--- title: "Harvest Returns Review" url: https://altstreet.investments/platforms/reviews/harvest-returns kind: platform-review updated: 2026-08-07 description: "Harvest Returns review: 9.9% average agricultural credit return from 2019 to 2025, two active defaults, three funds with eliminated fiduciary duties, fees." 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. --- # Harvest Returns Review Harvest Returns has deployed $38M across 90+ agricultural loan series since 2016 with a self-reported 9.9% weighted average annual return — but two defaults surfaced in Q4 2023, all three current fund vehicles eliminate manager fiduciary duties, and a five-person team is simultaneously running four concurrent product lines. The track record is real. The governance terms are not for the inattentive. AltStreet score: 43.8 (C), scored August 14, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Harvest Returns | | What it is | Agricultural Lending & Investment Platform | | Asset class | Agricultural Private Credit & Private Equity | | Website | harvestreturns.com | | Review first published | May 5, 2026 | | Last updated | August 7, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Harvest Returns is a veteran-founded agricultural credit platform with a verifiable seven-year track record and two disclosed defaults. The credit performance is real and consistently above 9%. The governance terms across all three fund vehicles — zero member removal rights, eliminated fiduciary duties, full manager discretion over distributions — are as permissive as any platform AltStreet has reviewed. Whether that combination is acceptable depends entirely on how much you trust the management team, because the operating agreements give you no structural backstop if that trust is misplaced. - **9.9%** Weighted average net annual return across all private credit investments 2019–2025, self-reported and unaudited. Fund I returned 11.1% in 2025. Calculated on time-weighted average outstanding loan balances — not IRR. - **2 defaults** Iowa embryo transfer operation ($1.275M, litigated recovery active) and Montana bison ranch ($485K, negotiated recovery) — both originated Q4 2023. Combined DPI of 0.06 and 0.12 respectively as of April 2026. - **$36.5M** EDGAR-verified capital raised across 60 individual series LLCs, 1,682 total investors (August 2026 refresh). Platform self-reports $38M deployed — gap consistent with pre-2018 activity and missing series numbers. - **4 products** Five-person core team simultaneously running individual loan series, Private Credit Fund II ($25M target), Livestock Income Fund ($25M target), and AgTech Select Fund ($10M target). Management bandwidth is the unscored risk. - **0% removal** Members have zero contractual right to remove the manager under any circumstances in all three fund vehicles — confirmed across all operating agreements. Manager may also eliminate fiduciary duties of loyalty and care under Delaware LLC Act Section 18-1101(c). Data note: AltStreet tracks 60 Harvest Returns Harvest Invest LLC series via SEC EDGAR Form D filings (refreshed August 2026), 22 deal-level records from the April 2026 livestock track record disclosure, and three full PPMs reviewed at the offering document level. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | 9.9% | Weighted average net annual return — private credit, 2019–2025 | Self-reported, unaudited, time-weighted average outstanding balance basis. Fund I returned 11.1% in 2025. | | 2 defaults | Active Q4 2023 defaults — Iowa ($1.275M litigated) and Montana ($485K negotiated) | DPI 0.06 and 0.12 respectively as of April 2026 — recovery amounts and timelines not yet disclosed | | 0% | Member removal rights across all three current fund vehicles | Fiduciary duties of loyalty and care also eliminated — permissible under Delaware LLC Act Section 18-1101(c) | | 6.5% | PCF II preferred return before carry attaches | Livestock Income Fund has no preferred return — 20% carry from dollar one. Structural difference matters. | ## Verdict Harvest Returns occupies a niche that few platforms credibly fill: agricultural private credit with a seven-year auditable track record, genuine borrower relationships, and a team that came from the industry rather than finance. The credit returns are real and the 2022 performance (8.7% while S&P fell 19.4%) is a genuine selling point for uncorrelated income. The structural concerns — eliminated fiduciary duties, zero removal rights, discretionary distributions, four concurrent product lines from a small team — are not dealbreakers but they require informed acceptance rather than assumption. This is a platform where conviction in the management team substitutes for structural investor protections. The two Q4 2023 defaults are disclosed, which is notable. The question is whether the recovery outcomes, when they arrive, are disclosed with equal candor. **Best for** - Accredited investors seeking 9–10% yield from agriculture-backed private credit as a portfolio diversifier uncorrelated to public markets - Investors comfortable with five-year illiquidity in exchange for quarterly income distributions from first-lien collateralized ag loans - Allocators who have vetted the management team directly and are comfortable substituting relationship trust for structural governance protections - Investors interested in regenerative agriculture with a mandate requiring 80% of loans to sustainable or organic farming operations **Look elsewhere if** - You require independent governance backstops — all fund vehicles eliminate fiduciary duties and prohibit manager removal - You need liquidity before year 4 — redemption is at manager discretion with a 50% NAV floor, potentially paid via promissory note - You are evaluating the AgTech or Livestock Income funds without separately underwriting those strategies — they are materially different products from the credit fund - You are concerned about management bandwidth — four concurrent product lines from a five-person team is the unpriced risk **Strengths** - Seven-year credit track record with 9.9% weighted average net annual return (2019–2025), self-reported and unaudited but verifiable at the series level via EDGAR - First-lien collateral on agricultural real estate at 50–60% LTV provides genuine downside protection on performing loans - Both Q4 2023 defaults are disclosed in the track record document — voluntary disclosure of adverse outcomes is a positive signal - Farm Plus Financial partnership provides institutional-grade origination and underwriting infrastructure the team could not build alone **Limitations** - All three fund vehicles eliminate manager fiduciary duties and prohibit member removal — no structural backstop beyond fraud/willful misconduct standard - Two active defaults as of April 2026: Iowa litigated recovery (DPI 0.06), Montana negotiated recovery (DPI 0.12) — recovery outcomes not yet disclosed - Management bandwidth risk: five-person team running four concurrent product lines with a small-office infrastructure - No audited financials at the fund level — BVWD listed as CPA & Auditor for PCF II only; audit status unconfirmed for other vehicles ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Accredited Income Investors — Agriculture Focus | well-suited | | | ESG/Regenerative Agriculture Allocators | well-suited | | | Institutional and Family Office Allocators | neutral | | | Non-Accredited Sophisticated Investors | neutral | | | Liquidity-Focused Investors | poor-fit | | | Investors Requiring Independent Governance | poor-fit | | ## Questions **Is Harvest Returns legit?** Harvest Returns is an operating agricultural lending platform based in Fort Worth, founded in 2016, whose manager files with the SEC as an exempt reporting adviser (CRD 324236). AltStreet verified $35.1 million raised across 59 individual series LLCs in EDGAR Form D filings, consistent with the platform's $38 million deployment figure. Its 9.9% weighted average net annual return across private credit investments from 2019 to 2025 is self-reported and unaudited, and it disclosed two defaults on loans originated in the fourth quarter of 2023 in its own track record: an Iowa loan of $1.275 million in litigated recovery and a Montana loan of $485,000 in negotiated recovery. The cautions are structural: members of all three current funds have no right to remove the manager, the funds lock capital up for four years with redemptions after that at the manager's discretion, and a five-person team runs several offerings at once. **What is Harvest Returns and how does it work?** Harvest Returns is a Fort Worth-based agricultural lending platform founded in 2016. It originates loans to lower-middle-market agricultural producers — cattle operations, grain farms, specialty crops, and ag-adjacent businesses — primarily collateralized with first liens on agricultural real estate. Investors purchase LLC membership interests in individual series vehicles or pooled fund products, receiving quarterly income distributions (at manager discretion) from interest income. The platform operates as an Exempt Reporting Adviser (CRD 324236) and uses Farm Plus Financial as its primary origination and underwriting partner. **What is Harvest Returns' track record?** The platform self-reports a 9.9% weighted average net annual return across all private credit investments from 2019–2025, calculated on a time-weighted average outstanding loan balance basis. Fund I returned 11.1% in 2025. These figures are self-reported and unaudited. AltStreet has verified $35.1M raised across 59 individual series LLCs via EDGAR, consistent with the $38M deployment claim. Two defaults are active as of April 2026 — Iowa ($1.275M, litigated recovery) and Montana ($485K, negotiated recovery) — both originated Q4 2023. **What are the differences between PCF II, the Livestock Income Fund, and the AgTech Select Fund?** Three materially different products sharing a manager. PCF II is an agricultural real estate credit fund ($25K minimum, 6.5% preferred return, 1.25% mgmt fee on deployed capital, 506(c) accredited only). The Livestock Income Fund lends to livestock operations ($20K minimum, no preferred return, 20% carry from dollar one, 1.5% mgmt fee, 506(b)). The AgTech Select Fund invests in early-stage agtech equity ($10K minimum, 2% mgmt fee on committed capital, 3-5x target exit multiple, 506(b)). PCF II is the most investor-friendly; the other two have no preferred return hurdle and no operating track record. **Can the manager be removed from Harvest Returns funds?** No. All three current fund vehicles (PCF II, Livestock Income Fund, AgTech Select Fund) explicitly state that members have no right, power, or authority to remove or expel the manager under any circumstances. This is confirmed in the operating agreements for all three funds. The only exception is if such right is conferred by applicable law — a narrow carve-out with no practical investor protection. Investors should explicitly accept this governance structure before investing. **What happened with the two Harvest Returns defaults?** Two agricultural loans originated in Q4 2023 are in default: an Iowa Embryo Transfer/Calving Operation ($1.275M, originated October 2023, in litigated recovery) and a Montana Bison Ranch ($485K, originated November 2023, in negotiated recovery). Both are livestock/infrastructure loans — not pure real estate collateral. As of the April 2026 track record document, cumulative cash inflows (DPI) are 0.06 and 0.12 respectively. Final recovery amounts and timelines have not been disclosed. **What is the minimum investment and who can invest?** Minimum investments vary by product: PCF II requires $25,000 (Class A-1, 80/20 waterfall) or $250,000 (Class A-2, 90/10 waterfall). The Livestock Income Fund requires $20,000. The AgTech Select Fund requires $10,000. PCF II is limited to accredited investors (Rule 506(c)). The Livestock Income Fund and AgTech Select Fund use Rule 506(b), which permits up to 35 sophisticated non-accredited investors subject to a 20% net worth limit and manager determination of sophistication. **How liquid are Harvest Returns investments?** All fund vehicles have a four-year lockup. After year four, redemption is at manager discretion with a floor of 50% of calculated NAV — and may be paid via promissory note at AFR interest over five years rather than cash. There is no secondary market and none is expected to develop. In adverse scenarios, the effective hold period could extend to nine years. Treat all Harvest Returns fund investments as permanently illiquid for planning purposes. **What tax documents does Harvest Returns issue?** All Harvest Returns vehicles issue Schedule K-1s (Form 1065) reflecting partnership tax treatment. PCF II specifies delivery within 180 days of fiscal year-end — potentially as late as June 30 for calendar-year funds. Investors should plan for potential filing extensions. Electronic delivery is the default. Phantom income risk exists — investors may receive taxable income allocations in years where cash distributions are not made. ## Update history **August 7, 2026: Livestock Income Fund's Form D is live and filling fast — $1.2M in six weeks against a $10M ceiling that's smaller than the PPM's target** The open item from the May review is half-resolved: HI-093, the Livestock Income Fund, now has its Form D on file — filed June 11, 2026 (first sale May 29) under Rule 506(b), exactly the exemption its PPM described. The raise is moving: the initial filing showed $360,000 from 13 investors; the July 22 amendment shows $1,200,000 from 14 — a $840K, +233% jump in six weeks, driven by check size rather than headcount (one added investor). One wrinkle worth watching: the Form D states a $10M offering ceiling, while the PPM targets $25M — either the fund is phasing its raise or the target has quietly shrunk; a future amendment raising the ceiling would answer that. HI-092, the AgTech Select Fund, still has no Form D on file as of this refresh — its raise has either not reached a first sale or is filing late. AltStreet also re-ingested the full 60-entity EDGAR record: verified capital raised is now $36.5M across 60 series and 1,682 investors (from $35.1M / 59 / 1,663 in May), with the HI-086 ($410K) and HI-071 ($1.87M) amendment updates incorporated. The individual-series deceleration thesis stands — recent series remain small — while the fund vehicles do the capital formation, exactly the pivot the May review described. ## Evidence appendix Platform website captured May 5, 2026. Platform analysis combining three full PPM reviews (PCF II HI-085, Livestock Income Fund HI-093, AgTech Select Fund HI-092), April 2026 livestock track record document, March 2026 investor deck and fact sheet, Ecotone Renewables March 2026 investor update, 59 SEC EDGAR Form D filings (2019–2026), SEC Form ADV (CRD 324236), platform portfolio companies page, and public blog content. Platform website offers minimal public content — substantive offering materials accessed via investor account registration. **Highlights** - AltStreet verified 59 Harvest Invest LLC series Form D filings via EDGAR, totaling $35.1M raised across 1,663 investors — consistent with platform's $38M deployment claim. - Livestock track record document (updated April 15, 2026) discloses 22 total deals with two active defaults: Iowa ($1.275M, DPI 0.06, litigated recovery) and Montana ($485K, DPI 0.12, negotiated recovery) — both Q4 2023. - Form ADV confirms CEO/CCO/majority owner concentration in Paul Christopher Rawley and reveals Harvest Invest, Inc. as General Partner across series — a separate entity from Harvest Returns, Inc. not prominently disclosed in fund PPMs. - All three fund PPMs confirm identical governance pattern: fiduciary duty elimination, zero member removal rights, full distribution discretion — confirmed as deliberate structural choice not boilerplate variation. - PCF II performance chart (investor deck) provides annual return series: 12.6% (2020), 7.2% (2021), 8.7% (2022), 14.6% (2023), 9.2% (2024), 10.3% (2025) — 2022 outperformance during S&P -19.4% is the platform's strongest marketing data point. **Primary source pages** - harvestreturns.com (public site — blog only) - harvestreturns.com/portfolio-companies - harvestreturns.com/blog/2023/3/6/private-credit-agriculture-investments-with-harvest-returns (updated January 2026) - Harvest Invest-085, LLC PPM dated April 1, 2026 (Private Credit Fund II) - Harvest Invest-093, LLC PPM (Livestock Income Fund) - Harvest Invest-092, LLC PPM (AgTech Select Fund) - Harvest Returns Livestock Investment Track Record (updated April 15, 2026) - Harvest Returns Private Credit Fund II Fact Sheet (March 2026) - Harvest Returns Private Credit Fund II Investor Deck (March 2026) - Ecotone Renewables March 2026 Investor Update - SEC EDGAR EFTS — 60 Harvest Invest LLC series Form D filings (2019–2026; full refresh August 2026) - SEC Form ADV — Harvest Returns, Inc. (CRD 324236, filed December 2022) ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/harvest-returns - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/private-credit-rbf --- Source page: https://altstreet.investments/platforms/reviews/harvest-returns 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.