FarmTogether Review (2026): What Its 60 SEC Filings Show

FarmTogether is not an SEC-registered adviser, and the record shows when that ended

Many pages about FarmTogether describe it as SEC-registered, or point to its adviser page as proof of oversight. That page says something narrower. The SEC's adviser database lists the firm as FARMTOGETHER, also known as FARMTOGETHER, INC., with an SEC file number that starts with 802. An 802 number is the kind given to exempt reporting advisers, and the Form ADV itself is titled “Uniform Application for Investment Adviser Registration and Report by Exempt Reporting Advisers”; in it, the firm reports its SEC file number “If you report to the SEC as an exempt reporting adviser”.

Three things follow from this. The record does not give a reason for the withdrawal, so we do not offer one. There is no assets-under-management figure, client count or fee schedule in it to quote: an exempt reporting adviser files only part of Form ADV, and the one figure the form asks for, private fund assets, was entered as $0 for a firm whose farm companies had already reported millions on Form D (FarmTogether 202, LLC filed a Form D for $13,720,604 two days earlier, on February 24, 2021). The form does not say whether the field was left unfilled. And the entity that the farm and fund Form Ds name as investment manager, FarmTogether Management L.L.C., does not appear in the SEC adviser search: a search for “farmtogether” returned one firm, the one above.

In the 2021 Form ADV the chief executive and chief compliance officer is listed as Artem Milinchuk, owner since May 2019. By 2025 the Form Ds of the farm companies are signed by David Gould as “CEO of Issuer's Manager”, and in the fund's June 2026 Form D he is “President of the General Partner of the Issuer and Principal of the Investment Manager”, with Mr. Milinchuk listed as a director and promoter.

Being outside SEC registration is legal for advisers of private funds that meet the exemptions, and it says nothing about whether any particular investment is good or bad. It does mean the kind of file we use to check a registered adviser (assets, fees, disciplinary history, a plain-English brochure) does not exist here. For the investor, the farm-by-farm Form D is the document available.

Forty-three farms, one company each

FarmTogether does not run one fund of farms. For each single-farm deal it forms a company, some named by number (FarmTogether 191, LLC through 206, LLC) and later ones by name (Andromeda, Cascade, Goldenrod, Landmark Grove). Each files a Form D under Rule 506(c). We found 60 Form D and Form D/A filings across 44 entities: the 43 farm offerings (42 companies; FarmTogether 202, LLC filed two separate offerings), the Sustainable Farmland Fund, LP and FarmTogether, Inc. itself. We searched EDGAR for the FarmTogether name in all filings and found no Form 1-A, 10-K, 10-Q, 8-K or other periodic report from any of them.

All amounts are the sums of each offering's latest Form D, so the investor count counts a person once per farm. The peak was 2021. From there the money sold fell 71.8% to 2023 and 82.7% to 2025 (our arithmetic), and the 2025 figure includes a debt offering by FarmTogether 202, LLC (a second raise by a 2020 company, $3,029,824 from 70 investors, minimum $6,551) and Landmark Grove, which ticks equity, debt and tenancy-in-common boxes ($6,358,213 from 79 investors). The 2025 average of $63,007 is the average of two unlike deals. 2026 so far has no farm Form D at all. A Form D is due within 15 days of the first sale, so a farm sold in the last days could still appear; a company that had stopped selling farms would look exactly like this, and so would one that sells them through another channel. The filings do not say which.

The largest farms, and the ones that did not fill

Most offerings report as fully sold. Five do not. FarmTogether 194, LLC offered $1,884,000 and reported $1,419,000 sold (75.3%) in its November 23, 2020 amendment. FarmTogether 202, LLC's 2025 debt offering reports $3,029,824 of $6,000,000 (50.5%) with the note “Another raising round will occur in the following months.” FarmTogether Great Valley Grove LLC reports $3,253,562 of $3,649,761 (89.1%), Josephine Vineyard $3,597,046 of $3,665,101 (98.1%) and Woodland Orchard $4,804,283 of $4,806,566 (all our arithmetic). The company's website says that “to date we have been able to successfully syndicate every deal that has been brought to the platform”; the Form D amounts do not say whether any remainder was sold later, so we flag the filings rather than draw a conclusion.

One entry reads oddly and was corrected: the first Form D of FarmTogether Oak Ridge, LLC (November 3, 2022) reported 284 non-accredited investors and 0 total invested; the amendment of November 16, 2022 reports 284 investors and no non-accredited ones. The offering is under Rule 506(c), which does not allow non-accredited buyers.

Minimums: from $333 to $29,000, then mostly $15,000

The $15,000 that review sites quote is the company's number for its crowdfunded offerings, and the website says so. The filings show a wider history. Of the 43 offerings, 22 state $15,000, 20 state less and one, FarmTogether Red River, LLC (May 2022), states $29,000. The range below $15,000 is wide: $333 and $634 for two 2019-2020 farms, $1,000 for two, $5,000 for two, $7,535, $9,000, $10,000 for eight, $10,362 and $14,666. One, FarmTogether 191, LLC (the first, September 2019), enters $0; the Form ADV filed in 2021 reports $10,000 as the minimum for the same fund.

Since January 2023 the pattern is tighter: of 10 offerings, 8 state $15,000, Rose Rock $10,000 and the 2025 debt raise by 202 $6,551. The Sustainable Farmland Fund's Form D states $100,000, which matches one answer on the company's FAQ ($100,000 for the Fund LP) and not another on the same page (“The minimum investment is $50k.”).

Filing on time: the habit changed in 2023

Rule 503 asks for a Form D within 15 days of the first sale. Using the date of first sale each form reports and the date the first Form D was filed (our arithmetic), 24 of the 43 farm offerings were filed later than that, and the median across all 43 was 29 days. Every late one has a first sale between 2019 and 2022: one of two in 2019, all ten in 2020, ten of thirteen in 2021 and three of eight in 2022. The longest gap was 245 days. The 2020 farms 193, 194 and 195 were first filed together on May 15, 2020, and all three were amended on November 23, 2020.

Since January 2023 all ten offerings were filed within 14 days of their first sale. We do not know why the earlier forms came late: Form D carries no explanation. What it means for a reader is practical. For farms sold before 2023 the Form D arrived long after the money was raised, and the amounts in the first filings were sometimes revised: FarmTogether 195, LLC's first form reported $1,320,000 sold and its amendment $1,530,000; FarmTogether 204, LLC's first form reported $1,275,000 offered and its amendment $864,550.

The Sustainable Farmland Fund: what its Form D and its website say

The fund is a Delaware limited partnership formerly named FarmTogether US Farmland Fund, LP. Its general partner is US Farmland Partnership, LLC and its investment manager is FarmTogether Management L.L.C. It reports a continuing offering with first sale on February 3, 2021 under Rule 506(c), and its Form D ticks the Investment Company Act exclusion boxes 3C and 3C.5. Its Form D amounts grow every year:

On fees, the company gives two versions. The Form D filed June 5, 2026 says: “The issuer pays the GP a management fee of 1.25% per annum, and a performance fee of 10% of gains above an annual hurdle of 6%”, plus reimbursement of organization and offering expenses, and it estimates $50,768 of gross proceeds used for payments to the persons it names as executive officers, directors or promoters. The FAQ on farmtogether.com (October 8, 2026) says Class A pays a 1.25% annual management fee, a 2% acquisition fee and a 15% incentive fee over a 6% cumulative hurdle, and Class I (a $5,000,000 minimum) 10%. The two can be consistent if the Form D describes only one class, but it does not say so, and the acquisition fee does not appear in it. The offering memorandum is the document that settles it; it is not public.

On liquidity the website says: “The Fund offers withdrawals on a quarterly basis following a two-year lock-up period.” It says the fund can meet redemptions up to 2.5% of NAV a quarter, up to 10% a year, “subject to available cash balance”, and targets an annual net distribution of 4-6%. These are the company's statements; no public filing reports a redemption, a distribution or a net asset value. Of the fund's filings, only the January 12, 2024 Form D/A names a broker-dealer firm, North Capital Private Securities Corporation.

FarmTogether, Inc.'s own raises

The platform company files Form Ds under Rule 506(b) for equity raised for itself, not for farms. We found four: $1,849,993 from 5 investors (first sale January 23, 2019), $1,800,494 of $2,573,672 from 23 (July 2, 2020), $2,464,965 of $7,499,961 from 22 (January 14, 2021) and, filed March 20, 2026, $9,449,994 of $11,725,000 from 53 investors (first sale February 11, 2026). Farm investors own none of it. The 2019 to 2021 forms list Mr. Milinchuk as executive officer; the 2026 form lists David Gould as director. The filing alert below is tied to this company's CIK.

What the website says, and what the filings add up to

The company's own words on liquidity for the single-farm product are plain: “We currently do not have a secondary market for investors to resell their interests to other investors and it is unlikely that a secondary resale market will develop”. Returns, it says, come from lease or farming income and “You will receive returns from farmland price appreciation at the end of the hold period.” The FAQ lists a one-time administrative fee on the single-farm product and says other fees are listed on each opportunity's page, which is behind a login; we did not see them and so quote no fee figure for single-farm deals. A K-1 is issued per property, according to the same FAQ.

Five farm offerings tick the tenancy-in-common box (FarmTogether 205, Goldenrod, Vista Luna, Oak Ridge and Landmark Grove), and the website lists “Tenancy in Common Offerings” among its products. Form D does not say whether investors in those offerings were using a 1031 exchange; if you are, read our guide to 1031 exchanges into crowdfunded real estate and the deadlines before you wire funds.

What no public filing shows

None of the 44 entities files an annual report, so these are not in any public document: the farm's location, acreage and price paid; the lease or operating results; the fees charged in that specific deal; distributions paid; any appraisal or value after purchase; whether a farm has been sold and at what price. A realized return for a FarmTogether farm cannot be checked against an SEC filing. If you are shown past returns, ask which deals they cover, whether they are net of every fee, and where the sale documents can be seen.

FarmTogether and AcreTrader in the same filings

AcreTrader is the other farmland platform with a farm-by-farm Form D record. Our AcreTrader review reads 173 of its farm filings. The two differ in how big the record is and who is named.

For the wider field of platforms open to accredited investors, our list of the best platforms for accredited investors puts them next to each other, and the inflation-hedge comparison covers where farmland sits among them.

What you can do with this

• Check any FarmTogether deal on EDGAR. Search the company name (for example “FarmTogether Landmark Grove”) and read its Form D: amount sold, investors, minimum, broker-dealer and the date of the first sale should match what you were shown.
• Ask in writing for what the filings cannot give you. The fees of that specific deal (administrative, annual, acquisition, sale), the lease or operating terms, the planned hold and exit, and the distributions paid on earlier comparable farms.
• Do not rely on the adviser database for oversight. FARMTOGETHER is listed as inactive and withdrawn; the Form D is the record, and our red-flag checklist for platform filings shows how to read it.
• Size it as illiquid. The company states there is no secondary market for the single-farm product, and the fund has a two-year lock-up and quarterly limits.
• Compare how the money is shaped. Our Form D data for real estate syndications shows what a typical private placement of this size looks like.

FAQ

Sources: SEC EDGAR Form D and Form D/A filings of 44 FarmTogether entities (60 filings), read on October 8, 2026 from the full-text search, the EDGAR submissions index and each filing's XML (examples: FarmTogether Landmark Grove, LLC, 0002094287-25-000001; FarmTogether Sustainable Farmland Fund, LP, 0001821316-26-000001; FarmTogether, Inc., 0001767214-26-000003; FarmTogether 202, LLC, 0001830635-21-000004 and 0001847491-25-000002); the SEC's Investment Adviser Public Disclosure record and Form ADV annual amendment of FARMTOGETHER, CRD 304511, filed February 26, 2021; and farmtogether.com and its FAQ, read October 8, 2026. Statements attributed to the website are the company's claims, not verified by us. Sums, averages, percentages and counts are our arithmetic. We have no relationship with FarmTogether and earn nothing if you invest. This is analysis of public records, not investment, legal, lending or tax advice.