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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\nFORM 10-Q\n\n____________________\n\n(Mark One)\n\nxQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the quarterly period ended March 31, 2026\n\nor\n\noTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ______ to ______\n\nCommission file number 333-293216\n\nFundrise eREIT, LLC\n\n(Exact name of registrant as specified in its charter)\n\nDelaware39-4909120\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\n\nIdentification No.)\n\n11 Dupont Circle NW, 9th Floor\n\nWashington, DC\n20036\n\n(Address of Principal Executive Offices)\n\n(Zip Code)\n\n(202) 584-0550\n\nRegistrant’s telephone number, including area code\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\nTitle of each classTrading SymbolName of each exchange on which registered\n\nNoneNoneNone\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes o No x\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\no\nAccelerated filer\no\n\nNon-accelerated filer\nx\nSmaller reporting company\nx\n\nEmerging growth company\nx\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x\n\nAs of June 5, 2026, there were 59,391,367 outstanding shares of common stock of Fundrise eREIT, LLC.\n\n1\n\nEXPLANATORY NOTE\n\nThe financial statements included in this Quarterly Report on Form 10-Q of Fundrise eREIT, LLC (the “Company”) include the Company's balance sheet as well as the financial condition and results of operations of Fundrise Equity REIT, LLC (“Equity REIT”), which has been identified as the accounting predecessor to the Company.\n\nOn April 29, 2026 (the “Merger Date”), Equity REIT and several other affiliated real estate investment trusts (\"REITs\") merged, with the Company surviving the merger (the “2026 Merger”). Although the Company is the legal successor entity, Equity REIT was determined to be the accounting acquirer and accounting predecessor for financial reporting purposes. Accordingly, the Company’s financial statements for periods prior to the Merger Date present the historical financial condition and results of operations of Equity REIT.\n\n1\n\nTABLE OF CONTENTS\n\nPage\n\n[Statements Regarding Forward-Looking Information](#i89794f8416e84282be52e3ade71e928c_13)\n\n[3](#i89794f8416e84282be52e3ade71e928c_13)\n\n[PART I](#i89794f8416e84282be52e3ade71e928c_16)\n\n[FINANCIAL INFORMATION](#i89794f8416e84282be52e3ade71e928c_16)\n\n[5](#i89794f8416e84282be52e3ade71e928c_16)\n\n[Item 1.](#i89794f8416e84282be52e3ade71e928c_19)\n\n[Unaudited Financial Statements](#i89794f8416e84282be52e3ade71e928c_19)\n\n[5](#i89794f8416e84282be52e3ade71e928c_19)\n\nFundrise eREIT, LLC\n\n[Condensed Balance Sheets (unaudited) as of March 31, 2026 and December 31, 2025](#i89794f8416e84282be52e3ade71e928c_22)\n\n[6](#i89794f8416e84282be52e3ade71e928c_22)\n\n[Notes to Condensed Balance Sheets (unaudited)](#i89794f8416e84282be52e3ade71e928c_25)\n\n[7](#i89794f8416e84282be52e3ade71e928c_25)\n\nFundrise Equity REIT, LLC (the Predecessor)\n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 (unaudited) and December 31, 2025](#i89794f8416e84282be52e3ade71e928c_52)\n\n[12](#i89794f8416e84282be52e3ade71e928c_52)\n\n[Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (unaudited)](#i89794f8416e84282be52e3ade71e928c_55)\n\n[13](#i89794f8416e84282be52e3ade71e928c_55)\n\n[Condensed Consolidated Statement of Members’ Equity for the three months ended March 31, 2026 (unaudited)](#i89794f8416e84282be52e3ade71e928c_58)\n\n[14](#i89794f8416e84282be52e3ade71e928c_58)\n\n[Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (unaudited)](#i89794f8416e84282be52e3ade71e928c_61)\n\n[15](#i89794f8416e84282be52e3ade71e928c_61)\n\n[Notes to Condensed Consolidated Financial Statements (unaudited)](#i89794f8416e84282be52e3ade71e928c_64)\n\n[16](#i89794f8416e84282be52e3ade71e928c_64)\n\n[Item 2.](#i89794f8416e84282be52e3ade71e928c_115)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i89794f8416e84282be52e3ade71e928c_115)\n\n[32](#i89794f8416e84282be52e3ade71e928c_115)\n\n[Item 3.](#i89794f8416e84282be52e3ade71e928c_145)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i89794f8416e84282be52e3ade71e928c_145)\n\n[43](#i89794f8416e84282be52e3ade71e928c_145)\n\n[Item 4.](#i89794f8416e84282be52e3ade71e928c_148)\n\n[Controls and Procedures](#i89794f8416e84282be52e3ade71e928c_148)\n\n[43](#i89794f8416e84282be52e3ade71e928c_148)\n\n[PART II](#i89794f8416e84282be52e3ade71e928c_151)\n\n[OTHER INFORMATION](#i89794f8416e84282be52e3ade71e928c_151)\n\n[44](#i89794f8416e84282be52e3ade71e928c_151)\n\n[Item 1.](#i89794f8416e84282be52e3ade71e928c_154)\n\n[Legal Proceedings](#i89794f8416e84282be52e3ade71e928c_154)\n\n[44](#i89794f8416e84282be52e3ade71e928c_154)\n\n[Item 1A.](#i89794f8416e84282be52e3ade71e928c_157)\n\n[Risk Factors](#i89794f8416e84282be52e3ade71e928c_157)\n\n[44](#i89794f8416e84282be52e3ade71e928c_157)\n\n[Item 2.](#i89794f8416e84282be52e3ade71e928c_160)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds](#i89794f8416e84282be52e3ade71e928c_160)\n\n[44](#i89794f8416e84282be52e3ade71e928c_160)\n\n[Item 3.](#i89794f8416e84282be52e3ade71e928c_163)\n\n[Defaults Upon Senior Securities](#i89794f8416e84282be52e3ade71e928c_163)\n\n[44](#i89794f8416e84282be52e3ade71e928c_163)\n\n[Item 4.](#i89794f8416e84282be52e3ade71e928c_166)\n\n[Mine Safety Disclosures](#i89794f8416e84282be52e3ade71e928c_166)\n\n[45](#i89794f8416e84282be52e3ade71e928c_166)\n\n[Item 5.](#i89794f8416e84282be52e3ade71e928c_169)\n\n[Other Information](#i89794f8416e84282be52e3ade71e928c_169)\n\n[45](#i89794f8416e84282be52e3ade71e928c_169)\n\n[Item 6.](#i89794f8416e84282be52e3ade71e928c_172)\n\n[Exhibits](#i89794f8416e84282be52e3ade71e928c_172)\n\n[45](#i89794f8416e84282be52e3ade71e928c_172)\n\n[Signatures](#i89794f8416e84282be52e3ade71e928c_175)\n\n[46](#i89794f8416e84282be52e3ade71e928c_175)\n\n2\n\nSTATEMENTS REGARDING FORWARD-LOOKING INFORMATION\n\nWe make statements in this Quarterly Report on Form 10-Q (the “Quarterly Report”) that are considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The words “believe,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “seek,” “may,” and similar expressions or statements regarding future periods are intended to identify forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of complying with those safe harbor provisions. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any predictions of future results, performance or achievements that we express or imply in this Quarterly Report or in the information incorporated by reference into this Quarterly Report.\n\nThe forward-looking statements included in this Quarterly Report are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties, and accordingly we can give no assurance that such expectations, plans, estimates, assumptions and beliefs are correct or will be achieved. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance may differ materially from those set forth in the forward-looking statements. Factors that could have a material adverse effect on our operations and future prospects include, but are not limited to:\n\n•risks associated with the 2026 Merger, including the integration of the businesses and achieving expected revenue synergies or cost savings as a result of the 2026 Merger and unexpected costs or unexpected liabilities that may arise from the 2026 Merger;\n\n•the ability of Rise Companies Corp. (the \"Sponsor\") to attract and retain members to its investment platform;\n\n•risks associated with breaches of our data security;\n\n•public health crises, pandemics and epidemics;\n\n•climate change and natural disasters that could adversely affect our properties and our business;\n\n•changes in economic conditions generally and in the real estate and securities markets specifically;\n\n•uncertainty regarding geopolitical tensions, tariff and trade policies and impacts from any such policies;\n\n•limited ability to dispose of assets because of the relative illiquidity of real estate investments;\n\n•intense competition in the real estate market that may limit our ability to attract or retain tenants or re-lease space;\n\n•defaults on or non-renewal of leases by tenants;\n\n•increased inflation and related impacts, including increased interest rates and operating costs;\n\n•our failure to obtain necessary outside financing;\n\n•decreased rental rates or increased vacancy rates;\n\n•the risk associated with potential breach or expiration of a ground lease, if any;\n\n•difficulties in identifying properties to complete, and consummating, real estate acquisitions, developments, joint ventures and dispositions;\n\n•our failure to successfully operate acquired properties and operations;\n\n•exposure to liability relating to environmental and health and safety matters;\n\n•changes in real estate and zoning laws and increases in real property tax rates;\n\n•our failure to maintain our status as a REIT;\n\n•failure of acquisitions to yield anticipated results;\n\n3\n\n•risks associated with derivatives or hedging activity;\n\n•our level of debt and the terms and limitations imposed on us by our debt agreements;\n\n•the need to invest additional equity in connection with debt refinancings as a result of reduced asset values;\n\n•our ability to retain our executive officers and other key personnel of our advisor, our property manager and their affiliates;\n\n•expected rates of return provided to investors;\n\n•the ability of the Sponsor and its affiliates to source, originate and service our loans and other assets, and the quality and performance of these assets;\n\n•our ability to retain and hire competent employees and appropriately staff our operations;\n\n•legislative or regulatory changes impacting our business or our assets (including changes to the laws governing the taxation of REITs);\n\n•changes in business conditions and the market value of our assets, including changes in interest rates, prepayment risk, operator or borrower defaults or bankruptcy, and generally the increased risk of loss if our investments fail to perform as expected;\n\n•our ability to implement effective conflicts of interest policies and procedures among the various real estate investment opportunities sponsored by the Sponsor;\n\n•our ability to access sources of liquidity when we have the need to fund redemptions of common shares in excess of the proceeds from the sales of our common shares in our offerings or funds from our operations and the consequential risk that we may not have the resources to satisfy redemption requests; and\n\n•our compliance with applicable local, state and federal laws, including the Investment Advisers Act of 1940, as amended (the “Advisers Act”), the Investment Company Act of 1940, as amended (the \"Investment Company Act\") and other laws; and\n\n•the other risks identified in this Quarterly Report and in our Annual Report on Form 1-K which may be accessed [here](https://www.sec.gov/Archives/edgar/data/1648956/000110465926029578/tm268589d1_partii.htm#partii_008), including, without limitation, those under headings \"Business\" and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and in the Company’s information statement/prospectus pursuant to Rule 424(b) of the Securities Act on April 27, 2026 (the “Prospectus”) which may be accessed [here](https://www.sec.gov/Archives/edgar/data/2093809/000110465926049386/tm264380-9_424b3.htm), including, without limitation, those under headings \"Risk Factors,\" \"Description of Fundrise eREIT's Business and Properties,\" \"Management's Discussion and Analysis of Financial Condition and Results of Operations of Fundrise Equity REIT, LLC.\n\nAny of the assumptions underlying forward-looking statements could be inaccurate. You are cautioned not to place undue reliance on any forward-looking statements included in this Quarterly Report. All forward-looking statements are made as of the date of this Quarterly Report and the risk that actual results will differ materially from the expectations expressed in this Quarterly Report will increase with the passage of time. We undertake no obligation to publicly update or revise any forward-looking statements after the date of this Quarterly Report, whether as a result of new information, future events, changed circumstances or any other reason. In light of the significant uncertainties inherent in the forward-looking statements included in this Quarterly Report, the inclusion of such forward-looking statements should not be regarded as a representation by us or any other person that the objectives and plans set forth in this Quarterly Report will be achieved.\n\n4\n\nPART I - FINANCIAL INFORMATION"}