# EDGAR Filing Document

**Accession Number:** 0001885551
**File Stem:** 0001885551-26-000042
**Filing Date:** 2026-5
**Character Count:** 78955
**Document Hash:** 730edac400b2ffb5b1ae0f3e5a6e3c8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001885551-26-000042.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001885551-26-000042

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260528

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fundrise Income Real Estate Fund, LLC
- **CENTRAL INDEX KEY:** 0001885551

**ORGANIZATION NAME:**
- **EIN:** 872377776
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23745
- **FILM NUMBER:** 261038331

**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

## Nport-Ex

Fundrise

Income

Real

Estate

Fund,

LLC

Schedule

of

Investments

(UNAUDITED)

March

31,

2026

See

accompanying

notes

to

schedule

of

investments.

(Amounts

in

thousands)

Par/Shares

Description

Acquisition

Date

Value

as

of

March

31,

2026

Private

Real

Estate

-

77.1%

Equity

-

20.0%

Development

-

13.2%

N/A

Income

TRS,

LLC

\|

Various

locations (Cost

$66,899)

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

03/31/22

$

84,655

Land

-

1.0%

N/A

FR

Fairfax,

LLC

\|

Los

Angeles,

CA (Cost

$3,787)

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

01/10/24

$

3,000

N/A

FR

La

Brea,

LLC

\|

Los

Angeles,

CA (Cost

$3,300)

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

04/30/25

3,000

Total

Land

(Cost

$7,087)

$

6,000

Multifamily

-

5.8%

N/A

FR

MP

Brandon

Glen

JV,

LLC

\|

Conyers,

GA (Cost

$8,837)

(2)(3)(4)

03/31/22

$

12,960

N/A

Mezza

JV

LP

\|

Jacksonville,

FL (Cost

$15,405)

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

12/11/25

18,075

N/A

The

View

JV

LP

\|

Lewisville,

TX (Cost

$6,105)

(2)(3)

03/31/22

6,713

Total

Multifamily

(Cost

$30,347)

$

37,748

Total

Equity

(Cost

$104,333)

$

128,403

Mezzanine

Debt

-

2.1%

Multifamily

-

2.1%

$

5,737

RSE

Boat

Club

Investor,

LLC

\|

Fort

Worth,

TX,

13.94%

(10.25%

+

SOFR,

all

PIK),

09/27/27

(Cost

$9,503)

(2)(3)(5)(6)

09/27/22

$

9,415

3,017

RSE

Vista

Norte

Investor,

LLC

\|

Anthem,

AZ,

13.94%

(10.25%

+

SOFR,

all

PIK),

06/23/26

(Cost

$4,040)

(2)(3)(5)(6)

12/23/22

4,033

Total

Multifamily

(Cost

$13,543)

$

13,448

Total

Mezzanine

Debt

(Cost

$13,543)

$

13,448

Preferred

Equity

-

48.1%

Hospitality

-

0.3%

$

2,229

Y

Hotel

Leveraged

Lender,

LLC

\|

Pittsburgh,

PA,

15.50%,

11/13/19

(Cost

$2,229)

(2)(3)(4)(7)

03/31/22

$

2,210

Multifamily

-

47.8%

$

4,500

Breckenridge

Group

Springfield

Missouri,

LLC

\|

Springfield,

MO,

13.50%,

01/01/27

(Cost

$4,500)

(2)(3)

03/31/22

$

4,500

6,835

Fort

Myers

Reef

Holdings,

LLC

\|

Fort

Myers,

FL,

10.90%

(6.83%

Cash

+

4.07%

PIK),

09/01/28

(Cost

$10,302)

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

03/31/22

10,315

5,824

Fundrise

Beacon

Place

Investor,

LLC

\|

Huntsville,

AL,

14.25%

(14.25%

PIK),

11/21/28

(Cost

$6,015)

(2)(3)(6)

05/21/25

6,026

7,050

Fundrise

Broadway

Investor

I,

LLC

\|

Phoenix,

AZ,

13.50%

(7.50%

Cash

+

6.00%

PIK),

02/20/27

(Cost

$7,097)

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

02/20/26

7,097

11,792

Fundrise

Brookwood

Investor

I,

LLC

\|

Austell,

GA,

13.00%

(3.00%

Cash

+

10.00%

PIK),

01/16/31

(Cost

$12,039)

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

01/16/26

12,089

10,787

Fundrise

Busbee

Investor

I,

LLC

\|

Asheville,

NC,

15.00%

(4.00%

Cash

+

11.00%

PIK),

01/10/29

(Cost

$13,314)

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

12/04/23

13,348

1,914

Fundrise

Century

Farms

Investor

I,

LLC

\|

McKinney,

TX,

14.00%

(14.00%

PIK),

09/28/28

(Cost

$2,435)

(2)(3)(6)

03/28/25

2,435

1,501

Fundrise

East

Village

Investor

I,

LLC

\|

Roswell,

GA,

14.25%

(14.25%

PIK),

04/23/27

(Cost

$1,993)

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

04/24/24

1,994

1,483

Fundrise

Ellenton

Investor,

LLC

\|

Parrish,

FL,

12.75%

(12.75%

PIK),

08/15/29

(Cost

$1,489)

(2)(3)(6)

08/15/25

1,489

10,145

Fundrise

Exchange

Investor

I,

LLC

\|

Panama

City

Beach,

FL,

13.00%

(8.00%

Cash

+

5.00%

PIK),

02/01/31

(Cost

$10,222)

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

02/05/26

10,263

19,195

Fundrise

Fair

Lakes

Investor,

LLC

\|

Fairfax,

VA,

14.00%

(5.00%

Cash

+

9.00%

PIK),

09/04/29

(Cost

$19,604)

(2)(3)(6)

09/04/25

19,647

9,161

Fundrise

Gainesville

Investor

I,

LLC

\|

Gainesville,

FL,

13.00%

(13.00%

PIK),

06/21/26

(Cost

$12,575)

(2)(3)(6)

11/01/23

12,581

1,547

Fundrise

Highlands

Investor

I,

LLC

\|

Knoxville,

TN,

15.50%

(4.00%

Cash

+

11.50%

PIK),

02/09/27

(Cost

$1,910)

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

02/09/24

1,910

10,650

Fundrise

Jackson

Parc

Investor

I,

LLC

\|

North

Augusta,

SC,

13.00%

(13.00%

PIK),

09/04/28

(Cost

$11,299)

(2)(3)(6)

09/04/24

11,319

10,000

Fundrise

Kelly

Park

Investor

I,

LLC

\|

Apopka,

FL,

13.00%

(13.00%

PIK),

01/28/29

(Cost

$10,801)

(2)(3)(6)

01/29/25

10,823

Fundrise

Lake

Mary

Investor,

LLC

\|

Lake

Mary,

FL,

12.75%

(12.75%

PIK),

11/06/29

(Cost

$232)

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

11/07/25

Fundrise

Income

Real

Estate

Fund,

LLC

Schedule

of

Investments

(UNAUDITED)

(Continued)

March

31,

2026

See

accompanying

notes

to

schedule

of

investments.

Par/Shares

Description

Acquisition

Date

Value

as

of

March

31,

2026

Multifamily

-

47.8%

(continued)

$

18,583

Fundrise

Lemon

Creek

Investor

I,

LLC

\|

Boerne,

TX,

13.50%

(13.50%

PIK),

10/15/28

(Cost

$21,325)

(2)(3)(6)

10/15/24

$

21,367

15,434

Fundrise

Mont

Belvieu

Investor

I,

LLC

\|

Baytown,

TX,

13.50%

(13.50%

PIK),

09/26/28

(Cost

$18,084)

(2)(3)(6)

09/26/24

18,119

14,000

Fundrise

NoDa

Investor

I,

LLC

\|

Charlotte,

NC,

13.00%

(13.00%

PIK),

07/02/28

(Cost

$15,916)

(2)(3)(6)

07/02/24

15,944

9,022

Fundrise

Oakridge

Investor

I,

LLC

\|

Forney,

TX,

13.50%

(7.50%

Cash

+

6.00%

PIK),

02/20/27

(Cost

$9,082)

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

02/20/26

9,083

10,000

Fundrise

Ocean

Village

Investor

I,

LLC

\|

Palm

Coast,

FL,

13.00%

(13.00%

PIK),

04/30/29

(Cost

$10,335)

(2)(3)(6)

04/30/25

10,358

8,403

Fundrise

PB

Investor

I,

LLC

\|

Palm

Bay,

FL,

13.00%

(13.00%

PIK),

10/08/26

(Cost

$11,589)

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

10/19/23

11,590

2,263

Fundrise

Pelican

Investor

I,

LLC

\|

Myrtle

Beach,

SC,

16.00%

(4.00%

Cash

+

12.00%

PIK),

11/17/28

(Cost

$2,692)

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

10/08/24

2,699

2,192

Fundrise

Providence

Commons

Investor

I,

LLC

\|

Aubrey,

TX,

14.00%

(14.00%

PIK),

04/10/29

(Cost

$2,404)

(2)(3)(6)

04/10/25

2,410

10,960

Fundrise

PSL

Investor

I,

LLC

\|

Port

St.

Lucie,

FL,

13.00%

(13.00%

PIK),

08/05/26

(Cost

$14,969)

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

11/15/23

14,970

6,052

Fundrise

Silo

B2

Investor

I,

LLC

\|

Salt

Lake

City,

UT,

13.00%

(13.00%

PIK),

04/01/29

(Cost

$6,165)

(2)(3)(6)

12/10/25

6,174

17,115

Fundrise

Silo

Park

Investor,

LLC

\|

Salt

Lake

City,

UT,

13.00%

(13.00%

PIK),

11/01/28

(Cost

$17,797)

(2)(3)(6)

07/07/25

17,823

12,614

Fundrise

Springs

Investor

I,

LLC

\|

Melissa,

TX,

13.50%

(7.50%

Cash

+

6.00%

PIK),

03/13/27

(Cost

$12,654)

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

03/13/26

12,654

2,888

Fundrise

Stellar

Investor

I,

LLC

\|

Denver,

CO,

13.85%

(13.85%

PIK),

12/22/32

(Cost

$2,972)

(2)(3)(6)

12/22/25

2,972

7,286

Fundrise

VB

Investor

I,

LLC

\|

Vero

Beach,

FL,

13.00%

(13.00%

PIK),

01/05/27

(Cost

$9,951)

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

11/15/23

9,952

4,160

RSE

Daytona

Investor

I,

LLC

\|

Daytona

Beach,

FL,

14.00%

(14.00%

PIK),

02/05/27

(Cost

$5,908)

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

02/09/23

5,685

4,438

SFR

Reflections

I,

LLC

\|

Sunrise,

FL,

10.10%,

12/01/30

(Cost

$4,438)

(2)(3)

03/31/22

4,447

10,730

WP

Walcott

Hackensack

Sub,

LLC

\|

Hackensack,

NJ,

14.00%

(14.00%

PIK),

01/29/27

(Cost

$13,888)

(2)(3)(6)

03/31/22

13,889

Total

Multifamily

(Cost

$305,996)

$

306,204

Total

Preferred

Equity

(Cost

$308,225)

$

308,414

Senior

Debt

-

6.9%

Industrial

-

2.2%

$

14,300

Nexus

Apex

Holdings,

LLC

\|

Hubbard,

TX,

12.55%

(8.27%

Cash

+

4.28%

PIK),

03/02/29

(Cost

$14,319)

(2)(3)(6)

03/02/26

$

14,319

Land

-

4.7%

$

29,905

The

Station

East

Owner

II,

LLC

\|

Union

City,

CA,

13.00%,

05/20/27

(Cost

$29,905)

(2)(3)

05/19/25

$

29,922

Total

Senior

Debt

(Cost

$44,224)

$

44,241

Total

Private

Real

Estate

(Cost

$470,325)

$

494,506

Commercial

Mortgage-Backed

Securities

-

21.5%

Non-U.S.

Government

Agency

Issues

-

21.5%

$

10,000

ARES

Industrial

Real

Estate

-

ARES

2024-IND

D,

6.56%

(2.89%

+

SOFR),

07/15/26

(5)(8)(9)

$

10,024

10,000

ARES

Industrial

Real

Estate

-

ARES

2024-IND

E,

7.61%

(3.94%

+

SOFR),

07/15/26

(5)(8)(9)

10,010

10,000

ARES

Industrial

Real

Estate

-

ARES

2024-IND2

E,

7.11%

(3.44%

+

SOFR),

10/15/29

(5)(8)(9)

10,026

5,740

ARES

Industrial

Real

Estate

-

ARES

2025-IND3

D,

6.22%

(2.55%

+

SOFR),

04/15/27

(5)(8)(9)

5,753

5,120

ARES

Industrial

Real

Estate

-

ARES

2025-IND3

E,

7.22%

(3.55%

+

SOFR),

04/15/27

(5) (8)(9)

5,135

2,878

Blackstone

Multifamily

-

BX

Commercial

Mortgage

Trust

2024-AIR2

D,

6.46%

(2.79%

+

SOFR),

10/15/26

(5)(8)(9)

2,884

13,238

Blackstone

Multifamily

-

BX

Commercial

Mortgage

Trust

2024-AIRC

D,

6.76%

(3.09%

+

SOFR),

08/15/26

(5)(8)(9)

13,268

3,899

Blackstone

Multifamily

-

BX

Commercial

Mortgage

Trust

2024-GPA2

E,

7.21%

(3.54%

+

SOFR),

11/15/26

(5)(8)(9)

3,901

Fundrise

Income

Real

Estate

Fund,

LLC

Schedule

of

Investments

(UNAUDITED)

(Continued)

March

31,

2026

See

accompanying

notes

to

schedule

of

investments.

Par/Shares

Description

Acquisition

Date

Value

as

of

March

31,

2026

Non-U.S.

Government

Agency

Issues

-

21.5%

(continued)

$

10,000

Blackstone

Multifamily

-

BX

Commercial

Mortgage

Trust

2025-OMG,

6.62%

(2.95%

+

SOFR),

10/15/27

(5)(8)(9)

$

9,995

2,000

Brookfield

Multifamily

-

BMP

2024-MF23

D,

6.06%

(2.39%

+

SOFR),

06/15/26

(5)(8)(9)

2,003

2,100

Buckingham

Multifamily

-

GSAT

Trust

2025-BMF

D,

6.17%

(2.50%

+

SOFR),

07/15/27

(5)(8)(9)

2,095

11,100

Buckingham

Multifamily

-

GSAT

Trust

2025-BMF

F,

7.82%

(4.15%

+

SOFR),

07/15/27

(5)(8)

11,088

2,486

LBA

Industrial

-

LBA

Trust

2024-7IND

D,

6.31%

(2.64%

+

SOFR),

10/15/26

(5)(8)(9)

2,489

5,000

QTS

Data

Centers

-

BX

2025-VLT6

E,

6.86%

(3.19%

+

SOFR),

03/15/27

(5)(8)

4,969

8,250

QTS

Data

Centers

-

BX

2025-VLT7

D,

6.92%

(3.25%

+

SOFR),

07/15/27

(5)(8)

8,213

11,000

QTS

Data

Centers

-

BX

2025-VLT7

E,

7.42%

(3.75%

+

SOFR),

07/15/27

(5)(8)

10,928

2,000

Starwood

Industrial

-

SCG

Commercial

Mortgage

Trust

2025-SNIP

D,

6.27%

(2.60%

+

SOFR),

09/15/27

(5)(8)(9)

2,007

1,300

Starwood

Industrial

-

SCG

Commercial

Mortgage

Trust

2025-SNIP

E,

7.07%

(3.40%

+

SOFR),

09/15/27

(5)(8)(9)

1,304

12,500

SWITCH

Data

Centers

-

SWCH

2025-DATA

E,

7.01%

(3.34%

+

SOFR),

02/15/27

(5)(8)(9)

12,316

10,000

TPG

Industrial

-

DGWD

Trust

2025-INFL

E,

7.67%

(4.00%

+

SOFR),

08/15/27

(5)(8)

9,986

Total

Commercial

Mortgage-Backed

Securities

(Cost

$138,456)

$

138,394

Residential

Mortgage-Backed

Securities

-

3.2%

Non-U.S.

Government

Agency

Issues

-

3.2%

$

4,200

ACREC

Partners

Multifamily

-

ACREC

2025

FL3

LLC

D,

6.72%

(3.04%

+

SOFR),

01/18/27

(5)(8)(9)

$

4,198

2,500

ACREC

Partners

Multifamily

-

ACREC

2025

FL3

LLC

E,

7.47%

(3.79%

+

SOFR),

01/18/27

(5)(8)(9)

2,435

3,400

Arbor

Realty

Multifamily

-

ARCREN

2025-FL1

LLC

D,

6.97%

(3.29%

+

SOFR),

01/20/28

(5)(8)(9)

3,400

3,000

MF1

Multifamily

-

MF1

2025-FL17

LLC

E,

7.17%

(3.49%

+

SOFR),

07/18/26

(5)(8)(9)

2,981

5,000

MF1

Multifamily

-

MF1

2025-FL20

LLC

E,

7.03%

(3.35%

+

SOFR),

02/18/28

(5)(8)

5,003

2,356

Tricon

Residential

Single

Family

-

TCN

2025-SFR2

D,

6.07%,

08/17/32

(8) 2,337

Total

Residential

Mortgage-Backed

Securities

(Cost

$20,423)

$

20,354

Investment

Company

-

5.3%

2,628

Fundrise

Real

Estate

Interval

Fund,

LLC

(1) $

34,193

Total

Investment

Company

(Cost

$31,100)

$

34,193

Short-Term

Investment

-

7.1%

45,314

JP

Morgan

U.S.

Treasury

Plus

Money

Market

Fund,

Capital

Shares,

3.62%

(10) $

45,314

Total

Short-Term

Investment

(Cost

$45,314)

$

45,314

Total

investments,

at

value

-

114.2%

(Cost

$705,618)

$

732,761

Liabilities

in

excess

of

other

assets

-

(14.2)%

(91,138)

Total

Net

Assets

-

100.0%

$

641,623

LLC

Limited

Liability

Company

LP

Limited

Partnership

PIK

Payment

in

Kind

SOFR

Secured

Overnight

Financing

Rate

(1) Investment

in

an

affiliate.

See

Note

2,

Summary

of

Significant

Accounting

Policies

for

additional

information.

(2) Investments

classified

as

Level

within

the

three-tier

fair

value

hierarchy.

See

the

accompanying

notes

to

the

schedule

of

investments

for

an

explanation

of

this

hierarchy,

as

well

as

a

list

of

significant

unobservable

inputs

used

in

the

valuation

of

these

instruments.

(3) Restricted

security.

The

aggregate

value

of

restricted

securities

at

March

31,

2026

is

approximately

$494,506

(amount

in

thousands)

and

represents

approximately

77.1%

of

net

assets.

See

Note

2,

Summary

of

Significant

Accounting

Policies

for

additional

information.

(4) Non-income

producing

investment.

(5) This

investment

has

a

floating

interest

rate.

Coupon

rate,

reference

index

and

spread

shown

at

March

31,

2026. (6) The

investment

accrues

interest

at

a

stated

rate,

consisting

of

both

cash

and

PIK

components.

The

rate

applicable

to

the

PIK

portion

is

disclosed

separately.

PIK

interest

is

computed

at

the

contractual

rate

specified

in

each

loan

agreement

and

is

added

to

the

principal

balance

of

the

investment

rather

than

being

paid

in

cash.

PIK

interest

is

recognized

as

interest

income

as

it

accrues,

and

its

collection

is

typically

deferred

until

repayment

of

the

related

principal.

(7) As

of

March

31,

2026,

this

investment

had

incurred

an

event

of

default

due

to

non-payment

of

outstanding

principal

and

contractual

interest,

and

is

non-

accrual.

The

real

estate

investment

is

secured

by

the

underlying

property.

(8) 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

March

31,

2026

is

approximately

$158,748

(amount

in

thousands)

and

represents

approximately

24.7%

of

net

assets.

(9) All

or

a

portion

of

this

security

has

been

pledged

as

collateral

for

securities

sold

under

agreement

to

repurchase.

Fundrise

Income

Real

Estate

Fund,

LLC

Schedule

of

Investments

(UNAUDITED)

(Continued)

March

31,

2026

See

accompanying

notes

to

schedule

of

investments.

(10) Rate

disclosed

is

representative

of

the

seven-day

effective

yield

as

of

March

31,

2026. (Amounts

in

thousands)

Reverse

Repurchase

Agreements

Counterparty

Settlement

Date

Maturity

Date

Interest

%

(Borrowing

Rate)

Principal

Payable

(Including

Accrued

Interest)

Barclays

Bank

PLC

03/05/26

04/06/26

4.72%

$

3,111

$

(3,122)

Barclays

Bank

PLC

03/05/26

04/06/26

4.77%

1,795

(1,802)

Barclays

Bank

PLC

03/05/26

04/06/26

4.82%

6,960

(6,985)

Barclays

Bank

PLC

03/05/26

04/06/26

4.82%

2,766

(2,776)

J.P.

Morgan

Securities,

LLC

03/09/26

04/09/26

4.68%

1,502

(1,506)

J.P.

Morgan

Securities,

LLC

03/09/26

04/09/26

4.68%

4,300

(4,313)

J.P.

Morgan

Securities,

LLC

03/09/26

04/09/26

4.88%

846

(849) J.P.

Morgan

Securities,

LLC

03/09/26

04/09/26

4.88%

1,942

(1,948)

J.P.

Morgan

Securities,

LLC

03/20/26

04/20/26

4.67%

1,864

(1,867)

J.P.

Morgan

Securities,

LLC

03/20/26

04/20/26

4.67%

9,941

(9,956)

J.P.

Morgan

Securities,

LLC

03/20/26

04/20/26

4.67%

2,160

(2,163)

J.P.

Morgan

Securities,

LLC

03/30/26

04/30/26

4.68%

1,500

(1,500)

J.P.

Morgan

Securities,

LLC

03/30/26

04/30/26

4.68%

9,249

(9,251)

J.P.

Morgan

Securities,

LLC

03/30/26

04/30/26

4.68%

1,578

(1,579)

J.P.

Morgan

Securities,

LLC

03/30/26

04/30/26

4.68%

7,502

(7,504)

J.P.

Morgan

Securities,

LLC

03/30/26

04/30/26

4.73%

2,575

(2,576)

J.P.

Morgan

Securities,

LLC

03/30/26

04/30/26

4.88%

6,490

(6,492)

J.P.

Morgan

Securities,

LLC

03/30/26

04/30/26

4.88%

6,500

(6,502)

J.P.

Morgan

Securities,

LLC

03/30/26

04/30/26

4.88%

3,320

(3,321)

Total

$

75,901

$

(76,012)

Fundrise

Income

Real

Estate

Fund,

LLC

Notes

to

Schedule

of

Investments

(UNAUDITED)

March

31,

2026

1. Formation

and

Organization

Fundrise

Income

Real

Estate

Fund,

LLC

(the

"Fund"

or

the

"Registrant")

is

a

Delaware

limited

liability

company

and

has

elected

to

be

taxed

as

a

real

estate

investment

trust

(a

"REIT")

for

U.S.

federal

income

tax

purposes

under

Part

II

of

Subchapter

M

of

Chapter

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

"Code"),

commencing

with

its

taxable

year

ended

December

31,

2022,

and

intends

to

continue

to

qualify

as

a

REIT.

The

Fund

is

organized

as

a

continuously

offered,

non-diversified,

closed-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

"1940

Act"),

that

operates

as

an

interval

fund.

The

Fund's

registration

statement

was

declared

effective

on

February

3,

2022. The

Fund

commenced

investment

operations

on

April

1,

2022,

following

a

tax-free

reorganization

on

March

31,

2022. The

Fund's

investment

objective

is

to

seek

current

income

from

which

to

pay

attractive,

consistent

cash

distributions

while

preserving

capital.

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

residential

and

commercial

real

estate,

the

securities

of

real

estate

and

real

estate-related

issuers,

and

real

estate-related

loans

or

other

real

estate-related

debt

securities.

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

Valuation

Oversight

Pursuant

to

SEC

Rule

2a-5

under

the

1940

Act,

the

Board

has

approved

the

Adviser

as

the

Fund's

Valuation

Designee

("Valuation

Designee"),

to

provide

administration

and

oversight

of

the

Fund's

valuation

policies

and

procedures.

The

Fund

values

its

investments

in

accordance

with

such

procedures.

Generally,

portfolio

securities

and

other

assets

for

which

market

quotations

are

readily

available

are

valued

at

market

value,

which

is

ordinarily

determined

on

the

basis

of

official

closing

prices

or

the

last

reported

sales

prices.

If

market

quotations

are

not

readily

available

or

are

deemed

unreliable,

the

Fund

will

use

the

fair

value

of

the

securities

or

other

assets

as

determined

by

the

Adviser

in

good

faith,

taking

into

consideration

all

available

information

and

other

factors

that

the

Adviser

deems

pertinent,

in

each

case

subject

to

the

overall

supervision

and

responsibility

of

the

Board.

In

calculating

the

Fund's

net

asset

value

("NAV"),

the

Adviser,

subject

to

the

oversight

of

the

Board,

uses

various

valuation

methodologies.

To

the

extent

practicable,

the

Adviser

generally

endeavors

to

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

are

to

be

used

when

available.

The

availability

of

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

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

Topic

820,

Fair

Value

Measurement,

as

amended,

which

establishes

a

framework

for

measuring

fair

value

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

("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.

Fundrise

Income

Real

Estate

Fund,

LLC

Notes

to

Schedule

of

Investments

(UNAUDITED)(CONTINUED)

March

31,

2026

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.

The

Fund's

real

estate

equity

investments

are

generally

fair

valued

based

on

a

discounted

cash

flow

analysis,

direct

capitalization

method

or

other

income

approach,

or

by

a

sales

comparison

or

cost

approach.

The

Adviser

accounts

for

properties

at

the

individual

property

level

and

such

assets

are

fair

valued

using

inputs

that

consider

property-level

data

that

is

gathered

and

evaluated

periodically

to

reflect

new

information

(e.g.,

rental

payment

history)

regarding

the

property

or

the

appreciation

interest,

if

any.

Properties

held

through

joint

ventures

generally

will

be

valued

in

a

manner

that

is

consistent

with

the

methods

described

above.

Once

the

value

of

a

property

held

by

the

joint

venture

is

determined,

the

Adviser

will

separately

determine

the

fair

value

of

any

other

assets

and

liabilities,

including

notes

payable,

of

the

joint

venture.

The

fair

values

of

notes

payable

are

generally

determined

by

the

yield

or

equity

method

via

discounted

cash

flow

analysis

using

current

market

rates

derived

from

observable

market

data.

The

Fund's

ownership

interests

are

valued

based

on

the

Fund's

ownership

interest

in

the

joint

venture's

net

assets,

including

the

fair

value

of

the

underlying

real

estate.

The

initial

value

of

the

Fund's

real

estate

debt

investments

in

loans,

including

senior

mortgage

loans,

subordinated

mortgage

loans

(also

referred

to

as

B-Notes)

and

mezzanine

loans,

will

generally

be

the

par

value

acquisition

price

of

such

instrument.

The

Adviser

will

generally

determine

subsequent

revaluations

of

the

Fund's

real

estate

debt

investments

by

the

yield

or

equity

method

via

a

discounted

cash

flow

analysis

that

uses

current

market

rates

derived

from

observable

market

data.

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

March

31,

2026. These

reverse

repurchase

agreements

are

generally

classified

in

Level

of

the

fair

value

hierarchy.

Due

to

the

inherent

uncertainty

of

determining

the

fair

value

of

investments

that

do

not

have

a

readily

available

market

value,

the

fair

value

of

the

Fund's

investments

may

differ

significantly

from

the

values

that

would

have

been

used

had

a

readily

available

market

value

existed

for

such

investments,

and

the

differences

could

be

material.

The

following

is

a

summary

of

the

Fund's

assets

and

liabilities

measured

at

fair

value

on

a

recurring

basis

as

of

March

31,

2026,

and

indicates

the

fair

value

hierarchy

of

the

inputs

utilized

by

the

Fund

to

determine

such

fair

value

(amounts

in

thousands)

:

Fundrise

Income

Real

Estate

Fund,

LLC

Notes

to

Schedule

of

Investments

(UNAUDITED)(CONTINUED)

March

31,

2026

The

following

is

a

summary

of

quantitative

information

about

the

significant

unobservable

inputs

used

to

determine

the

fair

value

of

the

Fund's

Level

investments

as

of

March

31,

2026

(amounts

in

thousands)

.

The

weighted

average

range

of

unobservable

inputs

is

based

on

the

fair

value

of

investments.

Various

valuation

techniques

were

used

in

the

valuation

of

certain

investments

and

weighted

based

on

the

level

of

significance.

The

tables

are

not

intended

to

be

all-inclusive

but

instead

capture

the

significant

unobservable

inputs

relevant

to

the

Fund's

determination

of

fair

value.

Level

Level

Level

Total

Assets

Private

Real

Estate

Equity

$

–

$

–

$

128,403

$

128,403

Private

Real

Estate

Mezzanine

Debt

–

–

13,448

13,448

Private

Real

Estate

Preferred

Equity

–

–

308,414

308,414

Private

Real

Estate

Senior

Debt

–

–

44,241

44,241

Commercial

Mortgage-Backed

Securities

–

138,394

–

138,394

Residential

Mortgage-Backed

Securities

–

20,354

–

20,354

Investment

Company

34,193

–

–

34,193

Short-Term

Investment

45,314

–

–

45,314

Total

Assets

$

79,507

$

158,748

$

494,506

$

732,761

Liabilities

Reverse

Repurchase

Agreements

$

–

$

(76,012)

$

–

$

(76,012)

Total

Liabilities

$

–

$

(76,012)

$

–

$

(76,012)

Investment

Fair

Value

Valuation

Technique

Unobservable

Input

Range

(Weighted

Average)

Impact

to

Valuation

from

an

Increase

in

Input

(1) Private

Real

Estate

Equity

$

128,403

Direct

Capitalization

Capitalization

Rate

(2) 5.3%

-

5.5%

(5.4%)

Decrease

Discounted

Cash

Flow

Discount

Rate

(2) 10.0%

-

10.5%

(10.3%)

Decrease

Sales

Comparison

Approach

Price

Per

Unit

($)

$50

-

$118

($76)

Increase

Private

Real

Estate

Mezzanine

Debt

13,448

Discounted

Cash

Flow

Discount

Rate

15.5%

Decrease

Private

Real

Estate

Preferred

Equity

308,414

Discounted

Cash

Flow

Discount

Rate

10.1%

-

20.0%

(13.4%)

Decrease

Recent

Transaction

Transaction

Price

N/A

Increase

Liquidation

Approach

Discount

Rate

10.5%

Decrease

Liquidation

Approach

Capitalization

Rate

8.5%

Decrease

Private

Real

Estate

Senior

Debt

44,241

Discounted

Cash

Flow

Discount

Rate

13.0%

Decrease

Recent

Transaction

Transaction

Price

N/A

Increase

Total

Investments

$

494,506

(1) Represents

the

expected

directional

change

in

the

fair

value

of

the

Level

investments

that

would

result

from

an

increase

in

the

corresponding

unobservable

input.

A

decrease

to

the

unobservable

input

would

have

the

opposite

effect.

Significant

changes

in

these

inputs

could

result

in

significantly

higher

or

lower

fair

value

measurements.

(2) Represents

the

significant

unobservable

input

used

to

determine

the

fair

value

of

the

underlying

real

estate

properties.

The

fair

value

of

such

financial

instruments

is

the

largest

component

of

the

valuation

of

each

investment

entity

as

a

whole.

Fundrise

Income

Real

Estate

Fund,

LLC

Notes

to

Schedule

of

Investments

(UNAUDITED)(CONTINUED)

March

31,

2026

The

following

is

a

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

(amounts

in

thousands)

:

Restricted

Securities

The

Fund

may

purchase

securities

for

which

there

is

a

limited

trading

market

or

which

are

subject

to

restrictions

on

resale

to

the

public.

Restricted

securities

and

securities

for

which

there

is

a

limited

trading

market

may

be

significantly

more

difficult

to

value

due

to

the

unavailability

of

reliable

market

quotations

for

such

securities,

and

investment

in

such

securities

may

have

an

adverse

impact

on

NAV.

The

Fund

may

purchase

Rule

144A

securities

for

which

there

may

be

a

secondary

market

of

qualified

institutional

buyers

as

contemplated

by

Rule

144A

under

the

Securities

Act.

Rule

144A

provides

an

exemption

from

the

registration

requirements

of

the

Securities

Act

for

the

resale

of

certain

restricted

securities

to

qualified

institutional

buyers.

Restricted

securities

held

at

March

31,

2026

are

identified

within

Schedule

of

Investments.

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.

Affiliated

Investments

The

Fund

invests

in

one

or

more

affiliated

entities.

As

of

March

31,

2026,

the

investments

in

affiliated

entities

consist

of

a

registered

investment

company

sponsored

by

the

Adviser,

and

real

estate

investment

vehicles

used

to

acquire,

hold,

and

finance

multifamily

properties

and

land

for

future

development.

The

affiliated

real

estate

investment

vehicles

have

not

been

registered

under

the

Securities

Act

of

1933,

as

amended,

and

thus

are

subject

to

restrictions

on

resale.

As

defined

in

the

1940

Act,

an

investment

is

deemed

to

be

a

"Majority

Owned

Subsidiary"

of

a

fund

when

a

fund

owns,

either

directly

or

indirectly,

50%

or

more

of

the

affiliated

fund's

outstanding

shares

or

has

the

power

to

exercise

control

over

management

or

policies

of

such

fund.

During

the

three

months

ended

March

31,

2026,

investments

in

affiliated

entities

were

as

follows

(amounts

in

thousands)

:

Private

Real

Estate

Equity

Private

Real

Estate

Mezzanine

Debt

Private

Real

Estate

Preferred

Equity

Private

Real

Estate

Promissory

Notes

Private

Real

Estate

Senior

Debt

Total

Balance

as

of

December

31,

2025

$

127,312

$

12,954

$

209,615

$

7,826

$

29,925

$

387,632

Purchases

–

91,705

–

16,300

(1) 108,116

PIK

interest

–

7,921

–

8,402

Realized

gain

(loss)

–

–

–

–

–

–

Net

change

in

unrealized

appreciation/

depreciation

980

(139) 42

(3) 912

Sales

–

–

(688) (7,868)

(2,000)

(1) (10,556)

Transfers

into

Level

–

–

–

–

–

–

Transfers

out

of

Level

–

–

–

–

–

–

Balance

as

of

March

31,

2026

$

128,403

$

13,448

$

308,414

$

–

$

44,241

$

494,506

Net

change

in

unrealized

appreciation/

depreciation

for

the

three

months

ended

March

31,

2026

related

to

Level

investments

held

at

March

31,

2026

$

980

$

$

(139) $

–

$

(3) $

870

(1) Includes

in-kind

transaction.

Fundrise

Income

Real

Estate

Fund,

LLC

Notes

to

Schedule

of

Investments

(UNAUDITED)(CONTINUED)

March

31,

2026

Majority

Owned

Subsidiary

Investments

Balance

as

of

December

31,

2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

and

Capital

Gain

Distributions

PIK

Interest

Income

Change

in

Unrealized

Appreciation/

Depreciation

Balance

as

of

March

31,

2026

Total

Dividend

Income

Equity

Income

TRS,

LLC

$

84,045

$

–

$

–

$

–

$

–

$

610

$

84,655

$

–

FR

Fairfax,

LLC

3,250

–

–

–

–

(250) 3,000

–

FR

La

Brea,

LLC

3,300

–

–

–

–

(300) 3,000

–

Mezza

JV

LP

17,092

–

–

–

–

983

18,075

–

Total

$

107,687

$

–

$

–

$

–

$

–

$

1,043

$

108,730

$

–

Non-Controlled

Affiliated

Investments

Balance

as

of

December

31,

2025

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

and

Capital

Gain

Distributions

PIK

Interest

Income

Change

in

Unrealized

Appreciation/

Depreciation

Balance

as

of

March

31,

2026

Total

Interest

and

Dividend

Income

Preferred

Equity

Fort

Meyers

Reef

Holdings,

LLC

(1) $

10,155

$

–

$

–

$

–

$

$

(1) $

10,315

$

Fundrise

Broadway

Investor

I,

LLC

(1) –

7,050

–

–

–

7,097

Fundrise

Brookwood

Investor

I,

LLC

(1) –

11,792

–

–

12,089

Fundrise

Busbee

Investor

I,

LLC

(1) 12,967

–

–

–

(1) 13,348

Fundrise

East

Village

Investor

I,

LLC

(1) 1,962

–

(37) –

(1) 1,994

Fundrise

Exchange

Investor

I,

LLC

(1) –

10,145

–

–

10,263

Fundrise

Highlands

Investor

I,

LLC

(1) 1,854

–

–

–

(1) 1,910

Fundrise

Lake

Mary

Investor,

LLC

(1) –

–

–

–

Fundrise

Oakridge

Investor

I,

LLC

(1) –

9,022

–

–

9,083

Fundrise

PB

Investor

I,

LLC

(1) 11,221

–

–

–

–

11,590

Fundrise

Pelican

Investor

I,

LLC

(1) 2,617

–

–

–

(1) 2,699

Fundrise

PSL

Investor

I,

LLC

(1) 14,494

–

–

–

–

14,970

Fundrise

Springs

Investor

I,

LLC

(1) –

12,614

–

–

–

12,654

Fundrise

VB

Investor

I,

LLC

(1) 9,640

–

–

–

(4) 9,952

RSE

Daytona

Investor

I,

LLC

(1) 5,709

–

–

–

(223) 5,685

Promissory

Note

FR

Trailside,

LLC

7,826

–

(7,868)

–

–

–

Investment

Company

Fundrise

Real

Estate

Interval

Fund,

LLC

31,065

–

–

–

–

3,128

34,193

Total

$

109,510

$

50,854

$

(7,905)

$

–

$

2,585

$

3,030

$

158,074

$

3,393

(1) Investment

represents

a

co-investment

arrangement,

in

which

the

Fund

co-invested

alongside

an

affiliate

of

the

Fund,

including

those

of

the

Adviser

("Real

Estate

Co-Investment

Joint

Ventures").

This

arrangement

is

pursuant

to

the

terms

and

conditions

of

the

exemptive

order

issued

by

the

SEC

to

the

Fund,

allowing

the

Fund

to

co-invest

alongside

certain

entities

affiliated

with

or

managed

by

the

Adviser.

The

Fund's

investments

in

real

estate

through

the

securities

of

a

Real

Estate

Co-Investment

Joint

Ventures

with

its

affiliates

is

subject

to

the

requirements

of

the

1940

Act

and

terms

and

conditions

of

an

exemptive

order

the

Fund

received

from

the

SEC

allowing

the

Fund

and/or

the

Real

Estate

Co-Investment

Joint

Ventures

to

co-invest

alongside

certain

entities

affiliated

with

or

managed

by

the

Adviser

(REITs

(each,

an

"

eREIT®")

or

other

non-REIT

compliant

real

estate-related

funds).

The

exemptive

order

from

the

SEC

imposes

extensive

conditions

on

the

terms

of

any

co-investment

made

by

an

affiliate

of

the

Fund.

The

Fund

has

adopted

procedures

reasonably

designed

to

ensure

compliance

with

the

exemptive

order

and

the

Board

also

oversees

risk

relative

to

such

compliance.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FUNDRISE INCOME REAL ESTATE FUND, LLC

- **b. Investment Company Act file number:** 811-23745

- **c. CIK number of Registrant:** 0001885551

- **d. LEI of Registrant:** 54930027HHLRQVAULP49

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 11 DUPONT CIRCLE NW

  - **City:** WASHINGTON

  - **State:** DC

  - **Foreign country:** US

  - **Zip / Postal Code:** 20036

  - **Telephone number:** 202-584-0550

**Item A.2. Information about the Series.**

- **a. Name of Series:** FUNDRISE INCOME REAL ESTATE FUND, LLC

- **c. LEI of Series:** 54930027HHLRQVAULP49

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $736633596.68

**Total Liabilities:** $95010414.31

**Net Assets:** $641623182.37

**Cash Not Reported:** $1527528.95

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.0 | **1-Year:** 0.0 | **5-Year:** 0.0 | **10-Year:** 0.0 | **30-Year:** 0.0

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.0 | **1-Year:** 0.0 | **5-Year:** 0.0 | **10-Year:** 0.0 | **30-Year:** 0.0

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.77%                | 0.61%                | 1.07%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2481498.31              | $-1450762.56                               |
| Month 2  | $0.00                    | $26102.18                                  |
| Month 3  | $354782.43               | $2325893.10                                |

### Schedule of Portfolio Investments

| Name                                                              | Title                                                             | Identifiers                             | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACREC Partners Multifamily - ACREC 2025 FL3 LLC D                 | ACREC Partners Multifamily - ACREC 2025 FL3 LLC D                 | CUSIP: 00112HAJ6<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   4200000 | PA      | $4197776.10   | 0.65%             | 2027-01-18      | Floating      | 6.72%                 | No            |                  2 | On Loan: No      |
| ACREC Partners Multifamily - ACREC 2025 FL3 LLC E                 | ACREC Partners Multifamily - ACREC 2025 FL3 LLC E                 | CUSIP: 00112HAL1<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   2500000 | PA      | $2434801.25   | 0.38%             | 2027-01-18      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| Arbor Realty Multifamily - ARCREN 2025-FL1 LLC D                  | Arbor Realty Multifamily - ARCREN 2025-FL1 LLC D                  | CUSIP: 03881KAJ2<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   3400000 | PA      | $3400350.54   | 0.53%             | 2028-01-20      | Floating      | 6.97%                 | No            |                  2 | On Loan: No      |
| ARES Industrial Real Estate - ARES 2024-IND D                     | ARES Industrial Real Estate - ARES 2024-IND D                     | CUSIP: 03990DAG2<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |  10000000 | PA      | $10023742.00  | 1.56%             | 2026-07-15      | Floating      | 6.56%                 | No            |                  2 | On Loan: No      |
| ARES Industrial Real Estate - ARES 2024-IND E                     | ARES Industrial Real Estate - ARES 2024-IND E                     | CUSIP: 03990DAQ0<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |  10000000 | PA      | $10010170.00  | 1.56%             | 2026-07-15      | Floating      | 7.61%                 | No            |                  2 | On Loan: No      |
| ARES Industrial Real Estate - ARES 2025-IND3 D                    | ARES Industrial Real Estate - ARES 2025-IND3 D                    | CUSIP: 039955AJ8<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   5740000 | PA      | $5752725.58   | 0.90%             | 2027-04-15      | Floating      | 6.22%                 | No            |                  2 | On Loan: No      |
| ARES Industrial Real Estate - ARES 2025-IND3 E                    | ARES Industrial Real Estate - ARES 2025-IND3 E                    | CUSIP: 039955AL3<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   5120000 | PA      | $5135209.47   | 0.80%             | 2027-04-15      | Floating      | 7.22%                 | No            |                  2 | On Loan: No      |
| ARES Industrial Real Estate - ARES 2024-IND2 E                    | ARES Industrial Real Estate - ARES 2024-IND2 E                    | CUSIP: 04021EAJ5<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |  10000000 | PA      | $10026140.00  | 1.56%             | 2029-10-15      | Floating      | 7.11%                 | No            |                  2 | On Loan: No      |
| Brookfield Multifamily - BMP 2024-MF23 D                          | Brookfield Multifamily - BMP 2024-MF23 D                          | CUSIP: 05593JAG5<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   2000000 | PA      | $2003410.40   | 0.31%             | 2026-06-15      | Floating      | 6.06%                 | No            |                  2 | On Loan: No      |
| Blackstone Multifamily - BX Commercial Mortgage Trust 2024-AIR2 D | Blackstone Multifamily - BX Commercial Mortgage Trust 2024-AIR2 D | CUSIP: 05613QAG5<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   2877540 | PA      | $2883703.26   | 0.45%             | 2026-10-15      | Floating      | 6.46%                 | No            |                  2 | On Loan: No      |
| Blackstone Multifamily - BX Commercial Mortgage Trust 2025-OMG    | Blackstone Multifamily - BX Commercial Mortgage Trust 2025-OMG    | CUSIP: 05619HAJ3<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |  10000000 | PA      | $9994929.00   | 1.56%             | 2027-10-15      | Floating      | 6.62%                 | No            |                  2 | On Loan: No      |
| QTS Data Centers - BX 2025-VLT7 D                                 | QTS Data Centers - BX 2025-VLT7 D                                 | CUSIP: 123913AG0<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   8250000 | PA      | $8213186.85   | 1.28%             | 2027-07-15      | Floating      | 6.92%                 | No            |                  2 | On Loan: No      |
| QTS Data Centers - BX 2025-VLT7 E                                 | QTS Data Centers - BX 2025-VLT7 E                                 | CUSIP: 123913AJ4<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |  11000000 | PA      | $10928399.90  | 1.70%             | 2027-07-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| Blackstone Multifamily - BX Commercial Mortgage Trust 2024-AIRC D | Blackstone Multifamily - BX Commercial Mortgage Trust 2024-AIRC D | CUSIP: 12433CAG0<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |  13237722 | PA      | $13267458.95  | 2.07%             | 2026-08-15      | Floating      | 6.76%                 | No            |                  2 | On Loan: No      |
| Blackstone Multifamily - BX Commercial Mortgage Trust 2024-GPA2 E | Blackstone Multifamily - BX Commercial Mortgage Trust 2024-GPA2 E | CUSIP: 12433DAJ2<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   3898543 | PA      | $3901266.87   | 0.61%             | 2026-11-15      | Floating      | 7.21%                 | No            |                  2 | On Loan: No      |
| QTS Data Centers - BX 2025-VLT6 E                                 | QTS Data Centers - BX 2025-VLT6 E                                 | CUSIP: 12433KAJ6<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $4968916.00   | 0.77%             | 2027-03-15      | Floating      | 6.86%                 | No            |                  2 | On Loan: No      |
| TPG Industrial - DGWD Trust 2025-INFL E                           | TPG Industrial - DGWD Trust 2025-INFL E                           | CUSIP: 23347FAJ9<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |  10000000 | PA      | $9986245.00   | 1.56%             | 2027-08-15      | Floating      | 7.67%                 | No            |                  2 | On Loan: No      |
| Buckingham Multifamily - GSAT Trust 2025-BMF D                    | Buckingham Multifamily - GSAT Trust 2025-BMF D                    | CUSIP: 36271XAG8<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   2100000 | PA      | $2094643.74   | 0.33%             | 2027-07-15      | Floating      | 6.17%                 | No            |                  2 | On Loan: No      |
| Buckingham Multifamily - GSAT Trust 2025-BMF F                    | Buckingham Multifamily - GSAT Trust 2025-BMF F                    | CUSIP: 36271XAL7<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |  11100000 | PA      | $11087681.22  | 1.73%             | 2027-07-15      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| JP Morgan U.S. Treasury Plus Money Market Fund, Capital Shares    | JP Morgan U.S. Treasury Plus Money Market Fund, Capital Shares    | CUSIP: 4812C2239<br>LEI: N/A            | Long             | STIV             | RF                | US        |  45314324 | NS      | $45314323.90  | 7.06%             |  |  |  | No            |                  1 | On Loan: No      |
| LBA Industrial - LBA Trust 2024-7IND D                            | LBA Industrial - LBA Trust 2024-7IND D                            | CUSIP: 52109XAL2<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   2485672 | PA      | $2489218.02   | 0.39%             | 2026-10-15      | Floating      | 6.31%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily - MF1 2025-FL17 LLC E                             | MF1 Multifamily - MF1 2025-FL17 LLC E                             | CUSIP: 55287HAL4<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   3000000 | PA      | $2981115.30   | 0.46%             | 2026-07-18      | Floating      | 7.17%                 | No            |                  2 | On Loan: No      |
| MF1 Multifamily - MF1 2025-FL20 LLC E                             | MF1 Multifamily - MF1 2025-FL20 LLC E                             | CUSIP: 59319CAL9<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   5000000 | PA      | $5003080.50   | 0.78%             | 2028-02-18      | Floating      | 7.03%                 | No            |                  2 | On Loan: No      |
| Starwood Industrial - SCG Commercial Mortgage Trust 2025-SNIP D   | Starwood Industrial - SCG Commercial Mortgage Trust 2025-SNIP D   | CUSIP: 78398JAG9<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   2000000 | PA      | $2007376.80   | 0.31%             | 2027-09-15      | Floating      | 6.27%                 | No            |                  2 | On Loan: No      |
| Starwood Industrial - SCG Commercial Mortgage Trust 2025-SNIP E   | Starwood Industrial - SCG Commercial Mortgage Trust 2025-SNIP E   | CUSIP: 78398JAJ3<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   1300000 | PA      | $1304057.04   | 0.20%             | 2027-09-15      | Floating      | 7.07%                 | No            |                  2 | On Loan: No      |
| SWITCH Data Centers - SWCH 2025-DATA E                            | SWITCH Data Centers - SWCH 2025-DATA E                            | CUSIP: 78489CAE9<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |  12500000 | PA      | $12315662.50  | 1.92%             | 2027-02-15      | Floating      | 7.01%                 | No            |                  2 | On Loan: No      |
| Tricon Residential Single Family - TCN 2025-SFR2 D                | Tricon Residential Single Family - TCN 2025-SFR2 D                | CUSIP: 89617FAD6<br>LEI: N/A            | Long             | ABS-MBS          |  | US        |   2355657 | PA      | $2336846.68   | 0.36%             | 2032-08-17      | Fixed         | 6.07%                 | No            |                  2 | On Loan: No      |
| Nexus Apex Holdings, LLC                                          | Nexus Apex Holdings, LLC                                          | CUSIP: N/A<br>LEI: N/A                  | Long             |  | CORP              | US        |  14300000 | PA      | $14318894.50  | 2.23%             | 2029-03-02      | Fixed         | 12.55%                | Yes           |                  3 | On Loan: No      |
| Fundrise Real Estate Interval Fund, LLC                           | Fundrise Real Estate Interval Fund, LLC                           | CUSIP: N/A<br>LEI: 254900MB692GESJQRW72 | Long             | EC               | RF                | US        |   2628196 | NS      | $34192824.89  | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| FR Fairfax, LLC                                                   | FR Fairfax, LLC                                                   | CUSIP: N/A<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $3000000.00   | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RSE Daytona Investor I, LLC                                       | RSE Daytona Investor I, LLC                                       | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   4160000 | PA      | $5685066.75   | 0.89%             | 2027-02-05      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| RSE Boat Club Investor, LLC                                       | RSE Boat Club Investor, LLC                                       | CUSIP: N/A<br>LEI: N/A                  | Long             |  | CORP              | US        |   5736628 | PA      | $9415016.93   | 1.47%             | 2027-09-27      | Floating      | 13.94%                | Yes           |                  3 | On Loan: No      |
| Fundrise Lemon Creek Investor I, LLC                              | Fundrise Lemon Creek Investor I, LLC                              | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  18583124 | PA      | $21367120.14  | 3.33%             | 2028-10-15      | Fixed         | 13.50%                | Yes           |                  3 | On Loan: No      |
| Fundrise Lake Mary Investor, LLC                                  | Fundrise Lake Mary Investor, LLC                                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    231267 | PA      | $232249.80    | 0.04%             | 2029-11-06      | Fixed         | 12.75%                | Yes           |                  3 | On Loan: No      |
| Fundrise Beacon Place Investor, LLC                               | Fundrise Beacon Place Investor, LLC                               | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   5823508 | PA      | $6026440.91   | 0.94%             | 2028-11-21      | Fixed         | 14.25%                | Yes           |                  3 | On Loan: No      |
| Breckenridge Group Springfield Missouri, LLC                      | Breckenridge Group Springfield Missouri, LLC                      | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   4500000 | PA      | $4500063.48   | 0.70%             | 2027-01-01      | Fixed         | 13.50%                | Yes           |                  3 | On Loan: No      |
| Fundrise Busbee Investor I, LLC                                   | Fundrise Busbee Investor I, LLC                                   | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  10787243 | PA      | $13347811.26  | 2.08%             | 2029-01-10      | Fixed         | 15.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise Century Farms Investor I, LLC                            | Fundrise Century Farms Investor I, LLC                            | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1913749 | PA      | $2434806.52   | 0.38%             | 2028-09-28      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise Brookwood Investor I, LLC                                | Fundrise Brookwood Investor I, LLC                                | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  11791500 | PA      | $12088456.30  | 1.88%             | 2031-01-16      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise Exchange Investor I, LLC                                 | Fundrise Exchange Investor I, LLC                                 | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  10144500 | PA      | $10263297.67  | 1.60%             | 2031-02-01      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise NoDa Investor I, LLC                                     | Fundrise NoDa Investor I, LLC                                     | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  14000000 | PA      | $15943883.22  | 2.48%             | 2028-07-02      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| FR MP Brandon Glen JV, LLC                                        | FR MP Brandon Glen JV, LLC                                        | CUSIP: N/A<br>LEI: N/A                  | Long             |  | CORP              | US        |         1 | OU      | $12960000.00  | 2.02%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fort Myers Reef Holdings, LLC                                     | Fort Myers Reef Holdings, LLC                                     | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   6835000 | PA      | $10315092.01  | 1.61%             | 2028-09-01      | Fixed         | 10.90%                | Yes           |                  3 | On Loan: No      |
| Fundrise Highlands Investor I, LLC                                | Fundrise Highlands Investor I, LLC                                | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1547483 | PA      | $1910202.89   | 0.30%             | 2027-02-09      | Fixed         | 15.50%                | Yes           |                  3 | On Loan: No      |
| The Station East Owner II, LLC                                    | The Station East Owner II, LLC                                    | CUSIP: N/A<br>LEI: N/A                  | Long             |  | CORP              | US        |  29905000 | PA      | $29921855.54  | 4.66%             | 2027-05-20      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise Jackson Parc Investor I, LLC                             | Fundrise Jackson Parc Investor I, LLC                             | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  10650000 | PA      | $11319085.84  | 1.76%             | 2028-09-04      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise Kelly Park Investor I, LLC                               | Fundrise Kelly Park Investor I, LLC                               | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  10000000 | PA      | $10822756.84  | 1.69%             | 2029-01-28      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise East Village Investor I, LLC                             | Fundrise East Village Investor I, LLC                             | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1500600 | PA      | $1993966.58   | 0.31%             | 2027-04-23      | Fixed         | 14.25%                | Yes           |                  3 | On Loan: No      |
| Fundrise Broadway Investor I, LLC                                 | Fundrise Broadway Investor I, LLC                                 | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   7049663 | PA      | $7097376.76   | 1.11%             | 2027-02-20      | Fixed         | 13.50%                | Yes           |                  3 | On Loan: No      |
| Fundrise Oakridge Investor I, LLC                                 | Fundrise Oakridge Investor I, LLC                                 | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   9021873 | PA      | $9082934.22   | 1.42%             | 2027-02-20      | Fixed         | 13.50%                | Yes           |                  3 | On Loan: No      |
| Fundrise Springs Investor I, LLC                                  | Fundrise Springs Investor I, LLC                                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  12613665 | PA      | $12653607.97  | 1.97%             | 2027-03-13      | Fixed         | 13.50%                | Yes           |                  3 | On Loan: No      |
| RSE Vista Norte Investor, LLC                                     | RSE Vista Norte Investor, LLC                                     | CUSIP: N/A<br>LEI: N/A                  | Long             |  | CORP              | US        |   3017285 | PA      | $4033399.29   | 0.63%             | 2026-06-23      | Floating      | 13.94%                | Yes           |                  3 | On Loan: No      |
| Fundrise Ocean Village Investor I, LLC                            | Fundrise Ocean Village Investor I, LLC                            | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  10000000 | PA      | $10357682.77  | 1.61%             | 2029-04-30      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise Pelican Investor I, LLC                                  | Fundrise Pelican Investor I, LLC                                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2262954 | PA      | $2698902.46   | 0.42%             | 2028-11-17      | Fixed         | 16.00%                | Yes           |                  3 | On Loan: No      |
| SFR Reflections I, LLC                                            | SFR Reflections I, LLC                                            | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   4438389 | PA      | $4447197.90   | 0.69%             | 2030-12-01      | Fixed         | 10.10%                | Yes           |                  3 | On Loan: No      |
| Fundrise Silo B2 Investor I, LLC                                  | Fundrise Silo B2 Investor I, LLC                                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   6052340 | PA      | $6174320.91   | 0.96%             | 2029-04-01      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise Silo Park Investor, LLC                                  | Fundrise Silo Park Investor, LLC                                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  17115488 | PA      | $17823058.13  | 2.78%             | 2028-11-01      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise Ellenton Investor, LLC                                   | Fundrise Ellenton Investor, LLC                                   | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   1482936 | PA      | $1489238.06   | 0.23%             | 2029-08-15      | Fixed         | 12.75%                | Yes           |                  3 | On Loan: No      |
| Fundrise Stellar Investor I, LLC                                  | Fundrise Stellar Investor I, LLC                                  | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2887838 | PA      | $2972147.17   | 0.46%             | 2032-12-22      | Fixed         | 13.85%                | Yes           |                  3 | On Loan: No      |
| Fundrise Fair Lakes Investor, LLC                                 | Fundrise Fair Lakes Investor, LLC                                 | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  19194544 | PA      | $19647382.18  | 3.06%             | 2029-09-04      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise VB Investor I, LLC                                       | Fundrise VB Investor I, LLC                                       | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   7286144 | PA      | $9952206.81   | 1.55%             | 2027-01-05      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| WP Walcott Hackensack Sub, LLC                                    | WP Walcott Hackensack Sub, LLC                                    | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  10730363 | PA      | $13889092.89  | 2.16%             | 2027-01-29      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise Gainesville Investor I, LLC                              | Fundrise Gainesville Investor I, LLC                              | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   9160949 | PA      | $12580660.52  | 1.96%             | 2026-06-21      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise PSL Investor I, LLC                                      | Fundrise PSL Investor I, LLC                                      | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  10960094 | PA      | $14969934.54  | 2.33%             | 2026-08-05      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Fundrise PB Investor I, LLC                                       | Fundrise PB Investor I, LLC                                       | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   8403132 | PA      | $11589509.88  | 1.81%             | 2026-10-08      | Fixed         | 13.00%                | Yes           |                  3 | On Loan: No      |
| Y Hotel Leveraged Lender, LLC                                     | Y Hotel Leveraged Lender, LLC                                     | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2229172 | PA      | $2210000.00   | 0.34%             | 2019-11-13      | Fixed         | 15.50%                | Yes           |                  3 | On Loan: No      |
| Fundrise Mont Belvieu Investor I, LLC                             | Fundrise Mont Belvieu Investor I, LLC                             | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |  15433652 | PA      | $18118790.60  | 2.82%             | 2028-09-26      | Fixed         | 13.50%                | Yes           |                  3 | On Loan: No      |
| Fundrise Providence Commons Investor l, LLC                       | Fundrise Providence Commons Investor l, LLC                       | CUSIP: N/A<br>LEI: N/A                  | Long             | EP               | CORP              | US        |   2192492 | PA      | $2409645.60   | 0.38%             | 2029-04-10      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| Mezza JV LP                                                       | Mezza JV LP                                                       | CUSIP: N/A<br>LEI: N/A                  | Long             |  | CORP              | US        |         1 | OU      | $18074466.46  | 2.82%             |  |  |  | Yes           |                  3 | On Loan: No      |
| The View JV LP                                                    | The View JV LP                                                    | CUSIP: N/A<br>LEI: N/A                  | Long             |  | CORP              | US        |         1 | OU      | $6713433.83   | 1.05%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Reverse Repo Barclays Bank PLC                                    | Reverse Repo Barclays Bank PLC                                    | CUSIP: N/A<br>LEI: 2549003Q5J2G7ALNU316 | Short            | RA               | CORP              | US        |  -3110704 | PA      | $-3121715.64  | -0.49%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo Barclays Bank PLC                                    | Reverse Repo Barclays Bank PLC                                    | CUSIP: N/A<br>LEI: 2549003Q5J2G7ALNU316 | Short            | RA               | CORP              | US        |  -1795500 | PA      | $-1801923.40  | -0.28%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo Barclays Bank PLC                                    | Reverse Repo Barclays Bank PLC                                    | CUSIP: N/A<br>LEI: 2549003Q5J2G7ALNU316 | Short            | RA               | CORP              | US        |  -6959655 | PA      | $-6984814.15  | -1.09%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo Barclays Bank PLC                                    | Reverse Repo Barclays Bank PLC                                    | CUSIP: N/A<br>LEI: 2549003Q5J2G7ALNU316 | Short            | RA               | CORP              | US        |  -2766285 | PA      | $-2776285.12  | -0.43%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -2575000 | PA      | $-2575676.65  | -0.40%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -1864000 | PA      | $-1866901.63  | -0.29%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -9941000 | PA      | $-9956474.82  | -1.55%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -2160000 | PA      | $-2163362.40  | -0.34%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -4300000 | PA      | $-4312857.00  | -0.67%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -1502000 | PA      | $-1506490.98  | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -1578000 | PA      | $-1578410.28  | -0.25%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -7502000 | PA      | $-7503950.52  | -1.17%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -1500000 | PA      | $-1500390.00  | -0.23%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -9249000 | PA      | $-9251404.74  | -1.44%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |   -846000 | PA      | $-848637.64   | -0.13%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -1942000 | PA      | $-1948054.72  | -0.30%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -6490000 | PA      | $-6491759.51  | -1.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -6500000 | PA      | $-6501762.22  | -1.01%            |  |  |  | No            |                  2 | On Loan: No      |
| Reverse Repo J.P. Morgan Securities, LLC                          | Reverse Repo J.P. Morgan Securities, LLC                          | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807 | Short            | RA               | CORP              | US        |  -3320000 | PA      | $-3320900.09  | -0.52%            |  |  |  | No            |                  2 | On Loan: No      |
| Income 1 TRS, LLC                                                 | Income 1 TRS, LLC                                                 | CUSIP: N/A<br>LEI: N/A                  | Long             |  | CORP              | US        |         1 | OU      | $84654639.88  | 13.19%            |  |  |  | Yes           |                  3 | On Loan: No      |
| FR La Brea, LLC                                                   | FR La Brea, LLC                                                   | CUSIP: N/A<br>LEI: N/A                  | Long             | RE               | CORP              | US        |         1 | OU      | $3000000.00   | 0.47%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-26

**Name of Applicant:** Fundrise Income Real Estate Fund, LLC

**Signature:** /s/ Lauren Stuntebeck

**Name of Signer:** Lauren Stuntebeck

**Title:** Assistant Treasurer