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Strong Q1 performance

Fundrise.com

Sent on 23 April 2024 05:33 PM

Q1 2024 LETTER TO INVESTORS

Strong first quarter results signal rebound for real estate

In our recent year-end letter to investors, we stated that we believed real estate prices had bottomed out, expecting better interest rates and strong operations to boost 2024 returns.

So far, our expectations have largely proven correct. Here are our key takeaways from the Q1 letter to investors:

Strong Q1 performance: The growth in net income has directly translated to increased property values, with the Flagship Fund generating a positive return of approximately 2.46%¹ through the first quarter. Meanwhile, the Income Fund has continued to benefit from the higher rate environment, maintaining an annualized distribution rate of 7.91%.

Buying the bottom: As a result of the sustained strong operating performance of the portfolio, weve been able to put our capital reserves to work as an active buyer through this period where prices have been arguably more attractive than at any other point in the last decade.

Looking ahead: We expect that as interest rates eventually fall over the next several years, the assets acquired during this period of depressed pricing will be one of the largest drivers of potentially outsized returns.

As self-proclaimed tortoises (not hares) we hold strongly to the belief that in the long run, patience wins out and that those investors who share that belief with us will end up seeing the best performance in the end.

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How were investing:

We believe this is the most depressed real estate market of the last 15+ years. Accordingly, were moving into buy mode and aiming to invest hundreds of millions of dollars over the coming year. As always, were focused primarily on acquiring well-located residential assets across the Sunbelt and eCommerce-driven industrial assets primed to perform.

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Disclaimers:
An investor in the Fundrise Flagship Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Funds prospectus contains this and other information about the Fund and may be obtained at fundrise.com/flagship. Investors should read the prospectus carefully before investing.

An investor in the Fundrise Income Fund should consider the investment objectives, risks, and charges and expenses of the Fund carefully before investing. The Funds prospectus contains this and other information about the Fund and may be obtained at fundrise.com/income. Investors should read the prospectus carefully before investing.

1. This return figure is the cumulative net return for the period beginning January 1, 2024 and ending March 31, 2024, including both distributions earned and change in share value, and assuming no reinvestment of distributions.

Fundrise, LLC ("Fundrise") operates a website at fundrise.comand certain mobile apps (the "Platform"). By using the Platform, you accept our Terms of Service and Privacy Policy. All images and return and projection figures shown are for illustrative purposes only, may assume additional client capital contributions over time, and are not actual Fundrise customer or model returns or projections. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All securities involve risk and may result in partial or total loss. While the data we use from third parties is believed to be reliable, we cannot ensure the accuracy or completeness of data provided by investors or other third parties. Neither Fundrise nor any of its affiliates provide tax advice and do not represent in any manner that the outcomes described herein will result in any particular tax consequence. Prospective investors should confer with their personal tax advisors regarding the tax consequences based on their particular circumstances. Neither Fundrise nor any of its affiliates assume responsibility for the tax consequences for any investor of any investment. FullDisclosure

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2024 Fundrise, LLC. All Rights Reserved. eREIT, eFund and eDirect are trademarks of Rise Companies Corp. Google Play and the Google Play logo are trademarks of Google LLC. Apple, the Apple logo and iPhone are registered trademarks of Apple Inc. Proudly designed and coded in Washington, DC.

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Strong Q1 performance: The growth in net income has directly translated to increased property values, with the Flagship Fund generating a positive return of approximately 2.46%1 through the first quarter. Meanwhile, the Income Fund has continued to benefit from the higher rate environment, maintaining an annualized distribution rate of 7.91%.

Buying the bottom: As a result of the sustained strong operating performance of the portfolio, weve been able to put our capital reserves to work as an active buyer through this period where prices have been arguably more attractive than at any other point in the last decade.

Looking ahead: We expect that as interest rates eventually fall over the next several years, the assets acquired during this period of depressed pricing will be one of the largest drivers of potentially outsized returns. As self-proclaimed tortoises (not hares) we hold strongly to the belief that in the long run, patience wins out and that those investors who share that belief with us will end up seeing the best performance in the end. Get started

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The publicly filed offering circulars of the issuers sponsored by Rise Companies Corp., not all of which may be currently qualified by the Securities and Exchange Commission, may be found atfundrise.com/oc. Fundrise takes any potential security issues seriously, and encourages the responsible and timely reporting of unknown security issues. Please send any discovered security concerns to . 11 Dupont Circle NW, 9th Floor, Washington, DC 20036 2024 Fundrise, LLC. All Rights Reserved. eREIT, eFund and eDirect are trademarks of Rise Companies Corp. Google Play and the Google Play logo are trademarks of Google LLC. Apple, the Apple logo and iPhone are registered trademarks of Apple Inc. Proudly designed and coded in Washington, DC.

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