Independent Verdict
One Astor Income Fund LLC has a verifiable SEC Form D filing, an identifiable sponsor, a functioning public investment website, and a clearly disclosed real estate credit and preferred equity strategy.
The Delaware LLC operates under CIK 0002114910 and filed an amended Form D on September 18, 2026.
The latest filing reports:
Total Offering: $60,000,000
Amount Sold: $9,175,014
Amount Remaining: $50,824,986
Investors: 36
Minimum Investment: $250,000
Exemption: Rule 506(c)
The fund is associated with Astor Realty Capital and Joseph Berko, whose name appears as an executive officer in the SEC filing.
Unlike many private funds whose websites provide little detail, Astor actively markets One Astor Income Fund as an income-focused real estate credit and preferred equity strategy.
The website currently advertises projected net annual returns of approximately 14.5% to 16%.
That figure deserves particular attention.
A projected return is not the same as a historical realized return.
It is not guaranteed.
And the SEC Form D does not independently verify that the fund will achieve 14.5%, 16%, or any positive return.
For FilingDossier, this makes One Astor particularly useful as a case study in the difference between:
regulatory verification,
fundraising progress,
manager marketing,
and actual investment performance.
Key Findings
Issuer: One Astor Income Fund LLC
CIK: 0002114910
Entity Type: Limited Liability Company
Jurisdiction: Delaware
Formation Year: 2025
Latest Filing: Form D/A
Latest Filing Date: September 18, 2026
Industry: Other Real Estate
Federal Exemption: Rule 506(c)
Investment Company Act Exclusion: Section 3(c)(1)
Security Types: Equity and Pooled Investment Fund Interests
Total Offering: $60,000,000
Amount Sold: $9,175,014
Amount Remaining: $50,824,986
Reported Investors: 36
Minimum Investment: $250,000
Sales Commissions: $0
Finder's Fees: $0
Related Executive: Joseph Berko
Principal Address:
125 Park Avenue 20th Floor New York, NY 10017
Phone:
646-389-4745
Public Sponsor Brand:
Astor Realty Capital
Website Strategy Description:
Real estate credit and preferred equity income strategy
Advertised Projected Net Return:
Approximately 14.5% to 16% annually
This Is a Rule 506(c) Offering
One Astor is different from many of the private funds FilingDossier has recently reviewed.
It relies on:
Rule 506(c)
rather than Rule 506(b).
That distinction matters because Rule 506(c) generally permits issuers to engage in general solicitation and advertising, provided that purchasers are accredited investors and the issuer takes reasonable steps to verify accredited investor status.
This helps explain why Astor can publicly advertise One Astor Income Fund on its website.
The website openly presents:
the strategy,
target returns,
investment minimums,
investment themes,
and an accredited-investor qualification process.
That public marketing would look unusual for many 506(b) offerings.
Under a 506(c) structure, however, public solicitation is part of the regulatory framework.
$60 Million Offering Versus $9.175 Million Actually Sold
The distinction between these two numbers is important.
The fund's current maximum offering is:
$60 million.
But the September 2026 Form D reports:
$9.175 million sold.
That means approximately:
$50.825 million
remained available under the stated offering.
In percentage terms, roughly 15.3% of the $60 million maximum had been reported sold at the time of the filing.
This means headlines describing One Astor simply as a "$60 million fund" can be misleading.
The more accurate description is:
One Astor Income Fund has a $60 million offering target, with approximately $9.175 million reported sold as of the September 18, 2026 Form D/A.
The 36-Investor Number Adds Context
The latest SEC filing reports:
36 investors.
Dividing the $9.175 million sold by 36 produces an average of approximately:
$255,000 per investor.
That figure is strikingly close to the reported:
$250,000 minimum investment.
However, this should not be interpreted as evidence that every investor contributed exactly $250,000.
Some investors may have invested more.
Others may have different arrangements.
The calculation simply provides useful context around the fundraising profile.
The Website Says 14.5%-16% Projected Net Returns
This is probably the number a prospective investor is most likely to notice.
Astor Realty Capital's public website promotes One Astor Income Fund with projected net annual returns of approximately:
14.5% to 16%.
The strategy is presented as combining:
real estate credit
and
preferred equity.
The website also describes the fund as an income strategy intended to produce current cash flow.
This target is materially higher than ordinary bank deposits, Treasury securities, or many traditional fixed-income strategies.
That does not automatically make it inappropriate.
Private real estate credit can command higher yields because investors accept additional:
credit risk,
property risk,
development risk,
illiquidity,
structural complexity,
and borrower risk.
The important question is therefore not simply:
"Is 16% possible"
A better question is:
"What risks must investors accept for Astor to target 14.5%-16% net"
Projected Return Is Not Realized Return
This distinction should be extremely clear.
A 14.5%-16% projected net return is forward-looking.
It is not the same as:
a 16% audited historical return,
a 16% contractual interest rate,
a 16% guaranteed distribution,
or a 16% SEC-verified return.
Astor itself includes investment-risk and projection disclosures on its website.
The firm's public materials state that expected or targeted returns may not reflect actual future performance and that actual results may differ materially.
This is an important disclosure.
FilingDossier would therefore avoid wording such as:
"One Astor pays 16%."
A more accurate description is:
"One Astor currently targets approximately 14.5%-16% net annual returns."
The word "targets" is essential.
What Is One Astor Actually Investing In
Astor describes One Astor Income Fund as its first commingled real estate income fund.
The strategy focuses primarily on:
senior credit
and
preferred equity.
These sit at different positions in a real estate capital structure.
Senior Credit
Senior debt generally receives repayment priority ahead of equity.
It can provide greater downside protection than common equity when properly collateralized.
But senior lending still carries risk.
If a property loses enough value, even senior creditors can suffer losses.
Preferred Equity
Preferred equity usually sits between senior debt and common equity.
It can offer higher expected returns than senior lending.
But it also accepts greater risk because senior lenders normally have priority.
Combining the two can potentially provide a middle ground between income and capital protection.
But the exact result depends on individual transactions.
Why the Capital Stack Matters
Suppose a development has:
$100 million property value
$60 million senior mortgage
$15 million preferred equity
$25 million common equity.
If property value falls moderately, the common equity absorbs losses first.
That can protect preferred investors.
But if property value falls sharply enough, preferred equity can also lose capital.
This is why phrases such as:
"downside protection"
should never be interpreted as:
"no downside."
The degree of protection depends on:
loan-to-value ratios,
property valuations,
seniority,
guarantees,
cash flow,
construction progress,
and recovery rights.
Astor Realty Capital's Broader Platform
Astor Realty Capital publicly describes itself as a private real estate investment platform.
Its website currently reports involvement with more than:
$3 billion
of real estate assets.
The firm also markets a historical portfolio involving multiple U.S. real estate projects and investment structures.
Those sponsor-level numbers provide useful context.
But they should not be confused with One Astor Income Fund.
The fund itself currently reports approximately $9.175 million sold under its $60 million offering.
A sponsor's historical transaction volume and a specific fund's current assets are two different metrics.
Joseph Berko
The September 2026 Form D identifies:
Joseph Berko
as an executive officer.
Astor Realty Capital publicly identifies Joe Berko as a senior figure associated with the platform.
This creates another direct link between:
the Form D issuer
and
the Astor Realty Capital public investment business.
For due diligence, that is more useful than a website merely using a similar fund name.
The SEC record and the public sponsor identity can be matched through an identifiable executive.
$250,000 Minimum Investment
The Form D states that the minimum amount accepted from an outside investor is:
$250,000.
The fund's public marketing is directed to accredited investors.
These are two separate requirements.
Being able to invest $250,000 does not automatically make someone accredited.
Likewise, qualifying as an accredited investor does not necessarily mean the investment is appropriate for that person.
An accredited investor still needs to evaluate:
liquidity,
portfolio concentration,
investment duration,
real estate exposure,
loss tolerance,
and fund-level fees.
A Particularly Interesting Form D Disclosure
One Astor's September filing contains another detail worth examining.
Under the Form D use-of-proceeds section, the issuer estimates approximately:
$600,000
of potential payments associated with persons named in the related-person section.
The accompanying explanation states that approximately:
1%-3% of capital invested in each project
may involve fees, with a proportionate fee contribution to the company as potential distributable cash, while excess fees or arbitrage, if available, may be paid to the manager.
This deserves careful reading.
It does not automatically mean that investors pay a simple additional $600,000 management fee.
The filing itself describes the amount as an estimate and explains a more specific project-level fee arrangement.
Investors should therefore request the complete fee schedule.
The real questions are:
Which fees are charged directly to projects
Which are paid to Astor
Which are contributed back to the fund
Which may ultimately be paid to the manager
And how do these arrangements affect the advertised 14.5%-16% projected net return
Fees Matter More When Returns Are Marketed as Net
The use of the word:
net
is important.
If the fund advertises projected net returns of 14.5%-16%, investors should determine exactly which expenses have already been deducted in arriving at that projection.
Possible expenses can include:
management fees,
acquisition fees,
origination fees,
asset-management fees,
development fees,
administrative expenses,
legal expenses,
fund accounting,
auditing,
financing expenses,
and performance participation.
A net return should theoretically reflect relevant investor-level fund expenses.
But the methodology needs to be understood.
The PPM and financial model are better sources than a marketing headline.
Quarterly Income Claims Should Be Examined Carefully
Astor's marketing materials describe a strategy designed around current cash flow and quarterly distributions.
That can be attractive to investors seeking income.
But distributions themselves do not automatically equal investment profit.
In private funds, distributions can potentially originate from:
interest income,
preferred returns,
realized investment proceeds,
refinancing,
fee income,
or in certain structures, capital.
Investors should determine exactly how distributions are generated and whether they are fully supported by realized investment cash flow.
The Fund Was Formed in 2025
The SEC filing identifies One Astor Income Fund LLC as a Delaware entity formed in:
2025.
This makes it a comparatively new legal vehicle.
That distinction matters because Astor Realty Capital may have a substantially longer sponsor history while this specific fund has a short operating record.
An investor should not automatically transfer the sponsor's entire historical investment record to this fund.
There are two separate performance questions:
How has Astor performed historically
and:
How has One Astor Income Fund itself performed since inception
The second question is the more relevant one for a prospective Fund investor.
Historical Astor Deals Are Not Automatically One Astor Holdings
Astor's website presents several historical real estate investments and return figures.
These provide context about the sponsor's previous activities.
But they should not automatically be described as investments made by One Astor Income Fund.
If those projects predate the 2025 fund formation, they may belong to separate investment entities.
This is a critical distinction for due diligence.
Sponsor-level track record is useful.
Fund-level track record is more specific.
Investors should request both.
Why 506(c) Verification Matters
Because this is a 506(c) offering, the accredited-investor process is more important than a simple self-certification checkbox.
Rule 506(c) requires reasonable steps to verify accredited status.
Depending on the circumstances, verification can involve documentation or qualified third-party confirmation.
Therefore, an investor who sees public advertising should not assume the fund is open to ordinary retail investors.
The fact that the offering can be advertised publicly does not mean anyone can purchase it.
What We Think
One Astor Income Fund has one of the clearer public marketing profiles among the recent Form D issuers reviewed by FilingDossier.
Investors can independently identify:
the legal fund,
CIK 0002114910,
the $60 million offering,
the approximately $9.175 million sold,
36 reported investors,
the $250,000 minimum,
Rule 506(c),
Joseph Berko,
the New York address,
Astor Realty Capital,
and the general investment strategy.
That level of public information improves basic entity verification.
But it also creates a different responsibility for investors.
Because the website prominently advertises projected returns of approximately 14.5%-16%, investors should go beyond asking whether the offering is real.
They should examine the assumptions behind those return projections.
The central diligence question is:
What combination of leverage, loan pricing, preferred equity risk, property risk, fees, and asset performance is required to produce a 14.5%-16% net annual return
That is where the investment analysis should begin.
A Useful Investor Stress Test
Instead of evaluating only the target case, an investor should request downside scenarios.
For example:
What happens if property values fall 10%
What happens if a construction project is delayed by 12 months
What happens if interest rates remain high
What happens if a borrower cannot refinance
What happens if preferred equity must take control of a project
What happens if property cash flow cannot support distributions
What happens if the fund raises only $20 million instead of the full $60 million
These scenarios tell investors much more than the headline target return.
Questions Investors Should Ask
- How was the 14.5%-16% projected net annual return calculated
- Is that projection based on current signed investments or future expected investments
- What assumptions are made about defaults
- What assumptions are made about property appreciation
- What percentage of the fund is expected to be senior credit
- What percentage is expected to be preferred equity
- What is the target loan-to-value ratio
- What is the maximum loan-to-value permitted
- Does the fund use leverage
- Can the fund borrow against its own portfolio
- What are the exact management fees
- What project-level fees are paid to Astor affiliates
- How does the Form D's estimated $600,000 related-person use-of-proceeds disclosure work
- Is the 14.5%-16% figure net of every management and fund-level fee
- How are quarterly distributions funded
- Can distributions include return of investor capital
- What is the current NAV of One Astor Income Fund
- How much of the $9.175 million raised has already been invested
- What properties currently secure fund investments
- Who independently values those properties
- Who administers the fund
- Who audits the fund
- Who holds custody of fund cash and securities
- What percentage of the fund can be invested in a single project
- What happens if the fund does not reach its $60 million target
Risk Factors
Projected Return Risk
The advertised 14.5%-16% figure is a projected or targeted return, not a guaranteed outcome.
Real Estate Credit Risk
Borrowers may default or become unable to refinance obligations.
Preferred Equity Risk
Preferred equity can suffer losses after common-equity capital has been exhausted.
Property Valuation Risk
Appraisals and projected property values may differ materially from actual sale prices.
Construction and Development Risk
Projects may experience delays, cost overruns, permitting problems, or contractor failures.
Illiquidity
Interests in a private real estate fund generally cannot be sold as easily as publicly traded securities.
Fund Vintage Risk
One Astor Income Fund was formed in 2025, meaning this particular vehicle has a relatively short fund-level operating history.
Sponsor Versus Fund Track Record
Historical Astor investments should not automatically be treated as One Astor Income Fund performance.
Fee Complexity
Project-level and manager-level fees may affect actual investor returns and should be reviewed carefully.
Fundraising Risk
Only approximately $9.175 million of the $60 million offering had been reported sold as of the latest filing.
Rule 506(c) Does Not Mean SEC Approval
Public advertising under Rule 506(c) does not mean the SEC has approved the offering, sponsor, return projection, or underlying real estate investments.
Final Assessment
One Astor Income Fund LLC is a verifiable Delaware real estate investment vehicle operating under SEC CIK 0002114910.
Its September 18, 2026 Form D/A reports:
$60 million total offering
$9.175 million sold
$50.825 million remaining
36 investors
$250,000 minimum investment
and reliance on Rule 506(c).
The filing also identifies Joseph Berko as an executive officer and uses the same 125 Park Avenue New York location associated with Astor Realty Capital.
Astor publicly describes One Astor as a real estate credit and preferred equity income strategy and currently advertises projected net annual returns of approximately 14.5%-16%.
For FilingDossier, that projected return is the most important part of the due-diligence analysis.
The question should not simply be:
"Does One Astor have an SEC filing"
It does.
The more useful questions are:
How is the 14.5%-16% target generated
What risks are required to achieve it
What assets currently support the portfolio
How much leverage exists
What fees are deducted
How have actual Fund returns compared with projections
And how would investor capital perform under a real estate downturn
Those answers require the private placement memorandum, current portfolio schedule, loan and preferred-equity documentation, audited financial statements, valuation reports, fee schedule, and actual investor performance records.
SEC Form D is a notice filing for an exempt securities offering. It does not constitute SEC approval, verification of Astor Realty Capital's performance, validation of the 14.5%-16% projected return, or a guarantee of investor capital.
Published on FilingDossier: September 20, 2026.
This article is based on publicly available regulatory and company information and is provided for independent research and due-diligence purposes only.