DLP Capital Review 2026: Lending Fund, Housing Fund, Notes, Fees and Redemptions
DLP Capital sells accredited investors five private funds that lend to and own Sunbelt rental housing, plus fixed-rate notes issued by its two credit funds, at minimums of $100,000 to $500,000. Its main fund offerings report about $1.81 billion of cumulative sales on Form D. DLP's fact sheets and FAQ publish fees, preferred returns and returns stated net of all fees, but AltStreet could not independently verify the published performance from publicly available financial statements, and the full performance-fee waterfall is set in fund documents that are not public.
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What the data actually shows - TL;DR
DLP Capital, founded in 2006 by Don Wenner and based in St. Augustine, Florida, is an integrated housing sponsor: it lends to developers, builds and buys rental communities, and manages them, and it raises money for that work through private funds sold directly to accredited investors under Rule 506(c). Two funds lend (the Lending Fund since 2014, the Preferred Credit Fund since 2021), two own and develop housing (the Housing Fund since 2020, the Building Communities Fund since 2021) and one, Living Fully, buys manufactured housing and RV resorts.
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In 2026 the two credit funds also began selling fixed-rate notes (8% and 9%, five-year terms), which make investors lenders to the fund rather than members of it. The main fund offerings report about $1.81 billion of cumulative sales on Form D, led by the Housing Fund ($717.5 million to 1,871 investors) and the Lending Fund ($628.9 million to 1,503). DLP publishes more than most private sponsors: fact sheets state each fund's management fee, preferred return, target, redemption terms and an inception IRR; the FAQ says the 20% performance fee applies only if the fund return exceeds the preferred return and that returns are stated net of all fees; and two funds name CohnReznick as auditor.
What AltStreet could not do is check the published performance against financial statements, because none for the current funds are public. The open questions for an investor are the full performance-fee waterfall, which is set in the fund documents; how the funds are valued, since DLP controls valuations, distributions and redemption terms; which DLP entity manages each fund and on what basis it operates without adviser registration; and what Building Communities investors were offered when that fund became closed-end in October 2026. AltStreet located no regulatory action against DLP or Don Wenner.
Cumulative Form D sales on the main offerings of six DLP fund entities (the five marketed funds plus DLP Financial Ventures) at their latest notices. Cumulative sales are not current fund size; redemptions are not netted. Note offerings and the post-conversion Building Communities offering are counted separately.
DLP's FAQ: all its funds 'assess a 20% performance fee on total distributions if the fund return exceeds the annual preferred return', beside a 2.0% asset management fee (1.25% on Preferred Credit), and returns are 'stated net of all fees'. The catch-up, the base and the treatment of capital are in the fund documents.
DLP's inception IRRs (Lending 12.71%, Housing 16.20%) and distribution totals. CohnReznick is named as auditor of the Lending and Preferred Credit funds, but the statements are not public; the only DLP fund with public audited statements was a small note fund that closed in 2023.
Fund sales and investor counts from each entity's latest Form D on its main offering; fees, returns and terms from DLP's fact sheets, FAQ and offering pages captured November 3, 2026 (figures dated June 30, 2026 or December 31, 2025); structure from the DLP Access Fund N-2/A of October 28, 2026.
Quick Verdict
Is this platform right for you?
DLP Capital is a large, long-running private sponsor whose funds have raised steadily for a decade and whose fact sheets and FAQ tell investors more than most private marketing does, including a performance fee earned only above the preferred return and returns stated net of all fees. What an investor cannot do from public sources is check the results: the current funds' financial statements, the operating agreements that set the full fee waterfall, the redemption history and the loan book all come from DLP on request.
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DLP controls the funds' valuations, distributions and redemptions and operates on every side of its deals, and the one DLP fund with public audited statements lent most of its book to related parties. None of that is evidence of a problem; AltStreet located no regulatory action, and DLP's court record is mostly that of a lender enforcing loans. It does mean an investor relies on DLP's documents and should ask for them before committing.
Best for
- Accredited investors who want monthly income from US housing loans or rental property, or a fixed-rate note on a DLP credit fund, can commit $100,000 or more, and will obtain and read the audited statements and operating agreement before investing.
Avoid if
- You need assured access to your money.
- DLP will not show you audited statements, the fee waterfall and the redemption history.
- You are not comfortable with a sponsor that lends to, builds, owns and manages the same assets.
Top strengths
- Operating since 2006, with the Lending Fund paying monthly since 2014 by DLP's account.
- Fees, the performance-fee condition, preferred returns, targets, redemption terms and auditors stated in public materials.
- Form D notices amended every year with cumulative sales and investor counts.
- No regulatory action located; court record mainly as a lender.
Key limitations
- Published performance not verifiable from public financial statements.
- Full performance-fee waterfall only in the fund documents.
- DLP controls valuation and redemption terms; the current manager's registration basis is not stated publicly.
- Building Communities became closed-end in 2026; the election terms offered to existing investors are not public.
Compare Before Deciding
Where DLP Capital fits against alternatives
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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
No secondary market; redemption terms may be amended, suspended, gated or satisfied in kind.
K-1 Timing
Not stated in public materials.
Distributions
Paid from available cash, per the interval fund prospectus's summary of each fund.
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.
DLP Capital describes itself as a firm that will 'originate, own, operate, and finance residential communities', with a stated focus on attainable workforce housing in secondary and tertiary Sunbelt markets. Investors buy LLC interests in a DLP fund after verifying accredited status, or lend to one of the two credit funds through its note offering. DLP owns each fund's manager, makes the investment decisions, services the loans and, through affiliates, manages the properties.
The credit funds make short-term bridge, construction and mezzanine loans to housing sponsors and pay a monthly preferred return; the equity funds own value-add, build-to-rent and ground-up communities and pay a monthly preferred return from available cash. Lending, Preferred Credit and Housing are evergreen funds with redemption windows; Building Communities became a closed-end fund on October 1, 2026; Living Fully is closed-end from the start; the notes run five years, callable by the fund.
Augustine, Florida, and the fact sheets name offices in St. Augustine, Dallas and Bethlehem, Pennsylvania. DLP launched its first private fund in 2013 and the Lending Fund in October 2014; its earlier vehicles (two equity funds, an income and growth fund, two fixed funds and two small 2019 to 2020 vehicles) each reported $1 million to $5 million of sales on Form D. DLP says it and its funds had about $5.5 billion of assets under management and served more than 100,000 residents at the end of 2025. Its February 2026 lending broker sheet lists six loan closings from 2025 of $16.6 million to $67.9 million, at 46% to 85% loan-to-value.
What it is
An integrated housing lender, developer and manager that sponsors private funds and fund-issued notes for accredited investors.
Investor eligibility
Accredited investors only (Rule 506(c)); fund minimums $100,000 to $500,000; notes $200,000.
Scale
About $1.81B of cumulative Form D sales on six fund entities' main offerings; $5.5B AUM per DLP.
Fees
Asset management 2.0% (Preferred Credit 1.25%); 20% performance fee if the fund return exceeds the preferred return; returns stated net of all fees.
Liquidity
Lending and Preferred Credit 90 days' notice; Housing annual; Building Communities and Living Fully none; notes five-year term.
Reporting
Fact sheets and a quarterly report (email sign-up); CohnReznick named as auditor of the two credit funds; no fund statements public.
Regulatory record
No regulatory action located in the sources searched.
Visual Summary
DLP's five marketed funds and two note offerings
Terms and return figures from DLP's fact sheets and offering pages captured November 3, 2026 (DLP's own figures); sales and investors from each entity's latest Form D. Fund rows show the main offering only; cumulative sales are not current fund size.
Lending Fund (Oct 2014)
Strategy
Senior bridge and construction loans
Preferred return or rate
8% preferred, monthly
DLP inception IRR
12.71% (6/30/26)
Liquidity
90 days' notice
Form D sold / investors
$628.9M / 1,503
Preferred Credit Fund (Oct 2021)
Strategy
Mezzanine and subordinate loans
Preferred return or rate
9% preferred, monthly
DLP inception IRR
11.05% (6/30/26)
Liquidity
90 days' notice
Form D sold / investors
$203.9M / 593
Housing Fund (Jan 2020)
Strategy
Rental community equity
Preferred return or rate
6% preferred, monthly
DLP inception IRR
16.20% (12/31/25)
Liquidity
Annual
Form D sold / investors
$717.5M / 1,871
Building Communities Fund (Oct 2021)
Strategy
Ground-up development
Preferred return or rate
9% preferred, monthly
DLP inception IRR
11.98% (12/31/25)
Liquidity
None since 10/1/26
Form D sold / investors
$206.8M / 582
Living Fully Fund (Nov 2025)
Strategy
Manufactured housing and RV resorts
Preferred return or rate
10% preferred, from about year 3
DLP inception IRR
None yet
Liquidity
None
Form D sold / investors
$19.9M / 102
Lending Fund Series B Notes (2026)
Strategy
Secured loan to the Lending Fund
Preferred return or rate
8% fixed
DLP inception IRR
Not applicable
Liquidity
5-year term, callable
Form D sold / investors
$19.3M / 23
Preferred Credit Fund Series A Notes (2026)
Strategy
Secured loan to the Preferred Credit Fund
Preferred return or rate
9% fixed
DLP inception IRR
Not applicable
Liquidity
5-year term, callable
Form D sold / investors
$9.6M / 13
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 stated in public materials.
Cash Flow
Distributions
Frequency
Monthly on Lending, Preferred Credit, Housing and Building Communities; Living Fully targeted quarterly from about year three.
Timing
Paid from available cash, per the interval fund prospectus's summary of each fund.
Consistency
DLP reports $270.9 million distributed by the Lending Fund since 2014; no distribution history by month or fund is public.
Liquidity
Exit Reality
Holding period
None stated for Lending and Preferred Credit beyond 90 days' notice; Housing annual; Building Communities about six years from final closing plus extensions; Living Fully fixed term; notes five years unless called.
Exit options
- Redemption request under each fund's terms.
- Transfer with the manager's approval.
- Note repayment at maturity or on a call by the fund.
Secondary market
No secondary market; redemption terms may be amended, suspended, gated or satisfied in kind.
Investment Structures
DLP Lending Fund LLC
Evergreen REIT making senior real estate loans since October 2014; 8% preferred return; 90-day redemption notice.
DLP Preferred Credit Fund LLC
Evergreen REIT making mezzanine and subordinate loans since October 2021; 9% preferred return; 90-day redemption notice.
DLP Housing Fund LLC
Evergreen equity fund owning rental communities since January 2020; 6% preferred return; annual redemption.
DLP Building Communities Fund LLC
Development fund, closed-end since October 1, 2026; 9% preferred return; no interim redemption under the new structure.
DLP Living Fully Community Fund LLC
Closed-end manufactured housing and RV resort fund; 10% preferred return from about year three; 2x to 3x target.
Lending Fund Series B and Preferred Credit Fund Series A Notes
Fixed-rate secured notes of the credit funds (8% and 9%), five-year term with an optional call right, $200,000 minimum; subordinate to the funds' credit facilities.
DLP Access Fund
Interval fund advised by OneAscent Capital that would invest in the five funds; preliminary $5,000 minimum; registration filed, not yet effective.
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.
Verification
Published performance could not be checked against public financial statements; returns, AUM and investor counts are DLP's figures.
Control
DLP controls valuation, distributions and redemption terms; no independent administrator or board named.
Fees
Management fee and a 20% performance fee above the preferred return; the full waterfall is in the fund documents.
Liquidity
Redemption windows set by the manager and changeable; notes run five years; one fund became closed-end in 2026.
Related parties
Lender, developer, owner and manager in one group; the one public fund statement showed 77% of loans to related parties at end-2021.
Returns you cannot check from public statements
Inception IRRs and distribution totals are DLP's own figures; the current funds' financial statements are not public.
Why it matters
Valuations of development projects and loans involve judgment and are set at DLP's direction, so reported returns depend on DLP's marks.
Mitigation / verification
Ask for the latest audited statements with the auditor's report, how loans and projects are valued, and how the IRR is computed.
The full performance-fee waterfall requires the fund documents
DLP states a 20% performance fee earned when the fund return exceeds the preferred return, with returns net of all fees.
Why it matters
A catch-up, the definition of total distributions and the treatment of returned capital decide how much of the return above the preferred return the manager keeps.
Mitigation / verification
Ask DLP to walk through the waterfall from the operating agreement and show last year's performance fee in dollars.
Redemption terms can change
Redemption terms are set by the manager and may be gated, suspended or paid in kind.
Why it matters
Building Communities moved to a closed-end structure with no interim redemption in October 2026.
Mitigation / verification
Ask for each fund's redemption history and what the Building Communities election offered existing investors.
Conflicts inside one group
DLP lends to, develops, owns and manages the assets its funds hold, and allocates deals among its funds by internal policy.
Why it matters
Related-party loans and transfers between DLP vehicles are not limited by the Investment Company Act and are not reported publicly.
Mitigation / verification
Ask for the share of each fund's book tied to DLP-affiliated projects and the written conflicts policy.
Notes rank behind bank debt
Noteholders hold a blanket security interest in the fund, subordinate to its credit facilities.
Why it matters
In a loss, the credit facilities are repaid first; the notes' fixed rate does not change that order, and the fund can call the notes early.
Mitigation / verification
Ask for the size and terms of each fund's credit facilities and the note's call provisions.
Regulatory & Legal Posture
Security Status
Each fund sells LLC interests, and the credit funds sell notes, under Rule 506(c) of Regulation D to accredited investors only, with Form D notices filed for each offering; none files financial statements with the SEC. The funds are not registered investment companies. DLP Capital Advisors, LLC (CRD 297511, SEC 801-113897) filed its last Form ADV on July 26, 2018 and its registration was terminated February 28, 2019; no DLP entity has filed a Form ADV or reported as an exempt reporting adviser since.
Form D is a notice of an exempt offering, not an SEC review. The funds' position that they are outside the Investment Company Act rests on holding real estate and mortgage loans rather than investment securities. Adviser registration is a separate question about the manager, and the public record does not state the current manager's basis.
- No SEC enforcement action or party names DLP Capital, its funds or Don Wenner in AltStreet's enforcement tables (searched November 3, 2026).
- The 2018 Form ADV, the last DLP Capital Advisors filed, listed three private funds audited by Buckno Lisicky & Company: DLP Lending Fund ($39.1 million gross assets, 120 owners), DLP Income & Growth Fund I ($24.5 million, 93) and DLP Preferred Returns Equity Fund ($0). Income & Growth Fund I's only Form D (2016) reports $1.27 million from 5 investors, so it was not amended for later sales.
- SEC v. Barton (N.D. Tex. 3:22-cv-02118): DLP entities bought three properties in late 2021 from companies later placed in an SEC receivership, and in December 2022 settled with the receiver, remitting $750,000; the court ratified the settlement. DLP was a buyer of property, not a defendant in the SEC's case.
- DLP appears in federal courts mostly as a lender enforcing loans, including as a secured creditor seeking foreclosure in the Montrose Multifamily Members bankruptcy (Bankr. S.D. Tex. 22-90323). Suits naming DLP or Don Wenner that AltStreet located (Cedar Grove Capital, M.D. La. 2023; Hatcher, E.D. Ark. 2021; Arbor Realty Trust, S.D.N.Y. 2021; Hull, N.D. Ga. 2025) were voluntarily dismissed or closed within months; none concerned fund investors.
- DLP Fixed Fund 2 (2020) sold $4.6 million to 24 investors, 20 of them non-accredited, under Rule 506(b); DLP's current funds sell to accredited investors only.
- Not searched: state court records, state securities regulators and FINRA arbitration.
Disclosure Quality
Fact sheets, the FAQ and offering pages state fees, preferred returns, targets, note terms, redemption terms and auditors; the private placement memorandums, operating agreements and financial statements are not public.
Custody Model
Each fund holds its own loans and property interests; investors own LLC interests or notes recorded by DLP. No independent administrator or custodian is named.
Regulatory Backing
The funds' offerings rely on Rule 506(c); the funds are outside Investment Company Act registration by their own stated position; the current manager's adviser registration basis is not stated publicly.
Tax Treatment
Reporting
Form 1099-DIV for the Lending and Preferred Credit funds (REITs); Schedule K-1 for Housing, Building Communities and Living Fully; note interest is not described in public materials.
Not stated in public materials.
Income Character
REIT dividends (credit funds); partnership income, depreciation and gains (equity funds)
The credit funds' distributions are REIT dividends, which may qualify for the Section 199A deduction. The equity funds pass through rental income, depreciation and, on sale, gains; DLP markets Building Communities' conversion as giving investors 'direct access to the depreciation, bonus depreciation and cost segregation benefits' of its properties. Consult a tax adviser.
Limitation
AltStreet is not a tax adviser and has not seen the funds' tax disclosures.
Special Considerations
- Building Communities and Living Fully can generate unrelated business taxable income in IRAs, according to the fact sheets.
- The FAQ says investors file state returns only in their state of residence, regardless of fund holdings.
Account Suitability
Taxable
Yes.
Roth IRA
Possible through a self-directed IRA; UBTI may apply to the K-1 funds.
Traditional IRA
Possible through a self-directed IRA; the note pages offer an investment-by-loan option for qualified funds.
HSA
Not typical at these minimums.
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AltStreet Data Layer
What the data actually shows
What the Form D notices show about each DLP entity. Fund figures are cumulative sales on the main offering at its latest notice; note offerings and the post-conversion Building Communities offering are listed separately.
Housing Fund
Cumulative sales of $86.9M (2021), $130.2M (2022), $287.7M (2023), $370.9M (2024), $612.3M (2025) and $717.5M to 1,871 investors (Form D/A, April 6, 2026).
What this means
DLP's largest fund by sales; DLP gives $2.09B of total real estate value, which includes property-level debt.
Lending Fund
Main offering: $628.9M to 1,503 investors (Form D/A, March 2, 2026). The 2018 Form ADV gave $39.1M of gross assets and 120 owners.
What this means
Most of the fund's sales came after 2018.
Note offerings
Form Ds filed July 9, 2026, marked as debt with $200,000 minimums: Lending Fund $19.3M from 23 investors (first sale January 15, 2026); Preferred Credit Fund $9.6M from 13 (first sale April 14, 2026).
What this means
These match the Series B and Series A notes DLP markets; noteholders are creditors of the funds, not members.
Preferred Credit Fund
Main offering: $203.9M to 593 investors (September 21, 2026); DLP gives $235.3M of assets under management at June 30, 2026.
What this means
Assets above cumulative sales would be consistent with reinvested distributions or borrowing; neither is shown publicly.
Building Communities Fund
Main offering: $206.8M to 582 investors (September 21, 2026). A separate Form D filed November 3, 2026 reports $30.5M from 79 investors, first sale October 1, marked as debt and pooled fund securities.
What this means
Whether that offering is new money or interests exchanged at the conversion is not shown.
Earlier vehicles
Eleven earlier DLP vehicles (2014 to 2024) report $22.4M of combined Form D sales, including two REIT-qualification preferred issues of $125,000 each; Income & Growth Fund I's 2016 Form D shows $1.27M against $24.5M of gross assets on the 2018 Form ADV.
What this means
Their outcomes are not public.
Minimums
Fact sheets and Form Ds differ: Lending $500,000 (sheet) against $100,000 (main Form D); Preferred Credit $200,000 (sheet) against $500,000 (Form D).
What this means
A discrepancy to confirm with DLP, not a finding.
DLP Financial Ventures
$30.9M sold to 86 investors of $100M offered (Form D/A, May 4, 2026), $200,000 minimum.
What this means
Included in the six-entity total; not described on the site or in the interval fund prospectus.
Data as of 2026-11-03 . 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.
Accredited investors seeking monthly income from real estate loans
The Lending Fund's long record and senior position are a starting point; obtain the audited statements, the performance-fee waterfall and the redemption history before relying on the stated returns.
Investors who want a fixed rate rather than a fund share
The notes pay 8% or 9% fixed for five years and rank ahead of fund members but behind the funds' credit facilities; ask for the facilities' size and the call terms.
Investors who may need their money within a few years
Redemptions are at the manager's discretion, one fund became closed-end in 2026, two funds have no redemption and the notes run five years.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Income
Returns are DLP's figures, not verifiable from public financial statements.
Integration
Conflicts in valuation, allocation and related-party deals governed by DLP's internal policies.
Fees
The full performance-fee waterfall is only in the fund documents.
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.
Non-accredited investors
Rule 506(c) limits sales to accredited investors; minimums start at $100,000.
Investors who need assured liquidity
Redemption terms are the manager's to set and change; notes run five years.
Investors who rely on public audited reporting
None is available for the current funds; it has to be requested from DLP.
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
DLP is an integrated sponsor managing investor-funded vehicles, and its funds should be judged on three things the public record shows only in part: DLP's underwriting, its valuations and its fees. The fact sheets and FAQ are a reasonable starting point; the audited statements and operating agreements are where the decision should be made.
Positioning
Against platforms such as EquityMultiple or CrowdStreet that list third-party sponsors' deals, DLP is the sponsor itself and keeps origination, development and management in-house. Against registered interval funds, it offers higher stated preferred returns in exchange for no independent board, no public statements and redemptions at the manager's discretion.
The Bottom Line
An integrated Sunbelt housing sponsor with $1.81 billion of main-offering fund sales on Form D and no public financial statements for its current funds.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Ask for the latest audited financial statements of the fund you are considering, with the auditor's report, and for how the published IRR is computed.
Ask DLP to walk through the performance-fee waterfall from the operating agreement, including any catch-up, and show last year's fee in dollars.
Ask for each fund's redemption history and, for Building Communities, what the 2026 election offered existing investors.
For the credit funds and their notes, ask for loan performance, the share of loans to DLP-affiliated projects, and the size of the credit facilities that rank ahead of the notes.
Ask which DLP entity manages your fund, its registration or exclusion basis, and for the written conflicts and allocation policies.
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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
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Report Appendix
Disclosure
Relationship and compensation context
Report Appendix
Related Resources
Adjacent platform comparisons, frameworks, and category links
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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.
Fund Landscape
Frameworks
Similar Platform Reviews
- EquityMultiple Review
Real estate debt and equity deals from third-party sponsors.
- Cardone Capital Review
Another founder-led multifamily sponsor raising directly from investors.
- Equity Estates Review
A private fund sponsor reviewed from public sources only.
Report Appendix
Evidence & Methodology
46 cited passages on file; sources, scope, and how the review was assembled
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Report Appendix
Evidence & Methodology
46 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
46 supporting passages on file for DLP Capital and its offerings from 21 source documents, 4 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
- 46
- Source documents
- 21
- Analyst verified
- 0
- Discrepancies flagged
- 4
ASReview Evidence
Methodology
Every Form D of 23 DLP filers; five fund fact sheets, a broker fact sheet, the FAQ and the note offering pages; the DLP Access Fund N-2/A; IAPD and the 2018 Form ADV; the Positive Note Fund Regulation A filings; CourtListener dockets and RECAP documents.
Scope
DLP Capital's private funds, their note offerings and the interval fund that would invest in them, from public sources only.
Key Findings
- *DLP FAQ: 'all DLP Capital-sponsored funds assess a 20% performance fee on total distributions if the fund return exceeds the annual preferred return'.
- *DLP FAQ: 'Our returns are stated net of all fees'.
- *Note offering pages: 'Noteholders will be lenders to the Fund on a pari passu basis and Noteholders will have a blanket secured interest in the Fund, subject and subordinate to the Fund's Credit Facilities.'
- *DLP Access Fund N-2/A: 'DLP Capital controls the Underlying Funds, including their valuations, distribution policies, and redemption terms'.
- *DLP Positive Note Fund 1-K 2021: notes receivable from related parties of $9,856,000 at December 31, 2021.
Primary Source Pages
Comparable Platforms
- EquityMultiple
Third-party sponsors' deals; lower minimums.
- Cardone Capital
Founder-led multifamily funds, including a Regulation A offering.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
Is DLP Capital legit?
DLP Capital is an established housing developer and fund sponsor operating since 2006, its funds file Form D notices with the SEC every year, and AltStreet located no regulatory action against DLP or Don Wenner in the sources searched. Legitimate is not the same as verified: AltStreet could not independently verify DLP's published performance from publicly available financial statements, because none for the current funds is public. Ask for the audited statements and operating agreement before investing.
What are DLP Capital's fees?
The fact sheets and FAQ list an annual asset management fee of 2.0% (1.25% on the Preferred Credit Fund), with rebates for large accounts on some funds, and a 20% performance fee 'on total distributions if the fund return exceeds the annual preferred return'. DLP says its returns are stated net of all fees. Whether the manager receives a catch-up, what 'total distributions' includes and how returned capital is treated are set in the operating agreement. Project-level fees that DLP affiliates earn as developer, lender or property manager are not stated.
What returns does the DLP Lending Fund pay?
DLP states an 8% preferred return paid monthly, a 9% to 10% target net return and a 12.71% compounded DRIP IRR since October 2014, net of all fees, with $270.9 million distributed since inception as of June 30, 2026. The fund names CohnReznick LLP as auditor, but its statements are not public, so AltStreet could not verify the figures. A preferred return is a distribution priority, not a guarantee.
What are the DLP Series A and Series B notes?
Fixed-rate notes issued by DLP's credit funds: the Lending Fund Series B note pays 8% and the Preferred Credit Fund Series A note 9%, each for a five-year term with an optional call right and a $200,000 minimum. Noteholders lend to the fund with a blanket security interest that is subordinate to the fund's credit facilities. A noteholder is a creditor of the fund with a fixed rate and no redemption window, not a member sharing in the fund's returns.
Can I withdraw money from DLP's funds?
It depends on the fund and on the manager. The Lending and Preferred Credit funds accept redemption requests on 90 days' notice, and the Housing Fund once a year with notice by April 30. The Building Communities Fund became closed-end on October 1, 2026 and has no interim redemption under the new structure; what its election offered existing investors is not public. The Living Fully fund has no redemption, and the notes run five years. The interval fund prospectus says the funds' redemption programs may be amended, suspended, gated, satisfied in kind or terminated.
What is the DLP Access Fund?
A registered interval fund advised by OneAscent Capital LLC that would invest substantially all of its assets in DLP's five funds, with a preliminary $5,000 minimum and quarterly repurchase offers of at least 5%. It filed its registration statement in August 2026 and amended it on October 28, 2026; it is not yet effective. Its own expenses are capped at 1.49% a year, but the cap excludes the underlying DLP funds' fees, which the latest draft leaves blank. DLP is not its adviser, but it reimburses the adviser for the expense cap and launch costs, a conflict the prospectus discloses.
Is DLP Capital registered with the SEC?
Its funds file Form D notices, which are notices of exempt offerings, not registrations, and the funds are not registered investment companies. DLP Capital Advisors, LLC was a registered investment adviser until its registration was terminated on February 28, 2019; no DLP entity has filed a Form ADV since, and the public record does not state which entity now manages each fund or its basis for operating without adviser registration. Ask DLP.