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Revenue
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table presents the Company’s net revenue disaggregated by category (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Revenue:
Investment management and platform advisory, net (1)
$10,235 $8,364 $29,535 $22,670 
Real estate operating platform (2)
4,893 4,628 14,177 13,905 
Real estate management1,222 1,337 5,654 5,717 
Total revenue
$16,350 $14,329 $49,366 $42,292 
(1)Investment management and platform advisory, net is presented net of operating expense reimbursements to the Innovation Fund pursuant to its expense limitation agreement of zero and $1.5 million for the three and nine months ended September 30, 2025, respectively, and is inclusive of recoupments of expenses previously waived by Fundrise Advisors from the Innovation Fund pursuant to the Innovation Fund’s expense limitation agreement of zero and $1.0 million for the three and nine months ended September 30, 2026, respectively, and $0.1 million for the three and nine months ended September 30, 2025.
(2)Real estate operating platform includes loan servicing fees, which are accounted for under FASB ASC 860, Transfers and Servicing. Loan servicing fees were $0.6 million and $0.4 million for the three months ended September 30, 2026 and 2025, respectively, and $1.6 million and $1.0 million for the nine months ended September 30, 2026 and 2025, respectively. No servicing asset or liability was identified in relation to these services. For more information on loan servicing fees, refer to Note 2, Summary of Significant Accounting Policies—Revenue Recognition of the Company’s annual consolidated financial statements, which are included in the Form 10-K.