The Flagship Fund increased its position, purchased additional securities, in Progress Residential and decreased its position, sold securities, in Meritage Homes and Taylor Morrison, bringing the total portfolio cost-basis to approximately $57.8M in invested principal as of March 31, 2023. (Note: this figure is invested principal and does not include any mark-ups or write-downs as a result of market changes).
The Fund began purchasing single-family rental ABS and homebuilder bonds at the end of last year, and we plan to continue to actively manage this portfolio as long as the current dynamic of pricing dislocation in credit markets exists. We believe this period of exceptionally attractive pricing is temporary and most acute in primary auctions. As before, we intend to focus on ABS pools issued by the most creditworthy borrowers and where the collateral (i.e., the portfolio rental homes) consists of high-quality homes in strong locations that we might otherwise be buyers and owners of in our other funds over the long-term.
See the table below for a detailed breakdown of the fund’s bond and ABS holdings as of March 31, 2023.*
For more information about our private credit investment strategy, please click here.
Additional Information: An investor in the Fundrise Real Estate Interval Fund (the “Flagship Fund”) should consider the investment objectives, risks, and charges and expenses of the Flagship Fund carefully before investing. The Flagship Fund’s prospectus contains this and other information about the Flagship Fund and may be obtained here. Investors should read the prospectus carefully before investing.
