Fractional Real Estate Investing in 2026: What Arrived, Ark7, Realbricks, Concreit, Fundrise, Landa, Lofty and Pacaso Actually File With the SEC
Quick Answer
Fractional real estate investing means buying a slice of a rental home or a small property fund, often for $100 or less, and in the US the platforms that sell it to non-accredited investors do it under SEC Regulation A, so their numbers are public. Reading those filings as of October 6, 2026: Arrived Homes, LLC, the series company behind 248 Arrived homes, received an auditor's paragraph on “substantial doubt” about its ability to continue as a going concern for 2025, repeated in its June 30, 2026 report; so did Arrived Homes 5, Arrived SFR Genesis Fund, Realbricks' issuer Neptune REM (working capital deficit $504,614) and Concreit Series LLC. Cityfunds has not filed its 2025 annual report. Fees are mostly up front: a sourcing fee of 3.5% of the price at Arrived, 3.0% at Ark7 and up to 7% at Realbricks, plus an annual cut. Getting out is slow: Concreit Fund I paid $113,782 of $251,327 requested in August 2026, and Fundrise's merged eREIT honored about 2.4 million of 7.256 million shares asked for by June 30, 2026. Lofty files nothing under Regulation A, and Pacaso's Reg A filing is for company stock, not homes. This is analysis of public documents, not investment, legal or tax advice.
Key Takeaways
- Who files: in the SEC's Regulation A data sets (2015 to June 2026), Arrived has 10 issuers and 183 filings, Ark7 3 and 38, Realbricks (Neptune REM, LLC) 1 and 15, Concreit 2 and 42, Landa 4 and 62, Fundrise 21 eREITs and eFunds with 341 filings. Lofty has none.
- Going concern: auditors wrote a substantial-doubt paragraph for 2025 at Arrived Homes, LLC (248 homes), Arrived Homes 5, Arrived SFR Genesis Fund and Concreit Series LLC; Neptune REM states substantial doubt with a $733,095 working capital deficit at December 31, 2025 and $504,614 at June 30, 2026. Ark7's two older companies got an emphasis-of-matter paragraph for recurring losses; Concreit Fund I says its doubt is alleviated.
- Fees in the documents: Arrived Homes 5 charges a one-time 3.5% sourcing fee on the purchase price and 0.6% a year of it; Ark7 3.0% of the maximum offering and 10% of free cash flow; Realbricks up to 7% sourcing, 8% of gross rent and a 6-8% disposition fee (it waived the management fees in 2024 and 2025); Concreit Fund I 1% of NAV a year.
- Getting out: Concreit Fund I processed $113,782 of $251,327 of August 2026 redemption requests (45.3%, our arithmetic). Fundrise eREIT, LLC honored about 2,400,000 of about 7,256,000 shares requested after its April 29, 2026 merger, limits redemptions to 2.50% of NAV a quarter, and declared a 0.25% annualized distribution for October 2026. Arrived and Realbricks point to the PPEX trading system.
- Losses already on file: a Landa App 3 home in Mableton, Georgia was sold at foreclosure on September 1, 2026 and its series units are to be cancelled; Landa Financing's estimated NAV was $7.10 a share at June 30, 2026 against a $10.00 offering price.
- Small numbers: Realbricks' Neptune REM reported total assets of $1,835,095 in its latest Form 1-A; Ark7 Properties LLC $14,664,572; Arrived Homes 5 $24,618,630 with a net loss of $987,984.
CSV · 125 rows
Fractional real estate platforms in SEC filings, 2025-2026
125 rows: each platform's Regulation A footprint, fees from its offering documents, latest Form 1-A Part I financials, going-concern language, redemption and secondary-market terms, and exits and losses, with an SEC accession or URL per row.
What you actually buy when you buy "fractional real estate"
Behind the app there are three structures, and they behave differently when something goes wrong:
- One home, one series. Arrived, Ark7, Realbricks, Concreit Series, Cityfunds and Landa each form a series LLC for a property and sell its interests under Regulation A, typically at $10 to $20 a share. You own a slice of that one house and its mortgage; the rent, the repairs and any foreclosure are that series' alone.
- A pooled fund. Arrived SFR Genesis Fund, Concreit Fund I and the Fundrise eREITs sell shares in a portfolio priced at a NAV the manager sets, with a redemption plan the manager can limit.
- Something else with the same label. Pacaso's Regulation A offering sold stock in Pacaso Inc. (a maximum of $72,393,820 at $2.50 a share in its September 2024 statement); the home co-ownership it sells is not in the Reg A data. Lofty sells tokens of property LLCs and has no Regulation A filing at all: we searched every issuer name in the SEC's Regulation A data sets from 2015 to June 2026 and found none containing "Lofty". Our Pacaso stock review and Lofty review cover them.
Regulation A gives you something private placements do not: an audited annual report (Form 1-K), a semiannual report (Form 1-SA) and current reports (Form 1-U) for each Tier 2 issuer. That is where every number on this page comes from. For the rules and the full list of real estate Reg A offerings filed since January 2025, see our Reg A real estate offerings data.
Who files what
| Platform | Reg A issuers in SEC data sets | Filings in data sets (first) | Status in filings, October 2026 |
|---|---|---|---|
| Arrived | 10 | 183 (Sep 18, 2020) | Arrived Homes 5 supplement (253G2) filed Jul 28, 2026; going-concern paragraph at Arrived Homes, LLC, Homes 5 and SFR Genesis Fund |
| Ark7 | 3 | 38 (Jan 22, 2021) | Ark7 Properties LLC amendment qualified Jul 20, 2026; emphasis of matter on recurring operating losses |
| Realbricks (Neptune REM, LLC) | 1 | 15 (Nov 9, 2023) | New 1-A POS filed Oct 5, 2026; substantial doubt stated |
| Concreit | 2 | 42 (Mar 5, 2020) | Fund I NAV $0.96 (Sep 1, 2026); Series LLC has one closed series |
| Cityfunds | 1 | 9 (Dec 16, 2021) | Last 1-K is for 2024 (filed Feb 3, 2026); no 2025 1-K |
| Landa | 4 | 62 (Dec 2, 2020) | Foreclosure at Landa App 3, Sep 1, 2026; Landa Financing NAV $7.10 |
| Fundrise eREITs and eFunds | 21 | 341 (Nov 3, 2015) | Seven eREITs merged Apr 29, 2026 and filed Form 1-Z May 15, 2026 |
| Here Collection | 1 | 23 (Dec 13, 2021) | Form 1-Z filed Apr 29, 2025 |
| Pacaso Inc. | 1 | 4 (Sep 9, 2024) | Company stock, not homes |
| Lofty | 0 | 0 | No Regulation A filing |
Source: SEC Regulation A data sets, quarterly files 2015q2 to 2026q2 (counts are our arithmetic); status from each issuer's filings listed in the sources. "Issuers" are separate SEC registrants; a series LLC registers once and adds homes as series.
The fees, as written in the offering documents
| Platform (issuer) | Up front | Every year | When it sells | Minimum and price |
|---|---|---|---|---|
| Arrived (Arrived Homes 5) | Sourcing fee of 3.5% of the purchase price | Asset management fee of 0.6% of the purchase price, paid from net rent | Not stated in the documents we read | One interest; $10.00 per interest |
| Ark7 (Ark7 Properties LLC) | Sourcing fee of 3.0% of the maximum offering amount, unless waived | 10% of free cash flow available for distribution | Not stated in the documents we read | $20.00 per share (Ark7 Properties Advance) |
| Realbricks (Neptune REM) | Sourcing fee of up to 7% of the purchase price | 8% of gross rent (waived for 2024 and 2025) | Disposition fee of 6% to 8% of the gross sale price | 10 interests at $10; $100 minimum |
| Concreit (Fund I) | None stated | 1.0% of NAV a year | Not applicable (pooled fund) | $0.96 NAV per share |
| Concreit (Series LLC) | Not stated in the documents we read | 1% of capital contributions a year | Not stated in the documents we read | $10.00 per interest |
Source: Arrived Homes 5 Form 1-A POS (May 20, 2026) and Form 1-K for 2025; Ark7 Properties LLC Form 1-K for 2025 and Ark7 Properties Advance Form 1-A POS Part I (June 17, 2026); Neptune REM Form 1-K for 2025 and Form 1-A POS (October 5, 2026); Concreit Fund I Form 1-SA (June 30, 2026) and 253G2 supplement No. 79; Concreit Series LLC Form 1-K for 2025 and Form 1-A POS Part I. Property-management fees paid to third parties are on top.
The pattern matters more than any one number. A one-time sourcing fee comes out of the money raised before the house earns rent: on a $300,000 home, 3.5% is $10,500 and 7% is $21,000 (our arithmetic). The annual fee then comes out of rent. Our Arrived review works through what is left for a $1,000 investor; Ark7, Realbricks and Concreit have their own reviews.
How big they are: the latest Form 1-A numbers
| Issuer | Latest Form 1-A (filed) | Total assets | Revenue | Net income (loss) |
|---|---|---|---|---|
| Arrived Debt Fund, LLC | 1-A POS (Jun 22, 2026) | $70,309,140 | $5,168,870 | $3,553,455 |
| Arrived Homes 5, LLC | 1-A POS (May 20, 2026) | $24,618,630 | $707,891 | ($987,984) |
| Arrived Homes 4, LLC | 1-A POS (Jun 12, 2026) | $22,456,279 | $898,023 | ($322,318) |
| Arrived SFR Genesis Fund, LLC | 1-A POS (Jun 9, 2026) | $18,279,134 | $1,346,183 | ($77,166) |
| Arrived Seattle Fund, LLC | 1-A POS (May 19, 2026) | $4,841,317 | $76,495 | ($254,760) |
| Ark7 Properties LLC | 1-A (Dec 5, 2025) | $14,664,572 | $785,481 | ($299,628) |
| Ark7 Properties Advance LLC | 1-A POS (Jun 17, 2026) | $4,943,218 | $255,490 | ($329,618) |
| Concreit Fund I LLC | 1-A/A (May 9, 2025) | $8,375,718 | $760,109 | $560,182 |
| Neptune REM, LLC (Realbricks) | 1-A POS (Jun 10, 2026) | $1,835,095 | $88,089 | ($42,635) |
| Concreit Series LLC | 1-A POS (Jun 26, 2025) | $403,847 | $30,304 | $1,594 |
Source: Part I, Item 2 of each Form 1-A or 1-A POS, in the SEC Regulation A data sets. Figures are for the most recent period in that filing (for the 2026 filings, the year 2025), consolidated across series where the issuer has them.
Most of the property-owning issuers in the table report a net loss; the one Arrived vehicle with a profit is the Debt Fund. The scale is small: Realbricks' issuer reported $1,835,095 of total assets, and Arrived SFR Genesis Fund had raised about $17.6 million in total by the end of 2025.
The going-concern language in the 2025 reports
| Issuer | Report | What it says |
|---|---|---|
| Arrived Homes, LLC (248 properties) | Form 1-K for 2025; Form 1-SA to Jun 30, 2026 | Auditor: lack of liquidity raises substantial doubt; repeated in the 1-SA |
| Arrived Homes 5, LLC (73 properties at Jun 30, 2026) | Form 1-K for 2025 | Auditor paragraph: substantial doubt about ability to continue as a going concern |
| Arrived SFR Genesis Fund, LLC | Form 1-K for 2025 | Auditors identified substantial doubt; cash $13,051 at Dec 31, 2025, against $814,591 a year earlier |
| Neptune REM, LLC (Realbricks) | Form 1-K for 2025; Form 1-SA to Jun 30, 2026 | Substantial doubt; working capital deficit $733,095, then $504,614 |
| Concreit Series LLC | Form 1-K for 2025 | Auditor paragraph: substantial doubt for the series |
| Cityfunds I, LLC | Form 1-K for 2024 (filed Feb 3, 2026) | Substantial doubt; no 2025 annual report filed |
| Ark7 Properties LLC and Ark7 Properties Plus | Form 1-K for 2025 | Emphasis of matter: recurring operating losses, no substantial-doubt conclusion |
| Ark7 Properties Advance LLC | Form 1-K for 2025 | Earlier concerns reduced after raising about $2 million of new capital |
| Concreit Fund I LLC | Form 1-SA to Jun 30, 2026 | Management: plans sufficient to alleviate substantial doubt |
Source: the auditor's report and going-concern note in each filing, saved in full in the sources folder.
What it means, read with care. In a series LLC, cash is held at the series level, and Arrived explains that its manager finances each series until the first closing of its offering and is reimbursed from the proceeds. Its note ties the doubt to the company's ability “to generate cash flow from their rental activity and/or obtain financing from the manager.” Arrived Homes, LLC's 1-K puts it in one line: “the Company’s lack of liquidity raises substantial doubt about their ability to continue as a going concern.” For a holder, the practical risk is narrower and real: each house has to cover its own taxes, repairs, vacancy and loan, and when it cannot, the sponsor's willingness to lend is the cushion. Arrived SFR Genesis Fund's amount due to its related party rose from $40,644 to $353,873 during 2025.
Exits and losses already on file
Fundrise left Regulation A for its eREITs. On April 29, 2026, seven eREITs (Development, Equity, East Coast Opportunistic, Growth II, Growth III, Midland Opportunistic and West Coast Opportunistic) merged into Fundrise eREIT, LLC, which registered with the SEC and now files 10-Qs. The seven filed Form 1-Z exit reports on May 15, 2026. Fundrise Equity REIT's NAV was set at $13.68 a share for the merger, down from $15.78 on April 1, after $31,892 thousand of dividends payable were booked. The merged company had $819,785 thousand of total assets at June 30, 2026 and declared an October 2026 distribution equal to about 0.25% a year at a $9.87 share price. More in our Fundrise review.
A Landa home was foreclosed. Landa App 3's series owning 6696 Mableton Parkway SE in Mableton, Georgia lost the property at a foreclosure sale on September 1, 2026 after a bridge loan matured unpaid; the series is being dissolved, and the filing says “all outstanding membership interest units of the Series will be cancelled.” Landa Financing reported an estimated NAV of $7.10 a share at June 30, 2026, against the $10.00 price in its offering statement, 29.0% lower (our arithmetic). Background in our Landa review.
Others stopped or never started. Here Collection filed a Form 1-Z on April 29, 2025. Cityfunds' last annual report covers 2024 and was filed on February 3, 2026; its last filing of any kind on EDGAR is a Form 1-SA of February 9, 2026 (details in our Cityfunds review). Whimsy Properties, which filed its first offering statement in August 2024, withdrew it on January 27, 2025 before it was qualified.
Getting your money out
- Single-home series (Arrived, Ark7, Realbricks): there is no redemption plan for a home's shares; you wait for the sale. Arrived Homes 5 says it intends to arrange secondary trading on the PPEX alternative trading system, and Realbricks' October 5, 2026 circular says Dalmore acts as executing broker for secondary trades on PPEX. A trading venue is not a buyer.
- Concreit Fund I: a redemption plan, with its status reported in monthly supplements. In August 2026 it received $251,327 of new requests and processed $113,782, with $80,786 still to process.
- Fundrise eREIT, LLC: since the April 29, 2026 merger, requests for about 7,256,000 shares; about 2,400,000 honored by June 30, 2026; the plan limits redemptions to 2.50% of NAV per quarter, which the manager may raise to 5.00%.
What a reader can do with this
- Open the issuer's last 1-K and 1-SA, not the app. Search the issuer name (Arrived Homes, LLC; Neptune REM, LLC; Ark7 Properties LLC; Concreit Fund I LLC) on EDGAR. Look for "substantial doubt", "due to related party" and the series' own cash.
- Add up the fees on your house. Sourcing fee as a share of the price, the annual fee, property management and, at Realbricks, the disposition fee. Compare with the rent the series actually pays in its 1-U distribution notices.
- Assume you are in until the house sells. Treat a secondary market as a possibility, not an exit, and keep money you may need elsewhere.
- Check that the reports keep coming. A Tier 2 issuer owes an annual report on Form 1-K for every fiscal year and semiannual reports on Form 1-SA. Cityfunds, with no 2025 annual report by October 2026, is what a gap looks like.
- Know what is not a Reg A security. Lofty tokens and Pacaso co-ownership are outside this system; the protections above do not apply to them in the same way.
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Sources: SEC Regulation A data sets, quarterly files 2015q2 to 2026q2; Arrived Homes, LLC Form 1-K for 2025 (0001213900-26-050390) and Form 1-SA to June 30, 2026 (0001213900-26-104127); Arrived Homes 5, LLC Form 1-K for 2025 (0001213900-26-050000), Form 1-SA (0001213900-26-104043) and Form 1-A POS of May 20, 2026 (0002032732-26-000016); Arrived SFR Genesis Fund Form 1-K for 2025 (0001213900-26-049375); Ark7 Properties LLC, Plus and Advance Forms 1-K for 2025 (0001815395-26-000001, 0001923734-26-000001, 0002025051-26-000001); Neptune REM, LLC Form 1-K for 2025 (0001104659-26-052946), Form 1-SA (0001104659-26-112709) and Form 1-A POS of October 5, 2026 (0001104659-26-113435); Concreit Fund I Form 1-K for 2025 (0001731122-26-000648), Form 1-SA (0001731122-26-001283) and 253G2 of September 10, 2026 (0001731122-26-001213); Concreit Series LLC Form 1-K for 2025 (0001731122-26-000662); Cityfunds I Form 1-K for 2024 (0001493152-26-004863); Fundrise Equity REIT Form 1-U of April 28, 2026 (0001104659-26-050690); Fundrise eREIT, LLC Form 8-K of May 4, 2026 (0001104659-26-054975), Form 10-Q to June 30, 2026 (0002093809-26-000028) and Form 8-K of October 1, 2026 (0002093809-26-000033); Landa App 3 Form 1-U of September 16, 2026 (0001886606-26-000005); Landa Financing Form 1-U of July 22, 2026 (0001965132-26-000004); EDGAR filing lists for Cityfunds, Whimsy Properties, Neptune REM, Landa and Fundrise, retrieved October 5-6, 2026. Counts, percentages and the fee example are our arithmetic. This is analysis of public documents, not investment, legal or tax advice.
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