Percent vs Willow Wealth
Two platforms operating through SEC-registered broker-dealer affiliates, two very different trajectories. Percent is an active private credit marketplace whose broker-dealer affiliate has filed three consecutive years of compliant FINRA FOCUS Reports, with $1.93B funded across 1,067 deals and a 0.90% charge-off rate. Willow Wealth (formerly Yieldstreet) is showing multiple signs of platform contraction — flagship fund sold to Mount Logan Capital SOFIX in March 2026, historical performance data removed during the October 2025 rebrand, and $208M in CNBC-documented investor losses from the three-part investigation.
Guide Thesis
Active platform vs platform contraction.
The comparison is not symmetric. Percent is operating, growing, and recently launched a secondary market. Willow Wealth appears to be managing a post-Yieldstreet transition rather than operating as a clean growth platform. The right question is not which to choose for a new allocation — it is what existing Willow Wealth investors should verify with current positions, and why Percent earned the active-platform comparison slot in private credit.
Both operate through SEC-registered broker-dealer affiliates. Their compliance trajectories diverged sharply.
Three years of compliant X-17A-5 filings vs. $1.9M SEC fine, $9M class action, FBI investigation, and a rebrand-during-investigation.
The Core Decision
An active platform compared with one showing signs of contraction.
Percent is a pure private credit marketplace with verifiable data: $1.93B funded across 1,067 deals, 0.90% charge-off rate, secondary market launched February 2026. Willow Wealth (formerly Yieldstreet) is a multi-asset platform that agreed to sell its flagship fund in March 2026, removed historical performance data from its website during the October 2025 rebrand, and was the subject of a three-part CNBC investigation documenting $208M in CNBC-attributed losses. The comparison is more about what existing Willow Wealth investors should monitor than which to choose for new capital.
Active vs Contracting
Percent
Active platform, growing deal flow, secondary market launched Feb 2026. Willow Wealth sold flagship fund March 2026, removed historical data Oct 2025 — multiple signs of platform contraction.
Verified Track Record
Percent
$1.93B / 1,067 deals fully captured. 0.90% charge-off (Percent) / 1.17% $-weighted (AltStreet). Willow Wealth removed historical data during rebrand.
Asset Focus
Different products
Percent is pure private credit (asset-based + corporate). Willow Wealth is multi-asset (private credit, real estate, marine, legal, art, VC). Not direct substitutes.
Decision shortcut
Pick your action in 10 seconds
For most investors, the decision is binary: where to allocate new private credit capital, and what to do with existing Willow Wealth positions.
If you want new private credit allocation
Percent
Active SEC-registered broker-dealer, $1.93B verified, 0.90% charge-off, $500 minimums, secondary market live. Pure private credit focus.
If you are an existing Willow Wealth investor
Monitor & verify
Track Short Term Notes redemption status, Alt Income Fund SOFIX transition vote, and watchlist deals. AltStreet's WillowWealth review provides the monitoring framework.
If you need multi-asset alternatives
Neither
Percent is pure private credit. Willow Wealth is managing a legacy-portfolio transition. For multi-asset, consider individually-evaluated alternatives — not a single multi-asset marketplace.
$208M
CNBC-documented Willow Wealth investor losses (Aug–Dec 2025)
Per CNBC three-part investigation: $89M marine finance, $78M real estate, $41M additional real estate. Four total losses declared. 23 deals on internal watchlist.
$1.93B
Percent lifetime funded across 1,067 verified deals
AltStreet full-platform ingest 2026-05-29. 0.90% charge-off (Percent self) / 1.17% $-weighted (AltStreet) on completed deals.
59%
of Willow Wealth's EDGAR-verified capital excluded from its own IRR
$926.8M Short Term Notes from ~16,000 investors — explicitly excluded from the 9.4-9.8% IRR per platform footnote.
3 yrs
Percent's consecutive compliant X-17A-5 FOCUS Report filings
FY2023, FY2024 (with amendment), FY2025 per SEC EDGAR. CIK 0001863789. FINRA member since August 2023. No SEC enforcement against the BD.
Final read
Bottom Line Up Front
Percent is the institutionally-credible private credit marketplace currently operating: a broker-dealer affiliate with three years of compliant FINRA filings, $1.93B funded across 1,067 deals, a 0.90% charge-off rate confirmed by independent recalculation at 1.17% $-weighted, and a February 2026 secondary market launch. Willow Wealth — the rebranded Yieldstreet — is showing multiple signs of platform contraction: $208M in CNBC-documented losses, a decade of historical performance data removed from the website, and the flagship Alternative Income Fund agreed to be sold to Mount Logan Capital SOFIX in March 2026.
For investors evaluating new private credit platforms, Percent is the active platform to diligence. Existing Willow Wealth positions require monitoring rather than fresh allocation: Short Term Notes redemption status, the Alt Income Fund SOFIX transition vote, and the 23 real estate deals on the internal watchlist per CNBC reporting. AltStreet's full Willow Wealth review provides the monitoring framework. The two platforms are not symmetric alternatives.
Percent is not risk-free. The AltStreet ingest surfaces 49 active workout deals ($47.9M funded), deal-state information not foregrounded on the public deal-page UI, underwriter quality dispersion (Aluna Partners 33.33% vs Percent self-underwritten 2.59%, with sample-size caveats), ordinary-income tax drag in taxable accounts, and limited secondary-market coverage (~4.3% of deals enabled). These remain real underwriting issues for any new allocation.
Percent wins on
Active operating status, 1,067 verified deals, 0.90% charge-off, deal-level Credit Snapshot rubrics, $500 marketplace minimums, 1099-INT tax simplicity, secondary market launched Feb 2026, three years of compliant X-17A-5 FOCUS filings, no SEC enforcement against the BD affiliate.
Willow Wealth situation
Multiple signs of platform contraction — flagship fund agreed sold March 2026, historical data removed Oct 2025, $208M CNBC-documented losses, $1.9M SEC fine (marine finance, 2023), $9M federal class action (2025), 23 RE watchlist deals per CNBC, 29 Short Term Notes series unredeemed beyond original maturity.
Comparison hub
The comparison broken down by category
Two platforms, three decision dimensions: track record, structure, and tax / liquidity.
The most useful way to compare Percent and Willow Wealth is not as substitutes — they serve different purposes and are at different points in their operating lifecycles. The three sections below isolate the dimensions where the differences are most material to investor decisions.
Active growth vs documented losses
Track Record & Disclosure
Percent's track record is verifiable: $1.93B funded across 1,067 deals from December 2018 through May 2026, with 0.90% charge-off rate (Percent self-reported) confirmed by AltStreet's independent $-weighted recalculation at 1.17%. Willow Wealth's track record is fragmented: a decade of historical performance data was removed from the website during the October 2025 rebrand, CNBC documented $208M in CNBC-attributed losses across marine and real estate offerings, and the platform's own 9.4-9.8% IRR explicitly excluded 59% of capital raised ($926.8M Short Term Notes from ~16,000 investors).
Practical answer
Use Percent when verifiable, current performance data matters. Willow Wealth's removed disclosures and documented losses make any new allocation difficult to underwrite.
| Decision factor | What changes |
|---|---|
| Platform status | Percent: active, growing, secondary market launched Feb 2026. Willow Wealth: showing multiple signs of platform contraction, rebranded Oct 2025, flagship fund sold March 2026. |
| Lifetime funded | Percent: $1.93B (AltStreet) / $1.95B (Percent 3/31/26) across 1,067 deals. Willow Wealth: $6B+ claimed, $1.56B EDGAR-verified across 83 entities. |
| Default / charge-off rate | Percent: 0.90% charge-off (self) / 1.17% $-weighted (AltStreet) on completed deals. Willow Wealth: 2.7% platform-disclosed, 30% on CNBC's 30-RE-deal sample, $208M CNBC-documented losses. |
| Disclosure quality | Percent: deal-level Credit Snapshot rubrics on modern deals (OC%, cash reserve, simple loss coverage, TTM default). Willow Wealth: decade of historical performance data removed Oct 2025. |
| Regulatory enforcement | Percent: no SEC actions against the BD; 3 years of clean X-17A-5 filings. Willow Wealth (as Yieldstreet): $1.9M SEC fine 2023, $9M class action 2025, FBI/SEC investigation 2020. |
Pure private credit vs multi-asset marketplace
Structure & Asset Focus
Percent is a pure private credit marketplace — asset-based deals (consumer loans, SMB receivables, merchant cash advances, equipment leases) dominate at 84% of platform $ volume, with corporate loans and fund structures rounding out the offering. Willow Wealth is a multi-asset marketplace covering private credit, real estate, marine finance, legal finance, art, venture capital, and structured notes — breadth that was a marketing advantage during expansion and a liability during stress, as documented losses concentrated in marine ($89M) and real estate ($78M + $41M).
Practical answer
Use Percent for focused private credit allocation. Willow Wealth's multi-asset breadth dispersed underwriting attention across categories that performed inconsistently.
| Decision factor | What changes |
|---|---|
| Primary structures | Percent: Delaware Series LLCs under Cadence Group Platform, LLC, investors hold unsecured notes against SPV participation interests in underlying loans. Willow Wealth: per-deal SPVs/LLCs, interval fund (Alt Income Fund), Short Term Notes, managed portfolios (Willow 360). |
| Asset categories | Percent: asset-based ($1.62B / 870 deals), corporate loans, fund structures. Willow Wealth: real estate, marine finance, legal finance, private credit, art, VC, crypto, structured notes. |
| Minimum investment | Percent: $500 marketplace, $1M SMA. Willow Wealth: $0 Short Term Notes (historical), $5K-$10K deal SPVs, $10K Alt Income Fund, $25K Willow 360. |
| Investor scale | Percent: 60,000+ investors (platform claim). Willow Wealth: 500,000+ members claimed, 28,440 EDGAR-verified across 83 Reg D entities. |
| Deal book transparency | Percent: per-deal Credit Snapshot rubric on modern deals; deal state in API but not foregrounded on UI. Willow Wealth: historical performance data removed; legal finance vertical dormant since April 2022 without disclosure. |
Simpler tax reporting vs structural complexity
Tax & Liquidity
Percent issues 1099-INT for marketplace deals (1,052 of 1,067) — ordinary interest income, straightforward reporting, no K-1 timing risk. Willow Wealth uses K-1s for partnership deal SPVs (March-April delivery, extensions common, longer delays for workouts and defaults), 1099 for Short Term Notes, 1099-DIV for the Alt Income Fund — and multi-state filing obligations for real estate holdings. Both are illiquid; Percent launched a secondary market in February 2026 (~4.3% of deals enabled). Willow Wealth has no secondary market; the Alt Income Fund's quarterly repurchase program faces transition uncertainty post-SOFIX sale.
Practical answer
Use Percent for cleaner tax operations and an emerging secondary liquidity option. Willow Wealth's K-1 + multi-state complexity, combined with no secondary, is structurally harder.
| Decision factor | What changes |
|---|---|
| Primary tax form | Percent: 1099-INT (1,052 of 1,067 deals); K-1 for select fund/SMA (48 deals). Willow Wealth: K-1 for deal SPVs, 1099 for Short Term Notes, 1099-DIV for Alt Income Fund. |
| Tax timing risk | Percent: 1099-INT by January 31, available through October 15. Willow Wealth: K-1 March-April, extensions common, workouts/defaults can delay to September or later. |
| Income characterization | Percent: ordinary interest income, no qualified dividends or capital gains treatment. Willow Wealth: varies by structure — ordinary income (notes), asset-class-specific (deals), capital losses on defaults require specific analysis. |
| Liquidity / secondary market | Percent: secondary market live Feb 2026, ~4.3% of deals enabled, order book with bid/ask depth. Willow Wealth: no secondary market for deal SPVs; Alt Income Fund quarterly repurchases facing transition uncertainty. |
| Deal term lengths | Percent: 6-36 months typical, 9-month historical average. Willow Wealth: 2-7+ years for direct deals, 3-9 months for Short Term Notes (29 series outstanding beyond original maturity). |
Scenario Analysis
$50,000 · Allocation comparison · Both platforms
What the structural differences actually look like when an investor deploys the same dollar across the two platforms.
Same investor. Same capital. Two very different deployment realities.
| Metric | Percent ($50K across 25 deals) | Willow Wealth ($50K across 3-5 deals) |
|---|---|---|
| Deal count for diversification | 25 deals at $2,000 each | 3-5 deals at $10,000-$15,000 each |
| Average term length | ~9 months historical / 6-36 months range | 2-7+ years for direct deals |
| Headline yield / target return | 14-18% gross coupon (Asset-Based); 14.76% historical WA | 9.4-9.8% claimed IRR (excludes 59% of capital raised) |
| Platform fee structure | 10% Investor Service Fee on interest (uniform) | Varies by product; multiple fee layers on Willow 360 + funds |
| Net coupon estimation | ~14.4% net on 16% headline (× 0.9) | Variable per deal; historical performance data removed |
| Charge-off rate exposure | 0.90% platform, 1.17% $-weighted; 3.79% Asset-Based distress | 2.7% platform, 30% on CNBC's RE sample |
| Tax form expected | 1099-INT by January 31 | K-1 March-April (extensions common); 1099 for notes; multi-state filings on RE |
| Pre-maturity liquidity | Secondary market live (Feb 2026), ~4.3% of deals enabled | None for deal SPVs; Alt Income Fund repurchase facing SOFIX transition |
| Operating status | ✓ Active, growing, secondary market launched | Wind-down: flagship fund sold, historical data removed |
Percent
Willow Wealth
The scenario illustrates a key structural difference: Percent's $500 minimum enables genuine 25-deal diversification at $50K, while Willow Wealth's higher direct-deal minimums force concentration into 3-5 positions. Combined with longer hold periods (2-7+ years vs. 6-36 months), Willow Wealth's position structure was inherently more concentrated and less flexible — characteristics that amplified loss outcomes during the 2021-2024 vintage stress.
Before you invest
Most investors miss these — and they matter more than fees
The questions below are what matter most when evaluating either platform. Most investors only ask them after committing capital.
Is the platform actively operating or contracting?
Percent: active, growing, secondary market launched February 2026. Willow Wealth: showing multiple signs of platform contraction — flagship fund agreed to be sold to Mount Logan Capital SOFIX in March 2026, historical performance data removed during October 2025 rebrand, no new institutional fund launches that look like growth signals.
What does the regulatory record actually show?
Percent Securities, LLC: three consecutive years of compliant X-17A-5 FOCUS Reports (FY2023, FY2024, FY2025) per SEC EDGAR. No enforcement actions against the broker-dealer. Willow Wealth (as Yieldstreet): $1.9M SEC fine September 2023 (marine finance disclosure failure), $9M federal class action settlement 2025, FBI and SEC investigation reported August 2020.
How transparent is the deal-level disclosure?
Percent: modern deals carry a structured Credit Snapshot rubric — Overcollateralization %, Cash Reserve %, Simple Loss Coverage multiple, TTM Default Rate, Largest Obligor %. Workout state exists in the investor-api but is not foregrounded on the public deal-page UI. Willow Wealth: removed a decade of historical performance data from the website during the October 2025 rebrand; legal finance vertical went dormant April 2022 without disclosure.
What is the verifiable performance vs the headline figure?
Percent: 0.90% charge-off (Percent self-reported, 3/31/26) vs. 1.17% $-weighted (AltStreet independent recalculation, 5/29/26). Both methodologies agree credit performance on the Percent book is low. Willow Wealth: 9.4-9.8% claimed IRR excludes 59% of capital raised ($926.8M Short Term Notes from ~16,000 investors); CNBC documented $208M in actual losses.
How clean are the tax mechanics?
Percent: 1099-INT for 1,052 of 1,067 deals — straightforward interest income reporting, no K-1 timing risk, no multi-state filing complexity. Willow Wealth: K-1 for deal SPVs (March-April delivery, extensions common, longer delays for workouts and defaults), 1099 for Short Term Notes, 1099-DIV for Alt Income Fund. Real estate holdings create multi-state filing obligations.
Is there any pre-maturity exit option?
Percent: Secondary Market launched February 2026 with order book and bid/ask depth charts. Currently enabled on approximately 4.3% of deals — emerging but legitimate liquidity infrastructure. Willow Wealth: no secondary market for deal SPVs; the Alt Income Fund's quarterly repurchase program faces uncertainty pending the Mount Logan Capital SOFIX transition vote.
Which platform has stronger regulatory standing — Percent or Willow Wealth?
Short answer
Both platforms operate through SEC-registered broker-dealer affiliates, but their compliance histories diverge sharply. Percent Securities, LLC has filed compliant X-17A-5 FOCUS Reports for three consecutive years (FY2023 through FY2025) per SEC EDGAR, with no enforcement actions against the broker-dealer entity. Willow Wealth (operating as Yieldstreet during the relevant period) paid a $1.9M SEC fine in September 2023 for failure to disclose collateral risks in marine finance offerings, settled a $9M federal class action in 2025, and was investigated by the FBI and SEC in 2020 per WSJ and Bloomberg Law reporting. These are public regulatory facts, not editorial characterizations.
Regulatory registration alone is not the same as regulatory compliance trajectory. Both Percent and Willow Wealth operate through registered broker-dealer affiliates — Percent Securities, LLC (CIK 0001863789, FINRA member since August 2023) and Willow Wealth Markets LLC (formerly Yieldstreet Management). What differs is the multi-year track record of compliance vs. enforcement.
Percent's broker-dealer entity has filed X-17A-5 FOCUS Reports — the SEC-required annual financial filing for broker-dealers — for three consecutive fiscal years: FY2023 filed February 29, 2024; FY2024 filed March 17, 2025 with a May 13, 2025 amendment; FY2025 filed February 27, 2026. The filings are publicly accessible on SEC EDGAR. No SEC enforcement actions have been brought against Percent Securities, LLC. The Chief Compliance Officer (Richard Egan) is publicly identified with contact information. AML program and Business Continuity Plan disclosures are posted on percent.com per FINRA Rules 3310 and 4370.
Willow Wealth's regulatory history is significantly more complex. The September 2023 SEC fine ($1.9M) was for failure to disclose known collateral risks in a marine finance offering — settled without admitting wrongdoing. Bloomberg Law and the Wall Street Journal reported in August 2020 that the FBI and SEC were investigating marine finance offerings; no criminal charges were filed. A federal class action settled for $9M in 2025. The platform rebranded from Yieldstreet to Willow Wealth in October 2025 — concurrent with the three-part CNBC investigation documenting $208M in investor losses.
| Regulatory Factor | Percent | Willow Wealth (formerly Yieldstreet) |
|---|---|---|
| SEC CIK | 0001863789 (Percent Securities, LLC) | Willow Wealth Markets LLC (BD); Willow Asset Management LLC (RIA) |
| FINRA member since | August 2023 | Multiple years (rebranded entity) |
| X-17A-5 FOCUS Reports filed | 3 consecutive years: FY2023, FY2024 (+ amendment), FY2025 | Standard BD filing cadence (legacy Yieldstreet) |
| SEC enforcement actions | None against the broker-dealer | $1.9M fine September 2023 — failure to disclose marine finance collateral risks |
| Class actions | None disclosed | $9M federal class action settlement 2025 |
| Federal investigations | None disclosed | FBI/SEC investigation August 2020 (per WSJ/Bloomberg Law) — marine finance |
| Chief Compliance Officer | Richard Egan — publicly disclosed | Disclosed per Form CRS / Form ADV |
| SIPC coverage | Yes (broker-dealer); standard limits apply | Yes (broker-dealer); standard limits apply |
SIPC coverage applies to both platforms' broker-dealer entities but covers only broker-dealer insolvency and asset misappropriation — not loss of value from credit defaults on underlying private debt. For the full regulatory and compliance breakdown, see the individual reviews: Percent and Willow Wealth.
What does the actual track record look like — Percent vs Willow Wealth?
Short answer
Percent's track record is verifiable and consistent: $1.93B funded across 1,067 deals (AltStreet authenticated /investor-api ingest, 2026-05-29) with a 0.90% charge-off rate per Percent's own track-record page (3/31/26), independently confirmed by AltStreet's $-weighted recalculation at 1.17%. Willow Wealth's track record is fragmented by the October 2025 removal of a decade of historical performance data from the website. CNBC's three-part investigation (August-December 2025) documented $208M in losses across marine finance and real estate offerings. AltStreet's EDGAR analysis confirms $926.8M Short Term Notes capital from ~16,000 investors was explicitly excluded from Willow Wealth's own 9.4-9.8% IRR calculation.
Verifiable performance requires three things: a publicly disclosed methodology, an independent recalculation that triangulates within reason, and either continued availability of historical data or a clear archive. Percent meets all three. Willow Wealth's October 2025 rebrand removed the website chart showing -2% annualized real estate returns 2015-2025 — data that was previously accessible and is no longer available for independent verification.
Percent's full-deal-book ingest captures every deal from December 28, 2018 through May 19, 2026 close dates: 1,067 deals totaling $1,932,813,873. Of those, 801 are repaid (75.1% per AltStreet 5/29 capture; 793 per Percent 3/31/26 self-disclosure), 193 currently outstanding, 49 in active workout ($47.9M funded), 12 charged off ($18.3M funded), 9 in active funding, 2 reperforming after prior default. Charge-off rate is 0.90% per Percent's methodology, 1.17% by AltStreet's $-weighted recalculation. The 5.90% lifetime distress rate by count (which includes the 49 active workouts and 2 reperforming) is the broader picture that workouts visible in the API but not surfaced on deal pages contribute to.
Willow Wealth's track record was significantly more difficult to reconstruct after the October 2025 data removal. AltStreet's EDGAR analysis of 83 fund entities provides the primary-source forensic baseline: $1.56B raised from 28,440 investors. The headline IRR figure (9.4-9.8% net realized) operated through three exclusion layers per AltStreet analysis: Short Term Notes and Structured Notes excluded by program definition ($926.8M from ~16,000 investors, 59% of EDGAR capital); active investments and watchlist positions excluded by the "matured investments only" methodology; and the remaining historical performance data removed from the website during the rebrand. CNBC's investigation documented $208M in CNBC-attributed investor losses across the marine finance and real estate verticals.
| Track Record Factor | Percent | Willow Wealth (formerly Yieldstreet) |
|---|---|---|
| Total funded (verified) | $1.93B AltStreet / $1.95B Percent 3/31/26 — both methodologies align | $6B+ claimed (platform); $1.56B EDGAR-verified across 83 entities |
| Deal count | 1,067 deals (AltStreet 5/29 ingest); 1,048 (Percent 3/31) | 83 Reg D entities (75 with sales data) |
| Charge-off / default rate | 0.90% (Percent self); 1.17% $-weighted on completed (AltStreet) | 2.7% platform-disclosed; 30% on CNBC's 30-RE-deal sample |
| Documented losses | $18.3M charged off across 12 deals (1.17% by $) | $208M (CNBC): $89M marine, $78M RE, $41M RE |
| Active workouts / watchlist | 49 deals in workout ($47.9M); 2 reperforming | 23 RE deals on internal watchlist (CNBC) |
| Historical performance data availability | Available on /our-track-record-of-performance page; updated quarterly | Decade of data removed during October 2025 rebrand |
| Headline yield / return metric | 14.76% historical WA coupon; 16.95% outstanding WA | 9.4-9.8% IRR — excludes 59% of capital raised |
| Investor count | 60,000+ (platform claim) | 500,000+ members claimed; 28,440 EDGAR-verified |
For the AltStreet methodology and full data sources, see the Percent Data Insights and Willow Wealth Data Insights sections.
How does disclosure quality compare on the two platforms?
Short answer
Percent's disclosure operates through deal-level Credit Snapshot rubrics on modern offerings — structured 10-criterion disclosures including overcollateralization %, cash reserve %, simple loss coverage multiple, and TTM default rate. The friction point: deal-state transitions like Workout, Reperforming, and Charged Off exist in the platform's authenticated /investor-api but are not surfaced on the public deal-page UI. Willow Wealth removed a decade of historical performance data from its website during the October 2025 rebrand — including a chart showing -2% annualized real estate returns 2015-2025 that had been previously accessible. The legal finance vertical went dormant in April 2022 without public disclosure. The disclosure trajectories moved in opposite directions during the relevant period.
Disclosure quality is the dimension where Percent and Willow Wealth differ most structurally. Percent's modern deals include a Credit Snapshot rubric — a 10-criterion structured disclosure with explicit pass/fail markers on metrics like overcollateralization %, cash reserve %, simple loss coverage, TTM default rate, largest obligor concentration, and latest portfolio data date. AltStreet's ingest extracted this rubric data from 35 of 1,067 deals (3.3% coverage, concentrated in 2025+ vintage); the underlying metrics themselves populated more broadly: 343 deals with overcollateralization %, 197 with simple loss coverage, 549 with the 10% Investor Service Fee disclosure.
The Percent disclosure asymmetry that does exist: deal-state transitions (Outstanding → Workout → Charged Off / Reperforming) are exposed in the platform's authenticated /investor-api endpoint, but the public deal-page UI displays only Funding and Outstanding states — Workout, Reperforming, and Charged Off do not surface on individual deal views. AltStreet's audit confirms zero of the 12 charged-off or 49 workout deals carry public distress language in their deal-body text. The state field exists in the platform's underlying data layer; the consumer interface does not foreground it.
Willow Wealth's disclosure trajectory moved in the opposite direction during the same period. The October 2025 rebrand from Yieldstreet to Willow Wealth coincided with removal of a decade of historical performance data from the website — including a chart showing -2% annualized real estate returns 2015-2025 that had been previously accessible. Boston University Professor Mark Williams described this as "making it harder to uncover their poor performance, which is alarming." AltStreet's EDGAR analysis identified that the legal finance vertical (16 entities, $142.9M raised) went dormant in April 2022 without public disclosure — the platform continued to market itself as a litigation finance platform after origination had effectively ceased.
| Disclosure Factor | Percent | Willow Wealth (formerly Yieldstreet) |
|---|---|---|
| Deal-level structured disclosure | Credit Snapshot rubric (10 criteria) on modern deals; OC%, SLC, TTM default disclosed | Deal-by-deal narrative; structured rubric not standardized |
| Historical performance data | Available on /our-track-record-of-performance; quarterly updates | Decade of historical data removed October 2025 |
| Deal-state transparency | State exposed in /investor-api (Outstanding, Workout, Reperforming, Charged Off); not foregrounded on UI | Internal watchlist exists per CNBC reporting; not publicly disclosed |
| Surveillance / monitoring | Surveillance reports posted to borrower profile pages | Variable per offering; multiple defaulted deals had no advance warning per CNBC |
| Methodology disclosure on return metrics | 14.76% historical WA coupon clearly defined; methodology aligned with AltStreet recalculation | 9.4-9.8% IRR with footnote 6 excluding 59% of capital (Short Term Notes) |
| Disclosed dormant verticals | N/A — pure private credit focus, no category abandonment | Legal finance vertical dormant since April 2022 (not publicly disclosed) |
| Independent verifiability | AltStreet ingest of all 1,067 deals confirms Percent figures triangulate | EDGAR provides primary-source backstop; website data removal limits ongoing verification |
The deal-state asymmetry on Percent — workouts visible in the API but not on the deal-page UI — is an important caveat to its otherwise strong disclosure quality. But the directional comparison is not close: one platform improved transparency through structured rubrics; the other removed a decade of historical performance data during a period of documented investor losses.
How do tax mechanics compare across the two platforms?
Short answer
Percent's tax structure is operationally simpler: 1099-INT for 1,052 of 1,067 deals (98.6%) — ordinary interest income reported by January 31, available through October 15. No K-1 timing risk, no multi-state filing complexity, no workout-driven tax delays. Willow Wealth uses a mix: K-1 for partnership deal SPVs (March-April delivery, extensions common, defaults and workouts can push to September or later), 1099 for Short Term Notes, 1099-DIV for the Alternative Income Fund, with multi-state filings on real estate holdings. For taxable-account investors prioritizing operational simplicity, Percent's structure is materially less administrative work.
Tax mechanics are not a footnote — they determine whether the platform fits operationally for the investor's existing tax workflow. Both platforms generate ordinary income at the underlying coupon level, but how that income is reported and when it arrives differs materially.
| Tax Factor | Percent | Willow Wealth (formerly Yieldstreet) |
|---|---|---|
| Primary tax form | 1099-INT for 1,052 of 1,067 deals (98.6%) | K-1 for deal SPVs; 1099 for Short Term Notes; 1099-DIV for Alt Income Fund |
| K-1 usage | 48 fund/SMA deals only (1.4%) | Primary form for partnership deal SPVs |
| Timing | 1099-INT by January 31; available through October 15 | K-1 March-April; extensions common; workouts/defaults extend to September+ |
| Extension risk | Minimal — 1099-INT delivery is operational and on-schedule | High — defaults and workouts can delay K-1 issuance materially |
| Income characterization | Ordinary interest income (uniform across marketplace) | Varies — ordinary income, capital gains, qualified dividends, return of capital, capital losses on defaults |
| Multi-state filing | No — single-state interest income | Yes — real estate holdings create multi-state nexus |
| UBTI risk for IRA | Low — debt securities generally do not generate UBTI | Material — levered real estate and private credit deals may generate UBTI |
| After-tax math in high-tax states | 16% gross coupon → ~7.3% net for CA investor at 54.1% combined marginal | Variable by structure; capital loss treatment requires careful documentation |
For an active investor managing 20-50 Percent marketplace positions, the 1099-INT structure delivers all reporting through one tax form by end of January — operationally simpler than tracking K-1 timing across multiple partnership SPVs with extension risk and multi-state filings. The tax simplicity advantage for Percent is structural, not marketing — it follows from the unsecured-note-against-Series-LLC architecture rather than partnership deal SPVs.
Full Comparison
Side-by-side reference table
The complete structural comparison across regulatory, operational, financial, and disclosure dimensions.
| Dimension | Percent | Willow Wealth (formerly Yieldstreet) |
|---|---|---|
| Operating Status | ||
| Platform status | Active, growing | Multiple signs of contraction |
| Recent milestone | Secondary market launched Feb 2026 | Alt Income Fund sold to Mount Logan Capital SOFIX March 2026 |
| Founded / rebranded | 2018 (Cadence); broker-dealer August 2023 | 2015 as Yieldstreet; rebranded October 2025 to Willow Wealth |
| Regulatory | ||
| SEC-registered broker-dealer | Percent Securities, LLC (CIK 0001863789) | Willow Wealth Markets LLC |
| FINRA member since | August 2023 | Multiple years (legacy Yieldstreet) |
| X-17A-5 FOCUS Reports | 3 years consecutive compliant filings | Standard BD filing cadence |
| SEC enforcement | None against the broker-dealer | $1.9M fine September 2023 (marine finance) |
| Class actions | None disclosed | $9M federal class action settlement 2025 |
| Federal investigations | None disclosed | FBI/SEC investigation August 2020 (marine) |
| Scale & Track Record | ||
| Lifetime funded (verified) | $1.93B / 1,067 deals (AltStreet); $1.95B / 1,048 (Percent 3/31) | $6B+ claimed; $1.56B EDGAR-verified across 83 entities |
| Investor count | 60,000+ (platform claim) | 500,000+ members claimed; 28,440 EDGAR-verified |
| Charge-off / default | 0.90% (Percent) / 1.17% $-weighted (AltStreet) | 2.7% platform / 30% on CNBC RE sample |
| Documented losses | $18.3M charged off (12 deals) | $208M CNBC-documented |
| Active workouts / watchlist | 49 deals workout ($47.9M); 2 reperforming | 23 RE deals on internal watchlist |
| Structure & Fees | ||
| Asset focus | Pure private credit (asset-based + corporate) | Multi-asset (RE, marine, legal, credit, art, VC, notes) |
| Minimum investment | $500 marketplace / $1M SMA | $0 Short Term Notes (historical) / $5K-$25K direct |
| Term length | 6-36 months (9-month historical avg) | 2-7+ years deals; 3-9 months notes |
| Headline yield / return | 14.76% historical WA coupon | 9.4-9.8% claimed IRR (excludes 59% of capital) |
| Platform fee | 10% Investor Service Fee on interest (uniform) | Varies by product; multiple fee layers |
| Tax & Liquidity | ||
| Primary tax form | 1099-INT (98.6% of deals) | K-1 deals / 1099 notes / 1099-DIV fund |
| Tax timing | By January 31; available through October 15 | K-1 March-April; extensions common |
| Multi-state filing | No | Yes (real estate holdings) |
| Secondary market | Live Feb 2026 (~4.3% deals enabled) | None for deal SPVs; Alt Income Fund repurchase facing transition |
| Disclosure | ||
| Deal-level structured rubric | Credit Snapshot (10 criteria) | Deal-by-deal narrative; no standardized rubric |
| Historical data availability | Available, updated quarterly | Removed October 2025 |
| Deal-state transparency | In API; not foregrounded on UI | Internal watchlist exists; not public |
Data Integrity
How this comparison was built
AltStreet ingested all 1,067 Percent deals via the platform's authenticated /investor-api endpoints (directory, deal body, and borrower records) on 2026-05-29, capturing $1,932,813,873 in lifetime funded volume across 123 unique borrowers. Independent recalculation of charge-off rates by $-weighted methodology on completed deals yields 1.17%, triangulating with Percent's self-reported 0.90% within plausible methodology variance. Regulatory verification via SEC EDGAR for Percent Securities, LLC (CIK 0001863789) confirms three years of compliant X-17A-5 FOCUS Report filings.
Willow Wealth analysis is built from AltStreet's primary-source review of 83 Yieldstreet/Willow Wealth Reg D Form D filings and amendments on SEC EDGAR, CNBC's three-part investigative series (August, September, December 2025), SEC enforcement records (September 2023 settlement), federal class action settlement records (2025), Bloomberg Law and Wall Street Journal reporting (August 2020), and platform materials. The October 2025 removal of historical performance data limits independent verification of post-rebrand metrics.
Updated May 29, 2026
Percent data sources
Authenticated /investor-api ingest (2026-05-29): 1,067 deals, 1,066 deal bodies, 123 borrower records. SEC EDGAR for Percent Securities LLC (CIK 0001863789). FINRA broker-dealer registry. Percent /our-track-record-of-performance page (3/31/26 disclosure).
Willow Wealth data sources
AltStreet EDGAR analysis: 83 Reg D entities. CNBC investigation August, September, December 2025. SEC enforcement records September 2023. Federal class action settlement 2025. Bloomberg Law / WSJ August 2020 reporting. Platform materials and disclosures prior to October 2025 data removal.
Charge-off methodology
Percent: 0.90% self-reported from /our-track-record-of-performance (3/31/26). AltStreet: 1.17% $-weighted recalculation on completed deals only (12 charged off totaling $18.3M of $1.57B repaid principal). Willow Wealth: 2.7% platform-disclosed across 597 investments; 30% on CNBC's sample of 30 real estate deals.
Editorial principles
Hedged language on contested figures. Direct labeling when multiple methodologies disagree. Public regulatory facts cited with date and dollar amount where applicable. AltStreet has no compensated relationship with either platform — no affiliate, sponsored, or paid links.
Final View
Operating platform vs platform managing a transition.
The honest framing for this comparison: Percent and Willow Wealth are not interchangeable alternatives. Percent is an active, growing private credit marketplace with clean regulatory standing for its broker-dealer affiliate and verifiable performance. Willow Wealth appears to be managing a post-Yieldstreet transition rather than operating as a clean growth platform — CNBC-documented losses, regulatory enforcement, flagship fund agreed sold, historical data removed, no new institutional growth signals.
For investors evaluating new private credit platforms, Percent is the active platform to diligence. Existing Willow Wealth positions require monitoring rather than fresh allocation. AltStreet's full reviews of each platform provide the deeper decision frameworks: the Percent review covers the deal-level data, underwriter quality dispersion, and secondary market mechanics; the Willow Wealth review covers the EDGAR forensics, IRR exclusion structure, and existing-investor monitoring framework.
Percent is not risk-free. AltStreet's ingest surfaces 49 active workout deals ($47.9M funded), deal-state information not foregrounded on deal pages, underwriter quality dispersion (with sample-size caveats), ordinary-income tax drag in taxable accounts, and limited secondary-market coverage (~4.3% of deals enabled). These remain real underwriting issues for any new allocation.
AltStreet verdict
For investors evaluating new private credit platforms, Percent is the active platform to diligence. Existing Willow Wealth positions require monitoring rather than fresh allocation.
The asymmetry between the two platforms is not a marketing preference — it reflects where each is in its operating lifecycle. Percent earned the active-platform comparison slot in private credit through three years of compliant regulatory filings, full deal-book transparency, and a verified charge-off rate that triangulates independently. The remaining Percent caveats (workouts, underwriter dispersion, tax drag) are diligence inputs, not deal-breakers.
Related Resources
Percent platform review
Full ingest of 1,067 deals, charge-off methodology, underwriter quality dispersion (Aluna 33.33% vs Percent self 2.59%), Credit Snapshot rubric mechanics, secondary market analysis, and the deal-state transparency observation.
Willow Wealth platform review
AltStreet's EDGAR forensic analysis of 83 Yieldstreet/Willow Wealth fund entities, the $926.8M Short Term Notes exclusion, three-layer IRR methodology, CNBC investigation context, and the monitoring framework for existing investors.
CrowdStreet vs Willow Wealth comparison
Parallel restructuring analysis for two retail private markets platforms, including preserved versus removed historical disclosure, regulatory history, and current product availability.
Private credit category hub
Broader context on how private credit marketplaces work, what drives credit performance, and how to evaluate platforms as an asset class beyond individual deal selection.
Deal State reference
Definitions for funding, outstanding, active workout, reperforming, repaid, and charged-off deal states — the language behind the Percent data-layer comparison.
Investor Service Fee reference
How to convert headline private credit coupons into net coupon before tax when platforms deduct servicing fees from investor interest.
Eagle Point Credit (public CLO fund)
Public closed-end fund alternative to private credit marketplaces — daily liquidity, no accreditation, lower yields but no platform risk. Direct alternative for investors who want the asset class without the marketplace structure.
Three-Pillar Evaluation Framework
AltStreet's methodology for evaluating alternative investment platforms across regulatory standing, structural quality, and operational track record.
Alternative Credit Due Diligence Guide
Framework for evaluating private credit platforms: charge-off rate methodology, distress vs default disclosure, underwriter quality, and how to triangulate platform-reported figures.
Frequently Asked Questions
1. Which platform is in better shape today: Percent or Willow Wealth?
Percent is active and growing — its broker-dealer affiliate (Percent Securities, LLC) has three consecutive years of compliant X-17A-5 FOCUS Report filings, and the secondary market launched February 2026. Willow Wealth (formerly Yieldstreet) is showing multiple signs of platform contraction: rebranded October 2025, removed a decade of historical performance data from its website, agreed in March 2026 to sell its flagship Alternative Income Fund to Mount Logan Capital SOFIX pending shareholder vote, and was the subject of a three-part CNBC investigation (August-December 2025) documenting $208M in CNBC-attributed investor losses.
2. What is the actual default rate on each platform?
Percent self-reports 0.90% charge-off rate; AltStreet's $-weighted recalculation on completed deals across 1,067-deal ingest yields 1.17%. Adding active workouts and reperforming deals, AltStreet's lifetime distress rate is 5.90% by count. Willow Wealth's own December 2024 default disclosure was 2.7% (16 of 597 investments) with 4.3% on watchlist, but CNBC's sample of 30 real estate deals found 9 in default — a 30% rate. The gap reflects different methodologies on different portfolio subsets, but the dispersion alone is a transparency signal.
3. What is the minimum investment on each platform?
Percent: $500 per deal on the marketplace, $1M for Separately Managed Accounts. Willow Wealth: historically $0 on Short Term Notes (ALTNOTES I), $5K on later notes, $5K-$10K on direct deal SPVs, $10K on the Alternative Income Fund (being sold), $25K on the new Willow 360 managed portfolios. The Willow 360 product is unproven — launched August 2025 during the period of documented origination failures.
4. How do the tax structures compare: Percent vs Willow Wealth?
Percent marketplace deals issue 1099-INT (1,052 of 1,067 deals) — straightforward ordinary interest income reporting, no K-1 complexity. Willow Wealth uses a mix: K-1 for partnership deal SPVs (March-April delivery, extensions common, longer delays for workouts and defaults), 1099 for Short Term Notes, and 1099-DIV for the Alternative Income Fund. Multi-state filing obligations on Willow Wealth real estate deals add complexity that Percent's structure avoids.
5. Is Willow Wealth still safe for existing investors?
Existing investors should monitor closely: the Alternative Income Fund's pending sale to Mount Logan Capital SOFIX requires a shareholder vote, 23 real estate deals are on the platform's internal watchlist per CNBC reporting, and 29 of 194 Short Term Notes series were not repaid at maturity as of December 2024. AltStreet's review provides a monitoring framework rather than an investment recommendation — the platform is managing a major legacy-portfolio transition, not collapse, but new capital is not the right action.
6. Which platform has better regulatory standing: Percent or Willow Wealth?
Both are SEC-registered broker-dealers, but their compliance histories differ materially. Percent Securities, LLC has filed compliant X-17A-5 FOCUS Reports for three consecutive years (FY2023, FY2024, FY2025) with no SEC enforcement actions against the broker-dealer entity. Willow Wealth (as Yieldstreet) paid a $1.9M SEC fine in September 2023 for failure to disclose collateral risks in marine finance offerings, settled a $9M federal class action in 2025, and was investigated by the FBI and SEC in 2020. The differences are factual, not editorial.
7. What does Percent's 'workouts visible in API, not on deal pages' mean?
Percent's authenticated /investor-api exposes a deal-state field including Work-out, Reperforming, and Charged Off statuses. AltStreet's ingest found 49 deals currently in active workout ($47.9M funded) and 2 reperforming after prior default. The public marketplace UI displays Funding and Outstanding states but does not foreground these distressed states on individual deal pages. The state field exists in the platform's underlying data layer; the consumer interface does not surface it on deal-by-deal views. Investors evaluating a borrower's prior-deal history must navigate to the borrower profile rather than rely on the deal-page UI alone.
8. For a first-time alternative investments allocation, which platform is more appropriate?
Percent. Active platform, registered broker-dealer affiliate with clean compliance history, transparent deal-level metrics on modern offerings (Credit Snapshot rubric with overcollateralization %, simple loss coverage, TTM default rate), 0.90% charge-off rate, and $500 minimums enabling meaningful diversification. Willow Wealth's contraction signals, removed historical data, and CNBC-documented loss patterns make it unsuitable for new capital. The platform comparison is not symmetric — Percent appears to be operating as a growth platform; Willow Wealth appears to be managing a post-Yieldstreet transition.
Important Disclosures
This page is educational and does not constitute investment, tax, or legal advice. Private credit investing involves illiquidity, credit risk, and the potential for principal loss. Platform fee structures, deal-level metrics, regulatory status, and operating conditions can change; verify current terms directly with each platform before committing capital.
AltStreet has no affiliate, sponsored, or paid relationship with either Percent or Willow Wealth. All data in this comparison is derived from publicly available platform materials, regulatory filings (SEC EDGAR, FINRA BrokerCheck, Form CRS), authenticated platform API ingest (Percent /investor-api capture, 2026-05-29), and independent third-party reporting (CNBC three-part investigative series, August-December 2025; Bloomberg Law / WSJ August 2020). No compensation was received from either platform for inclusion or positioning in this comparison.
Regulatory citations: Percent Securities, LLC (SEC CIK 0001863789, FINRA member since August 2023); three X-17A-5 FOCUS Reports filed FY2023, FY2024 (with May 2025 amendment), FY2025. Willow Wealth Markets LLC (formerly Yieldstreet Management) — $1.9M SEC settlement September 2023 for failure to disclose marine finance collateral risks (settled without admission of wrongdoing); $9M federal class action settlement 2025; FBI and SEC investigation reported August 2020 per Bloomberg Law and Wall Street Journal (no criminal charges filed). All historical data prior to October 2025 was accessible on the Yieldstreet website at the time and was removed during the rebrand to Willow Wealth.
Investors should review current offering documents, broker-dealer Form CRS, 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 May 29, 2026.