RealtyMogul vs Fundrise (2026): One Is Growing, One Is Paused — Honest Breakdown

Corrected October 16, 2026 — Fundrise prospectus date. Earlier versions of this page gave the date of the Fundrise Flagship and Income prospectuses as April 29 or April 30, 2026. Both are dated May 1, 2026: EDGAR accepted each Form 486BPOS on the evening of April 29, gave it a filing date of April 30 and made it effective on May 1 (Flagship filing index, Income filing index). The fee figures cited are unchanged.

For RealtyMogul on its own, our RealtyMogul review has both REITs' latest NAV, payout and repurchase status from their SEC filings.

If you searched "RealtyMogul vs Fundrise" looking for a side-by-side, here's the part most comparisons published before late 2025 don't tell you: this isn't really a comparison anymore. One platform raised $2.87 billion, listed a venture fund on the NYSE, and is paying a near-8% yield. The other has both of its retail REITs closed to new investors, has cut its main distribution from 6% to approximately 1.5% of NAV, and was sold to a new owner in November 2025.

That doesn't mean RealtyMogul is dead — Wideman Company says it manages about $1.2B of commercial real estate and cites over 50 years of experience (its own claims; the $1.2B is not in the Form 1-U and we have not verified it). But for a 2026 buyer choosing between the two today, the honest reality is that Fundrise wins on access, growth, fees, and current yield. RealtyMogul wins in exactly one scenario, and we'll cover it below.

Quick Comparison

What Each Platform Actually Does in 2026

Fundrise

Fundrise pioneered retail real estate crowdfunding in 2012 and is now the largest non-listed real estate platform open to retail investors. As of April 2026, the platform reports $2.87B AUM (equity), 385,000+ active investors, and $7B+ deployed across real estate.

The 2026 product lineup:

Income Real Estate Fund — Currently showing an 8.14% annualized distribution rate on its product page, and Fundrise's client-returns page lists an 8.14% currently declared annualized yield for the Income objective (7.66% over the 12 months ending June 30, 2026). NAV was $10.13 per share on August 27, 2026. Minimum $10. Quarterly repurchase offers at NAV with no repurchase fee (the current offer is for up to 5% of shares, pro-rated if oversubscribed).

Flagship Real Estate Fund — The diversified core. $1.23B in net assets at June 30, 2026 (Fundrise's site shows a $1.1B NAV); by value, its investments were 48.6% single-family residential, 16.3% multifamily and 13.9% industrial. Minimum $10.

Innovation Fund (NYSE: VCX) — Listed on the NYSE on March 19, 2026. The shares first traded at $31.25, closed as high as $289.51 in the quarter ended June 2026, and closed at $38.12 on September 8, 2026 — a 75.67% premium to that day's $21.70 NAV. NAV total return: 18.43% for Q1 2026, 68.39% for the year ended March 31, 2026, and 19.45% annualized since inception (per the fund's N-CSR and Fundrise's VCX page). Holdings include OpenAI, Anthropic, Databricks, SpaceX, Anduril, and Ramp. Management fee 1.85%.

Balanced / Growth / Long-Term Growth — Diversified portfolios mixing the funds above to match risk preference.

The full 2018–2025 return history (source: fundrise.com/client-returns):

The 2023 number — −7.45% — is real. Most aggregator articles still ignore it. NAV smoothing helped Fundrise in 2022 (when public REITs dropped −25%) and hurt it in 2023 (when private valuations finally caught up to the rate-hike adjustment). If you're comparing this against the "no losing year" claims you'll see on competitor sites, the truth is: Fundrise has had one negative year, and it's already on their own client-returns page.

RealtyMogul

RealtyMogul also launched in 2012, originally focused on accredited single-property deals, then expanded to two retail REITs (MogulREIT I in 2016, MogulREIT II in 2017). On November 6, 2025, The Wideman Company completed its acquisition of RealtyMogul from venture investors (Form 1-U, report date November 6, filed November 13; the November 10 press release only announced it). Wideman, an Orlando-based affiliate of Susquehanna Holdings Ltd., says it manages about 7M square feet and $1.2B of commercial real estate across the Southeast and Sunbelt (Wideman's own figures; they are not in the Form 1-U and we have not verified them). Matthew M. Wideman is CEO of The Wideman Company; Christopher D. Wideman, its COO, has been CEO and President of both RealtyMogul REITs and their manager since December 4, 2025. Wideman has committed to co-invest alongside investors in every new opportunity listed on the platform — "one of the first in the industry," per the acquisition release. So far the co-investing shows up inside the Income REIT: in January 2026 the REIT put $8.0M into Orlando's Truist Plaza alongside about $5.1M of Wideman equity, with Wideman affiliates earning a 1.98% acquisition fee and a 20% promoted interest.

The 2026 product lineup:

The Income REIT (MogulREIT I) — NAV $6.79 per share as of 6/30/2026 (down 32.1% from the original $10 issuance, down 38.4% from the $11.02 peak; $6.85 at 3/31/2026 and $7.49 at 12/31/2025). Annualized distribution rate approximately 1.5% of NAV for Q2 2026 — a quarter of what it paid historically. Minimum $5,000. Asset management fee 1.0% annualized on total equity value. Total Asset Value (the aggregate value of the properties behind its investments) about $441M as of August 27, 2026, after it sold three apartment properties on August 20, 2026. Status: closed to new money since July 11, 2025; its new offering statement was withdrawn on September 10, 2026. The REIT discloses that its distributions have been paid in part from sources other than cash flow from operations, and any distribution above its earnings counts as a return of capital that reduces your tax basis.

The Apartment Growth REIT (MogulREIT II) — NAV $6.36 per share as of 6/30/2026 (down 36.4% from $10; $6.85 at 3/31/2026 and $7.62 at 12/31/2025). Distributions are paused: none paid for the quarter beginning October 1, 2025 or after. Minimum $5,000. Asset management fee 1.25% annualized. Total Asset Value about $247M as of August 27, 2026, after the August 20, 2026 sale of Ridgeline View Townhomes. Status: paused to new investors.

Individual Private Placements — Accredited investors only. Minimums typically $25,000–$50,000. Hold periods 3–7 years. RealtyMogul's actual differentiator — single-property CRE deals where you underwrite the specific asset.

Both REITs suspended share repurchases on April 21, 2026. Before that, a shareholder could ask to redeem up to 25% of their own shares per quarter, total repurchases were limited to 5.0% of the prior year's weighted-average shares outstanding (1.25% per quarter), and requests above the limit were filled pro rata. Shares held less than a year could not be redeemed; after that, the price was 98%/99%/100% of NAV (1–2 / 2–3 / 3+ years). Investors reported multi-year waits to redeem during high-demand quarters.

Returns and Yields: The Honest Side-by-Side

For a $10,000 investor in 2026, here's what each platform's headline product is actually paying right now:

The yield gap is the visible part. The NAV change is the invisible one. A $10K investor in MogulREIT I at original NAV would today have $6,850 of principal earning a distribution of approximately 1.5% of NAV — and could not sell back to the REIT, since share repurchases were suspended on April 21, 2026. The same $10K in Fundrise's Income Fund would be at $10,130 generating about $814/year, with quarterly penalty-free redemption available.

This is not a "Fundrise outperformed" story — it's a "private CRE NAVs reset and one platform's REITs caught more of it" story. Both platforms have similar rate-hike exposure on the underlying assets. The difference is product mix (Fundrise's Income Fund holds shorter-duration, more debt-like exposure; MogulREIT I/II hold equity in stabilized properties that took the full mark-to-market).

Fees: Where the Comparison Tightens

Fundrise's interval funds charge a 0.85% management fee and 1.78% (Flagship) to 2.13% (Income) in total annual fund operating expenses per the May 1, 2026 prospectuses, against 1.0–1.25% asset management fees on RealtyMogul REITs; the two are not like for like, because Fundrise's total includes the funds' other operating costs. Correction, October 14, 2026: an earlier version described Fundrise's fee as 1.00% all-in. The differentiator is the implicit "fee" of capital-trapped NAV — investors paying 1% on a NAV that's down 32-36% are paying real fees on capital that no longer exists.

Liquidity: A Real Difference

Fundrise's interval funds (Income Real Estate Fund, Flagship) make quarterly repurchase offers at NAV with no repurchase fee. The current offers are for up to 5% of each fund's shares; if more is tendered, a fund can buy up to 2% more and then pro-rates. Payment comes within about three weeks of the request deadline. The Innovation Fund ended its tender offers when it listed on the NYSE, so you now sell VCX on the exchange. The merged Fundrise eREIT limits redemptions to 2.50% of NAV per quarter (up to 5.00% at the manager's discretion); by June 30, 2026 it had honored about 2.4M of the roughly 7.256M shares submitted since its April 29, 2026 merger.

RealtyMogul's REITs offered share repurchase with these limits until both programs were suspended on April 21, 2026:

• Caps: each shareholder could request up to 25% of their own shares per quarter; total repurchases were limited to 5.0% of the prior year's weighted-average shares outstanding (1.25% per quarter)
• Scale: 98% of NAV (1–2 year hold) / 99% (2–3 year) / 100% (3+ year)
• During quarters where redemption requests exceed the cap, requests are pro-rated and remaining requests roll forward

In practice, multi-year waits during stress periods are reported by investors. For a beginner who might need to access funds, this is a material difference.

Taxes

Fundrise's REITs distribute via 1099-DIV — ordinary income at your marginal rate (not the preferred qualified dividend rate). Section 199A pass-through deduction may apply for REIT dividends through 2025 and now permanently under OBBBA (P.L. 119-21).

RealtyMogul's MogulREIT I and II also distribute via 1099-DIV. Individual private placements typically distribute via K-1, which arrives later (often March-April), can require state filings in the property's state, and is materially more complex. If you don't want K-1 hassle, stick to the REITs — but as of April 2026, you can't even open a new REIT position at RealtyMogul.

For IRA-held positions, both platforms work with self-directed IRA custodians. Fundrise has a formal partnership with Inspira Financial ($125/yr fee, waived at $25K balance). RealtyMogul works with Equity Trust and other SDIRA custodians ($5K minimum for IRAs at most custodians). UBIT/UDFI considerations apply to leveraged positions on either platform.

Five Reader Scenarios — Honest Verdict

1. Beginner with $10–$10,000, non-accredited, wants passive diversified RE exposure

Winner: Fundrise. Lower minimum ($10 vs $5,000), broader products, growing platform, transparent return history, currently declaring 8.14% on the Income objective. RealtyMogul's REITs are paused — beginners literally can't enter most of the product line in April 2026 even if they wanted to.

2. Accredited investor wanting to underwrite specific commercial properties

Winner: RealtyMogul (cautiously). This is the only scenario where RealtyMogul has the upper hand, and only because Fundrise doesn't compete in single-deal commercial. The new Wideman ownership has committed to co-investing in every deal — that's a genuine differentiator if it materializes in actual deals. Recommend reviewing the terms of Wideman's co-invested deals before committing meaningful capital — the first ones, inside the Income REIT, also pay Wideman affiliates acquisition fees and a promote.

3. Investor seeking high current income

Winner: Fundrise Income Fund. 8.14% declared annualized yield on a stable NAV ($10.13 on August 27, 2026), $10 minimum, quarterly penalty-free withdrawals. RealtyMogul's Income REIT pays approximately 1.5% of a NAV that's down 32.1% from the $10 issuance (38.4% from the $11.02 high) — and it's closed to new investors anyway.

4. Investor wanting tech / VC exposure within a real estate platform

Winner: Fundrise (VCX or Innovation Fund). Not even a comparison. RealtyMogul has no VC product. Note: VCX has traded at a substantial premium to NAV (75.67% on September 8, 2026) — buying VCX on the NYSE is paying for liquidity, not getting in at NAV. We found no filing describing a way to buy new shares at NAV since the March 2026 listing; the fund's current offering is an at-the-market program on the NYSE, priced at market and never below NAV.

5. Investor wanting to redeem soon (within 1–2 years)

Winner: Fundrise. Quarterly penalty-free withdrawals on Income / Flagship vs RealtyMogul's repurchase programs, suspended since April 21, 2026 (previously a 5%/yr cap with reported multi-year waits during stress quarters). If liquidity matters, the answer is unambiguous.

Pros and Cons

Fundrise

RealtyMogul

What Happened to RealtyMogul?

For readers who knew RealtyMogul as a top-3 retail platform in 2018–2022, the obvious question is: how did this happen?

Three structural reasons:

1. Concentrated equity exposure. MogulREIT I and II hold equity in stabilized commercial properties — the exact assets that took the full mark-to-market when 2022–2023 rate hikes compressed CRE valuations. Fundrise's product evolution toward shorter-duration debt and a broader diversified mix (industrial, single-family build-for-rent) reduced its NAV exposure to the same shock.

2. Closed to new investors. Both REITs stopped taking new subscriptions on July 11, 2025, when RealtyMogul's broker-dealer, RM Securities, withdrew its registration and the manager paused the offerings. The Apartment Growth REIT says it plans to resume its offering "at a later date." The Income REIT withdrew its October 2025 offering statement on September 10, 2026, saying it was not in the company's best interests to continue "at this time." Neither REIT has announced a reopening date.

3. Distribution cut. MogulREIT I's annualized distribution dropped from 6% (the historical rate) to 4.0% for December 2025, approximately 3.0% for Q1 2026 and approximately 1.5% of NAV for Q2 2026. For income-focused investors, that's the most visible signal that the underlying cash flow can no longer support the prior payout.

Wideman's acquisition is the response. The thesis is that an experienced operator that says it manages $1.2B of commercial real estate (its own figure, which we have not verified), with a co-investment commitment, can rebuild the product line. The first 2026 example is already in the filings: the Income REIT's January 2026 Truist Plaza investment, where Wideman affiliates put in about $5.1M and earn a 1.98% acquisition fee, a 1.0% asset management fee, a 3.0% property management fee and a 20% promote. The open question is whether the REITs reopen with refreshed terms or are wound down in favor of individual deal flow.

FAQ

Honest Verdict

For a non-accredited investor, this is not a real comparison anymore. Fundrise is the only platform you can fully use in April 2026, it's growing, and it's paying nearly 8% on its Income objective with quarterly liquidity.

For an accredited investor, the comparison is narrower: Fundrise for diversified passive exposure (and now NYSE-listed VC via VCX), RealtyMogul if you specifically want to underwrite individual commercial deals and are willing to wait for Wideman to demonstrate the new co-investment model with real 2026 deal flow.

Either way, the 2018–2022 framing of "two top-3 platforms competing head-to-head" is over. The market made its choice during the 2022–2023 CRE NAV reset, and one platform absorbed more of it than the other.

If Fundrise sounds like the right starting point for you, get started with $10 at fundrise.com.

If you'd rather see how the platforms stack up against more competitors, the accredited investor comparison, the non-accredited platform list, and the Fundrise vs Arrived Homes head-to-head cover the full landscape. For the underlying CRE story driving these NAV moves, see our CRE debt maturity wall analysis. For the latest forensic update on RealtyMogul (FY2025 1-K, SRP suspension April 21 2026), see MogulREIT I & II NAV Crash 2025-2026.

Doing your own underwriting on a property you're considering? Use DealCheck with code BESTDEAL for 20% off — the same rental analysis tool we use ourselves.

— Jorge