Evaluating only Cadre’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. Documented cause: Market collapse.
Key Events Timeline
FOUNDING
Ryan Williams and Jared Kushner co-found Cadre to democratize access to commercial real estate deals.
FUNDING
Cadre raises $65M from Goldman Sachs, Andreessen Horowitz and others; valued at $800M.
DOWN ROUND
CRE values collapse; Cadre secondary market freezes; investors unable to exit positions for months.
ACQUISITION ATTEMPT
Cadre acquired by Yieldstreet in distressed deal; original $800M valuation wiped out entirely.
Full Analysis
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Documented cause
Cadre, a real estate investment platform co-founded by Jared Kushner and Ryan Williams, raised $133M but was acquired by Yieldstreet in a fire sale in 2024 after the commercial real estate market collapsed. Office vacancy rates hit 20%+ in major US cities and rising cap rates decimated portfolio valuations. The platform's secondary market for real estate investments froze, trapping investors who couldn't exit positions.
Lesson
“Real estate investment platforms need liquid exit mechanisms; illiquid secondary markets destroy investor trust.”