Onward, a Fundrise Production

IPO Roadshow: VCX is the public ticker for private tech The number of public companies has been cut in half over the past 25 years. The best private companies are staying private longer than ever. As a result, ordinary investors have been locked out of the biggest wealth-creation opportunities of this generation. With AI threatening to drive wealth inequality to new levels, Ben calls this a fairness problem as much as a financial one. His answer: take the Fundrise Innovation Fund public under the ticker VCX, creating the first publicly traded venture capital fund and a new category Ben calls the PVC (Public Venture Capital fund). In this episode, Ben and co-host Cardiff Garcia (Economic Innovation Group, New Bazaar podcast) examine the history of financial innovations, what VCX is, and what it means for the everyday American investor who's been locked out of private markets. For a deeper dive into these insights and more, listen to the full episode of the Onward podcast. You can learn more about VCX at https://www.getvcx.com. Questions or feedback? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, with co-host Cardiff Garcia. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. More Info & Disclaimers Investing in the Innovation Fund (the “Fund”) is speculative and involves substantial risks. You should purchase shares of the Fund only if you can afford a complete loss of your investment. Past performance does not guarantee future results. Current and future holdings are subject to risk. Returns of one company are not indicative of an investment in the Fund. To obtain Fund performance, visit getvcx.com. The Fund's most recent schedule of investments is available at getvcx.com. Investors should consider the Fund’s investment objectives, risks, charges, and expenses before investing. This information is included in the Fund Prospectus and can be accessed by calling (202) 804-0023. Read the prospectus carefully before investing. The Innovation Fund is publicly registered under the Investment Company Act of 1940 as a non-diversified, closed-end management investment company. The Fund’s portfolio will be concentrated in securities issued by technology companies and other investments that provide economic exposure to technology companies and as such, it may be subject to more risks than if it were broadly diversified across additional sectors and industries of the economy. Certain technology companies may face special risks that their products or services may not prove to be commercially successful. Technology companies are also strongly affected by worldwide scientific or technological developments, and as a result, their products may rapidly become obsolete. The Fund’s investments in companies involved in, or exposed to, artificial intelligence-related businesses may be negatively impacted because of, among other things, limited product lines, markets, financial resources and/or personnel; intense competition and potentially rapid product obsolescence these companies may face; loss or impairment of intellectual property rights; and the inability to successfully develop products or services even after spending significant amount of resources. The Fund’s investment in private company securities, whether made directly or indirectly (e.g., through derivatives or private pooled investment vehicles) are generally illiquid. Because private company securities are thinly traded, such securities may display especially volatile or erratic price movements, sometimes in response to relatively small changes in investor supply or demand or other market...

Real estate is about to get disrupted by technology, again. AI is coming for the core workforce of the industry—acquisitions, underwriting, asset management, market analysis—and it’s going to separate winners from everyone else. If you’re not adopting it, you’re not just missing upside—you’re putting career and company risk. Ben unveils RealAI—a “real estate AI analyst” that Fundrise has been building for years—and explains what the first generation of real estate “AI analysts” means for investing and the future of work. Check out RealAI (https://realai.com/). It really is amazing. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Willy Walker joins Onward to share how he scaled a small, local mortgage shop into a national real estate finance platform—what he got right, what he’d do differently, and the leadership lessons he learned the hard way. We talk about the pivotal decisions that unlocked Walker & Dunlop’s growth, how to lead through a crisis (2008 and COVID), what it really means to be a public-company CEO, and why he’s cautiously optimistic heading into 2026. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Let's move past the tired “Is AI a bubble?” debate and ask the bigger question: What happens after the buildout—when trillions of dollars of AI data centers translate into real economic output. Co-hosts Ben Miller and Cardiff Garcia frame AI as a new kind of factory—massive capex producing tokens that can be converted into real white-collar work. Then Ben grounds it with concrete Fundrise examples—AI handling a large share of customer support, strengthening cybersecurity workflows, reshaping marketing/copywriting, and boosting engineering productivity—before zooming out to the macro implications: faster growth, disinflationary pressure, shifting labor vs. capital dynamics, and the possibility of lower rates if productivity wins out. They also wrestle with the messy part—how adoption, politics, and policy could determine whether AI becomes a broad-based win, a lopsided win-lose, or a stagnation-inducing backlash—and close on practical ideas for adaptation, especially for younger workers. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Hallie Hoffman is a career federal prosecutor, former General Counsel of the DEA and Criminal Chief of the Northern District of California. She knows how the justice system really works behind the scenes. Hallie explains why justice moves slowly, what breaks when massive institutions have to scale, and how individual agents and prosecutors drive the most meaningful cases. She shares lessons from prosecuting everything from the largest corporations to a prime minister of Ukraine, reflects on her leap into biotech entrepreneurship, and offers a clear-eyed view of the crime and public safety challenges ahead. Despite decades spent confronting the worst human behavior, Hallie remains an optimist — grounded in the extraordinary public servants who continue to protect and serve. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Scott Plank—who helped build Under Armour from the ground up, was the largest angel investor in WeWork, and is a seed investor in Fundrise—joins us to share what it really feels like to bet everything, lose big, win bigger, and keep moving forward. In this conversation, Scott traces his path from building homes as a carpenter and selling bracelets in Guatemala to helping Under Armour grow from a family startup into a billion-dollar public company. He explains the financing strategies that kept the company alive in its early days, the lessons of scaling operations under intense pressure, and why he believes Under Armour couldn’t be founded the way they did in today’s world. Scott also shares his experience as the largest angel investor in WeWork, unpacking why he saw value where others didn’t, and how he navigated both the spectacular rise and fall of the company. Along the way, he reflects on risk—when to push all in, when to shut things down, and how entrepreneurship is often about knowing when the world has changed. Finally, he discusses his ongoing work in real estate and technology, including data centers and community development, and offers advice for the next generation of entrepreneurs. For Scott, the throughline is clear: success depends not just on grit, but on aligning values, timing, and the willingness to evolve when circumstances demand it. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Data-center veteran Kervin Pillay walks us through the coming AI infrastructure boom. Pillay argues the U.S. is about to sink 10x the capital it took to create the Interstate Highway System into new data center capacity, racing toward “hundreds of gigawatts” of compute—each gigawatt-scale campus drawing more power than a major city. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Rob Nishihara is the co-creator of Ray, the open-source software now used by OpenAI, Amazon, DeepSeek, and Nvidia as part of the essential stack for building AI at scale. Rob offers a rare insider’s view of the bottlenecks, breakthroughs, and practical limits shaping AI today. The discussion ranges from the philosophical to the technical—covering synthetic data, future policy, career resilience, and how AI might ultimately make us think better, not just faster. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

He helped break the British pound and Swedish krona alongside George Soros, Stanley Druckenmiller, and now–Treasury Secretary Scott Bessent. Rob Johnson shares extraordinary insights into currency warfare, reflects on his time inside institutions of power, and assesses the Trump administration’s bid to rebalance the global economy. You can also listen to Rob’s first appearance on Onward episode #19: How we broke the British pound, with Rob Johnson – March 17, 2023 — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Months before trade policy was on anyone's radar, Stephen Miran—now Chairman of the Council of Economic Advisers under President Trump—quietly published "A User's Guide to Restructuring the Global Trading System." In this episode, Ben and Cardiff dive into Miran’s roadmap and assess how Trump's policies in practice have diverged from Miran’s original vision. Ben and Cardiff explore three key scenarios for the future trajectory: Best CaseBase CaseWorst Case The episode concludes with "surprise scenarios" that could rejuvenate growth despite an adverse economic environment. The hosts emphasize the high stakes and overwhelming uncertainty inherent in America's current economic trajectory. For those who want to read the full, original roadmap: Stephen Miran, A User's Guide to Restructuring the Global Trading System, November 2024 — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Anna Wong is the Chief US Economist at Bloomberg and previously worked at the Federal Reserve, White House Council of Economic Advisors, and US Treasury Department. I can imagine few people in the world better suited to analyze and forecast the impact of the tariffs. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Tal Kerret is the President of Silverstein Properties, the company behind the historic rebuilding of the World Trade Center in New York City, and on the board of directors of Fundrise. Tal provides an in-depth look into the challenges and triumphs associated with redeveloping this iconic site, emphasizing its immense logistical complexity, symbolic importance, and economic impact. He shares his journey from the tech industry into real estate, discussing lessons learned about innovation, risk management, and leadership. Tal also highlights the crucial role of supportive board dynamics and culture in business success, reflecting on personal experiences in venture capital and entrepreneurship. This conversation offers valuable insights into building enduring projects and resilient teams. — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

As a serial tech entrepreneur, VC investor, and expert in data-driven businesses, Auren Hoffman has been a player in Silicon Valley for nearly 30 years. Auren reflects on the pivotal decisions behind selling LiveRamp, the evolution of data companies, and how AI is reshaping industries. From the lessons learned in entrepreneurship to predictions about the future of technology, this episode is packed with insights for business leaders, tech enthusiasts, and anyone fascinated by the intersection of innovation and strategy. - For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Over his 36-year career, Simon Ziff, President of Ackman-Ziff, has overseen more than $100 billion in transactions and witnessed the dramatic evolution of the real estate industry brought about by the Savings and Loan Crisis. Simon shares his journey from joining Ackman Brothers in the 1980s to seizing the opportunities created by the rise of CMBS and private equity in the 1990s. From personal anecdotes to expert insights, this episode is packed with an insider’s experience navigating market cycles. — Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

The most important decision President Trump may face is how to regulate artificial intelligence (AI). Neil Chilson, Head of AI Policy at the Abundance Institute, is a policy insider with nearly two decades of experience inside the halls of power. Neil walks us through how to think about the tradeoffs and approaches to capturing the enormous potential upside of artificial intelligence while protecting against the downside risks. — Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

The data revolution is transforming every business in the world, and Tristan Handy sits near the center of it. Starting with a simple idea, he and his team built dbt Labs into a multi-billion-dollar tech company by understanding how technology is changing the world and what that meant for how people should change with it. This episode dives into Tristan’s journey, his thoughts about entrepreneurship, and the lessons he learned while leading one of the most central companies in the industry. From Practitioner to Pioneer Tristan Handy’s journey began with years of experience in data roles, culminating at RJMetrics. There, he encountered a transformative moment: the rise of Amazon Redshift, the first cloud-native data warehouse. This innovation disrupted traditional business intelligence (BI) tools and catalyzed Tristan’s realization that the future of data analytics lay in the cloud. He then launched Fishtown Analytics, a consultancy that helped startups implement cloud data systems. This endeavor ultimately gave birth to dbt (Data Build Tool), a revolutionary approach to data transformation and governance. Building the Foundations of dbt Dbt wasn’t initially a product; it was a tool Tristan and his co-founder created to solve a problem that they thought needed solving. However, as people adopted and expanded its use, a community began to form. The project’s open-source nature fueled its growth, with dbt becoming a core tool for data teams worldwide. Today, over 50,000 companies use dbt in production, and it serves millions of data practitioners. Scaling the Business, Preserving the Culture The journey from a bootstrapped consultancy to a venture-backed powerhouse worth over $4 billion wasn’t without challenges. Tristan shared insights on scaling while maintaining the culture and values that defined the company’s early days. He emphasized the importance of retaining long-tenured team members who deeply understand the product’s ethos. Lessons on Venture Capital and Founding Reflecting on the venture capital landscape, Tristan offered candid observations. While acknowledging the resources VC brings, he highlighted the inherent misalignment between founders’ visions and the VC focus on extreme outcomes. He underscored the importance of founders being intrinsically driven by the change they wish to create, cautioning against entering entrepreneurship solely for prestige. The Future of Data and AI The conversation touched on the evolution of data, from structured rows and columns to the vast potential of unstructured data in AI applications. Tristan acknowledged the paradigm shift AI represents, predicting that while today’s AI aids discrete tasks, its true potential lies in reshaping how we create and use knowledge. However, he remains cautious, stressing that transformative change requires time and iterative progress. Nonlinear Growth and Innovation One of the key takeaways was the importance of nonlinear growth. Both Ben and Tristan discussed how significant breakthroughs—those “10x moments”—often define the trajectory of a business. These nonlinear events, coupled with steady incremental progress, are what drive true innovation and scalability. Closing Thoughts Tristan Handy’s story is a masterclass in thoughtful entrepreneurship. From leveraging community-driven growth to balancing the demands of scaling a business, his journey offers invaluable lessons for founders and technologists alike. As dbt Labs continues to shape the data ecosystem, Tristan’s commitment to empowering practitioners and fostering innovation stands as a model for what’s possible in the rapidly evolving tech landscape. Listen to the full episode for more on Tristan’s journey, the challenges of scaling a mission-driven business, and the future of data and AI. Onward! — For a deeper dive into these insights and more, be sure to listen to the full episode of the Onward podcast. Have questions or feedback about this...

Build-to-Rent (BTR) may be the biggest innovation in real estate this decade and NexMetro Communities is arguably the originator. Since 2010, NexMetro has been developing BTR projects, with over 55 projects across the U.S., offering cottage-style homes specifically designed for renters. Hartmann provides insight into BTR’s growth, his unique business strategies, and the challenges in reshaping real estate for a new generation. Understanding Build-to-Rent Hartmann explains BTR as homes designed exclusively for rental, offering tenants a single-family home lifestyle without ownership. NexMetro’s developments include a range of single-story cottages that foster a sense of privacy while delivering amenities typically found in multifamily units, such as gyms and pools. According to Hartmann, BTR appeals to people who value flexibility and quality without the commitment of home ownership, filling a gap in the housing market for those who prefer to rent but want more than an apartment. The Three Pillars of BTR Hartmann distinguishes three BTR categories: 1. Single-family homes for rent. 2. Townhomes purpose-built for renting. 3. Cottage-style multifamily units, NexMetro’s specialty, blending the appeal of detached homes with the advantages of multifamily living. Timing Is Everything in Real Estate Real estate cycles are pivotal to innovation and profitability. As Miller points out, real estate evolves through “waves,” such as the mall boom in the 1970s or the single-family rental trend in the 2010s. BTR is shaping up to be the next big wave, attracting increasing interest from renters and institutional investors. Consumer-Centric Development Understanding renters’ needs has been crucial for NexMetro’s success. For example, through consumer research, they’ve learned that amenities like clubhouses or dual bathroom sinks were less important than space efficiency. This consumer-first approach allows NexMetro to streamline costs while delivering a product that resonates with its target demographic. Challenges and Future Outlook Zoning and permitting obstacles are major hurdles. NexMetro often needs 18 months or more to secure zoning approvals, with success rates around 60%. Political and community factors complicate projects, especially as cities grapple with housing shortages and balancing growth. Hartmann remains optimistic about the future, especially with real estate facing declining supply due to high interest rates and reduced construction starts. This scarcity may benefit BTR, positioning NexMetro to meet rising rental demand in areas where traditional homeownership is out of reach or less desirable. — Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

A couple hundred people in San Francisco may be on the cusp of inventing artificial general intelligence (AGI). Yet most people are not paying close attention, are skeptical, and are certainly not in the room. Dwarkesh pulls back the curtain so that the broader public can understand what people who are actually building AI think is going to happen. The conversation begins with Dwarkesh drawing parallels between the current AI revolution and past technological shifts, like the Industrial Revolution, emphasizing the potential for AI to massively increase productivity and automate jobs. He paints a picture of a future where AI, especially artificial general intelligence, could lead to unprecedented economic growth, comparing it to the rapid transformation seen in cities like Shenzhen, China. However, Dwarkesh also cautions about the risks of an intelligence explosion, where superhuman AI could drastically alter societal dynamics. The discussion then moves into scenario planning, exploring various potential futures for AI development. In a positive scenario, AI continues to advance parabolically, boosting productivity and economic growth. Conversely, a negative scenario sees AI hitting significant challenges or diminishing returns, slowing its progress. A surprise scenario considers AI developing in unforeseen ways. Dwarkesh emphasizes the importance of managing public expectations and preparing for a range of outcomes, highlighting the necessity of effective redistribution and retraining programs to help workers transition as AI reshapes the job market. Finally, Ben and Dwarkesh consider the public policy demands and philosophical implications of AI. They discuss how AI could change human cognitive biases, improving decision-making, but also potentially amplify negative traits like greed and power-seeking. Dwarkesh advocates for policies that ensure the broad deployment of AI systems to allow society to adapt gradually and stresses the need for coordinated global efforts to manage AI's geopolitical impacts. The episode concludes with reflections on the crucial role of ethical standards in AI development, underscoring the importance of dialogue and collaboration to harness AI's benefits while mitigating its risks. --- Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise. Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Although each major technology wave is unique—mainframes, the personal computer, internet, mobile, cloud, and now AI—the way they have played out has been surprisingly consistent. The core financial, product, and economic patterns repeat each innovation cycle and help define which companies go on to win or lose. In this episode, Ben and Cardiff identify and discuss the five most significant patterns: 1) waves, 2) bridging, 3) democratization, 4) centralization-decentralization, and 5) the 3x multiple — and attempt to draw the lessons from the past to the opportunities of the present. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, Editorial Director of the Economic Innovation Group and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

Two roads diverged before the US. One the way of growth and the other the way of a debt spiral. In this episode, Cardiff Garcia and Ben Miller look at the state of US dynamism vs. indebtedness, and the narrow path that would lead to a prolonged US boom. They scenario plan three potential futures: the continuation of current growth trends, a major recession, and a surprise development. The discussion spans historical debt trends, the impact of AI and technology on growth, and the influence of interest rates and fiscal policies. They highlight the strategic balance required between debt management and economic development, with a focus on achieving a ‘soft landing.’ This episode covers the key decisions between leveraging growth and managing debt that will shape America’s economic destiny. Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com. Onward is hosted by Ben Miller, co-founder and CEO of Fundrise, and Cardiff Garcia, co-founder of Bazaar Audio and host of the economics-focused podcast The New Bazaar (after spending many years as the co-creator and co-host of NPR's The Indicator podcast). Podcast production by The Podcast Consultant. Music by Seaplane Armada. About Fundrise With over 2 million users, Fundrise is America's largest direct-to-investor alternative asset investment platform. Since 2012, our mission has been to build a better financial system by empowering the individual. We make it easier and more efficient than ever for anyone to invest in institutional-quality private alternative assets — all at the touch of a button. Please see fundrise.com/oc for more information on all of the Fundrise-sponsored investment funds and products, including each fund’s offering document(s). Want to see the specific properties that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.