Onward, a Fundrise Production

55: IPO Roadshow: VCX is the public ticker for private tech

IPO Roadshow: VCX is the public ticker for private techThe 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 FundriseWith 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 & DisclaimersInvesting 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 conditions.Nothing in the advertising material should be construed as tax advice, an offer, recommendation, or solicitation to buy or sell any security. All investing includes risk, including the possible loss of money you invest, and past performance does not guarantee future performance. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Innovation Fund, LLC before investing.

54: Real estate AI is a revolution: The launch of RealAI

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.

53: Building the largest multifamily lender in the nation, with Willy Walker CEO of Walker & Dunlop

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.

52: How will AI impact the economy?

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.

51: Inside Justice: How the System Really Works, with Hallie Hoffman

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.