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


Investments in Equity Method Investees:	For the three months ended March 31, 2026		For the three months ended March 31, 2025
Beginning balance	$	61,231	$	92,722
Additional investments in equity method investees	78		-
Distributions received (1)	(127)		(14,387)
Equity in earnings of equity method investees (1)	(514)		13,737
Ending balance	$	60,668	$	92,072

(1)On February 14, 2025, the RSE Peak Subsidiary (Fundrise Peak I, LLC) sold the Villas at Meadow Springs Property for a sales price of approximately $61.8 million. Proceeds from the sale totaled approximately $24.1 million, net of repayment of $34.7 million of outstanding senior loans, and various closing costs of approximately $3.0 million. Our distribution received from the sale totaled approximately $14.1 million. As a result of this sale, the Company recognized a gain on disposition of equity method investees of approximately $14.1 million during the three months ended March 31, 2025, which is recognized within equity in earnings.

As of March 31, 2026, the Company’s significant investments in companies that are accounted for under the equity method of accounting consist of the following (dollar amounts in thousands):


Investments in Equity Method Investees	Number of Investments	Number of Properties	Non-Controlling Member Ownership Interest	Carrying value as of March 31, 2026		Carrying value as of December 31, 2025
Real estate equity method investments	8	7	13.0% - 99.0%	$	60,668	$	61,231
Total	8	7		$	60,668	$	61,231

(1) Approximately $21.0 million of the carrying value of equity method investments relates to the Company's investment in National Lending, as further described in Note 12, Related Party Arrangements. In addition, approximately $4.0 million relates to a TIC arrangement entered into with REITs managed by the Company's Manager and affiliated with its Sponsor.

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


Condensed balance sheet information:	As of March 31, 2026		As of December 31, 2025
Real estate assets, net	$	223,112	$	226,093
Other assets (1)	142,141		140,683
Total assets	$	365,253	$	366,776

Mortgages payable, net	$	167,548	$	166,300
Other liabilities (2)	49,826		52,242
Equity	147,879		148,234
Total liabilities and equity	$	365,253	$	366,776
Company’s equity investment (3)	$	60,668	$	61,231

(1)As of March 31, 2026 and December 31, 2025, approximately $102.1 million and $134.4 million of Other assets are promissory notes receivable from other eREITs held by the Company’s equity method investment in National Lending, respectively. See Note 11, Related Party Arrangements for further information regarding National Lending.

(2)As of March 31, 2026 and December 31, 2025, approximately $46.9 million and $49.4 million of Other liabilities represent promissory notes issued from the Company and affiliated entities to National Lending, respectively. See Note 11, Related Party Arrangements for further information regarding National Lending.

(3)The Company’s equity investment includes amortization of basis differences recognized as of March 31, 2026 and December 31, 2025.


Condensed income statement information:	For the three months ended March 31, 2026		For the three months ended March 31, 2025
Total revenue	$	7,807	$	10,878
Total expenses	5,818		7,815
Other income (expense)	(2,513)		(2,907)
Net income (loss)	$	(524)	$	156
Company’s equity in net income (loss) of investee (1)(2)	$	(514)	$	13,737

(1)For the three months ended March 31, 2026, there was no gain or loss from the sale of investments included in the Company’s equity in net income of investee. For the three months ended March 31, 2025, the Company’s equity in net income of investee includes an approximate $14.1 million gain on sale of investments.