The VCX Form 144 Record: $56.5M of Fundrise-Affiliated Selling Across 48 Straight Sessions

🔄 NAV update, August 28, 2026 — the denominator on this page has changed. Fundrise filed VCX's schedule of investments for June 30, 2026 on August 28, 2026: net assets $776,968,000 and NAV $21.70 per share, up 14.4% from the $18.97 reported for March 31, 2026. Premium figures on this page that were computed against $18.97 were correct for their dates, and are now computed against a superseded NAV. Against the June 30 figure, the August 28 close of $39.84 is a premium of 1.84x (83.6%), not the 2.10x (110.0%) the old denominator gives — a difference of about 26 percentage points. Full position-by-position breakdown, at cost and at mark: VCX's NAV is $21.70, not $18.97.

What a Form 144 is, and why this one matters

Rule 144 requires an affiliate of an issuer to file a public notice before selling restricted stock, and to disclose everything it sold in the preceding three months. The form exists precisely so this reaches the market instead of staying private.

VCX listed on the NYSE on March 19, 2026. Roughly 100,000 pre-listing retail holders received restricted shares they could not sell for six months. Fundrise accelerated that lockup on July 24, 2026, moving expiry from mid-September to August 13, 2026, with those shares first tradeable August 14.

The question this page answers: what were Fundrise-side entities doing with their own VCX shares during that lockup?

The record

The escalation nobody has computed

Selling into a decline is unremarkable. Taking a larger share of a shrinking market as the price falls is a different thing. Setting the filing's daily rows against the consolidated tape:

In the twelve sessions after Fundrise announced it was accelerating the lockup, the affiliate sold more shares than in June and July combined (497,975 against 391,106) at a quarter of June's average price. Peak single-day participation was 17.4% of all trading on August 6, roughly one share in six.

The sharpest single comparison in the record: on June 2 it sold 25,620 shares at $197.79; on August 11 it sold 44,621 shares at $32.26. That is 74% more shares at 16% of the price. Two days later, on the lockup expiration date itself, VCX rose 20.73% on the second-heaviest volume in its history.

On the Rule 144 volume ceiling, which cuts against the obvious reading. Our first hypothesis was that the notice sizes were set by Rule 144's volume cap. The arithmetic says no. The applicable ceiling, average weekly reported volume over the four weeks preceding each notice, ran roughly 914,000 to 1.17 million shares, and cumulative three-month sales of 889,081 sit below it. The pace looks chosen, not legally constrained. We publish the failed hypothesis because it is the more useful fact.

Day by day

Every row is transcribed from the "Securities Sold During The Past 3 Months" table of the Form 144 filed August 3, 2026. Price per share is our arithmetic: gross proceeds divided by shares.

41 separate selling days across two months. The pace accelerated as the price fell: 7,316 shares on July 23, then 47,197 on July 27 and 45,204 on July 28.

What we are and are not saying

We are saying: these are the disclosed figures, they are large relative to the fund, and they happened while ordinary holders were contractually unable to do the same thing. The average realised price is roughly 2.5x where the stock trades now, so the economic outcome for the affiliate seller and for the unlocking retail holder are very different.

We are not saying this was illegal, improper or hidden. It was none of those. Form 144 exists so the market can see it, and Fundrise filed it. An affiliated fund rebalancing a position is ordinary. This is worth publishing because the disclosure was public and nobody had added it up, not because anyone did anything wrong.

What we could not verify: the precise corporate relationship between Tech Infrastructure REIT, LLC and Fundrise. We report only what the documents show, that it is named as the seller in the Innovation Fund's own Form 144 and lists the same address as the issuer on that same filing. The August 3 filing is unambiguous: it was filed for the account of Fundrise Real Estate Interval Fund, LLC, SEC CIK 0001777677, whose registered EDGAR address is that same Fundrise headquarters.

Methodology

1. Pulled the filing index for Fundrise Innovation Fund, LLC (CIK 0001867090) from SEC EDGAR.
2. Retrieved the Form 144 filed 2026-08-03 and the prior one filed 2026-07-24.
3. Parsed the three-month sales table from the filing XML and summed shares and gross proceeds. No figure on this page comes from a search engine, an aggregator or a summary.
4. NAV of $18.97 is from the fund's own Form N-CSR for the period ended March 31, 2026: net assets of $678,918 thousand across 35,797,138 shares, stated in both the balance sheet and the Financial Highlights.
5. Price of $34.40 is the August 14, 2026 close, cross-checked against three independent quote sources that agree exactly on open, high, low and close, and differ on volume by about 1.1%. The full session-by-session tape is on the complete VCX price record.

Anyone can reproduce this. That is the point.

Primary sources

• Form 144, filed August 3, 2026 — SEC EDGAR
• Form 144, filed July 24, 2026 — SEC EDGAR
• Form N-CSR, period ended March 31, 2026 — SEC EDGAR
• Form 8-K, lockup acceleration, July 24, 2026 — SEC EDGAR

Last updated: August 12, 2026. All figures transcribed directly from SEC filings and recomputed by us; see Methodology. We hold no position in VCX, take no money from Fundrise, and are not in any Fundrise affiliate programme.