To all the early VCX investors - well done, great outcome! I'm sure the lock-up period wasn't easy to live through but you made it. Forget about the hypothetical gains you could have made selling at 100 or 200 or more, you still tripled your money.
Fundrise has been great to me, no complaints. And that's even without a massive gain from VCX which I missed out on.
But what the hell is going on communication wise? Putting out an immediate Q1 report about the "fake" 10% Q1 gain for the Flagship Fund. Now crickets after Q2 mostly reversed that gain.
Just seems so odd to throw away all that goodwill you built up over the years.
Only now had time to digest the quarterly position report they just filed for 3/31 (NPORT). I was wondering before why the Q1 gain wasn't even bigger given the huge gains in VCX - I guess now it's clear: They massively marked down the real estate holdings... Their biggest position in Single Family Rental was marked down -93m or -17% (!!!), Multifamily marked down -52m or -20% and Industrial marked down -15m or -8%.
I get what they are doing. Use the windfall from VCX to bring down valuations in real estate to a more reasonable level - but how on earth are auditors comfortable with that??? You can't tell me real estate values actually declined this much in Q1, that makes no sense at all.
smh
I'm not complaining - but wtf is going on
Unless I‘m misreading today‘s SEC filing, looks like the Flagship fund sold 1.35m in VCX today for 115m, that‘s pretty much what was left. What‘s confusing though is that yahoo finance only shows 159k daily trading volume?