--- title: "DLP Capital Review 2026: Lending Fund, Housing Fund, Notes, Fees and Redemptions" url: https://altstreet.investments/platforms/reviews/dlp-capital kind: platform-review updated: 2026-11-03 description: "DLP Capital review 2026 from SEC filings: Lending, Housing and Preferred Credit fund returns as DLP states them, the 20% performance fee above the preferred return, Series A and B notes, redemptions, and what to ask." 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. --- # DLP Capital Review 2026: Lending Fund, Housing Fund, Notes, Fees and Redemptions DLP Capital sells accredited investors five private funds that lend to and own Sunbelt rental housing, plus fixed-rate notes issued by its two credit funds, at minimums of $100,000 to $500,000. Its main fund offerings report about $1.81 billion of cumulative sales on Form D. DLP's fact sheets and FAQ publish fees, preferred returns and returns stated net of all fees, but AltStreet could not independently verify the published performance from publicly available financial statements, and the full performance-fee waterfall is set in fund documents that are not public. AltStreet score: 44.7 (C), scored November 4, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | DLP Capital | | What it is | Private Real Estate Fund Sponsor (Rule 506(c), Accredited Investors) | | Asset class | Private credit and real estate equity funds investing in US rental housing, primarily in Florida, Texas and other Sunbelt states, and fixed-rate notes issued by the credit funds | | Website | dlpcapital.com | | Review first published | November 3, 2026 | | Last updated | November 3, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version DLP Capital, founded in 2006 by Don Wenner and based in St. Augustine, Florida, is an integrated housing sponsor: it lends to developers, builds and buys rental communities, and manages them, and it raises money for that work through private funds sold directly to accredited investors under Rule 506(c). Two funds lend (the Lending Fund since 2014, the Preferred Credit Fund since 2021), two own and develop housing (the Housing Fund since 2020, the Building Communities Fund since 2021) and one, Living Fully, buys manufactured housing and RV resorts. In 2026 the two credit funds also began selling fixed-rate notes (8% and 9%, five-year terms), which make investors lenders to the fund rather than members of it. The main fund offerings report about $1.81 billion of cumulative sales on Form D, led by the Housing Fund ($717.5 million to 1,871 investors) and the Lending Fund ($628.9 million to 1,503). DLP publishes more than most private sponsors: fact sheets state each fund's management fee, preferred return, target, redemption terms and an inception IRR; the FAQ says the 20% performance fee applies only if the fund return exceeds the preferred return and that returns are stated net of all fees; and two funds name CohnReznick as auditor. What AltStreet could not do is check the published performance against financial statements, because none for the current funds are public. The open questions for an investor are the full performance-fee waterfall, which is set in the fund documents; how the funds are valued, since DLP controls valuations, distributions and redemption terms; which DLP entity manages each fund and on what basis it operates without adviser registration; and what Building Communities investors were offered when that fund became closed-end in October 2026. AltStreet located no regulatory action against DLP or Don Wenner. - **$1.81B** Cumulative Form D sales on the main offerings of six DLP fund entities (the five marketed funds plus DLP Financial Ventures) at their latest notices. Cumulative sales are not current fund size; redemptions are not netted. Note offerings and the post-conversion Building Communities offering are counted separately. - **20% above the preferred return** DLP's FAQ: all its funds 'assess a 20% performance fee on total distributions if the fund return exceeds the annual preferred return', beside a 2.0% asset management fee (1.25% on Preferred Credit), and returns are 'stated net of all fees'. The catch-up, the base and the treatment of capital are in the fund documents. - **Not verifiable from public statements** DLP's inception IRRs (Lending 12.71%, Housing 16.20%) and distribution totals. CohnReznick is named as auditor of the Lending and Preferred Credit funds, but the statements are not public; the only DLP fund with public audited statements was a small note fund that closed in 2023. Data note: Fund sales and investor counts from each entity's latest Form D on its main offering; fees, returns and terms from DLP's fact sheets, FAQ and offering pages captured November 3, 2026 (figures dated June 30, 2026 or December 31, 2025); structure from the DLP Access Fund N-2/A of October 28, 2026. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | 20% above the preferred return | Ask DLP to walk through the waterfall from the operating agreement. | DLP's performance fee, on top of a 2.0% asset management fee (1.25% on Preferred Credit); DLP states its returns net of all fees. The catch-up, the base and the treatment of returned capital are in the fund documents. | | $717.5M | Cumulative sales of the Housing Fund to 1,871 investors, up from $86.9M in 2021. | Cumulative sales, not current fund size; redemptions are not netted. | | 77% | Share of the Positive Note Fund's loans owed by related parties at December 31, 2021 ($9,856,000 of $12.8M). | The only DLP fund with public audited statements; it closed in 2023. Current funds' related-party shares are not public. | ## Verdict DLP Capital is a large, long-running private sponsor whose funds have raised steadily for a decade and whose fact sheets and FAQ tell investors more than most private marketing does, including a performance fee earned only above the preferred return and returns stated net of all fees. What an investor cannot do from public sources is check the results: the current funds' financial statements, the operating agreements that set the full fee waterfall, the redemption history and the loan book all come from DLP on request. DLP controls the funds' valuations, distributions and redemptions and operates on every side of its deals, and the one DLP fund with public audited statements lent most of its book to related parties. None of that is evidence of a problem; AltStreet located no regulatory action, and DLP's court record is mostly that of a lender enforcing loans. It does mean an investor relies on DLP's documents and should ask for them before committing. **Best for** - Accredited investors who want monthly income from US housing loans or rental property, or a fixed-rate note on a DLP credit fund, can commit $100,000 or more, and will obtain and read the audited statements and operating agreement before investing. **Look elsewhere if** - You need assured access to your money. - DLP will not show you audited statements, the fee waterfall and the redemption history. - You are not comfortable with a sponsor that lends to, builds, owns and manages the same assets. **Strengths** - Operating since 2006, with the Lending Fund paying monthly since 2014 by DLP's account. - Fees, the performance-fee condition, preferred returns, targets, redemption terms and auditors stated in public materials. - Form D notices amended every year with cumulative sales and investor counts. - No regulatory action located; court record mainly as a lender. **Limitations** - Published performance not verifiable from public financial statements. - Full performance-fee waterfall only in the fund documents. - DLP controls valuation and redemption terms; the current manager's registration basis is not stated publicly. - Building Communities became closed-end in 2026; the election terms offered to existing investors are not public. ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Accredited investors seeking monthly income from real estate loans | neutral | | | Investors who want a fixed rate rather than a fund share | neutral | | | Investors who may need their money within a few years | poor-fit | | ## Questions **Is DLP Capital legit?** DLP Capital is an established housing developer and fund sponsor operating since 2006, its funds file Form D notices with the SEC every year, and AltStreet located no regulatory action against DLP or Don Wenner in the sources searched. Legitimate is not the same as verified: AltStreet could not independently verify DLP's published performance from publicly available financial statements, because none for the current funds is public. Ask for the audited statements and operating agreement before investing. **What are DLP Capital's fees?** The fact sheets and FAQ list an annual asset management fee of 2.0% (1.25% on the Preferred Credit Fund), with rebates for large accounts on some funds, and a 20% performance fee 'on total distributions if the fund return exceeds the annual preferred return'. DLP says its returns are stated net of all fees. Whether the manager receives a catch-up, what 'total distributions' includes and how returned capital is treated are set in the operating agreement. Project-level fees that DLP affiliates earn as developer, lender or property manager are not stated. **What returns does the DLP Lending Fund pay?** DLP states an 8% preferred return paid monthly, a 9% to 10% target net return and a 12.71% compounded DRIP IRR since October 2014, net of all fees, with $270.9 million distributed since inception as of June 30, 2026. The fund names CohnReznick LLP as auditor, but its statements are not public, so AltStreet could not verify the figures. A preferred return is a distribution priority, not a guarantee. **What are the DLP Series A and Series B notes?** Fixed-rate notes issued by DLP's credit funds: the Lending Fund Series B note pays 8% and the Preferred Credit Fund Series A note 9%, each for a five-year term with an optional call right and a $200,000 minimum. Noteholders lend to the fund with a blanket security interest that is subordinate to the fund's credit facilities. A noteholder is a creditor of the fund with a fixed rate and no redemption window, not a member sharing in the fund's returns. **Can I withdraw money from DLP's funds?** It depends on the fund and on the manager. The Lending and Preferred Credit funds accept redemption requests on 90 days' notice, and the Housing Fund once a year with notice by April 30. The Building Communities Fund became closed-end on October 1, 2026 and has no interim redemption under the new structure; what its election offered existing investors is not public. The Living Fully fund has no redemption, and the notes run five years. The interval fund prospectus says the funds' redemption programs may be amended, suspended, gated, satisfied in kind or terminated. **What is the DLP Access Fund?** A registered interval fund advised by OneAscent Capital LLC that would invest substantially all of its assets in DLP's five funds, with a preliminary $5,000 minimum and quarterly repurchase offers of at least 5%. It filed its registration statement in August 2026 and amended it on October 28, 2026; it is not yet effective. Its own expenses are capped at 1.49% a year, but the cap excludes the underlying DLP funds' fees, which the latest draft leaves blank. DLP is not its adviser, but it reimburses the adviser for the expense cap and launch costs, a conflict the prospectus discloses. **Is DLP Capital registered with the SEC?** Its funds file Form D notices, which are notices of exempt offerings, not registrations, and the funds are not registered investment companies. DLP Capital Advisors, LLC was a registered investment adviser until its registration was terminated on February 28, 2019; no DLP entity has filed a Form ADV since, and the public record does not state which entity now manages each fund or its basis for operating without adviser registration. Ask DLP. ## Evidence appendix Platform website captured November 3, 2026. Every Form D of 23 DLP filers; five fund fact sheets, a broker fact sheet, the FAQ and the note offering pages; the DLP Access Fund N-2/A; IAPD and the 2018 Form ADV; the Positive Note Fund Regulation A filings; CourtListener dockets and RECAP documents. **Highlights** - DLP FAQ: 'all DLP Capital-sponsored funds assess a 20% performance fee on total distributions if the fund return exceeds the annual preferred return'. - DLP FAQ: 'Our returns are stated net of all fees'. - Note offering pages: 'Noteholders will be lenders to the Fund on a pari passu basis and Noteholders will have a blanket secured interest in the Fund, subject and subordinate to the Fund's Credit Facilities.' - DLP Access Fund N-2/A: 'DLP Capital controls the Underlying Funds, including their valuations, distribution policies, and redemption terms'. - DLP Positive Note Fund 1-K 2021: notes receivable from related parties of $9,856,000 at December 31, 2021. **Primary source pages** - Form D notices of DLP Lending Fund LLC (CIK 1622059), DLP Housing Fund LLC (1810392), DLP Preferred Credit Fund LLC (1887259), DLP Building Communities Fund LLC (1887249), DLP Living Fully Community Fund LLC (2088884), DLP Financial Ventures LLC (2022574) and 17 other DLP filers. - dlpcapital.com/frequently-asked-questions (fees, net-of-fees returns) and the note offering pages under dlpcapital.com/invest/. - DLP fund fact sheets at go.dlpcapital.com/hubfs/Fund Tearsheets/ (Lending, Preferred Credit, Housing, Building Communities, Living Fully). - DLP Access Fund N-2/A, October 28, 2026 (CIK 2152022). - IAPD record and Form ADV of DLP Capital Advisors, LLC (CRD 297511). - DLP Positive Note Fund LLC Forms 1-K (2020, 2021), 1-SA (2021, 2022) and 1-Z (February 21, 2023). ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/dlp-capital - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/real-estate --- Source page: https://altstreet.investments/platforms/reviews/dlp-capital 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.