RealtyMogul Review 2026: Is It Legit? NAV, Payout, Withdrawals

Updated October 15, 2026 — EDGAR re-checked, nothing filed after October 2; new here: the REITs' own June 30 debt and liquidity statements. On October 15 the Income REIT's latest filing is still its Form 1-U of October 2, 2026 (distribution and fee disclosure) and the Apartment Growth REIT's is still its Form 1-SA of September 28, 2026; neither REIT has filed a September-quarter NAV. The Income REIT's July-September distribution, about 1.5% of NAV, is expected to be paid on or about October 15, 2026 (Form 1-U, October 2, 2026). The June 2026 semiannual reports put consolidated borrowings at approximately $182,143,000 for the Income REIT and approximately $74,566,000 for the Apartment Growth REIT, held at property level and partly in joint ventures with outside investors (Income REIT Form 1-SA; Apartment Growth REIT Form 1-SA); both say cash flow from operations, cash and asset-sale proceeds are expected to “provide sufficient liquidity” for at least one year, while warning that the subscription pause may limit new investments or funding of existing commitments if those sources fall short. On September 8, 2026 each REIT also issued an investor communication on the first half of 2026, filed as exhibits to Forms 1-U (Income REIT, September 9, 2026). What the filings add to the picture: on August 20, 2026 the Income REIT sold Edison Apartments, Roosevelt Commons and Minnehaha Meadows and the Apartment Growth REIT sold Ridgeline View Townhomes, with the filings projecting equity multiples of about 0.3x, 0.6x, 0.5x and 0.4x against underwritten 2.4x, 1.9x, 2.6x and 1.6x (Form 1-U, August 27, 2026; Form 253G2, August 28, 2026); on July 24, 2026 the Apartment Growth REIT agreed to sell its Brooklyn equity for $175,665, about 0.09x against 1.8x underwritten (Form 253G2, August 3, 2026); and Sherwood Oaks went to its lender by deed in lieu of foreclosure in March 2026 and, in the REIT's words, “resulted in no equity returned to the REIT” (Form 1-SA, September 28, 2026). Trustpilot now shows 1.3 out of 5 across 70 reviews (checked October 11, 2026).

Corrected October 16, 2026 — Fundrise prospectus date. Earlier versions of this page gave the date of the Fundrise Flagship and Income prospectuses as April 29 or April 30, 2026. Both are dated May 1, 2026: EDGAR accepted each Form 486BPOS on the evening of April 29, gave it a filing date of April 30 and made it effective on May 1 (Flagship filing index, Income filing index). The fee figures cited are unchanged.

RealtyMogul Reviews: Is It Legit, What Are the Returns, What Happened to the REITs?

Most RealtyMogul reviews online still describe a $1,000 MogulREIT minimum and a lender paying 8-10%. The filings describe something else. Here is what a reader searching "Realty Mogul reviews" usually wants to know, answered from documents RealtyMogul filed with the SEC.

Realty Mogul returns, in one line: an investor who bought Income REIT shares at the 2022 high has seen the value fall from $11.02 to $6.79 while the distribution fell to about 1.5% of NAV; the dividends collected since then do not make up the difference. What exactly happened to each REIT is in our dedicated reviews of the Income REIT and the Apartment Growth REIT.

RealtyMogul's own homepage (checked October 15, 2026) says it has been “Empowering investors for over 10 years” and offers private placements, 1031 Exchange properties and REITs. Its platform-wide totals (members, capital invested, property value offered) load dynamically and we could not read a current figure from the page, so we no longer quote the $1.2 billion and 300,000-member numbers earlier versions of this page took from the site; they were marketing figures, not numbers from the REIT filings.

I want to say upfront: RealtyMogul does have an affiliate program (via Taprefer / in-house partners), but we have not applied and have no tracking link. I earn nothing if you sign up through this article.

What Is RealtyMogul?

RealtyMogul is a commercial-real-estate crowdfunding platform founded in Los Angeles in 2012; co-founder Jilliene Helman was CEO of the REITs until November 2025. Since the sale, the REITs' filings list their offices at 333 S. Garland Ave., Orlando, Florida. It was one of the earliest platforms to launch after the 2012 JOBS Act, and one of the few original entrants still operating.

The platform has two tracks:

1. REITs (historically for everyone): two non-traded Regulation A REITs — MogulREIT I (Income) and MogulREIT II (Apartment Growth) — open to non-accredited investors with a $5,000 minimum, but both closed to new subscriptions since July 11, 2025.
2. Private placements (accredited only): individual commercial real estate deals, typically $25,000 to $50,000 minimums, including 1031 exchange deals.

The REITs own mostly joint-venture equity stakes in apartment, office and industrial properties. As of September 17, 2026 the aggregate value of the properties underlying the Income REIT's investments was about $439 million ($897 million since inception), and about $234 million for the Apartment Growth REIT ($487 million since inception), per their September 17, 2026 filings.

The Big Story: The Wideman Company Acquisition

On November 6, 2025, the REITs' sponsor's parent underwent a change of control: it was merged into RM Investor, LLC, "managed by The Wideman Company, LLC and wholly owned by RM Venture Partners LLC" (Form 1-U, November 13, 2025). RealtyMogul's press release describes Wideman as an Orlando-based affiliate of Susquehanna Holdings Ltd. with over 50 years of history.

What the filings record:

• The board was replaced. Jilliene Helman, Flynann Janisse and Louis S. Weeks III resigned from the Income REIT's board; Christopher D. Wideman (not independent), Michael C. Young and Michael H. Simpson (independent) took the seats.
• Management changed twice. Helman resigned as CEO at closing and Matthew M. Wideman became CEO; effective December 4, 2025 he was replaced by Christopher D. Wideman, who was already President (Form 1-U, December 4, 2025).
• The new owner's affiliates are already doing business with the REITs. In January 2026 the Income REIT acquired an $8,000,000 joint-venture equity investment in Truist Plaza, an Orlando office tower, and added $411,500 on July 31, 2026 (Form 1-U, August 6, 2026); our Income REIT review covers the related-party terms.
• Fees at property level went up. The FY2025 Form 1-K describes a property-level asset management fee of an annualized 1.5% of effective gross income. The Form 1-U of October 2, 2026 describes it as "up to an annualized 3.5% of Effective Gross Income", paid to the manager or an affiliate, and says these fees reduce the funds available to pay distributions to the REIT.

Wideman has said publicly it will co-invest alongside investors on new deals. That aligns the sponsor with new deals; it does nothing yet for the existing REIT holders, whose shares are valued lower, pay less, and cannot be sold back.

Current Products in 2026

MogulREIT I — The Income REIT

The name says Income, but at December 31, 2025 almost all of the fund was joint-venture equity in buildings, not loans — the full read is in our MogulREIT I (RealtyMogul Income REIT) review.

• Raised: about $148,194,000 from about 7,700 unique investors, 14,592,000 shares issued (FY2025 Form 1-K)
• NAV per share: $6.79 (June 30, 2026), $6.85 (March 31, 2026), $7.49 (December 31, 2025); high $11.02 (June 30, 2022)
• Net assets: $77,525,000 at June 30, 2026, including $5,487,000 of cash (Form 1-U, September 17, 2026)
• Distribution: about 1.5% of NAV, quarterly; the July-September 2026 distribution is $0.0002815068 per share per day through September 16 and $0.0002790411 from September 17, expected to be paid on or about October 15, 2026
• Track record: 113 consecutive distributions totaling over $47,000,000 since inception, of which about $23,600,000 was paid in cash and $23,400,000 reinvested through the DRIP (Form 1-U, August 6, 2026)
• Cash coverage: in 2025 it declared $5,473,000 of distributions against $4,402,000 of operating cash flow; in the first half of 2026, after the cuts, $1,284,000 declared against $2,561,000
• Borrowings: approximately $182,143,000 outstanding at June 30, 2026, net of deferred financing costs and discounts, from its consolidated investments (Form 1-SA, September 28, 2026); the semiannual report says cash flow, cash and sale proceeds are expected to provide liquidity for at least one year

The cut is large for an income investor. A $5,000 position paying 6% produced $300 a year; at about 1.5% of a lower NAV the same shares produce much less (our arithmetic: 1.5% of the June 2026 NAV is about $0.10 a share a year).

Older investor letters classify 100% of 2022 distributions as return of capital. That is a tax classification — distributions above the REIT's taxable earnings and profits reduce your basis — not, by itself, proof that your principal was handed back; real estate depreciation produces it routinely.

MogulREIT II — The Apartment Growth REIT

For the full filing trail — the January 29, 2026 distribution pause, the Sherwood Oaks deed in lieu of foreclosure, the Brooklyn Portfolio default and the 2026 sales — see our RealtyMogul Apartment Growth REIT review.

• Raised: about $66,315,000 from about 3,600 unique investors, 6,412,000 shares issued (FY2025 Form 1-K)
• NAV per share: $6.36 (June 30, 2026), $6.85 (March 31, 2026), $7.62 (December 31, 2025), against a $10.00 offering price
• Net assets: $32,972,000 at June 30, 2026, including $1,218,000 of cash (Form 253G2, September 17, 2026)
• Distributions: none for any period since October 1, 2025
• Borrowings: approximately $74,566,000 outstanding at June 30, 2026, net of deferred financing costs and premiums, from its consolidated investments (Form 1-SA, September 28, 2026)
• Management fee: one-twelfth of 1.25% a month of total equity value
• Problems in the record: Sherwood Oaks Apartments transferred to its lender by deed in lieu of foreclosure, and the Brooklyn Portfolio entity in maturity default on its mortgage since September 2, 2025 (FY2025 Form 1-K)

The pause on new money has a stated cause: the FY2025 Form 1-K says the manager implemented the New Subscription Pause effective July 11, 2025, when RM Securities withdrew its broker-dealer registration.

In August 2026 the two REITs sold four Portland-area apartment properties at a fraction of their underwritten outcome; our article on that sale prints the filings' own numbers, and the NAV history is in MogulREIT I & II NAV crash.

The filings print each deal's scorecard. The Income REIT sold Edison Apartments in Gresham, Oregon for $13,600,000 against $19,500,000 paid (underwritten 2.4x, now about 0.3x), Roosevelt Commons in Vancouver, Washington for $10,070,000 against $12,550,000 (1.9x, now about 0.6x) and Minnehaha Meadows for $14,225,000 against $16,450,000 (2.6x, now about 0.5x); the Apartment Growth REIT sold Ridgeline View Townhomes for $14,305,000 against $17,800,000 (1.6x, now about 0.4x). Earlier, on July 24, 2026, the Apartment Growth REIT agreed to sell its Brooklyn equity investment for $175,665, which it expects to be about a 0.09x equity multiple over 8.7 years against 1.8x underwritten, and in March 2026 it handed Sherwood Oaks Apartments to its lender by deed in lieu of foreclosure with no equity returned. This is the answer to what happened to RealtyMogul's REITs: the property equity was marked down, then sold for less than it cost.

Private Placements

For accredited investors, RealtyMogul runs a marketplace of individual commercial deals sourced from sponsors.

• Minimums: usually $25,000 to $50,000 per deal
• Fees: set by the sponsor; RealtyMogul is paid by sponsors rather than directly by investors
• 1031 exchange eligibility: supported
• Accreditation required: $1M+ net worth (excluding primary residence) or $200K+ income ($300K joint) for 2 years

These are deal-specific, higher-minimum and illiquid.

Fees — The Full Picture From the Filings

In 2025 the Income REIT paid $1,359,000 of asset management fees and the Apartment Growth REIT $719,000 (FY2025 Form 1-Ks). For context, the Fundrise Flagship interval fund charges a 0.85% management fee and reports 1.78% total annual fund expenses (Form 486BPOS filed April 30, 2026). RealtyMogul's REITs stack a fund-level fee on top of property-level fees, which is closer to a private syndication than to a low-cost retail platform.

For the full fee picture across every platform, see our comparison of real estate crowdfunding fees.

Returns: The Actual Numbers

MogulREIT I (Income REIT):

MogulREIT II (Apartment Growth REIT):

The distribution record was steady for years. The NAV declines and payout cuts reflect the 2022-2024 commercial real estate downturn, and also show that a 6% yield on a leveraged private REIT is not a bond coupon. This is the same downturn that killed PeerStreet and drove Fundrise to a -7.45% return in 2023.

Liquidity: The #1 Investor Complaint

Both share repurchase programs have been suspended since April 21, 2026. The Income REIT's filing says that as of that date it “ceased repurchasing shares” and is no longer accepting or processing repurchase requests, “to preserve liquidity and financial flexibility as the Company actively manages through a period of portfolio transition.” The DRIP was suspended the same day.

Before that, the program allowed repurchases of up to 5.0% of the weighted average shares outstanding in a calendar year, or 1.25% a quarter. By December 4, 2025 the Income REIT had already received requests above that limit, and said they would be honored pro rata (Form 1-U, December 4, 2025). The product page separately let each holder request up to 25% of eligible shares per quarter, a per-holder limit rather than program capacity, and that gap created real frustration.

What holders report: on Trustpilot RealtyMogul was rated 1.3/5 across 70 reviews (checked October 11, 2026), with complaints about multi-year waits, pro-rata partial payouts, falling NAV and slow answers. Those are user reports, not filings, but they match the cap and the suspension above.

Bottom line on liquidity: there is no redemption, no new buyer coming in through the offering and no exchange listing. Treat the shares as illiquid until RealtyMogul files a change.

The Pros and Cons — Honestly

How RealtyMogul Compares to the Competition

If you are non-accredited, RealtyMogul's REITs are not available today, so the practical comparisons are:

• RealtyMogul vs. Fundrise: Fundrise is open, has a $10 minimum and simpler fees. See our RealtyMogul vs Fundrise comparison.
• RealtyMogul vs. Arrived: different products — single-family houses from $100 vs. commercial REITs from $5,000. See our Arrived Homes review and the Arrived vs RealtyMogul comparison.
• RealtyMogul vs. Groundfloor: short-term debt vs. long-term equity.

See also our guide to the best platforms for non-accredited investors. Accredited investors deploying $25,000+ should see our 2026 ranking for accredited investors.

Is RealtyMogul Legitimate? Safety and Regulation

Yes, RealtyMogul is a legitimate, SEC-regulated platform:

• SEC Regulation A+ qualification on both REITs, with annual (1-K), semiannual (1-SA) and current (1-U) reports on EDGAR
• Audited financial statements in each Form 1-K
• No SEC enforcement action against the REITs that we found
• BBB A+ rating (not BBB accredited)
• No bankruptcy (unlike PeerStreet) and no sponsor fraud like the Nightingale deal on CrowdStreet

What RealtyMogul is not: FDIC-insured, SIPC-covered against investment losses, or guaranteed in any way — the 38.4% NAV decline on MogulREIT I shows it.

Legitimacy and performance are different questions. RealtyMogul is legitimate. Its REITs' recent performance has been poor.

Read our breakdown of real estate crowdfunding risks before investing in any platform in this category.

Who RealtyMogul Is Actually For (and Who It Isn't)

RealtyMogul might be right for you if:

• You are accredited and want individual commercial deals or a 1031 exchange deal
• You want commercial real estate exposure and accept deal-level risk
• You believe the new ownership will improve future deals and are willing to wait for evidence

RealtyMogul is NOT right for you if:

• You are non-accredited — the REITs are closed to you today
• You need income now — the Income REIT pays about 1.5% of NAV and the Apartment Growth REIT pays nothing
• You might need the capital back — repurchases are suspended
• You expect returns like those in pre-2022 marketing

If you already hold the REITs: you cannot sell back today. Keep your statements, track the quarterly NAV (the September-quarter NAV had not been filed on EDGAR as of October 15, 2026), and note that a return-of-capital classification lowers your tax basis. Our liquidity forensic covers how other suspended programs have ended, including tender offers below NAV.

Frequently Asked Questions

Related coverage

For more on this topic from CrowdfundedWealth:

• MogulREIT I (RealtyMogul Income REIT) review — the fund-level filing trail.
• RealtyMogul Apartment Growth REIT review — the distribution pause and the foreclosure.
• RealtyMogul vs Fundrise 2026 — comparison after the Wideman acquisition.
• Arrived Homes vs RealtyMogul — open vs paused.
• MogulREIT I vs II — two REITs, two different failures.
• MogulREIT NAV crash forensic — the NAV history quarter by quarter.
• RealtyMogul's Portland exits, August 2026 — underwritten at 2.1x, back at about 0.43x.
• Yieldstreet alternatives 2026 — RealtyMogul is one option after the $208M losses.

The Bottom Line

RealtyMogul in 2026 is a platform in transition. The pre-2022 REIT story — steady distributions and a rising NAV — is over. The current story, in the REITs' own filings: NAV of $6.79 and $6.36, a 1.5% payout on one REIT and none on the other, first-half losses, no new money and no way to sell back.

The November 2025 sale to The Wideman Company replaced the board and management. Whether that helps existing holders will show up in three places in future filings: the quarterly NAV, the distribution declarations, and any reopening or tender offer for the repurchase program. The first fee disclosure under the new owner, in October 2026, raised a property-level fee cap.

For existing investors: plan around illiquidity, track each quarterly NAV, and keep your basis records.

For prospective investors: the REITs are closed. Accredited investors can use the private placements, and there is no urgency.

If you are shopping across platforms: Fundrise remains the practical non-accredited option at a $10 minimum (see RealtyMogul vs Fundrise). Arrived Homes is the choice for single-family exposure. Groundfloor for short-term debt. EquityMultiple if you are accredited and want deal-by-deal control. Roots is another non-accredited Reg A+ REIT in our coverage.

Want to see how every platform compares? Start with our comparison of real estate crowdfunding fees and our Fundrise alternatives guide. For the structural question of what happens to your shares if a sponsor fails, see Bankruptcy-Remote Real Estate Crowdfunding Platforms.

Sources: RealtyMogul Income REIT, Inc. (CIK 1669664) Form 1-U of September 17, 2026 (accession 0001493152-26-043163), October 2, 2026 (0001493152-26-045609), August 6, 2026 (0001493152-26-036395), April 29, 2026 (0001493152-26-019655), April 15, 2026 (0001493152-26-016745), January 28, 2026 (0001493152-26-004042), December 4, 2025 (0001493152-25-026124) and November 13, 2025 (0001493152-25-022405); Form 1-A-W of September 10, 2026 (0001493152-26-042139); Form 1-SA filed September 28, 2026 (0001493152-26-044644); FY2025 Form 1-K (0001493152-26-020752). RealtyMogul Apartment Growth REIT, Inc. (CIK 1699573) Form 253G2 of September 17, 2026 (0001493152-26-043162), Form 1-U of January 29, 2026 (0001493152-26-004261) and January 20, 2026 (0001493152-26-002650), Form 1-SA filed September 28, 2026 (0001493152-26-044645) and FY2025 Form 1-K (0001493152-26-020762). Also Income REIT Form 1-U of August 27, 2026 (0001493152-26-040457) and Apartment Growth REIT Form 253G2 of August 3, 2026 (0001493152-26-035694) and August 28, 2026 (0001493152-26-040459). Also Income REIT Form 1-U of September 9, 2026 (0001493152-26-041825) and Apartment Growth REIT Form 1-U of September 9, 2026 (0001493152-26-041823). All on SEC EDGAR, read October 7, 2026 and re-checked October 15, 2026; Trustpilot count checked October 11, 2026. Figures marked "our arithmetic" are our calculations from those filings. This is analysis of public documents, not investment, legal or tax advice.