my blended return across 19 crowdfunded positions is 6.1 percent and i put in at advertised rates averaging 10.3

your 10.3 advertised rate is actually the soft part of this story. deals i'm underwriting through mogul right now are quoting 12 to 14 on equity, which means you were in 2021 peak-optimism vintage that priced risk too thin from the jump.

the short-duration single-asset southeast debt being your only clean performers is exactly the signal i'm using to filter right now, not touching equity crowdfund structures until sponsors have enough spread to execute without the carry killing the plan.

the six southeast debt deals telling you everything you need to know, and you're still asking whether it's a small-n problem. it's not a sample size problem, it's a product selection problem. equity on these platforms is priced for the sponsor's carry, not your return, and the "repositioning" language is almost always in the deck before you sign, buried in the risk factors nobody reads. i ran a similar sleeve from 2019 to 2022, pulled hard toward short-duration debt after one value-add multifamily deal in tulsa went sideways for 22 months, and my blended came out around 8.4 on capital actually deployed, which is the only number worth tracking. the idle cash drag you're describing costs another 80 to 120 basis points on top of the equity underperformance if you're letting it sit in platform wallets at 2 percent while you wait for the next offering. i would exit every equity position you can get out of at any reasonable haircut and rebuild the whole thing in 12-to-18 month single-asset notes the way your winners already are.

the equity drag you're describing tracked almost exactly in sunbelt value-add from 2021 to 2023, sponsors bought at peak cap rates and called it repositioning.