# EDGAR Filing Document

**Accession Number:** 0001777677
**File Stem:** 0001777677-26-000017
**Filing Date:** 2026-2
**Character Count:** 311897
**Document Hash:** 9d25c0b7c94c02dfefec369b116e957a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001777677-26-000017.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0001777677-26-000017

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**EFFECTIVENESS DATE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fundrise Real Estate Interval Fund, LLC
- **CENTRAL INDEX KEY:** 0001777677

**ORGANIZATION NAME:**
- **EIN:** 834327607
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23448
- **FILM NUMBER:** 26687402

**BUSINESS ADDRESS:**
- **STREET 1:** 11 DUPONT CIRCLE NW
- **STREET 2:** 9TH FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036
- **BUSINESS PHONE:** 2025840550

**MAIL ADDRESS:**
- **STREET 1:** 11 DUPONT CIRCLE NW
- **STREET 2:** 9TH FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INCOME EREIT INTERVAL FUND LLC
- **DATE OF NAME CHANGE:** 20190523

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

**Fundrise Real Estate Interval Fund, LLC**

Investment Company Act file number 811-23448

**11 Dupont Circle NW, 9th Floor**

**Washington, D.C. 20036**

(Address of Principal Executive Offices)

(202) 584-0550

(Registrant's Area Code and telephone number)

**Bjorn J. Hall**

**Rise Companies Corp.**

**11 Dupont Circle NW, 9th Floor**

**Washington, D.C. 20036**

(Name and Address of Agent for Service)

*Copies to:*

**Paul J. Delligatti, Esq.**

**Kirkland & Ellis LLP**

**1301 Pennsylvania Avenue, N.W.**

**Washington, D.C. 20004**

**Date of fiscal year end: December 31**

**Date of reporting period: January 1, 2025 through December 31, 2025**

**Item 1. Reports to Stockholders.**

(a) Fundrise

Real

Estate

Interval

Fund,

LLC

Annual

Report

For

the

Year

Ended

December

31,

2025

TABLE

OF

CONTENTS

Management

Discussion

of

Fund

Performance

(Unaudited)

Performance

Chart

and

Analysis

(Unaudited)

Schedule

of

Investments

Statement

of

Assets

and

Liabilities

Statement

of

Operations

Statements

of

Changes

in

Net

Assets

Statement

of

Cash

Flows

Financial

Highlights

Notes

to

Financial

Statements

Report

of

Independent

Registered

Public

Accounting

Firm

Additional

Information

(Unaudited)

Fundrise

Real

Estate

Interval

Fund,

LLC

Management

Discussion

of

Fund

Performance

(UNAUDITED)

December

31,

2025

Dear

Fellow

Shareholders,

We

are

pleased

to

present

the

annual

report

of

the

Fundrise

Real

Estate

Interval

Fund,

LLC

(the

"Fund").

During

2025,

the

real

estate

market

operated

amid

continued

macroeconomic

uncertainty

and

constrained

capital

markets.

While

interest

rates

had

begun

to

decline

in

the

prior

year,

the

anticipated

pace

of

rate

cuts

slowed,

contributing

to

a

more

muted

valuation

environment

for

private

real

estate

assets.

The

Fund

returned

1.33%

in

2025,

its

fifth

year

of

operations.

During

the

same

period,

the

S&P

500®

Total

Return

Index,

a

bellwether

for

the

overall

U.S.

stock

market,

returned

17.88%,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

a

broad-

based

flagship

benchmark

that

measures

the

investment

grade

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market,

returned

7.30%,

and

the

FTSE

Nareit

Composite

REITs

Index,

a

free-float

adjusted,

market

capitalization-weighted

index

of

U.S.

Equity

and

Mortgage

REITs,

returned

2.80%.

The

Fund's

performance

relative

to

public

market

benchmarks

in

2025

was

primarily

impacted

by

higher-for-longer

interest

rates,

which

limited

transaction

activity

and

constrained

valuation

recovery

in

private

real

estate

markets.

While

public

equity

and

bond

indices

benefited

from

market-driven

repricing,

private

real

estate

valuations

remained

more

directly

influenced

by

financing

costs

and

observable

transaction

activity,

resulting

in

more

muted

performance

during

the

year.

Within

real

estate,

performance

continues

to

diverge

between

property

sectors.

The

Fund

remained

primarily

exposed

to

residential

and

industrial

assets,

sectors

where

we

believe

demand

fundamentals

remained

relatively

durable.

Single

family

rent

continued

to

grow

in

2025,

while

multifamily

rent

experienced

modest

softening.

Per

Yardi

Matrix's

December

2025

report,

multifamily

asking

rents

were

down

0.3%

year-over-year

while

single

family

rents

were

up

1.8%

year-over-year.

The

Green

Street

Commercial

Property

Price

Index®,

which

represents

a

measure

of

pricing

for

a

broad

spectrum

of

institutional

quality

properties,

increased

2.3%

in

2025. This

reflects

modest

valuation

appreciation

across

institutional-quality

real

estate.

This

performance

occurred

amid

a

higher-for-

longer

interest

rate

environment,

where

borrowing

costs

remained

elevated

relative

to

historical

norms,

limiting

transaction

activity

and

moderating

price

recovery

across

most

real

estate

sectors.

The

primary

factors

influencing

the

Fund's

2025

performance

were

stable

operating

fundamentals,

including

occupancy

levels

and

rental

performance,

which

helped

offset

the

absence

of

broad

valuation

expansion.

The

Fund

also

benefited

from

diversification

across

property

types

and

geographic

markets

despite

the

ongoing

headwinds

created

by

sustained

higher

borrowing

costs.

While

interest

rates

remained

elevated

relative

to

historical

lows,

disciplined

asset

management

and

portfolio

diversification

contributed

to

maintaining

performance

in

a

constrained

capital

environment.

This

year

also

saw

the

introduction

of

the

largest

tariff

regime

in

roughly

years.

And

while

we

began

the

year

cautiously

optimistic

that

cooling

inflation

and

a

modestly

slowing

economy

would

bring

with

it

lower

rates

and

eventually

higher

values

for

real

estate,

we

instead

ended

the

first

quarter

forced

to

face

the

reality

of

"liberation

day".

Although

both

the

constitutionality

and

near

term

impacts

of

the

new

administration's

tariff

policies

remain

hotly

debated,

what

is

hard

to

argue

is

that

the

uncertainty

around

the

future

and

volatility

in

the

economic

reporting

data

resulted

in

both

the

private

sector

and

the

Fed

moving

to

a

"wait

and

see"

approach,

with

many

corporations

pulling

back

dramatically

on

any

large,

long-term

decisions

while

the

Fed

decided

to

pause

its

rate

cutting

cycle

for

the

better

part

of

the

year.

One

notable

exception

was

continued

investment

in

data-

and

technology-related

infrastructure,

which

supported

demand

for

certain

real

estate

assets,

particularly

industrial

properties

and

housing

in

markets

with

strong

employment

growth.

While

the

Fund

does

not

invest

in

technology

companies,

these

trends

can

indirectly

influence

real

estate

fundamentals

through

job

creation,

space

demand,

and

long-term

economic

activity.

For

real

estate

investors,

this

translated

into

a

year

of

consolidation

rather

than

revaluation

or

recovery

with

property

prices,

along

with

those

of

most

private

assets,

moving

largely

sideways.

This

stagnation

was

driven

less

so

because

fundamentals

deteriorated

(although

the

lagging

absorption

of

new

construction

supply

did

cause

rents

growth

to

slow

in

many

markets)

and

instead

because

financing

conditions

and

overall

capital

markets

remained

highly

restrictive,

with

very

little

activity

on

either

the

buy

or

sell

side

occurring

as

most

well

capitalized

owners

opted

to

continue

to

ride

out

the

"higher

for

longer"

storm.

Looking

ahead

to

2026,

we

believe

the

Fund

is

positioned

to

navigate

a

range

of

market

outcomes,

with

a

portfolio

constructed

to

balance

long-term

appreciation

potential

against

near-term

macro

uncertainty.

Future

performance

will

continue

to

depend

on

interest

rate

policy,

capital

market

conditions,

and

property-level

execution.

Specifically,

we

believe

that:

Fundrise

Real

Estate

Interval

Fund,

LLC

Management

Discussion

of

Fund

Performance

(UNAUDITED)

December

31,

2025

Interest

rates

are

likely

(yes,

still)

to

continue

to

come

down

Though

we

were

thrown

off

by

roughly

twelve

months

due

to

the

surprise

introduction

of

tariffs,

ultimately,

nearly

every

economic

indicator

that

one

can

reference

points

to

the

same

consistent

conclusion…the

economy

is

slowing,

the

US

consumer

(especially

the

middle

class)

is

getting

increasingly

stretched

thin

and

inflation

(but

for

the

short

term

impact

of

tariff-related

pricing

changes)

should

and

would

be

continuing

to

slow.

The

net-net

of

all

of

this

continues

to

point

to

lower

overall

rates

and

a

more

normalized

long-term

risk-free

rate

of

return,

which

over

time

will

manifest

in

higher

asset

values.

Prices

for

most

real

estate

are

still

at

relative

lows,

while

the

stock

market

prices

remain

relatively

high

We

noted

last

year

that

prices

for

the

stock

market

were,

by

most

all

standard

measures,

not

just

relatively

high

but

also

at

levels

that

typically

had

preceded

significant

downturns.

On

the

other

hand,

prices

for

certain

segments

of

the

real

estate

market

were

not

just

relatively

low,

but

at

levels

that,

on

some

measures,

were

comparable

to

periods

of

significant

historical

stress,

including

the

2008

Great

Financial

Collapse

(after

which

real

estate

saw

a

nearly

decade-long

positive

run).

The

conclusion?

Buy

low

and

sell

high.

From

our

perspective

as

real

estate

investors,

current

conditions

suggest

that

capital

allocated

to

depressed

real

asset

markets

may

offer

more

attractive

forward-looking

risk-adjusted

returns

than

many

fully

valued

public

markets.

What

has

changed

over

the

past

twelve

months?

Little,

except

that

both

may

be

more

true

today

than

when

we

said

it

last

year.

Of

course,

there

is

a

balancing

act

when

taking

into

consideration

that

AI

will

ultimately

be

such

a

large

driver

of

economic

growth

that

it

may

very

likely

overshadow

other

more

traditional

factors

(even

normal

business

cycles).

However,

all

that

said,

we,

as

long-

term

disciples

in

ways

of

value

investing,

continue

to

believe

that

those

who

are

diversified

into

alternative

asset

classes

such

as

real

estate

are

likely

to

be

better

protected

against

the

more

extreme

black

swan

type

downsides.

Stepping

into

2026,

we

believe

we

are

investing

through

a

genuinely

unique

inflection

point—one

where

secular

technological

acceleration

is

colliding

with

a

more

traditional

late-cycle

macroeconomic

environment

and

even

more

unpredictable

than

normal

public

policy.

In

such

an

environment,

we

see

even

less

advantage

than

usual

in

trying

to

predict

headlines

over

the

next

several

quarters;

instead

we

feel

strongly

that

success

for

investors

will

come

from

the

somewhat

juxtaposed

combination

of

staying

disciplined

while

maintaining

flexibility,

owning

durable

assets

at

sensible

prices

while

also

being

positioned

to

aggressively

go

on

the

offensive

when

either

capital

loosens

and

confidence

returns,

or

unexpected

breakthroughs

create

temporary

pockets

of

extreme

growth.

And

that's

how

we're

approaching

the

year

across

the

entirety

of

the

platform:

continuing

to

build

long-term

exposure

to

the

compounding

upside

of

AI

through

other

strategies,

while

steadily

deploying

into

income

and

real

estate

opportunities

where

valuations

remain

depressed

and

underwriting

remains

conservative.

While

it

may

mean

certain

funds

lag

the

broader

stock

market

for

periods

of

time,

we

believe

firmly

that

it

positions

investors

against

larger

downside

risk

over

the

longer

term.

As

always,

we

want

to

thank

you

for

your

continued

trust

in

Fundrise.

We

will,

as

before,

remain

committed

to

our

investor-first

principles,

including

transparently

sharing

our

thinking

(even

when

it

may

be

contrarian

or

not

actively

in

our

own

self

interests),

and

most

importantly,

to

our

longer-term

mission

of

building

a

platform

that

empowers

individuals.

We

look

forward

to

navigating

the

uncharted

territory

that

is

2026

together.

Onward,

Ben

Miller

Chief

Executive

Officer

Fundrise

Advisors,

LLC

Fundrise

Real

Estate

Interval

Fund,

LLC

PERFORMANCE

CHART

AND

ANALYSIS

(UNAUDITED)

December

31,

2025

Performance

Chart

and

Analysis

The

following

reflects

the

change

in

the

value

of

a

hypothetical

$10,000

investment,

including

reinvested

dividends

and

distributions,

in

the

Fundrise

Real

Estate

Interval

Fund,

LLC

compared

with

the

performance

of

the

benchmarks,

S&P

500®

Total

Return

Index

and

the

Bloomberg

U.S.

Aggregate

Bond

Index,

for

the

period

January

1,

2021\*

through

December

31,

2025. \

\*Fundrise

Real

Estate

Interval

Fund,

LLC

commenced

investment

operations

on

January

1,

2021. The

S&P

500®

Total

Return

Index

is

an

unmanaged

market

capitalization-weighted

index

which

is

comprised

of

500

of

the

largest

U.S.

domiciled

companies

and

includes

the

reinvestment

of

all

dividends.

Investors

cannot

invest

directly

in

an

index

or

benchmark.

The

Bloomberg

U.S.

Aggregate

Bond

Index

is

an

unmanaged

index

which

represents

the

U.S.

investment-grade

fixed-rate

bond

market

(including

government

and

corporate

securities,

mortgage

pass-through

securities

and

asset-backed

securities).

Investors

cannot

invest

directly

in

an

index

or

benchmark.

The

performance

data

quoted

is

historical.

Past

performance

is

no

guarantee

of

future

results.

The

performance

table

and

graph

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate.

An

investor's

shares,

when

repurchased,

may

be

worth

more

or

less

than

the

original

cost.

Total

returns

are

calculated

using

closing

Net

Asset

Value

as

of

December

31,

2025

and

are

calculated

assuming

reinvestment

of

all

dividends

and

distributions.

The

Fund's

distribution

policy

is

to

declare

and

make

distributions

on

a

quarterly

basis,

or

more

or

less

frequently

as

determined

by

the

Board,

in

arrears.

A

portion

of

the

distribution

may

include

a

return

of

capital.

Shareholders

should

not

assume

that

the

source

of

a

distribution

from

the

Fund

is

net

profit.

Although

return

of

capital

distributions

are

not

currently

taxable,

such

distributions

will

have

the

effect

of

lowering

a

shareholder's

tax

basis

in

the

shares

which

will

result

in

a

higher

tax

liability

when

the

shares

are

repurchased,

even

if

they

have

not

increased

in

value,

or,

in

fact,

have

lost

value.

Distributions

are

not

guaranteed.

The

Fund's

most

recent

annualized

distribution

rate

as

of

December

31,

2025,

was

0.21%

(1) .

All

distributions

made

during

the

year

ended

December

31,

2025

were

deemed

to

be

a

return

of

capital.

Average

Annual

Total

Returns

One

Year

Five

Year\*

Since

Inception

01/01/21

Fundrise

Real

Estate

Interval

Fund,

LLC

1.33%

4.03%

4.03%

S&P

500®

Total

Return

Index

17.88%

14.43%

14.43%

Bloomberg

U.S.

Aggregate

Bond

Index

7.30%

-0.36%

-0.36%

(1) Distribution

rate

is

based

on

an

annualization

of

the

distributions

per

share

for

the

days

of

December

2025. Fundrise

Real

Estate

Interval

Fund,

LLC

Schedule

of

Investments

December

31,

2025

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

Par/Shares

Description

Acquisition

Date

Value

as

of

December

31,

2025

Real

Estate

Co-Investment

Joint

Ventures

-

95.0%

Industrial

-

16.4%

N/A

Fundrise

Industrial

JV

1,

LLC (Cost

$4,421)

(1)(2)(3)(4)

06/04/21

$

4,07

N/A

Fundrise

Industrial

JV

2,

LLC (Cost

$196,988)

(1)(2)(3)(4)

09/29/21

195,978

Total

Industrial

(Cost

$201,409)

$

200,057

Multi-Family

Residential

-

21.0%

N/A

Fundrise

MF

JV

1,

LLC (Cost

$229,979)

(1)(2)(3)(4)

03/05/21

$

257,081

Total

Multi-Family

Residential

(Cost

$229,979)

$

257,081

Single

Family

Residential

-

57.6%

N/A

Fundrise

SFR

Dev

JV

1,

LLC (Cost

$26,497)

(1)(2)(3)(4)

04/02/21

$

27,136

N/A

Fundrise

SFR

JV

1,

LLC (Cost

$564,300)

(1)(2)(3)(4)

01/25/21

560,582

N/A

Fundrise

SFR

JV

2,

LLC (Cost

$79,610)

(1)(2)(3)(4)

01/09/23

117,039

Total

Single

Family

Residential

(Cost

$670,407)

$

704,757

Total

Real

Estate

Co-Investment

Joint

Ventures

(Cost

$1,101,795)

$

1,161,895

Short-Term

Investment

-

5.2%

64,365

JP

Morgan

U.S.

Treasury

Plus

Money

Market

Fund,

Capital

Shares,

3.75%

(5) $

64,365

Total

Short-Term

Investment

(Cost

$64,365)

$

64,365

Total

investments,

at

value

-

100.2%

(Cost

$1,166,160)

$

1,226,260

Liabilities

in

excess

of

other

assets

-

(0.2)%

(2,995)

Total

Net

Assets

-

100.0%

$

1,223,265

LLC

Limited

Liability

Company

(1) Investment

in

an

affiliate.

See

Note

6,

Investment

Manager

Fees

and

Other

Related

Party

Transactions

for

additional

information.

(2) Investments

classified

as

Level

within

the

three-tier

fair

value

hierarchy.

See

the

accompanying

notes

to

the

financial

statements

for

an

explanation

of

this

hierarchy,

as

well

as

a

list

of

significant

unobservable

inputs

used

in

the

valuation

of

these

instruments.

(3) Restricted

security.

The

aggregate

value

of

restricted

securities

at

December

31,

2025

is

approximately

$1,161,895

(amount

in

thousands)

and

represents

approximately

95.0%

of

net

assets.

See

Note

2,

Summary

of

Significant

Accounting

Policies

for

additional

information.

(4) Non-income

producing

investment.

(5) Rate

disclosed

is

representative

of

the

seven-day

effective

yield

as

of

December

31,

2025. PORTFOLIO

COMPOSITION

(As

of

December

31,

5)

Percent

of

Total

Investments

Single

Family

Residential

57.5%

Multi-Family

Residential

21.0%

Industrial

16.3%

Other

5.2%

Total

Investments

100.0%

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENT

OF

ASSETS

AND

LIABILITIES

December

31,

2025

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands,

except

share

and

per

share

data)

Assets

Investments

in

non-controlled

affiliated

entities,

at

fair

value

(Cost

$1,101,795)

$

1,161,895

Investments

in

unaffiliated

entities,

at

fair

value

(Cost

$64,365)

64,365

Cash

969

Dividends

receivable

from

unaffiliated

investments

Prepaid

expenses

Total

Assets

$

1,

,

591

Liabilities

Settling

subscriptions

$

1,041

Management

fees

payable

878

Marketing

expenses

payable

842

Distributions

payable

658

Professional

fees

payable

519

Redemptions

payable

Accounts

payable

and

accrued

expenses

Total

Liabilities

$

4,326

Commitments

and

Contingencies

Total

Net

Assets

$

1,223,265

Components

of

Net

Assets

Paid-in

capital

$

1,221,155

Distributable

earnings

2,110

Total

Net

Assets

$

1,223,265

Net

Asset

Value

Net

Assets

$

1,223,265

Common

shares

outstanding

as

of

December

31,

2025;

unlimited

shares

authorized

103,522,512

Net

Asset

Value

Per

Share

$

11.82 (1) See

Note

2,

Summary

of

Significant

Accounting

Policies

for

additional

information

.

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENT

OF

OPERATIONS

FOR

THE

YEAR

ENDED

DECEMBER

31,

2025

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

Investment

Income

Dividend

income

from

unaffiliated

investments

$

724

Interest

income

from

unaffiliated

investments

577

Total

Investment

Income

$

1,301

Expenses

Management

fees

$

10,229

Marketing

expenses

5,743

Miscellaneous

expenses

1,166

Professional

fees

771

Custody

fees

680

Transfer

agent

fees

Directors'

fees

Interest

expense

Total

Expenses

$

,

Net

Investment

Income

(Loss)

$

(17

,

742)

Net

Realized

and

Unrealized

Gain

(Loss)

from

Investments

Net

realized

gain

(loss)

from

unaffiliated

investments

$

537

Net

change

in

unrealized

appreciation/depreciation

from

unaffiliated

investments

(499) Net

change

in

unrealized

appreciation/depreciation

from

non-controlled

affiliated

investments

33,806

Total

Net

Realized

and

Unrealized

Gain

(Loss)

from

Investments

$

,

844

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

,

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

For

the

Years

Ended

December

31,

2025

2024

Operations:

Net

investment

income

(loss)

$

(17,742)

$

(17,914)

Net

realized

gain

(loss)

from

investments

537

Net

change

in

unrealized

appreciation/depreciation

from

investments

33,307

104,144

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

16,102

$

86,539

Distributions

to

Common

Shareholders

From:

Return

of

capital

$

(2

,

559)

$

(2,840)

Net

Decrease

in

Net

Assets

from

Distributions

to

Common

Shareholders

$

(2

,

559)

$

(2,840)

Capital

Share

Transactions:

Proceeds

from

sale

of

shares

$

220,607

$

193,542

Distributions

reinvested

675

Repurchase

of

shares

(251,584)

(235,003)

Net

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

$

(30,631)

$

(40,786)

Net

Increase

(Decrease)

in

Net

Assets

$

(17,088)

$

42,913

Net

Assets:

Beginning

of

Year

$

1,240,353

$

1,197,440

End

of

Year

$

1,

,

$

1,240,353

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENT

OF

CASH

FLOWS

FOR

THE

YEAR

ENDED

DECEMBER

31,

2025

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

Operating

Activities:

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

16,102

Adjustments

to

reconcile

net

increase

(decrease)

in

net

assets

resulting

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Investments

in

non-controlled

affiliated

entities

(169,797)

Investments

in

unaffiliated

entities

(14,000)

Net

change

in

investments

in

short-term

investments

(7,746)

Accretion

of

discounts

(53) Return

of

capital

distributions

from

non-controlled

affiliated

investments

213,080

Net

realized

(gain)

loss

from

unaffiliated

investments

(537) Net

change

in

unrealized

appreciation/depreciation

from

unaffiliated

investments

Net

change

in

unrealized

appreciation/depreciation

from

non-controlled

affiliated

investments

(33,806)

Proceeds

from

sale

of

unaffiliated

investments

28,120

Changes

in

assets

and

liabilities:

Net

(increase)

decrease

in

dividends

receivable

from

unaffiliated

investments

Net

(increase)

decrease

in

prepaid

expenses

(102) Net

increase

(decrease)

in

settling

subscriptions

(467) Net

increase

(decrease)

in

marketing

expenses

payable

(33) Net

increase

(decrease)

in

management

fees

payable

Net

increase

(decrease)

in

redemptions

payable

Net

increase

(decrease)

in

professional

fees

payable

and

accounts

payable

and

accrued

expenses

Net

cash

provided

by

(used

in)

operating

activities

$

31,670

Financing

Activities:

Proceeds

from

sale

of

shares

$

220,607

Cash

paid

for

shares

repurchased

(251,584)

Distributions

paid

(2,228)

Net

cash

provided

by

(used

in)

financing

activities

$

(33,205)

Net

increase

(decrease)

in

cash

$

(1,535)

Cash,

beginning

of

year

2,504

Cash,

end

of

year

$

969

Supplemental

Disclosure

of

Non-Cash

Activity:

Distributions

reinvested

$

Fundrise

Real

Estate

Interval

Fund,

LLC

FINANCIAL

HIGHLIGHTS

See

accompanying

notes

to

financial

statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Years

Ended

December

31,

2025

2024

2023

2022

2021

Net

Asset

Value,

Beginning

of

Year

$

11.69 $

10.90 $

12.41 $

12.81 $

10.00 Income

from

Investment

Operations

Net

investment

income

(loss)

(1) $

(0.17)

$

(0.17)

$

(0.03)

$

(0.13)

$

(0.22)

Net

realized

and

unrealized

gain

(loss)

on

investments

0. 3

0.99 (1.43)

(0.12)

3.21 Total

Income

(Loss)

from

Investment

Operations

$

0.1 6

$

0.82 $

(1.46)

$

(0.25)

$

2.99 Distributions

to

Common

Shareholders

From:

Return

of

Capital

$

(0.

03)

$

(0.03)

$

(0.05)

$

(0.15)

$

(0.18)

Total

Distributions

to

Common

Shareholders

$

(0.0

3)

$

(0.03)

$

(0.05)

$

(0.15)

$

(0.18)

Net

Asset

Value,

End

of

Year

$

11. 82

$

11.69 $

10.90 $

12.41 $

12.81 Total

Investment

Return

Based

on

Net

Asset

Value

(2) 1.33 %

7.50%

(11.79)%

(1.96)%

29.35%

Ratios

and

Supplemental

Data

Net

assets

at

end

of

year

(thousands)

$

1,223,265

$

1,240,353

$

1,197,440

$

1,319,189

$

724,940

Including

interest

expense:

Ratio

of

gross

expenses

to

average

net

assets

(3)(4)

1. 58%

1.77%

1.09%

1.13%

1.67%

(5)

Ratio

of

net

expenses

to

average

net

assets

(4) 1. 58%

1.77%

1.09%

1.13%

1.98%

(5)

Ratio

of

net

investment

income

(loss)

to

average

net

assets

(4) (1.

47)%

(1.53)%

(0.21)%

(1.01)%

(1.95)%

(5)

Excluding

interest

expense:

Ratio

of

gross

expenses

to

average

net

assets

(3)(4)

1.57%

1.77%

1.09%

1.13%

1.67%

(5)

Ratio

of

net

expenses

to

average

net

assets

(4) 1.57%

1.77%

1.09%

1.13%

1.98%

(5)

Ratio

of

net

investment

income

(loss)

to

average

net

assets

(4) (1.46)%

(1.53)%

(0.21)%

(1.01)%

(1.95)%

(5)

Portfolio

turnover

rate

%

1%

3%

4%

–%

(1) Based

on

average

shares

outstanding

during

each

period.

(2) Total

investment

return

based

on

net

asset

value

is

based

upon

the

change

in

net

asset

value

per

share

between

the

opening

and

ending

net

asset

values

per

share

in

the

period

indicated

and

assumes

that

dividends

are

reinvested

in

accordance

with

the

Fund's

dividend

reinvestment

policy.

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

Shareholder

would

pay

on

Fund

distributions

or

the

repurchase

of

Fund

shares.

(3) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(4) Expenses

do

not

include

operating

expenses

of

the

underlying

Real

Estate

Co-Investment

Joint

Ventures

and

registered

investment

companies.

(5) The

ratio

is

net

of

a

waiver

of

0.99%,

which

is

deemed

to

be

voluntary

as

the

total

expense

ratio

did

not

exceed

the

expense

cap

for

the

year

ended

December

31,

2021

and

is

inclusive

of

fee

recoupment

and

expense

reimbursement

of

1.30%.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

December

31,

2025

1. Formation

and

Organization

Fundrise

Real

Estate

Interval

Fund,

LLC

(the

"Fund"

or

the

"Registrant")

is

a

Delaware

limited

liability

company

and

has

elected

and

has

qualified

to

be

taxed

as

a

real

estate

investment

trust

(a

"REIT")

for

U.S.

federal

income

tax

purposes

under

Part

II

of

Subchapter

M

of

Chapter

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

"Code"),

commencing

with

its

taxable

year

ended

December

31,

2021,

and

intends

to

continue

to

qualify

as

a

REIT.

The

Fund

is

organized

as

a

continuously

offered,

non-

diversified,

closed-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

that

operates

as

an

interval

fund.

The

Fund's

registration

statement

was

declared

effective

on

December

18,

2020. The

Fund

commenced

investment

operations

on

January

1,

2021. The

Fund's

investment

objective

is

to

seek

to

generate

current

income

while

secondarily

seeking

long-term

capital

appreciation

with

low

to

moderate

volatility

and

low

correlation

to

the

broader

markets.

Under

normal

circumstances,

the

Fund's

investment

strategy

is

to

invest

at

least

80%

of

its

net

assets

(plus

the

amount

of

any

borrowings

for

investment

purposes)

in

a

diversified

portfolio

of

private

real

estate

(real

property

whose

ownership

interests

are

not

traded

on

public

markets)

and

publicly

traded

real

estate-related

investments.

The

investment

adviser

to

the

Fund

is

Fundrise

Advisors,

LLC

(the

"Adviser"),

an

investment

adviser

registered

with

the

U.S.

Securities

and

Exchange

Commission

("SEC")

under

the

Investment

Advisers

Act

of

1940,

as

amended.

The

Adviser

is

a

wholly-

owned

subsidiary

of

Rise

Companies

Corp.

("Rise

Companies"

or

the

"Sponsor"),

the

Fund's

sponsor.

Subject

to

the

supervision

of

the

Board

of

Directors

of

the

Fund

(the

"Board"),

the

Adviser

is

responsible

for

directing

the

management

of

the

Fund's

business

and

affairs,

managing

the

Fund's

day-to-day

affairs,

and

implementing

the

Fund's

investment

strategy.

2. Summary

of

Significant

Accounting

Policies

Basis

of

Presentation

The

accompanying

financial

statements

of

the

Fund

are

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

("U.S.

GAAP").

The

Fund

is

an

investment

company

and

follows

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

Topic

946,

Financial

Services

-

Investment

Companies

("ASC

946").

The

Fund

maintains

its

financial

records

in

U.S.

dollars

and

follows

the

accrual

basis

of

accounting.

The

estimates

and

assumptions

underlying

these

financial

statements

are

based

on

information

available

as

of

December

31,

2025,

including

judgments

about

the

financial

market

and

economic

conditions

which

may

change

over

time.

Estimates

The

preparation

of

financial

statements

in

conformity

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Valuation

Oversight

Pursuant

to

SEC

Rule

2a-5

under

the

1940

Act,

the

Board

has

approved

the

Adviser

as

the

Fund's

Valuation

Designee

("Valuation

Designee"),

to

provide

administration

and

oversight

of

the

Fund's

valuation

policies

and

procedures.

The

Fund

values

its

investments

in

accordance

with

such

procedures.

Generally,

portfolio

securities

and

other

assets

for

which

market

quotations

are

readily

available

are

valued

at

market

value,

which

is

ordinarily

determined

on

the

basis

of

official

closing

prices

or

the

last

reported

sales

prices.

If

market

quotations

are

not

readily

available

or

are

deemed

unreliable,

the

Fund

will

use

the

fair

value

of

the

securities

or

other

assets

as

determined

by

the

Adviser

in

good

faith,

taking

into

consideration

all

available

information

and

other

factors

that

the

Adviser

deems

pertinent,

in

each

case

subject

to

the

overall

supervision

and

responsibility

of

the

Board.

In

calculating

the

Fund's

net

asset

value

("NAV"),

the

Adviser,

subject

to

the

oversight

of

the

Board,

uses

various

valuation

methodologies.

To

the

extent

practicable,

the

Adviser

generally

endeavors

to

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

are

to

be

used

when

available.

The

availability

of

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Continued)

December

31,

2025

valuation

techniques

and

observable

inputs

can

vary

from

investment

to

investment

and

are

affected

by

a

wide

variety

of

factors.

When

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment,

and

may

involve

alternative

methods

to

obtain

fair

values

where

market

prices

or

market-based

valuations

are

not

readily

available.

As

a

result,

the

Adviser

may

exercise

a

higher

degree

of

judgment

in

determining

fair

value

for

certain

securities

or

other

assets.

Fair

Value

Measurement

The

following

is

a

current

summary

of

certain

methods

generally

used

to

value

investments

of

the

Fund

under

the

Fund's

valuation

procedures:

The

Fund

applies

FASB

ASC

Topic

820,

Fair

Value

Measurement,

as

amended,

which

establishes

a

framework

for

measuring

fair

value

in

accordance

with

U.S.

GAAP

and

required

disclosures

of

fair

value

measurement.

U.S.

GAAP

defines

the

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

value

of

certain

investments

in

accordance

with

the

fair

value

hierarchy

that

requires

an

entity

to

maximize

the

use

of

observable

inputs.

The

fair

value

hierarchy

includes

the

following

three

levels

based

on

the

objectivity

of

the

inputs,

which

were

used

for

categorizing

the

assets

or

liabilities

for

which

fair

value

is

being

measured

and

reported:

Level

–

Quoted

market

prices

in

active

markets

for

identical

assets

or

liabilities.

Level

–

Significant

other

observable

inputs

(e.g.,

quoted

prices

for

similar

items

in

active

markets,

quoted

prices

for

identical

or

similar

items

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

such

as

interest

rate

and

yield

curves,

and

market-corroborated

inputs).

Level

–

Valuation

generated

from

model-based

techniques

that

use

inputs

that

are

significant

and

unobservable

in

the

market.

These

unobservable

assumptions

reflect

estimates

of

inputs

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Valuation

techniques

may

include

use

of

discounted

cash

flow

methodologies

or

similar

techniques,

which

incorporate

management's

own

estimates

of

assumptions

that

market

participants

would

use

in

pricing

the

instrument

or

other

valuation

assumptions

that

require

significant

management

judgment

or

estimation.

Fixed

income

securities

are

valued

by

an

independent

pricing

service

overseen

by

the

Valuation

Designee.

The

pricing

service

employs

a

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

market

data

and

specific

security

characteristics.

In

the

event

prices

or

quotations

are

not

readily

available

or

that

the

application

of

these

valuation

methods

results

in

a

price

for

an

investment

that

is

deemed

to

be

not

representative

of

the

fair

value

of

such

investment,

fair

value

will

be

determined

in

good

faith

by

the

Valuation

Designee,

in

accordance

with

the

valuation

policy

and

procedures

approved

by

the

Board.

These

securities

are

generally

classified

in

Level

of

the

fair

value

hierarchy.

Investments

in

registered

investment

companies,

including

money

market

funds,

are

valued

at

the

NAV

as

of

the

close

of

each

business

day.

These

securities

are

generally

classified

in

Level

of

the

fair

value

hierarchy.

Real

Estate

Co-Investment

Joint

Ventures

are

stated

at

fair

value.

See

Note

,

Investments

for

further

information

regarding

the

Real

Estate

Co-Investment

Joint

Ventures.

The

Fund's

ownership

interests

are

valued

based

on

the

fair

value

of

the

underlying

real

estate,

any

related

mortgage

loans

payable,

and

any

other

assets

and

liabilities

of

the

joint

venture.

The

fair

values

of

real

estate

investments

are

generally

determined

by

considering

the

income,

cost,

or

sales

comparison

approaches

of

estimating

property

value.

The

income

approach

may

be

based

on

the

discounted

cash-flow

method

or

the

direct

capitalization

method.

The

discounted

cash-flow

method

estimates

an

income

stream

for

a

property

(typically

years)

and

discounts

this

income

plus

a

reversion

(presumed

sale)

into

a

present

value

at

a

risk

adjusted

rate.

The

discount

rate

and

the

exit

capitalization

rate

are

significant

inputs

in

valuations

based

on

discounted

cash

flow

analysis.

These

rates

are

based

on

the

location,

type,

and

nature

of

each

property,

as

well

as

current

and

anticipated

market

conditions.

The

direct

capitalization

method

converts

a

single

year's

estimated

stabilized

net

operating

income

into

a

value

indication

by

applying

a

market-based

capitalization

rate.

Discount

rates,

market-based

capitalization

rates,

and

growth

assumptions

utilized

in

the

income

approach

are

derived

from

market

transactions

as

well

as

other

financial

and

industry

data.

The

cost

approach

estimates

the

replacement

cost

of

the

building

less

depreciation

plus

the

land

value.

The

sales

comparison

approach

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Continued)

December

31,

2025

compares

recent

transactions

to

the

subject

property.

Adjustments

are

made

for

dissimilarities

that

typically

provide

a

range

of

value.

Due

to

the

inherent

uncertainty

of

determining

the

fair

value

of

investments

that

do

not

have

a

readily

available

market

value,

the

fair

value

of

the

Fund's

investments

may

differ

significantly

from

the

values

that

would

have

been

used

had

a

readily

available

market

value

existed

for

such

investments,

and

the

differences

could

be

material.

The

following

is

a

summary

of

the

Fund's

assets

measured

at

fair

value

on

a

recurring

basis

as

of

December

31,

2025,

and

indicates

the

fair

value

hierarchy

of

the

inputs

utilized

by

the

Fund

to

determine

such

fair

value

(amounts

in

thousands)

:

The

following

is

a

summary

of

quantitative

information

about

the

significant

unobservable

inputs

used

to

determine

the

fair

value

of

the

Fund's

Level

investments

as

of

December

31,

2025

(amounts

in

thousands)

.

The

weighted

average

range

of

unobservable

inputs

is

based

on

the

fair

value

of

investments.

Various

valuation

techniques

were

used

in

the

valuation

of

certain

investments

and

weighted

based

on

the

level

of

significance.

The

tables

are

not

intended

to

be

all-inclusive

but

instead

capture

the

significant

unobservable

inputs

relevant

to

the

Fund's

determination

of

fair

value.

The

following

is

a

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

(amounts

in

thousands)

:

Restricted

Securities

The

Fund

may

purchase

securities

for

which

there

is

a

limited

trading

market

or

which

are

subject

to

restrictions

on

resale

to

the

public.

Restricted

securities

and

securities

for

which

there

is

a

limited

trading

market

may

be

significantly

more

difficult

to

value

due

to

the

unavailability

of

reliable

market

quotations

for

such

securities,

and

investment

in

such

securities

may

have

an

adverse

impact

on

NAV.

The

Fund

may

purchase

Rule

144A

securities

for

which

there

may

be

a

secondary

market

of

qualified

institutional

buyers

as

contemplated

by

Rule

144A

under

the

Securities

Act.

Rule

144A

provides

an

exemption

from

the

registration

requirements

of

the

Level

Level

Level

Total

Real

Estate

Co-Investment

Joint

Ventures

$

–

$

–

$

1,161,895

$

1,161,895

Short-Term

Investment

64,365

–

–

64,365

Total

Investments

$

64,365

$

–

$

1,16

,

895

$

1,

,

Investment

Fair

Value

Valuation

Technique

Unobservable

Input

(1) Range

(Weighted

Average)

Impact

to

Valuation

from

an

Increase

in

Input

(2) Real

Estate

Co-Investment

Joint

Ventures

$

1,161,895

Direct

Capitalization

Capitalization

Rate

5.3%

Decrease

Discounted

Cash

Flow

Discount

Rate

6.2%

–

7.7%

(6.6%)

Decrease

Sales

Comparison

Approach

Price

Per

Unit

$218

–

$322

($294)

Increase

Total

Real

Estate

Co-Investment

Joint

Ventures

$

1,161,895

(1) Represents

the

significant

unobservable

input

used

to

fair

value

the

underlying

real

estate

property

of

the

joint

ventures.

The

fair

value

of

such

financial

instruments

is

the

largest

component

of

the

valuation

of

each

joint

venture

as

a

whole.

(2) Represents

the

expected

directional

change

in

the

fair

value

of

the

Level

investments

that

would

result

from

an

increase

in

the

corresponding

unobservable

input.

A

decrease

to

the

unobservable

input

would

have

the

opposite

effect.

Significant

changes

in

these

inputs

could

result

in

significantly

higher

or

lower

fair

value

measurements.

Real

Estate

Co-

Investment

Joint

Ventures

Balance

as

of

December

31,

2024

$

1,171,372

Purchases

169,797

Realized

gain

(loss)

–

Net

change

in

unrealized

appreciation/depreciation

33,806

Return

of

capital

distributions

(213,080)

Sales

–

Transfers

into

Level

–

Transfers

out

of

Level

–

Balance

as

of

December

31,

2025

$

1,161,895

Net

change

in

unrealized

appreciation/depreciation

for

the

year

ended

December

31,

2025

related

to

Level

investments

held

at

December

31,

2025

$

,

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Continued)

December

31,

2025

Securities

Act

for

the

resale

of

certain

restricted

securities

to

qualified

institutional

buyers.

Restricted

securities

held

at

December

31,

2025

are

identified

within

the

Schedule

of

Investments.

Income

Taxes

The

Fund

has

elected

and

has

qualified

to

be

taxed

as

a

REIT

under

the

Code

beginning

with

the

taxable

year

ended

December

31,

2021,

and

intends

to

continue

to

qualify

as

a

REIT.

To

qualify

as

a

REIT,

the

Fund

must

meet

and

continue

to

meet

the

requirements

relating

to

the

Fund's

organization,

ownership,

sources

of

income,

nature

of

assets

and

distributions

of

income

to

shareholders

of

the

Fund

("Shareholders"),

including

a

requirement

to

distribute

at

least

90%

of

the

Fund's

annual

REIT

taxable

income

to

the

Shareholders

(which

is

computed

without

regard

to

its

deduction

for

dividends

paid

and

its

net

capital

gains).

As

a

REIT,

the

Fund

generally

will

not

be

subject

to

U.S.

federal

income

tax

on

the

income

that

it

distributes

to

its

Shareholders

if

it

meets

the

applicable

REIT

distribution

and

other

requirements

for

qualification.

Even

if

the

Fund

qualifies

and

maintains

the

tax

status

as

a

REIT,

it

may

become

subject

to

certain

U.S.

federal

income

taxes

and

related

state

and

local

taxes

on

its

income

and

assets,

on

taxable

income

that

the

Fund

does

not

distribute

to

its

Shareholders,

on

net

income

from

certain

"prohibited

transactions"

and

on

income

from

some

activities

conducted

as

a

result

of

a

foreclosure,

and

state

or

local

income,

property

and

transfer

taxes.

The

tax

period

for

the

taxable

year

ending

December

31,

2022

and

all

tax

periods

following

remain

open

to

examination

by

the

major

taxing

authorities

in

all

jurisdictions

where

we

are

subject

to

taxation.

For

the

open

tax

periods,

the

Fund

has

no

uncertain

tax

positions

that

would

require

recognition

in

the

financial

statements.

Income

tax

and

related

interest

and

penalties

would

be

recognized

by

the

Fund

as

tax

expense

in

the

Statement

of

Operations

if

the

tax

positions

were

deemed

to

not

meet

the

more-likely-than-not

threshold.

For

the

year

ended

December

31,

2025,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties.

Issuance

of

Shares

The

Fund

offers

its

common

shares

of

limited

liability

company

interests

("Shares")

on

a

continuous

basis

through

the

Fundrise

Platform,

an

investment

platform

available

both

online

at

www.fundrise.com

and

through

various

mobile

applications

owned

and

operated

by

the

Sponsor.

The

price

a

Shareholder

pays

for

Shares

is

based

on

the

Fund's

NAV.

The

NAV

of

the

Fund's

Shares

is

calculated

daily

on

each

day

that

the

New

York

Stock

Exchange

is

open

for

business.

Cash

received

for

investor

subscriptions

is

recorded

as

Settling

Subscriptions

in

the

Statement

of

Assets

and

Liabilities

until

settlement

occurs

and

shares

are

issued.

Distributions

To

Shareholders

The

Fund

intends

to

make

distributions

necessary

to

maintain

qualification

for

taxation

as

a

REIT.

The

Fund

expects

that

it

will

declare

daily

distributions

to

Shareholders

of

record

as

of

close

of

business

on

each

day,

paid

on

a

quarterly

basis,

or

more

or

less

frequently

as

determined

by

the

Board,

in

arrears.

The

Board

may

authorize

distributions

in

shares

or

in

excess

of

those

required

for

the

Fund

to

maintain

REIT

tax

status

depending

on

the

Fund's

financial

condition

and

such

other

factors

as

the

Board

may

deem

relevant.

The

distribution

rate

may

be

modified

by

the

Board

from

time

to

time.

The

Board

reserves

the

right

to

change

or

suspend

the

distribution

policy

from

time

to

time.

Distributions

to

shareholders

of

the

Fund

are

recorded

on

the

ex-dividend

date.

Dividend

Reinvestment

The

Fund

operates

under

a

dividend

reinvestment

policy

administered

by

the

Adviser.

Pursuant

to

the

policy,

a

Shareholder's

income

dividends,

capital

gains

or

other

distributions,

net

of

any

applicable

U.S.

withholding

tax,

can

be

reinvested

in

the

Shares

of

the

Fund,

provided

that,

if

a

Shareholder

participates

in

an

investment

plan

offered

by

the

Adviser,

such

distributions

will

be

reinvested

in

accordance

with

such

investment

plan.

Unless

a

Shareholder

elects

to

"opt

in"

to

the

Fund's

dividend

reinvestment

policy,

any

dividends

and

other

distributions

paid

to

the

Shareholder

by

the

Fund

will

not

be

reinvested

in

additional

Shares

of

the

Fund

under

the

policy.

When

the

Fund

declares

a

distribution

payable

in

cash,

the

Shareholders

enrolled

in

the

dividend

reinvestment

plan

will

receive

an

equivalent

amount

in

Shares

from

the

Fund

either

newly

issued

or

repurchased

from

Shareholders

by

the

Fund

or

according

to

their

investment

plan,

if

applicable.

The

number

of

Shares

to

be

received

when

distributions

are

reinvested

will

be

determined

by

dividing

the

amount

of

the

distribution

(or

the

percentage

of

the

distribution

allocable

to

the

Fund

under

the

terms

of

the

investment

plan,

if

applicable)

by

the

Fund's

NAV

per

share

when

the

distribution

is

paid.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Continued)

December

31,

2025

Shareholders

who

do

not

participate

in

the

Fund's

dividend

reinvestment

policy

will

receive

all

dividends

in

cash.

Investment

Income

and

Securities

Transactions

Securities

transactions

are

accounted

for

on

the

date

the

securities

are

purchased

or

sold

(trade

date).

Realized

gains

and

losses

on

sales

of

investments

are

determined

on

a

specific

identification

basis.

Dividend

income

and

distributions

from

investments

are

recorded

on

the

ex-dividend

date.

Interest

income

is

recorded

on

an

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

and

accretion

of

discounts.

Distributions

received

from

investments

generally

are

comprised

of

ordinary

income

and/

or

return

of

capital.

The

Fund

estimates

the

allocation

of

distributions

between

investment

income

and

return

of

capital

based

on

historical

information

or

regulatory

filings.

These

estimates

may

subsequently

be

revised

based

on

actual

allocations

received

from

investments

after

their

tax

reporting

periods

are

concluded,

as

the

actual

character

of

these

distributions

is

not

known

until

after

the

reporting

period

of

the

Fund.

Guarantees

The

Fund

has

entered

into

two

guarantee

agreements

in

connection

with

a

senior

secured

mortgage

loan

facility

extended

to

several

underlying

real

estate

properties

owned

by

the

Real

Estate

Co-Investment

Joint

Ventures

or

certain

entities

affiliated

with

or

managed

by

the

Adviser,

collectively,

the

"Borrowers".

Under

the

terms

of

the

loan

agreement,

the

Fund,

alongside

other

entities

affiliated

with

or

managed

by

the

Adviser,

has

provided

guarantees

of

certain

obligations

of

the

Borrowers,

through

the

date

of

the

loan's

initial

maturity,

July

9,

2027,

in

addition

to

any

subsequent

borrower-elected

maturity

extensions.

Consistent

with

the

Fund's

investment

strategy

in

utilizing

debt

financing

at

the

property

level,

these

guarantees

were

provided

to

enhance

the

credit

profile

of

the

Borrowers,

facilitate

access

to

more

favorable

financing

terms,

and

obtain

leverage

to

support

its

investment

activities.

The

Fund's

obligations

as

a

guarantor

include

a

springing

recourse

guarantee

covering

standard

lender

protection

clauses.

In

the

remote

likelihood

of

wrongful

action

by

the

Borrowers,

the

Fund

would

be

liable

for

repayment

of

its

pro-rata

share

of

all

indebtedness

under

the

loan.

As

of

December

31,

2025,

the

maximum

potential

amount

of

future

payments

under

this

guarantee

were

approximately

$222,212

(amount

in

thousands)

,

which

represents

the

Fund's

allocated

maximum

exposure

in

the

event

of

default

by

the

Borrowers.

This

amount

could

rise

to

$228,550

(amount

in

thousands)

,

if

the

loan

facility

is

fully

drawn

upon.

Additionally,

the

Fund

is

subject

to

a

guaranty

of

interest

and

carry

costs

(the

"Carry

Guaranty"),

which

includes

all

interest

payments

due,

any

minimum

return

amounts,

any

interest

due

at

the

default

rate,

and

any

required

deposits

into

the

interest

and

carry

reserve

account.

The

Carry

Guaranty

is

subject

to

termination

upon

the

earliest

of

either

(i) the

full

repayment

of

indebtedness,

(ii) a

valid

tender,

or

(iii) the

date

that

the

underlying

real

estate

properties

achieve

a

debt

yield

of

at

least

eight

percent

(8%)

for

two

consecutive

fiscal

quarters.

As

of

December

31,

2025,

none

of

these

termination

conditions

had

been

met,

and

the

Carry

Guaranty

remained

active.

Interest

is

paid

at

a

floating

rate

based

on

SOFR

plus

a

spread

of

basis

points.

At

December

31,

2025,

the

interest

rate

was

approximately

6.9%.

As

of

December

31,

2025,

the

maximum

potential

amount

of

future

payments

under

this

guarantee

were

approximately

$23,638

(amount

in

thousands)

,

which

represents

the

Fund's

pro-rata

share

of

the

maximum

interest

payments

through

initial

maturity

date,

assuming

full

Borrower

default

and

the

interest

rate

above.

This

amount

could

rise

to

$24,312

(amount

in

thousands)

,

if

the

loan

facility

is

fully

drawn

upon.

As

of

December

31,

2025,

no

property

sales

have

occurred

that

would

result

in

a

minimum

return

payment,

no

default

interest

is

due,

and

the

interest

and

carry

reserve

account

is

fully

funded.

Based

on

current

information

and

analysis,

management

believes

the

likelihood

of

the

Fund

being

required

to

perform

under

the

guarantees

is

remote

and

that

no

material

liability

exists

as

of

the

reporting

date.

Accordingly,

as

of

December

31,

2025,

no

liability

has

been

recorded

in

the

financial

statements.

The

Fund

continues

to

monitor

the

financial

condition

and

performance

of

the

Borrowers

and

will

reassess

the

need

to

record

a

liability

if

future

events

or

circumstances

indicate

a

probable

loss.

These

debt

arrangements

also

contain

various

financial

and

non-financial

covenant

requirements

for

the

Fund.

As

of

December

31,

2025,

the

Fund

was

in

compliance

with

these

covenants.

3. Concentration

of

Risk

Investing

in

the

Fund

involves

risks,

including,

but

not

limited

to,

those

set

forth

below.

The

risks

described

below

are

not,

and

are

not

intended

to

be,

a

complete

enumeration

or

explanation

of

the

risks

involved

in

an

investment

in

the

Fund.

For

a

more

complete

discussion

of

the

risks

of

investing

in

the

Fund,

see

the

section

entitled

"Principal

Risks"

in

the

Fund's

Prospectus

and

Statement

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Continued)

December

31,

2025

of

Additional

Information

dated

April

25,

2025,

declared

effective

May

1,

2025,

and

the

Fund's

other

filings

with

the

SEC.

Non-Listed

Closed-End

Interval

Fund;

Liquidity

Risk.

The

Fund

is

a

non-diversified,

closed-end

management

investment

company

operating

as

an

"interval

fund"

and

is

designed

primarily

for

long-term

investors.

Closed-end

funds

differ

from

open-end

management

investment

companies

(commonly

known

as

mutual

funds)

because

investors

in

a

closed-end

fund

do

not

have

the

right

to

redeem

their

shares

on

a

daily

basis.

Unlike

many

closed-end

funds,

which

typically

list

their

shares

on

a

securities

exchange,

the

Fund

does

not

currently

intend

to

list

the

Shares

for

trading

on

any

securities

exchange,

and

the

Fund

does

not

expect

any

secondary

market

to

develop

for

the

Shares

in

the

foreseeable

future.

Therefore,

an

investment

in

the

Fund,

unlike

an

investment

in

a

typical

closed-end

fund,

should

not

be

considered

to

be

a

liquid

investment.

The

Fund

is

not

intended

to

be

a

typical

traded

investment.

Shareholders

are

also

subject

to

transfer

restrictions

and

there

is

no

guarantee

that

they

will

be

able

to

sell

their

Shares.

If

a

secondary

market

were

to

develop

for

the

Shares

in

the

future,

and

a

Shareholder

is

able

to

sell

his

or

her

shares,

the

Shareholder

will

likely

receive

less

than

the

purchase

price

and

the

then-current

NAV

per

Share.

Although

the

Fund,

as

a

fundamental

policy,

will

make

quarterly

offers

to

repurchase

at

least

5%

and

up

to

25%

of

its

outstanding

shares

at

NAV,

the

number

of

shares

tendered

in

connection

with

a

repurchase

offer

may

exceed

the

number

of

shares

the

Fund

has

offered

to

repurchase,

in

which

case

not

all

of

a

Shareholder's

shares

tendered

in

that

offer

will

be

repurchased.

In

connection

with

any

given

repurchase

offer,

it

is

likely

that

the

Fund

may

offer

to

repurchase

only

the

minimum

amount

of

5%

of

its

outstanding

shares.

Hence,

a

Shareholder

may

not

be

able

to

sell

their

shares

when

or

in

the

amount

that

they

desire.

Non-Diversification

Risk.

As

a

"non-diversified"

fund,

the

Fund

may

invest

more

than

5%

of

its

total

assets

in

the

securities

of

one

or

more

issuers.

Therefore,

the

Fund

may

be

more

susceptible

than

a

diversified

fund

to

being

adversely

affected

by

events

impacting

a

single

borrower,

geographic

location,

security

or

investment

type.

Further,

a

non-diversified

fund

is

more

vulnerable

than

a

more

broadly

diversified

fund

to

fluctuations

in

the

values

of

the

securities

it

holds.

For

these

reasons,

an

investment

in

the

Fund

may

fluctuate

in

value

and

have

a

greater

degree

of

risk.

Investment

and

Market

Risk.

An

investment

in

the

Fund

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

amount

that

a

Shareholder

invests.

The

value

of

the

Fund's

investments

may

move

up

or

down

due

to

adverse

market

conditions,

sometimes

rapidly

and

unpredictably.

At

any

point

in

time,

shares

may

be

worth

less

than

the

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

Market

risk

also

includes

the

risk

that

domestic,

geopolitical

and

other

events

such

as

war,

terrorism,

market

manipulation,

government

defaults,

government

shutdowns,

political

changes,

diplomatic

developments

or

the

imposition

of

sanctions

and

other

similar

measures,

public

health

emergencies

(such

as

the

spread

of

infectious

diseases,

pandemics

and

epidemics),

natural/environmental

disasters,

or

other

disruptive

events

negatively

impacting

the

securities

markets,

which

may

adversely

affect

the

Fund's

business,

results

of

operations

and

financial

condition

and

cause

the

Fund

to

lose

value.

Real

Estate

Investment

Risks

Generally.

The

Fund's

investments

are

subject

to

the

risks

typically

associated

with

real

estate,

which

may

affect

the

Fund's

operations

or

investments,

including

but

not

limited

to:

changes

in

certain

economic,

demographic

or

capital

market

conditions,

a

prolonged

economic

slowdown,

recession

or

declining

real

estate

values;

future

adverse

national

real

estate

trends;

the

leases

on

the

properties

underlying

the

Fund's

investments

may

not

be

renewed

on

favorable

terms,

or

the

occupancy

rate

of,

or

lease

rates

charged,

at

properties

may

change;

change

in

supply

of

or

demand

for

similar

properties

in

a

given

market;

risks

of

cost

overruns

and

non-completion

of

the

construction

or

renovation

of

properties;

changes

in

interest

rates

and/or

credit

spreads;

lack

of

liquidity

in

real

estate

assets;

property

locations

and

conditions,

ongoing

operating

costs,

and

expense

of

leasing,

renovation

or

constructions;

bankruptcies,

financial

difficulties

or

defaults

by

tenants,

real

estate

operators,

property

managers

or

other

parties

involved

in

the

Fund's

operations;

costs

of

compliance

with

laws

and

regulations

applicable

to

real

estate

investments,

including

changes

in

such

laws

or

regulations;

environmental

liabilities

of

properties

in

which

the

Fund

invests;

and

unforeseeable

events

such

as

civil

disturbance,

terrorism,

natural

disasters

or

general

downturns

in

the

real

estate

industry,

value

of

properties,

or

public

health

crisis

such

as

pandemics

or

endemics.

Commercial

Real

Estate

Industry

Risk.

Commercial

real

estate

is

dependent

on

the

commercial

real

estate

industry

generally,

which

in

turn

is

dependent

upon

broad

economic

conditions.

Challenging

economic

and

financial

market

conditions

may

cause

the

Fund

to

experience

an

increase

in

the

number

of

commercial

real

estate

investments

that

result

in

losses,

including

delinquencies,

non-

performing

assets

and

a

decrease

in

the

value

of

the

property

or,

in

the

case

of

Publicly

Traded

Real

Estate

Securities,

collateral

which

secures

its

investments,

all

of

which

could

adversely

affect

the

Fund's

results

of

operations.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Continued)

December

31,

2025

Risks

Related

to

Specific

Residential

and

Commercial

Real

Estate

Property

Types.

The

Fund

intends

to

invest

in

a

variety

of

residential

and

commercial

real

estate

property

types,

which

will

expose

the

Fund

to

risks

associated

with

residential

and

commercial

real

estate,

including

general

risks

affecting

all

types

of

residential

and

commercial

real

estate

property.

Risk

of

Investing

Through

Real

Estate

Investment

Vehicles.

By

investing

in

Real

Estate

Investment

Vehicles

(a

"Vehicle"),

the

Fund

is

indirectly

exposed

to

risks

associated

with

such

Vehicles

investments

in

residential

and

commercial

real

estate

investments.

Such

investments

may

involve

risks

not

otherwise

present

with

other

methods

of

investment,

including:

the

Fund

may

not

have

sole

decision-making

authority

with

respect

to

such

an

investment,

and

a

co-investor,

joint

venture

partner

or

other

investor

(collectively,

"other

investors")

in

the

Vehicle

could

take

actions

that

decrease

the

value

of

the

investment;

other

investors

in

the

Vehicle

may

have

economic

or

other

interests

or

goals

that

are

inconsistent

with

the

Fund's

interests

or

goals;

other

investors

in

the

Vehicle

that

control

its

management

could

become

insolvent

or

bankrupt,

or

be

subject

to

fraud

or

other

misconduct

that

may

have

a

material

adverse

effect

on

the

Fund's

investment;

under

circumstances

when

no

party

has

the

power

to

control

the

Vehicle,

an

impasse

could

result

regarding

cash

distributions,

reserves

or

a

proposed

sale

or

refinancing

of

the

investment,

which

could

adversely

impact

the

operations

and

profitability

of

the

Vehicle;

other

investors

in

the

Vehicle

may

be

structured

differently

than

the

Fund

for

tax

purposes,

which

could

risk

the

Fund's

ability

to

qualify

as

a

REIT

for

tax

purposes;

other

investors

managing

the

Vehicle

may

experience

a

change

in

control,

which

could

result

in

new

management;

and

the

terms

of

a

Vehicle

could

restrict

the

Fund's

ability

to

sell

or

transfer

its

interest

to

a

third-party

when

it

desires

on

advantageous

terms,

which

may

result

in

reduced

liquidity.

Valuation

Risk.

The

Fund

is

subject

to

valuation

risk,

which

is

the

risk

that

one

or

more

of

the

assets

in

which

the

Fund

invests

are

priced

incorrectly,

due

to

factors

such

as

incomplete

data,

market

instability

or

human

error.

If

the

Fund

ascribes

a

higher

value

to

assets

and

their

value

subsequently

drops

or

fails

to

rise

because

of

market

factors,

returns

on

the

Fund's

investment

may

be

lower

than

expected

and

could

experience

losses.

Interest

Rate

Risk.

Changes

in

interest

rates,

including

changes

in

expected

interest

rates

or

"yield

curves,"

may

affect

the

Fund's

business

in

a

number

of

ways.

Changes

in

the

general

level

of

interest

rates

can

affect

the

Fund's

net

interest

income,

which

is

the

difference

between

the

interest

income

earned

on

the

Fund's

interest-earning

assets

and

the

interest

expense

incurred

in

connection

with

its

interest-bearing

borrowings

and

hedges.

Changes

in

the

level

of

interest

rates

also

can

affect,

among

other

things,

the

Fund's

ability

to

acquire

certain

of

the

Publicly

Traded

Real

Estate

Securities

at

attractive

prices,

acquire

or

originate

certain

of

the

residential

and

commercial

real

estate

debt

investments

at

attractive

prices,

and

enter

into

hedging

transactions.

Generally,

as

interest

rates

increase,

the

value

of

the

Fund's

fixed

rate

securities

decreases,

which

will

decrease

the

book

value

of

the

Fund's

equity.

In

addition,

changes

in

monetary

policy

may

exacerbate

the

risks

associated

with

changing

interest

rates.

It

is

difficult

to

predict

the

magnitude,

timing

or

direction

of

interest

rate

changes

and

the

impact

these

changes

will

have

on

the

markets

in

which

the

Fund

invests.

Leverage

Risk.

The

Fund

may

use

leverage

in

connection

with

its

investments.

The

Fund

may

employ

leverage

of

not

more

than

⅓%

of

total

assets

as

it

is

limited

to

⅓%

of

the

Fund's

total

assets

(less

all

liabilities

and

indebtedness

not

represented

by

1940

Act

leverage),

in

order

to

provide

more

funds

available

for

investment.

Leverage

may

result

in

greater

volatility

of

the

NAV

of,

and

distributions

on,

the

Shares

because

changes

in

the

value

of

the

Fund's

portfolio

investments,

including

investments

purchased

with

the

proceeds

from

Borrowings

or

the

issuance

of

Preferred

Stock,

if

any,

are

borne

entirely

by

holders

of

Shares.

Risks

Related

to

the

Fund's

Tax

Status

as

a

REIT.

The

Fund

has

elected

to

be

taxed

and

has

qualified

for

treatment

each

year

as

a

REIT

under

the

Internal

Revenue

Code

of

1986,

as

amended

(defined

above

as

the

"Code")

beginning

with

its

taxable

year

ended

December

31,

2021

and

intends

to

continue

to

qualify

as

a

REIT.

However,

qualification

as

a

REIT

for

tax

purposes

involves

the

application

of

highly

technical

and

complex

Code

provisions

for

which

only

a

limited

number

of

judicial

or

administrative

interpretations

exist.

Notwithstanding

the

availability

of

cure

provisions

in

the

Code,

various

compliance

requirements

could

be

failed

and

could

jeopardize

the

Fund's

REIT

tax

status.

Failure

to

qualify

for

taxation

as

a

REIT

would

cause

the

Fund

to

be

taxed

as

a

regular

corporation,

which

would

substantially

reduce

funds

available

for

distributions

to

Shareholders.

In

addition,

complying

with

the

requirements

to

maintain

its

REIT

tax

status

may

cause

the

Fund

to

forego

otherwise

attractive

opportunities

or

to

liquidate

otherwise

attractive

investments,

adversely

affect

the

Fund's

liquidity

and

force

the

Fund

to

borrow

funds

during

unfavorable

market

conditions,

and/or

limit

the

Fund's

ability

to

hedge

effectively

and

cause

the

Fund

to

incur

tax

liabilities.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Continued)

December

31,

2025

4. Share

Transactions

Below

is

a

summary

of

transactions

with

respect

to

the

Fund's

common

shares

for

the

year

ended

December

31,

2025

and

for

the

year

ended

December

31,

2024

(all

tabular

amounts

are

in

thousands

except

share

data)

:

As

of

December

31,

2025,

the

Sponsor

held

10,000

common

shares.

During

the

year

ended

December

31,

2024,

Fundrise

L.P.,

an

affiliate

of

the

Sponsor,

fully

redeemed

its

previously

held

500

common

shares.

For

the

year

ended

December

31,

2025,

total

distributions

declared

to

the

Sponsor

were

less

than

$1,000.

During

the

year

ended

December

31,

2025,

the

Fund

sold

shares

to

the

Fundrise

Income

Real

Estate

Fund,

LLC

(the

"Income

Fund"),

an

affiliated

fund

sponsored

by

the

Adviser.

As

of

December

31,

2025,

the

Income

Fund

held

approximately

2,628,200

common

shares,

valued

at

approximately

$31,065

(amount

in

thousands)

.

For

the

year

ended

December

31,

2025,

total

distributions

declared

to

the

Income

Fund

were

approximately

$5

(amount

in

thousands)

.

5. Repurchase

Offers

The

Fund

operates

as

an

interval

fund

under

Rule

23c-3

of

the

1940

Act

and,

as

such,

provides

a

limited

degree

of

liquidity

to

Shareholders.

As

an

interval

fund,

the

Fund

has

adopted

a

fundamental

policy

to

offer

to

repurchase

at

quarterly

intervals

a

specified

percentage

of

its

outstanding

shares

at

NAV

(the

"Repurchase

Offer

Policy").

The

Repurchase

Offer

Policy

provides

that,

once

each

quarter,

the

Fund

will

offer

to

repurchase

at

NAV

no

less

than

5%

and

no

more

than

25%

of

the

outstanding

shares

of

the

Fund,

unless

suspended

or

postponed

in

accordance

with

regulatory

requirements.

The

Repurchase

Offer

Policy

is

a

fundamental

policy

that

may

not

be

changed

without

the

vote

of

the

holders

of

a

majority

of

the

Fund's

outstanding

voting

securities

(as

defined

in

the

1940

Act).

To

conduct

a

repurchase

offer,

the

Fund

will

send

a

repurchase

offer

notice

to

Shareholders

no

less

than

days

and

no

more

than

days

before

the

date

(the

"Repurchase

Request

Deadline")

by

which

the

Fund

announces

that

Shareholders

must

tender

their

shares

in

response

to

such

repurchase

offer

notice.

The

Fund

must

receive

repurchase

requests

submitted

by

Shareholders

in

response

to

the

Fund's

repurchase

offer

on

or

before

the

Repurchase

Request

Deadline.

The

Repurchase

Offer

Policy

provides

that

the

repurchase

pricing

occurs

no

later

than

the

14th

day

after

the

Repurchase

Request

Deadline

or

the

next

business

day

if

the

14th

day

is

not

a

business

day

(the

"Repurchase

Pricing

Date").

The

repurchase

price

of

the

shares

will

be

the

Fund's

NAV

as

of

the

close

of

the

Repurchase

Pricing

Date.

The

Board,

in

its

sole

discretion,

will

determine

the

number

of

shares

that

the

Fund

will

offer

to

repurchase

("Repurchase

Offer

Amount")

for

a

given

Repurchase

Request

Deadline.

If

Shareholders

tender

for

repurchase

more

than

the

Repurchase

Offer

Amount

for

a

given

repurchase

offer,

the

Fund

may,

but

is

not

required

to,

repurchase

an

additional

number

of

shares

not

to

exceed

2%

of

the

outstanding

shares

of

the

Fund

on

the

Repurchase

Request

Deadline.

If

the

Fund

determines

not

to

repurchase

more

than

the

Repurchase

Offer

Amount,

or

if

Shareholders

tender

shares

in

an

amount

exceeding

the

Repurchase

Offer

Amount

plus

2%

of

the

outstanding

shares

on

the

Repurchase

Request

Deadline,

the

Fund

will

repurchase

the

shares

on

a

pro

rata

basis.

However,

the

Fund

may

accept

all

shares

tendered

for

repurchase

by

Shareholders

who

own

less

than

one

hundred

shares

and

who

tender

all

of

their

shares,

before

prorating

other

amounts

tendered.

In

addition,

if

a

repurchase

offer

is

oversubscribed,

the

Fund

may

offer

to

repurchase

outstanding

shares

that

are

tendered

by

the

descendants

or

estate

of

a

deceased

shareholder

(a

"Legacy

Repurchase")

in

an

additional

amount

approved

by

the

Board,

taking

into

account

the

liquidity

of

the

Fund's

assets.

In

the

event

a

Legacy

Repurchase

by

a

Fund

is

oversubscribed,

the

Fund

will

repurchase

the

shares

tendered

on

a

pro

rata

basis.

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Common

Shares

Shares

Amount

Shares

Amount

Proceeds

from

sale

of

shares

18,750

,

$

,

607

17,221,100

$

193,542

Reinvestment

of

distributions

29,385

60,786

675

Total

gross

proceeds

18,779

,

551

,

953

17,281,886

194,217

Repurchase

of

shares

(21

,

,

809)

(251,584)

(21,004,334)

(235,003)

Net

Proceeds

from

Common

Shares

(2,566,258)

$

(30

,

631)

(3,722,448)

$

(40,786)

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Continued)

December

31,

2025

The

Fund

may

not

condition

a

repurchase

offer

upon

the

tender

of

any

minimum

number

of

shares.

The

Fund

does

not

currently

charge

a

repurchase

fee,

and

it

does

not

currently

expect

to

impose

a

repurchase

fee.

However,

the

Fund

may

in

the

future

charge

a

repurchase

fee

of

up

to

2.00%,

subject

to

approval

of

the

Board.

The

following

table

presents

the

repurchase

offers

that

were

completed

during

the

year

ended

December

31,

2025

(all

tabular

amounts

are

in

thousands

except

share

data)

:

6. Investment

Manager

Fees

and

Other

Related

Party

Transactions

The

Fund

entered

into

an

Investment

Management

Agreement

with

the

Adviser.

Pursuant

to

the

Investment

Management

Agreement,

and

in

consideration

of

the

services

provided

by

the

Adviser

to

the

Fund,

the

Adviser

is

entitled

to

a

management

fee

(the

"Management

Fee")

of

0.85%

of

the

Fund's

average

daily

net

assets.

The

Management

Fee

will

be

calculated

and

accrued

daily

and

payable

monthly

in

arrears.

The

Adviser

and/or

its

affiliates

may

be

entitled,

under

separate

agreement,

to

certain

fees

as

permitted

by

the

1940

Act

or

as

otherwise

permitted

by

applicable

law

and

regulation.

These

may

include

fees

and

expenses

associated

with

the

acquisition,

or

origination,

monitoring

or

management

of

real

estate

properties,

construction,

real

estate

development,

special

servicing

of

non-

performing

assets

(including,

but

not

limited

to,

reimbursement

of

non-ordinary

expenses

and

employee

time

required

to

special

service

a

non-performing

asset)

whether

or

not

the

Fund

ultimately

acquires

or

originates

the

investment,

and

the

sale

of

equity

investments

in

real

estate.

No

such

fees

were

incurred

or

paid

by

the

Fund

to

the

Adviser

or

its

affiliates

for

the

year

ended

December

31,

2025. The

Adviser

and

Rise

Companies

entered

into

a

Shared

Services

Agreement

where

Rise

Companies

will

provide

the

Adviser

with

the

personnel,

services

and

resources

necessary

for

the

Adviser

to

comply

with

its

obligations

and

responsibilities

under

the

Second

Amended

and

Restated

Operating

Agreement

("Operating

Agreement")

and

Investment

Management

Agreement,

which

includes

responsibility

for

operations

of

the

Fund

and

performance

of

such

services

and

activities

relating

to

the

investments

and

operations

of

the

Fund

as

may

be

appropriate,

including

without

limitation

those

services

and

activities

listed

in

the

Operating

Agreement

and

Investment

Management

Agreement.

Repurchase

Offers

Fourth

Quarter

Repurchase

Commencement

Date

December

6,

2024

Repurchase

Request

Deadline

December

31,

2024

Repurchase

Pricing

Date

January

2,

2025

Amount

Repurchased

$

55,622

Shares

Repurchased

4,758,120

Repurchase

Offers

First

Quarter

Repurchase

Commencement

Date

March

6,

2025

Repurchase

Request

Deadline

March

31,

2025

Repurchase

Pricing

Date

April

1,

2025

Amount

Repurchased

$

65,140

Shares

Repurchased

5,543,835

Repurchase

Offers

Second

Quarter

Repurchase

Commencement

Date

May

30,

2025

Repurchase

Request

Deadline

June

30,

2025

Repurchase

Pricing

Date

July

1,

2025

Amount

Repurchased

$

61,744

Shares

Repurchased

5,219,328

Repurchase

Offers

Third

Quarter

Repurchase

Commencement

Date

August

22,

2025

Repurchase

Request

Deadline

September

30,

2025

Repurchase

Pricing

Date

October

1,

2025

Amount

Repurchased

$

69,078

Shares

Repurchased

5,824,526

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Continued)

December

31,

2025

The

Fund

will

reimburse

the

Adviser

for

out-of-pocket

expenses

paid

to

third

parties

in

connection

with

providing

services

to

the

Fund.

This

does

not

include

the

Adviser's

overhead,

employee

costs

borne

by

the

Adviser,

or

utilities

costs.

Expense

reimbursements

payable

to

the

Adviser

also

may

include

expenses

incurred

by

the

Sponsor

in

the

performance

of

services

pursuant

to

a

shared

services

agreement

between

the

Adviser

and

the

Sponsor,

including

any

increases

in

insurance

attributable

to

the

management

or

operation

of

the

Fund.

During

the

year

ended

December

31,

2025,

there

were

approximately

$496,000

of

expenses

reimbursed

to

the

Adviser

pursuant

to

the

shared

services

agreement.

Affiliated

Investments

The

Fund

invests

in

one

or

more

affiliated

entities.

As

of

December

31,

2025,

the

investments

in

affiliated

entities

consist

of

co-investments

in

joint

ventures

in

exchange

for

membership

interests.

As

of

December

31,

2025,

the

Fund

owns

95%

of

the

membership

interests

in

Fundrise

SFR

JV

2,

LLC,

90%

of

the

membership

interests

in

each

of

Fundrise

SFR

JV

1,

LLC,

Fundrise

MF

JV

1,

LLC,

and

Fundrise

Industrial

JV

2,

LLC,

60%

of

the

membership

interests

in

Fundrise

SFR

Dev

JV

1,

LLC,

and

20%

of

the

membership

interests

in

Fundrise

Industrial

JV

1,

LLC. Ownership

percentages

remained

constant

during

the

reporting

period.

The

affiliated

investment

securities

have

not

been

registered

under

the

Securities

Act

of

1933,

as

amended,

and

thus

are

subject

to

restrictions

on

resale.

During

the

year

ended

December

31,

2025,

investments

in

affiliated

entities

were

as

follows

(amounts

in

thousands):

7. Investments

The

Fund

gains

exposure

to

private

commercial

real

estate

through

co-investment

arrangements,

joint

ventures

or

wholly

owned

subsidiaries

(collectively,

"Real

Estate

Investment

Vehicles").

For

the

year

ended

December

31,

2025,

Real

Estate

Investment

Vehicles

consist

of

entities

in

which

the

Fund

co-invested

alongside

affiliates

of

the

Fund,

including

those

of

the

Adviser

("Real

Estate

Co-Investment

Joint

Ventures"),

pursuant

to

the

terms

and

conditions

of

the

exemptive

order

issued

by

the

SEC

to

the

Fund,

allowing

the

Fund

to

co-invest

alongside

certain

entities

affiliated

with

or

managed

by

the

Adviser.

Instead

of

acquiring

full

ownership

of

private

commercial

real

estate

investments

through

a

wholly

owned

entity,

the

Fund

acquires

partial

interests

by

entering

into

co-investment

agreements

with

affiliates

of

the

Adviser.

The

Fund's

ownership

percentage

in

the

Real

Estate

Co-Investment

Joint

Ventures

will

generally

be

pro

rata

to

the

amount

of

money

the

Fund

applies

to

the

origination

or

commitment

amount

for

the

underlying

private

commercial

real

estate

or

purchase

price

(including

financing,

if

applicable)

and

the

acquisition,

construction,

development,

or

renovation

expenses,

if

any,

of

the

underlying

private

commercial

real

estate,

as

applicable,

owned

by

the

Real

Estate

Co-Investment

Joint

Ventures.

The

Fund's

ownership

in

the

Real

Estate

Co-Investment

Joint

Ventures

is

passive

in

nature,

and

the

Fund

may

have

a

greater

economic

interest

but

fewer

control

rights

in

the

Real

Estate

Co-

Investment

Joint

Ventures

than

the

affiliate

in

which

the

Fund

co-invests

alongside.

The

Fund's

investments

in

real

estate

through

the

securities

of

a

Real

Estate

Co-Investment

Joint

Ventures

with

its

affiliates

is

subject

to

the

requirements

of

the

1940

Act

and

terms

and

conditions

of

an

exemptive

order

the

Fund

received

from

the

SEC

allowing

the

Fund

and/or

the

Real

Estate

Co-Investment

Joint

Ventures

to

co-invest

alongside

certain

entities

affiliated

with

or

managed

by

the

Adviser

(REITs

(each,

an

"eREIT®")

or

other

non-REIT

compliant

real

estate-related

funds).

The

exemptive

order

from

the

SEC

imposes

extensive

conditions

on

the

terms

of

any

co-investment

made

by

an

affiliate

of

the

Fund.

The

Fund

has

adopted

procedures

reasonably

designed

to

ensure

compliance

with

the

exemptive

order

and

the

Board

also

oversees

risk

relative

to

such

compliance.

Non-Controlled

Affiliated

Investments

Real

Estate

Co-Investment

Joint

Ventures

Balance

as

of

December

31,

2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

and

Capital

Gain

Distributions

Return

of

Capital

Distributions

Change

in

Unrealized

Appreciation/

Depreciation

Balance

as

of

December

31,

2025

Total

Dividend

Income

Fundrise

SFR

JV

1,

LLC

$

569,716

$

42,480

$

–

$

–

$

(54,864)

$

3,250

$

560,582

$

–

Fundrise

MF

JV

1,

LLC

233,465

102,240

–

–

(94,290)

15,666

257,081

–

Fundrise

Industrial

JV

2,

LLC

223,722

9,463

–

–

(47,393)

10,186

195,978

–

Fundrise

SFR

JV

2,

LLC

112,421

11,210

–

–

(12,445)

5,853

117,039

–

Fundrise

SFR

Dev

JV

1,

LLC

27,112

3,060

–

–

(2,325)

(711) 27,136

–

Fundrise

Industrial

JV

1,

LLC

4,936

1,344

–

–

(1,763)

(438) 4,079

–

Total

$

1,171,372

$

169,797

$

–

$

–

$

(213,080)

$

33,806

$

1,161,895

$

–

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Continued)

December

31,

2025

The

cost

of

purchases

and

proceeds

from

the

sale

of

investments,

other

than

short-term

securities,

for

the

year

ended

December

31,

2025

amounted

to

$183,797

and

$28,120,

respectively

(amounts

in

thousands)

.

As

of

December

31,

2025,

Fundrise

SFR

JV

1,

LLC,

Fundrise

MF

JV

1,

LLC

and

Fundrise

Industrial

JV

2,

LLC,

are

deemed

to

be

significant

subsidiaries

of

the

Fund

in

accordance

with

the

definition

of

a

"significant

subsidiary"

as

defined

by

Regulation

S-X

1-02(w)(2),

Definitions

of

terms

used

in

Regulation

S-X

(amendment

effective

January

1,

2021).

Pursuant

to

Regulation

S-X

3-09(b),

Separate

financial

statements

of

subsidiaries

not

consolidated

and

percent

or

less

owned

persons

,

separate

audited

financial

statements

for

Fundrise

SFR

JV

1,

LLC

and

Fundrise

MF

JV

1,

LLC

are

included

as

exhibits

to

our

filing.

Additionally,

pursuant

to

Regulation

S-X

4-08(g),

Summarized

financial

information

of

subsidiaries

not

consolidated

and

percent

or

less

owned

persons

,

summarized

financial

information

for

Fundrise

Industrial

JV

2,

LLC

is

included

below.

The

following

tables

show

summarized

financial

statement

information

for

Fundrise

Industrial

JV

2,

LLC

for

the

year

ended

December

31,

2025

(amounts

in

thousands):

8. Reverse

Repurchase

Agreements

The

Fund

may

use

leverage

to

provide

additional

funds

to

support

its

investment

activities.

The

Fund

may

enter

into

reverse

repurchase

agreements

from

a

bank

or

dealer

at

a

specified

maturity

date,

under

which

the

Fund

will

effectively

pledge

its

assets

as

collateral

to

secure

a

short-term

loan.

Generally,

the

other

party

to

the

agreement

makes

the

loan

in

an

amount

equal

to

a

percentage

of

the

market

value

of

the

pledged

collateral.

At

the

maturity

of

the

reverse

repurchase

agreement,

the

Fund

will

be

required

to

repay

the

loan

and

correspondingly

receive

back

its

collateral.

While

used

as

collateral,

the

assets

continue

to

pay

principal

and

interest

which

are

for

the

benefit

of

the

Fund.

The

gross

amount

of

cash

received

in

exchange

for

assets

sold

plus

accrued

interest

payments

to

be

made

by

the

Fund

to

counterparties

are

reflected

as

a

payable

for

reverse

repurchase

agreements

on

the

Statement

of

Assets

and

Liabilities.

Interest

expense

on

reverse

repurchase

agreements

is

recorded

as

a

component

of

interest

expense

on

the

Statement

of

Operations.

As

of

December

31,

2025

there

were

no

open

reverse

repurchase

agreements

held

by

the

Fund.

For

the

year

ended

December

31,

2025

,

the

average

borrowings

and

the

weighted

average

interest

rate

were

$2,078

(amount

in

thousands)

and

5.06%,

respectively.

9. Tax

Basis

Information

The

timing

and

characterization

of

certain

income,

capital

gains,

and

return

of

capital

distributions

are

determined

annually

in

accordance

with

federal

tax

regulations,

which

may

differ

from

GAAP.

As

a

result,

the

net

investment

income

(loss)

and

net

realized

gain

(loss)

on

investment

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

These

book/tax

differences

may

be

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent,

they

are

charged

or

Summary

Statement

of

Assets

and

Liabilities

(1) As

of

December

31,

2025

Total

Assets

$

444,841

Total

Liabilities

287,274

Total

Net

Assets

$

157,567

Summary

Statement

of

Operations

(1) For

the

Year

Ended

December

31,

2025

Total

revenue

$

26,089

Operating

expenses

(9,379)

Net

Operating

Income

$

16,710

Interest

expense

(22,321)

Depreciation

and

amortization

expense

(15,678)

Gain

(loss)

on

extinguishment

of

debt

(2,849)

Gain

(loss)

on

derivative

financial

instrument

(195) Net

Income

(Loss)

$

(24,333)

(1) The

unconsolidated

subsidiary

noted

reports

in

accordance

with

U.S.

GAAP,

but

does

not

fall

within

the

scope

of

the

accounting

and

reporting

guidance

in

the

ASC

946. The

subsidiary

is

therefore

not

required

to

and

has

elected

not

to

fair

value

its

investments.

Accordingly,

the

summarized

income

statement

information

shown

for

the

unconsolidated

subsidiary

does

not

reflect

fair

value

adjustments.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Continued)

December

31,

2025

credited

to

paid-in

capital,

accumulated

net

investment

income

(loss)

or

accumulated

net

realized

gain

(loss),

as

appropriate,

in

the

period

in

which

the

differences

arise.

As

of

December

31,

2025,

the

tax

basis

of

distributable

earnings

(accumulated

deficit)

was

as

follows

(amounts

in

thousands)

:

As

of

December

31,

2025,

the

capital

loss

carryforwards

were

as

follows

(amounts

in

thousands)

:

During

the

tax

years

presented

below,

the

tax

character

of

distributions

paid

by

the

Fund

was

as

follows

(amounts

in

thousands)

:

As

of

December

31,

2025

,

the

unrealized

appreciation

and

depreciation

of

investments,

based

on

cost

for

federal

income

tax

purposes,

were

as

follows

(amounts

in

thousands)

:

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation

is

attributable

to

the

book/tax

differences

in

the

treatment

of

flow

through

income

on

certain

investments.

The

Fund

adopted

FASB

Accounting

Standards

Update

2023-09,

Income

Taxes

(Topic

740):

Improvements

to

Income

Tax

Disclosures

("ASU

2023-09"),

during

the

year

ended

December

31,

2025. Adoption

of

ASU

2023-09

had

no

impact

on

the

Fund's

financial

statements

or

related

disclosures.

10. Segment

Reporting

The

management

committee

of

Fundrise

Advisors,

LLC,

the

Fund's

Adviser,

acts

as

the

Fund's

chief

operating

decision

maker

("CODM")

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

and

reportable

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

that

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

Undistributed

ordinary

income

(loss)

$

(366,432)

Undistributed

long-term

capital

gain

(loss)

–

Tax

accumulated

earnings

(loss)

$

(366,432)

Accumulated

capital

and

other

losses

(2,992)

Other

book/tax

temporary

differences

(1) (513) Net

unrealized

gain

(loss)

on

investments

(2) 372,048

Total

Distributable

Earnings

$

2,110

(1) Other

book/tax

differences

are

attributable

to

deductibility

of

various

expenses.

(2) The

difference

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

to

the

book/tax

differences

in

the

treatment

of

flow

through

income

on

certain

investments.

Short-term

$

2,992

Long-term

–

Total

Capital

Loss

Carryforwards

(1) $

2,992

(1) To

the

extent

the

Fund

recognizes

capital

gains

in

future

periods,

they

will

be

offset

by

unused

capital

loss

carryforwards

subject

to

IRC

limitations.

For

the

Tax

Year

Ended

December

31,

2025

For

the

Tax

Year

Ended

December

31,

2024

Ordinary

income

$

–

$

–

Long-term

capital

gain

–

–

Return

of

capital

(1) $

2,574

$

3,548

Total

Distributions

Paid

$

2,574

$

3,548

(1) The

difference

between

tax-basis

distributions

and

book-basis

distributions

is

due

to

the

timing

of

when

distributions

are

considered

paid

pursuant

to

IRC

section

858(a).

Cost

of

investments

for

tax

purposes

$

854

,

Gross

tax

unrealized

appreciation

$

377,119

Gross

tax

unrealized

depreciation

(5,071)

Net

Tax

Unrealized

Appreciation

$

372,048

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Continued)

December

31,

2025

on

a

defined

investment

strategy

which

is

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

CODM

assesses

segment

performance

using

the

net

increase

(decrease)

in

net

assets

resulting

from

operations,

which

is

reported

in

the

Fund's

Statement

of

Operations.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

11. New

Accounting

Pronouncement

In

November

2024,

the

FASB

issued

ASU

2024-03,

Income

Statement-Reporting

Comprehensive

Income-Expense

Disaggregation

Disclosures

(Subtopic

220-40):

Disaggregation

of

Income

Statement

Expenses.

This

guidance

requires

public

business

entities

to

disclose,

in

a

tabular

format,

disaggregated

information

about

certain

expense

categories

presented

on

the

face

of

the

income

statement.

The

guidance

is

effective

for

annual

reporting

periods

beginning

after

December

15,

2026

and

interim

reporting

periods

beginning

after

December

15,

2027,

with

early

adoption

permitted.

The

Fund

is

currently

evaluating

the

implications,

if

any,

of

the

additional

requirements

and

its

impact

on

the

financial

statements.

12. Subsequent

Events

In

connection

with

the

preparation

of

the

accompanying

financial

statements,

the

Fund

has

evaluated

events

and

transactions

occurring

after

the

date

of

this

report

and

through

the

date

these

financial

statements

were

available

to

be

issued

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

the

following.

Share

Transactions

Following

the

date

of

this

report,

the

following

repurchase

offers

have

occurred

(all

tabular

amounts

are

in

thousands

except

share

data)

:

New

Credit

Agreement

On

February

9,

2026,

Fundrise

Interval

Holdco,

LLC,

a

wholly-owned

and

consolidated

subsidiary

of

the

Fund,

entered

into

a

$75,000

term

loan

maturing

on

February

8,

2030

and

a

two-year

$25,000

revolving

credit

commitment

(amounts

in

thousands)

with

MidCap

Financial

Trust

(the

"MidCap

Credit

Agreement").

Interest

is

paid

quarterly

at

a

floating

rate

based

on

three-month

SOFR

plus

a

spread

of

525

basis

points.

The

Fund

was

named

as

the

guarantor

of

the

MidCap

Credit

Agreement.

As

of

December

31,

2025,

Fundrise

Interval

Holdco,

LLC

had

no

investments

or

activity

and

therefore

is

not

consolidated

in

the

Fund's

financial

statements

in

this

annual

report.

On

February

10,

2026,

the

Fund,

through

its

subsidiary,

drew

down

$75,000

(amount

in

thousands)

of

the

term

loan,

net

of

closing

costs.

On

February

20,

2026,

the

Fund,

through

its

subsidiary,

drew

down

$25,000

(amount

in

thousands)

of

the

revolving

credit

commitment.

Affiliated

Investment

On

February

4,

2026,

the

Fund

formed

a

wholly-owned

and

consolidated

subsidiary

of

the

Fund,

Tech

Infrastructure

REIT,

LLC

(the

"Subsidiary").

The

Subsidiary

was

established

to

facilitate

investments

consistent

with

the

Fund's

investment

strategy.

On

February

24,

2026,

the

Subsidiary

invested

$50,000

(amount

in

thousands)

in

the

Fundrise

Innovation

Fund,

LLC,

an

affiliated

investment

company.

Repurchase

Offers

Second

Quarter

Repurchase

Commencement

Date

November

29,

2025

Repurchase

Request

Deadline

December

31,

2025

Repurchase

Pricing

Date

January

2,

2026

Amount

Repurchased

$

69,259

Shares

Repurchased

5,864,719

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Shareholders

and

Board

of

Directors

of

Fundrise

Real

Estate

Interval

Fund,

LLC:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Fundrise

Real

Estate

Interval

Fund,

LLC

(the

Fund),

including

the

schedule

of

investments,

as

of

December

31,

2025,

the

related

statements

of

operations

and

cash

flows

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

years

in

the

two

year

period

then

ended,

and

the

related

notes

(collectively,

the

financial

statements)

and

the

financial

highlights

for

each

of

the

years

in

the

five

year

period

then

ended.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

and

its

cash

flows

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

years

in

the

two

year

period

then

ended,

and

the

financial

highlights

for

each

of

the

years

in

the

five

year

period

then

ended,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

December

31,

2025,

by

correspondence

with

the

custodian

or

by

other

appropriate

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

of

Fundrise

investment

companies

since

2019. Philadelphia,

Pennsylvania

February

25,

2026

Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

December

31,

2025

1. Approval

of

Investment

Management

Agreement

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

requires

that

each

registered

fund's

board

of

directors,

including

a

majority

of

those

directors

who

are

not

"interested

persons"

of

the

fund,

as

defined

in

the

1940

Act

(the

"Independent

Directors"),

initially

approve,

and

annually

review

and

consider

the

continuation

of,

the

fund's

investment

advisory

agreement.

At

its

meeting

held

on

November

6,

2025

(the

"Meeting"),

the

Board

of

Directors

(the

"Board")

of

the

Fund,

including

each

of

the

Independent

Directors,

unanimously

voted

to

approve

the

continuation

of

the

existing

investment

management

agreement

(the

"Agreement")

between

Fundrise

Advisors,

LLC

(the

"Adviser")

and

the

Fund

for

an

additional

one-year

period.

In

connection

with

its

annual

consideration

of

the

Agreement

for

the

Fund,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

Agreement

by

the

Adviser

and

by

ISS

Market

Intelligence

("ISS"),

an

independent

provider

of

investment

company

data.

The

report

from

ISS

compared

certain

fee

information

for

the

Fund

to

that

of

an

independently

selected

peer

group

of

similar

funds

("Peer

Group")

and

provided

performance

information

for

funds

in

the

Peer

Group

(the

"ISS

Report").

The

Adviser

included

a

report

in

the

Meeting

materials

comparing

the

Fund's

performance

to

the

performance

of

other

advisory

accounts

managed

by

the

Adviser.

The

Adviser

also

compared

the

Fund's

management

fee

to

the

management

fee

paid

by

other

funds

for

which

it

provides

comparable

services.

Preceding

the

Meeting,

the

Board

also

reviewed

written

responses

from

the

Adviser

to

questions

posed

to

the

Adviser

by

counsel

on

behalf

of

the

Independent

Directors

and

supporting

materials

relating

to

those

questions

and

responses.

In

addition,

the

Board

considered

such

additional

information

as

it

deemed

reasonably

necessary

to

evaluate

the

Agreement,

such

as

the

materials

and

presentations

by

Fund

officers

and

representatives

of

the

Adviser

received

at

the

Meeting

concerning

the

Agreement,

the

operation

of

the

Fund

and

the

Adviser.

The

Board

also

considered

information

received

at

prior

meetings

of

the

Board

and

its

committees

throughout

the

year,

to

the

extent

such

information

was

relevant

to

its

evaluation

of

the

Agreement.

In

determining

whether

to

approve

the

renewal

of

the

Agreement,

the

members

of

the

Board

reviewed

and

evaluated

information

and

factors

they

believed

to

be

relevant

and

appropriate

in

the

exercise

of

their

reasonable

business

judgment.

While

individual

members

of

the

Board

may

have

weighed

certain

factors

differently,

the

Board's

determination

to

approve

renewal

of

the

Agreement

was

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Board

with

respect

to

the

approval

of

the

renewal

of

the

Agreement.

The

Board

was

also

furnished

with

an

analysis

of

its

fiduciary

obligations

in

connection

with

its

evaluation

of

the

Agreement

and,

throughout

the

evaluation

process,

the

Board

was

assisted

by

counsel

for

the

Independent

Directors.

In

connection

with

their

deliberations,

the

Independent

Directors

met

separately

in

executive

session,

without

the

presence

of

representatives

of

the

Adviser,

to

consider

the

relevant

materials.

A

more

detailed

summary

of

the

important,

but

not

necessarily

all,

factors

the

Board

considered

with

respect

to

its

approval

of

the

renewal

of

the

Agreement

is

provided

below.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

information

regarding

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

by

the

Adviser.

The

Board

considered,

among

other

things,

the

terms

of

the

Agreement

and

the

range

of

services

provided

by

the

Adviser.

The

Board

considered

the

Adviser's

organizational

structure

and

resources,

the

financial

statements

of

the

Adviser's

parent

company

and

the

Adviser's

ability

to

carry

out

its

obligations

under

the

Agreement.

The

Board

considered

that

the

Adviser

is

responsible

for

directing

the

Fund's

business

and

affairs,

managing

the

Fund's

day-to-day

affairs,

and

implementing

the

Fund's

investment

strategy.

The

Board

also

considered

the

Adviser's

experience

managing

other

similar

pooled

investment

vehicles

that

invest

in

real

estate-related

assets,

including

the

Fundrise

Income

Real

Estate

Fund,

LLC

(the

"Income

Fund")

(collectively,

the

"Other

Investment

Vehicles").

The

Board

considered

the

Adviser's

professional

personnel

who

provide

services

to

the

Fund

throughout

the

year,

including

the

Adviser's

ability

and

experience

in

attracting

and

retaining

qualified

personnel

to

service

the

Fund.

The

Board

also

considered

the

compliance

program

and

compliance

record

of

the

Adviser

and

the

Fund.

The

Board

considered

the

Adviser's

support

of

the

Fund's

compliance

control

structure,

including

the

resources

that

continue

to

be

devoted

by

the

Adviser

in

support

of

the

Fund's

obligations

pursuant

to

Rule

38a-1

under

the

1940

Act

and

the

efforts

of

the

Adviser

and

its

affiliates

in

supporting

the

Fund

and

managing

various

risks,

including,

but

not

limited

to,

cybersecurity

and

operational

risks.

The

Board

considered

the

day-to-day

portfolio

management

services

that

the

Adviser

provides

to

the

Fund.

In

this

regard,

the

Board

considered,

among

other

things,

the

Adviser's

investment

program

for

the

Fund,

its

investment

research

capabilities

and

resources,

its

performance

record,

its

experience,

its

trading

operations

and

its

approach

to

managing

risk,

including

most

particularly

with

respect

Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

December

31,

2025

to

investments

in

real

estate-related

assets.

The

Board

further

considered

the

range

of

services

the

Adviser

provided

including,

but

not

limited

to,

structuring

terms

and

conditions

of

the

Fund's

acquisitions

and

joint

ventures;

negotiating

and

executing

permissible

investments

and

other

transactions;

and

evaluating

potential

asset

dispositions,

sales

or

liquidity

transactions.

The

Board

considered

the

experience

of

the

Fund's

portfolio

managers,

the

Other

Investment

Vehicles

managed

by

the

portfolio

managers,

and

the

Adviser's

method

for

compensating

the

portfolio

managers.

Additionally,

the

Board

observed

that

the

Adviser

provides

certain

administrative

services

to

the

Fund

and

the

Income

Fund.

For

each

Fund,

Apex

Fund

Services

("Apex"),

the

Funds'

administrator

and

fund

accountant,

provides

certain

incremental

administrative

services

pursuant

to

an

agreement

with

Apex.

In

addition,

the

Board

considered

the

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

the

Adviser

in

connection

with

managing

the

Fund.

The

Board

considered

that

the

Fund

is

a

closed-end

interval

fund

that

operates

in

accordance

with

the

framework

set

forth

in

Rule

23c-3

under

the

1940

Act

and

considered

the

special

attributes

of

the

Fund

relative

to

traditional

mutual

funds

and

the

benefits

that

are

realized

from

an

investment

in

the

Fund,

rather

than

a

traditional

mutual

fund.

The

Board

also

considered

the

resources

devoted

by

the

Adviser

and

its

affiliates

in

maintaining

an

infrastructure

necessary

to

support

the

on-going

operations

of

the

Fund,

including

its

interval

fund

structure.

After

consideration

of

the

foregoing

factors,

among

others,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser,

taken

as

a

whole,

are

appropriate

and

consistent

with

the

terms

of

the

Agreement.

Fund

Performance

The

Board

reviewed

information

provided

by

the

Adviser

regarding

the

Fund's

investment

performance,

performance

of

comparable

funds

in

the

Fund's

Peer

Group

as

well

as

information

from

the

Adviser

regarding

the

performance

of

the

Fund

relative

to

certain,

appropriate

benchmark

indices,

and

assessed

the

Fund's

performance

on

the

basis

of

total

return.

The

Board

considered,

among

other

things,

the

Adviser's

efforts

to

generate

competitive

performance

returns

over

time.

The

Board

observed

that

the

Fund

underperformed

each

of

the

National

Association

of

Real

Estate

Investment

Trusts

("NAREIT")

Composite

REITs

Index

and

NAREIT

Mortgage

REITs

Index,

for

the

period

January

1,

2025

through

September

30,

2025. The

Board

further

observed

that

for

the

period,

the

Fund

outperformed

the

NCREIF

Property

Index,

a

performance

benchmark

for

private

commercial

real

estate

market

in

the

U.S.

The

Board

also

compared

the

Fund's

performance

against

the

performance

of

funds

in

its

Peer

Group

and

to

the

performance

of

other

advisory

accounts

managed

by

the

Adviser.

The

Board

observed

that

the

Fund

outperformed

the

median

performance

of

the

funds

in

its

Peer

Group

for

the

year-to-date,

one-year

and

three-year

periods

ended

September

30,

2025. The

Board

considered

the

factors

which

affected

the

Fund's

performance

in

the

last

year.

Based

on

these

considerations,

the

Board

concluded

that

it

was

satisfied

that

the

Adviser

has

the

capability

of

providing

satisfactory

investment

performance

for

the

Fund.

Management

Fees

and

Expenses

The

Board

reviewed

and

considered

the

management

fee

rate

paid

by

the

Fund

to

the

Adviser

under

the

Agreement

and

the

Fund's

total

expense

ratio.

The

Board

received

and

reviewed

a

report

prepared

by

ISS

comparing

the

Fund's

management

fee

rate

and

total

expense

ratio

to

the

Fund's

Peer

Group,

noting

that

the

Adviser

does

not

have

an

expense

limitation

agreement

with

the

Fund.

In

considering

the

Fund's

management

fee

and

total

expense

ratio,

the

Board

observed

that,

according

to

the

ISS

Report,

the

Fund's

management

fee

and

total

expense

ratio

were

each

below

the

median

of

the

Fund's

Peer

Group.

The

Board

further

observed

that

the

Fund's

total

expense

ratio

includes

marketing

related

expenses.

The

Board

then

compared

the

Fund's

management

fee

to

the

management

fee

charged

to

other

funds

advised

by

the

Adviser.

The

Board

considered

that

the

Fund

and

the

Income

Fund

each

pay

the

Adviser

an

annual

management

fee

of

0.85%

of

the

particular

Fund's

assets.

The

Board

observed

that

the

Adviser

does

not

charge

a

lower

management

fee

to

any

other

fund

for

which

it

provides

comparable

services.

The

Board

further

observed

that

the

Fund's

management

fee,

other

expenses

and

total

expense

ratio

generally

were

lower

than

those

of

the

comparative

funds

identified

by

the

Adviser.

Concerning

management

fees

charged

by

the

Adviser

to

other

funds

it

manages,

the

Board

considered

the

Adviser's

representation

that

there

are

important

differences

between

the

Fund

and

unregistered

pooled

investment

vehicles

that

the

Adviser

manages

that

the

Adviser

believes

are

relevant

in

considering

the

fee

comparisons.

The

Board

considered

that

the

Adviser

does

not

believe

Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

December

31,

2025

these

unregistered

pooled

investment

vehicles

to

be

directly

comparable

to

the

Fund

due

to

a

variety

of

factors

that

impact

the

portfolio

management

process

for,

and

increase

the

costs

associated

with,

managing

the

Fund.

The

Board

observed

that

the

Fund's

management

fee

structure

differs

from

that

of

certain

of

the

unregistered

pooled

investment

vehicles

managed

by

the

Adviser,

some

of

which

pay

an

incentive

allocation

fee

to

the

Adviser.

Based

on

its

consideration

of

the

factors

and

information

it

deemed

relevant,

the

Board

concluded

that

the

compensation

payable

to

the

Adviser

under

the

Agreement

was

reasonable,

and

within

the

range

of

fees

that

would

have

been

negotiated

at

arms-length,

considering

all

of

the

surrounding

circumstances.

Profitability

The

Board

considered

information

from

the

Adviser

regarding

the

level

of

profits

realized

by

the

Adviser

and

relevant

affiliates

thereof

in

providing

investment

advisory,

administrative

and

other

services

to

the

Fund

and

to

the

Adviser's

Other

Investment

Vehicles.

The

Board

considered

the

methodology

employed

by

the

Adviser

in

recognizing

expenses

and

revenues

on

an

aggregate

basis

with

respect

to

the

investment

management

services

overall,

based

on

publicly

available

information

in

Rise

Companies

Corp.'s

Form

10-Q

for

the

period

ended

June

30,

2025. The

Board

observed

that

the

Adviser

consolidated

its

financial

statements

with

its

parent

company,

Rise

Companies

Corp.,

in

Form

10-Q.

The

Board

concluded

that,

in

light

of

the

foregoing

factors

and

the

nature,

extent

and

quality

of

the

services

rendered,

the

profits

realized

by

the

Adviser

and

its

affiliates

from

the

Fund

are

not

excessive.

Economies

of

Scale

The

Board

considered

the

extent

to

which

economies

of

scale

may

be

realized

as

the

Fund's

assets

continue

to

grow

and

whether

the

Fund's

fee

structure

reflects

these

economies

of

scale

for

the

benefit

of

shareholders

of

the

Fund.

In

this

regard,

the

Board

was

aware

of

the

absence

of

any

breakpoints

in

the

Agreement's

fee

structure.

The

Board

considered

the

Adviser's

representation

that

it

believes

the

Fund's

fee

structure

reflects

an

appropriate

sharing

of

economies

of

scale

and

acknowledged

the

difficulty

in

accurately

measuring

the

benefits

resulting

from

economies

of

scale,

if

any,

with

respect

to

the

management

of

any

specific

fund

or

group

of

funds.

The

Board

further

considered

the

Adviser's

belief

that

the

addition

of

breakpoints

or

an

expense

cap

would

not

be

appropriate,

noting

that

certain

relative

expenses

of

the

Fund

have

been

reduced

pro-rata

as

such

expenses

are

borne

across

the

fund

complex,

including

expenses

associated

with

Board

compensation

and

certain

of

the

Funds'

service

providers.

The

Board

concluded

that

the

fee

schedule

for

the

Fund

reflects

an

appropriate

level

of

sharing

of

any

economies

of

scale.

The

Board

is

aware

that

it

will

have

the

opportunity

to

periodically

reexamine

whether

the

Fund

has

achieved

any

economies

of

scale

and

the

appropriateness

of

any

potential

future

management

fee

breakpoints

as

part

of

its

future

review

of

the

Agreement.

"Fall-Out"

Benefits

The

Board

received

and

considered

information

regarding

potential

"fall-out"

or

ancillary

benefits

that

the

Adviser

and

its

affiliates

receive

as

a

result

of

their

relationships

with

the

Fund.

The

Board

considered

that

ancillary

benefits

include,

among

others,

benefits

directly

attributable

to

its

relationships

with

the

Fund,

including

certain

operational

efficiencies

in

capital

raising,

and

benefits

potentially

derived

from

an

increase

in

the

Adviser's

and

its

affiliates'

business

as

a

result

of

their

relationships

with

the

Fund

such

as

marketing

other

financial

products

and

services.

The

Board

also

considered

information

about

certain

fees

that

the

Adviser

and/

or

its

affiliates

are

entitled,

under

separate

agreement,

to

receive,

including

fees

and

expenses

in

connection

with

the

acquisition

or

origination

of

real

estate

properties

held

by

the

Fund

or

its

subsidiaries.

The

Board

considered

that

the

Funds

engage

in

and

pay

for

direct

marketing

campaigns,

making

it

possible

for

the

Adviser

and

other

funds

managed

by

the

Adviser

to

receive

benefits

including

increased

assets

under

management

and

potentially

decreased

marketing

expenses

by

the

Adviser.

Based

on

its

consideration

of

the

factors

and

information

it

deemed

relevant,

the

Board

did

not

deem

any

"fall

out"

or

ancillary

benefits

that

may

be

received

by

the

Adviser

and

its

affiliates

to

be

unreasonable.

Conclusion

The

Board

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board,

including

the

Independent

Directors,

concluded

that

the

terms

of

the

Agreement

were

reasonable

and

that

the

fees

payable

to

the

Adviser

under

the

Agreement

Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

December

31,

2025

were

reasonable

in

light

of

the

services

provided

to

the

Fund.

Accordingly,

based

on

its

deliberations

and

its

evaluation

of

the

factors

described

above

and

other

information

it

believed

relevant,

the

Fund's

Board

of

Directors

determined

that

the

continuation

of

the

Agreement

for

an

additional

one-year

period

was

in

the

best

interests

of

the

Fund

and

its

shareholders.

2. Disclosure

of

Portfolio

Holdings

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund's

Form

N-PORT

reports

will

be

available

without

charge,

upon

request,

by

calling

(202) 584-0550

or

on

the

SEC's

website

at

http://www.sec.gov

.

3. Proxy

Voting

Policies

and

Procedures

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and,

once

available,

information

regarding

how

the

Fund

voted

those

proxies

(if

any)

during

the

year

ended

June

30,

2025,

is

available

(1) without

charge,

upon

request,

by

calling

(202) 584-0550,

(2) on

the

Fund's

website

at

www.fundriseintervalfund.com

and

(3) on

the

SEC's

website

at

http://www.sec.gov

.

During

the

year

ended

June

30,

2025,

the

Fund

did

not

have

any

investments

that

required

the

Fund

to

vote

proxies,

and

therefore

did

not

vote

any

proxies

during

such

period.

4. Compensation

of

Directors

The

Fund's

Statement

of

Additional

Information

includes

additional

information

about

the

Directors

and

is

available

(1) without

charge,

upon

request,

by

calling

(202) 584-0550,

(2) on

the

Fund's

website

at

www.fundriseintervalfund.com

and

(3) on

the

SEC's

website

at

http://www.sec.gov

.

The

following

table

sets

forth

information

regarding

the

total

compensation

to

be

paid

to

the

Independent

Directors

for

their

services

as

Independent

Directors

for

the

Fund's

fiscal

year

ending

December

31,

2025. As

an

Interested

Director,

Mr.

Miller

receives

no

compensation

from

the

Fund

for

his

service

as

a

Director.

No

other

compensation

or

retirement

benefits

are

received

by

any

Director

or

officer

from

the

Fund.

5. Directors

and

Officers

The

Fund

is

governed

by

a

Board

of

Directors.

The

following

tables

present

certain

information

regarding

the

Directors

and

Officers

of

the

Fund

as

of

December

31,

2025. The

address

of

all

persons

is

c/o

Fundrise

Advisors,

LLC,

Dupont

Circle

NW,

9th

Floor,

Washington,

D.C.

20036. For

more

information

regarding

the

Directors

and

officers,

please

refer

to

the

Fund's

Statement

of

Additional

Information,

which

is

available,

without

charge,

upon

request

by

calling

(202) 584-0550.

Name

Aggregate

Compensation

from

the

Fund

Aggregate

Compensation

from

the

Fund

and

Fund

Complex

(1) Paid

to

Directors

Jeffrey

R. Deitrich

$

42,500

$

130,000

Glenn

R. Osaka

42,500

130,000

Gayle

P. Starr

42,500

85,000

Mark

D. Monte

42,500

85,000

(1) The

"Fund

Complex"

consists

of

the

Fund,

Fundrise

Growth

Tech

Fund,

LLC,

Fundrise

Income

Real

Estate

Fund,

LLC

and

Fundrise

Real

Estate

Interval

Fund

II,

LLC. Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

December

31,

2025

Name

and

Year

of

Birth

Position

Held

Term

of

Office

and

Length

of

Term

Served

(1) Principal

Occupation(s)

During

Past

Years

or

Longer

Number

of

Portfolios

in

Fund

Complex

(2) Overseen

by

Director

Other

Directorships

Held

During

Past

Years

Independent

Directors

Jeffrey

R. Deitrich

1982

Director

and

Audit

Committee

Chairperson

01/2020

to

Present

Senior

Vice

President,

Silverstein

Properties,

Inc.

(real

estate

investment

and

development

firm)

(2007-2016,

2022-current);

Principal,

Better

Building

Solutions

(technology

integration

and

managed

services

firm)

(2016-current);

Formerly,

Principal,

Frenchtown

Enterprises

(real

estate

investment

firm)

(2019-2022).

Asset

Manager,

Prudential

Real

Estate

Investors

(private

equity)

(2004-2007).

Fundrise

Real

Estate

Interval

Fund

II,

LLC,

Fundrise

Income

Real

Estate

Fund,

LLC,

Fun-

drise

Growth

Tech

Fund,

LLC

Glenn

R. Osaka

1955

Lead

Independent

Director

01/2020

to

Present

Consultant

and

Private

Investor

(early

stage

technology

companies)

(since

2013).

Formerly,

Senior

Vice

President,

Services,

Juniper

Networks,

Inc.

(2009-

2013);

Vice

President,

Strategy

and

Operations,

Cisco

Systems,

Inc.

(2007-

2009);

President

and

Chief

Executive

Officer,

Reactivity

Inc.

(technology

start-up

company)

(2001-2006);

Managing

Director,

Redleaf

Group

(venture

capital

firm)

(1999-2000);

Vice

President

and

General

Manager,

Enterprise

Computing,

Hewlett-Packard

(1979-1998).

Fundrise

Real

Estate

Interval

Fund

II,

LLC,

Fundrise

Income

Real

Estate

Fund,

LLC,

Fun-

drise

Growth

Tech

Fund,

LLC

Gayle

P. Starr

1954

Director

11/2020

to

Present

Member,

Advisory

Cuncil

for

Sack

Capital

Partners

(a

private

real

estate

company)

(since

2024);

Advisor,

Bridge33

Capital,

LLC

(commercial

real

estate

investment

firm)

(since

2019);

Consultant

and

Advisor,

Starr

RE

Consultants,

LLC

(real

estate

and

diversity

consulting

firm

2019

-

2024);

formerly,

Advisor,

First

Republic

Bank

(commercial

bank

and

trust

company)

(2019-2022);

Managing

Director

(2015-2019)

and

Senior

Vice

President

(2002-2015);

Global

Capital

Markets,

Prologis,

Inc.

(publicly

traded

real

estate

investment

trust).

Fundrise

Real

Estate

Interval

Fund

II,

LLC

and

Fun-

drise

Income

Real

Estate

Fund,

LLC

Mark

D. Monte

1960

Director

07/2022

to

Present

Retired;

formerly,

Managing

Director,

BofA

Securities,

Inc.

(global

investment

bank)

(1997-2021).

Fundrise

Real

Estate

Interval

Fund

II,

LLC

and

Fun-

drise

Income

Real

Estate

Fund,

LLC

(1) Each

Director

serves

until

his

or

her

successor

is

elected

and

qualified,

until

the

Fund

terminates,

or

until

he

or

she

dies,

resigns,

retires

voluntarily,

or

is

otherwise

removed

or

retired

pursuant

to

the

LLC

Agreement.

(2) The

"Fund

Complex"

consists

of

the

Fund,

Fundrise

Real

Estate

Interval

Fund

II,

LLC,

Fundrise

Income

Real

Estate

Fund,

LLC

and

Fundrise

Growth

Tech

Fund,

LLC. Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

December

31,

2025

Name

and

Year

of

Birth

Position

Held

Term

of

Office

and

Length

of

Term

Served

(1) Principal

Occupation(s)

During

Past

Years

or

Longer

Number

of

Portfolios

in

Fund

Complex

(2) Overseen

by

Director

Other

Directorships

Held

During

Past

Years

Interested

Director

and

Officer

Benjamin

S. Miller

(3) 1977

Director

and

Officer:

Chairperson,

President

and

Chief

Executive

Officer

01/2020

to

Present

Chief

Executive

Officer,

Fundrise

Advisors,

LLC

(since

2012);

Co-

Founder,

Chief

Executive

Officer

and

Director,

Rise

Companies

Corp.

(since

2012).

Fundrise

Real

Estate

Interval

Fund

II,

LLC,

Fundrise

Income

Real

Estate

Fund,

LLC,

Fun-

drise

Growth

Tech

Fund,

LLC

(1) Each

Director

serves

until

his

or

her

successor

is

elected

and

qualified,

until

the

Fund

terminates,

or

until

he

or

she

dies,

resigns,

retires

voluntarily,

or

is

otherwise

removed

or

retired

pursuant

to

the

LLC

Agreement.

(2) The

"Fund

Complex"

consists

of

the

Fund,

Fundrise

Real

Estate

Interval

Fund

II,

LLC,

Fundrise

Income

Real

Estate

Fund,

LLC

and

Fundrise

Growth

Tech

Fund,

LLC. (3) Mr.

Miller

is

considered

to

be

an

"interested

person"

of

the

Fund

(as

that

term

is

defined

by

Section

2(a)

(19) in

the

1940

Act)

because

of

his

affiliation

with

the

Adviser

and/or

its

affiliates.

Name

and

Year

of

Birth

Position

Held

Term

of

Office

and

Length

of

Time

Served

(1) Principal

Occupation(s)

During

Past

Years

Officers

Bjorn

J. Hall

1980

Secretary

and

Chief

Compliance

Officer

09/2024

to

present

Chief

Compliance

Officer

and

General

Counsel

Fundrise

Advisors,

LLC

and

Rise

Companies

(since

2014)

and

officer

of

certain

funds

in

the

Fund

Complex

(since

2024).

Alison

A. Staloch

1980

Treasurer

and

Principal

Financial

Officer

07/2021

to

present

Chief

Financial

Officer,

Fundrise

Advisors,

LLC

and

Rise

Companies

Corp.

and

officer

of

certain

funds

in

the

Fund

Complex

(since

2021);

Formerly,

Chief

Accountant

(2017-

2021),

Assistant

Chief

Accountant

(2015-

2017),

Division

of

Investment

Management,

U.S.

Securities

and

Exchange

Commission;

Senior

Manager,

KPMG

LLP

(2005-2015).

(1) The

term

of

office

for

each

officer

will

continue

indefinitely.

FOR

MORE

INFORMATION

Investment

Adviser

Fundrise

Advisors,

LLC

Dupont

Circle

NW,

9th

Floor

Washington,

DC

20036

Fundrise

Real

Estate

Interval

Fund,

LLC

Dupont

Circle

NW,

9th

Floor

Washington,

DC

20036

(202) 584-0550

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Fund's

risks,

objectives,

fees

and

expenses,

experience

of

its

management,

and

other

information.

(b) Not applicable.

**Item 2. Code of Ethics**

(a) As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer.

(b) Not applicable.

(c) During the period covered by the report, with respect to the Registrant's code of ethics that applies to its principal executive officer and principal financial officer, there have been no amendments to a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

(d) During the period covered by the report, with respect to the Registrant's code of ethics that applies to its principal executive officer and principal financial officer, the Registrant did not grant a waiver, including an implicit waiver, from a provision of the code of ethics that relates to one or more of the items set forth in paragraph (b) of this Item 2.

(e) Not applicable.

(f) The Registrant's code of ethics that applies to its principal executive officer and principal financial officer is filed herewith as Exhibit 19(a)(1).

**Item 3. Audit Committee Financial Expert**

The Board of Directors has designated Jeffrey R. Deitrich, who serves on the Board's Audit Committee, as an audit committee financial expert. Mr. Deitrich is considered by the Board of Directors to be an independent director.

**Item 4. Principal Accountant Fees and Services**

(a) Audit Fees: Audit fees billed to the Registrant as of December 31, 2025 were $170,000, which is exclusive of audit fees totaling $40,000 in connection with the annual audit that had not yet been billed to the Registrant as of December 31, 2025. These amounts represent aggregate fees billed by the Registrant's independent registered public accounting firm, (the "Accountant") in connection with the annual audit of the Registrant's financial statements and for services normally provided by the Accountant in connection with the Registrant's statutory and regulatory filings for that fiscal year, including N-2 Consent fees. The audit fees billed for the year ended December 31, 2024 were $190,000.

(b) Audit-related fees billed to the Registrant were $37,500 and $30,000 for the year ended December 31, 2025, and the year ended December 31, 2024, respectively. These amounts represent assurance and related services by the Accountant that were reasonably related to the performance of the audit of the Registrant's financial statements that were not reported under paragraph (a) of this Item.

(c) Tax Fees: There were no tax fees billed to the Registrant for the year ended December 31, 2025, or the year ended December 31, 2024, for professional services rendered by the Accountant for tax compliance, tax advice, or tax planning.

(d) All Other Fees: The aggregate fees billed for products and services provided by the Accountant, other than the services reported in paragraphs (a) through (c) of this Item are $1,800 and $1,800 for the year ended December 31, 2025, and the year ended December 31, 2024, respectively. The fees primarily relate to a Accounting Research Online subscription.

(e)(1) The Audit Committee has adopted, and the Board has approved, a Policy on Pre-Approval of Audit and Non-Audit Services (the "Policy"), which is intended to comply with Rule 2-01 of Regulation S-X and sets forth guidelines and procedures to be followed by the Registrant when retaining an auditor to perform audit, audit-related, tax and other services for the Registrant. The Policy permits such services to be pre-approved by the Audit Committee pursuant to either a general pre-approval or specific pre-approval. Unless a type of service provided by the auditor has received general pre-approval, it requires specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels require specific pre-approval by the Audit Committee.

(e)(2) With respect to the services provided to the Registrant described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Not applicable.

(h) Not applicable, all non-audit services that were rendered to the Registrant's investment adviser were pre-approved as required.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Registrants**

Not applicable.

**Item 6. Investments**

(a) The schedule of investments is included as part of the report to Shareholders filed under Item 1(a) of this form.

(b) There were no divestments of securities (as defined by Section 13(c) of the 1940 Act) for this annual reporting period.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

The Registrant's statement regarding the basis for approval of its investment advisory contract is included as part of the report to shareholders filed under Item 1(a) of this form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

The Registrant's Board of Directors (the "Board") has adopted this Proxy Voting Policy (the "Proxy Voting Policy") on behalf of the Registrant which delegates the responsibility for decisions regarding proxies for securities held or proposed to be held by the Registrant to Fundrise Advisors, LLC (the "Adviser"), subject to the Board's continuing oversight. The Registrant's Chief Compliance Officer shall ensure that the Adviser has adopted a Proxy Voting Policy and Procedures (the "Adviser's Proxy Voting Policy"), which it will use to vote proxies for securities held by the Registrant in a manner that is consistent with this Proxy Voting Policy, as may be amended from time to time. The Board, including a majority of the Directors who are not "interested persons" (as such term is defined in the Investment Company Act of 1940, as amended) of the Registrant, must approve the Adviser's Proxy Voting Policy as it relates to the Registrant. Due to the nature of the securities and other assets in which the Registrant intends to invest, proxy voting decisions for the Registrant may be limited.

The Registrant believes that the voting of proxies is an important part of portfolio management as it represents an opportunity for shareholders to make their voices heard and to influence the direction of a company. The Registrant is committed to voting proxies received in a manner consistent with the best interests of the Registrant's shareholders. The Registrant believes that the Adviser is in the best position to make individual decisions for the Registrant consistent with this Proxy Voting Policy. Therefore, subject to the oversight of the Board, the Registrant has delegated the following duties to the Adviser pursuant to the Registrant's Proxy Voting Policy:

 - to make the proxy voting decisions for the Registrant, in accordance with the Adviser's Proxy Voting Policy;

 - to assist the Registrant in disclosing its proxy voting record as required by Rule 30b1-4 under the 1940 Act, including providing the following information for each matter with respect to which the Registrant is entitled to vote: (a) information identifying the matter voted on; (b) whether the matter was proposed by the issuer or by a security holder; (c) whether and how the Registrant cast its vote; and (d) whether the Registrant cast its vote for or against management; and

 - to provide to the Board, at least annually, a record of each proxy voted by the Adviser on behalf of the Registrant, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest.

In cases where a matter with respect to which the Registrant was entitled to vote presents a conflict between the interest of the Registrant's shareholders, on the one hand, and those of the Adviser or its affiliate, on the other hand, the Registrant shall always vote in the best interest of the Registrant's shareholders. For purposes of this Proxy Voting Policy, a vote shall be considered in the best interest of a Registrant's shareholders when a vote is cast consistent with the proxy voting policy as set forth in the Adviser's Proxy Voting Policy, provided such guidelines were approved by the Board. The Adviser shall review with the Board any proposed material changes or amendments to the Adviser's Proxy Voting Policy prior to implementation.

The Registrant will file a Form N-PX with the Registrant's complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year.

The copy of the Adviser's Proxy Voting Policy is set forth below.

**Adviser Proxy Voting Policies and Procedures**

Fundrise Advisors, LLC (the "Adviser"), as a matter of policy and as a fiduciary to the Fundrise Real Estate Interval Fund, LLC (the "Fund"), has the responsibility for voting proxies for securities consistent with the best interests of the Fund. The Adviser maintains written procedures as to the handling, voting and reporting of proxy voting and makes appropriate disclosures about the Adviser's proxy procedures and the availability of the Adviser's proxy voting record. In general, the Adviser does not receive proxies to be voted due to the nature of its investments on behalf of the Fund; the procedures maintained by the Adviser are intended to comply with Rule 206(4)-6 under the Investment Advisers Act of 1940 (the "Advisers Act") in the infrequent instance that the Adviser receives a proxy, or other action requiring a vote, from a security held or proposed to be held by the Fund.

1. Background and Description

In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Investment advisers registered with the U.S. Securities and Exchange Commission, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 under the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser's proxy voting activities when the adviser does have proxy voting authority.

The purpose of these procedures (the "Procedures") is to set forth the principles, guidelines and procedures by which the Adviser may vote the securities held by the Fund for which the Adviser may exercise voting authority and discretion. These Procedures have been designed to ensure that proxies are voted in the best interests of the Fund in accordance with fiduciary duties and Rule 206(4)-6 under the Advisers Act.

2. Responsibility

The Adviser's Chief Compliance Officer (together with any designees, the "CCO") has responsibility for the implementation and monitoring of the Procedures, including associated practices, disclosures and recordkeeping.

3. Procedures

The Adviser has adopted the procedures below to implement its proxy voting policy and to monitor and ensure that the policy is observed and amended or updated, as appropriate.

*Voting Procedures*

In the event the Adviser's personnel receive proxy materials on behalf of the Fund, the personnel will forward such materials to the appropriate members of the Adviser's Investment Committee (or any committee delegated responsibility and authority by the Investment Committee) to vote the proxy. The Adviser's Investment Committee will analyze the proxy materials and determine how the Adviser should vote the proxy in accordance with applicable voting guidelines below. The CCO is responsible for coordinating this process in a timely and appropriate manner and delivering the proxy prior to the voting deadline.

The Adviser may engage a third-party proxy research and voting service to assist it in researching, recordkeeping and voting of proxies, subject to appropriate oversight.

*Proxy Voting Guidelines*

The following guidelines (the "Guidelines") will inform the Adviser's proxy voting decisions:

 - The guiding principle by which the Adviser votes on all matters submitted to security holders is the maximization of the ultimate economic value of the Fund's holdings. The Adviser does not permit voting decisions to be influenced in any manner that is contrary to, or dilutive of, the guiding principle set forth above.

 - The Adviser will seek to avoid situations where there is any material conflicts of interest affecting its voting decisions. Any material conflicts of interest, regardless of whether actual or perceived, will be addressed in accordance with the conflict resolution procedures (see below).

 - The Adviser generally will vote on all matters presented to security holders in any proxy. However, Adviser reserves the right to abstain on any particular vote or otherwise withhold its vote on any matter if, in the judgment of Adviser, the costs associated with voting such proxy outweigh the benefits to the Fund or if the circumstances make such an abstention or withholding otherwise advisable and in the best interest of the Fund, in the judgment of Adviser.

 - Notwithstanding the foregoing guideline, as part of an investment decision the Adviser may waive or delegate voting rights (either with respect to a particular proxy or with respect to an investment or proposed investment more generally) when in the best interest of the Fund in accordance with the Adviser's fiduciary duties.

 - Proxies will be voted in accordance with the Fund's proxy voting policies and procedures, any applicable investment policies or restrictions of the Fund and, to the extent applicable, any resolutions or other instructions approved by the Fund's Board of Directors.

 - Absent any legal or regulatory requirement to the contrary, the Adviser generally will seek to maintain the confidentiality of the particular votes that it casts on behalf of the Fund; however, the Adviser recognizes that the Fund must disclose the votes cast on its behalf in accordance with all legal and regulatory requirements.

While these Guidelines are intended to provide a benchmark for voting standards, each vote is ultimately cast on a case-by-case basis, taking into consideration the Adviser's contractual obligations to the Fund and all other relevant facts and circumstances at the time of the vote (such that these Guidelines may be overridden to the extent Adviser believes appropriate).

*Conflicts of Interest*

In certain instances, a potential or actual material conflict of interest may arise when the Adviser votes a proxy. As a fiduciary to the Fund, the Adviser takes these conflicts very seriously. While the Adviser's primary goal in addressing any such conflict is to ensure that proxy votes are cast in the Fund's best interest and are not affected by the Adviser's potential or actual material conflict, there are a number of courses that the Adviser may take. The final decision about which course to follow shall be made by the Adviser's Investment Committee. The Investment Committee may cause any of the following actions, among others, to be taken in that regard:

 - vote the relevant proxy in accordance with the vote indicated by the Guidelines;

 - vote the relevant proxy as an exception to Guidelines, provided that the reasons behind the voting decision are in the best interest of the Fund, are reasonably documented and are approved by the Adviser's CCO;

 - engage an unaffiliated third-party proxy advisor to provide a voting recommendation or direct the proxy advisor to vote the relevant proxy in accordance with its independent assessment of the matter; or

 - "echo vote" or "mirror vote" the relevant proxy in the same proportion as the votes of other proxy holders.

*Disclosure*

The Adviser will provide conspicuously displayed information in the Fund's registration statement summarizing these Procedures, including a statement that Shareholders may request information regarding how the Adviser voted the Fund's proxies, and may request a copy of these Procedures.

*Requests for Information*

All requests for information regarding proxy votes, or these Procedures, received by any Adviser personnel should be forwarded to the Adviser's CCO. In response to any request from a Fund shareholder, the CCO will prepare a written response with such information as the CCO determines, in its sole discretion, should be shared with the Fund shareholder.

*Recordkeeping*

The Adviser's CCO shall retain the following records:

 - These Procedures and any amendments;

 - Each proxy statement that the Adviser receives;

 - A record of each vote that the Adviser casts;

 - Any document the Adviser created that was material to deciding how to vote a proxy, or that memorializes that decision; and

 - A copy of each written request for information on how the Adviser voted proxies, and a copy of any written response.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

(a)(1) As of the date of this filing, Benjamin S. Miller, Brandon T. Jenkins, and R. Whitaker Booth are the Registrant's portfolio managers and are primarily responsible for day-to-day management of the Registrant's investment portfolio.

*Benjamin S. Miller –* Mr. Miller currently serves as Chief Executive Officer of the Adviser and has served as Chief Executive Officer and a Director of Rise Companies since its inception on March 14, 2012. Mr. Miller has 25 years of experience in real estate and finance. Mr. Miller has been responsible for acquiring more than $8 billion of real estate assets, including +37,000 residential units and 5 million square feet of industrial and commercial space. Prior to founding Fundrise, Mr. Miller was a Managing Partner of the real estate development company WestMill Capital Partners and before that, was President of Western Development Corporation, one of the largest mixed- use real estate development companies in the Washington, D.C. metro area. Mr. Miller worked as an analyst for private equity real estate fund, Luber-Adler, and was part of the founding staff of Democracy Alliance, a progressive investment collaborative. Mr. Miller has a Bachelor of Arts from the University of Pennsylvania.

*Brandon T. Jenkins* – Mr. Jenkins currently serves as Chief Operating Officer of the Adviser and has served in such capacities with the sponsor since February of 2014, prior to which time he served as Head of Product Development and Director of Real Estate which he continues to do currently. Additionally, Mr. Jenkins has served as Director of Real Estate for WestMill Capital Partners since March of 2011. Previously, Mr. Jenkins spent two and a half years as an investment advisor and sales broker at Marcus & Millichap, the largest real estate investment sales brokerage in the country. Prior to his time in brokerage, Mr. Jenkins also worked for Westfield Corporation, a leading shopping center owner. Mr. Jenkins earned his Bachelor of Arts in Public Policy and Economics from Duke University.

*R. Whitaker Booth* – Mr. Booth has served as Senior Vice President of Real Estate at Rise Companies since February 2020, and has supported real estate acquisition, asset management and valuation functions since joining the company in July 2014. Previously, Mr. Booth worked in debt underwriting at Walker & Dunlop and RMBS litigation in Navigant Consulting's Disputes and Investigations practice. Mr. Booth received his MBA from University of Pennsylvania's Wharton School and his Bachelor of Science in Commerce from University of Virginia's McIntire School.

(a)(2) The portfolio managers primarily responsible for the day-to-day management of the Registrant's portfolio also manage other pooled investment vehicles, as indicated below. The following table identifies, as of December 31, 2025: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance, unless otherwise noted:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Number of<br> Other<br> Accounts<br> Managed** | **Total Assets of<br> Other<br> Accounts<br> Managed<br> (Millions)** | **Number of<br> Other Accounts<br> Managed<br> Paying<br> Performance<br> Fees** | **Total Assets of<br> Other Accounts<br> Managed Paying<br> Performance Fees<br> (Millions)** |
| **Benjamin S. Miller** |  |  |  |  |
| Registered Investment Companies | 2 | $1067.94 | 0 | $0.00 |
| Other Pooled Investment Vehicles | 12 | $929.99 | 3 | $177.19 |
| Other Accounts | 0 | $0.00 | 0 | $0.00 |
| **Brandon T. Jenkins** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered Investment Companies | 2 | $1067.94 | 0 | $0.00 |
| &nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 12 | $929.99 | 3 | $177.19 |
| &nbsp;&nbsp;&nbsp; Other Accounts | 0 | $0.00 | 0 | $0.00 |
| **R. Whitaker Booth** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Registered Investment Companies | 1 | $630.67 | 0 | $0.00 |
| &nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 12 | $929.99 | 3 | $177.19 |
| &nbsp;&nbsp;&nbsp; Other Accounts | 0 | $0.00 | 0 | $0.00 |

---

**Conflicts of Interest**

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one investment account. Portfolio managers who manage other investment accounts in addition to a Registrant may be presented with the potential conflicts summarized below. The Adviser has adopted various policies and procedures designed to address potential conflicts of interest and intended to provide for fair and equitable management, also summarized below.

*General.* The officers and directors of the Adviser and the key real estate and debt finance professionals of Rise Companies who perform services for the Registrant on behalf of the Adviser are also officers, directors, managers, and/or key professionals of Rise Companies and other Fundrise entities (such as the eREITs®). These persons have legal obligations with respect to those entities that are similar to their obligations to the Registrant. In the future, these persons and other affiliates of Rise Companies may organize other real estate-related or debt-related programs and acquire for their own account real estate-related investments that may be suitable for the Registrant. In addition, Rise Companies may grant equity interests in the Adviser to certain management personnel performing services for the Adviser.

*Payment of Certain Fees and Expenses of the Adviser.* The Management Fee paid to Adviser will be based on the Registrant's NAV, which will be calculated by Rise Companies' internal accountants and asset management team. The Adviser may benefit by the Registrant retaining ownership of its assets at times when Shareholders may be better served by the sale or disposition of the Registrant's assets in order to avoid a reduction in the Registrant's NAV.

*Allocation of Investment Opportunities.* The Registrant relies on the Adviser's executive officers and Rise Companies' key real estate and debt finance professionals who act on behalf of the Adviser to identify suitable investments. Rise Companies and other Fundrise entities also rely on these same key real estate and debt finance professionals. Rise Companies has in the past, and expects to continue in the future, to offer other Fundrise Platform investment opportunities, primarily through the Fundrise Platform, including offerings that acquire or invest in commercial real estate ("CRE") equity investments, including multifamily residential properties, single-family residential properties that are commercially owned, financed and managed (e.g., "build-to-rent"), CRE loans, and other select real estate-related assets.

***Other programs may have investment criteria that compete with the Registrant.*** <u>If a sale, financing or</u> other investment opportunity would be suitable for more than one program, Rise Companies will allocate it using its business judgment. Any allocation of this type may involve the consideration of a number of factors that Rise Companies determines to be relevant. The factors that Rise Companies' real estate and debt finance professionals could consider when determining the entity for which an investment opportunity would be the most suitable include the following:

- the investment objectives and criteria of Rise Companies and the other Fundrise entities;

- the cash requirements of Rise Companies and the other Fundrise entities;

- the effect of the investment on the diversification of Rise Companies' or the other Fundrise entities' portfolio by type of investment, and risk of investment;

- the policy of Rise Companies or the other Fundrise entities relating to leverage;

- the anticipated cash flow of the asset to be acquired;

- the income tax effects of the purchase on Rise Companies or the other Fundrise entities;

- the size of the investment; and

- the amount of funds available to Rise Companies or the Fundrise entities.

If a subsequent event or development causes any investment, in the opinion of Rise Companies' real estate and debt finance professionals, to be more appropriate for another Fundrise entity, they may offer the investment to such entity.

Except under any policies that may be adopted by the Adviser, which policies will be designed to minimize conflicts among the programs and other investment opportunities provided on the Fundrise Platform, no program or Fundrise Platform investment opportunity (including the Registrant) will have any duty, responsibility or obligation to refrain from:

 - engaging in the same or similar activities or lines of business as any program or Fundrise Platform investment opportunity;

 - doing business with any potential or actual tenant, lender, purchaser, supplier, customer or competitor of any program or Fundrise Platform investment opportunity;

 - engaging in, or refraining from, any other activities whatsoever relating to any of the potential or actual tenants, lenders, purchasers, suppliers or customers of any program or Fundrise Platform investment opportunity;

 - establishing material commercial relationships with another program or Fundrise Platform investment opportunity; or

 - making operational and financial decisions that could be considered to be detrimental to another program or Fundrise Platform investment opportunity.

In addition, any decisions by the Adviser to renew, extend, modify or terminate an agreement or arrangement, or enter into similar agreements or arrangements in the future, may benefit one program more than another program or limit or impair the ability of any program to pursue business opportunities. In addition, third parties may require as a condition to their arrangements or agreements with or related to any one particular program that such arrangements or agreements include or not include another program, as the case may be. Any of these decisions may benefit one program more than another program.

The Adviser may determine it appropriate for the Registrant and one or more Fundrise entities (such as the eREITs® and any additional funds registered under the 1940 Act and sponsored by the Sponsor) to participate in an investment opportunity.. To the extent the Fund is able to make co-investments with other Fundrise entities, these co-investment opportunities may give rise to conflicts of interest or perceived conflicts of interest among the Registrant and the other participating Fundrise entities. To mitigate these conflicts, the Adviser will seek to execute such transactions for all of the participating entities, including the Registrant, on a fair and equitable basis, taking into account such factors as available capital, portfolio concentrations, suitability and any other factors deemed appropriate. However, there can be no assurance the risks posed by these conflicts of interest will be mitigated.

In order to avoid any actual or perceived conflicts of interest among the Fundrise Platform investment opportunities and with the Adviser's directors, officers and affiliates, the Registrant has adopted a conflicts of interest policy to specifically address some of the conflicts relating to the Registrant's activities. There is no assurance that these policies will be adequate to address all of the conflicts that may arise or will address such conflicts in a manner that is favorable to the Fund. The Adviser may modify, suspend or rescind the policies set forth in the conflicts policy, including any resolution implementing the provisions of the conflicts policy, in each case, without a vote of the Fund's Shareholders.

*Allocation of the Registrant Affiliates' Time.* The Registrant relies on Rise Companies' key real estate and debt finance professionals who act on behalf of the Adviser, including Mr. Benjamin S. Miller, for the day-to-day operation of the Registrant's business. Mr. Benjamin S. Miller is also the Chief Executive Officer of Rise Companies and other Fundrise entities*.* As a result of his interests in other Fundrise entities, his obligations to other investors and the fact that he engages in and he will continue to engage in other business activities on behalf of himself and others, Mr. Benjamin S. Miller faces conflicts of interest in allocating his time among the Registrant, the Adviser and other Fundrise entities and other business activities in which he is involved. However, the Registrant believes that the Adviser and its affiliates have sufficient real estate and debt finance professionals to fully discharge their responsibilities to the Fundrise entities for which they work.

*Receipt of Fees and Other Compensation by the Adviser and its Affiliates.* The Adviser and its affiliates receive fees from the Registrant. These fees could influence the Adviser's advice to the Registrant as well as the judgment of affiliates of the Adviser, some of whom also serve as the Adviser's officers and directors and the key real estate and debt finance professionals of Rise Companies. Among other matters, these compensation arrangements could affect their judgment with respect to:

 - the continuation, renewal or enforcement of provisions in the LLC Agreement involving the Adviser and its affiliates or the Investment Management Agreement;

 - the offering of shares by the Registrant, which entitles the Adviser to a Management Fee and other fees;

 - acquisitions of investments and originations of equity or loans at higher purchase prices, which entitle the Adviser to higher acquisition fees and origination fees regardless of the quality or performance of the investment or loan;

 - borrowings up to the Registrant's stated borrowing policy to acquire investments and to originate loans, which borrowings will increase the Management Fee payable by the Registrant to the Adviser;

 - whether the Registrant seeks necessary approvals to internalize the Registrant's management, which may entail acquiring assets (such as office space, furnishings and technology costs) and the key real estate and debt finance professionals of Fundrise Companies who are performing services for the Registrant on behalf of the Adviser for consideration that would be negotiated at that time and may result in these real estate and debt finance professionals receiving more compensation from the Registrant than they currently receive from Rise Companies; and

 - whether and when the Registrant merges or consolidates its assets with other funds, including funds affiliated with the Adviser.

*Duties Owed by Some of the Registrant's Affiliates to the Adviser and the Adviser's Affiliates.* The Adviser's officers and directors and the key real estate and debt finance professionals of Rise Companies performing services on behalf of the Adviser are also officers, directors, managers and/or key professionals of:

 - Rise Companies;

 - the Adviser;

 - Fundrise, LLC;

 - other investment programs sponsored by Rise Companies; and

 - other Fundrise entities.

As a result, they owe duties to each of these entities, their shareholders, members and limited partners. These duties may from time to time conflict with the duties that they owe to the Registrant.

(a)(3) Each of the Registrant's portfolio managers receives compensation for his services, including services performed for the Registrant on behalf of the Adviser, from Rise Companies. In an effort to retain key personnel, Rise Companies has structured its compensation plans for portfolio managers (and other key personnel) in a manner that it believes is competitive with other similar investment management firms. The portfolio managers are compensated with a fixed base salary and discretionary bonus based on, among other factors, the overall performance of Rise Companies. The bonus structure is formula driven and is not tied to the investment returns generated by, or the value of assets held in, the Registrant or any of the other accounts managed.

(a)(4) The following table discloses the dollar range of equity securities beneficially owned by the portfolio managers of the Fund as of December 31, 2025.

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | **Dollar Range of Equity<br> Securities in the Fund** |
| Benjamin S. Miller | $10001-50000 |
| Brandon T. Jenkins | $1-10000 |
| R. Whitaker Booth | $50001-100000 |

---

(b) Not applicable.

**Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

There were no purchases of the Registrant's equity securities by the Sponsor or other affiliated purchasers for this annual reporting period.

**Item 15. Submission of Matters to a Vote of Security Holders**

As of February 25, 2026, there have been no material changes in the procedures by which Shareholders may recommend nominees to the Board of Directors.

**Item 16. Controls and Procedures**

(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective as of a date within 90 days of the filing date of this Report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

(a)(1) [Registrant's Code of Ethics is filed herewith](coe.htm).

(a)(2) Not applicable.

(a)(3) [A separate certification for each of the Registrant's Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 is filed herewith](cert302.htm).

(b) [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith](section906.htm).

(c)(1) [Audited Financial Statements of Fundrise SFR JV 1, LLC as of December 31, 2025](exhibitc1.htm)

(c)(2) [Audited Financial Statements of Fundrise MF JV 1, LLC as of December 31, 2025](exhibitc2.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Fundrise Real Estate Interval Fund, LLC**

---

| | |
|:---|:---|
| By | /s/ Benjamin S. Miller |
|  | Name: Benjamin S. Miller |
|  | Title: President |
| Date | February 25, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By | /s/ Benjamin S. Miller |
|  | Name: Benjamin S. Miller |
|  | Title: Principal Executive Officer |
| Date | February 25, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Alison A. Staloch |
|  | Name: Alison A. Staloch |
|  | Title: Treasurer and Principal Financial Officer |
| Date | February 25, 2026 |

---

## Ex-99.Code

**FINANCIAL OFFICER CODE OF ETHICS**

1. &nbsp;&nbsp;&nbsp;&nbsp; <u>Introduction</u>

The reputation and integrity of Fundrise Real Estate Interval Fund, LLC, and Fundrise Income Real Estate Fund, LLC, and Fundrise Real Estate Interval Fund II, LLC (each a "Fund" and collectively, the "Funds") are valuable assets that are vital to the Funds' success. The Funds have adopted this Code of Ethics (the "Code") to comply with Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated by the Securities and Exchange Commission (the "SEC") thereunder. This Code is in addition to, not in replacement of, the Code of Ethics adopted by the Funds for access persons pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act").

The Funds requires their Principal Executive Officer, Principal Financial/Accounting Officer, or other Fund officers performing similar functions (collectively, the "Principal Officers") to maintain the highest ethical and legal standards while performing their duties and responsibilities to the Funds, with particular emphasis on those duties that relate to the preparation and reporting of the financial information of the Funds. The principles and responsibilities below shall govern the professional conduct of the Principal Officers:

2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u> </u> <u>Honest and Ethical Conduct</u>

The Principal Officers shall act with honesty and integrity, avoiding actual or apparent conflicts of interest in personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to such conflict between their interests and those of the Funds to the Audit Committees of the Boards of Directors of the Funds (the "Board") or to the full Board and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in a timely and expeditious manner.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting material facts or allowing their independent judgment to be subordinated or compromised.

3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Financial Records and Reporting</u>

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the SEC or other applicable body by the Funds, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge and maintain skills important and relevant to the Funds' needs; shall proactively promote ethical behavior of the Funds' officers and with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Funds.

4. &nbsp;&nbsp;&nbsp;&nbsp; <u>Compliance with this Code of Ethics</u>

The Principal Officers shall promptly report any violations of this Code to the Funds' Chief Compliance Officer (the "CCO"), the Audit Committee of the Board or the full Board and shall be held accountable for strict adherence to this Code. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board.

Principal Officers who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Amendment and Waiver</u>

This Code may only be amended or modified by approval of the Board. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics, shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Questions about the Code</u>

The Board has designated the CCO to implement and administer this Code. Any questions about this Code should be directed to the CCO.

## Ex-99.Cert

**<u>CERTIFICATION</u>**

I, Benjamin S. Miller, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fundrise Real Estate Interval Fund, LLC (File Number 811-23448, CIK Number 0001777677);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 25, 2026 | /s/ Benjamin S. Miller |
|  |  | Benjamin S. Miller |
|  |  | President and Principal Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Alison A. Staloch, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fundrise Real Estate Interval Fund, LLC (File Number 811-23448, CIK Number 0001777677);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | February 25, 2026 | /s/ Alison A. Staloch |
|  |  | Alison A. Staloch |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

<u>CERTIFICATION</u>

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the Fundrise Real Estate Interval Fund, LLC (the "Registrant") does hereby certify, to such officer's knowledge, that:

The annual report on Form N-CSR of the Registrant for the year ended December 31, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Date: | February 25, 2026 | By: | /s/ Benjamin S. Miller |
|  |  |  | Benjamin S. Miller |
|  |  |  | President and Principal Executive Officer |

---

---

| | | | |
|:---|:---|:---|:---|
| Date: | February 25, 2026 | By: | /s/ Alison A. Staloch |
|  |  |  | Alison A. Staloch |
|  |  |  | Treasurer and Principal Financial Officer |

---

## Ex-99

Fundrise

SFR

JV

1,

LLC

Consolidated

Financial

Statements

and

Supplemental

Schedules

As

of

and

for

the

Years

Ended

December

31,

2025

and

2024

TABLE

OF

CONTENTS

Independent

Auditor's

Report

Consolidated

Balance

Sheets

Consolidated

Statements

of

Operations

Consolidated

Statements

of

Members'

Equity

Consolidated

Statements

of

Cash

Flows

Notes

to

the

Consolidated

Financial

Statements

Supplemental

Schedules

-

Consolidating

Balance

Sheets

and

Statements

of

Operations

INDEPENDENT

AUDITORS'S

REPORT

To

the

Members

of

Fundrise

SFR

JV

1,

LLC:

Opinion

We

have

audited

the

consolidated

financial

statements

of

Fundrise

SFR

JV

1,

LLC

and

its

subsidiaries

(the

Company),

which

comprise

the

consolidated

balance

sheets

as

of

December

31,

2025

and

2024,

and

the

related

consolidated

statements

of

operations,

members'

equity,

and

cash

flows

for

the

years

then

ended,

and

the

related

notes

to

the

consolidated

financial

statements.

In

our

opinion,

the

accompanying

consolidated

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Company

as

of

December

31,

2025

and

2024,

and

the

results

of

its

operations

and

its

cash

flows

for

the

years

then

ended

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

We

conducted

our

audits

in

accordance

with

auditing

standards

generally

accepted

in

the

United

States

of

America

(GAAS).

Our

responsibilities

under

those

standards

are

further

described

in

the

Auditors'

Responsibilities

for

the

Audit

of

the

Consolidated

Financial

Statements

section

of

our

report.

We

are

required

to

be

independent

of

the

Company

and

to

meet

our

other

ethical

responsibilities,

in

accordance

with

the

relevant

ethical

requirements

relating

to

our

audits.

We

believe

that

the

audit

evidence

we

have

obtained

is

sufficient

and

appropriate

to

provide

a

basis

for

our

audit

opinion.

Responsibilities

of

Management

for

the

Consolidated

Financial

Statements

Management

is

responsible

for

the

preparation

and

fair

presentation

of

the

consolidated

financial

statements

in

accordance

with

U.S.

generally

accepted

accounting

principles,

and

for

the

design,

implementation,

and

maintenance

of

internal

control

relevant

to

the

preparation

and

fair

presentation

of

consolidated

financial

statements

that

are

free

from

material

misstatement,

whether

due

to

fraud

or

error.

In

preparing

the

consolidated

financial

statements,

management

is

required

to

evaluate

whether

there

are

conditions

or

events,

considered

in

the

aggregate,

that

raise

substantial

doubt

about

the

Company's

ability

to

continue

as

a

going

concern

for

one

year

after

the

date

that

the

consolidated

financial

statements

are

available

to

be

issued.

Auditors'

Responsibilities

for

the

Audit

of

the

Consolidated

Financial

Statements

Our

objectives

are

to

obtain

reasonable

assurance

about

whether

the

consolidated

financial

statements

as

a

whole

are

free

from

material

misstatement,

whether

due

to

fraud

or

error,

and

to

issue

an

auditors'

report

that

includes

our

opinion.

Reasonable

assurance

is

a

high

level

of

assurance

but

is

not

absolute

assurance

and

therefore

is

not

a

guarantee

that

an

audit

conducted

in

accordance

with

GAAS

will

always

detect

a

material

misstatement

when

it

exists.

The

risk

of

not

detecting

a

material

misstatement

resulting

from

fraud

is

higher

than

for

one

resulting

from

error,

as

fraud

may

involve

co

llus

ion,

forgery,

intentional

omissions,

misrepresentations,

or

the

override

of

internal

control.

Misstatements

are

considered

material

if

there

is

a

substantial

likelihood

that,

individually

or

in

the

aggregate,

they

would

influence

the

judgment

made

by

a

reasonable

user

based

on

the

consolidated

financial

statements.

INDEPENDENT

AUDITORS'S

REPORT

In

performing

an

audit

in

accordance

with

GAAS,

we:

We

are

required

to

communicate

with

those

charged

with

governance

regarding,

among

other

matters,

the

planned

scope

and

timing

of

the

audit,

significant

audit

findings,

and

certain

internal

control

related

matters

that

we

identified

during

the

audit.

Other

Information

Management

is

responsible

for

the

other

information

attached

to

the

consolidated

financial

statements.

The

other

information

comprises

balance

sheets

as

of

December

31,

2025

for

each

of

the

Company's

subsidiaries

and

related

statements

of

operations

for

the

year

then

ended,

but

does

not

include

the

consolidated

financial

statements

and

our

auditors'

report

thereon.

Our

opinion

on

the

consolidated

financial

statements

does

not

cover

the

other

information,

and

we

do

not

express

an

opinion

or

any

form

of

assurance

thereon.

In

connection

with

our

audit

of

the

consolidated

financial

statements,

our

responsibility

is

to

read

the

other

information

and

consider

whether

a

material

inconsistency

exists

between

the

other

information

and

the

consolidated

financial

statements,

or

the

other

information

otherwise

appears

to

be

materially

misstated.

If,

based

on

the

work

performed,

we

conclude

that

an

uncorrected

material

misstatement

of

the

other

information

exists,

we

are

required

to

describe

it

in

our

report.

McLean,

Virginia

February

25,

2026

● Exercise

professional

judgment

and

maintain

professional

skepticism

throughout

the

audit.

● Identify

and

assess

the

risks

of

material

misstatement

of

the

consolidated

financial

statements,

whether

due

to

fraud

or

error,

and

design

and

perform

audit

procedures

responsive

to

those

risks.

Such

procedures

include

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

consolidated

financial

statements.

● Obtain

an

understanding

of

internal

control

relevant

to

the

audit

in

order

to

design

audit

procedures

that

are

appropriate

in

the

circumstances,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Company's

internal

control.

Accordingly,

no

such

opinion

is

expressed.

● Evaluate

the

appropriateness

of

accounting

policies

used

and

the

reasonableness

of

significant

accounting

estimates

made

by

management,

as

well

as

evaluate

the

overall

presentation

of

the

consolidated

financial

statements.

● Conclude

whether,

in

our

judgment,

there

are

conditions

or

events,

considered

in

the

aggregate,

that

raise

substantial

doubt

about

the

Company's

ability

to

continue

as

a

going

concern

for

a

reasonable

period

of

time.

Fundrise

SFR

JV

1,

LLC

CONSOLIDATED

BALANCE

SHEETS

See

accompanying

notes

to

consolidated

financial

statements.

(Amounts

in

thousands)

As

of

December

31,

2025

As

of

December

31,

2024

Assets

Cash

$

8,980

$

9,824

Restricted

cash

27,104

30,955

Other

assets,

net

8,724

8,033

Due

from

related

parties

768

Deposits

–

Derivative

financial

instruments

3,580

4,700

Investments

in

real

estate

held

for

sale

6,788

15,913

Investments

in

rental

real

estate

properties,

net

1,182,658

1,220,076

Total

Assets

$

1,238,602

$

1,290,070

Liabilities

Accounts

payable

and

accrued

expenses

$

19,533

$

20,361

Due

to

related

parties

794

800

Rental

security

deposits

and

other

liabilities

4,826

5,071

Mortgages

payable,

net

–

82,657

Credit

facilities

805,583

701,037

Total

Liabilities

$

830,736

$

809,926

Total

Members'

Equity

407,866

480,144

Total

Liabilities

and

Members'

Equity

$

1,238,602

$

1,290,070

Fundrise

SFR

JV

1,

LLC

CONSOLIDATED

STATEMENTS

OF

OPERATIONS

See

accompanying

notes

to

consolidated

financial

statements.

(Amounts

in

thousands)

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Revenue

Rental

and

other

property

revenue

$

104,001

$

102,054

Other

revenue

Total

Revenue

$

104,191

$

102,308

Expenses

Property

operations

and

maintenance

$

56,999

$

52,474

Depreciation

and

amortization

42,831

45,177

Asset

management

and

other

fees

8,183

8,130

General

and

administrative

expenses

1,914

2,603

Impairment

loss

Total

Expenses

$

109,970

$

108,811

Other

Income

(Expense)

Interest

expense

$

(42,463)

$

(41,656)

Loss

on

derivative

financial

instruments

(10,106)

(12,547)

Loss

on

extinguishment

of

debt

(732) –

Gain

on

sale

of

real

estate,

net

2,286

Income

tax

benefit

Total

Other

Income

(Expense)

$

(52,739)

$

(51,846)

Net

Loss

$

(58,518)

$

(58,349)

Fundrise

SFR

JV

1,

LLC

CONSOLIDATED

STATEMENTS

OF

MEMBERS'

EQUITY

See

accompanying

notes

to

consolidated

financial

statements.

(Amounts

in

thousands)

Operating

Member

Investor

Member

Total

Members'

Equity

December

31,

2023

$

54,878

$

493,915

$

548,793

Contributions

5,420

48,780

54,200

Distributions

(6,450)

(58,050)

(64,500)

Net

loss

(5,835)

(52,514)

(58,349)

December

31,

2024

$

48,013

$

432,131

$

480,144

Contributions

4,7

42,480

47,200

Distributions

(6,

096)

(5

4,864)

(6

0,960)

Net

loss

(5,852)

(52,666)

(58,518)

December

31,

2025

$

40,785

$

367,081

$

407,866

Fundrise

SFR

JV

1,

LLC

CONSOLIDATED

STATEMENTS

OF

CASH

FLOWS

See

accompanying

notes

to

consolidated

financial

statements.

(Amounts

in

thousands)

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Operating

Activities:

Net

loss

$

(58,518)

$

(58,349)

Adjustments

to

reconcile

net

loss

to

net

cash

provided

by

(used

in)

operating

activities:

Depreciation

and

amortization

42,831

45,177

Amortization

of

deferred

financing

costs

4,357

3,791

Bad

debt

expense

1,686

2,151

Loss

on

derivative

financial

instruments

10,106

12,547

Impairment

loss

Gain

on

sale

of

real

estate,

net

(464) (2,286)

Change

in

assets

and

liabilities:

Net

(increase)

decrease

in

other

assets,

net

(1,861)

(1,168)

Net

(increase)

decrease

in

due

from

related

parties

(518) (250) Net

increase

(decrease)

in

accounts

payable

and

accrued

expenses

(783) (5,273)

Net

increase

(decrease)

in

due

to

related

parties

(2,279)

(7,060)

Net

increase

(decrease)

in

rental

security

deposits

and

other

liabilities

(246) (381) Net

cash

provided

by

(used

in)

operating

activities

$

(5,646)

$

(10,674)

Investing

Activities:

Acquisition

of

rental

real

estate

properties

$

(1,293)

$

(7,083)

Capital

expenditures

related

to

rental

real

estate

properties

(2,571)

(4,596)

Release

of

deposits

–

5,690

Proceeds

from

sale

of

real

estate

properties

8,457

27,171

Net

cash

provided

by

(used

in)

investing

activities

$

4,593

$

21,182

Financing

Activities:

Net

proceeds

from

advances

on

credit

facilities

$

111,271

$

21,248

Repayment

of

credit

facilities

(6,725)

(15,302)

Repayment

of

mortgages

payable

(82,675)

(8,150)

Purchase

of

derivative

financial

instruments

(6,713)

(4,123)

Payment

of

deferred

financing

costs

(5,040)

(214) Capital

contributions

from

Members

47,200

54,200

Distributions

paid

to

Members

(60,960)

(64,500)

Net

cash

provided

by

(used

in)

financing

activities

$

(3,642)

$

(16,841)

Net

increase

(decrease)

in

cash

and

restricted

cash

$

(4,695)

$

(6,333)

Cash

and

restricted

cash,

beginning

of

year

40,779

47,112

Cash

and

restricted

cash,

end

of

year

$

36,084

$

40,779

Supplemental

Cash

Flow

Disclosures:

Cash

paid

for

interest

$

48,533

$

52,250

Cash

paid

for

federal

income

taxes

–

Supplemental

Disclosure

of

Non-Cash

Activity:

Change

in

real

estate

investments

held-for-sale

$

(1,310)

$

15,687

Change

in

accrued

capital

expenditures

related

to

real

estate

investments

(46) 15

Change

in

accrual

for

deferred

financing

costs

–

(2,678)

Change

in

due

to

related

parties

for

derivative

financial

instruments

and

deferred

financing

costs

(513) (5,342)

Fundrise

SFR

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

1. Formation

and

Organization

Fundrise

SFR

JV

1,

LLC

was

formed

on

January

4,

2021

as

a

Delaware

limited

liability

company

and

is

governed

by

a

limited

liability

company

agreement

(the

"Operating

Agreement").

The

"Company",

"we",

"us",

and

"our"

collectively

refer

to

Fundrise

SFR

JV

1,

LLC

and

its

consolidated

subsidiaries

except

where

the

context

otherwise

requires.

The

Company

is

owned

10%

by

Fundrise

Growth

eREIT

VII,

LLC

(the

"Operating

Member")

and

90%

by

Fundrise

Real

Estate

Interval

Fund,

LLC

(the

"Investor

Member")

(collectively

referred

to

as

the

"Members").

The

Operating

Member

serves

as

the

manager

of

the

Company

and

has

responsibility

for

day-to-day

management

and

operations

in

accordance

with

the

approved

plans

and

budgets.

Our

Members

are

externally

managed

by

Fundrise

Advisors,

LLC

(the

"Manager"),

which

is

an

investment

adviser

registered

with

the

Securities

and

Exchange

Commission

("SEC"),

and

a

wholly-owned

subsidiary

of

Rise

Companies

Corp.

(the

"Sponsor").

The

Company

was

organized

primarily

to

originate,

invest

in,

and

manage

a

diversified

portfolio

of

single

family

rental

real

estate

investments

and

other

real

estate-related

assets.

The

Company

substantially

commenced

operations

on

January

25,

2021. 2. Summary

of

Significant

Accounting

Policies

Basis

of

Presentation

The

accompanying

consolidated

financial

statements

have

been

prepared

on

the

accrual

basis

of

accounting

and

conform

to

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP").

The

Company

has

no

items

of

other

comprehensive

income

or

loss

in

any

period

presented.

Principles

of

Consolidation

We

consolidate

entities

when

we

own,

directly

or

indirectly,

a

majority

interest

in

the

entity

or

are

otherwise

able

to

control

the

entity.

We

consolidate

variable

interest

entities

("VIEs")

in

accordance

with

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

810,

Consolidation,

if

we

are

the

primary

beneficiary

of

the

VIE

as

determined

by

our

power

to

direct

the

VIE's

activities

and

the

obligation

to

absorb

its

losses

or

the

right

to

receive

its

benefits,

which

are

potentially

significant

to

the

VIE.

A

VIE

is

broadly

defined

as

an

entity

with

one

or

more

of

the

following

characteristics:

(a) the

total

equity

investment

at

risk

is

insufficient

to

finance

the

entity's

activities

without

additional

subordinated

financial

support;

(b) as

a

group,

the

holders

of

the

equity

investment

at

risk

lack

(i) the

ability

to

make

decisions

about

the

entity's

activities

through

voting

or

similar

rights,

(ii) the

obligation

to

absorb

the

expected

losses

of

the

entity,

or

(iii) the

right

to

receive

the

expected

residual

returns

of

the

entity;

or

(c) the

equity

investors

have

voting

rights

that

are

not

proportional

to

their

economic

interests,

and

substantially

all

of

the

entity's

activities

either

involve,

or

are

conducted

on

behalf

of,

an

investor

that

has

disproportionately

few

voting

rights.

There

were

no

VIEs

as

of

and

for

the

years

ended

December

31,

2025

and

2024. All

intercompany

accounts

and

transactions

have

been

eliminated

in

consolidation.

Estimates

The

preparation

of

the

consolidated

financial

statements

in

conformity

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

reported

amounts

of

assets

and

liabilities

and

the

disclosures

of

contingent

assets

and

liabilities

at

the

date

of

the

consolidated

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

materially

differ

from

those

estimates.

Cash

Cash

may

at

times

exceed

the

Federal

Deposit

Insurance

Corporation

deposit

insurance

limit

of

$250,000

per

institution.

The

Company

mitigates

credit

risk

by

placing

cash

with

major

financial

institutions.

To

date,

the

Company

has

not

experienced

any

losses

with

respect

to

cash.

Restricted

Cash

Restricted

cash

consists

of

cash

balances

restricted

in

use

by

contractual

obligations

with

third

parties.

This

may

include

funds

escrowed

for

tenant

security

deposits,

real

estate

taxes,

property

insurance,

and

other

escrows

required

by

lenders

on

certain

of

our

properties

to

be

used

for

future

building

renovations

or

tenant

improvements.

Fundrise

SFR

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

Deposits

During

the

closing

on

a

real

estate

investment,

we

may

place

a

cash

deposit

on

the

property

being

acquired

or

fund

amounts

into

escrow.

These

deposits

are

placed

before

the

closing

process

of

the

property

is

complete.

If

subsequent

to

placing

the

deposit,

we

acquire

the

property

(the

deed

is

transferred

to

us),

the

deposit

placed

will

be

credited

to

the

purchase

price.

If

subsequent

to

placing

the

deposit,

we

do

not

acquire

the

property

(deed

is

not

transferred

to

us),

the

deposit

will

generally

be

forfeited

or

returned

to

us.

The

Company

may

pay

a

deposit

for

a

property

that

is

ultimately

acquired

by

another

fund

affiliated

with

the

Manager

of

our

Members,

and

vice

versa.

Upon

acquisition

of

the

property,

the

related

parties

will

reimburse

one

another

for

the

full

amount

of

the

deposit.

During

the

years

ended

December

31,

2025

and

2024,

the

Company

was

reimbursed

approximately

$0

and

$4.7

million,

respectively,

for

previously

paid

deposits.

As

of

December

31,

2025

and

2024,

no

deposits

were

receivable

from

other

related

parties.

Rental

Real

Estate

Properties

and

Real

Estate

Held

for

Improvement

Our

investments

in

real

estate

assets

may

include

the

acquisition

of

unimproved

land,

single

family

homes,

townhomes

or

condominiums,

or

multifamily

properties

that

are

(i) held

as

rental

properties

or

(ii) held

for

redevelopment

or

are

in

the

process

of

being

renovated.

In

accordance

with

FASB

ASC

805,

Business

Combinations,

the

Company

first

determines

whether

the

acquisition

of

a

property

qualifies

as

a

business

combination,

which

requires

that

the

assets

acquired

and

liabilities

assumed

constitute

a

business.

If

the

property

acquired

does

not

constitute

a

business,

the

Company

accounts

for

the

transaction

as

an

asset

acquisition.

The

guidance

for

business

combinations

states

that

when

substantially

all

of

the

fair

value

of

the

gross

assets

to

be

acquired

is

concentrated

in

a

single

identifiable

asset

or

group

of

similar

identifiable

assets,

the

asset

or

set

of

assets

is

not

a

business.

All

property

acquisitions

to

date

have

been

accounted

for

as

asset

acquisitions.

Upon

acquisition

of

a

property,

the

Company

assesses

the

fair

value

of

acquired

tangible

and

intangible

assets

(including

land,

buildings,

site

improvements,

above-

and

below-market

leases,

acquired

in-place

leases,

and

other

identified

intangible

assets

and

assumed

liabilities)

and

allocates

the

purchase

price

(including

capitalized

acquisition

costs)

to

the

acquired

assets

and

assumed

liabilities

on

a

relative

fair

value

basis.

The

fair

value

of

the

tangible

assets

of

an

acquired

property

considers

the

value

of

the

property

as

if

it

were

vacant.

During

this

process,

we

also

evaluate

each

investment

for

purposes

of

determining

whether

a

property

can

be

immediately

rented

(presented

on

the

consolidated

balance

sheets

as

"Investments

in

rental

real

estate

properties,

net")

or

will

need

improvements

or

redevelopment

(presented

on

the

consolidated

balance

sheets

as

"Investments

in

real

estate

held

for

improvement").

The

amortization

of

in-place

leases

is

recorded

as

depreciation

and

amortization

expense

on

the

Company's

consolidated

statements

of

operations.

In-place

lease

assets

are

reflected

within

"Other

assets,

net"

in

our

consolidated

balance

sheets.

For

rental

real

estate

properties,

significant

improvements

are

capitalized.

Expenditures

for

ordinary

maintenance

and

repairs

are

expensed

to

operations

as

incurred.

We

capitalize

expenditures

that

improve

or

extend

the

life

of

a

property

and

for

certain

furniture

and

fixtures

additions.

For

real

estate

held

for

improvement,

we

capitalize

the

costs

of

improvement

as

a

component

of

our

investment

in

each

property.

These

include

renovation

costs

and

other

capitalized

costs

associated

with

activities

that

are

directly

related

to

preparing

our

properties

for

their

intended

use.

Other

costs

may

include

interest,

property

taxes,

property

insurance,

and

utilities.

The

capitalization

period

associated

with

our

improvement

activities

begins

at

such

time

that

development

activities

commence

and

concludes

at

the

time

that

a

property

is

available

to

be

rented

or

sold.

Costs

capitalized

in

connection

with

rental

real

estate

property

acquisitions

and

improvement

activities

are

depreciated

over

their

estimated

useful

lives

on

a

straight-line

basis.

The

depreciation

period

commences

upon

the

cessation

of

improvement-related

activities

or

the

month

immediately

following

the

in-service

date.

For

those

costs

capitalized

in

connection

with

rental

real

estate

properties

acquisitions

and

improvement

activities

and

those

capitalized

on

an

ongoing

basis,

the

useful

lives

of

the

assets

are

as

follows:

Fundrise

SFR

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

We

evaluate

our

real

estate

properties

for

impairment

when

there

is

an

event

or

change

in

circumstances

that

indicates

an

impaired

value.

If

the

carrying

amount

of

the

real

estate

investment

is

no

longer

recoverable

and

exceeds

the

fair

value

of

such

investment,

an

impairment

loss

is

recognized.

The

impairment

loss

is

recognized

based

on

the

excess

of

the

carrying

amount

of

the

asset

over

its

fair

value.

If

the

Company

determines

that

an

impairment

has

occurred,

the

affected

assets

must

be

reduced

to

their

fair

value.

For

the

years

ended

December

31,

2025

and

2024,

we

recognized

impairment

losses

of

approximately

$43,000

and

$427,000,

respectively,

recorded

as

"Impairment

loss"

within

the

consolidated

statements

of

operations.

Investments

in

Real

Estate

Held

for

Sale

We

intend

to

hold

our

properties

for

long-term

investment,

but

may

occasionally

dispose

of

properties

that

no

longer

meet

our

long-

term

strategy

or

where

market

conditions

for

sale

are

favorable.

The

proceeds

from

the

sales

may

be

reinvested

into

other

properties,

used

to

fund

development

or

other

operating

needs,

or

distributed

to

our

Members.

The

Company

classifies

investments

in

real

estate

properties

as

held

for

sale

in

the

period

in

which

all

of

the

following

criteria

are

met:

(1) management,

having

the

authority

to

approve

the

action,

commits

to

a

plan

to

sell

the

asset;

(2) the

asset

is

available

for

immediate

sale

in

its

present

condition

subject

only

to

terms

that

are

usual

and

customary

for

sales

of

such

assets;

(3) an

active

program

to

locate

a

buyer

and

other

actions

required

to

complete

the

plan

to

sell

the

asset

have

been

initiated;

(4) the

sale

of

the

asset

is

probable,

and

transfer

of

the

asset

is

expected

to

qualify

for

recognition

as

a

completed

sale

within

one

year,

except

if

events

or

circumstances

beyond

our

control

extend

the

period

of

time

required

to

sell

the

asset

beyond

one

year;

(5) the

asset

is

being

actively

marketed

for

sale

at

a

price

that

is

reasonable

in

relation

to

its

current

fair

value;

and

(6) actions

required

to

complete

the

plan

indicate

that

it

is

unlikely

that

significant

changes

to

the

plan

will

be

made

or

that

the

plan

will

be

withdrawn.

We

measure

an

investment

in

real

estate

that

is

classified

as

held

for

sale

at

the

lower

of

its

carrying

value

or

fair

value

less

any

costs

to

sell.

Any

loss

resulting

from

this

measurement

is

recognized

in

the

period

in

which

the

held-for-sale

criteria

are

met.

Conversely,

gains

are

not

recognized

until

the

date

of

sale.

Upon

determining

that

an

asset

meets

the

criteria

to

be

classified

as

held

for

sale,

the

Company

ceases

depreciation

and

reports

the

asset

separately

within

"Investments

in

real

estate

held

for

sale"

in

our

consolidated

balance

sheets.

Deferred

Financing

Costs

Deferred

financing

costs

are

loan

fees,

capital

markets

fees,

legal

fees

and

other

third-party

costs

associated

with

obtaining

financing.

These

costs

are

amortized

over

the

terms

of

the

respective

financing

agreements

using

a

method

which

approximates

the

effective

interest

method.

Deferred

financing

costs

related

to

loan

advances

on

the

revolving

credit

facilities

and

the

associated

accumulated

amortization

are

recorded

within

"Other

assets,

net"

on

the

accompanying

consolidated

balance

sheets.

Deferred

financing

costs

related

to

mortgages

payable

and

the

associated

accumulated

amortization

are

recorded

within

"Mortgages

payable,

net"

on

the

accompanying

consolidated

balance

sheets.

Income

Taxes

The

Company

is

treated

as

a

pass-through

entity

for

U.S.

federal

and

most

state

income

tax

purposes

and,

as

such,

is

not

subject

to

income

taxes

at

the

entity

level.

Rather,

the

distributive

share

of

all

items

of

income,

gain,

loss,

deduction,

or

credit

is

passed

through

to

the

Members

and

reported

on

their

respective

tax

returns.

The

Company's

federal

tax

status

as

a

pass-through

entity

is

based

on

its

default

classification

as

a

limited

liability

company

with

more

than

one

member,

that

is

treated

as

a

partnership.

The

Company

assessed

all

of

the

tax

positions

it

intends

to

take,

both

routine

and

those

with

a

greater

level

of

uncertainty,

and

determined

that

no

unrecognized

tax

benefits

are

required

to

be

recorded.

For

the

open

tax

periods,

the

Company

has

no

uncertain

tax

positions

that

would

require

recognition

in

the

consolidated

financial

statements.

The

Company

files

various

federal,

state,

and

local

tax

returns

within

the

United

States.

No

returns

are

currently

under

examination;

however,

the

statute

of

limitations

of

the

Company's

federal

tax

returns

generally

remains

open

three

years

after

the

date

of

filing

(state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction).

Description

Depreciable

Life

Building

and

building

improvements

years

Site

improvements

years

Furniture

and

fixtures

years

Lease

intangibles

Over

lease

term

Fundrise

SFR

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

The

Company

has

two

taxable

real

estate

investment

trust

("REIT")

subsidiaries

("TRS").

The

TRSs

are

subject

to

federal

and

state

income

taxes

under

rules

generally

applicable

to

C

corporations.

The

Company

recognized

approximately

$98,000

and

$71,000

of

federal

income

tax

benefit

for

the

years

ended

December

31,

2025

and

2024,

respectively,

which

is

reflected

as

"Income

tax

benefit"

in

the

consolidated

statements

of

operations.

As

of

December

31,

2025

and

2024,

gross

deferred

tax

assets

totaled

approximately

$222,000

and

$124,000,

respectively,

and

were

included

in

"Other

assets,

net"

on

the

consolidated

balance

sheets.

Revenue

Recognition

Rental

and

other

property

revenues

are

accounted

for

in

accordance

with

ASC

842,

Leases.

Accordingly,

lease

revenue

is

excluded

from

the

scope

of

ASC

606,

Revenue

from

Contracts

with

Customers.

Rental

and

other

property

revenues

are

recognized

when

due

from

tenants

and

recorded

monthly

as

earned

in

accordance

with

the

terms

of

the

lease

agreements.

Other

property

revenue

consists

primarily

of

administrative,

application,

and

other

fees

associated

with

tenant

activities.

Rental

payments

received

in

advance

are

deferred

and

recorded

as

"Rental

security

deposits

and

other

liabilities"

on

the

consolidated

balance

sheets

until

earned.

In

accordance

with

ASC

842,

the

Company

considers

the

impact

of

lease

incentives

and

rental

concessions

when

accounting

for

rental

income.

Rental

income

is

recognized

on

a

straight-line

basis

over

the

term

of

the

lease

when

collection

is

considered

probable,

which

may

result

in

the

recording

of

unbilled

rent

receivables

or

liabilities.

Unbilled

rent

receivables

related

to

straight-

line

adjustments

are

included

in

"Other

assets,

net"

on

our

consolidated

balance

sheets.

We

will

periodically

review

the

collectability

of

our

tenant

receivables

and

record

an

allowance

for

doubtful

accounts

for

any

estimated

probable

losses.

Consistent

with

ASC

842,

the

Company

recognizes

rental

revenue

only

to

the

extent

that

collection

is

probable.

Amounts

deemed

uncollectible

are

reflected

as

a

reduction

of

rental

revenue

rather

than

as

an

operating

expense.

Leases

entered

into

for

the

rental

of

a

single-family

unit

are

generally

year-to-year,

renewable

upon

consent

of

both

parties

on

an

annual

or

monthly

basis.

Recent

Accounting

Pronouncements

In

November

2023,

the

FASB

issued

Accounting

Standards

Update

("ASU")

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures

.

This

guidance

enhances

segment

disclosure

requirements,

including

requiring

disclosure

of

significant

segment

expenses

that

are

regularly

provided

to

the

chief

operating

decision

maker

("CODM").

The

guidance

is

effective

for

public

business

entities

for

fiscal

years

beginning

after

December

15,

2023

and

interim

periods

beginning

after

December

15,

2024,

and

is

required

to

be

applied

retrospectively.

The

Company

adopted

ASU

2023-07

effective

January

1,

2024. The

adoption

of

this

guidance

resulted

in

additional

segment-related

disclosures

but

did

not

have

a

material

impact

on

the

Company's

consolidated

financial

statements.

In

December

2023,

the

FASB

issued

ASU

2023-09,

Income

Taxes

(Topic

740):

Improvements

to

Income

Tax

Disclosures

.

This

guidance

enhances

the

transparency

and

usefulness

of

income

tax

disclosures

by

requiring

entities

to

provide

additional

information

about

income

taxes

paid,

including

disaggregation

by

federal,

state,

and

foreign

jurisdictions,

as

well

as

further

detail

on

the

effective

tax

rate

reconciliation.

The

guidance

is

effective

for

public

business

entities

for

annual

reporting

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

The

Company

adopted

ASU

2023-09

effective

January

1,

2025. The

adoption

of

this

guidance

did

not

have

a

material

impact

on

the

Company's

consolidated

financial

statements

or

related

disclosures.

In

November

2024,

the

FASB

issued

ASU

2024-03,

Income

Statement—Reporting

Comprehensive

Income—Expense

Disaggregation

Disclosures

(Subtopic

220-40):

Disaggregation

of

Income

Statement

Expenses

.

This

guidance

requires

public

business

entities

to

disclose,

in

a

tabular

format,

disaggregated

information

about

certain

expense

categories

presented

on

the

face

of

the

income

statement,

including

depreciation,

employee

compensation,

interest

expense,

and

other

specified

expense

items.

The

guidance

is

effective

for

annual

reporting

periods

beginning

after

December

15,

2026

and

interim

reporting

periods

beginning

after

December

15,

2027,

with

early

adoption

permitted.

The

Company

is

currently

evaluating

the

impact

that

the

adoption

of

this

guidance

will

have

on

its

consolidated

financial

statements

and

disclosures.

The

Company

does

not

expect

the

adoption

of

any

other

recently

issued

accounting

standards

to

have

a

material

impact

on

its

consolidated

financial

statements.

Fundrise

SFR

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

3. Investments

in

Real

Estate

Rental

Real

Estate

Properties

The

following

table

presents

the

Company's

investments

in

rental

real

estate

properties,

net

(amounts

in

thousands):

As

of

December

31,

2025

and

2024,

the

carrying

amount

of

the

rental

real

estate

properties

above

included

cumulative

capitalized

acquisition

costs

of

approximately

$33.8

million

and

$33.7

million,

respectively,

which

includes

cumulative

acquisition

fees

paid

to

the

Sponsor

of

approximately

$13.5

million

and

$13.4

million,

respectively.

For

the

years

ended

December

31,

2025

and

2024,

the

Company

recognized

approximately

$42.6

million

and

$44.1

million,

respectively,

of

depreciation

expense

on

rental

real

estate

properties.

Acquisitions

During

the

years

ended

December

31,

2025

and

2024,

the

Company

acquired

and

rental

real

estate

properties,

respectively.

The

following

table

summarizes

the

asset

acquisition

allocation

for

our

investments

in

rental

real

estate

properties

(amounts

in

thousands):

Dispositions

During

the

years

ended

December

31,

2025

and

2024,

the

Company

sold

and

rental

real

estate

properties,

respectively,

for

an

aggregate

gain

of

approximately

$464,000

and

$2.3

million,

respectively.

These

dispositions

do

not

represent

a

significant

shift

in

business

strategy

and

did

not

have

a

major

effect

on

our

financial

results;

accordingly,

we

have

not

reported

this

activity

as

discontinued

operations.

As

of

December

31,

2025

As

of

December

31,

2024

Land

$

187,258

$

186,731

Building

and

building

improvements

1,022,826

1,020,503

Site

improvements

89,866

88,948

Furniture,

fixtures

and

equipment

38,679

36,942

Construction

in

progress

593

Total

gross

investment

in

rental

real

estate

properties

$

1,339,034

$

1,333,717

Less:

Accumulated

depreciation

(156,376)

(113,641)

Total

investment

in

rental

real

estate

properties,

net

$

1,182,658

$

1,220,076

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Land

$

$

1,371

Building

and

building

improvements

1,322

7,251

Site

improvements

Furniture,

fixtures

and

equipment

Total

acquisition

cost

(1) $

1,612

$

8,843

(1) The

difference

in

the

total

acquisition

cost

of

approximately

$1.6

million

for

the

year

ended

December

31,

2025

and

the

cash

paid

for

acquisitions

of

$1.3

million

per

the

consolidated

statements

of

cash

flows

is

due

to

approximately

$319,000

of

deposits

and

other

credits

received

at

closing.

The

difference

in

the

total

acquisition

cost

of

approximately

$8.8

million

for

the

year

ended

December

31,

2024

and

the

cash

paid

for

acquisitions

of

$7.0

million

per

the

consolidated

statements

of

cash

flows

is

due

to

approximately

$1.8

million

of

deposits

and

other

credits

received

at

closing.

Fundrise

SFR

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

Real

Estate

Held

for

Sale

As

of

December

31,

2025

and

2024,

the

Company

had

and

rental

real

estate

properties,

respectively,

that

met

the

criteria

to

be

classified

as

held

for

sale

(see

Note

2).

The

following

table

presents

information

related

to

the

major

classes

of

assets

and

liabilities

that

were

classified

as

held

for

sale

in

our

consolidated

balance

sheets

(amounts

in

thousands):

4. Other

Assets

The

balance

in

other

assets,

net

consists

of

the

following

(amounts

in

thousands)

:

For

the

years

ended

December

31,

2025

and

2024,

amortization

expense

on

deferred

financing

costs

related

to

credit

facilities

was

approximately

$4.3

million

and

$3.6

million,

respectively,

and

is

included

within

"Interest

expense"

in

the

consolidated

statements

of

operations.

For

the

years

ended

December

31,

2025

and

2024,

amortization

of

deferred

rent

concessions

was

approximately

$2.7

million

and

$2.6

million

respectively,

and

is

included

in

"Rental

and

other

property

revenue"

in

the

consolidated

statements

of

operations.

As

of

December

31,

2025

and

2024,

tenant

receivables

were

recorded

net

of

an

allowance

for

credit

losses

of

approximately

$1.0

million

and

$510,000,

respectively.

For

the

years

ended

December

31,

2025

and

2024,

the

Company

recorded

approximately

$1.7

million

and

$2.2

million,

respectively,

in

bad

debt

expense

which

is

included

within

"Rental

and

other

property

revenue"

in

the

consolidated

statements

of

operations.

For

the

years

ended

December

31,

2025

and

2024,

the

Company

recognized

approximately

$185,000

and

$1.1

million,

respectively,

of

amortization

expense

on

deferred

leasing

costs,

which

is

included

within

"Depreciation

and

amortization"

in

the

consolidated

statements

of

operations.

5. Credit

Facilities

On

May

13,

2021,

Fundrise

SFR

Portfolio,

LLC

(the

"SFR

Borrower"),

an

indirect

consolidated

subsidiary

of

the

Company,

executed

an

agreement

for

a

revolving

credit

facility

with

an

initial

commitment

of

up

to

$150.0

million,

secured

by

real

property

owned

by

the

Borrower's

subsidiaries

(the

"GS

Credit

Facility").

The

GS

Credit

Facility

has

since

been

amended

to

increase

the

commitment

amount

to

$400.0

million

and

adjust

certain

business

terms,

including

transitioning

the

benchmark

interest

rate

from

LIBOR

to

SOFR,

lowering

the

applicable

margin

rates,

and

extending

the

maturity

date.

As

of

December

31,

2025,

the

GS

Credit

Facility

bears

interest

at

the

greater

of

0.25%

or

SOFR,

plus

an

applicable

margin

that

ranges

from

2.20%

to

2.55%.

The

GS

Credit

Facility

calls

for

interest-only

payments

for

the

entire

term

of

the

loan

and

a

principal

balloon

payment

at

maturity.

The

GS

Credit

Facility

has

a

scheduled

maturity

date

of

June

9,

2028,

with

a

one-year

extension

option

available

upon

satisfying

certain

provisions.

As

of

December

31,

2025

As

of

December

31,

2024

Land

$

1,420

$

3,379

Building

and

building

improvements

5,217

12,067

Site

improvements

638

Furniture,

fixtures

and

equipment

Total

gross

investments

in

real

estate

held

for

sale

$

6,901

$

16,318

Less:

Loss

on

real

estate

held

for

sale

(1) (113) (405) Total

investments

in

real

estate

held

for

sale

$

6,788

$

15,913

(1) The

loss

on

real

estate

held

for

sale

is

the

recognized

loss

between

the

assets'

carrying

value

and

fair

value

less

any

costs

to

sell

(see

Note

2).

The

loss

is

recorded

as

"Impairment

loss"

in

our

consolidated

statements

of

operations.

As

of

December

31,

2025

As

of

December

31,

2024

Deferred

financing

costs,

net

$

5,123

$

4,422

Deferred

rent

concessions,

net

1,305

1,186

Tenant

receivables,

net

1,090

1,109

Prepaid

expenses

817

Deferred

tax

asset

Other

receivables

820

Deferred

leasing

costs,

net

Total

other

assets,

net

$

8,724

$

8,033

Fundrise

SFR

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

For

the

years

ended

December

31,

2025

and

2024,

the

SFR

Borrower

incurred

interest

expense

on

the

outstanding

principal

of

approximately

$24.3

million

and

$28.1

million,

respectively.

As

of

December

31,

2025

and

2024,

approximately

$1.9

million

and

$2.2

million,

respectively,

of

interest

was

payable

on

the

GS

Credit

Facility,

which

is

included

within

"Accounts

payable

and

accrued

expenses"

on

the

consolidated

balance

sheets.

On

June

16,

2022,

Fundrise

SFR

Portfolio

3,

LLC

(the

"SFR

Borrower"),

an

indirect

consolidated

subsidiary

of

the

Company,

executed

an

agreement

for

a

delayed

draw

term

loan

of

up

to

$240.0

million,

secured

by

real

property

owned

by

the

Borrower's

subsidiaries

(the

"ML

Credit

Facility").

The

ML

Credit

Facility

bears

interest

at

a

fixed

rate

of

4.10%.

The

ML

Credit

Facility

calls

for

interest-only

payments

for

the

entire

term

of

the

loan

and

a

principal

balloon

payment

at

maturity.

The

ML

Credit

Facility

matures

on

June

16,

2027. For

each

of

the

years

ended

December

31,

2025

and

2024,

the

SFR

Borrower

incurred

interest

expense

on

the

outstanding

principal

of

approximately

$10.0

million.

As

of

December

31,

2025

and

2024,

approximately

$847,000

of

interest

was

payable

on

the

ML

Credit

Facility,

which

is

included

within

"Accounts

payable

and

accrued

expenses"

on

the

consolidated

balance

sheets.

On

June

2,

2023,

Fundrise

SFR

JV

Portfolio,

LLC

(the

"JV

Borrower"),

an

indirect

subsidiary

of

Fundrise

SFR

JV

2,

LLC,

an

affiliate

of

our

Members,

executed

an

agreement

for

a

revolving

credit

facility

of

up

to

$770.0

million,

secured

by

real

property

owned

by

the

JV

Borrower's

subsidiaries

(the

"JPM

Credit

Facility").

The

JPM

Credit

Facility

bears

interest

at

the

greater

of

1.00%

or

SOFR

+

0.10%,

plus

a

2.25%

margin.

The

JPM

Credit

Facility

calls

for

interest-only

payments

for

the

entire

term

of

the

loan

and

a

principal

balloon

payment

at

maturity.

The

JPM

Credit

Facility

has

a

scheduled

maturity

date

of

June

2,

2026

and,

absent

refinancing

or

other

capital

actions,

the

outstanding

balance

would

become

due

at

that

time.

The

Company

does

not

have

sufficient

liquidity

on

hand

to

repay

the

JPM

Credit

Facility

upon

maturity.

However,

the

Company

intends

to

refinance

the

facility

prior

to

that

date.

Management

has

evaluated

its

refinancing

plan,

including

consideration

of

the

Company's

historical

access

to

financing,

the

secured

nature

and

value

of

the

underlying

real

estate

collateral,

and

current

market

conditions,

and

has

concluded

that

the

plan

is

probable

of

being

implemented

and

will

enable

the

Company

to

meet

its

obligations

as

they

come

due.

Fundrise

SFR

Portfolio

4,

LLC

(the

"JV

Borrower"),

an

indirect

subsidiary

of

the

Company,

and

Fundrise

SFR

Dev

Portfolio,

LLC

(the

"Dev

JV

Borrower"),

an

indirect

subsidiary

of

Fundrise

SFR

Dev

JV

1,

LLC,

an

affiliate

of

our

Investor

Member,

were

added

as

co-borrowers

to

the

JPM

Credit

Facility

through

subsequent

joinder

agreements.

Each

co-borrower

may

pledge

qualifying

collateral

to

the

line

and

request

an

advance

to

be

funded

according

to

the

terms

of

the

agreement,

not

to

exceed

the

maximum

aggregate

commitment

amount.

In

connection

with

the

JPM

Credit

Facility,

the

Company

entered

into

an

Allocation

and

Reimbursement

Agreement

in

order

to

equitably

disburse

loan

proceeds

and

allocate

related

costs

amongst

the

co-borrowers.

The

JV

Borrower

will

serve

as

the

administrative

agent

for

the

JPM

Credit

Facility,

and

will

be

responsible

for

coordinating

loan

proceeds,

interest

payments,

and

co-borrower

reimbursements,

as

needed.

As

of

December

31,

2025

and

2024,

approximately

$761,000

and

$248,000,

respectively,

was

due

to

the

JV

Borrower

from

the

JV

Borrower,

which

is

included

within

"Due

from

related

parties"

on

the

consolidated

balance

sheets.

For

the

years

ended

December

31,

2025

and

2024,

the

JV

Borrower

was

allocated

interest

expense

on

the

outstanding

principal

of

approximately

$10.7

million

and

$7.8

million,

respectively.

As

of

December

31,

2025

and

2024,

approximately

$1.1

million

and

$517,000,

respectively,

of

allocated

interest

was

payable

on

the

JPM

Credit

Facility,

which

is

included

within

"Accounts

payable

and

accrued

expenses"

on

the

consolidated

balance

sheets.

Fundrise

SFR

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

The

following

is

a

summary

of

the

credit

facilities

secured

by

the

Company's

properties

as

of

December

31,

2025

and

2024

(amounts

in

thousands):

For

the

periods

ending

December

31,

2025

and

2024,

we

incurred

loan

servicing

fees

of

approximately

$326,000

and

$447,000,

respectively,

which

are

included

within

"Interest

expense"

in

the

consolidated

statements

of

operations.

Loan

servicing

fees

are

routine

costs

incurred

for

administrative

and

compliance

purposes

that

are

paid

to

unrelated

third

parties.

These

may

include,

but

are

not

limited

to,

non-use

or

minimum

utilization

charges,

diligence

agent

fees,

and

custodian

services.

The

credit

facilities

contain

various

financial

and

non-financial

covenants.

Included

in

these

covenants

are

general

liquidity

and

net

worth

requirements

for

the

Company,

its

co-borrowers,

and

its

Members.

As

of

December

31,

2025

and

2024,

the

Company

was

in

compliance

with

all

financial

covenants

per

the

credit

facility

agreements.

The

Company

is

named

as

a

guarantor

for

each

of

the

credit

facilities.

The

Company's

guarantees

are

limited

to

standard

lender

protection

clauses

in

the

remote

likelihood

of

wrongful

action

on

the

part

of

our

subsidiaries

and,

if

applicable,

our

co-borrowers'

subsidiaries.

No

amounts

have

been

accrued

by

the

Company

as

a

loss

contingency

related

to

these

guarantees

as

of

December

31,

2025

and

2024

because

payment

by

the

Company

is

not

probable.

The

following

table

presents

the

future

principal

payments

due

under

the

Company's

credit

facilities

as

of

December

31,

2025

(amounts

in

thousands):

Borrower

Commitment

Amount

Maturity

Date

Interest

Rate

Balance

as

of

December

31,

2025

(1) Balance

as

of

December

31,

2024

(1) Fundrise

SFR

Portfolio,

LLC

and

Subsidiaries

$

400,000

06/09/2028

SOFR

(0.25%

floor)

+

2.20 –

2.55%

$

348,368

$

346,793

Fundrise

SFR

Portfolio

3,

LLC

and

Subsidiaries

240,000

06/16/2027

4.10%

240,000

240,000

Fundrise

SFR

Portfolio

4,

LLC,

its

Subsidiaries,

and

its

Co-Borrowers'

Subsidiaries

(2) 770,000

06/02/2026

SOFR

+

0.10%

(1.00%

floor)

+

2.25%

345,300

240,634

(1) The

balances

as

of

December

31,

2025

and

2024

exclude

gross

deferred

financing

costs

of

approximately

$20.3

million

and

$15.3

million,

respectively,

allocated

among

co-borrowers

(if

applicable).

These

deferred

financing

costs,

net

of

accumulated

amortization,

are

included

in

"Other

assets,

net"

on

the

consolidated

balance

sheets

(see

Note

4).

As

of

December

31,

2025,

the

JPM

Credit

Facility's

allocation

of

gross

deferred

financing

costs

is

approximately

$5.1

million

to

the

JV

Borrower,

approximately

$2.1

million

to

the

JV

Borrower,

and

approximately

$664,000

to

the

Dev

JV

Borrower.

As

of

December

31,

2024,

the

JPM

Credit

Facility

allocation

of

gross

deferred

financing

costs

was

approximately

$2.3

million

to

the

JV

Borrower,

approximately

$1.8

million

to

the

JV

Borrower,

and

approximately

$512,000

to

the

Dev

JV

Borrower.

No

deferred

financing

costs

were

payable

as

of

December

31,

2025

and

2024. (2) As

of

December

31,

2025,

the

allocation

of

outstanding

loan

principal

is

approximately

$217.2

million

to

the

JV

Borrower,

approximately

$90.8

million

to

the

JV

Borrower,

and

approximately

$37.3

million

to

the

Dev

JV

Borrower.

As

of

December

31,

2024,

the

allocation

of

outstanding

loan

principal

is

approximately

$114.2

million

to

the

JV

Borrower,

approximately

$90.6

million

to

the

JV

Borrower,

and

approximately

$35.8

million

to

the

Dev

JV

Borrower.

Year

Amount

2026

$

345,300

2027

240,000

2028

348,368

2029

–

2030

and

thereafter

–

Total

$

933,668

Fundrise

SFR

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

6. Mortgages

Payable

The

following

is

a

summary

of

the

mortgage

notes

secured

by

the

Company's

properties

as

of

December

31,

2025

and

2024

(amounts

in

thousands):

For

the

years

ended

December

31,

2025

and

2024,

the

Borrowers

on

the

above

mortgages

payable

incurred

interest

expense

of

approximately

$2.9

million

and

$6.0

million,

respectively,

and

incurred

loan

servicing

fees

of

approximately

$6,000

and

$62,000,

respectively,

related

to

mortgage

notes

payable.

Approximately

$463,000

of

current

interest

was

payable

to

the

lenders

as

of

December

31,

2024,

which

is

included

within

"Accounts

payable

and

accrued

expenses"

on

the

consolidated

balance

sheets.

No

interest

was

payable

to

the

lenders

as

of

December

31,

2025. Deferred

financing

costs

are

reflected

net

of

accumulated

amortization

on

the

consolidated

balance

sheets

as

a

reduction

to

the

related

mortgages

payable,

which

totaled

approximately

$0

and

$18,000

as

of

December

31,

2025

and

2024,

respectively.

For

the

years

ended

December

31,

2025

and

2024,

amortization

of

deferred

financing

costs

was

approximately

$23,000

and

$218,000,

respectively,

and

is

included

in

"Interest

expense"

in

the

consolidated

statements

of

operations.

7. Derivative

Financial

Instruments

Effective

May

18,

2021,

we

entered

into

an

interest

rate

cap

agreement

to

manage

our

exposure

to

interest

rate

risk

on

our

variable

rate

debt

associated

with

the

GS

Credit

Facility

(see

Note

5).

The

initial

interest

rate

cap

agreement

has

been

subsequently

amended

over

the

years

in

connection

with

the

amendments

of

the

GS

Credit

Facility.

The

current

interest

rate

cap

agreement

is

effective

through

June

13,

2026,

has

a

notional

amount

of

$353.0

million

and

a

strike

rate

of

2.0%.

The

interest

rate

cap

is

not

for

trading

or

other

speculative

purposes.

Similarly,

on

June

8,

2023,

the

JV

Borrower

entered

into

an

interest

rate

cap

agreement

to

manage

our

exposure

to

interest

rate

risk

on

our

variable

rate

debt

associated

with

the

JPM

Credit

Facility

(see

Note

5).

The

initial

interest

rate

cap

agreement

has

been

subsequently

replaced

to

increase

the

notional

value

and

extend

the

maturity

date.

The

current

interest

rate

cap

agreements

are

effective

through

June

2,

2026,

have

a

combined

notional

amount

of

$366.0

million,

and

a

strike

rate

of

3.00%.

The

interest

rate

caps

are

not

intended

for

trading

or

other

speculative

purposes.

The

initial

cost

of

the

interest

rate

caps

and

subsequent

changes

in

fair

value

(as

discussed

below)

have

been

allocated

among

the

JV

Borrower,

JV

Borrower,

and

Dev

JV

Borrower

in

accordance

with

the

aforementioned

Allocation

and

Reimbursement

Agreement

(see

Note

5).

The

Company

has

not

designated

any

of

the

interest

rate

caps

as

cash

flow

hedges;

therefore,

the

derivatives

do

not

qualify

for

hedge

accounting.

Accordingly,

changes

in

the

fair

values

of

the

interest

rate

caps

are

recognized

immediately

through

earnings.

For

the

years

ended

December

31,

2025

and

2024,

we

recognized

aggregate

changes

in

the

fair

value

of

the

interest

rate

caps

of

approximately

$(10.1)

million

and

$(12.5)

million,

respectively,

recorded

as

"Loss

on

derivative

financial

instruments"

in

our

consolidated

statements

of

operations.

For

the

years

ended

December

31,

2025

and

2024,

we

recognized

aggregate

income

of

approximately

$10.0

million

and

$14.5

million,

respectively,

related

to

the

interest

rate

caps,

which

are

recorded

as

a

reduction

to

"Interest

expense"

in

our

consolidated

statements

of

operations.

As

of

December

31,

2025

and

2024,

approximately

$485,000

and

$437,000,

respectively,

of

interest

rate

cap

income

was

payable

to

the

Company

and

was

recorded

net

of

the

related

accrued

interest

Borrower(s)

Commitment

Amount

Effective

Date

Maturity

Date

Interest

Rate

Balance

as

of

December

31,

2025

(1) Balance

as

of

December

31,

2024

(1) FR-Sunset,

LLC

(2) $

50,000

03/23/2022

09/30/2025

SOFR

+

2.75%

$

–

$

36,200

FR-Rock

Ridge,

LLC

(3) FR-Emerald

Lakes,

LLC

(3) FR-Hickory

Street,

LLC

(3) 60,000

04/29/2022

05/31/2025

SOFR

+

1.35%

–

46,475

(1) Excludes

net

deferred

financing

costs

of

approximately

$0

and

$18,000

as

of

December

31,

2025

and

2024,

respectively.

No

deferred

financing

costs

were

payable

as

of

December

31,

2025

and

2024. (2) The

loan

called

for

interest-only

payments

for

the

entire

term

of

the

loan

and

a

principal

balloon

payment

at

maturity.

The

Company

repaid

the

loan

principal

and

outstanding

interest

on

September

19,

2025. In

aggregate,

we

incurred

approximately

$186,000

of

exit

fees

in

connection

with

the

repayments,

which

are

reflected

as

"Loss

on

extinguishment

of

debt"

in

the

consolidated

statements

of

operations.

No

such

fees

were

payable

as

of

December

31,

2025. (3) The

loan

called

for

interest-only

payments

for

the

entire

term

of

the

loan

and

a

principal

balloon

payment

at

maturity.

The

Company

repaid

the

loan

principal

and

outstanding

interest

on

May

27,

2025. In

aggregate,

we

incurred

approximately

$546,000

of

exit

fees

in

connection

with

the

repayments,

which

are

reflected

as

"Loss

on

extinguishment

of

debt"

in

the

consolidated

statements

of

operations.

No

such

fees

were

payable

as

of

December

31,

2025. Fundrise

SFR

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

expense,

which

is

included

within

"Accounts

payable

and

accrued

expenses"

on

the

consolidated

balance

sheets.

The

fair

value

of

our

derivatives

is

estimated

based

on

observable

market

inputs,

such

as

interest

rates,

term

to

maturity

and

volatility,

as

well

as

unobservable

inputs,

such

as

estimates

of

current

credit

spreads.

The

fair

value

of

our

derivatives

as

of

December

31,

2025

and

2024

is

shown

below

(amounts

in

thousands):

8. Fair

Value

of

Financial

Instruments

We

are

required

to

disclose

an

estimate

of

fair

value

of

our

financial

instruments

for

which

it

is

practicable

to

estimate

the

value.

The

fair

value

of

a

financial

instrument

is

the

price

that

would

be

received

to

sell

an

asset

or

would

be

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

For

certain

of

our

financial

instruments,

fair

values

are

not

readily

available

since

there

are

no

active

trading

markets

as

characterized

by

current

exchanges

by

market

participants.

We

determine

the

fair

value

of

certain

investments

in

accordance

with

the

fair

value

hierarchy

that

requires

an

entity

to

maximize

the

use

of

observable

inputs.

The

fair

value

hierarchy

includes

the

following

three

levels

based

on

the

objectivity

of

the

inputs,

which

were

used

for

categorizing

the

assets

or

liabilities

for

which

fair

value

is

being

measured

and

reported:

Level

–

Quoted

market

prices

in

active

markets

for

identical

assets

or

liabilities.

Level

–

Significant

other

observable

inputs

(e.g.,

quoted

prices

for

similar

items

in

active

markets,

quoted

prices

for

identical

or

similar

items

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

such

as

interest

rate

and

yield

curves,

and

market-corroborated

inputs).

Level

–

Valuation

generated

from

model-based

techniques

that

use

inputs

that

are

significant

and

unobservable

in

the

market.

These

unobservable

assumptions

reflect

estimates

of

inputs

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Valuation

techniques

include

use

of

option

pricing

models,

discounted

cash

flow

methodologies

or

similar

techniques,

which

incorporate

management's

own

estimates

of

assumptions

that

market

participants

would

use

in

pricing

the

instrument

or

valuations

that

require

significant

management

judgment

or

estimation.

As

of

December

31,

2025,

the

Company's

significant

financial

instruments

consist

of

cash,

restricted

cash,

derivative

financial

instruments,

and

the

outstanding

principal

on

the

credit

facilities.

As

of

December

31,

2024,

the

Company's

significant

financial

instruments

consist

of

cash,

restricted

cash,

derivative

financial

instruments,

and

the

outstanding

principal

on

the

credit

facilities

and

mortgages

payable.

The

carrying

amount

of

the

Company's

cash

and

restricted

cash

as

of

December

31,

2025

and

2024

approximates

fair

value

due

to

its

short-term

nature.

The

only

assets

or

liabilities

as

of

December

31,

2025

and

2024

that

are

recorded

at

fair

value

on

a

recurring

basis

are

the

derivative

financial

instruments.

As

of

December

31,

2025

and

2024,

management

estimated

the

fair

value

of

our

derivative

financial

instruments

to

be

approximately

$3.6

million

and

$4.7

million,

respectively.

We

classify

this

fair

value

measurement

as

Level

as

we

use

significant

other

observable

inputs

such

as

interest

rate,

term

to

maturity,

and

volatility.

As

of

December

31,

2025

and

2024,

the

outstanding

principal

carrying

value

for

our

credit

facilities

(allocated

to

the

Company,

if

applicable)

was

approximately

$805.6

million

and

$701.0

million,

respectively,

and

the

aggregate

fair

value

was

approximately

Derivative

Instrument

Notional

Amount

Effective

Date

Maturity

Date

Fair

Value

as

of

December

31,

2025

Fair

Value

as

of

December

31,

2024

Interest

Rate

Cap

(1) $

122,000

06/21/2024

06/02/2025

$

–

$

798

Interest

Rate

Cap

(1) 119,000

09/01/2024

06/02/2025

–

779

Interest

Rate

Cap

353,000

12/13/2024

06/13/2026

2,828

3,951

Interest

Rate

Cap

(2) 296,000

06/02/2025

06/02/2026

967

–

Interest

Rate

Cap

(2) 70,000

09/05/2025

06/02/2026

–

(1) As

of

December

31,

2024,

the

allocation

of

derivative

fair

value

is

approximately

$749,000

to

the

JV

Borrower,

approximately

$594,000

to

the

JV

Borrower,

and

approximately

$235,000

to

the

Dev

JV

Borrower.

(2) As

of

December

31,

2025,

the

allocation

of

derivative

fair

value

is

approximately

$751,000

to

the

JV

Borrower,

approximately

$314,000

to

the

JV

Borrower,

and

approximately

$129,000

to

the

Dev

JV

Borrower.

Fundrise

SFR

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

$802.7

million

and

$695.0

million,

respectively.

As

of

December

31,

2025

and

2024,

the

outstanding

principal

carrying

value

for

our

mortgages

payable

was

approximately

$0

and

$82.7

million,

respectively,

and

the

aggregate

fair

value

approximated

the

carrying

value.

The

fair

value

of

our

borrowings

under

variable

rate

agreements

is

estimated

using

a

present

value

technique

based

on

expected

cash

flows

discounted

using

the

current

market

rates

(Level

3).

Any

changes

to

the

valuation

methodology

will

be

reviewed

by

management

to

ensure

the

changes

are

appropriate.

The

methods

used

may

produce

a

fair

value

calculation

that

is

not

indicative

of

net

realizable

value

or

reflective

of

future

fair

values.

Furthermore,

while

we

anticipate

that

our

valuation

methods

are

appropriate

and

consistent

with

other

market

participants,

the

use

of

different

methodologies,

or

assumptions,

to

determine

the

fair

value

could

result

in

a

different

estimate

of

fair

value

at

the

reporting

date.

9. Members'

Equity

Capital

contributions

are

required

from

the

Members

on

a

pro

rata

basis

as

defined

in

the

Operating

Agreement.

For

the

years

ended

December

31,

2025

and

2024,

incremental

capital

contributions

totaled

approximately

$47.2

million

and

$54.2

million,

respectively.

Distributions

shall

be

made

to

the

Members

in

proportion

to

their

respective

ownership

percentages.

For

the

years

ended

December

31,

2025

and

2024,

the

Company's

total

distributions

declared

to

Members

were

approximately

$61.0

million

and

$64.5

million,

respectively.

No

distributions

were

payable

as

of

December

31,

2025

and

2024. The

Company's

net

income

or

loss

is

allocated

to

the

Operating

Member

and

Investor

Member

pro

rata

in

proportion

to

their

respective

ownership

percentages.

10. Property

Management

Agreements

In

connection

with

our

investments

in

rental

real

estate

properties,

the

Company

has

entered

into

various

property

management

agreements

with

third-party

service

providers

to

lease

and

manage

the

underlying

assets.

Property

management

fees

are

generally

calculated

as

a

percentage

of

gross

rental

receipts

and

certain

fees

collected

from

tenants,

subject

to

a

minimum

management

fee

as

defined

in

the

property

management

agreements.

For

the

years

ended

December

31,

2025

and

2024,

the

Company

incurred

property

management

fees

of

approximately

$3.9

million

and

$3.4

million,

respectively,

which

are

included

in

"Property

operations

and

maintenance"

expense

on

the

accompanying

consolidated

statements

of

operations.

Approximately

$156,000

and

$145,000

of

property

management

fees

were

payable

as

of

December

31,

2025

and

2024,

respectively,

and

are

included

within

"Accounts

payable

and

accrued

expenses"

on

the

consolidated

balance

sheets.

11. Related

Party

Transactions

Operating

Expenses

Under

the

terms

of

the

Operating

Agreement,

the

Company

shall

pay

or

reimburse

the

Operating

Member

and

its

affiliates

for

expenses

incurred

on

our

behalf

that

are

directly

related

to

the

operation,

maintenance,

and

administration

of

the

Company.

For

the

years

ended

December

31,

2025

and

2024,

the

Operating

Member

and

its

affiliates

incurred

approximately

$3.8

million

and

$3.3

million,

respectively,

of

reimbursable

operating

costs

on

our

behalf.

Approximately

$101,000

and

$116,000

of

such

costs

were

payable

as

of

December

31,

2025

and

2024,

respectively.

Affiliate

Service

Agreement

Effective

January

1,

2022,

the

Company

entered

into

a

real

estate

services

agreement

(the

"Service

Agreement")

with

Fundrise

Real

Estate,

LLC,

a

subsidiary

of

the

Sponsor.

The

Service

Agreement

outlines

various

services

Fundrise

Real

Estate,

LLC

agrees

to

perform

as

an

independent

contractor

on

a

non-exclusive

basis,

including

but

not

limited

to

real

estate

asset

management,

acquisition

and

disposition

services,

capital

markets

services,

debt

servicing,

and

development

and

entitlement

services.

Compensation

for

such

services

will

be

paid

to

Fundrise

Real

Estate,

LLC,

or

its

parent

on

its

behalf,

as

described

in

the

Service

Agreement.

Acquisition

fees

are

capitalized

in

accordance

with

our

accounting

policies

(see

Note

2).

For

the

years

ended

December

31,

2025

and

2024,

total

acquisition

fees

earned

by

Fundrise

Real

Estate,

LLC

were

approximately

$16,000

and

$83,000,

respectively.

No

acquisition

fees

were

payable

as

of

December

31,

2025

and

2024. For

the

years

ended

December

31,

2025

and

2024,

total

disposition

fees

earned

by

Fundrise

Real

Estate,

LLC

were

approximately

$93,000

and

$369,000,

respectively,

and

are

included

within

"Gain

Fundrise

SFR

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

on

sale

of

real

estate,

net"

on

the

consolidated

statements

of

operations.

No

disposition

fees

were

payable

as

of

December

31,

2025

and

2024. For

the

years

ended

December

31,

2025

and

2024,

the

Company

incurred

capital

markets

fees

related

to

the

closing

of

the

credit

facilities

and

mortgages

payable

of

approximately

$547,000

and

$117,000,

respectively,

which

are

recorded

as

deferred

financing

costs

and

are

amortized

over

the

term

of

the

respective

loans.

For

the

years

ended

December

31,

2025

and

2024,

amortization

expense

of

approximately

$732,000

and

$656,000,

respectively,

was

recorded

related

to

these

fees

and

is

included

in

"Interest

expense"

on

the

consolidated

statements

of

operations.

As

of

December

31,

2025

and

2024,

no

capital

markets

fees

were

payable

to

Fundrise

Real

Estate,

LLC. For

the

years

ended

December

31,

2025

and

2024,

the

Company

incurred

real

estate

asset

management

fees

of

approximately

$7.0

million

and

$6.8

million,

and

debt

servicing

fees

of

approximately

$1.2

million

and

$1.2

million,

respectively,

which

are

both

included

in

"Asset

management

and

other

fees"

on

the

accompanying

consolidated

statements

of

operations.

As

of

December

31,

2025

and

2024,

approximately

$686,000

and

$677,000,

respectively,

in

such

fees

were

payable

to

Fundrise

Real

Estate,

LLC

and

are

included

within

"Due

to

related

parties"

on

the

consolidated

balance

sheets.

12. Segment

Reporting

An

operating

segment

is

a

component

of

a

public

business

entity

that

engages

in

activities

from

which

it

may

earn

revenues

and

incur

expenses

and

has

discrete

financial

information

available

that

is

regularly

reviewed

by

the

CODM.

The

management

committee

of

the

Manager

acts

as

the

Company's

CODM

by

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Company

has

a

single

operating

and

reportable

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Company

as

a

whole,

and

that

our

long-term

strategic

asset

allocation

is

based

on

a

defined

investment

strategy

which

is

executed

by

the

Company's

portfolio

management

team.

The

CODM

utilizes

net

income/(loss)

as

the

primary

measure

to

evaluate

performance

of

the

Company.

The

CODM

does

not

regularly

review

disaggregated

expense

information

beyond

that

presented

in

the

consolidated

statements

of

operations.

Accordingly,

the

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Company's

consolidated

financial

statements.

If

the

CODM's

method

of

evaluating

performance

changes,

the

Company

will

reassess

its

segment

reporting

in

accordance

with

ASC

280. 13. Commitments

and

Contingencies

Litigation

In

the

ordinary

course

of

business,

we

may

become

subject

to

litigation

or

claims.

As

of

December

31,

2025

and

2024,

there

were

no

material

pending

legal

proceedings

to

which

the

Company

is

a

party.

14. Subsequent

Events

In

connection

with

the

preparation

of

the

accompanying

consolidated

financial

statements,

we

have

determined

that

there

are

no

events

or

transactions

that

have

occurred

through

February

25,

2026

that

require

recognition

or

disclosure

herein.

Fundrise

SFR

JV

1,

LLC

SUPPLEMENTAL

SCHEDULES

Consolidating

Balance

Sheets

As

of

December

31,

2025

(Amounts

in

thousands)

Consolidating

Balance

Sheets

(continued)

As

of

December

31,

2025

(Amounts

in

thousands)

Fundrise

SFR

JV

1,

LLC

Fundrise

SFR

TRS

1,

LLC

Fundrise

SFR

Portfolio,

LLC

Fundrise

SFR

Portfolio

2,

LLC

Assets

Cash

$

3,669

$

$

2,511

$

Restricted

cash

–

–

13,805

–

Other

assets,

net

679

3,512

Due

(to)/from

subsidiaries

(399,388)

–

–

Due

from

related

parties

–

–

–

Derivative

financial

instruments

–

–

2,829

–

Investments

in

subsidiaries

804,174

–

–

–

Investments

in

real

estate

held

for

sale

–

602

1,136

5,050

Investments

in

rental

real

estate

properties,

net

–

–

480,341

–

Total

Assets

$

,

$

800

$

504,188

$

5,119

Liabilities

Accounts

payable

and

accrued

expenses

$

$

$

10,914

$

Due

to/(from)

parent

–

(9) 269

–

Due

to

related

parties

786

–

Rental

security

deposits

and

other

liabilities

–

–

3,457

–

Credit

facilities

–

–

348,368

–

Total

Liabilities

$

1,275

$

$

363,014

$

Total

Members'

Equity

,

866

777

,

,

Total

Liabilities

and

Members'

Equity

$

,

$

800

$

504

,

$

,

Fundrise

SFR

Portfolio

3,

LLC

Fundrise

SFR

Portfolio

4,

LLC

Eliminations

Fundrise

SFR

JV

1,

LLC

Consolidated

Assets

Cash

$

1,609

$

1,035

$

–

$

8,980

Restricted

cash

10,602

2,697

–

27,104

Other

assets,

net

2,052

2,370

–

8,724

Due

(to)/from

subsidiaries

–

–

399,334

–

Due

from

related

parties

–

761

–

768

Derivative

financial

instruments

–

751

–

3,580

Investments

in

subsidiaries

–

–

(804,174)

–

Investments

in

real

estate

held

for

sale

–

–

–

6,788

Investments

in

rental

real

estate

properties,

net

310,535

391,782

–

1,182,658

Total

Assets

$

,

798

$

,

$

(404

,

840)

$

1,

,

602

Liabilities

Accounts

payable

and

accrued

expenses

$

5,249

$

2,806

$

–

$

19,533

Due

to/(from)

parent

(240,003)

(159,591)

399,334

–

Due

to

related

parties

–

–

794

Rental

security

deposits

and

other

liabilities

660

709

–

4,826

Credit

facilities

240,000

217,251

–

805,583

Total

Liabilities

$

5,

907

$

,

$

,

$

830

,

Total

Members'

Equity

,

891

,

(804

,

174)

,

866

Total

Liabilities

and

Members'

Equity

$

,

798

$

,

$

(404

,

840)

$

1,

,

602

Fundrise

SFR

JV

1,

LLC

SUPPLEMENTAL

SCHEDULES

(CONTINUED)

Consolidating

Statements

of

Operations

For

the

Year

Ended

December

31,

2025

(Amounts

in

thousands)

Consolidating

Statements

of

Operations

(continued)

For

the

Year

Ended

December

31,

2025

(Amounts

in

thousands)

Fundrise

SFR

JV

1,

LLC

Fundrise

SFR

TRS

1,

LLC

Fundrise

SFR

Portfolio,

LLC

Fundrise

SFR

Portfolio

2,

LLC

Revenue

Rental

and

other

property

revenue

$

–

$

–

$

47,562

$

7,250

Other

revenue

–

–

Total

Revenue

$

$

$

,

597

$

,

Expenses

Property

operations

and

maintenance

$

–

$

$

28,548

$

3,785

Depreciation

and

amortization

–

–

16,935

4,088

Asset

management

and

other

fees

8,169

–

–

General

and

administrative

expenses

1,094

506

Impairment

loss

–

–

–

Total

Expenses

$

,

$

$

,

$

,

Other

Income

(Expense)

Interest

expense

$

(732) $

–

$

(17,868)

$

(2,870)

Loss

on

derivative

financial

instruments

–

–

(7,835)

–

Loss

on

extinguishment

of

debt

–

–

–

(732) Gain

(loss)

on

sale

of

real

estate,

net

–

501

(86) Income

tax

benefit

(expense)

–

(2) Total

Other

Income

(Expense)

$

(732)

$

$

(25,116)

$

(3

,

690)

Net

Loss

$

(9,840)

$

(39) $

(23,522)

$

(4,362)

Fundrise

SFR

Portfolio

3,

LLC

Fundrise

SFR

Portfolio

4,

LLC

Eliminations

Fundrise

SFR

JV

1,

LLC

Consolidated

Revenue

Rental

and

other

property

revenue

$

26,681

$

22,508

$

–

$

104,001

Other

revenue

–

–

–

Total

Revenue

$

,

681

$

22,508

$

–

$

4,191

Expenses

Property

operations

and

maintenance

$

13,725

$

10,879

$

–

$

56,999

Depreciation

and

amortization

11306

10,502

–

42,831

Asset

management

and

other

fees

–

–

–

8,183

General

and

administrative

expenses

–

1,914

Impairment

loss

–

–

–

Total

Expenses

$

25,246

$

21,434

$

–

$

,

970

Other

Income

(Expense)

Interest

expense

$

(10,817)

$

(10,176)

$

–

$

(42,463)

Loss

on

derivative

financial

instruments

–

(2,271)

–

(10,106)

Loss

on

extinguishment

of

debt

–

–

–

(732) Gain

(loss)

on

sale

of

real

estate,

net

–

–

–

Income

tax

benefit

(expense)

–

–

–

Total

Other

Income

(Expense)

$

(10,817)

$

(12,447)

$

–

$

(52,739)

Net

Loss

$

(9,382)

$

(11,373)

$

–

$

(58,518)

## Ex-99

Fundrise

MF

JV

1,

LLC

Consolidated

Financial

Statements

As

of

and

for

the

Years

Ended

December

31,

2025

and

2024

TABLE

OF

CONTENTS

Independent

Auditor's

Report

Consolidated

Balance

Sheets

Consolidated

Statements

of

Operations

Consolidated

Statements

of

Members'

Equity

Consolidated

Statements

of

Cash

Flows

Notes

to

the

Consolidated

Financial

Statements

INDEPENDENT

AUDITOR'S

REPORT

To

the

Members

of

Fundrise

MF

JV

1,

LLC:

Opinion

We

have

audited

the

consolidated

financial

statements

of

Fundrise

MF

JV

1,

LLC

and

its

subsidiaries

(the

Company),

which

comprise

the

consolidated

balance

sheets

as

of

December

31,

2025

and

2024,

and

the

related

consolidated

statements

of

operations,

members'

equity,

and

cash

flows

for

the

years

then

ended,

and

the

related

notes

to

the

consolidated

financial

statements.

In

our

opinion,

the

accompanying

consolidated

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Company

as

of

December

31,

2025

and

2024,

and

the

results

of

its

operations

and

its

cash

flows

for

the

years

then

ended

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

We

conducted

our

audits

in

accordance

with

auditing

standards

generally

accepted

in

the

United

States

of

America

(GAAS).

Our

responsibilities

under

those

standards

are

further

described

in

the

Auditors'

Responsibilities

for

the

Audit

of

the

Consolidated

Financial

Statements

section

of

our

report.

We

are

required

to

be

independent

of

the

Company

and

to

meet

our

other

ethical

responsibilities,

in

accordance

with

the

relevant

ethical

requirements

relating

to

our

audits.

We

believe

that

the

audit

evidence

we

have

obtained

is

sufficient

and

appropriate

to

provide

a

basis

for

our

audit

opinion.

Responsibilities

of

Management

for

the

Consolidated

Financial

Statements

Management

is

responsible

for

the

preparation

and

fair

presentation

of

the

consolidated

financial

statements

in

accordance

with

U.S.

generally

accepted

accounting

principles,

and

for

the

design,

implementation,

and

maintenance

of

internal

control

relevant

to

the

preparation

and

fair

presentation

of

consolidated

financial

statements

that

are

free

from

material

misstatement,

whether

due

to

fraud

or

error.

In

preparing

the

consolidated

financial

statements,

management

is

required

to

evaluate

whether

there

are

conditions

or

events,

considered

in

the

aggregate,

that

raise

substantial

doubt

about

the

Company's

ability

to

continue

as

a

going

concern

for

one

year

after

the

date

that

the

consolidated

financial

statements

are

available

to

be

issued.

Auditors'

Responsibilities

for

the

Audit

of

the

Consolidated

Financial

Statements

Our

objectives

are

to

obtain

reasonable

assurance

about

whether

the

consolidated

financial

statements

as

a

whole

are

free

from

material

misstatement,

whether

due

to

fraud

or

error,

and

to

issue

an

auditors'

report

that

includes

our

opinion.

Reasonable

assurance

is

a

high

level

of

assurance

but

is

not

absolute

assurance

and

therefore

is

not

a

guarantee

that

an

audit

conducted

in

accordance

with

GAAS

will

always

detect

a

material

misstatement

when

it

exists.

The

risk

of

not

detecting

a

material

misstatement

resulting

from

fraud

is

higher

than

for

one

resulting

from

error,

as

fraud

may

involve

co

llus

ion,

forgery,

intentional

omissions,

misrepresentations,

or

the

override

of

internal

control.

Misstatements

are

considered

material

if

there

is

a

substantial

likelihood

that,

individually

or

in

the

aggregate,

they

would

influence

the

judgment

made

by

a

reasonable

user

based

on

the

consolidated

financial

statements.

INDEPENDENT

AUDITOR'S

REPORT

In

performing

an

audit

in

accordance

with

GAAS,

we:

We

are

required

to

communicate

with

those

charged

with

governance

regarding,

among

other

matters,

the

planned

scope

and

timing

of

the

audit,

significant

audit

findings,

and

certain

internal

control

related

matters

that

we

identified

during

the

audit.

McLean,

Virginia

February

25,

2026

● Exercise

professional

judgment

and

maintain

professional

skepticism

throughout

the

audit.

● Identify

and

assess

the

risks

of

material

misstatement

of

the

consolidated

financial

statements,

whether

due

to

fraud

or

error,

and

design

and

perform

audit

procedures

responsive

to

those

risks.

Such

procedures

include

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

consolidated

financial

statements.

● Obtain

an

understanding

of

internal

control

relevant

to

the

audit

in

order

to

design

audit

procedures

that

are

appropriate

in

the

circumstances,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Company's

internal

control.

Accordingly,

no

such

opinion

is

expressed.

● Evaluate

the

appropriateness

of

accounting

policies

used

and

the

reasonableness

of

significant

accounting

estimates

made

by

management,

as

well

as

evaluate

the

overall

presentation

of

the

consolidated

financial

statements.

● Conclude

whether,

in

our

judgment,

there

are

conditions

or

events,

considered

in

the

aggregate,

that

raise

substantial

doubt

about

the

Company's

ability

to

continue

as

a

going

concern

for

a

reasonable

period

of

time.

Fundrise

MF

JV

1,

LLC

CONSOLIDATED

BALANCE

SHEETS

See

accompanying

notes

to

consolidated

financial

statements.

(Amounts

in

thousands)

As

of

December

31,

2025

As

of

December

31,

2024

Assets

Cash

$

7,314

$

6,986

Restricted

cash

4,633

4,712

Other

assets,

net

1,551

1,525

Derivative

financial

instruments

Investments

in

real

estate

held

for

improvement

7,547

7,547

Investments

in

rental

real

estate

properties,

net

409,404

422,644

Total

Assets

$

430,501

$

443,821

Liabilities

Accounts

payable

and

accrued

expenses

$

5,024

$

4,310

Due

to

related

parties

Rental

security

deposits

and

other

liabilities

903

939

Mortgages

payable,

net

95,931

106,705

Credit

facility

155,152

153,169

Total

Liabilities

$

257,273

$

265,380

Total

Members'

Equity

173,228

178,441

Total

Liabilities

and

Members'

Equity

$

430,501

$

443,821

Fundrise

MF

JV

1,

LLC

CONSOLIDATED

STATEMENTS

OF

OPERATIONS

See

accompanying

notes

to

consolidated

financial

statements.

(Amounts

in

thousands)

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Revenue

Rental

and

other

property

revenue

$

39,395

$

39,496

Other

revenue

Total

Revenue

$

39,472

$

39,640

Expenses

Property

operations

and

maintenance

$

18,224

$

18,294

Depreciation

and

amortization

15,742

15,527

Asset

management

and

other

fees

2,978

2,852

General

and

administrative

expenses

Total

Expenses

$

37,293

$

37,083

Other

Income

(Expense)

Interest

expense

$

(15,765)

$

(19,118)

Loss

on

derivative

financial

instruments

(408) (831) Loss

on

extinguishment

of

debt

(53) –

Total

Other

Income

(Expense)

$

(16,226)

$

(19,949)

Net

Loss

$

(14,047)

$

(17,392)

Fundrise

MF

JV

1,

LLC

CONSOLIDATED

STATEMENTS

OF

MEMBERS'

EQUITY

See

accompanying

notes

to

consolidated

financial

statements.

(Amounts

in

thousands)

Operating

Member

Investor

Member

Total

Members'

Equity

December

31,

2023

$

18,749

$

168,733

$

187,482

Contributions

8,190

73,710

81,900

Distributions

(7,355)

(66,194)

(73,549)

Net

loss

(1,739)

(15,653)

(17,392)

December

31,

2024

$

17,845

$

160,596

$

178,441

Contributions

11,360

102,240

,

Distributions

(10,477)

(94,289)

(104,766)

Net

loss

(1,404)

(12,643)

(14,047)

December

31,

2025

$

17,324

$

155,904

$

173,228

Fundrise

MF

JV

1,

LLC

CONSOLIDATED

STATEMENTS

OF

CASH

FLOWS

See

accompanying

notes

to

consolidated

financial

statements.

(Amounts

in

thousands)

For

the

Year

Ended

December

31,

2025

For

the

Year

Ended

December

31,

2024

Operating

Activities:

Net

loss

$

(14,047)

$

(17,392)

Adjustments

to

reconcile

net

loss

to

net

cash

provided

by

(used

in)

operating

activities:

Depreciation

and

amortization

15,742

15,527

Amortization

of

deferred

financing

costs

1,000

1,906

Bad

debt

expense

Loss

on

derivative

financial

instruments

831

Loss

on

extinguishment

of

debt

–

Changes

in

assets

and

liabilities:

Net

(increase)

decrease

in

other

assets

(307) (89) Net

increase

(decrease)

in

accounts

payable

and

accrued

expenses

538

(1,177)

Net

increase

(decrease)

in

due

to

related

parties

(36) Net

increase

(decrease)

in

rental

security

deposits

and

other

liabilities

(36) 47

Net

cash

provided

by

(used

in)

operating

activities

$

3,463

$

(215) Investing

Activities:

Capital

expenditures

related

to

rental

real

estate

properties

$

(2,324)

$

(2,105)

Capital

expenditures

related

to

real

estate

held

for

improvement

–

(71) Proceeds

from

sale

of

rental

real

estate

properties

–

500

Net

cash

provided

by

(used

in)

investing

activities

$

(2,324)

$

(1,676)

Financing

Activities:

Repayment

of

mortgages

payable

$

(11,099)

$

(18,401)

Proceeds

from

credit

facility

97,642

66,906

Repayment

of

credit

facility

(95,658)

(57,000)

Payment

of

deferred

financing

costs

(556) (92) Purchase

of

derivative

financial

instrument

(53) (385) Capital

contributions

from

Members

113,600

81,900

Distributions

paid

to

Members

(104,766)

(73,549)

Net

cash

provided

by

(used

in)

financing

activities

$

(890) $

(621) Net

increase

(decrease)

in

cash

and

restricted

cash

$

$

(2,512)

Cash

and

restricted

cash,

beginning

of

year

11,698

14,210

Cash

and

restricted

cash,

end

of

year

$

11,947

$

11,698

Supplemental

Cash

Flow

Disclosures:

Cash

paid

for

interest

$

15,377

$

18,377

Supplemental

Disclosure

of

Non-Cash

Activity:

Change

in

accrual

for

improvements

in

rental

real

estate

properties

$

$

Fundrise

MF

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

December

31,

2025

and

2024

1. Formation

and

Organization

Fundrise

MF

JV

1,

LLC

was

formed

on

January

20,

2021

as

a

Delaware

limited

liability

company

and

is

governed

by

a

limited

liability

company

operating

agreement

(the

"Operating

Agreement").

The

"Company",

"we",

"us",

and

"our"

collectively

refer

to

Fundrise

MF

JV

1,

LLC

and

its

consolidated

subsidiaries

except

where

the

context

otherwise

requires.

The

Company

is

owned

10%

by

Fundrise

Balanced

eREIT

II,

LLC

(the

"Operating

Member")

and

90%

by

Fundrise

Real

Estate

Interval

Fund,

LLC

(the

"Investor

Member")

(collectively

referred

to

as

the

"Members").

The

Operating

Member

serves

as

the

manager

of

the

Company

and

has

responsibility

for

day-to-day

management

and

operations

in

accordance

with

the

approved

plans

and

budgets.

Our

Members

are

externally

managed

by

Fundrise

Advisors,

LLC

(the

"Manager"),

which

is

an

investment

adviser

registered

with

the

Securities

and

Exchange

Commission

("SEC"),

and

a

wholly-owned

subsidiary

of

Rise

Companies

Corp.

(the

"Sponsor").

The

Company

was

organized

primarily

to

originate,

invest

in,

and

manage

a

diversified

portfolio

of

residential

real

estate

investments.

The

Company

substantially

commenced

operations

on

March

5,

2021. As

of

December

31,

2025,

the

Company

owns

seven

multifamily

rental

properties

and

one

parcel

of

entitled

land.

2. Summary

of

Significant

Accounting

Policies

Basis

of

Presentation

The

accompanying

consolidated

financial

statements

have

been

prepared

on

the

accrual

basis

of

accounting

and

conform

to

accounting

principles

generally

accepted

in

the

United

States

of

America

("U.S.

GAAP").

The

Company

has

no

items

of

other

comprehensive

income

or

loss

in

any

period

presented.

Principles

of

Consolidation

We

consolidate

entities

when

we

own,

directly

or

indirectly,

a

majority

interest

in

the

entity

or

are

otherwise

able

to

control

the

entity.

We

consolidate

variable

interest

entities

("VIEs")

in

accordance

with

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

810,

Consolidation,

if

we

are

the

primary

beneficiary

of

the

VIE

as

determined

by

our

power

to

direct

the

VIE's

activities

and

the

obligation

to

absorb

its

losses

or

the

right

to

receive

its

benefits,

which

are

potentially

significant

to

the

VIE.

A

VIE

is

broadly

defined

as

an

entity

with

one

or

more

of

the

following

characteristics:

(a) the

total

equity

investment

at

risk

is

insufficient

to

finance

the

entity's

activities

without

additional

subordinated

financial

support;

(b) as

a

group,

the

holders

of

the

equity

investment

at

risk

lack

(i) the

ability

to

make

decisions

about

the

entity's

activities

through

voting

or

similar

rights,

(ii) the

obligation

to

absorb

the

expected

losses

of

the

entity,

or

(iii) the

right

to

receive

the

expected

residual

returns

of

the

entity;

or

(c) the

equity

investors

have

voting

rights

that

are

not

proportional

to

their

economic

interests,

and

substantially

all

of

the

entity's

activities

either

involve,

or

are

conducted

on

behalf

of,

an

investor

that

has

disproportionately

few

voting

rights.

There

were

no

VIEs

as

of

and

for

the

years

ended

December

31,

2025

and

2024. All

intercompany

accounts

and

transactions

have

been

eliminated

in

consolidation.

Estimates

The

preparation

of

the

consolidated

financial

statements

in

conformity

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

reported

amounts

of

assets

and

liabilities

and

the

disclosures

of

contingent

assets

and

liabilities

at

the

date

of

the

consolidated

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

materially

differ

from

those

estimates.

Cash

Cash

may

at

times

exceed

the

Federal

Deposit

Insurance

Corporation

deposit

insurance

limit

of

$250,000

per

institution.

The

Company

mitigates

credit

risk

by

placing

cash

with

major

financial

institutions.

To

date,

the

Company

has

not

experienced

any

losses

with

respect

to

cash.

Restricted

Cash

Restricted

cash

consists

of

cash

balances

restricted

in

use

by

contractual

obligations

with

third

parties.

This

may

include

funds

escrowed

for

tenant

security

deposits,

real

estate

taxes,

property

insurance,

and

other

escrows

required

by

lenders

on

certain

of

our

properties

to

be

used

for

future

building

renovations

or

tenant

improvements.

Fundrise

MF

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

(CONTINUED)

December

31,

2025

and

2024

Rental

Real

Estate

Properties

and

Real

Estate

Held

for

Improvement

Our

investments

in

real

estate

assets

may

include

the

acquisition

of

unimproved

land

or

multifamily

properties

that

are

(i) held

as

rental

properties

or

(ii) held

for

redevelopment

or

are

in

the

process

of

being

renovated.

In

accordance

with

FASB

ASC

805,

Business

Combinations,

the

Company

first

determines

whether

the

acquisition

of

a

property

qualifies

as

a

business

combination,

which

requires

that

the

assets

acquired

and

liabilities

assumed

constitute

a

business.

If

the

property

acquired

does

not

constitute

a

business,

the

Company

accounts

for

the

transaction

as

an

asset

acquisition.

The

guidance

for

business

combinations

states

that

when

substantially

all

of

the

fair

value

of

the

gross

assets

to

be

acquired

is

concentrated

in

a

single

identifiable

asset

or

group

of

similar

identifiable

assets,

the

asset

or

set

of

assets

is

not

a

business.

All

property

acquisitions

to

date

have

been

accounted

for

as

asset

acquisitions.

Upon

acquisition

of

a

property,

the

Company

assesses

the

fair

value

of

acquired

tangible

and

intangible

assets

(including

land,

buildings,

site

improvements,

above-

and

below-market

leases,

acquired

in-place

leases,

and

other

identified

intangible

assets

and

assumed

liabilities)

and

allocates

the

purchase

price

(including

capitalized

acquisition

costs)

to

the

acquired

assets

and

assumed

liabilities

on

a

relative

fair

value

basis.

The

fair

value

of

the

tangible

assets

of

an

acquired

property

considers

the

value

of

the

property

as

if

it

were

vacant.

During

this

process,

we

also

evaluate

each

investment

for

purposes

of

determining

whether

a

property

can

be

immediately

rented

(presented

on

the

consolidated

balance

sheets

as

"Investments

in

rental

real

estate

properties,

net")

or

will

need

improvements

or

redevelopment

(presented

on

the

consolidated

balance

sheets

as

"Investments

in

real

estate

held

for

improvement").

The

amortization

of

in-place

leases

is

recorded

as

depreciation

and

amortization

expense

on

the

Company's

consolidated

statements

of

operations.

In-place

lease

assets

are

reflected

within

"Other

assets,

net"

in

our

consolidated

balance

sheets.

For

rental

real

estate

properties,

significant

improvements

are

capitalized.

Expenditures

for

ordinary

maintenance

and

repairs

are

expensed

to

operations

as

incurred.

We

capitalize

expenditures

that

improve

or

extend

the

life

of

a

property

and

for

certain

furniture

and

fixtures

additions.

For

real

estate

held

for

improvement,

we

capitalize

the

costs

of

improvement

as

a

component

of

our

investment

in

each

property.

These

include

renovation

costs

and

other

capitalized

costs

associated

with

activities

that

are

directly

related

to

preparing

our

properties

for

their

intended

use.

Other

costs

may

include

interest,

property

taxes,

property

insurance,

and

utilities.

The

capitalization

period

associated

with

our

improvement

activities

begins

at

such

time

that

development

activities

commence

and

concludes

at

the

time

that

a

property

is

available

to

be

rented

or

sold.

Costs

capitalized

in

connection

with

rental

real

estate

property

acquisitions

and

improvement

activities

are

depreciated

over

their

estimated

useful

lives

on

a

straight-line

basis.

The

depreciation

period

commences

upon

the

cessation

of

improvement-related

activities

or

the

month

immediately

following

the

in-service

date.

For

those

costs

capitalized

in

connection

with

rental

real

estate

properties

acquisitions

and

improvement

activities

and

those

capitalized

on

an

ongoing

basis,

the

useful

lives

of

the

assets

are

as

follows:

We

evaluate

our

real

estate

properties

for

impairment

when

there

is

an

event

or

change

in

circumstances

that

indicates

an

impaired

value.

If

the

carrying

amount

of

the

real

estate

investment

is

no

longer

recoverable

and

exceeds

the

fair

value

of

such

investment,

an

impairment

loss

is

recognized.

The

impairment

loss

is

recognized

based

on

the

excess

of

the

carrying

amount

of

the

asset

over

its

fair

value.

If

the

Company

determines

that

an

impairment

has

occurred,

the

affected

assets

must

be

reduced

to

their

fair

value.

For

the

years

ended

December

31,

2025

and

2024,

no

such

impairment

occurred.

Deferred

Financing

Costs

Deferred

financing

costs

are

loan

fees,

capital

markets

fees,

legal

fees

and

other

third-party

costs

associated

with

obtaining

financing.

These

costs

are

amortized

over

the

terms

of

the

respective

financing

agreements

using

a

method

which

approximates

Description

Depreciable

Life

Building

–

years

Building

improvements

–

years

Site

improvements

–

years

Furniture

and

fixtures

–

years

Lease

intangibles

Over

lease

term

Fundrise

MF

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

(CONTINUED)

December

31,

2025

and

2024

the

effective

interest

method.

Deferred

financing

costs

related

to

mortgage

notes

payable

are

recorded

as

a

reduction

to

the

related

debt

on

the

accompanying

consolidated

balance

sheets.

Deferred

financing

costs

related

to

loan

advances

on

the

credit

facility

are

recorded

within

"Other

assets,

net"

on

the

accompanying

consolidated

balance

sheets.

The

amortization

of

deferred

financing

costs

is

recorded

within

"Interest

expense"

on

the

accompanying

consolidated

statements

of

operations.

Income

Taxes

The

Company

is

treated

as

a

pass-through

entity

for

U.S.

federal

and

most

state

income

tax

purposes

and,

as

such,

is

not

subject

to

income

taxes

at

the

entity

level.

Rather,

the

distributive

share

of

all

items

of

income,

gain,

loss,

deduction,

or

credit

is

passed

through

to

the

Members

and

reported

on

their

respective

tax

returns.

The

Company's

federal

tax

status

as

a

pass-through

entity

is

based

on

its

default

classification

as

a

limited

liability

company

with

more

than

one

member,

that

is

treated

as

a

partnership.

The

Company

assessed

all

of

the

tax

positions

it

intends

to

take,

both

routine

and

those

with

a

greater

level

of

uncertainty,

and

determined

that

no

unrecognized

tax

benefits

are

required

to

be

recorded.

For

the

open

tax

periods,

the

Company

has

no

uncertain

tax

positions

that

would

require

recognition

in

the

consolidated

financial

statements.

The

Company

files

various

federal,

state,

and

local

tax

returns

within

the

United

States.

No

returns

are

currently

under

examination;

however,

the

statute

of

limitations

of

the

Company's

federal

tax

returns

generally

remains

open

three

years

after

the

date

of

filing

(state

and

local

tax

returns

may

remain

open

for

an

additional

year

depending

upon

the

jurisdiction).

The

Company

has

one

taxable

real

estate

investment

trust

("REIT")

subsidiary

("TRS").

The

TRS

is

subject

to

federal

and

state

income

taxes

under

rules

generally

applicable

to

C

corporations.

The

TRS's

income

tax

expense

or

benefit

was

not

material

to

the

financial

statements

for

the

years

ended

December

31,

2025

and

2024,

and

accordingly,

is

not

separately

presented.

As

of

December

31,

2025

and

2024,

the

TRS

had

no

material

deferred

tax

assets

or

liabilities.

Revenue

Recognition

Rental

and

other

property

revenues

are

accounted

for

in

accordance

with

ASC

842,

Leases.

Accordingly,

lease

revenue

is

excluded

from

the

scope

of

ASC

606,

Revenue

from

Contracts

with

Customers.

Rental

and

other

property

revenues

are

recognized

when

due

from

tenants

and

recorded

monthly

as

earned

in

accordance

with

the

terms

of

the

lease

agreements.

Other

property

revenue

consists

primarily

of

administrative,

application,

and

other

fees

associated

with

tenant

activities.

Rental

payments

received

in

advance

are

deferred

and

recorded

as

"Rental

security

deposits

and

other

liabilities"

on

the

consolidated

balance

sheets

until

earned.

In

accordance

with

ASC

842,

the

Company

considers

the

impact

of

lease

incentives

and

rental

concessions

when

accounting

for

rental

income.

Rental

income

is

recognized

on

a

straight-line

basis

over

the

term

of

the

lease

when

collection

is

considered

probable,

which

may

result

in

the

recording

of

unbilled

rent

receivables

or

liabilities.

Unbilled

rent

receivables

related

to

straight-

line

adjustments

are

included

in

"Other

assets,

net"

on

our

consolidated

balance

sheets.

We

periodically

assess

the

collectability

of

tenant

receivables

and

recognize

an

allowance

for

doubtful

accounts

for

any

estimated

probable

losses.

Consistent

with

ASC

842,

the

Company

recognizes

rental

revenue

only

to

the

extent

that

collection

is

probable.

Amounts

deemed

uncollectible

are

reflected

as

a

reduction

of

rental

revenue

rather

than

as

an

operating

expense.

Lease

agreements

for

apartment

units

and

townhomes

are

generally

structured

as

approximately

one-year

leases,

with

renewal

options

available

on

an

annual

or

month-to-month

basis

subject

to

mutual

agreement.

Recent

Accounting

Pronouncements

In

November

2023,

the

FASB

issued

Accounting

Standards

Update

("ASU")

2023-07,

Segment

Reporting

(Topic

280):

Improvements

to

Reportable

Segment

Disclosures

.

This

guidance

enhances

segment

disclosure

requirements,

including

requiring

disclosure

of

significant

segment

expenses

that

are

regularly

provided

to

the

chief

operating

decision

maker

("CODM").

The

guidance

is

effective

for

public

business

entities

for

fiscal

years

beginning

after

December

15,

2023

and

interim

periods

beginning

after

December

15,

2024,

and

is

required

to

be

applied

retrospectively.

The

Company

adopted

ASU

2023-07

effective

January

1,

2024. The

adoption

of

this

guidance

resulted

in

additional

segment-related

disclosures

but

did

not

have

a

material

impact

on

the

Company's

consolidated

financial

statements.

In

December

2023,

the

FASB

issued

ASU

2023-09,

Income

Taxes

(Topic

740):

Improvements

to

Income

Tax

Disclosures

.

This

guidance

enhances

the

transparency

and

usefulness

of

income

tax

disclosures

by

requiring

entities

to

provide

additional

information

about

income

taxes

paid,

including

disaggregation

by

federal,

state,

and

foreign

jurisdictions,

as

well

as

further

detail

on

the

Fundrise

MF

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

(CONTINUED)

December

31,

2025

and

2024

effective

tax

rate

reconciliation.

The

guidance

is

effective

for

public

business

entities

for

annual

reporting

periods

beginning

after

December

15,

2024,

with

early

adoption

permitted.

The

Company

adopted

ASU

2023-09

effective

January

1,

2025. The

adoption

of

this

guidance

did

not

have

a

material

impact

on

the

Company's

consolidated

financial

statements

or

related

disclosures.

In

November

2024,

the

FASB

issued

ASU

2024-03,

Income

Statement—Reporting

Comprehensive

Income—Expense

Disaggregation

Disclosures

(Subtopic

220-40):

Disaggregation

of

Income

Statement

Expenses

.

This

guidance

requires

public

business

entities

to

disclose,

in

a

tabular

format,

disaggregated

information

about

certain

expense

categories

presented

on

the

face

of

the

income

statement,

including

depreciation,

employee

compensation,

interest

expense,

and

other

specified

expense

items.

The

guidance

is

effective

for

annual

reporting

periods

beginning

after

December

15,

2026

and

interim

reporting

periods

beginning

after

December

15,

2027,

with

early

adoption

permitted.

The

Company

is

currently

evaluating

the

impact

that

the

adoption

of

this

guidance

will

have

on

its

consolidated

financial

statements

and

disclosures.

The

Company

does

not

expect

the

adoption

of

any

other

recently

issued

accounting

standards

to

have

a

material

impact

on

its

consolidated

financial

statements.

3. Investments

in

Real

Estate

Rental

Real

Estate

Properties

The

following

table

presents

the

Company's

investments

in

rental

real

estate

properties,

net

(amounts

in

thousands):

As

of

December

31,

2025

and

2024,

the

carrying

amount

of

the

rental

real

estate

properties

above

included

cumulative

capitalized

acquisition

costs

of

approximately

$7.4

million,

which

includes

cumulative

acquisition

fees

paid

to

the

Sponsor

of

approximately

$4.7

million.

For

the

years

ended

December

31,

2025

and

2024,

the

Company

recognized

approximately

$15.8

million

and

$15.5

million,

respectively,

of

depreciation

expense

on

rental

real

estate

properties.

Real

Estate

Held

for

Improvement

The

following

table

presents

the

Company's

investments

in

real

estate

held

for

improvement

(amounts

in

thousands)

:

As

of

December

31,

2025

and

2024,

real

estate

held

for

improvement

included

capitalized

acquisition

costs

of

approximately

$67,000,

which

includes

cumulative

acquisition

fees

paid

to

the

Sponsor

of

approximately

$51,000.

4. Other

Assets

The

balance

in

other

assets,

net

consists

of

the

following

(amounts

in

thousands)

:

As

of

December

31,

2025

As

of

December

31,

2024

Land

and

land

improvements

$

81,983

$

80,928

Building

and

building

improvements

380,429

379,650

Furniture,

fixtures

and

equipment

14,289

13,621

Total

gross

investments

in

rental

real

estate

properties

$

476,701

$

474,199

Less:

Accumulated

depreciation

(67,297)

(51,555)

Total

investments

in

rental

real

estate

properties,

net

$

409,404

$

422,644

As

of

December

31,

2025

As

of

December

31,

2024

Land

$

5,128

$

5,128

Work

in

progress

2,419

2,419

Total

investments

in

real

estate

held

for

improvement

$

7,547

$

7,547

As

of

December

31,

2025

As

of

December

31,

2024

Prepaid

and

other

expenses

$

654

$

672

Deferred

rent

concessions,

net

665

Deferred

financing

costs,

net

Tenant

and

other

receivables,

net

Total

other

assets,

net

$

1,551

$

1,525

Fundrise

MF

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

(CONTINUED)

December

31,

2025

and

2024

For

the

years

ended

December

31,

2025

and

2024,

amortization

of

deferred

rent

concessions

was

approximately

$959,000

and

$751,000,

respectively,

and

is

included

in

"Rental

and

other

property

revenue"

in

the

consolidated

statements

of

operations.

For

the

years

ended

December

31,

2025

and

2024,

amortization

expense

on

deferred

financing

costs,

related

to

the

Credit

Facility,

was

approximately

$728,000

and

$1.5

million,

respectively,

and

is

included

in

"Interest

expense"

in

the

consolidated

statements

of

operations.

As

of

December

31,

2025

and

2024,

tenant

receivables

were

recorded

net

of

an

allowance

for

credit

losses

of

approximately

$30,000

and

$39,000,

respectively.

For

the

years

ended

December

31,

2025

and

2024,

the

Company

recorded

approximately

$107,000

and

$168,000,

respectively,

in

bad

debt

expense

which

is

included

as

a

reduction

to

"Rental

and

other

property

revenue"

in

the

consolidated

statements

of

operations.

5. Credit

Facility

On

March

9,

2022,

Fundrise

MF

Facility

Borrower,

LLC

(the

"Borrower"),

a

consolidated

subsidiary

of

the

Company,

executed

an

agreement

for

a

revolving

credit

facility

with

an

initial

commitment

of

$125.0

million

and

a

maximum

commitment

capacity

available

to

the

Company

of

up

to

$400.0

million,

secured

by

real

property

owned

by

the

Borrower's

subsidiaries

(the

"Credit

Facility").

The

Credit

Facility

was

amended

on

May

18,

2022

to

increase

the

commitment

amount

to

$175.0

million.

The

Credit

Facility

was

further

amended

on

February

25,

2025

and

December

31,

2025

to

revise

the

minimum

quarterly

debt

yield

requirement

and

update

the

definition

of

certain

business

terms

in

the

agreement.

The

Credit

Facility

bears

interest

at

the

secured

overnight

financing

rate

("SOFR"),

with

a

0%

floor,

plus

an

applicable

margin

that

ranges

from

0.75%

to

1.75%.

The

Credit

Facility

calls

for

monthly

interest

payments

for

the

entire

term

of

the

loan

and

a

principal

balloon

payment

due

at

maturity.

The

Credit

Facility

had

an

initial

maturity

date

of

March

9,

2025,

with

two

twelve-month

extension

options

available

at

our

discretion,

subject

to

meeting

certain

requirements.

One

twelve-month

extension

was

exercised,

effective

March

9,

2025,

and

the

Credit

Facility

now

has

a

maturity

date

of

March

9,

2026. Management

has

the

intent

and

ability

to

satisfy

the

upcoming

maturity

by

exercising

its

second

extension

option

available

under

the

Credit

Facility.

For

the

years

ended

December

31,

2025

and

2024,

we

incurred

interest

expense

of

approximately

$9.0

million

and

$9.9

million,

respectively,

on

the

outstanding

principal.

As

of

December

31,

2025

and

2024,

approximately

$24,000

and

$82,000,

respectively,

of

interest

was

payable

to

the

lender,

and

is

included

in

"Accounts

payable

and

accrued

expenses"

in

the

consolidated

balance

sheets.

The

Credit

Facility

contains

a

requirement

for

monitoring

of

the

Credit

Facility's

borrowing

base

availability.

The

borrowing

base

availability

is

the

maximum

amount

that

is

allowed

to

be

outstanding

on

the

Credit

Facility.

As

part

of

the

quarterly

reporting

and

as

of

December

31,

2024,

the

calculated

borrowing

base

availability

fell

below

the

outstanding

balance

of

the

Credit

Facility

by

approximately

$2.9

million.

When

this

situation

occurs,

we

are

required

to

make

a

payment

to

reduce

the

Credit

Facility

balance

so

that

the

outstanding

balance

of

the

Credit

Facility

is

equal

to

or

below

the

borrowing

base

availability.

This

payment

is

required

to

be

made

by

the

date

that

the

quarterly

borrowing

base

availability

certification

is

due

to

the

lender.

This

is

not

an

event

of

default

of

the

loan,

and

the

borrowing

base

availability

will

continue

to

be

monitored

on

a

quarterly

basis.

The

borrowing

base

shortfall

identified

as

of

December

31,

2024

was

cured

during

the

year

ended

December

31,

2025,

and

no

borrowing

base

deficiency

existed

as

of

December

31,

2025. The

Credit

Facility

contains

various

financial

and

non-financial

covenants.

Included

in

these

covenants

are

general

liquidity

and

net

worth

requirements

for

the

Borrower

and

the

Operating

Member.

The

Operating

Member,

the

Borrower,

and

its

consolidated

subsidiaries

are

guarantors

of

the

loan,

under

certain

circumstances

outlined

in

the

Credit

Facility

agreement.

These

guarantees

are

limited

to

standard

lender

protection

clauses

in

the

remote

likelihood

of

wrongful

action

on

the

part

of

our

subsidiaries.

No

amounts

have

been

accrued

by

the

Company

as

a

loss

contingency

related

to

these

guarantees

as

of

December

31,

2025

and

2024

because

payment

by

the

Company

is

not

probable.

As

of

December

31,

2025

and

2024,

the

Borrower

and

Operating

Member

were

in

compliance

with

all

financial

and

non-financial

covenants

per

the

Credit

Facility

agreement.

Fundrise

MF

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

(CONTINUED)

December

31,

2025

and

2024

The

following

is

a

summary

of

the

credit

facility

secured

by

the

Company's

properties

as

of

December

31,

2025

and

2024

(amounts

in

thousands):

The

following

table

presents

the

future

principal

payments

due

under

the

Company's

credit

facilities

as

of

December

31,

2025

(amounts

in

thousands):

6. Mortgages

Payable

The

following

is

a

summary

of

the

mortgage

notes

secured

by

the

Company's

properties

as

of

December

31,

2025

and

2024

(amounts

in

thousands):

For

the

years

ended

December

31,

2025

and

2024,

the

Borrowers

on

the

above

mortgages

payable

incurred

interest

expense

of

approximately

$6.1

million

and

$8.4

million,

respectively.

Approximately

$479,000

and

$539,000

of

current

interest

was

payable

as

of

December

31,

2025

and

2024,

respectively,

which

is

included

within

"Accounts

payable

and

accrued

expenses"

on

the

consolidated

balance

sheets.

For

the

years

ended

December

31,

2025

and

2024,

amortization

of

deferred

financing

costs

for

mortgages

payable

was

approximately

$272,000

and

$388,000,

respectively,

and

is

included

in

"Interest

expense"

in

the

consolidated

statements

of

operations.

Borrower

Commitment

Amount

(1) Maturity

Date

Interest

Rate

Balance

as

of

December

31,

2025

(2)(3)

Balance

as

of

December

31,

2024

(2)(3)

Fundrise

MF

Facility

Borrower,

LLC

$

175,000

03/09/2026

SOFR

(0%

floor)

+

1.75%

margin

benchmark

rate

or

0.75%

base

rate

$

155,152

$

153,169

(1) As

of

December

31,

2025

and

2024,

the

commitment

amount

is

$175.0

million,

with

a

maximum

commitment

capacity

available

to

the

Borrower

of

up

to

$400.0

million.

(2) The

balances

as

of

December

31,

2025

and

2024

exclude

gross

deferred

financing

costs

of

approximately

$4.7

million

and

$4.1

million,

respectively.

These

deferred

financing

costs,

net

of

accumulated

amortization,

are

included

in

"Other

assets,

net"

on

the

consolidated

balance

sheets.

No

deferred

financing

costs

were

payable

as

of

December

31,

2025

and

2024. (3) As

of

December

31,

2025

and

2024,

the

Credit

Facility

was

secured

by

real

estate

investments

in

and

multifamily

rental

properties,

respectively.

A

mortgage

note

held

by

FRMF

-

MYRTLE,

LLC

in

the

amount

of

approximately

$11.1

million

was

refinanced

onto

the

Credit

Facility

during

the

year

ended

December

31,

2025. Year

Amount

2026

$

155,152

2027

–

2028

–

2029

–

2030

and

thereafter

–

Total

$

155,152

Borrower

(1)(2)

Loan

Amount

Effective

Date

Maturity

Date

Interest

Rate

Balance

as

of

December

31,

2025

Balance

as

of

December

31,

2024

FRMF-ODESSA,

LLC

$

64,501

12/31/2021

12/30/2031

SOFR

+

2.31%

$

64,501

$

64,501

FRMF-MYRTLE,

LLC

(3)(4)

29,500

06/30/2022

06/30/2025

SOFR

+

1.80%

–

11,099

FRMF-GTOWN-OPS,

LP

32,318

07/21/2023

08/01/2028

5.21%

32,318

32,318

Total

gross

mortgages

payable

$

96,819

$

107,918

Less:

deferred

financing

costs,

net

(888) (1,213)

Total

mortgages

payable,

net

$

95,931

$

106,705

(1) Each

loan

was

entered

into

or

assumed

by

a

wholly

owned

subsidiary

(each

a

Borrower)

of

the

Company.

Each

Borrower

is

a

separate

legal

entity

from

its

affiliates

and

therefore

the

assets

and

credit

of

each

Borrower

are

not

available

to

satisfy

the

debts

and

other

obligations

of

any

affiliates

or

any

other

entity.

The

Operating

Member

is

the

guarantor,

under

certain

circumstances

outlined

in

the

agreements,

of

each

of

the

loans

above.

(2) The

loan

calls

for

interest-only

payments

for

the

entire

term

of

the

loan

and

a

principal

balloon

payment

at

maturity,

with

no

options

to

extend.

(3) During

the

year

ended

December

31,

2024,

the

FRMF-MYRTLE,

LLC

loan

was

partially

repaid

in

the

amount

of

approximately

$18.4

million.

No

penalty

was

assessed

as

a

result

of

this

prepayment.

(4) During

the

year

ended

December

31,

2025,

the

FRMF-MYRTLE,

LLC

loan

was

fully

repaid

in

the

amount

of

approximately

$11.1

million

and

subsequently

refinanced

onto

the

Credit

Facility

(see

Note

5).

Approximately

$53,000

of

unamortized

deferred

financing

costs

were

written

off

upon

repayment,

which

was

recorded

as

"Loss

on

extinguishment

of

debt"

in

our

consolidated

statements

of

operations.

Fundrise

MF

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

(CONTINUED)

December

31,

2025

and

2024

The

mortgage

notes

contain

various

financial

and

non-financial

covenants.

Included

in

these

covenants

are

general

liquidity,

net

worth,

and

contingent

liability

requirements

for

the

Company

and

Operating

Member.

As

of

December

31,

2025

and

2024,

the

Company

and

Operating

Member

were

in

compliance

with

all

financial

and

non-financial

covenants

per

the

mortgage

notes.

The

following

table

presents

the

future

principal

payments

due

under

the

Company's

mortgage

notes

as

of

December

31,

2025

(amounts

in

thousands):

7. Derivative

Financial

Instruments

Effective

December

29,

2021,

we

entered

into

an

interest

rate

cap

agreement

with

a

notional

amount

of

approximately

$64.5

million

and

a

strike

rate

of

3.69%

to

manage

our

exposure

to

interest

rate

risk

on

the

FRMF-ODESSA,

LLC

variable

rate

debt

(see

Note

6).

The

initial

interest

rate

cap

agreement

matured

on

January

1,

2025. During

the

years

ended

December

31,

2025

and

2024,

we

paid

approximately

$53,000

and

$385,000,

respectively,

to

replace

the

interest

rate

cap

agreement

with

the

same

notional

amount

and

strike

rate

and

to

extend

the

maturity

date

to

January

1,

2027. The

interest

rate

caps

are

not

for

trading

or

other

speculative

purposes.

We

have

not

designated

the

interest

rate

caps

as

cash

flow

hedges,

therefore

the

derivatives

do

not

qualify

for

hedge

accounting.

Accordingly,

changes

in

the

fair

value

of

the

interest

rate

caps

are

recognized

immediately

through

earnings.

For

the

years

ended

December

31,

2025

and

2024,

we

recognized

changes

in

the

fair

values

of

the

interest

rate

caps

of

approximately

$(408,000)

and

$(831,000),

respectively,

recorded

as

"Loss

on

derivative

financial

instruments"

in

our

consolidated

statements

of

operations.

For

the

years

ended

December

31,

2025

and

2024,

we

recognized

aggregate

income

of

approximately

$406,000

and

$1.0

million,

respectively,

related

to

the

interest

rate

caps,

which

are

recorded

as

a

reduction

to

"Interest

expense"

in

our

consolidated

statements

of

operations.

As

of

December

31,

2025

and

2024,

approximately

$18,000

and

$54,000,

respectively,

of

interest

rate

cap

income

was

payable

to

the

Company

and

was

recorded

net

of

the

related

accrued

interest

expense

within

"Accounts

payable

and

accrued

expenses"

on

the

consolidated

balance

sheets.

The

fair

value

of

our

derivatives

is

estimated

based

on

observable

market

inputs,

such

as

interest

rates,

term

to

maturity,

and

volatility,

as

well

as

unobservable

inputs,

such

as

estimates

of

current

credit

spreads.

The

fair

value

of

our

derivatives

as

of

December

31,

2025

and

2024

is

shown

below

(amounts

in

thousands):

8. Fair

Value

of

Financial

Instruments

We

are

required

to

disclose

an

estimate

of

fair

value

of

our

financial

instruments

for

which

it

is

practicable

to

estimate

the

value.

The

fair

value

of

a

financial

instrument

is

the

price

that

would

be

received

to

sell

an

asset

or

would

be

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

For

certain

of

our

financial

instruments,

fair

values

are

not

readily

available

since

there

are

no

active

trading

markets

as

characterized

by

current

exchanges

by

market

participants.

We

determine

the

fair

value

of

certain

investments

in

accordance

with

the

fair

value

hierarchy

that

requires

an

entity

to

maximize

the

use

of

observable

inputs.

The

fair

value

hierarchy

includes

the

following

three

levels

based

on

the

objectivity

of

the

inputs,

which

were

used

for

categorizing

the

assets

or

liabilities

for

which

fair

value

is

being

measured

and

reported:

Level

–

Quoted

market

prices

in

active

markets

for

identical

assets

or

liabilities.

Year

Amount

2026

$

–

2027

–

2028

32,318

2029

–

2030

and

thereafter

64,501

Total

$

96,819

Derivative

Instrument

Notional

Amount

Effective

Date

Maturity

Date

Fair

Value

as

of

December

31,

2025

Fair

Value

as

of

December

31,

2024

Interest

rate

cap

$

64,501

12/29/2021

01/01/2025

$

–

$

Interest

rate

cap

64,501

01/01/2025

01/01/2026

Interest

rate

cap

64,501

01/01/2026

01/01/2027

–

Fundrise

MF

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

(CONTINUED)

December

31,

2025

and

2024

Level

–

Significant

other

observable

inputs

(e.g.,

quoted

prices

for

similar

items

in

active

markets,

quoted

prices

for

identical

or

similar

items

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

such

as

interest

rate

and

yield

curves,

and

market-corroborated

inputs).

Level

–

Valuation

generated

from

model-based

techniques

that

use

inputs

that

are

significant

and

unobservable

in

the

market.

These

unobservable

assumptions

reflect

estimates

of

inputs

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Valuation

techniques

include

use

of

option

pricing

models,

discounted

cash

flow

methodologies

or

similar

techniques,

which

incorporate

management's

own

estimates

of

assumptions

that

market

participants

would

use

in

pricing

the

instrument

or

valuations

that

require

significant

management

judgment

or

estimation.

As

of

December

31,

2025

and

2024,

the

Company's

significant

financial

instruments

consist

of

cash,

restricted

cash,

derivative

financial

instruments,

mortgages

payable,

and

the

outstanding

principal

on

the

Credit

Facility.

The

carrying

amount

of

the

Company's

cash

and

restricted

cash

as

of

December

31,

2025

and

2024

approximates

fair

value

due

to

its

short-term

nature.

The

only

assets

or

liabilities

as

of

December

31,

2025

and

2024

that

are

recorded

at

fair

value

on

a

recurring

basis

are

the

derivative

financial

instruments.

As

of

December

31,

2025

and

2024,

management

estimated

the

fair

value

of

our

derivative

financial

instruments

to

be

approximately

$52,000

and

$407,000,

respectively.

We

classify

this

fair

value

measurement

as

Level

as

we

use

significant

other

observable

inputs

such

as

interest

rate,

term

to

maturity,

and

volatility.

As

of

December

31,

2025

and

2024,

the

Credit

Facility

outstanding

principal

carrying

value

was

approximately

$155.2

million

and

$153.2

million,

respectively,

and

the

aggregate

fair

value

approximated

its

carrying

value.

The

fair

value

of

our

borrowings

under

variable

rate

agreements

are

estimated

using

a

present

value

technique

based

on

expected

cash

flows

discounted

using

the

current

market

rates

(Level

3).

As

of

December

31,

2025

and

2024,

the

mortgages

payable

outstanding

principal

carrying

value

was

approximately

$96.8

million

and

$107.9

million,

respectively,

and

the

aggregate

fair

value

approximated

its

carrying

value.

We

classify

the

mortgage

payable

fair

value

measurements

as

Level

as

we

use

significant

unobservable

inputs

and

management

judgment.

The

methods

utilized

generally

included

a

discounted

cash

flow

method

(an

income

approach)

and

recent

investment

method

(a

market

approach).

Significant

inputs

and

assumptions

include

the

market-based

interest

or

preferred

return

rate,

loan

to

value

ratios,

and

expected

repayment

and

prepayment

dates.

Any

changes

to

the

valuation

methodology

will

be

reviewed

by

management

to

ensure

the

changes

are

appropriate.

The

methods

used

may

produce

a

fair

value

calculation

that

is

not

indicative

of

net

realizable

value

or

reflective

of

future

fair

values.

Furthermore,

while

we

anticipate

that

our

valuation

methods

are

appropriate

and

consistent

with

other

market

participants,

the

use

of

different

methodologies,

or

assumptions,

to

determine

the

fair

value

could

result

in

a

different

estimate

of

fair

value

at

the

reporting

date.

9. Members'

Equity

Capital

contributions

are

required

from

the

Members

on

a

pro

rata

basis

as

defined

in

the

Operating

Agreement.

For

the

years

ended

December

31,

2025

and

2024,

incremental

capital

contributions

totaled

approximately

$113.6

million

and

$81.9

million,

respectively.

Distributions

shall

be

made

to

the

Operating

Member

and

the

Investor

Member

pro

rata

in

proportion

to

their

respective

ownership

percentages.

For

the

years

ended

December

31,

2025

and

2024,

the

Company's

total

distributions

declared

to

Members

were

approximately

$104.8

million

and

$73.5

million,

respectively.

No

distributions

were

payable

as

of

December

31,

2025

and

2024. The

Company's

net

income

or

loss

is

allocated

to

the

Operating

Member

and

Investor

Member

pro

rata

in

proportion

to

their

respective

ownership

percentages.

Fundrise

MF

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

(CONTINUED)

December

31,

2025

and

2024

10. Property

Management

Agreements

In

connection

with

our

investments

in

rental

real

estate

properties,

the

Company

has

entered

into

various

property

management

agreements

with

third-party

service

providers

to

lease

and

manage

the

underlying

assets.

Property

management

fees

are

generally

calculated

as

a

percentage

of

gross

rental

receipts

and

certain

fees

collected

from

tenants,

subject

to

a

minimum

management

fee

as

defined

in

the

property

management

agreements.

For

the

years

ended

December

31,

2025

and

2024,

the

Company

incurred

property

management

fees

of

approximately

$990,000

and

$1.0

million,

respectively,

which

are

included

in

"Property

operations

and

maintenance"

expense

on

the

accompanying

consolidated

statements

of

operations.

Approximately

$81,000

and

$84,000

of

property

management

fees

were

payable

as

of

December

31,

2025

and

2024,

respectively,

and

are

included

within

"Accounts

payable

and

accrued

expenses"

on

the

consolidated

balance

sheets.

11. Related

Party

Transactions

Operating

Expenses

Under

the

terms

of

the

Operating

Agreement,

the

Company

shall

pay

or

reimburse

the

Operating

Member

and

its

affiliates

for

expenses

incurred

on

our

behalf

that

are

directly

related

to

the

operation,

maintenance,

and

administration

of

the

Company.

For

the

years

ended

December

31,

2025

and

2024,

the

Operating

Member

and

its

affiliates

incurred

approximately

$100,000

and

$203,000,

respectively,

of

reimbursable

operating

costs

on

our

behalf.

As

of

December

31,

2025

and

2024,

approximately

$10,000

and

$15,000,

respectively,

in

such

fees

were

payable

to

the

Operating

Member

and

its

affiliates.

Affiliate

Service

Agreement

Effective

January

1,

2022,

the

Company

entered

into

a

real

estate

services

agreement

(the

"Service

Agreement")

with

Fundrise

Real

Estate,

LLC,

a

subsidiary

of

the

Sponsor.

The

Service

Agreement

outlines

various

services

Fundrise

Real

Estate,

LLC

agrees

to

perform

as

an

independent

contractor

on

a

non-exclusive

basis,

including

but

not

limited

to

real

estate

asset

management,

acquisition

and

disposition

services,

capital

markets

services,

debt

servicing,

and

development

and

entitlement

services.

Compensation

for

such

services

will

be

paid

to

Fundrise

Real

Estate,

LLC,

or

its

parent

on

its

behalf,

as

described

in

the

Service

Agreement.

For

the

years

ended

December

31,

2025

and

2024,

the

Company

incurred

development

fees

of

approximately

$0

and

$1,000,

respectively,

which

are

capitalized

in

accordance

with

our

accounting

policies

(see

Note

2)

and

included

within

"Investments

in

real

estate

held

for

improvement"

on

the

accompanying

consolidated

balance

sheets.

As

of

December

31,

2025

and

2024,

there

were

no

development

fees

payable

to

Fundrise

Real

Estate,

LLC. For

the

years

ended

December

31,

2025

and

2024,

the

Company

incurred

real

estate

asset

management

fees

of

approximately

$2.6

million

and

$2.5

million,

respectively,

and

debt

servicing

fees

of

approximately

$371,000

and

$393,000,

respectively,

which

are

both

included

in

"Asset

management

and

other

fees"

on

the

accompanying

consolidated

statements

of

operations.

As

of

December

31,

2025

and

2024,

approximately

$253,000

and

$242,000,

respectively,

in

such

fees

were

payable

to

Fundrise

Real

Estate,

LLC,

and

are

included

within

"Due

to

related

parties"

on

the

accompanying

consolidated

balance

sheets.

12. Segment

Reporting

An

operating

segment

is

a

component

of

a

public

business

entity

that

engages

in

activities

from

which

it

may

earn

revenues

and

incur

expenses

and

has

discrete

financial

information

available

that

is

regularly

reviewed

by

the

CODM.

The

management

committee

of

the

Manager

acts

as

the

Company's

CODM

by

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Company

has

a

single

operating

and

reportable

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Company

as

a

whole,

and

that

our

long-term

strategic

asset

allocation

is

based

on

a

defined

investment

strategy

which

is

executed

by

the

Company's

portfolio

management

team.

The

CODM

utilizes

net

income/(loss)

as

the

primary

measure

to

evaluate

performance

of

the

Company.

The

CODM

does

not

regularly

review

disaggregated

expense

information

beyond

that

presented

in

the

consolidated

statements

of

operations.

Accordingly,

the

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Company's

consolidated

financial

statements.

If

the

CODM's

method

of

evaluating

performance

changes,

the

Company

will

reassess

its

segment

reporting

in

accordance

with

ASC

280. Fundrise

MF

JV

1,

LLC

NOTES

TO

CONSOLIDATED

FINANCIAL

STATEMENTS

(CONTINUED)

December

31,

2025

and

2024

13. Commitments

and

Contingencies

Litigation

In

the

ordinary

course

of

business,

we

may

become

subject

to

litigation

or

claims.

As

of

December

31,

2025

and

2024,

there

were

no

material

pending

legal

proceedings

to

which

the

Company

is

a

party.

14. Subsequent

Events

In

connection

with

the

preparation

of

the

accompanying

consolidated

financial

statements,

we

have

determined

that

there

are

no

events

or

transactions

that

have

occurred

through

February

25,

2026

that

require

recognition

or

disclosure

herein.