--- title: "Willow Wealth Review" url: https://altstreet.investments/platforms/reviews/willowwealth kind: platform-review updated: 2026-11-01 description: "Willow Wealth is Yieldstreet, renamed in October 2025. Its Alternative Income Fund merged into a Mount Logan fund in August 2026. SEC order, minimums, IRR gaps." 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. --- # Willow Wealth Review Yieldstreet raised $1.56B from 28,440 retail investors across 83 SEC-registered SPVs — then rebranded to Willow Wealth, removed a decade of performance data, and reported $208M in investor losses. The IRR they marketed never included the product that 12,503 of those investors actually used. AltStreet score: 21.3 (F), scored October 23, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Willow Wealth | | What it is | Multi-Asset Alternative Investments Platform | | Asset class | Private Markets — Multi-Asset | | Website | willowwealth.com | | Review first published | January 13, 2026 | | Last updated | November 1, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version The most important number in the Yieldstreet story is not $208M — it's $926.8M. That is the EDGAR-verified capital raised by the Short Term Notes program from approximately 16,000 retail investors. It represents 59% of everything Yieldstreet raised via Reg D. It is explicitly excluded from the 9.4-9.8% IRR the platform used as its primary marketing claim. CNBC documented what went wrong. AltStreet's EDGAR analysis documents how many investors were excluded from the metric that was supposed to tell them whether things were going right. - **$926.8M** EDGAR-verified Short Term Notes capital from ~16,000 retail investors — explicitly excluded from platform's 9.4-9.8% IRR calculation. ALTNOTES I: $759.6M from 12,503 investors, $0 minimum. ALTNOTES II: $167.2M from 3,483 investors. 59% of all EDGAR-verified capital never counted in the headline return metric. - **$208M** CNBC-documented investor losses: $78M real estate (August 2025), $89M marine finance (September 2025), $41M additional real estate (December 2025). 30% project default rate across 30 reviewed real estate deals. Four declared total losses. 23 on internal watchlist. - **Three layers** The IRR exclusion operates on three stacked layers: (1) Short Term Notes and Structured Notes excluded by definition; (2) active investments and watchlist positions excluded from 'matured' calculation; (3) historical performance data removed from website during October 2025 rebrand. Each layer independently removes unfavorable data. - **$1.9M** SEC fine, September 2023 — failure to disclose known collateral risks in marine finance offering. Settled without admitting wrongdoing. FBI and SEC investigated in 2020 per WSJ/Bloomberg Law. Federal class action settled $9M in 2025. No criminal charges filed against company or executives. - **Oct 2025** Rebranded from Yieldstreet to Willow Wealth. Removed decade of historical performance data including chart showing -2% annualized real estate returns 2015-2025. March 2026: sold flagship Alternative Income Fund ($100M+) to Mount Logan Capital SOFIX, pending shareholder vote. Data note: AltStreet tracks 83 Yieldstreet/Willow Wealth fund entities via SEC EDGAR Form D filings and amendments. 75 entities with real sales data upserted to platform_exits. Full amendment history stored in form_d_amendment_history jsonb for entities with multiple filings including ALTNOTES I (7 filings) and ALTNOTES II (5 filings). Platform ID: c9538c3e-76f9-4467-9903-5ab751e4d77e. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | $926.8M | Short Term Notes capital from ~16,000 investors — excluded from platform's own IRR | 59% of all EDGAR-verified Yieldstreet capital. $0 minimum on ALTNOTES I. 12,503 investors — 12x more than any other single entity. | | $208M | Documented investor losses — CNBC three-part investigation 2025 | $89M marine finance, $78M real estate, $41M additional real estate. Four total losses. 23 on internal watchlist. | | 9.4% IRR | Platform's marketed return — applies to 41% of EDGAR capital, matured investments only | Excludes Short Term Notes, Structured Notes, active investments, and defaults. Historical data chart removed from website October 2025. | | Oct 2025 | Rebranded Yieldstreet → Willow Wealth, removed decade of performance data | Removed chart showing -2% annualized real estate returns 2015-2025. March 2026: flagship fund sold to Mount Logan Capital SOFIX. | ## Verdict Willow Wealth is in active wind-down following documented investor losses, regulatory enforcement, and a rebrand that industry observers described as reputation management. The platform sold its flagship fund in March 2026 and removed historical performance data from public view. The review exists for two reasons: to document what happened for investors currently holding positions, and to provide the forensic EDGAR analysis that quantifies the scale of the Short Term Notes exclusion — a structural disclosure issue that affected more investors than any other element of the Yieldstreet story. **Best for** - Existing Yieldstreet/Willow Wealth investors monitoring their positions and seeking context on the platform's trajectory - Retail investors evaluating multi-asset alternative investment platforms who need to understand the structural disclosure risks that manifested here - Due diligence professionals building evaluation frameworks for private markets platforms — the Yieldstreet case provides the most complete retail-scale cautionary dataset available **Look elsewhere if** - You are evaluating Willow Wealth as a new investment — the platform is in wind-down, the flagship fund is being sold, and documented losses across multiple asset classes have not been resolved - You are treating the 9.4-9.8% IRR as representative of the platform's actual return to investors — it excluded 59% of what was raised and only counted deals that matured favorably **Strengths** - SEC-registered broker-dealer and investment adviser provide baseline regulatory oversight and disclosure requirements — a higher governance standard than unregistered platforms - Institutional fund partnerships (Carlyle, Goldman Sachs, StepStone) announced December 2025 provide access to legitimate institutional managers at reduced minimums - Alternative Income Fund available to non-accredited investors provided broader access than most private markets platforms **Limitations** - $208M in documented investor losses across marine finance and real estate offerings — CNBC three-part investigation August-December 2025 - Historical performance data removed from public website during rebrand — prevents independent verification of return degradation patterns - Platform sold flagship fund March 2026 — structural sign of wind-down, not stabilization - Short Term Notes capital ($926.8M from ~16,000 investors) explicitly excluded from platform's own IRR metric — the most widely used product was never counted in the most prominently marketed performance figure ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | Existing Yieldstreet/Willow Wealth investors | neutral | | | New investors evaluating Willow Wealth | poor-fit | | | Retail investors seeking private markets diversification | poor-fit | | ## Questions **What is Willow Wealth?** Willow Wealth is the new name of Yieldstreet, the alternative investment platform founded in 2015 by Milind Mehere and Michael Weisz. The rename took effect on October 22, 2025, and yieldstreet.com now redirects to willowwealth.com. Its SEC-registered broker-dealer is Willow Wealth Markets LLC and its investment adviser is Willow Asset Management LLC, which the Alternative Income Fund's September 2026 Form N-8F identifies as formerly Yieldstreet Management, LLC. AltStreet's reconstruction of the Form D record counts $1.56 billion raised across 83 Reg D entities from 28,440 investors. Since the rebrand the platform has turned toward Willow 360 managed portfolios and access to institutional partner funds (Carlyle, Goldman Sachs, StepStone), and its flagship Alternative Income Fund was merged into a Mount Logan fund in August 2026. **Is Willow Wealth the same company as Yieldstreet?** Yes. Yieldstreet, founded in 2015 by Milind Mehere and Michael Weisz, rebranded as Willow Wealth in October 2025. The legal entities, the SEC filings under the Yieldstreet name and the investor accounts carried over. What changed with the rebrand was the website, which removed a decade of historical performance data, including the chart showing negative annualized real estate returns from 2015 to 2025. **Is Willow Wealth legit?** It is a real, SEC-filing business, not a scam, but the record matters more than the label. Yieldstreet paid a $1.9 million SEC fine in September 2023 for failing to disclose known collateral risks in a marine finance offering (settled without admitting wrongdoing), settled a federal class action for $9 million in 2025, and CNBC documented $208 million of investor losses across marine finance and real estate in 2025. No criminal charges were filed against the company or its executives. AltStreet's EDGAR reconstruction found $926.8 million of Short Term Notes capital from roughly 16,000 retail investors excluded from the 9.4% to 9.8% IRR the platform marketed. The platform agreed in March 2026 to sell its flagship Alternative Income Fund, whose assets moved to a Mount Logan fund on August 24, 2026, and is in effective wind-down. **What happened to the Yieldstreet Alternative Income Fund?** It no longer exists as a separate fund. Willow Wealth agreed in March 2026 to sell its assets to Opportunistic Credit Interval Fund (SOFIX), a fund managed by Mount Logan Management, LLC, a subsidiary of Mount Logan Capital Inc. The fund's Form N-8F, filed September 21, 2026, states that its board approved the transaction on March 18, 2026, shareholders approved it on July 31, 2026, and the assets were distributed to shareholders pro rata on the basis of net assets on August 24, 2026; it reports no remaining assets, no remaining liabilities and no shareholders still awaiting a distribution. The filing lists $4,471,258 of merger expenses, of which $1,300,978 was paid by the Alternative Income Fund itself. Former shareholders now hold the Mount Logan fund, so its repurchase terms, fees and reports are the ones that apply. **What is the minimum investment on Willow Wealth?** Historically the minimums ranged from $0 on the ALTNOTES I short-term notes and $5,000 on ALTNOTES II, to $10,000 for the Alternative Income Fund (open to non-accredited investors until its August 2026 merger) and the institutional partner funds announced in December 2025 (Carlyle, Goldman Sachs, StepStone), and $25,000 for the managed portfolios launched with Wilshire in August 2025. Individual marketplace offerings typically carried $10,000 minimums and were limited to accredited investors. With the flagship fund merged away and the platform in wind-down, what is actually open to new money should be confirmed on the site before relying on any of these figures. **What happened to Yieldstreet and why did it rebrand to Willow Wealth?** Yieldstreet rebranded to Willow Wealth in October 2025 following CNBC's three-part investigation documenting $208M in investor losses across marine finance and real estate offerings. The rebrand coincided with removal of a decade of historical performance data from the public website, including a chart showing -2% annualized real estate returns from 2015-2025. In March 2026, the platform agreed to sell its flagship Alternative Income Fund to Mount Logan Capital SOFIX. **What is the Short Term Notes exclusion and why does it matter?** AltStreet EDGAR analysis reveals that the Short Term Notes program raised $926.8M from approximately 16,000 investors — 59% of all EDGAR-verified Yieldstreet capital. ALTNOTES I alone raised $759.6M from 12,503 investors at $0 minimum investment. All Short Term Notes are explicitly excluded from the platform's 9.4-9.8% IRR calculation per footnote in platform materials. The investors most likely to be unsophisticated (no minimum, cash-alternative product) were the most systematically excluded from the metric used to market the platform. **How did the IRR calculation work and what did it exclude?** The platform's 9.4-9.8% IRR excluded: Short Term Notes and Structured Notes programs (59% of EDGAR capital), active investments not yet matured, and investments in default or on watchlist. It applied only to 'matured investments' — deals that resolved favorably and were fully paid out. CNBC found 23 of 30 reviewed real estate deals on an internal watchlist as of late 2025 — those deals have not 'matured' and do not enter the IRR. **What were the documented losses at Yieldstreet?** CNBC's three-part investigation documented $208M in losses: $78M in real estate (August 2025), $89M in marine finance (September 2025), and $41M in additional real estate including Houston and Nashville projects (December 2025). Four deals were declared total losses. Twenty-three more remained on an internal watchlist as of December 2025. **Was there a criminal investigation?** The Wall Street Journal reported in August 2020 that the SEC and FBI were investigating Yieldstreet's investments and business practices regarding approximately $90M in marine finance deals. Yieldstreet denied being a target. No criminal charges were filed against the company or its executives. The marine losses resulted from fraud by the Lakhani family borrowers — Yieldstreet was the defrauded party. The SEC fined Yieldstreet $1.9M in September 2023 for failing to disclose known collateral risks to investors. **Is Willow Wealth still accepting new investors?** The platform technically remains operational but is in effective wind-down. Given documented losses, removal of historical performance data, flagship fund sale, and the structural issues documented in this review, new investors should evaluate alternatives with cleaner track records and transparent disclosure practices. **What happened with the legal finance vertical?** AltStreet EDGAR analysis confirms the Yieldstreet legal finance vertical went dormant in mid-2022. All 16 legal finance entities originated between 2017 and April 2022. No legal finance entity filed with a first sale date after April 2022. The platform continued to list legal finance as a category after this date without disclosing that origination had ceased in that vertical. ## Evidence appendix Platform website captured May 7, 2026. Primary EDGAR analysis: 83 Form D entities fetched via searchFormD.ts (fixed version), 75 ingested to platform_exits via ingestFormD.ts, full amendment history in form_d_amendment_history jsonb. ALTNOTES I: 7 filings (2018-2022). ALTNOTES II: 5 filings (2019-2025). CNBC three-part investigation (August 18, September, December 5 2025). SEC enforcement records (September 2023 settlement). Federal class action settlement. Bloomberg Law/WSJ FBI investigation reporting (August 2020). Wikipedia platform history. Willow Wealth platform materials and disclosures. **Highlights** - AltStreet EDGAR analysis confirms ALTNOTES I raised $759.6M from 12,503 investors at $0 minimum — 7 filings from 2018 to May 2022. Investor count nearly doubled in final 12 months (6,406 → 12,503). This data has not been previously reported. - ALTNOTES II filed most recent amendment September 10, 2025 — during the CNBC investigation. Program was actively updating while under press scrutiny. - Legal finance vertical confirmed dormant since April 2022 from EDGAR filing dates — 16 entities originated 2017-2022, nothing after. - Short Term Notes exclusion confirmed from platform's own footnote 6: 'excluding our Short Term Notes and Structured Notes programs' — documented from primary source willowwealth.com/short-term-notes. - 2021-2022 vintage origination surge confirmed from EDGAR first-sale dates across real estate, tech, venture, crypto, and diversified SPVs — matches CNBC loss cohort. **Primary source pages** - SEC EDGAR — 83 Yieldstreet/Willow Wealth fund entities (all Form D filings and amendments) - CNBC — 'Yieldstreet investors rack up more losses as firm rebrands to Willow Wealth' (December 5, 2025) - CNBC — Original real estate investigation (August 18, 2025) - CNBC — Marine finance investigation (September 2025) - SEC enforcement order — Yieldstreet $1.9M settlement (September 2023) - Bloomberg Law — 'SEC, FBI Examining Investments Sold by YieldStreet' (August 12, 2020) - Wikipedia — Willow Wealth (updated 2026) - willowwealth.com — platform disclosures, Short Term Notes footnote 6 - crowdfundedwealth.com — comprehensive timeline with primary source citations ## Related - Full review (HTML): https://altstreet.investments/platforms/reviews/willowwealth - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/private-credit --- Source page: https://altstreet.investments/platforms/reviews/willowwealth 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.