Mogul vs Arrived (2026): One Files 240 Property Valuations With the SEC, the Other Files Nothing

Why people compare these two

Both let you buy a slice of a rented house for a few hundred dollars. Both target the investor who wants exposure to single-family rentals without a mortgage, a tenant or a roof. On the surface they look like variants of the same product, and every listicle treats them that way, usually with a table of minimums and fees.

The minimum and the fee are not the difference that will determine your outcome. The difference is whether anyone outside the company is required to see the numbers.

The dataset nobody has published

Arrived files a Form 1-U each quarter setting the NAV per interest for every series it operates. The most recent one was filed on July 28, 2026, effective as of July 25, 2026, and it is a plain table of 240 property series and their current per-interest value. Interests were sold at $10.00.

We transcribed all 240 and counted them.

If you are deciding on Arrived alone, our Arrived Homes review covers its fees, its October 2026 dividends (157 of 241 houses declared one) and how you get out.

How to read this honestly, because it is easy to read it badly in either direction.

• NAV is not a sale price. Arrived's own filing says so, and says it clearly: the NAV is not determined under GAAP fair-value standards, may not reflect what the interests would fetch in a market transaction, and is based on judgments and assumptions that different people would make differently. It is the issuer's own estimate.
• NAV excludes dividends already paid. A series sitting at $9.20 has not necessarily lost money for its holders, because rental distributions were paid along the way. NAV measures the capital, not the total return.
• A median a shade under the offering price after several years is not a scandal. It is roughly what you would expect from residential property bought at 2021-2023 prices, minus acquisition costs, in a market that stopped appreciating. The distribution is close to symmetric: 30 series down more than 20%, 30 up more than 20%.
• The tails are the point. Buying one house here is not buying "single-family rentals". It is buying that house. The gap between Series Delta at $4.01 and Series Lierly at $26.14 is the actual dispersion you are exposed to if you concentrate, and it is much wider than the platform-level average suggests.

That last bullet is the most useful thing on this page, and you can only learn it because the issuer is required to publish 240 numbers rather than one.

What Mogul publishes

Mogul's site is clear about its offer: $250 minimum, an LLC ("PropCo", taxed as a partnership) formed for each property, and a target IRR range of 12-20% (its About page, as of September 28, 2026), with individual listings showing figures like a +18.0% yearly net return and Year-1 yields ranging from 2.3% to 13.1%. Fees are stated as 5% capitalised in the deal, with returns quoted net of them. Mogul's September 18, 2026 fees post describes that as a 3% platform fee plus a possible 2% setup fee, both capitalised, and its docs also list 2.5% of rental income.

Two things then need saying plainly.

First, the structure. Mogul's own site carries this disclosure, in capitals:

INVESTMENTS ON THE SITE ARE SET UP AS AN INVESTMENT CLUB, HOWEVER, THE SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED THE SAME DIRECTLY AS AN INVESTMENT CLUB.

An investment club is a genuine, long-standing structure, and using one is not by itself improper. But it explains the consequence that matters to you: a company-name search of SEC EDGAR returns no Regulation A issuer operating as mogul.club. No qualified offering circular, no annual Form 1-K, no semiannual Form 1-SA, no audited financial statements filed with a regulator. When we searched EDGAR for entities named "Mogul", the results were an oil company, a hospitality partnership, a Wyoming LP and RealtyMogul, which is an entirely unrelated business. That changed in one respect on October 22, 2026, when an issuer named mogul Technologies Inc. (CIK 2151460) filed a Form D (accession 0002151460-26-000002). The Form D claims the Rule 506(b) exemption, gives the industry group as Other Technology, reports $15,499,969 sold to 20 investors with the offering closed, and shows no non-accredited investors and a minimum investment of $81,997, so it is not the $250 offer on the site. The filer's address is in Washington, DC, and Mogul's About page says the company is built in Washington, DC and that the site is operated by Mogul Technologies, Inc., so it is likely the same company, but we have not proven it: the filing does not mention mogul.club or mogul.com. A Form D is a notice of an exempt placement, not a Regulation A offering circular, and it contains no audited financial statements or property valuations. We still found no Regulation A issuer and we are not going to imply one exists.

Second, the returns. The 12-20% target IRR range (its About page, as of September 28, 2026) and the 18.8% average are, by mogul's own framing, what its underwriting model expects when properties are eventually sold. As of our mogul.club review and as far as we can verify today, no properties have been sold, which means no investor has realised any of it. A projection is a hypothesis about the future. It is not a track record, and the distinction is not pedantry — the entire content of Arrived's 240-row table is the difference between what a model predicted and what actually happened to each house.

Head to head

On the Arrived consent order, proportionately

We found a consent order from the Washington State Department of Financial Institutions Securities Division, case number S-24-3840-24-CO01, signed and entered on May 28, 2025, naming eight respondents: Arrived Holdings, Inc., the parent that owns the platform, and seven issuers (Arrived Homes, Arrived Homes 3, Arrived Homes 4, Arrived STR, Arrived STR 2, Arrived Debt Fund and Arrived SFR Genesis Fund). The finding was a failure to notice-file their Regulation A+ offerings with the state under RCW 21.20.327.

That is a state administrative filing requirement, not an allegation of fraud, misappropriation or misstatement. We read the order on the Washington DFI site: the respondents neither admitted nor denied the findings, and they are jointly and severally liable for a $40,000 fine and $343.75 in investigative costs, with an order to cease and desist from violating RCW 21.20.140. We include it because a comparison that lists only one side's problems is not a comparison, and because a reader deserves to know it exists and to know exactly how serious it is: this is paperwork, and it is the kind of paperwork that only becomes an issue for a company large enough to be registered in every state.

Which one, for whom

Choose Arrived if you want to see what actually happened before you commit. The 240-series table is the strongest argument for the platform and also the strongest argument against over-concentrating in it: the median outcome is modestly below the offering price, current dividend yields on long-term rentals ran about 3.6% in Q1 2026, and four series are worth under half their offering price. That is a real, unflattering, verifiable picture, and a platform that publishes it quarterly is telling you something about itself. There is also a secondary market now, with the honest caveats that it needs a buyer, runs in windows, and requires a six-month hold.

Choose Mogul if you have read a specific deal's documents, you find the underwriting on that specific house credible, you accept a 5% capitalised fee, and you are comfortable that there is no regulator-filed financial statement and no realised exit to check the model against. Some people are genuinely comfortable with that, particularly with small amounts. What we would not accept is a comparison that puts 18.8% next to 3.6% and calls it a win, because those numbers are not the same kind of number. One is a projection of a total return at sale; the other is a realised cash yield.

Choose neither if what you actually want is diversified residential exposure with liquidity. Both structures lock you into individual houses for five years or more. The dispersion in Arrived's own table, from $4.01 to $26.14, is the argument for owning many of something rather than one of something — and if you are going to own many, there are cheaper and more liquid ways to do it, which we lay out in Fundrise Alternatives and rank on exit mechanics in Real Estate Crowdfunding Liquidity 2026.

What we could not verify

Stating this rather than papering over it, because it is half the comparison.

• Mogul's exits. We found no disclosure of a completed property sale and no filing that would require one. Our finding is "none found", not "none exist". If mogul publishes a realised track record we will update this page.
• Mogul's AUM and property count. Figures around $22 million and roughly 40 properties circulate; we could not tie either to a primary document.
• Mogul's fee stack below the headline. The site states 5% capitalised into the deal, but sourcing, asset-management and property-management fees vary by offering. Read each deal's own disclosure.

How to check Arrived yourself in five minutes

1. Go to SEC EDGAR and search CIK 1821720 (Arrived Homes, LLC).
2. Open the most recent Form 1-U. Item 9 is the NAV table. Find your series by name.
3. Compare it to $10.00, then add up the dividends you have actually received.
4. For the audited financials, open the most recent Form 1-K.

That is the whole audit, it is free, and it is the thing you cannot do for a platform that does not file.

Internal links: Arrived Homes Review · mogul.club Review · Arrived Homes vs Ark7 · Arrived Homes vs RealtyMogul · Arrived Private Credit Fund · Real Estate Crowdfunding Liquidity 2026 · Best Real Estate Crowdfunding Apps 2026 · Red Flags in SEC Filings

Last updated October 23, 2026 (first published August 12, 2026). Arrived NAV data is transcribed from the Form 1-U filed by Arrived Homes, LLC (SEC CIK 1821720) on July 28, 2026, setting NAV per interest as of July 25, 2026; the $10.00 offering price is from Arrived's Regulation A offering documents. Arrived's own filing states that its NAV is not determined under GAAP fair-value standards and may not reflect the price obtainable in a market transaction. Mogul figures are taken from mogul.club's own website as of August 12, 2026, except the 12-20% target IRR range (mogul.com About page, read October 23, 2026, dated September 28, 2026) and the Form D data (SEC EDGAR, filed October 22, 2026). Neither platform pays us anything and we hold no position in either. Nothing here is investment advice.