Angel Studios Review 2026: The Three Ways Retail Money Reaches Angel, and Where Each One Sits
Angel is one brand with four investment paths that are almost never shown together, three open to retail and one accredited-only: Path 1, Regulation A equity in the studio itself, now NYSE-listed ANGX; Path 2, film-specific Regulation A preferred that redeems at a capped 15%; Path 3, Regulation CF securities in individual film companies through a funding portal the chief executive and two of his brothers own; and Path 4, Regulation D into an affiliated fund that takes preferred units in those same film companies. The studio is a real and fast-growing operating business, with $321.56 million of FY2025 revenue and approximately 2.0 million paying Angel Guild members, and two of its film-specific print-and-advertising subsidiaries confirm in their own filings that they redeemed Regulation A investors in full, while the parent reports $15.8 million of aggregate share redemptions in 2025 and $5.9 million in the first half of 2026. The number that decides everything else is the merger exchange ratio of 5.3504621, because the widely marketed $44.00 corporate share became $8.2236 of NYSE-listed ANGX, and without that ratio nobody can read the outcome at all.
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What the data actually shows - TL;DR
Angel Studios is easier to judge than most platforms AltStreet covers, because it now has a public price, and harder to judge than most, because there are four investment paths under the name, three retail and one accredited-only, and each one sits in a different place in the same capital structure. Path 1 is the studio's own Regulation A stock: the September 2025 offering sold all 1,250,000 Class C shares at $44.00 for roughly $55.0 million, and the 10-K's reverse-recapitalization note gives the exchange ratio of 5.3504621, so that $44.00 became $8.2236 of ANGX, which the 10-K independently reports as $8.23.
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Against a $4.82 market quote on September 23, 2026, the 2025 cohort is down about 41% and the 2024 cohort, which paid a restated $5.66, is down about 15%. Path 3 is Regulation CF into individual film companies through VAS Portal, LLC, doing business as Angel Funding, which the 10-K says Angel sold in 2019 to Harmon Ventures, LLC, an entity indirectly owned by chief executive Neal Harmon and two of his brothers; 25 issuers have sold $43,406,939 across 37 offerings there, five of them sold nothing at all, and the portal filed a Form CFPORTAL-W withdrawing its registration on September 8, 2025 while the 10-K filed six months later still describes it in the present tense as registered. Path 4 is the Angel Acceleration Fund, an accredited-only Regulation D series structure that has sold $13,690,698 across seven series and 123 investor slots, and that in at least one film company holds Class B Preferred Units with a preferred return ahead of Common Unit distributions, a right of first refusal, a preemptive right, a repurchase election and a board seat whose vote is required for certain actions.
The even-handed part matters as much: Angel is a real operating business with $321.56 million of FY2025 revenue, approximately 2.0 million paying members, positive operating cash flow in the first half of 2026, and a print-and-advertising Regulation A program that has paid its investors in full and on schedule. That fourth path is the one a retail reader should understand first: Angel forms a separate Delaware subsidiary per film, sells non-voting Series A Preferred at $1.00 a share under Regulation A to fund that film's marketing, and redeems at a stated $1.15, a capped 15% return, out of that film's receipts. Four such offerings have sold $18,480,922, and two are confirmed fully redeemed in the issuers' own semiannual reports: Angel Studios 010 for The King of Kings in June 2025 and Angel Studios 022 for The Last Rodeo in August 2025, each about two months after the offering closed.
Very few platforms in this category have paid anybody back. The pattern worth holding onto is that on this platform the investor's upside is capped almost everywhere: the per-film Regulation A preferred stops at 15%, and the Regulation CF documents generally stop at 120% of the purchase price. The capped products are also the only ones that have paid.
Two of the four per-film offerings redeemed in full, and one Regulation CF issuer, Slingshot USA, distributed 9.9% above capital contributions after selling its intellectual property to a vehicle Angel itself co-formed. The corporate equity, where the upside is not capped, is where both cohorts are currently under water.
The merger exchange ratio, verbatim from the FY2025 10-K's reverse-recapitalization note. Every legacy Class A and Class C share became this many ANGX Class A shares, so the $44.00 price that angel.com marketed in 2025 is an effective $8.2236 per listed share. The 10-K reports the same offering at $8.23 per restated share, which confirms the arithmetic. Any comparison of $44.00 to the ANGX quote without this ratio is wrong by a factor of more than five.
Sold across 37 Regulation CF offerings by 25 issuers through VAS Portal, LLC d/b/a Angel Funding, per AltStreet's Form C ingestion, first filing June 24, 2019 and last June 17, 2025. The 10-K states the portal was sold in 2019 to Harmon Ventures, LLC, indirectly owned by the chief executive and two of his brothers, and that Angel Studios has no ownership interest in it. Angel Studios itself raised $4,999,986 and $4,999,272 through it.
Redemption of shares for Regulation A investors during the year to December 31, 2025, per the Q2 2026 10-Q, with a further $5.9 million in the six months to June 30, 2026. These are the film-specific print-and-advertising offerings, which the 10-Q describes as one of two historical methods of financing theatrical marketing. This is money actually paid to retail investors out of theatrical proceeds, and it is rarer in this category than it sounds.
Total sold across the seven Form D series of Angel Acceleration Master Fund, LP (A1 through B3), across 123 investor slots, every series claiming Section 3(c)(1); which beneficial-owner limit governs them is not established by the Form Ds (see the regulation section). The marketing site at angelacceleration.fund names no legal entity, no CIK, no minimum, no management fee, no carried interest and no term. The last Form D of any series is dated July 25, 2024 and no later filing exists.
FY2025 revenue, up 233% year over year, against an FY2025 net loss. Angel Guild paid memberships produced approximately $190.5 million of cash in the first half of 2026 alone, deferred Guild revenue stood at $81.3 million at June 30, 2026, and operating activities swung from roughly $83.3 million of cash used in FY2025 to roughly $18.8 million provided in the first half of 2026. The accumulated deficit was approximately $279.1 million at June 30, 2026.
Roughly when the Disney settlement's Compliance Lien runs to. The settlement agreement dated August 26, 2020 included a $9.9 million Settlement Promissory Note and a No Use Covenant restricting use of the Film Studios' copyrighted works for 14 years, with a Compliance Lien over all company assets and all equity owned by Neal and Jeffrey Harmon for 14 years from September 30, 2020, and the company disclosed that foreclosure could cause a change of control.
Share counts and prices for the Regulation A offerings are the 10-K's own restated figures at the 5.3504621 exchange ratio; the $44.00 and 1,250,000-share figures are the 2025 offering circular's pre-merger terms for the same money. Regulation CF amounts are AltStreet's ingestion of Form C filings naming VAS Portal as intermediary. Regulation D amounts are the offering and sold figures on each series' Form D chain. The ANGX price, market capitalization, 52-week range and share count are a market quote taken September 23, 2026 from a market data aggregator, not from a filing.
Quick Verdict
Is this platform right for you?
Angel is a genuine operating business wrapped in a fundraising structure that is harder to read than the business is. The studio grew revenue 233% to $321.56 million in FY2025, has approximately 2.0 million people paying for the Angel Guild, turned operating cash flow positive in the first half of 2026, and has actually redeemed retail shares out of film proceeds, $15.8 million in 2025 and $5.9 million in the first half of 2026.
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It also sold stock to retail at a company-set $44.00 while disclosing that private placements were happening below that price, converted every share at 5.3504621 in a merger the marketing page previewed only as 'Plans to Become Publicly Traded', ran its film-company crowdfunding through a portal the chief executive and two brothers own, and stands behind an affiliated fund that takes preferred units, a board veto and a repurchase right in the same film companies the crowd funded. If you want exposure, the listed stock is the version of this you can price, report on and exit. Everything else requires documents that are either issuer-specific or not published at all.
Best for
- Existing Regulation A holders who need to convert their $44.00 or $5.66 entry into a per-share figure they can actually compare with the market.
- Investors who want exposure to a growing faith-and-family studio and subscription business and will take it through the listed shares with quarterly reporting.
- Anyone doing diligence on a film company that raised on the Angel portal and needs to know who else sits in that capitalization table.
Avoid if
- You need a fund's management fee, carried interest, minimum and term before committing capital; none is published for the Angel Acceleration Fund.
- You need liquidity from anything other than ANGX; the crowdfunding and fund positions have no market.
- You are pricing the 2025 offering off the $44.00 headline rather than the 5.3504621 ratio.
- You cannot hold an equity encumbered by a Compliance Lien over all company assets to roughly September 2034, with disclosed change-of-control consequences on foreclosure.
- You want an income-producing position; the listed stock pays no dividend on the record AltStreet holds and the company is loss-making at the net level.
Top strengths
- A real, fast-growing operating business: $321.56 million of FY2025 revenue, up 233%, approximately 2.0 million paying Angel Guild members, $81.3 million of deferred membership revenue at June 30, 2026 and roughly $18.8 million of operating cash provided in that half.
- Actual cash returned to retail on the film-specific Regulation A path: $15.8 million of share redemptions in 2025 and $5.9 million in the first half of 2026.
- A NYSE listing with full 10-K and 10-Q reporting, which makes Path 1, one of the four investment paths, measurable rather than modeled.
- Candid periodic disclosure where it counts: the exchange ratio, the portal's ownership and its relationship to the chief executive, the Disney settlement terms and the Compliance Lien, and the arbitration history.
- Issuer-level honesty in the crowdfunding filings: Toothy Cow's annual report names its conflicted director by role, states its 100% revenue concentration with Angel Studios, and sets out the fund's preferred rights in full.
- An external purchaser at the 2024 Regulation A price: Off the Chain, LP bought 1,769,328 shares at the same $5.66 for $10.0 million.
Key limitations
- The conversion that determines what a $44.00 share became is in an accounting note, not on the page that sold it.
- The circular disclosed that Class C shares had recently sold, and were being negotiated to sell, in private placements below the $44.00 retail price.
- The funding portal that raised $43,406,939 from retail is owned by the chief executive and two of his brothers, and also supplied the offering platform for the company's own Regulation A.
- The portal's registration status is reported three ways: a Form CFPORTAL-W filed September 8, 2025, absence from FINRA's roster read September 23, 2026, and a present-tense description as registered in the 10-K of March 12, 2026.
- The affiliated fund's preferred units sit ahead of Common Unit distributions in the same film companies, with a right of first refusal, a preemptive right, a repurchase election and a board designee whose vote is required for certain actions.
- The fund publishes no legal entity, CIK, minimum, management fee, carried interest or term, and most of its site returns 404; its last Form D is dated July 25, 2024.
- A Compliance Lien over all company assets and the two founders' equity running to roughly September 2034, with disclosed change-of-control consequences on foreclosure.
- An arbitration that terminated the distribution agreement for the studio's best-known title, upheld on appeal June 13, 2025.
- A pending Utah suit alleging, among other things, misleading fundraising activities, brought by a company that raised $4,936,993 through Angel's own portal. These are allegations, not findings.
Compare Before Deciding
Where Angel Studios fits against alternatives
Use these hooks to pressure-test whether this is the right platform, or whether a nearby alternative matches the job better.
How this compares to GigaStar Review
GigaStar Review
The other platform where one group controls the portal, the administrator and the venue its investors depend on, with the fee stack stated in the filings and nowhere else.
How this compares to StartEngine Review
StartEngine Review
A platform that sells other issuers' offerings and its own equity to the same retail audience, for comparison with Angel raising on its own former portal.
How this compares to Wefunder Review
Wefunder Review
The largest Regulation CF portal, for calibrating what an independent multi-issuer intermediary looks like next to a single-group one.
Why It Matters
Investor relevance and market role
Angel is the rare case in this category where a retail crowdfunding-era investment has a daily public price attached to it, which means the outcome of one of the four paths, Path 1, is measurable rather than modeled. It is also the clearest live example of a structure investors meet often and rarely see laid out: one brand, three exemptions, three different securities, three different places in the same capital stack, and an intermediary and a fund that are affiliated with the promoter rather than independent of it. Anyone holding a 2024 or 2025 Angel Regulation A position, anyone holding units in one of the 25 film companies that raised on the portal, and anyone considering an accredited allocation to the fund needs the same map, and the map only assembles if you read the 10-K, the 10-Q, the offering circular, the portal's registration file and one film company's annual report together.
Primary regulatory path
Regulation A Tier 2 (corporate equity and film-specific print-and-advertising offerings), now a NYSE-listed reporting company
Secondary regulatory paths
Regulation CF through an affiliated funding portal; Regulation D 506(b) and 506(c) under Section 3(c)(1) through an affiliated fund
Who can invest today
Anyone can buy ANGX on the NYSE. The Regulation A offerings are historical; the last corporate one closed in September 2025 and $0.0 million was raised via Regulation A in the first half of 2026. The fund is accredited-only and its last Form D is dated July 25, 2024.
Affiliation of the intermediary
VAS Portal, LLC d/b/a Angel Funding is owned by Harmon Ventures, LLC, indirectly owned by the chief executive and two of his brothers; Angel Studios has no ownership interest in it
Seniority of the affiliated fund
Class B Preferred Units with a preferred return ahead of Common Unit distributions in at least one portal issuer, plus a right of first refusal, a preemptive right, a repurchase election and a Preferred Manager board seat whose vote is required for certain actions
Realized outcome evidence
$15.8 million of Regulation A share redemptions in 2025 and $5.9 million in the first half of 2026 on the print-and-advertising offerings; a market quote of $4.82 on September 23, 2026 against effective corporate entry costs of $8.22 (2025) and $5.66 (2024)
Real-world validation
- A NYSE listing following a business combination that closed September 10, 2025, with audited annual and quarterly reports on EDGAR under CIK 1865200.
- FY2025 revenue of $321.56 million, up 233% year over year, and approximately 2.0 million paying Angel Guild members at December 31, 2025.
- Approximately $18.8 million of cash provided by operating activities in the six months to June 30, 2026, against roughly $83.3 million used in FY2025.
- Deferred Angel Guild membership revenue rising from $64.8 million to $81.3 million between December 31, 2025 and June 30, 2026, which is subscription cash collected and not yet recognized.
- $15.8 million and $5.9 million of share redemptions paid to Regulation A investors in the print-and-advertising program in 2025 and the first half of 2026 respectively.
- An institutional buyer, Off the Chain, LP, paying the same $5.66 as the September 2024 Regulation A cohort for 1,769,328 shares.
- A $150 million at-the-market equity program underwritten by four named banks, which is a level of capital-markets access no private platform in this category has.
Scale signals
FY2025 revenue
$321.56 million
Up 233% year over year; FY2025 net loss $170.48 million
Angel Guild paying members
approximately 2.0 million
Filed figure at December 31, 2025; marketing quotes 1.5 million, 2.2 million and 3 million
Corporate Regulation A raised
approximately $20.0 million (2024) and approximately $55.0 million (2025)
3,538,661 restated shares at $5.66 and 6,688,077 at $8.23
Regulation CF sold through the affiliated portal
$43,406,939
25 issuers, 37 offerings, June 2019 to June 2025; five issuers sold nothing
Regulation D sold by the affiliated fund
$13,690,698
Seven series, 123 investor slots, all 3(c)(1); last Form D July 25, 2024
Market capitalization
approximately $900 million
Market quote September 23, 2026 at $4.82, 52-week range $2.045 to $9.850, approximately 186.76 million shares outstanding
How investors can engage the theme
The only Angel security a retail investor can buy today without a private placement is ANGX on the NYSE. The corporate Regulation A offerings are finished, no Regulation A money was raised in the first half of 2026, the portal's last Form C filing in AltStreet's ledger is dated June 17, 2025 and its Form CFPORTAL-W was filed September 8, 2025, and the fund is accredited-only with no Form D since July 25, 2024.
- For the film-company crowdfunding path, read the specific issuer's Form C and its Form C-AR annual reports on EDGAR before anything on a marketing page.
- For the fund, ask for the limited partnership agreement, the fee terms and the portfolio in writing; none of the four is published anywhere AltStreet could find.
- For the studio itself, the FY2025 10-K and the Q2 2026 10-Q are the primary documents, and the reverse-recapitalization note is where the 5.3504621 ratio lives.
Quick Answers
What most investors want to know first
The highest-signal facts first: minimums, liquidity reality, K-1 timing, and whether distributions are actually part of the experience.
Liquidity
One of the four paths has a real market and three do not. That is the single most useful liquidity fact about Angel, and it also explains why the corporate Regulation A cohorts are the only ones whose outcome can be measured at all.
K-1 Timing
Not applicable to ANGX. For the fund and the film-company positions, no delivery record is published; ask for the historical K-1 delivery dates in writing before subscribing.
Distributions
Film-driven rather than calendar-driven. A print-and-advertising offering's redemptions follow the release's proceeds, and the 10-Q reports them only in aggregate for the period.
Overview
Platform Overview
A concise read on what the platform is, how the structure works, and where the practical friction shows up for real investors.
Angel Studios, Inc. (Delaware, headquartered at 295 W Center St., Provo, Utah) distributes and markets films and television series and sells subscriptions to the Angel Guild, whose members vote on which projects the studio takes. It was founded in 2013 by chief executive Neal Harmon with his brothers Daniel, Jeffrey and Jordan Harmon and his cousin Benton Crane, under the name VidAngel, and was renamed Angel Studios in March 2021. Two entities carry the filing history: CIK 1671941 is the legacy issuer that ran the Regulation A and Regulation CF raises and filed a Form 15-12G on September 10, 2025, and CIK 1865200 is the current reporting company, formerly Southport Acquisition Corporation, which trades on the NYSE as ANGX after a business combination that closed on September 10, 2025 (trading began September 11) and was accounted for as a reverse recapitalization with Angel Legacy as the accounting acquirer.
Retail money reaches the group three ways. First, Regulation A offerings of the studio's own stock: a September 2024 offering of 3,538,661 restated Class A shares at a restated $5.66 for approximately $20.0 million, and a September 2025 offering of 6,688,077 restated Class A shares at a restated $8.23 for approximately $55.0 million, marketed at the time as 1,250,000 Class C shares at $44.00 with a five-share minimum, with Rialto Markets LLC as broker-dealer of record and expressly not as underwriter. Separately, the company has run Regulation A offerings tailored to the print-and-advertising costs of specific theatrical releases, which redeem investor shares out of the film's proceeds.
Second, Regulation CF offerings by individual film companies through VAS Portal, LLC d/b/a Angel Funding (CIK 1749383, SEC File No. 7-165), a funding portal that Angel formed, sold in 2019 to Harmon Ventures, LLC, and no longer owns; 25 issuers have sold $43,406,939 across 37 offerings there since June 2019. Third, the Angel Acceleration Fund, which files with the SEC as Angel Acceleration Master Fund, LP in seven separate series under Rule 506(b) and 506(c) and Section 3(c)(1), sells only to accredited investors, and takes preferred units in film companies that also raise from the crowd.
17-29073 and operated as debtor in possession, and its reorganization plan was confirmed September 4, 2020 and became effective September 30, 2020. The settlement that ended the litigation, dated August 26, 2020, carried a $9.9 million promissory note, a 14-year No Use Covenant and a Compliance Lien over the company's assets and the two founding brothers' equity running roughly to September 2034. Renamed Angel Studios in March 2021, the company built a theatrical distribution and streaming business around the Angel Guild, a paid membership whose members vote on projects, reaching approximately 2.0 million paying members and $321.56 million of revenue in FY2025.
It went public on September 10, 2025 through a business combination with Southport Acquisition Corporation, accounted for as a reverse recapitalization, and now trades as ANGX. Along the way it sold stock to retail three times over: two corporate Regulation A offerings in September 2024 and September 2025 totaling roughly $75 million; a series of film-specific Regulation A print-and-advertising offerings that redeem investor shares out of theatrical proceeds; and, through a funding portal it founded and sold to the chief executive's family holding company in 2019, $43,406,939 of Regulation CF offerings by 25 separate film companies. A Regulation D fund under the Angel name, filing as Angel Acceleration Master Fund, LP in seven series, has sold $13,690,698 to accredited investors and takes preferred units in some of those same film companies.
Entities and Filing Identity
Angel Studios, Inc. (Delaware; 295 W Center St., Provo, Utah 84601). CIK 1865200 is the current reporting company, NYSE: ANGX, formerly Southport Acquisition Corporation; CIK 1671941 is the legacy issuer (VidAngel, Inc., then Angel Studios, Inc., then Angel Studios Legacy, Inc.), which filed a Form 15-12G on September 10, 2025. Founded 2013 by chief executive Neal Harmon with brothers Daniel, Jeffrey and Jordan Harmon and cousin Benton Crane; renamed from VidAngel in March 2021. The business combination closed September 10, 2025 and was accounted for as a reverse recapitalization with Angel Legacy as the accounting acquirer. Dual-class structure after the merger: Class A one vote per share, Class B ten votes per share, with 168,614,117 Class A and Class B shares outstanding as of September 2025.
The Exchange Ratio
5.3504621, stated in the FY2025 10-K's reverse-recapitalization note: legacy shares were 'retroactively restated as shares reflecting the exchange ratio established in the Business Combination, which is 5.3504621, with all Angel Legacy Class A common stock and Class C common stock being converted to Class A common stock.' The marketed $44.00 Regulation A price is therefore an effective $8.2236 per ANGX share, which the 10-K reports independently as $8.23. This is the single conversion every investor in the 2025 offering needs and it is not on any marketing page AltStreet captured.
The four investment paths
Path 1, corporate equity: Regulation A Tier 2 shares in the studio, converted into NYSE-listed ANGX at a 5.3504621 exchange ratio. Path 2, film P&A preferred: per-film Regulation A subsidiaries that redeem at a capped 15%. Path 3, film-company Reg CF: issuer-specific securities sold through VAS Portal, LLC. Path 4, Angel Acceleration Fund: accredited-only Regulation D series. Paths 1 to 3 are retail; Path 4 is not. Every reference in this review uses these four labels.
Path 1: Regulation A into the studio
September 2024: 3,538,661 restated Class A shares at a restated $5.66, approximately $20.0 million gross. September 2025: 6,688,077 restated Class A shares at a restated $8.23, approximately $55.0 million gross, marketed as 1,250,000 Class C shares at $44.00 under a Form 253G2 filed August 12, 2025 (File No. 024-12632), Tier 2, five-share minimum, no underwriting discount, estimated net proceeds approximately $54,650,000, Rialto Markets LLC as broker-dealer of record and expressly not underwriter. 6,688,077 divided by 5.3504621 is 1,249,999 legacy shares, so the offering sold essentially all of it. Angel's own page reported '40,773 people raised $54,674,004', footnoted as including subscriptions not yet accepted or closed, against an initial goal of $10 million and a right to raise up to $55 million.
Path 2: Regulation A preferred for print and advertising
Film-specific offerings made by per-film subsidiaries that finance a theatrical release's marketing costs and redeem investor shares out of that film's proceeds at a stated $1.15 on a $1.00 issue price, a capped 15% return. Four subsidiaries have filed and sold $18,480,922 between them; two of the four are confirmed in their own filings to have redeemed investors in full. The parent reports the redemption line as an aggregate: $15.8 million in the year to December 31, 2025 and $5.9 million in the six months to June 30, 2026, against $13.2 million and $0.0 million raised via Regulation A in those periods, alongside $84.0 million and $10.0 million of P&A loans received and $43.5 million and $57.6 million of loan repayments including interest. Distinct from the corporate equity raise; do not add the two together.
Path 3: Regulation CF through an affiliated portal
VAS Portal, LLC d/b/a Angel Funding (CIK 1749383, SEC File No. 7-165, Provo, Utah; also d/b/a Ridge at ridgecf.com, which did not resolve on September 23, 2026; portal site invest.angel.com, live). Registered January 22, 2019 on Form CFPORTAL, nine amendments, Form CFPORTAL-W withdrawing registration filed September 8, 2025; FINRA's roster read September 23, 2026 does not list it; the FY2025 10-K of March 12, 2026 describes it in the present tense as registered and a FINRA member. Sold in 2019 to Harmon Ventures, LLC, indirectly owned by the chief executive and brothers Jeffrey and Daniel Harmon; Angel Studios holds no interest in it. Universe: 25 issuers, 37 offerings, $43,406,939 sold, first filing June 24, 2019, last June 17, 2025.
Path 4: Regulation D into the Angel Acceleration Fund (accredited only)
Files as Angel Acceleration Master Fund, LP, one CIK per series, all at 119 South Main Street, Seattle, Washington. Series A1 ($3,042,986 offered, $2,542,986 sold, 12 investors), A2 ($4,247,890 / $3,747,890 / 13), A3 ($2,928,234 / $2,928,234 / 24), A4 ($2,298,068 / $2,298,068 / 25), B1 ($772,727 / $772,727 / 16), B2 ($719,452 / $719,452 / 16), B3 ($681,341 / $681,341 / 17). Total sold $13,690,698 across 123 investor slots. A1 through A3 under Rule 506(c), A4 through B3 under 506(b), every series claiming Section 3(c)(1). Related persons on every Form D: Belltower Fund Group, Ltd. and 'Fund GP, LLC' as director. The last Form D of any series is dated July 25, 2024 and no later filing exists.
Financial Condition
FY2025 revenue $321.56 million, up 233% year over year; FY2025 net loss $170.48 million; approximately $83.3 million of cash used in operating activities in FY2025; accumulated deficit approximately $241.5 million at December 31, 2025 and approximately $279.1 million at June 30, 2026, with a net loss of approximately $37.6 million in the six months between. Operating activities provided approximately $18.8 million of cash in the first half of 2026. Angel Guild paid memberships produced approximately $190.5 million of cash in that half, and deferred Guild membership revenue was $64.8 million at December 31, 2025 and $81.3 million at June 30, 2026. Approximately 2.0 million paying Guild members at December 31, 2025 (the filed figure; marketing quotes 1.5 million, 2.2 million and 3 million).
Bitcoin Treasury
The FY2025 10-K states 'We intend to adopt bitcoin as our primary treasury reserve asset.' Approximately 303.1 bitcoin held at December 31, 2025 (304.2 a year earlier), cost basis $19,617,187, carrying value $26,527,560, about 11% of total assets; 182.0 acquired and 53.8 sold in 2024, none acquired in 2025. Marked to market since January 1, 2025: $1,789,357 unrealized loss in FY2025 and an $8,780,298 net loss on digital assets in the first half of 2026, carrying value $17,747,262 at June 30, 2026 on the same 303.1 bitcoin. At June 30, 2025, $28,750,840 of the holding was a digital assets receivable, bitcoin placed with third-party lenders as collateral against notes payable.
Capital Markets Activity
Common stock sales generated $104.1 million during 2025 and a public offering raised $34.5 million in the six months to June 30, 2026. On December 5, 2025 the company entered a $150,000,000 at-the-market equity distribution agreement with Oppenheimer, Texas Capital Securities, Maxim Group and Roth Capital Partners at commissions of up to 3.0%; 196,348 shares were sold for $1.0 million under it during 2025. Off the Chain, LP, a bitcoin asset manager, bought 1,769,328 shares at $5.66 for $10.0 million payable in bitcoin, agreed September 30, 2024 and closed October 10, 2024, the same price as the September 2024 Regulation A cohort. Market quote September 23, 2026: ANGX $4.82, market capitalization approximately $900 million, 52-week range $2.045 to $9.850, approximately 186.76 million shares outstanding (market data aggregator, not a filing).
Legal and Enforcement Record
Chapter 11 petition October 18, 2017 (Case No. 17-29073, District of Utah), plan confirmed September 4, 2020 and effective September 30, 2020. Copyright litigation by Disney Enterprises, Lucasfilm, Twentieth Century Fox and Warner Bros Entertainment, later joined by MVL Film Finance, New Line Productions and Turner Entertainment; settlement agreement August 26, 2020 with a $9.9 million Settlement Promissory Note, a 14-year No Use Covenant and a Compliance Lien over all company assets and all equity owned by Neal and Jeffrey Harmon for 14 years from September 30, 2020. The Chosen arbitration initiated April 4, 2023, interim award May 28, 2024 terminating the distribution agreement, final award September 25, 2024, appeal October 25, 2024, appellate panel upheld the award June 13, 2025. Slingshot USA, LLC complaint dated March 5, 2025 in Utah State Court, Fourth Judicial District, amended April 25, 2025, alleging breach of contract, deceptive business practices and misleading fundraising activities (allegations, not findings). Guaranty default notice received February 19, 2025 on an October 2024 guaranty backing a filmmaker's secured note, amended to $8.5 million, against which the company had made $2.0 million of payments.
Platform Intelligence
Angel Studios: from injunction to listing, and the four investment paths along the way
Key platform events, regulatory turns, liquidity stress points, and product launches that shape how the review should be read.
Founded as VidAngel
Neal Harmon founds the company with brothers Daniel, Jeffrey and Jordan Harmon and cousin Benton Crane. It is renamed Angel Studios in March 2021.
Preliminary injunction halts the business
The legacy issuer's Form 1-SA filed September 28, 2018 states that the injunction in the studios' copyright suit 'caused us to cease all business and revenue generating activities at the end of fiscal year 2016', and the company recorded an adverse outcome as probable.
Chapter 11 petition
VidAngel files a voluntary petition on October 18, 2017, Case No. 17-29073 in the District of Utah, and operates as debtor in possession.
The portal is sold to the chief executive's family entity
Per the FY2025 10-K, VAS Portal was founded as a wholly owned subsidiary of Angel Studios and sold in 2019 to Harmon Ventures, LLC, indirectly owned by Neal Harmon and brothers Jeffrey and Daniel Harmon. The first Regulation CF offering through it files June 24, 2019.
VAS Portal registers as a funding portal
VAS Portal, LLC registers with the SEC on January 22, 2019 under File No. 7-165 and later does business as Angel Funding and as Ridge. Nine amendments follow.
Disney settlement and the 14-year Compliance Lien
Settlement agreement dated August 26, 2020: a $9.9 million Settlement Promissory Note, a No Use Covenant restricting use of the Film Studios' works for 14 years, and a Compliance Lien over all company assets and all equity owned by Neal and Jeffrey Harmon for 14 years from September 30, 2020, with foreclosure able to cause a change of control.
Reorganization plan effective
The plan is confirmed September 4, 2020 and becomes effective September 30, 2020, the same date from which the Compliance Lien's 14 years run.
First Angel Acceleration Fund Form D
Series A1 of Angel Acceleration Master Fund, LP files its first Form D on January 12, 2023 under Rule 506(c) and Section 3(c)(1), reporting $3,042,986 offered and $2,542,986 sold to 12 investors.
The Chosen initiates arbitration
On April 4, 2023 The Chosen initiates private binding arbitration alleging material breaches of the October 2022 distribution agreement.
Interim award terminates the distribution agreement
The interim award of May 28, 2024 grants The Chosen's claims and terminates the agreement effective that date; the final award of September 25, 2024 grants a portion of costs and fees. Angel appeals on October 25, 2024.
Last Form D of any Acceleration Fund series
A Series B3 amendment filed July 25, 2024 is the last Form D on file for any series. Series size had fallen from $3,747,890 sold on A2 to $681,341 on B3. No later Form D exists.
September 2024 Regulation A and the Off the Chain purchase
The 10-K reports 3,538,661 restated Class A shares at a restated $5.66 for approximately $20.0 million. Off the Chain, LP agrees on September 30, 2024 to buy 1,769,328 shares at the same $5.66 for $10.0 million payable in bitcoin, closing October 10, 2024.
Slingshot USA sues the company
Complaint dated March 5, 2025, served March 11, in Utah State Court, Fourth Judicial District, alleging breach of a 2021 Content Distribution Agreement, deceptive business practices and misleading fundraising activities; amended April 25, 2025. Slingshot USA had raised $4,936,993 through Angel's own Regulation CF portal. These are allegations, not findings.
Appellate panel upholds The Chosen award
On June 13, 2025 the appellate panel upholds the award. The studio's best-known title is no longer distributed under the terminated agreement.
The $44.00 offering circular
Form 253G2 filed August 12, 2025, File No. 024-12632: up to $55,000,000 of Class C Common Stock, 1,250,000 shares at $44.00, Tier 2, five-share minimum, no underwriting discount, estimated net proceeds approximately $54,650,000, Rialto Markets LLC as broker-dealer of record and expressly not underwriter.
Portal withdrawal, deregistration and the listing, in eight days
Form CFPORTAL-W withdrawing the funding portal registration is filed September 8, 2025; the legacy issuer files Form 15-12G on September 10, 2025; the business combination with Southport Acquisition Corporation closes September 10, 2025 and the company begins trading as NYSE: ANGX on September 11.
$150 million at-the-market program
On December 5, 2025 the company enters a $150,000,000 at-the-market equity distribution agreement with Oppenheimer, Texas Capital Securities, Maxim Group and Roth Capital Partners at commissions of up to 3.0%; 196,348 shares are sold for $1.0 million during 2025.
FY2025 10-K
Filed March 12, 2026: revenue $321.56 million, up 233%, against a $170.48 million net loss and roughly $83.3 million of cash used in operations; approximately 2.0 million paying Angel Guild members at December 31, 2025; the 5.3504621 exchange ratio; and a present-tense description of VAS Portal as an SEC-registered funding portal and FINRA member.
Q2 2026 10-Q: operating cash turns positive
Filed August 4, 2026 for the period ended June 30, 2026: approximately $18.8 million of cash provided by operating activities, approximately $190.5 million of cash from Angel Guild paid memberships, $81.3 million of deferred Guild revenue, a net loss of approximately $37.6 million, and $5.9 million of redemption of shares for Regulation A investors against $0.0 million raised via Regulation A.
Investor Operations
The practical questions investors actually care about: when tax documents arrive, how cash distributions work, and whether capital can be exited before the underlying asset is sold.
Tax Documents
K-1 Timing
What to expect
Not applicable to ANGX. For the fund and the film-company positions, no delivery record is published; ask for the historical K-1 delivery dates in writing before subscribing.
Cash Flow
Distributions
Frequency
None on the listed stock on the record AltStreet holds. On the print-and-advertising Regulation A offerings, share redemptions are made out of theatrical proceeds as the film earns: $15.8 million in the year to December 31, 2025 and $5.9 million in the six months to June 30, 2026.
Timing
Film-driven rather than calendar-driven. A print-and-advertising offering's redemptions follow the release's proceeds, and the 10-Q reports them only in aggregate for the period.
Consistency
The redemption line has appeared in both filed periods AltStreet read, at $15.8 million and $5.9 million. No per-offering redemption history is published. AltStreet located no consolidated distribution series across the 25 Regulation CF issuers; Slingshot USA is the one issuer for which it located a reported completed distribution, a final liquidation distribution of 9.9% above capital contributions in its FY2025 annual report.
Liquidity
Exit Reality
Holding period
None on ANGX, which trades on the NYSE. Regulation CF securities carry the standard one-year resale restriction and, in practice, no market afterward. Fund interests are illiquid partnership interests with no published transfer mechanism, and in at least one portfolio company the fund itself holds a right of first refusal over member transfers.
Exit options
- Sell ANGX on the NYSE at the prevailing price; the quote on September 23, 2026 was $4.82 with a 52-week range of $2.045 to $9.850.
- For the print-and-advertising Regulation A offerings, redemption of shares out of the film's proceeds, which the 10-Q shows running at $15.8 million in 2025 and $5.9 million in the first half of 2026.
- For Regulation CF positions in the film companies, no secondary market exists and no repurchase right is disclosed at platform level; any exit depends on that issuer's own terms or on a transaction such as the Angel Studios acquisition of Toothy Cow Productions that its April 2026 annual report describes as still in-process.
- For fund interests, no redemption or transfer mechanism is published; the fund's own repurchase election in Toothy Cow runs in its favor, not its investors'.
Secondary market
One of the four paths has a real market and three do not. That is the single most useful liquidity fact about Angel, and it also explains why the corporate Regulation A cohorts are the only ones whose outcome can be measured at all.
Investment Structures
Path 1: Regulation A Tier 2 corporate equity, now listed common stock
Two corporate offerings are on the record. September 2024: 3,538,661 restated Class A shares at a restated $5.66, approximately $20.0 million gross. September 2025: 6,688,077 restated Class A shares at a restated $8.23, approximately $55.0 million gross.
The 2025 offering was marketed under a Form 253G2 filed August 12, 2025 (File No. 024-12632) as up to $55,000,000 of Class C Common Stock, 1,250,000 shares at $44.00, Tier 2, five-share minimum, with no underwriting discount or commissions, proceeds to the issuer of $44.00 per share and estimated net proceeds of approximately $54,650,000. Rialto Markets LLC was broker-dealer of record and expressly not an underwriter, and the circular stated that investors 'WILL BE CLIENTS OF THE ISSUER AND NOT RIALTO MARKETS, LLC.' The offering terminated on the earlier of full subscription or one year from qualification, extendable one additional year. On the merger, every legacy Class A and Class C share converted to ANGX Class A at 5.3504621, making the effective cost $8.2236 per listed share. Against a $4.82 market quote on September 23, 2026, the 2025 cohort is about 41% below its effective cost and the 2024 cohort about 15% below.
Path 2: Regulation A preferred in a single film, capped at 15% and redeemed
The most legible retail product on the platform, and the only one with a completed cycle. The 10-K describes it: Angel forms a subsidiary per film, the subsidiary licenses the film from its producer and contracts with Angel to market the theatrical release, and it sells non-voting Series A Preferred under Regulation A while Angel holds the common, which is the only voting stock. In the 10-K's words, the preferred carries 'a Stated Value of 115-120% of the price at which the shares are sold', a board 'may, upon determining that the company has sufficient available funds, pay the Stated Value', payments come 'from receipts generated by the film's theatrical release, after movie theaters have taken their negotiated share', and 'Upon full payment of the Stated Value, a P&A Subsidiary's preferred shares are automatically redeemed, and we become the entity's sole owner.'
The 10-K is equally clear on the downside: 'The subsidiary's shareholders do not have any rights to our assets or securities if a film does not perform well financially.' Four subsidiaries have filed, all Delaware, all at the Provo address, all at a $1.00 issue price with a $1.15 stated value: Angel Studios 001, Inc. (File No. 024-12502, qualified October 15, 2024, $5,000,000 sold), Angel Studios 010, Inc. for The King of Kings (024-12585, qualified April 3, 2025, $5,000,000 sold), Angel Studios 022, Inc. for The Last Rodeo (024-12610, qualified May 19, 2025, $3,480,922 of a $5,000,000 maximum) and Angel Studios 024, Inc. (024-12638, qualified July 25, 2025, $5,000,000 sold). That is $18,480,922 in total.
All four have filed Form 1-Z exit reports, and none lists an underwriter, sales commission or finder's fee; North Capital Private Securities Corporation acted as escrow facilitator and the parent paid offering expenses and was reimbursed from proceeds. Two redemptions are confirmed in the issuers' own Form 1-SA filings of January 16, 2026: for The King of Kings, 'In June 2025, the Board determined there was sufficient funds available from the exploitation of the Picture and all Preferred Shareholders were paid out $1.15 per share'; for The Last Rodeo, the same sentence with August 2025. Each redemption came roughly two months after the offering closed.
The cap is the trade, and the issuer states it plainly: holders 'will receive their investment principal plus a 15% return' and 'regardless of the financial success of the Picture, the Preferred Shareholders' returns from this investment was limited.' The King of Kings subsidiary reported $29,797,939 of revenue for the period to June 30, 2025 and net income of $1,695,469; its investors received 15%. The Last Rodeo subsidiary reported $8,209,600 of revenue and a net loss of $(1,230,731) for its period, and its investors were redeemed in full anyway.
The preferred is not convertible, does not participate in any payment to common stockholders, and carries no claim on Angel Studios itself. Separately and at the parent level, the Q2 2026 10-Q reports $15.8 million of redemption of shares for Regulation A investors in the year to December 31, 2025 and $5.9 million in the six months to June 30, 2026, against $13.2 million and $0.0 million raised via Regulation A and alongside $84.0 million and $10.0 million of P&A loans received and $43.5 million and $57.6 million of loan repayments including interest. Those parent figures are aggregates and the filings do not attribute them to named subsidiaries, so they should not be read as the ledger of any one offering.
Path 3: Regulation CF securities in individual film companies
Sold by 25 separate issuers through VAS Portal, LLC d/b/a Angel Funding: 37 offerings, $43,406,939 sold, first filing June 24, 2019, last June 17, 2025. Status mix across the book: 15 reporting, 13 funded, 4 terminated, 4 dark, 1 in progress. First filings by year: two in 2019, three in 2020, eight in 2021, four in 2022, thirteen in 2023, three in 2024 and four in 2025.
The largest raises are Angel Studios itself at $4,999,986 and $4,999,272, Toothy Cow Productions at $4,995,123, Slingshot USA at $4,936,993, Tuttle Twins Show at $2,609,784, RATD Productions at $1,574,729, Shift LLC at $3,659,889 across six offerings and Chosen LLC at $1,069,962. Five issuers sold nothing at all: AS&R Productions, Black Autumn Show, Possum Trot Film, PPW Productions and Tollers & Jack. Each issuer is a separate company, but the economics rhyme across the book in a way the marketing never states: the offering documents cap the investor's return.
The revenue participation agreement for Angel Studios' own Sound of Freedom offering defines the right as payment "in an amount not to exceed one hundred and twenty percent (120%) of the Investors Purchase Price, from the Gross Receipts of the Film", adding that investors "shall have first priority on the Gross Receipts and shall be paid in full before any other claims against the Gross Receipts are paid". The wrapper changed over the years, from preferred units to crowd notes to revenue and proceeds participation rights to a crowdfunding SPV holding Series CF preferred, and the ceiling did not. One issuer has reported completing a distribution to its Regulation CF class.
Slingshot USA, LLC sold substantially all intellectual property in DAVID and Young DAVID to Giant Slayer SPV, described in its own final annual report as "a special purpose vehicle formed between Angel Studios and 2521 Entertainment", for total consideration of $77,917,159.92 under an agreement dated October 7, 2025 and amended December 2, 2025. It then reported that "The Board approved a final liquidation distribution to Preferred Unit holders equal to 9.9% above capital contributions", recording a liquidation distribution payable of $15,710,969 at October 31, 2025 with "Substantially all payments ... completed by December 31, 2025." That is a positive outcome and it is also short of the ceiling the offering described, and the buyer was a vehicle the platform itself co-formed.
The same report says the company terminated its distribution services agreement on October 7, 2025 "after failing to secure a major studio distribution agreement", and that a plan of dissolution was approved November 7, 2025. No other issuer on the portal reports a distribution to its Regulation CF class.
Path 4: Regulation D limited partnership interests in the Angel Acceleration Fund (accredited only)
Seven series file as Angel Acceleration Master Fund, LP, one CIK per series, all at 119 South Main Street, Seattle, Washington: A1 (first Form D January 12, 2023, $3,042,986 offered, $2,542,986 sold, 12 investors), A2 (March 14, 2023, $4,247,890 / $3,747,890 / 13), A3 (April 11, 2023, $2,928,234 / $2,928,234 / 24), A4 (July 14, 2023, $2,298,068 / $2,298,068 / 25), B1 (October 31, 2023, $772,727 / $772,727 / 16), B2 (January 29, 2024, $719,452 / $719,452 / 16) and B3 (April 3, 2024, $681,341 / $681,341 / 17). A1 through A3 rely on Rule 506(c), which permits general solicitation; A4 through B3 rely on 506(b), which does not. Every series is described as an Investment Fund or Venture Capital Fund claiming Section 3(c)(1); whether the 100-owner limit of a traditional 3(c)(1) fund or the 250-owner exception for qualifying venture capital funds governs them, and why successive series were opened, is not established by the Form Ds.
Total sold $13,690,698 across 123 investor slots. Every Form D names Belltower Fund Group, Ltd. and 'Fund GP, LLC' as related persons, and Belltower is a fund administration service, so the filings describe a series-vehicle-as-a-service arrangement. No management fee, carried interest, minimum or term is disclosed anywhere AltStreet can see. The last Form D of any series is dated July 25, 2024 and no later filing exists.
What the fund holds in the film companies, and what that means for the crowd
Toothy Cow Productions, LLC, the Tuttle Twins issuer that raised $4,995,123 on the portal, reported in its Form C-AR filed April 28, 2026 a capitalization at December 31, 2025 of 17,711,299 voting Common Units, 7,670,346 non-voting Class A Preferred Units with a 'Preferred Return before Common Unit distributions', and 1,266,667 non-voting Class B Preferred Units whose preferred return is shared pro rata with Class A and also comes before Common. The filing identifies the Angel Acceleration Fund as the Class B holder and describes its rights: a right of first refusal on member transfers shared with the Common Units, a preemptive right to purchase any New Securities, an election to have the company repurchase its Class B Preferred Units on certain trigger events, and the right to designate a Preferred Manager to the Board of Managers whose vote is required for the company to take certain actions. PPW Productions' Form C of February 3, 2025 describes $1,000,000 of financing, being $500,000 of Class A Preferred Unit equity plus up to $500,000 of convertible gap financing, provided by 'AAF Q4 2024, a series of Angel Acceleration Fund II LP & Angel Acceleration Master Fund, LP', alongside a revenue distribution waterfall for the film. The fund's rights are attributed specifically to Class B. Whether they make its package superior to the crowd's cannot be determined until the Regulation CF securities in that film company are matched to their class and terms in the offering's own Form C.
Risk
Risk Structure
This is where the marketplace pitch gives way to the actual operating reality: delayed exits, limited disclosure, fee drag, and path-dependent outcomes.
Three exemptions, three securities, one brand
A reader who hears 'I invested in Angel' cannot know what was bought. Corporate Regulation A stock became listed ANGX at 5.3504621. Film-specific Regulation A shares are redeemed out of one film's proceeds.
Regulation CF units are issued by a separate film company with its own capitalization and terms. Fund interests are limited partnership interests in one of seven series. These have nothing in common except the name, and their outcomes are unconnected.
The $44.00 price and the conversion that follows it
The marketed price was $44.00 per Class C share, the company set that price itself, the circular disclosed that recent and negotiated private placements were below it, and the merger converted every legacy share at 5.3504621, making the effective entry $8.2236 per ANGX share against a $4.82 quote on September 23, 2026. None of the conversion arithmetic appears on the marketing page; it appears in an accounting note in the 10-K.
The intermediary is not independent of the issuer
VAS Portal, LLC d/b/a Angel Funding was founded by Angel Studios, sold in 2019 to Harmon Ventures, LLC (indirectly owned by the chief executive and two of his brothers), raised $43,406,939 from retail across 25 film-company issuers including two Angel Studios raises of about $5.0 million each, and supplied the offering website for the company's own Regulation A. A funding portal's gatekeeping value depends on its independence from the issuers it hosts.
The portal's registration status is reported inconsistently across sources
A Form CFPORTAL-W withdrawing the funding portal registration was filed September 8, 2025; FINRA's published roster read September 23, 2026 does not list VAS Portal, Angel Funding or Ridge; the FY2025 10-K of March 12, 2026 describes it in the present tense as an SEC-registered funding portal and FINRA member; and invest.angel.com was live on the review date. AltStreet states all four and asserts neither an intent nor a violation. Confirm current status with FINRA before funding any offering hosted there.
The affiliated fund sits ahead of the common equity in the same companies
In Toothy Cow Productions the fund holds Class B Preferred Units whose preferred return comes before Common Unit distributions, alongside a Class A Preferred class with the same seniority feature, plus a right of first refusal, a preemptive right, a repurchase election and a board designee whose vote is required for certain company actions. The fund demonstrably holds rights attributed to Class B; whether its overall package is superior to the crowd's cannot be determined without matching the Regulation CF securities to their class and terms, which the annual report does not do.
A director wearing three hats, disclosed by the issuer
Toothy Cow's own conflicts section states that 'Ajay Madhok is simultaneously a Board of Managers member of TCP and a General Partner of Angel Acceleration Fund and EVP at Angel Studios, the acquiring entity', and the same filing reports 100% revenue concentration with Angel Studios and equity held by Angel-related parties including the fund and Harmon Brothers, LLC. The disclosure is complete; the structural conflict remains.
The Compliance Lien over company assets and founder equity to roughly 2034
The August 26, 2020 Disney settlement included a $9.9 million Settlement Promissory Note, a 14-year No Use Covenant and a Compliance Lien over all company assets and all equity owned by Neal and Jeffrey Harmon for 14 years from September 30, 2020. The company disclosed that foreclosure could cause a change of control, that the Harmons risk losing equity interests if four instances of unauthorized use occur in a five-year period, and that it agreed 'not to sue the Film Studios, and not to use resources to lobby to amend the Family Movie Act.' This is an encumbrance a common shareholder inherits.
Loss of the best-known title through arbitration
The Chosen initiated arbitration April 4, 2023; the interim award of May 28, 2024 granted its claims and terminated the October 2022 distribution agreement effective that date; the final award of September 25, 2024 granted a portion of costs and fees; the appeal filed October 25, 2024 was resolved when the appellate panel upheld the award on June 13, 2025. 5&2 Studios, Inc. (CIK 1733443), the company behind The Chosen, has filed SC 13E-3 going-private filings through March 30, 2026. Chosen LLC had raised $1,069,962 on Angel's own portal.
A pending suit alleging misleading fundraising against the host of the plaintiff's own raise
Slingshot USA, LLC's complaint of March 5, 2025, amended April 25, 2025, alleges breach of a 2021 Content Distribution Agreement, deceptive business practices and misleading fundraising activities in Utah State Court, Fourth Judicial District. Slingshot USA raised $4,936,993 through Angel's own Regulation CF portal. These are pleadings; no finding has been made on the record AltStreet holds. A prospective investor should track the docket rather than the characterization.
Losses, dilution and a standing at-the-market program
FY2025 net loss $170.48 million with roughly $83.3 million of operating cash used; accumulated deficit approximately $279.1 million at June 30, 2026. Common stock sales generated $104.1 million during 2025 and a public offering raised $34.5 million in the first half of 2026, and the $150,000,000 at-the-market program entered December 5, 2025 with four banks at up to 3.0% commissions tells an equity holder in advance that further issuance is the funding plan. Operating cash flow was positive in the first half of 2026, which is the counterweight.
A guaranty default and a bitcoin treasury policy
On February 19, 2025 the company received a default notice from the lender on an October 2024 guaranty backing a filmmaker's secured note, amended to $8.5 million, against which it had made $2.0 million of payments. Separately, the company stated an intention to adopt bitcoin as its primary treasury reserve asset, retaining the economic risk while never storing, viewing or directly accessing the private keys; bitcoin assets were over $28.4 million at December 31, 2024 and $3.3 million at March 31, 2025 as stated in the guaranty-repayment context.
Marketing metrics that do not agree with each other
Angel Guild membership is stated as '1.5+ million' and 'over 2.2 million' on the same page and as 3 million elsewhere in September 2026, against a filed figure of approximately 2.0 million paying members at December 31, 2025. The Acceleration Fund site claims '1 Billion+ views per year' for Dry Bar Comedy against the 10-K's 'over five billion views, including social media', a cumulative figure on a different basis, and '$50 in avg. revenue per viewer' for Tuttle Twins with no source. Take the filed figure, and take one basis at a time.
ASRisk signals to watch
- Any Form D from an Angel Acceleration series after July 25, 2024, or any EDGAR registration for Angel Acceleration Fund II LP, which is named in a Form C and in the 10-K but has neither.
- The docket in Slingshot USA, LLC v. the Company in Utah State Court, Fourth Judicial District, and any ruling on the misleading-fundraising count.
- Any FINRA roster change or further filing on SEC File No. 7-165 that clarifies VAS Portal's funding-portal status, and whether any new Form C is filed naming it as intermediary.
- Form C-AR annual reports from the 25 portal issuers, particularly the four recorded as dark and the four terminated, and any disclosure of distributions to their crowdfunding investors.
- Completion or abandonment of the Angel Studios acquisition of Toothy Cow Productions, which Toothy Cow's April 2026 annual report describes as still in-process, and the treatment of each unit class in it.
- Drawdowns under the $150,000,000 at-the-market program beyond the 196,348 shares sold for $1.0 million in 2025, and any further public offering.
- Whether the print-and-advertising Regulation A program resumes: $13.2 million was raised in 2025 and $0.0 million in the first half of 2026, while P&A loan repayments including interest ran $57.6 million in that half.
- Anything touching the Disney settlement: a No Use Covenant breach, a Compliance Lien enforcement step, or a change of control triggered by foreclosure, any of which reaches the equity before it reaches the income statement.
- The quarterly trend in Angel Guild paying members and deferred membership revenue, which is the cleanest read on whether the subscription engine is still compounding.
- Resolution of the October 2024 guaranty that received a default notice on February 19, 2025, amended to $8.5 million with $2.0 million paid.
Regulatory & Legal Posture
Security Status
Three distinct securities under three exemptions, plus a listed common stock. The corporate Class C Common Stock was offered under Regulation A Tier 2 on Form 1-A and its supplements, with the 2025 offering circular filed on Form 253G2 on August 12, 2025 under File No. 024-12632, and became NYSE-listed ANGX Class A on the September 10, 2025 business combination at an exchange ratio of 5.3504621. The film-specific print-and-advertising offerings are also Regulation A. The film-company offerings are Regulation CF securities under Section 4(a)(6), sold on Form C through VAS Portal, LLC. The fund interests are private placements under Rule 506(b) and 506(c) by vehicles claiming Section 3(c)(1).
Angel Studios, Inc. is now a full reporting company under CIK 1865200 with 10-K and 10-Q obligations, which is the strongest disclosure regime of the four paths by a wide margin. The legacy issuer under CIK 1671941 filed a Form 15-12G on September 10, 2025. The Regulation CF issuers file Form C and annual Form C-AR through the portal. The fund's only public filings are Form D notices, which disclose the amount offered, the amount sold, the number of investors, the exemptions claimed and the related persons, and nothing about fees, terms or holdings.
- Regulation A Tier 2 caps a non-accredited investor at 10% of the greater of annual income or net worth per offering; the 2025 circular set a five-share minimum, which was $220 at $44.00.
- The 2025 offering was to terminate on the earlier of full subscription or one year from qualification, extendable one additional year; on the 10-K's restated figures it sold essentially all 1,250,000 shares.
- Rialto Markets LLC acted as broker-dealer of record and expressly not as underwriter; no traditional underwriting role validated the offering price, which the circular stated was determined by the company.
- Investors in the 2025 offering waived jury trial: 'investors waive their right to a jury trial in any claim against us... including any claims made under the federal securities laws.'
- Each Angel Acceleration series claims Section 3(c)(1). Traditional 3(c)(1) funds generally use a 100-beneficial-owner limit, while qualifying venture capital funds can use the statutory 250-owner exception; the Form D filings alone do not establish which limit governs these series or why successive series were opened. The seven series together report 123 investor slots.
- Series A1 through A3 relied on Rule 506(c), which permits general solicitation to verified accredited investors; A4 through B3 relied on 506(b), which does not permit general solicitation, while a public marketing site for the fund remained up.
- VAS Portal registered on Form CFPORTAL January 22, 2019 under SEC File No. 7-165, amended nine times, and filed a Form CFPORTAL-W withdrawing its funding portal registration on September 8, 2025. FINRA's roster read September 23, 2026 does not list it; the FY2025 10-K of March 12, 2026 describes it in the present tense as registered and a FINRA member.
- The legacy issuer deregistered its securities on Form 15-12G on September 10, 2025, the day the business combination closed; current reporting is under CIK 1865200.
Disclosure Quality
Strong in the periodic filings, uneven at the point of sale, and thin to absent on the fund. The 10-K names the portal's owners, states the exchange ratio, discloses the Disney settlement terms and the Compliance Lien, and sets out the arbitration history. The offering circular disclosed the below-price private placements, the jury-trial waiver, the speculative-investment warning and the broker-dealer's non-underwriter role. The marketing page, by contrast, promoted 'Plans to Become Publicly Traded' next to a disclosure that no public market for Class C was expected, and compared a company-set Class C price to a 2016 Class B price while disclosing in the same place that existing investors 'have not realized any increased value'. The Angel Acceleration Fund's website names no legal entity, no CIK, no fee, no minimum and no term, and most of its pages return 404.
Custody Model
There is no single custody model because there is no single product. ANGX shares are held like any listed security through the holder's own broker. Regulation A subscriptions in the 2025 offering ran through Rialto Markets LLC as broker-dealer of record, with the circular stating that investors would be clients of the issuer and not of Rialto Markets. Regulation CF subscriptions ran through VAS Portal as intermediary, with each film company as issuer of its own units. Fund interests are limited partnership interests in a series vehicle whose Form D related persons are Belltower Fund Group, Ltd. and Fund GP, LLC.
Regulatory Backing
Exchange Act reporting, NYSE listing standards and Sarbanes-Oxley obligations on the listed company; Regulation A Tier 2 ongoing reporting on the legacy offerings; Regulation CF issuer and intermediary obligations on the portal offerings, subject to the portal's registration status as described in this review; and Rule 506 with Form D notice filing on the fund, which carries no ongoing disclosure obligation to investors beyond whatever the partnership agreement provides. None of it insures anything. There is no FDIC or SIPC protection over the underlying businesses and no guarantee of any distribution or redemption.
Tax Treatment
Reporting
Mixed by path: Form 1099 for a listed share, Schedule K-1 for a fund interest, and issuer-dependent for a Regulation CF position
An ANGX holder is taxed as the holder of any listed common stock, with brokerage reporting on Form 1099-B on sale and no distributions to report because the company pays no dividend on the record AltStreet holds. A limited partner in an Angel Acceleration series would ordinarily expect a Schedule K-1 from the partnership, though no partnership agreement, fee schedule or tax provision is published anywhere AltStreet can see, so the timing and form should be confirmed in writing before subscribing. A Regulation CF investor in a film company receives whatever that specific issuer provides, which depends on the entity type and the class of units and is stated only in that offering's own documents. None of the filings AltStreet read contains a tax opinion.
Income Character
Capital gain or loss on the listed stock; pass-through character on the fund and film-company positions
The corporate Regulation A path now resolves into an ordinary capital-asset holding: a gain or loss on ANGX measured against the holder's basis, which for the 2025 cohort is the restated $8.2236 per share the 5.3504621 ratio produces from $44.00, and for the 2024 cohort $5.66. The print-and-advertising offerings redeem shares out of film proceeds, and whether a particular redemption is treated as a sale or as a distribution depends on the terms of that offering, which the 10-Q summarizes only in aggregate. Fund and film-company positions are interests in operating entities whose character flows through, and film financing can generate ordinary income, capital gain and losses in different years depending on the waterfall; PPW Productions' Form C refers to a revenue distribution waterfall for the film without setting out its tax treatment.
Limitation
AltStreet has no offering-level tax disclosure for the film companies, no partnership agreement for the fund, and no statement from the company on how print-and-advertising redemptions are characterized. Anyone holding more than the listed stock should get the answer from the specific offering's documents and their own adviser rather than from any general description, including this one.
Special Considerations
- A 2025 Regulation A investor's basis per ANGX share is the restated price, not the marketed $44.00. Using $44.00 as basis against a $4.82 quote would overstate a loss by more than five times.
- Film-company units held through a Regulation CF offering may generate a K-1 with state filing obligations in the state of the issuer, which for the Angel portal issuers is commonly Utah; confirm against the specific Form C.
- The Angel Acceleration series are 3(c)(1) vehicles administered by a fund administration service, and K-1 timing on series-vehicle structures is frequently late; ask for the historical delivery record before subscribing.
- AltStreet is not a tax adviser, and none of the filings read for this review contains a tax opinion. Confirm the character and timing of any distribution or redemption with your own adviser.
Account Suitability
Taxable
The natural home for the listed stock: ordinary brokerage treatment, no K-1, no special filings, and the ability to harvest a loss against the restated basis if that is the position.
Roth IRA
Workable for ANGX through any brokerage IRA. Not workable in practice for the fund or the film-company positions without a self-directed custodian, whose annual fee would be material against position sizes of this kind.
Traditional IRA
Same as the Roth for the listed stock. For the private positions, a self-directed custodian is required, valuation for required minimum distributions is a live problem when nothing publishes a mark, and neither the fund nor the film companies offer redemption.
HSA
Not appropriate for anything here beyond, at most, a small listed-equity position. An HSA should hold liquid assets against near-term medical costs, and a loss-making single-name equity with a 52-week range of $2.045 to $9.850 is not that.
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AltStreet Data Layer
What the data actually shows
The filings behind Angel describe four money flows that are rarely put on one page: two corporate Regulation A offerings restated at a single conversion ratio, a film-specific Regulation A program that redeems shares out of theatrical proceeds, 37 Regulation CF offerings through an affiliated portal, and seven Regulation D series that take preferred units in some of those same film companies. The pattern is not fraud and it is not simple: it is a real business whose retail investors sit in four different places, with only one of those places carrying a price anyone can check.
One ratio decides what the $44.00 offering actually was
The FY2025 10-K states the exchange ratio as 5.3504621 and reports the September 2025 Regulation A at $8.23 per restated share. $44.00 divided by 5.3504621 is $8.2236, and 6,688,077 restated shares divided by the same ratio is 1,249,999 legacy shares against the 1,250,000 the circular offered.
What this means
The offering sold essentially all of itself, and every investor's cost basis is roughly $8.22 per ANGX share, not $44.00. Against a $4.82 quote on September 23, 2026 that cohort is about 41% below cost, and the September 2024 cohort at $5.66 is about 15% below.
The portal that raised $43.4 million from retail is family-owned
AltStreet's Form C ingestion shows 25 issuers and 37 offerings selling $43,406,939 through VAS Portal, LLC d/b/a Angel Funding between June 2019 and June 2025. The FY2025 10-K states that Angel founded it, sold it in 2019 to Harmon Ventures, LLC (indirectly owned by the chief executive and two of his brothers) and has no ownership interest in it, and the 2025 circular states that the same entity provided the offering website and platform for Angel's own raise.
What this means
The intermediary whose independence is the point of the funding-portal regime is not independent of the issuer group. That does not make any offering invalid; it means the portal's presence should not be read as a second set of eyes.
Three sources describe the portal's registration status three ways
VAS Portal, LLC registered on Form CFPORTAL on January 22, 2019 under SEC File No. 7-165, amended nine times, and filed a Form CFPORTAL-W withdrawing its registration on September 8, 2025. FINRA's published roster read September 23, 2026 lists neither VAS Portal, Angel Funding nor Ridge. The FY2025 10-K filed March 12, 2026 describes it in the present tense as an SEC-registered funding portal and FINRA member.
What this means
Confirm the intermediary's status directly with FINRA before funding anything hosted there. AltStreet reports all three observations and asserts neither an intent nor a violation.
The affiliated fund holds preferred units ahead of common in the same film companies
Toothy Cow Productions' Form C-AR of April 28, 2026 reports 17,711,299 voting Common Units, 7,670,346 Class A Preferred Units with a preferred return before Common Unit distributions and 1,266,667 Class B Preferred Units held by Angel Acceleration Fund with the same seniority, plus a right of first refusal, a preemptive right, a repurchase election and a Preferred Manager whose vote is required for certain company actions.
What this means
Accredited money in the affiliated fund and crowd money in the same film company are different instruments in different places in the waterfall. Read the specific Form C to establish which class you would hold.
The print-and-advertising program has paid retail investors $21.7 million across two filed periods
The Q2 2026 10-Q reports redemption of shares for Regulation A investors of $15.8 million in the year to December 31, 2025 and $5.9 million in the six months to June 30, 2026, against $13.2 million and $0.0 million raised via Regulation A in those periods and $43.5 million and $57.6 million of P&A loan repayments including interest.
What this means
This is the clearest realized-outcome evidence on the platform and it is positive. It is also a film-specific structure distinct from the corporate equity raise, and no new Regulation A money was raised into it in the first half of 2026.
Fund series size fell across seven consecutive raises and stopped filing in July 2024
Sold amounts ran $2,542,986 (A1), $3,747,890 (A2), $2,928,234 (A3), $2,298,068 (A4), $772,727 (B1), $719,452 (B2) and $681,341 (B3), totaling $13,690,698 across 123 investor slots. The exemption switched from Rule 506(c) on A1 through A3 to 506(b) from A4 onward. The last Form D of any series is dated July 25, 2024 and no later filing exists.
What this means
AltStreet draws no conclusion about whether the fund is still raising; it reports the filing record. An accredited investor approached today should ask which entity and which series they would be subscribing to, and why nothing has been filed since July 2024.
Five of 25 portal issuers sold nothing at all
AS&R Productions, Black Autumn Show, Possum Trot Film, PPW Productions and Tollers & Jack each raised $0 through the portal. PPW Productions' Form C nonetheless describes $1,000,000 of financing from an Angel Acceleration series, being $500,000 of Class A Preferred Unit equity and up to $500,000 of convertible gap financing.
What this means
The portal's headline total is concentrated in a small number of successful raises, and at least one film that raised nothing from the crowd was funded by the affiliated fund on preferred terms instead. Do not read a listing on the portal as evidence of demand.
The studio's own raises were among the largest on its own former portal
Angel Studios raised $4,999,986 and $4,999,272 through VAS Portal, the two largest amounts in the 37-offering book, ahead of Toothy Cow Productions at $4,995,123 and Slingshot USA at $4,936,993.
What this means
The operator was also the largest customer of the intermediary its chief executive and two brothers own. That is disclosed and it is worth knowing when reading the portal's aggregate volume as a measure of third-party activity.
Operating cash flow turned positive while the accumulated deficit kept growing
FY2025 used roughly $83.3 million of cash in operating activities against a $170.48 million net loss; the six months to June 30, 2026 provided roughly $18.8 million while still posting an approximately $37.6 million net loss, with the accumulated deficit moving from approximately $241.5 million to approximately $279.1 million. Deferred Angel Guild membership revenue rose from $64.8 million to $81.3 million over the same period.
What this means
The subscription business is collecting cash ahead of recognition, which is what turned the operating line positive. The net loss is still large and the $150 million at-the-market program is the disclosed funding plan for the gap.
A lawsuit alleging misleading fundraising comes from a company that raised on the platform
Slingshot USA, LLC raised $4,936,993 through Angel's own Regulation CF portal, the fourth largest raise in the book, and filed a complaint dated March 5, 2025 in Utah State Court, Fourth Judicial District, amended April 25, 2025, alleging breach of a 2021 Content Distribution Agreement, deceptive business practices and misleading fundraising activities.
What this means
These are pleadings and no court has made a finding on them on the record AltStreet holds. Track the docket rather than any summary of it, and note that the plaintiff is a former issuer on the defendant's affiliated portal.
The equity carries a copyright-settlement lien until roughly 2034
The August 26, 2020 Disney settlement included a $9.9 million Settlement Promissory Note, a No Use Covenant restricting use of the Film Studios' copyrighted works for 14 years, and a Compliance Lien over all company assets and all equity owned by Neal and Jeffrey Harmon for 14 years from September 30, 2020, with disclosed change-of-control consequences on foreclosure and the loss of founder equity interests on four instances of unauthorized use in five years.
What this means
An equity holder inherits an encumbrance over the company's entire asset base for another eight years. It is fully disclosed, it is not currently in enforcement on the record AltStreet holds, and it is the kind of term that only matters on the day it matters.
Box office and company revenue are different measures, and Angel says so
The company cites 'over $400M' of gross box office for films it distributed per TheNumbers.com, including Sound of Freedom at 'over $250M' and His Only Son at 'over $13.5M', against FY2025 revenue of $321.56 million. Its own disclosure reads: 'Box office performance of films distributed by Angel Studios, Inc. is greater than the revenue generated by Angel Studios. Angel Studios receives only a portion of the box office receipts generated by a film it distributes.'
What this means
Never set a box office gross beside a revenue line. The company's own language is the cleanest guard against a comparison that shows up constantly in coverage of faith-and-family distribution.
Data as of 2026-09-23 . AltStreet review evidence layer . Public-source analysis
Full datasetDecision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
An investor who wants exposure to Angel's business and can buy the listed stock
ANGX is the cleanest expression of the thesis: a growing subscription and distribution business with $321.56 million of FY2025 revenue, approximately 2.0 million paying members, positive operating cash flow in the first half of 2026, a $170.48 million FY2025 net loss, an accumulated deficit of approximately $279.1 million and a $150 million at-the-market program that will dilute. You get daily pricing, quarterly reporting and no affiliate structure between you and the company. You also inherit a Compliance Lien over company assets running to roughly September 2034.
An existing 2024 or 2025 Regulation A holder trying to work out where they stand
This review exists largely for you. Divide your $44.00 price by 5.3504621 to get $8.2236 per ANGX share, or use $5.66 if you bought in September 2024, and compare that with the quote. The 10-K reports the same offering at $8.23 per restated share, which confirms the arithmetic. Everything else you read about the offering, including the marketing comparison to 2016 prices, is downstream of that one number.
A fan who wants to back a specific film through the crowdfunding path
Not because the films fail, but because the structure is opaque at the level that matters. You would be buying into a separate film company on terms set in its own Form C, through an intermediary whose registration status is reported three different ways, potentially behind two classes of preferred units held by an affiliated fund with a board veto, with no secondary market and no investor-count data, and with your upside generally capped at 120% of what you paid. Across 37 offerings exactly one issuer has reported completing a distribution to its Regulation CF class, and it landed at 9.9% above capital rather than the 120% the documents describe. Five of the 25 issuers sold nothing at all.
An accredited investor considering the Angel Acceleration Fund
On published information alone this is not assessable. The site names no legal entity, no CIK, no minimum, no management fee, no carried interest and no term, and most of its pages return 404; the people it names appear on no Form D; the Form Ds name a fund administrator and 'Fund GP, LLC' instead; a second vehicle named in filings has no EDGAR registration; and the last Form D of any series is dated July 25, 2024. The position it takes in portfolio companies is genuinely senior and well-protected, which is a point in its favor, and none of the terms on which you would own it are public.
An income investor
ANGX pays no dividend on the record AltStreet holds, and the company is loss-making at the net level. The cash that has reached retail investors on the record is the redemption of print-and-advertising Regulation A shares out of film proceeds, which is a return of a film-specific investment rather than a yield, and Slingshot USA's reported final liquidation distribution at 9.9% above capital contributions after the sale of its DAVID intellectual property, which is a one-time exit; the company raised nothing new for the P&A program in the first half of 2026.
An investor who cannot tolerate legal and structural overhang
A Compliance Lien over all company assets and two founders' equity to roughly September 2034 with disclosed change-of-control consequences, an arbitration that removed the best-known title and was upheld on appeal, a pending suit alleging misleading fundraising by the platform that hosted the plaintiff's own raise, and a February 2025 guaranty default notice on an $8.5 million obligation. Each is disclosed; together they are a lot to hold.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Transparency
The marketing page promoted 'Plans to Become Publicly Traded' beside a disclosure that no public market for Class C was expected, compared a company-set Class C price to a 2016 Class B price, and never showed the conversion ratio that determined what the share became.
Outcome evidence
That mark is $4.82 on September 23, 2026 against effective entry costs of $8.22 and $5.66, and no new Regulation A money was raised in the first half of 2026.
Business quality
A $170.48 million FY2025 net loss, roughly $83.3 million of operating cash used that year, an accumulated deficit of approximately $279.1 million, and a $150 million at-the-market program at up to 3.0% commissions.
Structure
Three exemptions, two affiliated non-consolidated entities, a portal owned by the chief executive and two brothers, a fund whose terms are unpublished and whose preferred units sit ahead of the common equity in the same film companies the crowd funded.
Legal position
That settlement carries a 14-year No Use Covenant and a Compliance Lien over company assets and founder equity to roughly September 2034, an agreement not to sue the Film Studios or to use resources to lobby to amend the Family Movie Act, and the risk of losing equity interests on four instances of unauthorized use in five years.
Avoid
Who This Is Not For
This section should be read as a filter, not an afterthought. If you need income, simplicity, or near-term access to capital, the structure is working against you.
Anyone comparing $44.00 to the ANGX quote
The 5.3504621 exchange ratio converts $44.00 to $8.2236 per listed share, and the 10-K reports the same offering at $8.23 per restated share. Any comparison without the ratio is wrong by more than five times in either direction.
Investors who need to know a fund's fees before wiring money
The Angel Acceleration Fund publishes no management fee, no carried interest, no minimum and no term, on its site or in any Form D, and most of its website returns 404.
Anyone who treats box office as company revenue
Angel's own disclosure reads: 'Box office performance of films distributed by Angel Studios, Inc. is greater than the revenue generated by Angel Studios. Angel Studios receives only a portion of the box office receipts generated by a film it distributes.'
Crowdfunding investors who assume they sit alongside the affiliated fund
In Toothy Cow Productions two classes of non-voting preferred units carry a preferred return ahead of Common Unit distributions, and the fund's class also carries a right of first refusal, a preemptive right, a repurchase election and a board designee with a veto on certain actions.
Investors who need liquidity from anything other than the listed stock
There is no secondary market for the Regulation CF positions and no published transfer or redemption mechanism for the fund interests.
Anyone relying on a marketing membership count
The same page carries '1.5+ million' and 'over 2.2 million' Guild members and a third figure of 3 million appears elsewhere; the filed number is approximately 2.0 million paying members at December 31, 2025.
Editorial View
AltStreet Perspective
The compressed version of the review: what matters, what marketing tends to obscure, and how we would frame the platform for a serious allocator.
Verdict
Angel is the most substantial operating business AltStreet has reviewed in this category and one of the harder ones to buy cleanly, and both of those things are true at the same time. The revenue is real, the membership is real, the operating cash flow turned positive in the first half of 2026, and the print-and-advertising offerings have genuinely returned money to retail investors out of theatrical proceeds. Set against that: retail bought corporate stock at a price the company set, while the circular disclosed private placements below it, and the conversion that determined what the share became is a ratio in an accounting note; the crowdfunding path ran through a portal owned by the chief executive and two of his brothers, whose registration status is now described differently by the withdrawal filing, FINRA's roster and the company's own annual report; and an affiliated fund holds senior preferred units and a board veto in the same film companies that sold to the crowd. The useful thing this review can do is put the four paths on the same page and hand over the one number that lets a reader grade the biggest of them. That number is 5.3504621.
Positioning
Closest in shape to StartEngine, a platform that sells other people's offerings and its own equity to the same retail audience, and considerably larger and better capitalized. Closest in mechanics to GigaStar, where a single group controls the portal, the administrator and the venue, except that Angel's portal sits outside the public company in family hands rather than inside it. Not comparable to a pooled film fund, because nothing retail buys here is pooled: the corporate stock is a claim on the studio, the crowdfunding units are claims on one film company each, and the only pooled vehicle is accredited-only and publishes nothing.
The Bottom Line
A genuine $321.56 million studio with approximately 2.0 million paying members, four investment paths, three retail and one accredited-only, that sit in different places in the same capital stack, and one exchange ratio, 5.3504621, that has to be applied before any of it can be judged.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
If you bought the 2025 Regulation A, divide your $44.00 price by 5.3504621 to get $8.2236 per ANGX share and compare that with the current quote. If you bought in September 2024, use the 10-K's restated $5.66. Do not compare $44.00 to the quote.
Open the FY2025 10-K (CIK 1865200, filed March 12, 2026) and read three sections: the reverse-recapitalization note for the ratio, the Financings section for the two Regulation A offerings, and the related-party disclosure on VAS Portal for who owns the portal.
Open the Q2 2026 10-Q (filed August 4, 2026) and find the print-and-advertising table. It is the only place the redemption line appears, and it is the clearest realized-outcome evidence on the platform.
If you hold or are considering a position in a film company that raised on Angel Funding, pull that issuer's Form C and every Form C-AR it has filed, and find the capitalization table. Establish which class you hold and whether any preferred class stands ahead of it.
If you are considering the Angel Acceleration Fund, ask in writing for the limited partnership agreement, the management fee, the carried interest, the minimum, the term and the current portfolio, and for which series and which filing entity you would be subscribing to. None of it is published.
Check FINRA's funding-portal roster directly before funding any offering that names VAS Portal, LLC or Angel Funding as intermediary, and note the Form CFPORTAL-W filed September 8, 2025.
Read the Disney settlement disclosure in the filings for the Compliance Lien, the No Use Covenant and the change-of-control language, and treat roughly September 2034 as the date that overhang runs to.
Track the Slingshot USA, LLC docket in Utah State Court, Fourth Judicial District, rather than any summary of it, including this one; the misleading-fundraising count is an allegation and nothing more until a court says otherwise.
If you want the comparison set, read AltStreet's StartEngine review for a platform that sells its own equity to its own audience, and the GigaStar review for a group that controls the portal and the venue its investors depend on.
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Deal Intelligence →Appendix
Sources, Disclosures, and Supporting Context
The lower section is structured like a report appendix: relationship context first, adjacent reading second, and evidence last.
Report Appendix
Disclosure
Relationship and compensation context
+
Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Comparison Guides
Head-to-head guides featuring Angel Studios
+
Report Appendix
Comparison Guides
Head-to-head guides featuring Angel Studios
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
+
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
Further Reading
Related Resources
Adjacent frameworks and reviews that help place the platform in a broader allocation or due-diligence context.
Similar Platform Reviews
- GigaStar Review
The other platform where one group controls the portal, the administrator and the venue its investors depend on, with the fee stack stated in the filings and nowhere else.
- StartEngine Review
A platform that sells other issuers' offerings and its own equity to the same retail audience, for comparison with Angel raising on its own former portal.
- Wefunder Review
The largest Regulation CF portal, for calibrating what an independent multi-issuer intermediary looks like next to a single-group one.
- Republic Review
A multi-exemption platform spanning Regulation CF, Regulation A and private placements, which is the same three-path problem in a different shape.
- Finlete Review
A single-name Regulation CF revenue share whose first completed cycle is the contrast case for what an outcome looks like when there is no public price.
Report Appendix
Related Coverage
AltStreet newsroom articles on Angel Studios filings and disclosures
+
Report Appendix
Related Coverage
AltStreet newsroom articles on Angel Studios filings and disclosures
- Angel Studios Shifts Toothy Cow Deal Toward Preferred Holders After Funding $12.6 Million Against an $11.9 Million CapOct 5, 2026
A second restated merger agreement with the Wingfeather Saga producer moves consideration from common to preferred unitholders; Angel's 8-K also says it has funded $12.6 million of the target's operations against a stated maximum commitment of $11.9 million.
- Angel-Backed Animator Qayinara Opens a $6.5 Million Preferred Raise With $5,343 of Cash on HandSep 24, 2026
The producer of 'Gabriel and the Guardians' filed a Form D on September 15 for a $6,500,000 Rule 506(b) offering of preferred equity carrying fixed distributions and a revenue share. One investor had bought $175,000 by August 31. Its last annual report shows $27,166 of revenue, a $177,160 loss and $5,343 of cash at year-end 2025.
Report Appendix
SEC Filers Behind Angel Studios
The largest issuers linked to Angel Studios on EDGAR, by total reported sold; each page carries the filing record and the related persons
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Report Appendix
SEC Filers Behind Angel Studios
The largest issuers linked to Angel Studios on EDGAR, by total reported sold; each page carries the filing record and the related persons
- Angel Acceleration Master Fund, LP - A22023 · $3.7M · 13 investors
- Angel Acceleration Master Fund, LP - A32023 · $2.9M · 24 investors
- Angel Acceleration Master Fund, LP - A12023 · $2.5M · 12 investors
- Angel Acceleration Master Fund, LP - A42023 · $2.3M · 25 investors
- Angel Acceleration Master Fund, LP - B12023 · $773K · 16 investors
- Angel Acceleration Master Fund, LP - B22024 · $719K · 16 investors
- Angel Acceleration Master Fund, LP - B32024 · $681K · 17 investors
- Angel Studios, Inc.2021
Report Appendix
Evidence & Methodology
94 cited passages on file; sources, scope, and how the review was assembled
+
Report Appendix
Evidence & Methodology
94 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
94 supporting passages on file for Angel Studios and its offerings from 6 source documents, 5 discrepancies flagged. Each passage records the metric it supports, the value read from the document, the page, and the verbatim text where the document has it. Terminal subscribers read the passages; open them in the terminal.
- Cited passages
- 94
- Source documents
- 6
- Analyst verified
- 0
- Discrepancies flagged
- 5
ASReview Evidence
Methodology
Identity and structure are read from the FY2025 Form 10-K of Angel Studios, Inc. (CIK 1865200) filed March 12, 2026, and cross-checked against the legacy issuer's filing history under CIK 1671941. The exchange ratio is quoted verbatim from the 10-K's reverse-recapitalization note and applied only in the two ways the filings support: $44.00 divided by 5.3504621 gives $8.2236, and 6,688,077 restated shares divided by 5.3504621 gives 1,249,999 legacy shares against the 1,250,000 offered. Regulation A offering terms are read from the Form 253G2 filed August 12, 2025 under File No. 024-12632; restated share counts and prices are the 10-K's own Financings table. Print-and-advertising figures are the Q2 2026 Form 10-Q's table for the six months to June 30, 2026 and the year to December 31, 2025, reported as filed and not reconciled against the corporate Regulation A totals. The Regulation CF universe is AltStreet's ingestion of every Form C naming VAS Portal, LLC as intermediary, giving 25 issuers, 37 offerings and $43,406,939 sold, with status and first-filing-year distributions taken from the same ledger. Portal registration facts are the Form CFPORTAL of January 22, 2019, its nine amendments and the Form CFPORTAL-W of September 8, 2025, set beside FINRA's published funding-portal roster as read on September 23, 2026 and the 10-K's own present-tense description; AltStreet states all three and draws no conclusion beyond them. Fund figures are the offering amount, amount sold and investor count on each of the seven series' Form D chains, summed to $13,690,698 and 123 investor slots. Portfolio-company facts are quoted from Toothy Cow Productions, LLC's Form C-AR filed April 28, 2026 and PPW Productions, LLC's Form C filed February 3, 2025. The auditor is named in the FY2025 10-K's audit report: Tanner LLP, PCAOB Firm ID 270, of Lehi, Utah, which states it has served as the company's auditor since 2016 and issued an unmodified opinion with no critical audit matters and no substantial-doubt paragraph; the going-concern wording elsewhere in the 10-K sits in risk factors describing what enforcement of the Reorganization Plan liens would do, and is not an audit qualification. The P&A subsidiary terms, amounts and redemptions are read from each subsidiary's own Form 1-A, Form 253G2, Form 1-SA and Form 1-Z. The Regulation CF payout terms come from the offering documents themselves across all 25 issuers, and the two load-bearing quotations, the 120% cap and the Slingshot distribution, were each re-read against the source filing before publication rather than taken from a summary. Legal history is taken from the company's own disclosures. Market data for ANGX is a September 23, 2026 quote from a market data aggregator and is labeled as a quote wherever it appears; the two cohort comparisons (down about 41% and about 15%) are that quote against the restated entry prices and are the only ratios this review computes.
Scope
CIK 1865200 (Angel Studios, Inc., NYSE: ANGX), CIK 1671941 (VidAngel, Inc. / Angel Studios, Inc. / Angel Studios Legacy, Inc.), CIK 1749383 (VAS Portal, LLC d/b/a Angel Funding, SEC File No. 7-165) and the seven Angel Acceleration Master Fund, LP series CIKs 1949032, 1969261, 1970799, 1981698, 1987793, 2004822 and 2014628; the FY2025 10-K of 2026-03-12 and the Q2 2026 10-Q of 2026-08-04; the Form 253G2 of 2025-08-12 (File No. 024-12632); the Form 1-SA of 2018-09-28; the Form 15-12G of 2025-09-10; the 8-K of 2025-09-16; the Form CFPORTAL of 2019-01-22, nine amendments and the Form CFPORTAL-W of 2025-09-08; 37 Form C offerings by 25 issuers through VAS Portal, 2019-06-24 to 2025-06-17; the Toothy Cow Productions, LLC Form C-AR of 2026-04-28; the PPW Productions, LLC Form C of 2025-02-03; FINRA's funding-portal roster as read 2026-09-23; the four P&A subsidiary CIKs 2007756, 2060101, 2064758 and 2070718 with their Form 1-A, 253G2, 1-K, 1-SA and 1-Z filings; and 40 pages scraped from angelacceleration.fund, angel.com and angelstudios.com on 2026-09-23.
Key Findings
- *FY2025 10-K, reverse-recapitalization note, verbatim: 'retroactively restated as shares reflecting the exchange ratio established in the Business Combination, which is 5.3504621, with all Angel Legacy Class A common stock and Class C common stock being converted to Class A common stock.'
- *FY2025 10-K, Financings, Regulation A offerings: September 2024, 3,538,661 restated Class A shares at $5.66, approximately $20.0 million gross; September 2025, 6,688,077 restated Class A shares at $8.23, approximately $55.0 million gross. 6,688,077 divided by 5.3504621 is 1,249,999 legacy shares against 1,250,000 offered.
- *FY2025 10-K on the portal, verbatim: 'VAS Portal was originally founded as a wholly owned subsidiary of Angel Studios, but was sold in 2019 to Harmon Ventures, LLC (an entity indirectly owned by our Chief Executive Officer, Mr. Neal Harmon, and two of his brothers, Messrs. Jeffrey Harmon and Daniel Harmon) (Harmon Ventures). As of the date of this Annual Report, Angel Studios has no ownership interest in VAS Portal.' The same annual report describes VAS Portal as 'an SEC registered Funding Portal (SEC File No. 7-165) and a member of the Financial Industry Regulation Authority.'
- *Form 253G2, 2025-08-12: up to $55,000,000 of Class C Common Stock, 1,250,000 shares at $44.00, Tier 2, minimum five shares; underwriting discount and commissions N/A; proceeds to issuer $44.00 per share; estimated net proceeds approximately $54,650,000; offering terminates on the earlier of full subscription or one year from qualification, extendable one additional year.
- *Form 253G2 on the broker-dealer: Rialto Markets LLC is broker-dealer of record and expressly not an underwriter, with investors in the offering 'WILL BE CLIENTS OF THE ISSUER AND NOT RIALTO MARKETS, LLC.'
- *Form 253G2 risk factor, verbatim: 'We recently sold shares of our Class C Common Stock in private placements at a price or prices below the $44.00 Offering Price at which we intend to sell the Offered Shares. Further, we have negotiated to sell shares of our Class C Common at a price below the Offering Price in one or more private placements that may close after we commence this Offering.'
- *Form 253G2, further verbatim: 'investors waive their right to a jury trial in any claim against us... including any claims made under the federal securities laws'; 'AN INVESTMENT IN THE OFFERED SHARES IS SPECULATIVE, INVOLVES A HIGH DEGREE OF RISK'; and the SPAC valuation formula, '$1.5 billion plus aggregate gross proceeds of any capital raised by Angel Studios prior to Closing, divided by $10.00 per share.'
- *angel.com/invest, captured 2026-09-23: '40,773 people raised $54,674,004', footnoted as including subscriptions not yet accepted or closed, initial goal $10M with the right to raise up to $55M; 'You can become an investor for $44.00 a share. That's over 14 times more than we sold our shares for back in 2016' against a graphic showing $3.00 in 2016; and on the same page, the disclosures that the comparison is Class C against Class B, that 'Existing investors ... have not realized any increased value', that 'The offering price of our Class C Shares was determined by the Company', and that 'There is no public market for our Class C Shares, and we do not expect any such market to develop', alongside a promotion of 'Plans to Become Publicly Traded.'
- *Q2 2026 10-Q, verbatim: 'The Company has historically financed marketing activities for theatrical releases through two primary methods: 1) Regulation A offerings that are tailored to raise money for the print and advertising costs (P&A) for specific theatrical releases and 2) P&A loan agreements with individual and institutional investors.'
- *Q2 2026 10-Q table: six months to 2026-06-30, Regulation A raised $0.0 million, P&A loans received $10.0 million, P&A loan repayments including interest $57.6 million, redemption of shares for Regulation A investors $5.9 million; year to 2025-12-31, Regulation A raised $13.2 million, P&A loans received $84.0 million, P&A loan repayments including interest $43.5 million, redemption of shares for Regulation A investors $15.8 million.
- *Financial condition: FY2025 revenue $321.56 million, up 233% year over year; FY2025 net loss $170.48 million; approximately $83.3 million of cash used in operating activities in FY2025; accumulated deficit approximately $241.5 million at 2025-12-31 and approximately $279.1 million at 2026-06-30; net loss approximately $37.6 million for the six months to 2026-06-30; approximately $18.8 million of cash provided by operating activities in that period; approximately $190.5 million of cash from Angel Guild paid memberships in that period; deferred Guild membership revenue $64.8 million at 2025-12-31 and $81.3 million at 2026-06-30; approximately 2.0 million Angel Guild paying members at 2025-12-31.
- *Capital markets: common stock sales generated $104.1 million during 2025; a public offering raised $34.5 million in the six months to 2026-06-30; a $150,000,000 at-the-market equity distribution agreement was entered 2025-12-05 with Oppenheimer, Texas Capital Securities, Maxim Group and Roth Capital Partners at commissions up to 3.0%, under which 196,348 shares were sold for $1.0 million during 2025; Off the Chain, LP bought 1,769,328 shares at $5.66 for $10.0 million payable in bitcoin, agreed 2024-09-30 and closed 2024-10-10.
- *AltStreet Form C ingestion, VAS Portal as intermediary: 25 issuers, 37 offerings, $43,406,939 sold; status mix 15 reporting, 13 funded, 4 terminated, 4 dark, 1 in progress; first filings by year 2019 two, 2020 three, 2021 eight, 2022 four, 2023 thirteen, 2024 three, 2025 four. Largest raises: Angel Studios $4,999,986 and $4,999,272; Toothy Cow Productions $4,995,123; Slingshot USA $4,936,993; Tuttle Twins Show $2,609,784; RATD Productions $1,574,729; Shift LLC $3,659,889 across six offerings; Chosen LLC $1,069,962. Five issuers sold nothing at all: AS&R Productions, Black Autumn Show, Possum Trot Film, PPW Productions and Tollers & Jack.
- *Angel Acceleration Master Fund, LP Form D series data: A1 (CIK 1949032, first Form D 2023-01-12) $3,042,986 offered, $2,542,986 sold, 12 investors, 506(c) and 3(c)(1); A2 (1969261, 2023-03-14) $4,247,890 / $3,747,890 / 13, 506(c); A3 (1970799, 2023-04-11) $2,928,234 / $2,928,234 / 24, 506(c); A4 (1981698, 2023-07-14) $2,298,068 / $2,298,068 / 25, 506(b); B1 (1987793, 2023-10-31) $772,727 / $772,727 / 16, 506(b); B2 (2004822, 2024-01-29) $719,452 / $719,452 / 16, 506(b); B3 (2014628, 2024-04-03) $681,341 / $681,341 / 17, 506(b). Total sold $13,690,698 across 123 investor slots; every series an Investment Fund or Venture Capital Fund claiming 3(c)(1); last Form D of any series 2024-07-25.
- *Toothy Cow Productions, LLC Form C-AR filed 2026-04-28, capitalization at 2025-12-31: Common Units 17,711,299 (voting); Class A Preferred Units 7,670,346 (non-voting, 'Preferred Return before Common Unit distributions'); Class B Preferred Units 1,266,667 (non-voting, preferred return shared pro rata with Class A, before Common).
- *Toothy Cow Form C-AR, fund rights, verbatim: 'Angel Acceleration Fund (The Fund) (as the holder of the Class B Preferred Units) and the Common Units have a right of first refusal if a Member desires to transfer their membership interests'; 'The Fund ... has a preemptive right to purchase any New Securities ... proposed to be offered by the Company'; 'The Fund ... may elect to have the Company repurchase its Class B Preferred Units upon certain trigger events'; 'The Fund ... has the right to designate one individual (the Preferred Manager) to the Company's Board of Managers' and 'The vote of the Preferred Manager ... is required for the Company to take certain actions.'
- *Toothy Cow Form C-AR, conflicts, verbatim: 'Ajay Madhok is simultaneously a Board of Managers member of TCP and a General Partner of Angel Acceleration Fund and EVP at Angel Studios, the acquiring entity'; board bio 'Ajay Madhok Managing Partner of Angel Acceleration Fund and EVP of Business Strategy at Angel Studios'; 'revenue concentration of 100% of revenues derive from Angel Studios, and equity interests held by related parties of Angel Studios including Angel Acceleration Fund and Harmon Brothers, LLC'; 'After nearly 5 years of distribution partnership, on November 14th it was announced in the trades that the Company has entered into an agreement to be acquired by Angel Studios. As of the time of this filing, the transaction is still in-process.'
- *Chapter 11 and copyright litigation: voluntary petition filed 2017-10-18, Case No. 17-29073, District of Utah, operating as debtor in possession; reorganization plan confirmed 2020-09-04, effective 2020-09-30; suit brought by Disney Enterprises, Lucasfilm, Twentieth Century Fox and Warner Bros Entertainment, later joined by MVL Film Finance, New Line Productions and Turner Entertainment.
- *Disney Settlement Agreement dated 2020-08-26: a $9.9 million Settlement Promissory Note; a No Use Covenant restricting use of the Film Studios' copyrighted works for 14 years; a Compliance Lien covering all company assets and all equity owned by Neal and Jeffrey Harmon for 14 years from 2020-09-30, running to roughly September 2034, with foreclosure able to cause a change of control; a one-year non-compete on the Harmons and the risk of losing equity interests on four instances of unauthorized use in a five-year period; and, verbatim, 'we have also agreed not to sue the Film Studios, and not to use resources to lobby to amend the Family Movie Act.'
- *The Chosen arbitration: initiated 2023-04-04 alleging material breaches of the October 2022 distribution agreement; interim award 2024-05-28 granting the claims and terminating the agreement effective that date; final award 2024-09-25 granting a portion of costs and fees; appeal filed 2024-10-25; appellate panel upheld the award 2025-06-13. 5&2 Studios, Inc. (CIK 1733443) has filed SC 13E-3 going-private filings through 2026-03-30.
- *Slingshot USA, LLC v. the Company: complaint dated 2025-03-05, served 2025-03-11, Utah State Court, Fourth Judicial District, alleging breach of a 2021 Content Distribution Agreement, deceptive business practices and misleading fundraising activities; motion to strike 2025-04-11; amended complaint 2025-04-25. Slingshot USA raised $4,936,993 through Angel's own Regulation CF portal. Allegations, not findings.
- *Guaranty default: on 2025-02-19 the company received a default notice from the lender on an October 2024 guaranty backing a filmmaker's secured note, amended to $8.5 million, against which the company had made $2.0 million of payments.
- *Bitcoin treasury, verbatim from the circular: 'We intend to adopt bitcoin as our primary treasury reserve asset'; 'We retain the economic risk of the bitcoin'; 'We never store, view or directly access our private keys.' Bitcoin assets were over $28.4 million at 2024-12-31 and $3.3 million at 2025-03-31 as stated in the guaranty-repayment context.
- *Other structural facts: a 50% interest in Fig Real Estate Holdings, LLC, the entity leasing the corporate office space, at $0.4 million annually in FY2024 and FY2023; a dual-class structure post-merger with Class A one vote and Class B ten votes per share and 168,614,117 Class A and Class B shares outstanding as of September 2025; and the Angel Guild pledge, verbatim: 'When I vote, I pledge to help choose excellent entertainment that is true, honest, noble, just, authentic, lovely, or admirable.'
- *Box office as the company states it: His Only Son released March 2023 'grossing over $13.5M in the box office'; Sound of Freedom 'grossed over $250M'; later releases Cabrini, Sound of Hope: The Story of Possum Trot, Homestead, The Last Rodeo and The King of Kings; 'over $400M' of gross box office for films it distributed, per TheNumbers.com; and the company's own disclosure, verbatim: 'Box office performance of films distributed by Angel Studios, Inc. is greater than the revenue generated by Angel Studios. Angel Studios receives only a portion of the box office receipts generated by a film it distributes.'
- *Marketing metric conflicts: Angel Guild membership stated as '1.5+ million members' and 'over 2.2 million' on the same page and as 3 million elsewhere in September 2026, against a filed figure of approximately 2.0 million paying members at 2025-12-31; the fund site's '1 Billion+ views per year' for Dry Bar Comedy against the 10-K's 'over five billion views, including social media'; and '$50 in avg. revenue per viewer' for Tuttle Twins, unsourced.
Primary Source Pages
Comparable Platforms
- GigaStar
The other single-group structure in this category, where the portal, the administrator and the trading venue are all affiliates; Angel's portal sits outside the public company in family hands instead.
- StartEngine
A platform that sells both other issuers' offerings and its own equity to the same retail audience, which is the closest analogue to Angel raising on its own former portal.
- Wefunder
The largest independent Regulation CF portal, for calibrating what an intermediary unaffiliated with its issuers looks like.
- Republic
A multi-exemption platform running Regulation CF, Regulation A and private placements side by side, which is the same three-path disclosure problem in a different shape.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
What happened to the Angel Studios $44 shares?
They were converted into NYSE-listed ANGX Class A shares at an exchange ratio of 5.3504621, which the FY2025 10-K states in its reverse-recapitalization note. That makes the effective cost $8.2236 per listed share, and the 10-K independently reports the September 2025 Regulation A offering at $8.23 per restated share, which confirms the arithmetic. The offering itself was 1,250,000 Class C shares at $44.00 for up to $55,000,000; the 10-K's restated figures show 6,688,077 shares at $8.23 for approximately $55.0 million, and 6,688,077 divided by 5.3504621 is 1,249,999 legacy shares, meaning it sold essentially all of it. Against a market quote of $4.82 on September 23, 2026, that cohort sits about 41% below its effective cost. Comparing $44.00 directly to the quote is wrong by more than five times.
Is Angel Studios publicly traded?
Yes. Angel Studios, Inc. trades on the NYSE under the ticker ANGX following a business combination with Southport Acquisition Corporation that closed on September 10, 2025 and was accounted for as a reverse recapitalization, with Angel Legacy as the accounting acquirer. The current reporting company is CIK 1865200; the legacy issuer, CIK 1671941, filed a Form 15-12G on September 10, 2025. On September 23, 2026 a market data aggregator quoted ANGX at $4.82 with a market capitalization of approximately $900 million, a 52-week range of $2.045 to $9.850 and approximately 186.76 million shares outstanding. The company has a dual-class structure post-merger, with Class A carrying one vote per share and Class B ten.
Who owns the Angel Funding portal?
Harmon Ventures, LLC. The FY2025 10-K states, verbatim, that 'VAS Portal was originally founded as a wholly owned subsidiary of Angel Studios, but was sold in 2019 to Harmon Ventures, LLC (an entity indirectly owned by our Chief Executive Officer, Mr. Neal Harmon, and two of his brothers, Messrs. Jeffrey Harmon and Daniel Harmon)' and that 'As of the date of this Annual Report, Angel Studios has no ownership interest in VAS Portal.' VAS Portal, LLC does business as Angel Funding at invest.angel.com and has also done business as Ridge. Twenty-five issuers have sold $43,406,939 across 37 Regulation CF offerings through it, including two Angel Studios raises of $4,999,986 and $4,999,272, and the 2025 Regulation A circular states that Harmon Ventures' VAS Portal provided the offering website and platform for Angel's own offering.
Is the Angel Funding portal still registered with the SEC?
The filings and the regulator's roster point in different directions and AltStreet reports all three observations without drawing a conclusion. VAS Portal, LLC registered as a funding portal on January 22, 2019 under SEC File No. 7-165 and amended its registration nine times. It filed a Form CFPORTAL-W withdrawing its funding portal registration on September 8, 2025. FINRA's published funding-portal roster, read on September 23, 2026, does not list VAS Portal, Angel Funding or Ridge. And the FY2025 10-K, filed March 12, 2026, six months after the withdrawal, describes it in the present tense as 'an SEC registered Funding Portal (SEC File No. 7-165) and a member of the Financial Industry Regulation Authority.' If you are considering any offering that names it as intermediary, confirm its current status with FINRA before funding.
Did Angel Studios investors ever get paid back?
Some did, on one specific path, and the filings say so directly. Angel forms a subsidiary per film that sells non-voting Series A Preferred at $1.00 under Regulation A and redeems it at a stated $1.15, a capped 15% return, out of that film's receipts. Two of the four that have filed are confirmed redeemed in full in their own Form 1-SA filings of January 16, 2026: Angel Studios 010, which financed The King of Kings, paid $1.15 per share in June 2025, and Angel Studios 022, which financed The Last Rodeo, did the same in August 2025. Each came about two months after the offering closed. At the parent level the Q2 2026 10-Q reports $15.8 million of redemption of shares for Regulation A investors in the year to December 31, 2025 and $5.9 million in the six months to June 30, 2026, as aggregates rather than per offering. The corporate Regulation A cohorts are a different thing entirely and have not been paid anything; they hold ANGX shares, and both cohorts are below their effective entry price at a September 23, 2026 quote of $4.82.
What is the Angel Acceleration Fund?
A Regulation D fund that files with the SEC as Angel Acceleration Master Fund, LP in seven separate series, one CIK each, all at 119 South Main Street, Seattle, Washington. Series A1 through B3 have sold $13,690,698 in total across 123 investor slots: $2,542,986, $3,747,890, $2,928,234, $2,298,068, $772,727, $719,452 and $681,341 respectively. A1 through A3 relied on Rule 506(c) and A4 through B3 on 506(b), and every series claims Section 3(c)(1); traditional 3(c)(1) funds generally use a 100-beneficial-owner limit while qualifying venture capital funds can use the statutory 250-owner exception, and the Form D filings alone do not establish which limit governs these series or why successive series were opened. Every Form D names Belltower Fund Group, Ltd., a fund administration service, and 'Fund GP, LLC' as related persons. The marketing site at angelacceleration.fund has four live pages and names no legal entity, no CIK, no minimum, no management fee, no carried interest and no term; the four people it names on its team page appear on no Form D. The last Form D of any series is dated July 25, 2024 and no later filing exists.
Does the Angel Acceleration Fund get better terms than crowdfunding investors?
The record does not yet answer that. In the one portfolio company where terms are filed, Toothy Cow Productions, LLC, the Tuttle Twins issuer that raised $4,995,123 on the Angel portal, reported in its April 28, 2026 annual report a capitalization of 17,711,299 voting Common Units, 7,670,346 non-voting Class A Preferred Units carrying a preferred return before Common Unit distributions, and 1,266,667 non-voting Class B Preferred Units held by the Angel Acceleration Fund with a preferred return shared pro rata with Class A and also ahead of Common. The fund also holds a right of first refusal on member transfers, a preemptive right on new securities, an election to have the company repurchase its units on certain trigger events, and the right to designate a Preferred Manager to the board whose vote is required for certain actions. The filing does not state which class the Regulation CF investors hold, so whether the fund's package is superior to the crowd's cannot be determined until the crowd's securities are matched to their class and terms; read the specific Form C for the offering you are considering.
What happened with The Chosen and Angel Studios?
The Chosen initiated private binding arbitration on April 4, 2023 alleging material breaches of the October 2022 distribution agreement. An interim award on May 28, 2024 granted its claims and terminated the agreement effective that date. A final award on September 25, 2024 granted a portion of costs and fees. Angel appealed on October 25, 2024, and the appellate panel upheld the award on June 13, 2025. Separately, 5&2 Studios, Inc., the company behind The Chosen (CIK 1733443), has filed SC 13E-3 going-private filings through March 30, 2026. Chosen LLC had raised $1,069,962 through Angel's own Regulation CF portal.
Is Angel Studios profitable?
No, not at the net level. FY2025 revenue was $321.56 million, up 233% year over year, against a net loss of $170.48 million and roughly $83.3 million of cash used in operating activities. The accumulated deficit was approximately $241.5 million at December 31, 2025 and approximately $279.1 million at June 30, 2026, with a net loss of approximately $37.6 million in the six months between. The cash picture improved materially in 2026: operating activities provided approximately $18.8 million in the first half, Angel Guild paid memberships generated approximately $190.5 million of cash in that period, and deferred Guild membership revenue rose from $64.8 million to $81.3 million, which is subscription money collected and not yet recognized.
How many Angel Guild members are there?
Approximately 2.0 million paying members as of December 31, 2025, which is the figure in the filings and the one this review uses. Marketing materials give three different numbers: '1.5+ million members' and 'over 2.2 million' Guild members appear on the same page, and 3 million was reported elsewhere in September 2026. The Guild is a paid membership whose members vote on which projects the studio takes, and its pledge reads: 'When I vote, I pledge to help choose excellent entertainment that is true, honest, noble, just, authentic, lovely, or admirable.' It produced approximately $190.5 million of cash in the six months to June 30, 2026 and carried $81.3 million of deferred revenue at that date.
What is the Slingshot lawsuit about?
Slingshot USA, LLC filed a complaint dated March 5, 2025, served on March 11, in Utah State Court, Fourth Judicial District, alleging breach of a 2021 Content Distribution Agreement, deceptive business practices and misleading fundraising activities. A motion to strike was filed on April 11, 2025 and an amended complaint on April 25, 2025. Slingshot USA had itself raised $4,936,993 through Angel's own Regulation CF portal, the fourth largest raise in that book. These are allegations in a pending civil case, not findings: no court has ruled on them on the record AltStreet holds, and nothing in this review should be read as a statement that they are established. If the outcome matters to you, follow the docket rather than any summary of it.
Does Angel Studios' box office tell you how much money the company makes?
No, and the company says so itself. It cites 'over $400M' of gross box office for films it distributed per TheNumbers.com, with Sound of Freedom at 'over $250M' and His Only Son 'grossing over $13.5M' after its March 2023 release, alongside Cabrini, Sound of Hope: The Story of Possum Trot, Homestead, The Last Rodeo and The King of Kings. Its own disclosure reads: 'Box office performance of films distributed by Angel Studios, Inc. is greater than the revenue generated by Angel Studios. Angel Studios receives only a portion of the box office receipts generated by a film it distributes.' FY2025 company revenue was $321.56 million. Those are different measures on different bases and should never be set side by side.
What does the Disney settlement still do to Angel Studios today?
It encumbers the equity. The settlement agreement dated August 26, 2020, which ended the copyright litigation brought by Disney Enterprises, Lucasfilm, Twentieth Century Fox and Warner Bros Entertainment and later joined by MVL Film Finance, New Line Productions and Turner Entertainment, included a $9.9 million Settlement Promissory Note and a No Use Covenant restricting use of the Film Studios' copyrighted works for 14 years. A Compliance Lien covers all company assets and all equity owned by Neal and Jeffrey Harmon for 14 years from September 30, 2020, which runs to roughly September 2034, and the company disclosed that foreclosure could cause a change of control. The Harmons agreed to a one-year non-compete and risk losing equity interests if four instances of unauthorized use occur in a five-year period, and the company agreed, verbatim, 'not to sue the Film Studios, and not to use resources to lobby to amend the Family Movie Act.'
What should I read before investing in anything with the Angel name on it?
Establish first which of the four things you are being offered. For the listed stock, read the FY2025 10-K and the Q2 2026 10-Q, and find the reverse-recapitalization note for the 5.3504621 ratio. For a film company raising on the portal, read that issuer's Form C and every Form C-AR it has filed, and find the capitalization table so you know which class you would hold and what sits above it. For the fund, ask in writing for the limited partnership agreement, the management fee, the carried interest, the minimum, the term, the current portfolio and which filing entity and series you would be subscribing to, because none of that is published. And for any offering naming VAS Portal, LLC or Angel Funding as intermediary, check FINRA's funding-portal roster directly and note the Form CFPORTAL-W filed September 8, 2025.
Update History
What's changed in this Angel Studios review
New data, new findings, corrections, and confirmations as they emerge. Most recent updates appear first.
- Correction
Business combination closing date September 16 corrected to September 10, 2025; NYSE trading from September 11 (FY2025 10-K).