UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Fundrise Innovation Fund, LLC

Investment Company Act file number 811-23708

11 Dupont Circle NW, 9th Floor
Washington, D.C. 20036
(Address of Principal Executive Offices)

(202) 584-0550
(Registrant’s Area Code and telephone number)

Bjorn J. Hall
Rise Companies Corp.
11 Dupont Circle NW, 9th Floor
Washington, D.C. 20036
(Name and Address of Agent for Service)

Copies to:

Elizabeth J. Reza
Ropes & Gray LLP
800 Boylston Street
Boston, Massachusetts 02199

Date of fiscal year end: March 31

Date of reporting period: April 1, 2025 through March 31, 2026

Explanatory Note: The registrant is filing this amendment to its filing on Form N-CSR for the year ended March 31, 2026, which was originally filed with the Securities and Exchange Commission on June 2, 2026 (Accession Number 0001435109-26-000093), solely to include the required xbrl in-line tagging.

Item 1. Reports to Stockholders.

(a)

Fundrise Innovation Fund, LLC

Annual Report

For the Year Ended

March 31, 2026

TABLE OF CONTENTS

Management Discussion of Fund Performance (Unaudited)	3
Performance Chart and Analysis (Unaudited)	5
Portfolio Composition	6
Schedule of Investments	7
Statement of Assets and Liabilities	10
Statement of Operations	11
Statements of Changes in Net Assets	12
Statement of Cash Flows	13
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	29
Shareholder Update (Unaudited)	30
Additional Information (Unaudited)	46

FUNDRISE INNOVATION FUND, LLC

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

MARCH 31, 2026

Dear Fellow Shareholders,

We are pleased to present the annual report of the Fundrise Innovation Fund, LLC (the “Fund”). After the Fund’s third full year of operations, we continue to be excited about the strength of the portfolio and the outlook for the Fund moving forward. The first quarter of 2026 was a memorable one with the historical listing of the Fund (ticker: VCX) on the New York Stock Exchange. The Fund saw an initial listing that exceeded even our most optimistic expectations (more on this below), with the market price appreciating +319.04% from the listing date of March 19, 2026 through the year ended March 31, 2026. For the year ended March 31, 2026, the Fund returned +68.39% on net asset value, driven by continued exceptional growth from our portfolio companies. The portfolio as it exists today is a meticulously curated and intentionally concentrated collection of companies that we continue to believe are “the” category defining businesses in their respective industries. As of March 31, 2026, these category leading companies account for the majority of the value in the Fund, with a particular concentration among the top 5-10 companies.

We expect the category leading nature of these companies to continue to drive attractive returns going forward, but with the illiquid nature of the asset class, there may be a lag between underlying company growth and fund net asset value performance. The Fund returned +68.39% during the year ended March 31, 2026. The Cambridge Associates LLC U.S. Venture Capital Index (the “Index”) returned +5.67% in the third calendar quarter of 2025 and +4.29% for the second calendar quarter of 2025. The Fund returned +20.72% and +8.30% in those respective periods. The Index tracks thousands of U.S.-based venture capital funds. The private nature of these funds, the lag in reporting and aggregation of their data precludes it as a formal benchmark, but given our focus on the private markets, we believe the Index is the most relevant comparison. While we do not have Index data for the first calendar quarter of 2026 or the fourth calendar quarter of 2025 and the third calendar quarter of 2025 data is only preliminary, we anticipate that our deliberate approach to deployment allowed us to outperform the Index by a significant margin.

AI continues to be a central theme of the Fund as it has been since it was launched in 2022. In 2025 we saw the explosion of AI and all things AI related, moving the conversation from being one about the hypothetical potential of an innovative, yet unproven technology, to being focused on its emergence as the central driver of not only the US but world economy. Whether it was cutting-edge product releases from frontier research labs, new all-time highs for big tech stocks, or unprecedented infrastructure investments in data center development, 2025 was the year of AI.

VCX listing

As we’ve shared previously, we believe the listing of the Fundrise Innovation Fund (now VCX) was a historic moment not just for shareholders in the Fund, but for the core idea behind Fundrise itself – that fundamentally, individuals deserve access to the same high-quality investments that have driven the returns of institutions and the ultra wealthy for years.

Despite our strong convictions, many of you know that we received a great deal of skepticism around the listing, with many critics confidently asserting that there would be little interest from the public market. Many, including some of the proclaimed experts in the industry, also told us it was a bad idea because the Fund would inevitably trade poorly.

At this point, we feel it’s safe to say that they were wrong. In fact, it traded at a huge premium, even at one point trading above $500 per share. This level of volatility attracted, and will continue to bring, scrutiny by the market and regulators, like the SEC, FINRA, and seemingly everyone else, as they work to understand it. We got questions and requests related not just to the trading activity, but also to the lockup and the holdings. VCX is novel. We welcome the review and believe that public venture capital will eventually become widespread and normal, but it will take time and continued execution.

But, ultimately, it isn’t the trading price over any near term period that matters. As Buffett would say, the market is a voting machine in the short run, but a weighing machine in the long run. Our job, as managers, is to deliver long-term performance by continuing to invest in the best private technology companies.

As one investor put it, for maybe the first time ever, the individual retail investor got to be on the right side of the trade.

What does matter is that 100,000 individual investors in the Fund were given the opportunity to participate in this milestone. And while we hope that the success of VCX ultimately translates to good outcomes for the broader Fundrise platform, the real tangible benefits of the listing went to individual investors, those of you who helped create Fundrise in the first place – not us as the management team, and most importantly not a bunch of hedge funds and institutional investors seeking to flip shares and make a quick buck.

FUNDRISE INNOVATION FUND, LLC

MANAGEMENT DISCUSSION OF FUND PERFORMANCE (UNAUDITED)

MARCH 31, 2026

We’ve also been humbled to receive an outpouring of personal notes and letters from investors who’ve shared their remarkable stories of what the success of the listing has meant for them. Some shared that they experienced financial returns that have been life changing in nature; retiring parents, getting rid of long-standing debt, or paying for their entire weddings!

This is why we started Fundrise in the first place, and it’s these stories that drive our team to do what we do.

Looking ahead

We typically end all of our investor letters looking ahead and sharing with investors our views on where the macroeconomy and our own portfolio may be heading. It’s an exercise that always feels a bit ironic given we tend to invest from a position of recognizing that it’s dangerous to get overconfident in one’s ability to predict the future.

After a momentous first calendar quarter of 2026, it feels today as if the spectrum of outcomes in front of us is as wide and varied as it’s been at any point in the history of the company. We are in the midst of the first military conflict in decades that arguably has the very real potential to spill over into a full fledged global war, while also propelling the entire world economy into recession.

At the same time, leading AI companies seem to be confident that we are rapidly approaching AGI – a world where AI intelligence vastly outperforms humans, completely upending the norms about everyday life that have been in place since the industrial revolution.

Massive downside risk with extreme upside potential. Global depression or a singularity driven explosion of living standards – how does one prepare for both?

Though we’re cognizant of the naïveté of the sentiment, we believe that it’s our responsibility to do the best we can to position the portfolio and our investors for the potential of either outcome.

Through VCX we are aiming to capture for our investors a meaningful portion of the massive value creation being driven by AI. Every few years, we reach certain milestones that feel more significant in some ways – marks of having fulfilled another major step in what may be an endless pursuit of the bigger vision. This past quarter has felt like one of those milestones, and as always, we are extremely appreciative of the support and confidence all our investors have given us.

Onward,

Ben Miller

Chief Executive Officer

Fundrise Advisors, LLC

Past performance does not guarantee future results. Current and future holdings are subject to risk.

As with any stock, the price of the fund’s common shares will fluctuate with market conditions and other factors. Shares of closed-end management investment companies frequently trade at a price that is less than (a “discount”) or more than (a “premium”) their net asset value. If the fund’s shares trade at a premium to net asset value, there is no assurance that any such premium will be sustained for any period of time and will not decrease, or that the shares will not trade at a discount to net asset value thereafter. Additionally, the fund’s distribution rate may be affected by numerous factors, including changes in realized and projected market returns, fund performance, and other factors. There can be no assurance that a change in market conditions or other factors will not result in a change in the fund distribution rate at a future time.

Listed closed-end funds, unlike open-end funds, are not continuously offered. Shares are sold on the open market through a stock exchange. Closed-end funds may be leveraged and carry various risks depending upon the underlying assets owned by a fund. Investment policies, management fees and other matters of interest to prospective investors may be found in each closed-end fund annual and semi-annual report.

FUNDRISE INNOVATION FUND, LLC

PERFORMANCE CHART AND ANALYSIS (UNAUDITED)

MARCH 31, 2026

Performance Chart and Analysis

The following reflects the change in the value of a hypothetical $10,000 investment, including reinvested dividends and distributions, in the Fundrise Innovation Fund, LLC compared with the performance of the benchmarks, NASDAQ Composite Index and the BVP NASDAQ Emerging Cloud Index, for the period July 25, 2022* through March 31, 2026.

Average Annual Total Returns	One Year			Since Inception*
Fundrise Innovation Fund, LLC - NAV		68.39	%		19.45	%
Fundrise Innovation Fund, LLC - Market Price		N/A			319.04	%
NASDAQ Composite Index		24.81	%		17.86	%
BVP NASDAQ Emerging Cloud Index		(15.33	)%		(1.39	)%

The performance data quoted is historical. Past performance is no guarantee of future results. The performance table and graph do not reflect any taxes that a shareholder would pay on Fund dividends, capital gain distributions, if any, or any realized gains on the sale of Fund shares. The investment return, market price, and principal value of an investment will fluctuate. An investor’s shares, when sold, may be worth more or less than the original cost. Total returns are calculated using closing Net Asset Value as of March 31, 2026 and are calculated assuming reinvestment of all dividends and distributions.

* The Fund commenced investment operations on July 25, 2022. The Fund’s shares of common stock commenced trading on the New York Stock Exchange, LLC on March 19, 2026 at $31.25 per share. Total Return on Market Price is based on the period from March 19, 2026 to March 31, 2026.

The NASDAQ Composite Index is an unmanaged stock market index which includes almost all stocks listed on the NASDAQ stock exchange and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

The BVP NASDAQ Emerging Cloud Index is an unmanaged index that tracks the performance of emerging public companies primarily involved in providing cloud software to their customers and includes the reinvestment of all dividends. Investors cannot invest directly in an index or benchmark.

The Fund’s most recent annualized distribution rate as of March 31, 2026, was 0.14%⁽¹⁾ . All distributions made during the year ended March 31, 2026 were from capital gain.

⁽¹⁾

Distribution rate is based on an annualization of the distributions per share for the 31 days of January 2026.

FUNDRISE INNOVATION FUND, LLC

PORTFOLIO COMPOSITION

MARCH 31, 2026

TOP TEN HOLDINGS

The following table below shows the Fund’s ten largest investments by economic issuer, excluding short-term holdings, including each investment’s fair value and its percentage of the Fund’s total net assets.

Description	Value as of March 31, 2026		% of Net Assets
Anthropic, PBC⁽¹⁾	$	112,418		16.5	%
Databricks, Inc. ⁽¹⁾		95,736		14.1	%
OpenAI Group PBC⁽¹⁾		84,163		12.4	%
Anduril Industries, Inc. ⁽¹⁾		37,581		5.5	%
Ramp Business Corp.		27,741		4.1	%
Space Exploration Technologies Corp. ⁽¹⁾		26,856		4.0	%
Flock Group, Inc.		23,416		3.5	%
Epic Games, Inc.		19,180		2.8	%
dbt Labs, Inc.		15,000		2.2	%
SWITCH Data Centers - SWCH 2025-DATA E		12,316		1.8	%
Total Top Ten	$	454,407		66.9	%

⁽¹⁾

All or a portion of the Fund’s economic exposure to this portfolio company is held indirectly through one or more co-investment vehicles, special purpose vehicles, or other investment vehicles, as described in the Shareholder Update, Item 2 - Principal Risks of the Fund, General SPV Risks and General CIV Risks; the remainder is held directly.

PORTFOLIO COMPOSITION

The following chart provides a visual breakdown of the Fund, by the industry sectors that the underlying securities represent, as a percentage of total investments.

FUNDRISE INNOVATION FUND, LLC

SCHEDULE OF INVESTMENTS

MARCH 31, 2026

(Amounts in thousands)

Description	Par/Shares		Security Type	Value as of March 31, 2026		% of Net Assets
Technology Private Equity Portfolio Companies
Artificial Intelligence
Anthropic, PBC^(1)(2)(3)(4)		N/A	Co-Investment Vehicles	$	112,418		16.5	%
OpenAI Group PBC^(1)(2)(3)(4)		N/A	Co-Investment Vehicles		84,163		12.4	%
Databricks, Inc.^(1)(2)(4)(5)		N/A	SPV		72,480		10.7	%
Anduril Industries, Inc.^(1)(2)(3)(4)		N/A	Co-Investment Vehicle		30,231		4.5	%
Space Exploration Technologies Corp.^(1)(2)(3)(4)		5	SPV		26,856		4.0	%
Databricks, Inc.^(1)(2)(3)		122	Common Stock		23,256		3.4	%
Flock Group, Inc.^(1)(2)(3)		631	Class B - Preferred Stock		9,557		1.4	%
Anduril Industries, Inc.^(1)(2)(3)		76	Series Seed - Preferred Stock		7,350		1.1	%
Flock Group, Inc.^(1)(2)(3)		440	Class A - Preferred Stock		6,661		1.0	%
Flock Group, Inc.^(1)(2)(3)		373	Class A First SAFE - Preferred Stock		5,639		0.8	%
Visual Layer, Inc.^(1)(2)(3)(6)		N/A	Simple Agreement for Future Equity		5,000		0.7	%
AI-LLM, LLC^(1)(2)(3)		N/A	Co-Investment Vehicle		3,105		0.5	%
Handshake^(1)(2)(3)		38	Series C - Preferred Stock		2,814		0.4	%
Anyscale, Inc.^(1)(2)(3)		511	Common Stock		2,494		0.4	%
Intercom, Inc.^(1)(2)(3)		45	Common Stock		2,385		0.4	%
Flock Group, Inc.^(1)(2)(3)		103	Class C - Preferred Stock		1,559		0.2	%
Handshake^(1)(2)(3)		8	Series D - Preferred Stock		601		0.1	%
Intercom, Inc.^(1)(2)(3)		8	Series A - Preferred Stock		417		0.1	%
Risotto^(1)(2)(3)(7)		261	Series Seed 2 - Preferred Stock		375		0.0	%
Luminos, Inc.^(1)(2)(3)(7)		170	Series Seed 2 - Preferred Stock		285		0.0	%
Risotto^(1)(2)(3)(7)		87	Series Seed 1 - Preferred Stock		125		0.0	%
Luminos, Inc.^(1)(2)(3)(7)		47	Series Seed 1 - Preferred Stock		79		0.0	%
Gumloop^(1)(2)(3)(7)		5	Series A-2 - Preferred Stock		22		0.0	%
Total Artificial Intelligence (Cost $190,263)				$	397,872		58.6	%
Financial Technology
Ramp Business Corp.^(1)(2)(3)		149	Series A-2 - Preferred Stock	$	13,365		2.0	%
Ramp Business Corp.^(1)(2)(3)		133	Series C-1 - Preferred Stock		12,000		1.8	%
Erebor Bank, N.A.^(1)(2)(3)		19	Series B - Preferred Stock		5,000		0.7	%
Ramp Business Corp.^(1)(2)(3)		26	Common Stock		2,376		0.3	%
Stripe, Inc.^(1)(2)(3)		10	Common Stock		618		0.1	%
Total Financial Technology (Cost $21,253)				$	33,359		4.9	%
Data Infrastructure
dbt Labs, Inc.^(1)(2)(3)(8)		441	Series D - Preferred Stock	$	15,000		2.2	%
Vanta, Inc.^(1)(2)(3)		555	Series B-1 - Preferred Stock		10,116		1.5	%
Immuta, Inc.^(1)(2)(3)		80	Common Stock		1,022		0.2	%
DittoLive, Inc.^(1)(2)(3)		73	Series B - Preferred Stock		1,000		0.2	%
Omni Analytics, Inc.^(1)(2)(3)		58	Series B-1 - Preferred Stock		588		0.1	%
Hightouch^(1)(2)(3)		12	Common Stock		583		0.1	%
Hightouch^(1)(2)(3)(7)		2	Series C - Preferred Stock		100		0.0	%
Total Data Infrastructure (Cost $22,890)				$	28,409		4.3	%
Gaming/Entertainment
Epic Games, Inc.^(1)(2)(3)		43	Common Stock	$	19,180		2.8	%
Total Gaming/Entertainment (Cost $19,180)				$	19,180		2.8	%
Vertical/Horizontal Software
Canva, Inc.^(1)(2)(3)		6	Common Stock	$	9,599		1.4	%
Total Vertical/Horizontal Software(Cost $6,220)				$	9,599		1.4	%
Biotechnology
Loyal Animal Health, Inc.^(1)(2)(3)		780	Series C - Preferred Stock	$	9,560		1.4	%
Total Biotechnology (Cost $9,560)				$	9,560		1.4	%

See accompanying notes to financial statements.

FUNDRISE INNOVATION FUND, LLC

SCHEDULE OF INVESTMENTS (CONTINUED)

MARCH 31, 2026

Description	Par/Shares		Security Type	Value as of March 31, 2026		% of Net Assets
Property Technology
Inspectify, Inc.^(1)(2)(3)(9)		1,295	Series A-5 - Preferred Stock	$	5,000		0.7	%
Rhino Labs, Inc.^(1)(2)(3)		10	Series P - Preferred Stock		1,023		0.2	%
Inspectify, Inc.^{(1)(2)(3)(6)(9)}		N/A	Simple Agreement for Future Equity		1,000		0.2	%
Rhino Labs, Inc.^(1)(2)(3)(7)		300	Series D-1A - Preferred Stock		250		0.0	%
Rhino Labs, Inc.^(1)(2)(3)(7)		170	Series D-1 - Preferred Stock		141		0.0	%
Total Property Technology (Cost $7,391)				$	7,414		1.1	%
Total Technology Private Equity Portfolio Companies (Cost $276,757)				$	505,393		74.5	%
Technology Fixed Income
SWITCH Data Centers - SWCH 2025-DATA E, 7.01%(3.34% + SOFR), 02/15/27^(10)(11)	$	12,500	Commercial Mortgage-Backed Security	$	12,316		1.8	%
QTS Data Centers - BX 2025-VOLT C, 6.02%(2.35% + SOFR), 12/15/27^(10)(11)(12)		10,000	Commercial Mortgage-Backed Security		9,962		1.5	%
QTS Data Centers - BX 2025-VLT6 E, 6.86%(3.19% + SOFR), 03/15/27^(10)(11)		10,000	Commercial Mortgage-Backed Security		9,938		1.5	%
Vantage Data Centers - VDCM 2025-AZ D, 5.81%, 07/13/30^(10)(13)		9,000	Commercial Mortgage-Backed Security		9,097		1.4	%
QTS Data Centers - BX 2025-VLT7 D, 6.92%(3.25% + SOFR), 07/15/27^(10)(11)(12)		7,000	Commercial Mortgage-Backed Security		6,969		1.0	%
QTS Data Centers - BX 2025-VLT7 E, 7.42%(3.75% + SOFR), 07/15/27^(10)(11)(12)		7,000	Commercial Mortgage-Backed Security		6,954		1.0	%
EdgeCore Data Centers - ECORE 2025-1A B, 4.55%, 07/25/30⁽¹⁰⁾		6,000	Commercial Mortgage-Backed Security		5,559		0.8	%
QTS Data Centers - BX 2025-VLT6 D, 6.26%(2.59% + SOFR), 03/15/27^(10)(11)		5,000	Commercial Mortgage-Backed Security		4,956		0.7	%
Total Technology Fixed Income (Cost $66,131)				$	65,751		9.7	%
Promissory Note
Promissory Note - Theory Ventures, 10.00%, 04/28/33^(2)(3)(14)		5,000	Promissory Note	$	4,732		0.7	%
Total Promissory Note (Cost $4,732)				$	4,732		0.7	%
Short-Term Investment
JP Morgan U.S. Treasury Plus Money Market Fund, Capital Shares, 3.62%⁽¹⁵⁾		38,310	Money Market Fund	$	38,310		5.6	%
Total Short-Term Investment (Cost $38,310)				$	38,310		5.6	%
Total investments, at value (Cost $385,930)				$	614,186		90.5	%
Other assets in excess of liabilities					64,732		9.5	%
Total Net Assets				$	678,918		100.0	%

LLC

Limited Liability Company

Limited Partnership

	⁽¹⁾	Non-income producing investment.
	⁽²⁾	Restricted security. The aggregate value of restricted securities at March 31, 2026 is approximately $510,125 (amount in thousands) and represents approximately 75.2% of net assets. See Note 2, Summary of Significant Accounting Policies for additional information.
	⁽³⁾	Investments classified as Level 3 within the three-tier fair value hierarchy. See Note 2, Summary of Significant Accounting Policies - Fair Value Measurement for an explanation of this hierarchy, as well as a list of significant unobservable inputs used in the valuation of these instruments.
	⁽⁴⁾	Investment held through one or more co-investment vehicles, special purpose vehicles, or other investment vehicles, of which the named investment is the sole underlying portfolio investment. If applicable, shares listed indicate shares of the special purpose vehicle. See Shareholder Update, Item 2 - Principal Risks of the Fund, General SPV Risks and General CIV Risks.
	⁽⁵⁾	Investment valued using net asset value per share (or its equivalent) as a practical expedient. See Note 2, Summary of Significant Accounting Policies - Fair Value Measurement for additional information.
	⁽⁶⁾	This Simple Agreement for Future Equity (“SAFE”) will convert into preferred shares upon an equity financing. The number of shares issued upon conversion is determined by dividing the Fund’s cost of investment by a conversion price, which is based on the applicable discount or SAFE price.
	⁽⁷⁾	Value is less than 0.05% of Total Net Assets.
	⁽⁸⁾	As of March 31, 2026, dbt Labs, Inc. had announced a proposed merger with Fivetran, Inc. that had not yet closed.
	⁽⁹⁾	Investment in an affiliate. See Note 5, Investment Manager Fees and Other Related Party Transactions for additional information.
	⁽¹⁰⁾	Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold to qualified institutional buyers in transactions exempt from registration. The aggregate value of these securities at March 31, 2026 is approximately $65,751 (amount in thousands) and represents approximately 9.7% of net assets.
	⁽¹¹⁾	This investment has a floating interest rate. Coupon rate, reference index and spread shown at March 31, 2026.
	⁽¹²⁾	All or a portion of this security has been pledged as collateral for securities sold under agreement to repurchase. See Note 7, Reverse Repurchase Agreements for additional information.
	⁽¹³⁾	This investment has a variable interest rate which adjusts periodically based on changes in current interest rates. Coupon rate shown at March 31, 2026.
	⁽¹⁴⁾	As of March 31, 2026, the Fund had total unfunded capital commitments of $599 (amount in thousands) for the promissory note investment.
	⁽¹⁵⁾	Rate disclosed is representative of the seven-day effective yield as of March 31, 2026.

See accompanying notes to financial statements.

FUNDRISE INNOVATION FUND, LLC

SCHEDULE OF INVESTMENTS (CONTINUED)

MARCH 31, 2026

(Amounts in thousands)

Reverse Repurchase Agreements
Counterparty	Settlement Date	Maturity Date	Interest % (Borrowing Rate)	Principal		Payable (Including Accrued Interest)
Barclays Bank PLC	03/02/26	04/02/26	4.77%	$	4,883	$	(4,902	)
Barclays Bank PLC	03/02/26	04/02/26	4.67%		5,198		(5,218	)
Barclays Bank PLC	03/02/26	04/02/26	4.62%		5,737		(5,759	)
Total				$	15,818	$	(15,879	)

See accompanying notes to financial statements.

FUNDRISE INNOVATION FUND, LLC

STATEMENT OF ASSETS AND LIABILITIES
MARCH 31, 2026

(Amounts in thousands, except share and per share data)

Assets
Investments in unaffiliated entities, at fair value (Cost $380,930)	$	608,186
Investments in non-controlled affiliated entities, at fair value (Cost $5,000)		6,000
Cash		75,717
Other assets		10,450
Interest and dividend receivable from unaffiliated investments		632
Prepaid expenses		508
Total Assets	$	701,493

Liabilities
Payable for reverse repurchase agreements	$	15,879
Deferred tax liability, net		3,850
Accounts payable and accrued expenses		1,529
Management fees payable		1,099
Current tax liability		164
Distributions payable		42
Redemptions payable		12
Total Liabilities	$	22,575

Commitments and Contingencies⁽¹⁾

Total Net Assets	$	678,918

Components of Net Assets
Paid-in capital	$	456,723
Distributable earnings		222,195
Total Net Assets	$	678,918

Net Asset Value
Net Assets	$	678,918
Common shares outstanding as of March 31, 2026; unlimited shares authorized		35,797,138
Net Asset Value Per Share	$	18.97

⁽¹⁾

See Note 2, Summary of Significant Accounting Policies for additional information.

See accompanying notes to financial statements.

FUNDRISE INNOVATION FUND, LLC

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED MARCH 31, 2026

(Amounts in thousands)

Investment Income
Interest income from unaffiliated investments	$	3,391
Dividend income from unaffiliated investments		1,390
Total Investment Income	$	4,781

Expenses
Management fees	$	6,870
Marketing expenses		1,351
Miscellaneous expenses		894
Management fees recouped by the Adviser		724
Professional fees		622
Custody fees		301
Transfer agent fees		243
Interest expense		203
Directors’ fees		135
Total Expenses	$	11,343

Net Investment Income (Loss)	$	(6,562	)

Net Realized and Unrealized Gain (Loss) from Investments
Net realized gain (loss) from unaffiliated investments	$	5,800
Net change in unrealized appreciation/depreciation from unaffiliated investments		196,179
Net change in unrealized appreciation/depreciation from deferred tax benefit (expense)		1,811
Total Net Realized and Unrealized Gain (Loss) from Investments	$	203,790

Net Increase (Decrease) in Net Assets Resulting from Operations	$	197,228

See accompanying notes to financial statements.

FUNDRISE INNOVATION FUND, LLC

STATEMENTS OF CHANGES IN NET ASSETS

(Amounts in thousands)

	For the Years Ended March 31,
	2026			2025
Operations:
Net investment income (loss)	$	(6,562	)	$	(3,748	)
Net realized gain (loss) from investments		5,800			222
Net change in unrealized appreciation/depreciation from investments		197,990			22,973
Net Increase (Decrease) in Net Assets Resulting from Operations	$	197,228		$	19,447

Distributions to Common Shareholders From:
Distributable earnings	$	(5,259	)	$	—
Return of capital		—			(381	)
Net Decrease in Net Assets from Distributions to Common Shareholders	$	(5,259	)	$	(381	)

Capital Share Transactions:
Proceeds from sale of shares	$	302,187		$	76,634
Distributions reinvested		1,660			17
Repurchase of shares		(28,564	)		(11,753	)
Net Increase (Decrease) in Net Assets from Capital Share Transactions	$	275,283		$	64,898
Net Increase (Decrease) in Net Assets	$	467,252		$	83,964

Net Assets:
Beginning of Year	$	211,666		$	127,702
End of Year	$	678,918		$	211,666

See accompanying notes to financial statements.

FUNDRISE INNOVATION FUND, LLC

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED MARCH 31, 2026

(Amounts in thousands)

Operating Activities:
Net increase in net assets resulting from operations	$	197,228

Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Investments in unaffiliated entities		(195,759	)
Investments in non-controlled affiliated entities		(1,000	)
Net change in investments in short-term investments		(24,922	)
Accretion of discounts		(43	)
Net realized (gain) loss from unaffiliated investments		(5,800	)
Net change in unrealized appreciation/depreciation from unaffiliated investments		(196,179	)
Proceeds from sale of unaffiliated investments		25,645

Changes in assets and liabilities:
Net (increase) decrease in other assets		(10,450	)
Net (increase) decrease in interest and dividend receivable from unaffiliated investments		(526	)
Net (increase) decrease in due from Adviser		204
Net (increase) decrease in prepaid expenses		(459	)
Net (increase) decrease in payable for reverse repurchase agreements		15,879
Net increase (decrease) in current tax liability		164
Net increase (decrease) in deferred tax liability, net		(1,975	)
Net increase (decrease) in settling subscriptions		(551	)
Net increase (decrease) in management fees payable		1,099
Net increase (decrease) in accounts payable and accrued expenses		1,195
Net cash provided by (used in) operating activities	$	(196,250	)

Financing Activities:
Proceeds from sale of shares	$	302,187
Cash paid for shares repurchased		(28,552	)
Distributions paid		(3,665	)
Net cash provided by (used in) financing activities	$	269,970

Net increase (decrease) in cash	$	73,720
Cash, beginning of year		1,997
Cash, end of year	$	75,717

Supplemental Disclosure of Non-Cash Activity:
Distributions reinvested	$	1,660
Equity in promissory note received through in-kind transaction		4,627
SAFE in portfolio company converted to equity through in-kind transaction		498

See accompanying notes to financial statements.

FUNDRISE INNOVATION FUND, LLC

FINANCIAL HIGHLIGHTS

These financial highlights reflect selected data for a share outstanding throughout each period.


	For the Years Ended March 31,									For the Period July 25, 2022⁽¹⁾ Through
	2026			2025			2024			March 31, 2023
Net Asset Value, Beginning of Period	$	11.40		$	10.20		$	10.05		$	10.00

Income from Investment Operations
Net investment income (loss)⁽²⁾	$	(0.27	)	$	(0.25	)	$	(0.06	)	$	0.05
Net realized and unrealized gain (loss) on investments		8.05			1.48			0.21			0.00	⁽³⁾
Total Income (Loss) from Investment Operations	$	7.78		$	1.23		$	0.15		$	0.05

Distributions to Common Shareholders From:
Capital gains	$	(0.21	)	$	—		$	—		$	—
Return of capital		—			(0.03	)		(0.00	)⁽³⁾		—
Total Distributions to Common Shareholders	$	(0.21	)	$	(0.03	)	$	(0.00	)	$	—

Net Asset Value, End of Period	$	18.97		$	11.40		$	10.20		$	10.05

Total Investment Return Based on Net Asset Value⁽⁴⁾		68.39	%		12.02	%⁽⁵⁾		1.53	%⁽⁵⁾		0.50	%⁽⁵⁾⁽⁶⁾
Total Investment Return Based on Market Value		319.04	%⁽⁶⁾⁽⁷⁾		N/A			N/A			N/A

Ratios and Supplemental Data
Net assets at end of period (thousands)	$	678,918		$	211,666		$	127,702		$	73,132
Including interest expense:
Ratio of gross expenses to average net assets⁽⁸⁾⁽⁹⁾		2.57	%⁽¹⁰⁾		8.94	%⁽¹⁰⁾		3.50	%⁽¹¹⁾		6.18	%⁽¹²⁾
Ratio of net expenses to average net assets⁽⁹⁾		2.57	%⁽¹⁰⁾		6.58	%⁽¹⁰⁾		3.07	%⁽¹³⁾		2.74	%⁽¹²⁾
Ratio of net investment income (loss) to average net assets		(1.77	)%		(2.31	)%		(0.55	)%⁽¹⁴⁾		0.68	%⁽¹²⁾
Excluding interest expense:
Ratio of gross expenses to average net assets⁽⁸⁾⁽⁹⁾		2.51	%⁽¹⁰⁾		8.94	%⁽¹⁰⁾		3.50	%⁽¹¹⁾		6.18	%⁽¹²⁾
Ratio of net expenses to average net assets⁽⁹⁾		2.51	%⁽¹⁰⁾		6.58	%⁽¹⁰⁾		3.07	%⁽¹³⁾		2.74	%⁽¹²⁾
Ratio of net investment income (loss) to average net assets		(1.71	)%		(2.31	)%		(0.55	)%⁽¹⁴⁾		0.68	%⁽¹²⁾
Portfolio turnover rate		7	%⁽¹⁵⁾		8	%⁽¹⁵⁾		18	%		—	%⁽⁶⁾

⁽¹⁾	Commencement of investment operations.
⁽²⁾	Based on average shares outstanding during each period.
⁽³⁾	Less than $0.01 per share.
⁽⁴⁾	Total investment return based on net asset value is based upon the change in net asset value per share between the opening and ending net asset values per share in the period indicated and assumes that dividends are reinvested in accordance with the Fund’s dividend reinvestment policy. Returns shown do not reflect the deduction of taxes that a Shareholder would pay on Fund distributions or the sale of Fund shares.
⁽⁵⁾	Total investment returns for the period would have been lower had certain expenses not been waived or borne by the Adviser during the period. The Fund’s Board of Directors terminated the Expense Limitation Agreement effective as of the Fund’s listing of Shares on the NYSE. See Note 5, Investment Manager Fees and Other Related Party Transactions for further information.
⁽⁶⁾	Not annualized.
⁽⁷⁾	The Fund’s shares of common stock commenced trading on NYSE on March 19, 2026 at $31.25 per share. Total Return on Market Value is based on the period from March 19, 2026 to March 31, 2026.
⁽⁸⁾	Reflects the expense ratio excluding any waivers and/or reimbursements.
⁽⁹⁾	Excludes acquired fund fees and expenses of underlying investment companies.
⁽¹⁰⁾	Ratios include (0.49)% and 3.58% of deferred tax expense/(benefit) for the years ended March 31, 2026 and March 31, 2025, respectively.
⁽¹¹⁾	The ratio of gross expenses to average net assets includes income tax expense. The ratio excluding income tax expense was 3.43% for the year ended March 31, 2024.
⁽¹²⁾	Annualized, except for non-recurring items.
⁽¹³⁾	The ratio of net expenses to average net assets includes income tax expense. The ratio excluding income tax expense was 3.00% for the year ended March 31, 2024.
⁽¹⁴⁾	The ratio of net investment income (loss) to average net assets includes income tax expense. The ratio excluding income tax expense was (0.48)% for the year ended March 31, 2024.
⁽¹⁵⁾	Excludes the impact of in-kind transactions.

See accompanying notes to financial statements.

FUNDRISE INNOVATION FUND, LLC

FINANCIAL HIGHLIGHTS (CONTINUED)

Senior Securities

The Fund engaged in and held senior securities as of the periods as presented as follows:


	As of the Years Ended March 31,						July 25, 2022⁽¹⁾ Through
	2026		2025		2024		March 31, 2023
Reverse Repurchase Agreements
Total amount outstanding (thousands)	$	15,879	$	—	$	—	$	—
Asset coverage per $1,000		44,756		—		—		—
Involuntary liquidation preference		N/A		N/A		N/A		N/A

See accompanying notes to financial statements.

FUNDRISE INNOVATION FUND, LLC

NOTES TO FINANCIAL STATEMENTS

MARCH 31, 2026

Formation and Organization

Fundrise Innovation Fund, LLC (the “Fund” or the “Registrant”) is a Delaware limited liability company. The Fund intends to elect and intends to qualify to be taxed as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), for its taxable year ending March 31, 2026. During prior taxable years, the Fund was taxed as a C corporation for U.S. federal income tax purposes. The Fund is organized as a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund commenced investment operations on July 25, 2022.

At a meeting held on January 9, 2026, the Fund’s Board of Directors approved a legal name change of the Fund from “Fundrise Growth Tech Fund, LLC” to “Fundrise Innovation Fund, LLC,” effective January 20, 2026. On January 14, 2026, the Fund’s Board of Directors also approved proposals concerning the conversion of the Fund from a closed-end fund operating as a tender offer fund under the Securities Act of 1934, as amended, to a listed closed-end fund with Fund shares listed on the New York Stock Exchange, LLC (“NYSE”) and the implementation of a six-month lockup for all Fund shares purchased before February 20, 2026 to facilitate the listing of the Fund on the NYSE. Fund shareholders approved these proposals at a special meeting of shareholders convened on February 19, 2026. The Fund’s shares began trading on the NYSE on March 19, 2026 under the symbol “VCX”.

In addition, in connection with the conversion of the Fund to a listed closed-end fund, certain updates to the Fund’s Limited Liability Company Agreement (the “LLC Agreement”) were approved by the Fund’s Board of Directors. Further, the Fund’s Board members have been divided into three classes – Class I Directors, Class II Directors, and Class III Directors. The updates to the LLC Agreement and the classification of the Fund’s Board of Directors became effective upon the Fund’s listing on the NYSE.

The Fund may offer and sell securities directly to one or more purchasers, to or through underwriters, through dealers or agents that the Fund designates from time to time, or through a combination of these methods.

The Fund’s investment objective is to provide total return primarily through long-term capital appreciation. The Fund seeks to achieve its investment objective by investing in private and public technology companies, directly or indirectly, with a primary focus on the equity securities (e.g., common stock, preferred stock, and convertible debt) of certain privately held, mid-to-late stage, growth companies (“Portfolio Companies”), or other investments (including derivatives, exchange-traded funds and other pooled investment vehicles) that have economic characteristics similar to investments in technology companies. Under normal circumstances, the Fund’s investment strategy is to invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the securities of technology and technology-related companies (referred to herein as “technology companies”) and other investments (including derivatives) that have economic characteristics similar to investments in technology companies.

The investment adviser to the Fund is Fundrise Advisors, LLC (the “Adviser”), an investment adviser registered with the U.S. Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended. The Adviser is a wholly-owned subsidiary of Rise Companies Corp. (“Rise Companies” or the “Sponsor”), the Fund’s sponsor. Subject to the supervision of the Board of Directors of the Fund (the “Board”), the Adviser is responsible for directing the management of the Fund’s business and affairs, managing the Fund’s day-to-day affairs, and implementing the Fund’s investment strategy.

Summary of Significant Accounting Policies

Basis of Presentation

The accompanying financial statements of the Fund are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The Fund is an investment company and follows the accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services - Investment Companies (“ASC 946”). The Fund maintains its financial records in U.S. dollars and follows the accrual basis of accounting.

The estimates and assumptions underlying these financial statements are based on information available as of March 31, 2026, including judgments about the financial market and economic conditions which may change over time.

FUNDRISE INNOVATION FUND, LLC
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Valuation Oversight

Pursuant to SEC Rule 2a-5 under the 1940 Act, the Board has approved the Adviser as the Fund’s Valuation Designee (“Valuation Designee”), to provide administration and oversight of the Fund’s valuation policies and procedures. The Fund values its investments in accordance with such procedures. Generally, portfolio securities and other assets for which market quotations are readily available are valued at market value, which is ordinarily determined on the basis of official closing prices or the last reported sales prices. If market quotations are not readily available or are deemed unreliable, the Fund will use the fair value of the securities or other assets as determined by the Adviser in good faith, taking into consideration all available information and other factors that the Adviser deems pertinent, in each case subject to the overall supervision and responsibility of the Board.

In calculating the Fund’s net asset value (“NAV”), the Adviser, subject to the oversight of the Board, uses various valuation methodologies. To the extent practicable, the Adviser generally endeavors to maximize the use of observable inputs and minimize the use of unobservable inputs by requiring that the most observable inputs are to be used when available. The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors. When valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment, and may involve alternative methods to obtain fair values where market prices or market-based valuations are not readily available. As a result, the Adviser may exercise a higher degree of judgment in determining fair value for certain securities or other assets.

Fair Value Measurement

The following is a current summary of certain methods generally used to value investments of the Fund under the Fund’s valuation procedures:

The Fund applies FASB ASC Topic 820, Fair Value Measurement, as amended, which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurement. U.S. GAAP defines the fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.

The Fund determines the fair value of certain investments in accordance with the fair value hierarchy that requires an entity to maximize the use of observable inputs. The fair value hierarchy includes the following three levels based on the objectivity of the inputs, which were used for categorizing the assets or liabilities for which fair value is being measured and reported:

Level 1 – Quoted market prices in active markets for identical assets or liabilities.

Level 2 – Significant other observable inputs (e.g., quoted prices for similar items in active markets, quoted prices for identical or similar items in markets that are not active, inputs other than quoted prices that are observable such as interest rate and yield curves, and market-corroborated inputs).

Level 3 – Valuation generated from model-based techniques that use inputs that are significant and unobservable in the market. These unobservable assumptions reflect estimates of inputs that market participants would use in pricing the asset or liability. Valuation techniques may include use of discounted cash flow methodologies or similar techniques, which incorporate management’s own estimates of assumptions that market participants would use in pricing the instrument or other valuation assumptions that require significant management judgment or estimation.

Fixed income securities are valued by an independent pricing service overseen by the Valuation Designee. The pricing service employs a pricing model that takes into account, among other things, bids, yield spreads and/or other market data and specific security characteristics. In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Valuation Designee, in accordance with the valuation policy and procedures approved by the Board. These securities are generally classified in Level 2 of the fair value hierarchy.

FUNDRISE INNOVATION FUND, LLC
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Investments in registered investment companies, including money market funds, are valued at the NAV as of the close of each business day. These securities are generally classified in Level 1 of the fair value hierarchy.

Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value as of March 31, 2026. These reverse repurchase agreements are generally classified in Level 2 of the fair value hierarchy.

The majority of the Fund’s investments have no readily available market quotations and, as such, are valued at fair value in good faith. There is no single standard for determining the fair value of a security. Rather, fair value calculations will involve significant professional judgment in the application of both observable and unobservable attributes. For mid-to-late stage growth Portfolio Companies, traditional valuation methods (e.g., discounted cash flow) are often a less reliable tool for valuing investments in accordance with ASC 820. As such, until the Portfolio Companies grow to a point where traditional valuation methods apply, the Adviser may deem it more appropriate to utilize other valuation methodologies. Late-stage private companies or “pre-IPO companies” traditionally raise capital from investors in organized funding rounds. During such funding rounds, a pre-IPO company will seek a lead investor who will, to their best effort, define a valuation of the company. Therefore, the valuation of the Fund’s Portfolio Companies may be adjusted when a new valuation is set by the lead investor in the next funding round. As such, the Adviser may use the market approach to estimate the fair value of the Fund’s Portfolio Companies by adjusting the valuation of the Portfolio Companies with each new funding round. However, while the valuation as of the latest funding round is a prominent factor in the Adviser’s valuation process, it is not the only factor that the Adviser considers when valuing its portfolio investments.

The Adviser may establish certain thresholds or triggers that intend to capture fundamental changes in the value of the Portfolio Company that would affect the anticipated return on the Fund’s investment. Examples of certain thresholds or triggers may include, an unexpected business or technology breakthrough, faster than anticipated revenue growth, a fundamental failure of the technology, the loss of a key customer, or the success of a competitor in the same industry. Additionally, the Adviser may consider several additional factors (if present), including but not limited to the implied valuation of the asset as reflected by stock purchase contracts reported in private markets, fundamental analytical data relating to the investment in the security, the nature and duration of any restriction on the disposition of the security, the cost of the security at the date of purchase, or the liquidity of the market for the security. The Adviser may also consider periodic financial statements (audited and unaudited) or other information provided by the Portfolio Companies to investors or prospective investors, to the extent that it is available.

The Fund invests in Portfolio Companies by purchasing securities directly from such Portfolio Companies, through simple agreements for future equity (“SAFEs”), or through co-investment vehicles (“CIV”) and special purpose vehicles (“SPV”). SAFEs represent a contractual right to future equity of a company, in exchange for which the holder of the SAFE contributes capital to the company. SAFEs enable investors to convert their investment to equity upon the occurrence of triggering events set forth in the applicable SAFE.

For investments in companies that are not considered “pre-IPO companies”, valuation methods utilized may include, but are not limited to the following: sales comparison approach; discounted cash flow method; hypothetical sales method; and appraisals received from one or more pricing services. In addition, the Fund may utilize: an analysis of financial ratios and valuation metrics of the Portfolio Companies that issued private equity securities to peer companies that are public; an analysis of the Portfolio Companies’ most recent financial statements and forecasts; an analysis of the markets in which the Portfolio Company does business; and other relevant factors.

Certain Portfolio Companies are generally valued based on the latest NAV reported by the Portfolio Company’s portfolio manager (“Portfolio Manager”) as a practical expedient, where such valuation methodologies employed by certain Portfolio Companies reflect fair value pricing and the effects of using fair value pricing. New purchases of certain Portfolio Companies may be valued at original transaction price initially until a NAV is provided by the Portfolio Manager. If the Valuation Committee concludes in good faith that the latest NAV reported by a Portfolio Manager does not represent fair value (e.g., there is more current information regarding a portfolio asset which significantly changes its fair value), the Valuation Committee will make a corresponding adjustment to reflect the current fair value of such asset within such Portfolio Company. Attributes of those investments include the investment strategies of the investees and may also include, but are not limited to, restrictions on the investor’s ability to redeem its investments at the measurement date and any unfunded commitments. Because of the inherent uncertainty in valuation, the estimated values may differ from the values that would have been used had a ready market for the securities existed, and the differences could be material.

FUNDRISE INNOVATION FUND, LLC
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material.

The following is a summary of the Fund’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2026, and indicates the fair value hierarchy of the inputs utilized by the Fund to determine such fair value (amounts in thousands):

Assets	Level 1		Level 2		Level 3		Practical Expedient⁽¹⁾		Total
Portfolio Companies	$	—	$	—	$	432,913	$	72,480	$	505,393
Promissory Note		—		—		4,732		—		4,732
Commercial Mortgage-Backed Securities		—		65,751		—		—		65,751
Short-Term Investment		38,310		—		—		—		38,310
Total Assets	$	38,310	$	65,751	$	437,645	$	72,480	$	614,186

Liabilities	Level 1		Level 2			Level 3		Practical Expedient⁽¹⁾		Total
Reverse Repurchase Agreements	$	—	$	(15,879	)	$	—	$	—	$	(15,879	)
Total Liabilities	$	—	$	(15,879	)	$	—	$	—	$	(15,879	)

⁽¹⁾

As a practical expedient, certain investments that are measured at fair value using the NAV per share (or its equivalent) have not been categorized in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Investments.

The Fund utilizes the NAV as a practical expedient to value certain investments. The table below sets forth those investments, including their unfunded commitments and other attributes, that were significant as of March 31, 2026⁽¹⁾ .

Investment Category

Investment Strategy

Fair Value
(amounts in
thousands)

Unfunded Commitments
(amounts in
thousands)

Estimated
Remaining
Life

Redemption
Frequency

Redemption
Notice Period
(In Days)

Redemption Restriction
Terms

Portfolio Company

To serve as an investment vehicle through which the assets of its partners may be utilized to make investment(s) in the securities of Databricks, Inc.

72,480

N/A

Indefinite

None

N/A

⁽¹⁾

The information summarized in the table above represents the general terms for the specified financing stage. Individual investment funds may have terms that are more or less restrictive than those terms indicated for the asset class as a whole. In addition, most individual investment funds have the flexibility, as provided for in their constituent documents, to modify and waive such terms.

FUNDRISE INNOVATION FUND, LLC
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

The following is a summary of quantitative information about the significant unobservable inputs of the Fund’s Level 3 investments as of March 31, 2026 (amounts in thousands). The tables are not intended to be all-inclusive but instead capture the significant unobservable inputs relevant to the Fund’s determination of fair value.

Investment

Fair Value

Valuation Technique⁽¹⁾

Unobservable Input

Range

Impact to
Valuation from an
Increase in Input⁽²⁾

Portfolio Companies

327,095

Market Transaction

Transaction Price

N/A

Increase

Portfolio Companies

105,818

Recent Transaction

Transaction Price

N/A

Increase

Promissory Note

4,732

Discounted Cash Flow

Discount Rate

10.9%

Decrease

Collateral Value

$4,732

Increase

Total Investments

437,645

⁽¹⁾	Market transaction represents investments valued using private transaction prices or non-public third-party pricing information which is unobservable. Recent transaction represents investments held at the original transaction price, either from the Portfolio Company’s funding round or a secondary seller, and other relevant market data.
⁽²⁾	Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase in the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant changes in these inputs could result in significantly higher or lower fair value measurements.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value (amounts in thousands):

	Portfolio Companies			Promissory Note			Total
Balance as of March 31, 2025	$	119,573		$	—		$	119,573
Purchases or conversions		147,004			4,732	⁽¹⁾		151,736
Realized gain (loss)		—			—			—
Net change in unrealized appreciation/depreciation		166,834			—			166,834
Sales or conversions		(498	)		—			(498	)
Transfers into Level 3		—			—			—
Transfers out of Level 3		—			—			—
Balance as of March 31, 2026	$	432,913		$	4,732		$	437,645
Net change in unrealized appreciation/depreciation for the year ended March 31, 2026 related to Level 3 investments held at March 31, 2026	$	166,834		$	—		$	166,834

⁽¹⁾	Represents the fair value of a promissory note received in exchange for the Fund’s limited partnership interest in Theory Ventures, L.P. in an in-kind transaction.

Restricted Investments

The Fund may purchase securities for which there is a limited trading market or which are subject to restrictions on resale to the public. Restricted securities and securities for which there is a limited trading market may be significantly more difficult to value due to the unavailability of reliable market quotations for such securities, and investment in such securities may have an adverse impact on NAV. In addition, the Fund’s investments in Portfolio Companies will often be subject to lock-up provisions that prohibit the Fund from selling its equity investments into the public market for specified periods of time after IPOs of the Portfolio Company, typically 180 days. The Fund may purchase Rule 144A securities for which there may be a secondary market of qualified institutional buyers as contemplated by Rule 144A under the Securities Act. Rule 144A provides an exemption from the registration requirements of the Securities Act for the resale of certain restricted securities to qualified institutional buyers. The following are the restricted investments held by the Fund as of March 31, 2026 (amounts in thousands):

Description	Initial Acquisition Date	Shares		Cost		Value as of March 31, 2026		% of Net Assets
Databricks, Inc. - SPV	07/14/23		N/A	$	25,019	$	72,480		10.7	%
OpenAI Group PBC - CIV	09/27/24		N/A		25,890		64,614		9.5	%
Anthropic, PBC - CIV	12/06/23		N/A		8,534		56,388		8.3	%
Anthropic, PBC - CIV	08/14/25		N/A		21,462		36,030		5.3	%
Anduril Industries, Inc. - CIV	10/27/23		N/A		6,021		30,231		4.5	%
Space Exploration Technologies Corp. - SPV	07/18/25		5		16,404		26,856		4.0	%

FUNDRISE INNOVATION FUND, LLC
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Description	Initial Acquisition Date	Shares		Cost		Value as of March 31, 2026		% of Net Assets
Databricks, Inc. - Common Stock	11/20/23		122	$	8,874	$	23,256		3.4	%
Anthropic, PBC - CIV	02/10/26		N/A		20,800		20,000		2.9	%
OpenAI Group PBC - CIV	12/29/23		N/A		5,350		19,549		2.9	%
Epic Games, Inc. - Common Stock	08/27/25		43		19,180		19,180		2.8	%
dbt Labs, Inc. - Series D - Preferred Stock	09/22/23		441		15,000		15,000		2.2	%
Ramp Business Corp. - Series A-2 - Preferred Stock	10/08/25		149		10,200		13,365		2.0	%
Ramp Business Corp. - Series C-1 - Preferred Stock	01/31/25		133		5,005		12,000		1.8	%
Vanta, Inc. - Series B-1 - Preferred Stock	09/07/22		555		5,000		10,116		1.5	%
Canva, Inc. - Common Stock	09/15/23		6		6,220		9,599		1.4	%
Loyal Animal Health, Inc. - Series C - Preferred Stock	12/10/25		780		9,560		9,560		1.4	%
Flock Group, Inc. - Class B - Preferred Stock	11/26/25		631		13,961		9,557		1.4	%
Anduril Industries, Inc. - Series Seed - Preferred	01/06/26		76		7,350		7,350		1.1	%
Flock Group, Inc. - Class A - Preferred Stock	03/02/26		440		6,661		6,661		1.0	%
Flock Group, Inc. - Class A First SAFE - Preferred Stock	03/02/26		373		5,639		5,639		0.8	%
Visual Layer, Inc. - SAFE	06/04/24		N/A		5,000		5,000		0.7	%
Erebor Bank, N.A. - Series B - Preferred Stock	02/20/26		19		5,000		5,000		0.7	%
Inspectify, Inc. - Series A-5 - Preferred Stock	06/30/23		1,295		4,000		5,000		0.7	%
Promissory Note - Theory Ventures	03/01/26		5,000		4,732		4,732		0.7	%
AI-LLM, LLC - CIV	08/31/23		N/A		1,597		3,105		0.5	%
Handshake - Series C - Preferred Stock	10/23/25		38		2,814		2,814		0.4	%
Anyscale, Inc. - Common Stock	10/18/23		511		2,494		2,494		0.4	%
Intercom, Inc. - Common Stock	10/17/25		45		2,385		2,385		0.4	%
Ramp Business Corp. - Common Stock	05/20/24		26		693		2,376		0.3	%
Flock Group, Inc. - Class C - Preferred Stock	11/26/25		103		2,278		1,559		0.2	%
Rhino Labs, Inc. - Series P - Preferred Stock	02/05/25		10		2,000		1,023		0.2	%
Immuta, Inc. - Common Stock	03/28/23		80		1,022		1,022		0.2	%
DittoLive, Inc. - Series B - Preferred Stock	01/17/25		73		1,000		1,000		0.2	%
Inspectify, Inc. - SAFE	11/03/25		N/A		1,000		1,000		0.2	%
Stripe, Inc. - Common Stock	06/28/24		10		355		618		0.1	%
Handshake - Series D - Preferred Stock	10/23/25		8		601		601		0.1	%
Omni Analytics, Inc. - Series B-1 - Preferred Stock	08/27/24		58		500		588		0.1	%
Hightouch - Common Stock	06/06/24		12		268		583		0.1	%
Intercom, Inc. - Series A - Preferred Stock	10/17/25		8		417		417		0.1	%
Risotto - Series Seed 2 - Preferred Stock⁽¹⁾	02/20/25		261		300		375		0.0	%
Luminos, Inc. - Series Seed 2 - Preferred Stock⁽¹⁾	11/09/23		170		198		285		0.0	%
Rhino Labs, Inc. - Series D-1A - Preferred Stock⁽¹⁾	02/03/25		300		250		250		0.0	%
Rhino Labs, Inc. - Series D-1 - Preferred Stock⁽¹⁾	02/03/25		170		141		141		0.0	%
Risotto - Series Seed 1 - Preferred Stock⁽¹⁾	11/12/25		87		125		125		0.0	%
Hightouch - Series C - Preferred Stock⁽¹⁾	05/09/25		2		100		100		0.0	%
Luminos, Inc. - Series Seed 1 - Preferred Stock⁽¹⁾	11/05/25		47		79		79		0.0	%
Gumloop - Series A-2 - Preferred Stock⁽¹⁾	08/16/24		5		10		22		0.0	%
Total				$	281,489	$	510,125		75.2	%

⁽¹⁾	Value is less than 0.05% of Total Net Assets.

Income Taxes

The Fund intends to elect and intends to qualify as a RIC under the Code, for its taxable year ending March 31, 2026. To qualify as a RIC, the Fund must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Fund’s annual investment company taxable income to the shareholders of the Fund (“Shareholders”) (which is computed without regard to the dividends paid deduction and generally equals the Fund’s ordinary income plus the excess of its net short-term capital gains over its net long-term capital losses, minus deductible expenses). As a RIC, the Fund generally will not be subject to U.S. federal income tax on income or gains distributed in a timely manner to its Shareholders in the form of dividends. Even if the Fund qualifies for taxation as a RIC, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. The tax period for the taxable year ending March 31, 2023 and all tax periods following remain open to examination by the major taxing authorities in all jurisdictions where the Fund is subject to taxation. For the open tax periods, the Fund has no uncertain tax positions that would require recognition in the financial statements.

FUNDRISE INNOVATION FUND, LLC
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Prior to the taxable year ending March 31, 2026, the Fund was treated as a regular corporation, or a “C” corporation, for U.S. federal income tax purposes. During the periods the Fund was treated as a “C” corporation, for U.S. federal income tax purposes, the Fund incurred tax expenses and was subject to tax at regular corporate rates. Pursuant to rules applicable to RICs that were previously taxed as C corporations, because the Fund’s assets had an aggregate net unrealized built-in gain at the time it first qualified as a RIC, the Fund will be subject to tax at regular corporate rates to the extent the Fund recognizes such gain within five years after so qualifying, even if the Fund distributes such gain. In accordance with U.S. generally accepted accounting principles, the Fund has already accrued a deferred income tax liability balance, at the currently effective statutory U.S. federal income tax rate (currently 21%) plus an estimated state and local income tax rate, for its future tax liability associated with such net unrealized built-in gain. Net capital or ordinary losses recognized during the recognition period may be used to offset built-in gains. Such deferred tax liability, and any deferred tax assets, are accounted for in calculating the Fund’s quarterly NAV and will be remeasured from time to time, as the Adviser deems necessary, in accordance with U.S. generally accepted accounting principles.

Income tax and related interest and penalties would be recognized by the Fund as tax expense in the Statement of Operations if the tax positions were deemed to not meet the more-likely-than-not threshold. As of March 31, 2026, the Fund did not record any cumulative unrecognized tax benefits on the Statement of Assets and Liabilities.

The Fund accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are recognized as temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

Distributions To Shareholders

The Fund intends to make distributions necessary to qualify to be taxed as a RIC and, once qualified, maintain its qualification for taxation as a RIC. The Fund expects to declare and make distributions on a quarterly basis, or more or less frequently as determined by the Board, in arrears. Notwithstanding the foregoing, it is likely that many of the Portfolio Companies in whose securities the Fund invests will not pay any dividends, and this, together with the Fund’s expenses, means that there can be no assurance the Fund will have substantial income or pay dividends. The Board may authorize distributions in Shares or in excess of those required for the Fund to maintain RIC tax status depending on the Fund’s financial condition and such other factors as the Board may deem relevant. The distribution rate may be modified by the Board from time to time. The Board reserves the right to change or suspend the distribution policy from time to time. Distributions to Shareholders of the Fund are recorded on the ex-dividend date.

If the Fund fails to qualify as a RIC in any taxable year, it will be taxed as an ordinary corporation on its taxable income (even if such income is distributed to its Shareholders) and all distributions out of earnings and profits will generally be taxed to certain noncorporate U.S. shareholders (including individuals) as “qualified dividend income” eligible for reduced maximum tax rates.

Investment Income and Securities Transactions

Securities transactions are accounted for on the date the securities are purchased or sold (trade date). Realized gains and losses on sales of investments are determined on a specific identification basis. Dividend income and distributions from investments are recorded on the ex-dividend date. Interest income is recorded on an accrual basis and includes, where applicable, the amortization of premiums and accretion of discounts. Distributions received from investments generally are comprised of ordinary income and/ or return of capital. The Fund estimates the allocation of distributions between investment income and return of capital based on historical information or regulatory filings. These estimates may subsequently be revised based on actual allocations received from investments after their tax reporting periods are concluded, as the actual character of these distributions is not known until after the reporting period of the Fund.

Commitments and Contingencies

In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties, and which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

FUNDRISE INNOVATION FUND, LLC
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

The Fund may be required to provide financial support in the form of investment commitments to certain investees as part of the conditions for entering into the investments. As of March 31, 2026, the Fund had total unfunded capital commitments of $599 (amount in thousands) for the promissory note investment.

The Fund is not currently subject to any material legal proceedings and, to the Fund’s knowledge, no material legal proceedings are threatened against the Fund. From time to time, the Fund may be a party to certain legal proceedings in the ordinary course of business, including proceedings related to the enforcement of the Fund’s rights under contracts with its Portfolio Companies. While the outcome of any legal proceedings cannot be predicted with certainty, to the extent the Fund becomes party to such proceedings, the Fund would assess whether any such proceedings will have a material adverse effect upon its financial condition or results of operations.

Under the Fund’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund.

Share Transactions

Below is a summary of transactions with respect to the Fund’s common Shares for the year ended March 31, 2026 and for the year ended March 31, 2025 (all tabular amounts are in thousands except share data):

	For the Year Ended March 31, 2026						For the Year Ended March 31, 2025
Common Shares	Shares			Amount			Shares			Amount
Proceeds from sale of shares		19,020,292		$	302,187			7,164,434		$	76,634
Reinvestment of distributions		100,318			1,660			1,546			17
Total gross proceeds		19,120,610		$	303,847			7,165,980		$	76,651
Repurchase of shares		(1,895,119	)		(28,564	)		(1,116,726	)		(11,753	)
Net Proceeds from Common Shares		17,225,491		$	275,283			6,049,254		$	64,898

As of March 31, 2026, the Sponsor held 10,000 common shares. For the year ended March 31, 2026, total distributions declared to this related party was approximately $2,000.

During the year ended March 31, 2026, the Fund sold shares to the Fundrise Real Estate Interval Fund, LLC (the “Flagship Fund”), an affiliated fund sponsored by the Adviser. As of March 31, 2026, the Flagship Fund held approximately 1,398,936 common shares, valued at approximately $183,191 (amount in thousands). For the year ended March 31, 2026, the Fund did not declare any distributions to the Flagship Fund.

Tender Offers and Trading of Fund Shares on the New York Stock Exchange, LLC

In connection with the conversion of the Fund from a closed-end fund operating as a tender offer fund pursuant to the Securities Exchange Act of 1934, as amended, to a closed-end fund with its Shares listed on the NYSE, the Fund’s Board of Directors approved the Fund’s final tender offer beginning on January 30, 2026, with an offer period which closed on February 28, 2026 (“Final Tender Offer”). The Fund offered to repurchase Fund Shares in an amount up to 5% of the Fund’s net assets pursuant to the Final Tender Offer. With the listing of the Fund’s shares on the NYSE effective March 19, 2026, the Fund’s Board of Directors will no longer authorize tender offers for the Fund.

Prior to the Final Tender Offer, the Fund conducted quarterly tender offers authorized by the Fund’s Board of Directors in the amount of up to 5% of the Fund’s net assets with respect to any such offer. Repurchases of Shares pursuant to such tender offers were made to all holders of Shares, at such times and on such terms as determined by the Fund’s Board of Directors from time to time in its sole discretion in accordance with the requirements of Rule 13e-4 under the Securities Exchange Act of 1934, as amended.

As a listed closed-end fund, Fund shareholders have the ability to sell their shares in the secondary market on the NYSE at any time during market hours. The Fund’s Shares may trade at a premium or discount to the Fund’s net asset value. The repurchase of closed-end tender offer fund shares are completed at net asset value whereas the sale of listed closed-end fund shares are completed at market price.

FUNDRISE INNOVATION FUND, LLC
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

The following table presents the repurchase offers that were completed during the year ended March 31, 2026 (all tabular amounts are in thousands except share data):

Repurchase Offers	Fourth Quarter Repurchase
Commencement Date		February 27, 2025
Repurchase Request Deadline		March 31, 2025
Repurchase Pricing Date		April 1, 2025
Amount Repurchased	$	3,862
Shares Repurchased		339,113

Repurchase Offers	First Quarter Repurchase
Commencement Date		May 29, 2025
Repurchase Request Deadline		June 30, 2025
Repurchase Pricing Date		July 1, 2025
Amount Repurchased	$	3,510
Shares Repurchased		279,466

Repurchase Offers	Second Quarter Repurchase
Commencement Date		August 22, 2025
Repurchase Request Deadline		September 30, 2025
Repurchase Pricing Date		October 1, 2025
Amount Repurchased	$	5,207
Shares Repurchased		349,466

Repurchase Offers	Third Quarter Repurchase
Commencement Date		November 26, 2025
Repurchase Request Deadline		December 31, 2025
Repurchase Pricing Date		January 2, 2026
Amount Repurchased	$	6,683
Shares Repurchased		417,679

Repurchase Offers	Final Repurchase
Commencement Date		January 30, 2026
Repurchase Request Deadline		February 28, 2026
Repurchase Pricing Date		March 2, 2026
Amount Repurchased	$	9,302
Shares Repurchased		509,395

Investment Manager Fees and Other Related Party Transactions

On July 18, 2022, the Fund entered into an Investment Management Agreement with the Adviser. Pursuant to the Investment Management Agreement, and in consideration of the services provided by the Adviser to the Fund, the Adviser is entitled to a management fee (the “Management Fee”) of 1.85% of the Fund’s average daily net assets. The Management Fee will be calculated and accrued daily and payable monthly in arrears. For the year ended March 31, 2026, the Fund incurred $6,870 of Management Fees (amount in thousands).

The Adviser and the Fund previously entered into an Expense Limitation agreement pursuant to which the Adviser contractually agreed to waive its Management Fee and/or pay or reimburse the ordinary annual operating expenses of the Fund (including organization and offering costs, but excluding interest payments, taxes, brokerage commissions, fees and expenses incurred by the Fund’s use of leverage, acquired fund fees and expenses and extraordinary or non-routine expenses, including with respect to reorganizations or litigation affecting the Fund) (the “Operating Expenses”) to the extent necessary to limit the Fund’s Operating Expenses to 3.00% of the Fund’s average daily net assets. The Adviser is entitled to seek recoupment from the Fund of fees waived or expenses paid or reimbursed to the Fund for a period ending three years after the date of the waiver, payment or reimbursement, subject to the limitation that the recoupment will not cause the Fund’s Operating Expenses to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or expenses paid or recouped, or (b) the expense limitation amount in effect at the time of the recoupment. Pursuant to approval by the Board, the Fund’s Expense Limitation Agreement terminated effective as of the Fund’s listing of Shares on the NYSE.

FUNDRISE INNOVATION FUND, LLC
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

For the year ended March 31, 2026, the Adviser did not waive management fees or reimburse expenses.

As of March 31, 2026, the Fund had remaining expense waivers and/or reimbursement subject to recoupment by the Adviser and respective dates of expiration as follows (amounts in thousands):

Recoupment Expiration	Expenses Remaining
Expires during the year ended March 31, 2027	$	432
Expires during the year ended March 31, 2028		3,829
Expires during the year ended March 31, 2029		—
Total Fee Waiver/Expense Reimbursement Subject to Recoupment	$	4,261

For the year ended March 31, 2026, the Adviser recouped $724 (amount in thousands) as reflected on the accompanying Statement of Operations.

The Adviser or its affiliates may be entitled to certain fees as permitted by the 1940 Act or as otherwise permitted by applicable law and regulation, such as fees and expenses associated with the selection, acquisition, or origination of investments (including, but not limited to, reimbursement of non-ordinary expenses and employee time required to special service a non-performing asset) whether or not the Fund ultimately acquires or originates the investment, and the sale of investments. No such fees were incurred or paid by the Fund to the Adviser or its affiliates for the year ended March 31, 2026.

The Adviser and Rise Companies entered into a Shared Services Agreement where Rise Companies will provide the Adviser with the personnel, services and resources necessary for the Adviser to comply with its obligations and responsibilities under the Second Amended and Restated Operating Agreement (“Operating Agreement”) and Investment Management Agreement, which includes responsibility for operations of the Fund and performance of such services and activities relating to the investments and operations of the Fund as may be appropriate, including without limitation those services and activities listed in the Operating Agreement and Investment Management Agreement.

The Fund will reimburse the Adviser for out-of-pocket expenses paid to third parties in connection with providing services to the Fund. This does not include the Adviser’s overhead, employee costs borne by the Adviser, or utilities costs. Expense reimbursements payable to the Adviser also may include expenses incurred by the Sponsor in the performance of services pursuant to a shared services agreement between the Adviser and the Sponsor, including any increases in insurance attributable to the management or operation of the Fund. During the year ended March 31, 2026, there were approximately $97 (amount in thousands) of expenses reimbursed to the Adviser pursuant to the shared services agreement.

Affiliated Investments

The Fund invests in one or more affiliated entities. The securities of the affiliated investment vehicles have not been registered under the Securities Act of 1933, as amended, and thus investments in such affiliated investment vehicles are subject to restrictions on resale.

During the year ended March 31, 2026, investments in affiliates were as follows (amounts in thousands):

Non-Controlled Affiliated Investment

	Balance as of March 31, 2025		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss) and Capital Gain Distributions		Change in Unrealized Appreciation/ Depreciation		Balance as of March 31, 2026			Total Dividend Income
Technology Private Equity
Inspectify, Inc.	$	5,000	$	1,000	⁽¹⁾	$	—	$	—	$	—	$	6,000	⁽¹⁾	$	—
Total	$	5,000	$	1,000		$	—	$	—	$	—	$	6,000		$	—

⁽¹⁾	Amount includes a $1,000 SAFE in Inspectify, Inc. which has not yet converted into an equity investment as of March 31, 2026 (amount in thousands).

FUNDRISE INNOVATION FUND, LLC
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
MARCH 31, 2026

Investments

The Fund invests in technology companies, with a primary focus on the equity securities (e.g., common stock, preferred stock and convertible debt) of certain privately held, mid-to-late-stage, growth companies, or other investments (including derivatives) that have economic characteristics similar to investments in technology companies.

The cost of purchases and proceeds from the sale of investments, other than short-term securities and in-kind transactions, for the year ended March 31, 2026 amounted to $196,759 and $25,645, respectively (amounts in thousands). For the year ended March 31, 2026, the cost of purchases and proceeds from sales of in-kind transactions were $5,125 (amounts in thousands).

Reverse Repurchase Agreements

The Fund may use leverage to provide additional funds to support its investment activities. The Fund may enter into reverse repurchase agreements, under which the Fund will effectively pledge its assets as collateral to secure a short-term loan from a bank or dealer at a specified maturity date. Generally, the other party to the agreement makes the loan in an amount equal to a percentage of the market value of the pledged collateral. At the maturity of the reverse repurchase agreement, the Fund will be required to repay the loan and correspondingly receive back its collateral. While used as collateral, the assets continue to pay principal and interest which are for the benefit of the Fund. The gross amount of cash received in exchange for assets sold plus accrued interest payments to be made by the Fund to counterparties are reflected as a payable for reverse repurchase agreements on the Statement of Assets and Liabilities. Interest expense on reverse repurchase agreements are recorded as a component of interest expense on the Statement of Operations.

As part of the reverse repurchase agreements held as of March 31, 2026, the Fund pledged securities as collateral valued at $23,886 (amount in thousands), which have been identified on the Schedule of Investments. For the year ended March 31, 2026, the average borrowings and the weighted average interest rate were $4,691 (amount in thousands) and 4.71%, respectively.

As of March 31, 2026, the remaining contractual maturity of the outstanding reverse repurchase agreements held by the Fund were as follows (amount in thousands):

Counterparty		Overnight and Continuous				Up to 30 Days				30 to 90 Days				Greater than 90 Days				Total
Barclays Bank PLC		$	—			$	15,879			$	—			$	—			$	15,879

Amendment: SEC Form N-CSR/A filed by Fundrise Innovation Fund LLC