It depends on what is sharable and what is unsharable. You must define them carefully.
For example, you have a view model for loading and storing basic info of all friend list (id, name)
In fragment A, you display bookmarked friends; in fragment B, you display blocked friends.
Basic info for all friends are shared but bookmarked and blocked are not.
Simple structure:
Activity: FriendListViewModel
Fragment A: BookmarkViewModel
Fragment B: BlockedViewModel
On each View Model, you can use Flow or LiveData to store values, then using combine to have the final renderable items.