---
title: "Small Change Review"
url: https://altstreet.investments/platforms/reviews/smallchange
kind: platform-review
updated: 2026-09-28
description: "Is Small Change legit? 2026 review of the Reg CF real estate portal: 59 campaigns, zero investor fees, and a filed record that shows who raised but not how much or what came back."
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.
---

# Small Change Review

Small Change is among the earliest registered Regulation CF funding portals, file number 007-00012 since February 2016, and it is still registered today. AltStreet built its 58-issuer filing census and reconstructed its project listing from raw HTML, and the result is a sharp asymmetry. After nearly a decade the filings establish who raised, what was offered, and when reporting stopped. They generally do not establish how much any offering ultimately raised, or what investors ultimately received. Of 49 campaigns with a Form C-U, five state a dollar amount, totaling $54,000 across the whole book, and no distribution, exit or investor return anywhere on the platform has been verified from a filed source. One further structural point a visitor should know: the website is shared by two companies, the registered portal open to everyone and NSSC Crowd, LLC, which hosts Rule 506(c) offerings for accredited investors only.

AltStreet score: 32.7 (D+), scored September 28, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | Small Change |
| What it is | Regulation Crowdfunding Real Estate Portal |
| Asset class | Real Estate (neighborhood development, affordable housing, adaptive reuse, community-owned retail) |
| Website | smallchange.co |
| Review first published | September 28, 2026 |
| Last updated | September 28, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

NSSC Funding Portal, LLC has been an SEC-registered funding portal and FINRA member since February 3, 2016 under file number 007-00012, among the earliest portal registrations, with eight amendments since and no withdrawal on record. AltStreet's census covers 58 issuers and 59 Regulation CF campaigns, overwhelmingly Preferred Stock in single real estate projects, with a median target offering of $100,000 and a median maximum of $600,000. The central finding is an asymmetry in what the record can show. The filings establish who raised, what was offered and when each issuer stopped reporting: 28 of 58 have filed a Form C-TR. They generally do not establish how much was raised, with five of 49 Form C-U filings stating a dollar amount totaling $54,000, and they establish nothing at all about what investors received. Two further structural points: the site is shared with NSSC Crowd, LLC, which hosts Rule 506(c) offerings for accredited investors only and whose 506(c)-only projects account for about 39% of stated project capital; and on the largest offering the page figure cannot be reconciled to any filing.

- **007-00012** SEC funding portal file number, registered 2016-02-03 with eight CFPORTAL/A amendments since, most recently 2025-10-21, and no CFPORTAL-W on record. Ten and a half years of continuous registration, with offerings in every year from 2017 through 2026.
- **$54,000** Total AMOUNT RAISED stated across every Form C-U on the portal. Five of 49 campaigns with a C-U state a figure; the rest close qualitatively. This is a fundraising-disclosure figure, not money returned to investors: no distribution or realized return anywhere on the platform has been verified from a filed source.
- **39%** Share of the site's $14,815,763 in stated project capital sitting on projects sold ONLY through the accredited Rule 506(c) lane: $5,742,263 across seven of 41 projects. Six further projects run on both lanes and add $1,434,250 that project totals do not allow to be split, so the accredited share is at least 39% and cannot be stated exactly.
- **1 filing** BREIF 22 Drydock, LLC, the site's largest offering, has filed exactly one document: a Form D of 2024-10-31 reporting $3,028,925 sold to 39 investors with $721,075 remaining. No amendment and nothing since. The September 2026 page states $3,750,000 from 61 investors, which no filing confirms or contradicts.
- **28 of 58** Issuers that have filed a Form C-TR terminating Regulation CF reporting. Twenty-nine have filed at least one annual report. Rule 202(b) permits termination for several reasons, so this is not by itself adverse, but the annual reporting stops.

Data note: AltStreet 58-issuer Regulation CF census assembled from Form C filings naming NSSC Funding Portal and confirmed from each primary_doc.xml, a 110-page website capture, the raw HTML of the project listing, and seven Form D filings naming NSSC Crowd. September 2026.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| $54,000 | Total amount RAISED stated across every Form C-U on the portal, from five of 49 campaigns | The rest report closure qualitatively, so the filings rarely say how much an offering raised. This is a fundraising figure, not money returned |
| $3.75M vs $3.03M | 22 Drydock: the September 2026 page figure against the only filing, a Form D of October 2024 | The filing reported $3,028,925 sold to 39 investors with $721,075 remaining. No amendment and nothing since, so the page figure cannot be reconciled to a filing |
| 39% | Share of stated project capital on projects sold ONLY through the accredited 506(c) lane | $5,742,263 of $14,815,763 across seven of 41 projects. Six more run on both lanes and cannot be split, so the accredited share is at least this |
| 007-00012 | SEC funding portal file number, registered 2016-02-03 and still registered | Among the earliest portal registrations, eight amendments since, no CFPORTAL-W on record |


## Verdict

Small Change is a long-lived, visibly mission-oriented Regulation CF real estate portal: among the earliest registered funding portals and still registered, charging investors nothing, disclosing its issuer fee schedule along with its own explanation of why Reg D is priced differently, and organizing its book around affordable housing, minority-led and women-led development, creative-economy space and neighborhood retail. The reservation is about evidence rather than intent, and it is singular. After nearly a decade the filed record shows who raised, what was offered and when reporting stopped, with 28 of 58 issuers having ended theirs. It rarely shows how much an offering raised, five Form C-U filings state a dollar amount, and it shows nothing about what investors received. The site is also shared with a second company hosting accredited-only offerings, which account for at least 39% of stated project capital. Suited to investors deploying small, patient amounts on place or project conviction; not suited to anyone who needs to verify an outcome.

**Best for**

- Investors who want to back a specific building in a specific neighborhood and value that over a diversified return stream
- Community and impact investors weighting affordable housing, minority-led and women-led development above measurable yield
- Non-accredited investors who want real estate project equity and accept that no platform fee is offset by no outcome data
- Anyone who will read the lane label, open the Form C, and treat every figure on a project page as marketing until a filing confirms it

**Look elsewhere if**

- You need to verify what a platform has returned, because the filed record on the retail lane cannot tell you
- You need liquidity, since there is no secondary market and many projects restrict transfer outright
- You are not accredited and are drawn to the largest projects on the site, most of which are on the accredited-only lane
- You want a fixed coupon and a maturity date, because 50 of 59 campaigns are preferred stock in a property-owning LLC with no stated end date

**Strengths**

- Among the earliest SEC funding-portal registrations, file number 007-00012 from February 2016, still registered with no withdrawal on record and offerings in every year since 2017
- No investor-side charge located anywhere in a 110-page capture of both domains, with the investor FAQ answering "Are there fees to join?" with "No, it's absolutely free.", against buyer-side transaction fees of 1.5% to 3.5% that AltStreet documented on other retail offerings in the same period
- An issuer fee schedule published in advance, and the portal gives its own reason for pricing Reg D differently rather than leaving the difference unexplained
- Each project tile names its offering lane, so a visitor can tell a Regulation CF offering from an accredited-only one before reading anything else

**Limitations**

- How much an offering raised is rarely filed: five of 49 Form C-U filings state a dollar amount, totaling $54,000 across the book
- No exit, distribution or realized investor return has been verified from a filed source in nine years of offerings, and 28 of 58 issuers have terminated their reporting
- The site is shared with NSSC Crowd, LLC, hosting accredited-only 506(c) offerings that account for at least 39% of stated project capital and sit outside the portal's regulatory perimeter
- On the largest offering the page states $3,750,000 while the sole filing, from October 2024, reported $3,028,925 sold; nothing filed since reconciles the two


## What this means for your decision.

| Topic | Finding |
| --- | --- |
|  | One website, two companies, and only one of them is the registered portal |
|  | You pay the portal nothing, and that is unusual enough to say plainly |
|  | On the largest offering, the page figure cannot be reconciled to any filing |
|  | The filings rarely say how much an offering raised, and never say what it returned |

Small Change earns real credit on several counts: it is among the earliest registered Regulation CF portals and is still registered, it has run offerings in every year since 2017, it charges the investor nothing, and it states its issuer fee schedule in advance along with its own explanation of why Reg D is priced differently. The reservation is a single one, and it is the whole of it. After nearly a decade, AltStreet can reconstruct who raised on this portal, what was offered, and when each issuer stopped reporting. It generally cannot reconstruct how much any offering ultimately raised, and it cannot establish what any investor received. A visibly mission-oriented venue for small, patient money committed on place or project conviction, bought with less outcome information than nine years of operation ought to have produced.


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| Place-Based and Community Investors Backing a Specific Building | well-suited |  |
| Impact Investors Weighting Housing and Equitable Development | well-suited |  |
| Non-Accredited Investors Seeking Real Estate Project Equity | neutral |  |
| Investors Comparing Platforms on Stated Returns | poor-fit |  |
| Investors Requiring Liquidity or a Defined Term | poor-fit |  |
| Accredited Investors Drawn to the Larger Projects | neutral |  |


## Questions

**What is Small Change and how does it work?**

Small Change is a Regulation Crowdfunding portal for real estate. NSSC Funding Portal, LLC is registered with the SEC as a funding portal and is a FINRA member, CIK 1665614, file number 007-00012, and it has been registered since February 3, 2016, which places it among the earliest funding-portal registrations. Investors browse individual real estate projects, usually a single building in a named neighborhood, and buy an interest in the LLC that owns the property. Across the 59 Regulation CF campaigns in AltStreet's census, 50 are preferred stock and seven are debt. Minimums are set per project by the developer rather than by the portal. Funds sit in an escrow account the portal states it does not control until the target offering amount is met, and the full amount is returned if it is not. One important thing to know before you start: the same website is also used by a second company, NSSC Crowd, LLC, which sells Rule 506(c) offerings to accredited investors only.

**What fees does Small Change charge investors?**

None located. AltStreet found no investor-side charge of any kind in a 110-page capture of both smallchange.co and learn.smallchange.co, and the only fee statement addressed to investors is the FAQ's answer to "Are there fees to join?", which is "No, it's absolutely free." The published fee page is entirely issuer-facing: a $10,000 administrative fee to onboard each project plus a 7% success fee on Regulation CF funds raised, with $5,000 of the administrative fee credited back toward the success fee if the raise succeeds. The portal also explains why its Rule 506(c) pricing works differently, which is unusual and worth crediting: "Fixed fees are charged for Reg D/506(c) offerings since Small Change is not a broker-dealer and we are not permitted to charge a fee based on funds raised." Two caveats on the issuer side. The administrative fee excludes the cost of financial statements where the raise exceeds $125,000, and that cost is not stated anywhere. And the fee page notes fees "may vary if customization of our templates are required", which is an uncapped qualifier. If a project raises exactly $100,000, the stated platform fees would total about $12,000 after the $5,000 credit, roughly 12% of that amount, before the two excluded costs above. Note that $100,000 is the census median target while the success fee is charged on funds actually raised, so the figure is illustrative rather than a charge observed on a specific offering. The portal's materials do not establish whether these fees are funded from offering proceeds or separately by the sponsor, and the answer appears to vary: on the Pajama Factory project page, a Regulation CF offering, a "Small change fee" of $60,000 sits among the uses of funds while $1,200,000 of Small Change investor capital sits among the sources. That is the only project page in the capture that shows the platform fee as a budget line.

**Why are some Small Change projects for accredited investors only?**

Because two different companies operate on the same website, and the site footer says so directly: smallchange.co "is used by two different companies", NSSC Funding Portal, LLC, the SEC-registered funding portal whose Regulation CF offerings are "offered to everyone", and NSSC Crowd, LLC, which "offers investments in real estate projects under Rule 506(c)" and states those "are offered to accredited investors only". Every project tile carries a small line naming its lane. Of the 41 projects on the listing, 28 are Regulation CF only, 7 are 506(c) only, and 6 are sold through both at once. The accredited lane matters more than its project count suggests: the seven projects sold exclusively that way account for $5,742,263 of the $14,815,763 in stated project capital, about 39%, including the largest project on the site, and the six dual-track projects add $1,434,250 that cannot be split between lanes. Those offerings file a Form D rather than a Form C, are not intermediated by the registered portal, and carry none of the Regulation CF protections designed for retail investors. Read the lane label before you read the project.

**How much has Small Change actually raised?**

This is the hardest question to answer about this platform, and the honest answer is that the filings mostly cannot tell you. Of the 49 Regulation CF campaigns carrying a Form C-U, five state a dollar amount, and those five total $54,000 across the entire book. The rest report closure qualitatively, with wording such as "100% of minimum target raised" or "The offering closed successfully". A narrative progress update satisfies the form, so this is not a compliance failure, but it means the portal's own regulatory record cannot establish what any of its retail offerings raised. The project pages state raised amounts totaling $14,815,763 across 41 projects, but those are marketing figures with no filing behind them. On the one project where a filed comparison exists, the numbers do not line up and cannot be reconciled: the 22 Drydock tile states $3,750,000 while the issuer's only filing, a Form D from October 2024, reported $3,028,925 sold at that date, and no amendment has followed. On the accredited lane, seven Form D filings by five issuers report $3,937,050 sold as of their respective filing dates, which is filed and dated rather than marketing.

**Have investors on Small Change actually been repaid?**

Eight of the 41 listed projects state that investors were fully repaid, but every one of those statements is marketing copy on a project tile with no filing behind it, and AltStreet located no filed source establishing any distribution, waterfall or realized return anywhere on this platform in nine years of offerings. Two of the eight state an internal rate of return, 21% on Buvinger Bldg and 22% on Starter Home Two. The other six state annual interest or preferred rates of 7.5%, 8%, 10%, 10%, 10% and 12%, which answer a different question from an internal rate of return and should not be compared to one; the 7.5% belongs to a project the page itself describes as a two-month investment, so it cannot be read as a realized two-month return without knowing whether the stated rate was annualized. The composition matters more than the count: six of the eight involve the accredited 506(c) lane. On the retail Regulation CF lane open to everyone, exactly one project of 34 carries a repayment claim, it carries the platform's highest stated return, and EDGAR full-text search returns no Form C filing for it and it matches no issuer in AltStreet's 58-issuer census.

**Is Small Change legit and is it still registered?**

It is a registered SEC funding portal and a FINRA member, and its registration is current. NSSC Funding Portal, LLC filed its Form CFPORTAL on February 3, 2016 under file number 007-00012, which is among the earliest funding-portal registrations, has filed eight amendments since with the most recent on October 21, 2025, and has no Form CFPORTAL-W on record, meaning it has never withdrawn. Regulation CF campaigns appear in every year from 2017 through 2026 with no gap. On the enforcement question: AltStreet located no SEC or FINRA action against Small Change, NSSC Funding Portal, NSSC Crowd, NSSC Holdings or founder Eve Picker in the sources searched, which were 33,908 enforcement records and SEC full-text search across enforcement form families, both on September 28, 2026. PACER and state court dockets were not searched, so that is a statement about the sources searched rather than a finding of a clean record. One structural point worth noting: when the group's affiliate, NSSC Holdings, LLC, raised money under Regulation CF in 2022, it did so through Wefunder rather than through NSSC Funding Portal, so the affiliate offering was not self-hosted. The record AltStreet reviewed does not establish why that intermediary was chosen.

**How liquid are Small Change investments?**

They are not liquid, and the structure makes that more acute than on a debt platform. There is no platform-operated secondary market, redemption program or buyback. The investor FAQ states that "in many projects you will be restricted from transferring your interests" and that any transfer would have to comply with the securities laws, and Regulation CF securities also carry the statutory one-year resale restriction. The more important point is structural: 50 of the 59 campaigns in AltStreet's census are preferred stock in an LLC that owns a property, with no maturity date, so unlike a note there is no date on which your capital is contractually due back. It returns when the sponsor sells or refinances the building, on a timetable the offering does not commit to. Several project tiles state a horizon, five years on one, medium on others, but a stated horizon is an intention rather than an obligation. The seven debt campaigns are the exception and do carry defined terms.

**Who can invest on Small Change, and what is the minimum?**

Any US investor can participate in the Regulation CF offerings, with no accreditation required. Non-accredited investors are subject to Regulation CF's annual investment limits, which are calculated from income and net worth and apply across all funding portals combined over a rolling 12 months; accredited investors are not subject to those Regulation CF caps. Minimums are set per project by the developer rather than by the platform, and the issuer-facing page encourages low ones: "You can offer minimum investment amounts as low as you like which is important if you want to include community capital." There is therefore no platform-wide minimum to quote. The separate Rule 506(c) offerings sold by NSSC Crowd, LLC on the same website are open to accredited investors only, and account for 13 of the 41 listed projects.

**How is Small Change income taxed?**

Most offerings put you into an LLC that owns the real estate, so income generally arrives as a pass-through allocation and the reporting form is usually a Schedule K-1 rather than a 1099, though it should be confirmed offering by offering. Its character follows what the property generated: rental income during the hold and capital gain on a sale. Depreciation allocated through the LLC can shelter part of current income, which is a genuine advantage of this structure over a coupon instrument. Three things to confirm before investing. Whether the specific offering issues a K-1 or a 1099, since the seven debt campaigns differ from the equity ones. Whether allocations may exceed cash distributions in the early years of a development project, which would create taxable income without cash to pay it. And that a single-property LLC can create a state filing obligation where the property sits, possibly a state you have no other connection to. K-1s come from the 58 separate issuing LLCs rather than from the portal, so delivery timing depends on each sponsor and AltStreet has no evidence on how punctual they are. For non-US investors the FAQ discloses, unprompted, that "the issuer is required to withhold 30% of any return you earn" absent a treaty rate. Confirm treatment with a tax adviser for your own circumstances.

**How does Small Change compare to Honeycomb and Groundfloor?**

All three give non-accredited investors access to real asset exposure, but they differ where it counts. Honeycomb Credit is the closest structural peer, a small single-asset-class Regulation CF portal with most of the fee load on the issuer, but it charges investors a transaction fee of 3% by ACH that Small Change does not charge at all, and its issuers file amounts raised that Small Change's issuers mostly do not: 529 Honeycomb offerings carry a reported-raise observation against five on Small Change. Groundfloor publishes full loan-level repayment and default history on first-position real estate debt, which is the transparency standard against which Small Change's five filed raise amounts and zero verified outcomes should be read. Small Change's genuine advantages are that it charges the investor nothing, that it has been continuously registered since 2016, that each tile names its offering lane, and that its projects are specific identifiable buildings tied to affordable housing, minority-led and women-led development and community ownership. Choose Small Change for place-based conviction and zero investor fees; choose Honeycomb for a stated coupon and term; choose Groundfloor if published performance data is a requirement of your process.

**Who should invest on Small Change, and who should avoid it?**

Well-suited: investors backing a specific building in a place they care about, who value that over a measurable return stream; impact investors weighting affordable housing, minority-led and women-led development and community ownership; non-accredited investors who want real estate project equity and will read the Form C. Should avoid: anyone who needs to verify an outcome, because five Form C-U filings state a raise amount and, separately, no distribution or realized return has been verified from a filed source in nine years; anyone needing liquidity or a maturity date, since most offerings are preferred equity with neither; non-accredited investors drawn to the largest projects, which are disproportionately on the accredited-only lane; investors screening on stated returns, because the eight repayment claims mix internal rates of return with annual interest rates and none is filed; and anyone unwilling to open a Form C, since the project page carries neither the financial statements nor the offering amounts. Retirement-account investors should confirm custodian support and the possibility of unrelated business taxable income from a leveraged property-owning LLC before assuming access.


## Update history

**September 28, 2026: Initial review: 58-issuer census, the second company on the site, and a raise no filing reconciles**

First AltStreet review of Small Change. Built from a 110-page website capture, a 58-issuer and 59-campaign Regulation CF census assembled from Form C filings and confirmed filing by filing from each primary_doc.xml, a parse of the project listing from raw HTML, and seven Form D filings naming NSSC Crowd, LLC. The central finding is an asymmetry: after nearly a decade the filings establish who raised, what was offered and when each issuer stopped reporting, but rarely how much was raised and never what investors received. Five of 49 campaigns with a Form C-U state an amount, totaling $54,000, and no distribution, exit or realized return anywhere on the platform has been verified from a filed source. Two structural findings sit alongside it: the website is shared by two companies, the registered Regulation CF portal and NSSC Crowd, LLC hosting Rule 506(c) for accredited investors only, whose exclusive projects account for $5,742,263 of $14,815,763 in stated project capital; and on the largest offering the September 2026 page figure of $3,750,000 cannot be reconciled to the issuer's only filing, an October 2024 Form D reporting $3,028,925 sold.


## Evidence appendix

Platform website captured September 28, 2026.

Four primary sources, all read on 2026-09-28. (1) A 110-page capture of smallchange.co and learn.smallchange.co, with zero scrape failures. The marketing domain serves an identical 2,946-character fallback page for /faq, /about, /terms and similar paths, so the real investor FAQ, developer FAQ, team page and policies were located on the learn subdomain by mapping the site rather than by guessing URLs. (2) The raw HTML of smallchange.co/projects, parsed separately because the markdown capture had flattened the per-tile offering-lane label, the property location and the outcome bullets, all three of which proved material. (3) A Regulation CF census of 58 issuers and 59 campaigns: candidate issuers were found by EDGAR full-text search for the portal's name in Form C filings, then every filing's primary_doc.xml was read so that intermediation is taken from commissionCik rather than from a text match, and campaign identity is issuer plus SEC file number rather than issuer alone. (4) Seven Form D filings by five issuers naming NSSC Crowd, LLC, read in full for offering amount, total amount sold and investor count. Three measurement conventions run throughout. Amounts from the portal's project pages are labeled marketing-sourced every time and are never blended with filed amounts. Where a page figure and a filing differ, this review reports both with their dates and does not assert which is current unless the filing postdates the page. And where a Form C-U states that an offering was unsuccessful, any dollar figure on that project's page is treated as money committed rather than raised, because under Regulation CF a missed target returns commitments.

**Highlights**

- NSSC Funding Portal, LLC is an SEC-registered funding portal and FINRA member, CIK 1665614, SEC file number 007-00012, Pittsburgh. Form CFPORTAL filed 2016-02-03, eight Form CFPORTAL/A amendments since, most recent 2025-10-21, and no Form CFPORTAL-W on record. The file number places it among the earliest funding-portal registrations and the registration has run continuously for more than ten years.
- AltStreet's Regulation CF census covers 58 issuers and 59 campaigns from 2017 through 2026 with no gap year, assembled from Form C full-text search and then confirmed from each filing's primary_doc.xml so that intermediation comes from commissionCik. Campaign identity is issuer plus SEC file number; one issuer, Lake Noire Legacy Holdings, LLC, ran two campaigns.
- Instrument mix is unusual for Regulation CF: Preferred Stock on 50 of 59 campaigns, Debt on 7, Common Stock on 1 and Other on 1, against 7.3% preferred (384 of 5,286 offerings) across the eleven other Regulation CF portals in AltStreet's census. Median target offering $100,000 with a range of $250 to $1,500,000; median maximum offering $600,000 with a range of $50,000 to $3,500,000; maxima sum to $40,107,000.
- HOW MUCH AN OFFERING RAISED is rarely filed. Of 49 campaigns carrying a Form C-U, five state a dollar amount, and those five total $54,000 across the entire book. Representative closes read "100% of minimum target raised", "The offering closed successfully" and "Issuer has successfully reach target amount and offering is now closed". Stated outcomes across the census: 43 closed successful, 2 closed unsuccessful, 1 closed unspecified, 2 open, 10 with no Form C-U. This measures fundraising disclosure only.
- ALTSTREET FOUND NO FILED INVESTOR OUTCOME. AltStreet located no filed source establishing any distribution, waterfall, exit or realized investor return for any project on this platform across nine years of offerings. This is a separate finding from the raise amounts above and the two should not be conflated.
- Two campaigns carry a Form C-U reporting the offering was unsuccessful: Rise Over Run LLC on 2026-04-03 ("The offering was unsuccessful. Target amount was not met.") and VDX 351 W37 OWNER LLC on 2026-09-02 ("The offering closed unsuccessfully"). These are visible because EDGAR retains the filings, which is a function of the filing system rather than a disclosure choice by the portal. One of the two still shows $34,500 on its project page, which under Regulation CF is money committed rather than raised, because a missed target returns commitments.
- Two companies use the website. The footer states smallchange.co "is used by two different companies": NSSC Funding Portal, LLC, whose Regulation CF offerings are "offered to everyone", and NSSC Crowd, LLC, which offers Rule 506(c) "to accredited investors only". Of 41 listed projects, 28 are Regulation CF only, 7 are 506(c) only and 6 are dual track. Stated project capital: $7,639,250 retail only, $1,434,250 dual track, $5,742,263 accredited only, the last being about 39% of the $14,815,763 total. The dual-track dollars cannot be split between lanes from project totals, so the accredited share is a floor rather than a point estimate.
- The accredited lane produces filed dollar amounts that the retail lane does not. Seven Form D filings by five issuers name NSSC Crowd, reporting $3,937,050 sold in aggregate on the latest filing per issuer: BREIF 22 Drydock LLC $3,028,925 (39 investors), Buvinger Building LLC $818,125 (10 investors, 2018-07-12), 1476 Magazine LLC $55,000 (2), South Central Bungalow Gardens LLC $25,000 (4) and 3360 Frankford LLC $10,000 (1). A Form D states totalAmountSold; a Form C-U on this portal mostly does not.
- A raise figure with no filing to reconcile it, on the largest offering. The 22 Drydock project tile, captured 2026-09-28, states $3,750,000 raised from 61 investors. BREIF 22 Drydock, LLC's Form D of 2024-10-31 reports offering amount $3,750,000, total amount sold $3,028,925, remaining $721,075, and 39 investors. The two are nearly two years apart, and a Form D reports amount sold as of its filing rather than a final close. Verified 2026-09-29: the issuer has filed exactly one document, that Form D, with no amendment and nothing since, so no filed figure exists after October 2024. The page figure equalling the offering maximum exactly is worth noting and is not by itself proof of substitution.
- The listing headed "Everything" shows 41 projects while the site carries 54 distinct project pages: a crawl returns 41 project pages, of which only 28 are the same as the listing's, so each set holds 13 the other does not. The listing also omits Buvinger Building LLC's second and larger accredited raise of $818,125 entirely, showing only its 2016 raise of $238,500.
- Eight of 41 listed projects claim investors were fully repaid, and the bases differ. Two state an internal rate of return: Buvinger Bldg ("21% + IRR returned") and Starter Home Two ("22% Internal Rate of Return"). Six state annual interest or preferred rates: Tiny House 7.5% on what the page calls a two-month investment, 1476 Magazine Street 8%, Liberty Bank Building 10%, Rosewood 10%, Marlboro Pike 10% and Brooklyn Heights Farm 12%. None is supported by a filing. Six of the eight involve the accredited lane; on the retail Regulation CF lane exactly one project of 34 carries a repayment claim.
- That one retail repayment claim cannot be tied to a filing. Starter Home Two carries the platform's highest stated return, a 22% internal rate of return, and its tile is labeled NSSC Funding Portal (Reg CF). EDGAR full-text search returns no Form C filing for it and it matches no issuer in the 58-issuer census; the nearest "Starter Home" hits in a Form C belong to 1476 Magazine LLC, the same developer, in April 2018.
- Reporting attrition: 28 of 58 issuers have filed a Form C-TR terminating Regulation CF reporting, 29 have filed at least one Form C-AR, and 7 have filed a Form C-W withdrawing an offering. Rule 202(b) permits termination for reasons ranging from dissolution to falling below 300 holders, so a C-TR is not by itself an adverse outcome.
- Fees are entirely issuer-side and stated in advance: "We charge an administrative fee of $10,000 to onboard each project plus a success fee of 7% of the funds you raise for Reg CF offerings", with $5,000 of the admin fee credited toward the success fee on success. The admin fee excludes the cost of financial statements where the raise exceeds $125,000, and the portal notes fees may vary where template customization is required. Investors pay nothing: the FAQ answers "Are there fees to join?" with "No, it's absolutely free."
- The portal gives its own reason for its Reg D pricing rather than simply stating a price: "Fixed fees are charged for Reg D/506(c) offerings since Small Change is not a broker-dealer and we are not permitted to charge a fee based on funds raised." AltStreet records that as the portal's stated rationale and has not independently analyzed the regulatory basis for it. Offering a reason at all, unprompted, is more than most platforms do.
- Custody and refunds: "Your money is held safely in an escrow account (which we don't control) until the funds are raised or the target offering date is reach", and "If the the offering target amount is not reached, the full amount you invested will be returned to you." The escrow agent is not named on any page captured. Both typos are in the original.
- The affiliate offering was not self-hosted. NSSC Holdings, LLC, which does business as Small Change, CIK 1946670, filed a Form C on 2022-10-05 naming Wefunder Portal LLC as intermediary rather than NSSC Funding Portal, with a $50,000 target, a $1,070,000 maximum and a $1.00 price. It filed its Form C-AR and Form C-TR on the same day, 2024-04-08. The record AltStreet reviewed does not establish why that intermediary was chosen.
- Legal scan on 2026-09-28: AltStreet located no SEC or FINRA enforcement action against Small Change, NSSC Funding Portal, NSSC Crowd, NSSC Holdings or founder Eve Picker across 33,908 enforcement records and SEC full-text search over enforcement form families. PACER and state court dockets were not searched.
- Disclosure location is itself a finding: the marketing domain serves an identical 2,946-character fallback page for /faq, /about, /terms and similar paths, and the real investor FAQ, developer FAQ, team page and policies live on learn.smallchange.co. An investor typing the obvious URL reaches a page with no content.

**Primary source pages**

- smallchange.co and learn.smallchange.co (110-page capture, 2026-09-28)
- smallchange.co/projects (raw HTML parse of the project listing, 41 projects, 2026-09-28)
- SEC EDGAR, NSSC Funding Portal, LLC, CIK 1665614, file number 007-00012 (Form CFPORTAL and eight amendments)
- SEC EDGAR Form C, C/A, C-U, C-AR, C-TR and C-W filings across 58 issuers naming NSSC Funding Portal as intermediary
- SEC EDGAR Form D filings naming NSSC Crowd, LLC: BREIF 22 Drydock LLC, Buvinger Building LLC, 3360 Frankford LLC, South Central Bungalow Gardens LLC, 1476 Magazine LLC
- SEC EDGAR, NSSC Holdings, LLC, CIK 1946670 (Form C of 2022-10-05 naming Wefunder Portal LLC, plus Form C-AR and Form C-TR of 2024-04-08)
- AltStreet platform database (58 census rows, 54 deal records, 19 evidence passages, verified September 2026)


## Related

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

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Source page: https://altstreet.investments/platforms/reviews/smallchange
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.