
Investments in Real Estate Debt:	For the Three Months Ended March 31, 2026		For the Three Months Ended March 31, 2025
Beginning balance	$	12,616	$	9,530
Interest revenue received in kind	161		144
Ending balance	$	12,777	$	9,674

As of March 31, 2026 and December 31, 2025, there were no discount or origination costs or fees that were included in the carrying value of our investments in real estate debt.

Interest revenue received in kind represents accruable interest receivable from related investments in real estate debt upon maturity, net of payments received during the period. Interest revenue received in kind is presented within “Investments in real estate debt” in these condensed consolidated financial statements.


Asset Type	Number of Investments	Principal Amount or Cost (1)		Future Funding Commitments		Carrying Value
Senior Debt	1	$	2,475	$	-	$	2,475
Preferred Equity	1	10,302		$	-	10,302
Balance as of March 31, 2026	2	$	12,777	$	-	$	12,777


Asset Type	Number of Investments	Principal Amount or Cost (1)		Future Funding Commitments		Carrying Value
Senior Debt	1	$	2,475	$	-	$	2,475
Preferred Equity	1	10,141		$	-	10,141
Balance as of December 31, 2025	2	$	12,616	$	-	$	12,616

The following table presents certain information about the Company’s investments in real estate debt, as of March 31, 2026, by contractual maturity grouping (dollar amounts in thousands):


Asset Type	Number of Investments	Amounts Maturing Within One Year		Amounts Maturing After One Year Through Five Years		Amounts Maturing After Five Years Through Ten Years		Amounts Maturing After Ten Years
Senior Debt (1)	1	$	2,475	$	-	$	-	$	-
Preferred Equity	1	-		10,302		-		-
Balance as of March 31, 2026	2	$	2,475	$	10,302	$	-	$	-

(1)The extended loan term expired on December 23, 2025; however, as of March 31, 2026, the investment remained outstanding. The Company evaluated the investment for impairment as part of its credit quality monitoring assessment. See Credit Quality Monitoring assessment for further details.

The following table presents certain information about the Company’s investments in real estate debt, as of December 31, 2025, by contractual maturity grouping (dollar amounts in thousands):


Asset Type	Number of Investments	Amounts Maturing Within One Year		Amounts Maturing After One Year Through Five Years		Amounts Maturing After Five Years Through Ten Years		Amounts Maturing After Ten Years
Senior Debt (1)	1	$	2,475	$	-	$	-	$	-
Preferred Equity	1	-		10,141		-		-
Balance as of December 31, 2025	2	$	2,475	$	10,141	$	-	$	-

(1)The extended loan term expired on December 23, 2025; however, as of December 31, 2025, the investment remained outstanding. See Credit Quality Monitoring assessment for further details.

The Company’s investments in real estate debt that earn interest based on debt-like terms are typically secured by senior liens on real estate properties, mortgage payments, mortgage loans, or interests in entities that have preferred interests in real estate similar to the interests just described. The Company evaluates its investments in real estate debt at least annually and differentiates the relative credit quality principally based on: (i) whether the borrower is currently paying contractual debt service or guaranteed preferred equity payments in accordance with its contractual terms; and (ii) whether

the Company believes the borrower will be able to perform under its contractual terms in the future, as well as the Company’s expectations as to the ultimate recovery of principal at maturity. The Company considered investments for which it expects to receive full payment of contractual principal and interest payments as “performing.”

As of March 31, 2026 and December 31, 2025, one investment in real estate debt had reached its contractual maturity date following the exercise of a three-month automatic extension option provided under the original loan agreement, extending the maturity from September 23, 2025 to December 23, 2025. The Company evaluated this investment for potential impairment and credit loss as of March 31, 2026 and December 31, 2025 and determined that no material impairment charge or allowance for credit losses was required. Accordingly, as of March 31, 2026 and December 31, 2025, the Company considered all investments to be performing from a principal recovery perspective, and no impairment charges had been recorded. In the event that an investment is deemed other than performing, the Company will evaluate the instrument for impairment.

As of March 31, 2026, the outstanding principal and accrued interest remained unpaid. However, on May 5, 2026, a nine-month extension of the maturity date to September 23, 2026 was formally executed, which included payment of all accrued and unpaid interest and the replenishment of the related interest reserve.

The Company’s investments in equity securities consist of equity securities in privately held companies and affiliated real estate investment funds. As of March 31, 2026, the Fund’s equity securities consisted of the following (dollars amounts in thousands):


		As of March 31, 2026					As of December 31, 2025
Asset	Asset Type	Shares	Cost Basis		Fair Value		Shares	Cost Basis		Fair Value
Saltbox Inc.	Preferred Stock	1,586,954	$	1,163	$	802	1,586,954	$	1,163	$	1,163
Fundrise Real Estate Interval Fund, LLC	Registered Investment Company Common Shares	1,524,132	18,000		19,829		-	-		-
	Total		$	19,163	$	20,631		$	1,163	$	1,163

We acquired preferred stock in Saltbox, Inc. for an aggregate acquisition cost of approximately $1.2 million, representing the relative fair value of the acquired asset and the stated value of our equity interest in the Saltbox Investment Subsidiary (the “Saltbox Investment”). The preferred stock has no readily determinable fair value, therefore we have elected the measurement alternative to carry the stock at cost minus impairment. The carrying value of the stock is adjusted only when there are observable price changes in orderly transactions for identical or similar investments.

During the three months ended March 31, 2026, the Fund invested approximately $18.0 million to purchase shares of Fundrise Real Estate Interval Fund, LLC, an affiliated real estate investment fund, at its then current net asset value per share. Additional information regarding fair value measurements is provided in Note 11, Fair Value of Financial Instruments.