EquityMultiple Alpine Notes Review 2026: EM Alpine's SEC Filings, Rates and the Larson Change

Correction (October 7, 2026). An earlier version of this page compared EquityMultiple's "over $235M" Alpine Notes figure with the wrong issuer's Form D: the September 29, 2025 Form D/A of EM Notes, LLC ($23,034,380 sold to 341 investors). EM Notes, LLC is not the Alpine Notes issuer. Its filings name EM Ascent Fund REIT, LLC as its sole member and never mention Alpine. The Alpine issuer is EM Alpine, LLC, and its filings report more than the marketing figure, not less. We have withdrawn the "90% gap" claim and the conclusions we built on it: that pre-2024 notes sat in an unknown structure, and that Alpine Notes are tied to the credit of the Ascent Income Fund. The title, description, ratings and FAQ below were rewritten accordingly.

Who issues Alpine Notes: EM Alpine, LLC

The Alpine Notes issuer is EM Alpine, LLC (CIK 0001959744), a Delaware LLC formed in 2022. EDGAR lists four Form D filings for it: one new notice and three amendments.

Three things to know when you read these numbers:

1. "Total amount sold" counts reissued notes. Alpine Notes last 3 to 9 months, and EquityMultiple says “Over 83% of Alpine Note investors choose to reinvest.” Each rollover can count again as a sale. That is why the cumulative figure is several times what is outstanding. The better measure of size is the $49,669,226 gross asset value that EM Advisor reported for EM Alpine in its Form ADV of May 14, 2026 (our reading; the filings do not reconcile the two).
2. The 2026 figure went down. A cumulative total should not fall. The April 2026 amendment reports $14,615,814 less than the April 2025 one (our arithmetic). It could be a change in how rollovers are counted or a correction of an earlier figure, but the filing does not say, and we do not know. If you hold notes, it is a fair question for investor relations.
3. The marketing figures are older and lower. The Alpine page still says “Over $235M of participation from investors” and “Over 1,850 investors have participated.” Both are below the April 2026 filing (2,416 investors), so the page appears not to have been updated. The marketing figure is not inflated relative to the filings.

Notes sold before December 2022. The Alpine page says that “In mid-2022, EquityMultiple increased the rate of return on all Notes series,” which means notes were sold before EM Alpine's first sale on December 16, 2022. The filings we found do not identify the issuer of those earlier notes. If you have held Alpine Notes since before 2023, your note documents name the issuer.

What EM Notes, LLC is. EM Notes, LLC (CIK 1986161) is a different issuer. Its Form D/A of September 21, 2026 reports $18,964,380 sold to 323 investors and names EM Ascent Fund REIT, LLC as “Sole member of the Issuer.” Nothing in its filings refers to Alpine Notes. Our EquityMultiple review covers it alongside the Ascent Income Fund.

Who owns and controls EM Alpine

The public record shows the chain of control, but not who owns the issuer's former managing member:

• Manager of the issuer: the April 2026 Form D/A names EM Manager, LLC as “Manager of the Issuer.” The 2022, 2024 and 2025 filings named EM Alpine Holdings, LLC as “Managing Member of the Issuer.” No filing we found says who owns EM Alpine Holdings, LLC.
• Adviser: EM Alpine appears as a private fund in the Form ADV of EM Advisor, LLC (CRD 314402), which lists EM Manager, LLC as the fund's manager. IAPD lists "EM MANAGER, LLC" among EM Advisor's other names.
• Owner of the adviser: EM Advisor's Schedule A lists Equity Multiple, Inc. as owner with code E (75% or more) since March 2021.
• Adviser status: EM Advisor's SEC registration shows as terminated on May 1, 2026; it has been an exempt reporting adviser since May 14, 2026. The footer of EquityMultiple's website still says it is “an investment advisor registered with the Securities and Exchange Commission,” while the FAQ says “EM Advisor is an exempt reporting adviser with the Securities and Exchange Commission.” The IAPD record supports the FAQ.
• Service providers: EM Advisor's Form ADV names Barton CPA (Cypress, Texas) as EM Alpine's auditing firm and First Internet Bank of Indiana as its custodian.
• Not Larson. The EquityMultiple FAQ lists Alpine Notes among “existing EM Investment Partners vehicles,” the business name of Equity Multiple, Inc., not Larson.

What the Larson license means for Alpine holders

EquityMultiple's FAQ says that “Effective August 1, 2026, Equity Multiple, Inc. granted a non-exclusive license to the EquityMultiple Platform and brand to Larson Acquisitions, LLC, a subsidiary of Larson Financial Holdings, LLC.” Larson Capital Management, Larson's real estate arm, now runs the platform day to day, and most new offerings will be its own. The company announced the change on its blog on September 15, 2026. For Alpine Notes specifically:

• The notes stay. The FAQ says “Alpine Notes will continue to be offered on the Platform” and “You will continue to receive normal reporting, distributions and tax documents.”
• Nothing to sign, no new exit. Existing investments were not transferred to Larson, ownership of Equity Multiple, Inc. did not change, and the FAQ says “This arrangement does not create a new exit right.” Your notes mature on their normal schedule.
• A separate notice. The blog told Alpine and Ascent investors to “keep your eyes out for a separate email.” If you did not receive it, ask investor relations for it.
• Your data goes to Larson. The FAQ says Equity Multiple, Inc. “has licensed customer information to Larson.” Opt-out requests received by October 15, 2026 will be applied before Larson starts marketing to you, according to the same FAQ.
• The open question: what the money finances now. The Alpine page says note proceeds are “used as a line of credit for EquityMultiple’s core real estate investments: offering sponsors surety of funding on initial closing.” The FAQ adds that Alpine Notes “bridge capital into offerings at the time of closing.” Under the new model, most new offerings are sponsored by Larson, and the FAQ says EM Investment Partners has no role in them. No document we found says whether Alpine capital will bridge Larson-sponsored closings, or what it will finance instead. That changes what your note is exposed to, so ask.

Current rates and terms (October 7, 2026)

From equitymultiple.com/alpine-notes and the Basecamp page, read on October 7, 2026:

In May 2026 this page listed 6.00%, 7.00-7.05% and 7.35%. The 6- and 9-month rates are higher now. How the notes work, per the product page:

• Interest accrues and compounds monthly instead of being paid out monthly; principal is repaid at maturity.
• No fees. The page says “EquityMultiple charges no fees on any Alpine Note investment.”
• Early redemption is available after 30 days, but only to invest in another EquityMultiple offering, not to take cash out.
• Rollover. The page says customer success “can facilitate rollover at maturity.” Check your note's terms for whether rollover is automatic and the deadline to opt out.

What we can and cannot say about structure and security

What the filings show. EM Alpine's Form D marks the securities as debt, sold under Rule 506(c), with an indefinite offering size, an offering expected to last more than one year, $0 in sales commissions and finders' fees, and $0 of proceeds estimated for the executive officers or promoters named in it. The issuer declined to disclose its revenue range.

What the website says. EquityMultiple “will purchase a small portion of the aggregate notes issued in this series in a first loss position,” so its own notes are paid only after other investors receive all principal and interest. The footer adds that private placements are “NOT guaranteed by EquityMultiple or any other party.”

What we could not see. The note purchase agreement or private placement memorandum is not filed with the SEC; EquityMultiple gives it to verified investors. Without it we cannot tell you:

• whether the notes are secured, and by what;
• how big the first-loss slice is (1% and 10% are very different protections);
• whether EM Alpine is set up to be bankruptcy-remote from Equity Multiple, Inc. The FAQ says “Most EM Investment Partners investments are typically structured for bankruptcy remoteness through a special purpose vehicle (SPV).” That sentence is about investments in general. It does not mention Alpine Notes, and we found no document that says it applies to them.

Our May version described Alpine Notes as consolidated under the Ascent REIT and "not bankruptcy-remote from the Ascent Income Fund." That came from the EM Notes, LLC filing and does not apply to EM Alpine. If you hold notes, the document to read is your note agreement: look for the security, subordination and events-of-default sections.

Yield against Treasuries

The Treasury figure is the 3-month constant-maturity yield (FRED series DGS3MO). The 3-month Alpine Note now pays 1.78 points over it (our arithmetic). That premium pays you for lending to a private issuer whose collateral you cannot see, with no secondary market. The 9-month note pays more, and you give up access to your money for longer.

Compared with other short-term options

The table makes the trade-off plain:

• Non-accredited investors cannot buy Alpine Notes. Groundfloor Signature Notes (our Groundfloor Notes review) and the Arrived Private Credit Fund are the comparable products, with their own risks.
• Accredited investors who want 3 to 9 months get a premium over Treasuries in exchange for private-issuer risk and roll-only early redemption.
• Alpine vs Ascent: Ascent's advertised yield is higher, but the figure is 18 months old and the fund locks money up for a year. See our Ascent Income Fund review.

Platform reputation

These figures are about EquityMultiple as a whole, not Alpine Notes alone, and date from before or just after the Larson change:

• BBB grade B- (as of September 13, 2026); EquityMultiple is not BBB-accredited. (BBB profile)
• Trustpilot 1.6/5 from 32 reviews (as of September 13, 2026). (Trustpilot)
• 71.43% would not recommend the platform in the August 2023 survey by The Real Estate Crowdfunding Review, with complaints about late K-1s and slow reporting on troubled equity deals.

Alpine Notes draw fewer complaints than the equity deals, mostly because the terms are short.

What a holder can do with this

1. Find your issuer. Notes bought since December 2022 should name EM Alpine, LLC. Check your note agreement. If yours names another entity, ask why.
2. Watch the next Form D/A. EM Alpine has filed each April since 2024. Look at the amount sold and investor count on EDGAR, and at EM Alpine's gross asset value in EM Advisor's next Form ADV on IAPD.
3. Ask three questions in writing: the size of the first-loss slice for your series, whether the notes are secured, and what Alpine proceeds finance now that most new offerings are Larson's.
4. Read the separate notice the blog promised Alpine investors. If you did not get it, ask investor relations.
5. Decide on your data. The FAQ's October 15, 2026 date applies to opting out of Larson's marketing.
6. Plan maturities as your exit. Early redemption only moves money into another offering on the platform.

Bottom line

Alpine Notes are a real, filed, fee-free short-term note with a payment record EquityMultiple describes as clean. The issuer's filings show a program much larger than our May version said, so we have dropped the "90% gap" finding and raised the rating from 3.0 to 3.2 out of 5. It does not go higher for three reasons: the 2026 Form D/A shows an unexplained fall in cumulative sales, the first-loss size and the security are not public, and since August 1, 2026 the platform the notes finance is run by a different firm with a different model.

For an accredited investor who wants a 3 to 9 month position and keeps it small, the notes do what they say. They are not a savings account or a Treasury substitute. Before buying or rolling over, get the three answers listed above. For the wider platform picture, see our EquityMultiple review; for structure across platforms, our bankruptcy-remote platforms guide.

Sources: SEC EDGAR Form D and Form D/A filings of EM Alpine, LLC (CIK 1959744): December 29, 2022 (accession 0001959744-22-000002), April 12, 2024 (0001959744-24-000002), April 14, 2025 (0001959744-25-000001) and April 13, 2026 (0001959744-26-000001); Form D/A filings of EM Notes, LLC (CIK 1986161) of September 29, 2025 (0001986161-25-000002) and September 21, 2026 (0001986161-26-000001); Form ADV of EM Advisor, LLC (CRD 314402, exempt reporting adviser report of May 14, 2026) and IAPD records for CRD 314402 and CRD 301971; equitymultiple.com Alpine Notes, Basecamp, Earn and FAQ pages and the September 15, 2026 blog post, all read on October 7, 2026; FRED series DGS3MO (October 5, 2026). Groundfloor, Arrived, HYSA, BBB, Trustpilot and survey figures carry the dates shown. CrowdfundedWealth is not in EquityMultiple's affiliate program and earns nothing if you sign up. This is analysis of public documents, not investment, legal or tax advice.