RealBricks Review 2026: The 'Trade Anytime' Pitch Built on a Secondary Market That Isn't Live Yet

The One Promise That Defines RealBricks — and Doesn't Hold Up

Fractional real estate platforms all sell the same core idea: own a slice of a rental home for a small minimum, collect a piece of the rent, and ride the appreciation. What's supposed to make RealBricks different is liquidity. The marketing is built around it — trade your shares whenever you want, no multi-year lockups, "nobody held hostage." For an asset class where Arrived locks you in for 5–7 years and most platforms only offer gated quarterly redemption, "trade anytime" is a genuinely compelling differentiator — though, as our best real estate crowdfunding apps roundup notes, RealBricks' app-and-secondary-market promise still isn't fully live.

There's one problem, and it's not a small one: the secondary market isn't live.

I went to the primary source — the SEC offering circular for Neptune REM, LLC (CIK 1992001), the legal issuer behind the RealBricks brand. The document is explicit: "There is no active trading market for our securities." It warns that the interests are illiquid and that no market makers provide liquidity. The marketed trading venue — a quotation on the PPEX Alternative Trading System — is described as planned, "expected in the first half of 2026." As of the May 2026 filing, there is no verified trading volume, no live ATS quotation, and no functioning secondary market.

So the single feature that justifies choosing RealBricks over a cheaper, more established competitor is, today, a roadmap item. That gap between the pitch and the filing is the reason this review exists.

What RealBricks Actually Is

Strip away the liquidity marketing and RealBricks is a small, early-stage Regulation A Tier 2 fractional-rental platform:

• Issuer: Neptune REM, LLC — a Delaware Series LLC, where each property is a separate "Series Interest" (not a separate legal company). CIK 1992001, formed November 7, 2022, qualified by the SEC on June 27, 2024, and now on Post-Qualification Amendment No. 7 (filed May 22, 2026).
• Operator: Terra Mint Group, Corp. (the brand "Realbricks"). The broker-dealer of record is Dalmore Group; escrow and transfer-agent duties run through North Capital.
• What you buy: Series Interests at $10 each, $100 minimum, capped at 9.8% ownership of any single property.
• The properties: long-term single-family rental homes (Kentucky, Indiana/Memphis area, and similar markets). Short-term, vacation, multifamily and commercial are mentioned as future plans, not current offerings.
• The yield: a targeted dividend of about 6% annually, paid quarterly at the managing member's discretion.

That's a legitimate structure — it's broadly the same Reg A+ fractional model used by Ark7 and Lofty. The issue isn't the model. It's the financial health and the marketing-versus-reality gap.

The Financials Carry a Going-Concern Doubt

The audited FY2025 Form 1-K is candid in a way the landing page isn't. The statements carry a "substantial doubt about the ability to continue as a going concern," and describe the business as a development-stage company that "has not generated revenue from operations" at scale.

The numbers back that up:

• Revenue fell to $88,089 in 2025, down from $128,324 in 2024 — moving the wrong direction.
• The company posted a net loss of $42,634 in 2025 (an improvement only because 2024's loss was a far larger $231,429).
• Total cash was about $48,039, and the individual property Series held $0 cash of their own.
• Only 5 Series were revenue-generating out of roughly 13 created.
• Properties are funded largely through promissory notes from the manager (Terra Mint), typically $379K–$400K each — so the operator is also the lender, and exit proceeds have gone mainly to repay those notes.

A going-concern flag doesn't mean a company is dead — many early-stage startups carry one. But on a platform whose properties hold no cash and whose parent is funding acquisitions with related-party loans, it's a serious signal that the business depends on continuously raising new capital to keep going. For how this kind of structural fragility tends to play out, see our real estate crowdfunding risks primer and our bankruptcy-remote vs. not analysis of what actually protects your money if a platform fails.

A Founder Died and Two Executives Left Within a Year

The leadership disruption at RealBricks is unusually severe, and it's all in the filings:

• Ahmed Khaleel, the co-founder and CTO who architected the fractionalization platform, died on August 6, 2024.
• Kevin Cottrell, co-founder, resigned as CEO on June 1, 2025 (note: some third-party sites still list him as CEO — that's outdated).
• Taylor Utt, the CMO, resigned on October 24, 2025.

The current CEO, Chris Gerardi (appointed November 1, 2025), owns 100% of the managing member. His prior venture was Mellivora LLC, a leggings/apparel e-commerce business (2017–2021); the filings disclose no prior real estate or securities track record. The company has zero employees — all staff work for Terra Mint — and Gerardi was paid $250,000 by Terra Mint in 2025. Newer hires (a part-time CFO at 12.5 hours/week, a COO, a CTO, a CCO) are filling the gaps, but losing the technical co-founder who built the trading platform is especially relevant when the trading platform is the entire value proposition and still isn't live.

Two Deals Were Abandoned and Refunded

There's a further signal in how RealBricks has handled deals that didn't come together. The Michter and Weller Series were abandoned on December 19, 2025 — the company "decided not to seek financing" — and all investors are being refunded (via paper checks, with North Capital still reconciling the process per the filing). Separately, two earlier properties did exit: Templeton sold for $405K (November 2024, Series liquidated February 2025) and Cedar Ridge sold for $350K (July 2025, liquidated, investors refunded). The exits are real, but proceeds went largely to repay the manager's promissory notes, and there's no verified, marketed investor IRR to point to. With total distributions of just $22,100 in 2025 and an offering circular that permits paying distributions from sources other than operating cash flow, treat any "targeted 6%" with appropriate skepticism.

The Fees Are the Heaviest in the Category

Even setting aside the going concern, RealBricks asks investors to carry a notably heavy fee stack, quoted from the offering circular:

• Property management fee: 8% of gross monthly receipts (to Terra Mint).
• AUM fee: 0.75% per quarter (about 3%/year) of a property's original purchase price.
• Sourcing fee: 7% of a property's purchase price (to Terra Mint).
• Capital-improvement fee: up to 5.5% of renovation costs.
• Disposition fee: 6–8% on sale.
• Platform fee: $2.50 per buy or sell order.
• Plus offering/Dalmore costs of roughly 2–3% of gross proceeds.

Some of these (AUM, property management) weren't actually charged in 2024–2025 because they were deferred while the platform was tiny — but they will hit once properties scale. Stacked together, this is a heavier load than Ark7 (which charges $0 AUM) or even Arrived. For a full cross-platform fee breakdown, see our real estate crowdfunding fees compared guide.

RealBricks vs. the Real Liquidity Platforms

The irony writes itself: RealBricks markets the most liquidity and currently delivers the least, while carrying the highest fee load and a going-concern doubt none of the others share. If liquidity is genuinely what you want from fractional real estate, Ark7's live PPEX secondary market or Lofty's blockchain trading are functioning today — see our Arrived vs. Ark7 comparison for how the established players actually stack up.

Who RealBricks Is For (and Who Should Wait)

Is RealBricks Legit? Our Bottom Line

RealBricks is legitimate, not a scam, and not defunct. It's a real, SEC-qualified Reg A Tier 2 issuer with audited filings, a registered broker-dealer (Dalmore), and a real escrow/transfer agent (North Capital). People have invested, properties have been bought and sold, and small dividends have been paid.

But legitimate and ready for your money are different things. The defining feature — anytime liquidity via a secondary market — is not operational, and the company's own offering circular admits it. The audited financials carry a going-concern doubt, revenue is shrinking, cash is thin, the technical co-founder who built the platform died in 2024, two more executives left within a year, and two deals were abandoned. The fee load is the heaviest among comparable platforms.

The honest verdict for 2026: this is a high-risk, sub-scale, early-stage platform where the marketing runs well ahead of the audited reality. If the PPEX secondary market goes live, gains real trading volume, and the financials stabilize, RealBricks could become genuinely interesting — that liquidity vision is the right one for this asset class. Until then, the functioning alternatives (Ark7, Lofty) deliver today what RealBricks only promises, and our best platforms for non-accredited investors guide covers the safer field — including the registered, audited Fundrise Income Real Estate Fund. For another 2026 cautionary case where the SEC filings contradicted the marketing, see our Elevate Money review. As always, read the Form 1-K before you trust the landing page.