Deep dives,
long-form.
Strategy playbooks, tax breakdowns, and contrarian takes. Research-backed, footnoted, and free.
Real estate crowdfunding writing on the open web is mostly press-release rewrites, affiliate-fee leaderboards, and platform marketing copy reformatted as "reviews." The articles below are the opposite: SEC EDGAR filings read line by line, audit opinions parsed for going-concern language, lawsuit dockets pulled from PACER, and distribution histories reconstructed from Form 1-K and 1-U disclosures.
What you'll find here, in roughly the order most readers want it: how real estate crowdfunding actually works for non-accredited and accredited investors; what the real, fee-net returns look like across Fundrise, Groundfloor, Arrived, EquityMultiple, and RealtyMogul; how the IRS treats K-1s vs 1099s from these platforms (and which ones you actually owe state tax in); a forensic catalog of every platform failure 2020-2025 with documented investor losses; and a pillar on bankruptcy-remote vs not-bankruptcy-remote structures— which platforms structurally protect your capital if they fail and which ones don't.
We don't mark any of this with paywalls and we don't hide the bad news. If a platform we recommend has a going-concern warning, you'll read about it in our review the same week the auditor signs the opinion. If a platform has a lawsuit history that competitors quietly omit, we cite the docket. Articles are updated whenever the underlying facts change — distribution rates, fee structures, NAV updates, regulatory actions — and the "last updated" date is real, not auto-bumped.
New here? Start with the complete 2026 beginner's guide, then the honest risk assessment. Looking for a specific platform? Use the filter below or jump to the platform reviews hub.
AKR Stock: Acadia Realty Trust Dividend vs FFO As Adjusted, Street Retail and Funds (2026)
Acadia Realty Trust (NYSE: AKR) declared $0.20 for Q2 2026 against $0.31 of FFO As Adjusted, 65%. The 2026 metric restated 2025 FFO from $1.32 to $1.14. Street retail, the funds, $105 million of problem loans and $369 million of unissued forward equity, from the 10-K, 10-Q and 8-Ks.
BrightSpire Capital (BRSP): Dividend, Book Value, 13D
BrightSpire pays $0.16 a quarter, down from $0.20, against Distributable Earnings of $0.12 and a GAAP loss of $(0.15) in Q2 2026. Book value is $6.81 GAAP and $8.10 undepreciated; an 8.7% holder filed a 13D on September 29. Numbers from the 10-Q and 8-Ks.
Franklin BSP Realty Trust (FBRT) Stock: Dividend, Book Value and Loans 2026
FBRT cut its dividend from $0.355 to $0.20 a share, 44%, after paying $2.84 over 2024-2025 against $1.41 of Distributable Earnings. Quarter-by-quarter coverage, book value, 12 watch-list loans, NewPoint and the OP-unit redemptions from SEC filings.
NXDT Stock: NexPoint Diversified REIT Price vs NAV, 2026
NXDT's reported NAV fell from $24.57 a share (2021) to $9.33 (June 2026); the company bought stock back at $4.70. Related-party and Level 3 assets, the dividend cut and the Cityplace loan due Nov 8.
NexPoint Real Estate Finance (NREF) Stock: Dividend, Book Value and IQHQ Exposure 2026
NREF paid $0.50 a quarter against earnings available for distribution of $0.46 in Q2 2026, and 53.9% of its $1.13 billion portfolio sits in IQHQ positions. Dividend vs earnings, book value, Series B and C preferred, NexPoint-affiliated loans and debt due, from the SEC filings.
Worthless Stock Deduction: Failed Non-Traded REITs and BDCs (2026)
The worthless securities deduction in the Code, the Treasury regulations and IRS Publication 550, set next to what Silver Star, Hospitality Investors Trust, GWG, DiversyFund, Lodging Fund REIT III and USQ Core say about their own holders in SEC filings. Rules cited, no advice.
Aimco (AIV) Stock: $2.75 Paid in Liquidation, $3.00 to $4.35 Left
Aimco (NYSE: AIV) is liquidating. It paid $1.45 and $1.30 a share in 2026 against a $5.75 to $7.10 estimate. Every payment, sale price, net assets in liquidation and the tax rules, from SEC filings.
American Tower Stock (AMT): Dividend vs AFFO, Debt and Tenants
American Tower (NYSE: AMT) declared $1.79 a share in Q2 2026 against $2.71 of AFFO, 66.1% (our arithmetic). Payout on four yardsticks, $5.97 billion of notes due by 2027 at about 2.5%, DISH churn, CoreSite ownership and what to watch before the Q3 10-Q.
ARMOUR Residential REIT (ARR) Stock: Dividend and Book Value 2026
ARR has paid $0.24 a month for 34 months after cutting from $0.50 (split-adjusted). Book value fell from $28.90 to $17.53 as shares rose 4.2 times. Dividend, reverse split, ATM, manager fees and leverage from the SEC filings.
BBDC Stock: Barings Paid $90M Under Credit Support, NAV $10.94
Barings BDC (NYSE: BBDC) pays $0.26 a quarter on NII of $0.28 and NAV of $10.94. Its manager has paid $23.0M (June 2025) and $67.0M (June 2026) under credit support agreements that carried 5.7% of NAV in March 2026. Eleven quarters of NII, NAV, non-accruals and the $350M note due November 23, 2026.
BN Stock: Earnings by Segment, Dividend and Insurance Leverage, Q2 2026
Brookfield Corporation (NYSE/TSX: BN) earned $0.61 a share before realizations in Q2 2026 and pays $0.28 a year, 11.7% of twelve-month earnings. Segment earnings, what funds the dividend, the insurer's debt and how BN differs from BAM, from its 40-F and 6-Ks.
Brookfield Private Equity Fund (BPEF): NAV Up 13.6% in Nine Months While Brookfield's Own Seed Units Are Redeemed
Brookfield Private Equity Fund LP, the evergreen fund Brookfield sells to accredited, qualified-purchaser investors, had a Transactional NAV of $27.96 for Class I on August 31, 2026, up from the $25.00 first price. Its filings show 83% of GAAP net assets are Brookfield's own Class B-1 seed units, redeemed at a discount, with $99 million redeemed in the first half of 2026. A new $200 million secured revolver was signed October 9, 2026. NAV, sales, fees, debt and redemption terms with accession numbers.
CSWC Stock: Dividend vs NII, Shares Sold at 141% of NAV (2026)
Capital Southwest (Nasdaq: CSWC) paid $0.64 a share in the June 2026 quarter against pre-tax NII of $0.57, sold stock at 141% of NAV, and won its share-limit vote by 186,501 votes. Nine quarters of NII, NAV, ATM sales, debt and 8 non-accruals from its 10-K, 10-Q and 8-Ks.
CMCT Stock: Preferred Paid in Shares, 4 Reverse Splits, Oakland Default
Creative Media & Community Trust (Nasdaq: CMCT) redeemed $235.8 million of its non-traded Series A, A1 and D preferred in stock on March 16, 2026 and has split its common four times since 2025. Share counts, FFO, the $97.1 million Oakland default and debt due, from SEC filings.
CCI Stock: Crown Castle Dividend After the Fiber Sale, AFFO, Debt
Crown Castle (NYSE: CCI) closed the $8.5 billion fiber and small cell sale on May 1, 2026 and pays $1.0625 a quarter, 94.0% of Q2 AFFO (our arithmetic). The 75% to 80% payout it promised, the debt, the carriers and DISH.
DLR Stock: Dividend vs Core FFO, Backlog, Funding, Debt
Digital Realty (NYSE: DLR) paid $1.22 a share in Q2 2026 against $2.65 of Core FFO (46.0%), but $2.13 without a one-time promote. Backlog, lease expirations, the Blackstone buyout, funding and the debt ladder, from the 10-Q and 8-Ks.
EXR Stock: Extra Space Storage Dividend vs Core FFO, 2026
Extra Space Storage (NYSE: EXR) paid $1.62 a share in Q2 2026 against $2.15 of core FFO, 75.3% (our arithmetic), and $2.07 of plain FFO. Same-store NOI up 3.5%, $1.45 billion of bridge loans, 1,964 third-party stores, $13.9 billion of debt and a new CEO on January 1, 2027, from its 10-K, 10-Q and 8-Ks.
GLAD Stock: $0.15 Monthly Dividend vs NII, NAV, Non-Accruals
Gladstone Capital (Nasdaq: GLAD) pays $0.15 a month after a cut from $0.165. June 2026 NII was $0.49 a share, $0.455 after preferred dividends, against $0.45 paid. NAV $21.50, price 90% of NAV, non-accruals 5.2% of cost. From its 10-K, 10-Qs and 8-Ks.
GAIN Stock: Dividend, Supplementals and the SFEG Exit (2026)
Gladstone Investment (GAIN) pays $0.08 a month plus supplementals after exits. Adjusted NII, NAV of $16.24 and the pending $472 million SFEG sale, from the filings.
GBDC Stock: Dividend Cut to $0.33, NII, NAV and Non-Accruals 2026
Golub Capital BDC (Nasdaq: GBDC) cut its quarterly distribution from $0.39 to $0.33 in February 2026; June 30 NII was $0.33 and adjusted NII $0.34, NAV $14.25, and non-accruals rose from 0.6% to 2.9% of cost. 20 non-accrual names, PIK, fees and debt from its 10-K, 10-Q and 8-Ks.
IRM Stock: Iron Mountain Dividend, AFFO Payout and Debt (2026)
Iron Mountain (NYSE: IRM) declared $0.864 a share against $1.44 of Q2 2026 AFFO, 60.0% (our arithmetic), but 85.5% of normalized FFO. Leverage 4.8x, $17.3 billion of net debt, records vs data centers vs ALM, from the 10-K and 10-Q.
MFIC Stock: $0.31 Dividend, NAV $13.37 and Apollo Fees 2026
MidCap Financial (Nasdaq: MFIC) cut its dividend from $0.38 to $0.31 in February 2026; June 30 NII was $0.40, NAV $13.37 and the stock 75% of NAV. The AFT and AIF mergers, the incentive fee that stopped, non-accruals and the $1.0 billion equity covenant, from its 10-Qs and 8-Ks.
OCSL Stock: Two Dividend Cuts, Fee Waivers, NAV and Non-Accruals 2026
Oaktree Specialty Lending (Nasdaq: OCSL) paid $0.55 a quarter until December 2024 and now declares $0.30 plus a $0.03 supplement. June 30 NII $0.37, NAV $15.70, non-accruals 4.2% of cost, Oaktree's incentive-fee waiver ended. From its 10-K, 10-Qs and 8-Ks.
OHI Stock: Omega Healthcare Dividend vs AFFO, Cash-Basis Tenants
Omega Healthcare Investors (NYSE: OHI) raised its dividend to $0.68 in August 2026 against $0.83 of Q2 AFFO and $0.78 of FAD per share. 22 operators on a cash basis, Maplewood, Genesis, U.K. exposure, debt maturities and Medicaid mix, from the 10-Q and 8-Ks.
Orchid Island Capital (ORC) Stock: Dividend and Book Value 2026
Orchid Island cut its monthly dividend from $0.12 to $0.10 in April 2026, and on October 14 estimated book value at $6.02, down from $9.10 at the end of 2023. Dividends, book value, share issuance, Bimini fees and repo from its SEC filings.
OXSQ Stock: Dividend vs NII, NAV $1.29, CLO Equity and Baby Bonds
Oxford Square Capital (Nasdaq: OXSQ) paid $10.5 million of distributions in Q2 2026 against $5.1 million of NII, NAV fell from $7.50 in 2016 to $1.29, and 11 of 27 CLO equity positions carry a 0.00% estimated yield. Seven quarters from the filings, plus the OXSQG and OXSQH notes and the ATM.
PFLT Stock: Monthly Dividend Cut to $0.0833, NII, NAV and JV Marks
PennantPark Floating Rate Capital (NYSE: PFLT) lowered its monthly dividend from $0.1025 to $0.0833 in June 2026. June-quarter NII was $0.26 a share, NAV $10.26, debt 1.56x, price 73% of NAV, and two joint ventures hold $384 million. Eleven quarters of NII vs dividends, non-accruals, debt and fees from the filings.
PNNT Stock: Dividend vs NII, NAV $6.56 and the PSLF Venture 2026
PennantPark Investment (NYSE: PNNT) pays $0.08 a month, half of it now labeled supplemental; June 30 NII was $0.14 a quarter against $0.24 declared, NAV fell from $7.11 to $6.56 in nine months, and a third of income comes from one joint venture, PSLF. Filings, accessions and a CSV.
REXR Stock: Rexford Industrial Dividend vs Core FFO, SoCal Rents, $1.2B Sale
Rexford Industrial (NYSE: REXR) declared $0.435 a share against $0.63 of Q2 2026 Core FFO, 69.0% (our arithmetic), while Southern California lease rates fell 2.8%. County occupancy, the $1.2 billion EQT sale, $505 million of buybacks and the 2027 debt wall, from its 10-K, 10-Qs and 8-Ks.
RITM Stock: Rithm Capital Dividend vs Earnings, Book Value 2026
Rithm Capital pays $0.25 a quarter. GAAP earnings were $0.60 a share over the last four quarters against $1.00 of dividends, its own earnings available for distribution $2.39. Book value $12.33, $13.1 billion of debt due by December, Paramount closed, and the RPT and Perpetual Life links.
Silver Star Properties REIT: SEC Revoked Its Registration on October 15, 2026 — What Holders Still Own
On October 14, 2026 the SEC revoked the registration of every class of Silver Star Properties REIT (formerly Hartman XX) securities in a settled Section 12(j) order: no periodic report since September 30, 2023. Brokers may not trade it, the order cancels no share, and the company is in Chapter 11.
SPG Stock: Simon Property Group Dividend vs FFO, Malls and Debt (2026)
Simon Property Group (NYSE: SPG) paid $2.25 a share in Q2 2026 against $3.29 of Real Estate FFO, 68.4% (our arithmetic). Mall, Premium Outlet and Mills occupancy and rent, $35.7 billion of debt, the Operating Partnership and the Taubman deal, from the 10-K, 10-Q and 8-Ks.
TRIN Stock: Dividend vs NII, ATM Issuance and NAV (Q2 2026)
Trinity Capital (NYSE: TRIN) pays $0.17 a month, $0.51 a quarter, against net investment income of $0.51 in Q2 2026. Eight quarters from the filings: NII coverage, 40 million ATM shares and what they did to NAV, early-repayment income, non-accruals, the 4% notes rolling into 7% and the July move from Nasdaq to the NYSE.
VICI Properties Stock: Dividend vs AFFO, Caesars and MGM Rent, Debt
VICI (NYSE: VICI) paid $0.45 a share in Q2 2026 against $0.62 of AFFO, 72.9% of AFFO in dollars (our arithmetic). Caesars and MGM rent, CPI escalators, the Caesars buyout, the August notes, Golden, loans and what to read before the Q3 10-Q.
WY Stock: Weyerhaeuser Dividend, Adjusted FAD and Debt (2026)
Weyerhaeuser (NYSE: WY) paid $606 million in dividends in 2025 against $397 million of Adjusted FAD, 152.6% (our arithmetic). Segment cash flow, lumber and log price sensitivity, 5.0x net debt and the Q3 watch list, from the 10-K and 10-Q.
What Happened to Two Harbors? CrossCountry's $12 Cash Deal
Two Harbors (TWO) was bought by CrossCountry Mortgage for $12.00 a share in cash; the deal closed August 25, 2026 and the stock was delisted. The UWM stock deal it replaced, the $10.80 to $12.00 bidding, a vote that cleared by 1.8 million shares, the preferred redemption and the Form 15, from SEC filings.
AGNC, Annaly, Two Harbors: Dividend vs Book Value 2026
AGNC declared $0.36 a quarter on $8.58 of tangible book value; Annaly raised to $0.75 on $20.15; Two Harbors is no longer listed. Ten quarters of dividend, book value, economic return and leverage from the 10-Qs, to June 30, 2026.
APO Stock: Apollo Earnings, Athene, Dividend and Debt, Q2 2026
Apollo (APO) earned $785 million of fee income and $877 million at Athene in Q2 2026 on $1.05 trillion of AUM. Where the money sits (51% insurers, 3.8% wealth funds), the $0.5625 dividend, $13.7 billion of debt and an IRS notice, from the 10-Q and 8-Ks.
ARCC Stock: Dividend vs Core EPS, NAV and Non-Accruals, Q2 2026
Ares Capital (Nasdaq: ARCC) declared $0.48 for the third quarter of 2026, but Core EPS was $0.47 in both Q1 and Q2, down from $0.63 in Q4 2023. Eleven quarters from the filings: NII and Core EPS against the dividend, NAV, non-accruals, PIK share, debt, and what the June 2026 10-Q changed.
Ares Management Stock (ARES): Fees, FRE and Dividend, Q2 2026
Ares Management (ARES) earned $491.1 million of fee related earnings and $1.29 of after-tax realized income a share in Q2 2026 and declared a $1.35 dividend. Fees, the dividend basis, ARCC's deferred fee, ASIF and AREIT flows in their own filings, performance income and debt, from the 8-K and 10-Q.
BX Stock: Blackstone Fees, Dividend, BREIT and BCRED, Q2 2026
Blackstone (BX) earned $1,783.4 million of fee related earnings and $1.52 of distributable earnings a share in Q2 2026 and paid a $1.29 dividend. Fees, performance-fee timing, the 85% payout policy, perpetual capital, what its 10-Q says about BREIT and BCRED redemption requests, and debt, from the 8-K and 10-Q.
BXSL Stock: $0.77 Dividend, $0.75 of Income, NAV $25.53
Blackstone Secured Lending Fund (NYSE: BXSL) has declared $0.77 a share thirteen times running; no special dividends in the filings. Q2 2026 net investment income was $0.75, NAV fell to $25.53, six issuers sit on non-accrual and $1.35 billion of notes fall due within a year. From the 10-Qs, 10-K and 8-Ks, with the loans it shares with BCRED.
OBDC Stock: Dividend Cut to $0.31, NII, Non-Accruals, NAV
Blue Owl Capital Corporation (NYSE: OBDC) cut its base dividend from $0.37 to $0.31 for Q2 2026. Seven quarters of NII against dividends, NAV $14.26, seven non-accrual companies by name, PIK, software exposure, debt due and a fee lawsuit, from its 10-K, 10-Qs and 8-Ks.
Blue Owl Capital (OWL) Stock: Fees, Dividend and Debt, Q2 2026
Blue Owl Capital Inc. (OWL) managed $319.0 billion at June 30, 2026, $190.6 billion of it paying fees. Q2 fee-related earnings were $392.2 million against a $0.23 quarterly dividend, GAAP net income $11.4 million, debt $3.85 billion. What its 10-Q says about redemptions in the non-traded BDCs it manages, with every figure from its SEC filings.
Braemar Hotels (BHR): Proxy Fight, Dec 21 Vote, Ashford Split
Braemar Hotels & Resorts (NYSE: BHR) faces a contested vote on December 21, 2026. Brancous, LP1 filed a preliminary proxy on October 14 for five nominees. The $480 million Ashford fee, six hotel sales, debt, and the preferred and common dividend, from SEC filings.
BAM Stock: Fees, Perpetual Capital, Dividend and Debt, Q2 2026
Brookfield Asset Management (NYSE/TSX: BAM) earned $808 million of fee-related earnings in Q2 2026 on $672 billion of fee-bearing capital, 43.7% of it perpetual. Insurance money, the $0.5025 dividend, carried interest and what Brookfield REIT and BII pay it, from the 10-K and 10-Q.
Cantor Fitzgerald Infrastructure Fund: What It Holds, Fees, Exit
Cantor Fitzgerald Infrastructure Fund (CFIIX, CAFIX) is an interval fund with $724.2 million of net assets at June 30, 2026, of which 39.9% was private infrastructure funds in March and 41.65% was tagged Level 3 in June. Its look-through holdings, three different Level 3 answers, the daily index that prices the private sleeve, fees by class, NAV, a 4.00% payout that was 66.62% return of capital, twelve repurchase offers and the August 19 to September 30, 2026 offer.
Carlyle Group Stock (CG): Fees, Dividend and Funds, Q2 2026
Carlyle (CG) earned $357.7 million of fee related earnings and $1.07 of distributable earnings a share in Q2 2026 against a fixed $0.35 dividend. Perpetual capital is $113.2 billion but $79.7 billion of it is Fortitude. Fees on CTAC, CAPM and CGBD, 2028 targets and debt, from the 10-Q.
Equinix, Digital Realty, American Tower: AFFO vs Dividend
Equinix paid $5.16 a share against $11.78 of AFFO in Q2 2026 (43.8%), Digital Realty $1.22 against $2.47 (a $0.52 promote inside it), American Tower $1.79 against $2.71 (66.1%). Debt, maturities, pipeline, tenants and new shares, from the 10-Ks and Q2 2026 10-Qs.
Estimated Tax Payments on REIT, BDC and K-1 Income (Jan 15, 2027)
The fourth 2026 estimated tax installment is due Friday, January 15, 2027. What 26 U.S.C. 6654, Form 1040-ES and Publication 505 require for holders of non-traded REITs, BDCs and K-1 funds, with the late-K-1 problem worked through on BREIT, Blackstone Private Credit Fund and KKR Infrastructure Conglomerate filings.
Form 8949 for Non-Traded REIT and BDC Share Sales: 2026 Guide
How to put a non-traded REIT, BDC or interval fund repurchase on Form 8949 and Schedule D for tax year 2026: which box, why return of capital must come off your basis first, how reinvested shares, proration and a Section 302 dividend result change the row. Worked on BREIT's filed 2021 to 2025 return-of-capital percentages.
FSK Stock: Dividend Cut, NAV and Non-Accruals (SEC Filings)
FS KKR Capital (NYSE: FSK) cut its quarterly distribution from $0.70 to $0.48 in February 2026 and $0.42 in May, then declared $0.44 plus a $0.20 special in October. NAV per share fell from $24.46 (Dec 2023) to $18.30 (Jun 2026). Non-accruals: 3.8% of fair value, 7.1% of cost, 18 named borrowers. Eleven quarters, the KKR preferred and $11 tender, debt maturities, and K-FIT side by side.
HTGC Stock: Dividend vs NII, Non-Accruals, Prepayments (Q2 2026)
Hercules Capital (NYSE: HTGC) announced $0.47 for Q2 2026 ($0.40 base, $0.07 supplemental) against NII of $0.50. Eight quarters from the filings: prepayment income, early repayments, loan grades, non-accruals, warrants, debt and the share price against NAV.
KKR Stock: Fees, K-Series Funds, Dividend and Debt, Q2 2026
KKR (NYSE: KKR) earned $1,214.1 million of fee-related earnings in Q2 2026, up 36.9%, on $796.5 billion of assets, $220 billion of it Global Atlantic. K-Series funds were $42 billion, the dividend is $0.195 a quarter, and corporate notes are $9.30 billion. Segments, fees, debt and the DOJ and USI news, from the 10-Q.
K-FITS Tender Offer, NAV and Fees: KKR FS Income Trust Select
K-FITS (KKR FS Income Trust Select) got requests for 5.06% of its shares in the offer that closed September 29, 2026 against a 5.0% limit, and paid 100%. NAV was $24.85 at August 31; fees run 7.22% a year; $8.2 million of Q2 distributions was return of capital. Terms, leverage and portfolio from SEC filings.
TurboTenant vs Innago vs RentRedi: Fees and Plans, Oct 2026
What the landlord pays and who pays what, from each company's own pricing and help pages dated October 15, 2026: TurboTenant Free, $149 and $199 plans, Innago at $0, RentRedi at $12 to $29.95 a month, plus screening, ACH and card fees, payout speed and Schedule E.
MAIN Stock: Dividend vs NII, NAV Premium and Non-Accruals, 2026
Main Street Capital (NYSE: MAIN) paid $1.08 in Q2 2026 against NII of $0.97 and DNII of $1.04, and the stock closed 53% above its $33.92 NAV. Six quarters of coverage, 17 non-accrual companies by name, the lower middle market book and MSC Income Fund, from its 10-K, 10-Q and 8-Ks.
MPW Stock (Now MPT): Tenants, Dividend and Debt, Q2 2026 10-Q
Medical Properties Trust pays $0.09 a quarter against $0.15 of Normalized FFO, but operating cash flow covered only 44% of dividends paid in H1 2026. Tenants, Steward and Prospect leftovers, and the $2.4 billion 9.25% secured notes, from the 10-Q and 8-Ks.
MFA Financial (MFA) Stock: Dividend vs Earnings, 2026 10-Q
MFA Financial has declared $0.36 a quarter for six quarters, but its Distributable earnings were $0.89 per share over the last four against $1.44 of dividends. What the June 30, 2026 10-Q shows on book value, delinquency, leverage, Lima One and the October 8 8-K.
Office REIT Dividends, Occupancy and Debt Compared (Q2 2026)
Ten listed office REITs from their June 30, 2026 10-Qs: SL Green, BXP and Brandywine cut dividends, Hudson Pacific pays none, and Office Properties Income Trust cancelled its old shares in Chapter 11. One dated table of dividends, occupancy, lease expirations and debt due through 2027.
Private Shares Fund: Holdings, SpaceX Mark, NAV and Repurchases
The Private Shares Fund is an interval fund that buys pre-IPO stock. Its June 30, 2026 report shows $1.54 billion of net assets, SpaceX at 23.7% of them, Level 3 down from 91% to 55%, NAV of $53.20 and a June offer where 8.54% of shares were tendered and 5.00% bought. Holdings, valuation, fees, minimums and repurchase history from the SEC filings.
Prologis Stock: Dividend vs Core FFO, Rent Growth, SEGRO Bid
Prologis (NYSE: PLD) paid $1.07 a share in Q2 2026 against $1.63 of Core FFO, 65.9% of Core FFO (our arithmetic). Rent change, 17% lease mark-to-market, occupancy, data centers, fees and debt, plus the SEGRO takeover and August share sale, from the 10-K, 10-Q and 8-Ks.
PSEC Stock: Dividend Cut to $0.035, NAV $5.71, PIK, Preferred
Prospect Capital (Nasdaq: PSEC) pays $0.035 a month after two cuts, NAV per share fell from $8.74 to $5.71 in eight quarters, and preferred dividends of $106.6 million sit outside reported NII. Nine quarters from the filings: coverage, PIK, non-accruals, preferred stock, debt, NPRC and First Tower.
PSA Stock: Public Storage Dividend, Core FFO and Debt (2026)
Public Storage (NYSE: PSA) paid $3.00 a share in Q2 2026 against $4.17 of core FFO, 71.9% (our arithmetic), while core FFO per share fell 2.6%. Same-store rents, the NSA and Canada deals, $10.3 billion of debt and SmartStop side by side, from the 10-K and 10-Q.
Qualified Charitable Distribution With Illiquid IRA Assets (2026)
How a 2026 qualified charitable distribution works when an IRA holds non-traded REITs, BDCs or interval funds: the $111,000 limit, what cannot be a QCD, 1099-R and Form 1040 reporting, and the repurchase dates that decide whether cash arrives by December 31, 2026.
Realty Income Stock: Dividend vs AFFO, Lease Expirations, Debt
Realty Income (NYSE: O) paid $0.8115 a share in Q2 2026 against $1.09 of AFFO, 74.4% (our arithmetic). Quarter-by-quarter payout, a $40.2 million lease-termination boost, lease expirations to 2031, top clients, Europe share, debt and a doubled loan book, from the 10-K, 10-Qs and 8-Ks.
Rithm Property Trust (RPT) vs Perpetual Life Residential Trust
Rithm Property Trust (NYSE: RPT, formerly Great Ajax) and Rithm Perpetual Life Residential Trust share a manager and nothing else: one is listed, one is a private placement for accredited investors, and neither reports rental homes among its assets. Read from the SEC filings through the October 6, 2026 8-K: NAV $20.1448 and 77.8% leverage on the private trust, $0.17 a month, no repurchases yet; RPT at $14.19 against about $30 of book value.
RKT Stock: Gain on Sale, Servicing, Debt and Dividend (2026)
Rocket Companies (NYSE: RKT) in its filings as of October 15, 2026: Q2 2026 gain-on-sale margin by channel (2.48% total, 4.13% direct), $18.9 billion of servicing rights, $10.8 billion of notes, no dividend since a $0.80 special in 2025, 65% of shares not traded.
Roth Conversion With Illiquid IRA Assets: 2026 Year-End Guide
How a Roth conversion works in 2026 when the traditional IRA holds a non-traded REIT, BDC, interval fund or private note: the December 31, 2026 deadline, which value is taxed, why the tax must come from outside the IRA, and what no recharacterization means, with KBS REIT III, BREIT and BCRED filings.
TSLX Stock: Base Dividend Cut to $0.42, NII, NAV, Non-Accruals
Sixth Street Specialty Lending (NYSE: TSLX) cut its base dividend from $0.46 to $0.42 in 2026 and has paid no supplemental since Q4 2025. Q2 net investment income was $0.43, ROE 10.6% (14.7% in Q4 2023), NAV $16.24, non-accruals 1.3% of fair value. Eleven quarters from the filings, the fee formula, debt and peers.
TPG Stock: Fees, Dividend, Twin Brook, Angelo Gordon (Q2 2026)
TPG Inc. (Nasdaq: TPG) earned $314.6 million of fee-related earnings and $0.69 of after-tax distributable earnings per Class A share in Q2 2026 and declared a $0.59 dividend. Credit and real estate are 43.8% of $326.8 billion of AUM. The Angelo Gordon earnout, Twin Brook (TCAP), T-POP and debt, from the 10-K and 10-Q.
WPC Stock: W. P. Carey Dividend, AFFO Coverage and NLOP, 2026
W. P. Carey (NYSE: WPC) pays $0.940 a quarter against $1.34 of AFFO per share, 70% of it (Q2 2026). What the filings say about the NLOP office spin-off ($22.69 paid per NLOP share since 2024), the Hellweg insolvency, CPI-linked rent (47.8%), lease expirations, euro debt and the end of its non-traded REITs.
Wash Sale Rule: Non-Traded REIT, BDC and Interval Fund Tenders
Does a tender or repurchase at a loss trigger the wash sale rule? What three funds' own filings say about the sale date, reinvested distributions and Section 302, a worked example with real NAVs and a dated 2026 calendar.
Welltower Stock: Dividend vs Normalized FFO, SHOP and Debt
Welltower (NYSE: WELL) declared $0.85 a share for Q2 2026 against $1.60 of Normalized FFO, 53% (our arithmetic). Senior housing occupancy and same-store NOI by quarter, operators, $9.6 billion of 2026 buying, the equity that funded it and debt maturities, from the 10-K, 10-Q and 8-Ks.
AHR Stock: American Healthcare REIT Dividend, Debt and NFFO
American Healthcare REIT (NYSE: AHR) pays $0.25 a quarter against $0.54 of Normalized FFO per share, owns 347 buildings in four segments and has a $550 million term loan due January 19, 2027. Segment NOI, occupancy, debt, share count and risks from the Q2 2026 10-Q and 8-Ks.
Apollo Diversified Credit Fund Repurchase: 27% Filled, Aug 2026
Apollo Diversified Credit Fund (CRDIX), the $1.6 billion credit interval fund, filled every repurchase request until February 2026. In May it bought about 35% of the shares tendered and in August about 27%, with the next window closing November 3, 2026. Eleven offers from its SEC reports, NAV by class, borrowings, fees by class and what the filings do not say.
Arbor Realty Trust Dividend Cuts and Delinquencies by Quarter
Arbor Realty Trust (ABR) cut its common dividend from $0.43 to $0.30 (May 2025) and to $0.17 (May 2026) while non-performing bridge loans ran at $429 million to $676 million and delinquencies on its agency servicing book reached $1.12 billion. Fifteen quarters of loan, reserve, REO, CLO and dividend numbers from the 10-Ks, 10-Qs and 8-Ks.
Blackstone Mortgage Trust (BXMT): Loan Book, Ratings, Dividend
Blackstone Mortgage Trust paid $0.47 a share while booking a GAAP loss of $(0.48) in Q2 2026. The June 30, 2026 10-Q lists all 133 loans: 26 rated 4 or 5, nine impaired, $219.5 million of specific reserves, 14 foreclosed properties and $4.4 billion of debt due by end-2027.
Commercial Mortgage REIT Dividends and Delinquencies Compared
Nine listed commercial mortgage REITs from their June 30, 2026 10-Qs: KREF cut its dividend 60% to $0.10, Claros pays none with 45.9% of loans on non-accrual, BXMT's loans rated 4 or 5 fell to 15.7%. One table of dividends, earnings coverage, risk ratings, non-accrual loans, reserves, REO, book value and leverage.
Infrastructure Funds Compared: Apollo, EQT, K-INFRA, BXINFRA
Apollo, EQT, KKR (K-INFRA) and Blackstone (BXINFRA) hold $15.9 billion in evergreen infrastructure funds for wealthy individuals. Fees, quarterly repurchase limits, early-exit fees, NAV bridges, payouts, debt, top holdings and tax forms, side by side from their own SEC filings.
Figure Technology Solutions (FIGR) & Kiavi: What the Filings Say
Figure Technology Solutions (Nasdaq: FIGR) closed its Kiavi purchase on September 1, 2026: $532.4M agreed, about $590M paid net of cash, $600M of 8.5% notes. From its SEC filings.
Fortress Net Lease REIT Debt: $1.36B Extended to Oct 15, 2027
Fortress Net Lease REIT (SEC CIK 1966394) extended its revolving credit facility and term loan, $1.36 billion at June 30, 2026, from October 16, 2026 to October 15, 2027 (8-K filed October 13). The debt ladder, eight facility increases since 2024, leverage against NAV and the swaps, read from the 8-Ks and 10-Q.
IIPR Stock: Innovative Industrial Properties Dividend, Series B
Innovative Industrial Properties (IIPR) pays $1.90 a quarter against AFFO of $1.83. Tenants in default or not paying are 21.4% of rent. The $50 million 9.25% Series B preferred priced October 8 and closes October 19 (10-Q, 8-Ks, 424B5).
Ladder Capital (LADR) Loan Book, Dividend and Debt, Q2 2026
Ladder Capital (LADR) held $2.79 billion of loans at June 30, 2026, 60.7% multifamily and 21.3% office, against 48.0% office at the end of 2024. Seven balance sheets of loans by property type, non-accrual loans, the AAA securities book, conduit volume, debt and the $0.23 dividend, from the 10-Ks, 10-Qs and 8-Ks.
Lord Abbett Private Credit Fund: 68% Owned by Its Own Funds
Lord Abbett Private Credit Fund is a private BDC with $732.1M of net assets and a $24.86 NAV at June 30, 2026. Lord Abbett's own funds hold 67.90% of its shares, three of its first four tender offers drew no shares, and Fund S charges 0.85% more. Fees, NAV by month, portfolio, leverage and what covers the 10.6% payout.
Pender Real Estate Credit Fund: Repurchases, NAV and Loan Book
Pender Real Estate Credit Fund (PNDRX, PNDIX, PNDAX), a $478 million real estate bridge-loan interval fund, offers to buy back 5% of its shares at NAV; requests are due October 20, 2026. Thirteen completed offers, a 49-loan book that is 98.7% multifamily, 15 of 17 maturing loans extended, the American Beacon vote and the SEC co-investment order, read from its filings.
Pomona Investment Fund: Tender Requests Hit 6.7% of Net Assets
Pomona Investment Fund, the $1.67 billion private equity secondaries fund run by Voya-owned Pomona Management, saw holders tender $124.4 million for June 30, 2026, 133% of the $93.3 million first offered, and accepted all of it. The offer open until October 21, 2026 is for up to 3%. Five tender results, net assets and share count by quarter, NAV by class, fees, the portfolio from Form N-PORT, cash, the credit line and the adviser's own words on valuation and liquidity.
Private Credit Crisis: 36 BDCs' Non-Accruals, PIK and Dividends
Dated census of 36 BDCs from their June 30, 2026 10-Qs: non-accrual loans at cost and fair value, PIK share of income, dividend coverage and NAV change. The 20 listed BDCs that state it have a median 3.05% on non-accrual at cost, the 11 non-traded funds 0.6%; BlackRock TCP Capital is highest at 7.4%. Filed figures only.
Pursuit Asset-Based Income Fund (GOFOX): Repurchase and N-8F
Pursuit Asset-Based Income Fund (GOFOX), a $48.7 million interval fund, opened a repurchase offer on October 13, 2026 at NAV on November 17 ($8.26 on October 6) three weeks after filing Form N-8F to abandon its SEC registration. What both documents say, the 12% write-down behind NAV falling from $10.03, the 98.1275% proration in May and the June 30 holdings.
Redwood Trust (RWT) 2026: DSCR Loans, Dividend and Debt Filings
Redwood Trust funds DSCR loans through two doors, CoreVest and Aspire. Its 2026 filings show CoreVest funded $410 million of the $8.0 billion it produced in Q2, held only $44.7 million of DSCR loans, paid a $0.18 dividend against $0.15 of earnings available, and sold $205 million of 7.00% convertible notes in September.
Starwood Property Trust (STWD): Loan Book and Dividend Coverage
Starwood Property Trust (STWD) has paid $0.48 a quarter since at least 2023 while distributable earnings fell to $0.39 and $0.40 a share in 2026. Its $22.5 billion loan book, nonaccrual loans, CECL reserve, LTV buckets, debt ladder and book value per share, read from the June 30, 2026 10-Q.
Verus Mortgage Capital Securitizations: 2026 Loan Review Data
Verus Mortgage Capital's non-QM securitizations are not registered with the SEC: the three depositors have filed 0 ABS-EE loan tapes and 0 prospectuses. What is public is the due diligence filed for each 2026 Verus Securitization Trust. Read across trusts 2026-1 to 2026-8, 54.1% of 11,029 reviewed loans were investment properties, and 51.9% of AMC's loans started with a C or D grade.
What Happened to Tricon Residential? Blackstone's $11.25 Deal
Tricon Residential (TCN) was bought by Blackstone for $11.25 a share, a 30% premium, and delisted on May 2, 2024. Of the $11.25, $3.10 came as a return of capital. The vote, the $11.00 first offer, the 37,183 homes, $5.86 billion of debt, BREIT's 11.6% and the Form 15, from SEC filings.
Whitestone REIT (WSR): Ares Paid $19.00 a Share in July 2026
Whitestone REIT (NYSE: WSR) no longer trades: Ares bought it for $19.00 a share cash on July 14, 2026 after a sale process whose final round had six bids from $15.75 to $19.00. Filing-by-filing: the bids, the vote, Pillarstone, the proxy fights, 2025 tenants, leases and debt.
1033 Exchange for Rental Property: Fire, Condemnation, Deadlines
Section 1033 for a landlord, read from the statute, the regulations and IRS Publications 544 and 547: a rental destroyed by fire or storm gets a 2-year replacement clock and a narrow test; a condemned one gets 3 years and a like-kind test; 4 years is only for a principal residence. With basis arithmetic, the election and the 2026 disaster notices.
506b vs 506c: 30% of Real Estate Form Ds Now Choose 506(c)
How filers actually choose between Rule 506(b) and 506(c), counted from the SEC's Form D data: 35,494 real estate notices from January 2019 to September 2026, with the 506(c) share rising from 16.7% to 30.2% in 2025 (10.3% across all industries). Plus what each choice does to offering size, minimum, unsold offerings and non-accredited buyers, the verbatim rule text and the staff's March 12, 2025 letter on verification.
Assumable Mortgages for Investors: FHA, VA and Conventional Rules
Which mortgages a buyer can assume, and whether an investor who will not live there can, read from HUD, VA, USDA, Fannie Mae and Freddie Mac texts on October 13, 2026: FHA loans closed after December 15, 1989 need an occupant, VA assumptions need no veteran and no occupancy (0.5% funding fee, 45-day decision), conventional loans carry due-on-sale, and the gap is $100,000 on a $400,000 house.
Bank Statement Loans 2026: Requirements, Terms and the Law
What seven lenders' own websites say a bank statement loan requires (October 13, 2026): minimum scores of 620 to 640, up to 90% loan-to-value, expense factors from 10% to 70%, plus what Regulation Z says about prepayment penalties, escrow and ability to repay, and how much bank statement and DSCR lending Redwood Trust's Aspire unit reported for 2026.
Commercial Real Estate Loan Rates 2026: 987 SEC-Filed Loans
Commercial real estate loan rates as of October 13, 2026, read from the SEC filings of 29 CMBS trusts: 987 fixed-rate loans, median 6.54% on 5-year and 6.27% on 10-year loans, by property type, size and month, with the Treasury spread, bridge-lender coupons and SBA rates.
Cook County Property Tax Appeal: Results by Property Class
Cook County's own open data on 2.49 million Board of Review appeals, 2021 to 2025: tax year 2025 multifamily (7+ units) 20.5% reduced with a median cut of 14.7%, commercial 27.6% and 16.1%, houses 51.1% and 6.5%, condos 31.6% and 2.8%. Odds are 60.7% in a township reassessed that year versus 13.9% in the other two years. Deadlines from 35 ILCS 200/16-55 and 16-160, the 2026 Board of Review calendar, and the 10% and 25% levels of assessment.
Crescent Private Credit Income Corp: Tender Offers and NAV
Crescent Private Credit Income Corp, a non-traded BDC of Crescent Capital Group (Sun Life), had zero shares tendered in seven straight quarterly offers, then 114,939 in September 2026, all bought at $26.47. NAV per share, distributions, fees, who owns the shares and what its October 13, 2026 Form 40-APP/A asks the SEC for.
Deed a House Into a Living Trust: Mortgage, Tax, 16 States
What deeding a house or rental into your own revocable living trust does, read from the statutes: the due-on-sale exception in 12 U.S.C. 1701j-3(d)(8) and why a rental differs, California section 62(d) and Proposition 19, Texas and Florida homestead rules, grantor trust and 1031 treatment, creditors and the 60-month Medicaid look-back, and a 16-jurisdiction table of trust statutes and transfer-tax exclusions.
Fix and Flip Loans 2026: Denial Rates, Delinquency and the Law
Fix and flip loans in federal and SEC records: 14.9% of 57,059 short-term investor purchase decisions were denials (HMDA 2025), why, how the loans are built, why Regulation Z does not apply, and 13.7% of MFA's flip loans 60+ days past due.
Grantor Retained Annuity Trust (GRAT): Rules and 2026 Rate
What a GRAT is in the words of 26 U.S.C. 2702 and Treasury Regulation 25.2702-3: the 5.6% October 2026 Section 7520 hurdle, zeroed-out GRATs after 115 T.C. 589, a $5,000,000 worked example, death-in-term risk, real estate valuation traps and what Congress proposes (S. 4287).
Home Equity Investment Contracts 2026: Laws, Costs, Lawsuits
Home equity investment (HEI) contracts read from primary sources on October 13, 2026: the CFPB's 19.5-22% a year figure, four states with specific rules, the lawsuits and settlements, Washington's data on 456 ended contracts, and a worked cost example.
House Flipping 2026: Flip Loans by State and the Dealer Tax Rules
House flipping in federal data: 48,550 short-term investor purchase loans in 2025 (HMDA), where they were made, what the median flip costs to carry, and the tax and resale rules that apply to a flipper.
Installment Sale Real Estate Tax: Year-by-Year 2026 Example
An installment sale of a rental, worked from 26 U.S.C. 453, Treas. Reg. 15a.453-1, Form 6252 and IRS Publication 537. In our 2026 example (an $800,000 sale, $542,000 of gain) equal annual payments cut the tax on the gain from $109,126.60 to $91,503.36, a 5-year balloon note only to $103,698.69, and the depreciation layer is taxed out of the first payments. Plus recapture income, the $5 million interest charge and year-end timing.
Invitation Homes FTC Refunds and INVH vs AMH Stock (2026)
The FTC mailed 444,131 checks totaling more than $47.2 million to Invitation Homes renters on March 11, 2026: who was eligible, the 90-day window, the $48 million order (1:24-cv-04280-SEG). Then both listed single-family rental REITs from their June 30, 2026 10-Qs: Invitation Homes 85,509 homes and American Homes 4 Rent 61,183, same-store NOI, debt due, dividends and buybacks.
Landlord Insurance: Cost, Coverage and Lender Rules (2026)
Landlord insurance with the official numbers: the NAIC's July 2026 report on 2023 data (dwelling fire $1,019, HO-3 $1,737, renters HO-4 $173) and why none of them is a landlord quote, what a dwelling fire policy leaves out (liability), what Fannie Mae and DSCR lenders print, and what Oregon and Virginia law allow a landlord to require of tenants.
Mobile Home Park Investing 2026: 107 Form D Filings, REIT Data
Mobile home park investing from SEC filings as of October 13, 2026: Sun Communities' same-property MH NOI grew 8.9% in 2025 at 98.1% occupancy, Equity LifeStyle's core MH rent 5.8% in Q2 2026, and 107 private park offerings filed Form D from January 2024 to September 2026 ($724.4 million sold, median minimum $25,000). Plus the state laws that cap or delay rent increases.
Non-QM Loans 2026: What They Are, Who Funds Them, Defaults
What a non-QM loan is under Regulation Z (12 CFR 1026.43), read from eCFR, with 2025 federal HMDA counts (119,502 conventional loans with a feature that cannot be a qualified mortgage; 423,361 business-purpose loans outside the rule) and SEC filings of the public companies that fund them. MFA's non-QM loans were 4.2% 60+ days past due at June 30, 2026.
Onex Direct Lending BDC Fund Tender Offer 2026: 7.38% Filled
Onex Direct Lending BDC Fund, a private BDC with eight holders of record, bought 7.38% of the requests in its August 2026 tender and filed a new 5% offer on October 9 while holders say they want out of $99.1 million. All 15 results since 2023, NAV down 30.7% from its peak, and how it differs from BCRED, HLEND and Apollo.
Opendoor vs Offerpad (2026): Fees, Margins and the FTC Order
Opendoor (OPEN) and Offerpad (OPAD) read from their 10-Ks, Q2 2026 10-Qs and 8-Ks: the 5% service fees, what each keeps per $100 of resale price, the FTC's $62 million order (docket C-4777), debt, share counts and Offerpad's 1-for-10 reverse split.
Portfolio Loan on Investment Property: Who Keeps Them (2025 Data)
A portfolio loan is one the lender keeps. In 2025 federal data, lenders had not sold 35.8% of 516,990 investor purchase and refinance loans within the year, 93.8% of balloon loans over 36 months and 79.8% of 5+ unit loans. The lenders, rates and states, with what the data cannot show.
Probate for Real Estate: Small-Estate Limits by State (2026)
How a house or rental goes through probate, read from the state codes: what an executor can do before letters, the small-estate limit that actually covers real property (Florida raised its to $150,000 on July 1, 2026), creditor-claim periods, sale without a judge, ancillary probate, Medicaid recovery, and the $15,000,000 federal return trigger.
Property Management Fees 2026: What SEC Filings Show
Property management fees as filed with the SEC, as of October 13, 2026: 2.5% of collected rents (VineBrook) to 8% (Arrived funds, Casa Shares, Concreit), a flat $59 a month (Tirios), 15% to 20% on short-term rentals, plus leasing, renewal and repair fees.
Property Tax Appeal for Investment Property: Deadlines by State
Property tax appeal rules for owners of rental, multifamily and commercial property in the 15 largest states and DC, read from each statute on October 13, 2026: first forum and deadline (25 days in Florida to March 31 in Ohio), income and expense disclosure rules, nine places where an appeal can end in a higher value, and official appeal outcomes from Washington, DC.
Qualified Personal Residence Trust (QPRT): Rules and 2026 Math
A qualified personal residence trust (QPRT) read from 26 U.S.C. 2702 and Treasury Regulation 25.2702-5, word for word: what counts as the residence, what happens if the grantor dies in the term, if the house is sold, and what the retained use costs after the term. A $2,000,000 worked example at the October 2026 Section 7520 rate of 5.6%, the carryover basis that matters under the $15 million exemption, California property tax, and IRS gift data.
Quitclaim Deed: What It Does, Due-on-Sale, Tax and 15 States
What a quitclaim deed does and does not do, read from the statutes: the federal Garn-St Germain exceptions in 12 U.S.C. 1701j-3(d) and what the statute and 12 CFR 191.5 say about moving a mortgaged home to a child, a spouse, a trust or an LLC; carryover basis under 26 U.S.C. 1015 versus the step-up in section 1014; the $19,000 gift tax exclusion and Form 709 for 2026; the 60-month Medicaid look-back; what the ALTA 2021 owner's policy says after a transfer; California Proposition 19 (Revenue and Taxation Code 63.2); and a table of the short-form, transfer-tax and signing rules in the 15 most populous states and the District of Columbia.
Real Estate Notes Investing (2026): Types, Law and 26 Issuers
“Real estate notes” means two products: one mortgage note bought from a lender, or a note sold by a lender to many investors. We read the latest annual report of 26 Regulation A issuers (16 state going-concern doubt), 240 private debt Form Ds, Reves v. Ernst & Young and the SEC and FINRA alerts, as of October 13, 2026.
Rocket Mortgage Investment Property Loans: 2025 HMDA Data
What Rocket Mortgage did for landlords in 2025 federal data: 11,324 investor loans (3rd by count), a 25.84% denial share against 16.39% for all other lenders, 64.3% sold to Fannie Mae or Freddie Mac. Plus its 10-K, Mr. Cooper deal, CFPB complaints and what its own site says.
Section 8 Rental Property for Landlords: What HUD Pays (2026)
Written for landlords and investors, not tenants. What Section 8 pays on a rental: HUD's FY2027 Fair Market Rents (effective October 1, 2026) for the 20 largest metros, the 90% to 110% payment standard rule, the HAP contract terms, NSPIRE inspections from February 1, 2027, state laws on refusing vouchers, and 2.33 million vouchers in use.
Self Storage Investing 2026: REITs, Non-Traded and Syndications
The three ways into self storage, read from SEC filings as of October 13, 2026: four listed REITs after Public Storage closed its National Storage Affiliates deal on July 22, 2026 (second-quarter same-store NOI from -2.2% to +3.7%); a non-traded REIT whose distributions came 18.4% from operations; and 238 storage-named Form D syndications since January 2024, median minimum $50,000.
Short-Term Rental Tax Loophole: Regulation and Tax Court Cases
The short-term rental tax loophole read from the text: 26 CFR 1.469-1T(e)(3)(ii)(A) (average customer use of seven days or less), the seven material participation tests word for word, section 280A, IRS Form 8582 data for 2023, 2026 bonus depreciation under Public Law 119-21, and what five Tax Court opinions since 2020 did with owners who claimed it.
Tenants in Common vs Joint Tenancy: State Rules and Tax (2026)
Tenants in common vs joint tenancy, read from the statutes and the Internal Revenue Code: what a deed that names several owners and says nothing creates in 7 of the 15 most populous states and DC (California, Texas, Florida, New York, Virginia, Washington, Arizona), what happens at death, the basis rules in 26 U.S.C. 2033, 2040 and 1014 with the IRS’s own examples ($80,000 for siblings against $70,000 for spouses), partition, creditors, Garn-St Germain, and the conditions of Rev. Proc. 2002-22 for tenancy-in-common 1031 investors. IRS data: 3,446 of 7,195 estate tax returns filed in 2024 reported joint property.
Thirdline Real Estate Income Fund Repurchase: Nov 13, 2026 Offer
Thirdline Real Estate Income Fund (TREIX), a $54 million real estate interval fund, offers to buy back up to 5% of its shares at NAV; requests are due November 13, 2026, the day the price is set. NAV is $8.33 against $10.00 at launch. Seventeen offers read from its annual reports, the repurchase fee its notices omit, and what Rule 23c-3 requires.
Wraparound Mortgage and the Due-on-Sale Clause: What the Law Says
A wraparound mortgage or a subject-to purchase leaves the seller's bank loan in place, and the loan's due-on-sale clause lets the bank demand the balance. Read from 12 U.S.C. 1701j-3, 12 CFR part 191 (which names wraparound loans), Section 18 of the Fannie Mae/Freddie Mac form, both servicer guides, Texas Finance Code chapter 159, Regulation Z and a Supreme Court case, plus a worked spread example. As of October 13, 2026.
iCapital vs CAIS vs Moonfare vs Yieldstreet: What Filings Show
iCapital, CAIS, Moonfare and Yieldstreet (now Willow Wealth) compared on their SEC and FINRA filings as of October 12, 2026: who can buy, how each is regulated, who holds the money, fees and minimums in the filings, the Form D feeder trail and every regulatory action. iCapital Advisors reports $149.9 billion of regulatory assets; Moonfare's adviser is an exempt reporting adviser with 27 funds.
Annual Gift Tax Exclusion 2026: $19,000, Form 709 and IRS Data
The 2026 annual gift tax exclusion is $19,000 per recipient (Rev. Proc. 2025-32), the same as 2025, and $38,000 for a married couple that splits gifts. Read from 26 U.S.C. 2503, 2505, 2513 and 1015, Treasury Regulation 25.2503-3 and the Form 709 instructions: when a return is due even with no tax, why a gift of LLC units or a share of a rental can be a future interest, valuation discounts and adequate disclosure, carryover basis, the $15,000,000 lifetime exemption, Connecticut's gift tax and the New York and Minnesota add-backs, and IRS data on the 250,827 gift tax returns filed in 2021, of which 0.72% owed tax.
Applicable Federal Rate (AFR) 2026: Every Month and the Rules
The applicable federal rate (AFR) for October 2026 is 4.25% short-term, 4.61% mid-term and 5.22% long-term (annual compounding, Rev. Rul. 2026-19), with all ten 2026 monthly rates read from the IRS rulings and the rules for a family loan, a seller note and the section 7520 rate read from 26 U.S.C. 7872, 1274, 483, 1274A and 7520: which month applies, the $10,000 and $100,000 limits, and what a zero-interest loan costs in tax terms.
Capital Gains Tax on Home Sale: The 2026 Section 121 Exclusion
What a home seller owes in 2026, read from 26 U.S.C. 121 and Treasury Regulations 1.121-1 to 1.121-4: $250,000 of gain excluded ($500,000 on a qualifying joint return) after 2 years of ownership and use in the last 5, amounts fixed since 1997 and worth $520,802 in today's dollars (our arithmetic), the partial exclusion with its 50-mile and 12/24 arithmetic, surviving spouses, former rentals, Form 1099-S, the 3.8% NIIT on the part above the cap, and IRS data: 393,095 of 498,538 principal-residence sales on 2015 returns showed no gain or loss.
Contract for Deed and Land Contract Laws by State (2026)
Contract for deed and land contract law in 15 states, read from the official statutes on October 12, 2026: how long a buyer has to cure a default (30 days in Ohio and Iowa, 90 days in Illinois, up to one year in North Dakota), when forfeiture gives way to foreclosure (Texas after 40% or 48 payments, Ohio after 20% or five years), recording deadlines, required disclosures, Minnesota's 2024 investor-seller rules, and what Regulation Z says.
Donor-Advised Fund Gifts of Real Estate and Private Shares 2026
What the Internal Revenue Code, the 2025 tax law and the sponsors' own written policies say about giving a property, non-traded REIT or BDC shares, Reg A shares or LP interests to a donor-advised fund at year-end 2026: the 30% limit, the new 0.5% floor and 2/37 reduction, the qualified appraisal, mortgages, UBTI, excess business holdings, and IRS Form 990 data showing how few such gifts the four largest sponsors take.
Down Payment for Investment Property: What 326,533 Loans Show
How much down payment investors actually put on a rental, from federal HMDA data for 2025: 326,533 first-lien purchase loans on 1-4 unit investment properties, median combined LTV 75% (25% down). Fannie Mae and Freddie Mac allow 15% down on one unit, yet only 3.6% of loans sat between 80% and 85%. By loan type, units, lender and state, with rates and denials by down payment.
Estate Tax Exemption 2026: $15 Million, Portability, State Taxes
The 2026 federal estate tax exemption is $15,000,000 per person (26 U.S.C. 2010(c) as amended by Public Law 119-21, Rev. Proc. 2025-32), indexed from 2027 with no sunset. What portability does, what the exemption does not cover, IRS data on the 7,195 estate tax returns filed in 2024 (2,663 paid $23.31 billion), and a dated table of the 12 states plus DC with an estate tax and the 5 with an inheritance tax, read from state statutes and revenue departments.
Family Limited Partnership Estate Planning: 2026 Law and Cases
What a family limited partnership (FLP) is under state law and what the tax code does to it, read from the statutes, Treasury regulations and 18 Tax Court estate opinions: sections 2036, 2038, 2703 and 2704, the bona fide sale test, the withdrawn 2016 section 2704 regulations, the $15,000,000 basic exclusion for 2026, and IRS data on how many estate tax returns report partnership interests.
Florida Lady Bird Deed (Enhanced Life Estate Deed): 2026 Law
The Florida Lady Bird deed read from the Florida Statutes, the Constitution and Florida Supreme Court opinions on October 12, 2026: no transfer-on-death deed statute (0 bills with the phrase since 2020), the homestead devise trap in sections 732.4015 and 732.4017, documentary stamp tax of 70 cents per $100 of consideration, the Save Our Homes reassessment at death ($815.14 billion statewide differential in 2026), Medicaid estate recovery under section 409.9101, and the federal step-up under 26 U.S.C. 2036, 2038 and 1014.
Land Loans 2026: Who Lends on Vacant Land, at What Terms
Who finances raw land and lots, from federal records: Farm Credit System $202.4 billion of real estate loans (June 30, 2026), banks' land and development line $362.1 billion, USDA farm real estate debt by lender ($381.3 billion, Farm Credit 50.5%), plus the rules that make a land loan different: no Fannie Mae or Freddie Mac, no ability-to-repay rule, no depreciation.
LLC for Rental Property: Loans, Taxes, Fees and Liability (2026)
What an LLC changes for a landlord, read from the sources: Fannie Mae’s natural-person rule and five lenders’ own entity terms, the disregarded-entity tax default (26 CFR 301.7701-3), seven state charging-order statutes (Florida and California allow a foreclosure sale; Delaware, Texas and Wyoming do not), annual state charges from Wyoming’s $60 minimum to California’s $800 (Delaware’s is $400, not $300), California reassessment and Florida stamp-tax traps when you deed in, the August 2026 end of FinCEN’s ownership reports for U.S. companies, and Census data: 20.6% of 1-4 unit rentals are held by an LLP, LP or LLC.
Net Investment Income Tax on Real Estate: 3.8% Rules, IRS Data
Does the 3.8% net investment income tax apply to rent, a rental sale, REIT dividends, a 1031 exchange or a short-term rental? Section 1411 and its regulations answer each, and IRS data show who pays: 8,104,840 returns owed $39.33 billion for 2023, up from 3,090,498 in 2013, because the $200,000 and $250,000 thresholds are not indexed. No change to section 1411 has been enacted as of October 12, 2026.
Real Estate Partnership: LLC vs LP in 31,206 SEC Filings (2026)
How real estate partnerships are actually structured, counted from the SEC's Form D data: 31,206 new real estate offerings from January 2020 to September 2026, 79.1% organized as LLCs and 13.1% as limited partnerships. LPs are the bigger deals (median $10.0 million against $4.35 million) and 39.1% of raises of $100 million or more; 53.3% of LPs and 35.6% of LLCs are Delaware entities, while 77.2% of Texas sponsors organize in Texas. Plus what the Delaware and Texas statutes, subchapter K and the Howey test say each structure does.
Real Estate Syndicator: 62% File One Form D, 30% File a Second
Who real estate syndicators are, counted from the SEC's own Form D data: 31,206 real estate offerings from January 2020 to September 2026 trace to 11,139 sponsor groups. 61.7% filed exactly one Form D; 512 sponsors with 10 or more filings (4.6%) account for 37.0% of filings and 41.4% of the $292.6 billion reported sold. A newcomer's first raise has a median $4.2 million offering and a $50,000 minimum, and 30.0% of first-time sponsors file a second Form D within 24 months.
Wholesaling Real Estate Laws by State: 17 Statutes Read (2026)
Is wholesaling real estate legal? We opened the official text in every state we could find that regulates assigning a purchase contract for a fee: 17 as of October 12, 2026. Eight tie it to a license or registration (Pennsylvania, Illinois, Virginia, Iowa, South Carolina, Nebraska, Oregon, Connecticut); nine require written disclosure and give the seller a way out. Citation, effective date, cancellation clock and penalty for each, with the operative words.
Tax on Rental Income in 2026: The Code and IRS Data
How rental income is taxed, read from the statute and the IRS's own numbers: for 2023, 9,222,639 returns reported a net rental result and 47.0% of them a loss. Landlords reported $436.66 billion of rent and $414.78 billion of expenses, $113.88 billion of it depreciation. Each rule tied to its section: 61(a)(5), 168 (27.5 years), 280A (the 14-day rule), 469 ($25,000 allowance), 199A, 1411, and what changed for 2026.
Seller Financing for Real Estate Investors: 2026 Rules and Rates
Seller financing on a rental, read from the law: when Dodd-Frank's seller-financer rules (12 CFR 1026.36(a)(4)-(5)) and the SAFE Act do not reach an investor deal, the IRS minimum rate for an October 2026 note (mid-term AFR 4.61% annual, Rev. Rul. 2026-19; 9% cap up to $7,462,600), due-on-sale under 12 U.S.C. 1701j-3, the installment-sale tax rules, Form 1098, and Fannie Mae's 12-month rule for refinancing out.
Short-Term Rental Loans: How Lenders Count Airbnb Income
Short-term rental loans compared by how each lender counts Airbnb income. Fannie Mae's rule of September 2, 2026 counts 50% of gross rent on one-unit properties; DSCR lenders publish 25% haircuts, 75% factors and 1.25 minimums. Plus the state laws that can end the income.
Transfer on Death Deed by State: 2026 Table of All 50 States
Which states allow a transfer on death deed, read from each legislature's official code on October 12, 2026: 31 states and DC verified (Maryland since October 1, 2026), the statute and effective date, the recording-before-death rule, the 60-day and nine-month deadlines, creditor and Medicaid estate recovery rules state by state, plus the federal tax and mortgage rules that apply everywhere.
California Transfer on Death Deed: 2026 Rules and Property Tax
The California revocable transfer on death deed read from Probate Code sections 5600-5698: what property it covers, the two-witness and 60-day recording rules added by SB 315, the January 1, 2032 sunset, revocation, the beneficiary's 120-day notice to heirs, creditor and Medi-Cal effects, and the property tax result at death under Proposition 19 and Revenue and Taxation Code section 63.2, with the BOE's $1,044,586 value-cap amount for 2025-2027 and a comparison with a trust, a will and the small-estate procedures.
Texas Transfer on Death Deed: Estates Code Chapter 114 (2026)
The Texas transfer on death deed read from Chapter 114 of the Estates Code in the order a homeowner or heir meets it: the three requirements, why a will cannot revoke it, the 120-hour rule, mortgage and creditor effects, the 2019 repeal of the statutory form, Medicaid estate recovery rules effective August 27, 2026, county recording fees and a table against a will, small estate affidavit and muniment of title.
Triple Net Lease (NNN) Explained From 9 Real SEC-Filed Leases
What a triple net (NNN) lease means, read from the contracts themselves: 9 lease deals filed with the SEC (NNN REIT's master lease of 8 RumbleOn properties, Big Lots' sale-leaseback with a Blue Owl affiliate, a 99-year ground lease, an absolute net cannabis lease, bank branches, an office base-year lease). Who pays taxes, insurance, roof and structure, rent bumps of 2% to 3.5%, first-year rent of 7.16% to 8.84% of the price paid (our arithmetic), and 2025 10-K figures from 8 net-lease REITs: remaining lease terms of about 4 to 14.4 years.
W. P. Carey CPA REITs: What Happened to CPA:12 Through CPA:18
Every W. P. Carey non-traded program and where it went, from SEC filings: CPA:12 into CPA:14 (2006), CPA:14 into CPA:16 (2011), CPA:15 (2012), CPA:16 (2014), CPA:17 (2018) and CPA:18 (2022) into WPC stock, Carey Watermark 1 and 2 sold to Brookfield funds for $6.768 a share in 2022, and Carey Credit Income Fund liquidated in 2025. Exchange ratios, special distributions and what one $10 share became.
Year-End Tax Calendar for Non-Traded REIT and BDC Holders (2026)
A dated calendar from October 2026 to March 2027 for holders of non-traded REITs, BDCs, interval funds and DSTs: IRS dates (October 15, December 31, January 15, February 1, March 15, April 1) next to the tender and repurchase deadlines read from each fund's SEC filing. Nine of eleven big vehicles' last Q4 offers expired by December 31, but expiry is not the tax sale date.
Auraria Student Lofts: The DST, the 2019 Sale and the Bankruptcy
Auraria Student Lofts in Denver went from NB Auraria, DST (2014) to Patrick Nelson's own 5280 Auraria, LLC (2019), Chapter 11 in 2022 and a Fortress foreclosure in 2024. The Form D, CMBS reports and Case No. 22-12059 show who bought at the '102% return' sale and who carried the loss.
Bonus Depreciation 2026: The 100% Rules for Real Estate Investors
Bonus depreciation in 2026 for rental and commercial property owners, read from the statute and the IRS: the words Public Law 119-21 changed in section 168(k), why the acquisition date (not the closing date) decides between 100%, 40% and 20%, how a liquidated-damages clause can move that date, what qualifies and what never does, why section 179 rarely fits a landlord, Form 4562 line 14 and the election out, IRS Notice 2026-11, the passive loss limits, section 1245 recapture worked from the IRS's own example, and IRS Statistics of Income data: real estate corporations claimed $63.2 billion of special depreciation allowance for 2022.
Charitable Remainder Trust: Real Estate Rules and IRS Data 2026
What a charitable remainder trust (CRAT or CRUT) is in the words of IRC Section 664, what it does with an appreciated property, a worked example at the October 2026 Section 7520 rate of 5.6%, the real estate traps (mortgages, the 100% UBTI excise tax, a sale already agreed, unmarketable-asset valuation, private foundations, the CRAT annuity scheme listed by the IRS in July 2026) and the IRS counts of CRATs and CRUTs from Form 5227.
Deferred Sales Trust: What Section 453, IRS and Courts Say (2026)
A deferred sales trust is a privately marketed installment sale through a trust, not a Delaware statutory trust. What the record shows on October 11, 2026: no IRS ruling or Tax Court opinion names it, the 2023 monetized installment sale rule is still proposed, a 2025 Washington appeals opinion held one was an unregistered security, every federal application to register the name was abandoned, and section 453A charges interest above $5 million of notes.
Farmland Investing in 2026: REITs vs Platforms, From the Filings
Eight ways into farmland compared from primary documents: Farmland Partners and Gladstone Land 10-Qs (acres, rents, 116 farm sales and their gains, book value against the October 9, 2026 price), the Regulation A REIT that takes $10,000 from non-accredited buyers, AcreTrader and FarmTogether Form D counts ($344.7 million and $162.4 million sold), and USDA's July 2026 land values: $4,500 an acre, up 3.4%.
Hard Money Loans Arizona 2026: Law, Foreclosure, Real Rates
Arizona hard money loans in federal HMDA data: 1,014 short-term investor loans in 2025, median note rate 10.5%. No written-rate cap, a mortgage banker licence for lenders in the business, a trustee sale from day 91, and the two-acre deficiency shield, read October 11, 2026.
Hard Money Loans Georgia 2026: Rates, Law and Lenders (HMDA)
Georgia hard money loans in federal HMDA data: 2,844 short-term investor loans in 2025, median note rate 10.25%. Georgia's no-ceiling interest rule, the license test, the 30-day power-of-sale notice and the 62-month intangible-tax line, read October 11, 2026.
Hard Money Lenders Maryland: Law, Taxes and 2025 Loan Data
Maryland hard money loans in the public record: 1,165 short-term investor loans in 2025 federal HMDA data, median note rate 10.0%, Kiavi 374 of them. Maryland's 6% interest rule and the exemption that lifts it, no mortgage-lender license for business loans, the 45-day foreclosure notice, and what recordation and transfer taxes add to a flip, read October 11, 2026.
Hard Money Loans New Jersey: Law, Rates and Lenders (2026)
New Jersey hard money loans from the statutes and the federal record: criminal usury at 30% (50% for LLCs), the 16% civil cap and why LLC borrowers cannot use it, no license rule for business-purpose loans, judicial foreclosure with a 150-day sheriff sale clock, the 2025 seller-paid transfer fee, and 3,158 short-term investor loans in 2025 HMDA data at a 10.25% median. Read October 11, 2026.
Multifamily Loan Rates 2026: What 27,940 Apartment Loans Paid
Multifamily loan rates from the 2025 federal HMDA record (as of October 11, 2026): 27,940 conventional apartment loans on 5+ unit buildings at a 6.50% median, by lender type, loan size and named lender, plus Fannie Mae, Freddie Mac and HUD 223(f) terms from the agencies' own documents and what HMDA leaves out.
Oil and Gas Investment: What 1,476 SEC Form D Filings Show (2026)
Private oil and gas drilling programs and working interests, measured from the SEC's Form D data: 1,476 filings in the Oil and Gas industry group from January 2024 to September 2026, 800 new offerings, 19% paying sales commissions at a median 10% of the offering and 15% in joint-venture deals, 62% from Texas issuers. The tax benefits quoted from the Code (sections 263(c), 469(c)(3), 613A, 57 and 1254) with the cases where they do not apply, and the SEC enforcement record from 2023 to 2026.
Real Estate Professional Status and STR Loophole: 15 Tax Cases
Real estate professional status under IRC 469(c)(7) and the short-term rental exception in Treas. Reg. 1.469-1T(e)(3)(ii)(A), word for word, plus what the record shows: in 15 Tax Court opinions from 2019 to 2025 that decided the status, the taxpayer lost all 15, seven of them on the more-than-half test. IRS data: 576,366 returns completed the real estate professional line of Schedule E for 2023, up 14.6% from 2021. What to log before December 31.
Reg CF (Regulation Crowdfunding) by the Numbers, 2022-2026
Every Regulation Crowdfunding Form C in the SEC's own data sets, January 2022 to September 2026: 6,178 offering statements, filings down 26% in 2026, a $50,000 median target, what the final Form C-U updates say was raised, which portals run the deals and what they charge, how few are real estate, and how many issuers stop filing their annual report. Plus the Reg CF rules from 17 CFR 227 next to Reg A+ Tier 2 and Rule 506(c).
Non-Dividend Distributions: 2025 Return of Capital at 38 Funds
A non-dividend distribution (box 3 of Form 1099-DIV) is the part of a payout above the payer's earnings and profits: it is not taxed when paid, it cuts your basis, and once basis hits zero it is capital gain (26 U.S.C. 301(c)). We read the 2025 tax character of 38 non-traded vehicles in their SEC filings: 7 of 20 REITs were 100% return of capital and the REIT median was 80%; 8 of 9 BDCs had none; 6 of 9 real estate interval and tender-offer funds returned $335.8 million of capital. Plus the per-share dollars, Form 8937 and why a 19(a) notice is not your box 3.
Required Minimum Distribution With Illiquid IRA Assets (2026)
How the 2026 RMD works when an IRA holds a non-traded REIT, BDC, interval fund, private fund or real estate: the December 31 value rule, the 25% and 10% excise tax, in-kind distributions, and what the repurchase terms of 97 funds say about RMDs, from 408 SEC filings.
Self-Directed IRA Real Estate Rules: How People Lose the IRA
The rules for a rental, land, a note or a fund inside a self-directed IRA, from the Code and the cases: IRC 4975 prohibited transactions, the 408(e)(2) rule that ends the whole IRA on January 1, UDFI tax on leveraged property at 2026 trust rates (37% over $16,000), five Tax Court and appeals decisions by citation, and IRS data via GAO: about 2 million IRAs held hard-to-value assets, 141,000 of them LLC interests.
Invitation Homes, AMH, Tricon: Who Owns US Rental Homes 2026
Who owns the biggest single-family rental portfolios, from SEC filings as of June 30, 2026: Invitation Homes 85,509 homes (plus 8,069 in joint ventures), American Homes 4 Rent 61,183, Tricon 40,475 inside BREIT's 10-Q, Home Partners 22,606, VineBrook 19,689. Progress Residential files no total, but 10 securitizations since January 2025 put 20,448 of its homes on data tapes. The new federal law that stops owners of 350+ homes from buying more from January 7, 2027, and how a retail investor gets exposure.
Skyloft Austin DST: What NP Skyloft Investors Got Back by 2026
NP Skyloft, DST raised about $74.5 million from 266 investors to buy SkyLoft Austin, lost the tower in a December 2020 forced sale, and two Travis County settlements have returned 15% of investors' cash so far. The court record: a $50 million plan that paid $9.3 million, a $9 million Axonic settlement, the fees, and what holders can still do.
Step-Up in Basis on Inherited Real Estate: The 2026 Rules
How the step-up in basis works for an inherited house, rental or real-estate fund interest, read from 26 U.S.C. 1014 and IRS rulings: fair market value at death, the 1014(e) one-year rule, community property versus joint tenancy, depreciation that is never recaptured, Rev. Rul. 2023-2 on irrevocable grantor trusts, installment notes and other income in respect of a decedent, DSTs and the section 754 election, Form 8971, and the IRS data: real estate was 18.0% of the $248.94 billion reported on 7,195 estate tax returns filed in 2024.
What Is a Family Office? The SEC Rule and a 2026 Census
A family office is a company that advises one family and, if it meets the three conditions of SEC Rule 202(a)(11)(G)-1, is not an investment adviser at all. We quote the rule, list the 11 kinds of family client, explain why a multi-family office must register, and count the 76 SEC-registered advisers with “family office” in their name ($225.2 billion, October 2026).
What Is Private Credit? The 2026 Crisis Test in SEC Filings
Private credit is lending to companies by funds and other non-banks; the Federal Reserve puts it at about $1.4 trillion, 10% of US corporate debt. We counted the part individuals can buy from SEC data: 179 BDCs with $574.93B of assets at June 30, 2026, $175.17B of net assets in 66 non-traded funds. Is it a crisis? In the first half of 2026 markdowns ate 65.6% of BDC income, and sell requests at BCRED rose from 1.46% to 10.30% of shares; non-accruals stayed at 0.1% to 2.2%.
1031 Exchange Into a REIT: What the Law Allows (UPREIT vs DST)
Can you do a 1031 exchange into a REIT? Not with REIT shares: Treas. Reg. 1.1031(a)-3 says stock and partnership interests are not real property. The four routes that work, with the regulation text, the two-year disguised-sale rule, and a census of 28 REITs whose 2025 10-Ks say they take property for operating partnership units.
DOL 401(k) Alternative Investments Rule: Where It Stands in 2026
The legal state of private equity, private credit and real estate in 401(k) plans on October 10, 2026, step by step from the Federal Register: Executive Order 14330, the August 12, 2025 rescission, the DOL's six-factor safe harbor proposed March 31, 2026 (still not final), the Supreme Court case argued October 6, 2026 and the SEC's October 5 interval fund proposal. Plus what a saver can actually buy, with fees, minimums and liquidity from the prospectuses.
California 1031 Exchange Clawback: FTB 3840 Rules and Math (2026)
What California still taxes after you exchange California real estate into property in another state: the statute (R&TC 18032, not 18031.5), every field of Form FTB 3840 and when to file it, what ends the filing duty (sale, death, gift to a non-profit), DSTs and 721 roll-ups, the 3 1/3% Form 593 withholding that applies to residents too, the 2025 end of California's personal-property exception, and a worked $1.2 million example using the FTB's 2025 rate schedules.
Conventional Loan for Investment Property: 2026 Rules and Costs
Fannie Mae and Freddie Mac rules for a conventional loan on a rental, read October 10, 2026: 15% down on one unit, 25% on two to four, DU-only approval, 6 months of reserves plus 2% to 6% of other mortgages, 10 financed properties, 75% of rent. The investor price adjustment in points, and what 486,530 HMDA loans from 2025 show.
Drop and Swap 1031 Exchange: Cases, IRS Flags, Our Reading
How a drop and swap (and a swap and drop) works when LLC or partnership co-owners split up, read from the primary record: partnership interests have been outside section 1031 since July 18, 1984; the Ninth Circuit allowed Magneson and Bolker in 1985, the Tax Court rejected Chase in 1989 under Court Holding; a New York judge cancelled $3.97 million of tax in Matter of Hadar (June 12, 2025) on a same-day drop; and Form 1065 asks two questions that flag both moves.
DSCR Loan in an LLC: Lender Rules, State Fees, Due-on-Sale
A DSCR loan in an LLC comes with a personal guarantee where lenders publish a rule: LendingOne from members owning 20% or more, Easy Street above 25%. Plus what Garn-St Germain does not protect, LLC fees in eight big investor states, and 545,159 HMDA investor loans, 70.9% business-purpose (October 10, 2026).
FHA Loan for Investment Property: What HUD Allows in 2026
FHA will not insure a pure rental, but it will insure a 2-4 unit building you live in, with 3.5% down. HUD Handbook 4000.1 rules with section numbers, the 3-4 unit self-sufficiency test worked out, 2026 limits, mortgage insurance, and 17,400 FHA 2-4 unit loans in federal HMDA data. Read October 10, 2026.
Hard Money Loans New York: Who Actually Lends in NYC (2026)
Who lends hard money on New York City houses, from the city's own property records: 38 non-bank private lenders recorded 3,131 mortgages for $2.54 billion on 1-4 family lots from January 2025 to September 2026, 62% of them by lenders that file no HMDA data. Lender table, boroughs, who buys the loans, 2025 HMDA rates, New York usury, recording tax and foreclosure rules, read October 10, 2026.
Hard Money Loans in Texas 2026: Rates, Usury Limit, Lenders
Texas hard money loans in federal HMDA data: 4,672 short-term investor loans in 2025, median note rate 9.99%. The Texas usury ceiling (18.00% this week), why homesteads are off the table, first-Tuesday foreclosure, licensing, and Houston, Dallas, San Antonio and Austin lenders, read October 10, 2026.
Investment Property Loans 2026: Which Loan You Can Actually Get
Investment property loans compared with federal HMDA data for 2025: 581,779 investor loans by type. DSCR-type 152,049 (23.3% of decided applications denied), conventional 102,264, flips 70,013 (Kiavi made 27.8%), bank portfolio 54,765, HELOCs 26,265 (51.2% denied). FHA and VA only if you live in a 2-4 unit. Rules from Fannie Mae, HUD and VA, read October 10, 2026.
Private Equity Secondary Market: 10 Funds for Individuals, 2026
Jefferies counted a record $118 billion of private equity secondary deals in the first half of 2026, with limited-partner portfolios priced at 87% of NAV. The ten SEC-registered funds an individual can use to reach that market held $35.47B at June 30, 2026, cost 2.38% to 6.83% a year, and buy and sell at their own NAV. None recorded a prorated tender in the last four quarters, but Pomona accepted 7.1% of its net assets against an offer of up to 5% and has cut the next offer to 3%. Allocation, fees, tender results and day-one marks from SEC filings.
Private Placement Life Insurance (PPLI): Tax Law and 2026 Data
What PPLI and private placement variable annuities are in the words of IRC 7702, 817(h) and the investor control rulings, why a private equity, credit or real estate fund can sit inside a policy, what Webber v. Commissioner cost a policyholder, the Senate Finance data on 3,061 policies, Wyden's S. 4279, and a Form D census of 233 insurance-dedicated funds and 126 insurer separate accounts with their minimums and commissions.
Private Placement Memo (PPM): How to Read One Against Form D
What a private placement memorandum must and need not contain under Regulation D, the sections to read before you wire $50,000 to $500,000, and how to check the PPM against the issuer's SEC Form D. With a census of 34,717 Form D notices filed in 2025 (87.3% under Rule 506(b), 11.5% under Rule 506(c), 91.1% reporting no sales commissions), two worked cross-checks on real DST filings and four SEC and DOJ cases where the offering memorandum was the problem.
Qualified Client Definition (Rule 205-3): 2026 Thresholds and History
Who can be charged a performance fee: the rule text, the $1,400,000 and $2,700,000 tests since June 29, 2026, every threshold since 1985 with release numbers, the statutory exceptions, and a count of the 6,152 SEC-registered advisers that report performance fees on Form ADV.
What Is a Tender Offer? Fund Tenders, Proration, SEC Census
A tender offer is a public offer to buy shares for a limited time; for a non-traded fund it is how you get your money out. The SEC rules in their own words (Rule 13e-4, Regulation 14E, Investment Company Act section 23(c), Rule 23c-3), what the SC TO-I, SC TO-C, SC TO-T and SC 14D9 forms are, our count of 1,622 SC TO-I filings on EDGAR from January 2024 to October 9, 2026 (about nine in ten by funds), proration in 12 funds' latest rounds (from 26.6% to 100% of requests paid), how to read a tender notice, and the fund tenders open as of October 10, 2026.
Tokenized Real Estate and the SEC: 44 EDGAR Filers (2026)
We read the SEC filings of 44 EDGAR filers tied to tokenized real estate: which exemption each used, what a token holder legally owns, who still files and what the SEC said in 2025-26. Only 5 filed anything in 2026. As of October 10, 2026.
VA Loan for Investment Property: Rules, Rent Math, 2025 Data
A VA loan cannot buy a pure rental: the veteran must certify intent to live there. It can buy up to 4 units while you occupy one, with rent counted at 75% and 6 months of reserves. Funding fee table, a worked entitlement example and 4,697 VA loans on 2-4 units in 2025 federal data.
What Is an Evergreen Fund? Six Legal Structures, Six Exits
“Evergreen” appears in no section of the Securities Act, the Exchange Act, the Investment Company Act or 17 CFR (our count, October 2026). It is a sales word for six legal structures with different exits: NAV REIT, interval fund, tender-offer fund, non-traded BDC, private feeder and the open-end fund that cannot be one. We quote the rules, set the caps and fee layers side by side, count 64 EDGAR registrants named Evergreen, and work a $100,000 request through a real filing.
First American Exchange, IPX1031, Asset Preservation Compared
The big 1031 exchange companies belong to listed title insurers, and their parents' SEC filings say how much exchange money they hold, where it sits and who earns the interest. First American reported $2.7 billion of like-kind exchange funds at December 31, 2025; Stewart, owner of Asset Preservation, a $1.2 billion contingent liability; Fidelity National Financial, owner of IPX1031, $4.6 billion of average exchange balances and $175 million of fees from holding them. We compare five filers and three independents, cell by cell, with the 2008 auction-rate-securities record.
Cash-on-Cash Return Calculator With Real State Benchmarks (2026)
Free cash-on-cash return calculator with a 1% and 50% rule check, plus a benchmark for all 50 states and DC built from Census rent, home value and property tax data and today's investor mortgage rate: Freddie Mac's 7.40% (October 8, 2026) plus the premium investors paid in 2025 HMDA loans.
Commercial Real Estate Loan Calculator (2026): Payment, Balloon, DSCR
Free commercial real estate loan calculator: monthly payment, balloon balance after 5, 7 or 10 years, interest-only period, DSCR and the maximum loan by DSCR and LTV. Default rate 6.34% from 4,508 2025 HMDA loans; Fannie Mae and Freddie Mac terms; SBA data; October 2026.
Construction-to-Permanent Loan: Rules by Program (2026)
How a one-close construction-to-permanent loan works for a home you will live in, read from the Fannie Mae, Freddie Mac, FHA, VA and USDA rulebooks on October 9, 2026: down payment, build time limits, owner-builder rules, rate lock and what a low appraisal or overrun does.
Fee-Only Financial Advisor: What 17,210 SEC Filings Show (2026)
Fee-only, fee-based or commission? We counted the answers of all 17,210 SEC-registered investment advisers in the SEC's October 2026 Form ADV file. Of the 9,221 firms whose assets come mostly from individuals, 97.8% charge a percentage of assets, only 2.9% check the commissions box, yet 52.9% report a broker-dealer or insurance link somewhere on the form. Only 4,341 show none, and 170 charge only hourly or flat fees. NAPFA and CFP Board definitions quoted, plus a 15-minute check you can run on any adviser.
Fiduciary Financial Advisor: What the Law Requires (2026 Data)
What a fiduciary financial advisor legally owes you, quoted from the SEC's 2019 interpretation, Regulation Best Interest, the NAIC annuity model and the CFP Board code, side by side. Plus the DOL retirement-advice rule as of October 2026 (the 2024 rule was vacated; the 1975 five-part test is back) and the SEC's October 2026 Form ADV file: 17,210 SEC-registered advisers, 11.8% with at least one disciplinary disclosure, 29.2% with a broker-dealer or insurance link.
Flat Rock Core Income Fund (CORFX): Repurchases, NAV, Payout
Flat Rock Core Income Fund (CORFX), the $287 million private credit interval fund, opened a 5% repurchase offer on September 18, 2026 (requests due October 23). In the last three offers it bought 5.04% to 5.05% of net assets each time, NAV fell from $20.72 to $19.11, net investment income covered 87% of the payout in 2026, and the adviser put $7.2 million into the fund in 2025. All 23 offers since 2021, fees without recoupment, CLO-heavy holdings, leverage and a preferred due September 2026.
Goldman Sachs Private Credit Corp: Tender Offers and Payout
Goldman Sachs Private Credit Corp. (GS Credit), the $9.2 billion non-traded BDC, has paid every tender request in full. Requests reached 4.999% of shares in March 2026 against a 5% cap, then fell to 3.24% and 2.03%. All 13 offers from the SEC filings, NAV per share ($25.32 peak to $24.60), the monthly payout cut from $0.21 to $0.185, how much of it fee waivers cover, and the 19.0% held by the adviser's affiliates.
How Much Does a Financial Advisor Cost? 21 Firms' Fees, 2026
Most articles on advisor cost quote a survey average. We read the Form ADV Part 2A brochures that 21 large advisory firms and platforms filed with the SEC, copied each fee schedule as written, and worked out the annual fee in dollars at $250,000, $500,000, $1 million and $5 million, plus what each fee level costs over 20 and 30 years. A fee calculator is included.
Invesco Commercial Real Estate Finance Trust: $1.5B NAV Trigger
Invesco Commercial Real Estate Finance Trust (INCREF), the private commercial real estate credit REIT sold to accredited investors, had NAV of $1.43 billion at August 31, 2026 and $5.03 billion of borrowings at June 30. Its filings show a $244 million Class F and Invesco's own $150 million that can ask to be repurchased once NAV reaches $1.5 billion, a Class I NAV flat near $25 for three years, and a payout that loan fees help cover.
K-1 Tax Form vs 1099-DIV: Which One 125 Funds Send (2026)
We read the SEC filings of 125 non-traded REITs, BDCs, interval funds, Regulation A funds and partnership funds to see which tax form each says it sends. 97 send a Form 1099 (77 name the 1099-DIV), 26 send a Schedule K-1, one switches from K-1 to 1099-DIV and one (Ark7 Properties Plus) says each series is taxed as a C-corporation that pays dividends. Every REIT, BDC and interval fund in the census sends a 1099; every vehicle taxed as a partnership sends a K-1, and 18 of 27 K-1 senders aim for a date after the March 15 partnership deadline. What a K-1 means in an IRA (UBTI and Form 990-T), in other states and in an estate.
K-INFRA NAV, Payout and Fees: KKR Infrastructure Conglomerate
KKR Infrastructure Conglomerate (K-INFRA) declared $194.6 million of distributions in 2025 against $133.6 million of investment income and $17.1 million of net investment income. Class I NAV was $30.90 at August 31, 2026. Payout math, KKR's 2023 seed repurchase, the fee stack, repurchases and holdings, from SEC filings.
Land Loan Calculator (2026): Payment, Down Payment and Rates
Free land loan calculator for raw land, unimproved and improved lots and farmland: payment, balloon balance, cash to close and interest. Defaults from published lender terms and the Freddie Mac 7.40% benchmark (October 8, 2026), plus why Fannie Mae and Freddie Mac will not buy a vacant-land mortgage.
Opportunity Zone 2.0: What Changed and the Dates for a 2026 Gain
What Public Law 119-21 and the IRS guidance published through October 9, 2026 say about opportunity zone 2.0: the 5-year deferral for gain invested after 2026, the 10% and 30% basis increases, the 30-year cap, the 90-day nomination period that opened July 1, 2026, 25,332 eligible tracts against 8,764 current zones, the 180-day window by sale date, and the pitfalls for funds that buy property after 2026.
Partners Group Private Equity Master Fund: Tender Offers & NAV
Partners Group Private Equity Fund (formerly Master Fund), the $15.1 billion registered private equity fund, accepted 82.9% of what holders tendered in the offer valued June 30, 2026. It is the first proration in 12 results since 2023. Each result, the promissory-note payment and 5% holdback, NAV per unit, fees of 3.04% to 3.72%, borrowings and the ten largest holdings, with SEC accessions.
Peachtree Hotel Group Funds: 91 Form D Issuers, 2014-2026
Peachtree Hotel Group is now Peachtree Group (Atlanta). Its filings show 91 issuers on EDGAR since October 2014: 15 DSTs at a 6% commission, seven EB-5 lenders, credit funds sold at a 2% placement fee to its own broker-dealer, hotel equity funds that show almost nothing sold, and an adviser whose $940.84 million equals three funds. Sixteen other funds named Peachtree belong to Homrich Berg, not to Peachtree Group.
Qualified Purchaser vs Accredited Investor: 2026 Rules and Data
The four SEC investor tests in the words of the law, with the qualified client thresholds that rose to $1.4 million and $2.7 million on June 29, 2026, the October 2026 SEC proposals, and a count of 35,200 new private fund Form D notices from January 2025 to September 2026: 17,593 relying on Section 3(c)(1) and 11,464 on Section 3(c)(7), with their minimums, sizes and the real estate funds that need neither.
SBA 504 Loan Rates 2026: 4,414 Loans, 6.97% and the Real Fees
SBA 504 loan rates and costs from the SBA's own loan-level FOIA file (as of June 30, 2026): 4,414 loans and $5.22 billion approved in FY2026 to date, a $748,500 median 504 loan, 94.1% on 25-year terms, the top CDCs and banks, the October 8, 2026 debenture rate of 6.97% (25-year) and every fee on a $1,000,000 project.
Starwood Credit Real Estate Income Trust: NAV, Payout Cut, Fees
Starwood Credit Real Estate Income Trust (SCREDIT), Starwood's private real estate debt REIT, had a Class I NAV of $19.99 at June 30, 2026, below its $20.00 start, after it cut the monthly payout 17% in June. Its own filings show the fee waiver ending July 1, CalSTRS behind about 36% of Class I and $1.15 billion of repo debt on $379 million of NAV.
TPG Private Equity Opportunities (T-POP): NAV, Fees, Redemptions
TPG Private Equity Opportunities (T-POP) is a Delaware limited partnership, not a BDC. Its Class R-I NAV was $34.71 at August 31, 2026 on $1.99 billion of NAV, up 38.8% from the $25.00 issue price in 15 months. It has sold $1.75 billion of units, paid every redemption request (about $0.95 million in two windows) and pays no distributions. Monthly NAV by class, fees, the 5% exit deduction, holdings and the new revolver, from SEC filings.
What Happened to Nitya Capital? Defaults, Forbearance, Form Ds
SEC and court records on Nitya Capital as of October 9, 2026: a $346 million loan on 11 properties went into maturity default in 2024 before a June 2025 refinance, a lender filed to foreclose on three Nitya loans in 2026, and the Muse & Eden Pointe and Steeples loans are in special servicing. Nitya issuers filed 67 Form D offerings reporting $775.2 million sold, and are raising again in 2026.
What Happened to Prodigy Network? Bankruptcy Still Open in 2026
Prodigy Network, Rodrigo Niño's New York real estate crowdfunding firm, filed Chapter 7 with 10 affiliates on March 25, 2021, owing $6.23 million against $10,000 of assets. As of October 7, 2026 the Delaware case is still open and no payout to creditors appears on the docket. The trustee collected $3.28 million in settlements and auctioned the Chicago stakes. Every Form D, the schedules, the sale and the lawsuits, from court and SEC records.
RealtyShares: What Happened, 472 Form Ds and the 2020 Bankruptcy
What happened to RealtyShares, from SEC, FINRA and court records as of October 9, 2026: 404 RealtyShares-named issuers filed 472 Form D notices from July 2013 to November 13, 2018 reporting $582.8 million sold to investors; IIRR Management Services took over the deals in April 2019; RealtyShares, Inc. filed Chapter 7 on July 31, 2020; the Boston class action was sent to arbitration in June 2024.
What Is a Business Development Company (BDC)? The 2026 Census
A business development company (BDC) is a closed-end fund that lends to private US companies under special 1940 Act rules. We counted every BDC that filed a June 2026 quarterly report with the SEC: 181 funds with $576.20B of total assets and $284.22B of net assets. 66 non-traded BDCs hold 61.6% of the money, 2.2 times the 50 listed ones. The rules (70% qualifying assets, 150% asset coverage, 90% payout), what the fees cost in one quarter ($2.05B), and how each kind lets you out.
What Is an Interval Fund? The Rule, 170 Funds and Who Got Paid
An interval fund is a closed-end fund that must offer, on a fixed schedule, to buy back 5% to 25% of its shares at NAV under SEC Rule 23c-3. We quote the rule, count the funds from the SEC's own index (170 filed 637 repurchase notices from October 2025 to September 2026), and read the 2026 shareholder reports of 13 of them: 7 paid every request in full, 5 prorated at least once, filling as little as about 23% of what holders asked. Fees, minimums, and how it differs from a tender-offer fund, a non-traded REIT and a BDC.
Antares Private Credit Fund: Tender Requests Reach 0.45%, NAV $24.70, Payout Coverage 96%
Antares Private Credit Fund (APCF), the non-traded BDC run by Antares Capital Credit Advisers, has paid every tender request in full: nothing was tendered in four offers, then 0.01%, 0.16% and a preliminary 0.45% of shares against a 5% cap. From its filings: NAV per share, 0.17x to 1.30x leverage, the fee waiver that ended in August 2025, and the two holders with 41% of the shares.
Antares Strategic Credit Fund: June 2026 Tender Requests of 10.3% Were Prorated to 72.6%
Antares Strategic Credit Fund (A-STAR), Antares' $2.1 billion private BDC sold only to accredited investors, paid its December 2025 tender in full and then prorated June 2026: holders asked to sell 10.3% of shares against a 7.5% limit and received 72.59% of each request. From its filings: unfilled requests are not carried forward, new cash subscriptions fell from $211 million to $17 million a quarter, debt rose to 1.17 times NAV, and the payout is covered to within a cent.
Apollo Aligned Alternatives (AAA): $25.6 Billion, $12.2 Billion of It From Outside Investors, and No Fund-Level Report to Read
Apollo Aligned Alternatives has no 10-K or 10-Q of its own: its size and returns sit in Apollo's filings and in annual Forms D. Apollo reports $25.6 billion of AUM at December 31, 2025 and $12.2 billion of third-party capital at June 30, 2026 (from $4.7 billion in 2023). The wealth feeder Apollo Aligned Alternatives (C) reports $6.71 billion sold to 61 investors. Athene's pooled-vehicle return was an estimated 9% in Q3 2026. Entities, feeders, banks paid, returns and the terms no filing gives.
Ashford Hospitality Trust (AHT) in 2026: Preferred Dividends Suspended, Series J and K Redemptions Frozen, Going-Concern Doubt
Ashford Hospitality Trust (NYSE: AHT, CIK 1232582) suspended redemptions of its non-traded Series J, K, L and M preferred on December 9, 2025 and every preferred dividend on January 13, 2026. The Q2 2026 10-Q still carries going-concern doubt. Debt, CMBS default, 18 hotel sales, the Ashford Inc. advisory deal to 2055 and what a preferred holder can do, from SEC filings.
Bain Capital Private Credit (BCPC): Only 0.21% of Shares Tendered in August 2026, While New Money Fell and Leverage Rose to 1.17x
Bain Capital Private Credit (BCPC), a $1.15 billion non-traded BDC, has never prorated a tender: holders asked for 0.21% of shares in the offer that closed August 31, 2026, against a 5% limit. The filings show why that may not last: 46.3% of the shares sit in one offshore Bain feeder, new money dropped from $105 million in June to $6 million in September, and debt-to-equity went from 0.86x to 1.17x. Ten settled tenders, NAV, distribution coverage, fees and ownership from SEC filings.
Barings Private Credit Corp (BPCC) Tender Offers: 44-47% Filled
Barings Private Credit Corporation (BPCC), the roughly $2.8 billion non-traded BDC run by Barings, a MassMutual subsidiary, bought every share holders tendered in 11 offers from 2023 to December 2025. Since March 2026 it has bought exactly 5% of shares and paid 44.3%, 46.01% and 46.84% of each request. All 17 tender offers with shares, price and accession, plus NAV, the distribution cuts, non-accruals and leverage.
Blue Owl Technology Income Corp (OTIC): Tender Fills Fell to 13%, NAV to $9.70
Blue Owl Technology Income Corp (OTIC), the non-traded BDC that lends to software companies, bought every tendered share through January 2026. Then holders asked to sell about 40% of the fund: it paid 14.4% of requests in March and 13.1% in June. NAV per share fell from $10.38 to $9.75, net investment income stopped covering the payout, and the fund is not the NYSE-listed OTF. Sixteen tenders, NAV, distributions, non-accruals, PIK and fees, each with its SEC accession.
Bridge Investment Group After Apollo: What Changed for Fund Investors and BRDG Holders (2026)
Apollo closed its all-stock purchase of Bridge Investment Group on September 2, 2025: 0.07081 Apollo shares per BRDG share, worth $9.65 at Apollo's closing price, not the $11.50 headline. What it means for limited partners in Bridge funds, from the merger proxy, Bridge's last 10-Q, Apollo's 10-K and 10-Q and the Form D filings: fund returns as of June 30, 2025, carried interest, the opportunity zone funds, the new funds raised under Apollo and the litigation.
Calamos Aksia Alternative Credit & Income Fund (CAPIX) 2026
Calamos Aksia Alternative Credit & Income Fund (CAPIX) is an interval fund, not a BDC. Its quarterly repurchases grew from 0% in 2023 to 7.00% in March 2026 and $58.3 million in June. On October 7, 2026 a Schedule 13D and a Schedule 13G showed an Aksia-run fund holding 7.5% to 7.7% of Class I, all bought since May 29. Offers, NAV from $10.73 to $10.51, payout vs income, fees, portfolio.
Cash-Out Refinance on Investment Property: 99,035 Loans in 2025
Federal HMDA data on 99,035 cash-out refinances on investment property in 2025: median rate 7.25%, median CLTV 70%, 24.8% of applications denied and why. Fannie Mae's 75% and 70% limits against what DSCR lenders did, read October 8, 2026.
Delaware Statutory Trust (DST) 2026: $24.2B of Offerings, and the Failures
A Delaware statutory trust (DST) is how most 1031 exchangers buy a fraction of a large property. We read the IRS ruling that makes it work, every DST Form D filed with the SEC from January 2021 to September 2026 (2,975 filings, 1,036 trusts), and the court and SEC records of the sponsors that failed. 132 new DSTs listed $8.10 billion in the first nine months of 2026, the median minimum is now $100,000, and ten sponsors account for 67% of the dollars. The pros, the cons, and why nobody can honestly quote you an average return.
DSCR Loan Michigan 2026: Rates and Lenders From 4,760 Loans
Michigan DSCR-type loans in federal HMDA loan-level data: 4,760 loans and $724.2 million in 2025, median note rate 7.75% on a $115,000 median loan, 31.2% written by one lender. Wayne County, lender websites, and Michigan law on usury, foreclosure redemption, Detroit rental certificates and property-tax uncapping, read October 8, 2026.
Fidelity Private Credit Fund Tender Offers: 13 of 13 Paid in Full
Fidelity Private Credit Fund (CIK 1920453), the $1.34 billion non-traded BDC Fidelity sells to individuals, has accepted 100% of the shares tendered in every quarterly offer since 2023. Requests rose from about 1% of shares to 2.9% in 2026, still 58% of the 5% limit. Thirteen offers, NAV by quarter, the $0.2175 to $0.1910 payout cut, fees, leverage and why it is not Fidelity Private Credit Company LLC, from SEC filings.
Fix and Flip Calculator: Profit, Cash Needed and Max Offer (2025 HMDA Loan Data)
Free fix and flip calculator with total cash needed, financing cost, net profit, ROI, the 70% rule max offer, the max offer for your target profit and break-even ARV. Loan-cost default: 10.24% median note rate on 47,900 short-term investor purchase loans in federal HMDA data for 2025.
Ground Up Construction Loan 2026: Lender Terms and Real Costs
What six lenders' websites say about ground-up construction loans on October 8, 2026 (85% to 90% of cost, rates from 8.90%, 6 to 24 months), what the Census Bureau says it costs to build ($171.57 a square foot) and why federal HMDA loan data cannot see most of these loans.
Hard Money Lenders 2026: The Largest 59, Ranked by Loans Made
The US hard money lenders that actually made the most short-term investor loans, from 2025 federal HMDA loan-level data: Kiavi Funding 19,477 loans (28.5%), Loan Funder 4,835, RF Renovo 3,691, Easy Street Capital 2,409 and RCN Capital 2,798 across two filings. Dollars, states, median loan and rate for 59 lenders with 100+ loans, the leaders in the top 10 states, who grew and who left, CFPB complaint counts and which well-known names are not in the record, read October 8, 2026.
Hard Money Lenders California 2026: Rates, Law, Top Lenders
California hard money in federal HMDA data: 9,273 short-term investor loans and $10.5 billion in 2025, median note rate 9.75% on a $735,000 median loan. Which lenders make them, which counties, and the usury exemption, licence and foreclosure rules, read October 8, 2026.
Mavik Capital and Terra Capital Partners: Where the Money in Every Terra Fund Ended Up (2026)
Mavik Capital Management has controlled Terra Capital Partners since April 2021. From SEC filings as of October 8, 2026: Terra's retail funds (Terra Secured Income Funds 1-5 and 7, Terra Income Fund 6 and two offshore feeders) all funnel into Terra Property Trust, whose book value fell from $13.23 to $5.20 a share between 2022 and June 2026 while its manager collected $94.0 million in fees and reimbursements from 2021 to mid-2026. A former Terra Income Fund 6 share is now 0.595 TPT shares, about $3.09 of book value; a Terra Fund 5 unit is 2,252.02 shares, about $11,711.
Oaktree Asset-Backed Income Fund (OABIX): Repurchases, Holdings
Oaktree Asset-Backed Income Fund is a $423 million interval fund, 10 months old as a public fund. Its fourth 5% repurchase offer runs to November 9, 2026. The first three bought $1.33 million in total. Every offer, NAV, fees and waivers, distribution coverage, what asset-based finance it holds, and a Level 3 share that went from 36% to 67% of net assets.
Passco DSTs, From Their Own Filings: 103 Form D Offerings, a Sales Load Cut From 9.5% to 7.65%, and the Sponsor's Own Track-Record Table
Every Passco Delaware statutory trust that filed a Form D with the SEC from 2009 to May 2026: 103 DSTs with $3.59 billion of stated offering amounts, a sales commission that fell from 9.5% to 7.65%, and a median 15.2% listed as payments to related persons. Two Passco offering memoranda explain that figure, and the sponsor's own table shows 47 completed DSTs with positive returns, 20 of 47 operating DSTs paying below projection in 2024, and two LLC programs that returned none of the original equity.
PGIM Private Credit Fund Repurchases: Prudential's Insurer Sold 53% of July's Tender
PGIM Private Credit Fund, a Prudential-sponsored non-traded BDC, drew no shares in six of ten tender offers, then 408,317 in July 2026. Pruco Life, which owns 65.6% of Class I, was 52.6% of that. Class I NAV fell to $24.28 and its monthly distribution to $0.1855.
Priority Income Fund: NAV $3.18, Oct 30 Tender, Series L Delisting
Priority Income Fund, Inc., a non-listed closed-end fund that holds CLO equity and has Prospect Capital’s manager as 50% owner of its adviser, had a NAV of $3.18 on June 30, 2026, down from $10.85 two years earlier. Its common shares have no market: the only exit is a tender offer. In July 2026 holders asked to sell 10,184,037 shares and the fund bought 1,550,812 at $3.15, 15.23% of each request, after 322 days with no offer. The NYSE’s October 14, 2026 Form 25 removing the Series L preferred (PRIF-PL) from listing, sixteen offers since 2022, the October 30, 2026 deadline, payout math, fees, leverage and the listing that was promised.
Private Credit Funds 2026: The 28 Largest You Can Buy, Compared From SEC Filings
The private credit funds open to US individuals, side by side: 15 non-traded BDCs and 13 interval funds with $197.98 billion of net assets. Size, minimum, fees, distribution rate, the latest repurchase (requested, paid, prorated), non-accruals and payment-in-kind income, every figure from a 10-Q, N-CSR, N-PORT, prospectus or Schedule TO with its accession number.
Variant Alternative Income Fund (NICHX) Repurchases: Requests Exceeded What It Bought in Five Straight Offers
Variant Alternative Income Fund (NICHX) is a $2.35 billion interval fund that lends against legal claims, medical receivables, royalties and aircraft. After a $124 million write-off in May 2024 it bought 7.00% of its shares in four straight offers, then 5.00% in five more where, in its own words, requests exceeded the amount repurchased. Twenty-one quarterly repurchases, NAV, payout against income, Level 3 share, largest positions, fees and leverage, from its SEC filings.
What Happened to Fund That Flip (Upright)? 89.82% of the Pre-Funding Note Fund Repaid, $1.1M of Bridge Notes Still Out
Fund That Flip became Upright in 2023. When Synapse, the banking-middleware firm behind its payments, failed in May 2024, $13.7 million was stuck and the $70.3 million Pre-Funding Note Fund stopped paying as promised. As of September 4, 2026 Upright says it has returned 89.82% of that fund's principal; the Residential Bridge Note Fund still owes $1.109 million, mostly on foreclosed homes. Lending continues as Upright Lending. Every Form D, the payout ladder and the court record.
What Happened to GPB Capital? $400 Million Paid Back, $706 Million Still Held, and the Gentile Commutation
GPB Capital raised more than $1.7 billion from about 17,000 investors, according to the SEC. A receiver mailed close to $400 million on April 25, 2025 and still held $706.3 million on June 30, 2026, waiting on a $67.75 million class settlement and state cases. David Gentile's 7-year sentence was commuted on November 26, 2025. Fund-by-fund payouts, the cash ledger, the criminal docket and 17 FINRA broker settlements, from SEC, court and FINRA records.
What Happened to Greenbacker Renewable Energy (GREC)? A $10 Share, a $4.22 NAV and a $1.71 Merger Offer
Greenbacker Renewable Energy Company sold shares at $10.00 from 2014, suspended repurchases in September 2023 and distributions in May 2024, and cut its NAV 35.5% to $5.03 at the end of 2024. On July 21, 2026 it agreed to be acquired by MN8 Energy for about $1.71 a share at closing, mostly in unlisted MN8 units, plus up to $0.12. The vote is set for November 23, 2026. Every number from its SEC filings and MN8's S-4.
What Happened to GWG Holdings? L Bond Holders Got About $37 per $1,000 in July 2026, and What Is Still Pending
GWG Holdings sold L Bonds to retail investors, defaulted in January 2022 and filed Chapter 11 in April 2022. Its L Bonds became Series A1 interests in the GWG Wind Down Trust, which paid its first distribution, $60 million or about 3.7 cents per interest, from July 14, 2026. The trust estimates about 3.913% in total from settlements approved so far. Former chairman Brad Heppner was convicted on May 7, 2026. Recoveries, fees, Beneficient (BENF) and FINRA broker cases, from court, trust and SEC records.
What Happened to Mainvest? $33.5M, 337 Issuers, 24 Annual Reports
Mainvest, the Reg CF portal for restaurants, breweries and shops, ceased operations on June 14, 2024. SEC filings show 409 closed offerings worth $33.5 million from 337 businesses, but only 24 of them have ever filed an annual report and 313 have filed neither a report nor a termination. What happened to the revenue-sharing notes, who still files, and what a noteholder can do.
What Happened to Nelson Partners (Nelson Brothers)? Form D Raises, CMBS Loans and the Court Record
Nelson Brothers Professional Real Estate and Patrick Nelson's Nelson Partners filed 47 Form Ds for 40 student-housing offerings from 2009 to 2020, listing $827.8 million. What SEC filings, CMBS servicer reports and two federal court rulings show happened to SkyLoft Austin, Sol y Luna, Taylor Bend, Vue on MacGregor and the other properties.
What Happened to Tides Equities? 8 Lender Takeovers, $51.1M in Satisfied Judgments and a Form D Gap
Court and SEC records on Tides Equities as of October 8, 2026: lenders took back at least eight Tides apartment properties in 2024-2025, three Starwood-originated loans ended in $51.1 million of personal judgments against Sean Kia and Ryan Andrade that were later marked satisfied, and the other six New York lender suits were settled or dropped. On EDGAR, Tides entities filed only 15 Form D notices (2017-2019, $42.7 million sold); none since 2019.
WHLR Stock: Why Wheeler REIT Keeps Splitting, Oct 2026
WHLR stock (Wheeler Real Estate Investment Trust, Nasdaq: WHLR) has been reverse split 16 times since August 2023 because Series D holders redeem monthly at $25 plus unpaid dividends, paid in common stock. Oct 13, 2026: up to $25M of 0% notes bought with Series D and a proxy for 12 more monthly splits in 2027. From SEC filings.
1031 Exchange on a Primary Residence: Why It Fails, What Section 121 Does Instead, and How to Use Both
A home you live in cannot be 1031-exchanged, because section 1031(a)(1) covers only property held for business or investment. The tool for a residence is the section 121 exclusion: $250,000 of gain ($500,000 on a qualifying joint return) after 2 years of use in the last 5. Rev. Proc. 2005-14's own numbers show how to use both on one property, and the 5-year rule and nonqualified-use rule decide what happens when a 1031 rental becomes your home: in our worked example, $480,000 of a $730,000 gain is taxable for a single filer.
1031 Qualified Intermediary: What the Law Requires, the 8 State Laws, and What Exchangers Lost When QIs Failed
There is no federal license for a 1031 qualified intermediary. Treas. Reg. 1.1031(k)-1(g)(4) only says who cannot be one. We read the regulation, the eight state statutes we could verify (California, Colorado, Connecticut, Maine, Nevada, Oregon, Virginia, Washington), the LandAmerica 1031 Exchange Services bankruptcy filings and the Justice Department records on the 1031 Tax Group and Vesta Strategies. Bond and insurance minimums by state, who is a disqualified person, how the money must be held, and a checklist of questions for a QI, each tied to its source.
1031 Exchange Rules for 2026, From the Code Itself (Plus What 2023 IRS Data Shows)
Every 1031 exchange rule with the section it comes from: real property only since 2018 (Treas. Reg. 1.1031(a)-3), the 45/180-day limits, the 3-property, 200% and 95% identification rules, boot and mortgage relief, the two-year related-party rule, vacation homes (Rev. Proc. 2008-16), TICs, DSTs, reverse exchanges and disaster relief. The 2025 tax law (P.L. 119-21) did not amend section 1031. And IRS Statistics of Income line-item data: individuals filed 54,746 Forms 8824 for 2023 and deferred $23.7 billion, half the 2022 amount.
ARK Venture Fund (ARKVX): Repurchase Requests Jump to 4.23%, NAV Up 62.9%, a Listed Class Next
ARK Venture Fund (ARKVX) offers to buy back 5% of its shares each quarter. Offers took 1.50% to 1.73% of shares from September 2025 to March 2026, then 4.23% in June 2026, all paid in full (annual report filed October 7, 2026), while new money ran at about ten times repurchases for the year. Net assets reached $1.18 billion on July 31, 2026, 69% of it in Level 3 holdings. An SEC order of September 21, 2026 now allows a listed class and a tokenized class. Twelve repurchase results, NAV history, N-PORT holdings, fees and the listing timeline from the filings.
BDC Stocks List 2026: 50+ NYSE and Nasdaq BDCs by Net Assets, NAV per Share and Leverage
Every BDC with common stock on the NYSE or Nasdaq: 50 companies with $78.43B of net assets at their latest 10-Q or 10-K, ranked, with NAV per share, NAV change over four quarters, debt to net assets and the asset coverage each company reports. Ares Capital is the largest at $13.89B; NAV per share is below a year earlier at 38 of 49 BDCs, median -5.3%. Filed figures only: no prices, no yields.
Blanket Loan for Rental Properties 2026: What 10 Investor Lenders Publish, How Partial Release Works, and the Fannie Mae 10-Property Limit
A blanket (portfolio) loan puts one mortgage on many rentals. Property minimums from 2 to 20 units, 70% to 80% leverage, and no lender page that states a release price. Read October 7, 2026 from Lima One, CoreVest, LendingOne, Easy Street, RCN and others, plus SEC-filed release clauses (115%), Fannie Mae B2-2-03 and HMDA.
Bridge Loan Real Estate: What Homeowners and Investors Actually Pay (Federal HMDA Data, 2025)
A real estate bridge loan means two different loans. The federal HMDA record shows 6,359 short-term homeowner loans in 2025 (median 7.75%) because bridge loans are mostly excluded from it, and 62,470 investor loans (median 10.15%). Pricing, alternatives, read October 7, 2026.
The BRRRR Method in 2026: What 99,035 Investor Cash-Out Refinances and the Six-Month Rule Say About Your Refinance
The BRRRR method (buy, rehab, rent, refinance, repeat) with federal numbers: 99,035 investor cash-out refinances in 2025 HMDA data at a 7.25% median and 70% median CLTV, DSCR-type cash-outs at 7.375%, bridge loans at 10.39%. The Fannie Mae and Freddie Mac six-month and 12-month rules, what Kiavi, Lima One and Visio publish on seasoning, and a BRRRR calculator.
Cap Rate Calculator: What 18 Real Estate Funds Assume by Property Type (SEC Filings, June 2026)
Free cap rate calculator (find the cap rate, the value or the NOI), plus the exit cap rates that 18 non-traded real estate funds disclose in their June 30, 2026 SEC filings, by property type and against a year earlier. Median exit cap rate: 5.50% multifamily, 5.80% industrial, 6.35% retail, 6.94% office. Includes the formula, what moves a cap rate, and cap rate vs cash-on-cash vs IRR.
Capital Gains Tax on Real Estate in 2026: Federal Rates, Worked Examples and What Each State Charges
The 2026 federal capital gains numbers read from the IRS revenue procedure that sets them (Rev. Proc. 2025-32): 0% up to $49,450 single and $98,900 joint, 15% up to $545,500 and $613,700, 20% above, plus the fixed 3.8% NIIT thresholds, the 25% layer for depreciation, the home exclusion, selling-cost and basis rules, worked examples with the arithmetic, and a table of all 50 states and DC with each state's own source. Washington's separate tax exempts real estate.
Cost Segregation Study: What the IRS Audit Guide Accepts, 100% Bonus Depreciation After January 19, 2025, and the Math on a $1 Million Rental
A cost segregation study, read from the IRS's own Cost Segregation Audit Techniques Guide (Publication 5653): the 13 elements the IRS calls a quality study, the six methods and the one it says to view with caution, and what its residential rental matrix puts in 5, 15, 27.5 and 39 years. Then the 2025 law: 100% bonus depreciation for property acquired after January 19, 2025 (26 U.S.C. 168(k) as amended by P.L. 119-21), the 40%/20% phase-down that still applies to property bought earlier, Form 3115 change number 7 for a look-back study, recapture under sections 1245 and 1250, and the passive loss limits in section 469.
Depreciation Recapture on a Rental Property: 25% Is a Cap, Not a Rate (2026 Worked Example From the Code and IRS Forms)
Depreciation recapture on a rental property, worked from the Internal Revenue Code and the 2025 IRS forms. The 25% on unrecaptured section 1250 gain is a ceiling: in a 2026 example with $122,174 of depreciation and a $266,174 gain, a couple with $120,000 of other taxable income pays $49,093.76 of income tax on the sale and none of the depreciation gain is taxed at 25%. Plus section 1245, the allowed-or-allowable rule, Form 4797, a 1031 exchange and a step-up at death.
GSBD Dividend Coverage and Non-Accruals: Goldman Sachs BDC's NAV Fell From $14.62 to $12.06 in 10 Quarters
Goldman Sachs BDC (NYSE: GSBD) cut its base dividend from $0.45 to $0.32 in February 2025, then paid $2.55 per share over six quarters against $2.17 of net investment income. NAV per share went from $14.62 (December 2023) to $12.06 (June 2026). Eleven quarters from the filings: coverage, non-accruals at cost and fair value, the ten companies named in the 10-Q, leverage, fees and buybacks.
Hard Money Loan Calculator (2026): Loan Size, Points, Interest and Flip Profit
Free hard money and fix-and-flip loan calculator that sizes the loan the way lenders do (lesser of loan-to-cost and loan-to-ARV), then shows cash at closing, interest on drawn balance or full commitment, points, total financing cost, profit and ROI. Defaults: the 10.25% non-bank median rate from 68,319 HMDA loans and published Kiavi, Lima One and RCN terms.
HELOC on Investment Property in 2025: 27,229 Lines, Who Made Them, Rates and CLTV (Federal HMDA Data)
Who actually lends a HELOC on investment property, from federal HMDA loan-level data: 27,229 lines originated in 2025 (2.3% of all HELOCs), median rate 8.5% vs 7.5% owner-occupied, median CLTV 63.6% and 90th percentile 76.2%. The 15 largest lenders, big banks that made almost none, and rates by state, read October 7, 2026.
House Hacking a 2-4 Unit Home: What 44,005 Owner-Occupied Purchases Paid in 2025 (Federal Data and Loan Rules)
In 2025 lenders made 44,005 first-lien purchase loans on owner-occupied 2-4 unit homes ($22.63 billion): conventional median 6.75% with 15% down, FHA 6.25% with 3.5% down, VA 6.125% with none. FHA, Fannie Mae and VA rules with section numbers, 2026 loan limits and a worked 3-unit FHA self-sufficiency test. Federal HMDA data read October 7, 2026.
Investment Property Mortgage Rates 2026: What 486,530 Investor Loans Paid vs Homeowners (HMDA Data)
Median investment property mortgage rate 7.25% in 2025 on 486,530 loans, 0.75 points above owner-occupied; on 30-year loans the investor premium was 0.499 points. Rates by loan type, size, state and 20 lenders, with 2024 comparison. Federal HMDA data read October 7, 2026.
Private Money Lenders: Who They Are in Federal Records, the State Laws That Apply and How to Check One (2026)
Who private money lenders for real estate investors actually are: in 2025 federal HMDA data, 73 non-bank lenders made 83.6% of 68,319 short-term investor loans and 16 lenders made 71.6%, while individuals and small funds are below the reporting threshold. State licensing and usury rules for California, Arizona, Nevada, Oregon, Florida, Texas and New York, what NMLS Consumer Access shows, SEC cases against private lending funds and a sourced checklist, read October 7, 2026.
Real Estate Private Equity Firms Ranked by SEC Form D, 2025-2026: $573.88 Billion Reported Sold Across 1,557 Funds, and What That Number Is Not
Real estate private equity firms ranked from their own SEC Form D filings, January 2025 to June 2026: 1,557 fund offerings, $573.88 billion reported sold (cumulative, not AUM), led by Prologis, UBS Trumbull, Blackstone and Clarion. Named sponsors from Blackstone and Starwood to Greystar, which funds first sold in 2025-26 ($51.31 billion), minimums, Rule 506(b) vs 506(c), and why a Form D says nothing about returns.
What REIT ETFs Actually Hold: SCHH Costs 0.07%, IYR 0.37%, and USRT and RWR Own No Cell Towers (Form N-PORT, 2026)
We read the latest Form N-PORT of nine REIT ETFs (VNQ, SCHH, XLRE, IYR, USRT, RWR, FREL, ICF, REM) and the summary prospectus of each. Welltower and Prologis are the two largest holdings in all eight equity funds. Towers and data centers range from 8.9% to 24.0% of net assets. VNQ keeps 14.5% inside another Vanguard fund. Four funds hold 5%-7% in companies that are not REITs. Costs run from 0.07% to 0.37%. Compared with a non-traded REIT (BREIT) on fee, liquidity and sector mix.
Rental Property Calculator (2026): Cash-on-Cash, Cap Rate and Cash Flow With Real Inputs for All 50 States
Free rental property calculator for NOI, cap rate, monthly cash flow, cash-on-cash return, DSCR, GRM and the 1% rule, plus the inputs it needs for every state: Census rent, home value, property tax and vacancy, NAIC insurance premiums and HUD Fair Market Rents for the 25 largest metros.
Rental Property Depreciation Calculator (2026): Land Split, 27.5-Year Mid-Month Schedule and Depreciation at Sale
Free rental property depreciation calculator built on the IRS's own tables (Publication 946 Tables A-6 and A-7a, 384 cells reproduced by our formula): enter price, closing costs, land, improvements and the month placed in service to get the depreciable basis, the first-year and last-year fractions, a year-by-year schedule, accumulated depreciation by sale year and the unrecaptured section 1250 amount. Worked example: a $200,000 house, $170,000 building, $5,409 in the first year, $63,873 by a June 2036 sale.
Reverse 1031 Exchange: What Rev. Proc. 2000-37 Actually Requires, With a Dated Timeline
A reverse 1031 exchange (buy first, sell later) is not in the statute or the deferred-exchange regulations. The only IRS safe harbor is Rev. Proc. 2000-37: an exchange accommodation titleholder takes title, you sign an agreement within 5 business days, identify the property you will sell within 45 days, and everything must leave the titleholder within 180 days. Rev. Proc. 2004-51 bars it for property you owned in the prior 180 days. Worked dates, the improvement variant, related-party limits, the Bartell case and the IRS's nonacquiescence, and the financing problem.
Structured Notes in 2026: What 95 SEC Pricing Supplements Say a $1,000 Note Is Worth on Day One
Structured notes explained from the paperwork: in 95 final 424B2 pricing supplements filed January to September 2026 by eight banks, every issuer values the note below the price you pay. The median gap is 2.34% ($23.40 on $1,000), the range 0.25% to 8.70%, and longer notes cost more. Commissions, buffers, barriers, coupons, issuer credit risk and the tax treatment, as the filings state them.
Tax Lien Investing by State: Rates, Redemption Periods and Post-Tyler Surplus Rules in All 51 Jurisdictions, Read From the Statutes
A 50-state plus DC table built from each state's tax sale statute: who sells tax lien certificates, who sells redeemable deeds and who sells the property itself; the maximum interest or penalty (Iowa 2% a month, Florida and New Jersey 18% bid down, Arizona 16%, Illinois 9% per six months); redemption periods; how auctions are won; and which states rewrote their surplus rules after Tyler v. Hennepin County (2023). Statute citation per row, read October 7, 2026.
What Happened to American Realty Capital (AR Global)? Every Schorsch REIT, the ARCP Scandal and What a Share Became
Nicholas Schorsch's American Realty Capital registered 22 public REITs, BDCs and offerings through brokers. The early $10 REITs exited above the offering price; then the 2014 ARCP misstatement brought a jury conviction for its CFO, more than $60 million of SEC settlements, a $1.025 billion class settlement and the bankruptcy of the broker-dealer parent, and the $25 REITs that followed returned far less. A vehicle-by-vehicle roll call from SEC, court and DOJ documents.
What Happened to Black Creek Group (Dividend Capital)? Every Vehicle, Every Sale, and What a Share Became
Black Creek Group, formerly Dividend Capital, sold its U.S. real estate advisory and distribution business to Ares on July 1, 2021. Its older REITs ended in cash: Industrial Income Trust paid about $11.11 a share (2015-2017) and Industrial Property Trust about $13.72 (2020). Two NAV REITs live on under Ares names. Every number from SEC filings.
What Happened to CNL Financial Group's REITs? Every Public CNL Program and What a Share Became
CNL Financial Group has sold public non-traded programs since 1986. CNL Retirement went to HCP in 2006 for about $13.50 a share, CNL Hotels & Resorts to Morgan Stanley's fund in 2007 for $20.50, and CNL Lifestyle liquidated in 2017 at $2.33 after raising $3.3 billion. Per-share outcomes for every vehicle, from the SEC filings.
What Happened to the Inland REITs? Every Inland Real Estate Group Program and What a $10 Share Became
The Inland Real Estate Group of Oak Brook, Illinois took six public non-traded REITs to an exit, plus two land funds. Three paid back more than $10 a share at the exit: Inland Retail ($14.00 from DDR in 2007), Inland Diversified (about $10.92 in Kite stock in 2014) and Inland Real Estate Corporation ($10.60 cash in 2016). Inland Western ended as about $5.28 of Kite stock and Inland American as a tenth of an InvenTrust share plus spin-offs. Inland's own prospectus counts $2.54 billion paid to the sponsor by five of them. Every number from SEC filings.
What Happened to KBS REITs? Seven Non-Traded REITs, What a $10 Share Paid Back, and the Two Still Open
KBS sold seven non-traded REITs to retail investors. Four liquidated: KBS REIT I paid $3.42 a share, KBS REIT II $2.83 (plus $4.95 of earlier specials), KBS Legacy Apartment $8.47 (plus $1.00) and KBS Growth & Income $0.12. The two Strategic Opportunity REITs became Pacific Oak, which stopped filing 10-Ks in 2026, and KBS REIT III is valued at $2.70 with going-concern doubt. Every number from SEC filings.
What Happened to the Steadfast REITs? What a $10, $15 or $25 Share Became in Independence Realty Trust (IRT)
Steadfast Companies sold three non-traded apartment REITs: Steadfast Income REIT ($10), Steadfast Apartment REIT ($15) and Steadfast Apartment REIT III ($25). They merged in March 2020, the sponsor was bought out for $124,999,000 in August 2020, and in December 2021 STAR became 0.905 IRT shares. Every ratio, NAV, distribution and cut from SEC filings.
AMG Pantheon Fund Tender Offers: Requests Reached 61% of the Cap in April 2026 While New Sales Fell by Two Thirds
AMG Pantheon Fund, LLC, Pantheon's roughly $6.5 billion private equity feeder fund, saw holders tender 7,115,761 units in the offer that closed April 20, 2026, 60.5% of the cap and the most in its history, as quarterly new sales dropped to $154 million. Thirty-nine tender results, NAV per unit by class, flows from Form N-PORT, the 0.86% versus 3.13% fee gap, the Master Fund's cash and credit line, and a September 2026 offer filed six weeks late.
Apollo Asset Backed Credit Company (ABC): A $25 Share That Has Not Moved in 16 Months, New Money Down 73% and Repurchases at 2.6% of NAV
Apollo Asset Backed Credit Co LLC (ABC) is not a BDC or a registered fund: it is a Delaware holding company with two share series taxed differently. Total NAV was $1.98 billion at August 31, 2026, the Series II I Share was $25.60, new money fell from $427.7 million to $113.9 million year on year, and the August 10, 2026 repurchase of $49.9 million used 52% of the 5% cap. NAV by share type, distributions against income, the Bank of America repo on the largest holding, fees and the last 60 days, from SEC filings.
Ares Core Infrastructure Fund: $7 Billion in Two Years, Five Tender Offers Paid in Full, and a 10% Payout Income Does Not Cover
Ares Core Infrastructure Fund (ACI), a private BDC, has paid 100% of every tender request since August 2025, but holders asked for only $11.9 million in September 2026 against a fund of about $7 billion. Five offers, monthly NAV by class, $7.7 billion raised, the 2% early-repurchase clock, distributions versus income, fees, 47% debt-to-NAV and the $1.6 billion Rover pipeline stake, from Ares' own filings.
Ares Private Markets Fund (APMF) Tender Offers: All 16 Paid in Full, but Requests Reached 65% of the Limit While New Money Fell by Two-Thirds
Ares Private Markets Fund, the roughly $4.5 billion private equity secondaries fund from Ares, has bought every share tendered in 16 quarterly offers. But holders asked for 64.7% of the limit in March 2026 and 58.5% in June, the two highest on record, while quarterly sales of new shares fell from $418 million to $144 million and borrowing rose to $1.31 billion. Sixteen tender results, class by class, two offers whose results were filed five times, the fee table (3.12% to 6.01%), leverage and the September 2026 offer, from its SEC filings.
BlackRock Private Credit Fund (BDEBT) Tender Offers: Requests Climbed From Zero to 5.3%, and $29.6M of Adviser Support Sits Behind the Payout
BlackRock Private Credit Fund (BDEBT), the $1.6 billion non-traded BDC, paid every quarterly tender request in full for twelve offers, then prorated once: in June 2026 holders tendered 3.70 million shares and it bought 3,522,433 (95.2%). Requests for September were about 4.58%. Fourteen offers from SEC filings, NAV, flows, and how much of the distribution is adviser expense support.
BXINFRA Redemptions and NAV: Blackstone's Infrastructure Fund Has Paid Every Request, and the Limit Is 3% a Quarter, Not 5%
Blackstone Infrastructure Strategies (BXINFRA) has paid every redemption request in full since its first window in April 2025. Holders asked for 0.23% of units in the April 2026 window against a 3% quarterly limit, while the fund raised $690 million that quarter. Its Class I NAV went from $25.39 to $30.78 in 19 up months, it pays about 2.9% a year in distributions, and its performance allocation cost more than twice its management fee in the first half of 2026. Six quarters of redemptions, monthly NAV by class, fees, leverage and holdings from its SEC filings.
Brookfield Infrastructure Income Fund (BII) Tender Offers: A 6.52% Request in September 2025, a 4.97% One in December, Then Under 1%
Brookfield Infrastructure Income Fund Inc. (BII), a $5.9 billion registered tender-offer fund, has bought every share tendered in all 10 quarterly offers it has reported, but in September 2025 holders asked for 6.52% of the shares against an offer of 5%, and in December 2025 for 4.97%. The ten results from its Schedule TO-I/A filings, NAV by class, money in versus money out, distributions against income, an incentive fee on cash received, the 71% of investments classed as affiliated, and the offer that closed September 24, 2026.
Capital Group KKR Interval Funds: How Private They Are, Who Owns Them and What Holders Asked to Sell (2026)
Capital Group KKR runs three interval funds (Core Plus+, Multi-Sector+ and U.S. Equity+) with $702.9 million at June 30, 2026. Their unobservable-input assets are 37.2% and 31.6% of the two credit funds against 40% private targets, seed money held 64% and 42% of the shares, and six repurchase offers drew 0.09% to 0.84% of shares against 10% offered. From each fund's SEC filings.
DSCR Loan California 2026: Rates, Lenders and Counties From 13,209 Federal Loan Records (2025)
California DSCR-type loans in federal HMDA loan-level data: 13,209 loans and $7.59 billion in 2025, median note rate 7.125% (middle half 6.75% to 7.625%) on a $455,000 median loan at 64.706% loan-to-value. Leverage and channel pricing, top lenders, counties, and the Article XV usury exemptions for licensed lenders, read October 6, 2026.
DSCR Loan Georgia 2026: Rates, Lenders and Counties From 5,728 Federal Loan Records (2025)
Georgia DSCR-type loans in federal HMDA loan-level data: 5,728 loans and $1.39 billion in 2025, median note rate 7.25% (middle half 6.875% to 7.75%), median loan $205,000 at 74.721% loan-to-value. Atlanta vs the rest of the state, top lenders, counties, and what O.C.G.A. 7-4-2 says about rates and prepayment penalties, read October 6, 2026.
DSCR Loan Ohio 2026: Rates, Lenders and Counties From 8,904 Federal Loan Records (2025)
Ohio DSCR-type loans in federal HMDA loan-level data: 8,904 loans and $1.38 billion in 2025, median note rate 7.625% (middle half 7.25% to 8.125%) on a $125,000 median loan. Small-loan pricing, LLC borrowers, top lenders, Cuyahoga and other counties, and Ohio interest and prepayment statutes, read October 6, 2026.
Evergreen Funds Compared: What 26 Semi-Liquid Funds Paid When Holders Asked to Sell (2026)
What an evergreen fund is, and how 26 of them in private equity, infrastructure, real estate and private credit actually treated redemption requests in their latest completed window. Eight limited what holders could sell: six credit BDCs (26.6% to 48.5% of requests paid), Starwood's REIT and Partners Group's $15 billion private equity fund (82.9%). Twelve paid in full. Every row comes from an SEC filing, with the accession number and a CSV.
Four Springs Capital Trust: $168.6 Million Raised Privately, Two Withdrawn IPOs and a 2020 Restructuring, Read From SEC Filings
Four Springs Capital Trust (CIK 1558536) is a private net-lease REIT sold to accredited investors in lettered preferred series. Five final Form D amounts add up to $168,550,406; it filed to list in June 2017 (5.6 million shares at $17 to $19) and January 2022 (18 million at $13 to $15) and withdrew both. What each series was owed, what the 2020 restructuring did, what the IPO would have done, and what is filed today.
Hamilton Lane Private Infrastructure Fund Tender Offers: $2.26 Million Tendered in Four Offers, Then an Interval Fund With $243 Million
Hamilton Lane Private Infrastructure Fund (XHIIX) ran four tender offers from June 2025 to March 2026, accepted 100% of the shares tendered each time, and became a Rule 23c-3 interval fund on April 1, 2026. Every Schedule TO-I/A result, the $2,500 minimum that replaced $25,000, who owns the shares, the $15.01 price paid in March 2026 against a $15.51 audited NAV, fees and waivers, flows, the June 30, 2026 portfolio, and what the two interval offers have not yet shown.
Hard Money Loan Rates 2026: What 68,319 Investor Loans Actually Paid (Federal HMDA Data)
National hard money and fix-and-flip loan rates from loan-level federal HMDA data: median note rate 9.99% on 68,319 short-term investor loans in 2025, 10.25% at non-bank lenders and 7.5% at banks, down 0.76 points from 2024. Rates by lender (Kiavi, Lima One, Anchor, RCN and 16 more), by state, term and LTV, read October 6, 2026.
Hard Money Loans in Florida 2026: Rates, Terms and Lenders From 5,691 Federal Loan Records
Florida short-term investor loans (the fix-and-flip and bridge type) in federal HMDA data: 5,691 loans and $2.43 billion in 2025, median note rate 10.45% (middle half 9.75% to 11.2%), 12-month terms on 66.4%, median loan $275,000. Top lenders, counties, Florida usury limits and what HMDA misses, read October 6, 2026.
JPMorgan Private Markets Fund Tender Offers: Every Request Paid, and JPMorgan Itself Was About Half of Two of Them
JPMorgan Private Markets Fund (JPMF), J.P. Morgan's evergreen private equity fund, has bought 100% of the shares tendered in all eight offers whose results it has filed, and no offer has used more than 68% of its 5% limit. In two of them J.P. Morgan Investment Management sold $20 million of its own seed shares, 51% and 47% of the dollars tendered. Tender results, NAV by class, $2.0 billion of net assets, fees including the 10% incentive fee, and what the filings of the last 60 days add.
KKR Private Equity Conglomerate (K-PEC): NAV by Class, Repurchases Up 6.6x in a Year, and a Fund That Pays No Distributions
KKR Private Equity Conglomerate LLC (K-PEC) is not a registered fund: it is a holding company that says it avoids the Investment Company Act. Its Class I NAV was $36.17 at August 31, 2026 on $12.81 billion of NAV, it pays no regular distributions, and quarterly repurchases reached $60.2 million on August 5, 2026, still 9.9% of the 5% cap, while new money fell 29.0% year on year. Monthly NAV, flows, cash, the revolver, fees and the K-INFRA comparison, from SEC filings.
Monroe Capital Income Plus Tender Offers: 56.3% Paid in May 2026, 77.7% in August
Monroe Capital Income Plus Corporation (MCIP), a $2.7 billion private BDC, filled every tender request in its first 17 offers, up to February 2026. Then holders tendered 25.3 million shares in May and it took 56.3%; in August 17.8 million were tendered and it took 77.7% at $9.77. Nineteen results from SEC filings, NAV from $10.39 to $9.75, new money down 82% in three quarters, leverage, non-accruals and the September 21, 2026 8-K.
MSD Investment Corp. Has Never Run a Tender Offer: $3.17 Billion Called From Investors, NAV $23.48, Debt at 1.0x Equity
MSD Investment Corp. (the BDT & MSD BDC) files no tender offers and its shares have no public market. What its SEC filings show instead: 17 capital calls totaling $3.17 billion, NAV per share for 19 quarters, a distribution cut from $0.65 to $0.57, and $3.49 billion of debt against $3.50 billion of net assets.
Non-Traded BDC List 2026: All 66 Ranked by Net Assets, With NAV, Leverage and Latest Tender Results
Every non-traded BDC that sells shares continuously or buys them back by tender offer: 66 funds with $175.17B of net assets at June 30, 2026, ranked, with NAV per share, liabilities to net assets, distribution rate and the latest Schedule TO-I/A result. Blackstone Private Credit Fund is $42.78B; the five largest hold 55.6% and all five prorated their latest tender. Also the 61 private BDCs and what separates non-traded, listed and private BDCs.
Private REITs on SEC Form D: 717 Filers Since 2025, but Only 110 Raise Real Money
What a private REIT is, measured from the SEC's Form D data: 717 REIT-type issuers filed from January 2025 to June 2026, but 589 of them are $125,000 placements that only exist to give a REIT its 100 shareholders. The 110 private REITs that raise real money report $23.5 billion sold (cumulative, parallel feeders counted once), led by Blue Owl Real Estate Net Lease Trust at $6.3 billion from 30,433 investors. Minimums, 506(b) vs 506(c), sales commissions, the biggest raisers, and what a buyer cannot see.
StepStone Private Markets Fund (SPRIM) Tender Offers: 17 Results, a 6.5% Request in September 2025, and One Result Never Filed
StepStone Private Markets (SPRIM), the $6.4 billion evergreen private markets fund, has filed results for 17 of its 18 quarterly tender offers since 2022. Requests stayed between 0.07% and 3.5% of net assets until September 2025, when holders tendered $333.5 million, 6.5%, in an offer the board had raised from 5% to 10%. Every offer's size, the net assets and NAV behind it, FY2026 flows (money in down 5%, money out up 4.5 times), fees of 2.72% to 3.57%, the $200 million revolver and what it owns.
Stone Ridge LENDX Repurchases: 17.3 Million Shares Tendered Against a 1.8 Million-Share Offer in September 2025
Stone Ridge Alternative Lending Risk Premium Fund (LENDX) is a consumer and small-business loan interval fund. For eight quarters, requests ran within 0-3% of its 5% offer. Then its annual report shows 17.3 million shares tendered in September 2025 and 17.9 million in December against offers of 1.8 and 3.4 million. Twenty quarters of offers versus requests, net assets down 42% since 2022, platform holdings, losses, a 7.43% expense ratio and the July 2026 reverse split.
What Happened to Carter Validus Mission Critical REIT? One $10 Share, From 2011 to Blue Owl's $30.38 Cash in 2026
Carter Validus Mission Critical REIT (REIT I) sold $1.7 billion of $10 shares, sold its data centers and paid a $3.00 special in 2018, then merged into REIT II in October 2019 for $1.00 cash plus 0.4681 shares. REIT II became Sila Realty Trust, split 1-for-4, listed in 2024 and was bought for $30.38 cash on July 1, 2026. The full per-share trail from the SEC filings: about $15.04 back per $10 for the first buyers, about $12.86 for the last.
What Happened to Columbia Property Trust (Wells REIT II)? $10 Shares, a 4-for-1 Split, and $4.83 of PIMCO Cash Each
Wells Real Estate Investment Trust II raised about $6.1 billion at $10 a share from 2003 to 2010, became Columbia Property Trust in 2013, did a 4-for-1 reverse split and listed on the NYSE as CXP, and was bought by PIMCO-managed funds on December 8, 2021 for $19.30 a share: $4.825 per original $10 share. In January 2023 the $1.72 billion loan PIMCO used went to special servicing for payment default. Every number from SEC filings, Moody's and CREFC.
What Happened to Griffin-American Healthcare REIT III and IV? A $10 Share Became 0.23 American Healthcare REIT Shares
Griffin-American Healthcare REIT III raised $1.84 billion at $10 a share; GAHR IV raised $754 million. GAHR III merged into GAHR IV on October 1, 2021 at 0.9266 shares, the combined American Healthcare REIT did a 1-for-4 reverse split, and it listed on the NYSE at $12.00 on February 7, 2024, 62% below its last $31.40 NAV. The per-share trail, distributions, redemption freezes and cost basis, from the SEC filings.
What Happened to Griffin Capital? Every Vehicle It Sponsored and What a Share Became
Griffin Capital sold its non-traded REIT management to its own REIT in 2018, its healthcare advisory stake in 2021 and its interval funds to Apollo in 2022 ($213 million plus $64 million contingent). A GCEAR I share bought at $10.28 ended as about $2.45 in Brookfield cash in May 2026. The company itself now sells opportunity zone funds and DSTs. Every number from SEC filings.
What Happened to Hines REIT and Hines Global REIT? $7.59 and $9.50 a Share Back, Liquidation by Liquidation
Hines REIT sold $10.00-$10.66 shares from 2004 to 2009, voted to liquidate in November 2016 and paid $6.57 of liquidating distributions plus a $0.01 lawsuit settlement before dissolving in 2018. Hines Global REIT sold $10.00-$10.40 shares, voted to liquidate in July 2018, ran into COVID-19, became HGR Liquidating Trust and paid its last $0.03 in October 2022: $9.50 of capital back against a $10.00-$11.00 estimate. Every number from the SEC filings.
What Happened to Hospitality Investors Trust (ARC Hospitality)? $25 Shares, a Brookfield Rescue and One $6-Capped CVR
American Realty Capital Hospitality Trust sold $25 shares and raised $885.5 million. Its NAV fell to $8.35, Brookfield invested $379.7 million in senior preferred units, and a 2021 prepackaged Chapter 11 cancelled every common share for one non-transferable CVR capped at $6.00. The CVR's first maturity date was June 30, 2026. Every number from SEC filings and the bankruptcy court order.
What Happened to New York City REIT? One $25 Share Is Now 0.0514 of a Share, Worth About 34 Cents
American Realty Capital New York City REIT sold shares at $25 in 2014-2015 and raised $776.0 million. Two reverse splits later (9.72-to-1 with a 3-for-1 Class B dividend in 2020, then 1-for-8 in 2023), each original share is 0.0514 of an American Strategic Investment (NYC) share: about $0.34 at the $6.68 its sponsor paid on August 27, 2026. Distributions, tenders, Comrit's proxy fight and the going-concern doubt, from SEC filings.
1031 Exchange Timeline for a Late-2026 Sale: The 45 and 180 Days, and Why a Sale After October 17 Gets Fewer
The 1031 clock from the regulation itself, worked out for every Q4 2026 closing date. The 45-day and 180-day periods start the day you transfer the property, but the 180 days end early if your tax return comes due first: an individual who sells on or after October 18, 2026 gets fewer than 180 days unless the 2026 return is extended, and a December 31 sale gets 105. A partnership's cliff starts September 17. Plus what 76 DSTs that filed Form D between July and October 2026 show about how fast replacement property sells out.
1099-DIV Due Date 2027: When Non-Traded REITs, BDCs and Interval Funds Send Theirs (17 Funds Checked)
For tax year 2026, your 1099-DIV is due by Monday, February 1, 2027 (January 31 is a Sunday), and a brokerage composite statement by Tuesday, February 16, 2027 (February 15 is Presidents' Day). We read the prospectuses of 17 non-traded REITs, BDCs, interval funds and Reg A funds: 12 promise January 31, five promise no date, and two explain why your 1099-DIV may come back corrected.
BXPE Redemptions and NAV: Blackstone's Private Equity Fund Has Paid Every Request, and Its NAV Has Risen 32 Months Running
Blackstone Private Equity Strategies Fund (BXPE) has paid 100% of every quarterly redemption request since it launched in January 2024. Requests are rising, from 0.07% of units in late 2025 to 0.47% in the April 2026 window, against a 3% quarterly limit, while new money keeps arriving at $330-820 million a month in 2026. Its Class I NAV went from $25.00 to $39.72 without a single down month. Nine quarters of redemptions, 32 monthly NAVs and the gap between the NAV it trades at and its GAAP NAV, from its SEC filings.
BREIT Performance by Year: Every Annual Return Since 2017, by Share Class, From Its Own 10-Ks
Blackstone Real Estate Income Trust (BREIT, CIK 1662972) Class I returned 10.7% in 2017, 8.3% in 2018, 12.2% in 2019, 6.9% in 2020, 30.2% in 2021, 8.4% in 2022, -0.5% in 2023, 2.0% in 2024 and 8.1% in 2025, per each year's Form 10-K, and 5.2% in the first half of 2026. Since inception it reports 9.4% a year for Class I and 8.4% for Class S. Year-end NAV per share by class, distributions, the share taxed as return of capital, repurchases and what Blackstone was paid each year. 220 rows, one accession per row.
Carlyle Tactical Private Credit Fund (TAKIX) Repurchases: Holders Asked to Sell 15.65% in April and Were Paid 5%
Carlyle Tactical Private Credit Fund (Class I: TAKIX), the roughly $4.5 billion private credit interval fund, bought back every share holders asked to sell through January 2026. In April, holders tendered 15.65% of the fund and it bought 5.00%, about 32% of each request; in July they tendered 11.82% and it again bought 5.00%, about 42%. Eleven repurchase offers from its filings, with NAV, income, leverage and the offer that closes October 6.
Cliffwater Enhanced Lending Fund (CELFX) Repurchases: 7.01% in March 2026, the Ceiling, as New Money Fell 62%
Cliffwater Enhanced Lending Fund (CELFX), the $7.8 billion private credit fund of funds, offers to buy back 5% of its shares each quarter. For two years it bought 1.4-3.1% per offer. Then 5.75% in December 2025 and 7.01% in March 2026, the 5% offer plus the 2% extra the rules allow. Repurchases rose from $342 million to $1.45 billion in a year, while monthly sales on Form N-PORT fell from $1.18 billion in the fourth quarter of 2025 to $449 million in the second quarter of 2026. Twelve repurchase results, ten offer notices, NAV, return of capital, borrowings and top holdings.
DSCR Loan Florida 2026: Rates, Lenders and Counties From 21,912 Federal Loan Records (2025)
Florida DSCR-type loans in federal HMDA loan-level data: 21,912 loans and $7.59 billion in 2025, median note rate 7.25% (middle half 6.8% to 7.625%), median loan $265,000 at 70% loan-to-value. Top lenders, counties and 2024 vs 2025, read October 5, 2026.
DSCR Loan Texas 2026: Only One in Four Texas Investor Loans Is a DSCR Loan (13,229 Federal Records, 2025)
Texas lenders made 13,229 DSCR-type loans in 2025 ($3.18 billion, median note rate 7.25%), yet they were just 25.7% of the state's 51,389 investor mortgages, against 42.4% in Florida. County, lender and homestead-rule detail, read October 6, 2026.
Fractional Real Estate Investing in 2026: What Arrived, Ark7, Realbricks, Concreit, Fundrise, Landa, Lofty and Pacaso Actually File With the SEC
Fractional real estate investing compared by what each platform files with the SEC, not by its marketing. Arrived's main series company (248 homes) carries an auditor's going-concern paragraph, and so do Realbricks and three other Reg A issuers; fees run from a 3.0% to 7% sourcing charge up front plus an annual cut; Fundrise merged seven eREITs out of Regulation A in April 2026; a Landa home was foreclosed in September 2026; Lofty files nothing under Regulation A. Every number from a saved filing, with a CSV.
Golub Capital Private Credit Fund (GCRED) Redemptions: Requests Hit 8.5% in May, Then the Queue Cleared in July
Golub Capital Private Credit Fund (GCRED), the roughly $4.5 billion private credit BDC, paid every repurchase request in full until May 2026, when holders tendered 15.1 million shares against an offer for 8.9 million and it bought 58.7% of each request. In July requests fell to 4.8% of shares and it paid 100%. Eleven offers from its filings, with NAV, the money flowing out and the offer that closes October 28.
Hamilton Lane Private Assets Fund Tender Offers: 19 Quarters, Every Share Bought, and a March 2026 Price Below the Audited NAV
Hamilton Lane Private Assets Fund (XHLIX), the roughly $6.5 billion evergreen private equity fund, has bought 100% of the shares tendered in every quarterly offer since 2021. Holders have never asked for more than 52.6% of what the fund offered, and in June 2026 they asked for 26.7%. Nineteen tender results from its Schedule TO-I/A filings, quarterly NAV and net assets, flows, fees, the end of the 10% holdback, and why March 2026 sellers got $19.53 when the audited NAV was $19.77.
How to Invest in Private Equity in 2026: The 18 Evergreen Funds Individuals Can Buy, Read From Their SEC Filings
Seventeen evergreen private equity funds reported $93.03B between them at June 30 or August 31, 2026, from BXPE ($19.3B) and Partners Group ($15.11B) down to Apollo S3 ($494M). Four of them set no accredited-investor or qualified-client test and take $2,500 to $10,000. Fees run 0.70%-1.62% a year plus 10%-15% performance fees, most exits are capped at 5% a quarter, and in the offer that closed May 26, 2026 Partners Group accepted only 82.9% of what holders asked to sell. Minimums, fees, eligibility and exit terms for each fund, with SEC accession numbers.
InPoint Commercial Real Estate Income Cut Its Distribution 75%: $0.1042 to $0.026 a Month, NAV $13.69, Bank Hired to Find an Exit
InPoint Commercial Real Estate Income, Inland's non-traded commercial mortgage REIT, cut its monthly common distribution from $0.1042 to $0.026 a share from the September 30, 2026 record date, six weeks after a letter quoting a 9.46% yield. NAV is $13.69 (August 31, 2026), 16% below December 2024 and 45% below the $25.00 Class P offering price; repurchases have been suspended since January 2023. Twenty-one months of NAV and distributions, the 10-Q credit data and the cash math behind the cut, from SEC filings.
KKR FS Income Trust (K-FIT) Redemptions: Q3 2026 Paid in Full
KKR FS Income Trust (K-FIT) paid every tender in full except March 2026, when requests of about 6.3% of shares met the 5% limit and it bought about 80%. In the September 2026 offer requests were 1.53% and it paid 100%; sister fund K-FITS got 5.06% and paid 100%. K-FITS funded 20% of first-half distributions from return of capital. On October 7 K-FIT added a $250 million BMO credit line. Tenders, NAV, sales, distributions from SEC filings.
List of Interval Funds 2026: All 171 SEC-Registered Interval Funds, Ranked by Net Assets
Every fund that filed an interval-fund repurchase notice (Form N-23C-3) with the SEC between July 2025 and October 2, 2026: 171 funds, 169 with a Form N-PORT on file reporting $140.37B of net assets, mostly as of June 30 or July 31, 2026. Cliffwater Corporate Lending Fund is the largest at $30.38B; the second is ACAP Strategic Fund, an equity fund that can sell short and offered in August 2026 to buy back 25% of its shares. Full ranked list, category totals, borrowings and offer sizes, one SEC accession per fund.
North Haven Private Income Fund Redemptions: Morgan Stanley's Fund Paid 47.8%, 41.6% and 43.8% of Requests in 2026
North Haven Private Income Fund (NHPIF), Morgan Stanley's roughly $3.1 billion private credit BDC, paid every repurchase request in full for fifteen offers from 2022 through December 2025. Then requests of 10-12% of its units hit a 5% cap: it bought 47.8% of each request in March 2026, 41.6% in June and about 43.8% in September. Eighteen offers from its filings, with NAV, the cut distribution and the money flowing out.
Opportunity Zone Funds, From Their Form D Filings: 1,044 Issuers, $18.6 Billion Reported Sold, and the Tax Date Every Pre-2027 Investor Faces on December 31, 2026
Every qualified opportunity fund and opportunity zone vehicle we could find in SEC Form D filings from 2018 to October 5, 2026: 1,044 issuers reporting $18.58 billion sold to 33,294 investors, the largest funds by amount sold, the sales commissions the broker-sold ones disclose (up to 10% of the offering), how new launches fell from 251 in 2019 to 40 in 2026, and what the statute says happens to deferred gains on December 31, 2026 and to money invested from January 1, 2027.
PIMCO Flexible Credit Income Fund (PFLEX) Repurchases: Requests Hit 4.83% in May 2026 and NAV Fell to $6.61
PIMCO Flexible Credit Income Fund (Institutional: PFLEX), a $4.4 billion credit interval fund, has bought every share tendered in its quarterly 5% offers since August 2024, after prorating holders in 2023. In the May 2026 offer holders asked for 4.83% of the fund, the most since 2024, while sales of new shares fell by a third in two quarters. NAV was $6.61 on September 28, 2026, down 8.3% in a year. Twelve repurchase results with shares tendered, nine offer notices, NAV, income, leverage and the offer that closes November 5, 2026.
Private Credit ETFs, Read From Their Holdings: PRIV Is 5.3% Level 3, and the BDC ETFs Cost Up to 11.77% a Year
We read the latest Form N-PORT of eight ETFs sold as private credit. At July 31, 2026, State Street's PRIV ($834.4M) had 5.33% of net assets in Level 3 holdings, mostly seven Apollo-originated 'AP' notes, against a prospectus range of 10%-35%; 34.5% was Treasuries and agency mortgages. BIZD, PBDC and VPC hold listed BDC shares (Level 1) and show total expenses of 9.69%-11.77% once BDC costs are counted. PCMM holds middle-market CLOs and PCR mostly T-bills plus swaps. Holdings, Level 3 share, costs and returns, with accession numbers.
Private Credit Fund Redemptions Tracker, October 2026: Which Funds Paid 100% and Which Prorated
Twelve private credit funds, one table: what holders asked to sell and what each fund paid in its latest completed offer. Seven of ten non-traded BDCs prorated, buying 13% to 49% of each request; three paid in full. Two interval funds are capped at 5% to 7%. Each row comes from the fund's own SC TO-I/A, N-CSR or N-CSRS, with the accession number.
Real Estate Bonds 2026: What 15 Bond Issuers Selling to Individuals Owe, Hold and Disclose
In the US, the real estate bonds sold to individuals are mostly Regulation A notes from small lenders and landlords, not rated bonds. We read the latest 1-K, 1-SA and 10-Q of 15 issuers (Compound, Worthy, GK, Red Oak, MCI and USA Opportunity). Seven carry going-concern doubts. Two Worthy companies dissolved in January 2026 with $12.7 million of bonds still frozen. Worthy Community Bonds had $0 cash in June 2026, and GK Investment Holdings defaulted on $24.2 million before repaying it six weeks later.
Real Estate Syndication by the Numbers: 5,358 New Deals Filed With the SEC in 18 Months, a $5 Million Median Raise and a $50,000 Median Minimum
What a real estate syndication is, measured from the SEC's own Form D data: 5,358 new real estate LLC and LP offerings filed from January 2025 to June 2026, with a $5.0 million median offering, a $50,000 median minimum, 28% using public advertising under Rule 506(c), only 5% paying sales commissions and 24% reporting payments to the sponsor's own people. Plus the trend since 2018: new deals fell 27% after the 2022 peak and are up 15% in the first half of 2026.
Reg A Offerings in Real Estate, 2025-2026: All 62 New Offering Statements in the SEC Data, What They Ask For and What Happened to Them
Every real estate Regulation A (Reg A+) offering statement filed with the SEC from January 2025 to September 2026, read from the SEC's own Regulation A data sets and EDGAR: 62 statements from 54 issuers, a median maximum of $74.8 million, 27 at the $75 million Tier 2 ceiling, 36 qualified, 18 still waiting and 6 withdrawn, sales commissions of up to 7.5%, and the 21 real estate offerings that filed an exit report on Form 1-Z.
Section 199A Dividends on a Non-Traded REIT 1099-DIV: How 21 REITs Say Their 2025 Distributions Were Taxed
What your non-traded REIT's Form 1099-DIV is made of, from each REIT's own 10-K. Of 21 non-traded REITs, 14 publish the tax character of their 2025 distributions: four (BREIT, Ares Industrial, Hines Global, Brookfield) were 100% return of capital, seven had no ordinary income at all, and the median was 80% return of capital. That shrinks box 5 (Section 199A dividends, now a permanent 20% deduction) and quietly lowers your cost basis, which changes the loss you think you have before December 31.
SREIT Performance and Redemptions: Every Year's Return and Every Month's Repurchases, 2019-2026
Starwood Real Estate Income Trust (SREIT, CIK 1711929) Class I returned 13.6% in 2019, 6.4% in 2020, 26.3% in 2021 and 6.3% in 2022, then -8.6% in 2023, 0.2% in 2024 and -2.4% in 2025, per its 10-Ks. Class I NAV fell from a $27.63 peak in September 2022 to $19.27 in August 2026, below its 2018 start. Every month since October 2022 from its filings: requests as a share of NAV, the share of each request paid (63% in November 2022, about 4% through most of 2024-2025), quarterly capacity, and the $4.2-5.1 million a month accepted since the April 2026 freeze. 245 rows.
What Happened to Ashcroft Capital? The 'Lawsuit', the Paused Payouts and $413M of Form D Raises
The 'Ashcroft Capital lawsuit' that ranks on Google was a former employee's suit, dismissed with prejudice on October 27, 2025. What did happen to investors: Fund I distributions paused in late 2023, a 19.7% capital call on Elliot Roswell in April 2024, and $35 million of Fund II interests seized in an unrelated federal case. Plus every Ashcroft Form D on EDGAR: $413.2 million reported sold across 35 issuers.
What Happened to United Development Funding (UDF IV)? From $20 a Share to About $5 in Ready Capital Stock
UDF IV sold shares at $20 and raised about $615 million. After an FBI search, a Nasdaq halt, an SEC case and the 2022 fraud convictions of four executives, it merged into Ready Capital on March 13, 2025 for $2.38 in cash plus 0.416 RC shares and 0.416 CVRs per share, about $5.0 at closing values. The Fair Fund paid 12.27% of losses. Every number from SEC, court and Ready Capital filings.
When Are K-1s Due in 2027? The Legal Deadline vs the Dates 22 Funds Promise in Their SEC Filings
For tax year 2026, a calendar-year partnership owes you a Schedule K-1 by March 15, 2027, or by September 15, 2027 if it files Form 7004, which most do. We read the filings of 22 K-1 funds sold to individuals (BXPE, KKR K-PEC, Apollo, EQT, Belpointe, Reg A real estate funds): 17 aim for March 16 or March 31, two give no date, and several already tell you to file an extension.
Apollo Debt Solutions (ADS): $23.84 NAV, Redemptions at 29.8%
Apollo Debt Solutions (ADS): $14.2B NAV, $23.84 a share, $0.18 monthly payout, $2,500 minimum. Redemptions prorated: 29.8% paid in June; 14.7% asked in Q3.
OCIC Redemptions: Blue Owl Credit Income Corp Paid 22.8%, Then 26.6% of Requests
Blue Owl Credit Income Corp (OCIC), the roughly $19 billion non-traded BDC with about 90,000 shareholders, paid every quarterly repurchase request in full through December 2025. In 2026 holders asked to sell 21.9%, 18.8% and about 16.8% of the shares in three straight quarters against a 5% limit; OCIC bought 22.8% and 26.6% of each request and expects about 30% in Q3. Its technology sibling OTIC filled 13-14%. Eleven quarters from the filings, with NAV, debt, new money and the Cox-Saba bid.
OBDC II: Blue Owl Has Returned $3.54 a Share Since It Ended Redemptions. NAV Is $4.87
Blue Owl Capital Corporation II (OBDC II) replaced its quarterly tender offers with return-of-capital distributions in February 2026 after selling $600 million of loans. It has paid $2.50, $0.42 and $0.62 a share, about 43% of its December 2025 NAV, and says it is on track for 50% by year-end. Its June 30 NAV was $4.87, second-quarter net investment income covered about 16% of the monthly dividend, and Cox Capital and Saba bought shares at $3.80. Every figure from its SEC filings.
Cliffwater Corporate Lending Fund (CCLFX) Repurchases: 7.00% in March 2026, the Most It Can Buy
Cliffwater Corporate Lending Fund (CCLFX), the roughly $30 billion private credit interval fund, offers to repurchase 5% of its shares every quarter. For three years it bought 1.6-3.7% per offer. In the year to March 2026 that rose to 5.32% in December and 7.00% in March, the 5% offer plus the full 2% extra the rules allow, and $6.04 billion in total against $2.24 billion a year earlier. Twelve repurchase results from its annual reports, the 2026 offer calendar, NAV, income and leverage.
HLEND Redemptions: HPS Corporate Lending Fund Paid 37.6% of Requests in Q2 2026
HPS Corporate Lending Fund (HLEND), the BlackRock-owned HPS non-traded BDC, paid every quarterly repurchase request in full from late 2023 through December 2025. Then requests outran its 5% limit: it bought 54.0% of each request in the March 2026 offer and 37.6% in June, when holders tendered 66.7 million shares. Third-quarter requests were about 11.5% of shares. Eleven quarters from its filings, with NAV, leverage, the distribution cuts and Cox Capital's $18.40 bid.
BCRED Redemptions: Blackstone Private Credit Fund Paid 100% for Two Years, Then 48.5%
Blackstone Private Credit Fund (BCRED) paid every quarterly repurchase request in full from early 2024 through March 2026, including $3.2 billion in April 2026. In its June 2026 offer, holders asked to sell 191.8 million shares ($4.5 billion) and the fund bought 93.1 million, 48.5% of each request. Q3 requests were about 10% of shares against a 5% limit. Eleven quarters from its filings, with NAV, leverage, distributions, new money and Cox Capital's $20.65 bid.
Cox Capital Partners Tender Offers: Every Bid in SEC Filings, 12% to 42% Below NAV
Cox Capital Partners buys shares of non-traded BDCs, REITs and interval funds from holders who want out, at a discount. Every Cox bid that reached SEC filings from September 2025 to October 2026: FS Specialty Lending at $11.50 (42% below NAV), SREIT and Blue Owl Capital Corp II with Saba, HPS Corporate Lending at $18.40 (25%), Ares Strategic Income Fund twice and Blackstone's BCRED at $20.65 (12.5%). Every board said reject.
Inland Private Capital DSTs, From 1,579 Form D Filings: $8.67 Billion Sold, a Load Back Up to 7.9%, and the Zero-Coupon Deals
Every Inland Private Capital (IPC) Delaware statutory trust that filed a Form D with the SEC from 2009 to September 2026: 215 DSTs that report $8.67 billion sold across 23,240 investor positions. Unlike most sponsors, IPC updates each Form D until the offering closes, so these are amounts actually raised. Median selling commission 6.0%, 7.9% on the 2025-2026 multifamily deals; payments to related persons median 6.75%, and about 24% on the 'Zero Coupon' DSTs.
Kingsbarn Realty Capital: Who Runs It, $1B Raised, DST Fees
Kingsbarn Realty Capital is a Las Vegas DST sponsor led by Jeff Pori. Its Form Ds show 86 DSTs, about $1.05B sold and median sponsor fees of 8.0% of the offering.
Accordant ODCE Index Fund (ODCEX): One $50 Million Class Now Owns 61%, the Fee Cap Ends October 30, and 73% of the Payout Was Your Own Money Back
Accordant ODCE Index Fund (ODCEX), the interval fund that buys into the big private core real estate funds of the NFI-ODCE index, grew from $46 million to $170.5 million in a year, $103 million of it in September 2025 into its $50 million-minimum Class Y. Its expense cap ends October 30, 2026 (Class I costs 1.67% without it, before the underlying funds' own fees), 73% of fiscal 2026 distributions were return of capital, and its quarterly exits sit on funds with redemption queues, including one its own sub-adviser is buying into at 95% of NAV.
Capital Square DSTs, From Their Own Form D Filings: 135 Offerings, an 8.4%-8.5% Sales Load, and the Deals That Pay Related Parties Most
Every Capital Square (CS1031 and CSRA) Delaware statutory trust that filed a Form D with the SEC from 2013 to June 2026: 135 offerings with $3.52 billion of stated offering amounts, a sales commission of 8.5% of the offering on almost every deal since 2019 (8.4% on the newest), a median of 4.3% budgeted for payments to Capital Square and its officers, and five DSTs where that figure is above 12%, including one at 51.7%. What the Form D shows, what it can't, and what to ask before a 1031 exchange.
First Eagle Real Estate Debt Fund (FERLX): Fix-and-Flip Loans, a Seed Investor Heading for the Exit, and an October 7 Repurchase Deadline
First Eagle Real Estate Debt Fund (FERLX) is mostly short-term loans to house flippers, not commercial real estate: 71% of its $80.3 million at June 30, 2026. Its seed investor held 99% for a year and sold 118,665 shares in July; the board cut every other holder's ownership cap to 1.67%. Expenses were 3.99% before the adviser's subsidy and 0.45% after, the subsidy ends April 30, 2027, and Victory Capital is buying First Eagle. The next repurchase deadline is October 7, 2026.
Strategic Storage Trust VI and SSGT III Merger: The October 26 Vote, a 1.0 Exchange Ratio, and No NAV for One Side
Strategic Storage Growth Trust III (SSGT III) holders vote on October 26, 2026 on merging into Strategic Storage Trust VI at 1.0 SST VI Class A share per share. SSGT III has never published a NAV; SST VI's is $10.00, but its equity was negative at June 30, 2026 and its redemptions are suspended. The fairness adviser's range ran from 0.636x to 1.560x, the first offer was 0.9x, and SmartStop runs both sides. SST VI holders get no vote and end up with about 59% of the company.
Terra Property Trust in 2026: A Going-Concern Warning, No Dividend Since March, and Noteholders Paid Three Different Ways
Terra Property Trust's June 2026 10-Q says there is substantial doubt about its ability to continue as a going concern: $57.9 million of debt due within a year against $9.7 million of cash. Book value fell to $5.20 a share, the dividend was $0.04 in 2026 and nothing in the second quarter, a $70 million loan was written off, and holders of the 6% notes due June 30, 2026 got par in cash, 7% notes to 2029 or 25% cash plus 11% notes to 2027, depending on what they did.
Fortress Credit Realty Income Trust: Payouts Above Earnings, a $1 Billion Lock-Up Ending, and Tax Liens Bought From Fortress
Fortress Credit Realty Income Trust, the private real estate credit REIT sold to accredited investors through J.P. Morgan, Morgan Stanley and others, has declared more in distributions than it earned in every reported period. Its filings show 69% of its $1.46 billion NAV sits in share classes whose two-year lock-up is now ending, $410 million in tax liens, part bought from a Fortress affiliate, and debt of about 1.6 times NAV.
Fundrise vs Arrived vs FISYN With $5,000: What Their SEC Filings Say About Fees, Returns and Getting Your Money Out (2026)
Three platforms, one $5,000 question, answered from the filings. Fundrise's Flagship fund is a registered interval fund with a $1,000 prospectus minimum, quarterly exit offers of 5% to 25% of shares (the latest was 5%) and a 4.03% five-year return. Arrived's homes cannot be redeemed at all; its pooled fund can, after six months. FISYN Fund II is open to non-accredited investors from $1,000, reported $0 revenue with 68% of expenses on advertising, charges a 6% first-year management fee and has not filed the annual report due April 30, 2026.
Goldman Sachs Real Estate Diversified Income Fund: The October 14 Repurchase Deadline, and Why Holders Have Been Getting 3 Shares Out of 10
Goldman Sachs Real Estate Diversified Income Fund, the interval fund formerly known as Resource Real Estate Diversified Income, has a repurchase offer open until October 14, 2026. Its reports show the share of tendered stock it buys back falling from 100% in October 2023 to 29% in January 2026, net assets down from $401 million to $262 million in two years, Class A NAV from $10.45 to $7.52, and a $0.60 payout that was 98% return of capital.
Goldman Sachs Real Estate Finance Trust (GS REFT): 2.9x Leverage, Loans at Par, and Upfront Fees Carrying Half the Payout
Goldman Sachs Real Estate Finance Trust, the private commercial real estate credit REIT sold to accredited investors, had $1.68 billion of debt against a $582 million NAV at June 30, 2026. Its own filings show that loan origination fees made up almost half of its first-half income, that every loan is carried at par, and that one holder owning 21% of the votes can ask to be repurchased from January 2027.
Is This DSCR Lender Legit? NMLS IDs, State Licenses and Complaints for 20 Lenders (2026)
We checked 20 names DSCR borrowers ask about (Kiavi, Lima One, Angel Oak, Griffin Funding, Visio, CoreVest, Easy Street, New Silver, Deephaven, Newfi, LendingOne, OneMoreDoor, Loankea, DSCR Finder and more) against primary sources on September 27, 2026: NMLS ID as the company prints it, where it lends, whether it is a lender, a wholesaler, a broker or a comparison site, CFPB complaint counts, BBB rating and public enforcement orders. Every number links to its source.
Lodging Fund REIT III Has Not Filed a 10-Q in 2026. Its Shares Still Carry a $10.57 NAV Set in 2022
Lodging Fund REIT III, the private hotel REIT sponsored by Legendary Capital, has filed late-filing notices for 14 of its last 16 periodic reports and has not filed its first- or second-quarter 2026 10-Qs. Its last balance sheet shows $5.5 million of stockholders' equity for 10 million shares, $75 million of debt due in 2026, no distributions since August 2024 and no repurchases since 2023.
USQ Core Real Estate Fund (USQIX) Is Liquidating: What Holders Have Been Paid, and the $125.7 Million Still Inside
USQ Core Real Estate Fund, the interval fund of private core real estate funds run by Union Square Capital Partners, adopted a plan of liquidation in October 2025 and stopped repurchases. Its filings show two liquidating payments of $0.56 and $4.886 a share, NAV at $16.33 in March 2026 against $29.86 in 2022, $125.7 million still invested in June, one underlying fund gated, and a warning that the end may not come until 2027 or later.
DSCR Loan Requirements 2026: What 7 Lenders Actually Publish (Ratio, FICO, Down Payment, Loan Size)
DSCR loan requirements as each lender states them on its own site, read September 26, 2026: minimum ratio from 'no minimum' (Easy Street) and 0.75 (LendingOne) to 1.10 (Quontic), credit scores from 620 to 700, 20% down on purchases at most lenders and 25% on cash-out, loan sizes from $75,000 to $3.5 million. Plus the occupancy rule in federal regulation that decides whether you can use one at all.
Inland Private Capital's ALT REIT: 88% Owned by Former DST Investors, $14.8M Raised in Three Years
IPC Alternative Real Estate Income Trust (ALT REIT), Inland's non-traded REIT for DST 721 exchanges, filed a new $1.25 billion S-11 on September 25, 2026. Its own filings show former DST investors hold 87.8% of its $140.5 million NAV, the public offering raised $14.8 million in three years, and debt is $270 million against $417 million of property.
NexPoint Capital NAV: $4.44 on Sept 30 After a $4.64 Tender
NexPoint Capital, the non-traded healthcare BDC that closed its offering at $10.75 in 2018, set its NAV at $4.44 on September 30, 2026, after a tender at $4.64 on September 22. Filings show 83,436 shares tendered, the offer cut from 2.5% to 1%, all of 2025 paid as return of capital, two NAVs for the same dates and one holder with 30.7%.
What Is a DSCR Loan? How It Works, the Math, and What the Loans Look Like on a Lender's Books (2026)
A DSCR loan is a rental-property mortgage approved on the property's rent instead of your income. How the ratio is calculated (two formulas, two answers), who can use one, and what the product looks like in real numbers: a public DSCR lender's June 2026 book carried a 9.74% average coupon and 9.6% of loans 90+ days late, while advertised rates start at 6.125%.
Ares Strategic Income Fund (ASIF): Cox Bids $23.15, 13% Under NAV, While Tenders Pay 38%
Cox Capital Partners is offering $23.15 a share for up to 431,965 Ares Strategic Income Fund Class I shares, 13.4% below the $26.74 August NAV, its second bid since July; the board says reject. Meanwhile ASIF paid every tender in full through December 2025. Then requests jumped: 45.3 million shares in March 2026, 56.9 million in June and 50.4 million (13.1% of the fund) in September, against a 5% limit, so holders were paid 43.1%, 34.7% and now 38.2% of what they asked ($515 million on September 25). The full record from its filings, with NAV, leverage and money coming in.
CNL Strategic Capital: 93% Voted Yes on a 25% Buyback and It Still Failed. What Is Left Is 2.5% a Quarter
CNL Strategic Capital's board decided to stay a perpetual fund instead of pursuing the liquidity event its prospectus pointed to by November 2027, and offered shareholders a buyback of up to 25% instead. It needed two-thirds of all shares and got 55%. What the filings say about the vote, the repurchase queue that used 92% of its cap in June, the credit line rewritten to fund buybacks, and the next deadline.
Oaktree Strategic Credit Fund (OSC): Every Tender Paid in Full, Two Dividend Cuts, and New Money Down 90%
Oaktree Strategic Credit Fund has never prorated a tender offer, but it took an adviser affiliate buying 1.7% of the shares to keep that true in March 2026. The full record from its filings: seven quarters of repurchases, the two dividend cuts from $0.20 to $0.16 a month, NAV from $23.56 to $22.32, and gross sales that fell from $612 million to $61 million a quarter.
StratCap Digital Infrastructure REIT: No Sale, No Distributions, and 1.9 Million Shares a Month Asking to Get Out
On September 23, 2026 the board of StratCap Digital Infrastructure REIT ended a five-month strategic review by deciding not to sell the company. Distributions have been suspended since May, the repurchase program only accepts death and disability requests, and the filings show 1.9 million shares on file asking to be repurchased in a single month. What the letter says, what the NAV is made of, and what a holder can actually do.
Lightstone REIT II's $97.8 Million Hotel Loan Matured on September 15. Seventeen Days On, There Is Still No 8-K.
Lightstone Value Plus REIT II's only debt, a $97.8 million nonrecourse facility secured by all ten of its hotels, reached its initial maturity on September 15, 2026. A July modification also required hotel sales or another $7.5 million by August 31. Neither deadline has produced a filing: the fourth business day after the maturity was September 21, and on October 14 the record was still silent; the only documents filed since, a proxy statement and annual report on October 1 for a December 14 meeting, do not mention the loan. What the record shows, and what it cannot tell you.
VineBrook Homes Tender Offer Results: 2,753,350 Shares Tendered for 909,090 Spots at $33.00 (About 33% Prorated)
Final results, October 7, 2026: VineBrook Homes Trust's first-ever tender offer at $33.00 a share (against its own $52.68 NAV) drew 2,753,350 shares for 909,090 places, so each tender was cut to about 33.02% and the rest returned; payment is due October 8. The offer had closed on October 5, 2026. Three weeks earlier its 10-Q said the company 'does not have sufficient liquidity' to meet $612.2 million of debt due within 12 months. The offer was conditioned on a new loan of at least $25.0 million; on September 28 the company closed it: $25.0 million at 10.0% for one year from The Ohio State Life Insurance Company, which the filing says may be deemed an affiliate of VineBrook's own adviser. Then, on September 22, Amendment No. 1 restated the company's own book value per share for the same June 30 balance sheet from $7.65 to $3.60. Every figure from the filings.
Lightstone REITs 2026: NAV, Redemptions and Debt Due for Value Plus REIT I, II, III, IV and V
The five Lightstone non-traded REITs read side by side from their FY2025 10-Ks and June 2026 10-Qs: estimated NAVs from $9.38 (REIT IV, formerly Lightstone Real Estate Income Trust) to $16.56 (REIT V), repurchases limited to death and hardship in four of them, REIT II's $97.8 million hotel loan due September 15, 2026, and REIT V's liquidity target moved to 2033.
Mini Tender Offers for Non-Traded REITs: Every 2026 Bid vs NAV
What a mini-tender offer is, what the SEC says it does not protect, and every 2026 offer for non-traded REIT shares on SEC EDGAR priced against the REIT's own NAV: Cox Capital and Saba's $15.00 for SREIT (75.6%), MacKenzie's $0.04 for Highlands (13.8%), $7.27 for National Healthcare Properties and $4.55 for CNL Healthcare, and self-tenders by VineBrook (62.6%), Highlands (69.0%) and Lightstone V (85%), with each one's status as of October 9, 2026.
CNL Healthcare Properties: What Happened to the Shares, the NAV History and What Each Share Became
CNL Healthcare Properties (CHP) sold shares at $10.00 to $10.58, raised $1.67 billion, paid a $2.00 special distribution in 2019 and saw its NAV fall from $10.32 to $6.64. In March 2026 Sonida Senior Living (NYSE: SNDA) acquired it: $2.32 cash plus 0.1318 SNDA shares per share, about $6.76. Year-by-year distributions, NAVs and tender offers from the SEC filings.
The VCMIX Auction Closed. The Next One Cannot Happen Before February 2027
Order entry in the first Nasdaq Fund Secondaries auction for VCMIX (Harrison Street Real Estate Fund) closed on September 18, 2026. The prospectus authorizes an auction only after two consecutive pro-rated repurchase offers and then resets the count, so the next one cannot be authorized until the October 23, 2026 and January 2027 offers are both pro-rated: February 2027 at the earliest, and only if the operator runs it. What is left until then is the quarterly offer at NAV, which filled 16.6% of tendered shares in April. The filings, the dates and the arithmetic.
721 Exchange (UPREIT): Which REITs Still Let You Out in 2026
What a 721 exchange (UPREIT) is, with the Section 721 text, and what 14 non-traded REITs with DST programs reported for Q2 2026: twelve paid every repurchase request, Cantor filled 38.4% to 49.1% in the quarter and 27.0% in September, and Starwood accepts only death, disability and small accounts.
The Fundrise iPO Has No Redemption Plan. Here Is What the Filing Says Instead
The Fundrise iPO has no formal redemption plan and no holder right to a buyback. Fundrise does run a discretionary request form: if it accepts a request, it pays the original purchase price, not the current share price, with no guarantee and no timeline. What the offering circular, Fundrise's own redemption page and its written answers to a shareholder say.
J.P. Morgan's REIT Paid Its Sponsor Back $100 Million. What That Means for You
J.P. Morgan Real Estate Income Trust's June 30, 2026 Form 10-Q states that all shares and units issued in the JPM Initial Capitalization have been repurchased. JPMIM committed $100 million in 2022; $61.07 million of it went back in the first half of 2026 alone, out of $212.38 million raised. The mechanism is disclosed and automatic: 80% of net monthly offering proceeds, after third-party requests. Six weeks later the fund raised its repurchase facility to $400 million and its revolver to $550 million. Every figure from the filings.
Six Non-Traded REITs Could Not Get a Quorum in 2026. Their Boards Kept Their Seats
Starwood's SREIT, J.P. Morgan's JPMREIT, Nuveen Global Cities REIT, Ares Real Estate Income Trust, FS Credit REIT (twice) and Lightstone REIT V all convened 2026 annual meetings that failed for want of a quorum. Under Maryland law the incumbent directors continue as holdover directors. Ares REIT permanently adjourned. On the same morning, in the same Denver office, its sister fund Ares Industrial cleared the same 50% bar by one percentage point. Compiled by reading every 2026 Form 8-K of 51 registrants, with one accession per row.
RREEF Redemptions Use a Two-Week-Old Price. In 2026 It Was Never Above NAV
RREEF Property Trust publishes a daily NAV and, separately, a fixed Redemption Price posted at least ten business days before month end. Redemptions settle on the last business day at that older price. Across seven share classes and eight months of 2026, 56 observations: the redemption price was below the month-end NAV 52 times, equal 4 times, and higher zero times. The gap runs from 0.00% to 0.53%. Every figure from the 424B3 supplements, with an accession per row.
Roots Bought 78 Homes From Its Own Sponsor. The Prices Are Round Numbers, Split 78 Ways
The Form 1-U Roots filed on September 2, 2026 reports the August 25 purchase of 78 single-family homes for $25,219,999.99 from three Flipside entities — one wholly owned by sponsor Seed InvestCo, two partially owned. We extracted all 23 price blocks and checked the arithmetic: each of the three lot prices is a round number ($14,825,000.00, $7,000,000.00, $3,395,000), and inside each lot the ratio of price paid to stated market value is identical to seven decimal places. The filing calls each figure an 'allocated purchase price,' and that is exactly what it is. The prices are three negotiated lump sums, back-allocated across 78 houses in proportion to appraisal — not 78 separate valuations.
Streitwise Froze Redemptions on July 1. Its Website Still Takes Redemption Requests
The Form 1-SA filed September 4, 2026 discloses that 1st stREIT Office Inc., the REIT behind Streitwise, suspended its offering effective June 25 and its stockholder redemption plan effective July 1, while evaluating 'possible strategic alternatives.' At June 30 there were 454,594 shares still queued for redemption — 25.3% of every share outstanding. Sixty-seven days later, streitwise.com still serves a working redemption request form marked 'currently applicable' and a performance page headed '8.3% Dividend Average,' with no mention of either suspension. The current declared rate is 1.6% on the $10 offering price. The manager's 2% fee on a NAV it computes itself now runs at 183% of what common stockholders receive in dividends.
Blue Owl's Private Net Lease REIT Raised $2.1 Billion Through October 1 — 4.3x What BREIT Raised Privately Through September, on One Sixth the NAV
ORENT's September 18, 2026 8-K closed the last gap in the series: a further 2,318,790 Class I shares sold to feeder vehicles for about $25.0 million, dated September 1 but priced off the August 31 NAV. Aggregating all 18 unregistered-sale disclosures in its 2026 Forms 8-K gives about $1.95 billion raised through September 1 in two parallel private channels (the October 5 8-K lifts the 2026 total to $2.1 billion through October 1) — 20.1% of its own net asset value in eight months, against 0.79% for Blackstone's BREIT over the same period (a BREIT figure we corrected upward on September 5, 2026). Every class receives the same $0.0625 gross monthly distribution and then the shareholder servicing fee carves it up: Class I keeps all of it, Class S keeps 87.7% on the July declaration and 88.0% on September's, a drag of 81 basis points a year at July NAVs on an identical portfolio.
Blackstone's BREIT Now Has Eleven Share Classes, and the Fastest-Growing Ones Are Not Sold to the Public
CORRECTED September 5, 2026. BREIT sold $450,725,212 of unregistered shares in 2026 through three private channels: Class S-2 $313,017,946 to accredited investors, Class L $90,000,000 to accredited investors who are also qualified purchasers, and Class C $47,707,266 to an offshore feeder under Regulation S. Our first version reported $233,271,695 and said the private Class S-2 channel opened on July 1. Both were wrong: BREIT changed filing agents in July, and the January to June sales were filed under a different accession prefix our extraction missed. Class L is the only genuinely new channel.
CIM Real Estate Finance Trust Stockholders Bought a REIT. On June 24 They Woke Up Owning 32.5% of an Investment Manager, With No Vote and No Proxy
On June 24, 2026 CIM Real Estate Finance Trust contributed its operating partnership to a new one, CIM Group Holdings contributed its asset-management business, and the sponsor emerged with 67.5% of the economics and the votes. The former non-traded REIT was renamed CIM Group, Inc. two days later, terminated its REIT election retroactively to January 1, and no proxy statement was filed. The last estimated NAV is $5.14; the secondary market printed $2.25 to $3.09 in the quarter. Every figure from the 8-K and the 10-Q.
The 8.5% 'Digital Bond' Just Filed Its First Audited Year: $91,642 Earned, $693,190 Owed to Bondholders, and Liabilities $1.38 Million Above Assets
Compound Real Estate Bonds II filed its first Form 1-K on September 3, 2026 for the year ended June 30, 2026. The audited balance sheet shows $19,761,427 of assets against $21,137,844 of liabilities on bonds that are repayable on demand. Interest income was $91,642; interest accrued to bondholders was $693,190; marketing was $519,113. The auditor's report carries a going-concern paragraph, the previous auditor was dismissed eleven days before it was signed, and a verbal 2% license fee to the parent — $542,422 if declared — sits off the balance sheet.
Highlands REIT Bought 18.7% of Its Shares at $0.20. Its Own Offer Said That Price Was Stale
On September 1, 2026 Highlands REIT launched a self-tender for up to 125,000,000 shares at $0.20, funded from cash on hand; when it closed on September 29, 135,380,970.82 shares had been tendered and the company bought every one, $27.1 million and 18.7% of its shares (final amendment filed October 1). The last estimated NAV is $0.29; secondary trades in the quarter were $0.04 to $0.14. On July 9 the REIT leased its long-vacant Hudson, Colorado correctional facility to GEO Secure Services for 88 months at $250,000 a month rising to $958,333 a month on occupancy, and falling to $250,000 a year if GEO's contract with its 'unrelated third party' ends. The same day, ICE awarded GEO a five-year contract worth up to $528.6 million for that building. Every figure from the filings; the counterparty from the Colorado press.
NAV REIT Share Class Fee Calculator: What Your Class Costs You Against the No-Fee Class, From the Sponsor's Own 8-K
Pick your non-traded REIT and your share class, enter what you invested, and see what the stockholder servicing fee takes each year against Class I or Class E on the same portfolio. Every figure is the gross and net distribution exactly as filed in each sponsor's August 2026 distribution 8-K for Blackstone, Starwood, J.P. Morgan, Invesco, Apollo, Brookfield, RREEF, North Haven and Blue Owl. No fee table is invented; the calculator multiplies what the filing says.
Starwood's SREIT Paid Its Own Adviser $18.6 Million for Shares 'Outside the Share Repurchase Plan' in the Same Quarter It Paid Every Other Stockholder $9.6 Million, Death and Disability Only
Since April 29, 2026 Starwood Real Estate Income Trust accepts no repurchase requests except death, qualifying disability and accounts under $5,000. Its June 30 Form 10-Q states that in that same quarter the Company repurchased 941,662 Class I shares held by the Advisor for $18.6 million, 'outside of our share repurchase plan', to settle the Advisor's tax obligations on fees it takes in stock. Repurchases accepted from all other stockholders in April, May and June: $4.8 million, $2.3 million and $2.5 million. A Form 4 filed September 3 shows the Advisor group disposing of another 513,382 shares at the $19.41 NAV. Every figure from the filings.
NexPoint's $21.9M Interval Fund Is 25.6% IQHQ, 34% Its Own Subsidiaries, Down 24.9% in a Year, and the IQHQ Coupon Field Jumped From 10.5% to 15.5% Without Explanation
NexPoint Real Estate Strategies Fund (NRSAX, NRSCX, NRSZX) filed its June 30, 2026 portfolio on August 31, 2026. Net assets $21,852,814, down 5.98% in the quarter and 24.89% in a year. 28 lines, 67.03% Level 3. Five IQHQ instruments are 25.56% of net assets, up from 19.30% a year ago while the dollars stayed flat; the IQHQ private common was marked down 57.7% and the IQHQ warrants marked up 271% over the same twelve months. The fund's own REIT subsidiaries are 33.95%. Class Z NAV fell from $13.23 to $12.71 between the May and August repurchase notices. April redemptions of $1,151,856 were 4.96% of net assets, the seventh quarter in a row at or near the 5% cap. Updated September 21, 2026 with the semi-annual report filed September 4: distributions of $1,287,415 for the half against $371,123 of net investment income, 3.5 times cover, and the fund's statement that it does not expect to use its 2% oversubscription headroom. The request deadline is 4:00 p.m. ET on September 22, 2026 — the price is struck later.
PIMCO's $668M Real Estate Interval Fund Is 66.5% Level 3, Half the NAV Sits in Ten Loans, and 47 of Its 116 Lines Are 2005-Era Mortgage Trusts
PIMCO Flexible Real Estate Income Fund (REFLX) filed its June 30, 2026 portfolio on August 31, 2026. Net assets $668,276,187, up 13.5% in the quarter on $75.9M of new sales against $7.2M of redemptions. 116 lines: 66.52% Level 3, the ten largest positions are 50.05% of net assets and every one is Level 3, 47 mortgage- and asset-backed lines from Lehman, IndyMac, GreenPoint and RALI-era trusts add up to 13.63%, and financing of $73.5M (11.0% of net assets) runs through repo, an RTL line and a Citi facility. The quarter's two filings were prepared by different agents and the same assets carry different names, categories and coupon fields.
Roots Bought 78 Houses from Its Own Sponsor in One Day. The 78 'Market Values' in the Filing Contain Only Three Independent Numbers
On August 25, 2026 the Roots REIT acquired 78 single-family homes and townhomes from three Flipside entities owned wholly or partly by its sponsor, Seed InvestCo, for $25,220,000 against a stated market value of $28,569,000. Within each seller the ratio of price to stated market value is identical to six decimal places — 1.145025, 1.134286 and 1.076289 — so the per-property valuations are an allocation key, not 78 appraisals. The control comes from Roots' own filings: Georgia Flip Fund, the one seller never described as sponsor-affiliated, is priced house by house every time, four properties with four ratios from 1.09 to 2.09. Verified against SEC Form 1-U accessions 0001493152-26-041171, -036317, -031858, -026854 and the 2025 Form 1-K.
Fundrise's Other Fund Holds 72 Investments Instead of 10. It Is 84.90% Level 3 Anyway — and It Is Borrowing $82.5 Million from J.P. Morgan and Barclays
Fundrise Income Real Estate Fund filed its June 30, 2026 portfolio on August 31, 2026. Net assets $648,936,848 across 72 investments (91 lines in the filing, 19 of them negative reverse-repo lines) against the flagship's 10 — and the share valued by Fundrise rather than by a market is 84.90%, almost identical to the flagship's 86.72%. Nineteen reverse repurchase agreements with J.P. Morgan Securities and Barclays total minus $82,498,997, or 12.71% of net assets. Median coupon 13.00%. No position flagged in default at June 30 (one was at March 31).
Fundrise's $1.23bn Flagship Fund Has Ten Holdings. Seven Are Fundrise's Own Entities, 86.7% Is Valued by Fundrise, and the Quarterly Exit Is Set at 5%
Fundrise Real Estate Interval Fund filed its June 30, 2026 portfolio on August 31, 2026. Net assets $1,232,657,000 across 98,450,123 shares, NAV $12.52. Ten positions: 90.1% sits in entities named Fundrise, 86.7% is Level 3 and marked restricted, and the only liquid holding is a $112.97M Treasury money-market fund. Level 3 rose from 82.4% to 86.7% in the quarter while the fund shrank 8.0%. The real estate fund now also holds an AI private-equity LP interest and data-centre PIK debt at 12.55%.
Eight NAV REITs Declared August Distributions in the Same Week. We Read All Eight Filings — and the 'Net Distribution' Column Does Not Mean the Same Thing in Any Two of Them
Blackstone, Starwood, J.P. Morgan, Invesco, Apollo, Brookfield, RREEF and North Haven all declared August 2026 distributions between August 27 and September 1. Every filing prints a gross distribution, a deduction, and a net. Five deduct only a stockholder servicing fee, two also deduct a management fee, one deducts dealer manager and distribution fees. Within a REIT the class gap is real and reaches 54.83%. North Haven is the exception that proves the method: it declares four different GROSS distributions across six classes, so most of its 53.22% gap is not a fee at all. Across REITs the net column is not comparable, and almost every comparison published treats it as if it were.
Brookfield REIT Declared the Same Distribution for Every Share Class. Class E Holders Keep 100% of It, Class T Holders Keep 64.6%
Brookfield Real Estate Income Trust's Form 8-K of August 28, 2026 declares a gross distribution of $0.0593 per share for all six classes, then shows the fees deducted from each. Class T investors receive $0.0383, Class S $0.0387, Class I $0.0461, Class E $0.0593. Same REIT, same assets, same month — and a 54.83% difference in income per share depending on which class you were sold. Read straight from the filing, with the arithmetic checked.
Fundrise Is Selling Its Own Stock to Its Own Customers at $16.05. Its Filing Says the Net Tangible Book Value Is $0.45 a Share
Rise Companies Corp, the parent of Fundrise, filed a new Regulation A offering circular on August 20, 2026 at $16.05 per share. The same document discloses net tangible book value per share before the offering of $0.45, dilution to new investors of 88.69%, an accumulated deficit of $191.1 million and $8.4 million of cash. Its own table shows insiders hold 24.3 million shares at an average effective price of $1.04 while retail holds 26.6 million at $11.01. The price is set by the board, there is no trading market, and only existing Fundrise customers may buy.
KKR Just Sold the Company That Funded $20 Billion of Fix-and-Flip Loans. The Platform Went One Way for $62 Million, the $3 Billion Loan Book Went Another
On August 26, 2026 Velocity Financial agreed to buy Toorak Capital's operating platform for a base price of about $62 million plus tangible book value, while Toorak's existing $3 billion portfolio of business-purpose loans was sold separately to a different buyer. Toorak, majority owned by KKR funds since 2016, has funded over $20 billion across almost 43,000 loans. Read from the Form 8-K and its exhibits: what a split sale says about the hard-money lending market that funds Anchor Loans, RCN, Kiavi and Roc360 borrowers.
57% of Fundrise's Innovation Fund Is Not in Companies. It Is in Ten LPs and LLCs Whose Contents the Filing Does Not Disclose
Fundrise Innovation Fund filed its June 30, 2026 holdings on August 28. Net assets $776,968,362. The four largest positions are not startups: they are SaxeCap Advisors VIII LP, AI Growth GRT LLC, Quiet OA Access LP and AI Access 12 LLC, together $310.7 million. Access vehicles rose from 48.5% to 56.9% of the fund in one quarter, Level 3 marks from 64.5% to 72.9%, and the $72.5m second-largest position carries no fair-value level at all.
A Non-Traded REIT Could Not Hold Its Own Annual Meeting in August. On September 10 It Tried Again, Cleared a One-Third Quorum by 1.9 Points, and Elected Eight Directors None of Whom a Third of the Register Voted For
On August 13, 2026 Lightstone Value Plus REIT V convened its annual meeting and adjourned it without electing a single director, for want of a quorum of one third. It reconvened on September 10 and made it: 5,684,411 shares, 35.2%, clearing the bar by 1.87 points and two days before its proxy expired. All eight directors were elected — and not one of them drew FOR votes from a third of the shares outstanding.
RealtyMogul Sold Four Portland-Area Properties on the Same Day and Published the Scorecard for All Four: Underwritten at 2.1x, Coming Back at About 0.43x
On August 20, 2026 two different RealtyMogul REITs sold 199 units across Gresham, Oregon and Vancouver, Washington. The filings state each deal's original underwriting and its expected outcome: 2.4x becomes 0.3x, 1.9x becomes 0.6x, 2.6x becomes 0.5x, 1.6x becomes 0.4x. Property prices fell 21.3% in aggregate. Investor equity did far worse, and the arithmetic of why is the whole lesson.
CrowdStreet's Own Fund Bought the Nightingale Deal. It Is Marked at Zero — and a Second, Bigger Write-Off Never Made the Shareholder Letter
CrowdStreet REIT I's Form NPORT-P for June 30, 2026 shows all 13 positions with cost and fair value. ONH Liquidating Trust — the Atlanta Financial Center vehicle at the centre of the Elie Schwartz fraud — sits at $1,750,000 cost and $0.00 value. A second position, Kernan Partners, was zeroed in 2024 and produced a $5,400,000 realised loss in 2025 that the shareholder letter does not mention. Ten of thirteen holdings are below cost.
Fundrise Repurchase September 2026: Up to 5% Offered, Not a Cap
Fundrise's Flagship fund offered to buy back up to 5% of shares at NAV (window closed September 30, 2026). Its policy is 5% to 25%, set by the board. What the filings say.
The Yieldstreet Fund Sold to Ordinary Investors Just Ceased to Exist. Its Last Exit Filled 11.8% of Requests, and Fees in the Replacement Are 75% Higher
On August 28, 2026 the Yieldstreet Alternative Income Fund filed its final Form NPORT-P. The fund non-accredited investors were sold at a $10,000 minimum has been absorbed by Mount Logan's SOFIX. The primary-source record: NAV fell from $10.00 to $9.03 at the last audited year end and $8.89 at June 30, 2026, 29% of every distributed dollar was return of capital, eleven straight quarterly exits were rationed — the last one filling 454,502 of 3,859,020 shares tendered — and the proxy's own fee table shows total annual expenses going from 3.53% to 6.17%.
DiversyFund Filed Its Last Public Accounts in May, Then Stopped Reporting the Next Day
DiversyFund, Inc. — the sponsor behind DF Growth REIT — filed its third Regulation Crowdfunding annual report on May 7, 2026 and filed to terminate its reporting obligation on May 8. The accounts show total assets of $754,896 against liabilities of $7,693,676, shareholders' equity of negative $6,938,780, revenue down 83.5% to $94,760, and notes to its own CEO in payment default. Meanwhile the REIT it manages, now in its winding-up period, carries a related-party notes receivable of $1,110,139 from it (Note 8; its balance sheet line reads $1,101,139).
RealtyMogul Underwrote 1.6x and Sold at 0.4x: The Ridgeline View Numbers, From Its Own Filing
On August 27, 2026 RealtyMogul Apartment Growth REIT told the SEC it had sold Ridgeline View Townhomes in Vancouver, Washington, for $14,305,000 against a $17,800,000 purchase price — and that the deal it had underwritten to a 1.6x equity multiple will instead return about 0.4x. A 19.6% fall in the property price produced a roughly 60% loss of the equity, because of the $11,765,000 loan underneath it. The filing, the arithmetic, and what it says about the rest of the portfolio.
VCX NAV: Every Published NAV Since Launch (as of Jun 30, 2026)
The latest NAV per share Fundrise Innovation Fund (VCX) has published is $21.70, as of June 30, 2026 ($776,968,000 of net assets). Every published NAV since 2022 with its date and SEC filing, from $10.00 to $21.70, what is still behind the "$18.97" figure, and when the September 30, 2026 NAV is due. Plus the June 30 schedule of investments, position by position.
We Read Every Arrived Filing for a Year: 207 of 240 Homes Are Worth Less Than They Were, and 94 Paid Nothing Last Month
Arrived publishes a NAV for every single house it owns, four times a year, and a dividend for every house every month — buried in Form 1-U filings nobody reads. We pulled 12 months of them and built the series. Median NAV fell from $10.11 to $9.71, the share of homes below the $10 issue price went from 45% to 59%, and the number of homes paying a dividend fell from 203 to 147. The yield among the payers went UP over the same period, which is the part that matters.
Grant Cardone's Fund for Ordinary People Has Raised $1 in Thirteen Months. His Accredited Fund Raised $43.4m in Three Weeks
Cardone Non Accredited Fund filed a post-qualification amendment on August 24, 2026. We read it against the previous one filed a month earlier, against the audited 2025 accounts, and against what cardonecapital.com says today. Amount sold went from $47,976,058 to $47,976,059. The Class B promote takes 20% of operating cash from the first dollar with no hurdle, while the marketing FAQ says Cardone 'doesn't participate in upside until investors receive at least an 8% annual return'. Update: the SEC qualified the amended offering on September 4, 2026, the first qualification notice since September 2023.
Rich Uncles Just Ended. A $10,000 Stake From 2016 Came Out as About $5,918 of Stock Plus $5,079 of Dividends — and Nobody Reported It
The first crowdfunded REIT ever to reach a stock exchange was deregistered on August 24, 2026. It began in 2012 as Rich Uncles, selling $10.00 shares with a $500 minimum to non-accredited investors over the radio; it ended absorbed into Global Net Lease at 1.975 shares apiece. We traced the whole chain through one unbroken SEC filer number, including the 1-for-3 reverse split that makes the loss legible, and the $300,000 SEC order almost nobody has read. Twenty-five outlets covered the merger. Zero mentioned Rich Uncles.
Fundrise Innovation Fund II: 2.50% Fee, 3.60% Total, Not Yet Open
Fundrise Innovation Fund II is registered for up to $1 billion but is not yet selling: Pre-Effective Amendment No. 4 (October 13, 2026) is still a preliminary prospectus. The fee table now shows 2.50% management and 3.60% total expenses, a 4.00% adviser cap through September 4, 2027, a $1,000 minimum and no accredited-investor test we could find. VCX shareholders rejected the same 2.50% in February.
The Fundrise iPO in 2026: $16.05 a Share for a Stock the Filing Calls 'Arbitrarily Determined', at 36x Its Own Book Value
Rise Companies Corp, the parent of Fundrise, sells its own Class B stock to Fundrise customers under Regulation A. The August 20, 2026 offering circular prices it at $16.05, up from $15.90 where it sat for three years and three months. Between September 23, 2025 and August 4, 2026 the offering sold about $5.6 million while $68.6 million of room went unused, and trailing-twelve-month Class B sales are down 88.4% from their $55.3 million peak of January 2023. The Q2 2026 10-Q shows total assets down to $50.3 million, cash of $8.4 million and stockholders' equity of $14.5 million, which puts the offering price at roughly 36 times book. The filing says the price 'bears no relationship to our book or asset values', there is no repurchase programme, no market, and the company can buy your shares back at the original price over your personal conduct.
RealtyMogul Underwrote 2.2x and 1.8x. Its Own Filings Now Say 0.9x and 0.09x.
Two RealtyMogul deals exited in the last nine months and the filings disclose both the original underwriting and the actual result. The Hamptons sold for 27.3% MORE than it cost and still returned about 0.9x against a 2.2x projection. The Brooklyn Portfolio, a $3,000,000 investment underwritten at 1.8x over three years, was sold on July 24, 2026 for $175,665, about 0.09x over 8.7 years. Meanwhile MogulREIT I's distribution has fallen to 1.5% annualized, NAV is $6.85, and half of every dollar it has ever distributed was paid in shares that can no longer be sold.
Anchor Lending Spam Calls & Robocalls: Legit or Scam? (2026)
Anchor Lending spam calls: FCC complaints about the callback number peaked in August 2026 and had nearly stopped by October. Who is not calling you, what the rules say, how to report it.
ARIS Operating Partnership, ARIS Charter Street LLC and the Rest: Apollo's REIT Has 36 Subsidiaries and Their Names Tell You What It Owns and Who Funds It
Apollo Realty Income Solutions lists 36 subsidiaries in Exhibit 21.1 of its 2025 Form 10-K — a document that appears exactly once in all of EDGAR. ARIS Charter Street, LLC is the single-asset entity behind a 179,000 sq ft warehouse in Columbus, Ohio carried at $77.6m. The property entities are named after street addresses; the financing entities are named after the banks. Four banks are named. Only two of them are still lending.
Apollo Diversified Real Estate Fund Repurchase Schedule: Thirteen Straight Quarters Oversubscribed, and the Fill Rate Has Fallen From 67% to 27%
GIREX offers to buy back 5% of its shares every quarter, and every offer since May 2023 has been oversubscribed and pro-rated (the two before it were paid in full). The share of tendered stock actually repurchased has fallen from about 67% in May 2023, and 50% as recently as February 2024, to 27% at the May 5 2026 deadline. It is not gating: it is doing exactly what an interval fund promises, and the promise is much smaller than 'quarterly liquidity' sounds. The dates, the arithmetic, and how long a full exit really takes.
Blackstone Isn't the Only One: Blue Owl vs J.P. Morgan vs Morgan Stanley vs Apollo on Fee, Coverage and Redemptions (Q2 2026 Filings)
Four institutional non-traded REITs, four Q2 2026 Form 10-Qs read line by line. The cheapest management fee is Morgan Stanley's 0.50% and the dearest is Blue Owl's 1.25% — a 2.5x spread on identical-looking products. Only one of the four covered its distributions from period operating cash flow by a comfortable margin, one covered them by $136,000, and one reports '100% from operating activities' above a line that does not say that.
Every Cardone Equity Fund, From the Form Ds: $818m Raised Against $2.46bn Offered, 4,387 Investor Positions, and a New Fund Filed Five Days Ago
We pulled all 26 Form D filings made by the Cardone Equity Fund entities between 2017 and 2026 and built the series nobody publishes: offering size, amount sold, investor count and average cheque, fund by fund. The aggregate fill rate is 33.2%. Sales commissions are zero on all 26. Cardone Equity Fund 29 filed on August 19, 2026 reporting $43,407,628 from 290 investors on sales that began July 30. And the reason the $818m is a floor rather than a total is the most important thing on this page.
PeerStreet Recovery: The Projected Percentages Investors Voted On, and Where the Money Actually Stands in 2026
The Creditors' Committee published an estimated recovery for every class of PeerStreet claim before the vote: 83-87% on Pocket 1-Month, 87-92% on liquidated fractional notes, 75-90% on the Opportunity Fund, and 0-90% on the loans that had not yet liquidated. Those percentages have been sitting in a March 2024 court exhibit and are almost never quoted. Here they are in full, next to what has actually been distributed since, the wind-down schedule the Plan itself published, and a May 28 2026 filing extending a two-year deadline to November 30 2026.
Delaware Statutory Trust Fees in 2026: 90 DST Form Ds Read, and the Median Load Is 7.00%
What does a Delaware Statutory Trust cost? We read the 2026 Form D filings of 90 DSTs (the SEC's own Form D data list 178 DST issuers through September 22) and the answer is a median selling commission of 7.00%, a range from 0.00% to 10.27%, and 10 DSTs that charge no selling commission at all. The figure the industry repeats — a 19.82% median load — traces to a 2018 post whose source link is dead. Sponsor policy, not property quality, moves this number more than anything else, and it is public before you commit.
What a Financial Advisor Actually Costs a Real Estate Investor (2026 Numbers)
The same Blackstone REIT charges one investor a 3.5% upfront commission plus 0.85% a year, and another investor nothing at all — the difference is which share class your advisor can sell you. Filed prospectus numbers, FINRA's actual compensation caps, and the 2026 fee benchmarks, so you can work out whether an advisor is worth it for your portfolio.
VCX After the Unlock: 28% of the Fund Traded in One Week, Then the Rally Faded
Six sessions after previously restricted Fundrise Innovation Fund (NYSE: VCX) shares became tradable, roughly 10.1 million shares changed hands — about 28% of the entire fund. The two-session pullback to $39.42 on August 20 reversed on Friday August 21: VCX closed at $42.11, a new post-unlock high, on volume that rose for the first time since the unlock. Against the $18.97 NAV then on file that was a premium of 122.0%. By September 11, 2026 the price was $33.50, about 54% above the June 30 NAV of $21.70 (our arithmetic).
VCX's Unlock Day: A Record 3.9M Shares and a New All-Time Low
On August 14, 2026, the first session restricted Fundrise Innovation Fund (NYSE: VCX) shares could trade, VCX turned over between 3,820,606 and 3,863,203 shares. That is 2.7x the fund's previous record session, roughly 17x its 20-session median, and 10.8% of every share outstanding. It printed a new all-time low of $28.71, the first trade under $30 in its history. And it closed at $34.40, which is 7.9% above where it closed before the unlock. The supply arrived. The premium did not break.
VCX Lockup Expired: What Happened After the Aug 13 Spike
VCX's lockup expired August 13, 2026 and the restricted shares traded from August 14. The 20.73% spike to $38.50 on the last locked day did not last: VCX closed at $25.53 on October 12, a new low and 17.6% above its $21.70 filed NAV. What happened after the unlock, the Form 144 selling record, and the dated events still to come.
The Complete VCX Price Record: Every Session From Listing Through the Unlock
All 108 NYSE sessions of Fundrise Innovation Fund (VCX), March 19 to August 21, 2026, transcribed from the consolidated tape: open, high, low, close, volume and premium to the SEC-filed NAV. The fund traded as high as $575.00 intraday on March 25 and as low as $28.71 on unlock day. The two heaviest sessions in its history are the two sessions after the lockup expired. By the August 21 close of $42.11 the premium to the then-filed $18.97 NAV had reached 122%, the widest of the unlock week; against the $21.70 June 30 NAV, the September 11 close of $33.50 is a 54% premium.
The Cardone Capital Class Action in 2026: Certified, Headed to Trial, and What the Funds' Own Filings Show
Pino v. Cardone Capital was certified as a class action on March 27, 2026 and a jury trial is set for March 9, 2027; on June 1, 2026 the Ninth Circuit declined to review the certification. The class is everyone who bought into Cardone Equity Fund V or VI through the public offerings. This is the court record, the Ninth Circuit's reversal, the remedy nobody explains (you have to tender your interest to recover), and what Funds V and VI actually report in their audited SEC filings.
Which Non-Traded REITs Are Actually Paying Redemptions in 2026 (From the 10-Qs Filed This Month)
The Q2 2026 quarterly reports landed between August 7 and August 11. BREIT, JLL Income Property Trust and Invesco INREIT each state that every repurchase request was satisfied, and BREIT used only about a third of its own cap. Starwood SREIT is the exception: it still refuses everything except death, disability and accounts under $5,000, and on August 3 it sold Apollo a $1.02 billion stake with a guaranteed, escalating yield that ranks ahead of the shareholders who cannot get out.
Cardone Capital Alternatives in 2026: The Exit You Don't Have
Cardone REIT I's audited FY2025 filing shows members' equity down 40% in two years and $8.5M of accumulated distributions against a $33.9M accumulated deficit, with a 7-10 year hold and no redemption program. Here are the alternatives that actually let you out, ranked by the liquidity mechanism you can verify.
DiversyFund in 2026: One REIT Winding Up on $87,920 of Cash, One Worth $4.12 on a $10 Share
DiversyFund's FY2025 annual reports, filed with the SEC in April and May 2026: Growth REIT I entered its winding-up period with $87,920 in cash against $47.5M of notes payable and interest payable up 107x. Growth REIT II shows $4.12 of book value per $10 share and has declared no distribution since 2022. A third REIT, Value Add Growth REIT IV, had raised $2.1M before it terminated its offering in December 2024, and it withdrew a later offering statement in February 2026. Updated September 29 with both June 2026 semiannual reports: REIT I cash back to $296,254, an unexplained $2.8M liability line, no sale in the half; REIT II down to $177 of cash; the shareholder class action dismissed. October 1: REIT II's dissolution date pushed to December 31, 2027.
What Landa Investors Actually Got Back: 12 Sales, 3.8% of the Money
Landa's Form 1-U of June 15, 2026 discloses 12 completed property sales. Gross proceeds were $1,366,494.88, liabilities and expenses took $1,313,366.89, and $51,553.62 reached investors. Nine of twelve series returned exactly zero at sale. Three returned more than the offering price. Every figure transcribed from SEC filings.
Real Estate Crowdfunding Statistics 2026: The Numbers From the Actual Filings
Verified statistics on real estate crowdfunding in 2026, every one sourced to an SEC filing or primary disclosure: redemption suspension rates, investor recovery rates in platform failures, NAV premiums and collapses, fee structures, and going-concern flags. Free to cite with attribution.
Redemption Suspension Tracker: Every Gated, Frozen or Wound-Down Real Estate Crowdfunding Fund (Live Registry)
A continuously verified registry of redemption suspensions, terminations, wind-downs and going-concern flags across real estate crowdfunding and non-traded REITs. Every row carries its status, the date it changed, the SEC filing or primary source, and the date we last verified it. Maintained against EDGAR, not against other blogs.
The VCX Form 144 Record: $56.5M of Fundrise-Affiliated Selling Across 48 Straight Sessions
Every disclosed Form 144 sale of Fundrise Innovation Fund (NYSE: VCX) by Fundrise-affiliated entities, June 2 to August 11, 2026: 889,081 shares for $56,493,338 at an average $63.54, on every one of 48 consecutive sessions, while ~100,000 restricted retail holders could not sell. The affiliate's share of daily volume rose from 3.5% to 17.4% as the price fell. Day-by-day table, primary filing links, full methodology.
8 Red Flags in the SEC Filings *Before* a Real Estate Platform Goes Dark
The forensic checklist we run on every real estate crowdfunding platform — going-concern language, worsening cash burn, suspended redemptions, appraisal-NAV gaps, return-of-capital distributions. Where to find each one in the SEC filing, what it means for your money, and the real platforms where we caught it (PeerStreet, Landa, Groundfloor, MogulREIT, Peakstone). Free 1-page PDF.
Non-Traded REIT vs Publicly-Traded REIT (2026): You Can Often Buy the Same Buildings About 16% Cheaper on the NYSE
A non-traded NAV REIT sells you shares at the sponsor's own appraisal-based NAV — full price, gated liquidity. A publicly-traded REIT that owns the same kind of buildings closed January 2026 at a median 16.2% discount to NAV, with daily liquidity. And the discount is real: every time a non-traded REIT finally lists, it reprices down to roughly that public-market level (about 8% to 83% below its last stated NAV). The forensic 2026 decision, built from SEC primary sources and Green Street/S&P NAV data.
Best Real Estate Debt Investment 2026: 8 Notes, Credit REITs & Credit Funds Ranked by Whether the 8% Is Real Income (Forensic SEC Data)
Nearly every real estate debt product on the retail market pays 7% to 9% — and that headline yield is the least informative number on the page. Two forensic numbers separate them: how much of the distribution is actually earned interest income versus return of capital, and what protects your principal (senior-lien share, LTV, first-loss layer, going-concern flags). A 2026 ranking of 8 notes, credit REITs, and credit interval funds from SEC primary sources: EquityMultiple Ascent, FS Credit REIT, Groundfloor Notes, Arrived Private Credit, Forum FORFX, Alpine Notes, Apollo GIREX, and CIM RACR.
Best Non-Traded NAV REIT 2026: 14 Ranked by Liquidity Record, Distribution Coverage, and NAV Stability (Forensic SEC Data)
A forensic 2026 ranking of the 14 perpetual non-traded NAV REITs CrowdfundedWealth has reviewed from SEC primary sources — ordered by the one thing the brochures bury: whether the REIT actually honored redemptions. JLL Income Property Trust never gated and funds most of its distribution from operations; Starwood SREIT froze redemptions in April 2026; BREIT gated for 15 months and pays a 100%-return-of-capital distribution. Plus the distribution-coverage and NAV-vs-peak numbers for all 14, straight from the filings.
Best Real Estate Interval Fund 2026: 9 Ranked by Whether You Can Actually Get Your Money Out (Forensic SEC Data)
An interval fund's '5% quarterly liquidity' is a legal promise to OFFER a repurchase — not to FILL it. When demand exceeds 5%, you get pro-rated to a fraction. A forensic 2026 ranking of 9 real-estate interval funds from SEC shareholder reports: PIMCO REFLX never had to pro-rate and pays 0% return of capital; Versus VCMIX pro-rated 13 straight quarters down to a 16% fill rate; NexPoint NRSAX pays a 99%-return-of-capital distribution while shrinking. The fill rate and the return-of-capital line, fund by fund.
NAV REIT vs Interval Fund (2026): Which Structure Actually Lets You Withdraw Your Money
Three wrappers dominate non-traded real estate — the perpetual NAV REIT, the Rule 23c-3 interval fund, and the formerly-non-traded REIT that has listed on an exchange. Each one trades a different piece of the same impossible triangle: continuous availability, full execution, and an NAV-level price. A NAV REIT can gate you entirely; an interval fund must offer but can ration you to 16 cents on the dollar; a listed REIT pays you any day — at a market price that has repriced 38% to 83% below NAV. The forensic, SEC-sourced decision guide.
What Happens When a Non-Traded REIT Finally Lists: The 2026 NAV-Discount Ladder (Office −83% to Industrial −8%)
When a non-traded REIT lists on the NYSE, the gap between its first-trade price and its last stated 'NAV' is the most honest number it will ever publish — and that gap tracks asset quality, not the sponsor's name. A forensic 2026 ladder built from SEC-primary-source reviews: Peakstone (office) listed about 83% below NAV, New York City REIT (Manhattan office) about 75% below and then fell to the worst total loss on the site, SmartStop (self-storage) about 48%, Bluerock (interval fund) about 38%, Sila (healthcare) about 24%, InvenTrust (Sun Belt retail) about 13%, Phillips Edison (grocery-anchored) only about 12% — and Modiv (net-lease industrial) about 8%. The single rule every non-traded-REIT investor should price in before they buy.
Best Real Estate Crowdfunding for Capital Preservation 2026: 5 Platforms That Prioritize Downside Protection
Forensic 2026 ranking of real estate crowdfunding by downside protection — not yield. EquityMultiple Alpine Notes has 4+ year clean track record with sponsor-first-loss position (zero defaults since 2021 launch). Groundfloor Notes carry a first-priority security interest in Groundfloor Yield LLC's assets, but its LROs are unsecured obligations, not bankruptcy-remote. Concreit's NAV has drifted to $0.96 — below the $1.00 par. None of these reliably beats a top HYSA (4.21%) + short T-bill ladder (3.67%) for an investor whose primary goal is no permanent loss. Cautionary section: Lightstone Value Plus REIT V, where every exit pays 85% of NAV and a 2026 tender drew 21% of the shares.
Best Real Estate Crowdfunding for Inflation Protection 2026: 6 Platforms Ranked by Real (Inflation-Adjusted) Returns
Forensic 2026 ranking of real estate crowdfunding by real (CPI-adjusted) return — not nominal yield. With CPI-U up 3.4% in the 12 months to August 2026, only Roots (12.01% trailing 12-month return) shows a clearly positive real return; the Fundrise Flagship Fund was about +2.5% real over the year to June 2026 but negative in calendar 2025 and over five years, and RealtyMogul Income REIT's falling NAV left it deeply negative. Streitwise's 2.3% office dividend trails CPI-U. Why equity beats debt for inflation, why multifamily beats office (1973-82 stagflation case study), and why public REITs fell -25% in 2022 while NCREIF private index marked up +13% (the appraisal lag).
Real Estate Crowdfunding Performance Tracker Q1 2026: Verified Returns, NAVs, and Distributions Across 10 Non-Accredited Platforms
Forensic Q1 2026 (Jan-Mar) performance data for every major US real estate crowdfunding platform. Verified against SEC EDGAR Form 1-U filings and each platform's own product page. Roots 12.02% trailing 12-mo (Roots' website figure, April 2026), Arrived Private Credit 8.5%, Fundrise sub-eREITs collapsed to 0.22-0.25%, RealtyMogul Apartment Growth SRP suspended, MogulREIT II at 0%, Streitwise NAV flat at $6.96. The data table no other aggregator publishes.
Best Real Estate Crowdfunding for $10,000 Investors 2026: A 5-Sleeve Diversified Allocation (Non-Accredited)
Forensic 2026 guide to deploying $10,000 in real estate crowdfunding without being accredited. A 5-sleeve framework (Fundrise core, Groundfloor debt, Arrived/Roots SFR, Concreit/Lofty liquid, Ark7 fractional shares), three platforms to avoid this year, and the gate-diversification risk most 2024 guides ignore.
Real Estate Crowdfunding Liquidity 2026: Redemption Suspensions, Lockups, and the Gate-Diversification Risk Nobody Discusses
Forensic 2026 ranking of real estate crowdfunding platforms by REAL liquidity — not marketing pages. Fundrise Equity REIT redemption suspended Oct 1, 2025. RealtyMogul Apartment Growth REIT SRP suspended April 21, 2026. Groundfloor's Stairs Notes did not end in 2024 (GFY recorded $330,428,702 of Stairs Note proceeds in 2025, gross). HappyNest redemption program terminated January 29, 2026. The forensic gate timeline most listicles missed.
Best Real Estate Crowdfunding Apps 2026: 5 Platforms Worth Installing (and 6 With No App at All)
Forensic 2026 ranking of every real estate crowdfunding mobile app — verified iOS + Android ratings, last-update dates, minimums, and the platforms that quietly run web-only. Fundrise 4.8★ / 500K Android installs, Ark7 4.7★ updated May 17, Concreit $1 min weekly dividends. Streitwise's iOS app is delisted. Arrived is still iOS-only after two years.
Best Real Estate Crowdfunding for Roth IRA 2026: The 8 Platforms That Bypass UDFI (and 4 That Don't)
Forensic 2026 ranking of real estate crowdfunding for Roth IRAs. The crucial structural fact: IRC §514(c)(9) exempts Solo 401(k)s from UDFI on debt-financed real estate — Roth IRAs do NOT get that carve-out. Only REIT-structured products (Fundrise eREITs, Arrived SFR Fund, RealtyMogul MogulREIT, EquityMultiple Ascent) bypass UDFI under Rev. Rul. 66-106. LLC per-property deals trigger trust-bracket tax at 37% above just $16,000 of net UDFI income. Best fit: Fundrise via Inspira. Avoid: leveraged individual deals, Groundfloor post-June 2026, all DiversyFund / Streitwise / Yieldstreet.
DSCR Loan vs Conventional Mortgage (October 2026): The Real Rate Gap Is 0.38 Points
October 2026 head-to-head. Federal HMDA data: DSCR-type loans 7.375% vs 6.999% for an investor's conventional 30-year loan in 2025 (+0.376 points), +0.875 over a homeowner's loan. Freddie Mac's 30-year average is 7.28% (Oct 1, 2026), up from 6.36% in May. Conventional caps you at 10 financed properties; DSCR has no cap and allows LLC vesting. Decision rules and worked examples.
How to Refinance a DSCR Loan in 2026: The Seasoning, Prepayment-Penalty, and Break-Even Math Lenders Don't Spell Out
A forensic, step-by-step guide to refinancing a DSCR loan in May 2026. Rate-and-term caps at 75-80% LTV, cash-out at 70-75%. Cash-out seasoning is usually 6 months; rate-and-term can be zero. The 5-4-3-2-1 prepayment penalty on your existing loan is the number that decides whether a refi pays — we show the arithmetic.
DSCR Loan Calculator (2026): Lender-Accurate Math + 10-Lender Qualification Map
Free interactive DSCR loan calculator with the formulas Visio, Kiavi, Lima One, Velocity, A&D Mortgage, Easy Street, Angel Oak, CFBank, Quontic, and NASB actually use to underwrite. Includes Rent÷PITIA (lender formula) AND NOI÷Debt Service (commercial formula) side-by-side, cap rate, cash-on-cash, monthly cash flow, and an instant qualification map across all 10 lenders' DSCR floors. No signup. Updated May 2026.
DSCR Loan Rates Today (October 2026): Freddie Mac at 7.28%, DSCR Median Near 8.1%
DSCR loan rates as of October 7, 2026: Freddie Mac's 30-year average hit 7.28% on Oct 1 (6.36% in May), the 10-year Treasury 5.31% and the Fed raised rates. Federal HMDA data put the 2025 DSCR-type median at 7.375%, 0.78 points over that year's Freddie Mac average; the same gap today points to about 8.1%. Velocity Financial's Q2 2026 new loans: 9.99%. Rates by tier, points, prepay.
Best DSCR Loan Lender 2026: Forensic Comparison of Visio, Kiavi, Lima One, LendingOne, Roc360, Easy Street, Velocity, Angel Oak
DSCR loans were roughly 30% of record 2025 non-QM securitization volume. Visio #1 by 2024 Scotsman Guide DSCR volume ($854.6M). Velocity Financial (NYSE: VEL) $2.7B FY2025. Kiavi, now owned by Figure, reported $638.9M of 2024 DSCR volume. Forensic primary-source comparison with [UNVERIFIED] flagged.
Fix and Flip Loans & Lenders 2026: Rates, Terms, Top Picks
Fix and flip loans in 2026: median rate 9.99% on 70,606 short-term investor loans (HMDA 2025). Fix and flip lenders compared: Kiavi, Lima One, RCN, LendingOne.
Patch of Land (Patch Lending): What Happened, Status in 2026
Patch of Land became Patch Lending after a July 2021 asset sale to Cloverhill Funding (not Texas Capital Bank). California revoked its license in May 2023. Status, lawsuits, SEC filings and what noteholders can do, checked October 16, 2026.
Best SDIRA Custodian for Real Estate Crowdfunding 2026: Forge Trust vs Equity Trust vs IRA Financial vs Inspira (Forensic Comparison)
Forensic 2026 SDIRA custodian comparison with the ACTUAL Forge Trust fee schedule ($200/yr account + $12/quarter per asset), the July 1 2026 change that made Groundfloor IRA investors pay Forge Trust directly, the IRA Financial $36M Gemini breach, and which custodian each major RE crowdfunding platform really uses.
Real Estate Crowdfunding Tax Loss Harvesting (2026): How to Recover Losses from PeerStreet, Yieldstreet, DiversyFund, and Stuck REITs
PeerStreet's plan effective May 2024 fixed the loss event. Yieldstreet's $208M of losses are recognized per fund on final K-1. DiversyFund missed its 12/31/2025 dissolution and the loss is NOT yet harvestable. MogulREIT NAV declines are unrealized — frozen until SRP reopens. Forensic 2026 framework with IRC sections, 7-year statute of limitations under §6511(d)(1), and the documentation checklist.
Solo 401(k) vs Roth IRA for Real Estate Crowdfunding (2026): The 30-Year After-Tax Math
Solo 401(k) caps at $72,000/yr and is exempt from UDFI on debt-financed real estate. Roth IRA caps at $7,500/yr but contributions are always withdrawable. The honest 2026 framework for choosing — with primary IRS sources and 30-year compounding examples.
Groundfloor Notes vs LROs (2026): The Yield-vs-Structure Decision When the Issuer Has a Going Concern Warning
Notes pay 5.0–8.0% (October 7, 2026) and let you out in 1–12 months. LROs pay 5.5–25.5% and lock you into individual loans. LROs are unsecured claims on Groundfloor Finance Inc.; Notes are secured by Groundfloor Yield LLC's assets, mostly receivables owed by that same parent — which has substantial doubt as a going concern. Here's the honest 2026 decision framework, sourced from SEC EDGAR.
Bankruptcy-Remote vs Not: Which Real Estate Crowdfunding Platforms Actually Protect Your Money If They Fail (2026)
Most crowdfunding platforms claim 'bankruptcy-remote' structure in marketing. The legal reality is uneven: Groundfloor LROs are explicitly unsecured claims against the operator, Yieldstreet BPDNs are the strongest separation in the industry, and Arrived's series LLCs are structurally separated but legally untested in federal bankruptcy court. Here's the platform-by-platform forensic ranking — sourced from SEC offering circulars, the PeerStreet bankruptcy docket, and academic case law.
MogulREIT I & II NAV Crash 2025-2026: Why RealtyMogul Quietly Paused Both REITs (And the Wideman Acquisition That Followed)
MogulREIT I per-share NAV fell from $11.02 (NAV as of June 30, 2022) to $6.79 (June 30, 2026) — a 38.4% decline. MogulREIT II was marked at $6.36, down 36.4% from launch. Distributions cut, paused, and now suspended; Share Repurchase Programs frozen April 21 2026; Wideman Company acquired the parent November 2025; RM Securities withdrew its broker-dealer registration. Forensic read of the Form 1-K filed April 30, 2026 with primary SEC EDGAR sources.
Groundfloor Going Concern: FY2025 and FY2024 Audits Explained
Groundfloor's FY2025 1-K (filed April 1, 2026) repeats the going concern paragraph first read here in FY2024: $64.8M accumulated deficit, $2.68M of cash at year-end, recurring losses since 2013. What 'substantial doubt' means for your $10 LROs, your Notes, and the 12-month outlook, sourced from SEC EDGAR.
VCX Lockup Period Ended Aug 13: Why Is VCX Down? Oct Update
The VCX lockup period ended on August 13, 2026 (unlock date; shares traded August 14). VCX closed at $26.81 on October 9, its lowest ever, 15.9% under the last pre-unlock close and 23.5% over its $21.70 filed NAV. Why it is down: unlock supply, $56.5M of affiliate Form 144 selling and a $1 billion at-the-market program.
The $4 Trillion CRE Debt Maturity Wall: What Real Estate Crowdfunding Investors Need to Know in 2026
$875 billion in commercial real estate loans mature in 2026, with 21% of borrowers unable to pay off in full. Office CMBS delinquencies hit 12.34% in January 2026. Here's how this affects your crowdfunding investments — platform by platform.
Best Groundfloor Alternatives in 2026 (One Platform Has a Going Concern Warning)
Groundfloor's auditors have included a going concern paragraph in every 1-K since fiscal 2017 — an accumulated deficit of $64.8M at December 31, 2025 — and real platform viability risk. Here are the 5 best short-term real estate debt alternatives for 2026, ranked by yield, default record, and platform stability.
Solo 401(k) vs SDIRA for Real Estate Crowdfunding: The UDFI Exemption Changes Everything
Solo 401(k) holders avoid the UDFI tax that costs SDIRA investors up to 37% on leveraged real estate returns. Full comparison: contribution limits ($72k vs $7.5k), custodian fees, platform-by-platform support, and when each vehicle wins.
Fundrise Portfolio Comparison 2026: Income vs Growth vs Balanced vs VC (Real Data)
Fundrise Income plan yields 7.94%. Growth plan yields 0.14%. That single table makes the choice obvious for most investors — but the full picture on fees, tax, IRA, and lock-up matters more.
7 Best Yieldstreet Alternatives in 2026 (After $208M in Losses)
Yieldstreet lost $208M, rebranded to Willow Wealth, then scrubbed its performance history. Here are 7 real alternatives — with the data on what Streitwise, RealtyMogul, and Groundfloor actually pay today.
Best Passive Real Estate Income Investments 2026 (Ranked by Monthly Payout)
Arrived's Real Estate Income Fund (formerly the Private Credit Fund) pays 8.35% monthly (trailing 12 months to August 2026), Groundfloor Signature Notes pay 8.0% fixed (October 7, 2026), Fundrise Income pays 7.66% quarterly (12 months to June 30, 2026) — we ranked every passive real estate income option by verified 2025-2026 yield data. Minimums from $10. Updated September 2026.
Arrived Private Credit Fund: $100 Minimum, No Accreditation, and a Dividend That Has Now Fallen Three of the Last Four Months
Arrived's Private Credit Fund lets a non-accredited investor in for $100 and pays monthly from short-term residential loans. We read all 26 Form 1-U dividend declarations: the August 2026 dividend of $0.062 a share is the lowest of the 26, which annualizes to 7.44% on the $10.00 NAV — not the 8.6% this page used to lead with, which was never a record either. What the access, the fee load and the now-permanent QBI deduction are actually worth.
Fundrise VCX Review 2026: Price vs NAV, Fees & What's Next
Fundrise Innovation Fund (NYSE: VCX) closed at $25.53 on October 12, 2026, a new low and 17.6% above its $21.70 filed NAV, after the August 13 lockup expiry. Price vs NAV, the 1.85% fee (3.40% total), the Form 144 seller record, and the dated events still to come, starting with the September 30 NAV.
Is Real Estate Crowdfunding Safe? Honest Risk Assessment for 2026
Real estate crowdfunding is not FDIC-insured, not SIPC-protected, and 7+ platforms have failed since 2016. But Groundfloor Notes have a perfect payment record since 2018. Here's the honest risk picture — what can go wrong, what's protected, and how to invest safely.
US Real Estate Crowdfunding for International Investors: The Complete 2026 Guide
Most US crowdfunding platforms block non-US investors. Groundfloor and Lofty accept them; RealtyMogul did until its REITs closed to new money in July 2025. We cover tax rules (W-8BEN, FIRPTA, 30%→15% treaty rates), the LLC workaround, and the best options for UK, Spanish, German, and LatAm investors.
1031 Crowdfunding 2026: What Qualifies (Fundrise No, DSTs Yes)
Fundrise, Arrived, EquityMultiple shares are securities — disqualified from 1031 exchange under IRC §1031. Delaware Statutory Trusts (DSTs) do qualify per Rev. Rul. 2004-86. Full breakdown of platforms that work, fees, and the company actually called '1031 Crowdfunding.'
Real Estate Crowdfunding IRA Guide 2026: Which Platforms Support It (and the UBIT Trap Most Articles Miss)
Fundrise IRA costs $125/yr (free at $25K balance). RealtyMogul IRA $75/yr via Equity Trust. EquityMultiple needs $20K minimum. Groundfloor's IRA fee waiver ended July 1, 2026 — investors now pay Forge Trust per-asset fees. Full 2026 platform comparison, UBIT breakdown, and Roth vs Traditional math.
Real Estate Crowdfunding vs REITs: The Honest 2026 Data (Not the Marketing)
Fundrise beat VNQ by 28 points in 2022. Then VNQ beat Fundrise by 19 points in 2023. Full 5-year returns, liquidity reality, fee comparison, and the tax advantage most people miss. Category vs category.
Is Fundrise Pro Worth It? The $99/Year Math (Honest 2026 Analysis)
Fundrise Pro costs $99/year — but investors with $5,000+ get it FREE. The only people paying are those with <$5K invested, adding 2-10% fee drag. Here's the honest math.
Real Estate Crowdfunding vs Rental Property: $10K, $50K, $100K Compared
Rental property needs 15-25% down + landlord work. Crowdfunding starts at $10 with zero management. Full budget-scenario breakdown — which actually wins at each investment level.
Best Real Estate Crowdfunding for Accredited Investors (2026)
EquityMultiple, FNRP and Lightstone DIRECT checked against SEC filings for 2026, plus what to avoid: CrowdStreet after Nightingale, Willow Wealth (Yieldstreet) and RealtyMogul's closed REITs. Returns, fees and minimums, verified.
How to Invest in Real Estate with $1,000 (2026): The Honest Guide With Real Return Data
$1,000 unlocks Groundfloor Notes, EquityMultiple Traverse 9% APY, and meaningful diversification across Fundrise, Arrived, and REIT ETFs. We verify every minimum, every fee, and every 2024 realized return.
7 Best Fundrise Alternatives in 2026 (For Every Type of Investor)
Groundfloor (10% returns, 6-month hold), Arrived ($100 min, no affiliate hype), Ark7 (0% AUM fees, monthly income) — real alternatives to Fundrise ranked honestly.
Every Real Estate Crowdfunding Platform Failure 2020-2025: The Complete Investor Loss Data
About $290M in documented retail losses across 2020-2025 platform failures: Yieldstreet's $208M (CNBC; now Willow Wealth), $52.5M outstanding in the Nightingale fraud (SEC), $29.2M of PeerStreet charge-offs, and Elie Schwartz's 87-month sentence — with SEC filings, dollar figures, and recovery data for every major collapse.
Real Estate Crowdfunding Minimum Investment: Every Platform Compared (2026)
Fundrise starts at $10. CrowdStreet funds typically start at $5,000. Here's the real minimum investment on 16 real estate crowdfunding platforms in 2026 — with the fine print nobody tells you.
Real Estate Crowdfunding Fees Compared: Every Platform in 2026 (With Hidden Costs)
Fundrise charges a 0.85% management fee (1.78% total fund expenses). Groundfloor charges 0%. Arrived stacks 3.5% sourcing + 0.6% annual. Here's the real fee breakdown for 8 platforms — and the hidden costs nobody shows you.
Fundrise vs REITs: Which Is the Better Real Estate Investment? [2026]
Fundrise returned 10.6% in 2017 while VNQ returned 4.9%. But in 2019, VNQ crushed it 28.9% to 9.2%. Here's when each option actually makes sense for your portfolio.
How to Invest in Real Estate with $500 (5 Proven Ways in 2026)
You don't need $50K to invest in real estate. Here are 5 verified ways to start with $500 or less — with real platform minimums, expected returns, and honest trade-offs.
What Happened to PeerStreet? The Full Story of a Real Estate Crowdfunding Collapse
The complete timeline of PeerStreet's rise and bankruptcy — $5B transacted, 58% of loans non-performing at filing, Chapter 11 filing, and what investors can learn. Plus every other major platform failure.
Real Estate Crowdfunding Returns 2026: 9.8% to −7.45% Range
Fundrise lost −7.45% in 2023. Groundfloor delivered 9.8%. Arrived nets $4 per $1,000 after fees. The honest 2026 range across every platform — verified data.
Real Estate Crowdfunding for Beginners: Complete 2026 Guide
Start with $10: how RE crowdfunding actually works, safest platforms for beginners, realistic returns (5-12%), and 3 mistakes that cost investors money. Updated April 2026.
Best Real Estate Crowdfunding for Non-Accredited Investors (2026 Data)
Fundrise $10 (+5.74% all-client in 2024 per its last SEC filing; 6.24% for 2025 on its website). Groundfloor $10, Notes up to 8.5% APR. Arrived $100. Ark7 $20. Ranked on filed data, plus the three platforms that closed to new money in 2026. No accreditation required. Updated September 2026.
Real Estate Crowdfunding Risks 2026: $208M Lost Across 4 Failures
PeerStreet bankrupt 2023. Yieldstreet $208M in losses. CrowdStreet $63M fraud. Shojin collapse $132M. The pattern across 4 failures, and how to avoid being next.
K-1 vs 1099 Crowdfunding Taxes 2026: What Each Platform Sends
Fundrise sends 1099s. EquityMultiple sends K-1s. The exact form each crowdfunding platform issues, when K-1s arrive (always late), and why you need a tax extension.