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| Related Party Arrangements | Related Party Arrangements The related party arrangements that existed as of March 31, 2026 and December 31, 2025 are disclosed in the notes to the audited financial statements included in the Prospectus. There have been no changes to the Company’s related party arrangements from those disclosed in the Prospectus. Related Party ArrangementsFundrise Advisors, LLC, Manager The Manager and certain affiliates of the Manager will receive fees and compensation in connection with the Company’s Offering, and the acquisition, management and sale of the Company’s real estate investments. The Company will reimburse the Manager for actual expenses incurred on behalf of the Company in connection with the selection, acquisition or origination of an investment, to the extent not reimbursed by the borrower in connection with our debt investments, whether or not the Company ultimately acquires or originates the investment. The Company will reimburse the Manager for out-of-pocket expenses paid to third parties in connection with providing services to the Company. This does not include the Manager’s overhead, employee costs borne by the Manager, or utility costs. Expense reimbursements payable to the Manager also may include expenses incurred by the Sponsor in the performance of services pursuant to a shared services agreement between the Manager and the Sponsor (the “Shared Services Agreement”), including any increases in insurance attributable to the management or operation of the Company. For the three months ended March 31, 2026 and 2025, the Manager incurred approximately $11,000 and $25,000 of costs on our behalf, respectively. Approximately $1,000 and $60,000 were due and payable as of March 31, 2026 and December 31, 2025, respectively. As of December 31, 2025, amounts due to the Manager include payables assumed in connection with the 2025 Merger. These assumed balances relate to obligations incurred by the Target Fund prior to the 2025 merger date. The Company will pay the Manager a quarterly investment management fee of one-fourth of 0.85% of our NAV at the end of each prior quarter. This rate is determined by our Manager in its sole discretion, but cannot exceed an annualized rate of 1.00%. In addition, the Manager may, in its sole discretion, waive its investment management fee, in whole or in part. The Manager will forfeit any portion of the investment management fee that is waived. During the three months ended March 31, 2026 and 2025, we have incurred investment management fees of approximately $508,000 and $428,000, respectively. As of March 31, 2026 and December 31, 2025, approximately $508,000 and $518,000, respectively, of investment management fees remained payable to the Manager. As of December 31, 2025, amounts due to the Manager include payables assumed in connection with the 2025 Merger. These assumed balances relate to obligations incurred by the Target Fund prior to the 2025 merger date. Additionally, the Company is required to pay the Manager for servicing any non-performing asset. The Company is required to reimburse the Manager for actual expenses incurred on our behalf in connection with the special servicing of non-performing assets. The Manager will determine, in its sole discretion, whether an asset is non-performing. As of March 31, 2026 and December 31, 2025, the Manager has not designated any asset as non-performing and no special servicing fees are payable to the Manager. For the three months ended March 31, 2026 and 2025, no special servicing fees have been incurred or paid to the Manager. The Company will also reimburse the Manager for actual expenses incurred on our behalf in connection with the liquidation of any of our equity investments in real estate. As of March 31, 2026 and December 31, 2025, no disposition expenses are payable to the Manager. For the three months ended March 31, 2026 and 2025, no disposition expenses have been incurred. Moat Investments, LP, Member Moat Investments, LP is a member of the Company and held 20,505 shares as of March 31, 2026 and December 31, 2025, respectively. One of our Sponsor’s wholly-owned subsidiaries is the general partner of Moat Investments, LP. Rise Companies Corp., Member and Sponsor Rise Companies Corp. is a member of the Company and held 1,666 shares March 31, 2026 and December 31, 2025 respectively. During the three months ended March 31, 2026 and 2025, the Sponsor incurred approximately $9,000 and $13,000 of operating costs on our behalf, respectively. Approximately $2,000 and $0 were due and payable as of March 31, 2026 and December 31, 2025, respectively. National Lending, LLC Our Manager formed a self-sustaining lending entity, National Lending, which is financed by certain of the real estate investment trusts (“eREITs”) and other investment vehicles (the “Funds”) managed by our Manager and affiliated with our Sponsor, including the Company. The Sponsor became the manager of National Lending effective June 18, 2025, but does not hold any equity interest in National Lending. Prior to this change, an independent manager managed National Lending under a management agreement at a market rate. The Sponsor is not compensated for its role as manager. Each eREIT or Fund contributes an amount to National Lending in exchange for ownership interests. The current effective operating agreement with National Lending requires each eREIT or Fund maintain a capital contribution amount of 5% of its assets under management, which is measured on a semi-annual basis (January 15th and July 15th). As of both March 31, 2026 and December 31, 2025, we have contributed approximately $16.8 million for a 24.1% ownership in National Lending. See Note 4, Investments in Equity Method Investees for further information regarding the Company’s ownership interests in National Lending. National Lending may provide short-term bridge financing through promissory notes to any of the eREITs or Funds, including us, who have contributed in order to maintain greater liquidity and better finance such eREIT’s or Fund’s individual real estate investment strategies. Any promissory note bears a market rate of interest. National Lending may also obtain a promissory note from any of these eREITs or Funds in order to secure short-term bridge financing. The following is a summary of the promissory notes issued by National Lending to the Company during the three months ended March 31, 2026 and the year ended December 31, 2025 (dollar amounts in thousands):
(1)Effective January 2, 2025, promissory note 2025-A was executed with National Lending for a maximum principal amount of $5.0 million. During the year ended December 31, 2025, the Company’s total draw down on this promissory note was $5.0 million. On February 28, 2025, the Company repaid the $5.0 million outstanding loan balance and all accrued interest. (2)Effective January 8, 2025, promissory note 2025-B was executed with National Lending for a maximum principal amount of $8.8 million. During the year ended December 31, 2025, the Company’s total draw down on this promissory note was $8.3 million. On February 28, 2025, the Company repaid the $8.3 million outstanding loan balance and all accrued interest. (3)Effective April 4, 2025, promissory note 2025-C was executed with National Lending for a maximum principal amount of $8.7 million. During the year ended December 31, 2025, the Company’s total draw down on this promissory note was $8.7 million. On June 12, 2025, the Company repaid the $8.7 million outstanding loan balance and all accrued interest. For the three months ended March 31, 2026 and 2025, the Company incurred approximately $0 and $111,000, respectively, in interest expense on related party notes with National Lending. As of March 31, 2026 and December 31, 2025, there was no outstanding accrued interest due or payable to National Lending. In connection with the 2025 Merger on December 29, 2025, the Company assumed the following promissory notes receivable that were previously issued from the Target Fund to National Lending (dollar amounts in thousands):
On December 31, 2025, National Lending extinguished each of these promissory notes receivable to the Company, which included approximately $16.8 million of total principal and approximately $601,000 of total accrued interest. The settlement of the $16.8 million in principal was completed through a non-cash refinancing. Simultaneously, on December 31, 2025, the Company extended a promissory note to National Lending with a maximum principal amount of $16.8 million (2025 - C). The note bears a 4.75% interest rate, and all interest is accruing, and will be received at maturity. The note matures on December 31, 2026 with National Lending’s repayment to the Company, including principal and accrued interest. During the three months ended March 31, 2026, the Company earned approximately $202,000 in interest income on the promissory note to National Lending. The following table summarizes the promissory notes receivable issued by the Company to National Lending as of March 31, 2026 and December 31, 2025 (dollar amounts in thousands):
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