Cadre and Kushner: Who Bought Cadre, Valuation and Status 2026

Updated October 11, 2026: who owns Cadre today, what cadre.com says now, and the newest SEC filing. Who bought it: Yieldstreet (now Willow Wealth Inc.). Its January 23, 2024 release says it completed the acquisition announced on November 30, 2023, lists Cadre’s investors as Thrive Capital, Khosla Ventures, Cordoba Advisory Partners and Andreessen Horowitz, and states that “Financial terms of the transaction were not disclosed.” The ~$100 million figure in this review is a press report of a bid, not a disclosed price, and nothing we found says what any founder or shareholder received. What cadre.com says now: checked October 11, 2026, the site offers a login for existing Cadre investors and a Get started on Willow Wealth button for new ones; its footer states that Willow Wealth Markets LLC (f/k/a RealCadre LLC) is an indirect subsidiary of Willow Wealth Inc. and that it “does not solicit, sell, recommend, or place interests in the Willow Wealth funds.” That is the issuer’s own claim. Newest SEC filing: the broker-dealer’s annual report on Form X-17A-5, filed March 30, 2026, shows at December 31, 2025 total assets of $1,986,095, member’s equity of $1,429,696 and net capital of $1,188,649 against a required $250,000. It says the firm is wholly owned by Quadro Partners, LLC, with Willow Wealth Inc. as the ultimate parent, and that it offers private placements of interests in private funds and partnerships and secondary transactions on an alternative trading system. It reports no material litigation claims against the firm and no securities held. Our EDGAR listing for this CIK (routine ownership and offering forms excluded) shows no other filing since January 1, 2026. The forensic sections below keep the dates of the sources they were built on.

A note on what this review is

This is not a "Cadre review" in the conventional sense. Cadre is not currently accepting new commitments under the Cadre brand. The platform's user-acquisition funnel routes new visitors to Willow Wealth. The broker-dealer entity has been renamed. The Cadre brand survives as cadre.com, which still gives existing investors a login to monitor their portfolios, view performance and access statements, alongside the Form CRS and Reg BI disclosures; the legal entity behind it has been absorbed into the parent that the Yieldstreet → Willow Wealth → Mount Logan restructuring is dismantling.

What this review IS: a forensic post-mortem written for two audiences. Existing Cadre LPs with capital in CDAF I, CDAF II, or the Horizon Fund — who need to understand what happened to the platform that manages their positions. Prospective accredited investors who Google "Cadre review 2026" or "is Cadre legit" and need to understand that the brand they are about to sign up under no longer exists as an independent entity.

The forensic structure follows the pattern we used for our Willow Wealth 2026 Status Review and our CrowdStreet REIT I (C-REIT) Review: primary-source-only (SEC EDGAR, FINRA BrokerCheck, court dockets, Bloomberg, Fortune, The Information, TheRealDeal, CNBC, PRNewswire / BusinessWire press archives), no affiliate, no sign-up CTA, no commercial relationship to defend. The conclusion is binary: do not allocate new capital.

Cadre, Jared Kushner, the acquisition and its valuation: short answers

Who bought Cadre? Yieldstreet, now Willow Wealth Inc., completed the acquisition in January 2024 (announced November 30, 2023). The buyer’s release gives no price.

What was Cadre worth? Three different numbers, none of them a disclosed sale price: about $800 million (2017 Series C), a failed $2 billion SoftBank discussion (2018), and a reported ~$100 million Yieldstreet bid (The Information, August 2023). Details and sources are in the valuation table below.

Does Jared Kushner still own Cadre? Jared Kushner and his brother Joshua co-founded Cadre in 2014 with Ryan Williams. We found no filing, release or report saved for this review that states whether the Kushner family kept or sold shares at or after the January 2024 closing, so we do not state it either way. The last dated fact we have is the July 2020 CNBC report in the section on the Kushner and SoftBank connection below.

Is Cadre still a real estate investment platform? For existing investors, yes in the sense that the login still works and the legacy funds still report through it. For new money, cadre.com sends you to Willow Wealth. Our verdict is unchanged: do not allocate new capital.

Two unrelated "Cadre" companies — the disambiguation that matters

The first forensic correction worth surfacing: SEC EDGAR full-text search for "Cadre" returns mostly hits for Cadre Holdings, Inc. (NYSE:CDRE, CIK 0001860543) — a publicly-traded safety-equipment and body-armor manufacturer (the successor to Safariland) that IPO'd November 4, 2021. Cadre Holdings Inc. is totally unrelated to the cadre.com real estate platform. Any analyst search that conflates the two will be reading the wrong company's 10-K filings.

The real-estate Cadre operates through RealCadre LLC — CIK 0001612778, FINRA CRD #172295. The annual broker-dealer Form X-17A-5 Statement of Financial Condition filings were published under "RealCadre LLC" through FY2023 (filed April 1, 2024); the FY2024 report (filed March 27, 2025) went onto EDGAR under the name Yieldstreet Markets LLC and disclosed the January 15, 2025 rename; the FY2025 report was filed under "Willow Wealth Markets LLC", a name effective September 29, 2025 (filed March 30, 2026). The CIK is preserved across the name change. The FINRA BrokerCheck record at CRD #172295 reflects the same rename.

This is the structural signature of an operating absorption: the SEC entity ID stays the same; the brand label on the door is changed.

The $800M-to-$100M trajectory — what the valuation history says

The 2017-to-2024 valuation collapse is the cleanest data point. $800M to ~$100M is an 87.5% haircut. Late-stage equity investors who participated in the 2017 round — most prominently Andreessen Horowitz — took a steep markdown on the strategic exit. Terms were not disclosed, but Yieldstreet's Form D filed February 6, 2024 reports $66,197,463 of Yieldstreet equity issued to 89 investors in a business-combination transaction with a first sale on January 22, 2024, the day the merger closed. At a reported ~$100 million bid, 2017-round shares were worth a fraction of their purchase price.

For comparison, the 2018 SoftBank Vision Fund discussion at $2 billion would have implied a doubling of Cadre's 2017 valuation in approximately 12 months. The deal collapsed for reasons that have nothing to do with Cadre's operating performance and everything to do with Kushner's refusal to divest his stake while serving as a Senior Advisor to President Trump and acting as the U.S. lead negotiator on Middle East policy. SoftBank's Vision Fund — approximately 45-50% funded by Saudi Arabia's Public Investment Fund chaired by Mohammed bin Salman, plus approximately $15 billion from the UAE — required the divestment to avoid the appearance of foreign-government capital flowing to a White House advisor's company. Kushner refused. The discussion ended.

Bloomberg's November 14, 2019 investigation documented the broader pattern: "inflated business claims" and the specific SoftBank pitch in which Cadre allegedly demonstrated software the company was not actually using in production. Cadre denied the characterization. The Bloomberg piece — written before the operational underperformance was widely known — is the earliest credible third-party documentation of a marketing-vs-reality gap at the platform.

The revenue gap — projection vs reality

The Information reported in spring 2023 (per TheRealDeal's May 3, 2023 summary) that in 2017 Cadre "promised annual revenues of at least $400 million in only a few years" and that investors learned in 2022 it would bring in less than $30 million in annual revenue and fail to be profitable.

The implied gap is approximately 93% revenue shortfall versus original projection. Translated: a company that pitched a $4-per-dollar revenue thesis to Series C investors was on track for approximately $0.075 per projected dollar about five years later.

This is the operating fact that explains the fire-sale acquisition price. A $30 million revenue real estate platform with the operating cost structure Cadre built (institutional-quality investment team, compliance overhead for the broker-dealer subsidiary, SoftBank-targeted software infrastructure) is not a viable standalone business. The Yieldstreet acquisition was effectively the only available exit before a recapitalization at a punishing valuation or an orderly shutdown.

For the record: CrowdfundedWealth has not seen Cadre's private financial statements. We are citing The Information's reporting, summarized by TheRealDeal, of an undisclosed source. The 93% revenue shortfall is the number reported, not a number we independently verified. The reported Yieldstreet bid (~$100M, per The Information in August 2023; final terms undisclosed) is consistent with that revenue shortfall and is the most credible market-validated data point on what the platform was actually worth.

The October 2022 track record — what it claimed and when it stopped

Cadre's most-cited performance figure across aggregator reviews — the 17.3% to 17.8% net average IRR from earlier marketing, later superseded by the ~28% average net IRR across 13 exits with more than $462M returned to investors stated in Cadre's October 4, 2022 press release (whose boilerplate gives 27.5%).

Two forensic reads on that timing:

(1) The exits were real, but the headline figure includes estimates. Cadre's October 4, 2022 release lists the 13 realized investments: mostly multifamily (including Sacramento, Houston, Atlanta and suburban Baltimore), plus a Rockville, MD life-science asset and a Phoenix industrial asset. Nine of the 13 are shown with an "updated target net IRR" rather than a final realized figure, and the footnote says an estimate of proceeds may be used for recently realized investments.

(2) The timing was generational. The October 2022 exits were sold into the peak of the 2020-2022 multifamily cap-rate compression cycle — the period in which the 10-year Treasury yield was rising sharply (from 1.5% at start of 2022 to ~4% by Q4 2022) but multifamily transaction cap rates were still being held down by aggressive buy-side underwriting. Within 90 days of Cadre's track-record announcement, the Federal Reserve hiking cycle had moved enough that multifamily transaction volume effectively froze, cap rates began expanding 100-200 basis points across most product types, and the wave of multifamily distress that defined 2023-2024-2025 began.

Cadre has not issued a public aggregate performance update since October 4, 2022. The combined Yieldstreet/Cadre platform statistics released in the January 23, 2024 acquisition press release ($9.7B investment value, $5.3B allocated, $3.1B returned, 500K members) blended both platforms and did not separate Cadre's standalone post-October-2022 performance. No subsequent press release from Cadre, Yieldstreet, or Willow Wealth has restated the Cadre track record.

The gap between "last public performance update at the absolute peak of the cycle" and "no subsequent update through 2024-2025-2026 as the cycle reversed catastrophically for multifamily" is the most important forensic observation about Cadre's track record. The 17.3% number that aggregator reviews still propagate as the platform's headline performance refers exclusively to deals exited before October 4, 2022. It is silent on what happened to the deals still in CDAF I, the deals deployed into CDAF II in 2023-2024, and the Horizon Fund commitments raised between October 2022 and the acquisition.

The Cadre Direct Access Fund II problem — worst-vintage deployment

CDAF II launched March 22, 2023 with a target raise of $400-$500 million (different sources cited different figures). The fund was marketed as a continuation of CDAF I's value-add CRE strategy with approximately 50% multifamily, balance industrial / hospitality / office.

The forensic problem: CDAF II launched into the worst CRE deployment vintage in fifteen years. The 2022 Federal Reserve hiking cycle had repriced commercial real estate borrowing costs by 200-300 basis points, transaction volume had collapsed, cap rates were expanding across nearly every product type, and the multifamily distress wave (delinquencies, deed-in-lieu foreclosures, sponsor going-concern qualifications) had begun. Almost any equity capital deployed into the multifamily sector during March 2023 through Q4 2024 has substantially underperformed underwriting expectations.

Cadre has not publicly disclosed CDAF II's final closing size, deployment status, asset list, or interim NAV. No SEC filing readily accessible enumerates the CDAF II portfolio. Existing LP positions are presumably still being managed by the residual Cadre investment team within Willow Asset Management LLC, but the reporting cadence and granularity are not externally verifiable.

Investors who allocated to CDAF II should expect markdowns. The magnitude is unknown without LP letters. The structural setup — a 2023 vintage value-add multifamily fund whose sponsor was acquired in distress 10 months after launch — is among the worst configurations in modern CRE crowdfunding history.

The Horizon Fund question — did it ever qualify?

The October 13, 2022 Cadre Horizon Fund launch opened to accredited investors on launch day, with broader access expected in 2023, a stated strategy of multifamily / light warehouse / leisure hotels, and a plan for the fund to ultimately be an SEC-registered REIT.

The broader-access version was never a Reg A+ offering, and EDGAR shows no sign it went effective. Cadre Horizon Fund, Inc. filed a Form N-2 on November 10, 2022 to register as a closed-end fund under the Investment Company Act, proposing $1,000 minimums for Class S and D shares and REIT tax status. Its EDGAR record holds only that N-2, a Form N-8A, and a multi-class exemptive application and order (February 7, 2023), with no amendment or notice of effectiveness. The private Cadre Horizon Fund LP filed a Form D on January 27, 2023 reporting $21,883,863 sold to 239 investors, a $10,000 minimum, no non-accredited investors, and RealCadre LLC (CRD 172295) as placement agent. The current cadre.com homepage has no product menu; it offers an existing-investor login and a link to Willow Wealth.

EDGAR shows no filing through which non-accredited investors could have bought in, so the non-accredited positioning appears never to have been delivered. The Horizon Fund investors on record are the accredited investors in the private LP, who are now part of the Willow Wealth umbrella and subject to the same parent-restructuring dynamics as other Cadre LPs.

EDGAR has no Form 1-A, 253G2 or 1-K for any Cadre Horizon entity and no later Form D amendment for the LP, so how much the LP raised after January 2023 is not public.

The Kushner / SoftBank / PIF connection — what is documented and what is not

This is sensitive territory and worth surfacing with forensic precision.

What is documented:

• Jared Kushner co-founded Cadre in 2014 at age 33.
• Kushner became Senior Advisor to the President of the United States in January 2017.
• Kushner did NOT divest his Cadre stake at the time he joined the Trump White House (per Office of Government Ethics filings). He transferred operational control to others but retained a passive ownership interest.
• In February 2020 Kushner transferred his Cadre interest to a trust that was supposed to sell the shares back to the company, but by July 2020 the divestiture was on hold and he had decided to remain an investor, with an understanding that Cadre would not seek foreign investment while he did (CNBC, July 15, 2020).
• In May 2018, Cadre was in advanced discussion with SoftBank's Vision Fund for a reported $100M investment at a $2B pre-money valuation.
• The SoftBank Vision Fund was approximately 45-50% funded by Saudi Arabia's Public Investment Fund (chaired by Mohammed bin Salman, with whom Kushner was the U.S. lead negotiator on Middle East policy) and ~$15B by the United Arab Emirates.
• SoftBank required Kushner to divest his Cadre stake before the investment to avoid the appearance of foreign-government capital routed to a White House advisor's company.
• Kushner refused. The SoftBank discussion collapsed.

(Sources: Bloomberg May 22, 2018; Bloomberg November 14, 2019; CNBC; TheRealDeal.)

What is NOT documented:

• No direct PIF investment in Cadre is publicly confirmed. The Saudi linkage runs exclusively through the SoftBank Vision Fund discussion that fell apart.
• No SEC enforcement action has been filed against Cadre, RealCadre LLC, or Ryan Williams individually through June 2026.
• No certified class action against Cadre has been identified in public court records (PACER subscription would be required for an exhaustive search; not conducted in this research pass).

The Kushner connection matters for the platform's history and for understanding why the SoftBank deal collapsed at the moment it could have crystallized the platform's institutional credibility. It does not, by itself, support an SEC-enforcement risk assertion. The credible forensic case against Cadre rests on the operating performance gap (revenue shortfall, fire-sale valuation, vintage timing of CDAF II) — not on the political controversy, which is real but separately analyzable.

The Willow Wealth umbrella — what existing Cadre LPs are now inside

Per our forensic Willow Wealth 2026 Status Review:

• Yieldstreet rebranded to Willow Wealth on October 22, 2025 (not May 2024 as some aggregator coverage incorrectly states).
• The corrected class action case is the investor class action against YieldStreet, Inc., S.D.N.Y. case 1:20-cv-07327, final judgment February 21, 2025: $6.2M cash plus up to $2.75M of forgiven fees, for about 1,855 investors in three offerings (two marine, one oil and gas); the settlement papers put the cash at 12.29% of net losses.
• CNBC's December 5, 2025 investigation documented at least $208 million in investor losses and 9 of the 30 real estate deals CNBC reviewed in default (a 30% failure rate).
• March 19, 2026 SEC Form 425 announced the transfer of the Yieldstreet Alternative Income Fund's (legacy Prism Fund) assets to Mount Logan's SOFIX interval fund; shareholders approved it on July 31, 2026 and it was completed on August 24, 2026.
• Tarsadia Investments president Mitchell Caplan became CEO in May 2025, and Tarsadia then led a $77M capital raise completed July 22, 2025 — a textbook investor-installed-CEO restructuring pattern.
• Founder Milind Mehere is fully out of operations (he founded AutonomyFinance.ai and was named CEO of Advisor360° on June 4, 2026; CNBC reported in December 2025 that he remained on Willow Wealth's board).

Cadre is now custodially, operationally, and legally part of this umbrella. RealCadre LLC is literally renamed Willow Wealth Markets LLC. The Form CRS PDF at cadre.com/assets/pdf/Form_CRS.pdf carries the file title "Willow Wealth Website Disclosures" and is Willow Asset Management LLC's Client Relationship Summary (effective November 17, 2025), which describes the broker-dealer as Willow Wealth Markets, "formerly YieldStreet Markets LLC and RealCadre LLC." The Regulation BI Disclosure at cadre.com/assets/pdf/Regulation_BI_Disclosure.pdf is now dated June 1, 2026 and issued by Willow Wealth Markets LLC. Yieldstreet Markets LLC was not a separate legacy Yieldstreet broker-dealer: it was RealCadre LLC's own name from January 15 to September 29, 2025.

For prospective investors, the practical implication is that "Cadre" no longer exists as an independent entity. Anyone signing up at cadre.com today is signing up for Willow Wealth — third-party-managed Goldman, Carlyle, and StepStone funds at $10K minimums, which any accredited investor can access through cheaper, more transparent direct relationships.

For existing Cadre LPs, the practical implication is that your reporting cadence, exit timing, and operational support now depend on a parent in active asset-disposal mode. We expect:

1. Reporting cadence will slow. Quarterly reports may shift to semi-annual; granularity may decline.
2. Markdowns are likely if not already taken. CDAF II's 2023-2024 multifamily deployment cycle was the worst possible vintage. Willow Asset Management LLC will mark to current cap rates eventually.
3. Exit timing will be determined by Willow Wealth's strategic priorities, not yours. Closed-end fund positions are contractually defined but practically dependent on parent direction.
4. Cadre's branded equity in fund documents will be progressively absorbed. Watch for filings that consolidate Cadre and Yieldstreet legacy vehicles into Willow Wealth umbrella accounting.

How Cadre compares to the alternatives that DO accept new capital

For an accredited investor seeking the type of institutional-quality CRE exposure that Cadre originally pitched (deal-by-deal access to multifamily + industrial value-add with sponsor co-invest), Origin IncomePlus Fund and JLL Income Property Trust are the two forensically-defensible 2026 alternatives we have reviewed. Neither is a perfect substitute for the deal-by-deal customization Cadre offered at peak; both are open to new capital, both have published primary-source disclosures we can verify, and both have at least one of the structural credibility factors (open SRP through 2022-2025, retained founder, institutional capital base) that Cadre forfeited at the Yieldstreet acquisition. First National Realty Partners, a per-deal sponsor of grocery-anchored retail, is not in that group: it is a party to three open federal cases in the District of New Jersey (a fourth, in the Eastern District of New York, was dismissed without prejudice on March 7, 2025), the investor allegations are unproven, and our FNRP review concludes that we would not add new money until the arbitration question is decided.

ProsCons

FAQ

Verdict

Cadre earns 1.5 out of 5 in this forensic 2026 status review. The rating is not 1.0 because the original investment team is partially intact within Willow Asset Management LLC, the CDAF I exits through October 2022 reflected genuine execution during the multifamily compression cycle, and no SEC enforcement action has been filed against the entity or its founders. The rating is not above 1.5 because every other relevant input — the 87% valuation haircut on acquisition, the 93% revenue shortfall versus original projection, the fire-sale timing into the worst CRE vintage in 15 years, the Bloomberg-documented "inflated business claims" pattern, the founder political controversy that collapsed the SoftBank deal, and the new parent's $208M confirmed investor loss footprint — points in the same direction.

For prospective accredited investors googling "Cadre review 2026" or "is Cadre legit": the platform you are looking for no longer exists as an independent business open to new investors. The corporate entity that bore the Cadre brand has been renamed Willow Wealth Markets LLC. The signup flow at cadre.com routes you to Willow Wealth's third-party-managed Goldman / Carlyle / StepStone funds at $10K minimums. There is no remaining Cadre product line you can buy. For accredited CRE exposure with the same minimum check size, our forensic alternatives are Origin IncomePlus Fund (3.9/5, $100K min, 6.7% distribution, 7.9% inception CAGR, sponsor founders Episcope + Scherer co-invested >$94M) and JLL Income Property Trust (4.0/5, $10K min, 5.6% distribution, 58 consecutive quarters, never gated through 2022-2025).

For existing Cadre LPs in CDAF I, CDAF II, or the Horizon Fund: continue to receive your reports and watch the Willow Wealth umbrella restructuring closely. Expect markdowns on CDAF II if they have not already been disclosed. Expect reporting cadence to slow. Expect exit timing to depend on Willow Wealth's strategic priorities, not yours. The Mount Logan / SOFIX acquisition of the Yieldstreet Alternative Income Fund's assets (Form 425 filed March 19, 2026; completed August 24, 2026) is a signal that the parent is in active asset-disposal mode, which may eventually affect Cadre legacy fund decisions as well.

The October 2022 13-exit / 28% net IRR / $462M-returned track record was real. The fall from an $800M valuation in 2017 to a reported ~$100M Yieldstreet bid in 2023 was also real. Both are part of the same story. The aggregator reviews that anchor on the first half without the second are no longer accurate forensic guidance for an investor in 2026.

Per AFFILIATES.md, Cadre / Willow Wealth is DO NOT LINK. We earn nothing on this review. The primary sources are linked throughout; the SEC EDGAR record and Bloomberg / Fortune / The Information / TheRealDeal / CNBC archives are the authoritative record.

Sources

Primary SEC + FINRA:

• SEC EDGAR — RealCadre LLC / Willow Wealth Markets LLC, CIK 0001612778
• RealCadre LLC FY2023 X-17A-5 Statement of Financial Condition
• Willow Wealth Markets LLC FY2025 X-17A-5 (renamed entity)
• FINRA BrokerCheck CRD #172295 — Willow Wealth Markets LLC f/k/a RealCadre LLC

Acquisition history:

• PRNewswire — Yieldstreet Completes Cadre Acquisition (January 23, 2024)
• Cooley LLP — Yieldstreet/Cadre deal counsel announcement
• TechCrunch — November 30, 2023 acquisition announcement
• Fortune — December 1, 2023 (Ryan Williams interview)
• Bisnow — November 30, 2023
• TheRealDeal — May 3, 2023 ($30M revenue figure)

Kushner / SoftBank investigations:

• Bloomberg — November 14, 2019 "Jared Kushner Helped Put Cadre on the Map, Then Held It Back"
• Bloomberg — May 22, 2018 (SoftBank Vision Fund discussion)
• CNBC — July 15, 2020 (Kushner divestment delay)
• WealthManagement.com Bloomberg mirror

Cadre product / performance press releases:

• BusinessWire — Feb 2, 2021 (CDAF launch, $25K minimum)
• BusinessWire — Jan 25, 2022 (MacArthur Foundation commitment)
• BusinessWire — Apr 19, 2022 (22% multifamily exits)
• PRNewswire — July 21, 2022 (40%+ returns)
• BusinessWire — October 4, 2022 (13 exits / 28% aggregate net IRR / $462M+ returned)
• BusinessWire — October 13, 2022 (Horizon Fund launch)
• BusinessWire — March 22, 2023 (CDAF II launch)

Current state:

• cadre.com — checked October 11, 2026: existing-investor login, link to Willow Wealth for new investors
• Wikipedia — Cadre (company)
• Wikipedia — Willow Wealth

Related CrowdfundedWealth coverage:

• Willow Wealth 2026 Status Review — parent platform forensic ($208M losses, Mount Logan / SOFIX acquisition completed August 2026)
• Yieldstreet Review 2026 — historical Yieldstreet (pre-rebrand) coverage
• CrowdStreet REIT I (C-REIT) Review — comparison cautionary review
• Origin Investments IncomePlus Fund Review — accredited alternative (3.9/5)
• JLL Income Property Trust Review — institutional NTR alternative (4.0/5)
• First National Realty Partners Review — accredited per-deal alternative
• Yieldstreet Alternatives — broader alternatives listicle