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 Repurchase Programs. There's now no formal way for ~11,300 retail investors holding ~$214.5M of cumulative capital to redeem their shares.

This wasn't announced loudly. It was disclosed in a Form 1-U filed at the SEC nine days later. The wording is precise: "the Company ceased repurchasing shares of its Common Stock pursuant to the SRP and is no longer accepting or processing any repurchase requests submitted pursuant to the SRP on or after April 21, 2026."

What's actually happened

I read the FY2025 Form 1-K filed last Friday for both MogulREIT I and MogulREIT II. The compressed version:

• MogulREIT I per-share NAV: $7.49 (down 31.9% from the $11 peak)
• MogulREIT II NAV: $7.62 (down 23.8% from $10 launch)
• MogulREIT II distributions: paused entirely since Q4 2025 (no Q4, no Q1)
• MogulREIT I distribution: cut from 6% → 4% (Dec 2025) → ~3% Q1 2026
• Both REITs paused to new investors since July 11, 2025
• Both Share Repurchase Programs and DRIPs suspended April 21, 2026

The auditor (CohnReznick LLP) issued clean unqualified opinions — so this isn't a Groundfloor-style going-concern situation. It's a structural NAV erosion plus frozen liquidity, post-Wideman acquisition.

What it means

If you hold MogulREIT shares: you cannot exit. The only paths are SRP reinstatement (no announced timeline), a portfolio sale that distributes cash, or a wind-up. Stop adding new money. Track the next NAV update (March 31, 2026 — not yet filed). Compare alternatives at similar yield.

If you don't hold shares: this is the empirical case study for why "5% annual redemption cap" matters before you invest, not after.

I just published the forensic 1-K read with verbatim quotes and EDGAR refs:

Read the full MogulREIT NAV Crash analysis →

Reply if you hold MogulREIT shares and want to compare notes — I'm tracking specific investor patterns this week.

— Jorge

P.S. — If you're considering any RE crowdfunding platform right now, my new pillar on bankruptcy-remoteness walks through which platforms actually protect your capital structurally and which ones don't. Groundfloor LROs are explicitly NOT bankruptcy-remote per their own offering circular. Worth the read before allocation decisions.