Rally Rd Review 2026: 141 Assets Sold, No New Offerings

Who files for Rally, and who does not

Rally Rd. is the name of an app. The companies behind it are the ones that file with the SEC, and they are not all still filing. The 1-K describes Rally Holdings as “a technology and marketing company that operates the Rally Rd.” platform and manages the company through its manager; Rally Holdings is wholly owned by RSE Markets, Inc. The filings still use the Rally Rd. name and the address www.rallyrd.com.

The Rally entities and what each has filed last (EDGAR filing lists retrieved November 14, 2026)

The merger matters if you hold a series that began as an RSE Archive series (the offerings qualified under the Archive Offering Statement): its reports are now inside RSE Collection’s 1-K and 1-SA. The merger report says each series of RSE Archive “became a Series of the Company,” the holders’ rights were unchanged, and it was meant “to consolidate and reduce administrative and regulatory costs.” Each series owns one asset, a car, a sports card, a case of wine, an NFT or a book, and the series’ assets and liabilities are kept separate.

No offering open, and 141 series with a sold asset

The Master Series Table in the October 1, 2026 report lists 455 series. Counting its status column (our count): 313 are marked Closed, meaning the offering closed and the asset is still held; 141 are marked Sold; one is marked Liquidated. Both reports state that “no Offerings of Series Interests were ongoing” at the end of the period (December 31, 2025 and June 30, 2026), and the 1-SA’s list of events after June 30 shows 0 offerings opened, 0 closed and 31 assets sold.

The sale price in the status column can be compared with the series’ offering size (the dollars raised from investors at the offering price). That is not what an investor received, because taxes and costs come out first, but it shows the direction.

Sale price against offering size, by year of the sale agreement (Master Series Table, our count; one sold series lists a range and is left out)

Through 2022 every sale in the table was above offering size (42 of 42). From 2023 the share below grows, and in 2026, which includes the July to September sales, 15 of 33 were below (our count). The filings do not say why; they say the manager and an advisory board weigh each offer and consider “the preference of Investors in the related Series as expressed by the nonbinding voting results of a poll of such Investors on the question whether to sell the Underlying Asset.” The vote does not bind the manager.

The 31 sales agreed after June 30, 2026

The 1-SA’s subsequent-events note lists each one. Taken together they sold for $3,896,029 against a carrying value of $3,153,096, a total gain of $742,932; 19 were above carrying value, 6 equal and 6 below (our count). Carrying value is the series’ book value, which for these assets is cost less any impairment, not a price anyone paid.

What holders got back: 55 series with a payout

Each sale table in the 1-K and 1-SA gives the total initial offering price and the total distributed to investors for the series, plus a per-interest figure for each. The filing’s note says the total “includes cash on balance sheet of Series and is net of corporate level taxes on gain on sale.” After a sale, “the Series is dissolved upon payment of their current corporate tax liabilities and any sales tax remittance.”

Distribution to investors against offering price, sales agreed 2024 to June 2026 (our totals from the 1-K and 1-SA sale tables)

The totals are the filings’ own: $7,111,036 (2024), $3,075,652 (2025) and $224,736 (six months of 2026); the other columns are our sums of the series rows. The sales table behind them reports $7,648,797 of proceeds and $2,366,897 of gain for 2024, $3,222,085 and $811,578 for 2025, and $230,000 and $95,530 for January to June 2026.

The lowest and highest payouts per interest in those 55 series

A worked example (our arithmetic)

Put $1,000 into the median series of these 55 at its offering price. The median distribution was 1.1055 times the offering price, so $1,000 became about $1,106, after a median of 3.9 years between the offering’s closing and the sale agreement. That is 2.4% a year compounded, before any tax you owe on the payout and before any trading cost you paid to buy or sell on the PPEX ATS. In the lowest series (#BAYC7359) $1,000 became about $231; in the highest (#JOBSMAC), about $2,542. 16 of the 55 paid back less than $1,000.

These are the sold series only. The 313 series still holding assets have no payout yet, and the filings give no current value for them.

The fees in the filings

What the manager, broker and custodian take, in the filings’ words

The sourcing fee is the largest: the Master Series Table’s per-series amounts sum to $3,361,248 on $47,119,950 of offering size (our arithmetic, negative cells included). The table’s footnote says a closed offering’s amount is “the actual Sourcing Fee payable to the Manager, which may be less than the maximum Sourcing Fee.” The success fee only applies to series launched since 2023, so it does not apply to the older series that are now being sold.

Losses, impairment and the going-concern paragraph

The company-wide numbers (consolidated across series)

The 1-SA says the company and each series “have experienced recurring net losses and negative operating cash flows since inception”, that the manager has covered deficits with capital contributions or loans, and that “There can be no assurance that the Manager or RSE Markets, Inc. will continue or have the ability to fund operations or provide financial support to the Company and each listed Series.” Running costs (storage, insurance, bookkeeping) are charged to the series after they close; the manager may pay them without seeking reimbursement, lend them to the series or issue more interests. The 1-SA reports no free cash flow distributions and no management fee in the period.

Selling a share: what the filings say and what they do not

The 1-K says “All secondary transactions in Series Interests for which the Platform serves as the user interface are effectuated on the PPEX ATS”, an alternative trading system “owned and operated by NCPS,” a registered broker-dealer. It adds that “there can be no guarantee that a secondary market will ever develop, through the PPEX ATS or otherwise.” Some series are expressly closed to it: footnote 7 of the Master Series Table marks series “whose Interests we do not intend to allow to trade on the PPEX ATS.”

The filings report no prices, volumes or bid and ask quotes for any series, so we cannot say what a share would fetch today. On October 20, 2026 Masterworks, another Regulation A collectibles issuer that used the same system, reported that “trading of Shares on the PPEX ATS ceased” on October 19, 2026 (see our Masterworks review). RSE Collection has filed nothing since October 1, 2026, so we cannot say whether Rally’s trading changed. A July 18, 2026 newsletter item reported that Rally is winding down its fractional platform to launch a listed fund; no RSE filing we read mentions one, and the 1-SA, filed after that date, still says the company expects to launch more offerings. Treat the report as unconfirmed.

The 2023 SEC order

On July 12, 2023 the SEC issued an order (Release No. 34-97878, Administrative Proceeding File No. 3-21526) against RSE Markets, Inc. The SEC’s press release says the order finds that “between July 1, 2018, and November 20, 2021, RSE operated the Rally Platform, consisting of the RallyRd.com website, the Rally App, and trading functionality,” and that the company did not register it as a national securities exchange or operate it under an exemption. Without admitting or denying the findings, RSE Markets agreed to cease and desist from violations of Section 5 of the Exchange Act and to pay a $350,000 civil penalty, in four installments of $87,500. The order concerns the platform’s own trading function; since then the filings route secondary trades to a registered broker-dealer’s system. We did not read any court record (CourtListener was unavailable on November 14, 2026), so court records are not scored.

What a reader can do with this

1. Find your series in the CSV. Search the symbol that starts with # (for example #85MARIO) in the data table. If it is in the sale rows, the line shows your distribution per interest against the offering price per interest.
2. If your series shows Closed, treat the sale as a decision that belongs to the manager. The filings give you a non-binding poll, not a vote; the carrying value and a sale agreement will appear in a Form 1-U or in the next 1-SA.
3. Compare your payout to the series’ own sale table before the tax statement. The distribution is “net of corporate level taxes on gain on sale,” so the gross sale price is not what reaches you.
4. Ask the app or the custodian for your own statement if you want a current value: the filings do not give one, and the PPEX ATS prices are not in any report we read.
5. Read the going-concern paragraph in context. It says there is no assurance the manager and RSE Markets will keep funding costs; sales are how the series get cash out, which is why the sell-down matters to a holder.
6. Compare with other Regulation A collectibles and art issuers in our Masterworks review, and with the broader set in alternative investments for $250,000 investors and Regulation A real estate offerings.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

This is analysis of public documents, not investment, legal or tax advice. Sources: RSE Collection, LLC Form 1-K for fiscal 2025 (accession 0001688804-26-000013, filed May 7, 2026) and Form 1-SA for the six months ended June 30, 2026 (0001688804-26-000019, filed October 1, 2026); RSE Collection Form 1-U on the RSE Archive merger (0001768126-25-000005, January 7, 2025) and RSE Archive Form 1-Z (0001768126-25-000006, January 10, 2025); EDGAR filing lists for CIKs 1688804, 1768126, 1722955 and 1812859 (retrieved November 14, 2026); SEC order, In the Matter of RSE Markets, Inc., Release No. 34-97878 (July 12, 2023) and SEC press release 2023-132; Masterworks Vault 1, LLC Form 1-U (0001493152-26-047752, October 20, 2026). Series figures in our tables are our counts and sums of the filings’ tables.