest) warrant honest underwriting before allocation rather than disqualification on sight.
Related Resources
Concreit platform review
Full analysis of Fund I and Series LLC across the cumulative $204,563 GAAP excess identity, fiduciary duty waiver, three-firm Series LLC auditor sequence, captive transfer agent structure, Sanctuary Broadway related-party transfer, and Form ADV Part 2A platform-level fee disclosure.
RealtyMogul platform review
Full analysis of the two REITs and marketplace across the Wideman acquisition mechanics, the Apartment Growth REIT deed-in-lieu event and realized loss on sale, the Income REIT NAV trajectory, suspended redemptions, the technology licensing model shift, and the broker-dealer withdrawal.
Arrived vs Concreit comparison
Side-by-side comparison of Arrived's nine-entity Reg A structure with Concreit's two-vehicle platform — both target non-accredited retail with 1099-DIV reporting, different audit posture and governance trade-offs.
Arrived vs RealtyMogul comparison
Compare Arrived's currently available property and debt products with RealtyMogul's paused REITs, suspended redemptions, and Wideman-era marketplace.
Fractional real estate category hub
Broader context on how Reg A fractional real estate platforms work, what drives performance differences across debt-heavy and equity-focused strategies, and how to evaluate platforms as an asset class.
Return-of-capital and 1099-DIV mechanics
How REIT distributions interact with GAAP earnings, when distributions are characterized as return of capital, and what basis-tracking work is required for investors holding Concreit Fund I or RealtyMogul REIT positions.
Non-traded REIT redemption mechanics reference
Framework for evaluating redemption gates, queue capacity, Manager-discretion suspension authority, and what suspension actually means for investors — useful for comparing Concreit's functioning gate against RealtyMogul's currently suspended programs.
Fiduciary duty waiver reference
How Delaware LLC law permits express fiduciary duty waivers, what investor recourse remains under Concreit Fund I's Operating Agreement Section 5.2, and how to evaluate the practical implications.
Frequently Asked Questions
1. Are Concreit and RealtyMogul direct substitutes?
No. They share a regulatory wrapper — both operate Regulation A Tier 2 REIT-elected vehicles open to non-accredited US investors — but the products serve different objectives. Concreit Fund I is a debt-heavy pooled fund ($1 minimum, weekly distributions, ~75% short-term real-estate-secured loan participations, ~25% equity) with combined platform AUM around $10.5M. RealtyMogul operates two non-traded REITs at $5,000 minimums targeting institutional commercial real estate — the Income REIT ($288.7M audited total assets, FY2025) and the Apartment Growth REIT ($157.3M audited total assets, FY2025) — plus an accredited-only marketplace at $35,000–$50,000 minimums. Both RealtyMogul REITs are currently paused to new investors with suspended share repurchase programs (April 21, 2026). Concreit's Fund I redemption gate is operational. The platforms compete for some of the same retail capital but offer materially different exposures.
2. What is the actual scale of each platform?
Concreit: 5,207 verified securityholder accounts as of December 31, 2025 per Form TA-2 FY2025 signed by Sean Hsieh personally as CEO of Concreit Transfer Services LLC, vs approximately 40,000 'members' marketed on concreit.com — a 7.7x gap between regulatory primary source and marketing. Combined audited AUM approximately $10.5M (Fund I ~$8.99M + Series LLC ~$1.54M). RealtyMogul: platform-reported 300,000+ members and $1.2B+ capital deployed since 2012, with audited entity-level figures of $148.2M raised in the Income REIT (7,700 investors) and $66.3M raised in the Apartment Growth REIT (3,600 investors), plus $128.7M raised across 43 EDGAR-verified historical Form D SPVs (2,433 investors, 2017–2019 vintage). RealtyMogul is materially larger by every audited and platform-reported measure.
3. What is the current operating status of each platform?
Concreit is currently operational. Fund I is open to new investments; Series LLC remains an active Reg A vehicle with property-level offerings subject to availability. Fund I's redemption gate (10% of weighted-average outstanding Investor Shares per 3-month rolling period, ~40% annualized capacity) has been functioning, with observed FY2023–FY2025 redemption volumes of 30–38% annualized. Going-concern qualification carried in FY2024 was alleviated after the June 30, 2025 Reg A requalification. RealtyMogul is in active platform restructuring following the November 6, 2025 acquisition by The Wideman Company. Both REITs paused to new investors July 11, 2025. Income REIT distribution cut from 6% to 3% in February 2025. Apartment Growth REIT distributions paused January 2026. Both REIT share repurchase programs and DRIPs suspended April 21, 2026 with no disclosed reinstatement timeline. Sherwood Oaks property transferred to lender via deed in lieu of foreclosure March 26, 2026. Brooklyn Portfolio entered mortgage maturity default September 2, 2025 with no disclosed resolution.
4. What is the minimum investment on each platform?
Concreit: $1 minimum on Fund I (among the lowest in fractional real estate); $1,000 minimum on Concreit Series LLC. RealtyMogul: $5,000 minimum on both the Income REIT and Apartment Growth REIT (both currently paused), $35,000–$50,000 minimum on the accredited-only Wideman Company marketplace deals (Reg D 506(b) or 506(c) depending on deal). The Reg A vehicles on both platforms are subject to the Tier 2 cap of 10% of the greater of annual income or net worth per individual offering for non-accredited investors. Concreit's $1 Fund I minimum is structurally more accessible than RealtyMogul's $5,000, though Concreit's separately-registered $5/month platform-level advisory fee on accounts under $5,000 (Form ADV Part 2A) creates regressive economics on small accounts — 6.0% effective annual drag at $1,000 AUM, waived above $5,000.
5. How do the tax mechanics compare?
Concreit: 1099-DIV for both Fund I and Series LLC (REIT election) — no K-1s, no multi-state filing complexity, generally low UBTI risk in IRAs, Section 199A 20% pass-through deduction may apply to qualified REIT dividends. RealtyMogul: mixed tax forms by product — 1099-DIV for both REITs (Income REIT and Apartment Growth REIT), K-1 for marketplace private placements (partnership structure), K-1 for 1031 exchange DST structures. Investors holding both REIT shares and marketplace interests will receive multiple tax documents with different timing. For both platforms: a portion of REIT distributions is likely characterized as return of capital. Concreit Fund I's cumulative $204,563 GAAP excess of distributions over net income across FY2019–FY2025 reconciles exactly to accumulated deficit. RealtyMogul Income REIT FY2025: $5.47M in distributions paid against $3.18M net income — also partial return of capital. Apartment Growth REIT distributions (now paused) were drawn from a loss-making entity.
6. What is the fee structure on each platform?
Concreit Fund I (May 2021 PPM, unchanged through 2024 OC): 1.0% per annum asset management on NAV, 1.0%/1.5%/0.75% tiered acquisition fee, 5.0% in-house property management on gross rents, 0.50% loan servicing (Manager-waivable), 1.0% Special Servicing Fee on non-performing loan original value (Manager-classified), uncapped 'Other Fees' rate-differential capture (Manager-determined inputs), 1.0% Recovery Fee stacking with Special Servicing, 1.0% Financing Fee, 0.25% Disposition Fee, 1.0% Dalmore selling commission. SEPARATELY, Concreit Fund Management LLC charges a $5/month platform-level advisory fee on accounts under $5,000 (Form ADV Part 2A). RealtyMogul Income REIT: 1% AMF + 0.5% servicing + 1.0% special servicing + up to 3% organizational/offering costs. Apartment Growth REIT: 1.25% AMF + same servicing structure. Marketplace deals: sponsor-set fees vary by deal (FedEx Ground example: 2% acquisition + 1.5% AMF + 2% property management); RM Technologies charges sponsors $1,500 per investor onboarded plus $125/quarter per investor as a separate technology licensing layer.
7. What about audit quality, regulatory standing, and governance?
Concreit Fund I: auditor Aprio LLP (FY2022, FY2024, FY2025; FY2023 confirmation pending manual verification); prior dbb mckennon (FY2019–FY2021); one transition since inception. Concreit Series LLC: three different audit firms in three consecutive fiscal years — Duner & Foote (FY2023), dbb mckennon (FY2024), Aprio LLP (FY2025). Captive transfer agent (Concreit Transfer Services LLC) rather than independent third party. Fund I Operating Agreement Section 5.2 contains express fiduciary duty waiver; Series LLC offering circular preserves Manager fiduciary language. RealtyMogul: auditor CohnReznick LLP, clean opinions on both REITs across multiple years (despite the Sherwood Oaks deed-in-lieu event and realized losses; clean opinion means the financials are fairly presented under GAAP, not that the investments performed well). RM Adviser LLC is an SEC-registered investment adviser. RM Securities broker-dealer registration withdrew July 11, 2025. Arbitration clauses in both REIT subscription agreements limit class action recourse. Following the November 2025 Wideman acquisition, the same entity (The Wideman Company) owns the platform, manages both REITs through RM Adviser LLC, and sponsors all four active marketplace deals — a disclosed but structural conflict.
8. Which platform has better liquidity right now?
Concreit Fund I, by a clear margin in current operating state. The Fund I 10% of weighted-average outstanding Investor Shares per 3-month rolling period gate (~40% annualized capacity) is functioning and observed redemption volumes of 30–38% annualized confirm the gate has cleared. Manager retains sole discretion to amend or suspend the Redemption Plan under six enumerated triggers, and the 2024 OC explicitly authorizes use of offering proceeds to fund redemptions at Manager discretion — meaning capacity depends in part on continued subscription flow. No secondary market on Concreit. RealtyMogul: both REIT share repurchase programs SUSPENDED April 21, 2026. No reinstatement timeline disclosed. No secondary market for either REIT. DRIPs also suspended. The 7,700 Income REIT investors and 3,600 Apartment Growth REIT investors cannot redeem through the REIT share repurchase programs at stated NAV while the programs remain suspended; reopening terms have not been published. Marketplace private placements: illiquid 4–7 year hold periods, no secondary market. For investors who prioritize the option to exit before maturity, Concreit's structure is materially more permissive today.
Compare More Regulation A Real Estate Platforms
Explore comprehensive platform reviews and head-to-head comparison guides across the fractional real estate landscape — every analysis grounded in primary SEC filings and audited financial statements.
Concreit Platform Review
Fund I + Series LLC architecture, cumulative $204K GAAP excess, fiduciary waiver, and captive transfer agent analysis
RealtyMogul Platform Review
Two REITs, the Wideman acquisition, the Apartment Growth REIT Sherwood Oaks deed-in-lieu event, suspended redemptions, and the marketplace technology licensing model
Arrived vs Concreit
Nine-entity Reg A complex with property-level SFR selection vs two-vehicle mobile-first platform — comparing the most accessible non-accredited Reg A structures
Fractional Real Estate Hub
Reg A REIT platforms, non-traded REITs, and fractional property investment vehicles for accredited and non-accredited investors
Important Disclosures
This page is educational and does not constitute investment, tax, or legal advice. Fractional real estate, non-traded REIT, and private placement investing involve illiquidity, credit risk, market risk, and the potential for principal loss. Platform fee structures, audit posture, regulatory status, and operating conditions can change; verify current terms directly with each platform before committing capital. Both platforms' products described in this comparison have undergone material changes in 2025-2026 — verify current operating status before investing.
AltStreet has no affiliate, sponsored, or paid relationship with Concreit, RealtyMogul, RM Investor LLC, The Wideman Company, or any affiliated entities. All data in this comparison is derived from publicly available platform materials, SEC EDGAR primary filings (Form 1-K, Form 1-SA, Form 1-U, Form 1-A, Form D, Form TA-2, Form ADV Part 2A), audited financial statements, RM Adviser LLC fact sheets, the Concreit Fund I Second Amended and Restated Operating Agreement (Exhibit 2.2 to the May 2021 Reg A qualification), and platform scrapes (Concreit June 5, 2026; RealtyMogul May 10, 2026). No compensation was received from either platform for inclusion or positioning in this comparison.
Regulatory citations: Concreit — Concreit Fund I LLC (CIK 0001781324), Concreit Series LLC (CIK 0001990419), Concreit Series 1 LLC (CIK 0001975806, dormant Reg D), Concreit Transfer Services LLC (CIK 0001798685, captive SEC-registered transfer agent), Concreit Fund Management LLC (SEC-registered investment adviser); auditors Aprio LLP (Fund I FY2022, FY2024, FY2025; FY2023 pending manual verification) and Duner & Foote / dbb mckennon / Aprio LLP (Series LLC FY2023 / FY2024 / FY2025). RealtyMogul — RealtyMogul Income REIT (CIK 0001669664), RealtyMogul Apartment Growth REIT (CIK 0001699573), RM Adviser LLC (SEC-registered investment adviser, wholly owned by RM Investor LLC), 43 historical Form D SPV entities, RM Securities broker-dealer registration withdrawn July 11, 2025; auditor CohnReznick LLP (clean opinions on both REITs). All quoted disclosure language is verbatim from primary documents.
Investors should review current offering documents, operating agreements, audited financial statements, Form ADV Part 2A, fact sheets, and work with qualified advisers before committing capital to any private market investment. References to platform status, regulatory standing, and operational metrics are based on available data as of June 11, 2026.