# EDGAR Filing Document

**Accession Number:** 0001867090
**File Stem:** 0001867090-25-000029
**Filing Date:** 2025-11
**Character Count:** 114165
**Document Hash:** 7a069e344f27721fc05e8e0cabe6ac66
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001867090-25-000029.hdr.sgml**: 20251124

**ACCESSION NUMBER**: 0001867090-25-000029

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251124

**DATE AS OF CHANGE**: 20251124

**EFFECTIVENESS DATE**: 20251124

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fundrise Growth Tech Fund, LLC
- **CENTRAL INDEX KEY:** 0001867090

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23708
- **FILM NUMBER:** 251513727

**BUSINESS ADDRESS:**
- **STREET 1:** 11 DUPONT CIRCLE NW
- **STREET 2:** 9TH FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036
- **BUSINESS PHONE:** 202-584-0550

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fundrise Growth Tech Interval Fund, LLC
- **DATE OF NAME CHANGE:** 20210611

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

**Fundrise Growth Tech Fund, LLC**

Investment Company Act file number 811-23708

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

**Washington, D.C. 20036**

(Address of Principal Executive Offices)

(202) 584-0550

(Registrant's Area Code and telephone number)

**Bjorn J. Hall**

**Rise Companies Corp.**

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

**Washington, D.C. 20036**

(Name and Address of Agent for Service)

*Copies to:*

**Elizabeth J. Reza**

**Ropes & Gray LLP**

**800 Boylston Street**

**Boston, Massachusetts 02199**

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

**Date of reporting period: April 1, 2025 through September 30, 2025**

**Item 1. Reports to Stockholders.**

(a) Fundrise

Growth

Tech

Fund,

LLC

Semi-Annual

Report

For

the

Six

Months

Ended

September

30,

2025

TABLE

OF

CONTENTS

Portfolio

Composition

(Unaudited)

Schedule

of

Investments

(Unaudited)

Statement

of

Assets

and

Liabilities

(Unaudited)

Statement

of

Operations

(Unaudited)

Statements

of

Changes

in

Net

Assets

Statement

of

Cash

Flows

(Unaudited)

Financial

Highlights

Notes

to

Financial

Statements

(Unaudited)

Additional

Information

(Unaudited)

Fundrise

Growth

Tech

Fund,

LLC

PORTFOLIO

COMPOSITION

(UNAUDITED)

September

30,

2025

PORTFOLIO

COMPOSITION

The

following

chart

provides

a

visual

breakdown

of

the

Fund,

by

the

industry

sectors

that

the

underlying

securities

represent,

as

a

percentage

of

total

investments.

TOP

TEN

HOLDINGS

The

following

table

below

shows

the

Fund's

ten

largest

investments

by

issuer,

excluding

short-term

holdings,

including

each

investment's

fair

value

and

its

percentage

of

the

Fund's

total

net

assets.

Description

Value

as

of

September

30,

2025

%

of

Net

Assets

Databricks

,

Inc.

$

,

20.9%

Anthropic,

PBC

50,275

13.9%

OpenAI

Group

PBC

,

12.7%

dbt

Labs,

Inc.

15,000

4.1%

Anduril

Industries,

Inc.

SPV

12,793

3.5%

SWITCH

Data

Centers

-

SWCH

2025-DATA

E

12,484

3.4%

Epic

Games,

Inc.

12,179

3.4%

ServiceTitan

,

Inc.

12,019

3.3%

Vanta

,

Inc.

10,116

2.8%

QTS

Data

Centers

-

BX

2025-VLT6

E

10,008

2.8%

Total

Top

Ten

$

256,580

70.8%

Fundrise

Growth

Tech

Fund,

LLC

Schedule

of

Investments

(UNAUDITED)

September

30,

2025

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

Description

Par/Shares

Security

Type

Value

as

of

September

30,

2025

%

of

Net

Assets

Technology

Private

Equity

Artificial

Intelligence

OpenAI

Group

PBC

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

N/A

Portfolio

Company

$

35,807

9.9%

Anthropic,

PBC

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

Portfolio

Company

30,675

8.5%

Anthropic,

PBC

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

Portfolio

Company

19,600

5.4%

Anduril

Industries,

Inc.

SPV

(1)(2)(3)(5)

N/A

Portfolio

Company

12,793

3.5%

OpenAI

Group

PBC

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

N/A

Portfolio

Company

10,248

2.8%

Visual

Layer,

Inc.

(1)(2)(3)(6)

N/A

Portfolio

Company

5,000

1.4%

Space

Exploration

Technologies

Corp.

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

Portfolio

Company

4,300

1.2%

AI-LLM,

LLC

(1)(2)(3)(8)

N/A

Portfolio

Company

3,141

0.9%

Anyscale,

Inc.

(1)(2)(3)

511

Portfolio

Company

2,494

0.7%

Risotto

(1)(2)(3)(6)

N/A

Portfolio

Company

0.1%

Luminos,

Inc.

(1)(2)(3)(9)

N/A

Portfolio

Company

0.0%

Gumloop

(1)(2)(3)(9)

Portfolio

Company

0.0%

Total

Artificial

Intelligence

(Cost

$

,

876)

$

,

578

.

%

Data

Infrastructure

Databricks,

Inc.

(2)(3)(4)(10)

Portfolio

Company

$

57,291

15.8%

Databricks,

Inc.

(1)(2)(3)

Portfolio

Company

18,360

5.1%

dbt

Labs,

Inc.

(1)(2)(3)

Portfolio

Company

15,000

4.1%

Vanta,

Inc.

(1)(2)(3)

555

Portfolio

Company

10,116

2.8%

Immuta,

Inc.

(1)(2)(3)

Portfolio

Company

1,022

0.3%

DittoLive,

Inc.

(1)(2)(3)

Portfolio

Company

1,000

0.3%

Omni

Analytics,

Inc.

(1)(2)(3)

Portfolio

Company

588

0.2%

Hightouch

-

Common

(1)(2)(3)

Portfolio

Company

583

0.2%

Hightouch

-

Preferred

(1)(2)(3)(9)

Portfolio

Company

0.0%

Total

Data

Infrastructure

(Cost

$56,783)

$

104,060

28.8%

Gaming/Entertainment

Epic

Games,

Inc.

(1)(2)(3)

Portfolio

Company

$

12,179

3.4%

Total

Gaming/Entertainment

(Cost

$12,179)

$

12,179

3.4%

Financial

Technology

Ramp

Business

Corp.

-

Preferred

(1)(2)(3)

Portfolio

Company

$

8,667

2.4%

Ramp

Business

Corp.

-

Common

(1)(2)(3)

Portfolio

Company

1,716

0.5%

Stripe,

Inc.

(1)(2)(3)

Portfolio

Company

0.1%

Total

Financial

Technology

(Cost

$6,053)

$

10,731

3.0%

Vertical/Horizontal

Software

Canva,

Inc.

(1)(2)(3)

Portfolio

Company

$

9,599

2.6%

Total

Vertical/Horizontal

Software

(Cost

$6,220)

$

9,599

2.6%

Property

Technology

Inspectify,

Inc.

(1)(2)(3)(11)

1,295

Portfolio

Company

$

5,000

1.4%

Rhino

Labs,

Inc.,

Series

P

(1)(2)(3)

Portfolio

Company

1,023

0.3%

Rhino

Labs,

Inc.,

Series

D

(1)(2)(3)

Portfolio

Company

0.1%

Total

Property

Technology

(Cost

$6,39

0)

$

6,414

1.8%

Total

Technology

Private

Equity

(Cost

$168,501)

$

,

561

.

%

Technology

Venture

Fund

Theory

Ventures,

LP

(2)(3)(7)(10)

N/A

Portfolio

Fund

$

4,576

1.3%

Total

Technology

Venture

Fund

(Cost

$4,576)

$

4,576

1.3%

Technology

Public

Equity

Vertical/Horizontal

Software

ServiceTitan,

Inc.

(2) 119

Common

Stock

$

12,019

3.3%

Total

Technology

Public

Equity

(Cost

$7,748)

$

12,019

3.3%

Fundrise

Growth

Tech

Fund,

LLC

Schedule

of

Investments

(UNAUDITED)(Continued)

September

30,

2025

See

accompanying

notes

to

financial

statements.

Description

Par/Shares

Security

Type

Value

as

of

September

30,

2025

%

of

Net

Assets

Technology

Fixed

Income

SWITCH

Data

Centers

-

SWCH

2025-DATA

E,

7.49%

(3.34%

+

SOFR),

02/15/27

(12)(14)

$

12,500

Commercial

Mortgage-Backed

Security

$

12,484

3.4%

QTS

Data

Centers

-

BX

2025-VLT6

E,

7.34%

(3.19%

+

SOFR),

03/15/27

(12)(14)

10,000

Commercial

Mortgage-Backed

Security

10,008

2.8%

Vantage

Data

Centers

-

VDCM

2025-AZ

D,

6.43%,

07/13/30

(12)(13)

9,000

Commercial

Mortgage-Backed

Security

9,138

2.5%

QTS

Data

Centers

-

BX

2025-VLT7

D,

7.40%

(3.25%

+

SOFR),

07/15/27

(12)(14)

7,000

Commercial

Mortgage-Backed

Security

7,074

2.0%

QTS

Data

Centers

-

BX

2025-VLT7

E,

7.90%

(3.75%

+

SOFR),

07/15/27

(12)(14)

7,000

Commercial

Mortgage-Backed

Security

7,055

1.9%

EdgeCore

Data

Centers

-

ECORE

2025-1A

B,

4.55%,

07/25/30

(12) 6,000

Commercial

Mortgage-Backed

Security

5,755

1.6%

QTS

Data

Centers

-

BX

2025-VLT6

D,

6.74%

(2.59%

+

SOFR),

03/15/27

(12)(14)

5,000

Commercial

Mortgage-Backed

Security

5,006

1.4%

Total

Technology

Fixed

Income

(Cost

$56,100)

$

56,520

15.6%

Short-Term

Investment

JP

Morgan

U.S.

Treasury

Plus

Money

Market

Fund,

Capital

Shares,

4.09%

(15) 26,630

Money

Market

Fund

$

26,630

7.4%

Total

Short-Term

Investment

(Cost

$26,630)

$

26,630

7.4%

Total

investments,

at

value

(Cost

$263,555)

$

367,306

101.6%

Liabilities

in

excess

of

other

assets

(5,646)

(1.6)%

Total

Net

Assets

$

361,660

100.0%

LLC

Limited

Liability

Company

LP

Limited

Partnership

(1) Investments

classified

as

Level

within

the

three-tier

fair

value

hierarchy.

See

Note

2,

Summary

of

Significant

Accounting

Policies

-

Fair

Value

Measurement

for

an

explanation

of

this

hierarchy,

as

well

as

a

list

of

significant

unobservable

inputs

used

in

the

valuation

of

these

instruments.

(2) Non-income

producing

investment.

(3) Restricted

security.

The

aggregate

value

of

restricted

securities

at

September

30,

2025

is

approximately

$272,137

(amount

in

thousands)

and

represents

approximately

75.3%

of

net

assets.

See

Note

2,

Summary

of

Significant

Accounting

Policies

for

additional

information.

(4) Shares

held

through

a

special

purpose

vehicle

of

which

the

named

investment

is

the

sole

investment.

If

applicable,

shares

listed

indicate

shares

of

underlying

investment.

(5) Shares

held

through

8VC

ANSE

SPV,

LP

of

which

Anduril

Industries,

Inc.

is

the

sole

investment.

(6) If

there

is

an

equity

financing,

this

Simple

Agreement

for

Future

Equity

("SAFE")

will

convert

into

preferred

shares

equal

to

the

Fund's

cost

of

investment

divided

by

conversion

price,

which

is

a

function

of

the

discount

price.

(7) Limited

partnership

with

a

10-year

term.

Redemptions

are

not

permitted.

Unfunded

commitments

totaled

$704

(amount

in

thousands)

as

of

September

30,

2025. (8) AI-LLM,

LLC

holds

an

investment

in

a

leading

private

North

American-based

artificial

intelligence

and

large

language

model

provider

(leading

defined

as

top

in

capital

raised

as

of

the

reporting

date

among

North

American-based

companies

primarily

focused

on

building

and

serving

foundation

models).

(9) Value

is

less

than

0.05%

of

Total

Net

Assets.

(10) Investment

valued

using

net

asset

value

per

share

(or

its

equivalent)

as

a

practical

expedient.

See

Note

2,

Summary

of

Significant

Accounting

Policies

-

Fair

Value

Measurement

for

additional

information.

(11) Investment

in

an

affiliate.

See

Note

6,

Investment

Manager

Fees

and

Other

Related

Party

Transactions

for

additional

information.

(12) Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. These

securities

may

be

resold

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

The

aggregate

value

of

these

securities

at

September

30,

2025

is

approximately

$56,520

(amount

in

thousands)

and

represents

approximately

15.6%

of

net

assets.

(13) This

investment

has

a

variable

interest

rate

which

adjusts

periodically

based

on

changes

in

current

interest

rates.

Coupon

rate

shown

at

September

30,

2025. (14) This

investment

has

a

floating

interest

rate.

Coupon

rate,

reference

index

and

spread

shown

at

September

30,

2025. (15) Rate

disclosed

is

representative

of

the

seven-day

effective

yield

as

of

September

30,

2025. Fundrise

Growth

Tech

Fund,

LLC

STATEMENT

OF

ASSETS

AND

LIABILITIES

(UNAUDITED)

September

30,

2025

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands,

except

share

and

per

share

data)

Assets

Investments

in

unaffiliated

entities,

at

fair

value

(Cost

$259,555)

$

362,306

Investments

in

non-controlled

affiliated

entities,

at

fair

value

(Cost

$4,000)

5,000

Cash

2,813

Interest

and

dividend

receivable

from

unaffiliated

investments

Prepaid

expenses

Total

Assets

$

370,

533

Liabilities

Deferred

tax

liability,

net

$

4,999

Settling

subscriptions

2,149

Accounts

payable

and

accrued

expenses

829

Management

fees

payable

547

Current

tax

liability

Distributions

payable

Redemptions

payable

Total

Liabilities

$

8,873

Commitments

and

Contingencies

(1) Total

Net

Assets

$

361,660

Components

of

Net

Assets

Paid-in

capital

$

264,219

Distributable

earnings

97,441

Total

Net

Assets

$

361,660

Net

Asset

Value

Net

Assets

$

361,660

Common

shares

outstanding

as

of

September

30,

2025;

unlimited

shares

authorized

24,285,634

Net

Asset

Value

Per

Share

$

14.89 (1) See

Note

2,

Summary

of

Significant

Accounting

Policies

for

additional

information.

Fundrise

Growth

Tech

Fund,

LLC

STATEMENT

OF

OPERATIONS

(UNAUDITED)

FOR

THE

SIX

MONTHS

ENDED

SEPTEMBER

30,

2025

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

Investment

Income

Interest

income

from

unaffiliated

investments

$

1,234

Dividend

income

from

unaffiliated

investments

558

Total

Investment

Income

$

1,792

Expenses

Management

fees

$

2,465

Marketing

expenses

579

Professional

fees

Miscellaneous

expenses

Custody

fees

Directors'

fees

Transfer

agent

fees

Management

fees

recouped

by

the

Adviser

Interest

expense

Total

Expenses

$

3,998

Net

Investment

Income

(Loss)

$

(2,20

6)

Net

Realized

and

Unrealized

Gain

(Loss)

from

Investments

Net

realized

gain

(loss)

from

unaffiliated

investments

$

5,352

Net

change

in

unrealized

appreciation/depreciation

from

unaffiliated

investments

71,674

Net

change

in

unrealized

appreciation/depreciation

from

deferred

tax

benefit

(expense)

619

Total

Net

Realized

and

Unrealized

Gain

(Loss)

from

Investments

$

77,645

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

75,439

Fundrise

Growth

Tech

Fund,

LLC

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

For

the

Six

Months

Ended

September

30,

2025

(Unaudited)

For

the

Year

Ended

March

31,

2025

Operations:

Net

investment

income

(loss)

$

(2,206)

$

(3,748)

Net

realized

gain

(loss)

from

investments

5,352

Net

change

in

unrealized

appreciation/depreciation

from

investments

72,293

22,973

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

75,439

$

19,447

Distributions

to

Common

Shareholders

From:

Return

of

capital

$

(260) $

(381) Net

Decrease

in

Net

Assets

from

Distributions

to

Common

Shareholders

$

(260) $

(381) Capital

Share

Transactions:

Proceeds

from

sale

of

shares

$

82,165

$

76,634

Distributions

reinvested

Repurchase

of

shares

(7,373)

(11,753)

Net

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

$

74,815

$

64,898

Net

Increase

(Decrease)

in

Net

Assets

$

149,994

$

83,964

Net

Assets:

Beginning

of

Period

$

211,666

$

127,702

End

of

Period

$

361,660

$

211,666

Fundrise

Growth

Tech

Fund,

LLC

STATEMENT

OF

CASH

FLOWS

(UNAUDITED)

FOR

THE

SIX

MONTHS

ENDED

SEPTEMBER

30,

2025

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

Operating

Activities:

Net

increase

in

net

assets

resulting

from

operations

$

75,439

Adjustments

to

reconcile

net

increase

(decrease)

in

net

assets

resulting

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Investments

in

unaffiliated

entities

(78,678)

Net

change

in

investments

in

short-term

investments

(13,242)

Accretion

of

discounts

(12) Net

realized

(gain)

loss

from

unaffiliated

investments

(5,352)

Net

change

in

unrealized

appreciation/depreciation

from

unaffiliated

investments

(71,674)

Proceeds

from

sale

of

unaffiliated

investments

17,780

Changes

in

assets

and

liabilities:

Net

(increase)

decrease

in

interest

and

dividend

receivable

from

unaffiliated

investments

(152) Net

increase

(decrease)

in

deferred

tax

liability,

net

(826) Net

increase

(decrease)

in

current

tax

liability

Net

(increase)

decrease

in

due

from

Adviser

Net

(increase)

decrease

in

prepaid

expenses

(107) Net

increase

(decrease)

in

settling

subscriptions

1,598

Net

increase

(decrease)

in

management

fees

payable

547

Net

increase

(decrease)

in

accounts

payable

and

accrued

expenses

Net

cash

provided

by

(used

in)

operating

activities

$

(73,774)

Financing

Activities:

Proceeds

from

sale

of

shares

$

82,165

Cash

paid

for

shares

repurchased

(7,370)

Distributions

paid

(205) Net

cash

provided

by

(used

in)

financing

activities

$

74,590

Net

increase

(decrease)

in

cash

$

816

Cash,

beginning

of

period

1,997

Cash,

end

of

period

$

2,813

Supplemental

Disclosure

of

Non-Cash

Activity:

Distributions

reinvested

$

Fundrise

Growth

Tech

Fund,

LLC

FINANCIAL

HIGHLIGHTS

See

accompanying

notes

to

financial

statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period.

For

the

Six

Months

Ended

September

30,

2025

For

the

Years

Ended

March

31,

For

the

Period

July

25,

2022

(1) Through

(Unaudited)

2025

2024

March

31,

2023

Net

Asset

Value,

Beginning

of

Period

$

11.40 $

10.20 $

10.05 $

10.00 Income

from

Investment

Operations

Net

investment

income

(loss)

(2) $

(0.11)

$

(0.25)

$

(0.06)

$

0.05 Net

realized

and

unrealized

gain

(loss)

on

investments

.

1.48 0.21 0.00 (3) Total

Income

(Loss)

from

Investment

Operations

$

3.50 $

1.23 $

0.15 $

0.05 Distributions

to

Common

Shareholders

From:

Return

of

capital

$

(0.01)

$

(0.03)

$

(0.00)

(3) $

–

Total

Distributions

to

Common

Shareholders

$

(0.01)

$

(0.03)

$

(0.00)

$

–

Net

Asset

Value,

End

of

Period

$

14.89 $

11.40 $

10.20 $

10.05 Total

Investment

Return

Based

on

Net

Asset

Value

(4) 30.73%

(6)

12.02%

(5) 1.53%

(5) 0.50%

(5)(6)

Ratios

and

Supplemental

Data

Net

assets

at

end

of

period

(thousands)

$

361,660

$

211,666

$

127,702

$

73,132

Including

interest

expense:

Ratio

of

gross

expenses

to

average

net

assets

(7)(8)

2.77%

(9)(10)

8.94%

(10) 3.50%

(11) 6.18%

(9) Ratio

of

net

expenses

to

average

net

assets

(8) 2.77%

(9)(10)

6.58%

(10) 3.07%

(12) 2.74%

(9) Ratio

of

net

investment

income

(loss)

to

average

net

assets

(1.66)%

(9) (2.31)%

(0.55)%

(13) 0.68%

(9) Excluding

interest

expense:

Ratio

of

gross

expenses

to

average

net

assets

(7)(8)

2.77%

(9)(10)

8.94%

(10) 3.50%

(11) 6.18%

(9) Ratio

of

net

expenses

to

average

net

assets

(8) 2.77%

(9)(10)

6.58%

(10) 3.07%

(12) 2.74%

(9) Ratio

of

net

investment

income

(loss)

to

average

net

assets

(1.66)%

(9) (2.31)%

(0.55)%

(13) 0.68%

(9) Portfolio

turnover

rate

7%

(6) 8%

(14) 18%

–%

(6) (1) Commencement

of

investment

operations.

(2) Based

on

average

shares

outstanding

during

each

period.

(3) Less

than

$0.01

per

share.

(4) Total

investment

return

based

on

net

asset

value

is

based

upon

the

change

in

net

asset

value

per

share

between

the

opening

and

ending

net

asset

values

per

share

in

the

period

indicated

and

assumes

that

dividends

are

reinvested

in

accordance

with

the

Fund's

dividend

reinvestment

policy.

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

Shareholder

would

pay

on

Fund

distributions

or

the

repurchase

of

Fund

shares.

(5) Total

investment

returns

for

the

period

would

have

been

lower

had

certain

expenses

not

been

waived

or

borne

by

the

Adviser

during

the

period.

The

Expense

Limitation

Agreement

remains

in

effect

through

July

31,

2026. See

Note

6,

Investment

Manager

Fees

and

Other

Related

Party

Transactions

for

further

information.

(6) Not

annualized.

(7) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(8) Excludes

acquired

fund

fees

and

expenses

of

underlying

investment

companies.

(9) Annualized,

except

for

non-recurring

items.

(10) Ratios

include

(0.23)%

and

3.58%

of

deferred

tax

expense/(benefit)

for

the

six

months

ended

September

30,

2025

and

the

year

ended

March

31,

2025,

respectively.

(11) The

ratio

of

gross

expenses

to

average

net

assets

includes

income

tax

expense.

The

ratio

excluding

income

tax

expense

was

3.43%

for

the

year

ended

March

31,

2024. (12) The

ratio

of

net

expenses

to

average

net

assets

includes

income

tax

expense.

The

ratio

excluding

income

tax

expense

was

3.00%

for

the

year

ended

March

31,

2024. (13) The

ratio

of

net

investment

income

(loss)

to

average

net

assets

includes

income

tax

expense.

The

ratio

excluding

income

tax

expense

was

(0.48)%

for

the

year

ended

March

31,

2024. (14) Excludes

the

impact

of

in-kind

transactions.

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)

September

30,

2025

1. Formation

and

Organization

Fundrise

Growth

Tech

Fund,

LLC

(the

"Fund"

or

the

"Registrant")

is

a

Delaware

limited

liability

company.

The

Fund

intends

to

elect

and

intends

to

qualify

to

be

taxed

as

a

regulated

investment

company

("RIC")

under

the

Internal

Revenue

Code

of

1986,

as

amended

(the

"Code"),

for

its

taxable

year

ending

March

31,

2026. During

prior

taxable

years,

the

Fund

was

taxed

as

a

C

corporation

for

U.S.

federal

income

tax

purposes.

The

Fund

is

organized

as

a

continuously

offered,

non-diversified,

closed-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act").

The

Fund's

registration

statement

was

declared

effective

on

May

11,

2022. The

Fund

commenced

investment

operations

on

July

25,

2022. The

Fund's

investment

objective

is

to

provide

total

return

primarily

through

long-term

capital

appreciation.

The

Fund

seeks

to

achieve

its

investment

objective

by

investing

in

private

and

public

technology

companies,

directly

or

indirectly,

with

a

primary

focus

on

the

equity

securities

(e.g.,

common

stock,

preferred

stock,

and

convertible

debt)

of

certain

privately

held,

mid-to-late-

stage,

growth

companies

("Portfolio

Companies"),

or

other

investments

(including

derivatives,

exchange-traded

funds

and

other

pooled

investment

vehicles)

that

have

economic

characteristics

similar

to

investments

in

technology

companies.

Under

normal

circumstances,

the

Fund's

investment

strategy

is

to

invest

at

least

80%

of

its

net

assets

(plus

the

amount

of

any

borrowings

for

investment

purposes)

in

the

securities

of

technology

and

technology-related

companies

(referred

to

herein

as

"technology

companies")

and

other

investments

(including

derivatives)

that

have

economic

characteristics

similar

to

investments

in

technology

companies.

The

investment

adviser

to

the

Fund

is

Fundrise

Advisors,

LLC

(the

"Adviser"),

an

investment

adviser

registered

with

the

U.S.

Securities

and

Exchange

Commission

("SEC")

under

the

Investment

Advisers

Act

of

1940,

as

amended.

The

Adviser

is

a

wholly-

owned

subsidiary

of

Rise

Companies

Corp.

("Rise

Companies"

or

the

"Sponsor"),

the

Fund's

sponsor.

Subject

to

the

supervision

of

the

Board

of

Directors

of

the

Fund

(the

"Board"),

the

Adviser

is

responsible

for

directing

the

management

of

the

Fund's

business

and

affairs,

managing

the

Fund's

day-to-day

affairs,

and

implementing

the

Fund's

investment

strategy.

2. Summary

of

Significant

Accounting

Policies

Basis

of

Presentation

The

accompanying

financial

statements

of

the

Fund

are

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

("U.S.

GAAP").

The

Fund

is

an

investment

company

and

follows

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

Topic

946,

Financial

Services

-

Investment

Companies

("ASC

946").

The

Fund

maintains

its

financial

records

in

U.S.

dollars

and

follows

the

accrual

basis

of

accounting.

The

estimates

and

assumptions

underlying

these

financial

statements

are

based

on

information

available

as

of

September

30,

2025,

including

judgments

about

the

financial

market

and

economic

conditions

which

may

change

over

time.

Estimates

The

preparation

of

financial

statements

in

conformity

with

U.S.

GAAP

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

revenues

and

expenses

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Valuation

Oversight

Pursuant

to

SEC

Rule

2a-5

under

the

1940

Act,

the

Board

has

approved

the

Adviser

as

the

Fund's

Valuation

Designee

("Valuation

Designee"),

to

provide

administration

and

oversight

of

the

Fund's

valuation

policies

and

procedures.

The

Fund

values

its

investments

in

accordance

with

such

procedures.

Generally,

portfolio

securities

and

other

assets

for

which

market

quotations

are

readily

available

are

valued

at

market

value,

which

is

ordinarily

determined

on

the

basis

of

official

closing

prices

or

the

last

reported

sales

prices.

If

market

quotations

are

not

readily

available

or

are

deemed

unreliable,

the

Fund

will

use

the

fair

value

of

the

securities

or

other

assets

as

determined

by

the

Adviser

in

good

faith,

taking

into

consideration

all

available

information

and

other

factors

that

the

Adviser

deems

pertinent,

in

each

case

subject

to

the

overall

supervision

and

responsibility

of

the

Board.

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

In

calculating

the

Fund's

net

asset

value

("NAV"),

the

Adviser,

subject

to

the

oversight

of

the

Board,

uses

various

valuation

methodologies.

To

the

extent

practicable,

the

Adviser

generally

endeavors

to

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

are

to

be

used

when

available.

The

availability

of

valuation

techniques

and

observable

inputs

can

vary

from

investment

to

investment

and

are

affected

by

a

wide

variety

of

factors.

When

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment,

and

may

involve

alternative

methods

to

obtain

fair

values

where

market

prices

or

market-based

valuations

are

not

readily

available.

As

a

result,

the

Adviser

may

exercise

a

higher

degree

of

judgment

in

determining

fair

value

for

certain

securities

or

other

assets.

Fair

Value

Measurement

The

following

is

a

current

summary

of

certain

methods

generally

used

to

value

investments

of

the

Fund

under

the

Fund's

valuation

procedures:

The

Fund

applies

FASB

ASC

Topic

820,

Fair

Value

Measurement,

as

amended,

which

establishes

a

framework

for

measuring

fair

value

in

accordance

with

U.S.

GAAP

and

required

disclosures

of

fair

value

measurement.

U.S.

GAAP

defines

the

fair

value

as

the

price

that

the

Fund

would

receive

to

sell

an

asset

or

pay

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date.

The

Fund

determines

the

fair

value

of

certain

investments

in

accordance

with

the

fair

value

hierarchy

that

requires

an

entity

to

maximize

the

use

of

observable

inputs.

The

fair

value

hierarchy

includes

the

following

three

levels

based

on

the

objectivity

of

the

inputs,

which

were

used

for

categorizing

the

assets

or

liabilities

for

which

fair

value

is

being

measured

and

reported:

Level

–

Quoted

market

prices

in

active

markets

for

identical

assets

or

liabilities.

Level

–

Significant

other

observable

inputs

(e.g.,

quoted

prices

for

similar

items

in

active

markets,

quoted

prices

for

identical

or

similar

items

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

such

as

interest

rate

and

yield

curves,

and

market-corroborated

inputs).

Level

–

Valuation

generated

from

model-based

techniques

that

use

inputs

that

are

significant

and

unobservable

in

the

market.

These

unobservable

assumptions

reflect

estimates

of

inputs

that

market

participants

would

use

in

pricing

the

asset

or

liability.

Valuation

techniques

may

include

use

of

discounted

cash

flow

methodologies

or

similar

techniques,

which

incorporate

management's

own

estimates

of

assumptions

that

market

participants

would

use

in

pricing

the

instrument

or

other

valuation

assumptions

that

require

significant

management

judgment

or

estimation.

Fixed

income

securities

are

valued

by

an

independent

pricing

service

overseen

by

the

Valuation

Designee.

The

pricing

service

employs

a

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

market

data

and

specific

security

characteristics.

In

the

event

prices

or

quotations

are

not

readily

available

or

that

the

application

of

these

valuation

methods

results

in

a

price

for

an

investment

that

is

deemed

to

be

not

representative

of

the

fair

value

of

such

investment,

fair

value

will

be

determined

in

good

faith

by

the

Valuation

Designee,

in

accordance

with

the

valuation

policy

and

procedures

approved

by

the

Board.

These

securities

are

generally

classified

in

Level

of

the

fair

value

hierarchy.

Investments

in

registered

investment

companies,

including

money

market

funds,

are

valued

at

the

NAV

as

of

the

close

of

each

business

day.

These

securities

are

generally

classified

in

Level

of

the

fair

value

hierarchy.

Based

on

the

short-term

nature

of

the

borrowings

under

the

reverse

repurchase

agreements,

the

carrying

value

of

the

payable

for

reverse

repurchase

agreements

approximated

its

fair

value

as

of

September

30,

2025. These

reverse

repurchase

agreements

are

generally

classified

in

Level

of

the

fair

value

hierarchy.

The

majority

of

the

Fund's

investments

have

no

readily

available

market

quotations

and,

as

such,

are

valued

at

fair

value

in

good

faith.

There

is

no

single

standard

for

determining

the

fair

value

of

a

security.

Rather,

fair

value

calculations

will

involve

significant

professional

judgment

in

the

application

of

both

observable

and

unobservable

attributes.

For

mid-to-late

stage

growth

Portfolio

Companies,

traditional

valuation

methods

(e.g.,

discounted

cash

flow)

are

often

a

less

reliable

tool

for

valuing

investments

in

accordance

with

ASC

820. As

such,

until

the

Portfolio

Companies

grow

to

a

point

where

traditional

valuation

methods

apply,

the

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

Fund

may

deem

it

more

appropriate

to

utilize

other

valuation

methodologies.

Late-stage

private

companies

or

"pre-IPO

companies"

traditionally

raise

capital

from

investors

in

organized

funding

rounds.

During

such

funding

rounds,

a

pre-IPO

company

will

seek

a

lead

investor

who

will,

to

their

best

effort,

define

a

valuation

of

the

company.

Therefore,

the

valuation

of

the

Fund's

Portfolio

Companies

may

be

adjusted

when

a

new

valuation

is

set

by

the

lead

investor

in

the

next

funding

round.

As

such,

the

Fund

may

use

the

market

approach

to

estimate

the

fair

value

of

its

Portfolio

Companies

by

adjusting

the

valuation

of

its

Portfolio

Companies

with

each

new

funding

round.

However,

while

the

valuation

as

of

the

latest

funding

round

is

a

prominent

factor

in

the

Fund's

valuation

process,

it

is

not

the

only

factor

that

the

Fund

considers

when

valuing

its

portfolio

investments.

The

Fund

may

establish

certain

thresholds

or

triggers

that

intend

to

capture

fundamental

changes

in

the

value

of

the

Portfolio

Company

that

would

affect

the

anticipated

return

on

the

Fund's

investment.

Examples

of

certain

thresholds

or

triggers

may

include,

an

unexpected

business

or

technology

breakthrough,

faster

than

anticipated

revenue

growth,

a

fundamental

failure

of

the

technology,

the

loss

of

a

key

customer,

or

the

success

of

a

competitor

in

the

same

industry.

Additionally,

the

Adviser

may

consider

several

additional

factors

(if

present),

including

but

not

limited

to

the

implied

valuation

of

the

asset

as

reflected

by

stock

purchase

contracts

reported

in

private

markets,

fundamental

analytical

data

relating

to

the

investment

in

the

security,

the

nature

and

duration

of

any

restriction

on

the

disposition

of

the

security,

the

cost

of

the

security

at

the

date

of

purchase,

or

the

liquidity

of

the

market

for

the

security.

The

Adviser

may

also

consider

periodic

financial

statements

(audited

and

unaudited)

or

other

information

provided

by

the

Portfolio

Companies

to

investors

or

prospective

investors,

to

the

extent

that

it

is

available.

The

Fund

invests

in

Portfolio

Companies

by

purchasing

securities

directly

from

such

Portfolio

Companies,

through

simple

agreements

for

future

equity

("SAFEs"),

or

through

special

purpose

vehicles

("SPV").

SAFEs

represent

a

contractual

right

to

future

equity

of

a

company,

in

exchange

for

which

the

holder

of

the

SAFE

contributes

capital

to

the

company.

SAFEs

enable

investors

to

convert

their

investment

to

equity

upon

the

occurrence

of

triggering

events

set

forth

in

the

applicable

SAFE.

For

investments

in

companies

that

are

not

considered

"pre-IPO

companies",

valuation

methods

utilized

may

include,

but

are

not

limited

to

the

following:

sales

comparison

approach;

discounted

cash

flow

method;

hypothetical

sales

method;

and

appraisals

received

from

one

or

more

pricing

services.

In

addition,

the

Fund

may

utilize:

an

analysis

of

financial

ratios

and

valuation

metrics

of

the

Portfolio

Companies

that

issued

private

equity

securities

to

peer

companies

that

are

public;

an

analysis

of

the

Portfolio

Companies'

most

recent

financial

statements

and

forecasts;

an

analysis

of

the

markets

in

which

the

Portfolio

Company

does

business;

and

other

relevant

factors.

Portfolio

Funds

and

certain

Portfolio

Companies

are

generally

valued

based

on

the

latest

NAV

reported

by

the

Portfolio

Fund

or

Portfolio

Company's

portfolio

manager

("Portfolio

Manager")

as

a

practical

expedient,

where

such

valuation

methodologies

employed

by

the

Portfolio

Funds

and

certain

Portfolio

Companies

reflects

fair

value

pricing

and

the

effects

of

using

fair

value

pricing.

New

purchases

of

Portfolio

Funds

and

certain

Portfolio

Companies

may

be

valued

at

original

transaction

price

initially

until

a

NAV

is

provided

by

the

Portfolio

Manager.

If

the

Valuation

Committee

concludes

in

good

faith

that

the

latest

NAV

reported

by

a

Portfolio

Manager

does

not

represent

fair

value

(e.g.,

there

is

more

current

information

regarding

a

portfolio

asset

which

significantly

changes

its

fair

value),

the

Valuation

Committee

will

make

a

corresponding

adjustment

to

reflect

the

current

fair

value

of

such

asset

within

such

Portfolio

Fund

or

Company.

Attributes

of

those

investments

include

the

investment

strategies

of

the

investees

and

may

also

include,

but

are

not

limited

to,

restrictions

on

the

investor's

ability

to

redeem

its

investments

at

the

measurement

date

and

any

unfunded

commitments.

Because

of

the

inherent

uncertainty

in

valuation,

the

estimated

values

may

differ

from

the

values

that

would

have

been

used

had

a

ready

market

for

the

securities

existed,

and

the

differences

could

be

material.

Due

to

the

inherent

uncertainty

of

determining

the

fair

value

of

investments

that

do

not

have

a

readily

available

market

value,

the

fair

value

of

the

Fund's

investments

may

differ

significantly

from

the

values

that

would

have

been

used

had

a

readily

available

market

value

existed

for

such

investments,

and

the

differences

could

be

material.

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

The

following

is

a

summary

of

the

Fund's

assets

measured

at

fair

value

on

a

recurring

basis

as

of

September

30,

2025

,

and

indicates

the

fair

value

hierarchy

of

the

inputs

utilized

by

the

Fund

to

determine

such

fair

value

(amounts

in

thousands)

:

The

Fund

utilizes

the

NAV

as

a

practical

expedient

to

value

certain

investments.

The

table

below

sets

forth

those

investments,

including

their

unfunded

commitments

and

other

attributes,

that

were

significant

as

of

September

30,

2025

(1) .

The

following

is

a

summary

of

quantitative

information

about

the

significant

unobservable

inputs

of

the

Fund's

Level

investments

as

of

September

30,

2025

(amounts

in

thousands)

.

The

tables

are

not

intended

to

be

all-inclusive

but

instead

capture

the

significant

unobservable

inputs

relevant

to

the

Fund's

determination

of

fair

value.

Level

Level

Level

Practical

Expedient

(1) Total

Portfolio

Companies

$

–

$

–

$

210,270

$

57,291

$

267,561

Common

Stock

12,019

–

–

–

12,019

Portfolio

Fund

–

–

–

4,576

4,576

Commercial

Mortgage-Backed

Securities

–

56,520

–

–

56,520

Short-Term

Investments

26,630

–

–

–

26,630

Total

Investments

$

38,649

$

56,520

$

210,270

$

,

867

$

,

(1) As

a

practical

expedient,

certain

investments

that

are

measured

at

fair

value

using

the

NAV

per

share

(or

its

equivalent)

have

not

been

categorized

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Schedule

of

Investments.

Investment

Category

Investment

Strategy

Fair

Value

(amounts

in

thousands)

Unfunded

Commitments

(amounts

in

thousands)

Estimated

Remaining

Life

Redemption

Frequency

Redemption

Notice

Period

(In

Days)

Redemption

Restriction

Terms

Portfolio

Company

To

serve

as

a

fund

through

which

the

assets

of

its

partners

may

be

utilized

to

make

indirect

investment(s)

in

the

securities

of

Databricks,

Inc.

$

57,291

N/A

Indefinite

None

N/A

N/A

Portfolio

Fund

Venture

capital

investments

in

equity

or

equity-oriented

securities

of

technology

and

technology-related

companies

$

4,576

$

704

to

years

None

N/A

N/A

(1) The

information

summarized

in

the

table

above

represents

the

general

terms

for

the

specified

financing

stage.

Individual

investment

funds

may

have

terms

that

are

more

or

less

restrictive

than

those

terms

indicated

for

the

asset

class

as

a

whole.

In

addition,

most

portfolio

funds

have

the

flexibility,

as

provided

for

in

their

constituent

documents,

to

modify

and

waive

such

terms.

Investment

Fair

Value

Valuation

Technique

(1) Unobservable

Input

Range

Impact

to

Valuation

from

an

Increase

in

Input

(2) Portfolio

Companies

$

148,686

Market

Transaction

Transaction

Price

N/A

Increase

Portfolio

Companies

61,584

Recent

Transaction

Transaction

Price

N/A

Increase

Total

Investments

$

210,270

(1) Recent

transaction

represents

investments

held

at

the

original

transaction

price,

either

from

the

Portfolio

Company's

funding

round

or

a

secondary

seller,

and

other

relevant

market

data.

Market

transaction

represents

investments

valued

using

private

transaction

prices

or

non-public

third-party

pricing

information

which

is

unobservable.

(2) Represents

the

expected

directional

change

in

the

fair

value

of

the

Level

investments

that

would

result

from

an

increase

in

the

corresponding

input.

A

decrease

to

the

unobservable

input

would

have

the

opposite

effect.

Significant

changes

in

these

inputs

could

result

in

significantly

higher

or

lower

fair

value

measurements.

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

The

following

is

a

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

(amounts

in

thousands)

:

Restricted

Investments

The

Fund

may

purchase

securities

for

which

there

is

a

limited

trading

market

or

which

are

subject

to

restrictions

on

resale

to

the

public.

Restricted

securities

and

securities

for

which

there

is

a

limited

trading

market

may

be

significantly

more

difficult

to

value

due

to

the

unavailability

of

reliable

market

quotations

for

such

securities,

and

investment

in

such

securities

may

have

an

adverse

impact

on

NAV.

In

addition,

the

Fund's

investments

in

Portfolio

Companies

will

often

be

subject

to

lock-up

provisions

that

prohibit

the

Fund

from

selling

its

equity

investments

into

the

public

market

for

specified

periods

of

time

after

IPOs

of

the

Portfolio

Company,

typically

days.

The

Fund

may

purchase

Rule

144A

securities

for

which

there

may

be

a

secondary

market

of

qualified

institutional

buyers

as

contemplated

by

Rule

144A

under

the

Securities

Act.

Rule

144A

provides

an

exemption

from

the

registration

requirements

of

the

Securities

Act

for

the

resale

of

certain

restricted

securities

to

qualified

institutional

buyers.

The

following

are

the

restricted

investments

held

by

the

Fund

as

of

September

30,

2025

(amounts

in

thousands)

:

Balance

as

of

March

31,

2025

Purchases

Realized

Gain

(Loss)

Net

Change

in

Unrealized

Appreciation/

Depreciation

Sales

Transfers

to

(from)

Level

Balance

as

of

September

30,

2025

Net

Change

in

Unrealized

Appreciation/

Depreciation

for

the

Period

Ended

September

30,

2025

related

to

Level

Investments

Held

at

September

30,

2025

Portfolio

Companies

$

119,573

$

38,531

$

–

$

52,166

$

–

$

–

$

210,270

$

52,166

Description

Initial

Acquisition

Date

Shares

Cost

Value

as

of

September

30,

2025

%

of

Net

Assets

Databricks,

Inc.

07/14/23

$

25,019

$

57,291

15.8%

OpenAI

Group

PBC

09/27/24

N/A

25,890

35,807

9.9%

Anthropic,

PBC

12/06/23

8,534

30,675

8.5%

Anthropic,

PBC

08/14/25

21,462

19,600

5.4%

Databricks,

Inc.

11/20/23

8,874

18,360

5.1%

dbt

Labs,

Inc.

09/22/23

15,000

15,000

4.1%

Anduril

Industries,

Inc.

SPV

10/27/23

N/A

6,021

12,793

3.5%

Epic

Games,

Inc.

08/27/25

12,179

12,179

3.4%

OpenAI

Group

PBC

12/29/23

N/A

5,350

10,248

2.8%

Vanta,

Inc.

09/07/22

555

5,000

10,116

2.8%

Canva,

Inc.

09/15/23

6,220

9,599

2.6%

Ramp

Business

Corp.

-

Preferred

01/31/25

5,005

8,667

2.4%

Visual

Layer,

Inc.

06/04/24

N/A

5,000

5,000

1.4%

Inspectify,

Inc.

06/30/23

1,295

4,000

5,000

1.4%

Theory

Ventures,

LP

04/28/23

N/A

4,296

4,576

1.3%

Space

Exploration

Technologies

Corp.

07/18/25

4,300

4,300

1.2%

AI-LLM,

LLC

08/31/23

N/A

1,597

3,141

0.9%

Anyscale,

Inc.

10/18/23

511

2,494

2,494

0.7%

Ramp

Business

Corp.

-

Common

05/20/24

693

1,716

0.5%

Rhino

Labs,

Inc.,

Series

P

02/05/25

2,000

1,023

0.3%

Immuta,

Inc.

03/28/23

1,022

1,022

0.3%

DittoLive,

Inc.

01/17/25

1,000

1,000

0.3%

Omni

Analytics,

Inc.

08/27/24

500

588

0.2%

Hightouch

-

Common

06/06/24

583

0.2%

Rhino

Labs,

Inc.,

Series

D

02/03/25

0.1%

Stripe,

Inc.

06/28/24

0.1%

Risotto

02/20/25

N/A

0.1%

Luminos,

Inc.

(1) 11/09/23

N/A

0.0%

Hightouch

-

Preferred

(1) 05/09/25

0.0%

Gumloop

(1) 08/16/24

0.0%

Total

$

173,077

$

272,137

75.3%

(1) Value

is

less

than

0.05%

of

Total

Net

Assets.

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

Reverse

Repurchase

Agreements

The

Fund

may

use

leverage

to

provide

additional

funds

to

support

its

investment

activities.

The

Fund

may

enter

into

reverse

repurchase

agreements

from

a

bank

or

dealer

at

a

specified

maturity

date,

under

which

the

Fund

will

effectively

pledge

its

assets

as

collateral

to

secure

a

short-term

loan.

Generally,

the

other

party

to

the

agreement

makes

the

loan

in

an

amount

equal

to

a

percentage

of

the

market

value

of

the

pledged

collateral.

At

the

maturity

of

the

reverse

repurchase

agreement,

the

Fund

will

be

required

to

repay

the

loan

and

correspondingly

receive

back

its

collateral.

While

used

as

collateral,

the

assets

continue

to

pay

principal

and

interest

which

are

for

the

benefit

of

the

Fund.

The

gross

amount

of

cash

received

in

exchange

for

assets

sold

plus

accrued

interest

payments

to

be

made

by

the

Fund

to

counterparties

are

reflected

as

a

payable

for

reverse

repurchase

agreements

on

the

Statement

of

Assets

and

Liabilities.

Interest

expense

on

reverse

repurchase

agreements

is

recorded

as

a

component

of

interest

expense

on

the

Statement

of

Operations.

As

of

September

30,

2025

there

were

no

open

reverse

repurchase

agreements

held

by

the

Fund.

Income

Taxes

The

Fund

intends

to

elect

and

intends

to

qualify

as

a

RIC

under

the

Code,

for

its

taxable

year

ending

March

31,

2026. To

qualify

as

a

RIC,

the

Fund

must

meet

certain

organizational

and

operational

requirements,

including

a

requirement

to

distribute

at

least

90%

of

the

Fund's

annual

investment

company

taxable

income

to

the

shareholders

of

the

Fund

("Shareholders")

(which

is

computed

without

regard

to

the

dividends

paid

deduction

and

generally

equals

the

Fund's

ordinary

income

plus

the

excess

of

its

net

short-term

capital

gains

over

its

net

long-term

capital

losses,

minus

deductible

expenses).

As

a

RIC,

the

Fund

generally

will

not

be

subject

to

U.S.

federal

income

tax

on

income

or

gains

distributed

in

a

timely

manner

to

its

Shareholders

in

the

form

of

dividends.

Even

if

the

Fund

qualifies

for

taxation

as

a

RIC,

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.

The

tax

period

for

the

taxable

year

ending

March

31,

2023

and

all

tax

periods

following

remain

open

to

examination

by

the

major

taxing

authorities

in

all

jurisdictions

where

the

Fund

is

subject

to

taxation.

For

the

open

tax

periods,

the

Fund

has

no

uncertain

tax

positions

that

would

require

recognition

in

the

financial

statements.

Prior

to

the

taxable

year

ending

March

31,

2026,

the

Fund

was

treated

as

a

regular

corporation,

or

a

"C"

corporation,

for

U.S.

federal

income

tax

purposes.

During

the

periods

the

Fund

was

treated

as

a

"C"

corporation,

for

U.S.

federal

income

tax

purposes,

the

Fund

incurred

tax

expenses

and

was

subject

to

tax

at

regular

corporate

rates.

Pursuant

to

rules

applicable

to

RICs

that

were

previously

taxed

as

C

corporations,

because

the

Fund's

assets

had

an

aggregate

net

unrealized

built-in

gain

at

the

time

it

first

qualified

as

a

RIC,

the

Fund

will

be

subject

to

tax

at

regular

corporate

rates

to

the

extent

the

Fund

recognizes

such

gain

within

five

years

after

so

qualifying,

even

if

the

Fund

distributes

such

gain.

In

accordance

with

U.S.

generally

accepted

accounting

principles,

the

Fund

has

already

accrued

a

deferred

income

tax

liability

balance,

at

the

currently

effective

statutory

U.S.

federal

income

tax

rate

(currently

21%)

plus

an

estimated

state

and

local

income

tax

rate,

for

its

future

tax

liability

associated

with

such

net

unrealized

built-in

gain.

Net

capital

or

ordinary

losses

recognized

during

the

recognition

period

may

be

used

to

offset

built-in

gains.

Such

deferred

tax

liability,

and

any

deferred

tax

assets,

are

accounted

for

in

calculating

the

Fund's

daily

NAV

and

will

be

remeasured

from

time

to

time,

as

the

Adviser

deems

necessary,

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Income

tax

and

related

interest

and

penalties

would

be

recognized

by

the

Fund

as

tax

expense

in

the

Statement

of

Operations

if

the

tax

positions

were

deemed

to

not

meet

the

more-likely-than-not

threshold.

As

of

September

30,

2025,

the

Fund

did

not

record

any

cumulative

unrecognized

tax

benefits

on

the

Statement

of

Assets

and

Liabilities.

The

Fund

accounts

for

income

taxes

under

the

asset

and

liability

method,

which

requires

the

recognition

of

deferred

tax

assets

and

liabilities

for

the

expected

future

tax

consequences

of

events

that

have

been

included

in

the

financial

statements.

Under

this

method,

deferred

tax

assets

and

liabilities

are

recognized

as

temporary

differences

between

the

financial

statement

carrying

amounts

of

existing

assets

and

liabilities

and

their

respective

tax

bases,

as

well

as

net

operating

loss

and

tax

credit

carryforwards.

Deferred

tax

assets

and

liabilities

are

measured

using

enacted

tax

rates

in

effect

for

the

year

in

which

the

differences

are

expected

to

reverse.

The

effect

of

a

change

in

tax

rates

on

deferred

tax

assets

and

liabilities

is

recognized

in

income

in

the

period

that

includes

the

enactment

date.

Issuance

of

Shares

The

Fund

offers

its

common

shares

of

limited

liability

company

interests

("Shares")

on

a

continuous

basis

through

the

Fundrise

Platform,

an

investment

platform

available

both

online

at

www.fundrise.com

and

through

various

mobile

applications

owned

and

operated

by

the

Sponsor.

Fund

Shares

may

also

be

offered

and

distributed

by

Foreside

Fund

Services,

LLC

("Foreside"

or

the

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

"Distributor").

Foreside

serves

as

the

Fund's

principal

underwriter

and

acts

as

the

distributor

of

the

Fund's

Shares.

Foreside

may

enter

into

broker-dealer

selling

agreements

with

other

broker-dealers

for

the

sale

and

distribution

of

the

Fund's

Shares.

Shares

of

the

Fund

will

not

be

listed

on

any

national

securities

exchange

and

Foreside

will

not

act

as

a

market

maker

in

Fund

Shares.

The

price

a

Shareholder

pays

for

Shares

is

based

on

the

Fund's

NAV.

The

NAV

of

the

Fund's

Shares

is

calculated

daily

on

each

day

that

the

New

York

Stock

Exchange

is

open

for

business.

Cash

received

for

investor

subscriptions

is

recorded

as

Settling

Subscriptions

in

the

Statement

of

Assets

and

Liabilities

until

settlement

occurs

and

shares

are

issued.

Distributions

To

Shareholders

The

Fund

intends

to

make

distributions

necessary

to

qualify

to

be

taxed

as

a

RIC

and,

once

qualified,

maintain

its

qualification

for

taxation

as

a

RIC.

The

Fund

expects

to

declare

and

make

distributions

on

a

quarterly

basis,

or

more

or

less

frequently

as

determined

by

the

Board,

in

arrears.

Notwithstanding

the

foregoing,

it

is

likely

that

many

of

the

Portfolio

Companies

in

whose

securities

the

Fund

invests

will

not

pay

any

dividends,

and

this,

together

with

the

Fund's

expenses,

means

that

there

can

be

no

assurance

the

Fund

will

have

substantial

income

or

pay

dividends.

The

Board

may

authorize

distributions

in

Shares

or

in

excess

of

those

required

for

the

Fund

to

maintain

RIC

tax

status

depending

on

the

Fund's

financial

condition

and

such

other

factors

as

the

Board

may

deem

relevant.

The

distribution

rate

may

be

modified

by

the

Board

from

time

to

time.

The

Board

reserves

the

right

to

change

or

suspend

the

distribution

policy

from

time

to

time.

Distributions

to

Shareholders

of

the

Fund

are

recorded

on

the

ex-dividend

date.

Until

such

time

as

the

Fund

meets

the

requirements

to

qualify

as

a

RIC,

or

if

the

Fund

fails

to

qualify

as

a

RIC

in

any

taxable

year,

it

will

be

taxed

as

an

ordinary

corporation

on

its

taxable

income

(even

if

such

income

is

distributed

to

its

Shareholders)

and

all

distributions

out

of

earnings

and

profits

will

generally

be

taxed

to

certain

noncorporate

U.S.

shareholders

(including

individuals)

as

"qualified

dividend

income"

eligible

for

reduced

maximum

tax

rates.

Dividend

Reinvestment

The

Fund

operates

under

a

dividend

reinvestment

policy

administered

by

the

Adviser.

Pursuant

to

the

policy,

a

Shareholder's

income

dividends,

capital

gains

or

other

distributions,

net

of

any

applicable

U.S.

withholding

tax,

can

be

reinvested

in

the

Shares

of

the

Fund,

provided

that,

if

a

Shareholder

participates

in

an

investment

plan

offered

by

the

Adviser,

such

distributions

will

be

reinvested

in

accordance

with

such

investment

plan.

Unless

a

Shareholder

elects

to

"opt

in"

to

the

Fund's

dividend

reinvestment

policy,

any

dividends

and

other

distributions

paid

to

the

Shareholder

by

the

Fund

will

not

be

reinvested

in

additional

Shares

of

the

Fund

under

the

policy.

When

the

Fund

declares

a

distribution

payable

in

cash,

the

Shareholders

enrolled

in

the

dividend

reinvestment

plan

will

receive

an

equivalent

amount

in

Shares

from

the

Fund

either

newly

issued

or

repurchased

from

Shareholders

by

the

Fund

or

according

to

their

investment

plan,

if

applicable.

The

number

of

Shares

to

be

received

when

distributions

are

reinvested

will

be

determined

by

dividing

the

amount

of

the

distribution

(or

the

percentage

of

the

distribution

allocable

to

the

Fund

under

the

terms

of

the

investment

plan,

if

applicable)

by

the

Fund's

NAV

per

share

when

the

distribution

is

paid.

Shareholders

who

do

not

participate

in

the

Fund's

dividend

reinvestment

policy

will

receive

all

dividends

in

cash.

Investment

Income

and

Securities

Transactions

Securities

transactions

are

accounted

for

on

the

date

the

securities

are

purchased

or

sold

(trade

date).

Realized

gains

and

losses

on

sales

of

investments

are

determined

on

a

specific

identification

basis.

Dividend

income

and

distributions

from

investments

are

recorded

on

the

ex-dividend

date.

Interest

income

is

recorded

on

an

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

and

accretion

of

discounts.

Distributions

received

from

investments

generally

are

comprised

of

ordinary

income

and/

or

return

of

capital.

The

Fund

estimates

the

allocation

of

distributions

between

investment

income

and

return

of

capital

based

on

historical

information

or

regulatory

filings.

These

estimates

may

subsequently

be

revised

based

on

actual

allocations

received

from

investments

after

their

tax

reporting

periods

are

concluded,

as

the

actual

character

of

these

distributions

is

not

known

until

after

the

reporting

period

of

the

Fund.

Commitments

and

Contingencies

As

of

September

30,

2025,

the

Fund

had

total

unfunded

capital

commitments

of

$704

(amount

in

thousands)

for

investments

in

private

funds.

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

3. Concentration

of

Risk

Investing

in

the

Fund

involves

risks,

including,

but

not

limited

to,

those

set

forth

below.

The

risks

described

below

are

not,

and

are

not

intended

to

be,

a

complete

enumeration

or

explanation

of

the

risks

involved

in

an

investment

in

the

Fund.

For

a

more

complete

discussion

of

the

risks

of

investing

in

the

Fund,

see

the

section

entitled

"Principal

Risks"

in

the

Fund's

Prospectus

and

Statement

of

Additional

Information

dated

August

1,

2025,

and

the

Fund's

other

filings

with

the

SEC.

Non-Listed

Closed-End

Fund;

Liquidity

Risk.

The

Fund

is

a

non-diversified,

closed-end

management

investment

company

designed

primarily

for

long-term

investors.

Closed-end

funds

differ

from

open-end

management

investment

companies

(commonly

known

as

mutual

funds)

because

investors

in

a

closed-end

fund

do

not

have

the

right

to

redeem

their

shares

on

a

daily

basis.

Unlike

most

closed-end

funds,

which

typically

list

their

shares

on

a

securities

exchange,

the

Fund

does

not

currently

intend

to

list

the

Shares

for

trading

on

any

securities

exchange,

and

the

Fund

does

not

expect

any

secondary

market

to

develop

for

the

Shares

in

the

foreseeable

future.

Therefore,

an

investment

in

the

Fund,

is

not

a

liquid

investment.

The

Fund

is

not

intended

to

be

a

typical

traded

investment.

Shareholders

are

also

subject

to

transfer

restrictions

and

there

is

no

guarantee

that

they

will

be

able

to

sell

their

Shares.

If

a

secondary

market

were

to

develop

for

the

Shares

in

the

future,

and

a

Shareholder

is

able

to

sell

his

or

her

shares,

the

Shareholder

will

likely

receive

less

than

the

purchase

price

and

the

then-current

NAV

per

Share.

The

Fund

from

time

to

time

may

offer

to

repurchase

shares

pursuant

to

written

tenders

by

the

Shareholders.

The

Fund

intends,

but

is

not

obligated,

to

conduct

quarterly

repurchase

offers

in

the

sole

discretion

of

the

Board;

provided,

that

it

is

not

expected

that

such

repurchase

offers

will

be

for

more

than

5%

of

the

Fund's

net

assets.

Hence,

a

Shareholder

may

not

be

able

to

sell

their

shares

when

or

in

the

amount

that

they

desire.

Non-Diversification

Risk.

As

a

"non-diversified"

fund

under

the

1940

Act,

the

Fund

may

invest

more

than

5%

of

its

total

assets

in

the

securities

of

a

single

issuer.

Therefore,

the

Fund

may

be

more

susceptible

than

a

diversified

fund

to

being

adversely

affected

by

events

impacting

a

single

borrower,

geographic

location,

security

or

investment

type.

Investment

and

Market

Risk.

An

investment

in

the

Fund

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

amount

that

a

Shareholder

invests.

The

value

of

the

Fund's

investments

may

move

up

or

down,

sometimes

rapidly

and

unpredictably.

At

any

point

in

time,

Shares

may

be

worth

less

than

the

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

Market

risk

also

includes

the

risk

that

geopolitical

and

other

events,

such

as

war,

terrorism,

market

manipulation,

government

defaults,

government

shutdowns,

political

changes,

diplomatic

developments

or

the

imposition

of

sanctions

and

other

similar

measures,

public

health

emergencies

(such

as

the

spread

of

infectious

diseases,

pandemics

and

epidemics)

and

natural/environmental

disasters,

negatively

impact

the

securities

markets,

which

may

adversely

affect

the

Fund's

business,

results

of

operations

and

financial

condition

and

cause

the

Fund

to

lose

value.

Risks

of

Investing

in

Portfolio

Companies.

The

Portfolio

Companies

may

have

limited

financial

resources

and

may

be

unable

to

meet

their

obligations

with

their

existing

working

capital,

which

may

lead

to

equity

financings,

possibly

at

discounted

valuations,

in

which

the

Fund's

holdings

could

be

substantially

diluted

if

the

Fund

does

not

or

cannot

participate,

bankruptcy

or

liquidation

and

consequently

the

reduction

or

loss

of

the

Fund's

investment.

The

Adviser

expects

that

the

Fund's

holdings

of

Portfolio

Companies

may

require

several

years

to

appreciate,

and

the

Adviser

can

offer

no

assurance

that

such

appreciation

will

occur.

Portfolio

Companies

typically

have

limited

operating

histories,

less

established

and

comprehensive

product

lines

and

smaller

market

shares

than

larger

businesses,

which

tend

to

render

them

more

vulnerable

to

competitors'

actions,

market

conditions

and

consumer

sentiment

in

respect

of

their

products

or

services,

as

well

as

general

economic

downturns.

Because

Portfolio

Companies

are

privately

owned,

there

is

usually

little

publicly

available

information

about

these

businesses.

Therefore,

the

Adviser

may

not

be

able

to

obtain

all

of

the

material

information

that

would

be

generally

available

for

public

company

investments,

including

financial

information,

current

performance

metrics,

operational

details

and

other

information

regarding

the

Portfolio

Companies

in

which

the

Fund

invests.

Portfolio

Companies

are

more

likely

to

depend

on

the

management

talents

and

efforts

of

a

small

group

of

persons.

Therefore,

the

death,

disability,

resignation

or

termination

of

one

or

more

of

these

persons

could

have

a

material

adverse

impact

on

a

Portfolio

Company

and,

in

turn,

on

the

Fund.

Portfolio

Companies

generally

have

less

predictable

operating

results,

may

from

time

to

time

be

parties

to

litigation,

may

be

engaged

in

rapidly

changing

businesses

with

products

subject

to

a

substantial

risk

of

obsolescence,

and

may

require

substantial

additional

capital

to

support

their

operations,

finance

expansion

or

maintain

their

competitive

position.

Portfolio

Companies

may

have

substantial

debt

loads.

In

such

cases,

the

Fund

would

typically

be

last

in

line

behind

any

creditors

in

a

bankruptcy

or

liquidation

and

would

likely

experience

a

complete

loss

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

on

its

investment.

Private

companies

are

generally

not

subject

to

SEC

reporting

requirements,

are

not

required

to

maintain

their

accounting

records

in

accordance

with

generally

accepted

accounting

principles,

and

are

not

required

to

maintain

effective

internal

controls

over

financial

reporting.

As

a

result,

timely

or

accurate

information

about

the

business,

financial

condition

and

results

of

operations

of

the

private

companies

in

which

the

Fund

invests

may

not

be

available.

Private

companies

in

which

the

Fund

may

invest

may

have

limited

financial

resources,

shorter

operating

histories,

more

asset

concentration

risk,

narrower

product

lines

and

smaller

market

shares

than

larger

businesses,

which

tend

to

render

such

private

companies

more

vulnerable

to

competitors'

actions

and

market

circumstances,

as

well

as

general

economic

downturns.

These

companies

generally

have

less

predictable

operating

results,

may

from

time

to

time

be

parties

to

litigation,

may

be

engaged

in

rapidly

changing

businesses

with

products

subject

to

a

substantial

risk

of

obsolescence,

and

may

require

substantial

additional

capital

to

support

their

operations,

finance

expansion

or

maintain

their

competitive

position.

These

companies

may

have

difficulty

accessing

the

capital

markets

to

meet

future

capital

needs,

which

may

limit

their

ability

to

grow

or

to

repay

their

outstanding

indebtedness

upon

maturity.

Technology

Sector

(Concentration)

Risk.

The

Fund's

portfolio

will

be

concentrated

in

securities

issued

by

technology

companies

and

other

investments

that

provide

economic

exposure

to

technology

companies

and

as

such,

it

may

be

subject

to

more

risks

than

if

it

were

broadly

diversified

across

additional

sectors

and

industries

of

the

economy.

The

market

prices

of

technology

stocks

historically

have

exhibited

a

greater

degree

of

market

risk

and

price

volatility

than

other

types

of

investments.

These

stocks

may

fall

in

and

out

of

favor

with

investors

rapidly,

which

may

cause

sudden

selling

and

dramatically

lower

market

prices.

These

stocks

also

may

be

affected

adversely

by

changes

in

technology,

consumer

and

business

purchasing

patterns,

short

product

cycles,

falling

prices

and

profits,

government

regulation,

lack

of

standardization

or

compatibility

with

existing

technologies,

intense

competition,

aggressive

pricing,

dependence

on

copyright

and/or

patent

protection

and/or

obsolete

products

or

services.

Certain

technology

companies

may

face

special

risks

that

their

products

or

services

may

not

prove

to

be

commercially

successful.

Technology

companies

are

also

strongly

affected

by

worldwide

scientific

or

technological

developments,

and

as

a

result,

their

products

may

rapidly

become

obsolete.

In

addition,

because

of

rapid

technological

change,

the

average

selling

prices

of

products

and

some

services

provided

by

technology-related

sectors

have

historically

decreased

over

their

productive

lives.

As

a

result,

the

average

selling

prices

of

products

and

services

offered

by

the

companies

that

operate

in

technology-related

sectors

may

decrease

over

time,

which

could

adversely

affect

their

operating

results.

Technology

companies

are

also

often

subject

to

governmental

regulation

and

may,

therefore,

be

adversely

affected

by

governmental

policies.

In

addition,

a

rising

interest

rate

environment

tends

to

negatively

affect

technology

companies.

In

such

an

environment,

those

companies

with

high

market

valuations

may

appear

less

attractive

to

investors,

which

may

cause

sharp

decreases

in

the

companies'

market

prices.

Further,

technology

companies

seeking

to

finance

their

expansion

would

have

increased

borrowing

costs,

which

may

negatively

impact

their

earnings.

Technology

companies

are

often

smaller

companies

with

less

experienced

management

teams

and

they

may

be

subject

to

greater

risks

than

larger

companies,

such

as

limited

product

lines,

markets

and

financial

and

managerial

resources.

These

risks

may

be

heightened

for

technology

companies

in

foreign

markets.

The

foregoing

factors

may

negatively

impact

the

value

of

any

equity

securities

that

the

Fund

may

hold,

which

could

in

turn

materially

adversely

affect

the

Fund's

business,

financial

condition

and

results

of

operations.

Artificial

Intelligence

Company

Risk.

The

Fund's

investments

in

companies

involved

in,

or

exposed

to,

artificial

intelligence-related

businesses

may

be

negatively

impacted

because

of,

among

other

things,

limited

product

lines,

markets,

financial

resources

and/

or

personnel;

intense

competition

and

potentially

rapid

product

obsolescence

these

companies

may

face;

loss

or

impairment

of

intellectual

property

rights;

and

the

inability

to

successfully

develop

products

or

services

even

after

spending

significant

amount

of

resources.

Artificial

intelligence-related

companies

may

also

face

cyberattacks

and

increasing

regulatory

scrutiny.

The

customers

and/or

suppliers

of

artificial

intelligence-related

companies

may

be

concentrated

in

a

particular

country,

region,

or

industry,

and

any

adverse

event

affecting

one

of

these

countries,

regions

or

industries

could

have

a

negative

impact

on

performance.

Data

Infrastructure

Investment

Risk.

Investing

in

data

infrastructure

means

investing

in

companies

that

provide

the

infrastructure

needed

to

process,

store,

transport,

and

distribute

data

that

are

essential

to

the

delivery

of

critical

services

and

required

for

the

functioning

of

many

sectors

of

the

economy

including

financial

systems,

public

utilities,

industrial

supply

chains,

media

channels,

and

telecommunications.

The

Fund's

investments

will

be

subject

to

the

risks

incidental

to

the

ownership

and

operation

of

data

infrastructure

assets,

including

risks

associated

with

the

general

economic

climate,

geographic

or

market

concentration,

climatic

risks,

government

regulations,

national

and

international

political

circumstances

and

fluctuations

in

interest

rates,

rates

of

inflation

or

commodities'

prices

such

as

oil

and

other

natural

resources

essential

to

the

production

of

data

infrastructure

assets.

Data

infrastructure

assets

may

be

subject

to

numerous

statutes,

rules

and

regulations

relating

to

environmental

protection,

health

and

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

safety,

and

social

and

governance

matters.

Since

investments

in

data

infrastructure

and

similar

assets,

like

many

other

types

of

long-

term

investments,

have

historically

experienced

significant

fluctuations

and

cycles

in

value,

specific

market

conditions

may

result

in

temporary

or

permanent

reductions

in

the

value

of

an

investment.

Portfolio

companies

in

which

the

Fund

invests

may

also

be

subject

to

additional

data

infrastructure

sector

risks

related

to

the

operation

and

maintenance

of

data

infrastructure

assets,

the

ability

to

dispose

of

large

and

costly

assets,

and

a

rapidly-evolving

technology

sector

in

which

new

technology

may

become

obsolete

over

short

periods

of

time.

In

addition,

general

economic

conditions

in

relevant

jurisdictions,

as

well

as

conditions

of

domestic

and

international

financial

markets,

may

adversely

affect

operations

of

data

infrastructure

companies.

In

particular,

because

of

the

long

time-lag

between

the

approval

of

a

project

and

its

actual

funding,

a

well-

conceived

project

reliant

on

data

infrastructure

may,

as

a

result

of

changes

in

investor

sentiment,

the

financial

markets,

economic,

or

other

conditions

prior

to

its

completion,

become

an

economically

unattractive

investment.

Valuation

Risk.

The

Fund

is

subject

to

valuation

risk,

which

is

the

risk

that

one

or

more

of

the

assets

in

which

the

Fund

invests

are

priced

incorrectly,

due

to

factors

such

as

incomplete

data,

market

instability

or

human

error.

If

the

Fund

ascribes

a

higher

value

to

assets

and

their

value

subsequently

drops

or

fails

to

rise

because

of

market

factors,

returns

on

the

Fund's

investment

may

be

lower

than

expected

and

could

experience

losses.

The

Fund's

portfolio

investments

are

generally

privately

traded

securities

(unless

one

of

the

Portfolio

Companies

goes

public

and

then

only

to

the

extent

the

Fund

has

not

yet

liquidated

its

securities

holdings

therein)

that

are

fair

valued

by

the

Adviser

in

accordance

with

the

Fund's

valuation

procedures.

Valuations

of

the

Portfolio

Companies

are

inherently

uncertain

and

may

be

based

on

estimates,

and

the

Fund's

determinations

of

fair

market

value

may

differ

materially

from

the

values

that

would

be

assessed

if

a

readily

available

market

for

these

securities

existed.

This

risk

is

particularly

exaggerated

for

mid-stage

growth

Portfolio

Companies,

given

their

limited

history

and

significant

change

in

cash

flow

generation

over

time.

Additionally,

the

valuation

of

the

Fund's

investments

in

pooled

investment

vehicles

is

ordinarily

determined

based

upon

valuations

provided

by

the

managers

of

the

pooled

investment

vehicles,

which

may

not

be

audited.

Restricted

and

Illiquid

Securities

Risk.

Illiquid

securities

are

securities

that

are

not

readily

marketable.

These

securities

may

include

restricted

securities,

which

cannot

be

resold

to

the

public

without

an

effective

registration

statement

under

the

Securities

Act

of

1933,

as

amended

(the

"1933

Act"),

or,

if

they

are

unregistered,

may

be

sold

only

in

a

privately

negotiated

transaction

or

pursuant

to

an

exemption

from

registration.

Many

private

company

securities

may

be

restricted

securities

and/or

considered

illiquid.

The

Fund

may

not

be

able

to

readily

dispose

of

such

securities

at

prices

that

approximate

those

at

which

the

Fund

could

sell

such

securities

if

they

were

more

widely

traded

and,

as

a

result

of

such

illiquidity,

the

Fund

may

have

to

sell

other

investments

or

engage

in

borrowing

transactions

if

necessary

to

raise

cash

to

meet

its

obligations.

Limited

liquidity

can

also

affect

the

market

price

of

securities,

thereby

adversely

affecting

the

Fund's

net

asset

value

and

ability

to

make

dividend

distributions.

The

financial

markets

in

general

have

in

recent

years

experienced

periods

of

extreme

secondary

market

supply

and

demand

imbalance,

resulting

in

a

loss

of

liquidity

during

which

market

prices

were

suddenly

and

substantially

below

traditional

measures

of

intrinsic

value.

During

such

periods,

some

securities

could

be

sold

only

at

arbitrary

prices

and

with

substantial

losses.

Periods

of

such

market

dislocation

may

occur

again

at

any

time.

Privately

issued

debt

securities

are

often

of

below

investment

grade

quality,

frequently

are

unrated

and

present

many

of

the

same

risks

as

investing

in

below

investment

grade

public

debt

securities.

Interest

Rate

Risk.

Changes

in

interest

rates,

including

changes

in

expected

interest

rates

or

"yield

curves,"

may

affect

the

Fund's

business

in

a

number

of

ways.

Changes

in

the

general

level

of

interest

rates

can

affect

the

Fund's

net

interest

income,

which

is

the

difference

between

the

interest

income

earned

on

the

Fund's

interest-earning

assets

and

the

interest

expense

incurred

in

connection

with

its

interest-bearing

borrowings

and

hedges.

In

addition,

changes

in

monetary

policy

may

exacerbate

the

risks

associated

with

changing

interest

rates.

It

is

difficult

to

predict

the

magnitude,

timing

or

direction

of

interest

rate

changes

and

the

impact

these

changes

will

have

on

markets

in

which

the

Fund

invests.

Leverage

Risk.

The

Fund

may

use

leverage

to

support

its

investment

activities

and

for

hedging

purposes.

The

Fund

may

incur

entity

level

debt,

including

unsecured

and

secured

credit

facilities

from

certain

financial

institutions

and

other

forms

of

borrowing

(collectively,

"Borrowings")

and

is

limited

to

⅓%

of

the

Fund's

total

assets

(i.e.,

for

every

dollar

of

indebtedness

from

Borrowings,

the

Fund

is

required

to

have

at

least

three

dollars

of

assets).

In

addition,

the

Fund

may

enter

into

investment

management

techniques

(including

reverse

repurchase

agreements

and

derivative

transactions)

that

have

similar

effects

as

leverage.

Leverage

may

result

in

greater

volatility

of

the

NAV

of,

and

distributions

on,

the

Shares

because

changes

in

the

value

of

the

Fund's

portfolio

investments,

including

investments

purchased

with

the

proceeds

from

Borrowings,

if

any,

are

borne

entirely

by

holders

of

Shares.

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

Common

Stock

Risk.

Common

stock

of

an

issuer

in

the

Fund's

portfolio

may

be

volatile,

and

prices

may

fluctuate

based

on

changes

in

a

company's

financial

condition

and

overall

market

and

economic

circumstances.

Although

common

stocks

have

historically

generated

higher

average

total

returns

than

fixed

income

securities

over

the

long-term,

common

stocks

also

have

experienced

significantly

more

volatility

in

those

returns

and,

in

certain

periods,

have

significantly

under-performed

relative

to

fixed

income

securities.

4. Share

Transactions

Below

is

a

summary

of

transactions

with

respect

to

the

Fund's

common

Shares

for

the

six

months

ended

September

30,

2025

and

for

the

year

ended

March

31,

2025

(all

tabular

amounts

are

in

thousands

except

share

data)

:

As

of

September

30,

2025,

the

Sponsor

held

10,000

common

shares.

For

the

six

months

ended

September

30,

2025,

total

distributions

declared

to

this

related

party

was

less

than

$1,000.

5. Repurchase

Offers

The

Fund

from

time

to

time

may

offer

to

repurchase

Shares

pursuant

to

written

tenders

by

the

Shareholders.

The

Fund

intends,

but

is

not

obligated,

to

conduct

quarterly

repurchase

offers

in

the

sole

discretion

of

the

Board;

provided,

that

it

is

not

expected

that

such

repurchase

offers

will

be

for

more

than

5%

of

the

Fund's

net

assets.

Any

repurchases

of

Shares

will

be

made

to

all

holders

of

Shares,

at

such

times

and

on

such

terms

as

may

be

determined

by

the

Board

from

time

to

time

in

its

sole

discretion.

The

Board

will

determine

that

the

Fund

will

offer

to

repurchase

Shares

pursuant

to

written

tenders

only

on

terms

that

the

Board

determines

to

be

fair

to

the

Fund

and

Shareholders.

The

value

of

Shares

being

repurchased

will

be

determined

as

of

a

date,

determined

by

the

Board,

in

its

sole

discretion,

which

is

approximately

one

to

seven

days

after

the

expiration

of

the

repurchase

offer

(the

"Valuation

Date"),

and

any

such

repurchase

will

be

effective

as

of

the

Valuation

Date

(the

"Repurchase

Date").

The

amount

due

to

any

Shareholder

whose

Shares

are

repurchased

will

be

equal

to

the

value

of

the

Shareholder's

Shares

being

repurchased,

based

on

the

Fund's

NAV

per

Share

as

of

the

Valuation

Date.

The

Fund

may

not

condition

a

repurchase

offer

upon

the

tender

of

any

minimum

number

of

Shares.

The

Fund

does

not

currently

charge

a

repurchase

fee,

and

it

does

not

currently

expect

to

impose

a

repurchase

fee.

However,

the

Fund

may

in

the

future

charge

a

repurchase

fee

of

up

to

2.00%,

subject

to

approval

of

the

Board.

The

following

table

presents

the

repurchase

offers

that

were

completed

during

the

six

months

ended

September

30,

2025

(all

tabular

amounts

are

in

thousands

except

share

data)

:

For

the

Six

Months

Ended

September

30,

2025

For

the

Year

Ended

March

31,

2025

Common

Shares

Shares

Amount

Shares

Amount

Proceeds

from

sale

of

shares

,

330,

709

$

,

7,164,434

$

76,634

Reinvestment

of

distributions

1,858

1,546

Total

gross

proceeds

,

,

567

$

,

7,165,980

$

76,651

Repurchase

of

shares

(618,

580)

(7

,

373)

(1,116,726)

(11,753)

Net

Proceeds

from

Common

Shares

,

713

,

987

$

,

815

,

,

$

64,898

Repurchase

Offers

Fourth

Quarter

Repurchase

Commencement

Date

February

27,

2025

Repurchase

Request

Deadline

March

31,

2025

Repurchase

Pricing

Date

April

1,

2025

Amount

Repurchased

$

3,862

Shares

Repurchased

339,113

Repurchase

Offers

First

Quarter

Repurchase

Commencement

Date

May

29,

2025

Repurchase

Request

Deadline

June

30,

2025

Repurchase

Pricing

Date

July

1,

2025

Amount

Repurchased

$

3,511

Shares

Repurchased

279,467

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

6. Investment

Manager

Fees

and

Other

Related

Party

Transactions

The

Fund

entered

into

an

Investment

Management

Agreement

with

the

Adviser.

Pursuant

to

the

Investment

Management

Agreement,

and

in

consideration

of

the

services

provided

by

the

Adviser

to

the

Fund,

the

Adviser

is

entitled

to

a

management

fee

(the

"Management

Fee")

of

1.85%

of

the

Fund's

average

daily

net

assets.

The

Management

Fee

will

be

calculated

and

accrued

daily

and

payable

monthly

in

arrears.

The

Adviser

and

the

Fund

have

entered

into

an

Expense

Limitation

Agreement

pursuant

to

which

the

Adviser

has

contractually

agreed

to

waive

its

Management

Fee

and/or

pay

or

reimburse

the

ordinary

annual

operating

expenses

of

the

Fund

(including

organization

and

offering

costs,

but

excluding

interest

payments,

taxes,

brokerage

commissions,

fees

and

expenses

incurred

by

the

Fund's

use

of

leverage,

acquired

fund

fees

and

expenses

and

extraordinary

or

non-routine

expenses,

including

with

respect

to

reorganizations

or

litigation

affecting

the

Fund)

(the

"Operating

Expenses")

to

the

extent

necessary

to

limit

the

Fund's

Operating

Expenses

to

3.00%

of

the

Fund's

average

daily

net

assets.

The

Adviser

is

entitled

to

seek

recoupment

from

the

Fund

of

fees

waived

or

expenses

paid

or

reimbursed

to

the

Fund

for

a

period

ending

three

years

after

the

date

of

the

waiver,

payment

or

reimbursement,

subject

to

the

limitation

that

the

recoupment

will

not

cause

the

Fund's

Operating

Expenses

to

exceed

the

lesser

of

(a) the

expense

limitation

amount

in

effect

at

the

time

such

fees

were

waived

or

expenses

paid

or

recouped,

or

(b) the

expense

limitation

amount

in

effect

at

the

time

of

the

recoupment.

The

Expense

Limitation

Agreement

will

remain

in

effect

at

least

through

July

31,

2026,

unless

and

until

the

Board

approves

its

modification

or

termination.

For

the

six

months

ended

September

30,

2025,

the

Adviser

did

not

waive

management

fees

or

reimburse

expenses

.

As

of

September

30,

2025,

the

Fund

had

remaining

expense

waivers

and/or

reimbursement

subject

to

recoupment

by

the

Adviser

and

respective

dates

of

expiration

as

follows

(amounts

in

thousands)

:

For

the

six

months

ended

September

30,

2025,

the

Adviser

recouped

$14

(amount

in

thousands)

as

reflected

on

the

accompanying

Statement

of

Operations.

The

Adviser

or

its

affiliates

may

be

entitled

to

certain

fees

as

permitted

by

the

1940

Act

or

as

otherwise

permitted

by

applicable

law

and

regulation

fees

and

expenses

associated

with

the

selection,

acquisition,

or

origination

of

investments

(including,

but

not

limited

to,

reimbursement

of

non-ordinary

expenses

and

employee

time

required

to

special

service

a

non-performing

asset)

whether

or

not

the

Fund

ultimately

acquires

or

originates

the

investment,

and

the

sale

of

investments.

No

such

fees

were

incurred

or

paid

by

the

Fund

to

the

Adviser

or

its

affiliates

for

the

six

months

ended

September

30,

2025

.

The

Adviser

and

Rise

Companies

entered

into

a

Shared

Services

Agreement

where

Rise

Companies

will

provide

the

Adviser

with

the

personnel,

services

and

resources

necessary

for

the

Adviser

to

comply

with

its

obligations

and

responsibilities

under

the

Second

Amended

and

Restated

Operating

Agreement

("Operating

Agreement")

and

Investment

Management

Agreement,

which

includes

responsibility

for

operations

of

the

Fund

and

performance

of

such

services

and

activities

relating

to

the

investments

and

operations

of

the

Fund

as

may

be

appropriate,

including

without

limitation

those

services

and

activities

listed

in

the

Operating

Agreement

and

Investment

Management

Agreement.

The

Fund

will

reimburse

the

Adviser

for

out-of-pocket

expenses

paid

to

third

parties

in

connection

with

providing

services

to

the

Fund.

This

does

not

include

the

Adviser's

overhead,

employee

costs

borne

by

the

Adviser,

or

utilities

costs.

Expense

reimbursements

payable

to

the

Adviser

also

may

include

expenses

incurred

by

the

Sponsor

in

the

performance

of

services

pursuant

to

a

shared

services

agreement

between

the

Adviser

and

the

Sponsor,

including

any

increases

in

insurance

attributable

to

the

management

or

operation

of

the

Fund.

D

uring

the

six

months

ended

September

30,

2025

,

there

were

approximately

$64

(amount

in

thousands)

of

expenses

reimbursed

to

the

Adviser

pursuant

to

the

shared

services

agreement.

Recoupment

Expiration

Expenses

Remaining

Expires

during

the

year

ended

March

31,

2026

$

591

Expires

during

the

year

ended

March

31,

2027

Expires

during

the

year

ended

March

31,

2028

3,829

Expires

during

the

year

ended

March

31,

2029

–

Total

Fee

Waiver/Expense

Reimbursement

Subject

to

Recoupment

$

4,852

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

Affiliated

Investments

The

Fund

invests

in

one

or

more

affiliated

entities.

The

affiliated

investment

vehicles

have

not

been

registered

under

the

Securities

Act

of

1933,

as

amended,

and

thus

are

subject

to

restrictions

on

resale.

During

the

six

months

ended

September

30,

2025,

investments

in

affiliates

were

as

follows

(amounts

in

thousands)

:

7. Investments

The

Fund

invests

in

technology

companies,

with

a

primary

focus

on

the

equity

securities

(e.g.,

common

stock,

preferred

stock

and

convertible

debt)

of

certain

privately

held,

mid-to-late-stage,

growth

companies,

or

other

investments

(including

derivatives)

that

have

economic

characteristics

similar

to

investments

in

technology

companies.

The

cost

of

purchases

and

proceeds

from

the

sale

of

investments,

other

than

short-term

securities,

for

the

six

months

ended

September

30,

2025

amounted

to

$78,678

and

$17,780,

respectively

(amounts

in

thousands)

.

8. Tax

Basis

Information

The

timing

and

characterization

of

certain

income,

capital

gains,

and

return

of

capital

distributions

are

determined

annually

in

accordance

with

federal

tax

regulations,

which

may

differ

from

GAAP.

As

a

result,

the

net

investment

income

(loss)

and

net

realized

gain

(loss)

on

investment

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

These

book/tax

differences

may

be

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent,

they

are

charged

or

credited

to

paid-in

capital,

accumulated

net

investment

income/loss

or

accumulated

net

realized

gain/loss,

as

appropriate,

in

the

period

in

which

the

differences

arise.

As

of

March

31,

2025,

the

tax

basis

of

distributable

earnings

(accumulated

deficit)

was

as

follows

(amounts

in

thousands)

:

As

of

March

31,

2025,

the

capital

loss

carryforwards

were

as

follows

(amounts

in

thousands)

:

Non-Controlled

Affiliated

Investment

Balance

as

of

March

31,

2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

and

Capital

Gain

Distributions

Change

in

Unrealized

Appreciation/

Depreciation

Balance

as

of

September

30,

2025

Total

Dividend

Income

Technology

Private

Equity

Inspectify,

Inc.

$

5,000

$

–

$

–

$

–

$

–

$

5,000

$

–

Total

$

5,000

$

–

$

–

$

–

$

–

$

5,000

$

–

Undistributed

ordinary

income

(loss)

$

(4,187)

Tax

accumulated

earnings

(loss)

$

(4,187)

Accumulated

capital

and

other

losses

(446) Other

book/tax

temporary

differences

(5,825)

Net

unrealized

gain

(loss)

on

investments

32,460

Total

Distributable

Earnings

$

22,002

Short-term

$

Long-term

–

Total

Capital

Loss

Carryforwards

(1) $

(1) To

the

extent

the

Fund

recognizes

capital

gains

in

future

periods,

they

will

be

offset

by

unused

capital

loss

carryforwards

subject

to

IRC

limitations.

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

During

the

tax

period

presented

below,

the

tax

character

of

distributions

paid

by

the

Fund

was

as

follows

(amounts

in

thousands)

:

As

of

September

30,

2025

,

the

unrealized

appreciation

and

depreciation

of

investments,

based

on

cost

for

federal

income

tax

purposes,

were

as

follows

(amounts

in

thousands)

:

The

Fund

intends

to

elect

and

intends

to

qualify

to

be

taxed

as

a

RIC

under

the

Code,

for

its

taxable

year

ending

March

31,

2026. Prior

to

the

taxable

year

ending

March

31,

2026,

the

Fund

was

treated

as

a

regular

corporation,

or

a

"C"

corporation,

for

U.S.

federal

income

tax

purposes.

During

the

periods

the

Fund

was

treated

as

a

"C"

corporation,

for

U.S.

federal

income

tax

purposes,

the

Fund

incurred

tax

expenses

and

was

subject

to

tax

at

regular

corporate

rates.

Deferred

income

taxes

reflect

the

net

tax

effects

of

temporary

differences

between

the

carrying

amounts

of

assets

and

liabilities

for

financial

reporting

purposes

and

the

amounts

used

for

income

tax

purposes.

A

valuation

allowance

is

recognized

if,

based

on

the

weight

of

the

available

evidence,

it

is

more

likely

than

not

that

all

of

the

deferred

income

tax

asset

will

not

be

realized.

The

following

table

presents

the

significant

components

of

the

Fund's

deferred

tax

assets

and

liabilities

as

of

March

31,

2025

(amounts

in

thousands):

The

following

is

a

reconciliation

of

the

statutory

federal

income

tax

rate

to

the

Fund's

effective

tax

rate

for

the

year

ended

March

31,

2025

(amounts

in

thousands)

:

At

March

31,

2025,

the

Fund

had

federal

net

operating

loss

(NOL)

carryforwards

of

approximately

$4,193

(amount

in

thousands)

to

offset

future

taxable

income.

The

Fund's

federal

net

operating

loss

will

carryforward

indefinitely.

As

of

March

31,

2025,

the

Fund

did

not

record

any

cumulative

unrecognized

tax

benefits

on

its

trial

balance.

For

the

Tax

Year

Ended

March

31,

2025

Ordinary

income

$

–

Long-term

capital

gain

–

Return

of

capital

(1) 323

Total

Distributions

Paid

$

(1) The

difference

between

tax-basis

distributions

and

book-basis

distributions

is

due

to

the

timing

of

when

distributions

are

considered

paid.

Cost

of

investments

for

tax

purposes

$

263,172

Gross

tax

unrealized

appreciation

$

106,780

Gross

tax

unrealized

depreciation

(2,646)

Net

Tax

Unrealized

Appreciation

$

104,134

Deferred

Tax

Assets:

Net

operating

loss

carryforwards

$

880

Less

valuation

allowance

–

Gross

Deferred

Tax

Assets

$

880

Deferred

Tax

Liabilities:

Investment

in

partnerships

$

(42) Unrealized/realized

gain

on

investments

(6,663)

Gross

Deferred

Tax

Liabilities

$

(6

,

705)

Total

Deferred

Tax

(Liability)

Asset,

Net

$

(5,825)

Rate

Reconciliation:

Amount

Percentage

Pre-tax

increase

in

net

assets

as

a

result

of

operations

$

25,514

Provision

for

income

taxes

at

the

U.S.

federal

rate

$

5,358

21%

Permanent

Adjustments

–

0%

Other

2%

Income

Tax

Expense/(Benefit)

$

5,825

23%

Fundrise

Growth

Tech

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(continued)

September

30,

2025

9. Segment

Reporting

The

Fund

adopted

FASB

Accounting

Standards

Update

2023-07

Segment

Reporting

(Topic

280)

-

Improvement

to

Reportable

Segment

Disclosure

("ASU

2023-07").

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

its

results

of

operations.

The

intent

of

ASU

2023-07

is,

through

improved

segment

disclosures,

to

enable

investors

to

better

understand

an

entity's

overall

performance

and

to

assess

its

potential

future

cash

flows.

The

management

committee

of

Fundrise

Advisors,

LLC,

the

Fund's

Adviser,

acts

as

the

Fund's

chief

operating

decision

maker

("CODM")

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

that

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

10. New

Accounting

Pronouncement

In

December

2023,

FASB

issued

Accounting

Standards

Update

No.

2023-09

("ASU

2023-09"),

Income

Taxes

(Topic

740):

Improvements

to

Income

Tax

Disclosures.

ASU

2023-09

focuses

on

income

tax

disclosures

and

effective

tax

rates

and

cash

income

taxes

paid.

The

guidance

is

effective

for

fiscal

years

beginning

after

December

15,

2024

(for

non-public

entities

beginning

after

December

15,

2025),

and

allows

for

early

adoption.

The

Fund

has

evaluated

the

impact

of

the

additional

requirements

and

concluded

the

adoption

of

this

ASU

will

not

have

a

material

impact

on

the

financial

statements.

11. Subsequent

Events

In

connection

with

the

preparation

of

the

accompanying

financial

statements,

the

Fund

has

evaluated

events

and

transactions

occurring

after

the

date

of

this

report

and

through

the

date

these

financial

statements

were

available

to

be

issued

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

the

following.

Share

Transactions

Following

the

date

of

this

report,

the

following

repurchase

offers

have

occurred

(all

tabular

amounts

are

in

thousands

except

share

data)

:

Repurchase

Offers

Second

Quarter

Repurchase

Commencement

Date

August

22,

2025

Repurchase

Request

Deadline

September

30,

2025

Repurchase

Pricing

Date

October

1,

2025

Amount

Repurchased

$

5,207

Shares

Repurchased

349,466

Fundrise

Growth

Tech

Fund,

LLC

Additional

Information

(UNAUDITED)

September

30,

2025

1. Disclosure

of

Portfolio

Holdings

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund's

Form

N-PORT

reports

will

be

available

without

charge,

upon

request,

by

calling

(202) 584-0550

or

on

the

SEC's

website

at

http://www.sec.gov

.

2. Proxy

Voting

Policies

and

Procedures

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and,

once

available,

information

regarding

how

the

Fund

voted

those

proxies

(if

any)

during

the

year

ended

June

30,

2025,

is

available

(1) without

charge,

upon

request,

by

calling

(202) 584-0550,

(2) on

the

Fund's

website

at

www.fundrise.com/innovation

and

(3) on

the

SEC's

website

at

http://www.sec.gov

.

During

the

year

ended

June

30,

2025,

the

Fund

did

not

have

any

investments

that

required

the

Fund

to

vote

proxies,

and

therefore

did

not

vote

any

proxies

during

such

period.

3. Compensation

of

Directors

The

Fund's

Statement

of

Additional

Information

includes

additional

information

about

the

Directors

and

is

available

(1) without

charge,

upon

request,

by

calling

(202) 584-0550,

(2) on

the

Fund's

website

at

www.fundrise.com/innovation

and

(3) on

the

SEC's

website

at

http://www.sec.gov

.

The

following

table

sets

forth

information

regarding

the

total

compensation

to

be

paid

to

the

Independent

Directors

for

their

services

as

Independent

Directors

for

the

Fund's

fiscal

year

ending

March

31,

2026. As

an

Interested

Director,

Mr.

Miller

receives

no

compensation

from

the

Fund

for

his

service

as

a

Director.

No

other

compensation

or

retirement

benefits

are

received

by

any

Director

or

officer

from

the

Fund.

Name

Aggregate

Compensation

from

the

Fund

Aggregate

Compensation

from

the

Fund

and

Fund

Complex

(1) Paid

to

Directors

Jennifer

Blatnik

$

45,000

$

45,000

Jeffrey

R. Deitrich

45,000

130,000

Glenn

R. Osaka

45,000

130,000

(1) The

"Fund

Complex"

consists

of

the

Fund,

Fundrise

Income

Real

Estate

Fund,

LLC,

Fundrise

Real

Estate

Interval

Fund,

LLC

and

Fundrise

Real

Estate

Interval

Fund

II,

LLC. FOR

MORE

INFORMATION

Investment

Adviser

Fundrise

Advisors,

LLC

Dupont

Circle

NW,

9th

Floor

Washington,

DC

20036

Fundrise

Growth

Tech

Fund,

LLC

Dupont

Circle

NW,

9th

Floor

Washington,

DC

20036

(202) 584-0550

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Fund's

risks,

objectives,

fees

and

expenses,

experience

of

its

management,

and

other

information.

(b) Not applicable.

**Item 2. Code of Ethics**

Not applicable for the semi-annual reporting period.

**Item 3. Audit Committee Financial Expert**

Not applicable for the semi-annual reporting period.

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

Not applicable for the semi-annual reporting period.

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

Not applicable for the semi-annual reporting period.

**Item 6. Investments**

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

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable for the semi-annual reporting period.

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

(a) Not applicable for the semi-annual reporting period.

(b) As of November 21, 2025, there have been no changes in portfolio managers since the most recent annual report.

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

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

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

As of November 21, 2025, there have been no material changes in the procedures by which Shareholders may recommend nominees to the Board of Directors.

**Item 16. Controls and Procedures**

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

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

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

Not applicable.

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

Not applicable.

**Item 19. Exhibits**

(a)(1) Not applicable for the semi-annual reporting period.

(a)(2) Not applicable.

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

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

**SIGNATURES**

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

**Fundrise Growth Tech Fund, LLC**

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| | |
|:---|:---|
| By | /s/ Benjamin S. Miller |
|  | Name: Benjamin S. Miller |
|  | Title: President |
| Date | November 21, 2025 |

---

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

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| | |
|:---|:---|
| By | /s/ Benjamin S. Miller |
|  | Name: Benjamin S. Miller |
|  | Title: Principal Executive Officer |
| Date | November 21, 2025 |

---

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| | |
|:---|:---|
| By | /s/ Alison A. Staloch |
|  | Name: Alison A. Staloch |
|  | Title: Treasurer and Principal Financial Officer |
| Date | November 21, 2025 |

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## Ex-99.Cert

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

I, Benjamin S. Miller, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR Fundrise Growth Tech Fund, LLC (File Number 811-23708, CIK Number 0001867090);

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

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

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: | November 21, 2025 | /s/ Benjamin S. Miller |
|  |  | Benjamin S. Miller |
|  |  | President and Principal Executive Officer |

---

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

I, Alison A. Staloch, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fundrise Growth Tech Fund, LLC (File Number 811-23708, CIK Number 0001867090);

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

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

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

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

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

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

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

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

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

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

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| | | |
|:---|:---|:---|
| Date: | November 21, 2025 | /s/ Alison A. Staloch |
|  |  | Alison A. Staloch |
|  |  | Treasurer and Principal Financial Officer |

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## Exhibit 99.906

<u>CERTIFICATION</u>

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

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

The semi-annual report on Form N-CSR of the Registrant for the six months ended September 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| Date: | November 21, 2025 | By: | /s/ Benjamin S. Miller |
|  |  |  | Benjamin S. Miller |
|  |  |  | President and Principal Executive Officer |

---

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| | | | |
|:---|:---|:---|:---|
| Date: | November 21, 2025 | By: | /s/ Alison A. Staloch |
|  |  |  | Alison A. Staloch |
|  |  |  | Treasurer and Principal Financial Officer |

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