CrowdStreet

Yes, in the sense that matters for a platform: CrowdStreet Capital LLC is a FINRA-registered broker-dealer (CRD 312762) with no disclosures on BrokerCheck, it does not hold client money, and fund purchases settle through each fund's transfer agent. Legitimate is not the same as safe. 49 of the 216 marketplace deals it published lost money, and one sponsor it listed, Nightingale Properties, misappropriated $62.8 million raised through it in 2022 and 2023. The company now styles itself Crowd Street.

The platform itself was not charged: the criminal and SEC cases name Nightingale's owner, Elchonon Schwartz, and his firm. Today's offerings are registered funds from managers such as StepStone, Nuveen, PGIM and Lexington that file audited reports with the SEC, which individual sponsor deals never did. They still carry market, credit and liquidity risk, and the platform's FAQ says investors should be able to sustain a total loss.

Across 216 realized marketplace deals to January 24, 2025: an 11.2% aggregate IRR and a 1.33x equity multiple, a 16.3% median IRR and a 3.1% mean IRR. Industrial averaged +26.4% and multifamily +11.4%; hospitality averaged -62.7%. The record covers individual sponsor deals only. Returns on today's funds are in each fund's own reports, not in this record.

In the published record, 49 of 216 realized deals (22.7%) had a negative IRR and 24 (11.1%) returned nothing. The record excludes deals still held, deals realized after January 24, 2025, and the two Nightingale deals that went into liquidation.

Yes. The median realized deal returned a 16.3% IRR, and the best, East Nashville Industrial, returned about +120% in 1.4 years. Most multifamily, industrial and storage deals in the record made money. Outcomes depended heavily on the category and the year a deal was sold.

Yes. 24 realized deals returned 0.00x, and the platform's own disclosures say investors should not invest unless they can sustain 'the risk of total loss of capital.' Registered funds spread risk across many holdings, which makes a total loss less likely but not impossible.

Three figures describe the same 216 deals: the 11.2% aggregate (weighted by cash flows), the 16.3% median and the 3.1% mean. Sites quote whichever suits them, and older articles quote earlier versions of the record. The record is also net of the most onerous fees that could have been charged, so many investors' own returns were higher.

No account fee. On today's offerings, an upfront sales load of typically 1.5% to 3.5% is deducted from the amount invested; issuers also pay CrowdStreet Capital placement and ongoing servicing fees, which can be passed on; and each fund charges its own management, performance and operating fees (Form CRS, May 18, 2026). The exact fees are on each offering page under 'Fees and Expenses'.

Yes. The Form CRS says: 'You will pay fees and costs whether you make or lose money on your investments.' The sales load is taken at purchase and fund management fees accrue regardless of performance.

Typically $5,000, higher for some offerings, with no minimum to open an account (Form CRS and FAQ, 2026). Sites that say $25,000 describe the old individual-deal marketplace, where most deals set that minimum; one 2025 deal required $250,000.

Yes. Every offering is for accredited investors living in the United States: $200,000 of income ($300,000 joint), $1 million of net worth excluding the home, or an active Series 7, 65 or 82 license. Some offerings also require qualified client or qualified purchaser status. Verification through the platform lasts a year.

It depends on what you own. Marketplace deals return money only when the sponsor sells or concludes the investment. CrowdStreet REIT I shares cannot be redeemed. Interval funds (CPRTX, PPRTX, OFLAX, CRDEX) make quarterly repurchase offers for 5% to 25% of their shares. Tender-offer funds (FLEX, SPRIM, SPRING, Neuberger Access Fund) repurchase when their boards approve a tender, and the Nuveen REIT and Churchill's PCAP run limited repurchase programs. Requests above the limit are prorated.

Generally not. There is no secondary market for marketplace deal interests, and a private transfer needs the sponsor's consent under the operating agreement. The platform's FAQ says some investments 'will be completely illiquid, meaning you cannot withdraw your capital until the sponsor has concluded the investment.'

Realized marketplace deals averaged 3.5 years, and many open deals have run longer. The platform says investments 'should be considered as long-term positions.' The current funds have no fixed term but limit how much they buy back each period.

For a legacy deal, the sponsor decides distributions under the deal documents and usually stops them when property cash flow falls or a lender restricts payments; the record's hospitality, office and senior housing losses followed that pattern. Ask the sponsor for current financials. CrowdStreet REIT I pays at its board's discretion and irregularly; it paid $75.22 a share on April 15, 2026.

The operating agreement of the deal decides. CrowdStreet's own guide describes the usual outcomes: your share is diluted (in its example, not funding a 20% call cuts a stake by about 17%), some agreements add punitive dilution (25% in the same example), and others let contributing members advance the shortfall as a loan. Capital calls arise in legacy deal LLCs; today's funds are bought fully paid at subscription.

Nightingale Properties raised about $54 million from about 654 investors for the Atlanta Financial Center from May 2022 and about $8.8 million from about 167 investors for 1601 Lincoln Place in Miami Beach from November 2022, all through CrowdStreet, per the Justice Department. Its owner, Elchonon Schwartz, moved substantially all of it into personal and unrelated accounts. He pleaded guilty to wire fraud on February 12, 2025 and was ordered to pay $45,079,485.03 in restitution; the SEC's parallel case ended in a final judgment on December 16, 2025.

Not in full on the public record. The two deal entities filed Subchapter V Chapter 11 petitions on July 14, 2023, and a liquidation plan premised on Schwartz repaying investors was approved about three months later; the SEC complaint says only $3 million had been paid under it by February 2025. Restitution of $45.08 million was ordered in May 2025. CrowdStreet REIT I, which held the Atlanta vehicle, still carried it at zero at June 30, 2026 and received no recoveries in the first half of 2026.

One was filed: Shah v. CrowdStreet, Inc., W.D. Texas 1:25-cv-00383, on March 14, 2025, against CrowdStreet, Tore Steen and Ian Formigle. It seeks rescission of investments under the Texas Securities Act, alleging CrowdStreet acted as an unregistered broker-dealer from 2012 to 2022. On August 11, 2025 the court ordered the claims arbitrated individually and stayed the case. Three of the four plaintiffs filed joint dismissals on October 14, 2026; the fourth has asked to lift the stay. No decision on the merits is public.

Not as of November 2026: the offerings page lists only funds. Sponsor deals naming CrowdStreet Capital kept filing Form Ds through October 9, 2025, so the individual-deal marketplace wound down during 2025.

Ten funds as of November 4, 2026: Franklin Lexington Private Markets Fund, Neuberger Private Markets Access Fund, StepStone Private Markets and StepStone Private Venture and Growth (private equity, venture and multi-asset); T. Rowe Price OHA Flexible Credit Income, StepStone Private Credit Income and Churchill's Private Capital Income Fund (private credit); and Clarion Partners Real Estate Income, PGIM Real Estate Fund and Nuveen Global Cities REIT (real estate).

They serve different investors. Fundrise is open to non-accredited investors through its own registered interval funds at a $1,000 minimum; CrowdStreet is accredited-only, typically from $5,000, and sells other managers' registered funds with a sales load. See the Fundrise vs CrowdStreet guide for fees, liquidity and records side by side.

For commercial real estate deals: EquityMultiple and RealtyMogul. For a multi-asset private markets platform: Willow Wealth (formerly Yieldstreet). For non-accredited real estate access: Fundrise. AltStreet's reviews of each give their records and fees; and the same registered funds CrowdStreet sells are often available through brokerage accounts and advisers.

Both, depending on the investment. Legacy marketplace deals and CrowdStreet's own thematic funds issue Schedule K-1s, often after April 15. REITs, including CrowdStreet REIT I, issue Form 1099. Most current registered funds report on Form 1099-DIV; confirm in each prospectus.

Yes, through a self-directed IRA. Since April 23, 2026 the platform lets members open an Equity Trust IRA while creating an account; Crowd Street Capital compensates Equity Trust for certain purchases made this way. Ask the custodian about fees and whether a holding can generate UBTI.

The CrowdStreet Marketplace Realized Track Record PDF (as of January 24, 2025), entered deal by deal into AltStreet's database as platform-disclosed data (confidence 3). Category, year and median versus mean breakdowns are AltStreet's analysis. The Form D figures come from the latest filing of each of 46 linked filers.