---
title: "Concreit Review"
url: https://altstreet.investments/platforms/reviews/concreit
kind: platform-review
updated: 2026-09-28
description: "Is Concreit legit? Independent review: the $1 minimum, weekly distributions versus GAAP earnings, the fiduciary waiver, redemption terms."
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.
---

# Concreit Review

Concreit offers one of the most accessible real estate income products in the market — a $1-minimum Reg A fund with weekly distributions — but its SEC filings show cumulative distributions exceeding GAAP net income by $204,563, two parallel governance regimes, a captive transfer agent, and multiple Manager-discretion fee layers.

AltStreet score: 48.9 (C+), scored August 14, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | Concreit |
| What it is | Regulation A Pooled Real Estate Platform (Mixed Debt + Equity Fund + SFR Series LLC) |
| Asset class | Mixed Debt and Equity Residential/Commercial Real Estate |
| Website | concreit.com |
| Review first published | June 9, 2026 |
| Last updated | September 28, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

Concreit Fund I has paid distributions that exceed cumulative GAAP earnings, though the gap has nearly closed in 2026. Across seven fiscal years (FY2019–FY2025) cumulative distributions exceeded cumulative GAAP net income by $204,563, a figure that reconciles exactly to the accumulated deficit on the FY2025 balance sheet. The H1 2026 Form 1-SA narrows that deficit to $7,896, because net income of $419,554 outran distributions of $222,887. The qualification matters: $125,000 of that net income is a recovery of an investment loss from a related party, and on operating income alone the cumulative excess would still be roughly $132,896. The Fund's offering documents repeatedly disclose this risk; the editorial finding is that the disclosed risk materialized cumulatively and is now being worked off, partly by a non-operating item.

- **$204,563** Cumulative distributions ($2,091,583) exceeded cumulative GAAP net income ($1,887,020) by exactly $204,563 across FY2019–FY2025, reconciling to the dollar against the accumulated deficit on the FY2025 Statement of Financial Condition. Three of seven fiscal years show distributions paid in excess of cash provided by operating activities. The H1 2026 1-SA cuts the accumulated deficit to $7,896, again reconciling to the dollar: net income $419,554 less distributions $222,887 leaves $196,667, and $204,563 less $196,667 is $7,896.
- **5,207** Verified securityholder accounts as of December 31, 2025 per Concreit Transfer Services LLC Form TA-2 FY2025, signed by Sean Hsieh personally as CEO. Concreit markets approximately 40,000 'members' on its platform as of the June 2026 platform scrape — a 7.7x gap between the regulatory primary-source figure and the marketing self-report.
- **Two regimes** Concreit Fund I (debt-heavy, ~$8.99M AUM) operates with an express fiduciary duty waiver and broad Manager discretion. Concreit Series LLC (SFR equity, ~$1.54M AUM) describes the Manager as 'generally accountable to Concreit and each Series as a fiduciary.' Investor protection level depends on which Concreit product an investor chooses.
- **10% / quarter** Fund I's redemption gate is 10% of weighted-average outstanding Investor Shares per 3-month rolling period — materially more permissive than the non-traded REIT median. Observed FY2023–FY2025 redemption volumes of 30–38% annualized reconcile cleanly to gate capacity. The 2024 offering circular also discloses that 'the Company may, at its sole discretion, use the proceeds of any public or private offering for redemptions.'
- **3 / 3 years** Concreit Series LLC has used three different auditors in three consecutive fiscal years: Duner & Foote (FY2023), dbb mckennon (FY2024), Aprio LLP (FY2025). Each transition was disclosed via Form 1-U. The auditor instability stands in contrast to Fund I (one transition since inception).

Data note: Financial data sourced from SEC EDGAR primary filings: Fund I Form 1-K FY2019–FY2025; Fund I Form 1-SA H1 2022–H1 2026 (H1 2026 accession 0001731122-26-001283, filed 2026-09-24); Series LLC Form 1-K FY2023–FY2025; Series 1 LLC Form D (April 2023); Transfer Services LLC Form TA-2 FY2025. Operating Agreement findings sourced from Exhibit 2.2 to Fund I's initial Reg A qualification. All figures cited are from audited or signed filings as of the date noted.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| $204,563 | Cumulative GAAP excess of distributions over net income | FY2019–FY2025; reconciles exactly to accumulated deficit on FY2025 balance sheet |
| 5,207 | Verified securityholder accounts (vs ~40,000 marketing) | Form TA-2 FY2025 signed by Sean Hsieh as CEO of Concreit Transfer Services LLC |
| 10% / 3mo | Fund I redemption gate (~40% annualized) | Materially more permissive than non-traded REIT median; suspendable at Manager discretion |
| ~71 months | Consecutive monthly NAV prints at $0.96, unchanged since September 2020 | Internal, non-GAAP NAV per monthly 253G2 supplements. $0.91 at first print (Jun 2020), then $0.96 from Sep 2020 through Sep 2026 (Supplement No. 79) across the full rate cycle. AltStreet rebuilt the series from all 80 supplements on record: after four moves in mid-2020 ($0.91, $0.96, $0.95, $1.00, $0.96) the mark has not changed once in 71 consecutive prints, and it has never returned to $1.00 |
| Monthly | Disclosed redemption flow — requests, processed, and pending, every month | 78-supplement AltStreet backfill: processing regularly meets or exceeds intake with a small pending queue — the most granular Reg A redemption disclosure in AltStreet coverage |
| 3 / 3 years | Concreit Series LLC audit firms in consecutive fiscal years | Duner & Foote → dbb mckennon → Aprio LLP, each transition disclosed via Form 1-U |
| $1 | Fund I minimum investment | Among the lowest minimums in fractional real estate |


## Verdict

Concreit's $1 minimum and weekly distribution cadence on Fund I are genuinely differentiated for small-check retail investors. The compounding structural features are also real: a cumulative return-of-capital identity that reconciles to the accumulated deficit, two parallel governance regimes within the same Sponsor group, a captive transfer agent, a regressive platform-level advisory fee on small accounts, and a Series LLC vehicle that has used three audit firms in three consecutive fiscal years. Best for: small-check IRA holders comfortable with REIT distribution mechanics and willing to read primary filings. Worst for: investors prioritizing fiduciary protections, near-term liquidity, or institutional-quality alternatives.

**Best for**

- Small-check non-accredited investors seeking weekly distribution cadence at $1 minimum
- IRA holders prioritizing 1099-DIV simplicity over K-1 partnerships
- Investors comfortable reading primary SEC filings and modeling the all-in fee architecture
- Investors who accept REIT return-of-capital distribution mechanics as a documented design feature

**Look elsewhere if**

- You need capital back within 12–24 months
- You prioritize fiduciary investor protections (Fund I waives fiduciary duties expressly)
- You are allocating institutionally and need realized IRR data and independent third-party transfer agents
- You have not modeled the all-in fee burden (fund-level + platform-level $5/mo on small accounts)

**Strengths**

- Among the lowest minimums in fractional real estate ($1 on Fund I)
- Weekly distribution cadence maintained continuously since July 2020
- 10% per 3-month redemption gate — among the more permissive in non-traded REIT space
- 1099-DIV tax reporting — no K-1 complexity; IRA-friendly (no UBTI)
- Consistent SEC filing cadence across Fund I, Series LLC, and Transfer Services entities

**Limitations**

- Cumulative distributions exceed cumulative GAAP net income by $204,563 across FY2019–FY2025
- Express fiduciary duty waiver on Fund I (Operating Agreement Section 5.2)
- Two parallel governance regimes — Fund I non-fiduciary, Series LLC fiduciary
- Series LLC three-firm auditor sequence in three consecutive fiscal years
- Captive Sponsor-affiliated transfer agent rather than independent third party
- Platform-level $5/month advisory fee on accounts under $5,000 — regressive structural drag
- Sanctuary Broadway at-par transfer to Manager affiliate avoided crystallizing a fair-value loss


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| Small-check retail investors seeking weekly distribution cadence at $1 minimum | neutral |  |
| Investors seeking IRA-compatible private real estate exposure | well-suited |  |
| Investors prioritizing fiduciary investor protections | poor-fit |  |
| Investors seeking transparent, audited operating income | poor-fit |  |
| Investors needing near-term liquidity | poor-fit |  |
| Accredited investors seeking institutional-quality alternatives | poor-fit |  |


## Questions

**What does it mean that cumulative distributions exceed cumulative net income by $204,563?**

Across FY2019–FY2025, Concreit Fund I has paid $2,091,583 in distributions to investors against $1,887,020 in GAAP net income — a $204,563 excess. That figure reconciles exactly to the accumulated deficit on the FY2025 Statement of Financial Condition. The Operating Agreement and every offering circular explicitly permit distributions from any source including offering proceeds or borrowings. 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 cumulative pattern is the documented design feature in operation.

**How does Concreit's 5,207 verified investor count compare to the 40,000 'members' marketed?**

Concreit Transfer Services LLC Form TA-2 FY2025 (signed by Sean Hsieh personally as CEO of the transfer-agent entity) reports 5,207 securityholder accounts as of December 31, 2025 across both active Reg A vehicles (Fund I + Series LLC). Concreit markets approximately 40,000 'members' on its website — a 7.7x gap. The 'member' figure is undefined on the platform and appears to capture app users, email signups, and registered prospects rather than the regulatory definition of a securityholder. For any investor-count metric, AltStreet uses the verified TA-2 figure.

**What are the differences between Fund I and Series LLC governance?**

Fund I's Operating Agreement (Section 5.2) contains an express fiduciary duty waiver — the Manager has waived all duties of care and loyalty to the Fund and Investor Members, permitted under Delaware LLC law. Investor Members cannot sue for breach of fiduciary duty, only for fraud, willful misconduct, or federal securities law violations. Concreit Series LLC's offering circular by contrast describes the Manager as 'generally accountable to Concreit and each Series as a fiduciary.' Same Sponsor, same Manager team, two fundamentally different legal protection frameworks. An allocation across both vehicles is implicitly accepting two different investor-protection levels.

**What is the full Fund I fee structure?**

Fund I (per May 2021 PPM, unchanged through 2024 OC): 1.0% per annum asset management fee on NAV (monthly arrears); 1.0% / 1.5% / 0.75% tiered acquisition fee; 5.0% property management fee on gross rents (kept in-house by Manager affiliate); 0.50% loan servicing fee (Manager-waivable); 1.0% Special Servicing Fee on non-performing loan original value (Manager-discretion classification); 'Other Fees' rate-differential capture (uncapped, Manager-determined); 1.0% Recovery Fee stacking with Special Servicing; 1.0% Financing Fee; 0.25% Disposition Fee; 1.0% Dalmore Group selling commission on NAV. SEPARATELY, Concreit Fund Management LLC charges a $5/month flat platform-level advisory fee on accounts under $5,000 (Form ADV Part 2A) — effective 6.0% annual drag at a $1,000 account. Above $5,000 AUM the flat fee is waived.

**What was the Sanctuary Broadway transfer and why does it matter?**

Fund I's $200,000 Class A equity investment in Sanctuary Broadway Multifamily LLC (Tempe AZ multifamily, originated May 2022 at 11% preferred return) was transferred at par to a Manager affiliate in FY2023 rather than impaired. The FY2023 1-K Note 3 Footnote 3 states verbatim: 'No provision for loan loss has been recorded and prior receivables for 2022 have been written off.' Structurally, this replaced third-party credit risk with an affiliated counterparty receivable at original carrying value, avoiding the crystallization of a fair-value loss on the Fund I balance sheet. This is editorially distinct from the Columbia Pacific Income Fund I LP impairment in FY2025 ($125K marked down on balance sheet with separate $125K Manager backstop committed). Any no-default or no-loss framing of the track record depends on how affiliated at-par transfers are treated.

**How does Concreit's redemption gate work?**

Fund I's 2024 offering circular discloses verbatim: 'During a three (3) month period the Company typically redeems up to ten percent (10%) of the weighted average of the number of Investor Shares of the Company held at the beginning of each three (3) month period.' That's approximately 40% annualized capacity — among the more permissive in the non-traded REIT space. Observed FY2023–FY2025 redemption volumes of 30–38% annualized confirm the gate has functioned. The Manager retains sole discretion to amend or suspend the Redemption Plan under six enumerated triggers including general 'best interests.' The 2024 OC also explicitly authorizes the use of new offering proceeds to fund redemptions at Manager discretion. Early-withdrawal discount up to 1.0% linear-amortized over the first 360 days.

**What about IRAs? Is Concreit suitable for retirement accounts?**

Yes — Concreit Fund I and Series LLC both elect REIT status for federal tax purposes. REIT dividends generally do not generate Unrelated Business Taxable Income (UBTI), making Concreit more IRA-compatible than partnership-structured alternatives. The 1099-DIV reporting form is also materially simpler than K-1 alternatives for IRA custodians. Weekly distribution cadence on Fund I supports tax-free compounding inside Roth IRAs or RMD coverage inside Traditional IRAs (with the cumulative return-of-capital identity noted as a downstream basis consideration). Illiquidity-tolerance still applies — no secondary market, Manager-discretion redemption suspension authority, and required 10% gate.

**Why are there three different auditors on Concreit Series LLC in three years?**

Concreit Series LLC's audit history: Duner & Foote (FY2023, signed May 21, 2024) → dbb mckennon (FY2024, signed April 30, 2025) → Aprio LLP (FY2025, signed May 1, 2026). Three firms in three consecutive years on a vehicle holding approximately $1.54M in total assets. Each transition was disclosed via Form 1-U but the substantive driver (audit quality concerns, pricing, scope of services, consolidation with Fund I auditor, or other) was not explained in primary filings. By contrast, Fund I has had one auditor transition since 2019 inception. The Series LLC instability stands out and is not surfaced on platform marketing.

**How does Concreit compare to Fundrise or Arrived?**

All three are Regulation A platforms targeting retail investors with 1099-DIV reporting. Differentiators: Concreit's $1 minimum on Fund I and weekly distribution cadence are the most aggressive in the space; Arrived's $100 minimum and nine-entity Reg A structure offer property-level selection (single-family rentals, short-term rentals, plus a Debt Fund); Fundrise operates at materially larger scale ($2.94B AUM, vs Concreit's $10.5M and Arrived's $414M platform-reported figure) with Big 4 auditor (KPMG / Ernst & Young) and independent transfer agent. Concreit's governance posture (fiduciary duty waiver on Fund I) is at the high-discretion end of the Reg A spectrum. Concreit's captive transfer agent is unusual at this size — most peers use Computershare, AST, or similar third-party providers.

**What is the platform's AltStreet score?**

Concreit's v3.5 four-pillar composite score is 48.5 / 100 (letter grade D+). This is AltStreet's internal methodology score, not a regulatory rating or investment recommendation. Pillar breakdown: Operational Risk 51.2 (C-), Investment Merit 45.2 (D+), Transparency Alignment 50.8 (C-), Liquidity & Access 47.0 (D+). The score reflects the cumulative weight of the return-of-capital identity, the fiduciary duty waiver, the related-party at-par transfer mechanics, the Series LLC auditor instability, the captive transfer agent structure, and the regressive platform-level advisory fee. See /platforms/methodology for the full scoring framework, calibration anchors, and weighting.


## Update history

**July 24, 2026: All 78 monthly pricing supplements backfilled: complete NAV series, monthly redemption-flow record, and yield-basis finding added**

AltStreet fetched and parsed every Concreit Fund I Form 253G2 supplement filed on EDGAR (June 2020 through July 2026; 78 filings, 68 monthly pricing prints fully parsed, 7 early supplements predating redemption disclosure, 4 one-off amendment supplements including a November 2022 amendment to the redemption plan itself). The backfill establishes three additions to the record: (1) the complete NAV-per-share series — $0.91 at the first print, $0.96 from September 2020 onward, approximately 71 consecutive unchanged monthly prints of an internal, non-GAAP estimate spanning the full rate cycle, with the current supplement's own historical table beginning only at January 2023; (2) the monthly redemption-flow record — requests, processed amounts, and pending balances disclosed every month, with processing regularly meeting or exceeding intake and a small queue, the most granular Reg A redemption disclosure in AltStreet coverage; and (3) a yield-basis finding — the quoted 6.30% annualized rate assumes a $1.00 purchase price while the same document states a $0.96 offering price (~6.65% on the actual price). Supplement No. 34's redemption-plan amendment is flagged for a dedicated read. Full analysis on the AltStreet wire: https://altstreet.investments/news/concreit-fund-i-nav-redemption-supplement-backfill


## Evidence appendix

Platform website captured June 5, 2026.

Analysis based exclusively on primary SEC filings: Concreit Fund I LLC Form 1-K annual reports FY2019–FY2025 (CIK 0001781324); Form 1-SA semi-annual reports H1 2022, H1 2023, H1 2024, H1 2025; the May 6, 2021 Reg A initial offering circular with Second Amended and Restated Operating Agreement (Exhibit 2.2); the Form 1-A (File 024-12457) filed July 2, 2024 and qualified June 30, 2025; Concreit Series LLC Form 1-K FY2023, FY2024, FY2025 (CIK 0001990419); Concreit Series 1 LLC Form D filed April 28, 2023 (CIK 0001975806); Concreit Transfer Services LLC Form TA-2 FY2025 filed March 31, 2026 (CIK 0001798685); Concreit Fund Management LLC Form ADV Part 2A. All financial figures sourced directly from audited financial statements. Auditors: dbb mckennon (Fund I FY2019–FY2021); Aprio LLP (Fund I FY2022, FY2024, and FY2025; FY2023 confirmation pending manual verification); Duner & Foote / dbb mckennon / Aprio LLP (Series LLC FY2023 / FY2024 / FY2025). Secondary: concreit.com platform scrape (June 5, 2026) and concreit_dossier_20260605_204315_enhanced.json.

**Highlights**

- Cumulative distributions exceed cumulative GAAP net income by $204,563 across FY2019–FY2025: $2,091,583 cumulative distributions paid vs $1,887,020 cumulative net income — reconciles exactly to accumulated deficit on FY2025 Statement of Financial Condition — per audited Form 1-K filings
- FY2025 1-K verbatim: 'Our distributions will constitute a return of capital to the extent that they exceed our current and accumulated earnings and profits as determined for U.S. federal income tax purposes.'
- FY2025 1-K verbatim: 'Our Operating Agreement permits us to make distributions from any source, including offering proceeds or borrowings (which may constitute a return of capital), and our Operating Agreement does not limit the amount of funds we may use from any source to pay such distributions.'
- 2024 OC Redemption Plan verbatim: 'During a three (3) month period the Company typically redeems up to ten percent (10%) of the weighted average of the number of Investor Shares of the Company held at the beginning of each three (3) month period.'
- 2024 OC Redemption Plan verbatim: 'Moreover, the Company may, at its sole discretion, may use the proceeds of any public or private offering of the Company's Investor Shares for redemptions.'
- FY2024 1-K Note 1 verbatim: 'Management identified that the Fund's dependency on its Manager's capital and resources along with proceeds from securities offerings to fund operations and its ability to re-qualify the offering with the SEC raised doubt about its ability to continue fundraising through Regulation A+ Tier 2 offering as an ongoing concern.'
- FY2023 1-K Note 3 Footnote 3 verbatim (Sanctuary Broadway): '...the Fund's manager no longer believes this investment fits the risk profile of the Fund and plans to transfer this investment at par to an affiliate. No provision for loan loss has been recorded and prior receivables for 2022 have been written off.'
- FY2023 1-K Principal Securityholders Footnote 2 verbatim (Concreit Inc. exit): 'As of December 31, 2023, Concreit Inc. no longer owns Common Shares, nor are there any issued.'
- Operating Agreement Section 5.2 (May 2021 PPM Exhibit 2.2): Express fiduciary duty waiver — permitted under Delaware LLC law (6 Del. C. § 18-1101(c)) — Manager has waived all duties of care and loyalty to the Fund and Investor Members
- Operating Agreement Section 13.4 (May 2021 PPM Exhibit 2.2): Jury trial waiver by all Investor Members in any controversy arising from the Operating Agreement
- Form TA-2 FY2025 (signed Sean Hsieh as CEO of Concreit Transfer Services LLC): 5,207 securityholder accounts as of December 31, 2025; 5,313 master files maintained during reporting period; $161,337 dividends/interest disbursed during 2025
- Form ADV Part 2A (Concreit Fund Management LLC): $5/month flat advisory fee on accounts with assets under management below $5,000 — effective 6.0% annual drag at $1,000 AUM; waived above $5,000

**Primary source pages**

- concreit.com - platform website scrape, June 5, 2026 (concreit_dossier_20260605_204315_enhanced.json)
- SEC EDGAR: all 78 Concreit Fund I Form 253G2 monthly pricing supplements, June 2020 – July 2026 (AltStreet backfill dataset: NAV series, monthly redemption flow, distribution rates; incl. Supplement No. 77, accession 0001731122-26-000915, and one-off amendment Supplements No. 4, 12, 25, 34)
- concreit.com/legal - Form ADV Part 2A and other governance documents
- concreit.com/historical-performance - distribution rate history and cumulative net return rate
- SEC EDGAR: Concreit Fund I LLC FY2025 1-K (CIK 0001781324, filed May 1, 2026)
- SEC EDGAR: Concreit Fund I LLC FY2024 1-K (filed April 30, 2025) — going-concern qualification text
- SEC EDGAR: Concreit Fund I LLC FY2023 1-K — Sanctuary Broadway transfer at par disclosure (Note 3 Footnote 3); Concreit Inc. Common Share redemption (Principal Securityholders Footnote 2)
- SEC EDGAR: Concreit Fund I LLC H1 2022 1-SA (filed September 27, 2022) — going-concern alleviated language
- SEC EDGAR: Concreit Fund I LLC Form 1-A initial qualification (filed May 6, 2021) — Operating Agreement Exhibit 2.2
- SEC EDGAR: Concreit Fund I LLC Form 1-A File 024-12457 (filed July 2, 2024, qualified June 30, 2025) — 10% redemption gate, offering-proceeds-may-fund-redemptions disclosure
- SEC EDGAR: Concreit Series LLC FY2023, FY2024, FY2025 1-Ks (CIK 0001990419) — three-firm auditor sequence
- SEC EDGAR: Concreit Series 1 LLC Form D filed April 28, 2023 (CIK 0001975806) — dormant Reg D with $0 raised
- SEC EDGAR: Concreit Transfer Services LLC Form TA-2 FY2025 (CIK 0001798685, File 084-06964, filed March 31, 2026, signed Sean Hsieh as CEO)


## Related

- Full review (HTML): https://altstreet.investments/platforms/reviews/concreit
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- Methodology and scoring: https://altstreet.investments/platforms
- Category hub: https://altstreet.investments/categories/fractional-real-assets

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Source page: https://altstreet.investments/platforms/reviews/concreit
Machine index: https://altstreet.investments/llms.txt
AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.