MogulREIT I (RealtyMogul Income REIT) Review 2026: NAV $6.79, Repurchases Suspended, and a Property-Equity Fund, Not a Debt Fund

Correction, September 19, 2026: earlier versions of this review described MogulREIT I as a senior commercial-debt fund and scored its "capital stack position" 4 out of 5 on that basis. That was wrong: its own 1-K lists 15 joint-venture equity positions and one preferred equity position at December 31, 2025. We also said the manager takes no promote and no disposition fee (it is entitled to a 2.0% disposition fee and a promoted interest at the joint-venture level), linked the NAV cut and the quarterly switch to the wrong 1-U, dated the cut to 3.0% to January (it was declared December 31, 2025 and filed April 15, 2026), gave April 21 as the filing date of the suspension 1-U (the board acted on April 21; the 1-U was filed April 29), called December 2025 the "109th and final" monthly distribution (the company counts 113 consecutive distributions through the quarterly ones), wrote that ~7,700 investors hold 14.6 million shares (14.59 million is the cumulative number issued; 11.44 million were outstanding at year-end 2025), and presented the 100% return-of-capital classification as principal being handed back (the company attributes it in part to depreciation). We removed a 2-4 year redemption wait, a Trustpilot score, four pre-2021 NAV rows and a fee list that we could not tie to a filing. The rating moved from 2.5 to 2.0.

For the platform as a whole, see our RealtyMogul review.

What the fund actually owns

The name and the "MogulREIT I" branding come from 2016, when the fund made commercial real estate loans. The filings describe something else today. The FY2025 1-K says: "We had invested in 23 debt and debt-like investments, with 22 of those investments paying off in full, since inception as of December 31, 2025." What replaced them are joint-venture equity stakes in buildings. The same 1-K lists the portfolio at December 31, 2025:

Fifteen of the sixteen lines are equity, and they are $87.2 million of the $90.0 million balance, about 97%. Because the fund controls most of these joint ventures, its audited balance sheet consolidates the buildings themselves: $277.2 million of real estate at cost and $192.4 million of property mortgages (gross) at December 31, 2025. That debt sits at the property level, ahead of the fund's equity. A holder of MogulREIT I is a junior owner of apartment buildings and office towers, not a lender to them, and that is why its NAV has moved the way an equity fund's NAV moves.

The NAV, quarter by quarter

The last step is small, 6 cents, but look at what is under it. Between December 31, 2025 and June 30, 2026 the "net adjustments to fair value" line in the NAV statement went from +$3.6 million to -$5.3 million, cash went from $11.0 million to $5.5 million, and net assets from $85.6 million to $77.5 million. The company sold the Lubbock medical office building in January at a gain (a 1.97x equity multiple against 1.5x underwritten, by its own estimate) and still ended the half with half the cash it started with.

The NAV is prepared by the manager with a third-party provider and approved by the board. The company says itself that it is not the price a holder would get on a sale or in a liquidation.

The first half of 2026, from the semiannual report

The Form 1-SA for the six months to June 30, 2026 was filed on September 28, 2026 (accession 0001493152-26-044644), eleven days after the NAV it supports. It is the first set of financial statements under the new owner, and three things in it matter more than the NAV.

First, the write-down. At June 30 the company classified Edison Apartments, Roosevelt Commons and Minnehaha Meadows as held for sale at fair values of $12.93 million, $9.22 million and $13.07 million, $35.2 million combined, and booked a $9.0 million loss to get there; the three had combined net operating losses of about $0.45 million in the half. They were sold on August 20 for $13.6 million, $10.07 million and $14.225 million, $37.9 million in total, with $31.7 million of mortgages carried alongside them, so the June marks sat slightly below the prices achieved. The loss is already inside the $6.79 NAV approved on September 17.

Second, the payout is finally covered, because it was cut. Operating cash flow of $2.56 million against $1.28 million of distributions declared to stockholders (plus $0.78 million paid to joint-venture partners) is the first period in the filings we hold where operations covered the distribution; in 2024 and 2025 they did not. The coverage came from paying a quarter of the old rate, not from more cash.

Third, the balance sheet is smaller and thinner. Total assets fell from $288.7 million to $270.0 million, total liabilities were $189.6 million, and the equity attributable to the REIT's own shareholders was $59.9 million on 11,416,020 shares, about $5.25 of book equity a share against the $6.79 NAV (our arithmetic; book value depreciates buildings and NAV does not). The accumulated deficit grew from $47.5 million to $53.9 million. Property mortgages were $150.8 million plus $31.4 million on the assets held for sale. The Columbus Office loan, in maturity default since August 2025, still shows $20.66 million outstanding at June 30, 2026 (original $33.6 million, SOFR plus 2.50%, 6.19%), and the footnote repeats that "the lender may exercise remedies available under the loan agreement, including acceleration and foreclosure." On Truist Plaza, Wideman affiliates received the $2.0 million acquisition fee (1.98% of the price) in the half and reinvested it as their own capital in the deal, plus $83,000 of asset management and $214,000 of property management fees across the three equity-method properties; the fund added $412,000 more to the investment in July. The company says it expects cash flow, cash on hand and asset sales to cover its needs "for at least one year", with the caveat that the subscription pause "may limit our ability to make new investments or fund existing commitments".

Distributions: still paid, a quarter of what they were

The January 28 filing also moved payments from monthly to quarterly, "as we actively reposition our portfolio". The company keeps counting: as of August 6, 2026 it reports 113 consecutive distributions "on a monthly basis through December 2025, and on a quarterly basis thereafter", totaling over $47.0 million since inception ($23.6 million in cash and $23.4 million reinvested). The streak is real. It now includes quarters paid at 1.5%. The third-quarter declaration, filed October 2, 2026, holds the rate at about 1.5% and resets the daily amount to the lower NAV from September 17; in the first half of 2026 the fund declared $1.28 million to stockholders against $2.56 million of operating cash flow (see the semiannual section above).

Two numbers from the audited 1-K matter more than the rate. Consolidated cash from operations was $4.07 million in 2024 and $4.40 million in 2025; distributions declared were $6.70 million and $5.47 million. The company's own filings say it may fund distributions from sources other than operating cash flow, and in both years operating cash flow did not cover them.

On tax: the company reported that 100% of its 2022 distributions and 100% of its 2023 distributions were return of capital for tax purposes, and attributes that "in part" to depreciation on its buildings. That lowers your cost basis and defers the tax until you sell; it is a tax classification, not by itself evidence that the fund handed your principal back.

Getting out: closed on every side

• Repurchases. On April 21, 2026 the board suspended the share repurchase program "to preserve liquidity and financial flexibility"; the company is "no longer accepting or processing any repurchase requests" submitted from that date (1-U filed April 29, 2026). Before that, requests had already exceeded the plan's limit (5.0% of shares a year, or 1.25% a quarter with carry-over) and were paid pro rata. It repurchased 586,296 shares for about $4.5 million in 2025 (average $7.72) and 628,190 shares for about $5.5 million in 2024 (average $8.76).
• DRIP. The second follow-on offering expired on May 13, 2025; the manager suspended the DRIP on April 21, 2026, and distributions are paid in cash.
• New money. Subscriptions have been paused since July 11, 2025, when affiliate RM Securities withdrew its broker-dealer registration. The fund filed a new offering statement on October 14, 2025 and withdrew it on September 10, 2026, saying it was "not in the best interests of the Company or its stockholders to continue with the proposed Offering Statement at this time" (Form 1-A-W). The June 1 filing had said it planned to resume the offering later, through the RealtyMogul platform only.
• Structure. On April 27, 2026 the LLC converted into a Maryland corporation and became the successor issuer under Rule 257(b)(5); the board of managers became a board of directors. The 1-U does not mention a shareholder vote.

There is no secondary market for these shares that we know of. For now, a holder's cash comes from the quarterly distribution and from whatever the fund decides to do with sale proceeds.

New owner, new deals: the Wideman years

On November 6, 2025, Realty Mogul, Co., the parent of the sponsor and of the manager, was merged into RM Investor, LLC, managed by The Wideman Company, LLC of Orlando (1-U filed November 13, 2025). Jilliene Helman, Flynann Janisse and Louis S. Weeks III left the board; Christopher D. Wideman (not independent), Michael C. Young and Michael H. Simpson joined. Matthew M. Wideman was named chief executive, and Christopher D. Wideman took the post on December 4, 2025. The company's address is now in Orlando.

Since then the filings show a fund being repositioned: out of apartments in the Pacific Northwest, into net-leased industrial and one office tower.

Truist Plaza: the manager's affiliate on the other side

On January 28, 2026 the fund put $8.0 million into a joint venture that owns Truist Plaza, a 2019-built, 209,032 square-foot mixed-use tower in downtown Orlando, and added $411,500 on July 31, 2026, for $8.41 million, about 11% of June 30 net assets (1-U filed February 13, 2026; 1-U filed August 6, 2026). The same filing says what the fund's investors are paying for, and to whom:

• The Wideman Company, an affiliate of the fund's manager, became the general partner of the entity in the recapitalization, having previously been a limited partner in it.
• A Wideman affiliate receives an acquisition fee of 1.98% of the purchase price, an asset management fee of 1.0% of effective gross rents, a property management fee of 3.0% of gross revenue and a construction management fee of up to 5.0% of capital spending.
• Wideman "will be entitled to a promoted interest in an amount equal to 20% of the special purpose entity's distributable cash under certain circumstances", and may allocate part of it to personnel of the manager, "including Christopher Wideman, our Manager's chief executive officer and president." The fund is not entitled to the promote.
• A Wideman affiliate lent the entity about $3.4 million at 5.0%, and "repayment of the member loan may receive priority during certain capital events."
• The property carries a $65.0 million floating-rate loan at SOFR plus 3.15% with a 6.00% floor.

The company discloses the conflict and says Christopher Wideman will not take part in the fund's decisions on this investment. It is still the largest new commitment the fund has made under its new owner, into an office tower, on terms where the manager's own group earns fees and a promote above the fund's investors.

Columbus Office: the default in the 1-K

The fund holds a $7.0 million equity stake in Columbus Office Portfolio. The 1-K: "On August 16, 2025, Columbus Office Portfolio, LLC … entered into maturity default under the terms of its $33,635,340 loan with an unaffiliated lender." The lender extended the maturity to December 15, 2025; that day one of the two buildings (855 Grandview) was sold and the proceeds went mostly to the senior loan. When the 1-K was filed on April 30, 2026, the loan was "currently in maturity default", with the company "actively engaged with the lender" on an extension, a refinancing or a sale of the remaining asset, and no assurance of any of them.

What the sales say about the old underwriting

The company prints its original underwriting next to each outcome, which few sponsors do:

The three Portland-area apartment communities were bought in 2021-2022 for $48.5 million and sold for $37.9 million; the company cited "potential local and state legislative changes impacting multifamily operations". We wrote them up in detail in the Portland exit. On the Lubbock sale, the company disclosed that RM Adviser is entitled to a disposition fee of 2.0% of the gross sales price, paid by the joint venture, and to a promoted interest of 30% of the joint venture's distributable cash in certain circumstances, which the fund does not share.

Fees

The fund pays its manager a monthly asset management fee at an annualized 1.00% of total equity value (NAV per share times shares outstanding); the 1-K reports about $1.36 million of management fees in 2025, a figure that also includes property-level asset management fees. A Form 1-U filed October 2, 2026 (accession 0001493152-26-045609) sets that property-level asset management fee at "up to an annualized 3.5% of Effective Gross Income", against 1.5% in the FY2025 1-K. At the property level, the manager or its affiliates can also earn disposition fees (2.0% of gross sales price on the Lubbock sale), leasing commissions and promoted interests, and, in Truist Plaza, the Wideman fees listed above. Those are paid by the joint ventures and reduce what reaches the fund.

The sister fund

RealtyMogul Apartment Growth REIT ("MogulREIT II", CIK 1699573) has the same manager and the same new owner. On the same day, September 17, 2026, its board put NAV at $6.36 a share as of June 30, 2026 (253G2, accession 0001493152-26-043162), and its subscription pause since July 11, 2025 also remains in effect. Our MogulREIT II review and the MogulREIT I vs II comparison cover it.

Who this is for

If you already hold it, the practical questions are what the fund does with sale proceeds (pay down, reinvest, or restart repurchases), whether Columbus Office is resolved, how Truist Plaza performs, and whether the distribution holds at 1.5% (it did for July-September 2026, declared October 2). Each of those will show up first in a 1-U, usually a few days after the event.

If you are looking to buy, you cannot: the fund is closed to new money and has withdrawn its new offering statement.

If you are comparing income vehicles, remember what this one is: junior equity in buildings, managed by a sponsor that has just changed hands, with no way to redeem. See our real estate crowdfunding liquidity guide for vehicles that still have a working exit.

Our relationship with RealtyMogul: none. We have not applied to its affiliate program and earn nothing if you invest with it. The advisor box above is a paid referral service, disclosed in the box.

FAQ

Sources

• SEC EDGAR filings index — RealtyMogul Income REIT, Inc., CIK 1669664
• Form 1-U, October 2, 2026 — third-quarter 2026 distribution at about 1.5% of NAV (0001493152-26-045609)
• Form 1-SA, September 28, 2026 — semiannual report for the six months ended June 30, 2026 (0001493152-26-044644)
• Form 1-U, September 17, 2026 — NAV $6.79 at June 30, 2026 (0001493152-26-043163)
• Form 1-A-W, September 10, 2026 — offering statement withdrawn (0001493152-26-042139)
• Form 1-U, August 27, 2026 — Edison, Roosevelt Commons and Minnehaha Meadows sold (0001493152-26-040457)
• Form 1-U, August 6, 2026 — 113 distributions; additional contributions (0001493152-26-036395)
• Form 1-U, July 17, 2026 — distribution about 1.5% (0001493152-26-033775)
• Form 1-U, June 1, 2026 — NAV $6.85 at March 31, 2026 (0001493152-26-026620)
• Form 1-K for fiscal 2025, April 30, 2026 (0001493152-26-020752)
• Form 1-U, April 29, 2026 — SRP and DRIP suspended; Maryland conversion (0001493152-26-019655)
• Form 1-U, April 15, 2026 — distribution about 3.0% (0001493152-26-016745)
• Form 1-U, February 13, 2026 — Truist Plaza (0001493152-26-006769)
• Form 1-U, January 28, 2026 — NAV $7.49; December at 4.0%; quarterly cadence (0001493152-26-004042)
• Form 1-U, January 20, 2026 — Lubbock MOB sold; disposition fee and promote (0001493152-26-002673)
• Form 1-U, December 4, 2025 — distribution about 6.0%; repurchase requests above the limit (0001493152-25-026124)
• Form 1-U, November 13, 2025 — change of control and new board (0001493152-25-022405)
• Form 1-K for fiscal 2024 (0001641172-25-006521)
• Form 1-U, March 6, 2024 — 2023 distributions 100% return of capital (0001493152-24-009035)
• Form 1-K for fiscal 2023 (0001493152-24-016764)
• Form 1-U, March 3, 2023 — 2022 distributions 100% return of capital (0001493152-23-006703)
• Form 1-K for fiscal 2022 (0001493152-23-014762)
• RealtyMogul Apartment Growth REIT 253G2, September 17, 2026 — NAV $6.36 (0001493152-26-043162)
• Our RealtyMogul platform review
• Our MogulREIT II review
• Our MogulREIT NAV crash article