LODAS Markets
LODAS Markets operates an SEC-registered Alternative Trading System and integrated transfer agent platform enabling secondary trading of non-traded REITs, BDCs, private real estate, and Delaware Statutory Trusts, serving individual investors, financial advisors, institutions, and fund sponsors.
- Company typePrivate
- Founded2021
- HeadquartersOverland Park, United States
- Headcount11–50
- GTM typeB2B and B2C
- OfferingSoftware
What LODAS Markets does
LODAS Markets, Inc. operates a vertically integrated fintech platform that combines an SEC-registered Alternative Trading System (ATS) for secondary trading of non-traded REITs, BDCs, private real estate investments, Delaware Statutory Trusts, and private limited partnerships with an SEC-registered transfer agent service for fund sponsors. The company operates through two Kansas-based wholly-owned subsidiaries: LODAS Securities LLC (a FINRA-registered broker-dealer and ATS) and LODAS Transfer LLC (a registered transfer agent), with Axos Clearing providing custodial and clearing infrastructure. The platform enables digital order submission, execution, and settlement for accredited individual investors, financial advisors, institutional investors, and fund issuers, with API-driven integrations to third-party platforms and proprietary IOI (Indication of Interest) functionality for price discovery.
The core technology stack includes paperless electronic form processing that eliminates Medallion Signature Guarantees, AI-enhanced market data tooling, role-based access control with multi-factor authentication, SOC 2 Type II compliant infrastructure exceeding Reg SCI minimums, and a business-continuity architecture with a one-hour recovery time objective. The company's revenue model is transaction-based: sellers pay up to 2.9% of transaction value (1.9% for NAV REITs) with a $400 minimum, while buyers pay no fees and the first year carries no custodial fee. Distribution combines a self-serve direct marketplace at lodasmarkets.com with enterprise sales to fund sponsors and white-label integrations, most notably with CAIS Group (covering 62,000+ advisors with $7T in client assets) and Cantor Fitzgerald.
LODAS was founded as Realto, Inc. in 2021 in Overland Park, Kansas, rebranded to LODAS Markets in February 2023, and has raised $19M in cumulative funding through January 2026 (including a $4.5M seed round led by Firebrand Ventures in May 2022). Marquee issuer relationships include Blackstone (BREIT), Starwood (SREIT), NexPoint, Cantor Fitzgerald, Triton Pacific, Fortress Investment Group, Triple Crown Realty Trust, Walton Global, RREEF Property Trust (Deutsche Bank affiliate), and Silver Star Properties. The company is led by co-founder and CEO Brian King (formerly of BATS Exchange) and co-founder/President Jeff Kinney, with COO Jeremy Smith and board member Annemarie Tierney adding private-market fintech pedigree.
LODAS Markets firmographics
Firmographics- Name
- LODAS Markets
- Legal name
- LODAS Markets, Inc.
- Website
- https://lodasmarkets.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- LODAS Markets operates an SEC-registered Alternative Trading System and integrated transfer agent platform enabling secondary trading of non-traded REITs, BDCs, private real estate, and Delaware Statutory Trusts, serving individual investors, financial advisors, institutions, and fund sponsors.
- Ownership category
- akta.pro rank
Where LODAS Markets is headquartered
LocationHeadquarters
- HQ city
- Overland Park
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
LODAS Markets business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Transaction / Trading Fees: Sellers pay a transaction fee on completed secondary market trades. Standard fee is up to 2.9% of transaction value with a minimum of $400. NAV REITs are charged a reduced rate of 1.9%. No custodial fees for the first year. Revenue is generated on a per-transaction basis as buyers and sellers match on the platform.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Standard secondary market seller fee |
| Transaction based/ take rate | Pay-as-you-go | NAV REIT reduced fee tier |
Go-to-market motion4 records
Distribution channels5 records
Marketing channels7 records
LODAS Markets product offering
Product offeringCore offering
LODAS Markets operates a vertically integrated digital marketplace and transfer agent platform for alternative investments. Through its SEC-registered subsidiaries LODAS Securities (broker-dealer/Alternative Trading System) and LODAS Transfer (registered transfer agent), the company enables investors to buy and sell non-traded REITs, business development companies (BDCs), and private real estate investments online, while providing fund sponsors with automated subscription processing, shareholder management, payment services, and investor exit functionality.
Product overview
LODAS Markets operates as a vertically integrated technology company offering two interconnected core products: the LODAS Secondary Market (an Alternative Trading System for buying and selling non-traded REITs, BDCs, and private real estate) and LODAS Transfer Agent Services (a SEC-registered transfer agent for fund administration). Through its subsidiaries LODAS Securities (FINRA/SIPC broker-dealer) and LODAS Transfer, the company delivers an end-to-end platform combining marketplace liquidity with transfer agent services, enabling the entire investment lifecycle from capital raise through investor management to secondary trading.
Differentiator
Problem solved
Functional benefit
Brands
- LODAS Secondary Market: Marketplace platform for buying and selling alternative and real estate investments
- LODAS Transfer Agent Services
Products and services
- LODAS Secondary Market An SEC-registered Alternative Trading System (ATS) operating as an online marketplace where accredited investors, financial advisors, and institutions can buy and sell non-traded REITs, business development companies (BDCs), and private real estate investments. Trades operate like an exchange with digital order submission, IOI functionality, and settlement potentially as fast as five days.
- LODAS Transfer Agent Services SEC-registered transfer agent offering fully integrated and automated administration across every stage of the alternative investment lifecycle, including subscription processing, shareholder management, payment services, and investor exits. Delivered through LODAS Transfer LLC and integrated with the LODAS Secondary Market via API.
- Fully Electronic DST Secondary Trades Industry-first capability to execute fully electronic secondary market trades of Delaware Statutory Trust (DST) assets on the LODAS marketplace, eliminating paper-based legacy processes for DST liquidity.
- AI-Enhanced Market Data Offering Proprietary AI-driven market data tools that expand pricing transparency, market analytics, and insight generation for alternative investments traded on the LODAS marketplace.
- Indication of Interest (IOI) Functionality Trading feature that lets buyers display target prices without committing up-front funds, enabling sellers to receive competing bids when an order falls within the IOI range and supporting better price discovery on the marketplace.
Quantifiable outcome
- Trades potentially executed in 1 day and settled in as fast as 5 days, versus multi-week industry standard
- +5 more outcomes
Companies that use LODAS Markets
Customer profileNamed customers10 records
Segments5 records
Ideal customer profiles5 records
LODAS Markets technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration2 records
AI capability3 records
Feature10 records
LODAS Markets partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered core and minor.
- Fortress Investment GroupcoreFortress Investment Group selected LODAS Markets Inc. as transfer agent service provider for its new Fortress Real Estate Exchange platform, a 1031 exchange platform offering institutional-quality real estate investments through Delaware Statutory Trusts. LODAS provides transfer agent services alongside Orchard Securities (dealer-manager), Baker McKenzie (legal), and EA RESIG LLC (fund administrator).
- NexPointcoreNexPoint, a leading alternative investment platform managing $17 billion in real estate investments, selected the LODAS Transfer Agent Platform to support 35 of its alternative investment funds, including VineBrook Homes Trust. The migration enables same-day settlement for secondary transactions on LODAS Securities.
- Triton PacificcoreTriton Pacific, a Los Angeles-based private equity firm, transitioned its Tasty Brands investment funds from Vistra Transfer Agent to the LODAS Transfer Agent Platform. The move reflects Triton Pacific's commitment to operational efficiency and investor transparency.
- CAIS GroupcoreCAIS, the leading alternative investment platform for independent financial advisors serving 62,000+ advisors with $7 trillion in client assets, partnered with LODAS to launch a secondary marketplace for private funds. LODAS's secondary trading technology is integrated directly into the CAIS platform, providing a single entry point for advisors to access and execute secondary transactions at scale. The integrated solution is expected to launch in Q1 2026, pending regulatory approval.
- Cantor Fitzgerald (Transfer Agent Migration)coreCantor Fitzgerald agreed to move 50 alternative investment funds to the LODAS Transfer Agent Platform, collaborating with the industry's first end-to-end automated transfer agent solution.
- Triple Crown Realty TrustminorTriple Crown Realty Trust, Inc. (TCRT) became the inaugural transfer-agent customer of LODAS Transfer LLC, listing on the LODAS secondary marketplace as one of approximately 40 issues available for trading.
- Walton GlobalminorFour Walton Global funds became available for trading on the LODAS marketplace, marking the first listing of private limited partnerships available to accredited investors on the platform.
- Deutsche Bank Affiliate (RREEF Property Trust)minorRREEF Property Trust, a Deutsche Bank affiliate, was listed for trading on LODAS, contributing to LODAS becoming the third-largest US alternatives markets operator.
- Silver Star PropertiesminorSilver Star Properties REIT began trading on the LODAS Markets secondary marketplace, joining nearly 40 securities available on the platform.
- Axos ClearingcoreAxos Clearing serves as custodian and clearing broker for trading on the LODAS platform, providing custodial and clearing infrastructure for all transactions.
- Cantor FitzgeraldcoreLODAS Markets entered a platform deal with Cantor Fitzgerald. Cantor Fitzgerald subsequently agreed to move 50 alternative investment funds to the LODAS Transfer Agent Platform (announced May 27, 2025), making it one of the largest single migrations to the platform.
Scale indicators17 records
Recent moves8 records
Expansion highlights7 records
LODAS Markets competitors and assessment
Company assessmentOthers
- CAIS Group: Largest independent alternative investment platform for advisors; white-label partner of LODAS embedding secondary trading into the CAIS platform. Not a direct competitor — adjacent, with mutual distribution leverage once integrated.
Direct peers
- Nasdaq Private Market: A leading secondary marketplace for private company shares and alternative investments, operated by Nasdaq. Directly comparable as a regulated platform matching buyers and sellers of illiquid securities, including private funds and pre-IPO shares, with overlapping issuer and investor segments.
- Carta: Private market infrastructure platform with a growing secondary marketplace for private company shares. Directly comparable as a regulated platform providing liquidity and cap table/transfer agent services to private issuers and investors.
- Forge Global: A private securities marketplace and ATS for trading shares of late-stage private companies and funds. Competes in the same secondary-market niche for illiquid alternative securities, with similar broker-dealer/ATS infrastructure and institutional liquidity services.
- Zanbato: An alternative trading system and institutional platform for private securities, including private equity, private credit and alts. Operates a comparable broker-dealer/ATS stack targeting issuers and institutional investors in illiquid securities.
Broad incumbents
- SS&C Technologies: Major incumbent in transfer agent and fund administration services (parent of GlobeOp, DST Systems). The former employer of LODAS's Head of Product; competing for the same fund sponsor transfer-agent business LODAS is migrating to its platform.
- iCapital Network: A large alternative investment platform providing advisors and institutions access to private equity, private credit, and hedge funds. Overlaps with LODAS in alts distribution to advisors but is broader in product scope and serves as a potential competitor or complementary partner.
Emerging players
- Moonfare: A digital platform providing individual and advisor access to private equity and alternative funds with secondary liquidity features. Similar thesis of democratizing and adding liquidity to alts; smaller scale and primarily European.
- Securitize: Tokenization and digital securities platform enabling issuance and secondary trading of tokenized alternative assets. Comparable as an alts trading infrastructure play, though focused on blockchain-native execution rather than ATS order matching.
- TZERO: A regulated ATS for tokenized and alternative securities. Operates in a comparable niche of digital/ATS infrastructure for trading private securities, with regulatory and technological parallels to LODAS Secondary Market.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights8 records
Customer concentration
LODAS Markets social profiles
Digital presenceLODAS Markets compliance and trust
Trust signalCompliance3 records
LODAS Markets financial estimates
Financial estimateRevenue estimate
Valuation estimate
LODAS Markets leadership team
Management profileNumber of profiles
Profiles7 records
LODAS Markets subsidiaries and ownership
Company hierarchySubsidiaries2 records
LODAS Markets funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
LODAS Markets M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about LODAS Markets
What does LODAS Markets do?
LODAS Markets operates a vertically integrated digital marketplace and transfer agent platform for alternative investments. Through its SEC-registered subsidiaries LODAS Securities (broker-dealer/Alternative Trading System) and LODAS Transfer (registered transfer agent), the company enables investors to buy and sell non-traded REITs, business development companies (BDCs), and private real estate investments online, while providing fund sponsors with automated subscription processing, shareholder management, payment services, and investor exit functionality.
Is LODAS Markets a public or private company?
LODAS Markets is a private company. It is classified as venture growth investor backed and is currently operating.
When was LODAS Markets founded?
LODAS Markets was founded in 2021. It employs 11 to 50 people.
Where is LODAS Markets based?
LODAS Markets is headquartered in Overland Park, United States, in the North America region.
How does LODAS Markets make money?
One revenue line is on record: transaction / Trading Fees.
Who are LODAS Markets's main competitors?
CAIS Group is listed as an others. Direct peers are Nasdaq Private Market, Carta, Forge Global and Zanbato. Broad incumbents are SS&C Technologies and iCapital Network. Emerging players are Moonfare, Securitize and TZERO.
Does LODAS Markets have an API?
Yes. LODAS offers data exchange via Application Programming Interface (API) and maintains API-driven connections to third-party financial technology companies, intermediaries, and banks. The platform supports third-party financial technology integrations for its transfer agent services.