North Capital (North Capital Private Securities Corporation)

North Capital is B2B private-markets infrastructure, not an investment platform. Individual investors meet it indirectly: it runs escrow and investor verification for crowdfunding portals, custodies customer funds and securities itself as a 15c3-3 carrying broker-dealer, a custody model most small firms outsource to large clearing houses ($18.0M segregated against $19.6M payable to customers at FY2026), and operates PPEX, the ATS where Arrived, Rally and (until December 14, 2026) Masterworks shares change hands (59,305 trades and $8.8M of notional in the first half of 2026, averaging ~$148 a trade). AltStreet's records scan found a six-entity regulated complex that got materially deeper in 2025-2026 (a second broker-dealer, a new SEC transfer-agent registration effective July 10, 2026, and a Treasury money market fund that grew 51% in three months) co-owned 25-50% by Franklin Templeton through FT Fintech Holdings, with one regulatory disciplinary event identified in AltStreet's records scan: a resolved, non-fraud 2024 FINRA AWC ($40,000) for late offering filings and unbalanced retail communications.