EquityMultiple provides accredited investors with access to private commercial real estate investments, including debt, preferred equity, common equity, and managed funds. Its fees vary by investment type and may include monitoring charges, servicing fees, administrative expenses, and profit participation.
The platform also underwent an operational transition in August 2026, making it important to distinguish historical fee arrangements from terms associated with new offerings. This guide explains EquityMultiple's published charges, how they affect investment economics, and how the model compares with fractional real estate ownership through individually selected residential properties.
Disclaimer: The information provided in this guide is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with a licensed professional before making any financial or investment decisions.
Key Takeaways
EquityMultiple's established fee schedule lists annual monitoring charges of 0.5%–1.5% of invested capital for common equity investments
Debt and preferred equity investments typically carry servicing fees of approximately 1%, while administrative expenses generally range from $30 to $70 per investor annually
Certain common equity offerings include profit participation, while an earlier sponsor fee schedule describes a separate 3% charge on successful capital raises
EquityMultiple's investment minimums typically range from $10,000 to $30,000, with some opportunities starting at $5,000, including Alpine Notes
Since August 2026, Larson Capital Management has operated the EquityMultiple platform, with new offerings potentially using different fee arrangements from those of existing investments
Understanding EquityMultiple's Fee Structure
EquityMultiple's commercial real estate offerings use different investment structures, each with its own compensation arrangements.
The platform's established fee guidance distinguishes between charges based on invested capital, fees associated with financing services, and compensation tied to investment profits.
How the 2026 Platform Transition Affects Fees
EquityMultiple's published fee ranges primarily describe its established investment arrangements.
Following the August 2026 transition to Larson Capital Management, new Larson-sponsored offerings may use different compensation structures. Existing investments continue under their original governing documents.
Consequently, the published percentages provide a reference for EquityMultiple's historical fee model rather than a universal schedule for every new offering in late 2026.
Common Equity Monitoring Fees
EquityMultiple's established common equity investments generally carry an annual monitoring and reporting fee ranging from 0.5% to 1.5% of invested capital.
This fee compensates the investment manager for activities such as monitoring investment performance, coordinating reports, managing distributions, and overseeing the investment relationship.
For example, a 1% annual monitoring fee on a constant $10,000 invested-capital base would equal $100 annually.
The actual fee depends on the offering's terms, including the applicable percentage and calculation method.
Debt and Preferred Equity Servicing Fees
Debt and preferred equity investments generally use servicing-fee arrangements.
EquityMultiple's published guidance describes a servicing fee of approximately 1%, although the actual rate may vary.
These fees support activities associated with administering and monitoring financing arrangements.
EquityMultiple states that the advertised annual rates and preferred returns for these investments are presented net of the applicable servicing fee.
Therefore, the published return figures should not automatically be reduced by the same servicing percentage again.
Administrative Expenses
EquityMultiple also describes administrative expenses associated with investment-entity formation, accounting, annual filings, and tax documentation.
These expenses typically range from $30 to $70 per investor annually under its established fee framework.
They are generally allocated among investors in the relevant investment entity.
The amount depends on the offering's administrative requirements and should be distinguished from recurring monitoring or servicing fees.
Performance Fees and Profit Participation
Certain common equity investments include profit participation.
Under these arrangements, the manager or sponsor receives a share of qualifying profits after investors recover their principal and satisfy the applicable internal rate of return (IRR) hurdle.
The actual profit-sharing percentage depends on the investment agreement.
This compensation differs from a recurring management fee because it is tied to eligible investment proceeds and the applicable distribution waterfall.
A profit-participation rate from one offering should not be applied to every EquityMultiple investment.
Historical Sponsor-Side Capital-Raising Fees
EquityMultiple's earlier published fee guidance also describes a 3% charge to project sponsors when a capital raise closes successfully.
The fee was calculated on the total amount raised through the applicable transaction.
Its published explanation states that this charge could be included in the project's overall uses of funds.
This is an important distinction because a sponsor-side fundraising fee may form part of a project's financing economics without being billed separately to each investor.
The 3% charge describes EquityMultiple's earlier sponsor compensation framework. It should not automatically be treated as a universal fee for new Larson-sponsored offerings.
How Fees Vary Across EquityMultiple Investments
EquityMultiple provides access to different positions within commercial real estate investments.
The financial characteristics, fees, and distribution arrangements depend on the type of security and the underlying investment structure.
Common Equity Investments
Common equity investments provide exposure to the financial performance of a commercial real estate project.
Returns may arise from property operations, refinancing, appreciation, or eventual sale proceeds.
The applicable financial arrangements may include recurring monitoring fees, administrative expenses, and profit participation.
Investment results depend on the project's financial performance and the distribution provisions in its governing agreements.
Debt and Preferred Equity Investments
Debt investments involve financing provided to qualifying real estate projects.
Preferred equity investments occupy a different position in a project's capital structure, with repayment and distribution priorities established by their agreements.
These investment types generally use servicing fees incorporated into their published return calculations.
Payment schedules and maturity arrangements depend on the particular financing structure.
Managed Funds and Portfolios
EquityMultiple also offers pooled investment strategies containing multiple real estate investments.
These funds may have origination charges, management expenses, administrative costs, and other fund-specific provisions.
Unlike individual transactions, portfolio structures distribute investment exposure across the assets held by the relevant fund.
The applicable fee schedule depends on the fund's governing arrangements.
Alpine Notes
Alpine Notes are short-term debt securities offered through EquityMultiple.
The platform has marketed the product as fee-free for investors, with three-, six-, and nine-month term options.
Their structure differs from common equity investments because investors hold debt securities rather than ownership interests in individual commercial properties.
EquityMultiple also provides a feature allowing eligible investors to use Alpine Note principal to fund another platform offering after the original note has been held for at least 30 days.
That feature is a reinvestment mechanism, not an unrestricted cash withdrawal right after 30 days.
Alpine Notes also have their own maturity and principal-payment arrangements, including applicable automatic rollover elections.
EquityMultiple's August 2026 Platform Transition
A significant operational change took effect on August 1, 2026.
Equity Multiple, Inc. granted Larson Acquisitions, LLC, an affiliate of Larson Financial Holdings, a non-exclusive license to operate the EquityMultiple platform and brand.
Larson Capital Management subsequently became responsible for the platform's day-to-day operations.
Who Manages the Platform?
The transition established distinct responsibilities:
Larson Capital Management: Operates the EquityMultiple platform and sponsors or manages new offerings under the updated arrangement
EM Investment Partners: Continues managing and servicing existing investments
Equity Multiple, Inc.: Retains ownership of the platform and brand under the licensing agreement
The arrangement was a platform license rather than a sale of Equity Multiple, Inc.
What Happens to Existing Investment Terms?
EquityMultiple's transition guidance states that investments established before the change remain under their existing contractual arrangements.
Their fees, tax reporting, and distribution terms were not automatically modified by the platform license.
This distinction matters when comparing investments offered before and after August 2026.
New Larson-sponsored investments may have their own compensation structures, while existing investments remain governed by the agreements under which they were originally offered.
How EquityMultiple Fees Affect Investment Returns
The financial effect of investment fees depends on the amount charged, the calculation base, and when expenses are assessed.
Recurring Fees and Performance-Based Compensation
Recurring monitoring and servicing charges generally relate to investment management activities performed during the holding period.
Profit participation, by contrast, is calculated according to contractual distribution conditions.
The long-term impact of investment fees varies according to their frequency, timing, and calculation method.
A recurring percentage of invested capital and a percentage of qualifying investment profits cannot be added together to produce a meaningful annual fee rate.
Gross Returns Versus Net Returns
Gross returns describe an investment's performance before specified expenses.
Net returns reflect results after applicable charges have been incorporated.
EquityMultiple's established published guidance states that its investment return targets are presented net of relevant platform fees.
However, target returns and realized returns are different measures.
Realized investment performance depends on the timing of cash flows, the underlying investment's financial results, and applicable costs.
Upfront Fees Versus Annual Charges
Real estate platforms may assess compensation at different stages of an investment.
Some collect fees during property acquisition or setup, while others charge recurring percentages against invested assets.
These approaches have different financial effects.
For example, a percentage calculated on a property's purchase price uses a different financial base from an annual percentage applied to an investor's equity.
A meaningful comparison considers the investment structure, holding period, operating expenses, and services included.
EquityMultiple Investment Minimums and Investor Requirements
EquityMultiple's established platform model focuses on private commercial real estate offerings for accredited investors.
Investment minimums differ by product and individual offering.
Accredited Investor Qualifications
EquityMultiple's published investor requirements generally limit participation to accredited investors.
The accredited-investor criteria include several qualifying categories for individuals:
Annual income exceeding $200,000 individually, or $300,000 with a spouse or spousal equivalent, in each of the previous two years, with a reasonable expectation of meeting the applicable threshold in the current year
Net worth exceeding $1 million individually or jointly with a spouse or spousal equivalent, excluding the primary residence
Certain qualifying professional licenses, including Series 7, Series 65, or Series 82
Other qualifying categories also exist under federal securities regulations.
Minimum Investment Amounts
EquityMultiple's published guidance describes minimum investments that commonly range from $10,000 to $30,000, although some offerings start at $5,000.
The minimum depends on the product.
For example:
Alpine Notes: Published minimum of $5,000
Individual real estate offerings: Commonly 10,000–30,000, depending on the investment
Ascent Income Fund: Published promotional minimum of $5,000 for first-time EquityMultiple investors, with different terms for existing investors
These examples illustrate why $25,000 should not be described as EquityMultiple's universal minimum investment.
Liquidity and Holding Periods
EquityMultiple's private commercial real estate investments generally do not trade on public exchanges.
Exit arrangements depend on the specific investment type.
Debt investments usually follow contractual maturity and repayment provisions, while equity investments may rely on property sales, refinancing, or other investment-level transactions.
Alpine Notes use shorter specified terms, but their 30-day reinvestment feature is distinct from unrestricted cash withdrawal.
The timing and amount of investment proceeds depend on the applicable agreement and investment performance.
Distribution Schedules
EquityMultiple's established investment offerings may provide monthly or quarterly distributions.
Debt and preferred equity payments generally follow contractual schedules, while common equity distributions depend on the underlying project's operating results and cash availability.
Fund distributions may follow separate policies established in their governing documents.
These differences matter when comparing income-oriented commercial real estate investments with property-specific residential ownership models.
Why mogul Brings a Property-First Approach to Real Estate Investing
mogul combines institutional real estate expertise with an investment-club model built around individually selected residential properties.
Instead of beginning with a pooled commercial real estate strategy, members can explore specific homes, examine the property's financial information, and participate in its ownership through a dedicated LLC structure.
The platform was founded by former Goldman Sachs real estate professionals with more than $10 billion in combined real estate transaction experience.
Its founding story and company background describe a mission to make professionally managed real estate ownership more accessible. As of June 2026, mogul reported more than $90 million in assets on its platform and more than 40,000 users.
A Clearer View of Property-Level Costs
mogul's one-time platform fee model incorporates platform compensation into the initial property transaction rather than applying a traditional annual asset-management percentage against invested equity.
Its current published structure includes:
One-time 5% platform fee: Calculated using the property's purchase price and capitalized into the initial transaction
No ongoing rental-income fee: mogul does not charge a recurring platform fee on collected rental income
No traditional annual AUM fee: The platform does not assess a recurring percentage-based asset-management charge against invested equity
The one-time platform fee equals 5% of the property's purchase price.
Applicable third-party property management, maintenance, reserves, and other operating expenses are reflected in each property's financial information.
This structure gives members visibility into the acquisition costs and ongoing economics of the residential properties associated with their investments.
Properties Selected Through Institutional Underwriting
mogul's investment process emphasizes property selection before an opportunity reaches its marketplace.
Its property underwriting process combines nationwide market analysis, local property evaluation, and internal investment review.
The company reports that fewer than 1% of properties reviewed pass its diligence process.
The evaluation includes:
Market fundamentals: Employment trends, population changes, housing demand, and rental market conditions
Acquisition economics: Property pricing, financing assumptions, and anticipated operating costs
Property diligence: Inspections, condition assessments, and capital improvement requirements
Rental strategy: Evaluation of a property's potential income and intended operating model
Investment alignment: mogul reports investing its own capital alongside members in properties offered through the platform
This selective approach allows the team to focus its sourcing and management resources on individually evaluated residential assets.
Professional Ownership Without Day-to-Day Landlord Work
mogul coordinates the property lifecycle from sourcing and acquisition through ongoing management.
Members participate through fractional interests in property-specific LLC arrangements, while operating teams and local partners coordinate tenant management, maintenance, and property administration.
The model provides access to:
Individual property selection: Opportunities with their own addresses, underwriting, and investment information
Monthly income potential: Rental distributions when the underlying property generates sufficient distributable cash flow
Appreciation participation: Exposure to changes in the value of individually selected properties
Property-level visibility: Reporting, valuations, and investment updates associated with specific assets
Potential tax benefits: Applicable property-level tax documentation and allocations
Professionally coordinated operations: Residential real estate ownership without directly managing tenants or maintenance
mogul also incorporates operating reserves into its property capitalization. Its published ownership materials describe reserves intended to support property operations during extended vacancies, with allocations determined by the particular investment.
Together, these features support a managed ownership experience centered on real residential assets and their financial performance.
Build a Residential Portfolio One Property at a Time
mogul allows members to explore different residential investment opportunities rather than relying exclusively on a single pooled portfolio.
Its investment-club structure gives members access to professionally evaluated properties and financial information specific to each opportunity.
Available investments can be explored through mogul's property marketplace, which presents property details and associated underwriting information.
The platform also provides an investment property calculator for examining rental income, financing assumptions, operating expenses, and potential outcomes under different holding-period scenarios.
By bringing together institutional underwriting, property-level fee transparency, individual ownership opportunities, and professionally coordinated management, mogul offers a distinctive way to participate in residential real estate investing.
Disclaimer: The information provided in this guide is for educational purposes only and does not constitute financial, tax, or legal advice. Always consult with a licensed professional before making any financial or investment decisions.
Frequently asked questions
What annual fees does EquityMultiple charge investors?
EquityMultiple's established fee guidance describes annual monitoring fees of 0.5%–1.5% of invested capital for common equity investments and servicing fees of approximately 1% for debt and preferred equity offerings. Applicable administrative expenses generally range from $30 to $70 per investor annually. These historical fee ranges do not necessarily apply to every new Larson-sponsored offering introduced after the August 2026 platform transition.
Does EquityMultiple charge sponsors a capital-raising fee?
EquityMultiple's earlier sponsor fee schedule described a 3% fee calculated on the total capital raised when an eligible fundraising transaction closed successfully. The charge was assessed to the project sponsor and could be incorporated into the project's financing economics. It was not described as an additional standard 3% fee billed directly to every investor, and terms for new Larson-sponsored offerings may differ.
What is EquityMultiple's minimum investment in 2026?
EquityMultiple's published guidance describes investment minimums typically ranging from $10,000 to $30,000, with some offerings starting at $5,000. Alpine Notes have a published $5,000 minimum, while certain fund opportunities also offer lower introductory minimums. The required amount depends on the specific investment product and offering terms.
How are mogul's real estate investment fees structured?
mogul charges a one-time 5% platform fee calculated using the property's purchase price and capitalized into the initial transaction. It does not charge an ongoing rental-income fee or a traditional recurring annual AUM fee against invested equity. Applicable third-party property-management costs and other operating expenses remain part of each investment's financial structure.
What makes mogul's property ownership model different?
mogul gives members access to fractional ownership interests associated with individually selected residential properties through LLC structures. Members can explore property-specific underwriting, acquisition costs, rental assumptions, and financial information while professional teams coordinate ongoing management. The model provides opportunities for monthly rental distributions and potential property appreciation, with results depending on the financial performance of each selected property.