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Related Party Arrangements
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Arrangements Related Party Arrangements
Fundrise Advisors, LLC, Manager

During the three and six months ended June 30, 2026, the Manager incurred approximately $238,000 and $249,000 of costs on our behalf, respectively, compared to approximately $9,000 and $34,000 during the three and six months ended June 30, 2025, respectively. Approximately $82,000 and $60,000 were due and payable as of June 30, 2026 and December 31, 2025, respectively.

During the three and six months ended June 30, 2026, we incurred investment management fees of approximately $965,000 and $1.5 million, respectively, compared to approximately $411,000 and $839,000 during the three and six months ended June 30, 2025, respectively. As of June 30, 2026 and December 31, 2025, approximately $1.3 million and $518,000, respectively, of investment management fees remained payable to the Manager.

In January 2026, the Company invested approximately $18.0 million to purchase shares of Fundrise Real Estate Interval Fund, LLC, an affiliated real estate investment fund managed by our Manager. As of June 30, 2026, the carrying value of this investment was approximately $19.1 million. Refer to Note 7, Equity Securities, for additional information.
Rise Companies Corp., Member and Sponsor

Rise Companies Corp. is a member of the Company. During the three and six months ended June 30, 2026, the Sponsor incurred approximately $97,000 and $106,000 of operating costs on our behalf, respectively, compared to approximately $30,000 and $43,000 during the three and six months ended June 30, 2025, respectively. Approximately $80,000 and $0 were due and payable as of June 30, 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. The Company consolidates National Lending as it holds a controlling financial interest through majority ownership of the voting interests.
National Lending may provide short-term bridge financing through promissory notes to any of the eREITs or Funds 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 receivable issued by National Lending to affiliated eREITs as of June 30, 2026. As of December 31, 2025, the predecessor held no such notes from National Lending (dollar amounts in thousands):
NotePrincipal BalanceInterest RateEffective DateMaturity DatePrincipal Balance at
June 30, 2026		Principal Balance at
December 31, 2025
2026 – A
$1,500 5.00%04/06/202604/06/2027$1,200 $- 
2026 – B
$21,800 5.00%04/22/202605/31/2027$21,800 $- 
2026 – C
$11,000 5.00%04/22/202605/31/2027$9,600 $- 
2026 – D
$1,400 5.00%06/30/202606/30/2027$400 $- 
Total$33,000 $- 
As of June 30, 2026 and December 31, 2025, accrued interest receivable on the above notes totaled approximately $289,000 and $0, and is included in "Due from related party" on the condensed consolidated balance sheets. "Due from related party" also includes approximately $3.3 million related to the Credit Facility, see further information on the Credit Facility Allocation and Reimbursement Agreement below.

The following table summarizes the promissory notes receivable issued by the predecessor to National Lending as of December 31, 2025 (dollar amounts in thousands):
NotePrincipal BalanceInterest RateEffective DateMaturity DatePrincipal Balance at
June 30, 2026		Principal Balance at
December 31, 2025
2025 – C$16,800 4.75%12/31/202512/31/2026$- $16,800 

As a result of the consolidation of National Lending, intercompany promissory notes receivable issued by the Company to National Lending have been eliminated in consolidation and are not reflected in the table above. As of June 30, 2026, eliminated notes receivable totaled approximately $36.4 million, inclusive of accrued interest, which includes approximately $19.8 million of notes receivable acquired in the Merger and the approximate $16.8 million note receivable previously reported at December 31, 2025.

As of June 30, 2026, promissory notes payable issued from National Lending to the Company have also been eliminated in consolidation and are not reflected herein. The Company assumed approximately $80.4 million of promissory
notes payable in the Merger and as of June 30, 2026, the remaining notes payable issued by National Lending to the Company totaled approximately $43.9 million, inclusive of accrued interest, which have been eliminated.

Fundrise Real Estate, LLC

The Company has entered into a Real Estate Services Agreement (the “Agreement”) with Fundrise Real Estate, LLC (the “Vendor”), a wholly owned subsidiary of our Sponsor. The Agreement outlines various services the Vendor agrees to perform as an independent contractor on a non-exclusive basis, including but not limited to real estate asset management, acquisition and disposition services, capital markets services, debt servicing, and development and entitlement services. Compensation for such services will be paid to the Vendor as described in the Agreement.

For the three and six months ended June 30, 2026 and 2025, the Company incurred real estate asset management fees of approximately $350,000 and $0, and debt servicing fees of approximately $35,000 and $0, respectively (amounts are the same for both the three- and six-month periods, as all such fees were incurred during the three months ended June 30, 2026), which are included in “Investment management and other fees - related party” on the accompanying condensed consolidated statements of operations. Additionally, the Company incurred development fees of approximately $12,000 and $0, respectively, for the same periods. As of June 30, 2026 and December 31, 2025, approximately $182,000 and $0, respectively, in such fees were payable to the Vendor and are included within “Due to related party” on the condensed consolidated balance sheets.

Credit Facility Allocation and Reimbursement Agreement

In connection with the Credit Facility acquired in the Merger (see Note 9, Mortgages Payable and Credit Facility and Note 3 - Merger Transaction - Asset Acquisition in our condensed consolidated financial statements), the Borrowers are parties to an Allocation and Reimbursement Agreement that governs the allocation of loan proceeds and related costs among the co-borrowers. An affiliated entity serves as the administrative agent for the Credit Facility and is responsible for coordinating loan proceeds, interest payments, and co-borrower reimbursements. As of June 30, 2026, approximately $3.3 million was due from certain of the affiliated Borrowers and is included within "Due from related party" on the condensed consolidated balance sheet.