CrowdStreet vs Fundrise (2026): 20 CrowdStreet Funds, Its C-REIT and Fundrise's Flagship Fund Compared From SEC Filings

Why this comparison is usually done wrong

Most "CrowdStreet vs Fundrise" pages compare minimums and marketing claims. The useful comparison is what each company's own funds have done with investors' money, and both companies have to tell the SEC. CrowdStreet's adviser lists every fund it runs, with its current gross asset value, in its Form ADV; each fund filed a Form D saying how much it raised. Fundrise's Flagship fund publishes audited returns, NAV and repurchases. We put those side by side.

Disclosure: CrowdfundedWealth has no affiliate relationship with CrowdStreet or Fundrise and earns nothing if you invest with either. There are no affiliate links on this page.

Side by side

Every cell is in the downloadable CSV. Our longer reads are the CrowdStreet review, the CrowdStreet REIT I review and the Fundrise Flagship fund review.

CrowdStreet's own funds: what they raised and what they report now

CrowdStreet Advisors must list every private fund it manages in Schedule D of its Form ADV, with the fund's current gross asset value, minimum investment and number of owners. Each of those funds also filed a Form D when it sold its interests, stating the amount sold and the number of investors. Matching the two gives the only public, fund-by-fund footprint of CrowdStreet's managed products. We could match 20 funds; the seven Blended Portfolio series, the E-Commerce Property Fund and the Opportunity Zone Portfolio have no comparable fund-level Form D, and REIT I is covered separately.

Sources: each fund's Form D (accession numbers in the CSV) and Schedule D, Section 7.B.(1) of CrowdStreet Advisors' Form ADV, amendment filed August 28, 2026. Ordered from the largest fall to the largest rise.

What this table shows, and what it does not. Nineteen of the twenty funds report less in gross assets today than they took in, and the combined figure is 36.7% lower (our arithmetic). The two General Partner Growth Fund series, which raised $20.65 million from 130 investors in 2022, now report $179,214 together, a fall of 99.1%. The Opportunistic Fund I, Series I, CrowdStreet's 2020 fund, raised $15.78 million and reports $4.30 million.

Three cautions keep this from being a return figure:

1. Cash already paid out is not in the gross asset value. A fund that sold a property and distributed the money shrinks without having lost anything. None of these funds files financial statements publicly, so we cannot add distributions back.
2. A Form D can be filed before a fund's last close. None of these funds filed an amendment, so the amount sold is the figure at the filing date. Where the owner count in the ADV is higher than the investor count on the Form D (Opportunity Zone Fund IV: 46 investors on the Form D, 87 owners now), the fund probably raised more than its Form D shows, and the true change is worse than the table says.
3. The ADV does not date the values. For REIT I, the one fund we can check, the ADV figure ($36,129,716) sits close to the fund's December 31, 2025 net assets ($35,732,226), which suggests year-end 2025 values.

Even with those caveats, the direction is not ambiguous for most of the list. The funds near or above their raise are three of the four Opportunity Zone funds, which are designed for long holding periods to earn their tax benefits; the ones furthest below are the growth, special-situations, development and opportunistic strategies launched from 2020 to 2023.

Fundrise does not have an equivalent table, because its retail money sits in registered funds that report audited returns. Its adviser lists 15 accounts and $3.46 billion of regulatory assets.

CrowdStreet REIT I against Fundrise Flagship, year by year

The cleanest like-for-like comparison is between the two companies' registered funds, which publish audited financial highlights in the same format.

Sources: CrowdStreet REIT I Form N-CSRS for the period ended June 30, 2026 (accession 0001999371-26-019951); Fundrise Real Estate Interval Fund Form N-CSRS for the same period (0001777677-26-000057).

Both funds fell in 2023, when private real estate values were marked down. Fundrise's recovered in 2024; REIT I's kept falling. Part of the gap is cost: REIT I's net expenses of 3.65% in 2025 were more than twice Fundrise's 1.58%, and on a fund that had $31.1 million of net assets at June 30, 2026, fixed costs such as audit ($50,554), legal ($67,884) and valuation fees ($48,325) for six months weigh heavily. REIT I's NAV also sits below what its investors paid in: $31.1 million of net assets against $46.9 million of paid-in capital.

Two structural differences matter as much as the returns. REIT I cannot be redeemed: its offering memorandum, under the heading “NO RIGHT OF REDEMPTION,” says the Fund “will not provide liquidity to Investors, through periodic written tender offers or otherwise,” and its share count has stayed at 46,528. And REIT I is closed: its private offering “was closed to new investors on December 29, 2023.” We covered what is left inside it, including an office position now carried at zero, in the CrowdStreet REIT I review and the Nightingale write-down.

Getting your money out

Fundrise Flagship is an interval fund, so it must offer every quarter to buy back at least 5% of its shares at NAV; that policy cannot be changed without a shareholder vote. You submit a request before the quarter's deadline (September 30, 2026 for the third quarter), the price is set up to 14 days later, and the fund expects to pay within seven calendar days of that. If more than 7% of shares are tendered, requests are cut back pro rata. In its last three offers it bought back $69.3 million (December 2025 deadline), $100.0 million (March 2026) and $69.5 million (June 2026). In the first half of 2026 it paid $169.1 million for repurchases and took in $106.2 million of new money. The fund itself warns that “a Shareholder may not be able to sell their shares when or in the amount that they desire.” Our reading of the September 2026 offer covers the timing.

CrowdStreet REIT I has no exit except a sale of its assets or a private transfer. For CrowdStreet's private funds and individual deals, the documents that set the exit terms (operating agreements and offering memoranda) are not public filings, and we did not read them for this page. Private real estate funds of this kind typically return money only as properties are sold.

What a reader can do with this

1. Check that you qualify. CrowdStreet's offerings are for accredited investors; Fundrise Flagship is not restricted.
2. Ask for the fund's track record in writing. Before any CrowdStreet fund or deal, ask for the realized and current results of the sponsor's and CrowdStreet's earlier funds, and compare them with the Form ADV values above. The ADV is public on the SEC's adviser search under CRD 299176.
3. Price the lock-up. A $25,000 to $150,000 commitment with no redemption right is a different decision from a $1,000 position you can tender once a quarter.
4. Compare costs on the same basis. REIT I's 3.65% and Fundrise's 1.58% (2025) are both all-in fund expense ratios; deal-level fees in a sponsor's offering come on top of anything CrowdStreet charges.
5. If you already hold a CrowdStreet fund, match your fund in the table to see how its reported gross assets compare with what it raised, and ask the manager for the distributions paid to date, which the public filings do not show.

This is analysis of public documents, not investment, legal or tax advice.

FAQ

Sources: CrowdStreet Advisors, LLC Form ADV Part 1A, amendment of August 28, 2026 (CRD 299176, via the SEC's Investment Adviser Public Disclosure site); Forms D of the 20 CrowdStreet funds listed in the CSV (2020-2023) and the EDGAR filing lists of 22 CrowdStreet fund issuers, retrieved October 5, 2026; CrowdStreet REIT I, Inc. (CIK 1911129) Form N-CSRS for the period ended June 30, 2026 (accession 0001999371-26-019951) and registration statement on Form POS AMI of April 22, 2022 (0001580642-22-002206); Fundrise Advisors, LLC Form ADV Part 1A, amendment of September 16, 2026 (CRD 172036); Fundrise Real Estate Interval Fund, LLC (CIK 1777677) Form N-CSRS for the six months ended June 30, 2026 (0001777677-26-000057), Form N-CSR for 2025 (0001777677-26-000017), prospectus on Form 486BPOS of April 30, 2026 (0001213900-26-049518) and repurchase notice on Form N-23C3A of August 28, 2026 (0001213900-26-094717). Changes against amounts sold, chained returns and net flows are our arithmetic. The gross asset values in Form ADV are not net asset values and do not include distributions already paid. This is analysis of public documents, not investment, legal or tax advice.