{ "metadata": { "project": "Dark Floors — Forge Fee Intelligence", "platform": "Forge", "as_of": "2026-07-28", "currency": "USD", "scope": "Forge direct secondary brokerage, Forge-advised single-issuer and multi-issuer funds, third-party fund placement, private-company liquidity programs, Forge Trust custody, and the proposed Megacorn interval fund.", "method": "Evidence-first review. Unknown, variable, account-gated, historical, and proposed fees are kept distinct; silence is never converted to zero.", "key_caveat": "Forge fund economics are offering- and class-specific. Published ranges are not a single stack that applies to every fund." }, "sources": [ { "source_id": "S01", "title": "Forge Securities LLC Form CRS", "publisher": "Forge Securities LLC / FINRA BrokerCheck", "source_type": "Form CRS", "tier": 1, "published": "2026-04-20", "accessed": "2026-07-28", "url": "https://files.brokercheck.finra.org/crs_134596.pdf", "scope": "Current U.S. brokerage services, direct-secondary commissions, minimums, issuer fees, and private-fund fee categories." }, { "source_id": "S02", "title": "Forge Global Advisors LLC Form ADV Part 2A Brochure", "publisher": "Forge Global Advisors LLC / SEC IAPD", "source_type": "Form ADV Part 2A", "tier": 1, "published": "2026-04-01", "accessed": "2026-07-28", "url": "https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=1039808", "scope": "Current SIF and MIF setup, management, carry, redemption, affiliated brokerage, fund expenses, billing, refunds, and conflicts." }, { "source_id": "S03", "title": "Forge FAQs", "publisher": "Forge Global", "source_type": "Official FAQ", "tier": 1, "published": null, "accessed": "2026-07-28", "url": "https://forgeglobal.com/faqs/", "scope": "Product structures, minimums, direct commission range, resale process, holding period, transaction timing, and negative fee findings." }, { "source_id": "S04", "title": "Forge Fees Explained", "publisher": "Forge Global", "source_type": "Official fee explainer", "tier": 1, "published": "2026-06-25", "accessed": "2026-07-28", "url": "https://forgeglobal.com/insights/forge-fees-explained/", "scope": "Current direct fee range, no account/access/upfront membership fee, successful-close trigger, and limited $5,000 fund indications." }, { "source_id": "S05", "title": "Forge Disclaimers and Disclosures", "publisher": "Forge Global", "source_type": "Official legal disclosure", "tier": 1, "published": null, "accessed": "2026-07-28", "url": "https://forgeglobal.com/disclaimers-and-disclosures/", "scope": "Entity roles, quote-price exclusions, commission agreements, escrow and transfer documents." }, { "source_id": "S06", "title": "Forge Terms of Use, Version 20250620", "publisher": "Forge Global", "source_type": "Official terms", "tier": 1, "published": "2025-06-20", "accessed": "2026-07-28", "url": "https://forgeglobal.com/terms-of-use/", "scope": "Contracting entities, Forge Global Advisors fund role, Rockpool, and separate contracts/fee streams." }, { "source_id": "S07", "title": "Forge Global Holdings, Inc. 2024 Form 10-K", "publisher": "Forge Global Holdings, Inc. / SEC EDGAR", "source_type": "Form 10-K", "tier": 1, "published": "2025-03-06", "accessed": "2026-07-28", "url": "https://www.sec.gov/Archives/edgar/data/1827821/000162828025010942/forge-20241231.htm", "scope": "Historical operating model, SAF setup-fee revenue, PCS program fees, custody fee categories, and third-party transaction expenses." }, { "source_id": "S08", "title": "Forge Q2 2025 Earnings Release", "publisher": "Forge Global Holdings, Inc. / SEC EDGAR", "source_type": "Earnings release", "tier": 1, "published": "2025-07-30", "accessed": "2026-07-28", "url": "https://www.sec.gov/Archives/edgar/data/1827821/000162828025036550/frge-earningsreleaseq2fy25.htm", "scope": "Historical evidence that Forge typically captured a commission on each side, with exceptions." }, { "source_id": "S09", "title": "Megacorn Fund Pre-Effective Amendment No. 4", "publisher": "Megacorn Fund / SEC EDGAR", "source_type": "Form N-2/A", "tier": 1, "published": "2026-06-29", "accessed": "2026-07-28", "url": "https://www.sec.gov/Archives/edgar/data/2055855/000182912626007000/megacornfund_n2a.htm", "scope": "Proposed—not effective—interval-fund minimum, load, advisory fee, annual expenses, acquired-fund expenses, expense limit, and repurchase terms." }, { "source_id": "S10", "title": "Charles Schwab Completes Acquisition of Forge Global", "publisher": "The Charles Schwab Corporation", "source_type": "Official press release", "tier": 1, "published": "2026-03-02", "accessed": "2026-07-28", "url": "https://pressroom.aboutschwab.com/press-releases/press-release/2026/Charles-Schwab-Completes-Acquisition-of-Forge-Global/default.aspx", "scope": "Current ownership and confirmation of direct shares, single-company funds, and multi-company funds." }, { "source_id": "S11", "title": "Destiny Tech100 Annual Report for period ended December 31, 2025", "publisher": "Destiny Tech100 Inc. / SEC EDGAR", "source_type": "Form N-CSR", "tier": 1, "published": null, "accessed": "2026-07-28", "url": "https://www.sec.gov/Archives/edgar/data/1843974/000121390026025304/ea0276106-01_ncsr.htm", "scope": "Offering-specific, third-party holder evidence for two Forge Investments LLC series with 0% ongoing management and 0% carry; upfront fees included in purchase cost." }, { "source_id": "S12", "title": "Fund FG-SHE, a series of Forge Investments, LLC — Form D", "publisher": "Fund FG-SHE / SEC EDGAR", "source_type": "Form D", "tier": 1, "published": "2025-02-21", "accessed": "2026-07-28", "url": "https://www.sec.gov/Archives/edgar/data/2024222/000202422225000002/xslFormDX01/primary_doc.xml", "scope": "Offering-specific minimum, amount sold, sales commissions, investors, and Forge Securities compensation." }, { "source_id": "S13", "title": "Forge Trust Fee Schedule and Financial Disclosure — My Solo 401k client schedule", "publisher": "Forge Trust Co. (hosted by My Solo 401k Financial)", "source_type": "Historical fee schedule", "tier": 2, "published": "2022-07-01", "accessed": "2026-07-28", "url": "https://www.mysolo401k.net/wp-content/uploads/2022/07/IRA-LLC-Fee-Schedule-For-My-Solo-401k-Financial-Clients.pdf", "scope": "Historical, partner-specific custody amounts; not used as current pricing." }, { "source_id": "S14", "title": "Forge Global Review — Late-Stage Pre-IPO Platform Analysis", "publisher": "AltStreet Investments", "source_type": "Independent secondary research", "tier": 3, "published": "2026-07-15", "accessed": "2026-07-28", "url": "https://altstreet.investments/platforms/reviews/forge-global", "scope": "Discovery and cross-check source only; material fee claims were verified against primary filings where available." }, { "source_id": "S15", "title": "Forge Global K1", "publisher": "Reddit r/investorclaims", "source_type": "Anecdote / lead", "tier": 4, "published": "2026-05-01", "accessed": "2026-07-28", "url": "https://www.reddit.com/r/investorclaims/comments/1t43y59/forge_global_k1/", "scope": "Unverified anecdotal lead about K-1 timing; no fee amount substantiated." } ], "entities": [ { "entity": "The Charles Schwab Corporation", "role": "Ultimate parent since 2026-03-02", "products": "Corporate parent" }, { "entity": "Forge Global, Inc.", "role": "Platform operator and parent company; not the broker-dealer or adviser", "products": "Site, technology, group branding" }, { "entity": "Forge Securities LLC", "role": "SEC-registered broker-dealer; FINRA/SIPC member; CRD 134596", "products": "Direct secondaries, fund-interest placement, private-company placements" }, { "entity": "Forge Global Advisors LLC", "role": "SEC-registered investment adviser; CRD 284722", "products": "Single-issuer funds, multi-issuer funds, Megacorn adviser" }, { "entity": "Forge Investments, LLC and series", "role": "Domestic series fund issuer/vehicle", "products": "Single-issuer fund interests" }, { "entity": "Forge Investments SPC / Forge Investments II SPC", "role": "Cayman segregated-portfolio vehicles disclosed historically", "products": "Offshore single-asset funds" }, { "entity": "Forge Trust Co.", "role": "South Dakota chartered trust company", "products": "Self-directed IRA and alternative-asset custody" }, { "entity": "Forge Lending LLC", "role": "Lending affiliate", "products": "Option-exercise bridge loans" }, { "entity": "Rockpool Capital Limited", "role": "Hong Kong SFC-licensed affiliate named in Forge terms", "products": "Non-U.S. brokerage access" }, { "entity": "Megacorn Fund", "role": "Proposed registered closed-end interval fund", "products": "Diversified private-company exposure; registration not effective as of 2026-07-28" } ], "observations": [ { "observation_id": "F001", "product": "Direct secondary", "entity": "Forge Securities LLC", "fee_category": "Access", "fee_name": "Account / marketplace access fee", "payer_legal": "User", "economic_bearer": "User", "amount_text": "$0", "rate_min": 0, "rate_max": 0, "unit": "USD", "basis": "Account creation and marketplace access", "trigger": "Signup/access", "timing": "Current", "evidence_status": "Verified current zero", "source_id": "S04", "source_location": "Where Forge does not charge fees", "evidence": "No fees to create an account, access the marketplace, or prepay membership.", "scope_note": "Does not mean trading, fund, custody, data, legal, transfer, or tax costs are zero.", "confidence": "High" }, { "observation_id": "F002", "product": "Direct secondary", "entity": "Forge Securities LLC", "fee_category": "Entry / sale", "fee_name": "Successful-transaction commission", "payer_legal": "Buyer and/or seller under separate commission agreement", "economic_bearer": "Contracting buyer/seller; price negotiation may shift economics", "amount_text": "Typically 2–4%; may be more, less, or 0% in some circumstances", "rate_min": 0.02, "rate_max": 0.04, "unit": "% of transaction", "basis": "Transaction value", "trigger": "Successful closing", "timing": "Current", "evidence_status": "Verified current range", "source_id": "S01", "source_location": "Form CRS, p.1, What fees will I pay?", "evidence": "Forge charges a percentage commission for each successfully brokered transaction, typically 2–4%, with outcomes above, below, or at zero possible.", "scope_note": "The 2–4% range is typical, not a floor or cap.", "confidence": "High" }, { "observation_id": "F003", "product": "Direct secondary", "entity": "Forge Securities LLC", "fee_category": "Minimum", "fee_name": "Typical transaction minimum", "payer_legal": "Buyer or seller", "economic_bearer": "Investor/shareholder", "amount_text": "$100,000 standard; smaller transactions may be allowed", "rate_min": null, "rate_max": null, "unit": "USD notional", "basis": "Transaction size", "trigger": "Eligibility / pricing", "timing": "Current", "evidence_status": "Verified current", "source_id": "S01", "source_location": "Form CRS, p.1", "evidence": "Typical minimum transaction size is $100,000; Forge may allow less.", "scope_note": "This is not itself a fee.", "confidence": "High" }, { "observation_id": "F004", "product": "Direct secondary", "entity": "Forge Securities LLC", "fee_category": "Entry / sale", "fee_name": "Small-transaction commission uplift", "payer_legal": "Buyer and/or seller", "economic_bearer": "Contracting party", "amount_text": "May be higher below $100,000; exact schedule not public", "rate_min": null, "rate_max": null, "unit": "% or negotiated amount", "basis": "Transaction value", "trigger": "Transaction below typical minimum", "timing": "Current", "evidence_status": "Verified category; amount unknown", "source_id": "S01", "source_location": "Form CRS, p.1", "evidence": "Clients may pay a higher commission when transaction value is below the typical $100,000 minimum.", "scope_note": "Do not apply the typical 2–4% band as a guaranteed bound to $10,000 or $25,000 cases.", "confidence": "High" }, { "observation_id": "F005", "product": "Direct secondary", "entity": "Issuer / transfer agent / counsel", "fee_category": "Third-party transaction", "fee_name": "Issuer legal or transfer fee", "payer_legal": "Buyer or seller as transaction documents provide", "economic_bearer": "Buyer/seller; potentially embedded in negotiated economics", "amount_text": "Possible; amount offering- and issuer-specific", "rate_min": null, "rate_max": null, "unit": "USD", "basis": "Issuer review / share transfer", "trigger": "Direct transaction", "timing": "Current", "evidence_status": "Verified category; amount unknown", "source_id": "S01", "source_location": "Form CRS, p.1", "evidence": "A private company may impose additional legal or transfer fees.", "scope_note": "Not a Forge fee unless the transaction documents say otherwise.", "confidence": "High" }, { "observation_id": "F006", "product": "Direct secondary", "entity": "Forge Securities LLC", "fee_category": "Failure / cancellation", "fee_name": "Unsuccessful transaction fee", "payer_legal": "Buyer/seller", "economic_bearer": "Buyer/seller", "amount_text": "$0 Forge commission", "rate_min": 0, "rate_max": 0, "unit": "USD", "basis": "Unsuccessful trade, including issuer board block", "trigger": "Transaction does not close", "timing": "Current", "evidence_status": "Verified current zero", "source_id": "S03", "source_location": "FAQs: board approval / unsuccessful transaction", "evidence": "Forge does not charge when a proposed transaction is not approved or otherwise fails.", "scope_note": "Independent legal, tax, financing, or opportunity costs may still exist.", "confidence": "High" }, { "observation_id": "F007", "product": "Direct secondary", "entity": "Forge Securities LLC", "fee_category": "Buyer/seller incidence", "fee_name": "Two-sided commission practice", "payer_legal": "Each side under its own agreement", "economic_bearer": "Buyer and seller respectively, subject to price negotiation", "amount_text": "Typically captured on each side; exceptions occur", "rate_min": null, "rate_max": null, "unit": "Practice statement", "basis": "Each side of a trade", "trigger": "Closed direct trade", "timing": "Historical operating evidence (2025)", "evidence_status": "Verified historical practice", "source_id": "S08", "source_location": "Q2 2025 KPIs, volume definition", "evidence": "Forge said it typically captured a commission on each side but sometimes did not, including when a side used a third-party broker or supply required a concession.", "scope_note": "Current per-side contract terms remain transaction-specific.", "confidence": "High" }, { "observation_id": "F008", "product": "Direct secondary", "entity": "Forge Securities LLC", "fee_category": "Exit", "fee_name": "Future resale commission", "payer_legal": "Future seller and possibly future buyer", "economic_bearer": "Future transacting parties", "amount_text": "Unknown until future transaction terms", "rate_min": null, "rate_max": null, "unit": "% or negotiated amount", "basis": "Future resale transaction", "trigger": "Future successful close", "timing": "Future / variable", "evidence_status": "Expected category; amount unknown", "source_id": "S03", "source_location": "FAQs: reselling shares", "evidence": "Direct shares may be listed for sale later subject to market and transfer conditions.", "scope_note": "No exit-fee amount should be inserted into a current model without a future commission agreement.", "confidence": "Medium" }, { "observation_id": "F009", "product": "Direct secondary", "entity": "Marketplace participants", "fee_category": "Embedded economics", "fee_name": "Bid-ask / negotiated price effect", "payer_legal": "Not a separately invoiced payer", "economic_bearer": "Buyer and seller through agreed price", "amount_text": "Observable deal-by-deal; no universal platform spread disclosed", "rate_min": null, "rate_max": null, "unit": "Price differential", "basis": "Negotiated share price and market depth", "trigger": "Quote / negotiation / execution", "timing": "Current", "evidence_status": "Verified mechanism; no universal spread", "source_id": "S03", "source_location": "FAQs: negotiation and price formation", "evidence": "Direct buyers and sellers set and negotiate price; quotes and opportunity sizes exclude transaction fees.", "scope_note": "Do not label a discount/premium or bid-ask difference as a Forge fee without evidence of principal markup.", "confidence": "High" }, { "observation_id": "F010", "product": "Single-issuer fund (SIF/SAF)", "entity": "Forge Global Advisors LLC", "fee_category": "Setup", "fee_name": "One-time setup fee", "payer_legal": "SIF investor", "economic_bearer": "SIF investor", "amount_text": "1–5% of subscription; may be waived or reduced", "rate_min": 0.01, "rate_max": 0.05, "unit": "% of subscription", "basis": "Investor subscription amount", "trigger": "Admission / closing", "timing": "Current", "evidence_status": "Verified current range", "source_id": "S02", "source_location": "Item 5.A, p.7", "evidence": "A one-time setup fee of 1–5% may be assessed at admission.", "scope_note": "Fund documents control; not every SIF necessarily charges it.", "confidence": "High" }, { "observation_id": "F011", "product": "Single-issuer fund (SIF/SAF)", "entity": "Forge Global Advisors LLC", "fee_category": "Management", "fee_name": "Management fee", "payer_legal": "M-class SIF investor / fund capital account", "economic_bearer": "Investor holding the fee-bearing class", "amount_text": "1–5% or fixed amount; may be one-time, annual on dates, and/or accrued annually", "rate_min": 0.01, "rate_max": 0.05, "unit": "% or fixed USD", "basis": "M-class interest, purchased interest, or value of investor interest", "trigger": "Subscription and/or holding period", "timing": "Current", "evidence_status": "Verified current range; billing variable", "source_id": "S02", "source_location": "Item 5.A, p.7", "evidence": "Management fees can be 1–5% or a fixed amount and can be charged once, on future annual dates, and/or accrued annually for the fund's duration.", "scope_note": "A duration model is invalid until the offering's fee basis and billing branch are known.", "confidence": "High" }, { "observation_id": "F012", "product": "Single-issuer fund (SIF/SAF)", "entity": "Forge Global Advisors LLC", "fee_category": "Performance", "fee_name": "Carried interest", "payer_legal": "C-class SIF investor / fund", "economic_bearer": "Investor holding a carry-bearing class", "amount_text": "10–20%", "rate_min": 0.1, "rate_max": 0.2, "unit": "% of applicable distributions/gains", "basis": "Distributions to C-class interests; maximum linked to cumulative net gains", "trigger": "Distribution / realization / non-cash distribution", "timing": "Current", "evidence_status": "Verified current range", "source_id": "S02", "source_location": "Item 5.A, p.7", "evidence": "Carried interest ranges from 10–20% for C-class interests and may be taken in cash or in kind.", "scope_note": "Only carry-bearing classes incur this fee.", "confidence": "High" }, { "observation_id": "F013", "product": "Single-issuer fund (SIF/SAF)", "entity": "Forge Global Advisors LLC", "fee_category": "Redemption / unscheduled liquidity", "fee_name": "Redemption fee", "payer_legal": "Redeeming SIF investor", "economic_bearer": "Redeeming investor", "amount_text": "1–2%; may be waived or reduced", "rate_min": 0.01, "rate_max": 0.02, "unit": "% of redemption amount", "basis": "Redemption proceeds", "trigger": "Manager-arranged additional liquidity", "timing": "Current", "evidence_status": "Verified current range", "source_id": "S02", "source_location": "Item 5.A, p.7", "evidence": "A one-time 1–2% redemption fee may be deducted from redemption proceeds.", "scope_note": "This is not a universal scheduled exit charge.", "confidence": "High" }, { "observation_id": "F014", "product": "Single-issuer fund (SIF/SAF)", "entity": "Forge Securities LLC", "fee_category": "Placement / subscription", "fee_name": "Affiliated brokerage fee on fund subscription", "payer_legal": "Prospective fund investor", "economic_bearer": "Fund investor", "amount_text": "Typically 0–5% of subscription", "rate_min": 0, "rate_max": 0.05, "unit": "% of subscription", "basis": "Fund subscription amount", "trigger": "Purchase/closing of fund interest", "timing": "Current", "evidence_status": "Verified current range", "source_id": "S02", "source_location": "Item 5.C, p.8", "evidence": "FGA typically requires prospective fund investors to use affiliated FSEC, which typically charges 0–5% of subscription.", "scope_note": "FGA does not reduce advisory fees to offset FSEC commissions.", "confidence": "High" }, { "observation_id": "F015", "product": "Single-issuer fund (SIF/SAF)", "entity": "Forge Securities LLC", "fee_category": "Redemption / brokerage", "fee_name": "Brokerage or other compensation on fund redemption", "payer_legal": "Redeeming investor / fund as documents provide", "economic_bearer": "Redeeming investor directly or indirectly", "amount_text": "Typically payable; amount not publicly specified", "rate_min": null, "rate_max": null, "unit": "% or USD", "basis": "Unscheduled liquidity / redemption", "trigger": "FSEC-facilitated redemption", "timing": "Current", "evidence_status": "Verified category; amount unknown", "source_id": "S02", "source_location": "Item 5.C, p.8", "evidence": "Brokerage fees or other compensation are typically payable when FSEC participates in a redemption and creates unscheduled liquidity.", "scope_note": "Potentially additive to the 1–2% manager redemption fee.", "confidence": "High" }, { "observation_id": "F016", "product": "Single-issuer fund (SIF/SAF)", "entity": "Independent broker plus Forge Securities LLC", "fee_category": "Brokerage", "fee_name": "Independent broker fee", "payer_legal": "Investor/shareholder retaining independent broker", "economic_bearer": "Investor/shareholder", "amount_text": "Additive; amount set by independent broker", "rate_min": null, "rate_max": null, "unit": "% or USD", "basis": "Broker engagement", "trigger": "Use of an unaffiliated broker", "timing": "Current", "evidence_status": "Verified additive category", "source_id": "S02", "source_location": "Item 5.C, pp.8–9", "evidence": "Fees paid to an unaffiliated broker generally are in addition to, not in place of, FSEC fees, although commissions may sometimes be shared.", "scope_note": "Avoid double-counting when a specific commission-sharing agreement exists.", "confidence": "High" }, { "observation_id": "F017", "product": "Single-issuer fund (SIF/SAF)", "entity": "Fund", "fee_category": "Fund operating expenses", "fee_name": "Fund costs", "payer_legal": "Fund", "economic_bearer": "Fund investors through NAV/capital accounts", "amount_text": "Numerous categories; amounts offering-specific and generally not public", "rate_min": null, "rate_max": null, "unit": "USD / % / allocated share", "basis": "Actual fund expenses", "trigger": "Acquisition, custody, holding, enforcement, accounting, sale, transfer, liquidation", "timing": "Current", "evidence_status": "Verified categories; amounts unknown", "source_id": "S02", "source_location": "Item 5.C, pp.9–10", "evidence": "Fund-borne costs include transfer/title/tax/currency, enforcement, custody, issuance, winding-up, accounting/K-1, underlying-fund fees/carry, brokerage, escrow, clearing, settlement, legal, regulatory, technology, research, and related costs.", "scope_note": "These are economically borne even when the legal payer is the fund.", "confidence": "High" }, { "observation_id": "F018", "product": "Single-issuer fund (SIF/SAF)", "entity": "Forge Global Advisors LLC", "fee_category": "Termination / refund", "fee_name": "Refund of prepaid management fee", "payer_legal": "Investor", "economic_bearer": "Investor", "amount_text": "Generally no refund for abbreviated period unless fund documents or writing provide otherwise", "rate_min": null, "rate_max": null, "unit": "Policy", "basis": "Prepaid fee", "trigger": "Abbreviated investment period", "timing": "Current", "evidence_status": "Verified current policy", "source_id": "S02", "source_location": "Item 5.D, p.10", "evidence": "No refund of a prepaid SIF management fee is generally given for an abbreviated period absent contrary documents or written agreement.", "scope_note": "A material termination cost even without a separately named termination fee.", "confidence": "High" }, { "observation_id": "F019", "product": "Forge fund offering", "entity": "Forge-advised fund", "fee_category": "Minimum", "fee_name": "Limited fund indication minimum", "payer_legal": "Investor", "economic_bearer": "Investor", "amount_text": "Certain offerings may accept indications starting at $5,000", "rate_min": null, "rate_max": null, "unit": "USD", "basis": "Offering indication", "trigger": "Offering eligibility", "timing": "Current", "evidence_status": "Verified current but limited", "source_id": "S04", "source_location": "Alternative investment structures", "evidence": "Certain Forge Fund offerings may accept indications from $5,000, subject to offering terms and manager discretion.", "scope_note": "Not a universal minimum and not proof of allocation.", "confidence": "High" }, { "observation_id": "F020", "product": "Forge fund resale", "entity": "Forge fund manager / Forge Securities LLC", "fee_category": "Transfer / exit", "fee_name": "Fund-unit resale fees", "payer_legal": "Seller/buyer as documents provide", "economic_bearer": "Transacting investors", "amount_text": "Additional fees may apply; exact amounts not public", "rate_min": null, "rate_max": null, "unit": "% or USD", "basis": "Fund-unit resale/redemption", "trigger": "Manager-approved secondary transfer", "timing": "Current", "evidence_status": "Verified category; amount unknown", "source_id": "S03", "source_location": "FAQs: fund resale", "evidence": "Manager approval is required and additional fees may apply.", "scope_note": "Forge says fund units generally have a one-year minimum holding period before seeking platform liquidity; fund documents control.", "confidence": "High" }, { "observation_id": "F021", "product": "Multi-issuer fund (MIF)", "entity": "Forge Global Advisors LLC", "fee_category": "Management", "fee_name": "Annual management fee", "payer_legal": "MIF investor / fund", "economic_bearer": "MIF investor", "amount_text": "0–5% annually", "rate_min": 0, "rate_max": 0.05, "unit": "% annually", "basis": "As specified in fund documents", "trigger": "Holding period", "timing": "Current", "evidence_status": "Verified current range", "source_id": "S02", "source_location": "Item 5.A, p.7", "evidence": "MIF investors may pay 0–5% annually.", "scope_note": "Waivers, reductions, rebates, and investor-specific bases are possible.", "confidence": "High" }, { "observation_id": "F022", "product": "Multi-issuer fund (MIF)", "entity": "Forge Global Advisors LLC", "fee_category": "Performance", "fee_name": "Carried interest", "payer_legal": "MIF investor / fund", "economic_bearer": "MIF investor", "amount_text": "Up to 20%", "rate_min": 0, "rate_max": 0.2, "unit": "% of applicable gains/distributions", "basis": "Fund documents", "trigger": "Performance/distribution", "timing": "Current", "evidence_status": "Verified current maximum", "source_id": "S02", "source_location": "Item 5.A, p.7", "evidence": "MIF management fees may be combined with carried interest up to 20%.", "scope_note": "No universal hurdle, catch-up, or waterfall is public.", "confidence": "High" }, { "observation_id": "F023", "product": "Multi-issuer fund (MIF)", "entity": "Forge Securities LLC", "fee_category": "Placement / subscription", "fee_name": "Affiliated brokerage fee", "payer_legal": "MIF investor", "economic_bearer": "MIF investor", "amount_text": "Typically 0–5% of subscription", "rate_min": 0, "rate_max": 0.05, "unit": "% of subscription", "basis": "Subscription amount", "trigger": "Purchase/closing of fund interest", "timing": "Current", "evidence_status": "Verified current range", "source_id": "S02", "source_location": "Item 5.C, p.8", "evidence": "The same affiliated subscription-brokerage range applies to SIFs and MIFs.", "scope_note": "Potentially additive to management and carry.", "confidence": "High" }, { "observation_id": "F024", "product": "Fund FG-SHE", "entity": "Fund FG-SHE / Forge Securities LLC", "fee_category": "Historical transaction evidence", "fee_name": "Reported sales commissions", "payer_legal": "Offering / investors as documents provide", "economic_bearer": "Fund investors directly or through offering economics", "amount_text": "$67,712 on $1,354,240 sold = 5.00% reported effective ratio", "rate_min": 0.05, "rate_max": 0.05, "unit": "% of amount sold", "basis": "Cumulative Form D amounts", "trigger": "Fund interest sales", "timing": "Historical offering evidence, filed 2025-02-21", "evidence_status": "Verified offering-specific", "source_id": "S12", "source_location": "Items 11–15", "evidence": "Form D reports a $20,000 minimum, $1,354,240 sold to 17 investors, and $67,712 in sales commissions to Forge Securities LLC.", "scope_note": "Do not generalize the 5.00% ratio to other Forge funds.", "confidence": "High" }, { "observation_id": "F025", "product": "Fund FG-RTA (Stripe)", "entity": "Forge Investments LLC series", "fee_category": "Offering-specific holding/performance", "fee_name": "Ongoing management and carry", "payer_legal": "Holder/fund", "economic_bearer": "Holder", "amount_text": "0% ongoing management; 0% carry for the reported position", "rate_min": 0, "rate_max": 0, "unit": "%", "basis": "Destiny Tech100 position", "trigger": "Holding/performance", "timing": "As of 2025-12-31", "evidence_status": "Verified offering-/holder-specific zero", "source_id": "S11", "source_location": "Notes, management fees incurred by SPVs", "evidence": "Destiny Tech100 reported Fund FG-RTA at 0% ongoing management and 0% carry.", "scope_note": "Upfront broker or management fees, if any, were included in purchase cost and are not quantified.", "confidence": "High" }, { "observation_id": "F026", "product": "Fund FG-TQY (Plaid)", "entity": "Forge Investments LLC series", "fee_category": "Offering-specific holding/performance", "fee_name": "Ongoing management and carry", "payer_legal": "Holder/fund", "economic_bearer": "Holder", "amount_text": "0% ongoing management; 0% carry for the reported position", "rate_min": 0, "rate_max": 0, "unit": "%", "basis": "Destiny Tech100 position", "trigger": "Holding/performance", "timing": "As of 2025-12-31", "evidence_status": "Verified offering-/holder-specific zero", "source_id": "S11", "source_location": "Notes, management fees incurred by SPVs", "evidence": "Destiny Tech100 reported Fund FG-TQY at 0% ongoing management and 0% carry.", "scope_note": "Upfront broker or management fees, if any, were included in purchase cost and are not quantified.", "confidence": "High" }, { "observation_id": "F027", "product": "Megacorn Fund", "entity": "Megacorn Fund / Forge Global Advisors LLC", "fee_category": "Status", "fee_name": "Offering status", "payer_legal": "N/A", "economic_bearer": "N/A", "amount_text": "Not effective; no sales permitted under the June 29, 2026 prospectus", "rate_min": null, "rate_max": null, "unit": "Status", "basis": "SEC registration statement", "trigger": "SEC effectiveness", "timing": "As of 2026-07-28", "evidence_status": "Verified proposed / not current offering", "source_id": "S09", "source_location": "Prospectus cover", "evidence": "The prospectus is subject to completion and says securities may not be sold until effectiveness.", "scope_note": "All Megacorn fee terms below are proposed, not current investable pricing.", "confidence": "High" }, { "observation_id": "F028", "product": "Megacorn Fund", "entity": "Megacorn Fund", "fee_category": "Minimum", "fee_name": "Proposed initial investment minimum", "payer_legal": "Investor", "economic_bearer": "Investor", "amount_text": "$500; fund may accept less", "rate_min": null, "rate_max": null, "unit": "USD", "basis": "Initial investment", "trigger": "Subscription", "timing": "Proposed 2026-06-29", "evidence_status": "Verified proposed", "source_id": "S09", "source_location": "Prospectus cover and Purchasing Shares", "evidence": "The proposed minimum initial investment is $500.", "scope_note": "Not available until the registration becomes effective.", "confidence": "High" }, { "observation_id": "F029", "product": "Megacorn Fund", "entity": "Megacorn Fund", "fee_category": "Sales load", "fee_name": "Maximum sales charge", "payer_legal": "Investor", "economic_bearer": "Investor", "amount_text": "None at fund level; intermediary may impose separate charges", "rate_min": 0, "rate_max": 0, "unit": "% of offering price", "basis": "Purchase", "trigger": "Subscription", "timing": "Proposed 2026-06-29", "evidence_status": "Verified proposed zero with carve-out", "source_id": "S09", "source_location": "Summary of Fund Expenses", "evidence": "The proposed fund-level maximum load is none, but financial intermediaries may add charges not shown in the table.", "scope_note": "Zero applies only to the fund-level load line.", "confidence": "High" }, { "observation_id": "F030", "product": "Megacorn Fund", "entity": "Forge Global Advisors LLC", "fee_category": "Management", "fee_name": "Investment advisory fee", "payer_legal": "Fund", "economic_bearer": "Shareholders through NAV", "amount_text": "1.75% annually", "rate_min": 0.0175, "rate_max": 0.0175, "unit": "% of average daily net assets", "basis": "Average daily net assets", "trigger": "Daily accrual; monthly payment in arrears", "timing": "Proposed 2026-06-29", "evidence_status": "Verified proposed", "source_id": "S09", "source_location": "Summary of Fund Expenses", "evidence": "The proposed advisory fee is 1.75% annualized, accrued daily and paid monthly in arrears.", "scope_note": "Part of, not additive to, the 2.38% gross annual expense table.", "confidence": "High" }, { "observation_id": "F031", "product": "Megacorn Fund", "entity": "Megacorn Fund", "fee_category": "Annual fund expenses", "fee_name": "Proposed gross and net annual expenses", "payer_legal": "Fund", "economic_bearer": "Shareholders through NAV", "amount_text": "2.38% gross; 2.00% net in first year estimate", "rate_min": 0.02, "rate_max": 0.0238, "unit": "% of net assets", "basis": "Average net assets / expense table assumptions", "trigger": "Holding period", "timing": "Proposed 2026-06-29", "evidence_status": "Verified proposed estimate", "source_id": "S09", "source_location": "Summary of Fund Expenses", "evidence": "Table shows 1.75% advisory, 0.38% other, 0.25% acquired-fund fees, 2.38% gross, 0.38% waiver, and 2.00% net.", "scope_note": "The estimate assumes $216.108 million average net assets; actual expenses may differ.", "confidence": "High" }, { "observation_id": "F032", "product": "Megacorn Fund", "entity": "Forge Global Advisors LLC / Megacorn Fund", "fee_category": "Expense limitation", "fee_name": "Expense cap, exclusions, and recoupment", "payer_legal": "Fund", "economic_bearer": "Shareholders through NAV", "amount_text": "1.75% cap for included expenses initially; 2.25% thereafter; many categories excluded; waived amounts may be recouped for up to 3 years", "rate_min": 0.0175, "rate_max": 0.0225, "unit": "% of average daily net assets", "basis": "Included expenses only", "trigger": "Expense limitation term", "timing": "Proposed 2026-06-29", "evidence_status": "Verified proposed", "source_id": "S09", "source_location": "Expense limitation notes", "evidence": "Taxes, borrowing costs, distribution/service, brokerage/distribution, acquired-fund, reorganization, and extraordinary expenses are excluded from the cap.", "scope_note": "The cap is not a total all-in ceiling.", "confidence": "High" }, { "observation_id": "F033", "product": "Megacorn Fund", "entity": "Megacorn Fund", "fee_category": "Liquidity", "fee_name": "Quarterly repurchase program", "payer_legal": "Fund/shareholder through NAV and opportunity cost", "economic_bearer": "Shareholder", "amount_text": "Offers 5–25%; intends approximately 10%; may prorate; no secondary market expected", "rate_min": null, "rate_max": null, "unit": "% of shares outstanding", "basis": "Quarterly offer", "trigger": "Repurchase window", "timing": "Proposed 2026-06-29", "evidence_status": "Verified proposed liquidity term", "source_id": "S09", "source_location": "Fund Summary, Repurchase Offers", "evidence": "Shareholders have no daily redemption right; quarterly offers can be oversubscribed and prorated.", "scope_note": "Liquidity constraint is an adjacent economic cost, not a stated fee.", "confidence": "High" }, { "observation_id": "F034", "product": "Megacorn Fund", "entity": "Underlying SPVs", "fee_category": "Acquired-fund / look-through", "fee_name": "Underlying SPV fees", "payer_legal": "Underlying SPV / fund", "economic_bearer": "Megacorn shareholders through NAV", "amount_text": "Estimated acquired-fund expenses 0.25%; SPVs often charge performance, administrative, and management fees", "rate_min": 0.0025, "rate_max": 0.0025, "unit": "% estimated in expense table", "basis": "Underlying fund/SPV exposure", "trigger": "Indirect investments", "timing": "Proposed 2026-06-29", "evidence_status": "Verified proposed estimate", "source_id": "S09", "source_location": "Expense table and investment strategy", "evidence": "The fund anticipates 50–80% indirect SPV exposure; acquired-fund expenses are estimated at 0.25%.", "scope_note": "The 0.25% estimate may change substantially and does not prove every SPV charges that rate.", "confidence": "High" }, { "observation_id": "F035", "product": "Forge Trust custody", "entity": "Forge Trust Co.", "fee_category": "Custody", "fee_name": "Custodial fee categories", "payer_legal": "Custodial account holder", "economic_bearer": "Account holder", "amount_text": "Cash administration, account maintenance, asset, transaction, opening, and termination fees; current dollar schedule not verified publicly", "rate_min": null, "rate_max": null, "unit": "USD / interest spread", "basis": "Account, assets, transactions, cash", "trigger": "Custody usage", "timing": "Current categories", "evidence_status": "Verified categories; current amounts unknown", "source_id": "S07", "source_location": "Revenue recognition, custodial administration fees", "evidence": "Forge reports revenue from cash administration, maintenance, asset, transaction, opening, and termination fees.", "scope_note": "Custody is adjacent and optional for many marketplace transactions.", "confidence": "High" }, { "observation_id": "F036", "product": "Forge Trust custody", "entity": "Forge Trust Co.", "fee_category": "Custody — historical", "fee_name": "Historical partner-specific amounts", "payer_legal": "Custodial account holder", "economic_bearer": "Account holder", "amount_text": "$50 paper/DocuSign setup; partner schedule includes quarterly account/asset fees, $50 category A/B transaction, $150 termination, $25 domestic wire, $500 minimum cash", "rate_min": null, "rate_max": null, "unit": "USD", "basis": "Partner-specific 2022 schedule", "trigger": "Custody usage", "timing": "Historical 2022", "evidence_status": "Verified historical; not current pricing", "source_id": "S13", "source_location": "Fee schedule, pp.1–2", "evidence": "The My Solo 401k client schedule lists setup, maintenance, asset, transaction, service, termination, and minimum-cash charges.", "scope_note": "Do not use for current ranking or quotes without a current Forge Trust schedule.", "confidence": "High for historical document; Low for current applicability" }, { "observation_id": "F037", "product": "Private Company Solutions", "entity": "Forge / Forge Securities LLC", "fee_category": "Issuer-paid", "fee_name": "Program and transaction fees", "payer_legal": "Private company", "economic_bearer": "Company; may indirectly affect shareholders/program economics", "amount_text": "Amount not publicly disclosed", "rate_min": null, "rate_max": null, "unit": "USD / % / negotiated", "basis": "Tender offer or structured liquidity program", "trigger": "Program / transaction", "timing": "Current category; historical amount unknown", "evidence_status": "Verified category; amount unknown", "source_id": "S07", "source_location": "Marketplace revenue", "evidence": "PCS earns program and transaction fees from companies through tender offers and structured liquidity programs.", "scope_note": "Separate from participant-side commissions unless documents say otherwise.", "confidence": "High" }, { "observation_id": "F038", "product": "Third-party private fund placement", "entity": "Forge Securities LLC / third-party sponsor", "fee_category": "Placement and fund fees", "fee_name": "Third-party fund costs", "payer_legal": "Investor, fund, sponsor, or issuer as documents provide", "economic_bearer": "Investor directly/indirectly", "amount_text": "Offering-specific; no universal public schedule", "rate_min": null, "rate_max": null, "unit": "% / USD", "basis": "Fund subscription and fund operations", "trigger": "Third-party fund investment", "timing": "Current", "evidence_status": "Verified product; fees unknown without offering documents", "source_id": "S01", "source_location": "Form CRS, services and fees", "evidence": "Forge acts as placement agent for affiliated and third-party private funds; setup, management, and performance fees may be payable to the fund/sponsor/adviser.", "scope_note": "Do not import Forge-advised SIF/MIF ranges into third-party funds.", "confidence": "High" }, { "observation_id": "F039", "product": "Option exercise bridge loan", "entity": "Forge Lending LLC", "fee_category": "Financing", "fee_name": "Loan interest and financing costs", "payer_legal": "Borrowing shareholder", "economic_bearer": "Borrowing shareholder", "amount_text": "Product exists; pricing not publicly verified", "rate_min": null, "rate_max": null, "unit": "% / USD", "basis": "Loan agreement", "trigger": "Option exercise financing", "timing": "Current product", "evidence_status": "Verified category; amount unknown", "source_id": "S03", "source_location": "FAQs: exercising options before sale", "evidence": "Forge Lending can sometimes provide a short-term bridge loan for exercise costs.", "scope_note": "Adjacent seller-side economic cost, not a marketplace commission.", "confidence": "Medium" }, { "observation_id": "F040", "product": "International / Hong Kong brokerage", "entity": "Rockpool Capital Limited", "fee_category": "Brokerage", "fee_name": "International broker fee", "payer_legal": "Client under separate contract", "economic_bearer": "Client", "amount_text": "Possible; amount not publicly disclosed in reviewed materials", "rate_min": null, "rate_max": null, "unit": "% / USD / local currency", "basis": "International transaction", "trigger": "Rockpool engagement", "timing": "Current entity named in 2025 terms", "evidence_status": "Verified entity/category; amount unknown", "source_id": "S06", "source_location": "Relationships Among Parties", "evidence": "Rockpool is named as a separately contracting broker that may collect brokerage fees.", "scope_note": "U.S. Forge Securities pricing should not be assumed to apply.", "confidence": "High" }, { "observation_id": "F041", "product": "Forge-advised funds", "entity": "Forge Global Advisors LLC", "fee_category": "Tax administration", "fee_name": "K-1/accounting burden", "payer_legal": "Fund", "economic_bearer": "Investors through fund expenses and personal compliance effort", "amount_text": "Fund accounting/K-1 cost permitted; investor tax-advice cost unknown", "rate_min": null, "rate_max": null, "unit": "USD / time", "basis": "Annual fund and investor tax compliance", "trigger": "Holding / tax year", "timing": "Current category", "evidence_status": "Verified category; amount unknown", "source_id": "S02", "source_location": "Item 5.C, Fund Expenses", "evidence": "Fund expenses may include accounting, financial statements, tax returns, and Schedule K-1 preparation.", "scope_note": "A Reddit post about timing is only an unverified lead and supplies no amount.", "confidence": "High for category; Low for anecdotal timing" }, { "observation_id": "F042", "product": "Forge platform / direct and funds", "entity": "Forge Global, Inc. and affiliates", "fee_category": "Entity mapping", "fee_name": "Separate legal contracts and fee streams", "payer_legal": "Depends on contracting entity", "economic_bearer": "Depends on product and documents", "amount_text": "No single all-in Forge fee", "rate_min": null, "rate_max": null, "unit": "Structural finding", "basis": "Legal entity and product", "trigger": "Use of service", "timing": "Current", "evidence_status": "Verified", "source_id": "S06", "source_location": "Relationships Among Parties", "evidence": "Brokerage, advisory, carried-interest, management, custody, lending, and international services arise under separate entities and contracts.", "scope_note": "The website terms use 'Forge marketplace LLC' in one passage while current U.S. regulatory documents identify Forge Securities LLC; confirm the contracting broker on each agreement.", "confidence": "High" } ], "missing_data": [ { "missing_id": "M01", "product": "Direct secondary", "field": "Exact commission for a named live bid/ask", "status": "Account/transaction-gated", "why_material": "Typical 2–4% is not a quote and may not apply below $100,000.", "verification_request": "Provide the commission agreement and closing statement for the exact buyer and seller." }, { "missing_id": "M02", "product": "Direct secondary", "field": "Issuer legal, transfer-agent, escrow, wire, and tax charges", "status": "Issuer/transaction-specific", "why_material": "Can be additive and charged to different parties.", "verification_request": "Request the stock-transfer agreement, escrow agreement, issuer fee notice, and settlement statement." }, { "missing_id": "M03", "product": "Single-issuer fund", "field": "Exact class, setup, management basis/timing, carry waterfall, brokerage, operating-expense allocation, term, and exit charges", "status": "Offering-document gated", "why_material": "Published ranges cannot produce a reliable all-in number.", "verification_request": "Obtain the PPM/offering memorandum, LPA/operating agreement, subscription agreement, fee schedule, and latest financial statements." }, { "missing_id": "M04", "product": "Multi-issuer fund", "field": "Exact fee schedule and acquired-fund/SPV look-through", "status": "Fund-document gated", "why_material": "0–5% management and up to 20% carry do not reveal actual class economics.", "verification_request": "Request class-specific offering documents and the latest expense ratio / audited statements." }, { "missing_id": "M05", "product": "Forge fund resale", "field": "Brokerage, manager redemption, transfer, valuation, and legal charges", "status": "Transaction-gated", "why_material": "ADV identifies multiple potentially additive charges but gives no all-in resale price.", "verification_request": "Request a written net-proceeds illustration before submitting an ask or redemption." }, { "missing_id": "M06", "product": "Forge Trust custody", "field": "Current general retail fee schedule", "status": "Not verified from current primary public document", "why_material": "Historical and partner schedules may differ from current retail pricing.", "verification_request": "Obtain a dated current Forge Trust fee schedule and cash-administration disclosure." }, { "missing_id": "M07", "product": "Private Company Solutions", "field": "Issuer-paid program fee and participant fee allocation", "status": "Program-specific", "why_material": "Company-paid and participant-paid costs can coexist.", "verification_request": "Request the issuer program agreement and participant transaction disclosure." }, { "missing_id": "M08", "product": "Historical transactions", "field": "Investor invoices, subscription confirmations, K-1 packages, and closing statements", "status": "No authenticated public specimens found", "why_material": "Would validate real-world fee incidence beyond regulatory ranges.", "verification_request": "Solicit redacted documents from verified investors and authenticate dates/product/class." }, { "missing_id": "M09", "product": "Megacorn Fund", "field": "Final effective prospectus and launch-date fee schedule", "status": "Proposed / not effective as of 2026-07-28", "why_material": "Pre-effective terms may change and are not investable.", "verification_request": "Recheck EDGAR for effectiveness and the final prospectus before publication as a live product." }, { "missing_id": "M10", "product": "International / Rockpool", "field": "Brokerage, FX, taxes, settlement, and custody charges", "status": "Separate-contract / jurisdiction-specific", "why_material": "U.S. Forge Securities disclosures do not establish Hong Kong pricing.", "verification_request": "Obtain the Rockpool client agreement and fee schedule for the investor's jurisdiction." } ], "verification_questions": [ "Which legal entity is my counterparty and which entities will receive compensation?", "Is this direct stock, a Forge-advised SIF/SAF, a Forge MIF, or a third-party fund interest?", "What is the exact fee-bearing class (FG, I, C, M, or combination) and what rights differ by class?", "Show every fee in dollars for my subscription: Forge Securities brokerage, setup, management, carry, and third-party costs.", "Is management charged once, annually on fixed dates, accrued on NAV, or by a fixed dollar amount?", "What is the carry waterfall, loss netting, hurdle, catch-up, crystallization point, and in-kind distribution treatment?", "Which expenses can the fund allocate to investors and is there any hard cap?", "What fees apply to a redemption or unit resale, and can Forge Securities compensation be additive to the manager's redemption fee?", "Are prepaid management fees refundable if the fund exits early or I transfer out?", "What issuer, transfer-agent, legal, escrow, wire, FX, tax, and custody charges are expected?", "Provide a gross-to-net closing statement for both the legal payer and the economic bearer.", "What is the minimum holding period, approval right, transfer restriction, and expected time to liquidity?", "For a current quote, which fee terms expire if the price, size, issuer, or counterparty changes?", "For Forge Trust, provide the current dated fee schedule and disclose how cash administration revenue is earned.", "For Megacorn, has the SEC registration become effective and is this the final prospectus rather than a pre-effective draft?" ], "disclosure_language": { "short": "Forge costs depend on the legal product and transaction. Direct secondaries typically carry a success-based Forge Securities commission of 2–4%, but pricing may be higher, lower, or zero, and issuer legal or transfer fees may apply. Forge-advised funds can add class- and offering-specific brokerage, setup, management, carry, operating, transfer, and redemption costs. Published ranges are not a quote; review the transaction and fund documents before investing.", "structured": [ "Product identity: State whether the exposure is direct stock, a Forge-advised single-issuer fund, a multi-issuer fund, or a third-party fund.", "Legal payer vs. economic bearer: Identify who is invoiced and who ultimately absorbs the cost through price, NAV, capital account, or net proceeds.", "Known current fees: Show exact quoted fees when available; otherwise display the verified range and mark it as variable.", "Unknown/additive costs: List issuer, transfer, legal, escrow, custody, tax, underlying-fund, and resale expenses without converting them to zero.", "Liquidity: Disclose issuer approval, fund-manager approval, holding periods, transfer restrictions, proration, and the absence of a guaranteed secondary market.", "Evidence date: Display the source date, access date, product/class scope, and whether evidence is current, historical, proposed, or anecdotal." ] } }