Holdings

The company operates as a vertical SaaS business. Qualified intermediaries pay a subscription fee to access the platform and present vetted replacement properties to their exchanger clients. When a transaction closes, Holdings earns a small basis-point fee on the deal value. In September 2023 the firm acquired a title and escrow agency, adding closing-service fees to its income streams — still without holding inventory or taking brokerage commissions.

Holdings sells directly to Qualified Intermediaries — the regulated financial entities that receive and hold 1031 exchange proceeds between the sale of a relinquished property and the purchase of a replacement. The company states it has onboarded over 800 QI firms, including major national intermediaries like IPX 1031 and Asset Preservation Inc., giving it distribution into a fragmented network of tens of thousands of independent operators.

The platform aggregates inventory across Delaware Statutory Trusts, tenant-in-common offerings, and single-tenant net-lease properties. Typical listed assets include net-leased retail locations occupied by Dollar General, Walgreens, and DaVita, alongside industrial and medical-office properties across more than 40 US states. The mix skews toward stabilized, credit-tenant assets that match exchangers' passive-ownership preferences.

Holdings is a technology company with fintech economics — it sells software subscriptions and earns transaction-based fees, not carried interest or management fees. The firm has never raised a real estate fund, does not co-invest alongside clients, and does not hold properties on its balance sheet. The 2019 seed round from Craft Ventures and Abstract Ventures classified the company as a software investment.

Under Section 1031, exchangers must formally identify up to three replacement properties within 45 calendar days of selling their relinquished asset. Most individual investors rely on a small network of brokers, meaning they see only a fraction of available inventory during the compressed window. Holdings digitizes that 45-day sprint by giving the QI a searchable inventory tool, so the exchanger can evaluate compliant options across multiple sponsors and geographies simultaneously rather than waiting on phone calls.

Co-founders Brian Lonergan and Matt Cohen retain control as the company's senior executives. Craft Ventures led the company's $5 million seed round in 2019, with David Sacks joining the board. The firm has not disclosed subsequent funding rounds or its current capital structure, though the September 2023 acquisition of a regulated title agency suggests cash flow sufficient for inorganic growth without a disclosed secondary raise.

The September 2023 acquisition of a title and escrow company indicates vertical expansion into adjacent transaction services. While Holdings has not announced specific moves outside the 1031 market, the underlying infrastructure — a two-sided marketplace connecting intermediaries to compliant real estate inventory — is structurally applicable to other tax-deferred exchange markets or institutional portfolio-rebalancing use cases that involve deadline-driven asset identification.