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 six months ended June 30, 2026		For the six months ended June 30, 2025
Beginning balance	$	61,231	$	92,722
Additional investments in equity method investees (1)	200,096		25
Distributions received (2)	(333)		(38,855)
Equity in earnings of equity method investees (2)	(3,992)		15,188
Consolidation of equity method investments post-Merger (3)	(26,152)		-
Ending balance	$	230,850	$	69,080

(1) The Company acquired fifteen investments in equity method investees in connection with the Merger. Investments as of and for the periods presented exclude equity method investments acquired in the Merger which are consolidated in the Company's condensed consolidated financial statements, and equity method investments previously held by the predecessor, which are reflected in the beginning balance of this table. See Note 3, Merger Transaction – Asset Acquisition for further information regarding the Merger.

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 six months ended June 30, 2025, which is recognized within equity in earnings.

On May 30, 2025, the Chase Heritage Controlled Subsidiary (FR-MP Chase JV LLC) sold the Chase Heritage Property for a sales price of approximately $72.0 million. Proceeds from the sale totaled approximately $29.3 million, net of repayment of $41.8 million of outstanding senior loans, and closing costs of approximately $900,000. Our distribution received from the sale totaled approximately $24.5 million, with an additional approximately $924,000 recorded within “Accounts payable and accrued expenses” for amounts payable to the

joint venture member. As a result of this sale, the Company recognized a gain on disposition of equity method investees of approximately $2.0 million during the six months ended June 30, 2025, which is recognized within equity in earnings. As of June 30, 2025, we had not yet received our final cash flow distribution from FR-MP Chase JV LLC. As of June 30, 2026, we had received our final cash flow distribution, representing the liquidation of the equity method investment.

(3) In connection with the Merger described in Note 3, Merger Transaction – Asset Acquisition, certain investments previously accounted for under the equity method are now consolidated in the Company's condensed consolidated financial statements. Accordingly, the predecessor's carrying value of approximately $26.2 million in these investments was reclassified out of equity method investees as of the Merger date.

As of June 30, 2026, the Company’s 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	Company's Ownership Interest (1)	Carrying value as of June 30, 2026		Carrying value as of December 31, 2025
Real estate equity method investments (2)	17	28	10.0% - 99.0%	$	230,850	$	61,231
Total	17	28		$	230,850	$	61,231

(1) Although the Company holds a majority ownership interest in certain investees, the Company accounts for these investments under the equity method because the other members hold substantive participating rights which preclude the Company from exercising unilateral control.

(2) As of June 30, 2026 and December 31, 2025, includes approximately $63.7 million and $0, respectively, from investments in three joint ventures formed by the Company and other affiliated entities.

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 June 30, 2026		As of December 31, 2025
Real estate assets, net	$	1,030,695	$	226,093
Other assets (1)	108,835		140,683
Total assets	$	1,139,530	$	366,776

Mortgages payable, net	$	801,554	$	166,300
Other liabilities (1)	22,702		52,242
Equity	315,274		148,234
Total liabilities and equity	$	1,139,530	$	366,776
Company’s equity investment (2)	$	230,850	$	61,231

(1) As of December 31, 2025, approximately $134.4 million of Other assets are promissory notes receivable from other eREITs held by the Company’s equity method investment in National Lending, and approximately $49.4 million of Other liabilities represent promissory notes issued from affiliated entities to National Lending. In connection with the Merger, the Company's investment in National Lending was reclassified out of equity method investees. See Note 3, Merger Transaction - Asset Acquisition for further information regarding the Merger, and Note 11, Related Party Arrangements for further information regarding National Lending.

(2) The Company's equity method investment balance reflects the cost of each investment, net of amortization of basis differences. Basis differences represent the excess of the Company's allocated cost over its proportionate share of each investee's underlying net assets at acquisition and are amortized as a component of equity in earnings (losses) over the useful lives of the underlying assets.


Condensed income statement information:	For the three months ended June 30, 2026		For the three months ended June 30, 2025
Total revenue	$	18,300	$	8,204
Total expenses	16,345		7,027
Other income (expense)	(8,928)		(1,726)
Net income (loss)	$	(6,974)	$	(549)
Company’s equity in net income (loss) of investee (1)(2)(3)	$	(3,478)	$	1,451

(1) Summarized income statement information does not include any gain or loss recognized on the sale of investments, as the Company's gain or loss on the sale of its investment is based on proceeds received relative to cost basis and is not derived from the investee's financial statements. These amounts are recorded to "Equity in earnings (losses)" and included in the "Company's equity in net income (loss) of investee" line above.

(2) For the three months ended June 30, 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 June 30, 2025, the Company’s equity in net income of investee includes an approximate $2.0 million gain on sale of investments.

(3) The equity in (losses) earnings of investee includes amortization of basis differences recognized during the three months ended June 30, 2026 and 2025. Basis differences represent the excess of the Company's allocated cost over its proportionate share of each investee's underlying net assets at acquisition and are amortized as a component of equity in earnings (losses) over the useful lives of the underlying assets.


Condensed income statement information:	For the six months ended June 30, 2026		For the six months ended June 30, 2025
Total revenue	$	22,338	$	19,082
Total expenses	19,878		14,842
Other income (expense)	(10,096)		(4,633)
Net income (loss)	$	(7,636)	$	(393)
Company’s equity in net income (loss) of investee (1)(2)(3)	$	(3,992)	$	15,188

(2) For the six months ended June 30, 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 six months ended June 30, 2025, the Company’s equity in net income of investee includes an approximate $16.1 million gain on sale of investments.

(3) The equity in (losses) earnings of investee includes the amortization of basis differences recognized during the six months ended June 30, 2026 and 2025. Basis differences represent the excess of the Company's allocated cost over its proportionate share of each investee's underlying net assets at acquisition and are amortized as a component of equity in earnings (losses) over the useful lives of the underlying assets.