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  • Passive Income:

    Passive income (also known as residual or recurring income) is commonly used to refer to income that continues to be earned even after the work is done.

  • Preferred Equity:

    Typically, in a Preferred Equity investment, all cash flow or profits are paid back to the preferred investors (after all debt has been repaid) until they receive the agreed upon “preferred return.”

  • Preferred Return:

    A Preferred Return is paid to investors before a sponsor receives any share of the cash flow.

  • Private Equity Fund:

    A private equity (PE) fund is a collective investment model where money from separate investors is pooled together into a single fund and then used to make investments, most often in various illiquid equity and debt assets.

  • Pro-Forma:

    A financial model often used in real estate to predict future cash flows and total investment returns.

  • Project Payment Dependent Notes:

    A Project Payment Dependent Note is a special, limited obligation of Fundrise Investments, LLC sold to investors, the proceeds of which are used to fund corresponding project investments.