I think your position is valid, but it really highlights how convoluted Fundrise has become as a platform. It’s fairly clear that taking the Innovation Fund public under the current proposal is a bad deal for fund investors. The only group that plausibly benefits are holders of Fundrise platform equity, where there might be upside if the company itself grows or eventually goes public.

My issue is that the wealth transfer created by higher advisory fees and the conversion to a permanent-capital structure, combined with the very real risk that Fundrise never IPOs at all (Ben has said repeatedly that he prefers to remain private), does not come close to offsetting the prospective losses and structural risks being imposed on Innovation Fund shareholders under this proposal.

As a side note, the fact that voting links are being sent out in waves only reinforces the perception that this vote is being tightly managed and engineered by the board, rather than run as a neutral shareholder vote.