Holdfolio Review 2026: Fees, Returns and What Changed After the 2020 Pivot
Holdfolio raises LLC vehicles of about $1 million from accredited and non-accredited investors, with $10,000 to $20,000 minimums, and places them as limited-partner checks in other sponsors' real estate syndications and funds. It charges 2.5% at subscription and 20% of profits above a 10% annual return, on top of the sponsor's own fees. Its public track-record page lists 21 exits, two of them with capital losses, and 46 active vehicles, 13 flagged for suspended distributions, restructuring or expected loss. The 68 Form D notices AltStreet identified, one per vehicle and none amended, show $69.7 million offered across them and report sales only on the ten notices filed before 2020.
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What the data actually shows - TL;DR
Holdfolio began in 2013 as an Indianapolis operator of crowdfunded single-family rental pools and small apartment buildings, sold that portfolio in 2020, and since then has acted as an allocator: it forms an LLC for each deal it likes, raises about $1 million from its investor base, and invests the pool as a limited partner in another sponsor's syndication or fund. The public record is unusual in two ways.
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Holdfolio publishes a deal-by-deal outcome table, including its two capital losses and the active vehicles it expects to lose money on. And the Form D record is a disclosure gap: 58 of the 68 notices were filed before any sale and none was amended, which the rules do not require for a change in the amount sold alone, so what each vehicle raised is not public. The table splits by vintage.
The pre-2020 pools and three 2019 to 2020 multifamily deals did well. The allocator-era vehicles of August 2020 to June 2022 did not: both realized losses and 10 of the 13 flagged active rows were originated in that window, and Holdfolio's own page says ten of the eleven investments it counts as underperforming or lost date from it. Investors pay two fee layers, Holdfolio's 2.5% and 20% profit share and the sponsor's fees underneath, and the sponsors are not named on the public site. The founder's personal commitment to cover realized principal losses is stated on the page as a goal, not a guarantee.
The track-record page lists 21 full-cycle investments: 11 'Achieved projections', 7 'Missed projections', 3 'Exceeded projections'. HF LaVista LLC returned 0.91x after the Atlanta property 'was destroyed by a fire shortly after acquisition', and HF Kensley LLC returned 0.47x (IRR -28.5%) after 'a rapid deterioration in multifamily market conditions'. The page states an average IRR of 13.2% and an average annualized ROI of 17.9%; AltStreet's simple means of the 21 rows are 13.1% and 16.9%, and the method behind 17.9% is not stated. These are Holdfolio's figures, not verified.
Active vehicles Holdfolio flags for close attention. HF Brentmoor Columns LLC ($1.75 million offering, 2022): 'Both underlying assets were lost ... Investors have been informed that their capital in this offering is not expected to be recovered.'
HF Chatsworth LLC ($2.05 million, 2022): 'investor equity has no realizable value'. HF Allegory Riverhaus LLC ($2.64 million, 2021): one asset sold at a loss, losses expected on two more. Nob Hill, Newberry, Provenza, Longleaf Pines, Carolina Forest, Grand Reserve, Amerimar, Fayetteville and Estates at San Antonio carry suspended distributions, loan modifications or refinance risk. Four more vehicles have paused distributions without a flag.
Holdfolio's own layer: 'The only fee we charge is a one-time fee of 2.5% which is paid at the time you place an investment', and 20% of profits after investors have earned a 10% annual return. The site calls this 'Very low fees' against a 2% annual fee. The sponsor of each deal charges its own acquisition, asset management, refinance, disposition and promote fees underneath, which the public site does not show; Holdfolio's own deal scorecard asks sponsors for exactly that list.
Form D notices filed before the first sale, reporting $0 sold, and never amended. The ten notices filed after sales, all from 2015 to 2019, report $3.69 million sold to 150 investors, 61 of them non-accredited. For every vehicle since 2019 the only public figure is the offering amount, usually $1,025,000 with a $20,000 minimum.
An amendment is not required for a change in the amount sold alone, so this is a gap in what the public record shows, not a filing lapse. Three listed vehicles have no notice AltStreet located, including HF Vantage At Wildewood LLC, the page's best exit at a stated 51.7% IRR.
The page is headed 'Seventy-three investments. Every outcome, in full.' and lists 67. Four Form D filers have no matching row: HF Perimeter Park LLC ($1,025,000 offered, July 2022), HF Rosemont LLC ($1,927,000, December 2022), HF Turner Rd IOS LLC ($666,000, February 2025) and HF Haven at Kingwood LLC ($1,025,000, August 2026). What those notices relate to, and what the six unlisted investments are, is absent from the record; a question for Holdfolio, not an inference about whether the deals funded.
The track-record page states the founder's commitment: on any investment that 'fully exits with a loss of investor principal, our goal is to personally make investors whole for the shortfall', followed by 'This is not a guarantee on distributions, timelines, or interim performance.' Whether the commitment appears in any binding offering document, and whether HF LaVista or HF Kensley investors received anything under it, is absent from the record.
Form D figures are from each vehicle's single notice as of November 8, 2026. Return, hold and status figures are Holdfolio's statements on its track-record page captured the same day; 'Asset Value' there is the sponsor's property value, not Holdfolio's investment. Nothing in this review is audited.
Quick Verdict
Is this platform right for you?
Holdfolio publishes what happened to each of its deals, which is rare, and the table shows a strong pre-2020 record followed by a 2021 to 2022 allocator book with two realized losses and 13 flagged positions. The public record stops there: no raises, no sponsors, no audits, no financial statements, and a second fee layer whose first layer is the only one shown. Treat an HF vehicle as a $10,000 to $20,000 limited-partner position in a deal you cannot see until you register, run by a sponsor you must ask Holdfolio to name.
Best for
- Experienced investors who will obtain the sponsor's PPM and the vehicle's subscription total before committing, and who want small positions across several sponsors
Avoid if
- You need audited statements or a named administrator
- You need income now or your money back within five years
- You would be a non-accredited investor placing a large share of your savings in one vehicle
Top strengths
- Deal-by-deal outcome table with stated ROI, IRR and equity multiple on every exit, including the losses
- Status text for every active vehicle, including those Holdfolio expects to lose
- Holdfolio's own fee layer is stated plainly: 2.5% once and 20% above a 10% return
- Form D notices filed for 68 vehicles; no regulatory action or suit naming Holdfolio located
- Pre-2020 pools and three 2019 to 2020 multifamily exits returned 10% to 52% IRRs as stated
Key limitations
- 58 of 68 notices never report what was raised (no amendment is required for sales alone); three listed vehicles have no notice located
- Four Form D filers have no row on a page headed 'Every outcome, in full'
- Sponsor names and sponsor fees are not public
- No audit, administrator or distribution history; two individuals named on the notices, roles unexplained
- Headline averages are not reproducible from the table and differ between pages
Compare Before Deciding
Where Holdfolio fits against alternatives
Use these hooks to pressure-test whether this is the right platform, or whether a nearby alternative matches the job better.
How this compares to CrowdStreet
CrowdStreet
Marketplace of named sponsors' deals at higher minimums.
How this compares to Senior Living Fund
Senior Living Fund
Sponsor of its own funds with Form D-only disclosure.
How this compares to Equity Estates
Equity Estates
Form D sponsor with no published fund results.
$69.7M
Offered on 68 Form Ds
One notice per vehicle, 2015 to 2026, none amended; sales reported only on ten.
2 of 21
Exits below principal
LaVista 0.91x (fire), Kensley 0.47x; stated average IRR 13.2%, median 12.5%.
13 of 46
Active vehicles flagged
Two described as having no recoverable equity; distributions suspended on several.
2.5% + 20%
Holdfolio's layer
Once at subscription, then 20% of profits above a 10% annual return; sponsor fees underneath.
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
None.
K-1 Timing
Depends on the sponsor; delays acknowledged in Holdfolio's own article.
Distributions
Quarterly, when the sponsor pays.
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.
Holdfolio, LLC, founded in 2014 by Jacob Blackett and named in the site's terms of use, is the only operating company visible. Blackett is the only related person listed on all 68 Form D notices; Neil Lindsey signed the 16 notices filed since November 2024 as member, managing partner or managing member of the issuing vehicle, and the site does not describe his role. The notices give Indianapolis addresses until 2025 and 4990 Bradstone Loop, Grove City, Ohio from August 2025.
From 2013 to 2019 the company bought and managed Indianapolis and Dayton rental homes in pools of ten (Holdfolio Indiana I to 12) and then small apartment buildings, with its own property management and construction arms. The site says that by early 2020 it 'could not pay as much as other firms on new acquisitions', sold all of its holdings, and 'pivot[ed] the business model to see more deal flow and invest with much larger and more experienced firms'. Since September 2020 each deal gets its own 'HF <property> LLC', typically a $1,025,000 Rule 506(b) offering with a $20,000 minimum, which invests as a limited partner in a sponsor's syndication: multifamily, self storage, hotels, car washes, an RV park, a debt income fund, an oil and gas fund, build-to-rent and industrial net lease.
Investors subscribe online after 'a brief introduction call', receive quarterly distributions when the sponsor pays, and get a Schedule K-1 from the HF vehicle. Holdfolio says it is 'the single largest investor' in its deals; the size of its own position in any vehicle is not stated.
It raises about $1 million per deal from its investor base, invests it as a limited partner with larger sponsors, and charges 2.5% at subscription plus 20% of profits above a 10% annual return. Its 68 Form D notices show $69.7 million offered since 2015; its track-record page shows 21 exits, two with capital losses, and 46 active vehicles, 13 flagged. Nothing is audited in public, and no sponsor is named on the public site.
Company and people
Holdfolio, LLC (terms of use). Founder Jacob Blackett, the only related person listed on all 68 Form Ds, signed 52 of them as manager. Neil Lindsey signed the 16 notices filed since November 2024 as member, managing partner or managing member; the site does not name him. Issuer address on the notices: Indianapolis (2015 to 2025), then 4990 Bradstone Loop, Grove City, Ohio (August 2025 onward). Co-founder Sterling White appears in republished 2015 to 2020 press items and on no notice.
Registration
No SEC adviser, broker-dealer or FINRA record for Holdfolio, HF Capital or Jacob Blackett; no row in AltStreet's enforcement tables. Offerings rely on Rule 504 (two 2015 notices), Rule 506(b) (62) and Rule 506(c) (four). No broker-dealer or sales compensation on any notice.
What investors buy
LLC interests in an HF vehicle that invests in a sponsor's deal: 'You typically own a percentage interest in a company (LLC) that owns the real estate'. Minimums 'typically between $10,000 and $20,000' (the notices show $20,000 on 45 of 68). Accredited and non-accredited investors accepted. IRA investing through custodians.
Fees
Holdfolio: 2.5% once at subscription; 20% of profits after a 10% annual return to investors ('if an investment earns a 15% annualized return, 14% will go to investors and 1% will go to Holdfolio'); 'it's possible that they can change'. Sponsor-level fees under each vehicle: not on the public site.
Liquidity
'There is no public market to sell your ownership'; Holdfolio must approve each sale and holds a first right of refusal. Capital returns when the sponsor sells or refinances; targeted holds of 3 to 7 years, 'not guaranteed'.
Reporting
'Financial statements & performance updates at least once per quarter' through the investor dashboard; a status sentence per vehicle on the public page. No audit, auditor or administrator named. K-1s depend on the sponsors' K-1s (a May 2023 post addresses delays).
Vehicles on EDGAR
68 Form D filers, one notice each, $69,684,745 offered; $3,693,200 sold reported on the ten 2015 to 2019 notices filed after first sale (150 investors, 61 non-accredited). Typical HF notice since 2020: $1,025,000, $20,000 minimum, Rule 506(b). Four vehicles used Rule 506(c): HF Catalyst Fund (2022), HF Ashland PCI Fund and HF Upstream Oil & Gas (2025), HF Crystal View IV (2026).
Court record
Holdfolio is not a party to any suit located. It is named in Lanz v. LHNH Lavista LLC (N.D. Ga. 1:23-cv-05344), a tenant class action over the November 2023 fire at The Reserve at LaVista Walk, for an investor video with the property's manager and for identifying itself as his partner; the defendants admit the video. Settlement class pending, final approval hearing January 5, 2027. State courts not searched.
Visual Summary
The allocator-era vehicles Holdfolio flags, with their Form D offerings
Status text is Holdfolio's, from the track-record page captured November 8, 2026. Offering amounts are from each vehicle's single Form D; what each raised is not public.
HF Brentmoor Columns LLC (Feb 2022, $1,751,500)
Both assets lost, Brentmoor by foreclosure and Columns by a lender-led preferred equity restructuring; capital 'not expected to be recovered'.
HF Chatsworth LLC (May 2022, $2,051,000)
Preferred equity partner took operational control in January 2025; 'investor equity has no realizable value'.
HF Allegory Riverhaus LLC (Jun 2021, $2,636,000)
All three assets underperformed; one sold at a loss, losses expected on the other two.
HF Nob Hill LLC (Dec 2021, $1,025,000)
1,326 units, Houston: 'execution risk is high'; C-PACE loan modification in process.
HF Newberry LLC and its 1031 twin (Jan to Feb 2022, $1,025,000 plus no Form D)
Operations poor; preferred equity added for a loan extension.
HF Provenza LLC (Jul 2021, $1,353,800)
Distributions suspended pending a refinance, timing not set.
HF Longleaf Pines LLC (Nov 2021, $1,025,000)
Distributions suspended while the sponsor builds a cash buffer.
HF Carolina Forest LLC (Apr 2022, $1,025,000)
Capital restructuring 'will impact investors who did not participate in it'.
HF Grand Reserve LLC (Jun 2022, $282,050)
Under financial pressure; sponsor in discussions with the lender.
HF Amerimar LLC (Sep 2022, $1,388,895)
Upcoming debt pressure; 'the next few quarters will be telling'.
HF Fayetteville LLC (Nov 2021, $1,538,000)
Minimal distributions after a pivot in the business plan; possible recap could weaken returns.
HF Estates at San Antonio LLC (Nov 2022, $1,456,000)
Near-term refinance 'carries meaningful risk'.
HF LaVista LLC (Jan 2022, $1,025,000) and HF Kensley LLC (Sep 2020, $2,000,000)
Exited 2025 at 0.91x and 0.47x.
ASForm D reconciliation: what the 68 notices show against the outcome table
- 68 filers identified (Jacob Blackett as the listed related person), $69,684,745 offered in total, one notice each, no amendments. Ten notices (2015 to 2019) report $3,693,200 sold to 150 investors; 58 report $0 sold at filing. An amendment is not required for a change in the amount sold alone, so raises since 2019 are simply not in the public record.
- Four filers have no row on the track-record page: HF Perimeter Park ($1,025,000, July 2022), HF Rosemont ($1,927,000, December 2022), HF Turner Rd IOS ($666,000, February 2025), HF Haven at Kingwood ($1,025,000, August 2026). Three rows have no notice AltStreet located: 7500 Dunwoody (2018), HF Vantage At Wildewood (2020) and its 1031 successor (2022). Whether those deals funded or a notice was required is not determined here.
- Holdfolio's 2.5% applies when the investment is placed; the FAQ does not say whether it is deducted from the subscription or charged on top. The 20% share applies to profits above a 10% annual return to investors, which are already net of the sponsor's promote; on a deal returning 15% a year to the vehicle, the FAQ's own example leaves investors 14%.
- Holdfolio's exits have come from the sponsors' sales and refinances. On the 13 flagged vehicles the sponsor's lender or preferred equity partner now controls the outcome, and Holdfolio's vehicle sits behind them.
Key Gaps & Non-Disclosures
- No raise figures for 58 of 68 vehicles.
- No sponsor names or sponsor fees on the public site.
- No audit, administrator or distribution history.
- Four filers without a row on the outcome table; three rows without a notice located.
Platform Intelligence
Holdfolio timeline
Key platform events, regulatory turns, liquidity stress points, and product launches that shape how the review should be read.
First pool
Yarn LLC (Holdfolio I) invests in 50 Indianapolis rental homes from October 2013; its Form D is filed in March 2015.
Holdfolio Indiana pools
Holdfolio Indiana II to VI LLCs, ten homes each, raise $20,000 to $385,000 from 1 to 24 investors, non-accredited investors included.
First apartments
1616 Southport LLC raises $1.1 million from 28 investors for an 80-unit Indianapolis building; Holdfolio Indiana 9 to 12 follow.
Cobble Hill and Rockleigh
Holdfolio Cobble Hill LLC ($970,000 from 37 investors, Fort Worth) and 7455 Rockleigh LLC (Indianapolis, 156 units).
Pivot to allocator
Holdfolio sells its own holdings and begins the HF vehicles: Kensley (September), Ashley Oaks and Homestead East Broad (December).
Twelve vehicles
Nine HF notices in 2021 and twelve in 2022, including Allegory Riverhaus, Provenza, LaVista, Nob Hill, Brentmoor Columns and Chatsworth.
LaVista fire
November 10, 2023: fire destroys two buildings at The Reserve at LaVista Walk; tenants file a class action against the owner entities ten days later.
Two capital losses; move to Ohio
HF LaVista exits March 6 at 0.91x and HF Kensley June 10 at 0.47x. From August the notices give a Grove City, Ohio address. 7455 Rockleigh exits in October at a stated 22.5% IRR.
Flagged book
The track-record page flags 13 of 46 active vehicles; Brentmoor Columns and Chatsworth are described as losses in waiting. Seven new HF notices January to August 2026.
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
Depends on the sponsor; delays acknowledged in Holdfolio's own article.
Delay signals
- Holdfolio's 2023 post on delayed K-1s
- Sponsor K-1s arrive before the vehicle's can be issued
Extension risk
Likely in some years; not stated.
Confidence: Medium
Cash Flow
Distributions
Timing
Quarterly, when the sponsor pays.
Consistency
Suspended or paused on at least eight of 46 active vehicles per the track-record page; no distribution history is published.
Liquidity
Exit Reality
Holding period
Until the sponsor sells or refinances; targeted 3 to 7 years, not guaranteed. The 2020 to 2022 vehicles are now at or past their targets.
Exit options
- Sponsor sale or refinance
- Private transfer with Holdfolio's approval, subject to its first right of refusal
Secondary market
None.
Confidence: High
Investment Structures
HF single-deal vehicles (2020 onward)
One LLC per sponsor deal, typically a $1,025,000 Rule 506(b) offering with a $20,000 minimum, investing as a limited partner in multifamily, self storage, hotel, car wash, RV campground, build-to-rent, student housing or net-lease deals. 46 are active and 21 have exited per the track-record page. Holdfolio's 2.5% and 20% layer applies on top of the sponsor's terms.
HF fund-of-fund vehicles
Vehicles that invest in a sponsor's fund rather than a single property: HF Catalyst Fund (multifamily fund, 1,448 units, Rule 506(c), 2022), HF Overland (multi-asset development fund, 2022), HF Ashland PCI Fund (debt income fund, Rule 506(c), 2025), HF Upstream Oil & Gas (oil and gas fund, Rule 506(c), 2025), HF Crystal View IV (mixed fund, Rule 506(c), 2026).
1031 vehicles
HF Vantage At Wildewood LLC (2020 to 2022, stated 51.7% IRR, no Form D located) was followed by a '1031 Vehicle' of the same name that reinvested in the Gainesville, Florida property behind HF Newberry in January 2022; that vehicle is now flagged with preferred equity added for a loan extension.
Legacy Holdfolio Indiana pools (2013 to 2022)
Yarn LLC (Holdfolio I, 50 homes, 2013 to 2021, stated 16.1% IRR) and Holdfolio Indiana II to 12 (ten homes each, Rule 504 or 506(b), $345,000 to $1,550,000, non-accredited investors accepted), all exited 2019 to 2022 at stated IRRs of 9.7% to 14.8%. Three legacy multifamily vehicles (1616 Southport, Cobble Hill, 7455 Rockleigh) exited at 12.3% to 22.5%.
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.
Limited partner behind the sponsor
The HF vehicle has no control over the property, the loan, the refinance or the sale. On the flagged vehicles, lenders and preferred equity partners now decide the outcome.
Two fee layers
Holdfolio's 2.5% and 20% share above 10% sit on top of the sponsor's fees and promote. Only Holdfolio's layer is public.
Vintage concentration
Most of the active book was placed in 2021 and 2022 into leveraged value-add multifamily; Holdfolio attributes ten of eleven struggling investments to that window.
Two individuals named, roles unexplained
Jacob Blackett is the only related person listed on all 68 notices; Neil Lindsey signs the notices since November 2024 as managing member. The site names only Blackett. No auditor, administrator, board or adviser registration is disclosed.
Raises not public
58 notices report nothing after filing, and no amendment is required for sales alone. The investor count, capital raised and Holdfolio's own stake in each vehicle are not in the public record.
Loss of principal on the 2021 to 2022 vehicles
Two vehicles have exited below principal, two active ones are described as having no recoverable equity, and nine more carry suspended distributions, lender negotiations or refinance risk.
Why it matters
Holdfolio's investors in those vehicles depend on the sponsor's negotiations with lenders they have no relationship with. A lender-led restructuring or preferred equity injection ranks ahead of the vehicle.
Mitigation / verification
Before investing in a new vehicle, ask for the sponsor's name, the capital stack, the loan maturity and rate cap, and the sponsor's own record on deals from 2021 and 2022.
Unknown raises and unknown skin in the game
No post-2019 vehicle's raise, investor count or Holdfolio stake is public.
Why it matters
A vehicle that raised a fraction of its offering may hold a smaller, less influential LP position than planned, and the size of Holdfolio's own position beside it is not stated.
Mitigation / verification
Ask for the vehicle's subscription total, investor count and Holdfolio's own commitment in writing, and for the Form D amendment if sales are continuing.
Fee stacking
Holdfolio's layer plus the sponsor's layer.
Why it matters
A sponsor deal projected at 15% to the LP class returns about 14% to Holdfolio's investors after the 20% share, before the 2.5% entry charge; sponsor fees have already been taken above that.
Mitigation / verification
Ask for the sponsor's PPM and fee table alongside Holdfolio's investment agreement, and compute the all-in drag.
Who manages each vehicle
The notices list one related person, the founder, and a second individual signs the recent notices as managing member; the site describes neither role, and no administrator or auditor is disclosed.
Why it matters
Continuity, record-keeping and the founder's personal make-whole commitment depend on who controls each LLC and what happens if a principal leaves.
Mitigation / verification
Ask who the managers of each vehicle are, what the operating agreement says if a principal departs, who holds the bank accounts, and whether any vehicle has been audited or reviewed.
Biggest Misconceptions & What Actually Happens
- 'Very low fees': true of Holdfolio's own layer compared with a 2% annual fee; the sponsor's fees are additional and not shown.
- 'Average annualized return of 17.9% across 155 successful full-cycle assets': 155 counts the underlying assets (for example 50 homes in one pool); the 21 full-cycle investments include two with capital losses, and the simple mean of the 21 rows is 16.9%.
- '$3.9B Portfolio Value, All-time': the sponsors' property values across every deal Holdfolio has touched, not Holdfolio's capital. The Form Ds show $69.7 million offered.
- 'Holdfolio's single largest investor is itself': the amount is not stated for any vehicle.
- 'If a deal loses money, We make it right': the text that follows calls it a goal and says it 'is not a guarantee'.
Regulatory & Legal Posture
Security Status
Regulation D private placements by each HF vehicle: Rule 506(b) on 62 notices, Rule 506(c) on four, Rule 504 on two 2015 notices. Investors buy LLC interests in the vehicle.
Rule 506(b) allows up to 35 non-accredited investors per offering with information requirements and no general solicitation; the site accepts non-accredited investors and requires 'a brief introduction call' before access to private deals. The notices filed before sale show no investor counts, so the number of non-accredited investors in current vehicles is not public.
Disclosure Quality
Low in public: one Form D per vehicle with no amendment, a public outcome table and one FAQ on fees; no offering document, financial statement or sponsor name is public.
Custody Model
Investors subscribe to the HF vehicle through invest.holdfolio.com and wire funds to it; the vehicle invests in the sponsor's entity. Distributions pass from the sponsor to the vehicle to investors.
Regulatory Backing
No broker-dealer, registered adviser, administrator or custodian is named. Holdfolio is not an SEC registrant of any kind. Whether the pooled vehicles rely on an Investment Company Act exemption is not stated on the notices read (the Form D fund-type field is blank on all 68).
Tax Treatment
Reporting
Schedule K-1 from the HF vehicle.
The vehicle's K-1 depends on the sponsor's K-1; Holdfolio's May 2023 blog post is titled 'A Guide For Delayed K-1s and What To Do When It Happens'.
Income Character
Pass-through rental income, depreciation and gains from the sponsor's property entity.
The home page states that the investments 'commonly provide paper losses to offset other income' and an '80%+ tax shield'; those depend on the sponsor's cost segregation and leverage.
Limitation
Passive-loss rules limit the use of paper losses against other income for most investors. Confirm with a tax adviser.
Account Suitability
Taxable
The structure is built for taxable investors seeking depreciation.
Roth IRA
Offered through custodians. Leveraged real estate in an LLC can create UBTI; Holdfolio's own UBIT article discusses it.
Traditional IRA
Same UBTI question.
HSA
Not suitable in practice.
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AltStreet Data Layer
What the data actually shows
AltStreet read all 68 Form D notices, joined them to Holdfolio's track-record table, and read the LaVista class action pleadings.
Form Ds report offerings, not raises
The 68 notices identified offer $69,684,745. The ten notices filed after sales (2015 to 2019) report $3,693,200 sold to 150 investors. The 58 notices since then report $0 sold at filing and were not amended, which the rules do not require for a change in the amount sold alone.
What this means
What any HF vehicle raised, and how many investors it has, is not in the public record. Ask for the subscription total before investing.
Outcome table and notices do not match
Four Form D filers ($4,641,000 offered) have no row on the track-record page, which lists 67 investments against 73 stated. Three listed vehicles, including the best exit, have no notice AltStreet located.
What this means
The mismatch is reported as found. What the four notices relate to, and whether a notice was required for the three rows, are questions for Holdfolio.
Averages are means over 21 exits with three large wins
Stated average IRR 13.2% and average annualized ROI 17.9%; AltStreet's simple means of the 21 rows are 13.1% and 16.9%, the median IRR is 12.5%, and the about page also states 22.03%.
What this means
A typical exit returned about 12% to 13% IRR; the averages are lifted by Vantage at Wildewood (51.7%) and Pacific Point (39.7%).
Loss cohort is the allocator era
Both realized losses and 10 of the 13 flagged active rows were originated between August 2020 and June 2022, the first two years after Holdfolio sold its own portfolio and began investing with outside sponsors (two flagged rows share the Newberry property). Holdfolio's own 'ten of eleven' sentence uses a different grouping that the page does not reconcile with its flags. Form D offerings of the 13 flagged vehicles: $16.6 million.
What this means
The record that supports the 'excellent investments' claim is mostly the operator era; the allocator era's record is still being written, and much of it is negative.
Notice timing
Eleven notices were filed more than 15 days after the investment date Holdfolio states, by 17 to 72 days (Yarn LLC by 526 days). Six were filed 62 to 191 days before the stated investment date.
What this means
The 15-day clock runs from the first sale, which may differ from the date shown; a question for Holdfolio, not a finding of lateness.
Data as of 2026-11-08 . AltStreet review evidence layer . Public-source analysis
Full dataset$69.7M
Offered on 68 Form Ds
One notice per vehicle, 2015 to 2026, none amended; sales reported only on ten.
2 of 21
Exits below principal
LaVista 0.91x (fire), Kensley 0.47x; stated average IRR 13.2%, median 12.5%.
13 of 46
Active vehicles flagged
Two described as having no recoverable equity; distributions suspended on several.
2.5% + 20%
Holdfolio's layer
Once at subscription, then 20% of profits above a 10% annual return; sponsor fees underneath.
Decision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Investors who want small checks in institutional-size syndications and will ask for the sponsor's documents
Holdfolio opens the door at $10,000 to $20,000; the cost is a second layer and dependence on its selection.
Income investors
Distributions are suspended or paused on a large share of the active book, and the sponsor decides when they resume.
Investors who need their money within five years
No market, transfers need approval, and the 2020 to 2022 vehicles show holds running past target.
Non-accredited investors with little private-markets experience
Each vehicle is one leveraged property behind one sponsor; losses on two exits and two active vehicles show the downside is total.
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Low minimum vs. second fee layer
$10,000 to $20,000 into institutional-size deals, at 2.5% up front and 20% of profits above 10% on top of the sponsor's fees.
Published outcomes vs. unpublished money
Every exit and status is public; raises, stakes, sponsors and financial statements are not.
Diversification by sponsor vs. no control
Holdfolio selects the sponsor and the vehicle is a passive limited partner.
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 who need income now
Distributions are suspended or paused on a large share of the active vehicles.
Investors who need liquidity
No market; transfers need Holdfolio's approval; holds are running past target.
Investors who require audited statements or a named administrator
None located in public material.
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
A small allocator that tells investors what happened to each deal, charges a second layer for choosing them, and whose August 2020 to June 2022 choices carry both realized losses and most of the flagged book.
Positioning
Treat each HF vehicle as a limited-partner position in a sponsor you must ask to be named.
The Bottom Line
The outcomes are public; the money behind them is not.
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 sponsor's name, PPM and fee table on any vehicle you consider, and compute the all-in cost with Holdfolio's 2.5% and 20% layer.
Ask for the vehicle's subscription total, investor count and Holdfolio's own commitment in writing.
Ask whether the founder's make-whole commitment appears in the investment agreement, and what the LaVista and Kensley investors received under it.
Ask who the managers of each HF vehicle are, including Neil Lindsey's role, and what the operating agreement provides if a principal leaves.
Ask what the HF Perimeter Park, HF Rosemont, HF Turner Rd IOS and HF Haven at Kingwood notices relate to, and why they have no row on the track-record page.
Ask for the last eight quarters of distributions on the active vehicles and for any audited or reviewed financial statement.
AltStreet Research Desk
About to invest in Holdfolio, or in an offering we haven't covered?
Commission an independent diligence report: the same filing-based analysis behind this review, applied to the specific investment in front of you before you wire the money.
- Built from primary sources: SEC filings, court records, capital structure, and marketing-versus-filings comparison.
- From $750; full reports from $1,495. Fixed price confirmed up front, delivery in 3-5 business days.
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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.
Explore Asset Class
Real Estate / Private SyndicationsFund Landscape
Similar Platform Reviews
- CrowdStreet
Marketplace of named sponsors' deals at higher minimums.
- Senior Living Fund
Sponsor of its own funds with Form D-only disclosure.
- Equity Estates
Form D sponsor with no published fund results.
Report Appendix
Evidence & Methodology
40 cited passages on file; sources, scope, and how the review was assembled
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Report Appendix
Evidence & Methodology
40 cited passages on file; sources, scope, and how the review was assembled
Evidence on file
40 supporting passages on file for Holdfolio and its offerings from 8 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
- 40
- Source documents
- 8
- Analyst verified
- 0
- Discrepancies flagged
- 4
ASReview Evidence
Methodology
All 68 Form D notices of the Holdfolio and HF vehicles read from raw XML (filer list from EDGAR full-text search for 'Jacob Blackett' and 'Holdfolio' plus entity lookups); 100 pages of holdfolio.com captured by Firecrawl on November 8, 2026, with the track-record table parsed and joined to the notices by entity name; CourtListener RECAP searches for Holdfolio, Jacob Blackett, Avenium Group and LHNH; the amended complaint (May 28, 2024) and amended answer (June 21, 2024) in Lanz v. LHNH Lavista LLC; SEC adviser search, FINRA BrokerCheck and AltStreet's enforcement tables. Portfolio pages did not render; the investor portal was not used; state courts and state regulators were not searched.
Scope
68 EDGAR filers (CIKs 1636060 to 2151616, listed in the data layer); holdfolio.com public pages; N.D. Ga. 1:23-cv-05344.
Key Findings
- *Track record: 'Ten of the eleven investments on this page that are either underperforming or have lost capital were originated between August 2020 and June 2022'.
- *Track record, HF Brentmoor Columns LLC: 'Investors have been informed that their capital in this offering is not expected to be recovered.'
- *Track record, HF Chatsworth LLC: 'At current valuations, investor equity has no realizable value'.
- *Track record, HF LaVista LLC: 'Sale proceeds and the insurance payout fell short of returning full investor principal.'
- *How it works FAQ: 'The only fee we charge is a one-time fee of 2.5% which is paid at the time you place an investment.'
- *How it works FAQ: 'Holdfolio must approve each sale and Holdfolio also holds a first right of refusal'.
- *Track record: 'This is not a guarantee on distributions, timelines, or interim performance.'
- *Lanz amended complaint, footnote 3: 'Holdfolio identified itself as a partner of Mr. Stein.'
Primary Source Pages
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
Is Holdfolio legit?
It is a real company operating since 2013 that has filed Form D notices for 68 investment vehicles and publishes a deal-by-deal outcome table, including its losses. AltStreet located no regulatory action or lawsuit naming Holdfolio or its founder. The concerns are about the model and the record: it is a second fee layer on other sponsors' deals, the sponsors are not named publicly, the amounts raised are not public, nothing is audited in public, and the 2021 to 2022 vehicles include two realized losses and 13 flagged positions.
What does Holdfolio actually sell?
LLC interests in a vehicle (an 'HF <property> LLC') that Holdfolio forms for one deal and invests as a limited partner in another sponsor's syndication or fund. Investors own a share of the vehicle, the vehicle owns a share of the sponsor's entity, and the sponsor's entity owns the property. Minimums are typically $10,000 to $20,000; accredited and non-accredited investors are accepted.
What are Holdfolio's fees?
Holdfolio states one fee of 2.5%, charged once when the investment is placed, and a 20% share of profits after investors have earned a 10% annual return (a 15% deal returns 14% to investors and 1% to Holdfolio). It notes the fees can change. The sponsor of the underlying deal charges its own acquisition, asset management, refinance, disposition and promote fees, which are not shown on Holdfolio's public site; ask for the sponsor's fee table.
What returns has Holdfolio delivered?
Its track-record page lists 21 exits with a stated average IRR of 13.2% and average annualized ROI of 17.9%. AltStreet's simple means of the 21 rows are 13.1% and 16.9%, and the median IRR is 12.5%. Eleven exits achieved projections, seven missed and three exceeded. Two returned less than principal: HF LaVista (0.91x) and HF Kensley (0.47x). The figures are Holdfolio's own and are not audited or verified.
Which Holdfolio investments are in trouble?
Holdfolio flags 13 of 46 active vehicles. It says capital in HF Brentmoor Columns 'is not expected to be recovered' and that HF Chatsworth's investor equity 'has no realizable value'. HF Allegory Riverhaus has sold one asset at a loss and expects losses on two more. Nob Hill, Newberry, Provenza, Longleaf Pines, Carolina Forest, Grand Reserve, Amerimar, Fayetteville and Estates at San Antonio carry suspended distributions, loan modifications, restructurings or refinance risk. Holdfolio attributes ten of eleven struggling investments to deals originated between August 2020 and June 2022.
What happened with the LaVista fire?
HF LaVista LLC was Holdfolio's vehicle in The Reserve at LaVista Walk, a 289-unit Atlanta property acquired in December 2021. On November 10, 2023 a fire destroyed two buildings. Tenants filed a class action against the owner entities and manager (Lanz v. LHNH Lavista LLC, N.D. Ga.); Holdfolio is not a defendant, but the amended complaint quotes a Holdfolio investor video with the manager, Yakov Stein, and says Holdfolio identified itself as his partner; the defendants admit the video exists. Holdfolio's table shows the vehicle exited on March 6, 2025 at 0.91x, with 'Sale proceeds and the insurance payout fell short of returning full investor principal'. A settlement class is pending, with a final approval hearing set for January 5, 2027.
Does Holdfolio guarantee against losses?
No. The track-record page states the founder's goal to 'personally make investors whole for the shortfall' on any investment that fully exits with a loss of principal, and then says 'This is not a guarantee on distributions, timelines, or interim performance.' Whether the commitment appears in any binding offering document, and whether the LaVista and Kensley investors received anything under it, is not stated publicly.
How much has Holdfolio raised?
The public record does not say. The 68 Form D notices AltStreet identified offer $69.7 million in total, but 58 were filed before the first sale and were not amended (no amendment is required for a change in the amount sold alone), so they report $0 sold. The ten notices that report sales, from 2015 to 2019, show $3.69 million raised from 150 investors. The '$3.9B Portfolio Value' on the site is the value of the sponsors' properties, not Holdfolio's capital.
Can I sell my Holdfolio investment?
Not on any market. The FAQ says Holdfolio must approve each sale and holds a first right of refusal to buy the interest; it may help match a buyer in its private network. Otherwise capital returns when the sponsor sells or refinances, on a targeted but not guaranteed 3 to 7 year hold.
Who runs Holdfolio?
Jacob Blackett, the founder, is the only related person listed on all 68 Form D notices and the only person named on the site; he signed 52 of the notices as manager. Neil Lindsey signed the 16 notices filed since November 2024 as member, managing partner or managing member, and the site does not describe his role. Co-founder Sterling White appears in republished 2015 to 2020 press items and on no notice. The notices give Indianapolis addresses through 2025 and Grove City, Ohio from August 2025. Neither the company nor its principals hold an SEC or FINRA registration.
Is Holdfolio audited?
AltStreet located no audit report, auditor or administrator for any Holdfolio vehicle in public material and did not request one, so audit status is unverified. The site promises quarterly financial statements and updates through the investor dashboard.
How does Holdfolio compare with Fundrise or CrowdStreet?
Fundrise runs its own funds with published audited statements and redemption programs; CrowdStreet is a marketplace where investors pick named sponsors' deals directly, usually at $25,000 minimums. Holdfolio picks the deals for you, pools smaller checks into them, adds its own 2.5% and 20% layer, and does not name the sponsors on its public site. Its advantage is the low minimum and a published outcome table; its cost is the extra layer and the lack of audited financials.