---
title: "Cardone Capital Review 2026: Years of Distributions, No Property Sales Located, and a Certified Class Action"
url: https://altstreet.investments/platforms/reviews/cardone-capital
kind: platform-review
updated: 2026-10-06
description: "Cardone Capital review 2026: 33 fund-property purchases ($3.62 billion) since 2016 and no sale located, minority Reg A stakes with no redemption, Manager-set values, 20% to 35% Manager share without a preferred return, Bitcoin funds, and a certified class action."
publisher: AltStreet (https://altstreet.investments)
license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted.
---

# Cardone Capital Review 2026: Years of Distributions, No Property Sales Located, and a Certified Class Action

Cardone Capital is Grant Cardone's multifamily syndication business. The prior-performance tables in its own Regulation A filings identify 33 fund-property purchases since 2016 totaling $3.62 billion, and AltStreet located no fund property sale: the latest of those tables says none had been sold as of June 30, 2025, and REIT I reported none through year-end 2025. Non-accredited investors can only buy into four Regulation A funds, which hold minority stakes beside larger accredited-only funds, give the Manager 20% to 35% of profits with no preferred return, and are valued (Funds V and VI) at the Manager's estimate. The first two of those funds are the subject of Pino v. Cardone Capital, a Securities Act class action over Grant Cardone's social-media return projections that a federal court certified on March 27, 2026, with trial set for March 3, 2027; the claims are allegations, not findings.

AltStreet score: 32.1 (D+), scored October 4, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | Cardone Capital |
| What it is | Sponsor-Run Multifamily Syndicator: Regulation A Funds Open to Non-Accredited Investors Beside Regulation D Rule 506(c) Funds |
| Asset class | Multifamily apartments in Florida and the Sunbelt (plus two office properties), held in single-asset LLCs; newer funds also hold Bitcoin |
| Website | cardonecapital.com |
| Review first published | October 3, 2026 |
| Last updated | October 6, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

Cardone Capital has a long operating record and has paid substantial cash distributions; the part of its return story that depends on appreciation remains untested by property sales, while the sponsor controls the valuations, the timing of any sale and a material share of the reported economics. The filings support the first half. The funds have raised about $1.86 billion traced in the filings, the prior-performance tables identify 33 fund-property purchases totaling $3.62 billion since 2016, and the funds have paid distributions for years: Fund V paid at a 5.5% annual rate to its Class A investors in the first half of 2025, REIT I has paid $9.26 million to Class A since 2022, and refinancings have returned capital. The second half is where the questions are. AltStreet located no fund property sale: the latest comprehensive prior-performance table says none had been sold as of June 30, 2025, and REIT I reported none through year-end 2025. The reported gains are the Manager's estimates. Fund V carries its stakes at a Manager-reported fair value of $104.7 million against a recorded cost basis of $28.8 million, and because the Manager's Class B interest, issued for no consideration, is allocated 35% of income including unrealized gains, $22.4 million of Fund V's reported net assets was allocated to the Manager's Class B capital account at June 30, 2025. A non-accredited investor's route in is narrow: the four Regulation A funds hold minority stakes (8% to 39%) in properties controlled alongside larger accredited-only Cardone Equity funds, and there is no sponsor redemption program or established secondary market, so principal liquidity generally depends on a refinancing or sale the Manager decides. The fees run in layers: 1% on purchase, 1% a year on capital raised, 1% on each loan, 1% on sale, a share of property management to an affiliate, and a profit share of 20% to 35% with no preferred return. The prior-performance tables also report $69.5 million paid to the sponsor from the offering proceeds of 17 funds in an 'Other' category that includes reimbursements and marketing costs; the tables do not show how much of it was compensation. The newest accredited offering, Fund 31, changes the waterfall to an 8% preferred return followed by a 50/50 split with the Manager, and puts part of the money into Bitcoin. And the first two Regulation A funds are the subject of a certified Securities Act class action, Pino v. Cardone Capital, alleging that Grant Cardone's Instagram and YouTube projections of about 15% annual returns were opinions he did not hold and that investors were not told the SEC staff had asked for those projections to be removed in 2018. Those are allegations; trial is set for March 3, 2027.

- **0 located** Fund property sales AltStreet located. The latest comprehensive prior-performance table: 'As of June 30, 2025, no Projects have been sold' (Cardone Non Accredited Fund circular, August 24, 2026); REIT I: 'As of December 31, 2025, no investments have been sold.' The investments page lists all 50 cards under Current Investments.
- **$3.62 billion** Total price of the 33 fund-property purchases the circulars' Table VI identifies from 2016 to 2025, from $19.2 million (188 units in Port St. Lucie, 2016) to $343 million (a 366-unit Florida property bought by Cardone Equity Fund 28 in July 2025). A filing-derived count, not everything the business owns: the site claims 47 assets, and 11 properties on its investments page appear in no fund table. About $1.86 billion of investor equity is traced in the filings.
- **3.6x** Manager-reported fair value of Fund V's stakes ($104.7 million) divided by their recorded cost basis ($28.8 million) at June 30, 2025. Not an investor return multiple: the cost basis reflects capital transactions, and no sale has tested the value. $22.4 million of the fund's reported net assets was allocated to the Manager's Class B capital account at that date.
- **20% to 35%** The Manager's profit share in the Regulation A funds, with no preferred return (35% in Funds V and VI, 20% in REIT I and the Non Accredited Fund). Fund 31, the current accredited offering, gives the Manager 50% above an 8% preferred return.
- **$69.5 million** Reported in prior-performance Table II as 'Other (includes reimbursements and marketing costs)' paid to the sponsor from the offering proceeds of funds CE III to CE 21, plus $20.6 million of acquisition fees; together about 10.5% of the $859.3 million raised. The table does not show how much of the 'Other' category was net compensation versus reimbursement of expenses.
- **Certified** Pino v. Cardone Capital (C.D. Cal. 2:20-cv-08499), a Securities Act class action by non-accredited investors in Funds V and VI, certified March 27, 2026 after two Ninth Circuit reversals; trial set for March 3, 2027. Allegations, not findings.

Data note: Fund figures are from the audited 1-K and unaudited 1-SA reports of the four Regulation A funds (Kaufman, Rossin & Co., P.A.). Raises, purchases, leverage and sponsor compensation are from the unaudited prior-performance Tables I, II and VI of the Regulation A circulars, which cover the accredited-only funds as well. Form D figures are as filed and often predate a fund's final raise. Site figures ($5.4 billion AUM, $642 million returned, 20,000-plus investors) are platform claims AltStreet could not trace to a filing.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| 0 located | Cardone's funds have paid distributions for years, but the appreciation half of the return story is untested: AltStreet located no fund property sale, and the latest filing reports none as of June 30, 2025. | Fund property sales AltStreet located; the latest prior-performance table: 'As of June 30, 2025, no Projects have been sold.' Prior-performance section, Cardone Non Accredited Fund 1-A POS, August 24, 2026; REIT I 1-K: none sold as of December 31, 2025. |
| $22.4 million | Of Fund V's $104.7 million reported net assets, the amount allocated to the Manager's Class B capital account, an interest issued for no consideration. | Fund V 1-SA, June 30, 2025; the Class B is allocated 35% of income, mostly unrealized gains on the Manager's fair values. |
| $69.5 million | Reported paid to the sponsor from offering proceeds as 'Other (includes reimbursements and marketing costs)', CE III to CE 21: 8.1% of $859.3 million raised; the split between compensation and reimbursement is not shown. | Prior-performance Table II, REIT I 1-A (2021) and Non Accredited Fund 1-A (2023); plus $20.6 million of acquisition fees. |
| 50% | The Manager's share above an 8% preferred return in Fund 31, the current accredited offering ($5 million minimum). | Cardone Equity Fund 31 PPM, August 5, 2026. |
| Certified | Pino v. Cardone Capital, a Securities Act class action by Fund V and VI investors; trial March 3, 2027. | C.D. Cal. 2:20-cv-08499; Ninth Circuit 2025, 139 F.4th 1102; allegations, no finding of liability. |
| $138 million | Bitcoin bought by three Cardone funds (CE 26, 27, 28) in 2024 and 2025. | Prior-performance Table I, Non Accredited Fund 1-A POS, August 24, 2026. |


## Verdict

Cardone Capital has done the buying part of real estate investing at scale, with 33 fund-property purchases totaling $3.62 billion identified in its filings since 2016, mostly Florida apartments, and distributions paid to investors for years. The selling part is untested: AltStreet located no fund property sale, and the latest filing reports none as of June 30, 2025, so the appreciation in its marketing and in its funds' fair values is the Manager's estimate, and a large share of it is already allocated to the Manager's Class B account. A retail investor's way in is a minority Regulation A sleeve with no redemption, a Manager profit share without a preferred return, and layered affiliate fees; the newest accredited fund changes the waterfall to an 8% preferred return followed by a 50/50 split with the Manager, and adds Bitcoin. The site's track-record claims go further than the filings support, and the first retail funds are the subject of a certified class action over how they were marketed, with trial in March 2027.

**Best for**

- Investors who want apartment income through a Regulation A fund, accept a ten-year or longer hold with no exit until a sale, and are comfortable with the Manager's control and fees.

**Look elsewhere if**

- You may need the money back within ten years.
- You want appreciation demonstrated by property sales before you invest.
- You want a preferred return ahead of the sponsor's share.
- You do not want Bitcoin in a real estate fund.

**Strengths**

- Audited annual reports and detailed co-investment and prior-performance disclosure in the Regulation A filings.
- Distributions paid for years from stabilized properties; Fund V at a 5.5% annual rate to Class A in the first half of 2025.
- Six acquisitions from late 2023 to 2024 reported as all-cash, at 0% leverage, in Table VI.
- Fee percentages stated in every filing.

**Limitations**

- No fund property sale located: no realized disposition gain or property-sale IRR, though distributions and refinancing proceeds have been paid.
- Manager-set fair values with a 35% Manager share of the gains (Funds V, VI).
- Minority Regulation A sleeves, no redemption program, no secondary market.
- Layered affiliate fees and a profit share with no preferred return; a large 'Other' sponsor-compensation line, including reimbursements and marketing costs, in earlier funds.
- Late annual and semiannual reports for Funds V and VI; Form D notices that understate or conflict with the circulars.
- A certified Securities Act class action over the marketing of Funds V and VI.
- Site track-record claims not reconciled to the filings.


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| Non-accredited investors who want income from apartments and can leave money untouched for ten years or more | neutral |  |
| Investors who want to verify returns before they invest | poor-fit |  |
| Investors who want liquidity or a defined exit date | poor-fit |  |
| Accredited investors considering Fund 31 or another Bitcoin fund | poor-fit |  |


## Questions

**Is Cardone Capital legit?**

Cardone Capital is a real sponsor with real properties: its Regulation A funds are qualified by the SEC, file audited annual reports, and its filings identify 33 fund-property purchases totaling $3.62 billion since 2016, and the funds have paid distributions for years. The cautions are structural and legal. AltStreet located no fund property sale (the latest filing reports none as of June 30, 2025), so appreciation is the Manager's estimate; retail investors hold minority stakes with no redemption; fees run in layers with a 20% to 35% Manager share and no preferred return; and the first two retail funds are the subject of a certified Securities Act class action, Pino v. Cardone Capital, alleging misleading social-media return projections. Those are allegations; trial is set for March 3, 2027. AltStreet located no SEC or state enforcement action.

**Has Cardone Capital ever sold a property?**

AltStreet located no sale from its funds. The latest Regulation A circular says 'As of June 30, 2025, no Projects have been sold', and REIT I's 1-K says no investments had been sold as of December 31, 2025. Grant Cardone sold some properties he owned personally before the funds, such as an 826-unit Nashville portfolio in 2018.

**Can non-accredited investors invest with Cardone Capital?**

Yes, through the Regulation A funds, with a $5,000 minimum. Only the Cardone Non Accredited Fund is open now, at $100 per unit. It holds 8% to 17% stakes in three Fort Lauderdale-area properties beside larger accredited-only funds.

**What are Cardone Capital's fees?**

In the Regulation A funds: 1% of each property's purchase price, 1% a year of capital raised, 1% of each third-party loan, 1% of the sale price, part of the property management fee to an affiliate, other affiliate fees, and a profit share of 35% (Funds V and VI) or 20% (REIT I, Non Accredited Fund) with no preferred return. Fund 31 adds a 50% Manager share above an 8% preferred return. The prior-performance tables also report 4.8% to 22.2% of each earlier fund's raise paid to the sponsor from offering proceeds in an 'Other' category that includes reimbursements and marketing costs; how much was compensation is not shown.

**Can I get my money out of a Cardone fund?**

Not on demand. There is no sponsor redemption program or established secondary market; principal liquidity generally depends on the Manager refinancing or selling a property, with a target hold of about ten years that the Manager may extend, although a private transfer may be possible with the Manager's consent.

**What is the Cardone class action about?**

Pino v. Cardone Capital (C.D. Cal. 2:20-cv-08499) was filed in 2020 by a non-accredited investor in Funds V and VI. It alleges, under the Securities Act, that Grant Cardone's Instagram and YouTube projections of about 15% annual returns were opinions he did not believe, that investors were not told the SEC staff had asked the fund to remove those projections in 2018, and that statements about who was responsible for the funds' debt were untrue. The Ninth Circuit reinstated the case in 2025, the class was certified on March 27, 2026, and trial is set for March 3, 2027. None of the claims has been proven.

**What are the Cardone Bitcoin funds?**

Since late 2024, some Cardone Regulation D funds buy a property and Bitcoin. Three funds bought $138 million of Bitcoin in 2024 and 2025 per the prior-performance tables. Fund 31 invests each investor's money in both, in proportions the Manager decides, and plans to reinvest distributions into more real estate and Bitcoin. The FAQ says Bitcoin may be 15% to 50% of a fund.


## Evidence appendix

Platform website captured October 3, 2026.

Platform: cardonecapital.com crawl of 154 pages on October 3, 2026, with the investments page parsed into 50 property cards and the FAQ and home page claims captured. Filings fetched from EDGAR for 27 fund filers: Regulation A offering statements and amendments, qualification notices, 1-K and 1-SA reports, 1-U current reports and SEC correspondence for Funds V and VI, REIT I and the Non Accredited Fund; 27 Form D notices for 23 Regulation D entities. Prior-performance Tables I, II and VI read from six circulars: Fund V 1-A (July 3, 2018), REIT I 1-A (October 8, 2021) and 1-A POS (October 17, 2022), Non Accredited Fund 1-A (June 22, 2023), 1-A POS (March 31, 2025) and 1-A POS (August 24, 2026). Offering documents: Cardone Equity Fund 31 PPM (August 5, 2026); 10X Westshore investment memorandum (September 2026). Legal: CourtListener docket and RECAP filings for Pino v. Cardone Capital (Dkt. 262, 263, 266, 267, 269), the Ninth Circuit opinion of June 10, 2025, the SEC staff letter of July 30, 2018, the Texas First Court of Appeals docket 01-25-01059-CV, a Form ADV search and EDGAR full-text search. Acquisition details for properties outside the fund tables are from Cardone's and sellers' press releases and labeled as such.

**Highlights**

- Cardone Non Accredited Fund circular (August 24, 2026): 'As of June 30, 2025, no Projects have been sold.'
- Fund V 1-SA: 'Real estate investments, at fair value (costs of $28,770,552 and $30,473,593) $ 104,680,732 $ 105,711,850.'
- Fund V 1-K: 'The Class A Interests are entitled to a 65% profit interest in the Company, and the Class B Interests, all of which are held by the Company's Manager, are entitled to a 35% profit interest.'
- Fund 31 PPM: 'Each Investor's Capital Contribution will be invested in both the Property and BTC.'
- SEC staff letter, July 30, 2018: the fund did 'not appear to have a basis for such return. Please revise to remove this disclosure throughout the offering statement.'
- cardonecapital.com: 'We have never missed a distribution to our investors.'

**Primary source pages**

- Cardone Non Accredited Fund 1-A POS, August 24, 2026 (0001477932-26-005246): prior-performance section, 'As of June 30, 2025, no Projects have been sold'; Tables IV and V 'Inapplicable as no properties have been disposed of'; Table I raises CE 22 $92,500,000, CE 23 $185,113,600, CE 24 $122,450,000, CE 25 $98,045,550, CE 26 (10X SCF) $88,350,000, CE 27 $33,150,000, CE 28 $205,709,600, with Bitcoin of $15,000,000, $15,000,000 and $108,000,000 for CE 26 to 28; Table VI purchases CE 22a to CE 28, including CE 28: 366 units, July 19, 2025, $343,000,000, cash $203,000,000, financing $140,000,000 (Table I for CE 28: cash down payment $84,425,248, leverage 60%). Also: 479,761 Class A units and $4,468,957 distributed to Class A as of June 30, 2026.
- Cardone REIT I 1-A, October 8, 2021 (0001477932-21-007076): Tables I, II and VI for CE III to CE XIV, including sponsor compensation 'Other (includes reimbursements and marketing costs)' of $4,865,189 (CE III), $7,056,126 (CE IV), $3,551,788 (CE V), $2,933,467 (CE VI), $7,493,152 (CE VIII); 'As of July 31, 2021, no Projects have been sold'; REIT I holders receive Form 1099-DIV.
- Cardone Non Accredited Fund 1-A, June 22, 2023: Table II for CE VI to CE 21 (acquisition fees and 'Other' paid to sponsor from offering proceeds), and Table VI purchases including CE XVII to CE 20 (December 10, 2021 and March 24, 2022).
- Cardone Equity Fund V 1-SA for the six months to June 30, 2025, filed December 31, 2025: real estate investments at fair value $104,680,732 (cost $28,770,552); net assets $104,688,434, of which Class A $82,281,809 and Managing Member Class B $22,406,625; $1,375,024 distributed to Class A in the half, 'representing a 5.5% annual rate'.
- Cardone Equity Fund VI 1-SA for the six months to June 30, 2025: fair value $53,270,047 (cost $18,184,962); net assets $53,208,106, Class B $9,812,735; 'the Company has raised $29,463,000 from unit offerings and has made capital distributions of $9,072,036'.
- Cardone REIT I 1-K for 2025, filed April 30, 2026: eight co-investments and co-investor tables; net loss $5,255,548; $9,261,375 distributed to Class A as of April 30, 2026; Manager deferred $2,130,575; three of five leveraged SPEs on variable-rate loans with second extensions exercised by April 30, 2026; affiliate rate-cap extension loans of about $13,715,000 at 5%; 'As of December 31, 2025, no investments have been sold'; Pino described in legal proceedings.
- Cardone Non Accredited Fund 1-K for 2025, filed April 30, 2026: 11.22%, 8.13% and 16.54% stakes beside CE 23, 24 and 25; properties bought with cash; Manager deferred $818,211; class certification in Pino granted March 27, 2026.
- Cardone Equity Fund 31 PPM, August 5, 2026: $150,000,000; $5,000,000 minimum; 1% acquisition, disposition and financing coordination fees; 1% annual asset management fee on capital contributions; 8.0% cumulative non-compounded preferred return, then 50% to Class A and B and 50% to the Class M Member; capital invested in the property and Bitcoin; distributions planned to be reinvested; ten-year term the Manager may extend.
- SEC Division of Corporation Finance letter to Grant Cardone, Cardone Equity Fund V, July 30, 2018: comment 1 on Instagram and YouTube communications; comment 2, 'Please revise to remove this disclosure throughout the offering statement' regarding an 'approximately 15% annualized return on investment'.
- Fund V Form 1-U, May 1, 2020: distributions suspended for 90 days effective April 9, 2020; Form 1-U, June 19, 2020: 'resume the processing and payment of distributions for the last 90 days' effective June 15, 2020.
- Pino v. Cardone Capital, C.D. Cal. 2:20-cv-08499, Dkt. 269 (August 26, 2026): discovery cutoff November 16, 2026, pretrial conference February 12, 2027, trial March 3, 2027; Ninth Circuit opinion, June 10, 2025, 139 F.4th 1102.
- Form D, 10X Space Coast Fund LLC (CIK 2050081), January 17, 2025: $0 sold of $100,000,000, minimum $250,000, Rule 506(c); no amendment located.


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