These are great points, Nick! Thanks so much for sharing.

I wonder why Fundrise's returns are so much lower than Crowdstreet. Is it because they invest more conservatively? Or are they targeting a different type of real estate?

Also, great points about Essex, Crown Castle, etc. They may offer higher returns, but also more volatility since they're publicly traded. As you mentioned, each investor will have their own risk / return preference. For some, Fundrise's stability helps them sleep at night. For others, they couldn't bear to let their money compound at a lower rate than it could in other REITs.

Thanks for sharing your perspective - really appreciate it!