A $97.8 million loan came due six days ago. Its borrower has filed nothing.
A $97.8 million loan came due six days ago. Its borrower has filed nothing. Lightstone Value Plus REIT II has one loan. It is $97,818,000, it is secured by...
Two REITs with a year of debt coming due. Only one still lets you out.
Two REITs with a year of debt coming due. Only one still lets you out. Two non-traded REITs filed their June 10-Qs with the same problem: a wall of debt...
J.P. Morgan's REIT just finished paying its own sponsor back $100 million
J.P. Morgan's REIT just finished paying its own sponsor back $100 million First, an open loop from last time. Lightstone REIT V reconvenes on Wednesday. And...
One in four asked to be bought out. Six months later, a third would not vote.
One in four asked to be bought out. Six months later, a third would not vote. On August 13, Lightstone Value Plus REIT V convened its annual meeting and...
Two funds published a "fill rate" this month. They mean opposite things.
Two funds published a "fill rate" this month. They mean opposite things. A framework this week rather than news. One number, and the trap inside it. A fill...
We said a supply wall was coming. It came. The price went up.
We said a supply wall was coming. It came. The price went up. Last week I wrote that ~100,000 Fundrise investors were about to be let out of a lockup on a...
Fundrise's own funds sold $45M of VCX. Retail unlocks Thursday.
Fundrise's own funds sold $45M of VCX. Retail unlocks Thursday. Everyone is watching Thursday's lockup expiry. The SEC filings show the more interesting...
The internet keeps calling it an SEC settlement. It never was — and the real story just got a trial date.
The internet keeps calling it an "SEC settlement." It isn't — and the real story just got bigger. Search "Grant Cardone lawsuit" and you'll find a hundred...
VCX just fell 33% in three weeks — the supply wall started pricing in early
The premium we said hadn't cracked just did Three weeks ago, Fundrise's Innovation Fund (NYSE: VCX) had one date that mattered — around September 19, 2026,...
The SEC filings warned us first — 3 of the 8 red flags
Landa. Cityfunds. PeerStreet. Every platform that went dark had one thing in common: the SEC filings said so first — usually months before the app stopped...
One non-traded REIT paid every exit in May. Another sealed the door in April.
One non-traded REIT paid every redemption in May. Another will only let you out if you die. Same legal structure. Same six weeks of 2026. Opposite doors....
One door can be locked. The other just rations you.
One door can be locked. The other just rations you. There are three legal wrappers for owning non-traded real estate, and they look almost identical on the...
Two more real estate apps just went dark — the SEC filings warned us first
Two more real estate apps just went dark — and the SEC filings warned us first Two platforms a lot of beginners started with — Landa ($5 to buy a share of a...
A "NAV" of $67. A market price of $11.
A "NAV" of $67. A market price of $11. For years, a non-traded REIT called Peakstone told its investors each share was worth about $67. Then, in April 2023,...
Three new reviews. One diagnostic skill they all teach.
This week I shipped three forensic single-product reviews — and the most useful thing in any of them isn't a yield number. It's a diagnostic skill that...
17% returns with quarterly exits — vs the giant that suspended redemptions
Roots vs Fundrise: the liquidity gap nobody puts side by side Two non-accredited real estate funds. One runs about $117M. The other runs roughly $3 billion....
Two FDIC banks. One has 3 open enforcement orders. Both write DSCR loans.
Most DSCR-loan listicles tell you to pick between Visio, Kiavi, and Lima One. They almost never mention that two FDIC-insured banks quietly underwrite the...
The fee number every platform hides (and how to actually compare them)
The fee number every platform hides Fundrise charges 1%. Arrived charges 1%. Groundfloor charges 0%. So they're roughly equivalent, right? No. Not even...
MogulREIT just locked the door — and 11,300 investors are stuck inside
MogulREIT just locked the door — and 11,300 investors are stuck inside On April 21, 2026, RealtyMogul's two non-traded REITs quietly suspended their Share...
The year Fundrise saved you. And the year it cost you.
The year Fundrise saved you. And the year it cost you. In 2022, Fundrise returned +1.5%. Vanguard's VNQ (the most popular REIT ETF) dropped -26.24%....