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Residential �Credit Strategy

Opportunistic Mezzanine Debt and Preferred Equity Investments

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Fund 1: Successful $100M Execution (2023-2024)

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Private Credit Fund

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* Annual net yield are approximately 12.5%, net of management fees and other costs.

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Track record supports investment thesis

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FUNDRISE EXPERTISE

$6B in current real estate holdings

10.3% avg annualized net returns on mezzanine and preferred equity investments since founding in 2012, and proprietary deal sourcing uniquely qualifies Fundrise for this opportunity.​

Extensive $500M+ track record in Mezzanine and Preferred lending across +50 deals with key industry participants.

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Overall firm investment track record is diversified

(owned as of 12/31/2022)

FUNDRISE EXPERTISE

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Substantial lending portfolio demonstrates expertise

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FUNDRISE EXPERTISE

Diverse real estate backed fixed income portfolio, focused on residential properties, including multifamily mezzanine debt and preferred equity, acquisition and development finance, and residential mortgage backed securities.

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Geographic focus is the high growth Sunbelt

FUNDRISE EXPERTISE

• Extensive experience, acquiring, financing, and managing over 37,000 residential units since inception throughout the Sunbelt.
• Target high growth markets, such as Dallas-Fort Worth, Phoenix, Orlando, Tampa, Houston, Atlanta, Charleston, and Las Vegas.
• Approximately 70% of all Fundrise acquisitions from 2021-2022 were in the top four fastest growing state—Texas, Florida, North Carolina, and Georgia—and more than 90% were within the Sunbelt.

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* Source: U.S. Census Bureau, Population Division. Annual and Cumulative Estimates of Resident Population Change: July 1, 2021 to July 1, 2022 (NST-EST2022-CHG).

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Broker/Lender relationships afford preferred deal access

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FUNDRISE EXPERTISE

Since inception, Fundrise has cultivated strong recurring relationships with institutional Sponsors, Brokers, and Lenders that generate quality, repeat deal flow.

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Broker Partners

Data as of 3/31/2023

Lender Partners

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Diversity of banking partners alleviates risk

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FUNDRISE EXPERTISE

Fundrise has financed with more than 30 banks over the past ten years of operations, including:

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Residential Credit Strategy

Business Plan and Pipeline

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Portfolio will focus on Fundrise areas of expertise

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OCF STRATEGY

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OCF plans to continue Fundrise’s success in mezzanine and senior preferred real estate loans on high quality multifamily assets in the Sunbelt experiencing circumstantial hardship due to higher rates to generate attractive risk-adjusted returns. Multifamily historically provides more price resilience than other real estate types, and the Sunbelt has the most favorable demographics for growth.

Pictures of example track record investments

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Robust risk mitigation based on solid credit underwriting

OCF STRATEGY

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Fundrise’s mezzanine debt and senior preferred fixed income investments/loans feature attractive risk-adjusted return given the margin of safety provided by subordinated equity combined with a fixed interest rate materially higher than the senior loan.

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Additional measures sought to further reduce risk and protect position:

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• Intercreditor / Recognition Agreement with Senior Lender
• Pledge of Partnership
• Recordation of our Investment on the Title
• Springing Guarantees
• Completion Guarantees
• Personal Guarantees
• Bad Boy Acts

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Fundrise has a decade of experience executing on this business plan with dozens of bank partners throughout the country.

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25% Equity

$25M

50% Debt

$51M

Refinance in 2023-2024

Target Investment

~25%

Mezz / Preferred

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Mezz/Sr Preferred track record is substantial

OCF STRATEGY

Since 2012, Fundrise has been a leader in multifamily mezzanine debt and senior preferred equity for both stabilized and development multifamily and horizontal multifamily deals primarily in the Sunbelt.

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Full track record available upon request.

$516.78 million

DEPLOYMENT

20,194

NUMBER �OF UNITS

90

NUMBER �OF DEALS

10.56%

AVERAGE NET INTEREST RATE

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Focus in Sunbelt maximizes market growth potential

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OCF STRATEGY

• Fastest growing cities through 2021 are still in the South and West¹
• Top five counties with largest gains in housing units are in Texas and Southern California¹
• OCF strategy reflects Fundrise’s historical geographic focus

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¹ Data according to the U.S. Census Bureau May 2022

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Our Team

Management & Key Partners

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Experienced management team

OUR TEAM

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Ben Miller

CEO + Co-Founder

Brandon Jenkins

COO + Co-Founder

Alison Staloch

CFO

Kenny Shin

CTO + Co-Founder

Amy Phillips

SVP Development

Jon Carden

CMO

Angie Chan

Head of Design + UX

Kendall Davis

SVP Investor Relations

Bjorn Hall

General Counsel

Deep expertise drawn from real estate, tech, and consumer finance

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Real estate team

OUR TEAM

Fundrise has a team of over 250 employees – including a dedicated team of nearly 100 commercial and residential real estate professionals focused on underwriting, origination, asset management, accounting, and operations of its property investments.

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Fundrise team members have experience managing day-to-day real estate execution including at:

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LEADERSHIP TEAM

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Benjamin Miller�Co-Founder & Chief Executive Officer

Mr. Miller has served as CEO and Director since inception in 2012. Mr. Miller has 24 years of experience in real estate and finance. Mr. Miller has been responsible for acquiring more than $6 billion of real estate assets, including +20,000 residential units and 3 million square feet of industrial and commercial space. Mr. Miller serves as Chairman of the Board of Directors of three public Investment Companies with nearly $1.5 billion of equity assets. Prior to co-founding Fundrise, Mr. Miller was a Managing Partner of the real estate company WestMill Capital Partners, and before that, was President of Western Development Corporation, one of the largest mixed-use real estate development companies in the Washington, DC metro area. Mr. Miller worked as an analyst for private equity real estate fund Lubert-Adler, and was part of the founding staff of Democracy Alliance, a progressive investment collaborative. Mr. Miller has a Bachelor of Arts from the University of Pennsylvania and serves on the Board of Trustees of the National Center for Children and Families.

Alison Staloch�Chief Financial Officer

As CFO, Ms. Staloch is responsible for overseeing the finance and accounting function at the company. Before joining Fundrise, Ms. Staloch served as the the Chief Accountant of the Division of Investment Management at the U.S. Securities and Exchange Commission (SEC). In this role, Ms. Staloch worked closely with Commission staff to develop recommendations for policies to ensure the full and fair disclosure of financial information by investment companies, interpretations of rules relating to the form and content of financial statements, and the establishment of uniform standards of auditing and accounting practices with respect to investment companies. Ms. Staloch also managed the accounting examination program within the Division of Investment Management which reviews and provides comments on thousands of registered investment companies’ annual financial statements and regulatory filings each year. Ms. Staloch joined the SEC in 2015 from KPMG LLP where she was as a Senior Manager in the audit practice specializing in the investment management industry. Ms. Staloch has a Masters in Accounting from the Ohio State University Fisher College of Business. Ms. Staloch is a Certified Public Accountant.

Tal Kerret�Board Director

Mr. Kerret has served as a Director of Fundrise parent, Rise Companies, Corp., since 2014. Mr. Kerret is President of Silverstein Properties, Inc. (“SPI”), the developer of the World Trade Center, and owner and operator of over $10 billion of real property. At SPI, he is responsible for managing and monitoring the company’s portfolio of assets, devising strategies for growth and acting as a liaison with investors. Mr. Kerret also oversees some of the day-to-day operations of SPI. Mr. Kerret joined SPI, in 2011, as Executive Vice President. In January 2013, Mr. Kerret was promoted to Chief Investment Officer of SPI. Prior to joining SPI, Mr. Kerret was Chairman and Co-Founder of Oberon Media, Inc., the leading casual games platform and solution provider. Mr. Kerret served as an officer in the Israeli Defense Forces for six years. Mr. Kerret holds degrees in Mathematics and Computer Science from the Tel Aviv University.

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EXECUTIVE MANAGEMENT TEAM

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Bjorn J. Hall�General Counsel

Mr. Hall has served as General Counsel, Chief Compliance Officer, and Corporate Secretary since 2014. Mr. Hall has more than 19 years of experience in law. Prior to becoming General Counsel, Mr. Hall served as a counsel at the law firm of O’Melveny & Myers LLP, where he was a member of the Corporate Finance and Securities Group. Prior to O’Melveny, Mr. Hall served as an associate at the law firm Venable, LLP, where he was a member of the Transactions Group. Mr. Hall has a Bachelor of Arts from the University of North Dakota and received a J.D. from Georgetown University Law Center.

Kenneth J. Shin�Chief Technical Officer

Mr. Shin has served as CTO since inception in March 2012. Mr. Shin has more than 20 years of experience in technology. Previously, Mr. Shin has consulted for Fortune 500 clients in financial services and technology, including Fannie Mae, Oracle, Lockheed Martin and Computer Science Corporation. Mr. Shin has also consulted for government clients including the Federal Bureau of Investigation, Department of Defense and NATO. Mr. Shin earned his Bachelor of Science in Computer Science Engineering from the University of Pennsylvania.

Brandon Tadashi Jenkins�Chief Operating Officer

Mr. Jenkins has served as Chief Operating Officer and Director since 2014. Mr. Jenkins works across teams to set the strategic direction for the business prior to which time he served as our Head of Product Development and Real Estate, which he continues to do currently. Additionally, Mr. Jenkins has served as Director of Real Estate for WestMill Capital Partners. Previously, Mr. Jenkins spent two and a half years as an investment advisor at Marcus & Millichap and worked for Westfield Corporation. Mr. Jenkins earned his Bachelor of Arts in Public Policy and Economics from Duke University.

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Whit Booth�SVP Acquisitions

Mr. Booth has worked across real estate acquisition, asset management, and valuation functions since joining Fundrise in 2014. Previously, Mr. Booth worked in debt underwriting at Walker & Dunlop and RMBS litigation in Navigant Consulting's Disputes and Investigations practice. Mr. Booth received his MBA from University of Pennsylvania’s Wharton School and his BS in Commerce from University of Virginia’s McIntire School.

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REAL ESTATE EXECUTIVE MANAGEMENT TEAM

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Melissa Bruce�Vice President of SFR Operations

Ms. Bruce serves as the Vice President of Operations for the Fundrise SFR platform and is responsible for overseeing all day-to-day management of the firm’s portfolio. Ms. Bruce has more than ten years of experience in the single-family rental industry and prior to joining Fundrise held senior management positions at both Progress Residential and FirstKey Homes, including most recently as National Manager for Resident Services. Ms. Bruce is a graduate of Kennesaw State University and lives in Atlanta, GA.

Amy Phillips�Senior Vice President of Real Estate

Amy began her career in commercial real estate with the Washington, DC based Donohoe Companies in 1999, and moved to Monument Realty, another local firm in 2004. In her career, she has managed entitlements, design and construction of over 3,000,000 SF of office, multifamily, mixed-use and hotel properties at a cost of approximately $500,000,000, including more than 2,000 multi-family units. She has managed office and multifamily building projects from the entitlement process through disposition and works closely with architects and contractors, including work in design oversight, financing, permitting, and investor and community relations. Amy also served on the Executive Committee of the Capitol Riverfront Business Improvement District for ten years. She and her husband live in Washington, DC with their son.

Caroline Payne�Vice President of Operations

Ms. Payne serves as the VP of Operations for the Real Estate Operating Platform, managing the day to day business operations and overall platform strategy. Ms. Payne has almost fifteen years of experience in operations and leading and managing teams. Prior to Fundrise, Ms. Payne acted as a management consultant for private equity firms and as a Senior Consultant for Deloitte, as well as served as a U.S. Navy pilot and advisor to senior military leaders. Ms. Payne received her MBA from the Kellogg School of Management and her undergraduate degree from the University of North Carolina at Chapel Hill.

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Amanda Wright�Senior Director of Portfolio Management

Ms. Wright is responsible for managing the Fundrise real estate team’s deployment targets and deal pipeline, and is closely involved with all capital markets activity. Ms. Wright has ten years of experience in the industry; Prior to joining the Fundrise team, she worked in investment banking at J.P. Morgan and in private equity at Link Logistics Real Estate, a Blackstone portfolio company. Ms. Wright earned her undergraduate degree in Finance and Management from Georgetown University.

Ashley Thompson�Corporate Counsel

Ms. Thompson serves as Corporate Counsel for Fundrise. Prior to joining Fundrise, Ms. Thompson was a senior associate attorney in the Real Estate practice group of Kirkland & Ellis LLP. During her time at Kirkland & Ellis, Ms. Thompson represented clients including institutional private equity firms, real estate developers, and REITs in sophisticated commercial real estate transactions. Ms. Thompson has extensive experience advising in legal matters related to the acquisition, disposition, and financing of all asset classes of commercial real estate. Ms. Thompson received her J.D. from the University of Wisconsin-Madison.

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