Fundrise vs Arrived 2026
Both platforms open fractional real estate to retail investors. The audit quality, fee architecture, and product integrity are not equivalent. This guide compares them on primary source data — prospectuses, N-CSR filings, and Reg A 1-K annual reports.
Guide Thesis
The structure is the investment.
Fundrise: KPMG-audited, 40 Act, 5% NAV cap, 1% all-in fee. Arrived: $100 minimum, going-concern language on the equity entities, Debt Fund clean at ~7.4% and compressing. Same asset class — different structural risk.
Most investors compare the minimums. The audit quality is what actually changes the risk.
Fundrise: KPMG audit, clean opinion. Arrived equity: going-concern language, 2nd year running.
The Core Decision
Each platform solves a different problem.
Of the retail real-estate platforms AltStreet has reviewed, Fundrise has the strongest combination of audit quality, regulatory structure, scale, and fee simplicity. Arrived is the most accessible — $100 minimum, property-level selection. The Arrived Debt Fund is the standout monthly-income product. The right choice depends on whether you prioritize audit quality, access, or monthly income.
Lowest Minimum
Arrived
$100 for individual property series. Fundrise: $1,000 subscription minimum on the interval funds (VCX trades on the NYSE at market). Both open to non-accredited investors.
Strongest Audit
Fundrise
KPMG-audited 40 Act funds, no going-concern. Arrived equity entities: audit reports carry going-concern language, 2nd consecutive year.
Best Cash Yield
Now a coin flip
Arrived Debt Fund: ~7.4% annualized (Aug 2026), monthly, clean audit — after three consecutive monthly cuts from 8%+. Fundrise Income Fund: 7.72% annualized, quarterly, with ~40% of income PIK.
TL;DR
The structural difference in two sentences
Fundrise operates KPMG-audited 40 Act funds at $1,000 minimums — institutional-grade structure at retail scale, with quarterly redemptions gated at 5% of NAV. Arrived offers $100 entry into individual property series — genuine accessibility innovation — but the audit reports on all eight equity entities contain going-concern language for the second consecutive year. Only the Debt Fund is clean.
If you read nothing else: scroll to the head-to-head comparison sections →
Fundrise is better for
- → Audited, regulated fund structure (40 Act)
- → Simple 1.0% all-in fee
- → Larger AUM ($3.4B at 3/31/2026), more diversification
- → Quarterly redemption even if capped
Arrived is better for
- → Lowest minimum ($100) for non-accredited investors
- → Individual property selection and transparency
- → Debt Fund: monthly distributions, clean audit, ~7.4% annualized
- → STR exposure without vacation rental management complexity
5%
Fundrise quarterly redemption cap — confirmed in all three prospectuses
On the $631M Income Fund, that is ~$31.5M redeemable per quarter. Demand can far exceed that.
8 of 9
Arrived equity entities' audit reports carry going-concern language
Second consecutive year. Only the Debt Fund holds a clean opinion — from the same auditor. This is not in the platform marketing.
7.4%
Arrived Debt Fund annualized yield after three straight monthly cuts
Was 8%+ for 22 months through May 2026. Assets reached $91.7M (May 31, 2026 supplement) — 4.6x in 19 months at an unmoved $10.00 NAV. Clean audit, monthly distributions.
$3.4B
Fundrise consolidated AUM — substantially greater scale than most retail real-estate platforms
KPMG-audited, clean audit opinions across all three registered funds.
Comparison hub
Head-to-head decision map
You are not choosing between features. You are choosing between structural tradeoffs.
Most investors arrive at this comparison with a specific question: liquidity, fees, or audit quality. These sections isolate each dimension without forcing you to read the whole page.
Capped quarterly windows vs no fixed mechanism
Fundrise vs Arrived: Liquidity
Fundrise's quarterly redemption window is real but limited — prospectuses confirm 5% of NAV per quarter as the cap, and the fund states it will 'likely offer to repurchase only the minimum allowable amount.' Arrived's equity series have no fixed redemption mechanism; the PPEX secondary market (launched 2025) currently runs trading windows the FY2025 1-K expects to occur quarterly, buyer-dependent, with potential sell-side fees before 5 years. One record worth knowing on the Fundrise side: redemption suspension has been used twice at the legacy Reg A eREITs — 2020, and fleet-wide from Q3 2025 through the April 2026 consolidation, per the entities' own filings. Those were sponsor-run redemption plans, a different legal mechanism from the registered interval funds' Rule 23c-3 program, which has not suspended to date.
Practical answer
Use Fundrise when structured quarterly access matters even if limited. Use Arrived Debt Fund when monthly cash distributions are more important than redemption flexibility.
| Decision factor | What changes |
|---|---|
| Redemption mechanism | Fundrise: quarterly repurchase, capped at 5% NAV/quarter — confirmed in all three prospectuses. Arrived equity: no fixed redemption; the PPEX secondary market runs trading windows the FY2025 1-K expects to occur quarterly after a 6-month hold, execution dependent on a buyer being present. |
| Liquidity cost | Fundrise: no repurchase fee currently on the registered funds (Board may impose up to 2% in future; the old 1% under-5-year penalty applied to the legacy eREITs, which no longer accept investment). Arrived: potential sell-side fees before 5 years on Secondary Market. |
| Cash distributions | Fundrise: quarterly (Income Fund), some appreciation funds reinvest. Arrived Debt Fund: monthly, ~7.4% annualized as of August 2026 after three consecutive cuts. Arrived SFR: quarterly. |
| Suspension risk | Fundrise: quarterly redemptions can be suspended. The Flagship prospectus explicitly states this right. Arrived secondary market: trading windows may close; no redemption guarantee. |
1% all-in vs layered affiliate fee structure
Fundrise vs Arrived: Fees
Fundrise's 1.0% annual fee (0.85% management + 0.15% advisory) is transparent, all-in, and lower than most comparable non-traded REIT structures. Arrived's fee stack is more complex: 1% annual on SFR series, 8-20% property management from gross rents, 3-5% acquisition fees per property, plus Debt Fund's 2.40% annual (dual management and servicing fees charged simultaneously on NAV and gross portfolio). Total fee drag on Arrived equity series is materially higher than Fundrise for most investors.
Practical answer
Fundrise wins on fee simplicity and total annual drag. The Debt Fund's 2.40% annual drag (two parallel 1.20% fees on different bases) is higher than it appears — the distribution yield (~7.4% annualized as of August 2026) is net of fees, which is the correct number to evaluate, but the fee structure is more complex than a single stated rate.
| Decision factor | What changes |
|---|---|
| Annual management fee | Fundrise: 0.85% (most funds) to 1.85-2.50% (Innovation Fund/VCX). Arrived SFR: 1% annual. Arrived Debt Fund: 2.40% annual (1.20%/yr on NAV + 1.20%/yr on gross loan portfolio — charged simultaneously). |
| Property management | Fundrise: internalized — no separate property management fee passed to investors. Arrived: 8% of gross SFR rents, 20% of STR 2 gross rents — taken before investor distributions. |
| Acquisition fee | Fundrise: no upfront acquisition fee on fund investments. Arrived: 3-5% sourcing/acquisition fee per property at time of purchase. |
| All-in estimated drag | Fundrise: ~1.0% annually (standard funds). Arrived SFR equity: ~2-4% annually including property management drag and amortized acquisition fees. Arrived Debt Fund: ~2.40% (dual fees; the distribution yield is net of both). |
KPMG-audited interval fund vs going-concern language
Fundrise vs Arrived: Audit & Governance
Fundrise's 40 Act registered funds are audited by KPMG with clean opinions — a meaningfully higher bar than Arrived's Reg A entities. The audit reports on all eight Arrived equity entities contain going-concern language from Stephano Slack LLC for the second consecutive year. Only the Arrived Debt Fund holds a clean opinion — from the same auditor, which makes the split more informative, not less. This distinction matters for risk-conscious investors regardless of platform marketing language.
Practical answer
Fundrise is structurally superior on both audit quality and regulatory oversight. Arrived's Debt Fund is the only product with a clean audit — the equity entities should be sized accordingly.
| Decision factor | What changes |
|---|---|
| Auditor | Fundrise: KPMG (Big 4). Arrived: Stephano Slack LLC across all nine entities — same auditor, opposite outcomes (clean opinion on the Debt Fund, going-concern language on the eight equity entities). |
| Going-concern language | Fundrise: none on any registered fund. Arrived equity: audit reports on all 8 entities carry it, 2nd consecutive year. Arrived Debt Fund: clean opinion. |
| Regulatory structure | Fundrise: SEC-registered 40 Act interval fund. Arrived: Regulation A Tier 2 (qualified offering, annual 1-K reporting, less rigorous than 40 Act). |
| Parent company | Fundrise: Rise Companies Corp — loss-making with equity issuance as a capital source, though current filings (Q1 2026 10-Q) no longer present a going-concern position and state a >12-month liquidity expectation. Arrived Holdings Inc: venture-backed, not publicly profitable. |
277 parsed marks vs a disclosure split
Fundrise vs Arrived: What the NAV Records Show
Both platforms mark their own NAVs, and AltStreet parsed the complete public record on both sides: 1,637 Fundrise offering circular supplements into 277 dated marks back to 2016, and all 91 Arrived supplements. The two records answer different questions. Fundrise's shows how manager-marked NAVs behaved over a full cycle: every legacy eREIT ended below its own peak, seven were merged away in April 2026 at manager-set exchange values between 7% and 37% below those peaks, and East Coast's last public print ($10.64, September 2025) came seven months before its lower exchange value ($9.61), with redemptions suspended in between. Arrived's record is shorter but has a structural gap: the three pooled funds publish a quarterly NAV and balance sheet, while the six property-series LLCs publish no consolidated figure at all between annual reports — and one pooled fund's printed asset total was wrong by $5.7 million across two consecutive filings before AltStreet's cross-check caught it.
Practical answer
Treat manager-marked NAVs as the sponsor's estimate, not a price. The Fundrise eREIT record shows marks can fall fastest exactly when the exit is closed. On Arrived, prefer the products that publish a fund-level NAV (the pooled funds) if you want anything to monitor between annual reports — and sum the balance-sheet line items rather than trusting the printed total.
| Decision factor | What changes |
|---|---|
| Who sets NAV | Both: the sponsor, per their own filings — not market prices, not GAAP fair values. Fundrise's registered 40 Act funds operate under a stronger valuation regime than the legacy eREITs' self-marked quarterly prints; the eREIT record is the cautionary history, not a description of the current funds. |
| Full-cycle record | Fundrise legacy eREITs: all below peak at the end; exchange values -7% (West Coast) to -37% (East Coast) from parsed peaks; the two still filing sit at $9.10 and $8.23. Arrived: too young for a full cycle — Debt Fund NAV pinned at $10.00-$10.02 while assets grew 4.6x in 19 months; Seattle Fund NAV down three consecutive quarters ($10.10 → $10.00). |
| Disclosure between annual reports | Fundrise: quarterly supplements historically; the merged vehicle now reports under the Exchange Act. Arrived pooled funds: quarterly NAV plus an unaudited balance sheet. Arrived property series: per-series tables with no consolidated entity-level figure published at all. |
| Reliability caveats | Arrived's Genesis February 2026 supplement printed a total assets figure $5.7M below its own line items, repeated in the next filing. Fundrise's East Coast final markdown (~10%) occurred between public prints. Supplements on both platforms are unaudited — reconcile against the audited annual report. |
Primary-data deep dives
The NAV records summarized above are published in full on the AltStreet newsroom: the complete Fundrise eREIT NAV record and merger endgame and what Arrived's nine same-day supplements actually disclose. Both are sourced to the filings they describe.
Scenario Analysis
$10,000 invested · Same capital · Both platforms
What the fee, yield, and liquidity differences actually look like on a $10,000 allocation.
| Metric | Fundrise Income Fund | Arrived SFR Equity | Arrived Debt Fund |
|---|---|---|---|
| Annual fee drag | $100 (1.0% all-in) | $200–$400 (~2–4% incl. property mgmt + acq. amortization) | $240 (2.40% annual) |
| Minimum entry | $1,000 (can auto-invest) | $100 per property series | $100 |
| Distribution yield | 7.72% annualized (quarterly; ~40% of income PIK) | ~3.5–4% net of fees (AltStreet modeling; quarterly) | ~7.4% annualized (monthly; Aug 2026 declaration) |
| Estimated annual distributions | ~$772 ($10K × 7.72%) | ~$350–$400 | ~$740 ($10K × ~7.4%) |
| Audit quality | KPMG — no going-concern | Going-concern language, 2nd year | Clean audit opinion |
| Liquidity | Quarterly repurchase offers (~5% NAV cap); no current repurchase fee — Board may impose up to 2% under fund terms | PPEX windows expected to occur quarterly after 6-month hold | PPEX windows expected to occur quarterly after 6-month hold |
| Tax document | 1099-DIV (no K-1) | 1099-DIV (no K-1) | 1099-INT |
| Non-accredited eligible | Yes | Yes (10% income/net worth cap) | Yes (10% income/net worth cap) |
On $10,000: Fundrise Income Fund yields ~$772/year (quarterly) at $100 annual fee drag. Arrived Debt Fund yields ~$740/year (monthly, at the August 2026 declaration rate) at $240 annual fee drag (2.40% — dual fees net in the yield figure) — with quarterly secondary-market windows as the exit path. Arrived SFR equity carries going-concern language in its audit reports and higher layered fee drag. Note the trajectory on the Debt Fund: the payout stepped down each month from June through August 2026, so the ~$740 estimate assumes the August rate holds.
Full primary-source analysis in individual reviews: Fundrise and Arrived.
Which platform is better for non-accredited investors: Fundrise or Arrived?
Short answer
Both platforms accept non-accredited investors. Fundrise: $1,000 minimum into KPMG-audited 40 Act registered funds — a materially more rigorous regulatory framework than Reg A Tier 2. Arrived: $100 minimum into Reg A Tier 2 entities — lower barrier, but all equity entities' audit reports carry going-concern language. Arrived's Debt Fund ($100 minimum, clean audit, ~7.4% annualized yield as of August 2026) is the strongest Arrived product by primary source analysis for non-accredited investors seeking income.
Both platforms democratize real estate access for non-accredited investors — but the regulatory structure and audit quality differ significantly.
| Factor | Fundrise | Arrived |
|---|---|---|
| Minimum investment | $1,000 (Starter plan); some $10 entry-level plans | $100 (industry-lowest for non-accredited) |
| Regulatory framework | 40 Act registered investment company (SEC-registered interval fund) | Regulation A Tier 2 (qualified offering, annual 1-K reporting) |
| Auditor | KPMG (Big 4) | Stephano Slack LLC (all nine entities) |
| Going-concern | None on any registered fund | All 8 equity entities: going-concern language (2nd year). Debt Fund: clean opinion. |
| Investment sizing cap | No regulatory cap (platform policies may apply) | 10% of annual income or net worth (Reg A Tier 2 statutory limit) |
| Tax document | 1099-DIV (no K-1) | 1099-DIV (equity); 1099-INT (Debt Fund) |
The 10% Reg A Tier 2 cap matters in practice: an investor with $50,000 net worth can invest a maximum of $5,000 in Arrived across all Reg A offerings combined. This limits the platform's utility for investors with modest net worth who want meaningful allocations.
Fundrise has no comparable statutory cap. For non-accredited investors who want to allocate $5,000-$10,000+ into private real estate, Fundrise's structure is more permissive, while Arrived's $100 minimum makes it the better entry point for first-time investors or small test allocations.
What returns has Fundrise delivered compared to Arrived?
Short answer
Fundrise Income Real Estate Fund: 7.81% annualized net return since inception (April 2022–December 2025), sourced from KPMG-audited N-CSR financial highlights. Arrived Debt Fund: roughly 7.4% annualized at the August 2026 declaration (after three consecutive monthly cuts from an 8%+ rate held for 22 months) with audited FY2025 net income of $3.55M. Arrived equity returns are not audited at the portfolio level — the platform reports 18.60% average total return on 173 exited properties (not annualized, not independently verified). Fundrise's worst year: -7.45% net in 2023, and its legacy eREITs all ended below their peak NAVs, exchanging 7-37% below those peaks in the April 2026 merger. Arrived's equity entities have not produced audited profitability at the entity level.
⚠ Return claims require interpretation
Arrived's "18.60% average total return on 173 exited properties" is a total return over an unspecified holding period — not annualized and not independently audited. Fundrise's income return figures are sourced from audited N-CSR filings. Compare these numbers only with that context.
| Metric | Fundrise | Arrived |
|---|---|---|
| Audited annual return (income) | Income Fund: 7.81% since inception (Apr 2022–Dec 2025) — N-CSR sourced | Debt Fund: ~7.4% annualized (Aug 2026 declaration) — audited net income $3.55M (FY2025) |
| Platform-reported equity return | Fundrise: 22.9% (2021), -7.45% (2023), recovery 2024-2025; Flagship not separately interval-audited | 18.60% average total return on 173 exited properties (not annualized, not audited at portfolio level) |
| Worst-year performance | -7.45% net (2023) as interest rates pressured NAV; documented in platform disclosures | Not disclosed at portfolio level; individual property exits vary widely |
| Dividend yield (income focus) | 7.72% annualized distribution rate (Income Fund; quarterly) | SFR equity: ~3.5–4% net of fees (AltStreet modeling; quarterly). Debt Fund: ~7.4% annualized (monthly; Aug 2026). |
| PIK income risk | 40% of Income Fund investment income is PIK (non-cash, accrual). $21.8M of $54.6M total is not yet received cash. | Not disclosed at fund level. Debt Fund distributes monthly — cash-backed distributions. |
One nuance in Fundrise's income fund: 40% of total investment income is PIK (payment-in-kind) — accruing interest on the balance sheet rather than cash received. The 7.72% distribution rate includes distributions partially funded by expense support from the manager. Understanding whether distributions reflect operating income or manager subsidy matters for assessing sustainability.
How do fees compare between Fundrise and Arrived?
Short answer
Fundrise charges 1.0% annually (0.85% management + 0.15% advisory) with no upfront fees — the simpler and lower structure for most investors. Arrived's SFR equity series layer: 1% annual management, 8-20% property management from gross rents (before distributions), and a 3-5% acquisition fee per property. The Arrived Debt Fund carries 2.40% annually — two parallel 1.20%/yr fees on NAV and gross loan portfolio charged simultaneously. The distribution yield (~7.4% annualized as of August 2026) is net of both fees. For a $10,000 allocation, Fundrise costs ~$100/year; Arrived SFR equity costs ~$200-$400; Arrived Debt Fund costs ~$240/year but the yield is already net.
The stated annual fee is the wrong number to compare. The total fee impact includes management fees, acquisition fees amortized over hold period, and property management fees on gross rents — all of which reduce distributions before investors receive them.
| Fee component | Fundrise | Arrived SFR Equity | Arrived Debt Fund |
|---|---|---|---|
| Annual management fee | 0.85% | 1.0% of property value | 2.40% annual — 1.20%/yr on NAV + 1.20%/yr on gross loan portfolio (both charged by Arrived Fund Manager LLC simultaneously) |
| Advisory fee | 0.15% | None separately stated | None |
| Property management fee | Internalized — no separate charge to investors | 8% of gross SFR rents; 20% of STR 2 gross rents | N/A — debt fund, no direct property management |
| Acquisition/sourcing fee | None | 3–5% of property purchase price (one-time) | Not disclosed separately |
| Total annual fee drag (est.) | ~1.0% all-in | ~2–4% (incl. property mgmt + amortized acquisition) | ~2.40% (dual parallel fees; yield net of both) |
| Performance fee | None on standard funds; Innovation Fund (VCX) may carry performance allocations per fund terms | None on SFR equity series | None disclosed |
The 8% property management fee on Arrived SFR rents is the number most investors miss. If a property earns $1,200/month in gross rent, $96/month goes to the property manager before any other expense — before mortgage payments on leveraged properties, maintenance reserves, or insurance. This is taken off the top before distributions are calculated. The 20% STR 2 rate is even more significant: $1,200 gross rent yields $240/month to the property manager.
How does liquidity compare between Fundrise and Arrived?
Short answer
Fundrise offers quarterly redemption windows capped at 5% of NAV — a real but gated mechanism confirmed in all three fund prospectuses. The Income Fund prospectus states the fund 'will likely offer to repurchase only the minimum allowable amount of 5%.' On the $631M fund, that is ~$31.5M per quarter. Arrived's equity series have no fixed redemption; the PPEX secondary market runs quarterly peer-to-peer trading windows after a 6-month minimum hold, with execution dependent on a buyer and potential sell-side fees before 5 years. Arrived Debt Fund: same secondary-market structure. Neither platform offers on-demand liquidity.
⚠ Neither platform is liquid
Fundrise's quarterly redemption and Arrived's Secondary Market both provide pathways to exit — but neither is guaranteed, on-demand, or without cost. Size these allocations as long-term capital you do not need immediate access to. The Fundrise prospectus is explicit: "investors may not be able to sell their shares promptly or at a desired price."
| Liquidity factor | Fundrise | Arrived Equity | Arrived Debt Fund |
|---|---|---|---|
| Redemption mechanism | Quarterly repurchase offer (company initiated) | PPEX secondary market (peer-to-peer, windows expected to occur quarterly) | PPEX secondary market (windows expected to occur quarterly) |
| Redemption cap | 5% of NAV per quarter (confirmed in all 3 prospectuses) | Market-dependent; buyer must exist in Secondary Market | Market-dependent |
| Minimum hold before exit | None stated on the registered funds (the old 1% under-5-year penalty applied to the legacy eREITs, now closed) | 6 months before secondary-market eligibility | 6 months |
| Early exit cost | No current repurchase fee on the registered funds; Board may impose up to 2% under fund terms | Potential sell-side fees before 5-year hold; market price may be at discount | Potential fees; market price may be at discount |
| Suspension risk | Can be suspended (documented right in prospectuses; used twice at the legacy eREITs) | Secondary-market windows can close; execution requires a buyer | Same as equity |
Fundrise's 5% NAV cap is the key liquidity number for large allocators. If 10% of investors want out in the same quarter (not uncommon in stress scenarios), only half of them can be accommodated. The remainder must wait for the next quarter — or the next, if demand exceeds capacity again. This is not a flaw unique to Fundrise; it is the structural reality of any non-traded fund with a redemption program.
Which platform is right for which type of investor?
Short answer
Fundrise is best for long-horizon investors wanting the stronger regulatory structure of the two at low minimums — audited funds, quarterly redemption, simple 1% fee. Arrived SFR equity suits investors who want individual property selection and can accept going-concern language in the audit reports and layered fees. Arrived Debt Fund is the standout for income-focused investors: ~7.4% annualized net yield (August 2026), monthly distributions, clean audit, $100 minimum — noting the payout stepped down three consecutive months into August. The 2.40% annual fee (dual 1.20% charges) is embedded in the net figures. Neither platform is appropriate as emergency capital.
Choose Fundrise if
- → You want the stronger audit and regulatory structure of the two platforms
- → You want a single diversified fund across hundreds of properties
- → You prefer the simplest fee structure (1.0% all-in, no acquisition fees)
- → You want quarterly redemption even if capped at 5% NAV
- → You're investing $1,000+ and want one decision, not many property picks
- → You want exposure to private venture capital alongside real estate (Innovation Fund/VCX)
Avoid if:
You need below $1,000 minimums, want individual property selection, or want monthly distributions.
Choose Arrived SFR Equity if
- → You want $100 minimum entry into specific rental properties
- → You want to build a custom portfolio of individual properties by market
- → You're comfortable with going-concern language in the equity entities' audit reports
- → You want to test the platform at minimal capital before scaling
- → You want STR exposure without managing a vacation rental yourself
- → You're a non-accredited investor with small initial capital
Avoid if:
You need audited profitability, want the simplest fee structure, or are allocating more than $5,000 (Reg A 10% income/NW cap for non-accredited).
Choose Arrived Debt Fund if
- → You want monthly distributions (~7.4% annualized at the August 2026 declaration)
- → You want the only Arrived product with a clean audit opinion
- → You want $100 minimum with audited net profitability ($3.55M FY2025)
- → You prefer private credit exposure over equity ownership of properties
- → You want IRA-compatible real estate credit with 1099-INT
- → You want competitive yield vs. Fundrise Income Fund with monthly (not quarterly) timing
Avoid if:
You want equity appreciation upside, prefer property-level selection, or need above the Reg A 10% income/NW cap.
AltStreet Take
What the data actually says
- →
Fundrise is structurally superior for larger, longer allocations.
Once you are allocating $5,000+ with a 3+ year horizon, the KPMG audit, 40 Act protections, and 1% all-in fee are not just marginal advantages — they are the difference between a regulated fund and a Reg A offering whose audit report carries going-concern language. The 5% NAV redemption cap is a real constraint, not a technicality, but it is a known constraint with documented mechanics.
- →
The Arrived Debt Fund is a materially different product from Arrived equity.
Most investors read 'Arrived' and form a single view. The Debt Fund — audited profitable, clean opinion, monthly-paid yield (~7.4% annualized as of August 2026), $100 minimum — belongs in a different category than the equity series. If you are considering Arrived, the Debt Fund is the one product the audit supports, though its trajectory deserves attention: assets grew 4.6x in nineteen months while the payout stepped down three straight months. A larger book paying less per share is the question to put to the sponsor. The equity series should be sized as speculative satellite positions, not core allocations.
- →
Most investors underestimate redemption gating in interval funds.
A 5% NAV quarterly cap sounds generous until you model a stress scenario: if 15% of investors request redemptions in the same quarter, only one-third get out. The queue carries over. Fundrise's prospectus explicitly reserves the right to suspend redemptions. The registered interval funds' Rule 23c-3 program has not suspended to date — but the sponsor-run plans at the legacy eREITs did, in 2020 and again fleet-wide from Q3 2025 through the April 2026 merger. Size accordingly.
- →
Arrived's accessibility advantage is real — but the going-concern is a signal, not just a disclosure.
Two consecutive years of going-concern language from an auditor is not boilerplate. It reflects genuinely uncertain entity-level cash flows and reliance on continued fundraising to operate. For the Arrived equity series, this is not a reason to avoid the platform — it is a reason to treat these allocations as higher-risk, smaller-sizing positions, not as the core of a real estate portfolio.
- →
Neither platform is a substitute for actual liquidity planning.
Fundrise's quarterly redemption and Arrived's Secondary Market are improvements on pure lockup — but neither is a bank account, a money market fund, or a public REIT. Investors who discover this at the moment they need the capital have made an allocation error, not a platform error. Both platforms state the liquidity limitations clearly in their prospectuses. Read them.
- →
The $10 minimum is a funnel — the real Fundrise product starts at $1,000.
Fundrise advertises a $10 entry point in some contexts. The registered 40 Act interval funds — where the KPMG audit, the 40 Act protections, and the quarterly redemption mechanism actually apply — require $1,000. The $10 product is an on-ramp to the platform, not the platform itself. For investors comparing Fundrise to Arrived on the basis of a $10 vs $100 minimum, both numbers are somewhat beside the point.
- →
The eREIT endgame is the best manager-discretion case study in retail real estate.
AltStreet parsed all 1,637 Fundrise supplements: every legacy eREIT ended below its own peak, seven were merged away in April 2026 at manager-set values 7-37% below those peaks, and the sequence ran suspension first (Q3 2025), markdowns second, exchange third. East Coast's last public mark came seven months before its lower exchange value. That is not an allegation of wrongdoing — the S-4 predates the markdowns, and the survivor reopened redemptions — but it is the documented shape of what sponsor discretion can do in a sponsor-marked, sponsor-gated vehicle. It is the context in which every non-traded NAV on either platform should be read.
- →
Arrived's real disclosure divide is pooled funds versus property series.
The three Arrived pooled funds publish a quarterly NAV and balance sheet in public supplements; the six property-series LLCs publish per-series tables with no consolidated figure at all between annual reports. An investor in the pooled products has a public mark to monitor four times a year. An investor across individual houses has line items and no entity-level total. And the supplements are unaudited — Genesis's February 2026 filing printed a total $5.7M below its own line items, twice. If you invest on Arrived and intend to actually monitor the position, that pushes toward the pooled funds, and toward summing the balance sheet yourself.
How does tax reporting compare between Fundrise and Arrived?
Short answer
Both platforms issue 1099-DIV — a structural advantage over K-1 platforms that require extension filings and multi-state returns. Fundrise's 40 Act fund 1099-DIVs include ordinary income and return-of-capital components. Arrived's equity series issue 1099-DIV via their REIT-qualified LLC structure. The Arrived Debt Fund issues 1099-INT for interest income. Neither platform generates the K-1 complexity of direct CRE syndications. Both are generally compatible with self-directed IRAs without generating UBTI from REIT structures.
| Tax factor | Fundrise | Arrived (Equity) | Arrived (Debt Fund) |
|---|---|---|---|
| Tax document | 1099-DIV (no K-1) | 1099-DIV (no K-1) | 1099-INT |
| Income characterization | Ordinary income + return of capital (1099-DIV Box 1a/3); some qualified dividends | Ordinary income from REIT distributions; some qualified dividends; potential depreciation pass-through | Interest income (ordinary income rate) |
| UBTI risk (IRA) | Low — REIT structure generally avoids UBTI from unleveraged income | Low — REIT-qualified structure generally avoids UBTI | Review fund documents; debt interest may differ; generally low |
| IRA compatibility | Yes — Fundrise accepts SDIRA investments via compatible custodians | Yes — via compatible SDIRA custodians (Alto IRA accepted) | Yes — via compatible SDIRA custodians |
| Return of capital risk | Some distributions include return of capital (reduces cost basis; deferred tax, not tax-free) | Possible via depreciation pass-through; reduces basis | Primarily interest income; return of capital less typical |
The 1099-DIV advantage is real but nuanced. Return of capital distributions reduce your cost basis without triggering immediate tax — meaning a larger capital gain is deferred to when you exit. An investor receiving 30% return of capital in distributions is effectively deferring tax, not eliminating it. Track your basis adjustments year-over-year.
FAQs
Fundrise vs Arrived: Common questions
Which platform is better for non-accredited investors: Fundrise or Arrived?＋
Both are open to non-accredited investors, but they serve different needs. Fundrise offers $1,000 minimums into KPMG-audited 40 Act registered funds — a materially more rigorous regulatory framework than Reg A Tier 2. Arrived offers $100 minimums into Reg A Tier 2 entities — lower barrier, but all equity entities' audit reports carry going-concern language. For non-accredited investors wanting audited stability, Fundrise wins. For the lowest entry point or individual property selection, Arrived. Arrived's Debt Fund ($100 minimum, clean audit, roughly 7.4% annualized as of the August 2026 declaration) is the most defensible Arrived product by primary source analysis.
What are the minimum investments for Fundrise and Arrived?＋
Fundrise: $1,000 across the three registered funds (the legacy eREIT program was consolidated into Fundrise eREIT, LLC in April 2026 and is closed to new investment); $10 for some entry plans via referral. Arrived: $100 for individual SFR and STR property series; $100 for the Debt Fund; $20,000 for the SFR Genesis Fund institutional product. The Arrived $100 minimum is an industry low for retail investors and applies to individual property series, not pooled fund structures.
How does Fundrise's liquidity compare to Arrived's?＋
Fundrise offers quarterly redemption windows capped at 5% of NAV per quarter — this is a confirmed prospectus limitation, not a marketing disclosure. The fund states it 'will likely offer to repurchase only the minimum allowable amount of 5%.' On a $631M Income Fund, that is ~$31.5M redeemable per quarter — demand can substantially exceed that cap. Arrived's equity series have no fixed redemption mechanism. The Arrived secondary market (PPEX) currently runs trading windows the FY2025 1-K expects to occur quarterly after a 6-month hold, with execution dependent on a buyer being present and potential fees before 5 years. One further caution from AltStreet's parsed supplement data: all three Arrived pooled funds held near-zero cash on their May 31, 2026 balance sheets ($11,983 / $22,408 / $4,499), so fund liquidity depends on loan repayments and new subscriptions. Neither platform offers on-demand liquidity.
Which platform has better tax reporting: Fundrise or Arrived?＋
Both issue 1099-DIV — a meaningful advantage over K-1 platforms. Fundrise's 40 Act registered funds are structured as corporations for tax purposes, producing 1099-DIV with potential return-of-capital components. Arrived's equity series are structured as REIT-qualified LLCs also issuing 1099-DIV. Arrived's Debt Fund issues 1099-INT for interest income. Neither platform requires K-1 tax forms — a structural advantage over direct CRE syndications.
What returns has Fundrise delivered vs Arrived?＋
Fundrise Income Real Estate Fund: 7.81% annualized net return since inception (April 2022–December 2025), sourced from N-CSR financial highlights. Flagship Fund performance is not separately audited as an interval fund. Fundrise reported 22%+ in 2021, -7.45% net in 2023, recovery in 2024-2025. The legacy eREITs tell the full-cycle story: AltStreet's parsed NAV record shows every eREIT ended below its own peak, and the seven merged away in April 2026 exchanged at 7% to 37% below their highs. Arrived equity returns are not audited at the portfolio level — the platform reports 18.60% average total return on 173 exited properties (not annualized). Arrived Debt Fund: roughly 7.4% annualized as of the August 2026 declaration (down from the 8%-plus it paid for 22 straight months), with audited FY2025 net income of $3.55M. Both platforms' return claims require interpretation of structure and time period.
Does Arrived have audited financials?＋
Arrived files Regulation A 1-K annual reports for all nine registered entities, which include audited financial statements. The auditor across all nine is Stephano Slack LLC. All equity entities (Core SFR, SFR Genesis, STR, STR 2, SFR 3, 4, 5, Seattle Fund) have audit reports containing going-concern language — two years running — meaning the auditor flagged substantial doubt about each entity's ability to continue as a going concern. The Arrived Debt Fund is the only entity with a clean audit opinion, from the same auditor. Fundrise's registered funds are audited by KPMG with clean opinions across all three vehicles.
Is Fundrise or Arrived better for a Roth IRA?＋
Both are compatible with self-directed IRAs, and neither generates UBTI (Unrelated Business Taxable Income) from their REIT structures — a meaningful IRA advantage. Fundrise accepts IRA investments directly through its platform via compatible custodians. Arrived accepts IRA investments through compatible SDIRA custodians including Alto IRA. Neither platform has integrated IRA custody — investors must manage the custodian relationship separately. For IRA suitability, the 1099-DIV tax treatment is better than K-1, and REIT structure typically avoids UBTI.
What fees do Fundrise and Arrived charge?＋
Fundrise: 0.85% annual asset management fee + 0.15% annual advisory fee = 1.0% total annual fee on most funds. Innovation Fund (VCX): 1.85% — shareholders rejected a proposed increase to 2.50% in February 2026. No upfront fees. Arrived: 8% property management fee on gross SFR rents, 20% on STR 2; 1% annual asset management on SFR series; 3-5% sourcing/acquisition fee per property; Debt Fund: 2.40% annual (dual 1.20%/yr fees on NAV and gross loan portfolio, charged simultaneously). Arrived's layered affiliate fee structure results in materially higher total drag versus Fundrise — Fundrise's 1% all-in is simpler and lower for most investors.
What happened to Fundrise's original eREITs?＋
Seven legacy eREITs (Equity REIT, East Coast, West Coast, Development, Midland, Growth II, Growth III) merged into a single Exchange Act vehicle, Fundrise eREIT, LLC, effective April 29, 2026, at exchange values the manager set against a $10.00 baseline. AltStreet parsed the complete supplement record behind that ending: every eREIT finished below its own peak NAV, with exchange values 7% to 37% below the highs (East Coast was the deepest at -37% from its June 2022 peak of $15.33). Redemption plans across the merging funds had been suspended since Q3 2025, so holders watching the final markdowns had no exit except the merger. Two eREITs still file — Balanced eREIT II ($9.10) and Growth eREIT VII ($8.23) at June 30, 2026 — and the merged vehicle reopened redemptions in Q2 2026, printing $9.87 on July 1. New Fundrise money goes to the registered 40 Act funds, a structurally different product from the eREITs this record describes.
Can I trust the NAV figures Fundrise and Arrived publish?＋
Treat them as the sponsor's estimate, not a price. Both platforms state in their own filings that NAV is manager-determined and not a GAAP fair value. AltStreet's parsed records show what that means in practice on each side. Fundrise's legacy eREIT record shows manager marks moving down hard late in the cycle — East Coast's last public supplement print was $10.64 in September 2025, and it was exchanged at $9.61 seven months later, with the final markdown occurring between public prints while redemptions were suspended. On Arrived, the reliability issue is different: the supplements are unaudited, and the SFR Genesis Fund's February 2026 balance sheet printed a total assets figure $5.7 million below what its own line items sum to — an error repeated in the following filing. Practical rule: read the balance sheet, not just the headline NAV, and reconcile supplement figures against the audited annual report.
Which platform is better for monthly cash flow: Fundrise or Arrived?＋
Arrived's Debt Fund distributes monthly — the highest-frequency cash distribution of either platform — but its rate has compressed: declarations stepped down three consecutive months ($0.074 in June 2026, $0.066 in July, $0.062 in August), and the August declaration annualizes to roughly 7.4% on the $10.00 NAV, ending a 22-month run above 8%. Fundrise's Income Fund offers a 7.72% annualized distribution rate, quarterly, with the caveat that roughly 40% of its investment income is PIK (accrued, not cash). The August cuts erased Arrived's clear yield lead: the Debt Fund still wins on frequency, Fundrise now edges the stated rate. For monthly cash flow, Arrived Debt Fund; for quarterly income in a 40 Act audited structure, Fundrise Income Fund.
Final read
Final Verdict
Of the retail real-estate platforms AltStreet has reviewed, Fundrise has the strongest combination of audit quality, regulatory structure, scale, and fee simplicity — KPMG-audited, 40 Act registered, $1K minimums, quarterly redemption. Arrived offers the lowest minimum ($100) with genuine property-level selection, but the audit reports on all eight equity entities contain going-concern language — two years running. The Arrived Debt Fund stands apart: audited profitable, clean opinion, monthly distributions — though its annualized yield compressed to roughly 7.4% by August 2026 after three consecutive monthly cuts.
These are not equivalent platforms with different aesthetics. They have fundamentally different regulatory structures, audit quality, fee architectures, and product risk profiles. The right choice depends on which dimension matters most: audit quality (Fundrise), access (Arrived equity), or monthly income with a clean audit (Arrived Debt Fund).
Fundrise wins on
Audit quality (KPMG, Big 4), regulatory structure (40 Act registered), fee simplicity (1.0% all-in), $3.4B AUM scale, clean audit opinions, quarterly redemption.
Arrived wins on
Minimum ($100 vs $1,000), individual property selection and transparency, monthly distributions (Debt Fund), short-term rental exposure, 1099-DIV with no K-1 complexity, IRA-compatible REIT structure.
Full Platform Analysis: Fundrise and Arrived
Each platform review is sourced from primary SEC filings — prospectuses, N-CSR financials, Reg A 1-K annual reports. No marketing language, no affiliate framing.
Fundrise Full Review
$3.4B AUM, KPMG-audited 40 Act funds, 5% NAV redemption cap, PIK income analysis, Innovation Fund/VCX assessment.
Arrived Full Review
9-entity SEC analysis, going-concern findings on equity series, Debt Fund clean audit, affiliate fee structure breakdown.