How to Withdraw From Fundrise: Rule, Penalty and Limit by Fund

The short version: which product do you own?

Fundrise is not one product. It sponsors several legal structures, and the exit door is different in each. The table gives the rule, the penalty, the limit and the latest dated result, each from the fund's own filings (accession numbers are in the downloadable table).

The two interval funds: Flagship and Income

These two are registered under the Investment Company Act, so their rules come from the SEC's Rule 23c-3 and are written in the annual and semiannual reports. The wording that matters:

"the Repurchase Offer Policy provides that, once each quarter, the Fund will offer to repurchase at NAV no less than 5% and no more than 25% of the outstanding shares of the Fund"

The amount is not yours to choose and not fixed: "The Board, in its sole discretion, will determine the number of shares that the Fund will offer to repurchase." The Flagship report adds that "it is likely that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding shares" and that "a Shareholder may not be able to sell their shares when or in the amount that they desire." Our longer read of the current window is in Fundrise Repurchase September 2026.

How a request works. The fund sends a notice and you tender from "the settings section of your Fundrise account" before 11:59 p.m. Eastern on the request deadline, which the August 28, 2026 notice said "will be strictly observed." The price is the NAV on a pricing date no later than the 14th calendar day after the deadline, and payment follows "no more than seven (7) calendar days after the Repurchase Pricing Date." The notice also says a repurchase "may be a taxable event."

What happens when too many people ask. The fund "may, but is not required to" take up to 2% more of its shares; otherwise "the Fund will repurchase the shares on a pro rata basis." It may accept in full anyone with fewer than 100 shares who tenders everything, and it may allow a Legacy Repurchase for the estate or descendants of a deceased shareholder. A request not filled is not carried forward by anything we read; you wait for the next offer.

What the last seven offers bought

What this does and does not show. Against shares outstanding on the nearest report date (our arithmetic), the Flagship fund's July 1, 2026 purchase was about 5.63% of its 98,450,123 shares at June 30, 2026, and its January 2, 2026 purchase about 5.67% of 103,522,512 shares at December 31, 2025. Both are above the 5% offered, so the fund used some of its extra 2% room. The Income fund's were smaller: 3.94% of 64,054,655 shares (July 1, 2026) and 4.23% of 62,878,099 shares (January 2, 2026), below the 5% offered. That is consistent with requests being met in full in those quarters, but the filings give the amounts bought, not the amounts tendered, so we cannot say what percentage of requests was filled. Ask your own account statement. The offer that closed September 30, 2026 is not in the filings yet; the next report is due after year end.

The Flagship NAV was $11.93 and the Income fund NAV $10.13 on August 27, 2026, from the two notices. You are paid the NAV on the pricing date, not the NAV on the day you click.

Fundrise eREIT, LLC and the Regulation A eREITs

On April 29, 2026 seven legacy eREITs merged into Fundrise eREIT, LLC (CIK 2093809); the details of that merger are in our merger analysis. Its redemption plan is not an SEC interval-fund rule; it is a plan the manager can change. The April 27, 2026 prospectus says the effective price is NAV, reduced by any "NAV Distributions," and then: for shares held less than five years "the Effective Redemption Price includes the fixed 1% penalty to the NAV," and for shares held at least five years there is no penalty. Death or qualifying disability also carries no penalty, with the death request due "within 12 months after the death of the shareholder." A request is capped at the lesser of 5,000 shares or $50,000 and is paid within 21 days after quarter end.

The limit is the part that matters. The June 30, 2026 10-Q says the company "intends to limit redemptions in any calendar quarter to shares whose aggregate value is 2.50% of the NAV" (the manager may raise it to 5.00%), and that the manager used 4.00% for the quarter. About 7,256,000 shares had been requested since the merger, about 2,400,000 were honored at a weighted-average $9.99, and the requests that remained "were not honored because the aggregate redemption requests received exceeded this quarterly redemption limit." The same prospectus says one of the legacy plans was temporarily suspended in the third quarter of 2025. The 10-Q adds that the company "may amend, suspend, or terminate the share redemption plan at any time."

Growth eREIT VII and Balanced eREIT II did not merge and still file as Regulation A issuers. We read the Growth VII offering circular (December 5, 2025): it intends 5.00% of NAV a quarter and no more than 20.00% a year, with the same 99.0% price under five years and the same 5,000-share or $50,000 cap, and it makes the requester reimburse third-party costs such as bank or transfer-agent charges. We did not read Balanced eREIT II's circular for its terms; its June 30, 2026 semiannual report gives the same plan language and says about 3.0 million shares had been submitted since inception and 100% honored. Growth VII reports about 5.5 million submitted and 100% honored. Their purchase prices in the November 2, 2026 supplements are $8.26 and $9.27.

VCX: now you sell, you do not redeem

The Innovation Fund began trading on the NYSE as VCX on March 19, 2026; before that it "made periodic repurchase offers in the sole discretion of the Board." Today the exit is a brokerage sale at the market price. On September 8, 2026 the NYSE close was $38.12 and the NAV $21.70, so the market paid well above NAV on that day. That gap can close; see VCX NAV and premium. A sale is a sale: you cannot ask the fund to buy at NAV.

The Fundrise iPO and other products

The Fundrise iPO (Rise Companies Corp, CIK 1640967) is different again. The August 20, 2026 circular says "you may not sell your shares unless the buyer meets the applicable suitability and minimum purchase standards" and only that the company reserves "the right in the future to allow limited redemptions in exceptional circumstances." The one buy-back at the original purchase price the circular describes is a right of the company to buy a holder out for personal-conduct reasons. Our full read is in The Fundrise iPO Has No Redemption Plan. We did not read any filing for a Fundrise "Connect" or notes product and make no claim about one.

A worked example (our arithmetic)

You hold about $10,000 you bought two years ago. Assuming NAV is unchanged from the latest figures above:

• Flagship (NAV $11.93): about 838 shares. If an offer is open and your whole request is filled, you receive about $10,000 at the pricing-date NAV, with no fee today. If the fund filled only half of the tendered shares, you receive about $5,000 and the rest waits for the next offer (a hypothetical, since the filings do not report fill rates).
• Fundrise eREIT (NAV $9.87): about 1,013 shares, well under the 5,000-share cap. Held under five years, the price is 99.0% of NAV, about $9,900. From the April 29, 2026 merger to June 30, 2026 about one requested share in three (2,400,000 of 7,256,000, or 33%, our arithmetic) was honored. Whether you would have been paid in full depends on how the manager allocates a limited quarter, which the 10-Q does not say.
• VCX: if the $10,000 were measured at the September 8 NAV of $21.70 it is about 461 shares; sold at $38.12 that is about $17,570, sold at the NAV about $10,000. The market, not Fundrise, decides which.

What the documents do not promise

• They do not promise a date. Interval-fund requests are filled only in the quarterly window, and the eREIT plan can be suspended.
• They do not promise the full amount. Both interval funds and the eREIT plan describe pro rata or limited purchases.
• They do not promise the price you see today. The interval funds pay NAV on a later pricing date; the eREIT price can also be reduced by NAV Distributions.
• They do not report how much was requested in each interval-fund offer.
• They do not promise that a listed price stays above NAV (VCX).
• They are silent on the September 30, 2026 offer results; they will be in the next report.

What a reader can do with this

First find which legal fund your Fundrise account holds (the account shows the fund name). Then check the dates: the Flagship and Income funds sent last year's fourth-quarter notice on November 26, 2025 with a deadline of December 31, 2025, so the next window is likely similar, but the next notice is not filed as of November 11, 2026. Remember that a repurchase may be a taxable event, and that a wait or a proration is normal under these documents. A taxable account, an IRA and a partial sale have different consequences; those are questions for a tax professional.

FAQ

Sources: Fundrise Real Estate Interval Fund, LLC (CIK 1777677) Form N-CSR (filed February 26, 2026), Form N-CSRS (filed August 31, 2026), Forms N-23C3A (filed August 22 and November 26, 2025, February 25, June 5 and August 28, 2026) and Form 486BPOS (April 30, 2026); Fundrise Income Real Estate Fund, LLC (CIK 1885551) Form N-CSR (filed February 26, 2026), Form N-CSRS (filed August 31, 2026) and Forms N-23C3A on the same dates; Fundrise eREIT, LLC (CIK 2093809) Form 424B3 (April 27, 2026), Form 10-Q (filed August 13, 2026) and Form 8-K (November 2, 2026); Fundrise Growth eREIT VII, LLC (CIK 1804011) offering circular supplement (December 5, 2025), Form 1-SA (September 24, 2026) and supplement (November 2, 2026); Fundrise Balanced eREIT II, LLC (CIK 1803986) Form 1-SA (September 25, 2026) and supplement (November 2, 2026); Fundrise Innovation Fund, LLC (CIK 1867090) Form 424B2 (September 10, 2026); Rise Companies Corp. (CIK 1640967) offering circular supplement (August 20, 2026). This is analysis of public documents, not investment, legal or tax advice.