Concreit Fund I's NAV Hasn't Moved in 71 Months, SEC Filing History Shows

Concreit Fund I LLC has disclosed its net asset value every month since June 2020 through Form 253G2 supplements filed with the SEC — 78 filings in total. AltStreet retrieved and parsed the complete sequence. The series shows a NAV per Investor Share of $0.91 at the first print in June 2020, $0.96 in July, $0.95 in August, and then $0.96 in every monthly print from September 2020 through July 2026 — approximately 71 consecutive unchanged months. The NAV is computed by the Manager's internal accountants and, in the supplements' own words, is 'not based on, nor intended to comply with, fair value standards under GAAP.'

The same filings contain a second dataset that is unusual in retail Regulation A: a monthly, dollar-level record of redemption activity, including new requests received, amounts processed and the balance still pending. Concreit has disclosed those figures monthly for more than three years. In AltStreet's Regulation A coverage, no other sponsor publishes redemption flow at this cadence.

The most recent print, Supplement No. 77 dated July 6, 2026 (accession 0001731122-26-000915), reported $187,201 in new June redemption requests, $218,503 processed covering 227,607 shares, and $53,652 pending. This analysis accompanies AltStreet's full Concreit review, which covers the fund's fee architecture, governance terms and regulatory history: https://altstreet.investments/platforms/reviews/concreit

Three findings from the 78-filing backfill

1. The current supplement's own history table starts too late to show the early NAV changes. Supplement No. 77 begins its historical NAV table at January 2023, showing 43 months at $0.96. Only the complete filing sequence reveals the $0.91 first print in June 2020, the move to $0.96 in July and the one-month step down to $0.95 in August. The six-year series assembled by AltStreet does not appear in any single Concreit filing.

2. The redemption program has generally kept pace with requests in the disclosed monthly record. Across the parsed supplements, processing regularly meets or exceeds new monthly intake, while the pending balance at supplement dates ranged from roughly $4,000 to $186,000. In December 2023, during the higher-rate environment, the fund processed $432,860 against $336,407 of new requests and reduced the pending queue to $4,032. The redemption plan nevertheless remains suspendable at the Manager's discretion, and the 2024 offering circular authorizes the use of new subscriber capital to fund redemptions. The historical processing record and the contractual discretion are both facts of the filings.

3. The quoted yield is calculated using a price the fund does not currently charge. Supplement No. 77 states that the daily distribution of $0.000175 per share annualizes to 6.30% 'assuming a $1.00 per Investor Share purchase price.' The offering price stated in the same document is $0.96. At $0.96 per share, the identical daily distribution annualizes to approximately 6.65%. The direction of the mismatch favors investors; the finding is the mismatch itself.

Seventy-one months at $0.96

Between September 2020 and July 2026, interest rates and credit-market conditions changed dramatically, including the Federal Reserve's 2022–2023 tightening cycle. Concreit Fund I's reported monthly NAV per Investor Share did not move one cent in either direction across approximately 71 consecutive monthly prints.

The filings themselves supply an important limitation. The NAV is prepared by the Manager's internal accountants, is explicitly not a GAAP fair-value measure, and the supplements do not disclose valuation methodology at a level that would allow an outside investor to determine how asset-level changes flow into the monthly estimate. The filings state no reason for the stability, and this analysis attributes none.

What the filing history establishes is narrower: $0.96 has remained the reported NAV and the administrative price used for share issuance and redemption processing for nearly six years. It is not a publicly observable market-clearing price, and investors should distinguish it from an independently determined market value of the underlying portfolio.

The complete series also reveals an early repricing that is no longer visible in the current supplement's historical table: $0.91 in June 2020, $0.96 in July, $0.95 in August and $0.96 beginning in September. Whatever process produced monthly changes during the fund's first months has produced no reported change since.

The most granular redemption disclosure in AltStreet's Reg A coverage

Concreit's redemption limit — 10% of weighted-average outstanding Investor Shares per rolling three-month period, roughly equivalent to 40% annualized if applied consistently — is materially more permissive than many non-traded real estate products. More importantly, the monthly filing sequence lets investors observe how the program has operated in practice rather than relying solely on contractual terms.

Across more than three years of disclosed monthly activity, the filings show new requests, dollars processed and the remaining pending balance. The combination of a relatively permissive redemption limit, monthly flow disclosure and generally modest observed queues is a verified positive, and AltStreet's coverage records it as such.

The counterweights are contractual. The Manager may suspend the redemption plan at its discretion, the offering circular authorizes the use of new subscriber capital to fund existing investors' redemptions, and four of the 78 supplements are one-off amendments rather than ordinary monthly prints. That includes Supplement No. 34 in November 2022, which amended the redemption plan during the 2022 rate-tightening cycle. The substantive changes in that amendment are the subject of a separate analysis; its existence and timing are noted here as filed facts.

Limits of this analysis

This analysis is built exclusively from Concreit Fund I LLC's Form 253G2 supplements and related Regulation A filings on SEC EDGAR. NAV figures are the Manager's internal, non-GAAP estimates as filed and are not independently valued or verified by AltStreet.

Redemption-flow figures are dollar totals disclosed by the issuer for individual reporting periods. Because requests and processing can overlap reporting windows, AltStreet does not calculate a redemption fulfillment rate from these figures.

Seven supplements from 2020 predate the redemption-flow disclosure, and early-period figures were parsed from language that differs from the current filing template. Parsed values cited in this analysis were spot-checked against source documents. Distribution-rate calculations are based on amounts and assumptions stated in the supplements.

Nothing in this analysis is a valuation opinion on Fund I's underlying assets or a prediction about future NAV, distributions or redemption processing.

Frequently asked

Does an unchanged NAV mean Concreit Fund I's assets have not changed in value? No. The filing series cannot answer that question. The $0.96 NAV is an internal, non-GAAP estimate, and the supplements do not disclose methodology sufficient to determine how, or whether, changes in underlying asset values would flow into it. The series establishes the price the fund has reported, not an independently determined value of the portfolio.

Has Concreit Fund I's reported NAV ever changed? Yes. AltStreet's reconstruction of all 78 supplements shows $0.91 per Investor Share in June 2020, $0.96 in July, $0.95 in August and $0.96 beginning in September 2020. It has remained at $0.96 in every monthly print since.

Is Concreit's monthly redemption disclosure audited? No. The Form 253G2 supplements are issuer-filed disclosures, not audited financial statements. Annual audited financials are filed separately through Form 1-K. The redemption figures are Concreit's own monthly reporting and are treated by AltStreet as issuer-reported data.

Disclosures

AltStreet presents descriptive analysis of primary SEC filings within stated scopes. NAV and redemption figures are issuer-reported amounts from Form 253G2 supplements. AltStreet computes no independent asset valuations and expresses no opinion on the causes of the reported NAV history.

AltStreet has no financial relationship with Concreit or affiliated entities. Nothing in this report constitutes investment advice, a solicitation, or an offer to buy or sell any security.

AltStreet's complete Concreit platform review, updated July 24, 2026 with findings from this filing backfill, is available at https://altstreet.investments/platforms/reviews/concreit