Formation and Organization	3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Formation and Organization	Formation and Organization Fundrise eREIT, LLC (the “Company”) was formed on October 16, 2025, as a Delaware limited liability company and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company was organized to originate, invest in and manage a diversified portfolio of residential and commercial real estate properties, as well as commercial real estate-related debt (including commercial mortgage-backed securities (“CMBSs”), collateralized debt obligations (“CDOs”), and REIT senior unsecured debt), and other select real estate-related assets, where the underlying assets primarily consist of such properties. The Company may make its investments through majority-owned entities, joint ventures, and co-investment arrangements, some of which may offer rights to receive preferred economic returns. The Company will have one operating and reportable segment consisting of investments in real estate. Substantially all of the Company’s business will be externally managed by Fundrise Advisors, LLC (the “Manager”), a Delaware limited liability company and an investment adviser registered with the Securities and Exchange Commission (the “SEC”). As of March 31, 2026, the Company has not begun operations. The Company intends to have a December 31st fiscal year end. Subject to certain restrictions and limitations, the Manager is responsible for managing the Company’s affairs on a day-to-day basis. The Manager has the authority to issue an unlimited number of common shares. As of March 31, 2026, the Company had issued 500 common shares to Rise Companies Corp. (the “Sponsor”), an owner of the Manager, for an aggregate purchase price of $5,000. Formation and Organization Fundrise Equity REIT, LLC (the "Company") was formed on June 30, 2015 as a Delaware limited liability company and substantially commenced operations on February 27, 2016. Effective December 29, 2025, Fundrise eFund, LLC (the “Target Fund”), merged with and into Fundrise Equity REIT, LLC, with the Company as the surviving entity (the “2025 Merger”). As used herein, the “Company”, “we”, “us”, and “our” refer to Fundrise Equity REIT, LLC except where the context otherwise requires. The Company has one operating and reportable segment consisting of investments in real estate. The Company was organized primarily to originate, invest in and manage a diversified portfolio of commercial real estate properties, as well as commercial real estate loans, commercial real estate debt securities (including commercial mortgage-backed securities, collateralized debt obligations, and real estate investment trust (“REIT”) senior unsecured debt), and other select real estate-related assets, where the underlying assets primarily consist of such properties. The Company may make its investments through majority-owned subsidiaries, some of which may have rights to receive preferred economic returns. Each investment in rental real estate properties is acquired by a limited liability company that is a subsidiary of ours. These subsidiaries are wholly owned by the Company and consolidated in these financial statements. The Company’s business is externally managed by Fundrise Advisors, LLC (the “Manager”), a Delaware limited liability company and an investment adviser registered with the Securities and Exchange Commission (the “SEC”). Subject to certain restrictions and limitations, the Manager is responsible for managing the Company’s affairs on a day-to-day basis and for identifying and making acquisitions and investments on behalf of the Company. We have operated in such a manner as to qualify as a REIT for federal income tax purposes beginning with the year ended December 31, 2016. On February 1, 2021, we formed a taxable REIT subsidiary (“TRS”) to facilitate the acquisition of real estate investments completed in 2021. As of March 31, 2026, we have not established an operating partnership or qualified REIT subsidiary, though we may form such entities as required in the future to facilitate certain transactions that might otherwise have an adverse impact on our status as a REIT. As of both March 31, 2026 and December 31, 2025, after redemptions, the Company had net common shares outstanding of approximately 14.6 million, including common shares held by Rise Companies Corp. (the “Sponsor”), the owner of the Manager, and Moat Investments, LP (f/k/a Fundrise, L.P.), an affiliate of the Sponsor. As of both March 31, 2026 and December 31, 2025, the Sponsor owned 1,666 common shares and Moat Investments, LP owned 20,505 common shares. As of both March 31, 2026 and December 31, 2025, after redemptions, third parties owned approximately 485,000 common shares, in private placements for an aggregate purchase price of approximately $8.7 million. As of both March 31, 2026 and December 31, 2025, the total amount of equity issued by the Company on a gross basis was approximately $318.7 million. As of both March 31, 2026 and December 31, 2025 all subscriptions had settled. 2026 Merger Effective April 29, 2026, the Company merged (the “2026 Merger”) with and into Fundrise eREIT, LLC (“Fundrise eREIT”). In connection with the 2026 Merger, Fundrise eREIT issued to the shareholders of the Company common shares of Fundrise eREIT based on an agreed upon exchange ratio (“Exchange Ratio”). The Exchange Ratio was based on the Company’s net asset value (“NAV”) per share that was effective as of the date of the 2026 Merger, April 29, 2026. Fundrise eREIT is the surviving entity.

Fundrise eREIT, LLC (the “Company”) was formed on October 16, 2025, as a Delaware limited liability company and intends to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. The Company was organized to originate, invest in and manage a diversified portfolio of residential and commercial real estate properties, as well as commercial real estate-related debt (including commercial mortgage-backed securities (“CMBSs”), collateralized debt obligations (“CDOs”), and REIT senior unsecured debt), and other select real estate-related assets, where the underlying assets primarily consist of such properties. The Company may make its investments through majority-owned entities, joint ventures, and co-investment arrangements, some of which may offer rights to receive preferred economic returns. The Company will have one operating and reportable segment consisting of investments in real estate. Substantially all of the Company’s business will be externally managed by Fundrise Advisors, LLC (the “Manager”), a Delaware limited liability company and an investment adviser registered with the Securities and Exchange Commission (the “SEC”).

Subject to certain restrictions and limitations, the Manager is responsible for managing the Company’s affairs on a day-to-day basis. The Manager has the authority to issue an unlimited number of common shares. As of March 31, 2026, the Company had issued 500 common shares to Rise Companies Corp. (the “Sponsor”), an owner of the Manager, for an aggregate purchase price of $5,000.

Fundrise Equity REIT, LLC (the "Company") was formed on June 30, 2015 as a Delaware limited liability company and substantially commenced operations on February 27, 2016. Effective December 29, 2025, Fundrise eFund, LLC (the “Target Fund”), merged with and into Fundrise Equity REIT, LLC, with the Company as the surviving entity (the “2025 Merger”). As used herein, the “Company”, “we”, “us”, and “our” refer to Fundrise Equity REIT, LLC except where the context otherwise requires.

The Company has one operating and reportable segment consisting of investments in real estate. The Company was organized primarily to originate, invest in and manage a diversified portfolio of commercial real estate properties, as well as commercial real estate loans, commercial real estate debt securities (including commercial mortgage-backed securities, collateralized debt obligations, and real estate investment trust (“REIT”) senior unsecured debt), and other select real estate-related assets, where the underlying assets primarily consist of such properties. The Company may make its investments through majority-owned subsidiaries, some of which may have rights to receive preferred economic returns. Each investment in rental real estate properties is acquired by a limited liability company that is a subsidiary of ours. These subsidiaries are wholly owned by the Company and consolidated in these financial statements.

The Company’s business is externally managed by Fundrise Advisors, LLC (the “Manager”), a Delaware limited liability company and an investment adviser registered with the Securities and Exchange Commission (the “SEC”). Subject to certain restrictions and limitations, the Manager is responsible for managing the Company’s affairs on a day-to-day basis and for identifying and making acquisitions and investments on behalf of the Company.

We have operated in such a manner as to qualify as a REIT for federal income tax purposes beginning with the year ended December 31, 2016. On February 1, 2021, we formed a taxable REIT subsidiary (“TRS”) to facilitate the acquisition of real estate investments completed in 2021. As of March 31, 2026, we have not established an operating partnership or qualified REIT subsidiary, though we may form such entities as required in the future to facilitate certain transactions that might otherwise have an adverse impact on our status as a REIT.

As of both March 31, 2026 and December 31, 2025, after redemptions, the Company had net common shares outstanding of approximately 14.6 million, including common shares held by Rise Companies Corp. (the “Sponsor”), the owner of the Manager, and Moat Investments, LP (f/k/a Fundrise, L.P.), an affiliate of the Sponsor. As of both March 31, 2026 and December 31, 2025, the Sponsor owned 1,666 common shares and Moat Investments, LP owned 20,505 common shares. As of both March 31, 2026 and December 31, 2025, after redemptions, third parties owned approximately 485,000 common shares, in private placements for an aggregate purchase price of approximately $8.7 million. As of both March 31, 2026 and December 31, 2025, the total amount of equity issued by the Company on a gross basis was approximately $318.7 million. As of both March 31, 2026 and December 31, 2025 all subscriptions had settled.

Effective April 29, 2026, the Company merged (the “2026 Merger”) with and into Fundrise eREIT, LLC (“Fundrise eREIT”). In connection with the 2026 Merger, Fundrise eREIT issued to the shareholders of the Company common shares of Fundrise eREIT based on an agreed upon exchange ratio (“Exchange Ratio”). The Exchange Ratio was based on the Company’s net asset value (“NAV”) per share that was effective as of the date of the 2026 Merger, April 29, 2026. Fundrise eREIT is the surviving entity.