Sharestates Review 2026: Is It Legit? Loan Terms, SEC Filings, Lawsuits and What Happened to Investor Notes
Quick Answer
Sharestates is a real, operating New York private lender, but its public numbers are older than they look and the records show more friction than the marketing does. As of October 8, 2026: Sharestates, Inc. (Great Neck, New York) says it has closed 4,206 loans worth $3.73 billion and that 87 loans are 60+ days past due, 90 are in foreclosure and 100 are real estate owned (REO); the table on that page ends with fourth-quarter 2023 data and the newest post in its blog feed is dated February 13, 2025. Its borrower FAQ quotes 8% to 14% interest and a 1% to 5% origination fee; a 2015 loan it made to a public company was 12%, plus a 2% fee and a 2% broker commission. Five SEC Form D filings (2014 and 2020) all report $0 sold, although the company's FAQ says it relies on Rule 506(c). A registered fund's reports flag 12 of its 26 itemised Sharestates loans ($358,000 of $921,619, or 38.8%) as past due on March 31, 2023, up from 3 of 22 (14.5%) in September 2020 (our arithmetic). In April 2025 an involuntary Chapter 7 bankruptcy petition was filed against Sharestates, Inc. and was dismissed within weeks. Percent reported on June 30, 2026 that two Sharestates note deals ($645,000 and $248,000) had recovered $0. We found no SEC, CFPB or FINRA action; the only regulator document is a 2018 California settlement for a late annual report ($1,250). This is analysis of public documents, not investment, legal or tax advice.
Key Takeaways
- Company claim (statistics page, retrieved October 8, 2026): 4,206 loans closed, $3.73 billion, average loan $886,372, 39 states with closed loans. The same page lists 87 loans 60+ days past due (2.06%), 90 in foreclosure (2.13%) and 100 REO (2.37%), and gives total principal loss to date as “TBA”.
- Our arithmetic: those three groups add to 277 loans. Against the 1,522 loans not marked paid off (4,206 less 2,684), that is 18.2%, not the 6.6% you get by dividing by every loan ever closed. Some of the 1,522 may have been resolved some other way, so 18.2% is an upper bound.
- Terms (company FAQ): 8% to 14% interest, 1% to 5% origination fee, typical 12-month term with two optional 6-month extensions, interest-only balloon. A 2015 loan to a public company was 12% fixed with a 20% default rate and a 10% late charge.
- SEC (EDGAR, four Sharestates CIKs): five Form D filings, 2014 to 2020, each reporting $0 sold and the date of first sale as yet to occur. The company FAQ says it follows Rule 506(c); every Form D we found claims Rule 506(b).
- A registered interval fund flagged past-due Sharestates loans of $80,000 (September 30, 2020), $285,000 (September 30, 2021), $414,000 (September 30, 2022) and $358,000 (March 31, 2023). As a share of its itemised Sharestates principal that is 14.5%, 23.6%, 42.9% and 38.8% (our arithmetic). It is a small, non-random sample.
- Courts: of 18 distinct federal dockets we pulled, Sharestates entities are the plaintiff in 10 and the defendant or debtor in 8; six of the 10 plaintiff cases are against appraisers or title companies. A 47-defendant suit against Sharestates and others was dismissed on March 17, 2026 as duplicative, and the plaintiff noticed an appeal on April 14, 2026.
- Bankruptcy: an involuntary Chapter 7 petition (Eastern District of New York, case 8-25-71372) was filed April 8, 2025; the docket shows a dismissal entry on April 29, 2025 and the case closed May 21, 2025.
- Investors: Percent's June 30, 2026 report lists Sharestates deals SHA2 and SHA4 ($645,000 defaulted, $0 recovered) and SHA3 ($248,000, $0 recovered); SHA6 was repaid. The company's own FAQ says its notes have no secondary market.
- No HMDA filing: we searched the federal HMDA filer lists for 2019 to 2024 and found no institution named Sharestates, so there is no loan-level rate data from that source (business-purpose loans are generally outside HMDA).
CSV · 225 rows
Sharestates: Form D filings, loan terms, fund-held loans, court dockets and Percent workouts
225 rows read from primary records: five SEC Form Ds, the company's published terms and statistics, a 2015 loan agreement filed with the SEC, a registered fund's Sharestates loans and past-due tables, 18 court dockets, a California settlement and Percent's workout report.
Is Sharestates legit? What the records show (as of October 8, 2026)
On October 8, 2026 the mobile results for “sharestates” were a Google knowledge panel and reviews, a video, a Tracxn profile, Facebook, Percent, HousingWire, Trustpilot and ZipRecruiter. None of them reads the court dockets, the SEC filings or the lender-side documents. We did, and the answer is more nuanced than “legit” or “not legit”.
| Record | What it shows | Source (checked October 8, 2026) |
|---|---|---|
| Company | Sharestates, Inc., 8 Bond Street, Suite 100, Great Neck, New York. Founded August 2013, launched July 2014, began originating loans in 2015 (company FAQ). Sharestates Investments, LLC, a wholly owned subsidiary, is the originating entity under a California Finance Lenders Law license. | sharestates.com FAQ and About page |
| Licence numbers (company-stated) | NMLS 1538766; California 60DBO-63030; Arizona BK-1009613. We could not check current status: NMLS Consumer Access sits behind a CAPTCHA and the California regulator site blocked our request. | sharestates.com About page |
| Regulator action | One found: a California Commissioner of Business Oversight settlement dated August 15, 2018. The annual report was nine business days late; the $2,500 penalty order was replaced by a $1,250 penalty. | California Department of Business Oversight settlement agreement (archived copy) |
| SEC filings | Five Form D filings, 2014 to 2020, all $0 sold. A paper Regulation A offering statement in December 2013 (Sharestates I). No 10-K, no 10-Q, no enforcement release found. | SEC EDGAR |
| HMDA | Not a filer: no institution named Sharestates in the 2019 to 2024 filer lists. The legal entity identifier for Sharestates, Inc. shows status LAPSED. | FFIEC HMDA filer lists; GLEIF |
| Courts | 18 distinct federal dockets: 10 as plaintiff, 8 as defendant or debtor. Two New York appellate decisions, in 2025 and 2026. | CourtListener RECAP; New York Law Reporting Bureau |
| Bankruptcy | Involuntary Chapter 7 petition filed April 8, 2025, dismissed, case closed May 21, 2025. | CourtListener RECAP docket |
| Investor notes | Percent, June 30, 2026: two Sharestates deals with $893,000 of defaulted principal and $0 recovered (our sum); one deal repaid. | Percent transparency report |
How to read this. A company that holds a state lender licence by its own account, files in federal court as a lender, sells loans to institutional buyers and has a registered fund hold its loans is operating. That answers “is it a real lender.” It does not answer “will my deal go smoothly” or “will investors get their money back,” and the sections below are about those.
What Sharestates is: an originate-and-sell lender
Sharestates describes itself as “a national, private lender” that funds loans from $75,000 to $75 million on residential, multifamily, mixed-use and commercial property. Its programs are residential bridge, fix and flip, new construction, portfolio and rental (DSCR) loans.
The business model matters for both readers. Its institutional page says: “We originate, process, underwrite, and close loans, and market these notes to investors.” Loans are sometimes funded through a warehouse line and then sold, as a whole loan or as fractional participations. Four kinds of buyer show up in primary records:
- Individual accredited investors on its own platform (minimum $5,000 per note), through what the company calls borrower payment dependent notes.
- A registered interval fund. AlphaCentric Prime Meridian Income Fund filed reports with the SEC that list Sharestates loans as holdings from March 2020 to March 2023 (details below).
- Percent, a private-credit platform that announced Sharestates on February 17, 2023.
- Toorak Capital Partners, a loan buyer: a September 23, 2026 New York appellate decision says Toorak, “as Sharestates' assignee,” sued to foreclose a Sharestates construction loan in December 2020.
Each loan sits in its own series entity. Two case captions read “Sharestates Investments, LLC, Series BC2017-001000” and “Series BC2018-001991”, which is why one company shows up under many names in a docket search.
Rates, fees and terms: what the company says and what a real loan looked like
Three sources give different views of price: the company's pages, a loan agreement that a public borrower filed with the SEC, and the coupons on Sharestates loans that a registered fund held.
| Item | Company FAQ and loan-program page | 2015 loan to a public company (SEC exhibit) | Fund-held loans, March 31, 2023 |
|---|---|---|---|
| Interest rate | 8% to 14% (borrower FAQ). Bridge base rates 9% to 10%; rental loans from 5.99%. | 12% fixed, interest only, paid monthly. | 8.75% to 12.00%, weighted average 10.49% (our arithmetic); this is the investor coupon. |
| Fees | Origination fee 1% to 5% (borrower FAQ). | A $40,193 fee to the lender (2.0% of $2,009,650) and a $40,193 commission to a third party. A termination fee of six months of interest ($120,579) applied only if repaid before June 1, 2016. | Not shown in the fund report. |
| Term | Typically 12 months; two 6-month extensions on a case-by-case basis; interest-only balloon. | 12 months, due November 30, 2016. | Stated maturities from May 2021 (past-due loans) to December 2023, on slices bought between January 2020 and December 2022. |
| If you fall behind | 10-day grace period, then late fees; foreclosure referral and credit reporting on the guarantor. | Default rate 20% (or the legal maximum); late charge 10% of any payment not paid within 10 days. | Twelve of 26 loans flagged “past-due loan”. |
| Loan size | $100,000 to $5 million (FAQ); $100,000 to $10 million, up to $50 million on some programs (program page). | Eight notes totaling $11,000,000 ($5,320,000 funded at closing, $5,680,000 available for renovation draws). | Fund slices of $7,000 to $50,000. |
| Minimum credit score | 620 in the FAQ; 680 (700 for commercial) in the program table. | Not stated. | Not applicable. |
Two details are worth knowing. First, the company's own pages disagree with each other on minimum credit score (620 against 680) and on maximum loan size, so ask for the current term sheet in writing. Second, the 2015 loan agreement deducted the fee, a prepaid interest reserve of $241,158 (12.0% of the principal, one year of interest, our arithmetic), the broker commission and other charges from the loan proceeds at closing, so cash received was below the face amount. A borrower who prepaid before June 1, 2016 also owed the termination fee.
On the other side of the table, the company's statistics page reports average gross annualized returns on bridge loans of 12.48% for 2023 and 10.84% for 2022, and on term loans of 8.4% and 5.93%. The company's investing pages show a one-point gap between the borrower's gross rate and the investor rate (for example 13.00% gross and 12.00% investor), which is why the fund-held coupons sit lower.
States, loan size and what we could not check
The company says it has closed loans in 39 states and does not currently lend in Alaska, Minnesota, Nevada, North Dakota, South Dakota, Oregon, Utah and Vermont. Its statistics page gives an average loan of $886,372, an average day-one loan-to-value of 67.48% and an average loan-to-cost of 82.43%. Our check: $3.73 billion divided by 4,206 loans is about $887,000, so the published average is consistent with the published totals.
We could not verify rates by state or purpose the way we can for lenders that report HMDA, because Sharestates does not. Its institutional page quotes “Yields vary from 10-12% on RTL loans and 7-8% on DSCR loans,” which is the investor side of the same market.
What the performance page says, and what it leaves out
Sharestates says it publishes its loan performance. The numbers below are as retrieved on October 8, 2026. The footer of the page reads Copyright 2024, the return table ends with fourth-quarter 2023, and the home page shows rounded totals (“4,000+” loans, “$3.6B+”) that differ from the statistics page ($3.73 billion).
| Metric (company statistics page) | Count or share | Our arithmetic against all 4,206 closed loans | Our arithmetic against 1,522 loans not marked paid off |
|---|---|---|---|
| Loans 60+ days past due | 87 (2.06%) | 2.07% | 5.7% |
| Loans in foreclosure | 90 (2.13%) | 2.14% | 5.9% |
| Real estate owned (REO) | 100 (2.37%) | 2.38% | 6.6% |
| All three groups, assuming no overlap | 277 | 6.6% | 18.2% |
| Loans paid off | 2,684 | 63.8% | not applicable |
| Total principal loss to date | “TBA” | not published | not published |
The company's own definition says the rates are “calculated by dividing the current number of Loans in Past Due/Foreclosure/REO by the Number of Loans Closed.” That denominator includes 2,684 loans that are finished. It is a legitimate way to compute a rate, but it makes the headline about a third of the share of open loans that are troubled. Some of the other 1,522 loans may have been resolved by sale or loss, which would lower our 18.2%, so read it as an upper bound.
The company's FAQ also says it had “less than .1% principal loss” as of December 12, 2019, and the statistics page still lists principal loss as TBA. Neither gives a dollar loss for the years since.
SEC filings: five Form Ds, all showing $0 sold
EDGAR lists four Sharestates names: Sharestates I, LLC (CIK 0001594138), Sharestates, LLC (0001600426), Sharestates Investments, LLC (0001618808) and Sharestates Investments II, LLC (0001620090). We read every Form D.
| Filing date | Issuer | Exemption | Securities | Amount sold | Minimum investment |
|---|---|---|---|---|---|
| January 14, 2014 | Sharestates I, LLC | Rule 506(b) | Equity (LLC units) | $0; first sale yet to occur | $0 |
| February 18, 2014 | Sharestates, LLC | Rule 506(b) | Equity (LLC units) | $0; first sale yet to occur | $0 |
| September 5, 2014 | Sharestates Investments, LLC | Rule 506(b) | Debt | $0; first sale yet to occur | $1,000 |
| September 23, 2014 | Sharestates Investments, LLC (filed under the same CIK with the Investments II filing credentials) | Rule 506(b) | Equity (LLC units) | $0; first sale yet to occur | $0 |
| February 6, 2020 | Sharestates Investments, LLC | Rule 506(b) | Debt | $0; first sale yet to occur | $1,000 |
Two things stand out. First, Sharestates I, LLC also filed a Regulation A offering statement on paper (December 9, 2013) for a single real estate project, and SEC staff comment letters of January 2014 are on file; the company's own footer disclaimer still says no sales will be made “until delivery of an offering circular.” We found no EDGAR record of a qualified offering and do not claim one.
Second, the company's FAQ says: “Reg D, Rule 506c allows Sharestates to raise an unlimited amount of money,” that it is “required to submit Form D” and that “You can see all Sharestates SEC filings in the EDGAR database.” The Form Ds on EDGAR claim Rule 506(b), an exemption that does not allow general solicitation, and every one reports $0 sold. A Form D is a notice and we draw no legal conclusion from it. The practical point for an investor is that EDGAR does not show how much money Sharestates raised through its platform, so there is no SEC document to check the notes against.
Court and regulator record
CourtListener's RECAP archive returns 101 federal dockets that mention “Sharestates”; we pulled the first 20 it ranks (18 distinct cases, since two cases appear twice under different record IDs). We do not name private individuals who are plaintiffs.
| Court and case number | Filed | Sharestates role | Status in the record |
|---|---|---|---|
| Bankruptcy court, Eastern District of New York, 8-25-71372 | April 8, 2025 | Debtor (involuntary petition) | Dismissed; case closed May 21, 2025 |
| Eastern District of New York, 2:21-cv-02766 | May 17, 2021 | Defendant (pay dispute with a sales employee) | Open; amendment denied March 17, 2026 |
| Eastern District of New York, 2:24-cv-06586 | September 16, 2024 | Defendant, with 46 others | Dismissed March 17, 2026 as duplicative; appeal noticed April 14, 2026 |
| Southern District of New York, 1:24-cv-01060 | February 13, 2024 | Defendant (suit by an individual) | Open; discovery orders in 2025 |
| Southern District of New York, 1:25-cv-07572 | September 11, 2025 | Plaintiff v Prime Meridian Real Estate Lending Fund, LP | Dismissed by stipulation October 16 to 17, 2025 |
| Southern District of New York, 1:17-cv-03043 | April 26, 2017 | Defendant (suit by two companies and two individuals) | Terminated May 17, 2017 |
| Eastern District of Pennsylvania, 2:18-cv-01659 | April 19, 2018 | Defendant | Terminated November 20, 2018 |
| Bankruptcy court, Eastern District of Pennsylvania, 21-00044 | May 27, 2021 | Defendant (suit by six borrower companies) | Terminated November 7, 2022 |
| Bankruptcy court, New Jersey, 23-01299 | October 18, 2023 | Defendant (suit by a Chapter 7 trustee) | Terminated November 13, 2024 |
| District of Columbia, 1:18-cv-01275 | May 31, 2018 | Plaintiff v appraiser | Terminated October 26, 2020 |
| Eastern District of New York, 2:22-cv-01731 | March 29, 2022 | Plaintiff v appraiser | Summary-judgment filings February 14, 2025; no termination date |
| Maryland, 1:23-cv-01416 | May 26, 2023 | Plaintiff v title insurer | Terminated January 29, 2024 |
| New Jersey, 2:25-cv-01590 | March 3, 2025 | Plaintiff v appraiser | No termination date |
| New Jersey, 2:25-cv-18182 | December 4, 2025 | Plaintiff v title company | No termination date |
| New Jersey, 2:25-cv-18266 | December 8, 2025 | Plaintiff v title company | No termination date |
| Eastern District of New York, 2:24-cv-00812 | February 2, 2024 | Plaintiff (against an individual and a company) | No termination date |
| Southern District of Texas, 4:19-cv-02002 | June 4, 2019 | Plaintiff (Series BC2018-001991) | Terminated June 28, 2019 |
| Bankruptcy court, Maryland, 17-00031 | January 18, 2017 | Plaintiff (adversary case) | Default judgment April 3, 2017; terminated February 13, 2018 |
The 2025 bankruptcy petition
On April 8, 2025 an individual filed an involuntary Chapter 7 petition against Sharestates, Inc. in federal bankruptcy court on Long Island. Chapter 7 is liquidation. The docket shows the company filed a motion to dismiss on April 14, 2025, a dismissal entry on April 29, 2025 and the case closed on May 21, 2025. The docket does not state the reason for dismissal, and we could not read the filings (they are behind PACER).
The petitioner has the same name as the plaintiff in the two Eastern District of New York cases above. In those cases a federal judge describes a pay dispute: a Sharestates capital-markets employee since 2016 alleged underpaid commissions; Sharestates counterclaimed that he lacked a broker-dealer licence; the court adopted a finding that the counterclaim was frivolous and, on April 1, 2025, awarded the plaintiff $42,414.01 in attorney's fees. A second suit by the same plaintiff against 47 defendants was dismissed on March 17, 2026 as “duplicative,” which is a procedural ruling, not a finding on the merits. An involuntary petition by one creditor in a pay dispute is not evidence that the company was insolvent, and it did not become a liquidation.
Suits against appraisers and title companies
Six of Sharestates' ten plaintiff cases are against an appraiser or a title company. A Maryland opinion describes one: Sharestates bought a lender's title policy on a Baltimore property and sued the insurer for not defending it in a later suit alleging a fraud conspiracy; the court granted and denied parts of the motions on December 5, 2023. Suing appraisers and title insurers is a common step for a lender after a loss on a loan, and the dockets do not say how many loans are involved. The company's own March 21, 2024 press post says its court wins show a commitment to “reducing exposure to fraud.”
The Prime Meridian suit
Sharestates' home page carries a testimonial from the managing partner of Prime Meridian Capital Management, who says Sharestates has been “a reliable loan origination partner for us since the inception” of the Prime Meridian Real Estate Lending Fund in early 2016. On September 11, 2025 two Sharestates entities sued Prime Meridian Real Estate Lending Fund, LP in Manhattan federal court. After the fund moved to dismiss for lack of diversity jurisdiction on October 9, 2025, the parties filed a voluntary dismissal on October 16, 2025. The docket does not say what the dispute was. This is a different vehicle from the registered AlphaCentric fund described below, whose sub-advisor is the same firm.
New York appellate decisions
- July 23, 2025: the Appellate Division, Second Department affirmed a judgment of foreclosure and sale in favor of “Sharestates Investments, LLC, Series BC2017-001000” on a Brooklyn property, after the borrower argued it had not received a proper notice of default and that default was not proven.
- September 23, 2026: the same court affirmed dismissal of a borrower's breach-of-contract and tortious-interference claims against Toorak and its servicer. The borrower had a $277,000 Sharestates construction loan from November 2018, of which $85,000 was reserve funds the borrower said it never requested. Sharestates is named as a defendant in that case; the appeal concerned the Toorak defendants.
Trade press reported on August 17, 2021 that “Investors sue Sharestates, claim $43M still outstanding.” We could read only the headline (the article is paywalled) and could not open the complaint, so we cannot say how that case ended.
For investors: is the platform still open, and what happened to the notes?
Open on paper, quiet in practice. As of October 8, 2026 Sharestates' investor pages still invite accredited investors to start “with as little as $5,000” and advertise returns “up to 13%.” One page says new investors have the servicing fee waived “for a limited time” but carries a 2023 copyright line. We could not see the live deal list (it needs a login). The newest post in the company's blog feed is February 13, 2025, and its statistics table ends in 2023. Treat “open” as unconfirmed.
What you own. The company's investor FAQ says its notes “are unsecured special obligations of Sharestates” and that “Our obligation to make payments on the Notes is entirely dependent on Sharestates receiving a payment from the corresponding project investment sponsor.” It also says that “there is no secondary market.” It describes a “remote bankruptcy structure” and a backup servicer, but a note holder is a creditor of Sharestates, not a mortgage holder.
What happened on Percent. Percent's report dated June 30, 2026 lists two Sharestates workouts and one deal that was repaid.
| Percent deal | Collateral | Defaulted principal | Recovered | Status per Percent |
|---|---|---|---|---|
| SHA2 and SHA4 | Senior mortgage on a 131-unit Texas portfolio | $645,000 | $0 | Foreclosure sale on August 6 drew no bidder; property is REO; two sale offers fell through; guarantee demand letters approved April 1, 2026; interest still accruing at 11.50% |
| SHA3 | Senior mortgage on an Indianapolis property | $248,000 | $0 | New borrower from July 2024; forbearance ended September 2025; $280,000 offer in December 2025; foreclosure started |
| SHA6 | Multifamily mortgages | $0.1 million at default | Repaid in full with interest | Paid in March 2024, within a month of entering workout |
Our sum: $645,000 plus $248,000 is $893,000 of defaulted principal with $0 recovered. That covers only the Sharestates deals on one platform, and Percent shows the principal as outstanding with interest still accruing, not charged off. It is not a loss figure, and the foreclosed property may be worth something. It is the only third-party record we found of how Sharestates collateral performs after default.
What the registered fund held. AlphaCentric Prime Meridian Income Fund (CIK 0001697196), an SEC-registered interval fund, listed individual Sharestates loans in its schedule of investments in seven reports we read. It described Sharestates and Patch of Land as the two real estate platforms providing “first lien residential, multi-family and commercial bridge loans.” Its schedules flag past-due loans with a footnote, and each report has a table of past-due loans by platform. In June 2023 its board voted to abandon the fund's SEC registration (Form N-8F).
| Report date | Itemised Sharestates loans | Principal | Flagged past due (count and principal) | Past-due share of principal (our arithmetic) | Weighted coupon (our arithmetic) |
|---|---|---|---|---|---|
| March 31, 2020 | 20 | $483,967 | none | 0% | 9.32% |
| September 30, 2020 | 22 | $551,902 | 3 loans, $80,000 | 14.5% | 9.27% |
| March 31, 2021 | 40 | $1,050,212 | 6 loans, $150,000 | 14.3% | 9.38% |
| September 30, 2021 | 43 | $1,206,000 | 10 loans, $285,000 | 23.6% | 9.48% |
| March 31, 2022 | 30 | $929,071 | 8 loans, $277,000 | 29.8% | 9.40% |
| September 30, 2022 | 28 | $965,000 | 12 loans, $414,000 | 42.9% | 9.72% |
| March 31, 2023 | 26 | $921,619 | 12 loans, $358,000 | 38.8% | 10.49% |
The fund valued the past-due Sharestates loans at $310,179 on March 31, 2023, or 86.6% of their $358,000 principal (our arithmetic). Read the table with care: the fund held slices of $7,000 to $50,000, a sample of about $1.2 million at its peak, and a loan flagged past due can later be paid. It is, though, a registered fund's own flagging, on the same loans, over three years, and the share rose from about one in seven to about two in five.
What a reader can do with this
- If you are a borrower: treat Sharestates as a short-term, interest-only bridge lender priced above the DSCR specialists, with an origination fee of up to 5% by its own FAQ and a 20% default rate in the one agreement we can read. Ask for the term sheet with every fee, the prepayment or termination terms, the minimum credit score and the extension fees, in writing. Check the licence with your state regulator, since we could not. For a long-term rental loan, compare DSCR lenders and fix-and-flip lenders. Our reviews of Kiavi, Center Street Lending and Anchor Loans show the same kinds of records (HMDA, courts, SEC) for lenders that publish them.
- If you hold Sharestates notes: ask Sharestates for the loan-level status of each note, the servicer's current report and the foreclosure or workout timeline, and keep the note agreement. The notes are an obligation of Sharestates that depends on the borrower paying, so a defaulted loan can mean delays even when the property has value. Compare what happened on other platforms in real estate crowdfunding failures, what happened to PeerStreet and what happened to Patch of Land, and read how bankruptcy-remote structures work.
- If you are weighing the platform: the missing pieces are a dollar loss figure, any SEC record of notes sold and a current deal list. Until those exist, size a position as money you can leave for years.
This is analysis of public documents, not investment, legal or tax advice.
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FAQ
Frequently Asked Questions
Related coverage
- Real estate crowdfunding failures
- What happened to PeerStreet
- What happened to Patch of Land
- Is this DSCR lender legit?
- Hard money loan rates 2026
- Center Street Lending review
Sources
- SEC EDGAR: Form D filings 0001594138-14-000002, 0001600426-14-000001, 0001618808-14-000001, 0001620090-14-000001 and 0001567619-20-002286; EDGAR company search for “Sharestates”; SEC staff letters on Sharestates I, LLC, File No. 024-10373 (January 2014)
- T.A.G. Acquisitions Ltd. Form 10-K for 2015 (accession 0001615774-16-004886) with Exhibits 10.4 and 10.5, and Form 8-K of December 1, 2015
- AlphaCentric Prime Meridian Income Fund (CIK 0001697196): Forms N-CSR and N-CSRS, March 2020 to March 2023, and Form N-8F, June 2023
- CourtListener RECAP: Sharestates, Inc. bankruptcy docket 8-25-71372; Sharestates PM Line, LLC v. Prime Meridian Real Estate Lending Fund, LP, 1:25-cv-07572; docket search for “Sharestates”
- United States District Court, Eastern District of New York, Memorandum and Order of March 17, 2026 in cases 21-CV-2766 and 24-CV-6586; District of Maryland Memorandum Opinion of December 5, 2023 (1:23-cv-01416)
- New York Law Reporting Bureau: 2025 NY Slip Op 04268 and 2026 NY Slip Op 05438
- California Department of Business Oversight: Sharestates Investments, LLC Settlement Agreement (August 15, 2018), archived copy and enforcement-action page
- Percent: Transparency Report, Active Deal Workouts and Recovery Updates (as of June 30, 2026); Charged-off and Recovered Deals; “Sharestates Brings More Real Estate Transactions to Percent” (February 17, 2023)
- Sharestates: statistics, about, borrower FAQ, investor FAQ, general FAQ, loan programs, institutional investors and investing pages, home page, blog feed and press post of March 21, 2024
- GLEIF record for Sharestates, Inc.; FFIEC HMDA filer lists, 2019 to 2024; PincusCo headline of August 17, 2021
This review is independent research built from public records checked October 8, 2026. We have no affiliate relationship with Sharestates, Percent or any lender named here and earn nothing if you contact them. Company statements are the company's claims and are labeled as such. Court filings contain allegations, not findings, unless a court says otherwise. This is analysis of public documents, not investment, legal or tax advice.
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AcreTrader Review (2026): 173 Farm Offerings, $344.7 Million Raised, and What the SEC Filings Never Show
We read the Form D of every AcreTrader farm company on SEC EDGAR: 173 offerings from February 2019 to September 2026, $344,728,626 sold to 12,365 investor positions, all under Rule 506(c) for accredited investors, a $15,000 minimum, and an average ticket that jumped to $47,201 in 2026. Plus the broker-dealers behind the sales, AcreTrader Financial's audited balance sheet, and what no filing discloses: rents, fees, distributions and exits.