AcreTrader Review (2026): 173 Farm Offerings, $344.7 Million Raised, and What the SEC Filings Never Show

How an AcreTrader farm shows up at the SEC

AcreTrader does not run a fund. Each farm is bought by its own company, named with a number (Acretrader 111, LLC through Acretrader 304 LLC), and investors buy equity in that company. Each company then files a Form D, the short notice that a private offering must file within 15 days of its first sale. That gives a public record of every deal AcreTrader has done: size, amount sold, number of investors, minimum ticket and who sold it.

Across all 173 latest filings the pattern is the same. The issuer is in Arkansas, at AcreTrader's Fayetteville address. The exemption is Rule 506(c), the one that allows public advertising but limits buyers to verified accredited investors. The security is equity. The issuer reports “No Revenues” in the size box, which is normal for a company formed days earlier to buy one farm. No filing reports any money paid to the company's officers out of the proceeds. And the median filing came 10 days after the first sale (our arithmetic from the dates on each form), which means the form is filed after the farm is funded. That is why the amount offered and the amount sold are almost always equal.

Of the 173, 147 are filed as limited liability companies, 17 as “Other” (several carry “LLP” in their names) and 9 as limited partnerships. In the numbered series from 111 to 304 we found no Form D for 21 numbers (237, 238, 247, 248, 279, 284 to 289, 291, 294 to 297 and 299 to 303); they may not have launched or may never have existed. Rule 503 allows 15 days, so a farm sold in late September 2026 might still appear.

We have used the same method on other private-placement sponsors in our Form D data for real estate syndications and on every Cardone Equity Fund.

Every year of AcreTrader offerings, from the filings

Two things stand out. The first is the shape: volume grew every year to 2022, then fell 78.4% to 2024 (our arithmetic, $111,596,315 to $24,073,000), and has recovered only partly. The second is who is buying in 2026. The number of farms is back above 2023 levels, but the median 2026 offering had 40 investors, against 74.5 in 2025 (our arithmetic), and the average position nearly doubled. Acretrader 292 (first sale August 5, 2026) reported $3,881,000 from 28 investors, and Acretrader 280 (first sale September 22, 2026) $3,006,000 from 28. The filings cannot say why; fewer, larger buyers is what they show.

The largest and smallest farms

Do AcreTrader offerings sell out?

Almost always, at least on paper. 153 of the 173 latest filings show $0 left to sell. Sixteen show a remainder of $1 to $668, the leftover of dividing a farm into units. One is a real shortfall: Acretrader 224, LLC offered $7,412,790 and sold $6,530,370, leaving $882,420 unsold (88.1% filled, our arithmetic) on its April 20, 2023 Form D.

Three filings are anomalies, and we report them as such rather than reading anything into them. Acretrader 159 (first sale June 9, 2021), Acretrader 158 (June 30, 2021) and Acretrader 187 (December 28, 2021) each report $0 sold but 90, 66 and 120 investors, against offerings of $4,837,590, $2,321,550 and $2,893,751. None was amended. A form filed before the sold amount was entered is one possible reading, but the filings do not say, so we count them at $0 and our total may be lower than the real one by up to $10,052,891 (our sum of the three offering amounts).

The minimum: odd numbers until 2022, $15,000 since

The early minimums were whatever one unit of a given farm cost: $3,038, $3,738, $4,014 and $8,170 for the four 2019 farms, and amounts such as $20,640, $21,575 or $36,375 (Acretrader 147, the highest) in 2020 and 2021. From 2023 the round figure takes over. Every offering with a first sale in 2024, 2025 or 2026 that states a minimum states $15,000; the others (5 in 2024, 11 in 2025, 9 in 2026) report $0, meaning no minimum was entered. Across all years 43 filings report $0.

That $15,000 is the figure review sites quote. The difference is that here it comes from the issuer's own filing to the SEC, deal by deal. If you are weighing AcreTrader against other platforms open to accredited investors, our list of the best platforms for accredited investors sets out the alternatives.

Fees: what Form D shows and what it cannot

Item 15 of Form D asks for sales commissions and finders' fees. 166 of the 173 AcreTrader offerings report $0 of both. The other seven, all filed in the first half of 2024, report between $100 and $2,500, $6,750 in total (our sum), each one ticked as an estimate: Acretrader 235 ($2,500), 229 ($1,300), 244 ($900), 243 ($700), 249 ($650), 220 ($600) and 245 ($100). Item 16 asks how much of the proceeds go to the company's officers; every farm filing says $0.

That does not mean AcreTrader is free. A platform's closing and annual fees are charged under the offering documents; they are not a sales commission paid to a broker, so Form D has no box for them. We did not find AcreTrader's fees in any SEC or FINRA filing, so we do not quote a figure here. Ask for them in writing, per farm, before you invest; it is the first item on our red-flag checklist for platform filings.

Who sells the shares: three broker-dealer eras

AcreTrader Financial, LLC was the company's own broker-dealer. Its only annual audit on EDGAR, a Form X-17A-5 filed March 28, 2024 with Ernst & Young as auditor, describes it as “a private placement broker-dealer firm registered with the Securities and Exchange Commission (SEC) and securities regulatory commissions in all 50 states.” At December 31, 2023 it had total assets of $7,355,537, of which $7,253,841 was cash, liabilities of $111,232, capital contributions of $11,962,046 and a retained deficit of $4,717,741. Net capital was $7,026,652 against a requirement of $13,904. The parent made cash equity contributions of $6,166,680 during 2023, and the notes say that “Two customers accounted for the full accounts receivable balance as of December 31, 2023.”

FINRA BrokerCheck lists the firm as no longer registered, with a “Date firm ceased business” of 06/04/2024, the same day as the last Form D that names it (Acretrader 235). The two documents also disagree on its origin: BrokerCheck says it was formed in Delaware on 04/01/2022, and the audited notes say it “was incorporated in February 2023 as an Arkansas corporation.”

North Capital Private Securities Corporation, of Salt Lake City, has been named on every AcreTrader offering since the October 28, 2024 Form D of Acretrader 246. That first filing gave it AcreTrader Financial's CRD number, 320820; a Form D/A filed November 4, 2024 corrected it to 154559. It is a third-party private-placement broker-dealer, not part of AcreTrader. Its BrokerCheck report shows one regulatory event: an August 15, 2024 FINRA Acceptance, Waiver and Consent, with a censure and a $40,000 fine, over offering documents for certain private placements filed with FINRA late (on average 163 days) and communications that did not meet FINRA's content standards. The report does not tie that matter to AcreTrader offerings.

Who runs it now

The Form D of each farm company lists its executive officers. Through the Acretrader 257 filing of August 11, 2025, that was Stephen Carter Malloy, with Mary Alexander also listed on earlier filings. From the Acretrader 252 filing of September 8, 2025, every farm Form D lists one person, Robert Thomas Moore, as executive officer with the clarification “General Manager”, at the same Fayetteville address. News reports in August 2025 said Proterra Investment Partners had acquired AcreTrader. No SEC filing we found states the transaction or its terms, and Form D does not name owners, so the change of officer is the only trace of it in the filings.

AcreTrader, Inc.'s own fundraising

The platform company files Form Ds too. Its equity raises add up to $80,989,990 (our sum): $1,960,000 from 14 investors (first sale December 7, 2018), $5,385,000 from 16 (March 2020, as amended), $11,999,958 from 11 (February 2021), $40,000,042 from 10 (December 2021), $21,494,990 from 2 (February 2022) and $150,000 from 1 (July 2024). The revenue range it reports was “$1 - $1,000,000” in its 2019 and 2020 filings, “$1,000,001 - $5,000,000” in 2021, January 2022 and July 2024, and “$5,000,001 - $25,000,000” in March 2022 and May 2025. That is money invested in the platform business, not in farms, and farm investors own none of it.

What is not disclosed anywhere public

The 175 AcreTrader entities on EDGAR (173 farm companies, AcreTrader, Inc. and AcreTrader Financial, LLC) have filed 184 Form Ds, 5 Form D/As and one Form X-17A-5, and nothing else (our count from the EDGAR submissions index of each entity). No farm company files a Form 1-K, 1-SA, 10-K, 10-Q or 8-K, because a Rule 506(c) offering does not require them. So no public document shows:

• the farm's location, acreage, crop or price paid;
• the lease, the rent, or whether the tenant paid;
• AcreTrader's closing, annual or sale fees for that farm;
• distributions paid to investors, or their tax character;
• any appraisal or value after purchase;
• whether a farm has been sold, and at what gain or loss.

That last point matters most for a review. We looked for exits and found no filing that reports one; selling a farm does not trigger any SEC form. Any record of realized returns comes from AcreTrader's own materials and cannot be checked against a public filing. That is the position investors in most private real estate deals are in; it is worth knowing that the SEC record of an AcreTrader farm amounts to one form with a size, a count and a date.

What a reader can do with this

• Check any farm you are offered. Search EDGAR for the company number (for example “Acretrader 304”) and read its Form D: amount sold, investor count, minimum and broker-dealer should match what you were told.
• Ask for the four things the filings do not have: the fees for that farm (closing, annual, on sale), the current rent and lease term, the distributions paid on comparable earlier farms, and the planned hold and exit process. Get them in the offering documents, not in marketing.
• Size the position as illiquid. No public market exists for these interests and no filing describes a redemption right.
• Check the broker-dealer. North Capital Private Securities Corporation is CRD 154559 on BrokerCheck; read the report before you sign.

FAQ

Sources: SEC EDGAR Form D and Form D/A filings of 173 AcreTrader farm companies (CIKs 1770011 to 2156787), read on October 6, 2026, with the accession of each latest filing in the CSV (examples: Acretrader 304, 0002156787-26-000001; Acretrader 228, 0001948532-23-000001; Acretrader 224, 0001941786-23-000001; Acretrader 252, 0002033913-25-000003; Acretrader 257, 0002046544-25-000001); Form D filings of AcreTrader, Inc. (CIK 1780972), 2019 to 2025; Form X-17A-5 of AcreTrader Financial, LLC (CIK 1929053), accession 0001929053-24-000002, filed March 28, 2024; the EDGAR submissions index of all 175 AcreTrader entities; and FINRA BrokerCheck reports for AcreTrader Financial, LLC (CRD 320820) and North Capital Private Securities Corporation (CRD 154559). Sums, medians, averages and percentages are our arithmetic. The Proterra acquisition is from news reports, not a filing. We have no relationship with AcreTrader and earn nothing if you invest. This is analysis of public documents, not investment, legal or tax advice.