Onward, a Fundrise Production

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Latest Episodes:

41: AI Policy under the Trump Administration, with Neil Chilson Dec 20, 2024

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.
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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.

40: From Bootstrap to Billion-Dollar Business, with Tristan Handy CEO of dbt Labs Nov 15, 2024

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!
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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.

39: The Rise of Build-to-Rent: A New Era in Real Estate, with Josh Hartmann CEO of NexMetro Oct 30, 2024

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.
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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.

38: Are we vastly underestimating AI? with Dwarkesh Patel Jul 30, 2024

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.
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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.

37: The Housing Expert Guiding the Homebuilding Industry, with John Burns Jul 23, 2024

John Burns is a renowned expert on the housing market. In this episode, John unravels the complexities of today’s economic climate and housing trends, providing a comprehensive analysis of the housing market, demographic shifts, homebuilding industry, and rental sector. Whether you're a homeowner, investor, or simply interested in economic trends, this episode offers valuable perspectives on the current state of the housing market and what lies ahead.
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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.

36: Breakthroughs in military technology: Lessons from history and future implications May 29, 2024

Artificial intelligence has the potential to revolutionize warfare and reshape geopolitics. Professor Andrew Wilson, professor of Strategy at the US Naval War College, explores the transformative power of military technology throughout history and its implications for the future.
In this episode of Onward, host and Fundrise CEO Ben Miller and Professor Andrew Wilson explore how technological advancements not only transform warfare but also reshape political, social, and economic landscapes. Seemingly small technological advancements (especially those in the military realm) often have profound and lasting effects on societal structures and political dynamics.
"Victory smiles up those who anticipate changes in the character of war, not upon those who wait to adapt themselves after the changes occur."
–Italian Air Power Theorist, General Giulio Douhet
Ben and Professor Wilson illustrate this by examining historical breakthroughs such as the stirrup, which led to the rise of feudalism in medieval Europe, and the Greek trireme, which fostered Athenian democracy and economic expansion. The discussion also highlights society’s transition from bronze to iron weaponry, which democratized military power by making effective weapons more accessible, thereby altering the balance of power in ancient civilizations.
Moving to the present day, the conversation addresses the ongoing revolution in military technology, particularly focusing on AI and autonomous weapon systems. Professor Wilson and Ben discuss modern technologies’ potential to either democratize or centralize military power, depending on their cost to manufacture. This episode also explores China's military modernization efforts, emphasizing the strategic focus and investment in emerging technologies. Professor Wilson underscores the importance of maintaining an innovative edge and strategic flexibility to navigate the complex relationship between the United States and China, while also stressing the need for clear communication to avoid the so-called Thucydides Trap, where rising powers and status quo powers are potentially destined for conflict.
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 assets that make up and power Fundrise portfolios? Check out our active and past projects at www.fundrise.com/assets.

35: The 5 patterns of technology breakthroughs May 15, 2024

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.

34: Race against recession: growth vs. debts in America Mar 15, 2024

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.

33: On the state of housing, with economist Ali Wolf Feb 06, 2024

On the latest episode of Onward, Fundrise CEO Ben Miller is joined by Ali Wolf, Chief Economist at Zonda and one of the smartest people we know for analyzing and understanding housing and the economy. As we’re still in the early weeks of 2024, Ben and Ali’s conversation focuses on lessons learned from the past year, when a confluence of factors resulted in an economic period that still demands attention and deciphering: What happened to the recession that most economists believed was all but inevitable a year ago? Did we dodge that recession or just delay it? How do you tell the difference between a soft landing and an economic downturn that’s simply slowing? Is it possible to rely too much on history when trying to develop a forecast? Looking ahead, Ali shares her thoughts on which housing markets are most exciting going into the next twelve months (and which are likely to lose momentum). She also shares insights based on home builder surveys, leading to Ali’s forecast for what home pricing will look like through the rest of the year. And, importantly, when Ali’s spoken to builders, the two sentiments that have stood out have been both a sense of caution and a sense of optimism. As Ben says, that’s terrific news: Those emotions, together, tend to equal a balanced economy… and often what comes out of that balance is real, lasting growth.
All this and more, on the latest episode of Onward.
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.

32: Buying the bottom Dec 30, 2023

In this final Onward episode of 2023 co-hosts Cardiff Garcia and Fundrise CEO Ben Miller kick things off by discussing Ben’s major market call: The conclusion that the real estate market has hit bottom. After 18 months of escalating interest rates punishing the real estate industry, small businesses, and regional banks, we’ve entered a new period where we expect the move to falling rates to propel strong positive performance. Ben walks Cardiff through his view of the state of the economy, both macro and specific to real estate, furnished with data points drawn from top-down market analysis, bottom-up, and anecdotal evidence, referencing confidential third-party sources and Fundrise’s own portfolio of assets. Most importantly, after a year of market turbulence, the market’s trough means that it’s time for investors to shift their attitude and become opportunistic about buying along the bottom. Lastly, it’s key to note that this episode of Onward was recorded to enhance and be enhanced by the Fundrise 2023 year-end letter to investors, available at https://fundrise.com/investor-update/1123/view, and should be listened to alongside that letter, where readers will find a more thorough assessment of Fundrise’s own portfolio, along with our team’s thoughts on what the future may hold. As 2023 comes to an end and we enter a new phase for the market with the start of 2024, Onward.
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.

31: Building a $1B startup without ego, with Christina Cacioppo Dec 07, 2023

In the modern tech landscape, there are few topics more critical — or, unfortunately, more frequently overlooked and misunderstood by laypeople — than data security. Luckily Vanta has developed a revolutionary solution for how other companies can address the problem of data security compliance, with enormous subsequent benefits for how those businesses can operate safely — and access new market share as a result. In this latest episode of Onward, Fundrise CEO Ben Miller is joined by Christina Cacioppo, Vanta’s CEO and founder, to discuss some of the strategic and leadership insights that have helped guide Vanta’s success and unique growth trajectory. Christina’s leadership and Vanta’s foresight in defining a new, more streamlined way for companies to operate securely are some of the principal factors that contributed to Vanta becoming the Fundrise Innovation Fund’s first investment, in late 2022 and a subsequent year of impressive continued growth. Here, Ben and Christina’s conversation covers some of the key considerations that leaders must face in building a new, disruptive business, such as why learning to focus on a problem is often more fruitful than focusing on a solution; how a stereotypically overlooked topic, like data security, can be leveraged into 25x growth, when properly understood; the importance that iterating and making multiple attempts can be in finally developing a singular, revolutionary product; and what leaders like Christina and Ben look for in the board member, co-leaders, and venture capital partners they choose to work with.
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.
Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing.
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.

30: What happens when there’s no money in real estate markets Nov 29, 2023

People outside of the real estate investment industry may be unaware, but the market is currently navigating a period of turbulence comparable to what it experienced during the 2008 financial crisis, with cap rates and pricing down as much as 50%. In this episode of Onward, co-hosts Ben and Cardiff look at some behind-the-scenes market data that Ben has been analyzing, thanks to his on-the-ground insights through managing the Fundrise portfolio. Of particular concern has been the startling unevenness in the market, with investment property values severely misaligned with the values attached to properties purchased and sold by individual homebuyers. In order to understand these differences, our hosts point out, we need to look at more than just completed transactions and sales prices — we also need to consider the numbers behind offers that are not being completed, to see why sellers are not willing to accept the low prices that current buyers are willing to pay. And in order to see those kinds of bids, you need to be directly involved in the market’s dynamics — a perspective Ben can fortunately share, with a helpful glimpse into a couple properties in Fundrise’s portfolio.
As always, great change opens the door to great opportunity — but what else does the current state of investment real estate mean for the economy, writ large? Will interest rates continue at their present level, despite the rupture in the bond markets and continued challenges for banks? When and how will the impact on the real estate industry make its way to other sectors? Why exactly is the market broken — and what will it take to fix it?
To read more background information on Ben and Cardiff’s conversation in this episode, visit https://fundrise.com/education/onward-episode-30.
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, including the ones mentioned in today’s episode? Check out our active and past projects at www.fundrise.com/assets.

29: The largest developer in LA, Rick Caruso Nov 17, 2023

Rick Caruso’s real estate projects have defined how a generation of LA residents live in and experience the city. When you truly collaborate with communities, Rick explains, you get more than reliable financial success — you get momentum behind your project, you get political capital, and you get the satisfaction that comes from knowing people appreciate and enjoy the spaces you’ve contributed to the city. In this latest episode of Onward, Rick joins Fundrise CEO Ben Miller for a behind the scenes conversation on the current status of the real estate industry, and how his business principles have helped him navigate multiple past industry downturns, such as the S&L and 2008 crises. Beyond that, Ben and Rick’s discussion touches on a variety of veteran real estate insights, such as why Rick is concerned that LA’s current politics could block opportunities for growth; the critical considerations that go into managing banking relationships for real estate developers; and why the 2028 Olympic Games, scheduled to take place in Los Angeles, could supercharge yet another real estate renaissance for the city. All this and more, on the latest episode of Onward.
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 www.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.

28: Investing in AI, with Tomasz Tunguz Oct 18, 2023

As our host, Fundrise CEO Ben Miller, observes in this latest episode of Onward, the amount of hype surrounding AI has become extraordinary… to the point that it’s become difficult for many people to distinguish the reality of its potential from vaporware. Luckily, coinciding with the Fundrise Innovation Fund’s investment in Theory Ventures, we have the opportunity to chat with Tomasz Tunguz, Theory Ventures General Partner, whose experience provides a critical perspective in analyzing how new technological paradigms become drivers for change, productivity, profitability, and growth. Ben and Tomasz’s conversation touches on structured vs. unstructured data, how technology development moves between infrastructure and software, and why tech incumbents have such a head start with AI. This episode is a key introduction to the kinds of systems theory governing the thinking in AI today and the economic analysis that will guide how it eventually winds up in everyday application, in all consumers’ lives. No matter how tremendous the hype behind AI becomes, this conversation makes one thing clear: we’re witnessing the beginning of a new era for tech.
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 1 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.
Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing.
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.

27: Understanding AI and its implications Sep 29, 2023

As artificial intelligence has dominated headlines over the past year, it’s become increasingly critical for everybody to understand AI, due to its likelihood to impact each and every one of us. In this latest episode of Onward, join Fundrise CEO Ben Miller and co-host Cardiff Garcia for a conversation that aims to reveal some of the big picture ideas driving AI’s current growth, along with the potential ramifications of those changes — and why it really is worth getting excited over. In terms of impact, Ben and Cardiff explain, we’re beginning to be able to rely on AI to perform tasks as vital and varied as weather forecasting or performing medical diagnoses. The financial outcomes of these leaps are staggering, according to recent reports and projections by some of the world’s largest accounting and financial firms, some expecting annual GDP growth to triple, directly attributed to AI’s ability to automate 40-70% of all workers’ activities. So where does that leave the labor market, people’s day-to-day lives, and investment opportunities in infrastructures that will help govern a whole new technological paradigm? Join Ben and Cardiff in this latest episode of Onward to find out.
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.
Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing.
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.

26: The Insider's Lobbyist: How lobbying really works, with David Carmen Aug 25, 2023

In our latest episode of Onward, Fundrise CEO Ben Miller is joined by David Carmen, founder of the Carmen Group and one of the top lobbyists in the nation. He has worked on some of the most important issues of the past nearly half century — from 9/11 to Softbank’s $22B acquisition of Sprint. With increasing polarization and political dysfunction, many may feel that our democracy is at risk. Most people don’t know why, let alone how we might fix it. With nearly 40 years as a Washington-DC-insider, David Carmen has real knowledge and concrete suggestions that he argues could bring us into a new era of effective government.
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 1 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.

25: The Big Bang: The origin of modern real estate and banking Aug 18, 2023

In this latest episode of Onward, Fundrise CEO Ben Miller and co-host Cardiff Garcia give us a tour of the economic landscape that was once the status quo: a world where local lending institutions called S&Ls — or thrifts — were the primary way individuals saved for and financed home ownership. However, due to a confluence of events, including rocketing inflation similar to the past 18 months’, S&Ls found themselves in a period of acute insolvency. As Ben and Cardiff explain, a series of regulatory blunders, bailouts, and bad actors then caused the crisis to deepen, eventually leading to a total shutdown of the S&L framework, forcing our financial system to perform a hard reset. In the process, the long financial era that had begun in the 1930s came to an end, and our modern era began. Out of the Savings and Loan Crisis arose some of the most basic pillars of today’s economic system, fundamental to how we now think about and handle money, including national banks, banks as mortgage providers, public REITs, and the entire industry of private equity real estate. Ultimately, the Savings and Loan Crisis was so instrumental to shaping our monetary systems today that to truly understand modern finance, we need to look back at that explosive event that set the trajectory our economy still follows.
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 1 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.

24: The case for a recession Jul 05, 2023

In the latest episode of Onward, Ben and Cardiff work through one of the most confounding questions currently poised for the economy: What do we make of two seemingly contradictory data sets, where one is telling us that the economy is generally healthy, while the other says we remain precisely on track for a full-blown recession, according to all historical precedent? This source of cognitive dissonance recently sent Ben down a path of research, which has led to a critical observation: Before every recession in recorded Fed history comes a “Great Lag” — an average of 10 months between when the Fed reached peak interest rates and when the subsequent recessions actually began… resulting in a devastating average total stock market decline of -43%. Taking this data into consideration, the task of navigating the recession still hasn’t even started — in fact, we still haven’t even entered the first inning, as Ben says. If many companies are already strained in the current market, with current interest rates — as we’ve seen borne out in some sectors of commercial real estate — they certainly are not prepared for the the multi-year marathon of economic hardship that this data forecasts. So, despite the relative calm of our current economic moment, Ben points out that right now is the moment to prepare for what is almost certainly a recession still lingering on the horizon.
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 1 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.

23: Debt ceiling crises, with Noreen Harrington May 15, 2023

Noreen Harrington’s background in finance has involved working on everything from running Treasuries for Goldman Sachs to helping manage the creation of the Euro. In this latest episode of Onward, she joins Fundrise CEO Ben Miller to help us better understand why the upcoming debt ceiling crisis in the United States is a serious threat to economic stability. Today, there are a number of macro crosswinds in play including China’s challenge to SWIFT banking and the rise of digital currencies. These factors set the stage where a politicized debt ceiling crisis threatens to put the fundamental credit and reputation of the US dollar on the line. As Noreen explains, “If we default even one day, I think the ramifications could be on your children and their children.” Even so, from an investing perspective, Noreen validates one of the primary ideas we’ve championed at Fundrise for the past several months, as The Great Deleveraging unfolds: “I think if you have liquidity, there'll be an unbelievable opportunity coming for you to have rescue capital.”
15:05 Noreen's Perspective
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 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

22: The case for optimism, with Cardiff Garcia May 05, 2023

If you’ve listened to Onward regularly, you know that Fundrise’s CEO Ben Miller has been a perennial contrarian when it comes to assessing the outlook for the economy, especially as markets have overheated and behaved irrationally. So, this latest episode of Onward might surprise you, as Ben gives the floor to co-host Cardiff Garcia, who treats us to a fundamentally different perspective — a full-throated case for economic optimism, as we look ahead to 2024. Ben and Cardiff’s conversation begins with an assessment of the aftermath of the COVID pandemic, where so many of the social, economic, and political upheavals that paved the way for historic inflation also set the stage for fundamentally positive effects on economic productivity, technological adoption, and true cultural change. While the first benefit of these COVID responses was immediate stability, the second boon, our hosts argue, has yet to become fully visible: a new era of growth and productivity.
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 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

21: Bonus Episode: The fundamental nature of the universe, with Amanda Gefter Apr 18, 2023

In this bonus episode, our host Ben Miller interviews a special guest, the science writer Amanda Gefter, to discuss some of the most intriguing and consistently mind-blowing ideas from her book about cutting-edge physics and cosmology, Trespassing on Einstein’s Lawn. Departing from Onward’s usual topics — the economy, what’s happening in the markets, and Fundrise — Ben asks Amanda to explore a few of the fundamental (but deeply unintuitive and surprising) ideas that underlie the architecture of quantum physics and the behavior of our universe. Over the course of their discussion, they touch on the importance of Einstein’s relativity; why “variance” is at the core of how we define "something" vs. "nothing"; the surprising nature of Hawking radiation; the balance of elegance and practicality in John Archibald Wheeler’s writings; the mechanics through which the universe may eventually "restart"; why perspective always matters; and much more. Join Ben to understand and celebrate the important ways that Amanda’s work has helped push knowledge forward, which is, ultimately, what Onward is all about.
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 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

20: The Cascade, the Great Deleveraging’s next chapter Apr 03, 2023

In the weeks since Silvergate, Signature, and Silicon Valley Banks’ respective failures, observers around the world have found ways to classify each collapse as the result of specific, isolated circumstances. But our hosts at Onward see something much different: a systemic, likely global crisis in the financial markets, playing out very close to what we projected in our November 2022 episode, “The Great Deleveraging” (https://fundrise.com/education/onward-episode-10). In a direct follow-up to that episode, join Fundrise CEO Ben Miller and co-host Cardiff Garcia for an analysis of how the recent bank crises are strong evidence that The Great Deleveraging is in full swing, along with a forecast on what is likely to happen next for the economy — a phase that Ben has deemed “The Great Cascade,” as the impacts of the liquidity crisis reverberate across multiple sectors of the market, with profound effects. There’s even an event on the horizon that Ben believes is likely to be the straw that “breaks the turtle’s back — toppling turtles, all the way down.” Listen to the episode to find out what that straw is likely to be. (And listen to the original Great Deleveraging episode (https://fundrise.com/education/onward-episode-10), if you need a refresher in turtle cosmology.)
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 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

19: How we broke the British pound, with Rob Johnson Mar 17, 2023

In the wake of Silicon Valley Bank’s collapse last week, Onward host and Fundrise CEO Ben Miller sits down for an interview with the economist and trader Rob Johnson, one of the most experienced investors in the world at the fault line of government and finance. Having served as a Managing Director of the Quantum Fund, Chief Economist of the U.S. Senate Banking Committee, and currently as president of the Institute for New Economic Thinking, Rob has worked closely with policymakers across the entire political spectrum. Ben and Rob use the 1992 breaking of the British pound as a historical reference point and centerpiece for the orbit of their discussion. That event formed out of a collision of geopolitical forces, interest rate policy, and cross-institutional financial interactions, all with significant parallels to the world today. And, as Ben and Rob discuss, the pound’s collapse had implications that went far beyond a single bank or country’s ability to function — it ushered in a new era of the power and peril of global finance.
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 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

18: The $50B contrarian, Ira Lubert Mar 01, 2023

When it comes to ambitious investing, many people make the mistake of chasing glory and fame — at the expense of sound judgment and real financial results. But not Ira Lubert, chairman and co-founder of Independence Capital Partners and Lubert Adler Partners, and the guest on our latest episode of Onward. Ira has instead spent decades content to stay out of the limelight, while architecting a family of funds now worth roughly $50B. Ira’s activities in real estate, equity in tech and health care, life sciences, debt funds, and more, have contributed to the vast and varied portfolio that has slowly accumulated and grown under his stewardship for years. Join Fundrise CEO Ben Miller as he talks to Ira about his key insights from his professional experience, including the importance of having extremely flexible timelines, when to deploy capital, balancing equity and debt, and more.
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 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

17: Inside the VC playbook — After a tech bubble collapse Feb 10, 2023

Mind games and “dirty term sheets.” These are the kinds of potential pitfalls that await tech entrepreneurs and employees in the financial landscape of 2023, especially those particularly in need of fresh infusions of venture capital. In this latest episode of Onward, Fundrise CEO Ben Miller walks co-host Cardiff Garcia through another set of fascinating — if often unforgiving — complexities arising from today’s high interest rate environment. Now that capital is no longer flowing freely and willingly from investors across the country, what options do tech leaders have when their companies’ valuations plummet in comparison to the sky-high estimations from just last year? As Ben emphasizes once again, when we’re uncertain about the future, we should always look to the past. Using lessons learned from the 2000 tech bubble collapse, Ben illustrates for us how a company seeking venture capital in a harsh financial environment like today’s has a choice. They encounter a fork in the road: Is it more prudent to take a down round and accept a lower valuation? Or better to accept structured money and dirty terms, while maintaining the high value assessments assigned during the fundraising of earlier rounds? All this and more in the latest episode of Onward.
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 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing.
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.

16: On the state of the market, with the creator of a $1T financial innovation, Schecky Schechner Jan 20, 2023

Fundrise CEO Ben Miller is joined by Schecky Schechner, Managing Director and Co-Head of US Real Estate Banking at Barclays Capital, for a wide-ranging and technically insightful conversation in this latest episode of Onward. As Ben points out, Schecky is credited as one of the co-inventors of Commercial Mortgage-Backed Securities (CMBS) in the wake of the S&L crisis in the late ‘80s, a securitization innovation that has since become a trillion-dollar system, earning Schecky his reputation as a living legend in the real estate world. Ben and Schecky’s conversation opens with a broad discussion on the current state of the market before moving into a recap of our “Great Deleveraging” thesis. They then go on to discuss a wealth of additional topics and key financial ideas, including how securitization is a democratizing force in financial markets; why the late 1980’s were “the Big Bang” for real estate finance; why the idioms “A rolling loan gathers no loss,” and “Extend and pretend,” might have a major impact on the American economy over the next twelve months; and much more.
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 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

15: The largest real estate developer in the world, Steve Ross Jan 14, 2023

In the latest episode of Onward, Fundrise CEO Ben Miller gives us the opportunity to listen in on a conversation with one of the most experienced and influential figures in real estate today: Steve Ross, the largest real estate developer in the world. In addition to being the co-founder and chairman of RSE Ventures and owning the Miami Dolphins, Steve is the chairman and founder of Related Companies, the real estate firm behind the Time Warner Center in New York City, plus the 18 million square foot Hudson Yards project, the largest private real estate development in the history of the United States. Ben and Steve’s conversation covers a broad range of topics, drawing on Steve’s vast experience of over 50 years as a major player in the real estate industry. They discuss how real estate funding has changed over the decades, how experiences from past financial crises can help investors today, and the importance of affordable housing for the future of the American economy.
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 Seaplane Armada and The Podcast Consultant. Music by Seaplane Armada.
About Fundrise: With over 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

14: Year-End Performance in Depth & Investment Strategies for 2023 Dec 30, 2022

In anticipation of the upcoming publication of Fundrise’s 2022 year-end letter to investors, CEO Ben Miller is once again joined by Kendall Davis, Head of Investor Relations and Investor Operations, for an in-depth analysis and conversation about the Fundrise portfolio’s 2022 performance.
This episode is indispensable to any listener interested in better contextualization of and perspective on our portfolio and its outlook, whether that’s understanding how we so handily outperformed public market analogues; how we adjusted our strategy and fortified our portfolio over the past several years in anticipation of the sweeping 2022 market downturn; and why, looking ahead, we’re in a position of enviable investing strength, as we’ve prepared to take advantage of this next stage of the market cycle.
Some of the topics Kendall brings to the conversation for Ben’s consideration include:
- Why Fundrise NAVs are down, particularly in the Flagship Fund.
- Why defensive positioning, involving low debt and high liquidity, is so important today, and why we’re set up for potentially once-in-a-cycle investment opportunities in the months and years ahead.
- What signals like an inverted yield curve tells us about what to expect and where we are in the market cycle.
- What an optimistic Ben Miller (whose staunch market realism sometimes sounds like pessimism) looks and sounds like. (Listen until the end of the episode to find out.)
- And much more, all covered in Ben and Kendall’s conversation.
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 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

13: Forecasts for 2023: Scenarios, Systems, and Pattern Recognition Dec 19, 2022

Join your Onward co-hosts, Fundrise CEO Ben Miller and Cardiff Garcia, to wrap up 2022 in the same way we started it: with a session of scenario planning.
Ben and Cardiff each share their predictions for what the next year might bring, including possibilities that are both very likely and, admittedly, a little more far afield. We learn the premise and implications of the “80/20 rule” for inflation, what Ben means by the phrase “a recession incession,” and what it looks like when the stock market “PEGs down.” Beyond that, a quick review of the implications of The Great Deleveraging, the subject of our November 14 episode — less of a predication and more of a glimpse of the horizon, as Ben emphasizes that a financial liquidity crunch is already in motion, even if many players in the financial world aren’t ready to talk about it publicly.
But then, Ben has something a little more radical in store, as he introduces an entirely new framework of Scenario Planning for thinking about the future, based on an understanding and extrapolation of inorganic and organic systems. An inorganic system is made up of inanimate objects, while an organic system is composed of living entities. If a key component of success is pattern matching, then a common mistake is misreading the way a system is likely to behave.
Like a wild population of animals or insects that grows too fast, overwhelming its food sources and habitat, will we see a system’s sudden collapse? It all comes down to determining which economic trends follow a common biological pattern of a J-curve or an S-curve, and which have the potential to buck predictable trajectories entirely, like an evolutionary leap or a deadly mutation.
As Ben and Cardiff discuss, there could be major benefits for anyone who can stay ahead of the curve, whatever shape that curve may take.
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 and music by Seaplane Armada.
About Fundrise
With over 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

12: Owner-Developer of the World Trade Center, Larry Silverstein Dec 13, 2022

Join Ben Miller, CEO of Fundrise, for a conversation with a very special guest on this episode of Onward: Larry Silverstein is the founder and chairman of Silverstein Properties, the owner-developer of the World Trade Center, along with a remarkable portfolio of other major properties that have defined New York City life and the Manhattan skyline for decades.
The interview gives us a tour of both Mr. Silverstein’s life and the history of New York, as he recounts his experience investing in a number of influential New York properties. Each acquisition also highlights a different stage in financial history, showcasing a defining moment in the country’s and New York’s economic cycles.
As Mr. Silverstein tells the story behind the acquisition of each piece of real estate, he imparts investing insights that remain critical to investors today. Those experiences include making the decision to invest during a struggling market — such as when he bought 711 5th Ave., in a declining New York — or the challenges of leasing a million square feet of commercial space — such as when he developed 7 WTC. Ultimately, when Ben asks what advice Mr. Silverstein has for investors today, he recommends, “whatever you do, think long-term” and to invest “in quality.”
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 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

11: Bonus Episode: Investor Q&A November 2022 Nov 28, 2022

This week, we have a special treat from Onward: our first bonus episode, dedicated entirely to discussing and answering important questions about Fundrise, sourced directly from Fundrise investors. Kendall Davis, head of investor relations and investor operations, joins Ben Miller, Fundrise CEO, to share some of the topics on our investor community’s minds. As always, discussing Fundrise is just a starting point, as each question about the company opens a door into much broader discussion about the economy, its current state, and some fundamental ideas about how finance works.
Join Kendall and Ben to learn more about how Fundrise is prepared not only to mitigate losses in a downturn but to thrive; why leverage is the only way smart people go broke; how the focus of real estate investment strategies shifted from up-and-coming urban areas to the Sunbelt; and how Fundrise collaborated directly with the late Marty Dunn, former Deputy Director and Acting Director of the SEC, to find the best way to safely democratize access to real estate investing, within the framework of financial regulations.
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 and music by Seaplane Armada.
About Fundrise
With over 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

10: The Great Deleveraging, a Fundrise market analysis Nov 14, 2022

For months, the hosts of Onward — Ben Miller, Fundrise CEO, and Cardiff Garcia — have discussed the many ways that the current, high inflation environment will impact the broader economy and behavior of investors. In this latest episode, Ben brings a brand new idea to the table: a specific theory outlining how our financial system is on the verge of real crisis and potential collapse. Join us to hear Ben explain how the practice of using loans as the assets for generating new loans has created a snarled chain of lending. Now that interest rates have exploded to new highs, what happens when one loan in the chain comes due, and refinancing is impossible? What exactly do we mean when we say, “Turtles all the way down”? And, lastly, how is Fundrise positioned to capitalize on what Ben calls a potentially once in a lifetime opportunity? Listen to the latest episode of Onward for answers to all these questions, and more.
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 and music by Seaplane Armada.
About Fundrise
With over 1 million users, Fundrise is America's largest direct-to-investor real estate 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 real estate — all at the touch of a button.
Please see the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

9: Why financial history matters, with Ben Carlson of Ritholtz Wealth Management Nov 04, 2022

In this month’s episode of Onward, Fundrise CEO Ben Miller is joined by Ben Carlson, Director of Institutional Asset Management at Ritholtz Wealth Management, for a wide-ranging discussion that offers fresh, critical thoughts on the state of the market, plus new perspective on our current moment in financial history. Ben C’s additional experience as an author of multiple books and co-host of his own financial podcast, Animal Spirits, opens the door to some provocative questions, including why wealthy individuals are historically most susceptible to financial fraud. More broadly, Ben C explains, his study of financial history has shown that many factors are in flux between eras, but one element that always stays the same is human nature and people’s capacity to behave irrationally. What does that mean for investors today?
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 and music by Seaplane Armada.
About Fundrise
With over 1 million users, Fundrise is America's largest direct-to-investor real estate 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 real estate—all at the touch of a button.
Please see the Fundrise Flagship Real Estate Fund website, Fundrise Income Fund website, and Fundrise Innovation Fund website for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.

8: You can’t fight the Fed Oct 17, 2022

As inflation lingers at historical highs, the Fed remains set on taming it, ratcheting up interest rates and inviting a recession. In this new episode of Onward, Ben Miller, CEO of Fundrise, and co-host Cardiff Garcia do a new round of scenario planning, to better assess ten key drivers that directly influence inflation. Together they look back at their very first episode together, On inflation and uncertainty, where they discussed how to evaluate and plan for different eventualities in the economy, and update their outlooks, now that eight months have passed in a very eventful year. Optimistic? Pessimistic? Or… too tough to call?? Ben explains that understanding inflation is key because it helps us in turn understand the Fed — and, as an investor, “you can’t fight the Fed.”
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 and music by Seaplane Armada.
About Fundrise
With over 1 million users, Fundrise is America's largest direct-to-investor real estate 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 real estate—all at the touch of a button.
Please see the Fundrise Flagship Real Estate Fund website, Fundrise Income Fund website, and Fundrise Innovation Fund website for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.

7: Ben Gilbert & David Rosenthal (VCs and hosts of Acquired): Top investment lessons, what makes the best tech companies, and more Sep 15, 2022

What separates investments in the very best companies from the rest? In this month’s episode of Onward, CEO Ben Miller is joined by the hosts of Acquired, a podcast that looks into the stories and playbooks of history’s greatest companies, to learn where remarkable success in venture capital comes from. Together with Ben Gilbert and David Rosenthal, the three discuss a range of topics, including: the importance of letting your winners ride, the story of Sony in the wake of World War II, and the Fundrise Innovation Fund. Plus, Kendall Davis is back to share questions from investors about the current market volatility and the cross-section of climate change and new home construction.
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 and music by Seaplane Armada.
About Fundrise
With over 1 million users, Fundrise is America's largest direct-to-investor real estate 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 real estate—all at the touch of a button.
This podcast is not investment advice, and is intended for informational and entertainment purposes only. For more information on the Fundrise Innovation Fund, including the fund's prospectus, please see fundrise.com/innovation.

6: Building homes for rent Aug 18, 2022

In this month’s episode of Onward, CEO Ben Miller and co-host Cardiff Garcia are joined by Fundrise COO Brandon Jenkins to discuss one of the most exciting and fast-growing segments of Fundrise’s real estate investment strategy: built-for-rent single-family housing. Plus, Kendall Davis is back to answer a few hard-hitting questions from investors.
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 and music by Seaplane Armada.
About Fundrise
With over 1 million users, Fundrise is America's largest direct-to-investor real estate 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 real estate—all at the touch of a button.
For more information on the Flagship Real Estate Fund, including the fund’s prospectus, please see fundriseintervalfund.com. For more information on the Fundrise Innovation Fund, including the fund's prospectus, please see fundrise.com/innovation.

5: Transforming Venture Capital Jul 18, 2022

In this month’s episode, we have something a bit different than our typical programming: Fundrise CEO Ben Miller talks with co-host Cardiff Garcia about a big announcement – the Fundrise Innovation Fund, a brand new investment product and our entry into the world of venture capital, the next financial sector Fundrise aims to disrupt and make available to investors of all types and sizes. Plus, Kendall Davis is back with a new batch of investor and podcast listener questions for Ben to answer.
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 and music by Seaplane Armada.
About Fundrise
With over 1 million users, Fundrise is America's largest direct-to-investor real estate 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 real estate—all at the touch of a button.
Disclaimer: An investor in the Fundrise Innovation Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Fund’s prospectus contains this and other information about the Fund and may be obtained at fundrise.com/innovation. Investors should read the prospectus carefully before investing.

4: The incoming recession Jun 15, 2022

Coming off a week where inflation hit a 40-year high and consumer sentiment came in at a record low, Ben Miller talks with co-host Cardiff Garcia about our perspective on how we think about navigating an increasingly unpredictable macroeconomic environment by focusing on fundamentals. Plus, hear a new segment where we answer questions from Fundrise investors about the current state of the economy.
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 and music by Seaplane Armada.
About Fundrise
With over 1 million users, Fundrise is America's largest direct-to-investor real estate 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 real estate—all at the touch of a button.

3: The future of private equity May 17, 2022

Today, Ben Miller and Cardiff Garcia dive deep into the past, present, and future of the private equity industry, including how it grew to become so powerful and why it may be ripe for disruption. If you've ever wanted to better understand the world of private equity investing, this episode is for you.
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 and music by Seaplane Armada.
About Fundrise

With over 1 million users, Fundrise is America's largest direct-to-investor real estate 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 real estate—all at the touch of a button.

2: On inflation and uncertainty Mar 30, 2022

On this episode, Ben Miller, co-founder and CEO of Fundrise, is joined by 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).
Ben and Cardiff discuss the global economic environment, including the war in Ukraine and rising inflation, before diving deep into how Fundrise approaches investing in the midst of uncertainty through systematic scenario planning.
Have questions or feedback about this episode? Drop us a note at Onward@Fundrise.com.
Podcast production and music by Seaplane Armada.
About Fundrise

With over 1 million users, Fundrise is America's largest direct-to-investor real estate 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 real estate—all at the touch of a button.

1: Pilot Dec 11, 2021

In the premiere episode co-hosts Ben Miller, Co-Founder and CEO of Fundrise, and Emily Peck, Content Director at Fundrise, dive into Fundrise’s Q3 performance — “an overnight success years in the making.” Ben explains why the company is investing in single-family rentals, how millennials think about real estate, and how the commercial real estate market has yet to truly adjust to the changes set in motion by the pandemic. Plus, Ben and Emily talk about what happened to Zillow’s much ballyhooed iBuying program.
Discussed in the show:
Fundrise’s letter to investors.
Podcast production by Seaplane Armada.
About Fundrise: With over 1 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 the Fundrise Flagship Real Estate Fund website (http://fundriseintervalfund.com), Fundrise Income Fund website (http://fundriseincomerealestatefund.com), and Fundrise Innovation Fund website (http://fundrise.com/innovation) for more information on each fund, including each fund’s prospectus. For the publicly filed offering circulars of the Fundrise eREITs and eFunds, not all of which may be currently qualified by the SEC, please see fundrise.com/oc.
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.

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