Independent written read of your non-traded REIT, interval fund or DST filing — before you tender, redeem or roll.
We read the filing you’re about to bet on: the whole document, line by line, against the one before it. Every figure with its source. A section on what the filing does not say. Delivered in 72 hours. Analysis, not advice.
What a read is
The same work behind every review on this site, done for the vehicle and the filing you name, with your decision in front of us.
- 1We pull the filing and the one before it from EDGAR, by accession number.
- 2We read the whole document. Notes, exhibits, the auditor's letter. Not the summary.
- 3We put every figure that moved next to its prior value, with the note or page it came from.
- 4We write what it means for the decision you told us about. Buyer, holder, or counsel.
- 5We list what the filing does not disclose. What is missing is a finding too.
A read, as delivered
Groundfloor Finance · Form 1-K FY2025 · acc. 0001104659-26-038396 · pages 1–2 of 5Groundfloor Finance Inc., Form 1-K for fiscal 2025
The loan book measured at amortised cost fell from $224.6M to $88.4M during 2025, but the fall is mostly an accounting election, not repayment: $155.1M of loans were moved to fair-value measurement and left this table. Of the $88.4M that stayed, $64.9M is more than 90 days past due, against 27.5% of a much larger book a year earlier. Loans the company itself labels “Fundamental Default” rose in absolute terms while “Current” loans fell from $149.8M to $3.3M. The auditor repeats, for the second consecutive year, substantial doubt about the company continuing as a going concern.
| State | 31 Dec 2024 | 31 Dec 2025 | Change (computed) |
|---|---|---|---|
| Current | $149,815,318 | $3,312,883 | −97.8% |
| Workout | $28,914,437 | $36,168,186 | +25.1% |
| Fundamental Default | $45,866,950 | $48,892,457 | +6.6% |
| Amortised cost | $224,596,705 | $88,373,526 | −60.7% |
Source: Note 5, Loans to developers and allowance for expected credit losses.
$64,854,000 gross, $1,124,125 allowance. That is 73.4% of the book carrying a 1.7% reserve: the company is stating it expects to recover nearly all of it through collateral. Note 5.
$50,758,817 at year-end, from $47,656,878. Interest on these is no longer recognised as income, yet interest receivable on the balance sheet held flat at $24.0M. Note 5; balance sheets.
Neither this filing nor the prior one contains the “4.71% uncured default rate” quoted across the web, nor the terms “uncured” or “default rate” at all. There is no schedule of which loans were moved to fair value by performance state, so the reader cannot tell whether the residual book is worse because bad loans stayed or because good loans left.
What you are looking at is the summary and the first table of a five-page read. The rest walks the filing in order and ends with every figure and where it came from.
- p. 1Summary, position disclosure, what it means for a buyer, a holder, or counsel
- p. 2The loan book: performance states, ageing, allowance, and the balance-sheet lines that move with it
- p. 3Foreclosed property, recoveries, and the Notes: what backs them and who services them
- p. 4The auditor's report and management's going-concern plan, read against last year's
- p. 5What the filing does not say, and every figure with its source
Highlands REIT: a $0.20 self-tender above the entire secondary range, with a lease clause that cuts rent 46× if one counterparty walks.
Starwood SREIT: $18.6M of advisor shares repurchased outside the plan while ordinary holders were limited to $9.6M.
What a read is not
It is not advice. We do not say buy, sell, hold or tender. We say what the document says and what it leaves out.
It is not an expert report for a court. It is often what a lawyer reads before deciding whether to retain one.
It does not soften for the buyer. If you hold the vehicle, the read may be adverse to your position, and we say so on page one.
Request a read
Reads are based on public SEC filings. Nothing here is investment, legal or tax advice.