---
title: "RealtyMogul Review 2026: A $6.79 NAV, Suspended Redemptions and a New Owner"
url: https://altstreet.investments/platforms/reviews/realtymogul
kind: platform-review
updated: 2026-11-01
description: "Is RealtyMogul legit? Independent 2026 review: Income REIT NAV down to $6.79 from $10, distribution cut to 1.5%, redemptions suspended for 7,700 investors, a new owner, fees and the $5K minimum."
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.
---

# RealtyMogul Review 2026: A $6.79 NAV, Suspended Redemptions and a New Owner

RealtyMogul spent a decade convincing retail investors they could own institutional commercial real estate for $5,000. Now it is becoming the platform that helps the Wideman Company raise capital, and the Income REIT investors who came for the 6% yield are in a suspended redemption queue at a $6.79 NAV per share (June 30, 2026).

AltStreet score: 34.2 (D+), scored August 14, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | RealtyMogul |
| What it is | Non-Traded REIT Platform / Commercial Real Estate Marketplace (Regulation A) |
| Asset class | Commercial Real Estate / Private Placements |
| Website | realtymogul.com |
| Review first published | May 10, 2026 |
| Last updated | November 1, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

RealtyMogul is a platform in active ownership transition — from VC-backed REIT manager to operator-owned technology licensor. Both REITs have suspended redemptions, one has an audited foreclosure. The marketplace is now exclusively Wideman Company deals. Existing REIT investors are liquidity-constrained. New investors are evaluating a materially different platform than the one that raised $1.2B.

- **-38%** Income REIT NAV decline from ~$11.00 peak to $6.79 as of June 30 2026 (announced September 17), before the August sales are marked. Distribution cut from 6% to 3% in February 2025 and to 1.5% annualized for Q2 2026. Share repurchase program suspended April 21 2026 after requests exceeded the annual cap. 7,700 investors cannot exit on demand.
- **Foreclosure** Sherwood Oaks property transferred to lender via deed in lieu of foreclosure March 26 2026 — the first actual asset loss in the Apartment Growth REIT. Brooklyn Portfolio entered mortgage maturity default September 2 2025 with no disclosed resolution.
- **$128.7M** Total raised across 43 Form D SPV entities (numbered 66–134, 2017–2019 vintage). The numbered SPV series ended at 134 in August 2019 when the platform pivoted to REITs. The marketplace model is now being rebuilt under Wideman ownership.
- **100%** All active marketplace deals are sponsored by The Wideman Company — the same entity that acquired and now manages the platform. Zero independent third-party sponsors on the current marketplace.
- **$5,000** REIT minimum investment — open to non-accredited investors under Regulation A. Marketplace private placements require $35,000–$50,000 minimum and accredited status. Two different platforms with the same brand.

Data note: Financial data sourced from SEC EDGAR Form 1-K filings (FY2024 and FY2025) for both REITs, audited by CohnReznick LLP. Form D data from 43 EDGAR-verified entity filings. Marketplace deal data from realtymogul.com authenticated deal pages (May 2026). Platform stats from RM Adviser LLC fact sheets dated May 6 2026.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| Foreclosure | Apartment Growth REIT asset transfer | Sherwood Oaks — Apartment Growth REIT, March 2026 |
| $7.49 | Income REIT NAV/share | Income REIT NAV/share — down from ~$11.00 peak (-32%) |
| Suspended | Both REIT repurchase programs | Both REIT repurchase programs — April 21 2026, no reinstatement timeline |
| 100% | Marketplace deals sponsored by Wideman Company | Marketplace deals sponsored by Wideman Company — zero independent sponsors |
| $128.7M | EDGAR-verified historical SPV raises | EDGAR-verified historical SPV raises — 43 entities, 2017-2019 vintage |


## Verdict

RealtyMogul is a platform in active ownership transition. Existing REIT investors are locked in with suspended redemptions, declining NAVs, a foreclosure, and an unresolved mortgage default. New investors face a fundamentally different platform than the one that built the 110-period distribution record. The marketplace is Wideman-only. Wait for the Offering Circular refresh and at least one audited year under Wideman management before reconsidering.

**Best for**

- Existing REIT investors monitoring for redemption program reinstatement
- Accredited investors who have read the full Wideman PPMs and are comfortable with the conflict of interest
- 1031 exchange investors with $5M+ who verify the specific DST/TIC sponsor independently
- Investors researching the platform's historical SPV track record via EDGAR (43 verified entities)

**Look elsewhere if**

- You need liquidity within 3-5 years
- You are benchmarking against the prior 6% yield — it no longer exists
- You want independent third-party deal underwriting on marketplace investments
- You are a non-accredited investor — both products are currently paused
- You are evaluating the Apartment Growth REIT without reading the FY2025 1-K disclosure of the foreclosure and default

**Strengths**

- 13-year operating history with EDGAR-verified $128.7M in historical SPV activity
- Regulation A structure provides audited annual financials — transparency beyond unregistered alternatives
- CohnReznick LLP audit on both REITs — regional firm with clean opinions
- Wideman Company brings 50-year operator track record in Sunbelt commercial real estate
- 1099-DIV tax reporting for REITs — no K-1 complexity for REIT investors

**Limitations**

- Both REIT share repurchase programs suspended — investors cannot exit
- Apartment Growth REIT: foreclosure, realized loss on sale, unresolved default, distributions paused
- Income REIT NAV -32% from peak; distributions cut 50%; partially return of capital
- Marketplace: zero independent sponsors — all Wideman Company deals
- RM Securities broker-dealer withdrawn — regulatory structure in transition
- No Wideman Company standalone financials — controlling operator has no public disclosure


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| Existing REIT investors (Income or Apartment Growth) | neutral |  |
| New non-accredited investors considering the REITs | poor-fit |  |
| Accredited investors evaluating Wideman marketplace deals | neutral |  |
| 1031 exchange investors with $5M+ exchanges | neutral |  |
| Income-seeking investors targeting 3% REIT yield | poor-fit |  |


## Questions

**Is RealtyMogul legit?**

Yes, as a regulated business: both REITs are SEC-qualified Regulation A Tier 2 offerings that file audited annual reports (Form 1-K), semiannual reports (Form 1-SA) and current reports (Form 1-U), and RM Adviser LLC, which manages them, is an SEC-registered investment adviser. What has changed is the operating picture. RM Securities, the platform's captive broker-dealer, withdrew its registration on July 11, 2025, the same day both REITs paused new subscriptions; both REITs have also suspended redemptions, and the platform was acquired by The Wideman Company, which is now owner, REIT manager and the sole active marketplace sponsor. Investors evaluating RealtyMogul today are evaluating a platform in transition, with NAVs cut to $6.79 (Income REIT) and $6.36 (Apartment Growth REIT) per share as of June 30, 2026, and distributions that the filings confirm were paid partly from sources other than operating cash flow.

**What returns has RealtyMogul delivered?**

The record carries no realized return series for the REITs and no exit returns for the marketplace deals. The Income REIT reports a $6.79 NAV as of June 30, 2026; its distribution was cut from 6% to 3% annualized in February 2025, moved from monthly to quarterly in January 2026 and cut again to about 1.5% annualized from the second quarter of 2026, and its H1 2026 semiannual report shows a $9.7 million net loss. The Apartment Growth REIT's board set its NAV at $6.36 per share as of June 30, 2026, down from $7.62 at the end of 2025. The Apartment Growth REIT suspended distributions in January 2026 after a deed-in-lieu foreclosure (Sherwood Oaks), a sale at a 14.7% loss (Lotus Village) and a mortgage maturity default (the Brooklyn Portfolio) in one fiscal year. The 43 historical Form D SPVs raised $128.7 million from 2,433 investors between 2014 and 2021 and disclose no exit returns. AltStreet reports what the filings state and does not estimate an IRR where none is filed.

**What are RealtyMogul's fees?**

Income REIT: a 1.0% annual asset management fee plus 0.5% servicing, 1.0% special servicing on troubled assets and up to 3% of proceeds for organization and offering costs. Apartment Growth REIT: a 1.25% asset management fee with the same servicing and offering cost structure. Marketplace private placements carry sponsor-set fees disclosed in each PPM (the FedEx deal, for example, charged a 2% acquisition fee), and RM Technologies LLC charges sponsors, not investors, $1,500 per investor onboarded plus $125 per investor per quarter for the platform license.

**What is the minimum investment on RealtyMogul?**

The two REITs, the Income REIT and the Apartment Growth REIT, carried a $5,000 minimum and were open to non-accredited investors, but both have been closed to new investors since July 11, 2025, and their share repurchase programs have been suspended since April 21, 2026. What remains open are marketplace private placements for accredited investors, at minimums of about $35,000 to $50,000, and every active marketplace deal is sponsored by The Wideman Company, which also owns RealtyMogul.

**Can I still invest in RealtyMogul REITs?**

No — both the Income REIT and Apartment Growth REIT are paused to new investors as of July 11 2025. Offering Circulars are being refreshed under Wideman ownership. No timeline for reopening has been disclosed. The marketplace private placements (accredited investors only, $35K–$50K minimum) remain open.

**Can existing REIT investors redeem their shares?**

No — both share repurchase programs were suspended on April 21 2026. No reinstatement timeline has been disclosed. DRIP programs were also suspended. There is no secondary market for either REIT. Investors cannot exit until the programs reopen under terms that have not yet been published.

**What happened to the 6% annual distribution?**

The Income REIT distribution was cut from 6% to 3% annualized in February 2025 via Form 1-U, effective for the Q4 2024 quarter. Distribution cadence also changed from monthly to quarterly effective January 1 2026, and the rate was cut again to about 1.5% annualized for the second quarter of 2026. A Form 1-U filed October 2, 2026 authorized the third-quarter 2026 distribution at the same annualized rate of about 1.5% of NAV, payable on or about October 15, 2026. The Apartment Growth REIT suspended distributions entirely in January 2026, with no distributions for the quarter commencing October 1 2025.

**What is the Wideman acquisition and what does it mean for investors?**

On November 6 2025, Realty Mogul Co. was merged into RM Investor LLC, managed by The Wideman Company — a full change of control filed via Form 1-U. Jilliene Helman and prior board members resigned. Matthew Wideman became CEO. The Wideman Company is a 50-year Orlando-based commercial real estate operator managing $1.2B in Sunbelt assets. For existing REIT investors, the practical impact is: new management team, new investment strategy (pivot to industrial), redemption suspension, and the platform becoming the exclusive fundraising vehicle for Wideman-sponsored marketplace deals.

**What is the Apartment Growth REIT foreclosure about?**

The Sherwood Oaks property was transferred to the lender via deed in lieu of foreclosure on March 26 2026 — disclosed in the FY2025 1-K notable disclosures. A deed in lieu of foreclosure means the borrower voluntarily transfers the property to the lender in exchange for release from the mortgage obligation. For Apartment Growth REIT investors, this represents a total loss on that specific property's contribution to the portfolio. Additionally, the Lotus Village property was sold at a $5.65M realized loss (-14.7%), and the Brooklyn Portfolio entered mortgage maturity default September 2 2025 with no disclosed resolution.

**Are the marketplace deals underwritten by RealtyMogul?**

No. RealtyMogul operates as a technology licensor for marketplace deals. RM Technologies LLC charges the sponsor $1,500 per investor onboarded plus $125 per investor per quarter. RealtyMogul explicitly states in its footer and deal pages: 'RealtyMogul does not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor's Assumptions.' All active marketplace deals are sponsored by The Wideman Company — which also owns and manages RealtyMogul.

**How does RealtyMogul compare to Fundrise?**

They are now built differently. Fundrise's main products are interval funds registered under the Investment Company Act, open to non-accredited investors at a $1,000 minimum, which make quarterly repurchase offers (the Income Fund states it will likely offer 5% of shares) and whose Income Real Estate Fund NAV stood at $10.13 at June 30, 2026; its Innovation Fund trades on the NYSE as VCX. RealtyMogul's two Regulation A REITs have been closed to new investors since July 11, 2025, suspended share repurchases on April 21, 2026, and reported NAVs of $6.79 and $6.36 at June 30, 2026, after a deed-in-lieu foreclosure, a sale at a loss and a mortgage maturity default at the Apartment Growth REIT. Fundrise's parent, Rise Companies Corp., still reports operating losses, though its current filings state that management expects more than twelve months of liquidity.

**What is the $485M total asset value figure and is it reliable?**

The $485M figure appearing on the Income REIT product page is the manager's internal valuation of total property value — using estimated market values, not GAAP cost-basis accounting. The FY2025 audited balance sheet shows $288.7M in total assets. Both figures are technically defensible, but they measure different things. AltStreet uses the audited balance sheet figure for comparison. The $196M gap illustrates how significantly manager-estimated property values can exceed audited GAAP figures — particularly relevant given the portfolio has produced a foreclosure and realized losses on sale.

**What did The Wideman Company promise RealtyMogul investors, and what do the filings show since?**

An undated investor letter from The Wideman Company, sent after the acquisition and before the first quarter of 2026, made five commitments: enhanced quarterly reports beginning in Q1 2026 for the Q4 2025 period, interim updates between reporting cycles, live webinars and one-on-one calls with the asset manager on each deal, a full asset-by-asset review of the existing portfolio, and personal co-investment in every deal brought to the platform. The public record since then shows the following. Both REIT share repurchase programs were suspended on April 21, 2026, with no reinstatement date. The Apartment Growth REIT stopped distributions for the quarter beginning October 1, 2025. The Income REIT's semiannual report for the six months to June 30, 2026 shows a $9.7 million net loss, revenue down 20% and a $6.79 NAV, and the October 2025 offering statement was withdrawn before qualification. Every active marketplace deal is sponsored by Wideman itself, and the co-investment marketed on those deals is funded in part by friends-and-family equity and fund equity rather than the company's own balance sheet. Whether the quarterly reports, webinars and the asset review were delivered is not visible in any filing; those go to investors only, and AltStreet does not assert either way.


## Update history

**October 8, 2026: The Wideman investor letter as a record of promises: quarterly reports, webinars, an asset-by-asset review and personal co-investment, set against the filings since**

An undated letter to investors from The Wideman Company, sent between the November 2025 acquisition and the first quarter of 2026, committed to enhanced quarterly reports from Q1 2026, interim updates, live webinars and one-on-one calls, a full asset-by-asset review of the existing portfolio and personal co-investment in every deal. The review now carries those commitments beside what the public record shows since: repurchases suspended on April 21, 2026, Apartment Growth REIT distributions stopped, a $9.7 million Income REIT net loss for H1 2026, the October 2025 offering withdrawn before qualification, and marketplace co-investment funded in part by friends-and-family and fund equity. Delivery of the reports, webinars and the asset review is not visible in filings and is not asserted.

**September 30, 2026: Income REIT H1 2026 semiannual report: $9.7 million net loss, revenue down 20%, NAV $6.79, and the October 2025 offering statement withdrawn unqualified**

The Form 1-SA for the six months ended June 30, 2026 (accession 0001493152-26-044644, filed September 28) reports a consolidated net loss of $9,708,000 against consolidated net income of $9,473,000 a year earlier, with $5,139,000 of the loss attributable to stockholders and $4,569,000 to noncontrolling interests. Total revenues fell to $14,858,000 from $18,593,000. Management attributes the swing primarily to about $6,416,000 of realized and unrealized losses on sales of real estate investments; the cash-flow statement shows an $8,996,000 loss on real estate classified as held for sale (a $6,549,000 gain in the 2025 period) and a $2,616,000 realized gain on other sales. The report confirms the April 2026 suspension of both the distribution reinvestment plan and the share repurchase program. A Form 1-A-W filed September 10 (accession 0001493152-26-042139), signed by Christopher D. Wideman as CEO, withdrew the offering statement filed October 14, 2025 (File No. 024-12674), stating it had not been qualified and no securities had been sold under it. A Form 1-U filed September 17 (accession 0001493152-26-043163) set the estimated NAV per share at $6.79 as of June 30, 2026, down from $6.85, with the subscription pause of July 11, 2025 still in effect. The August 20 sales are not yet in that mark.

**September 11, 2026: Income REIT 1H 2026 investor update: NAV $6.85, distribution halved to 1.5%, repurchase demand exceeded the cap, Columbus office equity written to zero**

A Form 1-U filed September 9, 2026 (accession 0001493152-26-041825) attaches a 32-page first-half investor communication dated September 8. It confirms NAV per share of $6.85 as of March 31, 2026 (down from $7.49 at December 31 and $7.67 at September 30, 2025), an annualized distribution rate of 3.0% for Q1 2026 and 1.5% for Q2, management's statement that share repurchase requests 'have exceeded the annual limits under the share repurchase program and consequently have been fulfilled on a pro rata basis' before the suspension, and that management does not believe any equity value remains in the $7.8 million Columbus Office Portfolio joint venture. The $479 million total asset value and the NAV both predate the August 20 Pacific Northwest sales. No June 30, 2026 NAV had been announced as of the filing date; the first-half Form 1-SA is due by the end of September.

**August 28, 2026: Income REIT sells its Portland-MSA multifamily portfolio at 0.3x-0.6x against 1.9x-2.6x underwriting — while redemptions stay suspended**

A Form 1-U filed August 27, 2026 (accession 0001493152-26-040457, events of August 20) discloses that the Income REIT sold all three of its Pacific Northwest Class A multifamily positions in a single portfolio transaction to one unaffiliated buyer, each at a substantial loss to both acquisition cost and initial underwriting. Edison Apartments (Gresham, OR; 64 units; $5.5M JV equity invested March 2022) sold for $13.6M against a $19.5M acquisition — the filing states approximately a 0.3x equity multiple over the 4.4-year hold versus 2.4x underwritten over a 10-year model. Roosevelt Commons (Vancouver, WA; 36 units; $3.21M net JV equity) sold for $10.07M against $12.55M — approximately 0.6x over 4.9 years versus 1.9x underwritten. Minnehaha Meadows (Vancouver, WA; 49 units; $3.36M net JV equity) sold for $14.225M against $16.45M — approximately 0.5x over 4.9 years versus 2.6x underwritten. The stated rationale is that potential local and state legislative changes impacting multifamily operations, market headwinds, and valuation uncertainty made continued holding unattractive; proceeds are to be redeployed into opportunities aligned with long-term strategy. All multiples are the issuer's own approximations. The timing sharpens the review's central liquidity finding: the share repurchase program has been suspended since April 21, 2026, so the roughly 7,700 investors could not exit ahead of, or upon, the realization of these losses — the sequence non-traded structures make possible when the manager controls both the exit window and the disposition calendar. These are the first disclosed loss dispositions of this scale in the Income REIT's filing record AltStreet has reviewed, following the Apartment Growth REIT's Sherwood Oaks deed-in-lieu foreclosure in March 2026. The same filing reports aggregate underlying property value of approximately $441M as of August 27 (a manager-valuation measure distinct from audited total assets), down from approximately $479M reported June 1.


## Evidence appendix

Platform website captured May 10, 2026.

Analysis based on primary SEC filings: Form 1-K annual reports for RealtyMogul Income REIT (CIK 0001669664, FY2024 accession 0001641172-25-006521 and FY2025 accession 0001493152-26-020752) and RealtyMogul Apartment Growth REIT (CIK 0001699573, FY2024 and FY2025); Form 1-U current reports (November 13 2025 change of control; February 21 2025 distribution cut); Form D filings for 43 SPV entities (EDGAR-verified). Secondary: RM Adviser LLC fact sheets for both REITs (May 6 2026); realtymogul.com platform scrape (86 pages, May 10 2026); marketplace deal pages (FedEx Ground Portfolio, Truist Plaza, Gaia Herbs Distribution Center, RM Communities Distressed GP Fund). All REIT financials audited by CohnReznick LLP.

**Highlights**

- Form 1-U (November 13 2025): 'On November 6, 2025, Realty Mogul, Co. underwent a change of control whereby Parent was merged with and into RM Investor, LLC, a Delaware limited liability company managed by The Wideman Company, LLC' — verbatim from SEC filing
- Income REIT FY2025 1-K: total assets $288.7M (audited), net income $3.18M, distributions paid $5.47M, NAV/share $7.49, 7,700 investors, $148.2M total raised — CohnReznick LLP clean opinion
- Income REIT FY2024 1-K: total assets $335M (audited), net loss $9.76M, NAV/share $8.26 (down from $10.05 at 12/31/2023) — CohnReznick LLP clean opinion
- Apartment Growth REIT FY2025 1-K notable disclosures: 'Sherwood Oaks property transferred to lender via deed in lieu of foreclosure March 26, 2026'; 'Lotus Village sold May 27, 2025 for $32,850,000 vs original acquisition of $38,500,000'; 'Brooklyn Portfolio entity entered maturity default on mortgage loan September 2, 2025' — verbatim from filing
- Apartment Growth REIT FY2025 1-K: net loss $7.99M (consolidated), total assets $157.3M, NAV/share $7.62, 3,600 investors, $66.3M raised — CohnReznick LLP clean opinion
- Both fact sheets (May 6 2026): 'As of April 21, 2026, the board of directors approved the suspension of the share repurchase program' and 'the manager approved the suspension of the distribution reinvestment plan' — RM Adviser LLC
- FedEx Ground Portfolio deal page: RM Technologies LLC fee = '$1,500 flat per each prospective investor onboarded' plus '$125 per investor serviced quarterly'; 'RealtyMogul does not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor's Assumptions' — realtymogul.com
- Platform footer (May 2026): 'Unless specifically stated in writing to the contrary, Realty Mogul and its affiliates (other than The Wideman Company in its role as sponsor of any particular Platform offering) make no representations or warranties as to the accuracy of a Sponsor's information' — realtymogul.com
- AltStreet EDGAR database: 43 Form D entities verified, $128.7M total raised, 2,433 investors, 2017-2019 vintage, all finite_offering lifecycle — platform_exits table, platform_id 94e05161-aa0d-4d3b-9505-1df4ac0b6180
- Form 1-U (February 21 2025): investor communication filed for quarter ended December 31 2024 — distribution reduction from 6% to 3% annualized, Jilliene Helman signature as last CEO filing before acquisition

**Primary source pages**

- SEC EDGAR: Income REIT FY2025 1-K (CIK 0001669664, accession 0001493152-26-020752)
- SEC EDGAR: Income REIT FY2024 1-K (CIK 0001669664, accession 0001641172-25-006521)
- SEC EDGAR: Income REIT Form 1-U — change of control (November 13 2025, accession 0001493152-25-022405)
- SEC EDGAR: Income REIT Form 1-U — distribution cut (February 21 2025, accession 0001493152-25-007846)
- SEC EDGAR: Apartment Growth REIT FY2025 1-K (CIK 0001699573)
- SEC EDGAR: Apartment Growth REIT FY2024 1-K (CIK 0001699573)
- RM Adviser LLC: Income REIT Fact Sheet (May 6 2026) — NAV $7.49, distribution 3.0%, fee schedule, suspension dates
- RM Adviser LLC: Apartment Growth REIT Fact Sheet (May 6 2026) — NAV $7.62, fee schedule, suspension dates
- realtymogul.com — platform website scrape, 86 pages, May 10 2026 (realtymogul_dossier_20260510_105649.json)
- realtymogul.com/investments/fedex-ground-portfolio — FedEx Ground Portfolio deal page with full financials, fee schedule, and sources/uses
- realtymogul.com/investments/truist-plaza — Truist Plaza deal page with full financials, fee schedule, and sources/uses
- realtymogul.com/investments/gaia-herbs — Gaia Herbs Distribution Center deal page
- realtymogul.com/investments/rm-communities-distressed-gp-fund — RM Communities Distressed GP Fund (waitlisted)


## Related

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