Small Change

Small Change is a Regulation Crowdfunding portal for real estate. NSSC Funding Portal, LLC is registered with the SEC as a funding portal and is a FINRA member, CIK 1665614, file number 007-00012, and it has been registered since February 3, 2016, which places it among the earliest funding-portal registrations. Investors browse individual real estate projects, usually a single building in a named neighborhood, and buy an interest in the LLC that owns the property. Across the 59 Regulation CF campaigns in AltStreet's census, 50 are preferred stock and seven are debt. Minimums are set per project by the developer rather than by the portal. Funds sit in an escrow account the portal states it does not control until the target offering amount is met, and the full amount is returned if it is not. One important thing to know before you start: the same website is also used by a second company, NSSC Crowd, LLC, which sells Rule 506(c) offerings to accredited investors only.

None located. AltStreet found no investor-side charge of any kind in a 110-page capture of both smallchange.co and learn.smallchange.co, and the only fee statement addressed to investors is the FAQ's answer to "Are there fees to join?", which is "No, it's absolutely free." The published fee page is entirely issuer-facing: a $10,000 administrative fee to onboard each project plus a 7% success fee on Regulation CF funds raised, with $5,000 of the administrative fee credited back toward the success fee if the raise succeeds. The portal also explains why its Rule 506(c) pricing works differently, which is unusual and worth crediting: "Fixed fees are charged for Reg D/506(c) offerings since Small Change is not a broker-dealer and we are not permitted to charge a fee based on funds raised." Two caveats on the issuer side. The administrative fee excludes the cost of financial statements where the raise exceeds $125,000, and that cost is not stated anywhere. And the fee page notes fees "may vary if customization of our templates are required", which is an uncapped qualifier. If a project raises exactly $100,000, the stated platform fees would total about $12,000 after the $5,000 credit, roughly 12% of that amount, before the two excluded costs above. Note that $100,000 is the census median target while the success fee is charged on funds actually raised, so the figure is illustrative rather than a charge observed on a specific offering. The portal's materials do not establish whether these fees are funded from offering proceeds or separately by the sponsor, and the answer appears to vary: on the Pajama Factory project page, a Regulation CF offering, a "Small change fee" of $60,000 sits among the uses of funds while $1,200,000 of Small Change investor capital sits among the sources. That is the only project page in the capture that shows the platform fee as a budget line.

Because two different companies operate on the same website, and the site footer says so directly: smallchange.co "is used by two different companies", NSSC Funding Portal, LLC, the SEC-registered funding portal whose Regulation CF offerings are "offered to everyone", and NSSC Crowd, LLC, which "offers investments in real estate projects under Rule 506(c)" and states those "are offered to accredited investors only". Every project tile carries a small line naming its lane. Of the 41 projects on the listing, 28 are Regulation CF only, 7 are 506(c) only, and 6 are sold through both at once. The accredited lane matters more than its project count suggests: the seven projects sold exclusively that way account for $5,742,263 of the $14,815,763 in stated project capital, about 39%, including the largest project on the site, and the six dual-track projects add $1,434,250 that cannot be split between lanes. Those offerings file a Form D rather than a Form C, are not intermediated by the registered portal, and carry none of the Regulation CF protections designed for retail investors. Read the lane label before you read the project.

This is the hardest question to answer about this platform, and the honest answer is that the filings mostly cannot tell you. Of the 49 Regulation CF campaigns carrying a Form C-U, five state a dollar amount, and those five total $54,000 across the entire book. The rest report closure qualitatively, with wording such as "100% of minimum target raised" or "The offering closed successfully". A narrative progress update satisfies the form, so this is not a compliance failure, but it means the portal's own regulatory record cannot establish what any of its retail offerings raised. The project pages state raised amounts totaling $14,815,763 across 41 projects, but those are marketing figures with no filing behind them. On the one project where a filed comparison exists, the numbers do not line up and cannot be reconciled: the 22 Drydock tile states $3,750,000 while the issuer's only filing, a Form D from October 2024, reported $3,028,925 sold at that date, and no amendment has followed. On the accredited lane, seven Form D filings by five issuers report $3,937,050 sold as of their respective filing dates, which is filed and dated rather than marketing.

Eight of the 41 listed projects state that investors were fully repaid, but every one of those statements is marketing copy on a project tile with no filing behind it, and AltStreet located no filed source establishing any distribution, waterfall or realized return anywhere on this platform in nine years of offerings. Two of the eight state an internal rate of return, 21% on Buvinger Bldg and 22% on Starter Home Two. The other six state annual interest or preferred rates of 7.5%, 8%, 10%, 10%, 10% and 12%, which answer a different question from an internal rate of return and should not be compared to one; the 7.5% belongs to a project the page itself describes as a two-month investment, so it cannot be read as a realized two-month return without knowing whether the stated rate was annualized. The composition matters more than the count: six of the eight involve the accredited 506(c) lane. On the retail Regulation CF lane open to everyone, exactly one project of 34 carries a repayment claim, it carries the platform's highest stated return, and EDGAR full-text search returns no Form C filing for it and it matches no issuer in AltStreet's 58-issuer census.

It is a registered SEC funding portal and a FINRA member, and its registration is current. NSSC Funding Portal, LLC filed its Form CFPORTAL on February 3, 2016 under file number 007-00012, which is among the earliest funding-portal registrations, has filed eight amendments since with the most recent on October 21, 2025, and has no Form CFPORTAL-W on record, meaning it has never withdrawn. Regulation CF campaigns appear in every year from 2017 through 2026 with no gap. On the enforcement question: AltStreet located no SEC or FINRA action against Small Change, NSSC Funding Portal, NSSC Crowd, NSSC Holdings or founder Eve Picker in the sources searched, which were 33,908 enforcement records and SEC full-text search across enforcement form families, both on September 28, 2026. PACER and state court dockets were not searched, so that is a statement about the sources searched rather than a finding of a clean record. One structural point worth noting: when the group's affiliate, NSSC Holdings, LLC, raised money under Regulation CF in 2022, it did so through Wefunder rather than through NSSC Funding Portal, so the affiliate offering was not self-hosted. The record AltStreet reviewed does not establish why that intermediary was chosen.

They are not liquid, and the structure makes that more acute than on a debt platform. There is no platform-operated secondary market, redemption program or buyback. The investor FAQ states that "in many projects you will be restricted from transferring your interests" and that any transfer would have to comply with the securities laws, and Regulation CF securities also carry the statutory one-year resale restriction. The more important point is structural: 50 of the 59 campaigns in AltStreet's census are preferred stock in an LLC that owns a property, with no maturity date, so unlike a note there is no date on which your capital is contractually due back. It returns when the sponsor sells or refinances the building, on a timetable the offering does not commit to. Several project tiles state a horizon, five years on one, medium on others, but a stated horizon is an intention rather than an obligation. The seven debt campaigns are the exception and do carry defined terms.

Any US investor can participate in the Regulation CF offerings, with no accreditation required. Non-accredited investors are subject to Regulation CF's annual investment limits, which are calculated from income and net worth and apply across all funding portals combined over a rolling 12 months; accredited investors are not subject to those Regulation CF caps. Minimums are set per project by the developer rather than by the platform, and the issuer-facing page encourages low ones: "You can offer minimum investment amounts as low as you like which is important if you want to include community capital." There is therefore no platform-wide minimum to quote. The separate Rule 506(c) offerings sold by NSSC Crowd, LLC on the same website are open to accredited investors only, and account for 13 of the 41 listed projects.

Most offerings put you into an LLC that owns the real estate, so income generally arrives as a pass-through allocation and the reporting form is usually a Schedule K-1 rather than a 1099, though it should be confirmed offering by offering. Its character follows what the property generated: rental income during the hold and capital gain on a sale. Depreciation allocated through the LLC can shelter part of current income, which is a genuine advantage of this structure over a coupon instrument. Three things to confirm before investing. Whether the specific offering issues a K-1 or a 1099, since the seven debt campaigns differ from the equity ones. Whether allocations may exceed cash distributions in the early years of a development project, which would create taxable income without cash to pay it. And that a single-property LLC can create a state filing obligation where the property sits, possibly a state you have no other connection to. K-1s come from the 58 separate issuing LLCs rather than from the portal, so delivery timing depends on each sponsor and AltStreet has no evidence on how punctual they are. For non-US investors the FAQ discloses, unprompted, that "the issuer is required to withhold 30% of any return you earn" absent a treaty rate. Confirm treatment with a tax adviser for your own circumstances.

All three give non-accredited investors access to real asset exposure, but they differ where it counts. Honeycomb Credit is the closest structural peer, a small single-asset-class Regulation CF portal with most of the fee load on the issuer, but it charges investors a transaction fee of 3% by ACH that Small Change does not charge at all, and its issuers file amounts raised that Small Change's issuers mostly do not: 529 Honeycomb offerings carry a reported-raise observation against five on Small Change. Groundfloor publishes full loan-level repayment and default history on first-position real estate debt, which is the transparency standard against which Small Change's five filed raise amounts and zero verified outcomes should be read. Small Change's genuine advantages are that it charges the investor nothing, that it has been continuously registered since 2016, that each tile names its offering lane, and that its projects are specific identifiable buildings tied to affordable housing, minority-led and women-led development and community ownership. Choose Small Change for place-based conviction and zero investor fees; choose Honeycomb for a stated coupon and term; choose Groundfloor if published performance data is a requirement of your process.

Well-suited: investors backing a specific building in a place they care about, who value that over a measurable return stream; impact investors weighting affordable housing, minority-led and women-led development and community ownership; non-accredited investors who want real estate project equity and will read the Form C. Should avoid: anyone who needs to verify an outcome, because five Form C-U filings state a raise amount and, separately, no distribution or realized return has been verified from a filed source in nine years; anyone needing liquidity or a maturity date, since most offerings are preferred equity with neither; non-accredited investors drawn to the largest projects, which are disproportionately on the accredited-only lane; investors screening on stated returns, because the eight repayment claims mix internal rates of return with annual interest rates and none is filed; and anyone unwilling to open a Form C, since the project page carries neither the financial statements nor the offering amounts. Retirement-account investors should confirm custodian support and the possibility of unrelated business taxable income from a leveraged property-owning LLC before assuming access.