RealtyMogul Review 2026: New Owner, Falling NAV, Frozen Redemptions

RealtyMogul's Income REIT (MogulREIT I) posted a NAV of $6.85 per share as of March 31, 2026, down from $9.02 in June 2024 — a confirmed 24% decline in under two years per SEC Form 1-U filed June 1, 2026. New ownership took over in November 2025 and pledged to co-invest alongside members in every new deal, but the NAV slide has not stopped. The Apartment Growth REIT suspended its share repurchase program entirely on April 21, 2026, leaving current investors with no formal exit mechanism.

A New Owner, a New CEO, and a Platform Under Pressure

On November 6, 2025, a Form 1-U landed on SEC EDGAR tied to RealtyMogul's Apartment Growth REIT. A Form 1-U is the disclosure required when a Regulation A issuer experiences a material event: a bankruptcy, a default, or, in this case, a change of control. The filing confirmed that The Wideman Company, an affiliate of Susquehanna Holdings Ltd., had acquired Realty Mogul Co. effective that date. The acquiring entity in the REIT disclosure is listed as RM Investor LLC.

Four days later, on November 10, 2025, the company published a public announcement on its website. Jilliene Helman, who founded RealtyMogul in 2012 and built it into one of the larger real estate crowdfunding platforms in the country, resigned as CEO. Matthew Wideman, principal of The Wideman Company, stepped into the role. His brother, Christopher D. Wideman, joined the board through the family holding structure.

Susquehanna Holdings Ltd. operates across financial services, proprietary trading, and private equity. The affiliation with a holding company of that scale means The Wideman Company is not a single-deal sponsor with limited resources. Whether that financial depth translates into improved underwriting standards and more disciplined capital allocation on new real estate deals is the key operational question under the new structure.

Matthew Wideman made one concrete public commitment: he would co-invest his own capital in every new real estate opportunity offered on the platform. That is a meaningful alignment signal for future deals. It says nothing about the existing REIT portfolios, where current investors are sitting with confirmed losses. Any acquisition of a platform managing live Regulation A real estate funds carries transition risk. Staff changes, strategy shifts, and portfolio repositioning all take time. As of the March 2026 NAV update, the Income REIT had declined further under the new ownership structure.

The Income REIT NAV: Confirmed Declines Across Every Reporting Period

NAV, or net asset value, is the per-share estimate of what a fund's underlying assets are worth after deducting liabilities. For a non-traded REIT (a real estate fund that does not trade on a stock exchange and therefore carries no live market price), NAV is the primary valuation benchmark investors receive. RealtyMogul reports Income REIT NAV through SEC Form 253G2 filings, the supplement disclosure form used for Regulation A offerings.

Here is the confirmed NAV history for the Income REIT (MogulREIT I, CIK 1669664), drawn directly from SEC filings:

Reporting Date	Confirmed NAV per Share	Filing Type
June 30, 2024	$9.02	SEC Form 253G2
June 30, 2025	$7.73	SEC Form 253G2
December 31, 2025	$7.49	SEC Form 253G2
March 31, 2026	$6.85	SEC Form 1-U

Four consecutive reporting periods. Every one is lower than the last. From $9.02 to $6.85 represents a 24% confirmed decline in per-share value across 21 months. There is no period in this confirmed data set where the fund recovered value. The most recent figure, $6.85 as of March 31, 2026, postdates the November 2025 change of ownership by four months, which means NAV continued falling after The Wideman Company took control.

The fund's original target yield was approximately 6% annualized. As NAV erodes, distributions paid on a shrinking asset base do not deliver that yield in real economic terms for investors who bought at higher prices. The management fee, confirmed at 1.00% annualized on total equity value in SEC annual report filings, continues to accrue regardless of NAV direction. A fee assessed on a declining asset base does not shrink in proportion to investor losses.

The advisory entity that manages the Income REIT is RM Adviser LLC, a subsidiary of Realty Mogul Co. The change of ownership at the parent company does not automatically alter the advisory fee structure. Investors in the fund continue to pay 1.00% annually while the per-share value sits at $6.85.

The Apartment Growth REIT: Redemptions Suspended

The Apartment Growth REIT (MogulREIT II, CIK 1699573) took a harder step than updating a NAV figure. On April 21, 2026, the fund suspended its share repurchase program. The language in the SEC annual report filing states the suspension exists to "preserve liquidity and support broader capital allocation and portfolio repositioning strategy."

That sentence tells you exactly what the fund cannot do right now: return cash to investors who want out. The share repurchase program was the only formal exit mechanism the fund provided. There is no secondary market for these shares. There is no exchange listing. There is no structured buyback alternative. The program is suspended with no public timeline for reinstatement.

Portfolio repositioning is a defensible response to distressed real estate assets. Selling properties, refinancing debt, and redeploying capital into better-positioned holdings takes months or years. But investors in the Apartment Growth REIT are bearing that timeline without a way to exit while the strategy plays out. Non-traded REITs are structurally illiquid by design. The difference here is that the fund moved from limited, capped liquidity to zero formal liquidity on April 21, 2026. If you currently hold shares in the Apartment Growth REIT, your exit options narrow to waiting for the program to reopen or waiting for a full fund liquidity event such as a portfolio sale or merger.

What Investors Reported: The Marketing-to-Filing Gap

The Trustpilot rating for RealtyMogul sits at 1.5 out of 5 stars across 33 reviews. That places it in the lowest tier of rated investment platforms. The complaints are not primarily about real estate market conditions. They center on the gap between what investors were told and what the SEC filings actually say about redemption mechanics.

Multiple reviewers report that sales materials, conversations with platform representatives, or marketing copy described quarterly redemptions of up to 25%. The SEC-filed repurchase program for the Income REIT operates under an annual cap of 5% of weighted average shares outstanding. Those are not the same program. A 25% quarterly redemption capacity would mean a fund could theoretically turn over its entire investor base through buybacks in a single year. A 5% annual cap means the fund can repurchase at most one-twentieth of its shares in any given year. If redemption requests exceed that cap, investors who submitted requests receive nothing in that redemption window and must reapply the following period.

At least one investor cited in Trustpilot reviews filed a formal complaint with the SEC over the discrepancy. The 5% annual repurchase cap is disclosed in SEC filings. Whether it received equal prominence in marketing materials and investor conversations is a separate question, and one the review record suggests was answered differently for at least some investors.

Platform Scale, Fees, and Investment Minimums

RealtyMogul reports 300,000+ members and $1.2 billion+ in equity invested since the platform's founding, across $8 billion+ in total real estate asset value managed over time, per the platform's own website. These are historical activity figures, not indicators of current portfolio performance or fund health.

The platform offers two categories of products: non-traded REITs open to non-accredited investors (anyone who meets the platform's basic eligibility requirements), and private placements reserved for accredited investors, defined as individuals with $1 million or more in net worth excluding their primary residence, or $200,000 or more in annual income. Per platform disclosures, not confirmed in SEC filings during research for this article, the REIT minimum investment is approximately $5,000 and private placement minimums range from $25,000 to $50,000. Verify those figures against any current offering circular before committing capital, as minimums can change between publication and your review date.

Private placements on the platform carry individual asset risk through RM Venture Partners LLC as the sponsor entity. Your outcome on a private placement depends on a specific property, not a pooled portfolio. That concentration cuts both ways: you can assess a single deal with specificity, but a bad underwrite on one asset has no portfolio diversification to cushion it.

What the New Ownership Could Realistically Change

The co-investment pledge from Matthew Wideman is a real structural change for new deal underwriting. A sponsor who puts their own capital into every offering alongside investors has more direct financial exposure to outcomes than one who earns fees regardless of returns. If the pledge holds consistently across new offerings, it is a meaningful improvement in principal-agent alignment.

The acquisition also ended the founder-operator dynamic that shaped RealtyMogul's first decade. Whether the transition in management culture produces better investor communication and tighter alignment between marketing language and SEC-filed program terms is the question that Trustpilot scores will answer over the next 12 to 24 months. Culture changes at investment platforms do not show up in Q1 NAV filings.

The honest assessment: no one can verify whether the new strategy works until future quarterly NAV data confirms a reversal. The March 2026 figure of $6.85 per share is the most recent confirmed data point. It shows continuation of the decline into the new ownership era.

Risks You Should Name Before Investing

Three risks are confirmed and current, not speculative.

Redemption risk is active for both products. Apartment Growth REIT investors cannot access formal repurchases as of April 21, 2026, with no disclosed restart date. Income REIT investors face a 5% annual cap on total repurchases across all shareholders, which does not guarantee you can exit in your requested quarter or year. If you need access to invested capital within the next one to three years, neither product is appropriate for your situation. This is not a prediction. It is a description of what has already happened.

NAV erosion is ongoing and unconfirmed as having reached a bottom. The Income REIT has declined across every confirmed reporting period since June 2024. Buying into a NAV that has not demonstrated a floor carries the risk that $6.85 is not that floor. Real estate market conditions, interest rate levels, and the health of individual properties in the portfolio all affect future NAV outcomes that no external party can predict with certainty.

Communication credibility is the hardest risk to quantify but the most important for retail investors to weigh. The Trustpilot complaints and the filed SEC complaint document a gap between marketing language and the actual SEC-filed program terms. New ownership may close that gap or may not. There is no external mechanism to verify a culture change in advance.

A fourth structural issue applies beyond RealtyMogul specifically. Non-traded REITs sold through Regulation A offerings to retail investors have produced widespread underperformance and liquidity problems across multiple sponsors over the past five years. The SEC's investor education resource on REITs describes how repurchase programs and NAV calculation methodologies work for retail investors. Read those materials before you commit capital to any non-traded REIT, regardless of the sponsor's name or stated track record.

Frequently Asked Questions

Is RealtyMogul still accepting new investors in 2026?

Yes, the platform is open and accepting new investors as of mid-2026, including non-accredited investors for the REIT products. Before committing capital, read the current offering circular for any product you consider, confirm the current NAV, and review the redemption terms in the SEC filing rather than relying on marketing materials alone.

Can you get your money out of RealtyMogul?

Apartment Growth REIT investors have no formal repurchase option: the program was suspended on April 21, 2026, with no public restart date. Income REIT repurchases remain subject to a 5% annual cap on total shares outstanding, which limits total redemptions the fund processes each year and does not guarantee you can exit in your requested quarter even if you submit a valid redemption request.

Who owns RealtyMogul after the November 2025 acquisition?

The Wideman Company, an affiliate of Susquehanna Holdings Ltd., completed the acquisition of Realty Mogul Co. on November 6, 2025, per SEC Form 1-U filings for both REIT entities; Matthew Wideman serves as CEO, replacing founder Jilliene Helman, who resigned as part of the transaction.

What is the minimum investment on RealtyMogul?

Per platform disclosures, not confirmed in SEC filings, the REIT minimum is approximately $5,000 and private placement minimums range from $25,000 to $50,000; verify current figures directly in the offering circular for any product you consider, as minimums can change and the platform does not always reflect updated terms on its general marketing pages.

Author Disclosure: Jeff Barnes, MBA has no personal position in any company, fund, or platform named in this article. Angel Investors Network has no current commercial relationship with any party mentioned. AIN provides marketing and education services, not investment advice. Past performance does not guarantee future results. All investments involve risk, including loss of principal.