---
title: "Fundrise Review 2026"
url: https://altstreet.investments/platforms/reviews/fundrise
kind: platform-review
updated: 2026-11-01
description: "Fundrise review 2026 from SEC filings: is it worth it? Returns by fund, fees beyond the 0.85%, the $1,000 minimum, quarterly 5% repurchase offers, and Fundrise vs CrowdStreet."
publisher: AltStreet (https://altstreet.investments)
license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted.
---

# Fundrise Review 2026

Fundrise is a vertically-integrated private markets platform open to non-accredited investors — $3.4B AUM and 402,000+ active investor accounts at March 31, 2026, KPMG-audited, $1K subscription minimums. But its interval funds' quarterly repurchase offers run 5-25% of shares with Fundrise stating it will likely offer the 5% minimum (the June 2026 Income Fund offer was 5%); its Innovation Fund just listed on the NYSE as VCX; its corporate parent remains loss-making, though current Exchange Act filings no longer present a going-concern position; and in April 2026 it merged seven legacy eREITs into a single Exchange Act-reporting vehicle at manager-set exchange NAVs, after suspending their redemption plans in anticipation of the merger.

AltStreet score: 60.1 (B), scored August 14, 2026. Method: https://altstreet.investments/platforms

| Field | Value |
| --- | --- |
| Platform | Fundrise |
| What it is | Vertically-Integrated Private Markets Platform |
| Asset class | Real Estate, Private Credit, Venture Capital |
| Website | fundrise.com |
| Review first published | May 9, 2026 |
| Last updated | November 1, 2026 |
| AltStreet relationship | None: no affiliate, sponsorship or partnership |

## The short version

Fundrise combines unusually broad retail access with substantially stronger regulatory infrastructure than most alternative-investment platforms — KPMG-audited, 40 Act registered, $1K subscription minimums, open to non-accredited investors. The differentiation is real and documented. So are the constraints: quarterly repurchase offers run 5-25% of shares with 5% the stated and observed practice, suspension is possible within Rule 23c-3's regulatory bounds, the affiliated service provider sets its own fees, and corporate parent Rise Companies remains loss-making, continuing to identify equity issuance as an operating capital source — though its Q1 2026 10-Q states management expects existing cash plus forecast revenue to provide more than 12 months of liquidity, a materially different posture from its earlier going-concern disclosure. The April 2026 seven-eREIT consolidation — executed at manager-determined NAVs after fleet-wide redemption suspensions — is the clearest demonstration on record of what manager discretion means in practice at this platform.

- **$3.4B** Rise Companies reported approximately $3.4B of equity AUM at June 30, 2026 (Q2 10-Q, accession 0001628280-26-054711; flat from 3/31/2026, up from $3.1B at 12/31/2025 and $2.94B per the 2024 1-K), with growth attributed primarily to the Innovation and Flagship funds. Seven legacy eREITs consolidated into Fundrise eREIT, LLC on April 29; the survivor's first standalone NAV print was ~$586M at July 1. 404,000+ active investor accounts and 2,475,000 active users at 6/30/2026.
- **5%** The three-layer repurchase reality, distinguished: program capacity is 5-25% of outstanding shares per quarter under Rule 23c-3; stated expected practice is the 5% minimum ('will likely offer to repurchase only the minimum allowable amount' per the Income Fund prospectus); and the latest actual offer — June 2026, Income Fund — was for 5%. On a $631M fund that is ~$31.5M per quarter.
- **7.81%** Income Real Estate Fund annualized net return since inception (April 2022 through December 2025) — sourced from N-CSR financial highlights. NAV per share held remarkably stable: $10.00 at inception, $9.97 trough (Dec 2023), $10.04 at December 2025.
- **40%** PIK (payment-in-kind) income as a share of total investment income in the Income Fund — $21.8M of $54.6M total is non-cash interest accruing on the balance sheet, not yet received. Relevant for assessing actual cash generation behind the 7.72% distribution rate.
- **7 → 1** Seven legacy eREITs — Equity REIT, East Coast, West Coast, Development, Midland, Growth II, Growth III — merged into Fundrise eREIT, LLC effective 11:59pm April 29, 2026, per a single Merger Agreement (8-K, accession 0001104659-26-054975). Exchange NAVs were struck against a $10.00 Fundrise eREIT baseline at an April 28 Valuation Time that followed fleet-wide April markdowns; five of seven entities exchanged below their December 2023 NAV. Combined lifetime capital raised across the merged entities plus the 2022-exited flagship: approximately $1.32B.
- **VCX** The Innovation Fund listed on the NYSE in 2026 under ticker VCX — converting from a tender offer fund to a listed closed-end fund. Since inception return through January 2026: 84.44% cumulative gross. In February 2026 shareholders REJECTED the proposed management-fee increase from 1.85% to 2.50% — 62% support against a required two-thirds threshold; the fee remains 1.85%. The same vote approved the public listing (80%) and a six-month lockup for pre-listing shareholders (74%).

Data note: Financial data sourced from SEC EDGAR: N-CSR (2026-02-26), Income Fund Prospectus (May 2026), Flagship Prospectus (486BPOS), Innovation Fund Prospectus with February 2026 Supplement. Form D coverage: 15 entities, $151.7M raised, 1,206 investors (2018-2026). Consolidation record (added 2026-07-27): merger 8-K, S-4/424B3, FY2025 1-Ks, seven Form 1-Z exit reports, and Fundrise eREIT 10-Q/NAV 8-Ks — 20 CIKs now tracked.


## Key figures

| Figure | What it is | Context |
| --- | --- | --- |
| $631M | Income Fund NAV (Dec 31, 2025) | N-CSR 2026-02-26. Up from $605M at end of 2024 despite $98.9M in redemptions paid during 2025. |
| 7.72% | Income Fund annualized distribution rate (Dec 2025) | N-CSR 2026-02-26. 93% ordinary income, 4% capital gain, 3% return of capital. |
| $77M | Reverse repurchase agreements (Income Fund, Dec 2025) | N-CSR Schedule of Investments. First use of leverage in fund history; zero leverage in all prior years. |
| 404,000+ | Active investor accounts (6/30/2026) | Rise Companies Corp Q2 2026 10-Q. Equity AUM $3.4B at the same date ($3.1B at 12/31/2025); 2,475,000 active users. |
| $1.32B | Lifetime capital raised across sunset legacy vehicles | Eight Reg A eREITs exited 2022-2026 (verified against 1-K/424B3 offering results): flagship $216.3M, Equity REIT $318.7M, East Coast $176.3M, Development $158.2M, Growth II $152.7M, West Coast $127.7M, Midland $115.7M, Growth III $51.1M. Seven merged into Fundrise eREIT April 2026; flagship merged into the Income Interval Fund March 2022. |
| 84.44% | VCX (Innovation Fund) cumulative gross return since inception | fundrise.com/vcx, period ended 1/31/26. Cumulative, not annualized, gross of fees. |


## Verdict

Fundrise is one of the most established and regulatory-intensive retail private-markets platforms — KPMG-audited 40 Act registered funds, a verified multi-year track record, and $1K subscription minimums open to non-accredited investors. The liquidity reality is worse than the marketing implies, the affiliate fee structure has opacity issues, and the corporate parent remains loss-making with equity issuance as a continuing capital source. For long-horizon investors who understand these constraints, it is among the strongest retail entry points into diversified private real estate and venture capital.

**Best for**

- Long-horizon retail investors seeking regulated private real estate exposure
- Non-accredited investors who want audited private-market funds at low minimums
- Investors comfortable sizing around quarterly redemption capacity rather than daily liquidity
- Taxable investors who prefer 1099-DIV reporting over K-1 reporting

**Look elsewhere if**

- You need capital back on demand or within the next 12 months
- You are unwilling to accept pro-rata redemptions or possible redemption suspensions
- You want fully transparent property-level affiliate fee schedules
- You are buying VCX without understanding listed closed-end fund discount risk

**Strengths**

- KPMG-audited 40 Act registered interval funds — institutional regulatory framework at retail scale
- Income Fund NAV held within 3 cents of $10.00 since 2022 inception through multiple rate cycles
- VCX (Innovation Fund) NYSE listing creates exchange price discovery — unusual among retail venture products
- $1K subscription minimum open to non-accredited investors — an unusually strong combination of access and regulatory rigor among retail alternative platforms
- Quarterly repurchase offer is a fundamental policy requiring majority shareholder vote to change; the Board may still suspend or postpone within Rule 23c-3's bounds, so this is governance strength rather than guaranteed liquidity

**Limitations**

- Quarterly repurchase offers are permitted at 5-25%; Fundrise states it will likely offer the 5% minimum, and the June 2026 Income Fund offer was 5% — ~$31.5M on the $631M fund, so queue risk is real
- Affiliated Service Provider (FRE) sets its own compensation 'in its sole discretion' — no disclosed rate cap
- 40% of Income Fund investment income is PIK (non-cash) — cash generation is materially lower than the stated distribution yield implies
- Rise Companies Corp remains loss-making ($187.7M accumulated deficit, $7.1M cash at 3/31/2026) and identifies equity issuance as an operating capital source — though its current filings no longer present a going-concern position; management states existing cash plus forecast revenue should provide more than 12 months of liquidity
- VCX pre-listing shareholders were subject to a six-month lockup approved as part of the listing transaction (74% support); the proposed 1.85%-to-2.50% fee increase was rejected at the same February 2026 vote
- Legacy-eREIT precedent: seven Reg A eREITs' sponsor-run redemption plans were suspended in Q3 2025 'in anticipation of the Merger' (filing language), then merged at manager-set exchange NAVs in April 2026 — a different legal mechanism from the interval funds' Rule 23c-3 program, but a documented record of sponsor discretion at the legacy structures


## Who it fits

| Investor | Fit | Why |
| --- | --- | --- |
| Long-Horizon Income Investors Diversifying Beyond Bonds | well-suited |  |
| Accredited Investors Seeking Retail-Minimum Private Real Estate | well-suited |  |
| Venture Capital Seekers Without VC Network Access | well-suited |  |
| Investors Prioritizing Guaranteed Liquidity Access | poor-fit |  |
| Fee-Sensitive Investors Requiring Full Cost Transparency | neutral |  |


## Questions

**Is Fundrise worth it in 2026?**

It depends on what you are buying it for. Fundrise's strongest facts are structural: KPMG-audited 40 Act registered funds open to non-accredited investors at a $1,000 minimum, with the quarterly repurchase policy set as a fundamental policy that shareholders must vote to change. Its returns are moderate and documented in filings: the Income Real Estate Fund's NAV-based return was 7.93% in 2023, 8.40% in 2024, 8.27% in 2025 and 4.89% for the first half of 2026, with NAV per share at $10.13 at June 30, 2026; the Flagship Fund reported roughly 6% net for the first half of 2026; the Innovation Fund, now NYSE-listed as VCX, reported 84.44% cumulative gross since its July 2022 inception through January 2026. The trade-offs are liquidity, which is 5% of shares per quarter in practice, fees that run beyond the stated 0.85% once affiliate property-level charges are counted, and a parent company that still reports operating losses. Worth it for an investor who sizes the position as illiquid capital and wants audited private-market exposure at a low minimum; not worth it for anyone who may need the money inside a year.

**How does Fundrise work?**

Fundrise sells shares in its own funds rather than individual deals. The two core products are interval funds registered under the Investment Company Act, the Income Real Estate Fund and the Flagship Real Estate Fund: you buy shares at net asset value from a $1,000 minimum, the fund invests across many real estate and real estate credit positions, distributions are reported on Form 1099-DIV, and the fund offers to buy back between 5% and 25% of its shares each quarter, stating it will likely offer the 5% minimum. The third fund, the Innovation Fund, now trades on the NYSE as VCX. All three are KPMG-audited and legally separate from the parent, Rise Companies Corp., which still reports operating losses. The older Fundrise eREITs were merged into Fundrise eREIT, LLC in April 2026.

**How much does Fundrise charge in fees?**

The stated management fee is 0.85% of NAV for the Income and Flagship funds and 1.85% for the Innovation Fund (VCX); shareholders rejected a proposed increase to 2.50% in February 2026. Those are not the whole cost. The Flagship Fund paid affiliated service provider Fundrise Real Estate LLC $17.6 million in property-level fees in 2025, which sit outside the stated expense ratio; against the fund's $1.2 billion year-end NAV that is roughly 1.5%, a scale comparison rather than an additive expense ratio because the fees are charged on different bases. Read the fee section of each fund's prospectus for the full list; the headline 0.85% does not capture sponsor-affiliated costs.

**How do I withdraw money from Fundrise, and how long does it take?**

The Income and Flagship funds are interval funds: you submit a repurchase request in a quarterly window and the fund buys shares back at NAV as of the repurchase pricing date, with payment within seven calendar days of that date. The fund may offer between 5% and 25% of outstanding shares each quarter and states it will likely offer the 5% minimum; the June 2026 Income Fund offer was 5% and the offer announced August 28, 2026 is again 5%, with a request deadline of September 30. If requests exceed the offer, fills are pro rata and the balance rolls to the next quarter, so a full exit can take several quarters. VCX shares sell on the NYSE at the market price instead. The early-redemption penalties described in older reviews belonged to the legacy eREIT redemption plans, which were suspended in the third quarter of 2025 and merged into Fundrise eREIT, LLC in April 2026.

**What is the minimum investment for Fundrise?**

$1,000 for the Income and Flagship interval funds, per their prospectuses, with no income or net worth requirement. The Innovation Fund trades on the NYSE as VCX, so a new investor buys shares through any brokerage at the market price with no Fundrise minimum. Fundrise's marketing has advertised lower entry points for its account products over the years; the figures above are the subscription minimums in the current fund filings.

**What returns has Fundrise actually delivered?**

From the funds' own filings: the Income Real Estate Fund returned 4.60% in its partial first year (2022), 7.93% in 2023, 8.40% in 2024 and 8.27% in 2025 on a NAV basis, 7.81% annualized since inception through December 2025, and 4.89% for the six months to June 30, 2026, with NAV per share moving from $10.00 at inception to $10.13. The Flagship Real Estate Fund reported about 6% net for the first half of 2026 and has classified its distributions since 2021 as return of capital. The Innovation Fund reported 84.44% cumulative gross since July 2022 through January 31, 2026, and 63.27% over the trailing year, before it listed as VCX. The legacy eREITs ended their lives below their peak NAVs; the review's supplement record holds 277 dated marks back to 2016. Platform-wide return figures on fundrise.com are marketing summaries; the fund-level figures above are the audited or filed ones.

**Can I invest in Fundrise through an IRA?**

Yes. Fundrise offers IRA accounts through a third-party custodian, and the interval funds' $1,000 minimum applies. The tax profile is the reason many investors use one: the Income Fund's 2025 distributions were 93% ordinary income, which is taxed at ordinary rates in a taxable account and deferred inside an IRA. Custodian fees, contribution limits and rollover mechanics are set by the custodian and the IRS, not by the fund filings this review is built from, so confirm them in the account agreement before funding.

**Is Fundrise safe, or is it a scam?**

It is not a scam: the three registered funds are KPMG-audited, report to the SEC under the Investment Company Act, and hold assets in custody, legally separate from the parent Rise Companies Corp. with independent boards. The risks are the ordinary ones of private real estate and private credit, plus two the filings make specific: redemption capacity of about 5% of shares per quarter, and the precedent that the legacy eREITs' sponsor-run redemption plans were suspended fleet-wide in the third quarter of 2025 ahead of the merger. Rise Companies remains loss-making and identifies equity issuance as an operating capital source; its current filings state management expects more than twelve months of liquidity. AltStreet's legal scan located no enforcement action against Fundrise entities; that is a search result, not a guarantee.

**How does Fundrise compare with CrowdStreet, RealtyMogul and Arrived?**

CrowdStreet is accredited-only, sells individual commercial deals with five-figure minimums and multi-year holds, and offers no repurchase program; Fundrise is open to everyone at $1,000 with quarterly repurchase windows. RealtyMogul runs both accredited-only private deals and non-traded REITs with higher minimums than Fundrise's funds. Arrived sells shares of individual single-family and vacation rentals under Regulation A, so the investor picks houses rather than a diversified fund, with its own quarterly liquidity mechanics. Roots and Groundfloor are the other frequent comparisons. AltStreet's side-by-side guides: Fundrise vs CrowdStreet, Fundrise vs Arrived, Fundrise vs Groundfloor and Roots vs Fundrise are linked from this page, and each is built from the platforms' filings rather than their marketing.

**What is the actual quarterly redemption limit at Fundrise?**

The Income and Flagship funds offer to repurchase between 5% and 25% of outstanding shares per quarter. The Income Fund prospectus explicitly states the fund 'will likely offer to repurchase only the minimum allowable amount of 5%.' At the current $631M Income Fund NAV, that is approximately $31.5M redeemable per quarter. If your position is large relative to this capacity — or if many investors are redeeming simultaneously — you may receive a pro-rata partial fill and need to resubmit in subsequent quarters.

**What do Fundrise's fees add up to once affiliate charges are counted?**

Stated management fee: 0.85% NAV for Income and Flagship funds; 1.85% for Innovation Fund/VCX — shareholders rejected the proposed increase to 2.50% in February 2026, so the fee stands. But the Flagship Fund paid affiliated service provider FRE $17.6M in property-level fees in 2025 — excluded from the stated expense ratio. For scale, that equals roughly 1.5% of the fund's $1.2B year-end NAV — not itself an expense ratio, and not mechanically additive to the 0.85% management fee since the fees use different bases at the property level, but clear evidence the headline number does not capture all sponsor-affiliated costs.

**What is VCX and how is it different from the Innovation Fund?**

VCX is the ticker symbol for the Fundrise Innovation Fund after it listed on the NYSE. Previously it was a tender offer fund (closed to new investors), accessible only through Fundrise. Since listing, VCX trades daily on the NYSE like any listed closed-end fund — anyone can buy or sell shares through a brokerage account at the market price. The trade-off: listed closed-end funds frequently trade at discounts to their stated NAV, meaning you may pay or receive a price different from the underlying portfolio value.

**Is Fundrise safe — what happens if the company goes under?**

The three 40 Act registered funds (Flagship, Income, VCX) are legally separate entities from Rise Companies Corp with independent boards. Fund assets are held in custody — a Rise Companies operational failure would not automatically impair fund assets. Rise Companies remains loss-making and identifies equity issuance as an operating capital source, though its current filings state management expects more than 12 months of liquidity (its earlier going-concern disclosure has not carried into the Q1 2026 10-Q). A severe disruption to the adviser could trigger successor-adviser risk requiring the independent board to hire a replacement manager. This is a tail risk, not a base case.

**What does '40% PIK income' mean for the Income Fund?**

$21.8M of the Income Fund's $54.6M FY2025 investment income was PIK — payment-in-kind interest that accrues on the fund's balance sheet rather than arriving as cash. The fund records this as income, but the cash has not arrived — reported income and cash receipts diverge by that amount. Failure to collect may require impairment, restructuring, or eventual loss recognition. Because $21.8M of FY2025 investment income was non-cash PIK, reported investment income materially exceeded cash interest received — that does not establish how distributions were funded, but it means reported net investment income should not be treated as equivalent to cash available for distribution.

**How are Fundrise dividends and distributions taxed?**

All three registered funds issue Form 1099-DIV — no K-1; the structure does not inherently create the K-1-related extension risk common in partnership investments. Income and Flagship have REIT tax elections; VCX converted to RIC status in March 2026. Income Fund 2025 distribution composition: 93% ordinary income, 4% capital gain, 3% return of capital. Flagship distributions since 2021 have been classified as return of capital for tax purposes (basis-reducing, not itself a cash-source trace). VCX: a recent Section 19(a) notice estimated 100% return of capital — a preliminary estimate, not final tax characterization; rely on year-end Form 1099-DIV. VCX investors who held before March 2026 should consult a tax adviser about built-in gains exposure from the C-corp period.

**What happened to the legacy Fundrise eREITs?**

They were consolidated in a four-wave sponsor program: Growth eREIT V merged into the Development eREIT (2021); the original flagship eREIT merged into the Income Interval Fund at $10.09 NAV (March 2022); the eFund merged into the Equity REIT (December 2025); and the seven remaining eREITs merged into Fundrise eREIT, LLC — a new Exchange Act-reporting company — effective April 29, 2026. Exchange ratios were set against a $10.00 Fundrise eREIT NAV at an April 28 valuation; each entity's shareholders received survivor shares at their entity's manager-determined NAV. Redemption plans at the merging entities had been suspended since Q3 2025 in anticipation of the merger; the survivor reopened ordinary-course redemptions for Q2 2026 and printed its first post-merger NAV at $9.87 on July 1, 2026. Every figure is sourced to the merger 8-K, the S-4 information statement, and the entities' audited annual reports.

**Do you need to be an accredited investor to use Fundrise?**

No. The Income and Flagship interval funds are open to non-accredited investors at a $1,000 minimum with no income or net worth requirement, and the Innovation Fund trades on the NYSE as VCX, so anyone with a brokerage account can buy it at the market price. Registration under the Investment Company Act combined with that broad retail eligibility is Fundrise's main regulatory difference from accredited-only platforms such as CrowdStreet.

**How does the Income Fund's 7.72% yield compare to alternatives?**

7.72% annualized distribution rate (December 2025) compares favorably to investment-grade bonds (~4.5-5%), public REIT dividend yields (~4-5%), and money market funds (~4.5-5%). The comparison requires adjusting for: (1) illiquidity premium — quarterly redemption window vs. daily bond liquidity; (2) credit quality — preferred equity and PIK instruments vs. investment-grade bonds; and (3) tax treatment — 93% ordinary income vs. qualified dividends. The yield is real and sourced from KPMG-audited financials. The risk profile is commensurate.


## Update history

**September 25, 2026: Growth eREIT VII semiannual: every redemption honored at an $8.23 NAV, shares outstanding down 12%, affiliate notes up $9.1 million to $22.4 million**

Fundrise Growth eREIT VII, LLC (CIK 0001804011), the program that stayed outside the April 2026 merger, filed its Form 1-SA for the six months ended June 30, 2026 on September 24 (accession 0001104659-26-110417). NAV per share is $8.23, from $10.02 at December 31, 2025 after the April 1 markdown to $8.20; shares outstanding fell from 6,222,058 to 5,482,473; about 5.5 million shares have been submitted for redemption since inception (4.7 million at year-end) and the filing states 100% were honored, with $2,869,000 payable at June 30. Notes payable to National Lending, LLC rose from $13,302,000 to $22,385,000 (the '2026-K' note, $21,800,000 at 5.00% to May 31, 2027), with a further $900,000 drawn on July 31; related-party interest was $418,000 for the half against $93,000. Net loss $3,639,000 (2025: $3,460,000), of which $2,840,000 is equity in losses of the two single-family rental ventures; total assets $52,900,000, liabilities $25,539,000, members' equity $27,361,000 (from $37,908,000). The ventures' combined balance sheet carries $1,469,018,000 of assets against $896,216,000 of credit facilities. The period is now in AltStreet's performance history from the filing's balance sheet and income statement, and a filing article is in draft.

**September 5, 2026: Signal sweep: the consolidated eREIT's first full quarter as one entity, the Income Fund's semiannual, and the parent's iPO requalified through 2028**

AltStreet triaged the 24 signals attached to Fundrise since the July 28 verification. Fourteen were Exchange Act and registered-fund filings, six were offering-circular supplements and four were Form 1-U distribution notices; the Rise Companies Q2 10-Q of August 7 was already covered by the August 10 entry. Four filings carry new information. Fundrise eREIT, LLC, the survivor of the April 2026 seven-way merger, filed its first full post-merger quarter on August 13 (Form 10-Q, accession 0002093809-26-000028): total assets of $819.8 million against $274.9 million at December 31, 2025, members' equity of $524.5 million, liabilities of $279.4 million, net real estate of $467.3 million and cash of $43.6 million, on 57,007,668 shares outstanding. The first half of 2026 produced a net loss of $6.87 million ($0.23 per share) on $10.3 million of revenue, against $13.6 million of net income in the first half of 2025 for the pre-merger entity; the second quarter alone lost $7.37 million. Repurchases paid in the half were $325,000, consistent with the suspended redemption plan the review documents, and distributions payable stood at $38.1 million at June 30. Dividing members' equity by shares gives a book equity of $9.20 per share, a derived figure, against the $9.87 purchase price the manager assumed in its August and September distribution notices; GAAP book equity is not the manager's fair-value NAV, and the review reports both without reconciling them. The cover-page share count fell from 59,391,367 on June 5 to 56,995,835 on August 13. Fundrise Income Real Estate Fund filed its semiannual report on August 31 (Form N-CSRS): NAV per share $10.13 at June 30, 2026 from $10.04 at December 31, 2025, a total return of 4.89% for the six months per the report's financial highlights, and net assets of $648.9 million from $631.0 million. Its August 28 Rule 23c-3 notice offers to repurchase 5% of outstanding shares at NAV with a request deadline of September 30, 2026 and payment within seven days of the pricing date, the 5% minimum practice this review describes. Rise Companies Corp. requalified its investor-ownership offering on August 19, 2026 (Form 8-K filed August 20, accession 0001628280-26-058194; offering circular supplement of the same day, File 024-12664): up to 4,275,000 Class B shares at $16.05, or $68.6 million, offered through September 23, 2028 within the rolling twelve-month $75 million ceiling after $6.4 million of sales in the prior twelve months; since the offering commenced on September 23, 2025 it had sold 352,854 shares at $15.90 for about $5.6 million, on top of 21,324,707 shares settled in earlier offerings and 635,555 sold in a Rule 506(c) private placement. The monthly distribution notices were unchanged in rate: Fundrise eREIT, LLC at $0.0000684930 per share per day (about 0.25% annualized at $9.87), Growth eREIT VII at the same daily amount (about 0.30% at $8.23) and Balanced eREIT II (about 0.27% at $9.10). The remaining filings were routine registered-fund paperwork: two Form 497AD marketing pieces, a Form 40-17G fidelity bond and a Form NPORT-P holdings report for the Income Fund.

**August 25, 2026: The complete supplement NAV record: 277 parsed marks back to 2016 show every eREIT ending below its peak, and the two still filing are under $10**

AltStreet parsed the full Form 253G supplement history of the Fundrise entity family, 1,637 documents, into 277 dated NAV marks across 21 entities, the oldest a June 2016 determination. The series supplies the quarter-by-quarter road to the consolidation endpoints this review verified on July 27: every one of the nine funds with a substantive series ended below its own peak, and of the eight peak dates the series can pin, seven fall in 2021 or 2022 (Growth eREIT III's June 2025 peak is the exception). Measured against the parsed peaks, the April 28, 2026 exchange values were: East Coast $9.61 vs $15.33 (-37%), Equity REIT $13.68 vs $20.75 (-34%), Development $8.12 vs $10.77 (-25%), Midland $11.85 vs $14.97 (-21%), Growth II $12.99 vs $14.84 (-12%), Growth III $14.95 vs $16.19 (-8%), West Coast $9.47 vs $10.14 (-7%). The series also adds a disclosure-gap finding: East Coast's last public supplement mark was $10.64 on September 30, 2025, seven months before it exchanged at $9.61, meaning the final tenth of its decline occurred between public prints, in the window when its redemption plan was already suspended. Current state for the two eREITs still publishing supplements: Balanced eREIT II marked $9.10 and Growth eREIT VII $8.23 at June 30, 2026, both below the $10.00 offering price and 27% and 34% below their June 2022 peaks. Five of the nine funds ended below the price at which shares were first sold; terminal values span $8.12 to $14.95, an 84% spread, which is the width of the shareholder experience a platform-level return figure averages away.

**August 10, 2026: Rise Q2 2026 10-Q verified: Moat affiliate dissolved, a new Private Innovation Fund launched, and the parent's cash position in focus**

Rise Companies Corp. filed its Q2 2026 Form 10-Q (August 7, 2026, accession 0001628280-26-054711) alongside a routine 8-K (Class B offering price to $16.05). AltStreet verified the filing against the document and ingested it into performance history. Platform metrics advanced modestly — equity AUM held at $3.4B (from $3.1B at year-end), accounts reached 404,000+, and a newly disclosed 2,475,000 active users — while the Flagship Fund returned approximately 6% net in H1, attributed partly to AI infrastructure and data center investments. Three structural items are new to this review's record: the near-complete dissolution of co-investment affiliate Moat Investments, LP (f/k/a Fundrise, L.P.), the July launch of a new Reg D technology vehicle called the Private Innovation Fund (bridge-financed by Rise itself), and the settlement of a decade-old liquidation support guarantee at Fundrise Equity REIT for approximately $300,000. The manager-health layer is the counterweight: Rise remains structurally unprofitable — H1 net loss of $7.5M on $33.0M revenue, $8.4M of cash, and a $191.1M accumulated deficit, with the filing stating plainly that the company 'has yet to generate any profits from our operations.'

**July 27, 2026: Legacy-eREIT Consolidation — Full Primary-Source Reconstruction**

Legacy-eREIT consolidation update: seven-entity merger into Fundrise eREIT, LLC documented end-to-end from primary filings; lifetime capital and exchange NAVs verified for all eight sunset vehicles; redemption-suspension record corrected from hypothetical to twice-used.

**July 27, 2026: Correction Pass: Rise Q1 2026 10-Q and VCX Vote Results**

Same-day correction pass against the Rise Companies Q1 2026 10-Q and the February 20, 2026 VCX shareholder vote results, which supersede several May-baseline claims.

**July 27, 2026: Correction Pass: Current Tax Law, Terminology, and Estimate Removal**

Second correction pass: current-law tax fix, terminology standardization, and removal of remaining estimate/superlative residue.

**July 27, 2026: Correction Pass: Chronology, Characterization Rigor, and Signal Precision**

Third correction pass: AUM chronology, remaining cash-tracing and characterization residue, UBTI/RMD accuracy, and walk-away signal rigor.


## Evidence appendix

Platform website captured May 9, 2026.

Review built from primary SEC filings. No reliance on platform marketing materials for quantitative claims. All return figures, fee rates, NAV data, and liquidity terms sourced to specific SEC documents. Form D data independently extracted from EDGAR API.

**Highlights**

- CONFIRMED (N-CSR 2026-02-26): Income Fund FY2025 total net assets $631.0M; FY2024 $605.0M. Total investment income $54.6M; net investment income $42.6M. PIK income $21.8M (40% of total). KPMG LLP confirmed as auditor.
- CONFIRMED (N-CSR Financial Highlights): Annual returns: 4.60% (2022 partial), 7.93% (2023), 8.40% (2024), 8.27% (2025). Since inception annualized: 7.81%. NAV per share: $10.00 → $9.97 → $10.00 → $10.04.
- CONFIRMED (N-CSR Schedule of Investments): $77M reverse repurchase agreements introduced in 2025 (first leverage in fund history). Y Hotel Pittsburgh flagged as non-accrual. $31M cross-fund holding in Fundrise Real Estate Interval Fund.
- CONFIRMED (Income Fund Prospectus): Quarterly repurchase 5-25%; fund 'will likely offer to repurchase only the minimum allowable amount of 5%.' 21-42 day notice window. Payment within 7 days of pricing date. Repurchase program is fundamental policy requiring majority shareholder vote to change.
- CONFIRMED (Flagship Prospectus): FRE affiliate fees $17.6M in 2025 paid at property level — excluded from 0.85% stated expense ratio. Shareholders waive Delaware LLC Section 18-305 information rights. All 2021-2025 distributions classified as return of capital.
- CONFIRMED (Innovation Fund Prospectus + Feb 2026 Supplement; vote results 2/20/2026): Management fee 1.85%; the proposed increase to 2.50% was REJECTED at the February 20 vote (62% vs required two-thirds) — listing approved 80%, six-month pre-listing lockup approved 74%. C-corp to RIC conversion effective March 31, 2026. Built-in gains tax at 21% for 5-year post-conversion window. NYSE listing as VCX confirmed.
- CONFIRMED (VCX listing page): Cumulative gross return since inception (Jul 2022) through 1/31/26: 84.44%. 1-year: 63.27%. YTD: 13.43%. Recent 19(a) notice estimated distributions as 100% return of capital (preliminary, not final tax characterization).
- CONFIRMED (Rise Companies 2024 1-K, historical): Consolidated AUM $2.94B; 395,000 investor accounts; going-concern disclosure at that date.
- CONFIRMED (Rise Companies Q1 2026 10-Q, accession 0001628280-26-032673): AUM $3.4B and 402,000+ active accounts at 3/31/2026 ($3.1B at 12/31/2025). Cash $7.1M; accumulated deficit $187.7M; operating losses since inception; management states existing cash plus forecast revenue expected to provide more than 12 months of liquidity — no going-concern presentation in current Exchange Act filings.
- CONFIRMED (8-K 2026-05-04 + 424B3): Seven eREITs merged into Fundrise eREIT, LLC effective 4/29/2026 at exchange ratios against $10.00 survivor NAV (Equity 1.368, Growth III 1.495, Growth II 1.299, Midland 1.185, East Coast 0.961, West Coast 0.947, Development 0.812). S-4 filed 2/5/2026, effective 4/24; redemption plans suspended Q3 2025 'in anticipation of the Merger' per filings. Post-merger: 59.4M shares (~$594M), first NAV print $9.87 (7/1/2026, -1.3%), redemptions reopened ordinary-course for Q2 2026.
- CONFIRMED (FY2025 1-Ks / 424B3 audited statements, all human-verified): lifetime gross offering proceeds — Equity REIT $318.7M, East Coast $176.3M, Development $158.2M, Growth II $152.7M, West Coast $127.7M, Midland $115.7M, Growth III $51.1M; flagship $216.3M per its 2022 1-Z. National Lending affiliate structure extinguished at merger ($79.4M net notes settlement per 424B3 pro forma notes).
- CONFIRMED (FY2021 1-K + 1-Z, CIK 0001645583): original Fundrise Real Estate Investment Trust merged into the Income Interval Fund 3/31/2022 at $10.09 NAV — near its series high — establishing the consolidation playbook four years before the 2026 wave.
- CONFIRMED (Form D EDGAR, 15 entities): $151.7M raised from 1,206 investors across 13 active vehicles. Opportunistic Credit Fund (CIK 0001955682): $98.6M from 467 investors — largest single vehicle. All 15 vehicles under 506(c) exemption.

**Primary source pages**

- SEC EDGAR — Income Real Estate Fund N-CSR (2026-02-26, CIK 0001885551)
- SEC EDGAR — Income Fund Prospectus (May 2026)
- SEC EDGAR — Flagship Real Estate Fund Prospectus (486BPOS)
- SEC EDGAR — Innovation Fund Prospectus with February 2026 Supplement
- SEC EDGAR — Rise Companies Corp 2024 1-K (CIK 0001640967)
- SEC EDGAR — Form D, 15 fund vehicles (2018-2026)
- fundrise.com/vcx — Innovation Fund / VCX listing page (accessed May 2026)
- SEC EDGAR — 8-K seven-entity Merger Agreement, Fundrise eREIT LLC (2026-05-04)
- SEC EDGAR — 424B3 / S-4 information statement (2026-04-27, File No. 333-293216)
- SEC EDGAR — FY2025 1-Ks: Equity REIT, East Coast, West Coast; FY2025 audited statements for Growth II/III, Development, Midland via 424B3
- SEC EDGAR — Form 1-Z exit reports, all seven merged entities (2026-05-15) and original flagship (2022-04-26)
- SEC EDGAR — Fundrise eREIT 10-Q Q1 2026 and NAV determination 8-Ks (June/July 2026)


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AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.