RealtyMogul
RealtyMogul spent a decade convincing retail investors they could own institutional commercial real estate for $5,000. Now it is quietly becoming the platform that helps the Wideman Company raise capital — and the REIT investors who came for the 6% yield are sitting in a suspended redemption queue at $7.49 a share.
What the data shows
-32%
Income REIT NAV decline from ~$11.00 peak to $7.49 as of December 31 2025. Distribution cut from 6% to 3% in February 2025. Share repurchase program suspended April 21 2026. 7,700 investors cannot exit on demand.
Foreclosure
Sherwood Oaks property transferred to lender via deed in lieu of foreclosure March 26 2026 — the first actual asset loss in the Apartment Growth REIT. Brooklyn Portfolio entered mortgage maturity default September 2 2025 with no disclosed resolution.
$128.7M
Total raised across 43 Form D SPV entities (numbered 66–134, 2017–2019 vintage). The numbered SPV series ended at 134 in August 2019 when the platform pivoted to REITs. The marketplace model is now being rebuilt under Wideman ownership.
What the data actually shows - TL;DR
RealtyMogul is a platform in active ownership transition — from VC-backed REIT manager to operator-owned technology licensor. Both REITs have suspended redemptions, one has an audited foreclosure. The marketplace is now exclusively Wideman Company deals. Existing REIT investors are liquidity-constrained. New investors are evaluating a materially different platform than the one that raised $1.2B.
Financial data sourced from SEC EDGAR Form 1-K filings (FY2024 and FY2025) for both REITs, audited by CohnReznick LLP. Form D data from 43 EDGAR-verified entity filings. Marketplace deal data from realtymogul.com authenticated deal pages (May 2026). Platform stats from RM Adviser LLC fact sheets dated May 6 2026.
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Quick Verdict
Is this platform right for you?
RealtyMogul is a platform in active ownership transition. Existing REIT investors are locked in with suspended redemptions, declining NAVs, a foreclosure, and an unresolved mortgage default. New investors face a fundamentally different platform than the one that built the 110-period distribution record. The marketplace is Wideman-only. Wait for the Offering Circular refresh and at least one audited year under Wideman management before reconsidering.
Best for
- Existing REIT investors monitoring for redemption program reinstatement
- Accredited investors who have read the full Wideman PPMs and are comfortable with the conflict of interest
- 1031 exchange investors with $5M+ who verify the specific DST/TIC sponsor independently
- Investors researching the platform's historical SPV track record via EDGAR (43 verified entities)
Avoid if
- You need liquidity within 3-5 years
- You are benchmarking against the prior 6% yield — it no longer exists
- You want independent third-party deal underwriting on marketplace investments
- You are a non-accredited investor — both products are currently paused
- You are evaluating the Apartment Growth REIT without reading the FY2025 1-K disclosure of the foreclosure and default
Top strengths
- 13-year operating history with EDGAR-verified $128.7M in historical SPV activity
- Regulation A structure provides audited annual financials — transparency beyond unregistered alternatives
- CohnReznick LLP audit on both REITs — regional firm with clean opinions
- Wideman Company brings 50-year operator track record in Sunbelt commercial real estate
- 1099-DIV tax reporting for REITs — no K-1 complexity for REIT investors
Key limitations
- Both REIT share repurchase programs suspended — investors cannot exit
- Apartment Growth REIT: foreclosure, realized loss on sale, unresolved default, distributions paused
- Income REIT NAV -32% from peak; distributions cut 50%; partially return of capital
- Marketplace: zero independent sponsors — all Wideman Company deals
- RM Securities broker-dealer withdrawn — regulatory structure in transition
- No Wideman Company standalone financials — controlling operator has no public disclosure
Compare Before Deciding
Where RealtyMogul 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 Fundrise
Fundrise
Larger scale ($3B+ AUM), vertically integrated eREITs and interval funds, going-concern at corporate parent level — similar Reg A REIT structure, longer track record, no equivalent to the Apartment Growth REIT foreclosure situation
How this compares to Arrived
Arrived
Fractional SFR at $100 minimum, non-accredited eligible, going-concern at manager level — different asset class (residential vs commercial), lower minimum, similar Reg A structure
How this compares to EquityZen
EquityZen
Pre-IPO secondary markets, accredited only, Morgan Stanley acquisition January 2026 — different asset class, comparable institutional acquisition narrative
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 for either REIT. The repurchase program suspension means REIT investors have no path to exit until programs reopen. Marketplace private placements have no secondary market. This is the most acute liquidity risk in the current RealtyMogul product suite.
K-1 Timing
REITs: 1099-DIV, typically mid-February. Marketplace deals: K-1, may require tax extension (September-October).
Distributions
Income REIT: quarterly (changed from monthly effective January 1 2026). Apartment Growth REIT: paused (no distributions for quarter commencing October 1 2025). Marketplace deals: monthly per deal terms (distributions at sponsor discretion).
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.
RealtyMogul operates two non-traded REITs open to non-accredited investors under Regulation A — the Income REIT (CIK 0001669664, commercial debt and equity, $5,000 minimum) and the Apartment Growth REIT (CIK 0001699573, multifamily and industrial equity, $5,000 minimum) — plus a private marketplace for accredited investors featuring commercial real estate private placements ($35,000–$50,000 minimum). The platform was acquired by The Wideman Company (via RM Investor LLC) on November 6 2025 in a full change of control. Founder and CEO Jilliene Helman resigned; Matthew Wideman installed as CEO, Christopher Wideman as President. The Wideman Company, a 50-year Orlando-based commercial real estate operator managing $1.2B in Sunbelt assets, is now simultaneously the platform owner, REIT manager, and sole active marketplace deal sponsor. Both REITs are paused to new investors as of July 11 2025 and have had share repurchase programs and DRIPs suspended since April 21 2026. RM Technologies LLC licenses the platform technology to sponsors at $1,500 per investor onboarded plus $125 per investor per quarter — the primary revenue mechanism for current marketplace activity. RM Adviser LLC (SEC-registered RIA, wholly owned by RM Investor LLC) manages both REITs. A 1031 exchange concierge product targeting DST and TIC structures for exchanges over $5M rounds out the platform's current offerings. Broker-dealer: RM Securities registration withdrawn July 11 2025.
The Income REIT (CIK 0001669664) has 7,700 investors, $148.2M raised, NAV declined from ~$11.00 to $7.49 (-32%), distribution cut from 6% to 3%, and share repurchase suspended April 21 2026. The Apartment Growth REIT (CIK 0001699573) has 3,600 investors, $66.3M raised, sustained two consecutive years of audited net losses, produced an actual foreclosure (Sherwood Oaks, March 2026), a realized loss on sale (Lotus Village, -14.7%), an unresolved mortgage default (Brooklyn Portfolio), a distribution pause (January 2026), and suspended redemptions (April 21 2026). Both REITs are paused to new investors. The marketplace now features exclusively Wideman Company-sponsored commercial real estate deals ($35K–$50K minimum, accredited only) under a technology licensing model where RM Technologies charges $1,500 per investor plus $125/quarter. Auditor for both REITs: CohnReznick LLP, clean opinions. Arbitration clauses in subscription agreements.
Founded & Acquisition
Founded 2012 by Jilliene Helman, Los Angeles. Acquired November 6 2025 by The Wideman Company (RM Investor LLC). HQ relocated: Los Angeles → 333 S. Garland Ave., Suite 1300, Orlando FL 32801. CEO: Matthew Wideman. President: Christopher Wideman. RM Adviser LLC (SEC-registered RIA) manages both REITs.
Platform Scale (Self-Reported)
300,000+ members (website, May 2026) / 290,000+ (fact sheets, June 2025 — discrepancy noted); $1.2B+ capital deployed; $8B+ total property value financed since inception; 40,000+ investments made. Note: audited REIT financials show $148.2M raised (Income REIT) and $66.3M raised (Apartment Growth REIT) — platform figures include historical SPV activity.
Income REIT Current Status
NAV $7.49/share (December 31 2025, audited). 3.0% annualized quarterly distribution. Paused to new investors. Share repurchase SUSPENDED April 21 2026. DRIP suspended. Investment mandate amended August 1 2025 to focus on conservative entry pricing and industrial assets. FY2025: $288.7M audited total assets, $3.18M net income, $5.47M distributions paid.
Apartment Growth REIT Current Status
NAV $7.62/share (December 31 2025, audited). Distributions paused January 2026. Share repurchase SUSPENDED April 21 2026. DRIP suspended. Paused to new investors. FY2025: $157.3M audited total assets, $8.0M net loss. CRITICAL: Sherwood Oaks foreclosure (March 2026), Brooklyn Portfolio default (September 2025, unresolved), Lotus Village sold at -14.7% loss.
Marketplace Current Status
4 active deals, all Wideman Company sponsored. No independent third-party sponsors. Deal types: NNN industrial equity (FedEx Ground, 15.1% IRR target), trophy office equity (Truist Plaza, 16.5% IRR target), industrial preferred equity (Gaia Herbs, 8% preferred return), multifamily GP co-invest (RM Communities Distressed GP Fund, waitlisted). Accredited investors only, $35K–$50K minimum.
Fee Structure
Income REIT: 1% AMF + 0.5% servicing + 1.0% special servicing + up to 3% org/offering costs. Apartment Growth REIT: 1.25% AMF + same servicing structure. Marketplace: sponsor-set fees (FedEx deal: 2% acquisition + 1.5% AMF + 2% property mgmt); platform charges $1,500/investor + $125/quarter/investor to sponsors. 1031 concierge: varies by deal.
Tax Treatment
REITs: 1099-DIV annually, no K-1s. REIT election — qualified REIT dividends eligible for Section 199A 20% deduction. Distributions from loss-making Apartment Growth REIT include return of capital. Marketplace private placements: K-1 (partnership structure). 1031 DST: K-1. Multiple tax documents depending on product mix.
Redemption & Liquidity
Both REIT share repurchase programs SUSPENDED April 21 2026. No secondary market for REIT shares. Marketplace deals: illiquid, 6-7 year hold periods. 1031 DST: illiquid, typically 5-10 year hold. No path to near-term liquidity for REIT investors until programs reopen — timeline not disclosed.
Audit & Legal
Auditor: CohnReznick LLP, clean opinions on both REITs despite losses and foreclosure. Legal: Cozen O'Connor. Arbitration clause in both REIT subscription agreements — no class action. NAV calculated quarterly by internal manager — not GAAP fair value compliant.
Visual Summary
RealtyMogul Product Comparison
The three RealtyMogul product tiers have fundamentally different risk profiles, investor eligibility, and current status. Do not conflate the platform's 13-year history with any individual product.
Income REIT
Apartment Growth REIT
Marketplace (Wideman deals)
1031 Concierge
ASThe RealtyMogul Structure vs. Reality
- The platform feels like: a 13-year-old institutional real estate company with $1.2B deployed, 300K members, and 110 consecutive distribution periods. It behaves like: a platform in active restructuring with suspended redemptions, an audited foreclosure, a 25% NAV decline, and a new owner who is simultaneously the only deal sponsor on the marketplace.
- The Income REIT's FY2025 profitability ($3.18M net income) is real but incomplete. Distributions paid ($5.47M) exceeded net income, meaning investors received more cash than the entity earned. This is standard REIT mechanics but means the 3% distribution yield is partially return of investors' own capital, not pure income.
- The Apartment Growth REIT is the more acute problem. Two consecutive audited loss years, a foreclosure, a realized loss on sale, a distribution pause, and a suspended repurchase program all sit against product positioning around long-term capital appreciation.
- The marketplace pivot changes the platform's business model from fund manager to tech licensor. Existing REIT investors had a manager with regulatory obligations; future marketplace investors have a tech platform that disclaims responsibility for sponsor representations.
Key Gaps & Non-Disclosures
- No disclosure of the Income REIT redemption queue size or processing timeline following the April 21 2026 suspension.
- No resolution path disclosed for the Brooklyn Portfolio mortgage maturity default on September 2 2025.
- No Wideman Company standalone financial statements; the controlling operator has no public financial disclosures.
- No explanation of how future marketplace offerings will be structured and sold following RM Securities broker-dealer withdrawal.
Platform Intelligence
RealtyMogul Platform Timeline
Key platform events, regulatory turns, liquidity stress points, and product launches that shape how the review should be read.
Founded
RealtyMogul founded by Jilliene Helman in Los Angeles. Early focus: online platform connecting accredited investors to commercial real estate private placements.
Numbered SPV series launched
Platform begins numbered SPV series (Realty Mogul 66 onward) raising individual property deals under Reg D 506(b) and 506(c). Average deal ~$2.4M from ~56 accredited investors.
Income REIT launched
RealtyMogul Income REIT LLC qualifies under Regulation A — first non-traded REIT on the platform open to non-accredited investors at $5,000 minimum.
Numbered SPV series ends at 134
Last numbered SPV (RealtyMogul 134) raises in August 2019. Platform pivots entirely to REIT products. $128.7M raised across 43 SPVs from 2,433 investors.
Apartment Growth REIT launched
RealtyMogul Apartment Growth REIT, Inc. qualifies under Regulation A for multifamily value-add strategy.
Named sophisticated-tier SPVs
Four named SPVs (Turtle Creek $8.3M, Orion $8.2M, Kings Landing $10.2M, Bentley $11.2M) raise from sophisticated investors — larger deals than the numbered series, suggesting institutional traction.
CRE market decline begins
Federal Reserve rate hikes begin. Commercial real estate valuations begin declining. Both REIT portfolios begin NAV compression — disclosed in FY2024 1-K as primary driver of NAV decline.
NAV declines accelerate
Income REIT NAV: $10.05 → $8.26 (-17.8%). Apartment Growth REIT NAV: $10.41 → $8.13 (-21.9%). Lotus Village classified as held for sale at $33M (below acquisition). Three 2025 debt maturities flagged: Lotus Village, Sherwood Oaks, Brooklyn Portfolio.
Distribution cut — Income REIT
Income REIT announces via Form 1-U: distribution cut from 6% to 3% annualized, effective for Q4 2024 quarter. Distribution cadence changed from monthly to quarterly effective January 2026.
Lotus Village sold at a loss
Lotus Village property sold May 27 2025 for $32.85M versus $38.5M acquisition price — $5.65M realized loss (-14.7%) on the Apartment Growth REIT's largest disposition.
Subscriptions paused; RM Securities withdrawn
Both REITs pause to new investors July 11 2025 (Offering Circulars being refreshed). RM Securities broker-dealer registration withdrawn same date.
Brooklyn Portfolio mortgage default
Brooklyn Portfolio entity enters maturity default on mortgage loan September 2 2025. No resolution path disclosed in FY2025 filing.
Wideman acquisition — full change of control
Realty Mogul Co. merges into RM Investor LLC (managed by The Wideman Company) on November 6 2025. Form 1-U filed November 13 2025. Jilliene Helman, Flynann Janisse, and Louis S. Weeks III resign from board. Matthew Wideman installed as CEO. Christopher Wideman as President. Michael Young and Michael Simpson as independent directors.
Maryland corporation conversion + marketplace pivot
Income REIT converted to Maryland corporation April 27 2026. Marketplace now features exclusively Wideman Company-sponsored deals. 1031 exchange concierge positioned as primary growth product.
Apartment Growth REIT distributions paused
Temporary distribution pause implemented January 2026 — no distributions for quarter commencing October 1 2025. First distribution suspension in the REIT's history.
Sherwood Oaks foreclosure
Sherwood Oaks property transferred to lender via deed in lieu of foreclosure March 26 2026 — first actual property loss in the Apartment Growth REIT portfolio.
Redemption programs suspended
Both REITs suspend share repurchase programs and DRIPs effective April 21 2026. 7,700 Income REIT investors and 3,600 Apartment Growth REIT investors cannot exit on demand.
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
REITs: 1099-DIV, typically mid-February. Marketplace deals: K-1, may require tax extension (September-October).
Delay signals
- Marketplace K-1 investors should plan for extension if holding any active Wideman deal.
Extension risk
Generally not required for REIT 1099-DIV investors. May be required for marketplace K-1 investors depending on underlying deal complexity.
Confidence: High
Cash Flow
Distributions
Timing
Income REIT: quarterly (changed from monthly effective January 1 2026). Apartment Growth REIT: paused (no distributions for quarter commencing October 1 2025). Marketplace deals: monthly per deal terms (distributions at sponsor discretion).
Consistency
Income REIT: 110+ consecutive periods before the current pause/reduction. Apartment Growth REIT: first distribution pause in January 2026 after sustained net losses. The consecutive distribution record is historical — current status for both REITs is diminished or suspended.
Liquidity
Exit Reality
Holding period
REITs: no stated minimum hold, but share repurchase programs suspended — effective lockup of indefinite duration. Marketplace deals: 4-7 year hold periods, no secondary market.
Exit options
- REIT quarterly repurchase program — SUSPENDED as of April 21 2026, no timeline for reinstatement
- No secondary market for REIT shares
- Marketplace deals: illiquid until deal exit (4-7 year hold periods)
- 1031 exchange DST/TIC: illiquid, typically 5-10 year hold
Secondary market
No secondary market exists for either REIT. The repurchase program suspension means REIT investors have no path to exit until programs reopen. Marketplace private placements have no secondary market. This is the most acute liquidity risk in the current RealtyMogul product suite.
Confidence: High
Investment Structures
Income REIT (Regulation A, Non-Accredited Eligible)
Non-traded REIT making debt and equity investments in diversified commercial real estate. CIK 0001669664.
$5,000 minimum. FY2025 audited: $288.7M total assets, $3.18M net income, $7.49 NAV/share (down from $10.05 at end of 2023).
3.0% annualized quarterly distribution (cut from 6% February 2025). 7,700 investors, $148.2M total raised, 16 properties.
Currently paused to new investors; Offering Circular refresh in progress. Share repurchase SUSPENDED April 21 2026.
DRIP suspended April 21 2026. Fees: 1% AMF + 0.5% servicing + 1.0% special servicing + up to 3% org/offering costs.
Converted from Delaware LLC to Maryland corporation April 27 2026. Arbitration clause in subscription agreement..
Apartment Growth REIT (Regulation A, Non-Accredited Eligible)
Non-traded REIT targeting multifamily and industrial assets for long-term capital appreciation. CIK 0001699573.
$5,000 minimum. FY2025 audited: $157.3M total assets, $8.0M net loss, $7.62 NAV/share (down from $10.41 at start of 2024).
3,600 investors, $66.3M total raised, 11 properties. CRITICAL: Sherwood Oaks deed-in-lieu foreclosure March 26 2026; Brooklyn Portfolio mortgage default September 2 2025 (unresolved); Lotus Village sold at $32.85M vs $38.5M acquisition (-14.7%).
Distributions paused January 2026. Share repurchase SUSPENDED April 21 2026.
Fees: 1.25% AMF + 0.5% servicing + 1.0% special servicing + up to 3% org/offering costs. Highest-risk RealtyMogul product by audited financials..
Marketplace Private Placements (Reg D, Accredited Only)
Commercial real estate private placements via technology licensing model. RealtyMogul operates as tech licensor — RM Technologies LLC charges sponsors $1,500/investor onboarded plus $125/quarter/investor.
All four current deals are sponsored by The Wideman Company. RealtyMogul explicitly disclaims endorsement of or liability for sponsor representations.
$35,000–$50,000 minimum. Accredited investors only (506(b) or 506(c) depending on deal).
Current active deals: FedEx Ground Portfolio (Louisville + Chattanooga, NNN industrial equity, 15.1% target IRR, $35K min); Truist Plaza (Orlando trophy office, 16.5% target IRR, $35K min, floating rate debt); Gaia Herbs Distribution Center (Asheville NC, preferred equity, 8% preferred return, $50K min). Representative fee structure: 2% acquisition + 1.5% AMF + 2-3% property management..
1031 Exchange Concierge
DST, TIC, and custom acquisition structures for like-kind exchanges. RM Communities (wholly-owned subsidiary) originates exclusive multifamily opportunities.
Single tenant retail via undisclosed strategic partnership. Custom acquisition services for exchanges over $5M.
RealtyMogul works with 'a select number of real estate partners' for DST structures. Minimum varies by deal.
Contact-driven — no publicly listed available inventory. Most appropriate for investors with large appreciated real estate holdings seeking passive CRE exposure without active management..
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.
Suspended redemptions with no disclosed timeline
Both REIT share repurchase programs suspended April 21 2026. No timeline disclosed for reinstatement. Investors cannot exit until programs reopen and sufficient liquidity exists. The suspension coincided with Offering Circular refreshes — suggesting the platform chose not to honor requests during transition.
Actual foreclosure and realized losses
Apartment Growth REIT: Sherwood Oaks transferred to lender via deed in lieu of foreclosure March 26 2026. Lotus Village sold at $32.85M vs $38.5M acquisition (-$5.65M, -14.7%). Brooklyn Portfolio mortgage default September 2 2025, no resolution disclosed. These are audited losses, not paper markdown.
Manager/sponsor conflict of interest
The Wideman Company is simultaneously platform owner, REIT manager, and sole active marketplace sponsor. Financial incentive exists to direct REIT capital toward Wideman-originated deals and to populate the marketplace with Wideman transactions. RM Technologies licensing fees ($1,500 + $125/quarter) create additional incentive.
Non-GAAP NAV methodology
NAV calculated quarterly by internal manager using estimated property values — explicitly stated as non-GAAP fair value compliant in both 1-Ks. For a portfolio with a foreclosure and a realized loss on sale, the reliability of manager NAV estimates for remaining assets is material. The $196M gap between Income REIT audited assets ($288.7M) and product page 'total asset value' ($485M) illustrates the scale of estimation.
Return of capital distributions
Both REITs have confirmed paying distributions from sources other than cash flow from operations — including borrowings, offering proceeds, and fee waivers. Income REIT FY2025: $5.47M distributions on $3.18M net income. Apartment Growth REIT: distributions paused entirely January 2026 after two loss years.
Broker-dealer withdrawal
RM Securities withdrew broker-dealer registration July 11 2025. Future REIT offerings and marketplace deals must be registered and sold without a captive broker-dealer. How this affects investor protections and regulatory compliance for new offerings is not disclosed.
Suspended redemptions — no exit timeline
Risk Summary
Both REIT share repurchase programs suspended April 21 2026. No reinstatement timeline disclosed. Investors have no path to exit until programs reopen.
Why It Matters
Investors who entered expecting quarterly liquidity windows cannot exit at NAV. If Offering Circular refreshes take 6-12+ months, and if the refreshed circular changes repurchase terms, investors may have materially different exit rights than when they originally invested.
Mitigation / Verification
Monitor EDGAR for Form 1-U filings from both REITs — any changes to repurchase program terms must be disclosed. Subscribe to investor communications from RM Adviser LLC for timeline updates.
Apartment Growth REIT portfolio deterioration
Risk Summary
Foreclosure (Sherwood Oaks), realized loss on sale (Lotus Village -14.7%), unresolved mortgage default (Brooklyn Portfolio), distribution pause, $8.0M net loss FY2025.
Why It Matters
The Apartment Growth REIT has demonstrated actual, audited losses and asset transfers to lenders. Further defaults or forced sales could accelerate NAV decline below the current $7.62. Investors have no redemption mechanism during this period.
Mitigation / Verification
Review the FY2025 1-K debt maturity schedule for remaining properties. Any property with near-term debt maturity in a high-rate environment represents similar risk to the Brooklyn Portfolio situation.
Conflict of interest: owner is sole marketplace sponsor
Risk Summary
The Wideman Company controls the platform, manages the REITs, and sponsors all four active marketplace deals. No independent third-party sponsors are currently active.
Why It Matters
Wideman sets deal terms, manages underwriting, controls REIT allocations, and collects platform licensing fees. There is no independent oversight of whether marketplace deals are priced at arm's length or whether REIT capital is directed optimally. This is disclosed but not prominent in marketing.
Mitigation / Verification
Review the full PPM for any Wideman marketplace deal before investing. Compare fee structures to comparable third-party sponsors. Evaluate whether the deal would be competitive on a platform without the sponsor-owner conflict.
Income REIT NAV trajectory and distribution sustainability
Risk Summary
NAV declined from ~$11.00 to $7.49 over approximately two years (-32%). Distribution cut from 6% to 3%. FY2025 distributions ($5.47M) exceeded net income ($3.18M) — partially return of capital.
Why It Matters
At current trajectory, investors receiving 3% annual distributions while NAV declines have negative total returns. If the investment mandate change (August 2025) toward industrial assets improves performance, trajectory may stabilize. If not, further NAV compression or distribution cuts are possible.
Mitigation / Verification
Monitor the FY2026 1-K (expected mid-2027) for NAV trend under Wideman management. Evaluate whether the industrial asset pivot is generating better yield than the prior commercial debt/equity mix.
Biggest Misconceptions & What Actually Happens
- Common misconception: '110 consecutive distribution periods means the platform is stable' → The Income REIT has paid 110+ consecutive distributions but cut the amount in half (6%→3%) and has now suspended the repurchase program. Consecutive distributions and investor liquidity are different measures.
- Common misconception: 'CohnReznick issued clean audit opinions so the financials are reliable' → Clean audit opinion means the financials are presented fairly per GAAP. It does not mean the investments are performing well — the clean opinion coexists with a foreclosure, realized losses, and two consecutive net loss years.
- Common misconception: '$1.2B deployed means my investment is in a large, established fund' → The $1.2B figure includes historical SPV activity since 2012. The Income REIT has $288.7M in audited total assets and the Apartment Growth REIT has $157.3M. These are mid-sized non-traded REITs, not large institutional funds.
- Common misconception: 'The Wideman acquisition is positive because operators are better than VC owners' → Possibly true over a 5-10 year horizon, but in the near term the acquisition coincided with suspended redemptions, paused subscriptions, and the platform becoming the exclusive fundraising vehicle for Wideman's own deals.
Regulatory & Legal Posture
Security Status
Regulation A Tier 2 securities (REITs); Regulation D 506(b) and 506(c) (marketplace private placements). REITs open to non-accredited investors; marketplace accredited-only.
Both REITs are SEC Regulation A Tier 2 qualified offerings — subject to ongoing annual (1-K), semi-annual (1-SA), and current (1-U) reporting requirements. Non-accredited investors may invest subject to 10% annual income/net worth cap.
Marketplace deals are Reg D private placements — no SEC registration, accredited investors only, no ongoing public reporting obligations. RM Adviser LLC is an SEC-registered investment adviser managing both REITs.
RM Securities broker-dealer registration withdrawn July 11 2025 — future offerings must use third-party broker-dealers..
Disclosure Quality
Moderate to high for REITs (audited annual financials, going-concern-level transparency, material events via 1-U); low for marketplace deals (sponsor-controlled information, RealtyMogul disclaims liability for accuracy). Both REIT 1-Ks disclosed the foreclosure, realized loss, and default accurately — the SEC reporting obligations function as intended. The gap is between what the filings say and what the product pages market.
Custody Model
Maryland corporation (Income REIT, converted April 27 2026) and Maryland corporation (Apartment Growth REIT) — investors hold shares. RM Adviser LLC manages day-to-day operations. Board of directors with majority independent directors per both REITs. Marketplace: LLC interests per individual deal, investors hold limited liability company membership interests.
Regulatory Backing
SEC Regulation A Tier 2 provides ongoing reporting obligations and investor protections for REIT investors. PCAOB-registered auditor (CohnReznick LLP).
No SIPC coverage — not brokerage accounts. No FDIC insurance.
Arbitration clause in subscription agreements limits class action recourse. Marketplace deals: Reg D, no ongoing SEC reporting after Form D filing..
Tax Treatment
Reporting
REITs: 1099-DIV annually, no K-1s. Marketplace private placements: K-1 (partnership). 1031 DST structures: K-1.
1099-DIV typically issued by mid-February for REIT investors. K-1s for marketplace deals may be delayed to September-October if underlying partnerships file extensions. Investors in both REIT and marketplace products will receive multiple tax documents.
Income Character
REIT: ordinary dividend income (1099-DIV Box 1a), qualified REIT dividends (Box 5, 20% Section 199A deduction eligible), return of capital (Box 3, non-taxable, reduces basis). Marketplace: K-1 partnership income — may include ordinary income, capital gains, and depreciation pass-throughs.
REIT dividends are taxed as ordinary income unless qualifying for the 20% pass-through deduction under Section 199A. For both REITs currently generating losses or paying distributions exceeding net income, a meaningful portion of distributions will be classified as return of capital — non-taxable in the year received but reducing cost basis, creating capital gain recognition on eventual share disposition or REIT liquidation.
Apartment Growth REIT investors receiving distributions from a loss-making entity should expect high return-of-capital characterization. Marketplace K-1s pass through the deal's tax attributes — depreciation deductions may offset income in early years..
Limitation
Tax treatment varies significantly by product and investor situation. Investors holding both REIT shares and marketplace K-1 interests should model separately. Return of capital tracking is required for accurate basis management. Consult a tax professional familiar with REIT distributions and real estate partnership taxation before investing.
Account Suitability
Taxable
REITs: suitable, 1099-DIV is straightforward. Section 199A deduction may apply to qualified REIT dividends. Return of capital distributions require basis tracking. Marketplace K-1s: suitable but complex — depreciation pass-throughs may create paper losses offsetting other income.
Roth IRA
REITs: suitable, REIT dividends generally do not generate UBTI. Tax-free compounding is advantageous for long-hold REIT positions. However, the inability to exit (suspended redemptions) creates IRA management complexity. Marketplace deals: UBTI risk from operating partnership income — consult adviser.
Traditional IRA
REITs: suitable with same UBTI consideration as Roth. Illiquidity and suspended redemptions create RMD planning risk for investors over 73. Marketplace: UBTI risk.
HSA
Not suitable for any RealtyMogul product — HSA custodians do not accommodate private placements or illiquid alternative investments.
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AltStreet Data Layer
What the data actually shows
AltStreet analyzed two SEC-registered RealtyMogul REIT entities from primary 1-K filings (FY2024 and FY2025), Form 1-U current reports, 43 Form D SPV entities, RM Adviser LLC fact sheets (May 6 2026), and authenticated marketplace deal pages. Key findings from the primary source data layer:
The $485M vs $288.7M gap — marketing vs. audited reality
The Income REIT product page states '$485M total asset value.' The FY2025 audited balance sheet shows $288.7M in total assets. The $196M difference is the gap between manager-estimated internal property valuations (used for marketing) and GAAP cost-basis accounting (used for the audit). Both figures use the same $7.49 NAV per share — the discrepancy is in how 'total assets' is defined.
What this means
Investors comparing platforms using 'total asset value' figures are comparing manager estimates, not audited numbers. AltStreet uses the audited balance sheet figure ($288.7M) for all comparison terminal calculations.
Apartment Growth REIT: three distressed assets in one fiscal year
FY2025 1-K disclosed: Sherwood Oaks deed-in-lieu foreclosure (March 26 2026), Lotus Village sold at $32.85M vs $38.5M acquisition (-14.7%), Brooklyn Portfolio mortgage maturity default (September 2 2025, unresolved). These events occurred across a single reporting period in a portfolio of 11 properties — suggesting concentrated vintage-year debt maturity risk from 2021-era acquisitions.
What this means
Three of eleven Apartment Growth REIT properties experienced material adverse events in FY2025. Investors should review the remaining portfolio's debt maturity schedule for similar near-term maturities.
All 43 Form D SPVs are EDGAR-verified and in platform_exits
The AltStreet EDGAR database contains all 43 RealtyMogul Form D entities (Realty Mogul 66 through RealtyMogul 134, plus four named 2021 SPVs and EM Union Member LLC) with EDGAR-verified raise amounts, investor counts, exemption types, and accession numbers. Total: $128.7M raised from 2,433 investors.
What this means
RealtyMogul's historical SPV track record is the most comprehensively EDGAR-verified dataset in the AltStreet platform_exits table for any single commercial real estate platform. No actual IRR data is available — all 43 entities are closed historical offerings with no disclosed exit returns.
Marketplace is a technology licensing business, not a fund platform
RM Technologies LLC charges sponsors $1,500 per investor onboarded plus $125/quarter per investor serviced. RealtyMogul explicitly disclaims endorsement of or liability for sponsor return projections. The platform's footer: 'Unless specifically stated in writing to the contrary, Realty Mogul and its affiliates make no representations or warranties as to the accuracy of a Sponsor's information.' All four active deals are Wideman-sponsored.
What this means
The marketplace business model shift — from fund manager with fiduciary obligations to tech licensor with disclaimer-heavy terms — materially changes investor protections relative to the REIT products. Investors should evaluate marketplace deals as direct investments with the specific sponsor, not as RealtyMogul-underwritten offerings.
Data as of 2026-05-10 . AltStreet platform_exits database . Confidence level 4
Full datasetDecision Fit
Investor Fit
Who this works for, who it does not, and what level of patience and complexity tolerance the platform really demands.
Existing REIT investors (Income or Apartment Growth)
Existing investors are locked in regardless of fit assessment. The priority is monitoring — track Form 1-U filings for redemption program reinstatement, evaluate whether the Wideman management transition improves portfolio performance, and understand the tax implications of return-of-capital distributions from the Apartment Growth REIT..
New non-accredited investors considering the REITs
Both REITs are paused to new investors. When they reopen under refreshed Offering Circulars, potential investors should evaluate: the new terms versus prior terms, whether NAV stabilization is audited (not just manager-estimated), whether the Wideman management transition has demonstrably improved portfolio performance, and what new redemption program terms apply.
Do not invest in the refreshed offerings based on the prior 110-period distribution record — the platform has materially changed..
Accredited investors evaluating Wideman marketplace deals
The Wideman marketplace deals are in credible asset classes with professional structures. The conflict of interest (owner = sole sponsor) is disclosed.
Investors who review the actual offering documents, model fee drag, and understand that RealtyMogul disclaims liability for sponsor representations can make an informed decision. The absence of independent sponsors makes competitive comparison impossible on this platform — benchmark against comparable deals on other platforms before committing..
1031 exchange investors with $5M+ exchanges
The 1031 concierge product may have merit for large exchanges, but the platform executing 1031 structures is mid-transition: paused REITs, suspended redemptions, withdrawn broker-dealer, new ownership. Counterparty stability matters in 1031 exchanges where the 45-day identification and 180-day exchange timelines are strict.
Investors should verify that the specific DST or TIC sponsor (not RealtyMogul) is the primary counterparty, and evaluate the sponsor independently..
Income-seeking investors targeting 3% REIT yield
The Income REIT's 3% distribution yield is offset by 25%+ NAV decline over two years — investors are not receiving 3% income, they are receiving partial return of capital while principal erodes. The distribution yield alone does not represent total return.
Better income alternatives exist with shorter hold periods, no suspended redemptions, and audited track records of NAV stability..
Tradeoffs
Key Tradeoffs
The attraction of pre-IPO access is real, but every benefit comes bundled with a corresponding liquidity, transparency, or pricing cost.
Brand history vs. current product reality
RealtyMogul's 13-year track record and 110+ consecutive distribution periods are real history. The current platform — paused REITs, suspended redemptions, foreclosure in portfolio, sole Wideman marketplace — is a materially different product than what built that track record.
Do not buy the history; evaluate the current structure..
Wideman operator expertise vs. conflict of interest
The Wideman Company's 50-year operating history in Sunbelt commercial real estate may be a genuine improvement over VC-backed REIT management. The conflict of interest — owner/manager/sole sponsor — is real and structural.
These are not mutually exclusive: Wideman may improve portfolio performance while also benefiting financially from the platform in ways that disadvantage REIT investors..
1099-DIV simplicity vs. return of capital complexity
REIT 1099-DIV reporting is simpler than K-1 alternatives. But distributions from the Apartment Growth REIT (sustained net losses) are primarily return of capital — reducing cost basis and deferring gain recognition to disposition.
The tax simplicity masks the economic reality that investors are receiving their own capital back, not income..
Marketplace deal quality vs. platform instability
The Wideman marketplace deals have professional structures and are in credible asset classes. But the platform executing them has suspended redemptions on its REIT products, withdrawn its broker-dealer, and is mid-transition.
Investors in 6-7 year illiquid marketplace deals need platform stability for the duration. The counterparty risk is not the deal — it is the platform..
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 needing near-term liquidity
Both REIT share repurchase programs are suspended with no disclosed reinstatement timeline — a liquidity constraint, not a platform insolvency signal, but meaningful for capital planning. Marketplace deals are 4-7 year illiquid holds.
No secondary market exists for any RealtyMogul product. Do not allocate any capital needed within 3-5 years..
Non-accredited investors seeking new REIT exposure
Both REITs are paused to new investors. When they reopen, potential investors should evaluate the refreshed Offering Circulars carefully — particularly new NAV figures, revised distribution terms, and updated repurchase program terms — rather than relying on prior marketing..
Income investors benchmarking against the prior 6% yield
The 6% yield no longer exists. The Income REIT distributes 3% — and that 3% partially represents return of capital given distributions exceeding net income.
The Apartment Growth REIT distributions are paused. Total return (yield minus NAV decline) has been negative..
Investors seeking independent third-party deal underwriting
The marketplace currently features exclusively Wideman Company-sponsored deals. RealtyMogul disclaims liability for sponsor representations.
There is no independent third-party due diligence on deal economics — only sponsor-provided projections. Investors who want independent underwriting should use platforms with genuinely independent sponsor relationships..
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 platform that defined accessible REIT investing for retail investors is now a liquidity-constrained fund complex in ownership transition — being rebuilt around its new owner's deal pipeline.
Positioning
RealtyMogul built something real between 2012 and 2022: a path for retail investors to own institutional commercial real estate at $5,000 minimums, with quarterly distributions and EDGAR-audited financials. The 110 consecutive distribution periods were real. The $128.7M raised across 43 EDGAR-verified SPVs was real. The platform's transparency relative to unregistered alternatives was a genuine differentiator.
The more difficult context is that the commercial real estate market turned in 2022, and both REIT portfolios absorbed those losses over three years of NAV decline. The Lotus Village loss, the Sherwood Oaks foreclosure, the Brooklyn Portfolio default — these are not surprises. They are the natural outcome of a CRE portfolio assembled at 2018-2021 valuations meeting a 500bps rate increase. The platform's audited disclosures actually function as intended: investors can read the 1-K and see exactly what happened.
The Wideman acquisition is more complicated to evaluate. A 50-year operator taking over a distressed REIT complex is structurally reasonable — operators generally manage real assets better than VC-backed platforms. But the conflict of interest is complete: Wideman owns the platform, manages the REITs, and sponsors every active marketplace deal. The prior management model — fund manager with regulatory obligations to REIT investors — has been replaced by a technology licensing model where RealtyMogul disclaims responsibility for sponsor representations. These are different things.
The 11,300 investors currently locked in the two suspended REITs deserve a specific answer: when will the repurchase programs reopen, and at what terms? That answer has not been provided. Until it is, the platform's marketing of 'institutional-quality' real estate investing exists in an uncomfortable tension with the reality of investors who cannot exit positions that have declined 25-32% from peak.
The Bottom Line
RealtyMogul built 110 consecutive distribution periods, then suspended redemptions — and the investors who came for the yield are now waiting for an exit timeline that has not been disclosed.
Action
Next Steps
If you still want to engage after reading the review, these are the practical next moves that reduce avoidable mistakes.
If you are an existing Income REIT or Apartment Growth REIT investor: subscribe to EDGAR alerts for CIK 0001669664 and CIK 0001699573 to receive immediate notification of any Form 1-U filings — these will contain any changes to repurchase program terms, distribution announcements, or material events. The reinstatement timeline will appear here before any investor communication.
If you are evaluating a Wideman marketplace deal: download the full PPM from the deal page (not just the project summary) and review the complete fee schedule, debt terms, and distribution waterfall. Compare the all-in sponsor fees (acquisition + AMF + property management + promote) to comparable deals on platforms with independent sponsors. Verify that the 'co-investment' GP equity is actually Wideman capital at risk, not friends-and-family or fund equity.
If you are considering the platform for a 1031 exchange: identify the specific DST or TIC sponsor (not RealtyMogul) and evaluate that sponsor independently. The 45-day identification and 180-day exchange deadlines make counterparty stability critical — verify the specific entity you are transacting with, not the platform.
Before investing in any refreshed REIT offering when they reopen: read the new Offering Circular in full, specifically the NAV methodology section, the revised repurchase program terms, the auditor's report, and the notable subsequent events. Compare to the current 1-K disclosures. The refreshed circular will reveal whether terms have changed materially for new investors versus prior investors.
For comparative research: the AltStreet EDGAR database has all 43 Form D entities (platform_exits table, platform_id 94e05161) with EDGAR-verified raise amounts, investor counts, and accession numbers. The Income REIT FY2024 and FY2025 audited financials are in platform_performance_history for comparison against other non-traded REITs.
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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
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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
Commercial Real Estate / Private PlacementsDeep Dive Guide
Non-Traded REIT Due Diligence FrameworkSimilar Platform Reviews
- Fundrise
Larger scale ($3B+ AUM), vertically integrated eREITs and interval funds, going-concern at corporate parent level — similar Reg A REIT structure, longer track record, no equivalent to the Apartment Growth REIT foreclosure situation
- Arrived
Fractional SFR at $100 minimum, non-accredited eligible, going-concern at manager level — different asset class (residential vs commercial), lower minimum, similar Reg A structure
- EquityZen
Pre-IPO secondary markets, accredited only, Morgan Stanley acquisition January 2026 — different asset class, comparable institutional acquisition narrative
Report Appendix
Verified Exit Data
AltStreet-sourced deal-level exit records — confidence level 4
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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
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Report Appendix
Evidence & Methodology
Sources, scope, and how the review was assembled
ASReview Evidence
Methodology
Analysis based on primary SEC filings: Form 1-K annual reports for RealtyMogul Income REIT (CIK 0001669664, FY2024 accession 0001641172-25-006521 and FY2025 accession 0001493152-26-020752) and RealtyMogul Apartment Growth REIT (CIK 0001699573, FY2024 and FY2025); Form 1-U current reports (November 13 2025 change of control; February 21 2025 distribution cut); Form D filings for 43 SPV entities (EDGAR-verified). Secondary: RM Adviser LLC fact sheets for both REITs (May 6 2026); realtymogul.com platform scrape (86 pages, May 10 2026); marketplace deal pages (FedEx Ground Portfolio, Truist Plaza, Gaia Herbs Distribution Center, RM Communities Distressed GP Fund). All REIT financials audited by CohnReznick LLP.
Scope
Primary: RealtyMogul Income REIT LLC / RealtyMogul Income REIT Inc. (CIK 0001669664); RealtyMogul Apartment Growth REIT Inc. (CIK 0001699573); 43 Form D SPV entities (CIKs in AltStreet EDGAR database, platform_exits table). Secondary: RM Adviser LLC fact sheets (May 6 2026); platform scrape (86 pages, May 10 2026); marketplace deal pages (authenticated session, May 2026).
Key Findings
- *Form 1-U (November 13 2025): 'On November 6, 2025, Realty Mogul, Co. underwent a change of control whereby Parent was merged with and into RM Investor, LLC, a Delaware limited liability company managed by The Wideman Company, LLC' — verbatim from SEC filing
- *Income REIT FY2025 1-K: total assets $288.7M (audited), net income $3.18M, distributions paid $5.47M, NAV/share $7.49, 7,700 investors, $148.2M total raised — CohnReznick LLP clean opinion
- *Income REIT FY2024 1-K: total assets $335M (audited), net loss $9.76M, NAV/share $8.26 (down from $10.05 at 12/31/2023) — CohnReznick LLP clean opinion
- *Apartment Growth REIT FY2025 1-K notable disclosures: 'Sherwood Oaks property transferred to lender via deed in lieu of foreclosure March 26, 2026'; 'Lotus Village sold May 27, 2025 for $32,850,000 vs original acquisition of $38,500,000'; 'Brooklyn Portfolio entity entered maturity default on mortgage loan September 2, 2025' — verbatim from filing
- *Apartment Growth REIT FY2025 1-K: net loss $7.99M (consolidated), total assets $157.3M, NAV/share $7.62, 3,600 investors, $66.3M raised — CohnReznick LLP clean opinion
- *Both fact sheets (May 6 2026): 'As of April 21, 2026, the board of directors approved the suspension of the share repurchase program' and 'the manager approved the suspension of the distribution reinvestment plan' — RM Adviser LLC
- *FedEx Ground Portfolio deal page: RM Technologies LLC fee = '$1,500 flat per each prospective investor onboarded' plus '$125 per investor serviced quarterly'; 'RealtyMogul does not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor's Assumptions' — realtymogul.com
- *Platform footer (May 2026): 'Unless specifically stated in writing to the contrary, Realty Mogul and its affiliates (other than The Wideman Company in its role as sponsor of any particular Platform offering) make no representations or warranties as to the accuracy of a Sponsor's information' — realtymogul.com
- *AltStreet EDGAR database: 43 Form D entities verified, $128.7M total raised, 2,433 investors, 2017-2019 vintage, all finite_offering lifecycle — platform_exits table, platform_id 94e05161-aa0d-4d3b-9505-1df4ac0b6180
- *Form 1-U (February 21 2025): investor communication filed for quarter ended December 31 2024 — distribution reduction from 6% to 3% annualized, Jilliene Helman signature as last CEO filing before acquisition
AltStreet Verified Data
Structured exit database - independently sourced
AltStreet EDGAR database contains 43 EDGAR-verified Form D entities (platform_exits table) with raise amounts, investor counts, exemption types, and accession numbers. No actual IRR or exit return data available — all 43 entities are historical closed offerings with no publicly disclosed returns. Income REIT and Apartment Growth REIT performance history (FY2024 and FY2025 audited financials) in platform_performance_history table linked to deal records in deals table.
Data as of 2026-05-10. Exit status breakdown: 0 exited . 0 open . 0 unreported.
Primary Source Pages
FAQ
Frequently Asked Questions
High-intent search questions answered directly, without making users hunt through the full review.
Can I still invest in RealtyMogul REITs?
No — both the Income REIT and Apartment Growth REIT are paused to new investors as of July 11 2025. Offering Circulars are being refreshed under Wideman ownership. No timeline for reopening has been disclosed. The marketplace private placements (accredited investors only, $35K–$50K minimum) remain open.
Can existing REIT investors redeem their shares?
No — both share repurchase programs were suspended on April 21 2026. No reinstatement timeline has been disclosed. DRIP programs were also suspended. There is no secondary market for either REIT. Investors cannot exit until the programs reopen under terms that have not yet been published.
What happened to the 6% annual distribution?
The Income REIT distribution was cut from 6% to 3% annualized in February 2025 via Form 1-U, effective for the Q4 2024 quarter. Distribution cadence also changed from monthly to quarterly effective January 1 2026. The Apartment Growth REIT suspended distributions entirely in January 2026 — no distributions for the quarter commencing October 1 2025.
What is the Wideman acquisition and what does it mean for investors?
On November 6 2025, Realty Mogul Co. was merged into RM Investor LLC, managed by The Wideman Company — a full change of control filed via Form 1-U. Jilliene Helman and prior board members resigned. Matthew Wideman became CEO. The Wideman Company is a 50-year Orlando-based commercial real estate operator managing $1.2B in Sunbelt assets. For existing REIT investors, the practical impact is: new management team, new investment strategy (pivot to industrial), redemption suspension, and the platform becoming the exclusive fundraising vehicle for Wideman-sponsored marketplace deals.
What is the Apartment Growth REIT foreclosure about?
The Sherwood Oaks property was transferred to the lender via deed in lieu of foreclosure on March 26 2026 — disclosed in the FY2025 1-K notable disclosures. A deed in lieu of foreclosure means the borrower voluntarily transfers the property to the lender in exchange for release from the mortgage obligation. For Apartment Growth REIT investors, this represents a total loss on that specific property's contribution to the portfolio. Additionally, the Lotus Village property was sold at a $5.65M realized loss (-14.7%), and the Brooklyn Portfolio entered mortgage maturity default September 2 2025 with no disclosed resolution.
Are the marketplace deals underwritten by RealtyMogul?
No. RealtyMogul operates as a technology licensor for marketplace deals. RM Technologies LLC charges the sponsor $1,500 per investor onboarded plus $125 per investor per quarter. RealtyMogul explicitly states in its footer and deal pages: 'RealtyMogul does not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor's Assumptions.' All active marketplace deals are sponsored by The Wideman Company — which also owns and manages RealtyMogul.
How does RealtyMogul compare to Fundrise?
Both are Regulation A non-traded REIT platforms open to non-accredited investors. Fundrise is larger ($3B+ AUM), more diversified (eREITs, interval funds, private credit), and has maintained more consistent NAV — though its corporate parent (Rise Companies Corp) carries a going-concern qualification. RealtyMogul's REIT products have experienced steeper NAV declines, an actual foreclosure, and suspended redemptions that Fundrise has not. Fundrise also maintains a functioning redemption window (with queue management) that RealtyMogul has fully suspended.
What is the $485M total asset value figure and is it reliable?
The $485M figure appearing on the Income REIT product page is the manager's internal valuation of total property value — using estimated market values, not GAAP cost-basis accounting. The FY2025 audited balance sheet shows $288.7M in total assets. Both figures are technically defensible, but they measure different things. AltStreet uses the audited balance sheet figure for comparison. The $196M gap illustrates how significantly manager-estimated property values can exceed audited GAAP figures — particularly relevant given the portfolio has produced a foreclosure and realized losses on sale.