Real Estate Crowdfunding Performance Tracker Q1 2026: Verified Returns, NAVs, and Distributions Across 10 Non-Accredited Platforms

Why this tracker exists

Most "best of" lists in real estate crowdfunding update once a year, usually in Q4, using stale platform claims. No major aggregator — NerdWallet, Benzinga, Financial Samurai, CRE Daily, College Investor — publishes a quarterly performance snapshot triangulated against SEC EDGAR Form 1-U filings.

This is that snapshot. Every distribution rate, NAV, AUM number, redemption status, and Q1-specific event below is verified against the platform's own product page and at least one SEC filing (Form 1-U, Form 253G2, Form 1-K, or Form 1-A POS) where the platform is required to disclose. Where the two diverge, the SEC filing takes precedence. Last verified: May 22, 2026.

Macro context — Q1 2026

Regional FHFA divergence widened in Q1 2026: Mountain division was down 0.7% YoY (Phoenix, Las Vegas, Denver all soft) while the Middle Atlantic division was up 4.2% YoY. This split matters because most non-accredited crowdfunding portfolios are concentrated in either Sun Belt (Arrived, Roots) or major-metro multifamily (Fundrise, RealtyMogul). Sun Belt SFR is no longer the universal tailwind it was in 2021-2023.

Platform-by-platform Q1 2026 data

Fundrise — sub-eREIT distributions collapsed; VCX listed on NYSE; consolidation merger April 29

The big Fundrise Q1 2026 story is twofold. First, the per-eREIT distribution numbers in the SEC Form 1-U filings are dramatically lower than historical: Balanced eREIT II declared distributions of roughly 0.22% annualized in February 2026; Growth eREIT VII roughly 0.25%. Both are an order of magnitude below the 4-5% historical norm. The reason is structural — Fundrise announced an eREIT consolidation merger effective April 29, 2026 that rolls every sub-eREIT into a single consolidated Fundrise eREIT. Distributions on each sub-fund were paid down to near-zero in the quarters preceding the merger as the fund books were squared. Forward reporting will be on the consolidated entity.

Second, the Fundrise Innovation Fund (VCX) listed on the NYSE on March 19, 2026 at its private NAV of $18.97 per share. It opened around $42, hit an intraday high of $125, and closed first day at $76 — a 300% premium to NAV. By the end of Q1 the premium had compressed to about 4x NAV. Portfolio composition was 20.7% Anthropic, 17.7% Databricks, 9.9% OpenAI per the listing materials. Read our VCX deep dive for the structural analysis and our VCX vs DXYZ comparison for how it stacks up against the other NYSE-listed private-markets fund.

Third, the Fundrise Equity REIT redemption program was suspended October 1, 2025 and remains suspended through Q1 2026. The Income Real Estate Fund (the interval fund) continues to repurchase 5-25% of outstanding shares per quarter at NAV — a different mechanism from the equity-REIT redemption queue and not affected by the suspension.

Verified Q1 2026 Fundrise metrics:

• Platform AUM: ~$3.3 billion
• Lifetime transactions: $7 billion+
• Active investors: 450,000+
• Cumulative dividends paid: $477 million+
• Equity REIT redemption status: suspended since October 1, 2025
• Income Fund trailing 12-mo yield (to March 31, 2026): 7.87% (per Fundrise client returns disclosure)
• VCX NYSE listing date: March 19, 2026, at $18.97 NAV; first-day close $76
• Sub-eREIT consolidation: effective April 29, 2026

RealtyMogul — Apartment Growth REIT SRP suspended; MogulREIT II distributions still paused

RealtyMogul's Q1 2026 was dominated by gating events. On April 21, 2026 (technically just inside Q2 but the decision and disclosure were Q1-quarter facts), the board suspended both the share repurchase program and the dividend reinvestment plan on the Apartment Growth REIT. NAV had drifted to $7.62 as of December 31, 2025 and was marked at $6.85 as of March 31, 2026 (board-approved June 1, 2026). The April Form 1-U cited "preserving liquidity" — the same language MogulREIT II used when its distributions were paused in Q4 2025 and have remained paused throughout Q1 2026.

The Income REIT (the main RealtyMogul non-accredited income product) cut its annualized distribution rate from approximately 6% of NAV to 3.0% in early 2026, and to approximately 1.5% of NAV for Q2 2026. NAV per share was $7.49 as of December 31, 2025 and was cut again to $6.85 as of March 31, 2026 (board-approved June 1, 2026), down from a peak of $11.02 — a 37.8% drawdown. Distributions have been paid quarterly since January 2026 (monthly through December 2025), at a $0.0006156164 per share daily accrual for February-March 2026 (verified from the February-March 2026 Form 1-U filing).

The under-reported context: the Wideman Company acquired RealtyMogul in November 2025. The new ownership is driving the distribution cuts and SRP suspensions, not just the CRE cycle. Our full RealtyMogul review covers the acquisition and Q1 distribution math. The MogulREIT I vs II comparison explains why MogulREIT II is the more impaired of the two REITs.

Verified Q1 2026 RealtyMogul metrics:

• Income REIT NAV: $6.85 as of March 31, 2026 (-37.8% from peak $11.02; $7.49 at December 31, 2025)
• Income REIT annualized distribution: 3.0% for Q1 2026 (halved from 6%); approximately 1.5% of NAV for Q2 2026
• Apartment Growth REIT NAV: $6.85 as of March 31, 2026 ($7.62 at the December 31, 2025 reset)
• Apartment Growth REIT SRP: suspended April 21, 2026
• Apartment Growth REIT DRIP: suspended April 21, 2026
• MogulREIT II distributions: paused (Q4 2025-ongoing)
• Total portfolio value: ~$285M
• Ownership change: Wideman Company acquired November 2025

Groundfloor — 12-Month Signature Note at 8.25%; DSCR lending +381.9% YoY

Groundfloor did not publish a standalone Q1 2026 portfolio analysis. The most recent comprehensive disclosure is the 2025 Momentum Report released in February 2026. From that report:

• 2025 Notes interest paid to investors: $8.4 million (every principal and interest payment on time, perfect track record since 2018)
• 2025 revenue: $40 million+ (+38.6% YoY)
• 2025 loan volume: +48.3% YoY
• DSCR lending growth: +381.9% YoY — the most under-reported strategic pivot in the platform's history
• Lifetime originations: $2.2 billion+ across 5,800+ projects
• Lifetime loans fully repaid: 800+
• Historical LRO annualized return: ~10%
• Platform-wide loss ratio (lifetime): under 1%

The DSCR-lending pivot is worth flagging. Groundfloor has always been pitched to retail investors as a fix-and-flip platform, but in 2025 it quietly built one of the fastest-growing DSCR (rental-investor mortgage) origination channels in the country. The implication for note investors: the underlying loan mix is shifting toward longer-duration, rental-property collateral. Read our Groundfloor review for the going-concern context from the FY2024 and FY2025 1-Ks and our DSCR loan ecosystem comparison for where Groundfloor's DSCR product fits.

Notes rates as of September 12, 2026: 5.0% (1-month) and 6.0% (3-month); 12-Month Signature Note at 8.5%. LRO yields remain approximately 10% annualized historical, with LTM platform-wide loss ratio elevated to roughly 2.12% per recent disclosures.

In Groundfloor's filings the Stairs Notes did not wind down: Groundfloor Yield LLC recorded $330,428,702 of Stairs Note proceeds in 2025 (gross, including rollovers), with $88.4 million outstanding at December 31, 2025 (down from $97.9 million).

Arrived Homes — best-disclosed Q1 of any platform; $3.7M+ distributions paid

Arrived publishes the most granular monthly breakdown of any platform in the non-accredited space. From the Q1 2026 financial performance post:

Key Q1 2026 platform stats:

• Total Q1 2026 distributions paid: $3.7 million+
• SFR Fund stabilized occupancy: 95.2%
• New leases signed in Q1: 69 (39 above forecast — the operational beat of the quarter)
• Private Credit Fund: $75.3M net assets at 28 Feb 2026 (1-U of 28 Jul 2026); Arrived reported 50 active loans, 18 repaid in Q1
• Vacation rentals gross bookings Q1: $392,000
• Total Arrived AUM: $337M
• Registered investors: 945,000+
• Properties under management: 533+

The under-reported finding: Seattle City Fund yield ramped sharply from 4.1% to 5.2% between January and February — a steeper relative jump than the headline SFR Fund and a signal that Seattle deployment is reaching stabilization. Read our Arrived Homes review and the Private Credit Fund deep dive.

The Arrived Secondary Market transitioned to a monthly trading cadence in Q1 2026, with all eligible offerings included in each window. This is a meaningful liquidity improvement over the prior quarterly cadence.

Roots — the equity outlier; 17.17% inception annualized; $116.6M NAV

Roots (Investwithroots.com) was the standout equity-side performer of Q1 2026 across the non-accredited bracket. From the April 9, 2026 SEC Form 1-U and the Q1 community update:

• Q1 2026 cash distribution: $1.50 per unit (record date February 28, 2026; payable by April 30, 2026)
• Total Q1 distribution paid: $1,116,899
• NAV per unit: $150.81 → $153.07 effective April 10, 2026 (+1.50% NAV in the quarter on top of the cash distribution)
• Fund NAV total: $116.6 million
• Trailing 12-month return (4/10/25 to 4/10/26): 12.02%
• Since-inception annualized (7/1/2021 to 4/10/2026): 17.17%
• Total return since inception: 81.57%
• Target annual return range: 12-15%

The most under-reported Q1 2026 datapoint from any platform: Roots acquired 87 new properties in Q1 at a $22.0 million purchase price against $24.8 million of "Current Market Value" reported in its Form 1-U filings — a 12.9% gap. This is the source of the NAV growth and is the durable competitive advantage that explains why Roots' inception-to-date return is the highest in the non-accredited equity tier. Roots is buying below appraisal at scale; that arbitrage compounds quarter over quarter.

Roots' quarterly redemption window operated normally in Q1 2026. Total portfolio: 563 properties / 698 doors. The "Live in It Like You Own It" resident-rewards program (renters earn Investable Rewards points, which can be used to invest in the fund, for paying rent on time, renewing the lease and completing property challenges) is, Roots says, designed to reduce vacancy and turnover. Read our full Roots review for the forensic breakdown.

Streitwise — NAV flat at $6.96, dividend held at $0.04

Streitwise (1st stREIT Office) had a quiet Q1 2026: NAV was flat at $6.96, the level since December 31, 2025, up from a low of $6.84 at December 31, 2024 after the 2024 Panera Bread Laumeier vacancy (which represented 22.5% of the portfolio's square footage). The Q1 dividend was $0.04 per share — the rate since Q2 2025, when it was raised from $0.03 — declared March 16, 2026 and paid April 10, 2026. Annualized yield at the $6.96 NAV: approximately 2.3%.

This does not redeem the platform's broader story. The original $10.00 share price is still well above current NAV (-30.4%), and the 77% dividend cut from $0.13 to $0.03 for Q1 2025 destroyed the income thesis for the original investor cohort. But for the first time since the vacancy, the trajectory has flattened — and there is now a structural-credibility data point to support the stabilization narrative: a $15.5M Morgan Stanley refinance at 6.195% closed February 10, 2026 on the two Laumeier properties, telegraphed in the January 27, 2026 1-U and executed exactly as scheduled. Whether this is a true bottom or a dead-cat bounce depends on Streitwise's ability to re-tenant the Laumeier vacancy at sustainable rates. Read our original Streitwise platform review for the lease-roll history and the office-vs-residential structural commentary, and our Streitwise 2026 SEC deep dive for the full 11-filing forensic chain including the going-concern note and the frozen-Reg-A+-offering finding.

Concreit — weekly liquidity intact; NAV drifted below par

Concreit's Q1 2026 SEC filings (multiple Form 253G2 supplements in January, February, and March) confirm the continuous offering remains active and weekly liquidity is operating with no announced gating — a meaningful differentiator from HappyNest, RealtyMogul, and Fundrise.

Current performance (May 2026): 5.47-5.48% annualized yield paid weekly. Target range: 6.5-7.5%. Current yield is well below target.

The principal-preservation caveat: NAV per share has drifted to $0.96, below the $1.00 inception par value — cumulative ~4% NAV erosion since launch. This is the first signal that Concreit's portfolio has absorbed realized losses or markdowns at the fund level. Total return including distributions may still be positive, but the "principal-protected" framing common in marketing copy is conditional on whether NAV recovers. Read our Concreit review for the fee-structure analysis and the Concreit vs Groundfloor head-to-head.

Platform stats (most recent disclosed): $100 million+ deployed across 400+ short-duration senior-secured residential loans.

Ark7 — 4.36% average yield + real secondary-market price discovery

Ark7's Q1 2026 portfolio average annualized dividend yield was 4.36%, with top performers Atlanta-C10 at 7.32% (March 2026), Atlanta-C5 at 7.05%, and Atlanta-C6 at 6.37%. The platform's defining feature remains the working PPEX ATS secondary market.

The Q1 secondary-market story: $348,931 in secondary transactions in April 2026, with 30 of 43 properties (70%) actively trading. The under-reported headline: Urbana-S11 returned a +25% price appreciation in a single month, showing that Ark7's secondary market is doing real price discovery — unlike most non-accredited peers where NAV is sponsor-set on a quarterly or annual cadence. Read our Ark7 review for the secondary-market mechanics.

Platform stats: ~43 properties, 94.81% occupancy (November 2025 baseline).

Lofty.ai — California buyers blocked; pivoting to Lofty AOS

Lofty.ai's Q1 2026 was a quiet pivot quarter. The marketplace still operates — tokenized residential rental properties at $50 minimums, distributing daily rent payments via smart contracts on Algorand — with yields in the 6-10% gross range. But two facts changed the strategic picture.

First, California buyers have been blocked from new purchases since February 2026 because the state's securities definition is broader than the federal standard and Lofty maintains its tokens are not federal securities. The California block is a meaningful retail-market shrinkage.

Second, Lofty pivoted developer attention in Q1 2026 to "Lofty AOS," an agentic AI operating system for real estate brokers — the marketplace is no longer the lead product. Lifetime figures, refreshed against Lofty's own disclosures on August 20, 2026: $100M+ invested, 40,000+ investors, $5.2M+ cumulative rent paid, 9.2% average rental yield, and 111 properties visible on the marketplace as of May 2026 across roughly 40 US markets. Trading costs 2.5% to buy and 3% to sell, plus 2.5% per side on market orders for instant execution.

A note on the property count, because it is easy to misread and we have misread it before: "properties visible on the marketplace" and "properties ever tokenized" are different measures, and comparing one to the other manufactures a decline that the numbers do not actually support. We are not claiming a shrinkage here — only that 111 were listed in May 2026. Read our Lofty review for the structural commentary.

EquityMultiple Ascent Income Fund — accredited only; 12.1% distributed yield

For completeness (and because the Income Fund product is structurally relevant to a yield comparison across the non-accredited tier), the EquityMultiple Ascent Income Fund continues to deliver the cleanest accredited-tier debt yield in this coverage universe:

• Most recent distributed yield: 12.1%
• Historical net yield range: 9.08-10.83% by vintage
• Target range: 8-12% senior debt; 10-14% preferred equity
• Minimum: $5,000 first-time (down from $20,000); $20,000 for existing investors
• Lockup: 1-year
• AUM: $25M+ in the Ascent Income Fund specifically

The operational caveat we've heard from investors: K-1 / tax document delays are a recurring complaint — high yield is real, but the operational friction during tax season is meaningful. Read our EquityMultiple review and the EquityMultiple vs Fundrise comparison.

Quick-glance Q1 2026 yield table

Aggregate redemption / wind-down tracker — verified through May 22, 2026

The single most under-reported risk story in non-accredited real estate crowdfunding for 2026 is the redemption-gate wave. Five major platforms have had structural liquidity events between October 2025 and April 2026. The verified list:

For investors holding any of these vehicles, the implication is that liquidity expectations from 2023 do not apply to 2026. Read our forensic liquidity 2026 article for the gate-event timeline and the 5-point pre-investment due-diligence checklist.

Cross-platform Q1 2026 themes

1. Distribution cuts are widespread. Fundrise sub-eREITs paid out roughly 0.22-0.25% annualized. Streitwise sits at 2.3%. RealtyMogul Income REIT was halved to 3% (and cut to approximately 1.5% of NAV for Q2 2026). MogulREIT II is at zero. The only platforms holding 8%+ yields are debt-focused (Arrived Private Credit Fund, EquityMultiple Ascent Income Fund, Groundfloor 12-Mo Signature Note).

2. Equity vs Debt divergence was about 400 bps in Q1. Within Arrived specifically, the Private Credit Fund outperformed the SFR Fund by 4.2-4.3 percentage points — same platform, same operator, dramatically different yields by structure.

3. Liquidity gates spread. Three of the top-10 non-accredited platforms (Fundrise Equity REIT, RealtyMogul's Income and Apartment Growth REITs, HappyNest) now have major redemption restrictions. A fourth (DiversyFund) is in formal dissolution.

4. Roots is the equity outlier. 12.02% trailing 12-month + NAV growth + redemption operating normally = the best-performing non-accredited equity platform in Q1 2026. The 12.9% gap between reported market value and purchase price on Q1 property buys is the main explanatory factor.

5. Macro tailwind narrowly missed. Mortgage rates briefly broke below 6% in late February — first time in 3.5 years — but rebounded by mid-March. FHFA HPI was essentially flat MoM. There was no housing-driven NAV lift available to platforms this quarter.

Where this leaves a 2026 portfolio

For the income sleeve: Groundfloor 12-Month Signature Note (8.5% as of September 12, 2026; a 100% on-time record since 2018, per Groundfloor), Arrived Private Credit Fund (8.4% Q1 avg), Fundrise Income Fund (7.87% TTM) are the operating options. EquityMultiple Ascent Income Fund (12.1%) for accredited investors.

For the equity sleeve: Roots (12.02% trailing 12-mo) remains the strongest non-accredited equity bet. Arrived SFR Fund (4.2%) for SFR diversification. Avoid RealtyMogul Apartment Growth (SRP suspended), MogulREIT II (distributions paused), Fundrise sub-eREITs (consolidating).

For the liquidity sleeve: Concreit (weekly distributions, NAV $0.96 caveat), Ark7 (active secondary market), Arrived Secondary Market (now monthly).

For the wind-down or cautionary list: HappyNest, DiversyFund Growth REIT I, RealtyMogul Apartment Growth, Streitwise (improving but not recovered), Lightstone Value Plus REIT V (suspend-then-tender-at-sub-NAV pattern documented in Q4 2025-Q1 2026 — see our liquidity 2026 article for the timeline).

For a complete 2026 allocation framework at the non-accredited $10K tier, see our 5-sleeve diversified allocation guide. For the Roth IRA-specific structural overlay (REIT election bypassing UDFI), see our Roth IRA crowdfunding guide.

FAQ

Sources (consolidated, primary first): Fundrise Equity REIT Form 1-U October 2025; Fundrise Growth eREIT VII Form 1-U February 2026; RealtyMogul Income REIT Form 1-U FY2026; RealtyMogul Apartment Growth REIT Form 1-U April 2026; Roots REIT Form 1-U April 9, 2026; 1st stREIT Office Form 1-U March 2026; Groundfloor 2025 Momentum Report (February 2026); Arrived Homes Q1 2026 Financial Performance post; Ark7 March 2026 Portfolio Update; Concreit Form 253G2 series January-March 2026; HappyNest Form 1-U (December 2025-January 2026); FHFA HPI January and February 2026 releases; Freddie Mac PMMS weekly survey; FRED 10-Year Treasury DGS10 series; EquityMultiple Ascent Income Fund product page; Lofty.ai marketplace.

This article is for informational purposes only and is not investment advice. Real estate crowdfunding investments are illiquid and may result in partial or total loss of principal. Every number above was verified at the time of publication; data may change as platforms file subsequent disclosures. Affiliate disclosure: we use the DealCheck affiliate link on this site; we do not have an active affiliate relationship with any of the 10 platforms profiled.