CrowdStreet Review 2026: Fees, 10 Funds, 49 of 216 Deals Lost

Updated October 14, 2026 — a tenth fund on the shelf; nothing new in the filings. The offerings page we saved on October 14, 2026 now lists ten funds from outside managers: the nine we counted on October 10 plus the Franklin Lexington Private Markets Fund (FLEX) from Lexington Partners (private equity, monthly subscriptions; we have not read its prospectus). The “Launching Fall ’26” secondaries fund we saw on October 10 no longer carries that label; FLEX’s own description mentions secondaries, but the page does not say it is the same fund. We found no new EDGAR filing for CrowdStreet, Inc. or the CrowdStreet private-fund entities filed under its name in 2026; the only 2026 filings we found are the broker-dealer’s X-17A-5 (June 23) and the registered REIT’s reports. The BrokerCheck report we downloaded today still answers “No” to “Are there events disclosed about this firm?”, the Form CRS is still the May 18, 2026 version, and the realized track record is still dated as of 1/24/25. We found no report of an SEC, FTC or FINRA action against CrowdStreet. We could not read the court docket today (the site blocked our request), so the last docket read stays October 10, and the first briefs on lifting the stay are due tomorrow, October 15. Looking for the CrowdStreet REIT? It is a different product with its own review: CrowdStreet REIT I (C-REIT) review. This page covers the platform: the marketplace, the broker-dealer, the funds sold on it, the track record and the litigation.

Updated October 10, 2026 — what the marketplace sells now, what it costs, and the broker-dealer's balance sheet. The offerings page we saved on October 10, 2026 lists nine funds from outside managers (Clarion, PGIM, T. Rowe Price OHA, Neuberger, Nuveen, Churchill and three from StepStone; our count) and no single-sponsor deal; a tenth, a secondaries fund, is marked “Launching Fall ’26.” CrowdStreet Capital’s Form CRS of May 18, 2026 says no minimum is required to open an account, offerings “typically” start at $5,000 (this page gave $25,000 before today), investors pay no account fees, and a sales load of “typically 1.5-3.5%” comes out of the invested amount up front. Its audited statement of financial condition for December 31, 2025, filed on EDGAR on June 23, 2026, shows $868,920 of assets, $721,222 of member’s equity, an accumulated deficit of $1,786,278 and net capital of $588,603 against a $9,847 requirement. The court dockets did not move since our October 7 read: the class action still ends at Dkt. 48 (September 23) with briefs due October 15 and October 29, and the SEC case against Schwartz still ends at a December 1, 2025 order. The realized track record file is still dated as of 1/24/25.

CrowdStreet review: what the records say (October 2026)

Most CrowdStreet reviews repeat the marketing: minimums, deal count, "vetted sponsors." Below is what you can check yourself in public records today, each with the document it comes from.

Three things stand out. CrowdStreet's own deal file looks worse the more recent the exit. The legal fight over the platform's role has not reached the merits, only the forum. And the record that matters for a new investor — the broker-dealer's regulatory history — is clean.

Current status (October 2026)

CrowdStreet is still operating. It did not shut down after the Nightingale fraud.

The company now markets itself as "Crowd Street" and moved its headquarters to 10 East 40th Street in New York in March 2025; BrokerCheck lists the same address as the broker-dealer's main office, while CrowdStreet, Inc. in Austin still keeps some of the broker-dealer's books and records under an expense-sharing agreement. Offerings are sold through CrowdStreet Capital LLC, a broker-dealer wholly owned by CrowdStreet, Inc., and through funds run by CrowdStreet Advisors, its registered adviser.

The platform has moved beyond commercial real estate, and the change is bigger than the headlines suggest. Crowd Street announced a two-word brand on May 29, 2025, launched a rebuilt platform on November 19, 2025, and announced distribution agreements with Nuveen and StepStone on October 2, 2025, StepStone funds on March 17, 2026, a Neuberger private markets fund on August 12, 2026 and the T. Rowe Price OHA Flexible Credit Income Fund on August 14, 2026, plus a collaboration with Equity Trust for self-directed IRAs on January 29, 2026 and a TIME "Best Financial Services 2026" listing on February 5, 2026. The company told a podcast in April 2025 that it had "deployed nearly $4.5 billion of equity across around 800 individual transactions" and had about 300,000 members; its FAQ now says that, as of June 30, 2026, investors had deployed “more than $4 billion” through the platform. Investing is still for accredited investors only. The $25,000 deal minimum this page used to give no longer appears in the company's current documents: its Form CRS of May 18, 2026 says offerings “typically have an investment minimum starting at $5,000,” and minimums vary by offering.

What is for sale today. The offerings page we saved on October 14, 2026 lists these ten funds and no single-sponsor real estate deal. Two caveats: the company's "how it works" page still lists “Direct deal commercial real estate” among its categories, and its FAQ says some opportunities are visible only to members who have finished account setup, so there may be offerings we cannot see.

Source: Crowd Street offerings page, saved October 14, 2026; “Subscriptions” is the page’s “Subscription Frequency.” On October 10 the page listed the other nine funds plus a secondaries fund marked “Launching Fall ’26”; that label no longer appears and the Franklin Lexington fund is new. The company’s own August 14, 2026 release counted seven funds, so the Clarion, PGIM and Franklin Lexington funds were added after that date or were not counted. Fund-level performance is in each fund’s prospectus; none of it is in the realized track record below, which covers deals listed on the marketplace since 2013.

CrowdStreet's own track record: 216 realized deals

CrowdStreet publishes a PDF of every realized deal on its marketplace since 2013, with amount invested, IRR, equity multiple and hold period, net of "the most onerous fees that hypothetically could be charged" by CrowdStreet Advisors. It is the best primary data on how CrowdStreet deals actually ended, and no review we found in the top results reads it line by line. We did; all 216 rows are in the CSV above.

The headline is respectable: 11.2% aggregate IRR and 1.33x on $769,827,906. The spread underneath is wide, and it gets worse with time:

Counts, sums and medians are our arithmetic from CrowdStreet's file. One deal's amount ($820,000) is printed apart from its row in the PDF; it is the amount that makes the rows add to the file's stated total.

What this tells a reader:

• About one deal in four lost money. 49 of 216 deals (22.7%) returned less than invested; those deals held $191,839,779, about a quarter of all dollars. 24 deals returned nothing at all.
• The losers are recent and large. Of the 49, 28 were realized in 2023 or 2024. The biggest by dollars: an Atlanta office deal (100 Edgewood, $26,160,497, 0.84x), the Wells Fargo Center in Jacksonville ($20,000,000, 0.06x), a senior housing deal in Wickliffe, Ohio ($9,350,122, 0.00x), a student housing deal in Fayetteville, Arkansas ($9,060,000, 0.00x) and an office building in Charlotte ($8,261,399, 0.00x).
• Multifamily, hospitality and office account for most losses: 15, 12 and 9 of the 49.
• The average excludes some exits. The file's footnotes say the combined IRR and multiple exclude "non-standard exits, unwound deals" and deals whose returns are still being finalized. The Nightingale offerings, which never closed, do not appear in it.
• It is stale. The file says it "is updated on a quarterly basis", but the version CrowdStreet links as "Latest" was still dated as of 1/24/25 on October 7 and again on October 10, 2026. Deals realized in 2025 and 2026 are not in it.

The pattern fits what else we have read. CrowdStreet's own registered fund, CrowdStreet REIT I, bought 2022-2023 deals and is at $668.85 a share from $1,000, and the 20 CrowdStreet private funds we matched to their Form D filings report gross assets well below what they raised — fund by fund in CrowdStreet vs Fundrise. For context, the Wall Street Journal's 2023 analysis of 104 completed CrowdStreet deals found more than half missed their targets; CrowdStreet called that "an incomplete view of deal performance."

The Nightingale fraud: what the court records say

This was criminal fraud by a sponsor, not a deal that went bad. The court records give the facts — and some widely repeated details are not in them.

The scheme

According to the criminal information, Elie Schwartz (Elchonon Schwartz), CEO of Nightingale Properties, raised money through CrowdStreet Marketplace for two projects:

• Atlanta Financial Center: he "initially sought to raise $16 million" but "ultimately raised approximately $54 million from approximately 654 investors."
• Lincoln Place, Miami Beach: about $8.8 million from approximately 167 investors; the SEC says that offering accepted money through March 2023.

In total, about $62.8 million. Neither deal closed.

How the money moved. The Justice Department's charging document says "the CrowdStreet investor funds were deposited into a segregated bank account for each investment", and the government's sentencing memorandum adds that, under Schwartz's agreements with CrowdStreet, the funds "were to be held in segregated bank accounts, which were controlled by Schwartz, until the closing." The problem was not that the money bypassed an account; it went into accounts the sponsor himself controlled, with no third-party escrow agent. Schwartz began moving it out three days after the first wires arrived, per the SEC. CrowdStreet says that since June 5, 2023 all single-sponsor deals use third-party escrow.

Where the money went (SEC complaint)

• At least $42 million of the $54 million Atlanta raise misappropriated, and virtually all of the $8.8 million Miami raise.
• Over $5 million to repay hard money lenders on unrelated borrowings.
• Over $12 million moved to brokerage accounts in one week of March 2023; $6.4 million went into First Republic Bank stock and options, and trading losses reached $10.7 million by the end of April 2023.
• Over $16 million to his personal accounts, including more than $7 million toward a penthouse condo he was building in Miami.
• Payroll for his other businesses, high-end watches and credit card bills.

The criminal case

• December 4, 2024: criminal information filed, N.D. Ga. No. 1:24-cr-00371.
• February 12, 2025: guilty plea to one count of wire fraud.
• May 21, 2025: judgment after the May 19 sentencing: 87 months in prison, 3 years of supervised release, $45,079,485.03 in restitution, paid pro rata to victims and credited with payments made through the ONH AFC CS Investors bankruptcy (Bankr. D. Del. 23-10931).
• July 2, 2025: motion to delay surrender denied; he was directed to report to Otisville Satellite Camp by noon on July 23, 2025.

What investors have got back

The SEC's complaint (February 12, 2025) says the bankruptcy liquidation plan rests on a settlement under which Schwartz and Nightingale would sell assets to repay investors in full, and that "to date, only $3 million in payments have been made," with outstanding losses of $43.7 million (Atlanta) and $8.8 million (Miami) — $52.5 million (our arithmetic). The SEC case was administratively closed on July 11, 2025 after the parties announced a possible settlement; on September 10, 2025 the court stayed it for another 60 days, and on December 1, 2025 it directed status updates every 30 days “until the case is either resolved or reopened.” The CourtListener copy of the docket, which we read on October 10, 2026, shows nothing after that December 1 order and no judgment, though it warns that its items may not be up to date. The bankruptcy case of the Atlanta vehicle (Bankr. D. Del. 23-10931) was still seeing filings: its latest known entry is dated October 5, 2026. We found no later public figure for total recoveries in a primary source; earlier versions of this page gave a "13% recovered" figure we cannot trace to a court document, so we removed it.

CrowdStreet arbitration: where the $1 billion case stands

The criminal case was against Schwartz. The civil case is against CrowdStreet.

The claim. Filed March 14, 2025 in the Western District of Texas (No. 1:25-cv-00383) against CrowdStreet, Inc., former CEO Tore Steen and former CIO Ian Formigle, the complaint "seeks the rescission of more than $1 billion of investments made through CrowdStreet while it was operating as an unregistered broker-dealer." It alleges that "from 2012 through 2022, CrowdStreet acted as a securities broker without registering," in violation of the Texas Securities Act. The proposed class is everyone who bought securities "offered, sold, or otherwise displayed on the CrowdStreet Platform within the applicable statute of limitations period" — "thousands" of investors, the complaint says. It was brought by four plaintiffs (three individuals and one LLC) who invested in the Nightingale offerings. Counsel: Boies Schiller Flexner, the Law Offices of Joshua B. Kons and Stoltmann Law Offices. CrowdStreet denies the claims; these are allegations, not findings.

The forum fight. CrowdStreet's Terms of Use send ordinary disputes to the American Arbitration Association but carve out any “Brokerage Dispute” for FINRA arbitration — and under FINRA rules a firm cannot force a customer into arbitration while a putative class action is pending in court. So which clause applies decides whether a class action can survive.

Two quotes capture the split. The first arbitrator concluded that “CrowdStreet, Inc. was providing website services. Therefore, the proper arbitration forum is the AAA and not the FINRA forum.” The third, answering CrowdStreet's argument that the claimant was using the FINRA carve-out to get back to court, wrote: “If the Terms provide a pathway from arbitration to a class action under specified conditions, then CrowdStreet agreed to that pathway when it drafted the Terms.” He also noted that CrowdStreet argued it "is not a FINRA member" and that FINRA may decline the case — "a question for FINRA and, if necessary, the courts."

What this means for you. No class has been certified, nothing has been decided on the merits, and no settlement has been announced. If you invested on the platform and want to preserve a claim, the class definition and the limitations period matter, and that is a question for a securities lawyer, not for this page. Two practical points from the record:

1. Individual arbitration is real. Two of the three original plaintiffs are proceeding individually at the AAA; plaintiffs' counsel told the court they were expected to "drop from this case as named plaintiffs."
2. The fight is about forum, not yet about whether CrowdStreet needed to register. The third arbitrator said whether CrowdStreet, Inc. "was in fact required to register as a broker-dealer" is a merits question he did not reach.

One more detail from the record: the order of September 23, 2026 notes that Judge Alan D. Albright has retired; the case is pending reassignment and the magistrate judge continues to preside. When we read the docket again on October 10, 2026 its newest entry was still Dkt. 48, so the opening briefs due October 15 were not yet on it.

Separate arbitration: 200 W. Jackson, Chicago

In March 2025, Bisnow reported that 125 investors in Nightingale's earlier CrowdStreet offering for 200 W. Jackson Blvd. in Chicago had filed a claim against CrowdStreet with the Arbitration Service of Portland, seeking about $7.2 million and alleging CrowdStreet failed to spot red flags before listing the deal. That arbitration is private; we found no public award. The SEC complaint confirms only that Nightingale's first CrowdStreet offering, in January 2022, "raised $25 million for the purchase of an office building in Chicago."

CrowdStreet fees: who pays what

CrowdStreet does not charge investors a platform fee on marketplace deals. Its Terms of Use, as quoted in the first AAA decision, say: “CrowdStreet does not charge Users fees or commissions unless separately agreed in writing pursuant to an Advisory Agreement or other agreement. You acknowledge that CrowdStreet receives fees and/or commissions from Sponsors and/or Issuers in connection with User transactions.” In practice:

• Marketplace deals: the sponsor pays CrowdStreet, out of the money raised. Brokerage fees charged by CrowdStreet Capital "are described in the offering material for a particular transaction" — read the offering memorandum's "use of proceeds" and fee sections for each deal. The class action alleges these payments were transaction-based compensation disguised as "technology" fees; CrowdStreet disputes that.
• CrowdStreet-run funds: fees are set in the fund's documents and advisory agreement. CrowdStreet REIT I, for example, charges a 1.50% management fee and a 0.50% investor servicing fee on NAV, and its net expenses were 3.65% in 2025 (see our C-REIT review).
• Funds sold through the platform today (Form CRS, May 18, 2026): CrowdStreet Capital says it acts as a placement agent and charges investors no account fees. It is paid by the issuer: a sales load, which “typically” runs 1.5-3.5% and is deducted from your invested amount up front; due diligence and placement fees that, in some cases, the issuer may pass on to you “directly or indirectly”; and ongoing servicing fees paid by the issuer or its affiliate. The broker-dealer's audited statements describe the same model: placement fees and upfront sales loads calculated as a percentage of capital raised. Fund-level fees (management, performance, operating costs) are in each prospectus and come on top.
• Sponsor fees inside each deal (acquisition, asset management, promote) come on top and vary by deal.

The returns in CrowdStreet's track record are shown net of the highest fees CrowdStreet Advisors "hypothetically could" charge, so they already include an allowance for fund-level fees.

Platform changes and leadership

CrowdStreet did make structural changes after the fraud:

• Escrow. The company's July 31, 2023 announcement says: “As of June 5, 2023, all Crowd Street single-sponsor deals are funded through third-party escrow accounts.” Funds are released only "upon confirmation of closing milestones." A 2025 company post says escrow covers "most offerings." For registered funds the company's FAQ says purchases typically go through a transfer agent, and that “Crowd Street does not take custody of member assets at any time during or after the investment.”
• Broker-dealer. CrowdStreet Capital was approved by the SEC and FINRA on May 2, 2022 and by Texas on June 15, 2022; the first AAA decision records as undisputed that it "did not begin offering brokerage services" until September 2022, and the company announced its broker-dealer model on July 31, 2023. The class action argues that CrowdStreet, Inc. itself was never registered and needed to be.
• Broker-dealer finances. CrowdStreet Capital files an audited statement of financial condition on EDGAR (Form X-17A-5; Deloitte & Touche LLP, its auditor since 2022). At December 31, 2025 it showed total assets of $868,920, liabilities of $147,698 and member's equity of $721,222, after $2,507,500 of contributed capital and an accumulated deficit of $1,786,278. Net capital was $588,603 against a $9,847 minimum, and the parent put in another $1,000,000 on February 12, 2026. The auditor added an emphasis-of-matter paragraph on related-party transactions with the parent, which provides the firm's shared services; three customers accounted for about 25%, 21% and 23% of its revenue. The public filing has no income statement, so we cannot say what the firm earned. The firm told its auditor there were no pending or threatened legal proceedings likely to have a material effect; the class action names CrowdStreet, Inc., not CrowdStreet Capital. One question we could not close: BrokerCheck lists private placements as the firm's only type of business, while its Form CRS says it offers “private placement securities and registered securities.” That is an open question, not a finding.
• Leadership. On July 31, 2023 the company announced that Jack Chandler, formerly Global Head of Real Estate at BlackRock, would serve as interim CEO, with Tore Steen remaining on the board. John Imbriglia, from iCapital, became CEO in July 2024; Shaun Mulreed (COO) and Rodes Ponzer (CMO) were added in October 2024. BrokerCheck lists Kristen Howell as president of CrowdStreet Capital. Since then the company named Dave Kasouf Chief Private Markets Officer (April 8, 2026) and added Chris Piazza as Chief Technology Officer and Lindsay Obenhaus as Head of Product (August 24, 2026); John Imbriglia was still quoted as CEO in that release.

Trust data

Review-site scores reflect the investor experience since 2022; the BBB's A+ does not factor in customer reviews. The two rows from primary sources pull in opposite directions: a clean regulatory record for the broker-dealer, and a weak run of recent deal exits.

CrowdStreet vs. alternatives

If you are choosing between CrowdStreet and Fundrise, they are different products — Fundrise's flagship is a registered interval fund open to anyone from $1,000. The numbers are in CrowdStreet vs Fundrise.

What a CrowdStreet investor can do with this

1. Check your deal against the track record. If your deal has been realized, find it in the CSV and compare your own statements with the file's IRR and multiple (individual results can differ). If it is not there, it is either still active, was realized after January 2025, or was a non-standard exit.

2. If you were in Nightingale's Atlanta or Miami Beach deals. Restitution of $45,079,485.03 is owed, paid pro rata through the Clerk of the Northern District of Georgia, with payments made through the bankruptcy (Bankr. D. Del. 23-10931) credited against it. Keep your contact details current with the ONH Liquidating Trust and the court.

3. If you invested on the platform within the limitations period. You may fall within the proposed class in No. 1:25-cv-00383, but no class exists yet. Watch the October 15 and October 29, 2026 briefs and the ruling that follows, and talk to a securities lawyer before any deadline matters to you.

4. If you were in 200 W. Jackson. The Portland arbitration is separate and private; the firms reported as representing those investors are Peiffer Wolf Carr Kane Conway & Wise and Daren A. Luma, PLLC.

5. For other stuck deals. CrowdStreet deals are illiquid LLC interests with no redemption, typically held 3 to 7 years. A stopped distribution is not fraud; many 2021-2022 deals were hit by higher rates. Ask the sponsor for the latest operating report and loan status.

6. Before a new investment. Look up the broker on BrokerCheck (CrowdStreet Capital, CRD 312762), look up the sponsor's past CrowdStreet deals in the track record, and read the escrow and fee sections of the offering memorandum.

Should you invest with CrowdStreet now?

The honest, data-based answer is: probably not as a first platform, and not without reading each offering's documents.

One thing changed that the track record does not capture. What CrowdStreet lists today is mostly funds run by outside managers, each with its own prospectus, fees and track record. The 216-deal file measures the old marketplace of sponsor deals; it is a fair read on CrowdStreet's diligence, not a forecast for a fund on today's shelf. The regulatory and litigation points below apply to the platform either way.

The structural reforms are real. Third-party escrow, a registered broker-dealer with a clean BrokerCheck record and new leadership address the specific way Nightingale happened. A Schwartz-style theft from a sponsor-controlled account is harder today.

But the reforms do not fix:

• Deal quality: CrowdStreet's own file shows 19 of 35 deals realized in 2024 returned less than invested, and it has not published newer results.
• The $1 billion class action, stayed but with the forum fight live and briefs due October 15, 2026.
• Liquidity: there is still no secondary market or redemption on marketplace deals.

Related coverage: the C-REIT product itself

This review covers the CrowdStreet marketplace. For CrowdStreet's registered closed-end fund, CrowdStreet REIT I, Inc. (the "C-REIT," SEC CIK 1911129), see our CrowdStreet REIT I (C-REIT) review. Per its Form N-CSRS for June 30, 2026, NAV is $668.85 a share, down from $1,000 at launch; it paid one distribution, $75.22 a share on April 15, 2026, in a half-year when it also sold two assets for $5,584,929 (the filing does not say what funded it); and its offering memorandum gives holders no right of redemption. The fund also holds the Nightingale position itself — $1,750,000 in ONH Liquidating Trust, marked at $0.00 — covered in CrowdStreet's own fund bought the Nightingale deal.

Sources: CrowdStreet Marketplace Realized Track Record (as of January 24, 2025, downloaded October 7, 2026); FINRA BrokerCheck report for CrowdStreet Capital LLC, CRD 312762 (October 7, 2026); CrowdStreet Advisors Form ADV (August 28, 2026); W.D. Tex. No. 1:25-cv-00383: complaint (Dkt. 1), report and recommendation (Dkt. 30), order (Dkt. 33), joint status reports (Dkt. 41, 42), the three AAA decisions (Dkt. 45-1 to 45-3) and the September 23, 2026 order (Dkt. 48); United States v. Schwartz, N.D. Ga. No. 1:24-cr-00371: information (Dkt. 1), government sentencing memorandum (Dkt. 18) and judgment (Dkt. 24); SEC v. Schwartz and Nightingale Properties, N.D. Ga. No. 1:25-cv-00716: complaint and docket; CrowdStreet REIT I Form N-CSRS (accession 0001999371-26-019951); CrowdStreet press releases of July 31, 2023, October 31, 2024 and March 2025, and its news index. The 200 W. Jackson arbitration is from Bisnow (March 2025); review-site ratings are from Trustpilot, BBB and Real Estate Crowdfunding Review. This is analysis of public documents, not investment, legal or tax advice. Anyone with money in Nightingale-related CrowdStreet deals should talk to a securities attorney.