http://www.sec.gov/Archives/edgar/data/1645583/000114420415068128/v425704_253g2.htm

Fundrise Real Estate Investment Trust, LLC is a newly organized Delaware limited liability company formed to originate, invest in and manage a diversified portfolio of commercial real estate investments. We expect to use substantially all of the net proceeds from this offering to originate, acquire and structure commercial real estate loans (including senior mortgage loans, subordinated mortgage loans (also referred to as B-Notes), mezzanine loans, and participations in such loans) and investments in commercial real estate. We may also invest in commercial real estate-related debt securities (including commercial mortgage-backed securities, or CMBS, collateralized debt obligations, or CDOs, and REIT senior unsecured debt) and other real estate-related assets.

[...]

We depend on our Manager to select our investments and conduct our operations. We will pay fees and expenses to our Manager and its affiliates that were not determined on an arm’s length basis, and therefore we do not have the benefit of arm’s length negotiations of the type normally conducted between unrelated parties. These fees increase your risk of loss.

· We have no operating history, and as of the date of this offering circular, our total assets consist of $1,000 in cash. The prior performance of our sponsor and its affiliated entities may not predict our future results. Therefore, there is no assurance that we will achieve our investment objectives.

· This is a “blind pool” offering because we have not identified any investments to acquire with the net proceeds of this offering. You will not be able to evaluate our investments prior to purchasing shares.

· Our Manager’s executive officers, and key real estate and debt finance professionals are also officers, directors, managers and/or key professionals of our sponsor and its affiliates. As a result, they will face conflicts of interest, including time constraints, allocation of investment opportunities and significant conflicts created by our Manager’s compensation arrangements with us and other affiliates of our sponsor.

Etc., etc.

That may be standard language in these things, but I have no interest in "investing" in CDOs, especially in a company that works for some multilayered financial construct that is not working for me.

It is tied up with Fundrise - "Fundrise is the first and leading online real estate investment and crowdfunding platform."

It sounds too weird to me. Maybe if they were buying actual properties it would make sense. As it is, it sounds like a way for their big-wig investors to reduce their risks by taking tiny bits of money from Joe Schmoe with the hope that the brainiacs will strike it rich via CDOs and the like and the crumbs will trickle down. Maybe, maybe not.

YMMV.

Cheers,
Scott.