Relli vs EquityMultiple: Platform Models Compared

Two models

How do the Relli and EquityMultiple platform models compare?

The EquityMultiple platform now has one main sponsor, while Relli lists offerings from many independent sponsors. EquityMultiple has moved away from choosing outside sponsors' deals. Since August 1, 2026, Larson Capital Management runs it and is set to sponsor most new offerings. Relli connects you with the sponsor of the offering you choose. EquityMultiple also sells short-term notes from $5,000, which Relli does not.

Since August 2026

What is the EquityMultiple platform today, and how does it work?

EquityMultiple is an online real estate investment platform for accredited investors, now operated by Larson Capital Management. Equity Multiple, Inc. granted a non-exclusive license of its platform and brand to a Larson Financial Holdings subsidiary, effective August 1, 2026. EquityMultiple announced the license on September 17, 2026. Larson "will sponsor and manage new investment offerings," the announcement says.

EquityMultiple's FAQ, read on October 20, 2026, describes the shift in its own words. "Our model has been to serve as an intermediary between investors and third-party owner-operators," it says. The FAQ adds that "the intent is a more direct investor-to-operator model." It also says:

• "Most new offerings will be sponsored and managed by Larson Capital Management or its affiliates."
• Equity Multiple, Inc. was not acquired or sold and remains owned by its existing shareholders.
• Existing investments keep their terms, and the arrangement "does not create a new exit right."

Before the change, EquityMultiple paired outside sponsors' deals with its own Alpine Notes and Ascent Income Fund. It took a strategic investment from Marcus & Millichap in late 2023 and acquired HoneyBricks, announced April 2, 2024. Some 2026 review pages still describe it as a selector of outside sponsors' deals, which no longer matches its FAQ.

Sponsor choice

Does the EquityMultiple platform offer one sponsor or many?

EquityMultiple now offers mainly one sponsor for new deals: Larson Capital Management. Its FAQ puts Larson at about $2.5 billion in total project value. Choosing EquityMultiple increasingly means choosing Larson as the operator.

Relli works the other way. Most platforms offer one sponsor. Relli offers the market. Its sponsors are many established firms with $5B+ in combined assets under management, as shown on relli.co. Each is reviewed and underwritten before it can list, and none of them is Relli itself.

You compare their offerings and track records side by side and decide whose plan you trust. The guide to vetting a real estate sponsor shows the checks to use.

Who do you talk to before investing on each platform?

On EquityMultiple you talk to its investor relations team, while on Relli you talk to the sponsor's own team. Since August 2026, the firm running EquityMultiple and sponsoring most of its deals is the same one.

On Relli, tapping Express Interest on an offering page sends your details only to that sponsor. The sponsor's team usually contacts you within a day by video call or phone. You ask your questions of the people who will run the property, then invest with them directly.

Fees and minimums

What fees does the EquityMultiple platform charge?

EquityMultiple fees have generally been 0.5% to 1.5% a year on equity offerings, plus a $30 to $70 annual admin fee. NerdWallet's February 2026 review gives those figures and reports no fee on short-term notes. Those figures predate the Larson change.

EquityMultiple's FAQ says existing investments keep their terms. For new offerings, the fees are in each offering's documents, along with the sponsor's own deal fees and promote.

The platform line on Relli is $0. Investors pay Relli $0 today, and sponsors pay Relli a subscription to list. Each sponsor's own fees are set out in its offering documents, such as acquisition and asset management fees and any promote.

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

The EquityMultiple minimum investment is $25,000 per standard offering and $5,000 for Alpine Notes, for accredited investors only, according to its FAQ. Basecamp, a special edition Alpine Note, is for first-time investors. The platform says its investments are "only suitable for accredited investors."

Few private real estate offerings set their minimum at exactly $5,000. Only 3.0% of the 4,172 real estate offerings filed on Form D from October 2025 to September 2026 set a $5,000 minimum. By comparison, 12.7% set $25,000, according to Relli's analysis of U.S. Securities and Exchange Commission (SEC) data.

On Relli, listed offerings have started from $25,000, set by each sponsor. Most offerings on Relli are for accredited investors, and the sponsor confirms eligibility before you invest.

Notes and funds

What are Alpine Notes and the Ascent Income Fund?

Alpine Notes are EquityMultiple's short-term notes, and the Ascent Income Fund is its own income fund. Alpine Notes have 3-, 6- and 9-month terms and a $5,000 minimum. EquityMultiple's FAQ says they continue under an agreement with Larson.

EquityMultiple offered the Ascent fund alongside outside sponsors' deals before the change. On October 20, 2026, EquityMultiple's homepage listed Offerings, the Keep, Earn and Grow Pillars and The Alpine Notes. Relli found no separate current Ascent terms to cite.

Relli has no short-term note or debt offering listed today. An investor who wants money back within a year has no Relli equivalent. Some sponsors on Relli are private lenders, such as Central Lending, a bridge lender whose sponsor page describes its loans. The guide to short-term real estate notes and other debt investments explains how they work and what can go wrong.

Fit

Which fits you: EquityMultiple or Relli?

EquityMultiple fits investors comfortable with one main sponsor or wanting $5,000 notes, while Relli fits investors who want a choice of independent sponsors. EquityMultiple is for accredited investors, and its main sponsor is Larson Capital Management. Relli's listed offerings have started from $25,000, set by each sponsor.

More answers

Is EquityMultiple named after the metric, and how is it registered?

EquityMultiple's name borrows a common return term, and both its adviser and its operator appear in SEC adviser records.

Records read

Which EquityMultiple records did Relli read?

Relli read EquityMultiple's homepage, FAQ, September 17, 2026 license announcement and SEC adviser records on October 20, 2026. Relli checked its own facts on relli.co the same day. Fee ranges are NerdWallet's, dated February 2026, and are labeled as such. The two platforms are not scored or ranked, and no platform paid to be included. Relli's card is first because the page's question is sponsor choice.