Fundrise Advisors LLC

ITEM 5:​     Fees and Compensation

Advisory Fees

Fundrise Advisors currently charges each Individual Client an annualized fee of 0.15% of such Individual
Client’s asset under management; provided, however, Fundrise Advisors reserves the right, in its sole
discretion, to reduce or waive any fees it may charge for any period of time as determined by Fundrise
Advisors in its sole discretion. These fees charged to the Individual Clients are in connection with the
services provided by Fundrise Advisors to each Individual Client, including, but not limited to, in
connection with Portfolio Investment Plans, Auto-Investment Plans, and Re-Investment Plans. In addition,
Fundrise Advisors may reduce or waive its fees for certain Individual Clients without notifying and without
reducing or waiving its fees for all Individual Clients.

Manager Fees

Fundrise Advisors typically receives manager fees directly from the Funds it manages for advising and
administering each Fund. Existing and prospective Fund investors and Individual Clients should review the
Offering Documents of each Fund in conjunction with this Form ADV, Part 2A for complete information
on the fees and compensation payable with respect to a particular Fund. Different Funds may be subject to
different management fees. Fund investors should note that similar advisory services may (or may not) be
available from other investment advisers for similar or lower fees. Information regarding amounts of
management fees to be charged can be found in the Offering Documents of each Fund, available for review
at fundrise.com/oc.

Fundrise Advisors (and its personnel) does not accept compensation from the purchase or sale of any Fund
shares, other third-party securities or investment products.

eREIT® Manager Fees. Fundrise Advisors receives and will receive a 0.85% per annum assets under
management fee from each eREIT® paid on a quarterly basis, for advising and administering each eREIT®.

Fundrise Interval Funds Manager Fees. Pursuant to the Investment Management Agreements by and
between each Fundrise Interval Fund and Fundrise Advisors, Fundrise Advisors is entitled to a
management fee calculated and payable monthly in arrears at the annual rate of 0.85% of the average daily
value of such Fundrise Interval Fund’s net assets.

Fundrise Innovation Fund Manager Fees. Pursuant to the Investment Management Agreement by and
between the Fundrise Innovation Fund and Fundrise Advisors, Fundrise Advisors is entitled to a
management fee calculated and payable monthly in arrears at the annual rate of 1.85% of the average daily
value of the Fundrise Innovation Fund’s net assets.

Fundrise Opportunity Fund Manager Fees. Fundrise Advisors receives an investment management fee
equal to an annualized rate of 0.75% of the Fundrise Opportunity Fund’s NAV at periodic intervals, as such

fee is determined by the general partner of the Fundrise Opportunity Fund, in its sole discretion, which
cannot exceed an annualized rate of 1.00%, paid on a quarterly basis, for advising and administering the
Fundrise Opportunity Fund.

Fundrise Credit Funds Manager Fees. Fundrise Advisors receives an asset management fee equal to an
annualized rate of 1.75% of the Fundrise Credit Funds’ respective NAV at periodic intervals, as such fee is
determined by Fundrise Advisors, in its sole discretion, paid on a quarterly basis, for advising and
administering the Fundrise Credit Funds.

Other Fees

In addition, each Fund will typically reimburse Fundrise Advisors on a monthly basis for out of pocket
expenses as a result of performing its role on behalf of each Fund. Fundrise Advisors or an affiliate may be
entitled to certain other fees from each of the Funds as a result of the additional asset management work
that is required in connection with managing such Funds. Affiliates of Fundrise Advisors may also be
entitled to certain fees for providing non-advisory services to the Funds or their underlying assets.

Existing and prospective Fund investors and Individual Clients should review the Offering Documents of
each Fund in conjunction with this Form ADV, Part 2A for complete information on the fees and
compensation payable with respect to a particular Fund. Different Funds may be subject to different fees.
Fund investors should note that similar advisory services may (or may not) be available from other
investment advisers for similar or lower fees. Information regarding amounts of management fees to be
charged can be found in the Offering Documents of each Fund, available for review at fundrise.com/oc.

Fee Waivers

Fundrise Advisors reserves the right, in its sole discretion, to reduce or waive any fees it may charge for
any period of time as determined by Fundrise Advisors in its sole discretion. In addition, Fundrise Advisors
may reduce or waive its fees for certain Individual Clients without notifying and without reducing or
waiving its fees for all Individual Clients.

Fee Sharing

Advisory services are only provided for investments sponsored by Rise or an affiliate. There are no fee
sharing arrangements.

ITEM 7:​      Types of Clients

Funds as the Clients

As discussed above, Fundrise Advisors currently advises three (3) eREITs®, two (2) Fundrise Interval
Funds, the Fundrise Opportunity Fund, the Fundrise Innovation Fund and two (2) Fundrise Credit Funds.
Fundrise Advisors may expand its business to manage more such diversified investment vehicles in the
future.

As discussed above, the term “Client” used in this Form ADV shall refer collectively to the Funds and
Individual Clients. .

Each Fund has specific eligibility criteria which must be met; however, generally speaking, investors for
each eREIT® must be “qualified purchasers” as defined under Regulation A adopted by the SEC pursuant to
the Securities Act. Each investor in the Fundrise Opportunity Fund and the Fundrise Credit Funds must be
an “accredited investor” as defined under Regulation D adopted by the SEC pursuant to the Securities Act.
Investors for all Funds must be U.S. residents over the age of 18.

Minimum investments are generally set forth in each Fund’s Offering Documents.

Individual Clients

There is no minimum amount required to open and maintain a Plan (however, there may be minimum
amounts required to become a Fund investor). Individual Clients have real-time access to their accounts
and their Plans through the Fundrise Platform.

At any time prior to the last day of a distribution period, an Individual Client may adjust or terminate
his/her Plan, and may request to liquidate all or part of the securities making up his/her account in
accordance with the redemption plan(s) of the respective eDirect Funds (or, in the case of each Fundrise
Interval Fund, through a periodic repurchase offer) in which such investor has invested. However, there
can be no guarantee that requests to redeem securities will be honored by the eREITs®. Pursuant to

 Rule 23c-3 under the 1940 Act, each Fundrise Interval Fund intends to make quarterly repurchase offers of
 between 5% and 25% of its outstanding shares at NAV.

 Investors evaluating Fundrise Advisors’ software based financial advisor service should be aware that
 Fundrise Advisors’ relationship with Individual Clients is likely to be different from the “traditional”
 investment advisor relationship in several aspects:

     ●​ For Individual Clients, Fundrise Advisors is a software based financial advisor which means each
        Individual Client must acknowledge his/her ability and willingness to conduct her relationship with
        Fundrise Advisors on an electronic basis. Under the terms of the Client Agreement, each Individual
        Client agrees to receive all account information and account documents (including this Brochure),
        and any updates or changes to same, through his/her access to the Fundrise Platform and Fundrise
        Advisors’ electronic communications. Unless noted otherwise on the Fundrise Platform or within
        this Form ADV, Fundrise Advisors’ advisory service, the signature for the Client Agreement, and
        all documentation related to the advisory services are managed electronically. Fundrise Advisors
        does make individuals available to discuss servicing matters with Individual Clients.

     ●​ In choosing their Portfolio Investment Plan, each Individual Client has the ability to select a
        suggested portfolio allocation among the Designated Issuers managed by the Firm, based upon a
        portfolio algorithm established by the Investment Committee, and based upon the preferences
        provided to Fundrise Advisors by such Individual Client as applied to individual Designated Issuers
        vehicle strategies in current market conditions.

     ●​ In choosing their Auto-Investment Plan, each Individual Client has the ability to select the amount
        and frequency to begin automatically investing at certain pre-set intervals in the Designated Issuers
        through a Portfolio Investment Plan.

     ●​ In choosing whether to participate in a Re-Investment Plan, each Individual Client will elect to have
        distributions (including dividends) reinvested according to their selected Portfolio Investment Plan.
        If an Individual Client does not elect to participate in a Re-Investment Plan, distributions will be
        distributed out to their designated external bank account. In addition, in the event that an Individual
        Client’s distributions are unable to be reinvested according to the Re-Investment Plan chosen by
        such Individual Client, such distributions shall be distributed to the Individual Client’s designated
        external bank account. Fundrise Advisors maintains this information in strict confidence subject to
        its Privacy Policy, which is provided on the Fundrise Platform. When executing the Re-Investment
        Plan, Fundrise Advisors relies upon the selections made by the Individual Client.