# EDGAR Filing Document

**Accession Number:** 0001660987
**File Stem:** 0001104659-25-124010
**Filing Date:** 2025-12
**Character Count:** 10471
**Document Hash:** bc275ddfcfdd06222593c0d753bc4cf0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-124010.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001104659-25-124010

**CONFORMED SUBMISSION TYPE**: 1-U

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251223

**ITEM INFORMATION**: Other Events

**FILED AS OF DATE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fundrise eFund, LLC
- **CENTRAL INDEX KEY:** 0001660987
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 611775059
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 1-U
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 24R-00086
- **FILM NUMBER:** 251595399

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fundrise For-Sale Housing eFUND - Los Angeles CA, LLC
- **DATE OF NAME CHANGE:** 20161213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Fundrise National Opportunistic Office, LLC
- **DATE OF NAME CHANGE:** 20151214

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 1-U**

**CURRENT REPORT**

**Pursuant to Regulation A of the Securities Act of 1933**

**December 23, 2025**

(Date of Report (Date of earliest event reported))

**FUNDRISE EFUND, LLC**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| &nbsp;&nbsp;**Delaware** | &nbsp;&nbsp;**61-1775059** |
| &nbsp;&nbsp;(State or other jurisdiction of incorporation) | &nbsp;&nbsp;(IRS Employer Identification No.) |

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| | |
|:---|:---|
| &nbsp;&nbsp; **11 Dupont Circle NW, 9<sup>th</sup> Floor,**<br> **Washington, DC** | &nbsp;&nbsp;**20036** |
| &nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;(ZIP Code) |

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**(202) 584-0550**

(Registrant's telephone number, including area code)

**Common Shares**

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

**Item 9. Other Events**

***Net Asset Value as of December 29, 2025***

As of December 29, 2025, our net asset value ("NAV") per common share will be $11.74. This NAV per common share will be updated in connection with our merger (the "Merger") with Fundrise Equity REIT, LLC, in which Fundrise Equity REIT, LLC will be the surviving entity and our shareholders will receive common shares based on an agreed upon exchange ratio ("Exchange Ratio").

The following sets forth the calculation of NAV for our common shares:

**BALANCE SHEETS (UNAUDITED)**

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| | | |
|:---|:---|:---|
| <br>***(In thousands, except share and per share amounts)*** | **As of**<br>**December 29, 2025 [1]** | **As of**<br>**June 30, 2025 [1]** |
| **<u>ASSETS</u>** |  |  |
| Investments, at fair value | $55380 | $58890 |
| Cash and cash equivalents | 6479 | 7940 |
| Current interest receivable | 27 | 46 |
| Other assets | 256 | 257 |
| **Total Assets** | $**62142** | $**67133** |
| **<u>LIABILITIES</u>** |  |  |
| Accounts payable and accrued expense | $1024 | $577 |
| Due to related party | 93 | 159 |
| Redemptions payable | - | 1641 |
| **Total Liabilities** | $**1117** | $**2377** |
| **<u>NET ASSETS CONSIST OF:</u>** |  |  |
| Fundrise eFund, LLC Members' Equity: |  |  |
| Common shares; 5,198,247 and 5,494,128 shares outstanding, net of offering costs, on December 29, 2025 and June 30, 2025, respectively | $53836 | $57343 |
| Retained earnings | 5401 | 5570 |
| Net adjustments to fair value | 1788 | 1843 |
| **NET ASSETS** | $**61025** | $**64756** |
| **NET ASSET VALUE PER SHARE, on 5,198,247 and 5,494,128 shares outstanding for the periods ended December 29, 2025 and June 30, 2025, respectively** | $**11.74** | $**11.79** |

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**[1]** Estimated Balance Sheets as of December 29, 2025 and June 30, 2025.

On December 23, 2025, in advance of the Merger effective date, the Company announced that its NAV per share as of December 29, 2025 will be $11.74 per share of our Common Shares. This NAV per common share will be updated in connection with the Merger and our shareholders will receive common shares in Fundrise Equity REIT, LLC based on an agreed upon Exchange Ratio.

As described in the section titled "Valuation Policies" of our Offering Circular, our goal is to provide a reasonable estimate of the market value of our shares on a semi-annual basis. However, the majority of our assets consist of commercial real estate assets and, as with any commercial real estate valuation protocol, the conclusions reached by us are based on a number of judgments, assumptions and opinions about future events that may or may not prove to be correct. The use of different judgments, assumptions or opinions would likely result in different estimates of the value of our commercial real estate assets and investments. In addition, for any given period, our published NAV per share may not fully reflect certain material events, to the extent that the financial impact of such events on our portfolio is not immediately quantifiable. As a result, the calculation of our NAV per share may not reflect the precise amount that might be paid for your shares in a market transaction, and any potential disparity in our NAV per share may be in favor of either shareholders who redeem their shares, or shareholders who buy new shares, or existing shareholders. However, to the extent quantifiable, if a material event occurs in between updates of NAV that would cause our NAV per share to change by 5% or more from the last disclosed NAV, we will disclose the updated price and the reason for the change in an offering circular supplement filed on the SEC's EDGAR website as promptly as reasonably practicable, and will update the NAV information provided on our website.

Our internal accountants calculated our NAV per common share using a process that reflects (1) estimated values of each of our commercial real estate assets and investments, including related liabilities, which may be updated upon the occurrence of certain material events, (2) the price of liquid assets for which third party market quotes are available, (3) accruals of our periodic distributions, and (4) estimated accruals of our operating revenues and expenses. The determination of our NAV is not based on, nor intended to comply with, fair value standards under U.S. Generally Accepted Accounting Principles ("GAAP"), and our NAV may not be indicative of the price that we would receive for our assets at current market conditions.

We generally receive financial and other reporting from our borrowers or subsidiaries on a monthly or quarterly basis, so the estimated values of each of our commercial real estate assets and investments included on each NAV reporting date are generally based on the latest financial and other information reported to us or otherwise available to us and considers relevant market data. We are not aware of any events that would have a material impact on the estimated values included herein that occurred between the date of the latest information we received with respect to our investments and the NAV reporting date.

***Historical NAV Information***

 ****

Below is the NAV per common share, as determined in accordance with our valuation policies, for each semi-annual period from December 31, 2018 to December 29, 2025.

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| | |
|:---|:---|
| **Date** | **NAV Per Share** |
| December 31, 2018 | $10.34 |
| June 30, 2019 | $10.44 |
| December 31, 2019 | $10.74 |
| June 30, 2020 | $10.92 |
| November 30, 2020 | $11.44 |
| June 30, 2021 | $11.59 |
| December 31, 2021 | $11.82 |
| June 30, 2022 | $11.94 |
| December 31, 2022 | $11.79 |
| June 30, 2023 | $11.78 |
| December 30, 2023 | $11.44 |
| June 29, 2024 | $11.45 |
| December 31, 2024 | $11.63 |
| June 30, 2025 | $11.79 |
| December 29, 2025 | $11.74 |

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 **

 ****

***Share Redemption Plan Status***

 **

In connection with the Merger, we temporarily ceased accepting redemption requests on July 1, 2025. We previously processed all redemption requests that were received on or prior to June 30, 2025. As of today's date, there are no outstanding redemption requests.

 ****

***Real Estate Performance***

The Company experienced a slight decrease in share price driven by (among other things) normal cash utilization and a small number of position-specific valuation adjustments.

<u>Safe Harbor Statement</u>

This Current Report on Form 1-U contains forward-looking statements within the meaning of the federal securities laws. You can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "projects," "predicts," "intends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties, including those described under the section entitled "Risk Factors" in the most recently qualified Offering Statement on Form 1-A filed with the Securities and Exchange Commission ("SEC"), as such factors may be updated from time to time in our periodic filings and prospectus supplements filed with the SEC, which are accessible on the SEC's website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.

**SIGNATURES**

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

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| | |
|:---|:---|
| FUNDRISE EFUND, LLC | FUNDRISE EFUND, LLC |
| By: | Fundrise Advisors, LLC |
| Its: | Manager |
| By: | /s/ Benjamin St. Angelo |
| Name: | Benjamin St. Angelo |
| Title: | Authorized Person |

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Date: December 23, 2025