Harvest Returns
Harvest Returns has deployed $38M across 90+ agricultural loan series since 2016 with a self-reported 9.9% weighted average annual return — but two defaults surfaced in Q4 2023, all three current fund vehicles eliminate manager fiduciary duties, and a five-person team is simultaneously running four concurrent product lines. The track record is real. The governance terms are not for the inattentive.
What the data shows
9.9%
Weighted average net annual return across all private credit investments 2019–2025, self-reported and unaudited. Fund I returned 11.1% in 2025. Calculated on time-weighted average outstanding loan balances — not IRR.
2 defaults
Iowa embryo transfer operation ($1.275M, litigated recovery active) and Montana bison ranch ($485K, negotiated recovery) — both originated Q4 2023. Combined DPI of 0.06 and 0.12 respectively as of April 2026.
$35.1M
EDGAR-verified capital raised across 59 individual series LLCs, 1,663 total investors. Platform self-reports $38M deployed — gap consistent with pre-2018 activity and missing series numbers.
What the data actually shows - TL;DR
Harvest Returns is a veteran-founded agricultural credit platform with a verifiable seven-year track record and two disclosed defaults. The credit performance is real and consistently above 9%. The governance terms across all three fund vehicles — zero member removal rights, eliminated fiduciary duties, full manager discretion over distributions — are as permissive as any platform AltStreet has reviewed. Whether that combination is acceptable depends entirely on how much you trust the management team, because the operating agreements give you no structural backstop if that trust is misplaced.
AltStreet tracks 59 Harvest Returns Harvest Invest LLC series via SEC EDGAR Form D filings, 22 deal-level records from the April 2026 livestock track record disclosure, and three full PPMs reviewed at the offering document level.
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Quick Verdict
Is this platform right for you?
Harvest Returns occupies a niche that few platforms credibly fill: agricultural private credit with a seven-year auditable track record, genuine borrower relationships, and a team that came from the industry rather than finance. The credit returns are real and the 2022 performance (8.7% while S&P fell 19.4%) is a genuine selling point for uncorrelated income. The structural concerns — eliminated fiduciary duties, zero removal rights, discretionary distributions, four concurrent product lines from a small team — are not dealbreakers but they require informed acceptance rather than assumption. This is a platform where conviction in the management team substitutes for structural investor protections. The two Q4 2023 defaults are disclosed, which is notable. The question is whether the recovery outcomes, when they arrive, are disclosed with equal candor.
Best for
- Accredited investors seeking 9–10% yield from agriculture-backed private credit as a portfolio diversifier uncorrelated to public markets
- Investors comfortable with five-year illiquidity in exchange for quarterly income distributions from first-lien collateralized ag loans
- Allocators who have vetted the management team directly and are comfortable substituting relationship trust for structural governance protections
- Investors interested in regenerative agriculture with a mandate requiring 80% of loans to sustainable or organic farming operations
Avoid if
- You require independent governance backstops — all fund vehicles eliminate fiduciary duties and prohibit manager removal
- You need liquidity before year 4 — redemption is at manager discretion with a 50% NAV floor, potentially paid via promissory note
- You are evaluating the AgTech or Livestock Income funds without separately underwriting those strategies — they are materially different products from the credit fund
- You are concerned about management bandwidth — four concurrent product lines from a five-person team is the unpriced risk
Top strengths
- Seven-year credit track record with 9.9% weighted average net annual return (2019–2025), self-reported and unaudited but verifiable at the series level via EDGAR
- First-lien collateral on agricultural real estate at 50–60% LTV provides genuine downside protection on performing loans
- Both Q4 2023 defaults are disclosed in the track record document — voluntary disclosure of adverse outcomes is a positive signal
- Farm Plus Financial partnership provides institutional-grade origination and underwriting infrastructure the team could not build alone
Key limitations
- All three fund vehicles eliminate manager fiduciary duties and prohibit member removal — no structural backstop beyond fraud/willful misconduct standard
- Two active defaults as of April 2026: Iowa litigated recovery (DPI 0.06), Montana negotiated recovery (DPI 0.12) — recovery outcomes not yet disclosed
- Management bandwidth risk: five-person team running four concurrent product lines with a small-office infrastructure
- No audited financials at the fund level — BVWD listed as CPA & Auditor for PCF II only; audit status unconfirmed for other vehicles
Compare Before Deciding
Comparing agricultural credit alternatives
Harvest Returns occupies a specific position in agricultural credit — direct lending, first-lien collateral, quarterly income. Here's how it fits relative to adjacent options.
Farmland equity vs. ag credit
AcreTrader
AcreTrader offers fractional direct ownership of farmland — land appreciation plus crop income. Harvest Returns offers credit against farmland — quarterly interest income without land price exposure. Different return profiles, different collateral roles.
Steward — regenerative ag credit
Steward
Steward offers direct-to-project regenerative agriculture loans starting at $100. Lower minimums, no accreditation requirement, but no pooled fund structure and no multi-year track record equivalent to Harvest Returns.
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Move through the Harvest Returns review by topic instead of reading every section in order.
Why It Matters
Investor relevance and market role
Agricultural private credit with a verifiable multi-year track record is rare in the retail-accessible alt investment space. Most ag credit platforms target either pure farmland equity (AcreTrader, FarmTogether) or REIT-style structures. Harvest Returns' direct lending model — first-lien collateral, quarterly income, livestock and crop loan specialization — occupies a distinct position. The governance terms are the cost of access to that niche.
Asset Class
Agricultural Private Credit (primary) / AgTech Equity (secondary)
Return Type
Current income (credit funds) / Capital appreciation (AgTech fund)
Eligibility
Accredited investors (PCF II); Sophisticated non-accredited permitted (Livestock, AgTech)
Minimum
$10,000 (AgTech) / $20,000 (Livestock) / $25,000 (PCF II)
Hold Period
5 years (PCF II) / Event-driven (Livestock, AgTech) — treat as 5–7 years minimum
Tax Document
K-1 (all vehicles)
Income Frequency
Quarterly (target) — manager discretion
Real-world validation
- EDGAR verification confirms $35.1M raised across 59 series — consistent with $38M self-reported deployment claim
- Voluntary disclosure of two active defaults with current DPI figures in the April 2026 track record document
- Nine-year platform history with 19 fully realized investments per platform and Form ADV disclosures
- Farm Plus Financial partnership provides institutional origination infrastructure
Scale signals
EDGAR-Verified Capital Raised
$35.1M
Across 59 individual series LLCs, 1,663 total investors (2019–2026)
Average Deal Size
$595K
Range: $105K (recent deceleration) to $3.95M (largest single series, HI-041)
Platform Investors
1,663 total
Across 59 EDGAR-tracked series; additional investors in fund vehicles not separately counted
Realized Investments
19
Per platform disclosure and Form ADV; 12 fully repaid loans per livestock track record
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 exists or is expected to develop. Units are restricted securities. Transfers require manager consent and may jeopardize partnership tax status if not properly structured. Treat as permanently illiquid for planning purposes.
K-1 Timing
K-1s issued annually; PCF II PPM specifies within 180 days of fiscal year-end. No specific deadline stated for Livestock Income Fund or AgTech Select Fund. Electronic delivery default.
Distributions
At manager discretion. PCF II targets quarterly cash distributions from operating income. Manager may elect to reinvest distributable cash.
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.
Agricultural lending and investment platform: Harvest Returns sources loans to lower-middle-market agriculture producers and ag-adjacent businesses across the U.S., primarily collateralized with first liens on agricultural real estate at 50–60% LTV. The platform operates via individual series LLC vehicles (Harvest Invest-001 through -093+) under a Delaware master LLC structure, plus three pooled fund products: Private Credit Fund II (ag real estate credit, $25M target), Livestock Income Fund (livestock operations, $25M target), and AgTech Select Fund (early-stage agtech equity, $10M target). Investor portal hosted by Agora Real. Origination and underwriting handled through Farm Plus Financial partnership. Manager: Harvest Returns, Inc. (Exempt Reporting Adviser, CRD 324236).
The core business is originating and managing loans to lower-middle-market agricultural producers — cattle operations, grain farms, specialty crops, and ag-adjacent businesses — primarily collateralized with first liens on agricultural real estate. Since 2019, the platform has self-reported weighted average net annual returns of 9.9% across all private credit investments, with Fund I returning 11.1% in 2025. AltStreet has verified $35.1M raised across 59 individual series LLC offerings via EDGAR, consistent with the platform's $38M deployment claim. The platform now operates four concurrent product lines: individual loan series (the original model), Private Credit Fund II (agricultural real estate credit), Livestock Income Fund (livestock operations), and AgTech Select Fund (early-stage agtech equity). Two defaults surfaced in Q4 2023 — both are disclosed in the platform's voluntary track record document, which is a positive signal. The governance terms across all fund vehicles are maximally permissive: fiduciary duties eliminated, zero member removal rights, full discretion over distributions. The credit track record is the platform's strongest asset; the governance structure is the constraint investors must explicitly accept.
Founded
2016
Headquarters
Fort Worth, TX
Regulatory Status
Exempt Reporting Adviser (ERA) — CRD 324236
Primary Product
Agricultural Private Credit (first-lien real estate collateral)
EDGAR-Verified Capital Raised
$35.1M across 59 series (2019–2026)
Self-Reported Deployment
$38M total since 2016
Reported Credit Return
9.9% weighted average net annual (2019–2025)
Fund I 2025 Return
11.1%
Active Defaults
2 (Iowa litigated, Montana negotiated — Q4 2023)
Current Fund Products
3 active fund PPMs (PCF II, Livestock Income Fund, AgTech Select Fund)
Origination Partner
Farm Plus Financial (primary underwriting/origination)
Investor Portal
Agora Real
CPA & Auditor
BVWD (confirmed for PCF II; unconfirmed for other funds)
Compliance
North Capital
Visual Summary
Private Credit Fund II vs. Livestock Income Fund vs. AgTech Select Fund
Key structural differences across the three current Harvest Returns fund vehicles
PCF II Target Raise
PCF II Minimum
PCF II Preferred Return
PCF II Target Net Return
PCF II Mgmt Fee
PCF II Carry
PCF II Exemption
Livestock Fund Target Raise
Livestock Fund Minimum
Livestock Fund Preferred Return
Livestock Fund Target Net Return
Livestock Fund Mgmt Fee
Livestock Fund Carry
Livestock Fund Exemption
AgTech Fund Target Raise
AgTech Fund Minimum
AgTech Fund Preferred Return
AgTech Fund Target Return
AgTech Fund Mgmt Fee
AgTech Fund Carry
AgTech Fund Exemption
ASWhat this structure means for investors
- PCF II is the most investor-friendly of the three funds: the 6.5% preferred return means carry does not attach until investors have received 6.5% annually, and the 1.25% management fee on deployed capital (not committed capital) means investors only pay fees on deployed funds.
- The Livestock Income Fund's 20% carry from dollar one — with no preferred return hurdle — means the manager participates in profits from the first dollar above return of capital. At 9.6% target returns, this represents a materially less investor-favorable structure than PCF II.
- The AgTech Fund's committed capital fee basis means investors pay 2.0% annually on their full commitment regardless of deployment pace — standard for venture capital but meaningfully different from PCF II's deployed capital basis.
Key Gaps & Non-Disclosures
- The Livestock Income Fund track record document (updated April 15, 2026) covers all livestock investments by individual SPV series and Fund I — it explicitly excludes the Livestock Income Fund (HI-093), which has no performance history.
- No audited financials exist for any Harvest Returns fund vehicle. BVWD is named as CPA & Auditor in the PCF II fact sheet but the nature of the engagement (audit vs. compilation vs. tax prep) is not confirmed in the PPM.
- The AgTech Select Fund portfolio companies page lists five investments (Agrology, VinWizard, NanoSur, Precision Livestock, OceanFarmr) but provides no carrying values, ownership percentages, or valuation basis.
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
K-1s issued annually; PCF II PPM specifies within 180 days of fiscal year-end. No specific deadline stated for Livestock Income Fund or AgTech Select Fund. Electronic delivery default.
Delay signals
- 180-day fiscal year-end deadline for PCF II allows delivery as late as June 30 for calendar-year funds — investors should plan for potential extension needs.
- No BVWD audit scope confirmed — if an audit is conducted, K-1 timing may depend on audit completion.
Confidence: Medium
Cash Flow
Distributions
Frequency
quarterly (target, not contractual)
Timing
At manager discretion. PCF II targets quarterly cash distributions from operating income. Manager may elect to reinvest distributable cash.
Consistency
No guaranteed distribution schedule or minimum amount. Phantom income risk if taxable income exceeds distributable cash in any year.
Confidence: Medium
Liquidity
Exit Reality
Holding period
48-month lockup (4 years) across all three fund vehicles before redemption eligibility
Exit options
- After year 4: redemption at manager discretion, floor of 50% of calculated NAV — may be paid via promissory note at AFR interest over 5 years
- PCF II: Company ceases acquiring new assets after year 4; loans allowed to mature through year 5 (60-month investment term)
- Livestock Income Fund: fund dissolves once all capital returned from exits — event-driven, no fixed end date
- AgTech Select Fund: fund dissolves once all invested capital returned from portfolio company exits — event-driven
- No secondary market for any vehicle; transfer restrictions are substantial
Secondary market
No secondary market exists or is expected to develop. Units are restricted securities. Transfers require manager consent and may jeopardize partnership tax status if not properly structured. Treat as permanently illiquid for planning purposes.
Confidence: High
Investment Structures
Individual Series LLC Loans (Historical)
Each offering is a separate series of Harvest Invest, LLC (master Delaware series LLC) funding a single agricultural loan — typically livestock purchases, infrastructure, or working capital. Investors receive K-1s.
59 series verified via EDGAR (2019–2026), raising $35.1M total. Average deal size $595K, 28 investors.
Minimum historically $5,000–$25,000 per series. The individual series model has slowed significantly since 2024, with recent series averaging $105K–$390K.
Fund products appear to be the primary go-forward capital formation strategy..
Private Credit Fund II (HI-085) — Active
Blind pool agricultural real estate credit fund. $25M target raise, $1M minimum raise.
$25K minimum ($5K increments); $250K minimum for Class A-2 (90/10 split). 6.5% preferred return, 80/20 waterfall above preferred.
1.25% annual mgmt fee on deployed capital. 2% placement agent fee.
60-month investment term, return of principal at par at end of term. Quarterly distributions at manager discretion.
First-lien collateral, LTV 50–60%. 80% sustainability mandate (regenerative/organic/sustainable farming practices).
506(c) — accredited investors only. Minimum raise $1M within one year or offering terminates.
Formed April 1, 2026..
Livestock Income Fund (HI-093) — Active
Blind pool livestock operations credit fund. $25M target raise, $500K minimum raise.
$20K minimum. No preferred return — 20% carry from first dollar above return of capital.
1.5% annual mgmt fee on deployed capital. Org expenses capped $100K.
Quarterly distributions at manager discretion. 506(b) — sophisticated non-accredited investors permitted (up to 20% net worth limit).
Target net return ~9.6%. Manager can force sale of member interests (drag-along) on terms determined solely by manager — unique provision not present in PCF II..
AgTech Select Fund (HI-092) — Active
Early-stage agriculture technology equity fund. $10M target raise, $250K minimum raise.
$10K minimum. No preferred return.
Three-class carry: Class A-1 members receive 80% of distributions, Class A-2 85%, Class A-3 90%; manager receives residual. 2.0% annual mgmt fee on committed capital years 1–3, stepping to 1.5% thereafter.
Org expenses capped $150K. 48-month deployment period; fund dissolves once all invested capital returned from exits.
Portfolio companies include Agrology, VinWizard, NanoSur, Precision Livestock, OceanFarmr. 506(b).
Formed February 1, 2026..
Fee calculator
Harvest Returns PCF II fee impact calculator
Models PCF II economics using the maximum disclosed placement fee, a deployed-capital management fee approximation, the 6.5% cumulative non-compounding preferred return threshold, and class-specific carry.
Class A-2 requires a $250,000 minimum. If selected below that level, the model automatically raises the investment amount to the minimum.
| Gross Ending Value | $77,640 |
| Gross Profit Before Fees | $27,640 |
| Placement Agent Fee (max 2%) | -$1,000 |
| Management Fees (1.25% x years) | -$3,125 |
| 6.5% Preferred Return Threshold | $16,250 |
| Profit Above Preferred Return | $11,390 |
| Carried Interest (20.0%) | -$2,278 |
| Estimated Net Proceeds Before Tax | $71,237 |
| Estimated Net Multiple | 1.42x |
| Estimated Net IRR | 7.3% |
Placement agent fee is modeled at the maximum disclosed rate of 2% ("up to 2%" per PPM). Actual fees may be lower depending on the offering.
Management fees are approximated as 1.25% annually on fully deployed capital. Actual deployed capital timing can change fee drag.
Preferred return is modeled as 6.5% cumulative, non-compounding. Carry applies only to profit above that preferred return threshold.
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.
Fiduciary Duty Elimination
All three fund vehicles eliminate manager fiduciary duties of loyalty and care via operating agreement provisions permitted under Delaware LLC Act Section 18-1101(c). The AgTech Select Fund contains the most explicit language: the manager is permitted to consider only its own interests when making decisions in its sole discretion. Members are protected only against fraud, bad faith, and willful misconduct — a significantly lower standard than the default fiduciary duty. This is a deliberate structural choice confirmed across all three vehicles.
Manager Removal Rights
Members have zero contractual right to remove the manager under any circumstances in all three fund vehicles — confirmed in operating agreements across PCF II, Livestock Income Fund, and AgTech Select Fund. The only exception is if such right is conferred by applicable law, which provides no practical investor protection. The manager may resign voluntarily with 5 days' notice (AgTech fund); members may then appoint a successor by majority vote. There is no mechanism to compel resignation.
Distribution Discretion
All distributions across all fund vehicles are at manager sole discretion. The manager may elect to reinvest distributable cash rather than distribute. No minimum distribution schedule or contractual commitment exists. PCF II targets quarterly distributions — this is aspirational, not contractual. Investors may receive taxable income (phantom income) without corresponding cash distributions in any given year.
Q4 2023 Default Vintage
Two loans originated in a 90-day window (October–November 2023) are in default: Iowa Embryo Transfer/Calving Operation ($1.275M, litigated recovery, DPI 0.06) and Montana Bison Ranch ($485K, negotiated recovery, DPI 0.12). Combined exposure $1.76M. Recovery amounts and timelines are not yet disclosed. The concentration of both defaults in the same vintage window warrants underwriting attention — whether this reflects an underwriting lapse, market conditions specific to Q4 2023, or coincidence is not determinable from public disclosures.
Management Bandwidth
The core team (five named staff: Rawley, Maness, Canady, Harding, Thompson) is simultaneously managing a declining individual loan series program, two active credit fund raises ($25M each), an agtech equity fund raise ($10M), active litigation on one default, negotiated recovery on another, and a multi-company equity portfolio. Chris Rawley also serves as Chief of Staff for Naval Reserve Surface Forces. This concentration of operational responsibility in a small team is the unscored risk — it does not appear in any fee model but it is the most consequential variable.
Series LLC Liability Ring-Fence
The master LLC structure (Harvest Invest, LLC) is a Delaware series LLC. The PPM explicitly discloses that while Delaware courts honor series segregation, courts in other jurisdictions may not. Investors in one series could theoretically face liability for obligations of another series if the ring-fence is not honored. This is disclosed risk, not unique to Harvest Returns, but worth noting for investors holding multiple series positions.
Blind Pool — No Loan-Level Pre-Disclosure
All three current fund products are blind pools. Specific loans, borrowers, and loan terms are selected entirely at manager discretion after capital is raised. Investors commit capital without knowing which loans will be made. The sustainability mandate (80% to farms with regenerative/organic/sustainable practices) in PCF II provides some portfolio characteristic disclosure but not loan-level detail.
Agricultural Credit Default Risk
Risk Summary
Two of 22 disclosed livestock investments (2018–2026) are in default with DPI of 0.06 and 0.12 respectively — both originated Q4 2023. Both are livestock/infrastructure loans secured by agricultural assets. Recovery outcomes are not yet public.
Why It Matters
Agricultural credit default rates are historically low relative to commercial real estate, but livestock operations carry specific risks: price volatility for cattle and other livestock, weather events, disease outbreak, and the challenge of collateralizing living animals. The two defaults both involved livestock/infrastructure — not pure real estate collateral — suggesting that livestock-backed loans carry meaningfully different risk than land-collateralized credit.
Mitigation / Verification
Review the fund's loan concentration by collateral type. PCF II focuses on first liens on agricultural real estate at 50–60% LTV, which is more conservative collateral than livestock-only loans. Verify whether any Fund II capital is deployed to livestock versus pure real estate credits, as the track record defaults are concentrated in livestock/infrastructure categories.
Manager Concentration Risk
Risk Summary
A five-person team operates four concurrent product lines across 90+ series vehicles, two active default recoveries, and equity portfolio management. CEO Chris Rawley simultaneously holds a Naval Reserve command. No independent board, no independent CCO.
Why It Matters
In private credit, underwriting quality is directly correlated with the attention each credit receives. A team managing 90+ active relationships while simultaneously raising three new funds and recovering from two defaults is operating at significant bandwidth. The two Q4 2023 defaults — both originated in the same 90-day window when the platform was presumably active across all four product lines — may reflect this dynamic.
Mitigation / Verification
Ask the team specifically how loan monitoring, covenant compliance, and borrower communication are handled across the active portfolio. Identify who at the firm is responsible for each segment. A satisfactory answer involves named individuals with clear portfolio responsibility, not a general description of team capabilities.
No Independent Governance Backstop
Risk Summary
All three fund vehicles eliminate fiduciary duties, prohibit manager removal, grant full distribution discretion, and are structured with manager self-administration. There is no independent board, independent administrator, or independent auditor confirmed across all vehicles.
Why It Matters
In a well-governed private fund, fiduciary duties, an independent administrator, and a qualified auditor together provide checks on manager self-dealing, accurate reporting, and correct valuation. The absence of all three means investors are relying entirely on management integrity with no structural verification mechanism. This does not mean misconduct is occurring — it means there is no independent way to verify that it is not.
Mitigation / Verification
Confirm whether BVWD's engagement with PCF II constitutes a formal audit, a review, or a compilation. Request the engagement letter scope. Verify whether North Capital's compliance function covers active monitoring or is limited to initial offering compliance. These questions have specific answers that distinguish acceptable from unacceptable governance.
Redemption Floor and Liquidity Risk
Risk Summary
After a four-year lockup, redemption in PCF II is at manager discretion with a floor of 50% of calculated NAV — and may be paid via promissory note at AFR interest over five years rather than cash. The Livestock Income Fund includes a drag-along provision allowing the manager to force sale of member interests on terms determined solely by the manager.
Why It Matters
The 50% redemption floor means that in a distress scenario — when an investor most needs liquidity — the maximum they can contractually receive is half the calculated value of their interest. A promissory note payment extends the de facto lockup by an additional five years. Together these provisions mean that after a four-year lockup plus five-year note, an investor might not receive full value for nine years.
Mitigation / Verification
Size the position accordingly — treat this as a permanent allocation for planning purposes, not a five-year lockup. The stated five-year investment term and the actual liquidity terms are materially different.
ASRisk signals to watch
- Disclosure of final recovery amounts and timelines on the Iowa and Montana defaults — the candor with which adverse outcomes are reported is the most reliable signal about management integrity.
- Fund II annual financial statements from BVWD — whether they constitute a formal audit or a lesser engagement determines the quality of independent financial verification.
- The pace of Farm Plus Financial origination activity relative to Fund II capital deployment — if origination volume declines, the blind pool's actual deployment timing and loan mix may differ from projections.
- Any changes to team composition — in a five-person operation, the departure of any named individual creates meaningful operational risk.
- EDGAR filings for HI-092 (AgTech Select Fund) and HI-093 (Livestock Income Fund) — neither had filed as of May 2026, suggesting both are in early capital raise stages.
Regulatory & Legal Posture
Security Status
Regulation D Securities Offerings — 506(c) (PCF II) and 506(b) (Livestock Income Fund, AgTech Select Fund)
Each Harvest Returns fund offering is a private placement of LLC membership interests under Regulation D. PCF II uses Rule 506(c), permitting general solicitation and advertising but requiring verified accreditation from all investors.
The Livestock Income Fund and AgTech Select Fund use Rule 506(b), permitting up to 35 sophisticated non-accredited investors but prohibiting general solicitation. Harvest Returns, Inc.
is an Exempt Reporting Adviser (CRD 324236) — not a full RIA — filing a truncated Form ADV. Not a registered broker-dealer.
North Capital serves as external compliance partner. All individual series (Harvest Invest-001 through -093+) file separate Form D notices with the SEC.
Two manager-level equity raises also on file (CIK 0001774529)..
Disclosure Quality
Moderate. The PPMs are comprehensive on structure, governance, and risk factors. The livestock track record document (updated April 2026) is unusually candid — voluntary disclosure of two active defaults with DPI figures is a positive signal. The absence of audited financials at any fund level, the non-disclosure of individual loan details in blind pool vehicles, and the limited public-facing website content constrain independent verification. The Form ADV filing quality (uniform $21.5M gross asset value across all series in 2022) suggests some boilerplate filing practices at the regulatory disclosure level.
Custody Model
Investor-Owned Series LLCs with Manager Discretion — No Independent Custodian or Administrator
Regulatory Backing
Each Harvest Invest series LLC holds legal title to its investments (loans, equity interests). Investors own membership units in the series LLC — not the underlying assets directly.
The manager (Harvest Returns, Inc.) has full discretion over all investment decisions, distributions, and operations. There is no independent fund administrator or qualified custodian confirmed across the fund vehicles.
BVWD is named as CPA & Auditor for PCF II in the fact sheet; the scope of that engagement is not specified in the PPM. Harvest Invest, Inc.
appears as General Partner in SEC Form ADV filings alongside Harvest Returns, Inc. as Manager — a dual-entity structure not prominently disclosed in fund-level marketing materials.
The Delaware series LLC liability ring-fence provides theoretical asset segregation between series but may not be honored in non-Delaware jurisdictions..
Tax Treatment
Reporting
Schedule K-1 (Form 1065) — Partnership Tax Treatment
All Harvest Returns vehicles elect partnership tax treatment. K-1s are issued annually; the PPMs specify delivery within 180 days of fiscal year-end for PCF II (no specific deadline stated for the other funds). Investors should plan for potential filing extensions. Electronic K-1 delivery is the default; paper copies available upon written request to accounting@harvestreturns.com.
Income Character
Ordinary Income (Interest/Credit Income) — Private Credit Funds; Capital Gains (Equity Exits) — AgTech Fund
For PCF II and the Livestock Income Fund: interest income from agriculture loans passes through as ordinary income (up to 37% federal rate). The preferred return structure in PCF II provides income priority before carry attaches but does not change the character of income.
For the AgTech Select Fund: returns are realized through equity exits (IPO, M&A) and may qualify for long-term capital gains treatment (15–20% federal rate) if positions are held more than one year. Phantom income risk exists across all vehicles — investors may receive K-1 income allocations in years where no cash distributions are made..
Limitation
Passive activity loss limitations apply — income/losses can typically only offset other passive income unless the investor materially participates (unlikely in these vehicles). The Livestock Income Fund PPM explicitly discloses the risk that the IRS may reclassify the partnership as a corporation, which would convert pass-through treatment to double taxation. No IRS ruling has been obtained on partnership status for any vehicle.
Special Considerations
UBTI Risk
Investors using IRA or other tax-exempt accounts should assess UBTI exposure. Agricultural lending partnerships may generate UBTI depending on leverage and income character. The PPMs recommend consulting a qualified tax advisor for ERISA/IRA investors.
- All three fund vehicles limit benefit plan investor participation to below 25% of any class to avoid 'plan assets' status under ERISA — investors should confirm this limit has not been reached before investing IRA capital.
- Phantom income is explicitly disclosed in all three PPMs — in years where net income exceeds cash distributions, investors may owe tax on income they have not received. Size the position to maintain liquidity for potential phantom income tax obligations.
- The AgTech Select Fund's equity investments may qualify for Section 1202 Qualified Small Business Stock (QSBS) exclusion on gains if portfolio companies meet the requirements — a potential significant tax benefit worth verifying with a CPA at the time of exit.
Account Suitability
Taxable
Appropriate for taxable accounts given K-1 pass-through treatment. High-income investors should model whether passive activity loss limitations will prevent current use of any losses generated.
Roth IRA
Technically permissible via self-directed IRA structures but complex — UBTI risk, prohibited transaction rules, and fair market valuation requirements create significant compliance burden. The tax-free growth advantage is partially offset by the inability to use K-1 losses in a tax-free account.
Traditional IRA
Similar constraints to Roth IRA. UBTI exposure on leveraged lending income possible. Consult a self-directed IRA custodian and CPA before investing retirement assets.
HSA
Not suitable. HSA investment options are generally limited to liquid instruments; alternative asset custody is unavailable at most HSA providers.
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AltStreet Data Layer
What the data actually shows
AltStreet tracks 59 Harvest Returns Harvest Invest LLC series via SEC EDGAR Form D filings and 22 deal-level records from the April 2026 livestock track record disclosure. These are the five findings that matter most for underwriting.
Platform deceleration is real — and Fund II is the response
Individual series activity has declined sharply: 2022–2023 series averaged $595K per deal; 2024–2025 series (HI-082, HI-083, HI-089) averaged $110K per deal with 5–10 investors each. HI-041 raised $3.95M in mid-2022 — the high-water mark. The platform's shift to pooled fund products ($25M PCF II, $25M Livestock, $10M AgTech) is a rational response to declining per-deal capital formation.
What this means
Investors evaluating Fund II should understand that the $38M deployment figure reflects a period when individual deal flow was materially stronger. The fund model represents a strategic pivot, not an extension of existing momentum.
Q4 2023 default vintage: both in 90 days, both livestock/infrastructure
Iowa Embryo Transfer/Calving ($1.275M, originated 10/2/2023) and Montana Bison Ranch ($485K, originated 11/3/2023) entered default within 90 days of each other. Both were livestock/infrastructure loans — not pure real estate collateral. Combined exposure $1.76M with DPI of 0.06 and 0.12 respectively as of April 2026.
What this means
The collateral type (livestock/infrastructure) versus PCF II's focus (first-lien real estate at 50–60% LTV) is the single most important risk distinction between fund products. Investors in PCF II have structurally different collateral exposure than the defaulted loans in the track record.
Kansas aggregator: one borrower, five loans, $8.5M originated
A single Kansas grass-fed cattle aggregator is confirmed as a repeat borrower across five loans originated 2019–2022, totaling $8.535M — all repaid in full with DPIs ranging 1.08–1.14. This single relationship represents 24% of all EDGAR-verified capital raised in the livestock track record.
What this means
Repeat borrower concentration is a double-edged signal: it validates underwriting quality for a proven relationship, but it also means a meaningful portion of the historical track record reflects the creditworthiness of a small number of borrowers rather than portfolio diversification.
PCF II preferred return is the key structural advantage over Livestock Fund
PCF II's 6.5% preferred return means the manager's 20% carry does not attach until investors have received 6.5% annually. The Livestock Income Fund has no preferred return — 20% carry attaches from dollar one above return of capital. At similar target returns (~9–10%), this represents approximately 1.5–2% lower effective net return to investors in the Livestock Fund over a five-year period under base-case assumptions.
What this means
Investors evaluating both products should understand that similar advertised target returns do not reflect similar economic structures. PCF II is meaningfully more investor-friendly on fee economics.
Form ADV reveals CEO = CCO with 50–75% ownership
The 2022 SEC Form ADV (CRD 324236) lists Paul Christopher Rawley (Chris Rawley) as Chief Executive Officer, Chief Compliance Officer, and holder of 50–75% ownership of Harvest Returns, Inc. There is no independent CCO. North Capital serves as external compliance partner but is not a substitute for internal independent compliance oversight.
What this means
The combination of majority ownership, operational authority, and compliance oversight in a single individual creates a concentration of control with no internal check. External compliance partnerships mitigate but do not eliminate this risk.
Data as of 2026-05-05 . AltStreet platform_exits database . Confidence level 4
Decision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Accredited Income Investors — Agriculture Focus
Well-suited for accredited investors seeking 9–10% yield from first-lien agricultural credit as a portfolio diversifier. The 2022 performance (8.7% while S&P fell 19.4%) demonstrates genuine low-correlation characteristics.
PCF II's 6.5% preferred return provides income priority before carry attaches. Quarterly distribution target (at manager discretion) suits investors who want current income but can tolerate discretionary timing.
Requires genuine five-year lockup tolerance and explicit acceptance of the governance terms..
ESG/Regenerative Agriculture Allocators
PCF II's 80% sustainability mandate — requiring loans to farms with regenerative, organic, or sustainable practices (no-till, cover cropping, rotational grazing) — provides a documented ESG mandate for allocators with impact requirements. This is a structural commitment in the fund documents, not a marketing claim.
Verification of compliance is limited to manager self-reporting, but the mandate's presence in the PPM creates a contractual basis for investor inquiry..
Institutional and Family Office Allocators
The credit track record and agricultural specialization are genuinely compelling for institutional allocators seeking niche private credit exposure. The governance structure — eliminated fiduciary duties, no independent administrator, no removal rights — will likely require specific accommodations or side letter negotiations to pass institutional due diligence standards.
Institutional investors comfortable with manager-managed structures should engage directly to understand whether governance improvements are negotiable for larger commitments..
Non-Accredited Sophisticated Investors
The Livestock Income Fund and AgTech Select Fund permit sophisticated non-accredited investors under 506(b), subject to a 20% net worth limit and manager determination of sophistication. For non-accredited investors who qualify, this is rare access to institutional-style private credit or agtech venture exposure.
The 20% net worth limit and manager-determined sophistication threshold provide some structural protection. However, non-accredited investors have less regulatory recourse than accredited investors if things go wrong..
Liquidity-Focused Investors
Poor fit. After a four-year lockup, redemption is at manager discretion with a 50% NAV floor that may be paid via promissory note over five years.
There is no secondary market. The effective lockup in adverse scenarios could be nine years (four-year initial lockup plus five-year promissory note).
Investors who may need capital access should not invest..
Investors Requiring Independent Governance
Poor fit for investors who require independent fiduciary oversight, manager removal rights, or independent administration as non-negotiable governance standards. All three fund vehicles eliminate fiduciary duties of loyalty and care, prohibit manager removal, and are self-administered.
The Delaware LLC Act permissiveness that enables this structure is a feature from the manager's perspective and a constraint from the investor's..
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Credit Track Record vs. Governance Terms
A seven-year credit history with 9.9% weighted average net annual returns and voluntary disclosure of defaults is compelling evidence of management competence and integrity. The governance terms — eliminated fiduciary duties, zero removal rights, full distribution discretion — provide no structural mechanism to enforce that integrity.
The investor is betting on the culture, not the contract..
PCF II Preferred Return vs. Livestock Fund No Hurdle
PCF II's 6.5% preferred return means investors receive priority returns before any carry attaches. The Livestock Income Fund's 20% carry from dollar one means investors share profits from the first dollar above return of capital — a meaningfully less investor-favorable economic structure despite similar target returns..
First-Lien Real Estate Collateral vs. Livestock Collateral
PCF II's focus on first-lien agricultural real estate at 50–60% LTV provides more durable collateral than livestock-backed loans. Both Q4 2023 defaults were livestock/infrastructure loans — not real estate collateral.
The Livestock Income Fund explicitly lends to livestock operations. The collateral type distinction is the most important risk distinction between the two credit fund products..
Team Depth vs. Team Bandwidth
The team has 80+ years combined agricultural investing experience and genuine sector expertise. That expertise is now spread across four concurrent product lines, two active default recoveries, and equity portfolio management.
Team depth is an asset; team bandwidth is the constraint..
Quarterly Income vs. Lockup Reality
Quarterly income distributions from agricultural credit are genuinely attractive relative to annual distributions common in farmland equity platforms. The liquidity reality — four-year lockup, 50% NAV redemption floor, promissory note payment option — is meaningfully less accessible than typical income investment alternatives..
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.
Investors Requiring Manager Accountability Mechanisms
All three fund vehicles eliminate fiduciary duties, prohibit manager removal, and are self-administered. There is no independent board, no independent administrator, and no removal threshold.
If you require structural governance backstops rather than management trust, this platform is not appropriately structured..
Investors Needing Liquidity Before Year Five
The four-year lockup combined with the 50% NAV redemption floor and potential promissory note payment structure means investors who may need capital before year five should not invest. There is no secondary market and no interim liquidity mechanism..
Investors Conflating the Three Fund Products
PCF II (agricultural real estate credit with preferred return), the Livestock Income Fund (livestock credit with no preferred return and drag-along rights), and the AgTech Select Fund (early-stage equity with event-driven liquidity) are materially different products requiring separate underwriting. Investing across all three without understanding the structural differences introduces unintended risk concentration..
Investors Relying on Track Record for the Newer Fund Products
The platform's seven-year credit track record reflects individual loan series and Fund I — it does not represent the Livestock Income Fund (HI-093) or the AgTech Select Fund (HI-092), both of which have no operating history. The track record is legitimate evidence for Fund I/PCF II underwriting; it is not transferable evidence for the other products..
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
The credit performance is the most credible evidence in Harvest Returns' favor: nine consecutive years of agricultural credit returns averaging 9.9%, with one fund generating 11.1% in 2025, in a sector with genuine uncorrelated characteristics. The voluntary disclosure of two active defaults — both with current DPI figures — is a positive signal about management transparency. The governance structure across all three current fund vehicles is the most permissive AltStreet has reviewed in agricultural credit: fiduciary duties eliminated, zero member removal rights, full distribution discretion, and no independent administrator confirmed across the fund complex. These terms are legal and common in Delaware LLC vehicles. They are not, however, investor-protective. The right framing is: this is a platform where conviction in the management team substitutes for structural governance protections. Seven years of data supports that conviction. Two active defaults with unknown recovery outcomes are the current test of whether that conviction is warranted.
Positioning
AltStreet has verified $35.1M raised across 59 Harvest Invest series LLCs via EDGAR and reviewed three full PPMs (PCF II, Livestock Income Fund, AgTech Select Fund). The platform occupies a genuine niche in retail-accessible agricultural private credit that few platforms fill with comparable track record depth. The primary analytical questions are: (1) whether the Q4 2023 default concentration reflects a systematic underwriting lapse or coincidence, (2) whether a five-person team can execute four concurrent product lines without quality degradation, and (3) whether the recovery outcomes on the two defaults are disclosed with the same candor as the defaults themselves. PCF II is the most investor-friendly structure in the platform's current lineup and the appropriate starting point for most allocators.
The Bottom Line
Seven years of verifiable agricultural credit returns and voluntary default disclosure earn credibility; eliminated fiduciary duties and zero removal rights require it.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
Start with PCF II, not the other funds — it has the strongest governance structure (6.5% preferred return, 1.25% fee on deployed capital, first-lien real estate collateral) and is the most investor-friendly product in the current lineup.
Ask management directly about the Iowa and Montana default recovery timelines and expected recovery amounts — the answer tells you more about management transparency than any marketing material.
Verify BVWD's engagement scope — confirm whether the annual financial statements constitute a formal audit, a review, or a compilation. This distinction matters for how much weight to give the reported financials.
Read the PCF II operating agreement in full before committing capital — specifically sections on fiduciary duties, distribution discretion, and redemption terms. Confirm you explicitly accept these terms, not just the marketing summary.
Do not invest in the Livestock Income Fund or AgTech Select Fund as a substitute for PCF II track record diligence — they are different products with different risk profiles and no independent operating history.
Size this as a portfolio income sleeve, not a primary allocation — treat the four-year lockup as permanent for planning purposes and limit exposure to what you can genuinely hold through a worst-case recovery scenario on the defaults.
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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
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.
Explore Asset Class
Agricultural Private Credit & Private EquityDeep Dive Guide
Private Credit in AgricultureSimilar Platform Reviews
- AcreTrader
Farmland equity (direct ownership) vs. Harvest Returns' credit model. AcreTrader offers land appreciation and crop income; Harvest Returns offers interest income from first-lien ag loans. Different collateral roles, different return profiles, both require 5-year lockup.
- Steward
Direct regenerative agriculture lending at $100 minimums without accreditation requirement. No multi-year track record equivalent to Harvest Returns. Different borrower profile (small regenerative farms vs. Harvest Returns' lower-middle-market operations).
Report Appendix
Verified Exit Data
AltStreet-sourced deal-level exit records — confidence level 4
+
Report Appendix
Verified Exit Data
AltStreet-sourced deal-level exit records — confidence level 4
Report Appendix
Evidence & Methodology
Sources, scope, and how the review was assembled
+
Report Appendix
Evidence & Methodology
Sources, scope, and how the review was assembled
ASReview Evidence
Methodology
Platform analysis combining three full PPM reviews (PCF II HI-085, Livestock Income Fund HI-093, AgTech Select Fund HI-092), April 2026 livestock track record document, March 2026 investor deck and fact sheet, Ecotone Renewables March 2026 investor update, 59 SEC EDGAR Form D filings (2019–2026), SEC Form ADV (CRD 324236), platform portfolio companies page, and public blog content. Platform website offers minimal public content — substantive offering materials accessed via investor account registration.
Scope
Three complete PPMs (offering memoranda, subscription agreements, operating agreements, exhibits) + April 2026 livestock track record + March 2026 investor deck + SEC EDGAR 59 Form D filings + Form ADV 111-page filing + portfolio companies page + public blog
Key Findings
- *AltStreet verified 59 Harvest Invest LLC series Form D filings via EDGAR, totaling $35.1M raised across 1,663 investors — consistent with platform's $38M deployment claim.
- *Livestock track record document (updated April 15, 2026) discloses 22 total deals with two active defaults: Iowa ($1.275M, DPI 0.06, litigated recovery) and Montana ($485K, DPI 0.12, negotiated recovery) — both Q4 2023.
- *Form ADV confirms CEO/CCO/majority owner concentration in Paul Christopher Rawley and reveals Harvest Invest, Inc. as General Partner across series — a separate entity from Harvest Returns, Inc. not prominently disclosed in fund PPMs.
- *All three fund PPMs confirm identical governance pattern: fiduciary duty elimination, zero member removal rights, full distribution discretion — confirmed as deliberate structural choice not boilerplate variation.
- *PCF II performance chart (investor deck) provides annual return series: 12.6% (2020), 7.2% (2021), 8.7% (2022), 14.6% (2023), 9.2% (2024), 10.3% (2025) — 2022 outperformance during S&P -19.4% is the platform's strongest marketing data point.
AltStreet Verified Data
Structured exit database - independently sourced
AltStreet tracks 59 Harvest Invest LLC series via EDGAR Form D filings (confidence level 3 — EDGAR verified) and 22 deal-level records from the platform's April 2026 livestock track record disclosure (confidence level 3 — platform self-reported, unaudited). No verified exit IRRs available at the individual deal level for credit fund investors — DPI figures represent cumulative cash inflows relative to invested capital, not annualized returns.
Exits Verified
12
Deals Tracked
59
Avg Actual IRR
-
Median Hold
-
Data as of 2026-05-05. Exit status breakdown: 12 exited . 45 open . 2 unreported.
Primary Source Pages
Comparable Platforms
- AcreTrader
Farmland equity vs. ag credit. AcreTrader offers direct farmland ownership (land appreciation + crop income). Harvest Returns offers first-lien ag credit (interest income). AcreTrader has 15 verified exits with IRRs ranging 9.4–30.3%; Harvest Returns' track record is measured in credit returns not equity IRRs.
- Steward
Comparable regenerative ag lending focus with different structure: Steward uses promissory notes (not securities), $100 minimum, no accreditation requirement, shorter loan terms. Harvest Returns uses Reg D securities with longer lockups and accredited investor requirements but pooled fund infrastructure.
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
What is Harvest Returns and how does it work?
Harvest Returns is a Fort Worth-based agricultural lending platform founded in 2016. It originates loans to lower-middle-market agricultural producers — cattle operations, grain farms, specialty crops, and ag-adjacent businesses — primarily collateralized with first liens on agricultural real estate. Investors purchase LLC membership interests in individual series vehicles or pooled fund products, receiving quarterly income distributions (at manager discretion) from interest income. The platform operates as an Exempt Reporting Adviser (CRD 324236) and uses Farm Plus Financial as its primary origination and underwriting partner.
What is Harvest Returns' track record?
The platform self-reports a 9.9% weighted average net annual return across all private credit investments from 2019–2025, calculated on a time-weighted average outstanding loan balance basis. Fund I returned 11.1% in 2025. These figures are self-reported and unaudited. AltStreet has verified $35.1M raised across 59 individual series LLCs via EDGAR, consistent with the $38M deployment claim. Two defaults are active as of April 2026 — Iowa ($1.275M, litigated recovery) and Montana ($485K, negotiated recovery) — both originated Q4 2023.
What are the differences between PCF II, the Livestock Income Fund, and the AgTech Select Fund?
Three materially different products sharing a manager. PCF II is an agricultural real estate credit fund ($25K minimum, 6.5% preferred return, 1.25% mgmt fee on deployed capital, 506(c) accredited only). The Livestock Income Fund lends to livestock operations ($20K minimum, no preferred return, 20% carry from dollar one, 1.5% mgmt fee, 506(b)). The AgTech Select Fund invests in early-stage agtech equity ($10K minimum, 2% mgmt fee on committed capital, 3-5x target exit multiple, 506(b)). PCF II is the most investor-friendly; the other two have no preferred return hurdle and no operating track record.
Can the manager be removed from Harvest Returns funds?
No. All three current fund vehicles (PCF II, Livestock Income Fund, AgTech Select Fund) explicitly state that members have no right, power, or authority to remove or expel the manager under any circumstances. This is confirmed in the operating agreements for all three funds. The only exception is if such right is conferred by applicable law — a narrow carve-out with no practical investor protection. Investors should explicitly accept this governance structure before investing.
What happened with the two Harvest Returns defaults?
Two agricultural loans originated in Q4 2023 are in default: an Iowa Embryo Transfer/Calving Operation ($1.275M, originated October 2023, in litigated recovery) and a Montana Bison Ranch ($485K, originated November 2023, in negotiated recovery). Both are livestock/infrastructure loans — not pure real estate collateral. As of the April 2026 track record document, cumulative cash inflows (DPI) are 0.06 and 0.12 respectively. Final recovery amounts and timelines have not been disclosed.
What is the minimum investment and who can invest?
Minimum investments vary by product: PCF II requires $25,000 (Class A-1, 80/20 waterfall) or $250,000 (Class A-2, 90/10 waterfall). The Livestock Income Fund requires $20,000. The AgTech Select Fund requires $10,000. PCF II is limited to accredited investors (Rule 506(c)). The Livestock Income Fund and AgTech Select Fund use Rule 506(b), which permits up to 35 sophisticated non-accredited investors subject to a 20% net worth limit and manager determination of sophistication.
How liquid are Harvest Returns investments?
All fund vehicles have a four-year lockup. After year four, redemption is at manager discretion with a floor of 50% of calculated NAV — and may be paid via promissory note at AFR interest over five years rather than cash. There is no secondary market and none is expected to develop. In adverse scenarios, the effective hold period could extend to nine years. Treat all Harvest Returns fund investments as permanently illiquid for planning purposes.
What tax documents does Harvest Returns issue?
All Harvest Returns vehicles issue Schedule K-1s (Form 1065) reflecting partnership tax treatment. PCF II specifies delivery within 180 days of fiscal year-end — potentially as late as June 30 for calendar-year funds. Investors should plan for potential filing extensions. Electronic delivery is the default. Phantom income risk exists — investors may receive taxable income allocations in years where cash distributions are not made.