--- title: "Holdfolio Review 2026: Fees, Returns and What Changed After the 2020 Pivot" url: https://altstreet.investments/platforms/reviews/holdfolio kind: platform-review updated: 2026-11-08 description: "Holdfolio review: fees, returns and what changed after the 2020 pivot. $10,000 minimums into other sponsors' syndications, a 2.5% plus 20% layer, 21 exits with two losses, 13 flagged vehicles, 68 Form Ds reconciled." 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. --- # Holdfolio Review 2026: Fees, Returns and What Changed After the 2020 Pivot Holdfolio raises LLC vehicles of about $1 million from accredited and non-accredited investors, with $10,000 to $20,000 minimums, and places them as limited-partner checks in other sponsors' real estate syndications and funds. It charges 2.5% at subscription and 20% of profits above a 10% annual return, on top of the sponsor's own fees. Its public track-record page lists 21 exits, two of them with capital losses, and 46 active vehicles, 13 flagged for suspended distributions, restructuring or expected loss. The 68 Form D notices AltStreet identified, one per vehicle and none amended, show $69.7 million offered across them and report sales only on the ten notices filed before 2020. AltStreet score: 31.6 (D), scored November 8, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Holdfolio | | What it is | Syndication Allocator | | Asset class | Real Estate / Private Syndications | | Website | holdfolio.com | | Review first published | November 8, 2026 | | Last updated | November 8, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Holdfolio began in 2013 as an Indianapolis operator of crowdfunded single-family rental pools and small apartment buildings, sold that portfolio in 2020, and since then has acted as an allocator: it forms an LLC for each deal it likes, raises about $1 million from its investor base, and invests the pool as a limited partner in another sponsor's syndication or fund. The public record is unusual in two ways. Holdfolio publishes a deal-by-deal outcome table, including its two capital losses and the active vehicles it expects to lose money on. And the Form D record is a disclosure gap: 58 of the 68 notices were filed before any sale and none was amended, which the rules do not require for a change in the amount sold alone, so what each vehicle raised is not public. The table splits by vintage. The pre-2020 pools and three 2019 to 2020 multifamily deals did well. The allocator-era vehicles of August 2020 to June 2022 did not: both realized losses and 10 of the 13 flagged active rows were originated in that window, and Holdfolio's own page says ten of the eleven investments it counts as underperforming or lost date from it. Investors pay two fee layers, Holdfolio's 2.5% and 20% profit share and the sponsor's fees underneath, and the sponsors are not named on the public site. The founder's personal commitment to cover realized principal losses is stated on the page as a goal, not a guarantee. - **21 exits, 2 losses** The track-record page lists 21 full-cycle investments: 11 'Achieved projections', 7 'Missed projections', 3 'Exceeded projections'. HF LaVista LLC returned 0.91x after the Atlanta property 'was destroyed by a fire shortly after acquisition', and HF Kensley LLC returned 0.47x (IRR -28.5%) after 'a rapid deterioration in multifamily market conditions'. The page states an average IRR of 13.2% and an average annualized ROI of 17.9%; AltStreet's simple means of the 21 rows are 13.1% and 16.9%, and the method behind 17.9% is not stated. These are Holdfolio's figures, not verified. - **13 of 46** Active vehicles Holdfolio flags for close attention. HF Brentmoor Columns LLC ($1.75 million offering, 2022): 'Both underlying assets were lost ... Investors have been informed that their capital in this offering is not expected to be recovered.' HF Chatsworth LLC ($2.05 million, 2022): 'investor equity has no realizable value'. HF Allegory Riverhaus LLC ($2.64 million, 2021): one asset sold at a loss, losses expected on two more. Nob Hill, Newberry, Provenza, Longleaf Pines, Carolina Forest, Grand Reserve, Amerimar, Fayetteville and Estates at San Antonio carry suspended distributions, loan modifications or refinance risk. Four more vehicles have paused distributions without a flag. - **2.5% + 20% over 10%** Holdfolio's own layer: 'The only fee we charge is a one-time fee of 2.5% which is paid at the time you place an investment', and 20% of profits after investors have earned a 10% annual return. The site calls this 'Very low fees' against a 2% annual fee. The sponsor of each deal charges its own acquisition, asset management, refinance, disposition and promote fees underneath, which the public site does not show; Holdfolio's own deal scorecard asks sponsors for exactly that list. - **58 of 68** Form D notices filed before the first sale, reporting $0 sold, and never amended. The ten notices filed after sales, all from 2015 to 2019, report $3.69 million sold to 150 investors, 61 of them non-accredited. For every vehicle since 2019 the only public figure is the offering amount, usually $1,025,000 with a $20,000 minimum. An amendment is not required for a change in the amount sold alone, so this is a gap in what the public record shows, not a filing lapse. Three listed vehicles have no notice AltStreet located, including HF Vantage At Wildewood LLC, the page's best exit at a stated 51.7% IRR. - **67 of 73** The page is headed 'Seventy-three investments. Every outcome, in full.' and lists 67. Four Form D filers have no matching row: HF Perimeter Park LLC ($1,025,000 offered, July 2022), HF Rosemont LLC ($1,927,000, December 2022), HF Turner Rd IOS LLC ($666,000, February 2025) and HF Haven at Kingwood LLC ($1,025,000, August 2026). What those notices relate to, and what the six unlisted investments are, is absent from the record; a question for Holdfolio, not an inference about whether the deals funded. - **A goal, not a term** The track-record page states the founder's commitment: on any investment that 'fully exits with a loss of investor principal, our goal is to personally make investors whole for the shortfall', followed by 'This is not a guarantee on distributions, timelines, or interim performance.' Whether the commitment appears in any binding offering document, and whether HF LaVista or HF Kensley investors received anything under it, is absent from the record. Data note: Form D figures are from each vehicle's single notice as of November 8, 2026. Return, hold and status figures are Holdfolio's statements on its track-record page captured the same day; 'Asset Value' there is the sponsor's property value, not Holdfolio's investment. Nothing in this review is audited. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | $69.7M | Offered on 68 Form Ds | One notice per vehicle, 2015 to 2026, none amended; sales reported only on ten. | | 2 of 21 | Exits below principal | LaVista 0.91x (fire), Kensley 0.47x; stated average IRR 13.2%, median 12.5%. | | 13 of 46 | Active vehicles flagged | Two described as having no recoverable equity; distributions suspended on several. | | 2.5% + 20% | Holdfolio's layer | Once at subscription, then 20% of profits above a 10% annual return; sponsor fees underneath. | ## Verdict Holdfolio publishes what happened to each of its deals, which is rare, and the table shows a strong pre-2020 record followed by a 2021 to 2022 allocator book with two realized losses and 13 flagged positions. The public record stops there: no raises, no sponsors, no audits, no financial statements, and a second fee layer whose first layer is the only one shown. Treat an HF vehicle as a $10,000 to $20,000 limited-partner position in a deal you cannot see until you register, run by a sponsor you must ask Holdfolio to name. **Best for** - Experienced investors who will obtain the sponsor's PPM and the vehicle's subscription total before committing, and who want small positions across several sponsors **Look elsewhere if** - You need audited statements or a named administrator - You need income now or your money back within five years - You would be a non-accredited investor placing a large share of your savings in one vehicle **Strengths** - Deal-by-deal outcome table with stated ROI, IRR and equity multiple on every exit, including the losses - Status text for every active vehicle, including those Holdfolio expects to lose - Holdfolio's own fee layer is stated plainly: 2.5% once and 20% above a 10% return - Form D notices filed for 68 vehicles; no regulatory action or suit naming Holdfolio located - Pre-2020 pools and three 2019 to 2020 multifamily exits returned 10% to 52% IRRs as stated **Limitations** - 58 of 68 notices never report what was raised (no amendment is required for sales alone); three listed vehicles have no notice located - Four Form D filers have no row on a page headed 'Every outcome, in full' - Sponsor names and sponsor fees are not public - No audit, administrator or distribution history; two individuals named on the notices, roles unexplained - Headline averages are not reproducible from the table and differ between pages ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Investors who want small checks in institutional-size syndications and will ask for the sponsor's documents | neutral | | | Income investors | poor-fit | | | Investors who need their money within five years | poor-fit | | | Non-accredited investors with little private-markets experience | poor-fit | | ## Questions **Is Holdfolio legit?** It is a real company operating since 2013 that has filed Form D notices for 68 investment vehicles and publishes a deal-by-deal outcome table, including its losses. AltStreet located no regulatory action or lawsuit naming Holdfolio or its founder. The concerns are about the model and the record: it is a second fee layer on other sponsors' deals, the sponsors are not named publicly, the amounts raised are not public, nothing is audited in public, and the 2021 to 2022 vehicles include two realized losses and 13 flagged positions. **What does Holdfolio actually sell?** LLC interests in a vehicle (an 'HF LLC') that Holdfolio forms for one deal and invests as a limited partner in another sponsor's syndication or fund. Investors own a share of the vehicle, the vehicle owns a share of the sponsor's entity, and the sponsor's entity owns the property. Minimums are typically $10,000 to $20,000; accredited and non-accredited investors are accepted. **What are Holdfolio's fees?** Holdfolio states one fee of 2.5%, charged once when the investment is placed, and a 20% share of profits after investors have earned a 10% annual return (a 15% deal returns 14% to investors and 1% to Holdfolio). It notes the fees can change. The sponsor of the underlying deal charges its own acquisition, asset management, refinance, disposition and promote fees, which are not shown on Holdfolio's public site; ask for the sponsor's fee table. **What returns has Holdfolio delivered?** Its track-record page lists 21 exits with a stated average IRR of 13.2% and average annualized ROI of 17.9%. AltStreet's simple means of the 21 rows are 13.1% and 16.9%, and the median IRR is 12.5%. Eleven exits achieved projections, seven missed and three exceeded. Two returned less than principal: HF LaVista (0.91x) and HF Kensley (0.47x). The figures are Holdfolio's own and are not audited or verified. **Which Holdfolio investments are in trouble?** Holdfolio flags 13 of 46 active vehicles. It says capital in HF Brentmoor Columns 'is not expected to be recovered' and that HF Chatsworth's investor equity 'has no realizable value'. HF Allegory Riverhaus has sold one asset at a loss and expects losses on two more. Nob Hill, Newberry, Provenza, Longleaf Pines, Carolina Forest, Grand Reserve, Amerimar, Fayetteville and Estates at San Antonio carry suspended distributions, loan modifications, restructurings or refinance risk. Holdfolio attributes ten of eleven struggling investments to deals originated between August 2020 and June 2022. **What happened with the LaVista fire?** HF LaVista LLC was Holdfolio's vehicle in The Reserve at LaVista Walk, a 289-unit Atlanta property acquired in December 2021. On November 10, 2023 a fire destroyed two buildings. Tenants filed a class action against the owner entities and manager (Lanz v. LHNH Lavista LLC, N.D. Ga.); Holdfolio is not a defendant, but the amended complaint quotes a Holdfolio investor video with the manager, Yakov Stein, and says Holdfolio identified itself as his partner; the defendants admit the video exists. Holdfolio's table shows the vehicle exited on March 6, 2025 at 0.91x, with 'Sale proceeds and the insurance payout fell short of returning full investor principal'. A settlement class is pending, with a final approval hearing set for January 5, 2027. **Does Holdfolio guarantee against losses?** No. The track-record page states the founder's goal to 'personally make investors whole for the shortfall' on any investment that fully exits with a loss of principal, and then says 'This is not a guarantee on distributions, timelines, or interim performance.' Whether the commitment appears in any binding offering document, and whether the LaVista and Kensley investors received anything under it, is not stated publicly. **How much has Holdfolio raised?** The public record does not say. The 68 Form D notices AltStreet identified offer $69.7 million in total, but 58 were filed before the first sale and were not amended (no amendment is required for a change in the amount sold alone), so they report $0 sold. The ten notices that report sales, from 2015 to 2019, show $3.69 million raised from 150 investors. The '$3.9B Portfolio Value' on the site is the value of the sponsors' properties, not Holdfolio's capital. **Can I sell my Holdfolio investment?** Not on any market. The FAQ says Holdfolio must approve each sale and holds a first right of refusal to buy the interest; it may help match a buyer in its private network. Otherwise capital returns when the sponsor sells or refinances, on a targeted but not guaranteed 3 to 7 year hold. **Who runs Holdfolio?** Jacob Blackett, the founder, is the only related person listed on all 68 Form D notices and the only person named on the site; he signed 52 of the notices as manager. Neil Lindsey signed the 16 notices filed since November 2024 as member, managing partner or managing member, and the site does not describe his role. Co-founder Sterling White appears in republished 2015 to 2020 press items and on no notice. The notices give Indianapolis addresses through 2025 and Grove City, Ohio from August 2025. Neither the company nor its principals hold an SEC or FINRA registration. **Is Holdfolio audited?** AltStreet located no audit report, auditor or administrator for any Holdfolio vehicle in public material and did not request one, so audit status is unverified. The site promises quarterly financial statements and updates through the investor dashboard. **How does Holdfolio compare with Fundrise or CrowdStreet?** Fundrise runs its own funds with published audited statements and redemption programs; CrowdStreet is a marketplace where investors pick named sponsors' deals directly, usually at $25,000 minimums. Holdfolio picks the deals for you, pools smaller checks into them, adds its own 2.5% and 20% layer, and does not name the sponsors on its public site. Its advantage is the low minimum and a published outcome table; its cost is the extra layer and the lack of audited financials. ## Evidence appendix Platform website captured November 8, 2026. All 68 Form D notices of the Holdfolio and HF vehicles read from raw XML (filer list from EDGAR full-text search for 'Jacob Blackett' and 'Holdfolio' plus entity lookups); 100 pages of holdfolio.com captured by Firecrawl on November 8, 2026, with the track-record table parsed and joined to the notices by entity name; CourtListener RECAP searches for Holdfolio, Jacob Blackett, Avenium Group and LHNH; the amended complaint (May 28, 2024) and amended answer (June 21, 2024) in Lanz v. LHNH Lavista LLC; SEC adviser search, FINRA BrokerCheck and AltStreet's enforcement tables. Portfolio pages did not render; the investor portal was not used; state courts and state regulators were not searched. **Highlights** - Track record: 'Ten of the eleven investments on this page that are either underperforming or have lost capital were originated between August 2020 and June 2022'. - Track record, HF Brentmoor Columns LLC: 'Investors have been informed that their capital in this offering is not expected to be recovered.' - Track record, HF Chatsworth LLC: 'At current valuations, investor equity has no realizable value'. - Track record, HF LaVista LLC: 'Sale proceeds and the insurance payout fell short of returning full investor principal.' - How it works FAQ: 'The only fee we charge is a one-time fee of 2.5% which is paid at the time you place an investment.' - How it works FAQ: 'Holdfolio must approve each sale and Holdfolio also holds a first right of refusal'. - Track record: 'This is not a guarantee on distributions, timelines, or interim performance.' - Lanz amended complaint, footnote 3: 'Holdfolio identified itself as a partner of Mr. Stein.' **Primary source pages** - holdfolio.com track record, how it works, about, investment criteria, home, terms and conditions (captured November 8, 2026) - SEC EDGAR Form D notices of the 68 vehicles, 2015 to 2026 - Lanz v. LHNH Lavista LLC, N.D. Ga. 1:23-cv-05344: amended class action complaint (doc 40) and amended answer (doc 47); docket entries through August 2026 - SEC Investment Adviser Public Disclosure and FINRA BrokerCheck searches (no record) ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/holdfolio - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/fractional-real-assets --- Source page: https://altstreet.investments/platforms/reviews/holdfolio 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.