As a result of the Merger, the financial information presented reflects the accounting for the transaction and includes the acquired assets and assumed liabilities from the date of acquisition. The Company accounted for the Merger as an asset acquisition given no substantive processes were acquired. Merger-related costs consisted primarily of legal and accounting fees and were allocated among the merging entities based on each entity's relative net asset value ("NAV"). These costs were paid by the respective merging entities prior to the Merger and were primarily recorded as offering costs. Valuation fees and transfer taxes were expensed as incurred. The Merger was effected through an equity exchange and no cash consideration was paid. The total consideration transferred in the Merger was measured as the fair value of equity interests issued by Fundrise eREIT, LLC to the shareholders of the merging entities.

The Company recorded the assets acquired and liabilities assumed of the non-predecessor merging entities at allocated cost based on relative fair values at the Merger Date. Equity REIT was identified as the accounting predecessor; therefore, its assets and liabilities carry forward at historical carrying amounts with no step-up to fair value. The difference between the historical accounting equity carried forward and the legal common shares issued is recorded to Common shares, net of redemptions. The merger-date purchase price allocation presented below reflects certain ownership interests contributed by the merging entities as equity method investments. Following the Merger, certain of these investees are consolidated by the Company under ASC 810, and the purchase price allocation does not reflect the effects of post-merger consolidation.


Description	Asset Acquisition Allocation
Cash and cash equivalents	$	22,773
Restricted cash	3,245
Other assets	3,563
Due from related party	23,143
Investment in equity method investees	331,583
Investment in real estate properties, net	167,707
Accounts payable and accrued expenses	(3,460)
Due to related party	(2,309)
Distributions payable	(5,964)
Redemptions payable	(36)
Other liabilities	(1,862)
Notes payable - related party	(80,388)
Mortgages payable and credit facility, net	(63,443)
Net assets acquired and liabilities assumed	$	394,552

For investments in real estate properties, the allocated cost was further assigned to the underlying identified components based on their relative fair values. The table below presents the allocation of purchase consideration attributable to the fourteen acquired investments in real estate properties in connection with the Merger (amounts in thousands):


	As of April 29, 2026
Land	$	85,770
Building and improvements	70,208
Site improvements	3,653
Furniture, fixtures, and equipment	26
Intangible lease assets	8,050
Intangible lease liabilities (1)	(1,227)
Total relative fair value	$	166,480