Related Party Transactions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions | Related Party Transactions In addition to those disclosed elsewhere in the notes to the condensed consolidated financial statements, the following related party transactions are disclosed: Affiliate Receivables and Payables Due from affiliate receivables consist of the following (in thousands):
(1)Other receivables from affiliates consist primarily of operating and other administrative costs incurred on behalf of the Sponsored Programs for which the Company is expecting reimbursement. Non-current deferred costs of the Sponsored Programs are approximately $1.8 million and are included in Other assets, net on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025. Current deferred costs of the Sponsored Programs are approximately $1.0 million and $0, and are included in Other current assets, net on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively. The increase in current deferred costs of the Sponsored Programs during 2026 was primarily attributable to costs related to the Mergers that became reimbursable by Fundrise eREIT following the completion of the Mergers. Prior to the Mergers, these costs were associated with a consolidated, unlaunched Sponsored Program. These costs were incurred by Fundrise Advisors on behalf of the merging entities and are expected to be fully reimbursed by Fundrise eREIT. Amounts due to affiliates are $0.3 million and $0 and are included in Other current liabilities on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025, respectively. Investments in Sponsored Programs by Company’s Executives Many of the Company’s executive officers and directors (including immediate family members) have opened investor accounts on the Fundrise Platform. All investments (and redemptions, where applicable) were made in the ordinary course of business and transacted on terms and conditions that were not more favorable than those obtained by third-party investors. Moat Investments, LP Promissory Notes National Lending, LLC (“National Lending”) is a self-sustaining lending entity, financed by certain of the Sponsored Programs. Rise 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. On October 1, 2024, Moat made a loan of $9.0 million to National Lending. The loan carried an annual interest rate of 5.25% and was set to mature on September 30, 2025. This loan was modified on September 15, 2025, resulting in the following changes to the loan: (i) the accrued interest was capitalized into the principal amount of the loan, resulting in an updated principal amount of $9.5 million, (ii) the term was extended through April 7, 2026, and (iii) the modified principal amount carries an annual interest rate of 5.25% as of the modification date. The loan principal and associated accrued interest were repaid in full on April 7, 2026. On December 31, 2024, Moat made another loan of $3.5 million to National Lending. The loan carried an annual interest rate of 4.75% and was set to mature on December 31, 2025. This loan was modified on September 15, 2025, resulting in the following changes to the loan: (i) the accrued interest was capitalized into the principal amount of the loan, resulting in an updated principal amount of $3.6 million, (ii) the term was extended through April 7, 2026, and (iii) the modified principal amount carries an annual interest rate of 5.25% as of the modification date. The loan principal and associated accrued interest were repaid in full on April 7, 2026. As of December 31, 2026, the balances for the outstanding loans from Moat are included in Notes receivable on the condensed consolidated balance sheets and the accrued interest on the notes is included in Other current assets, net on the condensed consolidated balance sheets. Moat Investments, LP Distributions During the first quarter of 2026, in preparation for its dissolution and pursuant to its partnership agreement, Moat made an initial equity distribution to its partners totaling $2.5 million. During the second quarter of 2026, Moat distributed $10.9 million of cash and its investments in the Sponsored Programs to its partners. The investments, which had a carrying value of $0.4 million, were distributed at their fair value of $0.7 million, resulting in a $0.3 million gain recorded within Gain on asset disposition in the condensed consolidated statements of operations. An immaterial amount of assets remain in Moat as of June 30, 2026 to cover remaining outstanding liabilities prior to the completion of the dissolution. Upon completion of the dissolution, all remaining assets will be distributed in accordance with the partnership agreement, at which point the entity will cease operations and will no longer be included in the Company’s condensed consolidated financial statements. As of the date of this filing, the Company does not expect the dissolution of Moat to result in a material gain or loss.
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