The Reg D offering market is similar to the public offering market in capital raised and has been growing rapidly over recent years. The proceeds from Reg D offerings sold between 2021 and 2023 total $6.2 trillion, 23% more than the capital raised in registered offerings over the same period and a 86% increase over the proceeds from Reg D offerings sold during 2011-2013. Reg D securities have recently been sold to more investors per offering with a less amount sold per investor, suggesting an increasing retail preference for unregistered securities. Intermediaries play an important role in reaching retail investors. Offerings sold by broker-dealers with more retail clients and offerings sponsored by investment advisers with more wealthy individual clients are purchased by more investors per offering and raise less capital per investor. Investors of unregistered offerings must be wary of intermediariy misconduct and conflicts of interest. Broker-dealers that receive more commissions and specialize in selling unregistered offerings tend to receive more customer complaints stemming from unregistered securities. Investment advisers with non-fund clients are more likely to disclose conflicts of interest in regulatory filings when they sponsor Reg D offerings, indicating that they allocate client funds in self-sponsored unregistered securities.