RealtyMogul Review: Income REIT Freeze, NAV Cuts and What's Left

Which legal entity you are dealing with, who owns it after November 2025, and which of three hats RealtyMogul wears at any moment: marketplace, manager or issuer.

RealtyMogul is three businesses stacked in one website. A marketplace, where third-party sponsors raise equity for individual buildings from accredited investors and RealtyMogul is paid by the sponsor rather than by you. A fund manager, where an affiliated adviser runs two Regulation A REITs open to everyone, sets their net asset values, charges them an annual fee and decides whether you may redeem. And, since the change of control, a sponsor, whose new owner underwrites and co-invests in the deals it lists. The three roles pay differently and conflict with each other, and almost every problem in this review sits at one of the seams.

The legal entities

The parent was Realty Mogul, Co., a Delaware corporation founded in 2012 by Jilliene Helman and Justin Hughes in Los Angeles (Built In LA and Fortune, July 2015). Beneath it sit the entities that actually touch your money, named in the REITs’ Regulation A filings:

• RM Adviser, LLC, the manager of both REITs and an SEC-registered investment adviser, firm number 283877 on the Investment Adviser Public Disclosure system (IAPD record, retrieved September 2026). It runs asset management, investor relations and administration, and it is the entity that calculates the NAV you are marked at.
• RM Sponsor, LLC, the sponsor of the Income REIT, with RM Manager, LLC and RM Admin, LLC across the vehicles, and RM Originator, which services the loans and preferred equity the Income REIT holds for a fee.
• Realty Mogul Commercial Capital, Co., the lending arm, and RM Communities, LLC, which bought apartments directly.
• RM Securities, LLC, the broker-dealer, CRD number 323671, SEC file number 8-70996, formed in Delaware on September 6, 2022 (FINRA BrokerCheck firm summary, retrieved September 2026).

The broker-dealer deserves a pause. RealtyMogul’s own pages still describe RM Securities as “an SEC-registered broker-dealer (member FINRA/SIPC)” and put it at the centre of deal screening. The BrokerCheck firm record as returned in search in September 2026 describes a registration that ran from December 18, 2023 to September 9, 2025, after which the firm is no longer registered; a forensic read of the filings reports a Form BDW withdrawal request filed on July 11, 2025 (CrowdfundedWealth, 2026). We could not open the BrokerCheck PDF, because the network blocks the host, so both dates are reported rather than confirmed. The coincidence is not in dispute: the Income REIT’s offering was paused to new investors on July 11, 2025, the same day, and has never reopened.

The Income REIT and the Apartment Growth REIT

Two public, non-traded REITs carry most of the retail money.

RealtyMogul Income REIT (SEC CIK 1669664) was formed in Delaware on March 2, 2016 as MogulREIT I, LLC, renamed on October 15, 2021, and converted into RealtyMogul Income REIT, Inc., a Maryland corporation, effective April 27, 2026, at which point the board of managers became a board of directors and shareholders became stockholders. As of October 31, 2025 it had raised gross offering proceeds of $148,023,000 and issued about 14,570,000 shares to roughly 7,700 unique investors (Form 253G2 supplement, 2025). It lends against buildings and takes preferred and joint-venture equity positions in them.

RealtyMogul Apartment Growth REIT (CIK 1699573), formerly MogulREIT II, owns value-add apartments. Its audited total assets were $157,252,000 at December 31, 2025 against a net loss of $7,991,000 for the year, audited by CohnReznick LLP (Form 1-K for fiscal 2025). It had raised about $65.8M from roughly 3,600 unique investors as of April 30, 2025 and had 5,259,527 shares outstanding at June 30, 2025 (Form 253G2 and Form 1-SA, 2025).

Who owns it now

On November 6, 2025, Realty Mogul, Co. merged into RM Investor, LLC, a Delaware entity managed by The Wideman Company, LLC and wholly owned by RM Venture Partners LLC, with RM Investor surviving (Form 1-U filed by both REITs, November 2025). The deal was announced publicly on November 10, 2025. The Wideman Company is a family-owned Orlando operator managing about 7 million square feet and $1.2B of commercial real estate across the Southeast and Sunbelt (company press release, November 10, 2025).

The management turnover was total. Jilliene Helman resigned as chief executive of the manager and of Realty Mogul, Co., and she, Flynann Janisse and Louis S. Weeks III left the REIT board. The chief executive’s chair then changed hands twice in a month, which is why the trade coverage disagrees with itself. Matthew M. Wideman was appointed chief executive of the REITs and of RM Adviser on November 6, 2025, with Christopher D. Wideman joining the board as president the same day; effective December 4, 2025 Christopher D. Wideman replaced him as chief executive of the REIT and the manager, holding the president and treasurer titles as well (Income REIT Form 1-U, December 2025). The board is now Christopher D. Wideman (not independent) plus Michael C. Young and Michael H. Simpson (independent). Kevin Moclair stayed as chief accounting officer and Eric Levy as managing director of the manager: the only continuity in the chain that values your shares.

Venture investors were bought out in the sale. RealtyMogul had raised a $35M Series B led by Sorenson Capital with Canaan Partners in July 2015, with trackers putting lifetime funding near $49.5M (Fortune, July 2015; Crunchbase and Tracxn, retrieved September 2026).

Scale, as the company states it

The acquisition release says members have invested over $1.2B of equity into real estate valued in excess of $8B (November 10, 2025, claimed). The company’s own January 31, 2024 version of the same claim was $1.1B into assets worth more than $7B across over 280,000 members. Platform marketing has also used 228 realized deals across $5.9B of real estate capitalization (RealtyMogul marketing as reproduced by CRE Daily and other reviewers, 2026, all claimed). None of those numbers appears in an audited filing, and none is accompanied by an aggregate return.

Follow a dollar from your bank account into a building and back out, and mark the points at which RealtyMogul is paid and at which it stops being responsible.

Eligibility and onboarding

Anyone over 18 with a US bank account could open a RealtyMogul account and buy the REITs, subject to Regulation A’s limit for non-accredited investors: no more than 10% of the greater of annual income or net worth in a single offering. Private placements and 1031 exchange offerings are Regulation D deals limited to accredited investors: income above $200,000 individually or $300,000 jointly for two years, or net worth above $1M excluding your home, or one of the professional qualifications the SEC added in 2020. Onboarding is an identity check and a bank link. As of September 18, 2026 the question is moot for the REITs: the Income REIT has been closed to new subscriptions since July 11, 2025 and the Apartment Growth REIT is paused.

What you actually own

Three different things, with three different risk profiles.

1. A REIT share. Since the April 27, 2026 conversion you own common stock in a Maryland corporation that holds loans, preferred equity and joint-venture equity positions. You have no claim on any specific building, and your price is a NAV the manager calculates.
2. An LLC membership interest in a single deal. On a private placement you subscribe to a special-purpose entity that invests alongside the sponsor’s own entity in one property. The sponsor manages the building, sets the distributions, writes the valuations and issues your K-1.
3. A beneficial interest in a Delaware Statutory Trust. On a 1031 exchange offering you own a fractional trust interest that qualifies as like-kind replacement property under Revenue Ruling 2004-86, with no ability to refinance or re-lease, because the trust is deliberately passive.

How offerings are sourced and priced

RealtyMogul’s affiliated broker-dealer has historically run a written screen on sponsors and deals before a listing goes up, and the platform publishes a deal checklist describing it. The change under the new owner is that The Wideman Company says it will co-invest in every new opportunity listed on the platform (acquisition release, November 10, 2025). The first deal of that era, Truist Plaza in downtown Orlando, closed on January 28, 2026 with Wideman as both buyer and sponsor.

That is a genuine improvement in alignment and a genuine new conflict. A platform that lists its owner’s own deals is not a neutral marketplace; the screen that decides whether a deal is good enough is run by the entity that wants the deal funded. Alignment and independence are not the same thing, and RealtyMogul has traded the second for the first.

How the money comes back

In the REITs, distributions were declared daily and paid monthly until the Income REIT moved to quarterly payments effective January 1, 2026. NAV is restated quarterly by the manager, using each asset’s performance, outstanding principal, market default rates, discount rates and loss-severity assumptions, with third-party appraisals used where the manager deems them necessary (offering circular, 2025). Read that twice: appraisals are optional, at the discretion of the party whose fee is calculated on the resulting number.

In private placements, cash flows when the sponsor decides it flows, and the exit is the sale or refinancing of the building. In DSTs, rent is distributed monthly and the exit is the trust’s sale, typically in five to ten years.

Where RealtyMogul gets paid

At four points. When the vehicle is organised, through reimbursement of offering costs of up to 3% of gross proceeds. Every month, through the asset management fee on equity value. On each loan or preferred position, through the servicing fee, with the special servicing fee stacked on top once an asset goes non-performing. And at the end, through a 2% disposition fee on the contract price. On marketplace deals the sponsor pays RealtyMogul and then charges you its own acquisition fee, management fee and promote inside the deal. There is no point in the chain at which nobody is paid.

The menu as of September 18, 2026, shorter than it was two years ago, and the state of each item.

RealtyMogul Income REIT

A debt-and-preferred-equity REIT, minimum $5,000, with $250 monthly auto-invest for existing holders (NerdWallet and CRE Daily reviews, 2026). Closed to new investors since July 11, 2025. NAV $6.79 at June 30, 2026. Distribution about 1.5% of NAV annualised in Q2 2026, paid quarterly, down from 6.0% through 2025. Repurchases and reinvestment suspended April 21, 2026. The REIT put the aggregate value of the properties it owns or lends against at about $406M as of December 4, 2025 (Form 1-U, 2025), a number that counts whole buildings the REIT holds only a slice of.

RealtyMogul Apartment Growth REIT

A value-add multifamily REIT, minimum $5,000, NAV $7.62 at December 31, 2025 as approved by the board on January 20, 2026, against a $10.00 issue price. Distributions paused January 29, 2026, the first pause since payments began on January 1, 2018 at roughly 4.5% annualised. Repurchases and reinvestment suspended April 21, 2026. Paused to new investors. Its FY2025 net loss was $7.99M on $157.3M of audited assets.

Private placements

Individual Regulation D deals for accredited investors, historically $25,000 to $50,000 minimums with three-to-seven-year target holds. The live example in 2026 is Truist Plaza, a 317,560 square foot mixed-use tower at Church Street Station in downtown Orlando, completed in 2019, with about 200,000 square feet of office across seven floors, ground-floor retail, 180 hotel rooms and nine levels of parking. The Wideman Company bought it for $92.9M, closing January 28, 2026, and financed it with a $65M permanent loan from International Bank of Commerce, about 70% of the price (Commercial Property Executive, 2026). The offering carries a $35,000 minimum, a 16.5% target IRR and a 5.0% target average cash-on-cash return, and describes Truist Bank as anchor tenant on a long-term lease (RealtyMogul offering page and Armchair LP review, March 30, 2026; targets are claimed, not guaranteed). Term debt is better news than the floating-rate paper that killed Sherwood Oaks, but tenant concentration is the exposure here.

1031 exchange offerings

Delaware Statutory Trust interests for accredited investors doing like-kind exchanges, with RealtyMogul providing sponsor diligence materials and qualified-intermediary coordination. Minimums in this market run $25,000 to $100,000, exchangers usually at the higher end. RealtyMogul publishes no platform-wide minimum, so treat the range as market convention rather than a RealtyMogul term.

What is gone

The RM Communities direct-acquisition apartment business is not being marketed to new investors. The monthly distribution cadence went quarterly at the Income REIT on January 1, 2026. The reinvestment plans went on April 21, 2026. And the redemption windows, the feature that made these products saleable to retail in the first place, went the same day.

Every fee, including the ones inside the filings rather than on the fee page, then the arithmetic on a real position.

The published fees

The REIT fee page is short. The filings are longer. Taking them together, as stated in the offering circulars and supplements current through 2025:

• Asset management fee: 1.00% a year on the Income REIT, paid monthly in arrears on total equity value, which is NAV per share multiplied by shares outstanding. The Apartment Growth REIT charges 1.25%.
• Servicing fee: 0.50% of principal plus accrued interest on each loan or preferred equity investment, paid to RM Originator.
• Special servicing fee: 1.00% annualised on the original principal balance of any non-performing asset. The manager is paid more when your investments go wrong.
• Disposition fee: 2.00% of the contract price each time the REIT sells an asset.
• Organisation and offering expenses: reimbursement to the manager of up to 3.00% of gross offering proceeds.
• Property-level and sponsor-level fees: inside every joint venture the operating partner takes its own acquisition fee, property management fee, asset management fee and promote above a preferred return, disclosed deal by deal and absent from the REIT’s headline fee.

On private placements, RealtyMogul’s own compensation is generally paid by the sponsor rather than billed to you, which is its main selling point against EquityMultiple. It is not free money: the sponsor recovers it inside the deal’s acquisition fee and expense load, and you pay it in returns you never see.

Worked example: $25,000 in the Income REIT, June 30, 2022 to June 30, 2026

Take an investor who put $25,000 into the Income REIT at the $11.02 NAV of June 30, 2022, the peak, and held the four years to June 30, 2026. That buys 2,268.6 shares.

Distributions came at roughly 6.0% of NAV annualised through the end of 2025, then 3.0% in Q1 2026 and about 1.5% in Q2 2026, the last under the daily rates of $0.0003078082 per share from April 1 to May 31 and $0.0002815068 from June 1 to June 30 that the board authorised on March 31, 2026. Because the rate is applied to a falling NAV, the cash falls twice. Using the REIT’s own published NAVs at each period end, the cash per share works out to roughly $0.33 in the second half of 2022, $0.61 in 2023, $0.52 in 2024, $0.47 in 2025, $0.06 in Q1 2026 and $0.03 in Q2 2026: about $2.02 a share, or about $4,580 on the position. That is our arithmetic on the REIT’s disclosed rates, not a figure the REIT publishes.

The shares are marked at $6.79 at June 30, 2026, so the position is worth $15,400. Total value, cash plus mark, is about $19,990 against $25,000 invested: a loss of 20.1% over four years, or 5.4% a year. And the $15,400 is unrealised and, since April 21, 2026, unsellable.

The fees inside that period, on this one position: the 1.00% asset management fee ran from about $245 in the first full year to about $160 a year by 2026, roughly $800 cumulative; the 0.50% servicing fee sits inside the loan income you never see gross; the up-to-3% offering cost reimbursement took up to $750 off the top when the shares were issued. Call it $1,500 to $1,600 of platform-level cost on $25,000 over four years, before anything the joint-venture sponsors took at the property.

Compare the same $25,000 in the Vanguard Real Estate ETF (VNQ), which charges 0.13% a year, carried a 3.64% trailing yield in mid-September 2026 and returned 1.3% a year over the five years to September 2026 (Vanguard and fund data aggregators, September 2026). Five years at 1.3% turns $25,000 into about $26,700. The periods are not identical and we will not pretend they are; the difference that matters is not the percentage but the fact that on any business day you could have sold VNQ at a price someone else was willing to pay.

What RealtyMogul has claimed against what has been paid to investors or written down in filings, treating every NAV as what it is: an unrealised mark set by the manager.

The REITs, in the manager’s own numbers

The Income REIT’s NAV per share has fallen in every reported period since 2022. The board-approved figures, from the Form 1-U filings and the offering-circular supplements, run: $11.02 at June 30, 2022, the peak, announced on August 5, 2022; $10.30 at September 30, 2023; $10.05 at December 31, 2023; $9.02 at June 30, 2024; $8.26 at December 31, 2024; $7.73 at June 30, 2025; $7.67 at September 30, 2025; $7.49 at December 31, 2025, effective January 28, 2026; $6.85 at March 31, 2026; and $6.79 at June 30, 2026, the last approved by the board on September 17, 2026. That is 38% off the peak and 32% off the $10.00 issue price.

The income side fell alongside the capital. As of December 4, 2025 the Income REIT had paid 109 consecutive monthly distributions totalling over $45.3M, of which about $21.9M went out as cash and $23.4M was reinvested into new shares through the reinvestment plan (Form 1-U, December 2025). Then the board cut the rate from 6.0% of NAV to about 3.0% for Q1 2026 in an authorisation dated December 31, 2025, moved the cadence to quarterly, and cut again to about 1.5% for Q2 2026 on March 31, 2026. The Q1 cash reached investors on or about April 15, 2026 and the Q2 cash on or about July 17, 2026, which is a second thing worth knowing: you now wait a quarter for money you used to get monthly.

The Apartment Growth REIT’s record is worse in the way that matters most: it stopped paying. Distributions ran continuously at roughly 4.5% annualised from January 1, 2018 and were paused on January 29, 2026. Its NAV went $10.13 at December 31, 2023 (announced January 9, 2024), $9.14 at June 30, 2024 (approved August 9, 2024) and $7.62 at December 31, 2025 (approved January 20, 2026).

What was actually realised, and what was lost

One property gives the clearest realised number in the whole file. The Apartment Growth REIT invested $4.2M of joint-venture limited partnership equity in Sherwood Oaks, a 199-unit Class B apartment community in Riverview, Florida, on November 30, 2021, behind a $27.75M senior loan from an unaffiliated lender. The borrower hit maturity default on December 1, 2024, modified and extended the loan to September 1, 2025 on January 31, 2025, buying a renewal interest-rate cap in the process, defaulted again on September 2, 2025, received the lender’s notice to start a deed in lieu of foreclosure on February 12, 2026, and the transfer completed on March 26, 2026. Equity junior to a defaulted mortgage in a deed in lieu is worth nothing. That is a realised loss of the REIT’s $4.2M, and it is the mechanism behind the NAV line above.

The Income REIT has three of its own, disclosed in the fiscal 2025 Form 1-K and the offering-circular supplements. Lotus Village sold for $32.85M against a $38.5M acquisition price, a realised loss of about $5.65M, or 14.7%. The Columbus Office portfolio, behind a $33,635,340 loan from an unaffiliated lender, went into maturity default on December 1, 2024, took a modification on April 30, 2025 extending it to August 15, 2025, and defaulted again on August 16, 2025. The Brooklyn Portfolio mortgage entered maturity default on September 2, 2025 and was unresolved in the fiscal 2025 accounts. Two defaults and a loss-making sale in one fund is the substance behind a NAV line that has fallen in every reported period since 2022.

The private-deal record, better and older

The most useful independent arithmetic on RealtyMogul’s marketplace deals is Physician on FIRE’s April 2022 review of all 69 completed RealtyMogul equity deals, which found target IRRs on the 64 with published projections averaging 16.5% (median 16.4%), against actual realised returns averaging 18% on those 64 and 17.3% across all 69, net of fees (Physician on FIRE, April 2022). That is a real outperformance on a real sample, and it is why this review does not treat RealtyMogul as a scam. It is also from the era of cheap debt and rising values; not one of those exits was priced into a 2023-to-2026 office and multifamily market, and the platform’s marketing figure of 228 realized deals across $5.9B of capitalisation (claimed) has never been published with an aggregate IRR, an equity multiple or a count of deals that returned less than capital. Until it is, the honest statement is that RealtyMogul’s realised private-deal record is good for the deals that exited before 2023 and unknown after.

What the repurchase program promised, what it delivered, what replaced it on April 21, 2026 and what your realistic exit is.

What the program promised

The Income REIT’s share repurchase program let a holder request repurchase of up to 25% of their shares each quarter, priced at the most recently announced NAV per share multiplied by an effective repurchase rate that rose with the holding period and reached 100% only after three years, with nothing available inside the first twelve months. Repurchases on a shareholder’s death were exempt from the discount and paid at 100% of NAV. The whole program was capped at 5.0% of the weighted average shares outstanding in the prior calendar year, or 1.25% a quarter (Form 1-A POS share repurchase program, 2024-2025). The board reserved the right to amend, suspend or terminate it to protect operations and remaining shareholders, to prevent an undue burden on liquidity, to preserve REIT status, or after any material decrease in NAV.

Those two numbers were never compatible, and the mismatch is the source of most of the complaints. The 25% describes what one investor may ask for. The 5% describes what all investors together may receive. In a fund where a meaningful minority wants out, the fund-level cap binds and the investor-level allowance is decoration.

What it delivered, and then what happened

Investors report that in the quarters before the freeze, requests were filled at roughly 12% to 13% of shares requested rather than the 25% they had read about, implying a five-to-ten-year queue out of a position (unverified customer reports, Trustpilot and the White Coat Investor forum, 2026). The filings do not disclose fill rates.

On April 21, 2026 both boards suspended their programs. The Income REIT’s Form 1-U states that the REIT “is no longer accepting or processing repurchase requests submitted pursuant to the program on or after April 21, 2026, and any share repurchases currently in process have been suspended.” The Apartment Growth REIT’s filing gives the reason as preserving “liquidity and financial flexibility as the Company actively manages through a period of portfolio transition.” The manager suspended the reinvestment plans the same day, to limit new share issuance. Investors who had filed in January 2026 were caught mid-queue (unverified customer report, White Coat Investor forum, 2026).

There is no announced restart date, and no disclosed condition that would trigger one.

What your exit actually is now

Three possibilities, in descending order of likelihood.

1. Wait for a liquidity transaction. The offering documents contemplate a sale of all assets, a roll-off of assets to maturity, a sale or merger, consolidation with other REITs run by the manager, or a listing. None is scheduled. In comparable non-traded REIT wind-downs this takes years.
2. Wait for the program to reopen, which requires the fund to hold cash it would rather keep.
3. Sell privately. There is no secondary market and no ATS listing, and the tender-offer firms that buy frozen non-traded REIT positions bid at discounts to a NAV already down 38%.

For private placements, exit was always the sponsor’s sale or refinancing, three to seven years out, with no secondary market. For DSTs, the trust’s own sale. Neither is affected by the REIT freeze, which is the strongest argument for the accredited side of the platform over the retail side.

Plan for the platform itself too. If RealtyMogul ceased operating, the REITs would continue as separate SEC-reporting issuers with their own boards and assets; your shares are claims on the REIT, not on the platform. What would go is the servicing and the website, and a replacement manager would have to be appointed. That is materially better than the custody risk on platforms where investors never held title, and it is the single best structural feature RealtyMogul has.

Which forms arrive, when, what character the income has and where the traps are for retirement accounts.

The REITs issue Form 1099-DIV, delivered electronically by January 31 of the following year. That is the good news relative to the private deals: no K-1, no partnership basis tracking, no waiting until September. REIT distributions split into three characters: ordinary dividends (Box 1a), taxed at your marginal rate; capital gain distributions (Box 2a); and non-dividend distributions, that is return of capital (Box 3), which are not taxed on receipt but reduce your cost basis and so enlarge the gain, or shrink the loss, when you sell. In a fund distributing more than it earns, the return-of-capital share rises, and at this REIT it went to the limit: 100% of both the 2022 and the 2023 distributions were classified as return of capital in the issuer’s own tax-treatment supplements. Investors who thought they were receiving income in those years were receiving their own basis back.

Ordinary REIT dividends are generally qualified REIT dividends eligible for the 20% deduction under Internal Revenue Code Section 199A. The scope and duration of that deduction have been amended more than once since 2017; confirm the current-year treatment with your preparer rather than relying on a review.

Private placements issue Schedule K-1 (Form 1065) from the sponsor’s partnership, not from RealtyMogul. The platform says it encourages sponsors to deliver K-1s in time for April 15, which is a statement about encouragement, not delivery. Budget for an extension. A K-1 also brings state filing obligations wherever the partnership owns property, and depreciation that shelters current income while reducing basis.

For retirement accounts, the distinction is sharp. REIT dividends are not unrelated business taxable income, so the REITs fit inside an IRA cleanly. A leveraged partnership interest can generate UBTI and unrelated debt-financed income under Sections 511 to 514, which can trigger a Form 990-T filing and tax inside the IRA. Almost every commercial real estate deal on the platform uses leverage. If you are buying private placements in an IRA, read the offering memorandum’s UBTI discussion before you wire.

The frozen-share problem has a tax dimension too. A loss on the REIT is not deductible until a realisation event: a sale, a worthlessness determination or a liquidating distribution. Investors marked down 38% cannot take the loss in 2026, because they cannot sell. That is the point one investor made on the White Coat Investor forum in 2026, and it is correct.

On the DSTs, the entire point is Section 1031 deferral: a beneficial interest in a properly structured DST is treated as a direct interest in real property for like-kind exchange purposes under Revenue Ruling 2004-86, which is why the trust may not renegotiate leases or refinance. Blow the structure and you have a taxable sale.

The risk that actually ends the investor, then the dated record.

The risk that ends you

Not fraud. Valuation combined with illiquidity. You own a security whose price is calculated by the entity paid a percentage of that price, with third-party appraisals used only when that entity deems them necessary, and you cannot test the price by selling. Every other risk here is downstream of that one. When the Income REIT marks itself at $6.79 and repurchases are suspended, there is no market to disagree with the manager.

The second-order risks, in order of how much money they can cost you:

• Property-level leverage. Sherwood Oaks is the template: fixed equity, floating or maturing debt, a lender that will not extend, and the equity wiped. Columbus Office and the Brooklyn Portfolio ran the same play inside the Income REIT. Truist Plaza is financed with a $65M term loan rather than floating paper, which is a real difference, but 70% leverage on a single office tower is still the exposure that decides the deal.
• Sponsor risk on private placements. After closing, your money is with the sponsor, not with RealtyMogul, and the sponsor sets the valuations and the distributions.
• Concentration in office and value-add multifamily, the two categories that have repriced hardest since 2022.
• Platform continuity. New owner, new board, two holdovers in the manager, and a broker-dealer whose registration status we could not confirm.
• Contractual limits on your remedies. The offering circular states that by buying shares you are bound by an arbitration provision in the subscription agreement under which either party may require that any claim relating to the offering, “including claims arising under federal securities laws”, go to binding arbitration, and it warns that this limits your ability to bring or join a class action, limits discovery, and may limit the recovery of fees. You are giving up the collective remedy at the moment you subscribe.

Regulatory and legal record

We found no SEC or FINRA enforcement action, no state securities order and no class action against RealtyMogul entities in searches conducted in September 2026. That is a search result, not a docket search; our network blocked direct access to court and regulator sites, so treat it as “nothing surfaced” rather than “nothing exists.” On the evidence available, RealtyMogul’s regulatory record is clean, which distinguishes it sharply from DiversyFund, whose Regulation A exemption for DF Growth REIT II was permanently suspended by the SEC on consent in 2023, and from CrowdStreet, where a sponsor’s fraud sent money missing.

The one unresolved regulatory question is the broker-dealer. RM Securities, LLC appears in BrokerCheck as a firm whose registration ran to September 9, 2025, with a withdrawal request reported in July 2025, while RealtyMogul’s own pages continue to describe it as a registered broker-dealer running deal screening. Both things cannot be true. Ask the company directly before subscribing to anything sold through it.

Complaint patterns

All of the following are unverified customer reports, reported as patterns rather than as evidence.

Trustpilot rates RealtyMogul 1.5 out of 5 across 37 reviews, with 94% at one star (retrieved September 2026). Small sample, self-selected, and the ratio is still striking. The Better Business Bureau profile carries an A+ rating, with the company not accredited (retrieved September 2026). The divergence is structural: BBB grades complaint handling, Trustpilot captures investor sentiment, and a firm can answer every complaint promptly while still not giving anyone their money back.

Three themes recur. Redemption expectations: investors describe reading a 25% quarterly figure and receiving low-teens fill rates, then nothing. Communication: requests filed in January 2026 with no update through the Q1 window and then a suspension notice. The loss they cannot book: one 2026 forum poster described writing the position off mentally while noting they cannot claim a capital loss until the REIT closes (White Coat Investor forum, 2026).

The industry context, which matters for blame

RealtyMogul is not alone. On April 29, 2026 Starwood Real Estate Income Trust told stockholders it was suspending repurchases except for death or qualifying disability and for accounts under $5,000, each capped at $5M a month, and cut its Class I annualised distribution from the 6.3% of March 2026 to 4.7% (SREIT stockholder update, April 29, 2026, and Bloomberg, 2026). InPoint Commercial Real Estate Income has had its share repurchase plan and its reinvestment plan suspended since January 30, 2023 and they remain suspended. Retail private credit funds gated across the first half of 2026 (trade and law-firm coverage, 2026). A semi-liquid wrapper around illiquid property is a promise that only holds while few people test it. RealtyMogul’s freeze is a category failure as much as a company failure. That is context, not an excuse: the category was sold to retail investors on the strength of the liquidity feature that has now been withdrawn twice over.

Two short lists, for the reader deciding on September 18, 2026.

It may suit you if:

• You are accredited, you want one specific building rather than a fund, and you can lock $35,000 or more away for five years with no exit. The Wideman co-investment pledge is worth something on new deals, and the platform’s pre-2023 realised equity record was genuinely above target.
• You are doing a 1031 exchange, you need replacement property inside 45 days, and you want a curated DST list with intermediary coordination. You are buying deferral, not return.
• You are an existing REIT holder who has decided to wait for a liquidity transaction and wants to keep reading the Form 1-U filings rather than act.

Skip it if:

• You are not accredited. Both REITs are closed to new money, and the only products open to you are the ones that stopped paying and stopped repurchasing.
• You need the money inside five years, for any reason, including ones you cannot foresee. There is no exit at any price.
• You want a priced asset. Every number in the REITs is a manager’s mark.
• You are investing an IRA into leveraged private placements without understanding UBTI.
• You are looking for real estate income. The Income REIT pays about 1.5% of a NAV that has fallen 38%; a Treasury bill or a REIT ETF pays more with daily liquidity.

RealtyMogul’s terms beside the five platforms it competes with and the liquid alternative, then which reader goes where.

Table: RealtyMogul against its competitors and the liquid alternative, September 2026

Which reader goes where. If you are not accredited, RealtyMogul is not a choice you can make in September 2026, and the real comparison is Fundrise, whose headline fee is lower and whose three main funds kept processing quarterly redemptions after its Equity REIT plan was suspended on October 1, 2025, against a REIT ETF that costs 0.13% and can be sold at lunchtime. Streitwise is a smaller version of the same problem with one difference: it cut its dividend from $0.13 to $0.03 in Q4 2024 and raised it to $0.04 in April 2026 with NAV at $6.96, which is what recovery looks like, and it charges 2% a year to deliver it. DiversyFund is a warning, not an option. If you are accredited and want individual deals, EquityMultiple has the lower entry point and bills you directly, which at least tells you what you are paying, while Crowd Street has the larger and better-documented realised book, and a fraud in its history. RealtyMogul’s accredited side earns consideration on one ground: the owner co-invests in its own deals, which none of the others do.

The real sequence, and the six documents to read before any money moves.

The steps are unremarkable. You create an account with an email address, complete identity verification, confirm accreditation status if you want the Regulation D side, link a bank account, choose an offering, sign the subscription agreement electronically and wire or ACH the funds into the offering’s account. Allocation is confirmed at closing. For a 1031 exchange the sequence runs through your qualified intermediary and the 45-day identification and 180-day closing deadlines govern everything.

What matters is what you read before that. Six documents, in this order.

1. The current offering circular or private placement memorandum, specifically the “Management Compensation” table. Every fee in this review is there, and the deal-specific ones are nowhere else.
2. The most recent Form 1-U filings for whichever REIT you hold. The NAV, the distribution rate, the repurchase suspension and the change of control were all disclosed there first, days or weeks before any secondary coverage.
3. The latest Form 1-K, for the audited balance sheet, the net loss, the auditor’s name and the count of investors and shares.
4. The share repurchase program document, not the marketing summary. Compare the per-investor allowance with the fund-level annual cap and assume the cap binds.
5. On a private placement, the sponsor’s record and the debt terms: maturity date, fixed or floating, extension options and their conditions. Sherwood Oaks failed on an extension, not on occupancy.
6. The subscription agreement’s dispute-resolution clause, so you know before you sign that you are agreeing to arbitration and waiving class treatment.

And one question to put in writing to investor relations before subscribing: what is the registration status of RM Securities, LLC today, and which broker-dealer is the selling agent on the offering I am being shown.

Our verdict is 2 out of 5, and the two points are for structure rather than performance.

RealtyMogul did the things a retail alternatives platform is supposed to do. It registered its REITs under Regulation A and filed audited annual reports, so an outsider can reconstruct the story from primary documents, which is what this review did. It kept the investor’s claim at the issuer level, so a platform failure does not vaporise the asset. It has no enforcement record we could find. Its pre-2023 private deals beat their own targets on an independent count of 69 exits. Those are why this is a two rather than a one.

Everything else is a lesson in what the non-traded wrapper actually is. A fund that prices itself, pays its manager on the price it sets, promises quarterly liquidity subject to a cap that binds long before the promise does, then withdraws the promise entirely on a Tuesday in April, has transferred the whole of the timing risk to the investor while keeping the fee. The Income REIT’s holder has lost 38% of a manager-set mark, watched income fall by three-quarters, sat through two loan defaults and a sale at a 14.7% loss, and been told the exit is closed with no restart condition. The Apartment Growth REIT’s holder has all of that plus no distribution since January 29, 2026 and a 199-unit Florida property handed to the lender on March 26, 2026.

Our position would change on specific, dated evidence. We would raise the rating if the boards reinstate the repurchase programs and publish quarterly fill rates at or above the 1.25% cap for two consecutive quarters; if the Income REIT’s NAV holds flat or rises across two consecutive marks; if the Apartment Growth REIT resumes distributions at any rate; or if the platform publishes an aggregate realised IRR, equity multiple and loss count for the 228 deals it advertises, in a document an auditor has seen. We would cut it further on a third consecutive NAV decline of more than 5% a quarter, a second property lost to foreclosure, a Brooklyn or Columbus Office resolution that transfers the asset to the lender, a going-concern qualification in a Form 1-K, or any disclosure that a private placement’s fees are being charged to investors on terms not in the original memorandum.

What to watch, with dates. The Form 1-K for fiscal 2026, due in the spring of 2027, for the auditor’s opinion and the net loss. The Form 1-U filings carrying each quarterly NAV approval, two to three months after the period end; the next covers September 30, 2026. Any Form 1-U reinstating the repurchase programs. The offering circular refresh pending since July 11, 2025, which would say whether the REITs intend to raise money again. And the registration status of RM Securities, LLC on FINRA BrokerCheck, the clearest unanswered question about how this platform sells securities at all.

Nothing here is investment advice. We take no referral fees from any platform we review and hold no position in any of them.