Private credit is the vertical where the platform itself is a risk. Closed names stay here. Live platforms with a regulator or fraud record stay here too. Nothing is silently dropped.
Filed Chapter 11 on June 26, 2023 with 57.7% of its $220M loan portfolio in default at filing. As of early 2026 an external asset manager was still liquidating assets, $22.2M in mortgage-dependent notes had been charged off, and thousands of retail creditors were waiting on pro-rata recoveries.
Source: cases.stretto.com/peerstreet/faqs/ · Last checked September 7, 2026
Ceased operations June 14, 2024 after the Synapse banking-as-a-service collapse froze about $2.4M of investor commitments. Repayment infrastructure for 450+ funded businesses was left in limbo.
Source: www.bostonglobe.com/2024/05/31/business/mainvest-salem-crowdfunding-june/ · Last checked September 7, 2026
LendingClub stopped offering retail Notes on December 27, 2020. The Folio secondary market closed in August 2020. LendingClub today is a digital bank, not a retail alternative-investing platform.
Source: www.crowdfundinsider.com/2020/10/167680-lendingclub-files-8-k-indicating-it-will-cease-offering-and-selling-retail-notes/ · Last checked September 7, 2026
Its own homepage carried an orderly wind-down banner as of July 2026. Launched in 2024 by the Goldfinch and Warbler Labs team as a private-credit robo-advisor.
Source: www.heronfinance.com/ · Last checked September 7, 2026
Still operating after the October 22, 2025 rebrand. A December 2025 CNBC investigation documented more than $208M in investor losses across 30 real estate deals. The platform settled with the SEC in September 2023.
Source: www.sec.gov/newsroom/press-releases/2023-175 · Last checked September 7, 2026
Still operating as a fund shop. In 2022 sponsor Elie Schwartz raised $62.8 million from CrowdStreet investors. He pleaded guilty to wire fraud and, in May 2025, was sentenced to 87 months in federal prison, with $45.8 million in restitution.
Source: www.justice.gov/opa/pr/head-commercial-real-estate-investment-firm-sentenced-87-months-628m-investment-fraud-scheme · Last checked September 7, 2026
Methodology: how we rate.