# EDGAR Filing Document

**Accession Number:** 0001660919
**File Stem:** 0001104659-26-053087
**Filing Date:** 2026-4
**Character Count:** 189967
**Document Hash:** af75dcc2bc0be445b052122b00faef89
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-053087.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001104659-26-053087

**CONFORMED SUBMISSION TYPE**: 1-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fundrise West Coast Opportunistic REIT, LLC
- **CENTRAL INDEX KEY:** 0001660919
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 352546939
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00044
- **FILM NUMBER:** 26926655

**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:** Fundrise California Opportunistic Multifamily, LLC
- **DATE OF NAME CHANGE:** 20151214

## Part

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 1-K**

**ANNUAL REPORT PURSUANT TO REGULATION A OF THE SECURITIES ACT OF 1933**

**For the Fiscal Year ended December 31, 2025**

**Fundrise West Coast Opportunistic REIT, LLC**

(Exact name of issuer as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **35-2546939** |
| (State or other jurisdiction of<br> incorporation or organization) | (I.R.S. Employer<br> Identification No.) |
| **11 Dupont Circle NW, 9th Floor, Washington, DC** <br> (Address of Principal Executive Offices) | **20036**<br> (Zip Code) |

---

**(202) 584-0550** <br> Issuer's telephone number, including area code

**Common Shares**

(Title of each class of securities issued pursuant to Regulation A)

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Statements Regarding Forward-Looking Information](#a_001) | [1](#a_001) |
| [Business](#a_008) | [1](#a_008) |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#a_009) | [4](#a_009) |
| [Directors and Officers](#a_010) | [10](#a_010) |
| [Security Ownership of Management and Certain Securityholders](#a_011) | [12](#a_011) |
| [Interest of Management and Others in Certain Transactions](#a_012) | [12](#a_012) |
| [Other Information](#a_013) | [12](#a_013) |
| [Index to Consolidated Financial Statements of Fundrise West Coast Opportunistic REIT, LLC](#a_007) | [13](#a_007) |
| [Exhibits](#a_015) | [14](#a_015) |

---

**Part II.**

**STATEMENTS REGARDING FORWARD-LOOKING INFORMATION**

We make statements in this Annual Report on Form 1-K (this "Annual Report") that are forward-looking statements. The words "outlook," "believe," "estimate," "potential," "projected," "expect," "anticipate," "intend," "plan," "seek," "may," "could" and similar expressions or statements regarding future periods are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any predictions of future results, performance or achievements that we express or imply in this Annual Report or in the information incorporated by reference into this Annual Report.

The forward-looking statements included in this Annual Report are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements. These risk factors and uncertainties which could have a material adverse effect on our operations and future prospects, along with others, are detailed under the heading "Risk Factors" in our latest offering circular (the "Offering Circular") filed by Fundrise West Coast Opportunistic REIT, LLC (the "Company") with the Securities and Exchange Commission ("SEC"), which may be accessed [here](https://www.sec.gov/Archives/edgar/data/1660919/000110465920093088/tm2027191d1_253g2.htm#s_005) (beginning on page 29) and may be updated from time to time by our future filings under Regulation A ("Regulation A") of the Securities Act of 1933, as amended (the "Securities Act"). In addition, new risks may emerge at any time and we cannot predict such risks or estimate the extent to which they may affect our financial performance. These risks could result in a decrease in the value of our common shares.

Any of the assumptions underlying forward-looking statements could be inaccurate. You are cautioned not to place undue reliance on any forward-looking statements included in this Annual Report. All forward-looking statements are made as of the date of this Annual Report and the risk that actual results will differ materially from the expectations expressed in this Annual Report will increase with the passage of time. We undertake no obligation to publicly update or revise any forward-looking statements after the date of this Annual Report, whether as a result of new information, future events, changed circumstances or any other reason. In light of the significant uncertainties inherent in the forward-looking statements included in this Annual Report, including, without limitation, the risks described under "Risk Factors," the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this Annual Report will be achieved.

**Item 1. Business**

Note: The information in this Item and elsewhere in this Form 1-K relates to our operations in 2025 and, as the context requires, through the date of the Merger described below.

**Merger**

Effective April 29, 2026, the Company merged (the "Merger") into Fundrise eREIT, LLC (the "Fundrise eREIT"). In connection with the Merger, the Fundrise eREIT issued to the shareholders of the Company common shares of the Fundrise eREIT based on an agreed upon exchange ratio ("Exchange Ratio"). The Exchange Ratio was based on the Company's net asset value ("NAV") per share that was effective as of the date of the Merger, April 29, 2026. For more information about the Merger, please see the prospectus filed by the Fundrise eREIT on April 27, 2026 found [here](https://www.sec.gov/Archives/edgar/data/2093809/000110465926049386/tm264380-9_424b3.htm).

**Business Overview**

Fundrise West Coast Opportunistic REIT, LLC is a Delaware limited liability company formed on November 19, 2015 to originate, invest in and manage a diversified portfolio primarily consisting of investments in multifamily rental properties and development projects located in the Los Angeles, CA, San Francisco, CA, San Diego, CA, Seattle, WA, and Portland, OR metropolitan statistical areas. The use of the terms "Fundrise West Coast Opportunistic REIT, LLC", the "Company", "we", "us" or "our" in this Annual Report refer to Fundrise West Coast Opportunistic REIT, LLC unless the context indicates otherwise. We use substantially all of the net proceeds raised from our initial and subsequent offerings to invest in such properties, and may also invest in commercial real estate debt securities and other select real estate-related assets, where the underlying assets primarily consist of such properties. Operations substantially commenced on October 25, 2016. During the third quarter of 2021, Fundrise Advisors, LLC, (our "Manager") closed the offering of common shares of the Company sold pursuant to Regulation A (which we refer to as the "Offering").

As a limited liability company, we have elected to be taxed as a C corporation. Commencing with the taxable year ended December 31, 2016, the Company has qualified for treatment as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended, and intends to continue to operate as such.

We are externally managed by our Manager, which is an investment adviser registered with the SEC and a wholly-owned subsidiary of Rise Companies Corp. (our "Sponsor"), the parent company of Fundrise, LLC, our affiliate. Fundrise, LLC owns and operates our platform located at *www.fundrise.com* (the "Fundrise Platform"), which allows investors to hold interests in opportunities that may have been historically difficult to access. Our Manager has the authority to make all decisions regarding our investments, subject to the limitations in our operating agreement and the direction and oversight of our Manager's investment committee. Our Sponsor also provides investment management, marketing, investor relations and other administrative services on our behalf. Accordingly, we do not currently have any employees, nor do we currently intend to hire any employees who will be compensated directly by us.

**Investment Strategy**

We originate, acquire, asset manage, operate, selectively leverage, syndicate and opportunistically sell multifamily rental properties and development projects through the acquisition of equity interests in such properties or debt (including senior mortgage loans, subordinated mortgage loans, mezzanine loans, and participations in such loans), as well as real estate debt securities and other real estate-related assets, where the underlying assets primarily consist of such properties. Our management has extensive experience investing in numerous types of properties. While we focus our investments primarily in multifamily rental properties and development projects, in the event that appropriate investment opportunities are not available, we may acquire a wide variety of commercial properties, including office, industrial, retail, recreation and leisure, single-tenant residential and other real properties. These properties may be existing, income-producing properties, newly constructed properties or properties under development or construction and may include multifamily properties purchased for conversion into condominiums and single-tenant properties that may be converted for multifamily use. We focus on acquiring properties with significant possibilities for capital appreciation, such as those requiring development, redevelopment or repositioning, those located in markets with high growth potential and those available from sellers who are distressed or face time-sensitive deadlines. We also may invest in real estate-related securities, including securities issued by other real estate companies, either for investment or in change of control transactions completed on a negotiated basis or otherwise, and in bridge and mezzanine loans that may lead to an opportunity to purchase a real estate interest. In addition, to the extent that our Manager and its investment committee determines that it is advantageous, we also may make or invest in commercial mortgage-backed securities, mortgage loans and tenant-in-common interests. Our portfolio of real estate debt investments is secured primarily by U.S.-based collateral, primarily multifamily rental properties and development projects, and diversified by security type.

For real estate debt investments, our Manager intends to directly structure, underwrite and originate many of the debt products in which we invest, as doing so provides for the best opportunity to manage our borrower and partner relationships and optimize the terms of our investments. Our proven underwriting process, which our management team has successfully developed over their extensive real estate careers in a variety of market conditions and implemented at our Sponsor, involves comprehensive financial, structural, operational and legal due diligence of our borrowers and partners in order to optimize pricing and structuring and mitigate risk. We feel the current and future market environment for the acquisition of property for development projects (including any existing or future government-sponsored programs) provides a wide range of opportunities to generate compelling investments with strong risk-return profiles for our shareholders.

In executing on our business strategy, we believe that we benefit from our Manager's affiliation with our Sponsor given our Sponsor's strong track record and extensive experience and capabilities as an online real estate origination and funding platform. These competitive advantages include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our Sponsor's experience and reputation as a leading real estate investment manager, which historically has given it access to a large investment pipeline similar to our targeted assets and the key market data we use to underwrite and portfolio manage assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our Sponsor's direct and online origination capabilities, which are amplified by a proprietary technology platform, business process automation, and a large user base, of which a significant portion are seeking capital for real estate projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our Sponsor's relationships with financial institutions and other lenders that originate and distribute commercial real estate debt and other real estate-related products and that finance the types of assets we intend to acquire and originate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our Sponsor's experienced portfolio management team which actively monitors each investment through an established regime of analysis, credit review and protocol; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● our Sponsor's management team, which has a successful track record of making commercial real estate investments in a variety of market conditions.

**Investment Objectives**

Our primary investment objectives are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to realize growth in the value of our investments over the long term;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to grow net cash from operations so cash flow is available for distributions to investors over the long term; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● to preserve, protect and return shareholders' capital contributions.

Our Manager has determined to operate the Company with no target liquidation date so that it can make decisions in the best interests of our investors on a project-by-project basis. We also seek to realize growth in the value of our investments by timing their sale to maximize value. However, there is no assurance that our investment objectives will be met. We cannot assure you that we will attain these objectives or that the value of our assets will not decrease. Furthermore, within our investment objectives and policies, our Manager has substantial discretion with respect to the selection of specific investments and the purchase and sale of our assets. Our Manager's investment committee reviews our investment guidelines at least annually to determine whether our investment guidelines continue to be in the best interests of our shareholders.

**Competition**

Our net income depends, in large part, on our ability to source, acquire and manage investments with attractive risk-adjusted yields. We compete with many other entities engaged in real estate investment activities, including individuals, corporations, bank and insurance company investment accounts, other REITs, private real estate funds, and other entities engaged in real estate investment activities as well as online lending platforms that compete with the Fundrise Platform, many of which have greater financial resources and lower costs of capital available to them than we have. In addition, there are numerous REITs with asset acquisition objectives similar to ours, and others may be organized in the future, which may increase competition for the investments suitable for us. Competitive variables include market presence and visibility, amount of capital to be invested per project and underwriting standards. To the extent that a competitor is willing to risk larger amounts of capital in a particular transaction or to employ more liberal underwriting standards when evaluating potential investments than we are, our investment volume and profit margins for our investment portfolio could be impacted. Our competitors may also be willing to accept lower returns on their investments and may succeed in buying the assets that we have targeted for acquisition. Although we believe that we are well-positioned to compete effectively in each facet of our business, there is enormous competition in our market sector and there can be no assurance that we will compete effectively or that we will not encounter increased competition in the future that could limit our ability to conduct our business effectively.

**Risk Factors**

We face risks and uncertainties that could affect us and our business as well as the real estate industry generally. These risks are outlined under the heading "Risk Factors" in our Offering Circular, which may be accessed[here](https://www.sec.gov/Archives/edgar/data/1660919/000110465920093088/tm2027191d1_253g2.htm#s_005) (beginning on page 29), as the same may be updated from time to time by our future filings under Regulation A. In addition, new risks may emerge at any time and we cannot predict such risks or estimate the extent to which they may affect our financial performance. These risks could result in a decrease in the value of our common shares.

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

The following discussion of our financial condition and results of operations should be read in conjunction with our consolidated financial statements and the related notes thereto contained in this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in our forward-looking statements. For more information, see "Statements Regarding Forward-Looking Information". Unless otherwise indicated, the latest results discussed below are as of December 31, 2025.

**Offering Results**

During the third quarter of 2021, the Manager closed our Offering. As of both December 31, 2025 and 2024, we had raised total gross offering proceeds of approximately $127.7 million from settled subscriptions (including proceeds received in the private placements to our Sponsor and Moat Investments, LP (formerly known as Fundrise, L.P.), an affiliate of our Sponsor), and had settled subscriptions in our Offering and private placements for an aggregate of approximately 12.8 million of our common shares.

Upon the reopening of our Offering, if any, the per share purchase price for our common shares has been and will continue to be subject to adjustment every fiscal quarter (or as soon as commercially reasonable and announced by us thereafter), and will equal the greater of (i) $10.00 per share or (ii) the sum of our NAV divided by the number of our common shares outstanding as of the end of the prior fiscal quarter ("NAV per share").

Below is the NAV per share since December 30, 2023, as determined in accordance with our valuation policy. Linked in the table is the relevant Form 1-U detailing each NAV evaluation method, incorporated by reference herein.

---

| | | |
|:---|:---|:---|
| **Date** | **NAV Per Share** | **Link** |
| December 30, 2023 | $9.76 | [Form 1-U](https://www.sec.gov/Archives/edgar/data/1660919/000110465924000053/tm2334000d1_1u.htm) |
| March 29, 2024 | $9.94 | [Form 1-U](https://www.sec.gov/Archives/edgar/data/1660919/000110465924041433/tm2410227d1_1u.htm) |
| June 29, 2024 | $9.96 | [Form 1-U](https://www.sec.gov/Archives/edgar/data/1660919/000110465924076503/tm2418534d1_1u.htm) |
| September 30, 2024 | $9.90 | [Form 1-U](https://www.sec.gov/Archives/edgar/data/1660919/000110465924104627/tm2425247d1_1u.htm) |
| December 31, 2024 | $9.84 | [Form 1-U](https://www.sec.gov/Archives/edgar/data/1660919/000110465925000050/tm2432369d1_1u.htm) |
| March 31, 2025 | $9.81 | [Form 1-U](https://www.sec.gov/Archives/edgar/data/1660919/000110465925030159/tm2510948d1_1u.htm) |
| June 30, 2025 | $9.69 | [Form 1-U](https://www.sec.gov/Archives/edgar/data/1660919/000110465925064394/tm2519474d1_1u.htm) |
| September 30, 2025 | $9.61 | [Form 1-U](https://www.sec.gov/Archives/edgar/data/1660919/000110465925095405/tm2527669d1_1u.htm) |
| December 31, 2025 | $9.59 | [Form 1-U](https://www.sec.gov/Archives/edgar/data/1660919/000110465926000031/tm2534520d1_1u.htm) |
| April 1, 2026 | $9.52 | [Form 1-U](https://www.sec.gov/Archives/edgar/data/1660919/000110465926038637/tm2610966d1_1u.htm) |
| April 29, 2026<sup>(1)</sup> | $9.47 | [Form 1-U](https://www.sec.gov/Archives/edgar/data/1660919/000110465926050717/tm2613003d1_1u.htm) |

---

<sup>(1)</sup> This NAV per common share has been updated in connection with the Merger and our shareholders received common shares in the Fundrise eREIT based on this NAV which determined the Exchange Ratio.

**Distributions**

To maintain our qualification as a REIT, we are required to make aggregate annual distributions to our shareholders of at least 90% of our REIT taxable income (computed without regard to the dividends paid deduction and excluding net capital gain), and to avoid federal income and excise taxes on retained taxable income and gains we must distribute 100% of such income and gains annually. Our Manager may authorize distributions in excess of those required for us to maintain REIT status and/or avoid such taxes on retained taxable income and gains depending on our financial condition and such other factors as our Manager deems relevant. Provided we have sufficient available cash flow, we intend to authorize and declare distributions based on daily record dates and pay distributions on a quarterly or other periodic basis. We have not established a minimum distribution level.

While we are under no obligation to do so, we have in the past and expect in the future to declare and pay distributions quarterly in arrears; however, our Manager may declare other periodic distributions as circumstances dictate. In order that investors may generally begin receiving distributions immediately upon our acceptance of their subscription, we expect to authorize and declare distributions based on daily record dates.

When calculated on a tax basis, distributions were made 60% from ordinary income, 25% from capital gains and 15% from return of capital for the year ended December 31, 2025. When calculated on a tax basis, distributions were made 70% from ordinary income and 30% from capital gains for the year ended December 31, 2024.

Any distributions that we make directly impacts our NAV by reducing our assets. Our goal is to provide a reasonably predictable and stable level of current income, through quarterly or other periodic distributions, while at the same time maintaining a fair level of consistency in our NAV. Over the course of a shareholder's investment, the shareholder's distributions plus the change in NAV per share (either positive or negative) will produce the shareholder's total return.

Our distributions will generally constitute a return of capital to the extent that they exceed our current and accumulated earnings and profits as determined for U.S. federal income tax purposes. To the extent that a distribution is treated as a return of capital for U.S. federal income tax purposes, it will reduce a shareholder's adjusted tax basis in the shareholder's shares, and to the extent that it exceeds the shareholder's adjusted tax basis will be treated as gain resulting from a sale or exchange of such shares.

For further details, please see *Note 7, Distributions*, in our consolidated financial statements.

**Redemption Plan**

Although we do not intend to list our common shares for trading on a stock exchange or other trading market, we have adopted a redemption plan designed to provide our shareholders with limited liquidity for their investment in our shares. The Company's redemption plan provides that on a quarterly basis, subject to certain exceptions, a shareholder could obtain liquidity as described in detail in our Offering Circular. The maximum amount of shares that may be redeemed in a quarter is 5.00% of the NAV of all of our outstanding shares as of the first day of the last month of such calendar quarter. Our Manager may, in its sole discretion, amend, suspend, or terminate the redemption plan at any time, including to protect our operations and our non-redeemed shareholders, to prevent an undue burden on our liquidity, to preserve our status as a REIT, following any material decrease in our NAV, or for any other reason.

As of December 31, 2025 and 2024, approximately 6.8 million and 6.1 million common shares, respectively, had been submitted for redemption since operations commenced, and 100% of such redemption requests have been honored. During the third quarter of 2025, our Manager temporarily suspended our redemption plan. As of December 31, 2025, we are not currently processing redemption requests. Shareholders will have the opportunity to redeem shares from the Fundrise eREIT, in accordance with its redemption plan.

**Sources of Operating Revenues and Cash Flows**

We expect to primarily generate cash flows from rental revenue on our investments in rental real estate properties, distributions from our equity method investees, and interest revenue on our real estate debt investments. We may also generate cash flow from interest income on related party notes, and seek to acquire investments which generate attractive returns without any leverage. See *Note 2*, *Summary of Significant Accounting Policies—Revenue and Income Recognition*, in our consolidated financial statements for further detail.

**Results of Operations**

For the years ended December 31, 2025 and 2024, we had total net income (losses) of approximately $(368,000) and $2.5 million, respectively. Further information on the notable changes in our results are as follows:

***Revenue***

*Interest Revenue*

For the years ended December 31, 2025 and 2024, we earned interest revenue of approximately $131,000 and $362,000, respectively, from our investments in real estate debt and investments in debt securities. The decrease was primarily attributable to a lower principal balance of real estate debt investments held during 2025 as compared to 2024.

***Expenses***

*Investment Management Fees – Related Party*

For the years ended December 31, 2025 and 2024, we incurred related party investment management fees of approximately $532,000 and $645,000, respectively. The decrease in related party investment management fees is directly related to a decrease in the quarterly average net assets, as the investment management fee is calculated as a percentage of net assets each quarter. The overall decrease in average net assets is primarily attributable to redemptions throughout the year and the lower average fair value of our investments in 2025 as compared to 2024. For more detailed information on our investment performance, please see the linked Form 1-U detailing each NAV per share under the heading, *Offering Results* above.

*Property Operating and Maintenance*

For the years ended December 31, 2025 and 2024, we incurred property operating and maintenance expenses of approximately $432,000 and $506,000, respectively. The decrease in property operating and maintenance expense is primarily attributed to the sale of two rental real estate properties in December 2024 and November 2025.

*Depreciation and Amortization*

For the years ended December 31, 2025 and 2024, we incurred depreciation and amortization expenses of approximately $283,000 and $381,000, respectively. The decrease in depreciation and amortization expense is primarily attributable to the sale of two rental real estate properties in December 2024 and November 2025.

***Other Income (Expenses)***

*Interest Income – Related Party*

For the years ended December 31, 2025 and 2024, we earned interest income of approximately $650,000 and $2.0 million, respectively. The decrease in interest income is primarily attributable to the payoff of promissory notes receivable extended to National Lending, LLC ("National Lending") in the current period and a lower principal balance outstanding in the current period as compared to the corresponding period in 2024.

*Dividend Income*

For the years ended December 31, 2025 and 2024, we earned dividend income of approximately $204,000 and $126,000, respectively. The increase in dividend income is primarily attributable to an increase in cash invested in the money market sweep account.

*Equity in Earnings*

For the years ended December 31, 2025 and 2024, we had equity in earnings of approximately $277,000 and $363,000 from our equity method investments, respectively. The decrease in equity in earnings during the year ended December 31, 2025 is primarily due to operating losses at certain equity method investees, which reduced the Company's proportionate share of recognized earnings from these investments.

*Impairment Loss on Real Estate*

For the years ended December 31, 2025 and 2024, we recognized approximately $278,000 and $0, respectively, of impairment loss on real estate. The impairment loss recognized in 2025 was attributable to the reclassification of one investment in rental real estate properties to real estate investments held for sale in June 2025. In connection with the reclassification, the Company recognized an impairment loss of approximately $278,000 based on the excess of the investment's carrying amount over its fair value.

*Gain on Sale of Real Estate Investments*

For the years ended December 31, 2025 and 2024, we recognized $0 and approximately $1.3 million, respectively, of gain on the sale of real estate. During the year ended December 31, 2024, we entered into a Tenancy-in-Common ("TIC") arrangement in which we sold one wholly-owned investment in rental real estate in exchange for a non-controlling member interest and cash consideration. See *Note 3, Investments in Equity Method Investees* and *Note 9, Related Party Arrangements* in our consolidated financial statements for further information.

**Our Investments**

The following tables summarize the investments held during the period from January 1, 2024 through December 31, 2025. See "Recent Developments" for a description of investments we have made since December 31, 2025. Note that the use of the term "controlled subsidiary" is not intended to conform with the definition of such term under the accounting principles generally accepted in the United States ("U.S. GAAP") and does not correlate to a subsidiary that would require consolidation under U.S. GAAP.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Real Property**<br> **Controlled <br> Subsidiaries**<br> **(Preferred Equity**<br> **Investments)** | **Location** | **Type of**<br> **Property** | **Date of**<br> **Acquisition** | **Annual**<br> **Return**<br> **<sup>(1)</sup>** | **Redemption**<br> **Date**<br> **<sup>(2)</sup>** | **Total**<br> **Commitment**<br> **<sup>(3)</sup>** | **LTV**<br> **<sup>(4)</sup>** | **LTC**<br> **<sup>(5)</sup>** | **Overview**<br> **(Form 1-U)** |
| RSE- The George Controlled Subsidiary <sup>(6)</sup> | Anaheim, CA | Multifamily | 12/21/2018 | 9.9% | 01/01/2030 | $11500000 | 70% |  | [Initial](https://www.sec.gov/Archives/edgar/data/1660919/000114420418066331/tv509956_1u.htm) |

---

<sup>(1)</sup> Annual Return refers to the projected annual preferred economic return that we are entitled to receive with priority payment over the other equity invested in the property. The annual return presented does not distinguish between returns that are paid current and those that accrue to the redemption date, nor does it include any increases in annual return that may occur in the future.

<sup>(2)</sup> Redemption Date refers to the initial redemption date of each asset, and does not take into account any extensions that may be available.

<sup>(3)</sup> Total Commitment refers to the total commitment made by the Company in acquiring the asset, not all of which may have been funded on the acquisition date.

<sup>(4)</sup> LTV, or loan-to-value ratio, is the approximate amount of the total commitment amount plus any other debt on the asset, divided by the anticipated future value of the underlying asset at stabilization as reasonably determined by our Manager. There can be no assurance that such value will be achieved. For performance evaluation, we generally use LTV for properties that are generating cash flow. LTVs presented are as of the date of acquisition by the Company, and have not been subsequently updated.

<sup>(5)</sup> LTC, or loan-to-cost ratio, is the approximate amount of the total commitment plus any other debt on the asset, divided by the anticipated cost to complete the project. For performance evaluation, we generally use LTC for properties that are under construction. There can be no assurance that the anticipated completion cost will be achieved. LTCs presented are as of the date of acquisition by the Company, and have not been subsequently updated. 

<sup>(6)</sup> On December 1, 2025, the RSE- The George Controlled Subsidiary was paid off and is no longer outstanding.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Real Property Controlled**<br> **Subsidiaries (Wholly-**<br> **owned Properties)** | **Location** | **Type of**<br> **Property** | **Approx.**<br> **Square**<br> **Footage at**<br> **Acquisition** | **Date of**<br> **Acquisition** | **Approx.**<br> **Acquisition**<br> **Cost** | **Projected**<br> **Renovation**<br> **Cost<sup>(1)</sup>** | **Overview**<br> **(Form 1-U)** |
| RSE C57 Controlled Subsidiary | Los Angeles, CA | Residential | 32000 | 6/11/2019 | $4382000 | $150000 | [Initial](https://www.sec.gov/Archives/edgar/data/1660919/000114420419031190/tv523711_1u.htm) |
| RSE W37 Controlled Subsidiary | Los Angeles, CA | Mixed Use | 4625 | 6/20/2019 | $1510000 | $630000 | [Initial](https://www.sec.gov/Archives/edgar/data/1660919/000114420419032405/tv524311_1u.htm) |
| RSE W362 Controlled Subsidiary | Los Angeles, CA | Mixed Use | 6900 | 7/22/2019 | $3105000 | $960000 | [Initial](https://www.sec.gov/Archives/edgar/data/1660919/000114420419036191/tv526018_1u.htm) |
| RSE W480 Controlled Subsidiary <sup>(2)</sup> | Los Angeles, CA | Mixed Use | 23000 | 7/14/2020 | $8130000 | $5430000 | [Initial](https://www.sec.gov/Archives/edgar/data/1660919/000110465920084729/tm2025172-1_1u.htm)[Update](https://www.sec.gov/Archives/edgar/data/1660919/000110465925008001/tm255127d1_1u.htm) |
| RSE W440 Controlled Subsidiary | Los Angeles, CA | Mixed Use | 4000 | 9/10/2020 | $3520000 | $--- | [Initial](https://www.sec.gov/Archives/edgar/data/1660919/000110465920105584/tm2031006d1_1u.htm) |
| RSE W40 Controlled Subsidiary <sup>(3)</sup> | Los Angeles, CA | Mixed Use | 6000 | 12/15/2020 | $3800000 | $1270000 | [Initial](https://www.sec.gov/Archives/edgar/data/1660919/000110465920138024/tm2039086d1_1u.htm) |
| PB Colfax Villas Property <sup>(4)(5)</sup> | Los Angeles, CA | Land | 14202 | <sup>(4)</sup> | <sup>(4)</sup> |  | [Initial](https://www.sec.gov/Archives/edgar/data/1660919/000110465922055809/tm2214508d1_1u.htm) |

---

<sup>(1)</sup> Projected renovation costs, exit prices, and hold periods presented are as of the date of acquisition by the Company, and have not been subsequently updated.

<sup>(2)</sup> On December 26, 2024, the Company sold its original interest in the W480 Controlled Subsidiary and entered into a TIC arrangement. As of December 31, 2024, the surviving investment in CNP, 120 LLC is included in "Investments in equity method investees" on the Company's consolidated balance sheets.

<sup>(3)</sup> To defer the capital gain realized from the sale of RSE Cooper Street Controlled Subsidiary, we established the W40 Controlled Subsidiary as a Qualified Opportunity Fund ("QOF"). Pursuant to the agreements governing the W40 Investment, we have full authority for the management of the W40 Controlled Subsidiary, including the W40 Property. See Note 5, *Investments in Rental Real Estate Properties and Real Estate Held for Improvement* in our consolidated financial statements for further information on the W40 Controlled Subsidiary and the QOF. 

<sup>(4)</sup> As of December 31, 2021, one of our investments in real estate debt, PB Colfax Villas Senior Loan, was in default. In 2021, the Company filed a lawsuit against the guarantors of the loan, and the Company was ultimately granted a judgment against the guarantors. On April 27, 2022, the Company pursued the trustee sale (foreclosure) on the property. The Company was the highest bidder and foreclosed on the PB Colfax Villas Property. The Company received title to the property in full satisfaction of the defaulted loan on April 28, 2022. The underlying property was recorded at cost, which approximated the fair value of the asset (appraised value of the property less estimated selling costs), at the time of the restructuring. 

<sup>(5)</sup> On November 19, 2025, the Company sold the PB Colfax Villas Property.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Real Property <br> Controlled<br> Subsidiaries**<br> **(Joint Venture<br> Investments)** | **Location** | **Type of**<br> **Property** | **Date of**<br> **Acquisition** | **Purchase**<br> **Price** | **Overview**<br> **(Form 1-U)** |
| CNP 120, LLC <sup>(1)</sup> | Los Angeles, CA | Mixed Use | 12/26/2024 | $4625000<sup>(2)</sup> | [Initial](https://www.sec.gov/Archives/edgar/data/1660919/000110465925008001/tm255127d1_1u.htm) |
| Western Studio, LLC <sup>(1)</sup> | Los Angeles, CA | Mixed Use | 12/26/2024 | $4125000 | [Initial](https://www.sec.gov/Archives/edgar/data/1660919/000110465925008001/tm255127d1_1u.htm) |
| 4202 WJ, LLC <sup>(1)</sup> | Los Angeles, CA | Mixed Use | 12/26/2024 | $5024000 | [Initial](https://www.sec.gov/Archives/edgar/data/1660919/000110465925008001/tm255127d1_1u.htm) |
| 4216 WJ, LLC <sup>(1)</sup> | Los Angeles, CA | Mixed Use | 12/26/2024 | $4494000 | [Initial](https://www.sec.gov/Archives/edgar/data/1660919/000110465925008001/tm255127d1_1u.htm) |

---

<sup>(1)</sup> On December 26, 2024, the Company acquired a 25% TIC interest in Western Studio, LLC and a 50% TIC interest in CNP 120, LLC, 4202 WJ, LLC, and 4216 WJ, LLC.

<sup>(2)</sup> Transaction in-kind. Member interest acquired in connection with the sale of the W480 Controlled Subsidiary.

As of December 31, 2025, the Company's investments accounted for under the equity method of accounting included the contributions to National Lending in exchange for ownership interests. See *Note 9*, *Related Party Arrangements* in our consolidated financial statements for further information regarding National Lending.

**Liquidity and Capital Resources**

We obtain the capital to fund our investment activities and operating expenses from secured or unsecured financings from banks, cash flow from operations, net proceeds from asset repayments and sales, and other financing transactions. We use our capital to originate, invest in and manage a diversified portfolio of real estate investments and fund our operations. Our material cash requirements are primarily (i) funding new investments as opportunities arise, (ii) ordinary-course operating expenses and capital expenditures, and (iii) debt service. As of December 31, 2025, we had no unfunded commitments, have not identified any material capital expenditure requirements over the next twelve months, and have no mortgage maturities during the same period.

As of December 31, 2025, we had deployed approximately $61.6 million in net capital in 11 investments and had approximately $2.0 million in cash and cash equivalents. The Company has a continuous funding commitment to maintain a capital contribution amount of 5% of its assets under management to National Lending. As of December 31, 2025, the Company has satisfied this requirement and had no unfunded capital commitment related to this obligation. Other than our investments, we have no additional future funding commitments. As of December 31, 2025, we anticipate that cash on hand, proceeds from future Offerings, and future cash flows from operations will provide sufficient liquidity to meet any future funding commitments and costs of operations for the next 12 months.

We may selectively employ leverage to enhance total returns to our shareholders through a combination of senior financing on our real estate acquisitions, secured facilities, and capital markets financing transactions. We had no outstanding unsecured, Company level debt as of April 30, 2026 and December 31, 2025. Our target portfolio-wide leverage is between 50-85% of the greater of cost (before deducting depreciation or other non-cash reserves) or fair market value of our assets. During periods when we are growing our portfolio, we may employ greater leverage on individual assets (that will also result in greater leverage of the overall portfolio) in order to quickly build a diversified portfolio of multifamily rental properties and development project assets. We seek to secure conservatively structured leverage that is long-term, non-recourse, non-mark-to-market financing to the extent obtainable on a cost-effective basis. To the extent a higher level of leverage is employed it may come either in the form of government-sponsored programs or other long-term, non-recourse, non-mark-to-market financing. Our Manager may from time to time modify our leverage policy in its discretion in light of then-current economic conditions, relative costs of debt and equity capital, market values of our assets, general conditions in the market for debt and equity securities, growth and acquisition opportunities or other factors. It is our policy to not borrow more than 85% of the greater of cost (before deducting depreciation or other non-cash reserves) or fair market value of our assets. We cannot exceed the leverage limit of our leverage policy unless any excess in borrowing over such level is approved by our Manager's investment committee.

We seek to manage liquidity and capital resources to support our long-term investment strategy. Our ability to grow and diversify our portfolio is influenced, in part, by our ability to raise additional capital through the issuance of common shares. To the extent capital raising activity is lower than anticipated, the pace of new investments and portfolio diversification may be reduced. In addition, because we incur certain fixed operating expenses, slower capital growth could increase such expenses as a percentage of gross income and may affect the level of distributions over time.

**Outlook and Recent Trends**

We seek to identify and make investments according to large macroeconomic trends because we believe those trends are likely to drive outsized growth, which in turn can deliver above average performance. Real estate has seen significant headwinds since the Federal Reserve (the "Fed") first began raising interest rates in late 2022 to combat inflation. Over the past several years, a combination of higher interest rates and a softer rental market has made real estate a challenging asset class from a return and valuation perspective. During 2025, the real estate market operated amid continued macroeconomic uncertainty and constrained capital markets. Within real estate, performance continues to diverge between property sectors. Single family and industrial rent continued to grow in 2025, while multifamily rent experienced modest softening.

Macroeconomic conditions remained volatile throughout 2025 and into early 2026. The introduction of tariffs in 2025, which were subsequently struck down in February 2026, contributed to uncertainty. Broader economic indicators during this period pointed to a slowing growth environment, with moderating inflation and signs of strain in consumer spending, particularly among middle-income households. In response to evolving economic conditions, the Fed reduced its benchmark interest rate by 25 basis points in September, October, and December 2025. Despite growing concerns about the broader economic environment, the Fundrise portfolio continued to benefit from the underlying fundamentals of its asset base throughout 2025. Across much of the portfolio, disciplined asset management and diversification helped support operating performance during a period of limited transaction activity and reduced liquidity in private real estate markets. For many real estate investors, this translated into a year of consolidation, with property values remaining relatively stable rather than experiencing a broad recovery.

More recently, geopolitical developments, including the outbreak of war in Iran in March 2026, have increased market volatility and contributed to a tightening of financial conditions. Interest rates have risen, with the 10-year Treasury increasing from approximately 3.96% to 4.35% over a short period, while capital markets activity has slowed. These dynamics have resulted in higher discount rates and downward pressure on real estate valuations, including within the Fundrise portfolio as of the date of this report.

Looking ahead, the Company expects that real estate market conditions will continue to be influenced by macroeconomic and geopolitical developments. While a sustained decline in interest rates could support improved valuations over time, the timing and extent of such changes remain uncertain. The Fundrise portfolio is positioned with a focus on diversified, income-generating assets, which management believes may provide relative resilience in a slower growth environment. The Company will continue to evaluate investment opportunities across both equity and credit strategies, with an emphasis on disciplined capital deployment in response to evolving market conditions.

**Off-Balance Sheet Arrangements**

As of December 31, 2025 and 2024, we had no off-balance sheet arrangements.

**Recent Developments** 

In connection with the preparation of the accompanying consolidated financial statements, we have evaluated events and transactions occurring through April 30, 2026, for potential recognition or disclosure.

*Merger*

Effective April 29, 2026, the Company completed the Merger with the Fundrise eREIT. In connection with the Merger, the Fundrise eREIT issued to the shareholders of the Company common shares of the Fundrise eREIT based on an agreed upon Exchange Ratio. The Exchange Ratio was based on the Company's NAV per share that was effective as of the date of the Merger, April 29, 2026. For more information about the Merger, please see the prospectus filed by the Fundrise eREIT on April 27, 2026 found [here](https://www.sec.gov/Archives/edgar/data/2093809/000110465926049386/tm264380-9_424b3.htm).

**Item 3. Directors and Officers**

***Our Manager***

We operate under the direction of our Manager, which is responsible for directing the management of our business and affairs, managing our day-to-day affairs, and implementing our investment strategy. Our Manager has established an investment committee that makes decisions with respect to all acquisitions and dispositions. The Manager and its officers and directors are not required to devote all of their time to our business and are only required to devote such time to our affairs as their duties require.

We follow investment guidelines adopted by our Manager and the investment and borrowing policies set forth in our Offering Circular unless they are modified by our Manager. Our Manager may establish further written policies on investments and borrowings and will monitor our administrative procedures, investment operations and performance to ensure that the policies are fulfilled. Our Manager may change our investment objectives at any time without approval of our shareholders.

Our Manager performs its duties and responsibilities pursuant to our operating agreement. Our Manager maintains a contractual, as opposed to a fiduciary, relationship with us and our shareholders. Furthermore, we have agreed to limit the liability of our Manager and to indemnify our Manager against certain liabilities.

***Executive Officers of Our Manager***

As of the date of this Annual Report, the executive officers of our Manager and their positions and offices are as follows:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Benjamin S. Miller | 49 | Chief Executive Officer |
| Brandon T. Jenkins | 40 | Chief Operating Officer |
| Bjorn J. Hall | 45 | General Counsel, Chief Compliance Officer and Secretary |
| Alison A. Staloch | 45 | Chief Financial Officer |

---

***Benjamin S. Miller*** currently serves as Chief Executive Officer of our Manager and has served as Chief Executive Officer and a Director of our Sponsor since its inception on March 14, 2012. Prior to joining our Sponsor, Mr. Miller had been the President of one of the largest mixed-use real estate companies in the Washington, DC metro area. Over the course of his 25-year career, Mr. Miller has acquired more than $8 billion of real estate assets—including 37,000 residential units and 5 million square feet of industrial and commercial space. Mr. Miller holds a Bachelor's degree in Economics from the University of Pennsylvania.

***Brandon T. Jenkins*** currently serves as Chief Operating Officer of our Manager and has served in such capacity with our Sponsor since February 2014, prior to which time he served as Head of Product Development and Director of Real Estate. Previously, Mr. Jenkins has served as Director of Real Estate for WestMill Capital Partners and spent two and a half years as an investment advisor at Marcus & Millichap. Mr. Jenkins earned his Bachelor of Arts degree from Duke University.

***Bjorn J. Hall*** currently serves as the General Counsel, Chief Compliance Officer, and Corporate Secretary of our Manager and has served in such capacities with our Sponsor since February 2014. Prior to joining our Sponsor in February 2014, Mr. Hall was a counsel at the law firm of O'Melveny & Myers LLP, where he served as a member of the Corporate Finance and Securities Group. Mr. Hall has a Bachelor of Arts degree from the University of North Dakota and received a J.D. from Georgetown University Law Center.

***Alison A. Staloch*** currently serves as the Chief Financial Officer of our Manager and has served in such capacity with our Sponsor since April 2021. Prior to joining our Sponsor, Ms. Staloch served as the Chief Accountant of the Division of Investment Management at the SEC from December 2017 to April 2021, and before that, served as Assistant Chief Accountant of the Division of Investment Management at the SEC from November 2015 to November 2017. From 2005 to 2015, Ms. Staloch was with KPMG LLP in its Asset Management practice. Ms. Staloch has a Bachelor of Arts degree in Psychology from Miami University and received a Master of Accounting degree from The Ohio State University.

***Compensation of Executive Officers***

Each of the executive officers of our Sponsor also serves as an executive officer of our Manager. Each of these individuals receives compensation for their services, including services performed for us on behalf of our Manager, from our Sponsor. As executive officers of our Manager, these individuals serve to manage our day-to-day affairs, oversee the review, selection and recommendation of investment opportunities, service acquired investments and monitor the performance of these investments to ensure that they are consistent with our investment objectives. Although we indirectly bear some of the costs of the compensation paid to these individuals, through fees and reimbursements we pay to our Manager, we do not pay any compensation directly to these individuals.

***Compensation of our Manager***

For information regarding the compensation of our Manager, please see "[Management Compensation](https://www.sec.gov/Archives/edgar/data/1660919/000110465920089509/tm2026320d1_partiiandiii.htm)" in our Offering Circular and *Note 9, Related Party Arrangements – Fundrise Advisors, LLC, Manager* in our consolidated financial statements.

**Item 4. Security Ownership of Management and Certain Securityholders**

***Principal Shareholders***

The following table sets forth the approximate beneficial ownership of our common shares as of March 31, 2026 for each person or group that holds more than 10.0% of our common shares, for each executive officer of our Manager and for the executive officers of our Manager as a group. To our knowledge, each person that beneficially owns our common shares has sole voting and disposition power with regard to such shares.

---

| | |
|:---|:---|
| **Name of Beneficial Owner <sup>(1)(2)</sup>** | **Number of**<br> **Shares**<br> **Beneficially<br> Owned** |
| Benjamin S. Miller | 503 \* |
| Brandon T. Jenkins | 9 \* |
| Bjorn J. Hall | 165 \* |
| Alison A. Staloch | - \* |
| All executive officers of our Manager as a group (4 persons) | 677 \* |

---

**\*** Represents less than 1.0% of our outstanding common shares.

<sup>(1)</sup> Under SEC rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares "voting power," which includes the power to dispose of or to direct the disposition of such security. A person also is deemed to be a beneficial owner of any securities which that person has a right to acquire within 60 days. Under these rules, more than one person may be deemed to be a beneficial owner of the same securities and a person may be deemed to be a beneficial owner of securities as to which he or she has no economic or pecuniary interest.

<sup>(2)</sup> Each listed beneficial owner, person or entity has an address in care of our principal executive offices at 11 Dupont Circle NW, 9 Floor, Washington, DC 20036.

**Item 5. Interest of Management and Others in Certain Transactions** 

For further details, please see *Note 9, Related Party Arrangements* in our consolidated financial statements.

**Item 6. Other Information**

None.

**Item 7. Financial Statements**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS OF**

**Fundrise West Coast Opportunistic REIT, LLC**

---

| | |
|:---|:---|
| [Independent Auditor's Report](#a_007) | [F-1 to F-2](#a_007) |
| [Consolidated Balance Sheets](#a_002) | [F-3](#a_002) |
| [Consolidated Statements of Operations](#a_003) | [F-4](#a_003) |
| [Consolidated Statements of Members' Equity](#a_004) | [F-5](#a_004) |
| [Consolidated Statements of Cash Flows](#a_005) | [F-6](#a_005) |
| [Notes to Consolidated Financial Statements](#a_006) | [F-7 to F-24](#a_006) |

---

**Independent Auditor's Report**

Members

Fundrise West Coast Opportunistic REIT, LLC

**Opinion**

We have audited the consolidated financial statements of Fundrise West Coast Opportunistic REIT, LLC and its subsidiaries (the Company), which comprise the consolidated balance sheets as of December 31, 2025 and 2024, 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 (collectively, the financial statements).

In our opinion, the accompanying 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 their operations and their cash flows for the years then ended in accordance with accounting principles generally accepted in the United States of America.

**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 Auditor's Responsibilities for the Audit of the 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 Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the 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 within one year after the date that the financial statements are issued or available to be issued.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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 collusion, 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 financial statements.

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;· Exercise professional judgment and maintain professional skepticism throughout
the audit.

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess the risks of material misstatement of the 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 financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· 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.

&nbsp;&nbsp;&nbsp;&nbsp;· 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 financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;· 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.

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.

/s/ RSM US LLP

McLean, Virginia

April 30, 2026

**Fundrise West Coast Opportunistic REIT, LLC**

**Consolidated Balance Sheets**

(Amounts in thousands, except share data)

---

| | | |
|:---|:---|:---|
|  | **As of**<br>**December 31, 2025** | **As of**<br>**December 31, 2024** |
| **<u>ASSETS</u>** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1999 | $14446 |
| &nbsp;&nbsp;&nbsp;Interest receivable |  | 21 |
| &nbsp;&nbsp;&nbsp;Other assets, net | 325 | 426 |
| &nbsp;&nbsp;&nbsp;Due from related party | 16478 | 9501 |
| &nbsp;&nbsp;&nbsp;Investments in real estate debt |  | 2468 |
| &nbsp;&nbsp;&nbsp;Investments in equity method investees | 24621 | 24389 |
| &nbsp;&nbsp;&nbsp;Investments in rental real estate properties, net | 18027 | 21338 |
| &nbsp;&nbsp;&nbsp;Investments in real estate held for improvement | 2256 | 2146 |
| **Total Assets** | $**63706** | $**74735** |
| **<u>LIABILITIES AND MEMBERS' EQUITY</u>** |  |  |
| Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $225 | $175 |
| &nbsp;&nbsp;&nbsp;Due to related party | 606 | 159 |
| &nbsp;&nbsp;&nbsp;Mortgage payable, net | 1804 | 1832 |
| &nbsp;&nbsp;&nbsp;Distributions payable | 4 | 504 |
| &nbsp;&nbsp;&nbsp;Redemptions payable | 8 | 2930 |
| &nbsp;&nbsp;&nbsp;Rental security deposits and other liabilities | 38 | 36 |
| &nbsp;&nbsp;&nbsp;Below-market leases, net | 59 | 77 |
| **Total Liabilities** | **2744** | **5713** |
| Members' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common shares; unlimited shares authorized; 12,760,255 and 12,760,255 shares issued and 5,926,897 and 6,611,149 shares outstanding as of December 31, 2025 and December 31, 2024, respectively | 58807 | 65576 |
| &nbsp;&nbsp;&nbsp;Retained earnings and cumulative distributions | 2155 | 3446 |
| **Total Members' Equity** | **60962** | **69022** |
| **Total Liabilities and Members' Equity** | $**63706** | $**74735** |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Fundrise West Coast Opportunistic REIT, LLC**

**Consolidated Statements of Operations**

(Amounts in thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | **For the <br> Year Ended**<br>**December 31, 2025** | **For the <br> Year Ended**<br>**December 31, 2024** |
| **Revenue** |  |  |
| Rental revenue | $460 | $450 |
| Interest revenue | 131 | 362 |
| Other revenue | 17 | 18 |
| &nbsp;&nbsp;&nbsp;**Total revenue** | **608** | **830** |
| **Expenses** |  |  |
| Investment management fees - related party | 532 | 645 |
| Property operating and maintenance | 432 | 506 |
| General and administrative expenses | 492 | 466 |
| Depreciation and amortization | 283 | 381 |
| &nbsp;&nbsp;&nbsp;**Total expenses** | **1739** | **1998** |
| **Other income (expenses)** |  |  |
| Interest income - related party | 650 | 2016 |
| Equity in earnings | 277 | 363 |
| Dividend income | 204 | 126 |
| Interest expense | (90) | (92) |
| Impairment loss on real estate | (278) |  |
| Gain on sale of real estate investments | - | 1280 |
| &nbsp;&nbsp;&nbsp;**Total other income (expense)** | **763** | **3693** |
| **Net income (loss)** | $**(368)** | $**2525** |
| Net income (loss) per basic and diluted common share | $(0.06) | $0.34 |
| Weighted average number of common shares outstanding, basic and diluted | 6169841 | 7334127 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Fundrise West Coast Opportunistic REIT, LLC**

**Consolidated Statements of Members' Equity**

(Amounts in thousands, except share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Common Shares** | **Common Shares** | | |
|  | **Shares** | **Amount** | **Retained Earnings and Cumulative**<br>**Distributions** | **Total Members'**<br>**Equity** |
| **December 31, 2023** | **7834703** | $**77605** | $**1945** | $**79550** |
| Offering costs |  |  |  |  |
| Distributions declared on common shares |  |  | (1024) | (1024) |
| Redemptions of common shares | (1223554) | (12029) |  | (12029) |
| Net income | - | - | 2525 | 2525 |
| **December 31, 2024** | **6611149** | $**65576** | $**3446** | $**69022** |
| Offering costs |  | (63) |  | (63) |
| Distributions declared on common shares |  |  | (923) | (923) |
| Redemptions of common shares | (684252) | (6706) |  | (6706) |
| Net loss | - | - | (368) | (368) |
| **December 31, 2025** | **5926897** | $**58807** | $**2155** | $**60962** |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Fundrise West Coast Opportunistic REIT, LLC**

**Consolidated Statements of Cash Flows**

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **For the Year<br> Ended**<br> **December 31, <br> 2025** | **For the Year <br> Ended**<br> **December 31,<br> 2024** |
| **OPERATING ACTIVITIES:** |  |  |
| Net (loss) income | $(368) | $2525 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| Depreciation and amortization | 283 | 381 |
| &nbsp;&nbsp;&nbsp;Amortization of below-market leases | (17) | (17) |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | (2) | (1) |
| &nbsp;&nbsp;&nbsp;Equity in (earnings) losses | (277) | (363) |
| &nbsp;&nbsp;&nbsp;Impairment loss on real estate | 278 |  |
| &nbsp;&nbsp;&nbsp;(Gain) loss on sale of investments in rental real estate properties |  | (1280) |
| &nbsp;&nbsp;&nbsp;Change in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Net (increase) decrease in interest receivable | 21 | 18 |
| &nbsp;&nbsp;&nbsp;Net (increase) decrease in other assets, net | 89 | (38) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in accounts payable and accrued expenses | 50 | (88) |
| &nbsp;&nbsp;&nbsp;Net (increase) decrease in due from related party | (282) | (35) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in due to related party | (37) |  |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in rental security deposits and other liabilities | 2 | - |
| &nbsp;&nbsp;&nbsp;*Net cash provided by (used in) operating activities* | (260) | 1102 |
| **INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of note receivable - related party | (31300) | (44500) |
| &nbsp;&nbsp;&nbsp;Repayment of note receivable - related party | 25300 | 35000 |
| &nbsp;&nbsp;&nbsp;Proceeds from sale of investments in rental real estate properties | 2840 | 4625 |
| &nbsp;&nbsp;&nbsp;Repayment of investments in real estate debt | 2468 | 2109 |
| &nbsp;&nbsp;&nbsp;Investment in equity method investees | (180) | (13643) |
| &nbsp;&nbsp;&nbsp;Capital expenditures related to rental real estate properties | (98) |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures related to real estate held for improvement | (111) | (246) |
| &nbsp;&nbsp;&nbsp;*Net cash provided by (used in) investing activities* | (1081) | (16655) |
| **FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of mortgage payable | (25) | (27) |
| &nbsp;&nbsp;&nbsp;Redemptions paid | (9628) | (13305) |
| &nbsp;&nbsp;&nbsp;Distributions paid | (1423) | (1315) |
| &nbsp;&nbsp;&nbsp;Offering costs paid | (30) | - |
| &nbsp;&nbsp;&nbsp;*Net cash provided by (used in) financing activities* | (11106) | (14647) |
| **Net increase (decrease) in cash and cash equivalents** | **(12447)** | **(30200)** |
| **Cash and cash equivalents, beginning of year** | **14446** | **44646** |
| **Cash and cash equivalents, end of year** | $**1999** | $**14446** |
| **SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITY:** |  |  |
| Investment in equity method investees via related party accounts | $470 | $- |
| Return on investment from equity method investees from tenancy-in-common interest arrangement | $238 | $- |
| Return of investment from equity method investees from tenancy-in-common interest arrangement | $457 | $- |
| Investments in equity method investees through tenancy-in-common interest arrangement resulting from the sale of rental real estate properties | $- | $4625 |
| Property reclassification from investments in rental real estate properties to investments in real estate held for sale | $3136 | $- |

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| | | |
|:---|:---|:---|
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |  |
| Cash paid for interest - mortgage payable | $88.0 | $90.0 |

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The accompanying notes are an integral part of these consolidated financial statements.

**Fundrise West Coast Opportunistic REIT, LLC**

**Notes to Consolidated Financial Statements**

**For the Years Ended December 31, 2025 and 2024**

**1.** **Formation and Organization** 

Fundrise West Coast Opportunistic REIT, LLC was formed on November 19, 2015, as a Delaware limited liability company and substantially commenced operations on October 25, 2016. As used herein, the "Company," "we," "our," and "us" refer to Fundrise West Coast Opportunistic REIT, LLC except where the context otherwise requires.

The Company has one operating and reportable segment consisting of investments in real estate. The Company was organized primarily to originate, invest in and manage a diversified portfolio of real estate loans and real estate properties, and may also invest in real estate-related debt securities and other real estate-related assets.

The Company's business is externally managed by Fundrise Advisors, LLC (the "Manager"), a Delaware limited liability company and an investment adviser registered with the Securities and Exchange Commission (the "SEC"). Subject to certain restrictions and limitations, the Manager is responsible for managing the Company's affairs on a day-to-day basis and for identifying and making acquisitions and investments on behalf of the Company.

We have operated in such a manner as to qualify as a real estate investment trust ("REIT") for federal income tax purposes beginning with the year ended December 31, 2016. As of December 31, 2025 and December 31, 2024, we held substantially all of our assets directly and had one taxable REIT subsidiary ("TRS"), which was formed by the Company with an effective date of November 30, 2020 to facilitate a real estate investment acquisition during 2020. See *Note 5*, *Investments in Rental Real Estate Properties and Real Estate Held for Improvement* for further information on the real estate investment acquisition. In connection with that real estate investment acquisition, we also formed a subsidiary that is intended to qualify as an Opportunity Fund pursuant to Section 1400Z-2 of the Internal Revenue Code of 1986 (the "Code") and any subsequently issued guidance thereunder. We have also elected to treat certain wholly-owned subsidiaries as qualified REIT subsidiaries ("QRSs"). See *Note 2*, *Summary of Significant Accounting Policies* for further information on the formation of the TRS in 2020, the Opportunity Fund, and QRSs.

During the third quarter of 2021, the Manager closed the Regulation A Offering of common shares of the Company. The Company's initial and subsequent offerings of its common shares (the "Offering(s)") have been conducted as a continuous offering pursuant to Rule 251(d)(3) of Regulation A ("Regulation A") of the Securities Act of 1933, as amended (the "Securities Act"), meaning that while the offering of securities is continuous, active sales of securities may happen sporadically over the term of an Offering. A maximum of $75.0 million of the Company's common shares may be sold to the public in its Offering in any given twelve-month period. However, each Offering is subject to qualification by the SEC. The Manager has the authority to issue an unlimited number of common shares.

As of December 31, 2025 and December 31, 2024, after redemptions, the Company had net common shares outstanding of approximately 5,927,000 and 6,611,000, respectively, including common shares held by Rise Companies Corp. (the "Sponsor"), the owner of the Manager. As of December 31, 2025 and December 31, 2024, the Sponsor owned 600 common shares. As of December 31, 2025 and December 31, 2024, Moat Investments, LP (formerly known as Fundrise L.P.), an affiliate of the Sponsor, had purchased an aggregate of 9,500 common shares at $10.00 per share in a private placement for an aggregate purchase price of $95,000. As of December 31, 2025 and December 31, 2024, the total amount of equity issued by the Company on a gross basis was approximately $127.7 million. As of December 31, 2025 and December 31, 2024 all subscriptions had settled.

**Merger**

Effective April 29, 2026, the Company merged (the "Merger") into the Fundrise eREIT, LLC (the "Fundrise eREIT"). In connection with the Merger, the Fundrise eREIT issued to the shareholders of the Company common shares of the Fundrise eREIT based on an agreed upon exchange ratio ("Exchange Ratio"). The Exchange Ratio was based on the Company's net asset value ("NAV") per share that was effective as of the date of the Merger, April 29, 2026. The Fundrise eREIT was the surviving entity.

**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") for interim financial reporting and in accordance with Rule 8-03(b) of Regulation S-X of the rules and regulations of the SEC. 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 the 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. We did not have any VIEs as of either December 31, 2025 or December 31, 2024. All intercompany balances 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 and Cash Equivalents***

Cash equivalents consist of money market funds as of December 31, 2025 and 2024.

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.

***Deferred Interest Revenue***

When an investment in real estate debt is funded net of a deferred interest reserve, and is held by the Company, the Company accounts for the holdback of funds by classifying them as deferred interest revenue. As interest is incurred by the borrower, the Company recognizes interest income and reduces the deferred interest revenue until such time that the reserve is exhausted or the investments in real estate debt redeems. Any remaining deferred interest revenue balance will be applied to the investments in real estate debt balance upon redemption.

***Debt Issuance Costs***

We amortize debt issuance costs using the straight-line method which approximates the effective interest rate method, over the estimated life of the related mortgage payable. We record debt issuance costs related to loans payable, net of amortization, on our consolidated balance sheets as an offset to their related loan payable. We record the amortization of all debt issuance costs as interest expense.

***Earnings (Loss) per Share***

Basic earnings (loss) per share is calculated on the basis of weighted-average number of common shares outstanding during the period. Basic earnings (loss) per share is computed by dividing income available to members by the weighted-average common shares outstanding during the period. Diluted net income per common share equals basic net income per common share as there were no potentially dilutive securities outstanding during the years ended December 31, 2025 and 2024.

***Offering Costs***

Offering costs represent costs incurred by the Company in the qualification of the Offering and the marketing and distribution of common shares, and include, without limitation, expenses for printing, and amending offering statements or supplementing offering circulars, mailing and distributing costs, telephones, internet and other telecommunications costs, all advertising and marketing expenses, charges of experts and fees, expenses and taxes related to the filing, registration and qualification of the sale of shares under federal and state laws, including taxes and fees and accountants' and attorneys' fees.

***Investments in Equity Method Investees***

If it is determined that we do not have a controlling interest in a joint venture through our financial interest in a VIE or through our voting interest in a voting interest entity and we have the ability to provide significant influence, the equity method of accounting is used. Under this method, the investment is originally recorded at cost and adjusted for contributions, distributions, basis difference, and to recognize our share of net earnings or losses of the affiliate as they occur, with losses limited to the extent of our investment in, advances to, and commitments to the investee. We did not have any VIEs for the periods presented in these consolidated financial statements.

Distributions received from an equity method investee are recognized as a reduction in the carrying amount of the investment. If distributions are received from an equity method investee that would reduce the carrying amount of an equity method investment below zero, the Company evaluates the facts and circumstances of the distributions to determine the appropriate accounting for the excess distribution, including an evaluation of the source of the proceeds and implicit or explicit commitments to fund the equity method investee. The excess distribution is either recorded as a gain from equity method investee, or in instances where the source of proceeds is from financing activities or the Company has a significant commitment to fund the investee, the excess distribution would result in an equity method liability and the Company would continue to record its share of the equity method investee's earnings and losses. When the Company does not have a significant requirement to contribute additional capital over and above the original capital commitment and the carrying value of the investment in the unconsolidated venture is reduced to zero, the Company discontinues applying the equity method of accounting unless the venture has an expectation of an imminent return to profitability. If the venture subsequently reports net income, the equity method of accounting is resumed only after the Company's share of that net income equals the share of net losses or distributions not recognized during the period the equity method was suspended.

With regard to distributions from equity method investees, we utilize the cumulative earnings approach to determine whether distributions from equity method investments are returns on investment (cash inflow from operating activities) or returns of investment (cash inflow from investing activities). Using the cumulative earnings approach, the Company compares cumulative distributions received for each investment, less distributions received in prior periods that were determined to be returns of investment, with the Company's cumulative equity in earnings. Generally, cumulative distributions received that do not exceed cumulative equity in earnings represent returns on investment and cumulative distributions received in excess of the cumulative equity in earnings represent returns of investment.

The Company evaluates its investment in equity method investees for impairment whenever events or changes in circumstances indicate that there may be an other-than-temporary decline in value. To do so, the Company calculates the estimated fair value of the investment using various valuation techniques, including, but not limited to, discounted cash flow models, which consider inputs such as the Company's intent and ability to retain its investment in the entity, the financial condition and long-term prospects of the entity, and the expected term of the investment. If the Company determines any decline in value is other-than-temporary, the Company would recognize an impairment charge to reduce the carrying value of its investment to fair value. No impairment losses were recorded related to equity method investees for the nine months ended December 31, 2025 and 2024.

***Investments in Real Estate Debt***

Our investments in real estate debt are classified as held to maturity, as we have both the intent and ability to hold these investments until maturity. Accordingly, these assets are carried at cost, net of unamortized loan origination costs and fees, discounts, repayments and unfunded commitments, if applicable, unless such loans or investments are deemed to be impaired. The Company's investments in real estate debt are subject to periodic analysis for potential loan impairment.

For purposes of determining our allowance for credit losses, we pool financial assets that have similar risk characteristics. We have aggregated our financial assets by financial instrument type, but have a limited history of incurred losses and consequently have elected to utilize a probability of default and loss given default methodology. The Company's determination of the allowance for credit losses is based on several factors, including but not limited to historical loss experience, current and expected market conditions, as well as reasonable and supportable forecasts regarding the borrower's intent and ability to repay principal and interest over the term of the loan. Periodically, the Company may identify an individual loan for impairment. When we identify a loan impairment, the loan is written down to the present value of the expected future cash flows. In cases where expected future cash flows are not readily determinable, the loan is written down to the fair value of the underlying collateral. We may base our valuation on a loan's observable market price, if available, or the fair value of the collateral, net of selling costs, if the repayment of the loan is expected to be provided solely by the sale of the collateral. As of December 31, 2025 and 2024, no investments in real estate debt had an associated credit loss.

We have certain investments that are legally structured as equity investments in subsidiaries with rights to receive preferred economic returns (referred to throughout these Notes as "preferred equity" investments). We report these investments as investments in real estate debt when the common equity holders have a contractual obligation to redeem our preferred equity interest at a specified date.

***Investments in Rental Real Estate Properties and Real Estate Held for Improvement***

Our investments in rental real estate properties and real estate held for improvement may include the acquisition of unimproved land, homes, townhomes or condominiums, office space, multifamily or industrial 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, building, site improvements, acquired in-place leases, above-market leases, and other identified intangible assets), intangible liabilities (including below-market leases), and assumed liabilities, and allocates the purchase price on a relative fair value basis (including capitalized acquisition costs) to the acquired assets and assumed liabilities. 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"), or will need improvements or redevelopment (classified as "Investments in real estate held for improvement").

The amortization of in-place leases is recorded to depreciation and amortization expense on the Company's consolidated statements of operations. The amortization of above- or below-market leases is recorded as an adjustment to rental revenue on the Company's consolidated statements of operations. We consider qualitative and quantitative factors in evaluating the likelihood of a tenant exercising a below-market renewal option and include such renewal options in the calculation of in-place lease value when we consider these to be bargain renewal options. If the value of below-market lease intangibles includes renewal option periods, we include such renewal periods in the amortization period. If a tenant vacates its space prior to contractual termination of its lease, the unamortized balance of any in-place lease value is written off. In-place lease assets have been 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.

At the completion of the improvement plan, a property is classified as either a rental property or available for sale. Once a property is ready for its intended use, 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.

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. 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 range of the assets are as follows:

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| | |
|:---|:---|
| **Description** | **Depreciable Life** |
| Building and building improvements | 20 – 39 years |
| Site improvements | 5 – 20 years |
| Furniture and fixtures | 5 – 10 years |
| Lease intangibles | Over lease term |

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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 are reduced to their fair value. During the year ended December 31, 2025 and 2024, no such impairments occurred. For further details, please see *Note 5, Investments in Real Estate Properties and Real Estate Held for Improvement*.

***Investments in Real Estate Held for Sale***

 ****

From time to time, we may identify properties to be sold. At the time that any such properties are identified, we perform an evaluation to determine whether or not such properties should be classified as held for sale or presented as discontinued operations in accordance with U.S. GAAP.

Factors considered as part of our held for sale evaluation process include whether the following conditions have been met: (i) we have committed to a plan to sell a property that is immediately available for sale in its present condition; (ii) an active program to locate a buyer and other actions required to complete the plan to sell a property have been initiated; (iii) the sale of a property is probable within one year (generally determined based upon listing for sale); (iv) the property is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and (v) 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. To the extent that these factors are all present, we discontinue depreciating the property, measure the property at the lower of its carrying amount or its fair value less estimated costs to sell, and present the property separately within "Investments in real estate held for sale" on our consolidated balance sheets. During the year ended December 31, 2025, we recognized an impairment loss of approximately $278,000 related to one real estate investment that was reclassified to held for sale. During the year ended December 31, 2024, no such losses were recognized. For further details, please see *Note 6, Investments in Real Estate Held for Sale*.

 ****

 ****

***Deferred Leasing Costs***

We capitalize and amortize direct and incremental costs associated with the successful negotiation of leases, on a straight-line basis over the terms of the respective leases. Deferred leasing costs are classified in "Other assets, net" on the consolidated balance sheets. We record the amortization of deferred leasing costs in "Depreciation and amortization" on the consolidated statements of operations. If an applicable lease terminates prior to the expiration of its initial lease term, we write off the carrying amount of the costs to amortization expense.

***Debt Issuance Costs***

We amortize debt issuance costs using the straight-line method which approximates the effective interest rate method, over the estimated life of the related mortgage payable. We record debt issuance costs related to loans payable, net of amortization, on our consolidated balance sheets as an offset to their related loan payable. We record the amortization of all debt issuance costs as interest expense.

***Share Redemptions***

Share repurchases are recorded as a reduction of common share par value under our redemption plan, pursuant to which we may elect to redeem shares at the request of our members, subject to certain exceptions, conditions, and limitations. The maximum number of shares purchasable by us in any period depends on a number of factors and is at the discretion of our Manager.

The Company's redemption plan provides that on a quarterly basis, subject to certain exceptions, a member could obtain liquidity as described in detail in our Offering Circular. In the event that we amend, suspend, or terminate our redemption plan, we will file an offering circular supplement and/or Form 1-U, as appropriate, and post such information on our website to disclose such amendment.

During the third quarter of 2025, in advance of the Merger, the redemption plan has been temporarily suspended, and the Company is not currently processing redemption requests. Shareholders will have the opportunity to redeem shares from the Fundrise eREIT, in accordance with its redemption plan.

***Income Taxes***

As a limited liability company, we have elected to be taxed as a C corporation. The Company has qualified for treatment each year as a real estate investment trust ("REIT") under the Code, as amended, commencing with its taxable year ending December 31, 2016, and intends to continue to operate as such. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its members (which is computed without regard to the distributions paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with U.S. GAAP). As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent it distributes qualifying distributions to its members. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.

As a result of the formation of a TRS during the year ended December 31, 2020, we may record income tax expense or benefit with respect to our entity that is taxed as a TRS under provisions similar to those applicable to regular corporations and not under the REIT provisions. No additional TRSs were formed during the years ended December 31, 2025 or 2024. There was limited TRS activity for the years ended December 31, 2025 and 2024. Accordingly, for the years ended December 31, 2025 and 2024, no income tax expense was recorded. No gross deferred tax assets or liabilities have been recorded as of December 31, 2025 and 2024.

Beginning with the year ended December 31, 2020, we elected to treat certain wholly-owned subsidiaries as QRSs. The QRSs are corporations that are wholly-owned by the Company and are disregarded for both federal and state income tax purposes. A corporation that is a QRS shall not be treated as a separate corporation, and all assets, liabilities, and items of income, deduction, and credit of a QRS shall be treated as assets, liabilities and such items (as the case may be) of the REIT.

During the year ended December 31, 2020, we formed a Qualified Opportunity Fund ("QOF") and filed a certification with our initial U.S. federal income tax return for the taxable period ending December 31, 2020, certifying our status as a QOF. We intend to operate in conformity with the requirements to be classified as a QOF pursuant to Section 1400Z-2 of the Code and any subsequently issued guidance thereunder. As a QOF, we are subject to certain operational requirements. If we fail to meet these requirements, penalties may be imposed and incurred. Failure to maintain status as a QOF could cause the Company to not qualify for the tax benefits offered under the Code, such as the deferment of taxes on the gain, a step up in basis for capital gains invested into the QOF, or the ability to recognize tax-exempt capital gain on the investment in the QOF when held for more than ten years.

The QOF has made investments in our Operating Partnership, which is intended to operate as a Qualified Opportunity Zone Business. As a Qualified Opportunity Zone Business, the Operating Partnership is subject to certain operational requirements, as defined in the Code and the Treasury Regulations thereunder. If these requirements are not met, the Operating Partnership may not be a qualifying investment for the QOF pursuant to Section 1400Z-2 of the Code.

As of December 31, 2025, 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 Company has no uncertain tax positions that would require recognition in the consolidated financial statements.

***Revenue and Income 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. Rental revenue is recognized on a straight-line basis over the term of the lease. 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. Rental revenue is recorded net of bad debt expense in the consolidated financial statements.

As of December 31, 2025, non-cancellable lease terms provide for future minimum rental revenue from continuing operations as follows *(amounts in thousands):*

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| | |
|:---|:---|
| **Year** | **Minimum<br> Rental Revenue** |
| 2026 | $185 |
| 2027 | 191 |
| 2028 | 146 |
| 2029 |  |
| 2030 |  |
| Thereafter | - |
| **Total** | $**522** |

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Interest revenue is recognized on an accrual basis and includes, where applicable, the amortization of any related premiums, discounts, origination costs and fees. Interest revenue is recognized on investments in real estate debt classified as held to maturity securities and investments in debt securities.

Other revenue is recognized on an accrual basis and consists of servicing fees earned on our investments in real estate debt for performing administrative oversight and miscellaneous tenant amenity services.

Interest income is recognized on an accrual basis and consists of interest earned on the promissory notes the Company extended to National Lending, LLC ("National Lending").

Dividend income is recorded on the ex-dividend date, while periodic cash flow distributions from equity method investments are recognized when declared. Dividend income is recognized on an accrual basis and consists of dividends earned through our cash sweep bank account.

Real estate investment and securities transactions are accounted for on the date of purchase or sale (trade date). Realized gains and losses on sales of investments are calculated using the identified cost basis.

 ****

***Recent Accounting Pronouncements***

In December 2025, the FASB issued Accounting Standards Update ("ASU") 2025-12, *Codification Improvements,* which clarifies, corrects, and makes minor improvements across U.S. GAAP. The standard is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2026, with early adoption permitted. The Company is evaluating the standard to determine its impact on the Company's disclosures.

In December 2025, the FASB issued ASU 2025-11, *Interim Reporting (Topic 270) ,* which improves the navigability of interim reporting guidance in Topic 270. The ASU does not expand or reduce interim disclosure requirements, but instead clarifies when Topic 270 applies, what constitutes interim financial statements prepared in accordance with U.S. GAAP, and which disclosures are required at interim dates. The standard is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the standard to determine its impact on the Company's disclosures.

In July 2025, the FASB issued ASU 2025-05, *Financial Instruments - Credit Losses (Topic 326) ,* which provides a practical expedient for all entities and an accounting policy election for entities other than public business entities when estimating expected credit losses on trade receivables and contract assets arising from revenue transactions under Topic 606. The standard is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2025, with early adoption permitted. The Company is evaluating the standard to determine its impact on the Company's disclosures.

In May 2025, the FASB issued ASU 2025-03, *Business Combinations (Topic 805) and Consolidation (Topic 810),* which amends existing guidance for determining the accounting acquirer in a transaction primarily effected through the exchange of equity interests in which the legal acquiree is a VIE that meets the definition of a business. The standard is effective for annual reporting periods (including interim periods within those periods) beginning after December 15, 2026, with early adoption permitted. The Company is evaluating the standard to determine its impact on the Company's disclosures.

In January 2025, the Company adopted 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 adoption of this guidance had no impact on the Company's consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, *Income Statement - Reporting Comprehensive Income (Topic 220): Expense Disaggregation Disclosures,* which requires disclosure within the notes to the financial statements of specified expense categories as well as qualitative descriptions for amounts not disaggregated quantitatively within expense captions on the income statement. The standard is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the standard to determine its impact on the Company's disclosures.

In January 2024, the Company adopted ASU 2023-07, *Segment Reporting (Topic 280),* which expands segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and are included in each reported measure of segment profit or loss. It also requires disclosure of the amount and composition of "other segment items", as well as interim disclosures of segment profit or loss and assets. These requirements apply to all public entities, including those with a single reportable segment. Adoption of the new standard affected financial statement disclosures only and did not impact the Company's financial position or results of operations.

**3.** **Investments in Equity Method Investees** 

The table below presents the activity of the Company's investments in equity method investees as of and for the periods presented *(amounts in thousands)*:

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| | | |
|:---|:---|:---|
| **Investments in Equity Method Investees:** | **For the Year**<br>**Ended December<br> 31, 2025** | **For the Year**<br> **Ended December<br> 31, 2024** |
| Beginning balance | $24389 | $5758 |
| Additional investments in equity method investees <sup>(1)(2)</sup> | 650 | 18268 |
| Distributions Received <sup>(2)</sup> | (695) |  |
| Equity in earnings of equity method investees | 277 | 363 |
| **Ending balance <sup>(3)</sup>** | $**24621** | $**24389** |

---

<sup>(1)</sup> In connection with the TIC arrangements in December 2024 (See *Note 9, Related Party Arrangements*, for further information regarding the TIC arrangements), the Company invested approximately $18.3 million in the following equity method investments, which the Company continued to hold as of December 31, 2025 and December 31, 2024: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● A 50% non-controlling member interest in CNP 120, LLC, whose activities are carried out through the following wholly-owned asset: 4801 W Jefferson Blvd, a creative office building located in Los Angeles, CA. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● A 50% non-controlling member interest in 4202 WJ, LLC, whose activities are carried out through the following wholly-owned asset: 4202 W Jefferson Blvd, a creative office building located in Los Angeles, CA. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● A 50% non-controlling member interest in 4216 WJ, LLC, whose activities are carried out through the following wholly-owned asset: 4216 W Jefferson Blvd, a creative office building located in Los Angeles, CA. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● A 25% non-controlling member interest in Western Studio, LLC, whose activities are carried out through the following wholly-owned asset: 5957 S Western Ave, a mixed use property located in Los Angeles, CA.

<sup>(2)</sup> Includes non-cash reallocations of contributions and distributions to align ownership interests under the Company's TIC arrangements with related-party REITs. These reallocations are settled through intercompany balances and are reflected as increases or decreases to the 'Due to related party' or 'Due from related party' accounts on the consolidated balance sheets, rather than through cash activity.

<sup>(3)</sup> Investments in equity method investees includes the contributions to National Lending, in exchange for ownership interests. As of December 31, 2025 and 2024, the carrying value of the Company's equity method investment in National Lending was approximately $6.4 million and $6.1 million, respectively. See *Note 9, Related Party Arrangements*, for further information regarding National Lending.

The financial position and results of operations of the Company's equity method investments for the periods presented are summarized below *(amounts in thousands)*:

---

| | | |
|:---|:---|:---|
| **Condensed balance sheet information:** | **As of**<br> **December 31, 2025** | **As of**<br> **December 31, 2024** |
| Real estate assets, net | $45111 | $44687 |
| Other assets<sup>(1)</sup> | 134915 | 102307 |
| Total assets | $180026 | $146994 |
| Liabilities<sup>(2)</sup> | $49909 | $22500 |
| Equity | 130117 | 124494 |
| Total liabilities and equity | $180026 | $146994 |
| Company's equity investment, net | $24621 | $24389 |

---

<sup>(1)</sup> As of December 31, 2025 and 2024, approximately $134.4 million and $98.3 million, respectively, of "Other assets" are promissory notes receivable from other eREITs held by the Company's equity method investment in National Lending. See *Note 9*, *Related Party Arrangements* for further information regarding National Lending.

<sup>(2)</sup> As of December 31, 2025 and 2024, approximately $49.4 million and $22.0 million, respectively, of "Liabilities" represent promissory notes issued from the Company and affiliated entities to National Lending. See *Note 9, Related Party Arrangements* for further information regarding National Lending.

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| | | |
|:---|:---|:---|
| **Condensed income statement information:** | **For the <br> Year Ended**<br> **December 31, 2025** | **For the <br> Year Ended**<br> **December 31, 2024** |
| Total revenue | $8207 | $6901 |
| Total expenses | 3931 | 2265 |
| Net income | $4276 | $4636 |
| Company's equity in earnings of investee | $277 | $363 |

---

**4.** **Investments in Real Estate Debt** 

The following table describes our investments in real estate debt activity *(amounts in thousands)*:

---

| | | |
|:---|:---|:---|
| **Investments in Real Estate Debt:** | **For the Year<br> Ended**<br> **December 31,**<br> **2025** | **For the Year**<br> **Ended**<br> **December 31,**<br> **2024** |
| Beginning balance | $2468 | $4577 |
| Principal repayments<sup>(1)(2)</sup> | (2468) | (2109) |
| **Ending balance** | $**-** | $**2468** |

---

<sup>(1)</sup> Principal repayments for the year ended December 31, 2025 include the full repayment of one preferred equity investment. Principal repayment for the year ended December 31, 2024 includes partial repayments of one preferred equity investment.

As of December 31, 2025 and 2024, there were no discount or origination costs or fees that were included in the carrying value of our investments in real estate debt.

As of December 31, 2025, the Company did not hold any investments in real estate debt. The following table presents the Company's investments in real estate debt as of December 31, 2024 *(dollar amounts in thousands)*:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Type** | **Number of Investments** | **Principal Amount <br> Or Cost <sup>(1)</sup>** | **Future<br> Funding <br> Commitments** | **Carrying <br> Value** |
| Preferred Equity | 1 | $2468 | $- | $2468 |
| **Balance as of December 31, 2024** | **1** | $**2468** | $**-** | $**2468** |

---

<sup>(1)</sup> For debt and preferred equity investments, this includes the stated amount of funds disbursed to date, interest that was contractually converted to principal, and interest revenue received in kind.

The following table presents certain information about the Company's investments in real estate debt as of December 31, 2024, by contractual maturity grouping *(dollar amounts in thousands)*:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Number <br> of <br> Investments** | **Amounts <br> Maturing <br> Within One <br> Year** | **Amounts <br> Maturing <br> After <br> One Year <br> Through Five <br> Years** | **Amounts <br> Maturing <br> After <br> Five Years <br> Through Ten <br> Years** | **Amounts <br> Maturing <br> After Ten <br> Years** | **Total** |
| Preferred Equity | 1 | $- | $- | $2468 | $- | $2468 |
| **Balance as of December 31, 2024** | **1** | $**-** | $**-** | $**2468** | $**-** | $**2468** |

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 *Credit Quality Monitoring*

The Company's investments in real estate debt that earn interest based on debt-like terms are typically secured by senior liens on real estate properties, mortgage payments, mortgage loans, or interests in entities that have preferred interests in real estate similar to the interests just described. The Company evaluates its investments in real estate debt at least annually and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service or guaranteed preferred equity payments in accordance with its contractual terms; and (ii) whether the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company's expectations as to the ultimate recovery of principal at maturity. The Company considered investments for which it expects to receive full payment of contractual principal and interest payments as "performing." As of December 31, 2025 and 2024, all investments were considered to be performing, and as such, no impairment charges have been recorded. In the event that an investment is deemed other than performing, the Company will evaluate the instrument for any required impairment.

**5.** **Investments in Rental Real Estate Properties and Real Estate Held for Improvement** 

As of December 31, 2025 and 2024, we had four and five rental real estate properties, respectively.

The following table presents the Company's investments in rental real estate properties (*amounts in thousands*):

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| | | |
|:---|:---|:---|
|  | **As of**<br> **December 31,**<br> **2025<sup>(1)</sup>** | **As of**<br> **December 31, 2024<sup>(2)</sup>** |
| Land | $10663 | $13799 |
| Building and building improvements | 7952 | 7855 |
| Site improvements | 82 | 82 |
| Furniture and fixtures | 1 | 1 |
| Leasehold improvements | 47 | 47 |
| **Total gross investment in rental real estate properties** | $**18745** | $**21784** |
| Less: Accumulated depreciation | (718) | (446) |
| **Total investment in rental real estate properties, net** | $**18027** | $**21338** |

---

---

| | |
|:---|:---|
| <sup>(1)</sup><br>| During the year ended December 31, 2025, one property with a carrying value of $3.1 million was reclassified from "Investments in rental real estate properties, net" to "Investments in real estate held for sale" on the consolidated balance sheets. |
| <sup>(2)</sup><br>| During the year ended December 31, 2024, one investment in rental real estate with cost basis totaling approximately $5.5 million was reclassified from "Investments in real estate held for improvement" to "Investments in rental real estate properties, net" on the consolidated balance sheets for assets placed in service. During the year ended December 31, 2024, one investment in rental real estate, with a cost basis of approximately $7.9 million, net of approximately $247,000 of accumulated depreciation, was sold in connection with a TIC arrangements. Refer to *Note 3, Investments in Equity Method Investees* and *Note 9, Related Party Arrangements* for further information. |

---

As of both December 31, 2025 and 2024, the carrying amount of the rental real estate properties above included cumulative capitalized acquisition costs of approximately $267,000, which included cumulative acquisition fees paid to the Sponsor of approximately $146,000.

For the years ended December 31, 2025 and 2024, the Company recognized approximately $273,000 and $371,000, respectively, of depreciation expense on rental real estate properties.

On December 15, 2020, the Company acquired ownership of a "wholly-owned subsidiary", the W40 Controlled Subsidiary (the "W40 Investment"), which in turn acquired one building (the "W40 Property") for approximately $3.8 million. The W40 Investment is managed by us. To defer the capital gain realized from the sale of our interest in a previously held investment in equity method investee, we established the W40 Investment as a QOF. See *Note 2, Summary of Significant Accounting Policies – Income Taxes* for further information on the QOF*.* Pursuant to the agreements governing the W40 Investment, we have full authority for the management of the W40 Investment, including the W40 Property.

As of both December 31, 2025 and 2024, the Company had one real estate property held for improvement.

The following table presents the Company's investments in real estate held for improvement (*amounts in thousands*):

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| | | |
|:---|:---|:---|
|  | **As of**<br> **December 31,**<br> **2025** | **As of**<br> **December 31, 2024<sup>(1)</sup>** |
| Land | $875 | $875 |
| Building and building improvements | 1241 | 1161 |
| Work in progress | 140 | 110 |
| **Total investment in real estate held for improvement** | $**2256** | $**2146** |

---

<sup>(1)</sup> During the year ended December 31, 2024, one real estate investment with cost basis totaling approximately $5.5 million was reclassified from "Investments in real estate held for improvement" to "Investments in rental real estate properties, net" on the consolidated balance sheets for assets placed in service.

**6.** **Investments in Real Estate Held for Sale** 

As of December 31, 2025 and 2024, we held zero investments in real estate held for sale, respectively.

During the year ended December 31, 2025, one property was reclassified from investments in rental real estate properties to investments in real estate held for sale. In connection with the reclassification, the Company recognized an impairment loss of approximately $278,000. In November 2025, the property was sold for a gross sales price of approximately $3.0 million. Net proceeds from the sale, after prorations and selling costs, totaled approximately $2.8 million.

**7.** **Distributions** 

Distributions are calculated based on members of record each day during the respective distribution periods. During the years ended December 31, 2025 and 2024, the Company's total distributions declared to members, the Sponsor, and its affiliates were approximately $923,000 and $1.0 million, respectively. Of the distributions declared during the years ended December 31, 2025 and 2024, approximately $919,000 and $520,000 were paid respectively. Approximately $4,000 and $504,000 remained payable as of December 31, 2025 and 2024, respectively.

**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. U.S. GAAP defines the fair value as the price that the Company would receive to sell an asset or pay 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 willing parties.

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 1 – Quoted market prices in active markets for identical assets or liabilities.

Level 2 – 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 3 – 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.

The net carrying amount of cash and cash equivalents, interest receivable, other assets, and notes receivable from related party reported in the consolidated balance sheets approximates fair value because of the short maturity of these instruments.

As of December 31, 2025 and 2024, the net carrying amounts and fair values of other financial instruments were as follows *(amounts in thousands)*:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| **Assets:** |  |  |  |  |
| Investments in real estate debt | $- | $- | $2468 | $2634 |
| **Total** | $**-** | $**-** | $**2468** | $**2634** |
| **Liabilities:** |  |  |  |  |
| Mortgages payable | $1819 | $1798 | $1849 | $1744 |
| **Total** | $**1819** | $**1798** | $**1849** | $**1744** |

---

Fair value estimates are subjective in nature and are dependent on a number of important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument (*see Note 2 – Summary of Significant Accounting Policies*). The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. 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.

The following methods and assumptions were used in estimating fair value disclosures for financial instruments:

*Investments in real estate debt* (Level 3): The fair value of our real estate debt investment is estimated using 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 (discount rates), loan to value ratios, and expected repayment and prepayment dates. When applicable, the aggregate carrying value and fair value of our investments in real estate debt is inclusive of interest revenue received in kind. For investments that were recently acquired, cost is considered to approximate fair value, as these investments have not experienced significant changes in market conditions or asset-specific factors since acquisition.

*Mortgages payable* (Level 3): The fair values of our mortgage payable principal balances are estimated using 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 (discount rate), loan to value ratios, and expected repayment and prepayment dates. Differences between the carrying values of mortgages payable in the table above and the Mortgage payable, net in the Consolidated Balance Sheets are due to unamortized deferred financing costs. For investments that were recently acquired, cost is considered to approximate fair value, as these investments have not experienced significant changes in market conditions or asset-specific factors since acquisition.

**9.** **Related Party Arrangements** 

***Fundrise Advisors, LLC, Manager***

The Manager and certain affiliates of the Manager will receive fees and compensation in connection with the Company's Offering, and the acquisition, management and sale of the Company's real estate investments.

The Company will reimburse the Manager for actual expenses incurred on behalf of the Company in connection with the selection, acquisition or origination of an investment, to the extent not reimbursed by the borrower, whether or not the Company ultimately acquires or originates the investment. The Company will reimburse the Manager for out-of-pocket expenses paid to third parties in connection with providing services to the Company. This does not include the Manager's overhead, employee costs borne by the Manager, or utilities costs. Expense reimbursements payable to the Manager also may include expenses incurred by the Sponsor in the performance of services pursuant to a shared services agreement between the Manager and the Sponsor (the "Shared Services Agreement"), including any increases in insurance attributable to the management or operation of the Company. For the years ended December 31, 2025 and 2024, the Manager incurred approximately $49,000 and $12,000 of costs on our behalf, respectively. As of December 31, 2025 and 2024, approximately $15,000 and $3,000 was due and payable, respectively.

The Company will pay the Manager a quarterly investment management fee of one-fourth of 0.85% of our NAV at the end of each prior quarter. This rate is determined by our Manager in its sole discretion, but cannot exceed an annualized rate of 1.00%. In addition, the Manager may in its sole discretion waive its investment management fee, in whole or in part. The Manager will forfeit any portion of the investment management fee that is waived.

During the years ended December 31, 2025 and 2024, we incurred investment management fees of approximately $532,000 and $645,000, respectively. As of December 31, 2025 and 2024, approximately $121,000 and $151,000, respectively of investment management fees remained payable to the Manager.

Additionally, the Company is required to pay the Manager for servicing any non-performing assets. The Company is required to reimburse the Manager for actual expenses incurred on our behalf in connection with the special servicing of non-performing assets. The Manager will determine, in its sole discretion, whether an asset is non-performing. For the years ended December 31, 2025 and 2024, no special servicing fees have been incurred or paid to the Manager. As of December 31, 2025 and 2024, the Manager has not designated any asset as non-performing and no special servicing fees are payable to the Manager.

The Company will also reimburse the Manager for actual expenses incurred on our behalf in connection with the liquidation of any of our equity investments in real estate. For the years ended December 31, 2025 and 2024, no disposition fees have been incurred. As of December 31, 2025 and 2024, no disposition fees are payable to the Manager.

***Fundrise Lending, LLC***

As an alternative means of acquiring loans or other investments for which we do not yet have sufficient funds, and in order to comply with certain state lending requirements, Fundrise Lending, LLC, a wholly-owned subsidiary of our Sponsor, Rise Companies Corp., or its affiliates may close and fund a loan or other investment prior to it being acquired by us. Fundrise Lending, LLC allows us the flexibility to deploy our offering proceeds as funds are raised. We then will acquire such investment at a price equal to the fair market value of the loan or other investment (including reimbursements for servicing fees and accrued interest, if any), so there is no mark-up (or mark-down) at the time of our acquisition. During the years ended December 31, 2025 and 2024, the Company did not purchase any investments that were owned by Fundrise Lending, LLC.

For situations where our Sponsor, Manager or their affiliates have a conflict of interest with us that is not otherwise covered by an existing policy we have adopted or a transaction is deemed to be a "principal transaction", the Manager has appointed an Independent Representative to protect the interests of the members and review and approve such transactions. Any compensation payable to the Independent Representative for serving in such capacity on our behalf will be payable by us. Principal transactions are defined as transactions between our Sponsor, Manager or their affiliates, on the one hand, and us or one of our subsidiaries, on the other hand. Our Manager is only authorized to execute principal transactions with the prior approval of the Independent Representative and in accordance with applicable law. Such prior approval may include but not be limited to pricing methodology for the acquisition of assets and/or liabilities for which there are no readily observable market prices.

***Moat Investments, LP (formerly known as Fundrise L.P.)***

Moat Investments, LP is a member of the Company and held 9,500 shares as of December 31, 2025 and 2024. One of our Sponsor's wholly-owned subsidiaries is the general partner of Moat Investments, LP.

***Rise Companies Corp.***

Rise Companies Corp. is a member of the Company and held 600 common shares as of December 31, 2025 and 2024.

During the years ended December 31, 2025 and 2024, the Sponsor incurred approximately $102,000 and $85,000, respectively, of operational costs on our behalf, in connection with the Shared Services Agreement. As of both December 31, 2025 and 2024, approximately $1,000 and $4,000 of such costs were due and payable, respectively.

***National Lending, LLC***

Our Manager formed a self-sustaining lending entity, National Lending, which is financed by certain of the real estate investment trusts ("eREITs") and other investment vehicles (the "Funds") managed by our Manager and affiliated with our Sponsor, including the Company. The Sponsor became the manager of National Lending effective June 18, 2025, but does not hold any equity interest in National Lending. Prior to this change, an independent manager managed National Lending under a management agreement at a market rate. The Sponsor is not compensated for its role as manager. Each eREIT or Fund contributes an amount to National Lending in exchange for ownership interests. The current effective operating agreement with National Lending requires each eREIT or Fund maintain a capital contribution amount of 5% of its assets under management, which is measured on a semi-annual basis (January 15<sup>th</sup> and July 15<sup>th</sup>). As of December 31, 2025 and 2024, the Company has contributed approximately $5.2 million for a 7.4% ownership and 7.0% ownership in National Lending, respectively. See *Note 3*, *Investments in Equity Method Investees* for further information regarding the Company's ownership interests in National Lending.

National Lending may provide short-term bridge financing through promissory notes with any of the eREITs or Funds who have contributed to it in order to maintain greater liquidity and better finance such eREIT's or Fund's individual real estate investment strategies. Any promissory note bears a market rate of interest.

During the period ended December 31, 2025 and 2024, the Company did not enter into any promissory notes payable to National Lending. As of December 31, 2025 and 2024, no principal or interest were payable to National Lending.

The following is a summary of the promissory notes receivable issued by the Company to National Lending during the years ended December 31, 2025 and 2024, and note receivable balances as of December 31, 2025 and 2024 *(dollar amounts in thousands)*:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Note** | **Principal<br> Amount** | **Interest <br> Rate** | **Maturity Date** | **Balance as of**<br> **December 31, <br> 2025** | **Balance as of**<br> **December 31, <br> 2024** |
| 2024 - A <sup>(1)</sup> | $35000 | 6.25% | 12/31/2024 | $- | $- |
| 2024 - B <sup>(2)</sup> | $9500 | 5.50% | 12/31/2025 | $- | $9500 |
| 2025 - A <sup>(3)</sup> | $5000 | 5.75% | 12/31/2025 | $- | $- |
| 2025 - B <sup>(4)</sup> | $4500 | 5.75% | 12/31/2025 | $- | $- |
| 2025 - C <sup>(5)</sup> | $6300 | 5.25% | 4/3/2026 | $- | $- |
| 2025 - D <sup>(6)</sup> | $8000 | 4.50% | 12/31/2026 | $8000 | $- |
| 2025 - E <sup>(7)</sup> | $7500 | 4.50% | 12/31/2026 | $7500 | $- |
|  |  |  | **Total** | $**15500** | $**9500** |

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<sup>(1)</sup> On January 2, 2024, the Company extended a promissory note receivable to National Lending with a principal amount of $35.0 million. The secured note bears a 6.25% interest rate, and all interest is accruing, and will be received at maturity. The note matured on December 31, 2024 with National Lending's repayment to the Company, including principal and accrued interest. During the year ended December 31, 2024, the Company earned approximately $2.0 million in interest income on the promissory note to National Lending. The promissory note receivable was fully paid off on December 31, 2024.

<sup>(2)</sup> On December 31, 2024, the Company extended a promissory note receivable to National Lending with a principal amount of $9.5 million. The secured note bears a 5.50% interest rate, and all interest is accruing, and will be received at maturity. The note matures on December 31, 2025 with National Lending's repayment to the Company, including principal and accrued interest. During the year ended December 31, 2025, the company earned approximately $526,000 in interest income on the promissory note to National Lending. The promissory note receivable was fully paid off on December 31, 2025.

<sup>(3)</sup> On January 2, 2025, the Company extended a promissory note receivable to National Lending with a principal amount of $5.0 million. The secured note bears a 5.75% interest rate, and all interest is accruing, and will be received at maturity. The note had a maturity date of December 31, 2025 with National Lending's repayment to the Company, including principal and accrued interest. During the year ended December 31, 2025, the Company earned approximately $31,000 in interest income on the promissory note to National Lending. The promissory note receivable was fully paid off on March 27, 2025.

<sup>(4)</sup> On January 8, 2025, the Company extended a promissory note receivable to National Lending with a principal amount of $4.5 million. The secured note bears a 5.75% interest rate, and all interest is accruing, and will be received at maturity. The note had a maturity date of December 31, 2025 with National Lending's repayment to the Company, including principal and accrued interest. During the year ended December 31, 2025, the Company earned approximately $16,000 in interest income on the promissory note to National Lending. The promissory note receivable was fully paid off on January 30, 2025.

<sup>(5)</sup> On April 4, 2025, the Company extended a promissory note receivable to National Lending with a principal amount of $6.3 million. The secured note bears a 5.25% interest rate, and all interest is accruing, and will be received at maturity. The note had a maturity date of April 3, 2026 with National Lending's repayment to the Company, including principal and accrued interest. During the year ended December 31, 2025, the Company earned approximately $79,000 in interest income on the promissory note to National Lending. The promissory note receivable was fully paid off on June 30, 2025.

<sup>(6)</sup> On December 31, 2025, the Company extended a promissory note receivable to National Lending with a principal amount of $8.0 million. The secured note bears a 4.50% interest rate, and all interest is accruing, and will be received at maturity. The note has a maturity date of December 31, 2026 with National Lending's repayment to the Company, including principal and accrued interest.

<sup>(7)</sup> On December 31, 2025, the Company extended a promissory note receivable to National Lending with a principal amount of $7.5 million. The secured note bears a 4.50% interest rate, and all interest is accruing, and will be received at maturity. The note has a maturity date of December 31, 2026 with National Lending's repayment to the Company, including principal and accrued interest.

***TIC Arrangements with Affiliate REITs***

 ****

In December 2024, the Company entered into four TIC arrangements with REITs managed by our Manager and affiliated with our Sponsor. Under the terms of the TIC arrangements, the Company and the affiliate REITs hold undivided ownership interests in mixed-use properties located in Los Angeles, CA. The TIC arrangements allow each owner to independently own a specified interest in the property and participate in the income and expenses associated with the property in proportion to its ownership interest. As of December 31, 2025, the Company continued to hold its interests in these TIC arrangements and did not enter into any additional similar arrangements during the period.

Certain non-cash adjustments related to the Company's ownership interests under the TIC arrangements may occur. These amounts are recorded through related party balances with affiliated REITs and presented as "Due to related party" or "Due from related party" on the consolidated balance sheets. As of December 31, 2025 and 2024, the Company has recorded balances of approximately $470,000 and $0, respectively, in "Due to related party" and approximately $875,000 and $0, respectively, in "Due from related party" related to these arrangements.

**10.** **Mortgage Payable, net** 

The following is a summary of the mortgage payable by the Company as of December 31, 2025 and December 31, 2024 *(dollar amounts in thousands*).

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Borrower** | **Amount of**<br> **Loan** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Balance as of**<br> **December 31,**<br> **2025** | **Balance as of**<br> **December 31,**<br> **2024** |
| CNP 87, LLC | $1875 | See below | 07/15/2032 | $1819 | $1849 |

---

On June 27, 2022, the Company closed on a mortgage loan related to one of its rental real estate properties for a principal amount of approximately $1.9 million which matures on July 15, 2032. The mortgage loan bears interest at a fixed rate of 4.75% per annum through August 15, 2027, at which time the interest rate will bear interest at a per annum rate equal to the Wall Street Journal Prime Rate and subject to a 4.75% floor until maturity. The mortgage loan calls for interest-only payments for the first 18 months, with fixed monthly principal and interest payments due through maturity, at which time the entire outstanding principal balance becomes due. The mortgage loan is secured by one of the Company's properties with a carrying value of approximately $1.7 million. For the years ended December 31, 2025 and 2024, we incurred approximately $88,000 and $90,000, respectively, in interest expense related to the mortgage loan. As of both December 31, 2025 and December 31, 2024, we had approximately $4,000 in mortgage interest payable.

The following table presents the future principal payments due under the Company's mortgage payable as of December 31, 2025 (dollar amounts in thousands):

---

| | |
|:---|:---|
| **Year** | **Amount** |
| 2026 | $31 |
| 2027 | 33 |
| 2028 | 34 |
| 2029 | 36 |
| 2030 | 38 |
| Thereafter | 1647 |
| **Total** | $**1819** |

---

**11.** **Economic Dependency** 

Under various agreements, the Company has engaged or will engage our Manager and its affiliates to provide certain services that are essential to the Company, including asset management services, asset acquisition and disposition decisions, the sale of the Company's common shares available for issue, as well as other administrative responsibilities for the Company including accounting services and investor relations. The Manager in turn has entered into the Shared Services Agreement to assist the Manager in providing such services. As a result of these relationships, the Company is dependent upon our Manager and its affiliates. In the event that these companies were unable to provide the Company with the respective services, the Company would be required to find alternative providers of these services.

**12.** **Commitments and Contingencies** 

*Legal Proceedings*

As of the date of the consolidated financial statements we are not currently named as a defendant in any active or pending material litigation. However, it is possible that the Company could become involved in various litigation matters arising in the ordinary course of our business. Although we are unable to predict with certainty the eventual outcome of any litigation, management is not aware of any litigation likely to occur that we currently assess as being significant to us.

**13.** **Segment Reporting** 

The Company operates as a single operating and reportable segment. The management committee of Fundrise Advisors, LLC, our Manager, acts as the Company's CODM, assessing performance and making decisions about resource allocation. The CODM determined that the Company operates 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 the Company's long-term strategic asset allocation is pre-determined in accordance with the terms of its offering circular, based on a defined investment strategy. The CODM assesses segment performance using net income (loss), which is reported in the Company's Consolidated Statements of Operations. The financial information, including information about the Company's significant revenues and expenses, that is provided to and reviewed by the CODM is consistent with that presented within the Company's consolidated financial statements. Total expenses and total other expenses, as disclosed in the consolidated financial statements, represent the CODM's measure of significant expenses. The CODM uses this financial information to evaluate the Company's overall performance and investment returns, supporting decisions on acquisitions, dispositions, and distributions. Refer to the consolidated statements of operations in our consolidated financial statements for further detail on our total revenue, total expenses, and net consolidated income or loss. The measure of segment assets is reported in the Company's consolidated Balance Sheets. No single investment accounts for more than 10% of the Company's total revenue. All of the Company's real estate investments are located within the United States and all revenues are derived from U.S.-based operations.

**14.** **Subsequent Events** 

In connection with the preparation of the accompanying consolidated financial statements, we have evaluated events and transactions occurring through April 30, 2026, for potential recognition or disclosure.

*Merger*

Effective April 29, 2026, the Company merged (the "Merger") into the Fundrise eREIT, LLC (the "Fundrise eREIT"). In connection with the Merger, the Fundrise eREIT issued to the shareholders of the Company common shares of the Fundrise eREIT based on an agreed upon exchange ratio ("Exchange Ratio"). The Exchange Ratio was based on the Company's NAV per share that was effective as of the date of the Merger, April 29, 2026. The Fundrise eREIT was the surviving entity.

**Item 8.** **Exhibits**

**INDEX OF EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [2.1\*](http://www.sec.gov/Archives/edgar/data/1660919/000114420416104559/filename3.htm) | [Certificate of Formation (incorporated by reference to the copy thereof filed as Exhibit 2.1 to the Company's DOS/A filed May 24, 2016)](http://www.sec.gov/Archives/edgar/data/1660919/000114420416104559/filename3.htm) |
| [2.2\*](http://www.sec.gov/Archives/edgar/data/1660919/000114420416104559/filename4.htm) | [Certificate of Amendment (incorporated by reference to the copy thereof filed as Exhibit 2.2 to the Company's DOS/A filed May 24, 2016)](http://www.sec.gov/Archives/edgar/data/1660919/000114420416104559/filename4.htm) |
| [2.3\*](https://www.sec.gov/Archives/edgar/data/1660919/000110465923041097/tm2310951d1_ex2-3.htm) | [Amended and Restated Operating Agreement (incorporated by reference to the copy thereof submitted as Exhibit 2.3 to the Company's 1-K filed on April 4, 2023)](https://www.sec.gov/Archives/edgar/data/1660919/000110465923041097/tm2310951d1_ex2-3.htm) |
| [4.1\*](https://www.sec.gov/Archives/edgar/data/1660919/000110465920089509/tm2026320d1_partiiandiii.htm#am_002) | [Form of Subscription Agreement (incorporated by reference to Appendix A of the Company's Offering Circular on Form 1-A filed August 3, 2020)](https://www.sec.gov/Archives/edgar/data/1660919/000110465920089509/tm2026320d1_partiiandiii.htm#am_002) |
| [6.1\*](http://www.sec.gov/Archives/edgar/data/1660919/000114420416104559/filename6.htm) | [Form of License Agreement between Fundrise West Coast Opportunistic REIT, LLC and Fundrise, LLC (incorporated by reference to the copy thereof filed as Exhibit 6.1 to the Company's DOS/A filed May 24, 2016)](http://www.sec.gov/Archives/edgar/data/1660919/000114420416104559/filename6.htm) |
| [6.2\*](http://www.sec.gov/Archives/edgar/data/1660919/000114420416104559/filename8.htm) | [Form of Shared Services Agreement between Rise Companies Corp. and Fundrise Advisors, LLC (incorporated by reference to the copy thereof filed as Exhibit 6.3 to the Company's DOS/A filed May 24, 2016)](http://www.sec.gov/Archives/edgar/data/1660919/000114420416104559/filename8.htm) |
| [6.3\*](http://www.sec.gov/Archives/edgar/data/1660919/000114420416104559/filename9.htm) | [Form of Servicing Agreement between Fundrise West Coast Opportunistic REIT, LLC and Fundrise Servicing, LLC (incorporated by reference to the copy thereof filed as Exhibit 6.4 to the Company's DOS/A filed May 26, 2016)](http://www.sec.gov/Archives/edgar/data/1660919/000114420416104559/filename9.htm) |
| [7.1](tm2612735d1_ex7-1.htm) | [Agreement of Merger and Plan of Reorganization, dated April 29, 2026, by and among Fundrise Development eREIT, LLC, Fundrise East Coast Opportunistic REIT, LLC, Fundrise Equity REIT, LLC, Fundrise Growth eREIT II, LLC, Fundrise Growth eREIT III, LLC, Fundrise Midland Opportunistic REIT, LLC, Fundrise West Coast Opportunistic REIT, LLC, and Fundrise eREIT, LLC](tm2612735d1_ex7-1.htm) |

---

\* Previously filed

**SIGNATURES**

Pursuant to the requirements of Regulation A, the issuer has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on April 30, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **Fundrise West Coast Opportunistic REIT, LLC** | **Fundrise West Coast Opportunistic REIT, LLC** | **Fundrise West Coast Opportunistic REIT, LLC** | **Fundrise West Coast Opportunistic REIT, LLC** |
| By: | Fundrise Advisors, LLC, a Delaware limited liability company, its Manager | Fundrise Advisors, LLC, a Delaware limited liability company, its Manager | Fundrise Advisors, LLC, a Delaware limited liability company, its Manager |
|  | By: | /s/ Benjamin S. Miller | /s/ Benjamin S. Miller |
|  |  | Name: | Benjamin S. Miller |
|  |  | Title: | Chief Executive Officer |

---

Pursuant to the requirements of Regulation A, this report has been signed below by the following persons on behalf of the issuer and in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Benjamin S. Miller | Chief Executive Officer of | April 30, 2026 |
| Benjamin S. Miller | Fundrise Advisors, LLC |  |
|  | (Principal Executive Officer) |  |
| /s/ Alison A. Staloch | Chief Financial Officer of | April 30, 2026 |
| Alison A. Staloch | Fundrise Advisors, LLC |  |
|  | (Principal Financial Officer and |  |
|  | Principal Accounting Officer) |  |

---

## Ex1K-7

**Exhibit 7.1**

**AGREEMENT OF MERGER AND PLAN OF REORGANIZATION**

**DATED**

**APRIL 29, 2026**

**AMONG**

**Fundrise Development eREIT, LLC**

**Fundrise East Coast Opportunistic REIT, LLC**

**Fundrise Equity REIT, LLC**

**Fundrise Growth eREIT II, LLC**

**Fundrise Growth eREIT III, LLC**

**Fundrise Midland Opportunistic REIT, LLC**

**Fundrise West Coast Opportunistic REIT, LLC**

**AND**

**FUNDRISE EREIT, LLC**

**AND FOR CERTAIN LIMITED PURPOSES**

**FUNDRISE ADVISORS, LLC**

**AGREEMENT OF MERGER AND PLAN OF REORGANIZATION**

This Agreement of Merger and Plan of Reorganization (this "**Agreement**") is dated as of April 29, 2026 among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Fundrise Development eREIT, LLC, a Delaware limited liability company ()"**Development** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Fundrise East Coast Opportunistic REIT, LLC, a Delaware limited liability company ()"**East Coast** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Fundrise Equity REIT, LLC, a Delaware limited liability company ()"**Equity REIT** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Fundrise Growth eREIT II, LLC, a Delaware limited liability company ()"**Growth eREIT II** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Fundrise Growth eREIT III, LLC, a Delaware limited liability company ()"**Growth eREIT III** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Fundrise Midland Opportunistic REIT, LLC, a Delaware limited liability company ()"**Midland** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Fundrise West Coast Opportunistic REIT, LLC, a Delaware limited liability company ()"**West Coast** "
and, together with Development, East Coast, Equity REIT, Growth eREIT II, Growth eREIT III and Midland, the "**Non-Surviving Entities** ");
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Fundrise eREIT, LLC, a Delaware limited liability company ()"**eREIT**" and, together with
the Non-Surviving Entities, the "**Merger Parties** ").

Fundrise Advisors LLC, a Delaware limited liability company (the "**Manager**"), joins this Agreement solely for purposes of Sections, 1.3, 1.5, 1.8, 6.1, 7.1 and 7.3.

WHEREAS, all of the Merger Parties are externally managed by the Manager, which is an investment adviser registered with the U.S. Securities and Exchange Commission (the "**SEC**"), and a wholly-owned subsidiary of Rise Companies Corp.;

WHEREAS, pursuant to the operating agreement of each of the Non-Surviving Entities (each, an "**Operating Agreement**"), the combination of the businesses of the Merger Parties by way of seven simultaneous mergers on the terms and subject to the conditions set forth in this Agreement and in accordance with the Act (collectively, the "**Merger**") requires the approval of the Manager and William Thomas Lockard, Jr., the independent representative for each Non-Surviving Entity (the "**Independent Representative**"), each of which have approved the Merger as of the date of this Agreement;

WHEREAS, pursuant to the Limited Liability Company Operating Agreement of eREIT, dated October 16, 2025 (the "**Existing Operating Agreement**"), and Section 18-209 of the Delaware Limited Liability Company Act (6 Del. C. § 18-101 et seq.) (the "**Act**"), the Merger requires the approval of Rise Companies Corp., acting in its capacity as sole member of eREIT (the "**Existing Sole Member**"), which has approved the Merger as of the date of this Agreement;

WHEREAS, the Manager, the Independent Representative and the Existing Sole Member, as applicable, have each taken all actions required for the execution of this Agreement by the Merger Parties and to approve the consummation by the Merger Parties of the transactions contemplated hereby;

WHEREAS, the Merger Parties desire to make certain representations, warranties, and agreements in connection with the execution of this Agreement and to prescribe various conditions to the Merger; and

WHEREAS, for U.S. federal income tax purposes, (i) the merger of each Non-Surviving Entity into eREIT pursuant to this Agreement is intended to be treated as a "reorganization" within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "**Code**"), and (ii) this Agreement is intended to be, and hereby is, adopted as a "plan of reorganization" for each such merger for the purposes of Section 368 of the Code and Treasury Regulations Section 1.368-2(g).

NOW, THEREFORE, in consideration of the foregoing and the respective representations, warranties, covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, intending to be legally bound, the Merger Parties agree as follows:

**ARTICLE 1**

**<u>THE MERGER</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 *<u>The Merger</u>*. At the Effective Time (as defined below), each of the Non-Surviving Entities shall simultaneously be merged with and into eREIT, which shall be the surviving entity of the Merger (the "**Surviving Entity**"). Except as specifically provided in this Agreement, when the Merger becomes effective, (a) the real and personal property, other assets, rights, privileges, immunities, powers, purposes and franchises of the Surviving Entity shall continue unaffected and unimpaired by the Merger, (b) the separate existence of the Non-Surviving Entities shall terminate, and their real and personal property, other assets, rights, liabilities, obligations, privileges, immunities, powers, purposes and franchises shall be merged into the Surviving Entity, and (c) the Merger shall have the other effects specified in Section 18-209 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *<u>Surviving Entity Organizational Documents</u>*. At the Effective Time, the certificate of formation of eREIT as in effect immediately prior to the Effective Time shall be the certificate of formation of the Surviving Entity. At the Effective Time, the Existing Operating Agreement as in effect immediately prior to the Effective Time shall be amended and restated in its entirety, and the Surviving Entity shall be governed by, and its rights and obligations shall be as set forth in, the Amended and Restated Limited Liability Company Operating Agreement of the Surviving Entity substantially in the form attached hereto as <u>Exhibit A</u> (the "**A&R Operating Agreement**"). The Merger Parties acknowledge and agree that, effective as of the Effective Time, the members of the Surviving Entity shall adopt and approve the A&R Operating Agreement of the Surviving Entity in the form attached hereto as <u>Exhibit A</u>, which shall replace and supersede in its entirety the Existing Operating Agreement, and the former shareholders of the Non-Surviving Entities shall be subject to all the rights and obligations of shareholders under the A&R Operating Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 *<u>Issuance of Surviving Entity Shares</u>*. At the Effective Time, the Surviving Entity shall issue to each of the shareholders of the Non-Surviving Entities a number of Common Shares (as defined in the A&R Operating Agreement) of the Surviving Entity based on the "Exchange Ratio" for each issued and outstanding common share of each of the Non-Surviving Entities (each such number of Surviving Entity Common Shares being exchanged, the "**Exchange Shares**"). The Merger Parties acknowledge that the "**Exchange Ratios**" will be the ratio calculated based on (i) the net asset value ("**NAV**") per share, as of the Valuation Time (as defined below), of each applicable Non-Surviving Entity common share as determined in accordance with the Operating Agreements and valuation procedures of each Non-Surviving Entity divided by (ii) $10.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 *<u>Distribution to Non-Surviving Entity Shareholders</u>*. Immediately following the Effective Time, each Non-Surviving Entity shareholder's Exchange Shares shall be reflected (i) on the books and records of the Surviving Entity and its transfer agent, Computershare, Inc. and (ii) under such shareholder's individual account on the online investment platform available at *www.fundrise.com*. Shareholders of the Non-Surviving Entities receiving Exchange Shares shall be admitted as members of the Surviving Entity according to the terms of the A&R Operating Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 *<u>Merger of the Non-Surviving Entities into the Surviving Entity</u>*. On behalf of each Non-Surviving Entity, the Manager shall file a certificate of merger (the "**Certificate of Merger**") substantially in the form of <u>Exhibit B</u> with the Delaware Secretary of State merging such Non-Surviving Entity with and into the Surviving Entity in accordance with the terms of this Agreement and each operating agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 *<u>Tax Treatment</u>*. For U.S. federal income tax purposes, each merger of a Non-Surviving Entity with and into the Surviving Entity is intended to be treated as a "reorganization" within the meaning of Section 368(a) of the Code, and (ii) this Agreement is intended to be, and hereby is, adopted as a "plan of reorganization" for the purposes of Section 368 of the Code and Treasury Regulations Section 1.368-2(g). No Merger Party shall take any position for income tax purposes that is inconsistent with such treatment, except to the extent required pursuant to a "determination" within the meaning of Section 1313(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 *<u>Distributions from Non-Surviving Entities</u>.* If any of the Non-Surviving Entities have declared distributions prior to the Effective Time, or, after the date hereof, declare distributions prior to the Effective Time, in either case which distributions have not yet been paid to shareholders of such Non-Surviving Entities at the Effective Time ("**Unpaid Distributions**"), such Non-Surviving Entities shall retain an amount of cash equal to such Unpaid Distributions, which cash shall be transferred to the Surviving Entity by operation of law as a result of the Merger. The Surviving Entity, as successor to each Non-Surviving Entity, shall thereafter pay such Unpaid Distributions on behalf of each Non-Surviving Entity to the former shareholders of the applicable Non-Surviving Entities so as to give effect to the terms of any declared distributions made by such Non-Surviving Entities prior to the Effective Time.

**ARTICLE 2**

**<u>EFFECTIVE TIME OF MERGER</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 *<u>Date of the Merger</u>*. The Merger shall take place on a date mutually agreed to by the Merger Parties (the "**Merger Date**") after the SEC declares effective a joint information statement/prospectus (the "**Prospectus**") to be included in a Registration Statement on Form S-4 (the "**Registration Statement**") filed by eREIT and all of the conditions in Article 5 of this Agreement have been satisfied or waived by the Merger Parties. The Merger Date may be changed with the consent of the Merger Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 *<u>Valuation Time</u>*. The time of valuation shall be 4:00 p.m. Eastern time on April 28, 2026, or such other date and time mutually agreed to by the Merger Parties (the "**Valuation Time**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 *<u>Execution of Certificate of Merger</u>*. The Surviving Entity shall execute the Certificate of Merger substantially in the form of <u>Exhibit B</u>, and the Non-Surviving Entities shall cause the Certificate of Merger to be filed with the Delaware Secretary of State in advance of the Merger Date, which shall specify that the Merger shall become effective as of the Effective Time on the Merger Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 *<u>Effective Time of the Merger</u>*. The Merger shall become effective at 11:59 p.m. Eastern time on the Merger Date (the "**Effective Time**").

**ARTICLE 3**

**<u>REPRESENTATIONS AND WARRANTIES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 *<u>Representations and Warranties of the Merger Parties</u>*. Each Merger Party represents and warrants to the others as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Merger Party is a limited liability company duly organized, validly existing and in good standing under the laws of the state of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Merger Party has all power and authority necessary to enable it to enter into this Agreement and carry out the transactions contemplated by this Agreement. All actions necessary to authorize the Merger Party to enter into this Agreement and carry out the transactions contemplated by it have been taken. This Agreement has been duly executed by the Merger Party and is a valid and binding agreement of the Merger Party, enforceable against it in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Neither the execution and delivery of this Agreement nor completion of the Merger shall violate or constitute a breach of, or result in a default under, any agreement to which the Merger Party is a party or by which it, or any of its properties, is bound, or any law or any order of any court or other governmental authority having jurisdiction over the Merger Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There are no current or pending dissolution, liquidation, forfeiture or revocation proceedings regarding the Merger Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) There is no action pending or, to the knowledge of the Merger Party, threatened in writing by or before any governmental authority against the Merger Party or any officer of the Merger Party, and neither the Merger Party, nor any of its property, is subject to any outstanding order of any governmental authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All of the outstanding common shares of the Non-Surviving Entities or Common Shares of eREIT, if any, are validly issued and holders of such shares shall have no obligation to make payments or contributions to the Merger Party or its creditors solely by reason of their ownership of such shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) No dissenters' or appraisal rights shall be available to the holders of common shares of a Non-Surviving Entity or Common Shares of eREIT as a result of, or in connection with, the Merger and the other transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the case of eREIT, on the Merger Date, the Registration Statement under the Securities Act of 1933, as amended (the "**1933 Act**") with respect to the Exchange Shares will, as of the Merger Date, be in full force and effect and no stop order suspending such effectiveness shall have been instituted or, to the knowledge of eREIT, threatened by the SEC, and such registration statement will conform in all material respects to the applicable requirements of the 1933 Act and the rules and regulations of the SEC thereunder and does not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The information provided by a Merger Party for use in the Registration Statement and the Prospectus shall be accurate and complete in all material respects and shall comply with federal securities and other laws and regulations as applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) In the case of each Non-Surviving Entity, it has elected to be treated as a "real estate investment trust" under the Code ("**REIT**"), has qualified to be treated as a REIT since the date of such election, and will qualify to be treated as a REIT until the Effective Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) As of the Merger Date, all material Returns (as defined below) of a Merger Party that is a Non-Surviving Entity required by law to have been filed by such date (including any extensions) shall have been filed and are or will be true, correct and complete in all material respects, and all Taxes (as defined below) shown as due or claimed to be due by any government entity shall have been paid or provision shall have been made for the payment thereof. No such material Return is currently under audit by any federal, state, local or foreign Tax authority; no assessment has been asserted with respect to such Returns; there are no levies, liens or other encumbrances on the Merger Party or its assets resulting from the non-payment of any Taxes; no waivers of the time to assess any such Taxes are outstanding nor are any written requests for such waivers pending; and adequate provision has been made in the Merger Party's financial statements for all Taxes in respect of all periods ended on or before the date of such financial statements. As used in this Agreement, "**Tax**" or "**Taxes**" means any tax, governmental fee or other like assessment or charge of any kind whatsoever (including, but not limited to, withholding on amounts paid to or by any person), together with any interest, penalty, addition to tax or additional amount imposed by any governmental authority (domestic or foreign) responsible for the imposition of any such tax. "**Return**" means reports, returns, information returns, elections, agreements, declarations, or other documents of any nature or kind (including any attached schedules, supplements and additional or supporting material) filed or required to be filed with respect to Taxes, including any claim for refund, amended return or declaration of estimated Taxes (and including any amendments with respect thereto).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) If and to the extent applicable, upon filing its first federal income tax return following the completion of its first taxable year, the Surviving Entity will elect to be a REIT and, from the beginning of its first taxable year, the Surviving Entity will take all steps necessary to ensure that it qualifies and will be treated as a REIT. As of the Effective Time, no federal, state or other tax returns of the Surviving Entity will have been required by law to be filed and no federal, state or other taxes will be due by the Surviving Entity. Consequently, as of the Effective Time, the Surviving Entity will not have any tax deficiency or liability asserted against it, and the Surviving Entity will not be under audit by the Internal Revenue Service or by any state or local tax authority for taxes in excess of those already paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 *<u>Termination of Representations and Warranties</u>*. The representations and warranties in this Article 3 shall terminate at the Effective Time, and no Merger Party or other person shall have any rights or claims as a result of any of those representations and warranties after the Effective Time.

**ARTICLE 4**

**<u>ACTIONS PRIOR TO THE MERGER</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 *<u>Activities of the Non-Surviving Entities Until Effective Time</u>.* From the date of this Agreement until the Effective Time, each of the Non-Surviving Entities shall, and shall cause each of its subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) operate its business in the ordinary course and in a manner consistent with the manner in which it is being operated at the date of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) take all reasonable steps available to it to maintain the goodwill of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 *<u>Efforts Regarding Merger</u>*. Each Merger Party shall use its best efforts to cause the Merger to take place on the Merger Date, or as soon after that date as is practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 *<u>Registration Statement</u>*. The Merger Parties shall cooperate in preparing the Prospectus and Registration Statement, which eREIT will have filed for registration under the 1933 Act, of the Exchange Shares to be distributed to each Non-Surviving Entity's shareholders, all in compliance with the applicable requirements of the 1933 Act and the Securities Exchange Act of 1934, as amended. The Non-Surviving Entities will provide the Surviving Entity with information reasonably requested for the preparation of the Registration Statement. The information furnished by or on behalf of the Non-Surviving Entities for use in the Registration Statement or the Prospectus, and the information furnished by the Surviving Entity for use in the Registration Statement or the Prospectus, shall be accurate and complete in all material respects and shall comply with federal securities and other laws and regulations thereunder applicable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 *<u>Efforts Relating to REIT Status; Reorganization Qualification</u>*<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Merger Party and its subsidiaries (if any) shall not take any action that would, or fail to take any action the failure of which to be taken would, reasonably be expected to cause (1) such Merger Party to fail to qualify as a REIT, as applicable, or (2) any subsidiary of such Merger Party to cease to be treated as any of (A) a partnership or disregarded entity for U.S. federal income tax purposes or (B) a qualified REIT subsidiary or a taxable REIT subsidiary under the applicable provisions of the Code, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Merger Party and its subsidiaries shall use commercially reasonable efforts (before and, as relevant, after the Effective Time) to cause each merger of a Non-Surviving Entity to qualify as a "reorganization" within the meaning of Section 368(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Non-Surviving Entity, taking into account (i) all distributions to be made by such Non-Surviving Entity prior to the Effective Time and (ii) any Unpaid Distributions with respect to such Non-Surviving Entity properly treated as paid in respect of a taxable year ending on or prior to the Merger pursuant to Section 858 of the Code (assuming the Surviving Entity complies with <u>Section 1.7</u>), shall have distributed cash to its shareholders in its taxable years ending on or prior to the Merger in an amount equal to or in excess of the amount required to be distributed pursuant to Section 857(a) of the Code in respect of each such taxable year, and to ensure such Non-Surviving Entity will not be subject to tax under Sections 857(b) of the Code in respect of its taxable year ended December 31, 2025 or its taxable year ending with the Merger.

**ARTICLE 5**

**<u>CONDITIONS TO THE MERGER</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 *<u>Conditions to Merger Parties' Obligations</u>*. The obligations of each of the Merger Parties to complete the Merger are subject to the following conditions (which each Merger Party may waive as to itself, but not as to the other Merger Parties):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the approval of the Merger by the Manager, Independent Representative and the Existing Sole Member, as applicable for each Merger Party, each of which has been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Registration Statement shall have become effective under the 1933 Act and no stop order suspending the effectiveness thereof shall have been issued and, to the best knowledge of the Merger Parties hereto, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened or contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no order, injunction or decree issued by any court or agency of competent jurisdiction or other legal restraint or prohibition enacted or promulgated by any governmental entity restraining, enjoining or otherwise prohibiting the consummation of the Merger shall be in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Prospectus will be distributed to the shareholders of each Non-Surviving Entity in compliance with applicable requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) as of the date of this Agreement and the Effective Time, there are no state of facts, event, change, effect, development, condition or occurrence that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect on any Merger Party. "**Material Adverse Effect**" is defined as any fact, circumstance, event, change, effect or occurrence that, individually or in the aggregate with all other facts, circumstances, events, changes, effects or occurrences, has had or would be reasonably likely to have a material adverse effect on (i) the business, condition (financial or otherwise) or results of operations of a Merger Party, taken as a whole, or (ii) the ability of such Merger Party to perform its obligations under this Agreement or to consummate the Merger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the representations and warranties set forth in Article 3 are true and correct in all respects, in each case as of the date of this Agreement and the Effective Time, except where any failures of such representations or warranties to be so true and correct would not have, individually or in the aggregate, a Material Adverse Effect on any Merger Party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Merger Parties have performed all obligations and complied with all covenants required by this Agreement to be performed or complied with by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 *<u>No Fairness or Legal Opinions</u>*. The Merger Parties shall not be required to deliver any opinions from financial advisors or legal counsel in connection with the Merger other than as required for the Registration Statement, if any.

**ARTICLE 6**

**<u>TERMINATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 *<u>Right to Terminate</u>*. This Agreement may be terminated at any time prior to the Effective Time (even though the Manager, the Independent Representative and the Existing Sole Member, as applicable, have approved the Merger) by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mutual consent of the Merger Parties in a written instrument; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) on behalf of any individual Merger Party, by the Manager (with respect to a Non-Surviving Entity) or the Existing Sole Member (with respect to the Surviving Entity) in writing to the other Merger Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 *<u>Effect of Termination</u>*. If this Agreement is terminated pursuant to this Article 6, after this Agreement is terminated, none of the Merger Parties which have terminated this Agreement shall have any further rights or obligations under this Agreement. Nothing contained in this Section shall, however, relieve any Merger Party from liability for a breach of this Agreement which occurs before this Agreement is terminated.

**ARTICLE 7**

**<u>GENERAL</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 *<u>Expenses</u>*. The expenses of the Manager relating to the Merger, including legal fees and disbursements, shall be allocated among the Non-Surviving Entities in direct proportion to each Non-Surviving Entity's most recently announced NAV per share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 *<u>Indemnification for Prior Acts</u>*. The Surviving Entity shall honor, and shall not amend or modify for at least six years after the date of this Agreement, any obligations of any Merger Party, or any of its subsidiaries, to indemnify the Manager or the Independent Representative (together, the "**Indemnified Parties**") with respect to matters which occur prior to the Effective Time. The provisions of this Section 7.2 are intended to be for the benefit of, and shall be enforceable by, the Indemnified Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 *<u>Press Releases</u>*. The Manager shall make all decisions regarding whether to issue, and the substance of, any press releases or other public statements with respect to this Agreement or the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 *<u>Separate Agreements</u>*. It is understood and agreed that (i) this Agreement shall constitute a separate agreement in respect of each Non-Surviving Entity's reorganization into eREIT, as if each Non-Surviving Entity had entered into a separate Agreement with eREIT, and (ii) no Non-Surviving Entity shall be deemed to make any representations or warranties to, or have any obligations or liability with respect to, any other Non-Surviving Entity hereunder. The obligations arising out of this Agreement are several and not joint with respect to each Non-Surviving Entity, and the Merger Parties agree not to proceed against any Non-Surviving Entity for the obligations of another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 *<u>Entire Agreement</u>*. This Agreement contains the entire agreement between the Merger Parties relating to the Merger transactions that are the subject of this Agreement, and all prior negotiations, understandings and agreements between the Merger Parties relating to the Merger are superseded by this Agreement. None of the Merger Parties have relied on any representations, warranties, understandings or agreements concerning the Merger transactions that are the subject of this Agreement other than those expressly set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 *<u>Benefit of Agreement</u>.* This Agreement is for the benefit of the parties to it, their respective successors and any permitted assigns. Except as stated in <u>Section 7.2</u> hereof, this Agreement is not intended to be for the benefit of, or to give any rights to, anybody other than the parties, their respective successors and any permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 *<u>Assignments</u>*. Neither this Agreement nor any right of any party under it may be assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 *<u>Captions</u>*. The captions of the articles and sections of this Agreement are for convenience only, and do not affect the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.9 *<u>Notices and Other Communications</u>*. Any notice or other communication under this Agreement must be in writing and shall be deemed given when it is delivered in person or sent by facsimile or electronic mail (with proof of receipt at the required facsimile number or email address), on the business day after the day on which it is delivered to a major nationwide overnight delivery service with instructions to make next business day delivery, or on the third business day after the day on which it is mailed by first class mail from within the United States of America, addressed as follows:

If to the Merger Parties and the Manager:

Fundrise Development eREIT, LLC

Fundrise East Coast Opportunistic REIT, LLC

Fundrise Equity REIT, LLC

Fundrise Growth eREIT II, LLC

Fundrise Growth eREIT III, LLC

Fundrise Midland Opportunistic REIT, LLC

Fundrise West Coast Opportunistic REIT, LLC

Fundrise eREIT, LLC

Fundrise Advisors, LLC

Attn: Bjorn Hall

11 Dupont Circle NW, 9th FL,

Washington, District of Columbia 20036

Email: bjorn@fundrise.com

*with a copy to*:

David H. Roberts, Esq.

Goodwin Procter LLP

100 Northern Avenue

Boston, MA 02210

Email: droberts@goodwinlaw .com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 *<u>Governing Law</u>*. This Agreement shall be governed by, and construed under, the laws of the State of Delaware, without regard to conflict of laws principles that would apply the laws of any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 *<u>Amendments</u>*. This Agreement may be amended and any provision waived by, but only by, a document in writing signed by both of the Merger Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 *<u>Counterpart</u>*<u>s</u>. This Agreement may be executed in two or more counterparts, some of which may contain facsimile signatures of some of the parties. Each of those counterparts shall be deemed to be an original copy of this Agreement, but all of them together shall constitute one and the same agreement.

*(Signatures on following page)*

**IN WITNESS WHEREOF**, each of the Merger Parties and the Manager have executed this Agreement, intending to be legally bound by it, on the day shown on the first page of this Agreement.

<u>The Non-Surviving Entities:</u>

**Fundrise Development eREIT, LLC**

**Fundrise East Coast Opportunistic REIT, LLC**

**Fundrise Equity REIT, LLC**

**Fundrise Growth eREIT II, LLC**

**Fundrise Growth eREIT III, LLC**

**Fundrise Midland Opportunistic REIT, LLC**

**Fundrise West Coast Opportunistic REIT, LLC**

By: Fundrise Advisors, LLC,

as Manager of each of the above entities

By: <u>/s/ Benjamin S. Miller</u>_____________

Name: Benjamin S. Miller

Title: Chief Executive Officer

<u>eREIT:</u>

**Fundrise eREIT, LLC**

By: Fundrise Advisors, LLC,

as Manager

By: <u>/s/ Benjamin S. Miller</u>_____________

Name: Benjamin S. Miller

Title: Chief Executive Officer

<u>The Manager:</u>

**Fundrise Advisors, LLC**

By: <u>/s/ Benjamin S. Miller</u>_____________

Name: Benjamin S. Miller

Title: Chief Executive Officer

<u>Exhibit A</u>

**A&R OPERATING AGREEMENT**

[*On file.*]

<u>Exhibit B</u>

**CERTIFICATE OF MERGER**

**OF**

**Fundrise Development eREIT, LLC**

(a Delaware limited liability company)

AND

**Fundrise East Coast Opportunistic REIT, LLC**

(a Delaware limited liability company)

AND

**Fundrise Equity REIT, LLC**

(a Delaware limited liability company)

AND

**Fundrise Growth eREIT II, LLC**

(a Delaware limited liability company)

AND

**Fundrise Growth eREIT III, LLC**

(a Delaware limited liability company)

AND

**Fundrise Midland Opportunistic REIT, LLC**

(a Delaware limited liability company)

AND

**Fundrise West Coast Opportunistic REIT, LLC**

(a Delaware limited liability company)

**INTO**

**Fundrise EREIT, LLC**

(a Delaware limited liability company)

Dated: April 29, 2026

The undersigned limited liability company formed and existing under the laws of the State of Delaware,

DOES HEREBY CERTIFY:

**FIRST**: The name and jurisdiction of formation or organization and type of entity of each of the constituent entities which is to merge are as follows:

---

| | | |
|:---|:---|:---|
| Name | Jurisdiction of Formation | Type of Entity |
| Fundrise Development eREIT, LLC | Delaware | Limited Liability Company |
| Fundrise East Coast Opportunistic REIT, LLC | Delaware | Limited Liability Company |
| Fundrise Equity REIT, LLC | Delaware | Limited Liability Company |
| Fundrise Growth eREIT II, LLC | Delaware | Limited Liability Company |
| Fundrise Growth eREIT III, LLC | Delaware | Limited Liability Company |
| Fundrise Midland Opportunistic REIT, LLC | Delaware | Limited Liability Company |
| Fundrise West Coast Opportunistic REIT, LLC | Delaware | Limited Liability Company |
| Fundrise eREIT, LLC | Delaware | Limited Liability Company |

---

**SECOND**: An Agreement of Merger and Plan of Reorganization has been approved and executed by (i) Fundrise Development eREIT, LLC, a Delaware limited liability company; Fundrise East Coast Opportunistic REIT, LLC, a Delaware limited liability company; Fundrise Equity REIT, LLC, a Delaware limited liability company; Fundrise Growth eREIT II, LLC, a Delaware limited liability company; Fundrise Growth eREIT III, LLC, a Delaware limited liability company; Fundrise Midland Opportunistic REIT, LLC, a Delaware limited liability company; and Fundrise West Coast Opportunistic REIT, LLC, a Delaware limited liability company (collectively, the "<u>Non-Surviving LLCs</u>"), and (ii) Fundrise eREIT, LLC, a Delaware limited liability company (the "<u>Surviving LLC</u>").

**THIRD**: The name of the surviving domestic limited liability company is Fundrise eREIT, LLC.

**FOURTH**: The merger of the Non-Surviving LLCs into the Surviving LLC shall be effective at 11:59 p.m., Eastern Time, on the date of filing of this Certificate of Merger with the Secretary of State of the State of Delaware.

**FIFTH**: The executed Agreement of Merger and Plan of Reorganization is on file at a place of business of the Surviving LLC. The address of such place of business of the Surviving LLC is:

11 Dupont Circle NW, 9th FL,

Washington, District of Columbia 20036

**SIXTH**: A copy of the Agreement of Merger and Plan of Reorganization shall be furnished by the Surviving LLC, on request and without cost, to any member of the Surviving LLC and any member or person holding an interest in the Non-Surviving LLCs.

[*Signature page follows.*]

IN WITNESS WHEREOF, the Surviving LLC has caused this Certificate of Merger to be duly executed as of the date first written above.

---

| | | |
|:---|:---|:---|
| **Fundrise eREIT, LLC** | **Fundrise eREIT, LLC** | **Fundrise eREIT, LLC** |
| By: |  |  |
|  | Name: | Benjamin S. Miller |
|  | Title: | Authorized Person |

---

## Form 1-K Filing Summary

### Filer Information

**Issuer CIK:** 0001660919

**Issuer CCC:** XXXXXXXX

**Is filer a shell company?:** No

**Is this filing by a successor company?:** No

### Submission Contact Information

**Is this a LIVE or TEST Filing?:** LIVE

**Period:** 12-31-2025

### Item 1: Issuer Information (Tab 1 Notification)

**Type of Report:** Annual Report

**Fiscal Year End:** 12-31-2025

**Exact Name of Issuer:** Fundrise West Coast Opportunistic REIT, LLC

**CIK:** 0001660919

**Jurisdiction of Incorporation:** DE

**IRS Number:** 35-2546939

**Address:** 11 DUPONT CIRCLE NW, WASHINGTON, DC 20036

**Issuer Phone Number:** 202-584-0550

**Title of each class of securities issued pursuant to Regulation A:** Common Shares

### Item 2: Ongoing Reporting Requirements

**Is the issuer relying on the relief provided by Rule 257(d) for this filing?** Yes