EquityMultiple Review: Strategies, Fees and Minimums

The platform

EquityMultiple review: what is it and how does it work?

EquityMultiple is an online platform that sells private commercial real estate investments to accredited investors. This review covers the company, not the equity multiple, a return metric explained in the guide to equity multiple, IRR and cash-on-cash return.

Equity Multiple, Inc. is a Delaware corporation founded in February 2015, according to its adviser's Form ADV brochure. Its site says investors have taken part in "over $3 billion in commercial real estate transactions" through the platform.

The biggest recent change is who runs it. Effective August 1, 2026, Equity Multiple, Inc. licensed the platform and brand to a subsidiary of Larson Financial Holdings. Larson Capital Management is now the day-to-day operator. EquityMultiple's FAQ, read on October 27, 2026, says:

• "Most new offerings will be sponsored and managed by Larson Capital Management or its affiliates."
• Many investors want to invest alongside a sponsor that owns the real estate, "rather than through an intermediary."
• Equity Multiple, Inc. was not sold, and Charles Clinton continues as CEO.
• Larson "may participate in the investments offered on the Platform going forward."

So for most new offerings, the firm that runs the platform also sponsors the deal. The September 17, 2026 announcement put the investor base at more than 64,000 accredited investors.

Record check

Is EquityMultiple legit?

EquityMultiple is an operating company about 11 years old, and its advisers file public reports with the Securities and Exchange Commission (SEC). This is what the records showed on October 27, 2026.

• Its site says EquityMultiple "is not registered as a broker-dealer."
• EM Advisor, LLC advises its investment vehicles. The SEC's adviser search shows its SEC registration ended May 1, 2026. It has been an exempt reporting adviser since May 14, 2026 (CRD 314402).
• The site footer still described EM Advisor as "registered with the Securities and Exchange Commission." The FAQ and the SEC record both say exempt reporting adviser.
• Larson Capital Management, LLC has been an SEC-registered adviser since June 17, 2019 (CRD 301971). It reported $1.43 billion in discretionary assets under management at December 31, 2025.
• Both firms' brochures dated March 31, 2026, report no material legal or disciplinary events.

An exempt reporting adviser files public reports but is not registered. Registration shows which rules a firm reports under. It does not make any investment safe.

Minimums

What is the EquityMultiple minimum investment, and who can invest?

The EquityMultiple minimum investment is $5,000 for Alpine Notes and $25,000 for a standard offering, according to its FAQ. Every investor must be accredited. Basecamp, a special edition Alpine Note, is for first-time investors.

The homepage line "starting with just $5k" refers to the notes. Some strategy pages still show sample offerings at $15,000 or $20,000, so check each offering's own documents.

Accreditation is self-certified. At signup you "self-certify that you are an accredited investor," and "documentary evidence of financial status is not typically required," the FAQ says. Entities, trusts, joint accounts and several self-directed IRA custodians are accepted.

Fee layers

What are EquityMultiple's fees?

EquityMultiple's fees depend on the product: no investor fee on Alpine Notes, and a yearly management fee plus a flat expense fee on EM-managed single-deal vehicles, while new Larson offerings carry Larson's own fees. The two advisers' March 31, 2026 brochures set out the layers.

• EM single-deal vehicles: a management fee "between 1% and 2% of the aggregate capital contribution balance" each year. It can be higher in year one.
• A flat annual expense fee per vehicle, set in its documents. NerdWallet's February 5, 2026 review put the admin fee at $30 to $70 a year and most annual fees at 0.5% to 1.5%.
• Alpine Notes: EquityMultiple's Alpine page says it "charges no fees on any Alpine Note investment." EM Advisor's brochure says the note fund pays the adviser 4% a year of its net assets, excluding the notes outstanding, deferred until the notes are repaid. The fund "may keep such excess proceeds as performance-based compensation" after paying what is due on the notes.
• Fees paid by sponsors and borrowers, such as origination, due diligence and extension fees, are generally kept by EquityMultiple or its affiliates. So is interest earned on cash held before a closing or a payout.

New Larson offerings work differently. The FAQ says EM Investment Partners has no role in them, and Larson's brochure lists its typical fund fees: a 2% annual management fee on net asset value, a 1.5% acquisition fee and 20% of profits above a preferred return. Funds with no performance fee typically pay 3% of capital contributions a year instead. Each new offering's documents set its actual terms. The guide to sponsor fees and the promote explains these.

Track record

What returns has EquityMultiple published?

EquityMultiple publishes some results openly, while its track record sits behind an account login. These figures were on its public pages on October 27, 2026.

• Alpine Notes: over $235 million of investor participation, over 1,850 investors and "no missed or late interest payments."
• Alpine Note target yields: 6.0%, 7.2% and 7.5% APY for 3, 6 and 9 months.
• Ascent Income Fund: a "Historical Distributed Yield" of 9.08% as of Q1 2025.
• Targets by type: senior debt 8% to 12%, preferred equity 10% to 14%, and value-add or opportunistic equity net IRRs of 18% or more.

The caveats matter. EquityMultiple says its targets "are hypothetical, are not based on actual investment results." It adds that metrics such as principal and interest repaid "have not been independently verified or audited."

Alpine Notes carry first-loss protection: EquityMultiple buys a small slice of each series that absorbs a default first. A target yield is still not a result. Ask for realized results on exited deals, including losses. The guides to real estate debt and preferred equity explain how those positions can fail.

Liquidity

How do you get money out of EquityMultiple?

Getting money out of EquityMultiple depends on the product, and most offerings are held until the deal ends. The FAQ says, "You should expect to hold the securities you purchase until they mature or there is a liquidation event." It also notes there is no secondary market.

• Alpine Notes: terms of 3, 6 or 9 months. After 30 days, you can ask for early redemption to move into another EquityMultiple offering.
• Ascent Income Fund: redemption after one year, per its Earn page.
• Private placements in general: the site-wide disclaimer says investors who cannot hold them "at least 5-7 years" should not invest.
• The Larson license "does not create a new exit right," the FAQ says.

Private resales are possible only within each offering's transfer limits. See selling a private real estate investment early.

Investor reviews

What do EquityMultiple reviews say?

EquityMultiple reviews on public rating sites are few. These were the figures on October 27, 2026.

• Trustpilot: 1.6 out of 5 from 32 reviews, 84% of them at the lowest rating. The newest was dated August 27, 2026.
• Better Business Bureau: a B- rating, not BBB accredited, with 1 complaint in 3 years. The BBB cites "failure to respond to 1 complaint(s)."
• Common Trustpilot themes: late K-1 tax forms, delayed or reduced distributions, pushed-back exit dates and slow replies.

EquityMultiple's FAQ, read on October 27, 2026, addresses K-1 timing. It says K-1s can be delayed when a manager must wait for one from the underlying sponsor or JV partner, and investors can check each K-1's status in its Tax Tracker tool. It says quarterly reporting is typically published 75 to 90 days after quarter end. Trustpilot shows that the company "Hasn't replied to negative reviews."

Thirty-two reviews is a small sample next to more than 64,000 investors. Treat the themes as topics to raise with the company.

EquityMultiple's affiliate page says commissions "start at $250 per user referred," paid on self-accredited signups.

Fit

Who is EquityMultiple a fit for, and who may want something else?

Whether EquityMultiple is a fit depends on which of its features and limits matter to you. Its main features:

• Short-term notes from $5,000 with 3 to 9-month terms.
• Debt, preferred equity and equity in one account.
• One main sponsor, Larson, for most new offerings.

Its main limits:

• Open to accredited investors only.
• Most new offerings come from one sponsor. The EquityMultiple alternatives page covers other platforms.
• The site-wide disclaimer cites holds of at least five to seven years for private placements.
• The track record sits behind an account login.

Relli and questions

How does EquityMultiple compare with Relli?

EquityMultiple and Relli differ most on who sponsors the offerings. On EquityMultiple, most new offerings come from Larson. Relli lists offerings from sponsors it has reviewed. The Relli vs EquityMultiple comparison goes deeper.

Relli has limits too. It has five open offerings today, with higher minimums and stated terms of about 3 to 7 years. Most are for accredited investors, and it has no short-term notes.

What should you ask before investing on EquityMultiple?

Before investing on EquityMultiple, ask questions the offering documents should answer in writing.

1. Who sponsors this offering, and is it Larson or an affiliate?
2. Does Larson invest its own money in this deal, and on what terms?
3. What is the total fee load: platform fee, flat expense fee, sponsor fees and profit share?
4. What were the realized results on exited deals, including losses and extended deals?
5. When do K-1s usually arrive?
6. What are my exit options if the deal runs long?
7. For notes: what backs the note fund, and how large is the first-loss slice?

The platform checklist applies the same questions to any site.