Fundrise Real Estate Interval Fund N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Fundrise Real Estate Interval Fund, LLC

Investment Company Act file number 811-23448

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)

Michelle A. Mirabal

Rise Companies Corp.

11 Dupont Circle NW, 9th Floor

Washington, D.C. 20036

(Name and Address of Agent for Service)

Copies to:

Paul J. Delligatti, Esq.

Goodwin Procter LLP

1900 N Street, NW

Washington, D.C. 20036

Date of fiscal year end: December 31

Date of reporting period: January 1, 2023 through June 30, 2023

Item 1.  Reports to Stockholders

Fundrise

Real

Estate

Interval

Fund,

LLC

Semi-Annual

Report

For

the

Six

Months

Ended

June

30,

2023

TABLE

OF

CONTENTS

Schedule

of

Investments

(Unaudited)

3

Statement

of

Assets

and

Liabilities

(Unaudited)

5

Statement

of

Operations

(Unaudited)

6

Statements

of

Changes

in

Net

Assets

7

Statement

of

Cash

Flows

(Unaudited)

8

Financial

Highlights

9

Notes

to

Financial

Statements

(Unaudited)

10

Additional

Information

(Unaudited)

21

Fundrise

Real

Estate

Interval

Fund,

LLC

Schedule

of

Investments

(Unaudited)

June

30,

2023

3

See

accompanying

notes

to

the

financial

statements.

(Amounts

in

thousands)

Par/Shares

Description

Acquisition

Date

(1)

Value

as

of

June

30,

2023

Real

Estate

Co-Investment

Joint

Ventures

-

88.9%

Industrial

-

14.2%

N/A

(2)

Fundrise

Industrial

JV

1,

LLC

(Cost

$4,320)

(3)(4)(5)(6)

06/04/21

$

4,92

4‌

N/A

(2)

Fundrise

Industrial

JV

2,

LLC

(Cost

$189,884)

(3)(4)(5)(6)

09/29/21

194,851‌

Total

Industrial

(Cost

$194,204

)

$

199,775‌

Multi-Family

Residential

-

22.1%

N/A

(2)

Fundrise

MF

JV

1,

LLC

(Cost

$249,256)

(3)(4)(5)(6)

03/05/21

288,651‌

N/A

(2)

Fundrise

MF

JV

2,

LLC

(Cost

$18,416)

(3)(4)(5)(6)

08/09/21

21,550‌

Total

Multi-Family

Residential

(Cost

$267,672

)

$

310,201‌

Single

Family

Residential

-

52.6%

N/A

(2)

Fundrise

SFR

Dev

JV

1,

LLC

(Cost

$40,762)

(3)(4)(5)(6)

04/02/21

41,964‌

N/A

(2)

Fundrise

SFR

JV

1,

LLC

(Cost

$620,316)

(3)(4)(5)(6)

01/25/21

630,002‌

N/A

(2)

Fundrise

SFR

JV

2,

LLC

(Cost

$66,025)

(3)(4)(5)(6)

01/09/23

66,619‌

Total

Single

Family

Residential

(Cost

$727,103

)

$

738,585‌

Total

Real

Estate

Co-Investment

Joint

Ventures

(Cost

$1,188,979)

$

1,248,561‌

Residential

Mortgage-Backed

Securities

-

2.6%

Non-U.S.

Government

Agency

Issues

-

2.6%

$

1,300‌

AMSR

2020-SFR4

Trust (G2

Class),

4.87%,

11/17/25

(7)

1,180‌

14,067‌

Bridge

2022-SFR1

Trust (E1

Class),

6.30%,

11/17/25

(7)

13,509‌

15,000‌

First

Key

Homes

2021-SFR1

Trust (F1

Class),

3.24%,

08/17/26

(7)

12,868‌

1,700‌

Progress

Residential

2022-SFR1

Trust (E1

Class),

3.93%,

02/17/29

(7)

1,454‌

1,500‌

Progress

Residential

2022-SFR2

Trust (E1

Class),

4.55%,

04/17/27

(7)

1,359‌

1,660‌

Progress

Residential

2022-SFR3

Trust (E1

Class),

5.20%,

04/17/27

(7)

1,521‌

2,000‌

Progress

Residential

2022-SFR7

Trust (E1

Class),

6.75%,

10/27/27

(7)

1,942‌

2,800‌

Progress

Residential

2023-SFR1

Trust (E1

Class),

6.15%,

03/09/28

(7)

2,615‌

Total

Residential

Mortgage-Backed

Securities

(Cost

$35,557)

$

36,448‌

Short-Term

Investments

-

6.9%

96,562‌

Allspring

Government

Money

Market

Fund,

Class Select

Class

Shares,

5.14%

(8)

96,562‌

288‌

Northern

Institutional

U.S.

Government

Select

Portfolio,

4.99%

(8)

288‌

Total

Short-Term

Investments

(Cost

$96,850)

$

96,850‌

Total

investments,

at

value

-

98.4%

(Cost

$1,321,386)

$

1,381,859‌

Other

assets

in

excess

of

liabilities

-

1.6%

22,403‌

Total

Net

Assets

-

100.0%

$

1,404,262‌

LLC

Limited

Liability

Company

(1)

Initial

acquisition

date.

Ownership

percentages

disclosed

in

Note

2,

Summary

of

Significant

Accounting

Policies

-

Fair

Value

Measurement

above

remained

constant

during

the

reporting

period.

(2)

The

Fund

owns

LLC

membership

interests,

see

Note

2,

Summary

of

Significant

Accounting

Policies

-

Fair

Value

Measurement

for

detailed

ownership

information.

(3)

Investment

in

an

affiliate.

(4)

Investments

classified

as

Level

3

within

the

three-tier

fair

value

hierarchy.

See

the

accompanying

notes

to

the

financial

statements

for

an

explanation

of

this

hierarchy,

as

well

as

a

list

of

significant

unobservable

inputs

used

in

the

valuation

of

these

instruments.

(5)

Restricted

security.

The

aggregate

value

of

restricted

securities

at

June

30,

2023

is

approximately

$1,248,561

and

represents

88.9%

of

net

assets.

(6)

Non-income

producing

investment.

(7)

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.

At

the

period

end,

the

value

of

these

securities

amounted

to

$36,448

or

2.6%

of

net

assets.

(8)

Rate

disclosed

is

representative

of

the

Fund's

seven-day

effective

yield

as

of

June

30,

2023.

Fundrise

Real

Estate

Interval

Fund,

LLC

Schedule

of

Investments

(Unaudited)

June

30,

2023

4

See

accompanying

notes

to

the

financial

statements.

PORTFOLIO

COMPOSITION

(As

of

6/30/2023

)

Percent

of

Total

Investments

Single

Family

Residential

53.5%‌

Multi-Family

Residential

22.4%‌

Industrial

14.5%‌

Other

9.6%‌

Total

Investments

100.0%‌

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENT

OF

ASSETS

AND

LIABILITIES

(Unaudited)

June

30,

2023

5

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands,

except

share

and

per

share

data)

Assets

Investments

in

affiliated

entities,

at

fair

value

(Cost

$1,188,979)

$

1,248,561‌

Investments

in

unaffiliated

entities,

at

fair

value

(Cost

$132,407)

133,298‌

Cash

and

cash

equivalents

24,204‌

Other

assets

1,500‌

Interest

and

dividend

receivable

from

unaffiliated

investments

551‌

Distribution

receivable

from

affiliated

investments

254‌

Prepaid

expenses

175‌

Total

Assets

$

1,40

8

,

543‌

Liabilities

Distributions

payable

$

1,375‌

Settling

subscriptions

1,006‌

Payable

to

Adviser

996‌

Accounts

payable

and

accrued

expenses

821‌

Fund

services

fees

payable

54‌

Redemptions

payable

29‌

Total

Liabilities

$

4

,

281‌

Total

Net

Assets

$

1,404,2

62‌

Components

of

Net

Assets

Paid-in

capital

$

1,367,671‌

Distributable

Earnings

36,591‌

Total

Net

Assets

$

1,404,2

62‌

Net

Asset

Value

Net

Asset

Value

$

1,404,2

62‌

Common

shares

outstanding

as

of

June

30,

2023;

unlimited

shares

authorized

115,46

7

,

0

00‌

Net

Asset

Value

Per

Share

$

12.16‌

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENT

OF

OPERATIONS

(Unaudited)

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2023

6

See

accompanying

notes

to

the

financial

statements.

(Amounts

in

thousands)

Investment

Income

Dividend

income

from

unaffiliated

investments

$

2,506‌

Interest

income

from

unaffiliated

investments

1,342‌

Total

Investment

Income

$

3,848‌

Expenses

Management

fees

$

5,838‌

Custody

fees

504‌

Miscellaneous

expenses

411‌

Professional

fees

305‌

Registration

fees

228‌

Fund

services

fees

193‌

Directors'

fees

and

expenses

62‌

Total

Expenses

$

7,541‌

Net

Investment

Income

(Loss)

$

(3,693‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

realized

gain

(loss)

from

unaffiliated

investments

(599‌)

Net

change

in

unrealized

appreciation/depreciation

from

unaffiliated

investments

804‌

Net

change

in

unrealized

appreciation/depreciation

from

affiliated

investments

(22,569‌)

Total

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

$

(22,364‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(26,057‌)

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

7

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

For

the

Six

Months

Ended

June

30,

2023

(Unaudited)

For

the

Year

Ended

December

31,

2022

Operations:

Net

investment

income

(loss)

$

(3,693‌)

$

(11,579‌)

Net

realized

gain

(loss)

on

investments

(599‌)

(3,035‌)

Net

change

in

unrealized

appreciation/depreciation

on

investments

(21,765‌)

(35,650‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(26,057‌)

$

(50,264‌)

Distributions

to

Common

Shareholders

from:

Return

of

capital

(2,766‌)

(12,885‌)

Net

Decrease

in

Net

Assets

from

Distributions

to

Common

Shareholders

$

(2,766‌)

$

(12,885‌)

Capital

Share

Transactions:

Proceeds

from

sale

of

shares

241,355‌

724,275‌

Distributions

reinvested

1,806‌

5,560‌

Repurchase

of

shares

(129,265‌)

(72,437‌)

Net

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

$

113,89

6‌

$

657,398‌

Net

Increase

(Decrease)

in

Net

Assets

$

85,07

3‌

$

594,249‌

Net

Assets:

Beginning

of

Period

$

1,319,189‌

$

724,940‌

End

of

Period

$

1,404,2

62‌

$

1,319,189‌

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENT

OF

CASH

FLOWS

(Unaudited)

FOR

THE

SIX

MONTHS

ENDED

JUNE

30,

2023

8

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

Operating

Activities:

Net

decrease

in

net

assets

resulting

from

operations

$

(26,057‌)

Adjustments

to

reconcile

net

decrease

in

net

assets

resulting

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Investments

in

affiliated

entities

(192,201‌)

Net

change

in

investments

in

short-term

investments

33,388‌

Investments

in

registered

investment

companies

(5,044‌)

Investments

in

fixed

income

securities

(49,068‌)

Accretion

of

discounts

(131‌)

Return

of

capital

distributions

from

investments

in

affiliated

entities

100,351‌

Net

realized

gain

on

investments

in

fixed

income

securities

(175‌)

Net

realized

loss

on

investments

in

registered

investment

companies

774‌

Net

change

in

unrealized

appreciation/depreciation

from

unaffiliated

investments

(804‌)

Net

change

in

unrealized

appreciation/depreciation

from

affiliated

investments

22,569‌

Proceeds

from

sale

of

investments

in

fixed

income

securities

26,292‌

Proceeds

from

sale

of

investments

in

registered

investment

companies

4,270‌

Changes

in

assets

and

liabilities:

Net

(increase)

decrease

in

other

assets

41‌

Net

(increase)

decrease

in

interest

and

dividend

receivable

from

unaffiliated

investments

(62‌)

Net

(increase)

decrease

in

distribution

receivable

from

affiliated

investments

770‌

Net

(increase)

decrease

in

prepaid

expenses

(175‌)

Net

increase

(decrease)

in

settling

subscriptions

(3,365‌)

Net

increase

(decrease)

in

accrued

management

fees

(14‌)

Net

increase

(decrease)

in

accounts

payable

and

accrued

expenses

(56‌)

Net

increase

(decrease)

in

fund

services

fees

payable

54‌

Net

cash

provided

by

(used

in)

operating

activities

$

(

88

,

6

43‌

)

Financing

Activities:

Proceeds

from

issuance

of

common

shares

241,355‌

Cash

paid

for

shares

repurchased

(129,261‌)

Distributions

paid

(2,599‌)

Net

cash

provided

by

(used

in)

financing

activities

$

109,4

9

5‌

Net

increase

(decrease)

in

cash

and

cash

equivalents

$

20

,

852‌

Cash

and

cash

equivalents,

beginning

of

period

3,352‌

Cash

and

cash

equivalents,

end

of

period

$

2

4,204‌

Supplemental

Disclosure

of

Non-Cash

Activity:

Distributions

reinvested

$

1,806‌

Fundrise

Real

Estate

Interval

Fund,

LLC

FINANCIAL

HIGHLIGHTS

9

See

accompanying

notes

to

financial

statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period.

(1)

For

the

Six

Months

Ended

June

30,

2023

For

the

Years

Ended

December

31,

(Unaudited)

2022

2021

Net

Asset

Value,

Beginning

of

Period

$

12.41‌

$

12.81‌

$

10.00‌

Income

from

Investment

Operations

Net

investment

income

(loss)

$

(0.03‌)

$

(0.13‌)

$

(0.22‌)

Net

realized

and

unrealized

gain

(loss)

on

investments

(0.20‌)

(0.12‌)

3.21‌

Total

Income

(Loss)

from

Investment

Operations

$

(0.23‌)

$

(0.25‌)

$

2.99‌

Distributions

to

Common

Shareholders

From:

Return

of

capital

$

(0.02‌)

$

(0.15‌)

$

(0.18‌)

Total

Distributions

to

Common

Shareholders

$

(0.02‌)

$

(0.15‌)

$

(0.18‌)

Net

Asset

Value,

End

of

Period

$

12.16‌

$

12.41‌

$

12.81‌

Total

Investment

Return

Based

on

Net

Asset

Value

(2)

(1.82‌)%

(3)

(1.96‌)%

(

4

)

29.35‌%

(4)

Ratios

and

Supplemental

Data

Net

assets

at

end

of

period

(thousands)

$

1,404,262‌

$

1,319,189‌

$

724,940‌

Ratio

of

gross

expenses

to

average

net

assets

(5)

1.10‌%

(6)

1.13‌%

1.67‌%

Ratio

of

net

expenses

to

average

net

assets

(5)

1.10‌%

(6)

1.13‌%

1.98‌%

(7)

Ratio

of

net

investment

loss

to

average

net

assets

(5)

(0.54‌)%

(6)

(1.01‌)%

(1.95‌)%

(7)

Portfolio

turnover

rate

2‌%

(3)

4‌%

–‌%

(1)

Based

on

average

shares

outstanding

during

each

period.

(2)

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

repurchase

of

Fund

shares.

(3)

Not

annualized.

(4)

Total

investment

returns

for

the

year

ended

December

31,

2021

would

have

been

lower

had

certain

expenses

not

been

waived

or

borne

by

the

Adviser

during

the

period.

There

were

no

expenses

waived

for

the

year

ended

December

31,

2022.

The

Expense

Limitation

Agreement

remained

in

effect

until

May

1,

2022.

(5)

Expenses

do

not

include

operating

expenses

of

the

underlying

Real

Estate

Co-Investment

Joint

Ventures

and

registered

investment

companies.

(6)

Annualized.

(7)

The

ratio

is

net

of

a

waiver

of

0.99%,

which

is

deemed

to

be

voluntary

as

the

total

expense

ratio

did

not

exceed

the

expense

cap

for

the

year

ended

December

31,

2021

and

is

inclusive

of

fee

recoupment

and

expense

reimbursement

of

1.30%.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Unaudited)

June

30,

2023

10

1.

Formation

and

Organization

Fundrise

Real

Estate

Interval

Fund,

LLC

(the

“Fund”

or

the

“Registrant”)

is

a

Delaware

limited

liability

company

and

has

elected

and

has

qualified

to

be

taxed

as

a

real

estate

investment

trust

(a

“REIT”)

for

U.S.

federal

income

tax

purposes

under

Part

II

of

Subchapter

M

of

Chapter

1

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

“Code”),

commencing

with

its

taxable

year

ending

December

31,

2021,

and

intends

to

continue

to

qualify

as

a

REIT.

The

Fund

is

organized

as

a

continuously

offered,

non-

diversified,

closed-end

management

investment

company

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

that

operates

as

an

interval

fund.

The

Fund’s

registration

statement

was

declared

effective

on

December

18,

2020.

The

Fund’s

investment

objective

is

to

seek

to

generate

current

income

while

secondarily

seeking

long-term

capital

appreciation

with

low

to

moderate

volatility

and

low

correlation

to

the

broader

markets.

Generally,

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

a

diversified

portfolio

of

private

real

estate

and

publicly

traded

real

estate-related

investments.

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.

2.

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

June

30,

2023,

including

judgments

about

the

financial

market

and

economic

conditions

which

may

change

over

time.

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.

Cash

and

cash

equivalents

Cash

and

cash

equivalents

may

consist

of

demand

deposits

and

highly

liquid

investments

with

original

maturities

of

three

months

or

less.

The

Fund

may

invest

its

cash

in

an

institutional

money

market

fund,

valued

at

the

net

asset

value

(“NAV”)

as

of

the

close

of

each

business

day.

The

Fund’s

uninvested

cash

is

maintained

with

a

high

credit

quality

financial

institution.

To

date,

the

Fund

has

not

experienced

any

losses

with

respect

to

cash

and

cash

equivalents.

Valuation

Oversight

In

connection

with

SEC

Rule

2a-5,

effective

September

2022,

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,

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

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Unaudited)

June

30,

2023

11

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

summary

of

certain

methods

generally

used

currently

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.

Investments

in

registered

investment

companies,

including

money

market

funds,

are

valued

at

the

NAV

as

of

the

close

of

each

business

day.

To

the

extent

these

securities

are

actively

traded,

they

are

categorized

in

Level

1

of

the

fair

value

hierarchy.

Fixed

income

securities

may

be

valued

by

an

outside

pricing

service

overseen

by

the

Valuation

Designee.

The

pricing

service

may

employ

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.

To

the

extent

these

securities

are

actively

traded,

they

are

categorized

in

Level

2

of

the

fair

value

hierarchy.

Common

stock

securities

are

valued

as

of

the

close

of

the

regular

session

of

trading

on

the

New

York

Stock

Exchange

(“NYSE”)

(currently

4:00

p.m.,

Eastern

Time

or

at

the

time

as

of

which

the

NYSE

establishes

official

closing

prices).

Common

stock

securities

traded

on

stock

exchanges

are

valued

at

the

last

reported

sale

price,

official

close

price,

or

last

bid

price

if

no

sales

are

reported.

To

the

extent

these

securities

are

actively

traded,

they

are

categorized

in

Level

1

of

the

fair

value

hierarchy.

Real

Estate

Co-Investment

Joint

Ventures

are

stated

at

fair

value.

See

Note

7

,

Investments

for

further

information

regarding

the

Real

Estate

Co-Investment

Joint

Ventures.

The

Fund’s

ownership

interests

are

valued

based

on

the

fair

value

of

the

underlying

real

estate,

any

related

mortgage

loans

payable,

and

any

other

assets

and

liabilities

of

the

joint

venture.

The

fair

values

of

real

estate

investments

are

generally

determined

by

considering

the

income,

cost,

and

sales

comparison

approaches

of

estimating

property

value.

The

income

approach

may

use

the

discounted

cash-flow

method

or

the

direct

capitalization

method.

The

discounted

cash-flow

method

estimates

an

income

stream

for

a

property

(typically

10

years)

and

discounts

this

income

plus

a

reversion

(presumed

sale)

into

a

present

value

at

a

risk

adjusted

rate.

The

direct

capitalization

method

converts

a

single

year's

estimated

stabilized

net

operating

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Unaudited)

June

30,

2023

12

income

into

a

value

indication

by

applying

a

market-based

capitalization

rate.

Discount

rates,

market-based

capitalization

rates,

and

growth

assumptions

utilized

in

the

income

approach

are

derived

from

market

transactions

as

well

as

other

financial

and

industry

data.

The

cost

approach

estimates

the

replacement

cost

of

the

building

less

physical

depreciation

plus

the

land

value.

The

sales

comparison

approach

compares

recent

transactions

to

the

appraised

property.

Adjustments

are

made

for

dissimilarities

that

typically

provide

a

range

of

value.

The

discount

rate

and

the

exit

capitalization

rate

are

significant

inputs

to

these

valuations.

These

rates

are

based

on

the

location,

type,

and

nature

of

each

property,

as

well

as

current

and

anticipated

market

conditions.

The

fair

values

of

mortgage

and

senior

notes

payable

are

generally

determined

by

discounting

the

difference

between

the

contractual

interest

rates

and

estimated

market

interest

rates

considering

changes

in

credit

spreads,

as

applicable.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

mortgage

notes

payable

are

the

selection

of

prevailing

market

interest

rates

for

similar

notes

and

the

loan

to

value

ratios.

The

significant

unobservable

inputs

used

in

the

fair

value

measurement

of

the

Fund’s

senior

notes

payable

are

the

selection

of

certain

prevailing

market

interest

rates

for

similar

notes.

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

inputs

used

as

of

June

30,

2023

,

in

valuing

the

Fund’s

investments

carried

at

fair

value

(amounts

in

thousands)

:

The

following

is

a

summary

of

quantitative

information

about

the

significant

unobservable

inputs

of

the

Fund’s

Level

3

investments

as

of

June

30,

2023

(amounts

in

thousands)

.

The

weighted

average

range

of

unobservable

inputs

is

based

on

the

fair

value

of

investments.

Various

valuation

techniques

were

used

in

the

valuation

of

certain

investments

and

weighted

based

on

the

level

of

significance.

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.

Level

1

Level

2

Level

3

Total

Real

Estate

Co-Investment

Joint

Ventures

$

–‌

$

–‌

$

1,248,561‌

$

1,248,561‌

Residential

Mortgage-Backed

Securities

–‌

36,448‌

–‌

36,448‌

Short-Term

Investments

96,850‌

–‌

–‌

96,850‌

Total

Investments

$

96,850‌

$

36,448‌

$

1,248,561‌

$

1,381,859‌

Investment

Fair

Value

Valuation

Technique

Unobservable

Input

(1)

Range

(Weighted

Average)

Impact

to

Valuation

from

an

Increase

in

Input

(2)

Real

Estate

Co-Investment

Joint

Ventures

$

522,177

Income

Approach,

Discounted

Cash-Flow

Method

Discount

Rate

6.4%

-

12.0%

(6.7%)

Decrease

507,874

Income

Approach,

Direct

Capitalization

Method

Capitalization

Rate

3.6%

-

5.5%

(4.8%)

Decrease

218,510

Recent

Transaction

Transaction

Price

N/A

Increase

Total

Real

Estate

Co-Investment

Joint

Ventures

$

1,248,561

(1)

Represents

the

significant

unobservable

inputs

used

to

fair

value

the

financial

instruments

of

the

joint

ventures.

The

fair

value

of

such

financial

instruments

is

the

largest

component

of

the

valuation

of

such

entity

as

a

whole.

(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

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Unaudited)

June

30,

2023

13

The

following

is

a

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

(amounts

in

thousands)

:

As

of

June

30,

2023,

the

investments

in

affiliates

consist

of

co-investments

in

joint

ventures

in

exchange

for

membership

interests.

As

of

June

30,

2023,

the

Fund

owns

95%

of

the

membership

interests

in

Fundrise

SFR

JV

2,

LLC,

90%

of

the

membership

interests

in

each

of

Fundrise

SFR

JV

1,

LLC,

Fundrise

MF

JV

1,

LLC,

Fundrise

MF

JV

2,

LLC,

and

Fundrise

Industrial

JV

2,

LLC,

60%

of

the

membership

interests

in

Fundrise

SFR

Dev

JV

1,

LLC,

and

20%

of

the

membership

interests

in

Fundrise

Industrial

JV

1,

LLC.

The

affiliated

investment

securities

have

not

been

registered

under

the

Securities

Act

of

1933,

as

amended,

and

thus

are

subject

to

restrictions

on

resale.

During

the

six

months

ended

June

30,

2023,

investments

in

affiliates

were

as

follows

(amounts

in

thousands)

:

Restricted

Securities

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.

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.

Restricted

securities

held

at

June

30,

2023

are

identified

within

the

Schedule

of

Investments.

Organizational

and

Offering

Costs

Organizational

costs

may

include,

among

other

things,

the

cost

of

organizing

as

a

Delaware

limited

liability

company,

the

cost

of

certain

legal

services

and

other

fees

pertaining

to

the

Fund’s

organization.

These

costs

are

expensed

as

incurred

by

the

Fund.

Offering

costs

may

include,

among

other

things,

legal,

printing

and

other

expenses

pertaining

to

offering

the

Fund’s

Shares.

Ongoing

offering

costs

will

be

expensed

as

incurred.

Real

Estate

Co-

Investment

Joint

Ventures

Balance

as

of

December

31,

2022

$

1,179,280‌

Purchases

192,201‌

Accrued

discounts

(premiums)

–‌

Realized

gain

(loss)

–‌

Net

change

in

unrealized

appreciation/depreciation

(22,569‌)

Return

of

capital

distributions

(100,351‌)

Sales

–‌

Transfers

into

Level

3

–‌

Transfers

out

of

Level

3

–‌

Balance

as

of

June

30,

2023

$

1,248,561‌

Net

change

in

unrealized

appreciation/depreciation

for

the

six

months

ended

June

30,

2023

related

to

Level

3

investments

held

at

June

30,

2023

$

(22,569‌)

Affiliate

Balance

as

of

December

31,

2022

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

and

Capital

Gain

Dividend

Income

Return

of

Capital

Distribution

Change

in

Unrealized

Balance

as

of

June

30,

2023

Fundrise

SFR

JV

1,

LLC

$

721,830

$

20,700

$

–

$

–

$

–

$

(98,991)

$

(13,537)

$

630,002

Fundrise

MF

JV

1,

LLC

297,497

4,500

–

–

–

(501)

(12,845)

288,651

Fundrise

Industrial

JV

2,

LLC

109,325

85,500

–

–

–

(859)

885

194,851

Fundrise

SFR

JV

2,

LLC

–

66,025

–

–

–

–

594

66,619

Fundrise

SFR

Dev

JV

1,

LLC

28,411

12,600

–

–

–

–

953

41,964

Fundrise

MF

JV

2,

LLC

17,773

2,700

–

–

–

–

1,077

21,550

Fundrise

Industrial

JV

1,

LLC

4,444

176

–

–

–

–

304

4,924

Total

$

1,179,280

$

192,201

$

–

$

–

$

–

$

(100,351)

$

(22,569)

$

1,248,561

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Unaudited)

June

30,

2023

14

Income

Taxes

The

Fund

has

elected

and

has

qualified

to

be

taxed

as

a

REIT

under

the

Code,

and

intends

to

qualify

as

a

REIT,

commencing

with

the

taxable

year

ending

December

31,

2021.

To

qualify

as

a

REIT,

the

Fund

must

meet

certain

organizational

and

operational

requirements,

including

a

requirement

to

distribute

at

least

90%

of

the

Fund’s

annual

REIT

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

REIT,

the

Fund

generally

will

not

be

subject

to

U.S.

federal

income

tax

to

the

extent

it

distributes

qualifying

dividends

to

its

Shareholders.

Even

if

the

Fund

qualifies

for

taxation

as

a

REIT,

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

December

31,

2022

and

all

tax

periods

following

remain

open

to

examination

by

the

major

taxing

authorities

in

all

jurisdictions

where

we

are

subject

to

taxation.

For

the

open

tax

periods,

the

Fund

has

no

uncertain

tax

positions

that

would

require

recognition

in

the

financial

statements.

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.

For

the

six

months

ended

June

30,

2023,

the

Fund

did

not

incur

any

income

tax,

interest,

or

penalties.

Issuance

of

Shares

The

Fund

offers

its

Shares

on

a

continuous

basis

through

the

Fundrise

Platform,

an

investment

platform

available

both

online

at

www.fundrise.com

and

through

various

mobile

applications

owned

and

operated

by

the

Sponsor.

The

price

a

Shareholder

pays

for

Shares

is

based

on

the

Fund’s

NAV.

The

NAV

of

the

Fund’s

Shares

is

calculated

daily

on

each

day

that

the

New

York

Stock

Exchange

is

open

for

business

as

of

the

close

of

the

regular

trading

session

on

the

NYSE,

usually

4:00

p.m.,

Eastern

Standard

Time.

Cash

received

for

investor

subscriptions

is

recorded

as

Settling

Subscriptions

in

the

Statement

of

Assets

and

Liabilities

until

settlement

occurs

and

Shares

are

issued.

Distributions

To

Shareholders

The

Fund

has

made,

and

intends

to

continue

to

make,

distributions

necessary

to

qualify

for

taxation

as

a

REIT.

The

Fund

expects

that

it

will

declare

daily

distributions

to

Shareholders

of

record

as

of

close

of

business

on

each

day,

paid

on

a

quarterly

basis,

or

more

or

less

frequently

as

determined

by

the

Board,

in

arrears.

The

Board

may

authorize

distributions

in

Shares

or

in

excess

of

those

required

for

the

Fund

to

maintain

REIT

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.

Dividend

Reinvestment

The

Fund

operates

under

a

dividend

reinvestment

policy

administered

by

the

Adviser.

Pursuant

to

the

policy,

a

Shareholder’s

income

dividends,

capital

gains

or

other

distributions,

net

of

any

applicable

U.S.

withholding

tax,

can

be

reinvested

in

the

Shares

of

the

Fund,

provided

that,

if

a

Shareholder

participates

in

an

investment

plan

offered

by

the

Adviser,

such

distributions

will

be

reinvested

in

accordance

with

such

investment

plan.

Unless

a

Shareholder

elects

to

“opt

in”

to

the

Fund’s

dividend

reinvestment

policy,

any

dividends

and

other

distributions

paid

to

the

Shareholder

by

the

Fund

will

not

be

reinvested

in

additional

Shares

of

the

Fund

under

the

policy.

When

the

Fund

declares

a

distribution

payable

in

cash,

the

Shareholders

enrolled

in

the

dividend

reinvestment

plan

will

receive

an

equivalent

amount

in

Shares

from

the

Fund

either

newly

issued

or

repurchased

from

Shareholders

by

the

Fund

or

according

to

their

investment

plan,

if

applicable.

The

number

of

Shares

to

be

received

when

distributions

are

reinvested

will

be

determined

by

dividing

the

amount

of

the

distribution

(or

the

percentage

of

the

distribution

allocable

to

the

Fund

under

the

terms

of

the

investment

plan,

if

applicable)

by

the

Fund’s

NAV

per

Share

next

computed

after

the

distribution

is

paid.

Shareholders

who

do

not

participate

in

the

Fund’s

dividend

reinvestment

policy

will

receive

all

dividends

in

cash.

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

are

reported

on

the

ex-

dividend

date,

and

interest

income

is

recorded

on

an

accrual

basis.

Amortization

of

premiums

and

accretion

of

discounts

on

fixed

income

securities

is

calculated

using

the

effective

interest

method,

or

straight-line

method

when

appropriate,

over

the

holding

period

of

the

investment

and

are

included

in

interest

income.

Distributions

received

from

investments

generally

are

comprised

of

ordinary

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Unaudited)

June

30,

2023

15

income

and

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.

3.

Concentration

of

Risk

Investing

in

the

Fund

involves

risks,

including,

but

not

limited

to,

those

set

forth

below.

The

risks

described

below

are

not,

and

are

not

intended

to

be,

a

complete

enumeration

or

explanation

of

the

risks

involved

in

an

investment

in

the

Fund.

For

a

more

complete

discussion

of

the

risks

of

investing

in

the

Fund,

see

the

section

entitled

“Principal

Risks”

in

the

Fund’s

Prospectus

and

Statement

of

Additional

Information

filed

on

April

28,

2023,

and

the

Fund’s

other

filings

with

the

SEC.

Non-Listed

Closed-End

Interval

Fund;

Liquidity

Risk.

The

Fund

is

a

non-diversified,

closed-end

management

investment

company

operating

as

an

“interval

fund”

and

is

designed

primarily

for

long-term

investors.

Closed-end

funds

differ

from

open-end

management

investment

companies

(commonly

known

as

mutual

funds)

because

investors

in

a

closed-end

fund

do

not

have

the

right

to

redeem

their

shares

on

a

daily

basis.

Unlike

many

closed-end

funds,

which

typically

list

their

shares

on

a

securities

exchange,

the

Fund

does

not

currently

intend

to

list

the

Shares

for

trading

on

any

securities

exchange,

and

the

Fund

does

not

expect

any

secondary

market

to

develop

for

the

Shares

in

the

foreseeable

future.

Therefore,

an

investment

in

the

Fund,

unlike

an

investment

in

a

typical

closed-end

fund,

is

not

a

liquid

investment.

The

Fund

is

not

intended

to

be

a

typical

traded

investment.

Shareholders

are

also

subject

to

transfer

restrictions

and

there

is

no

guarantee

that

they

will

be

able

to

sell

their

Shares.

If

a

secondary

market

were

to

develop

for

the

Shares

in

the

future,

and

a

Shareholder

is

able

to

sell

his

or

her

Shares,

the

Shareholder

will

likely

receive

less

than

the

purchase

price

and

the

then-current

NAV

per

Share.

Although

the

Fund,

as

a

fundamental

policy,

will

make

quarterly

offers

to

repurchase

at

least

5%

and

up

to

25%

of

its

outstanding

Shares

at

NAV,

the

number

of

Shares

tendered

in

connection

with

a

repurchase

offer

may

exceed

the

number

of

Shares

the

Fund

has

offered

to

repurchase,

in

which

case

not

all

of

a

Shareholder’s

Shares

tendered

in

that

offer

will

be

repurchased.

In

connection

with

any

given

repurchase

offer,

it

is

likely

that

the

Fund

may

offer

to

repurchase

only

the

minimum

amount

of

5%

of

its

outstanding

Shares.

Hence,

a

Shareholder

may

not

be

able

to

sell

their

Shares

when

or

in

the

amount

that

they

desire.

Non-Diversification

Risk.

As

a

“non-diversified”

fund,

the

Fund

may

invest

more

than

5%

of

its

total

assets

in

the

securities

of

one

or

more

issuers

.

Therefore,

the

Fund

may

be

more

susceptible

than

a

diversified

fund

to

being

adversely

affected

by

events

impacting

a

single

borrower,

geographic

location,

security

or

investment

type.

Further,

a

non-diversified

fund

is

more

vulnerable

than

a

more

broadly

diversified

fund

to

fluctuations

in

the

values

of

the

securities

it

holds.

For

these

reasons,

an

investment

in

the

Fund

may

fluctuate

in

value

and

have

a

greater

degree

of

risk.

Investment

and

Market

Risk.

An

investment

in

the

Fund

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

amount

that

a

Shareholder

invests.

The

value

of

the

Fund’s

investments

may

move

up

or

down,

sometimes

rapidly

and

unpredictably.

At

any

point

in

time,

Shares

may

be

worth

less

than

the

original

investment,

even

after

taking

into

account

the

reinvestment

of

Fund

dividends

and

distributions.

Global

economic,

political

and

market

conditions

and

economic

uncertainty,

including

those

caused

by

the

ongoing

COVID-19

pandemic,

may

adversely

affect

the

Fund’s

business,

results

of

operations

and

financial

condition.

Risks

Related

to

Specific

Private

Commercial

Real

Estate

(“CRE”)

Property

Types.

The

Fund

intends

to

invest

in

a

variety

of

Private

CRE

property

types,

which

will

expose

the

Fund

to

risks

associated

with

Private

CRE,

including

general

risks

affecting

all

types

of

Private

CRE

property

and

certain

specific

risks

associated

with

specific

types

of

Private

CRE

property.

Valuation

Risk.

The

Fund

is

subject

to

valuation

risk,

which

is

the

risk

that

one

or

more

of

the

assets

in

which

the

Fund

invests

are

priced

incorrectly,

due

to

factors

such

as

incomplete

data,

market

instability

or

human

error.

If

the

Fund

ascribes

a

higher

value

to

assets

and

their

value

subsequently

drops

or

fails

to

rise

because

of

market

factors,

returns

on

the

Fund’s

investment

may

be

lower

than

expected

and

could

experience

losses.

Interest

Rate

Risk.

Changes

in

interest

rates,

including

changes

in

expected

interest

rates

or

“yield

curves,”

may

affect

the

Fund’s

business

in

a

number

of

ways.

Changes

in

the

general

level

of

interest

rates

can

affect

the

Fund’s

net

interest

income,

which

is

the

difference

between

the

interest

income

earned

on

the

Fund’s

interest-earning

assets

and

the

interest

expense

incurred

in

connection

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Unaudited)

June

30,

2023

16

with

its

interest-bearing

borrowings

and

hedges.

Risks

Related

to

the

Fund’s

Tax

Status

as

a

REIT.

The

Fund

has

elected

to

be

taxed

as

and

has

qualified

for

treatment

each

year

as

a

REIT

under

the

Internal

Revenue

Code

of

1986,

as

amended

(defined

above

as

the

“Code”)

beginning

with

its

taxable

year

ended

December

31,

2021

and

intends

to

continue

to

qualify

as

a

REIT.

However,

qualification

as

a

REIT

for

tax

purposes

involves

the

application

of

highly

technical

and

complex

Code

provisions

for

which

only

a

limited

number

of

judicial

or

administrative

interpretations

exist.

Notwithstanding

the

availability

of

cure

provisions

in

the

Code,

various

compliance

requirements

could

be

failed

and

could

jeopardize

the

Fund’s

REIT

tax

status.

Failure

to

qualify

for

taxation

as

a

REIT

would

cause

the

Fund

to

be

taxed

as

a

regular

corporation,

which

would

substantially

reduce

funds

available

for

distributions

to

Shareholders.

In

addition,

complying

with

the

requirements

to

maintain

its

REIT

tax

status

may

cause

the

Fund

to

forego

otherwise

attractive

opportunities

or

to

liquidate

otherwise

attractive

investments,

adversely

affect

the

Fund’s

liquidity

and

force

the

Fund

to

borrow

funds

during

unfavorable

market

conditions,

and/or

limit

the

Fund’s

ability

to

hedge

effectively

and

cause

the

Fund

to

incur

tax

liabilities.

4.

Share

Transactions

Below

is

a

summary

of

transactions

with

respect

to

the

Fund’s

common

shares

for

the

six

months

ended

June

30,

2023

and

for

the

year

ended

December

31,

2022

(all

tabular

amounts

are

in

thousands

except

share

data)

:

As

of

June

30,

2023,

the

Fund

has

issued

10,000

common

shares

to

the

Sponsor

and

500

common

shares

to

Fundrise,

L.P.,

an

affiliate

of

the

Sponsor.

For

the

six

months

ended

June

30,

2023,

total

distributions

declared

to

these

related

parties

were

less

than

$1,000.

5.

Repurchase

Offers

The

Fund

operates

as

an

interval

fund

under

Rule

23c-3

of

the

1940

Act

and,

as

such,

provides

a

limited

degree

of

liquidity

to

Shareholders.

As

an

interval

fund,

the

Fund

has

adopted

a

fundamental

policy

to

offer

to

repurchase

at

quarterly

intervals

a

specified

percentage

of

its

outstanding

Shares

at

NAV

(the

“Repurchase

Offer

Policy”).

The

Repurchase

Offer

Policy

provides

that,

once

each

quarter,

the

Fund

will

offer

to

repurchase

at

NAV

no

less

than

5%

and

no

more

than

25%

of

the

outstanding

Shares

of

the

Fund,

unless

suspended

or

postponed

in

accordance

with

regulatory

requirements.

The

Repurchase

Offer

Policy

is

a

fundamental

policy

that

may

not

be

changed

without

the

vote

of

the

holders

of

a

majority

of

the

Fund’s

outstanding

voting

securities

(as

defined

in

the

1940

Act).

To

conduct

a

repurchase

offer,

the

Fund

will

send

a

repurchase

offer

notice

to

Shareholders

no

less

than

21

days

and

no

more

than

42

days

before

the

date

(the

“Repurchase

Request

Deadline”)

by

which

the

Fund

announces

that

Shareholders

must

tender

their

Shares

in

response

to

such

repurchase

offer

notice.

The

Fund

must

receive

repurchase

requests

submitted

by

Shareholders

in

response

to

the

Fund’s

repurchase

offer

on

or

before

the

Repurchase

Request

Deadline.

The

Repurchase

Offer

Policy

provides

that

the

repurchase

pricing

occurs

no

later

than

the

14th

day

after

the

Repurchase

Request

Deadline

or

the

next

business

day

if

the

14th

day

is

not

a

business

day

(the

“Repurchase

Pricing

Date”).

The

repurchase

price

of

the

Shares

will

be

the

Fund’s

NAV

as

of

the

close

of

the

Repurchase

Pricing

Date.

The

Board,

in

its

sole

discretion,

will

determine

the

number

of

Shares

that

the

Fund

will

offer

to

repurchase

(“Repurchase

Offer

Amount”)

for

a

given

Repurchase

Request

Deadline.

If

Shareholders

tender

for

repurchase

more

than

the

Repurchase

Offer

Amount

for

a

given

repurchase

offer,

the

Fund

may,

but

is

not

required

to,

repurchase

an

additional

number

of

Shares

not

to

exceed

2%

of

the

outstanding

Shares

of

the

Fund

on

the

Repurchase

Request

Deadline.

If

the

Fund

determines

not

to

repurchase

more

than

the

Repurchase

Offer

Amount,

or

if

Shareholders

tender

Shares

in

an

amount

exceeding

the

Repurchase

Offer

Amount

plus

2%

of

the

outstanding

Shares

on

the

Repurchase

Request

Deadline,

the

Fund

will

repurchase

the

Shares

on

a

pro

rata

basis.

However,

the

Fund

For

the

Six

Months

Ended

June

30,

2023

For

the

Year

Ended

December

31,

2022

Common

Shares

Shares

Amount

Shares

Amount

Gross

proceeds

from

offering

19,

415

,

812‌

$

24

1

,

35

5‌

54,704,356‌

$

724,275‌

Reinvestment

of

distributions

145,374‌

1,806‌

419,966‌

5,560‌

Total

gross

proceeds

19,56

1

,

1

86‌

243,1

61‌

55,124,322‌

729,835‌

Less:

shares

repurchased

(

10

,

381

,

928‌

)

(

129,265‌

)

(5,432,114‌)

(72,437‌)

Net

Proceeds

from

Common

Shares

9,

17

9

,

2

58‌

$

113,89

6‌

49,692,208‌

$

657,398‌

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Unaudited)

June

30,

2023

17

may

accept

all

Shares

tendered

for

repurchase

by

Shareholders

who

own

less

than

one

hundred

Shares

and

who

tender

all

of

their

Shares,

before

prorating

other

amounts

tendered.

The

Fund

may

not

condition

a

repurchase

offer

upon

the

tender

of

any

minimum

number

of

Shares.

The

Fund

does

not

currently

charge

a

repurchase

fee,

and

it

does

not

currently

expect

to

impose

a

repurchase

fee.

However,

the

Fund

may

in

the

future

charge

a

repurchase

fee

of

up

to

2.00%,

subject

to

approval

of

the

Board.

The

following

table

presents

the

repurchase

offers

that

were

completed

during

the

six

months

ended

June

30,

2023

(all

tabular

amounts

are

in

thousands

except

share

data)

:

6.

Investment

Manager

Fees

and

Other

Related

Party

Transactions

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

0.85%

of

the

Fund’s

average

daily

net

assets.

The

Management

Fee

will

be

calculated

and

accrued

daily

and

payable

monthly

in

arrears.

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

fees

and

expenses

associated

with

the

selection,

acquisition,

or

origination

of

real

estate

properties,

construction,

real

estate

development,

special

servicing

of

non-performing

assets

(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

equity

investments

in

real

estate.

No

such

fees

were

incurred

or

paid

by

the

Fund

to

the

Adviser

or

its

affiliates

for

the

six

months

ended

June

30,

2023.

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.

7.

Investments

The

Fund

gains

exposure

to

Private

CRE

through

co-investment

arrangements,

joint

ventures

or

wholly

owned

subsidiaries

(collectively,

“Real

Estate

Investment

Vehicles”).

For

the

six

months

ended

June

30,

2023,

Real

Estate

Investment

Vehicles

consist

of

entities

in

which

the

Fund

co-invested

alongside

affiliates

of

the

Fund,

including

those

of

the

Adviser

(“Real

Estate

Co-Investment

Joint

Ventures”),

pursuant

to

the

terms

and

conditions

of

the

exemptive

order

issued

by

the

SEC

to

the

Fund,

allowing

the

Fund

to

co-invest

alongside

certain

entities

affiliated

with

or

managed

by

the

Adviser.

Instead

of

acquiring

full

ownership

of

Private

CRE

investments

through

a

wholly

owned

entity,

the

Fund

acquires

partial

interests

by

entering

into

co-investment

agreements

with

affiliates

of

the

Adviser.

The

Fund’s

ownership

percentage

in

the

Real

Estate

Co-

Investment

Joint

Ventures

will

generally

be

pro

rata

to

the

amount

of

money

the

Fund

applies

to

the

origination

or

commitment

amount

for

the

underlying

Private

CRE

or

purchase

price

(including

financing,

if

applicable)

and

the

acquisition,

construction,

Repurchase

Offers

Fourth

Quarter

Repurchase

Commencement

Date

December

1,

2022

Repurchase

Request

Deadline

December

31,

2022

Repurchase

Pricing

Date

January

3,

2023

Amount

Repurchased

$

53,402‌

Shares

Repurchased

4,303,143‌

Repurchase

Offers

First

Quarter

Repurchase

Commencement

Date

February

28,

2023

Repurchase

Request

Deadline

March

31,

2023

Repurchase

Pricing

Date

April

3,

2023

Amount

Repurchased

$

75,863‌

Shares

Repurchased

6,078,785‌

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Unaudited)

June

30,

2023

18

development,

or

renovation

expenses,

if

any,

of

the

underlying

Private

CRE,

as

applicable,

owned

by

the

Real

Estate

Co-Investment

Joint

Ventures.

The

Fund’s

ownership

in

the

Real

Estate

Co-Investment

Joint

Ventures

is

passive

in

nature,

and

the

Fund

may

have

a

greater

economic

interest

but

fewer

control

rights

in

the

Real

Estate

Co-Investment

Joint

Ventures

than

the

affiliate

in

which

the

Fund

co-invests

alongside.

The

Fund’s

investments

in

real

estate

through

the

securities

of

a

Real

Estate

Co-Investment

Joint

Ventures

with

its

affiliates

is

subject

to

the

requirements

of

the

1940

Act

and

terms

and

conditions

of

an

exemptive

order

the

Fund

received

from

the

SEC

allowing

the

Fund

and/or

the

Real

Estate

Co-Investment

Joint

Ventures

to

co-invest

alongside

certain

entities

affiliated

with

or

managed

by

the

Adviser

(REITs

(each,

an

“eREIT®”)

or

other

non-REIT

compliant

real

estate-related

funds).

The

exemptive

order

from

the

SEC

imposes

extensive

conditions

on

the

terms

of

any

co-investment

made

by

an

affiliate

of

the

Fund.

The

Fund

has

adopted

procedures

reasonably

designed

to

ensure

compliance

with

the

exemptive

order

and

the

Board

also

oversees

risk

relative

to

such

compliance.

The

Fund

also

invests

in

real

estate

through

common

stock

of

publicly

traded

REIT

securities.

Publicly

traded

REITs

typically

own

large,

diversified

pools

of

CRE

properties

and

employ

moderate

leverage.

Many

public

REITs

are

listed

on

major

stock

exchanges,

such

as

the

New

York

Stock

Exchange

and

NASDAQ.

Public

REITs

pay

out

all

of

their

taxable

income

as

dividends

to

Shareholders.

In

turn,

Shareholders

pay

the

income

taxes

on

those

dividends.

As

of

June

30,

2023,

the

Fund

owned

no

investments

in

common

stock.

The

cost

of

purchases

and

proceeds

from

the

sale

of

investments,

other

than

short-term

securities,

for

the

six

months

ended

June

30,

2023

amounted

to

$246,313

and

$30,562,

respectively

(amounts

in

thousands)

.

Pursuant

to

Regulation

S-X

10-01(b),

Interim

Financial

Statements,

summarized

interim

income

statement

information

is

required

for

an

unconsolidated

subsidiary

within

an

interim

financial

statement

if

the

unconsolidated

subsidiary

would

otherwise

require

separate

audited

financial

statements

within

an

annual

report

pursuant

to

Regulation

S-X

3-09.

In

accordance

with

the

definition

of

a

“significant

subsidiary”

as

defined

by

Regulation

S-X

rule

1-02(w)

(2)

(amendment

effective

January

1,

2021)

the

Fund

deemed

Fundrise

SFR

JV

1,

LLC,

Fundrise

MF

JV

1,

LLC

and

Fundrise

Industrial

JV

2,

LLC

as

significant

subsidiaries

as

of

June

30,

2023.

The

following

tables

show

summarized

financial

information

for

Fundrise

SFR

JV

1,

LLC,

Fundrise

MF

JV

1,

LLC

and

Fundrise

Industrial

JV

2,

LLC

for

the

six

months

ended

June

30,

2023

(amounts

in

thousands)

:

8.

Tax

Basis

Information

The

timing

and

characterization

of

certain

income,

capital

gains,

and

return

of

capital

distributions

are

determined

annually

in

accordance

with

federal

tax

regulations,

which

may

differ

from

GAAP.

As

a

result,

the

net

investment

income

(loss)

and

net

realized

gain

(loss)

on

investment

transactions

for

a

reporting

period

may

differ

significantly

from

distributions

during

such

period.

These

book/tax

differences

may

be

temporary

or

permanent

in

nature.

To

the

extent

these

differences

are

permanent,

they

are

charged

or

Fundrise

SFR

JV

1,

LLC

Fundrise

MF

JV

1,

LLC

Fundrise

Industrial

JV

2,

LLC

Summary

Statement

of

Assets

and

Liabilities

(1)

As

of

June

30,

2023

As

of

June

30,

2023

As

of

June

30,

2023

Total

Assets

$

1,403,327‌

$

578,377‌

$

374,957‌

Total

Liabilities

783,800‌

329,352‌

170,598‌

Total

Net

Assets

$

619,527‌

$

249,025‌

$

204,359‌

Summary

Statement

of

Operations

(1)

For

the

Six

Months

Ended

June

30,

2023

For

the

Six

Months

Ended

June

30,

2023

For

the

Six

Months

Ended

June

30,

2023

Total

revenue

$

46,168‌

$

24,038‌

$

5,440‌

Operating

expenses

(32,715‌)

(23,472‌)

(1,284‌)

Operating

Income

$

13,453‌

$

566‌

$

4,156‌

Interest

expense

(19,207‌)

(11,395‌)

(3,143‌)

Depreciation

and

amortization

(22,983‌)

(207‌)

(3,531‌)

Gain

(Loss)

on

derivative

financial

instrument

(4,061‌)

220‌

129‌

Net

Income

(Loss)

$

(32,798‌)

$

(10,816‌)

$

(2,389‌)

(1)

The

unconsolidated

subsidiary

noted

reports

in

accordance

with

U.S.

GAAP,

but

does

not

fall

within

the

scope

of

the

accounting

and

reporting

guidance

in

the

ASC

946.

The

subsidiary

is

therefore

not

required

to

and

has

elected

not

to

fair

value

its

investments.

Accordingly,

the

summarized

income

statement

information

shown

for

the

unconsolidated

subsidiary

does

not

reflect

fair

value

adjustments.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Unaudited)

June

30,

2023

19

credited

to

paid-in

capital,

accumulated

net

investment

income/loss

or

accumulated

net

realized

gain/loss,

as

appropriate,

in

the

period

in

which

the

differences

arise.

As

of

December

31,

2022,

the

tax

basis

of

distributable

earnings

(accumulated

deficit)

was

as

follows

(amounts

in

thousands)

:

As

of

December

31,

2022,

the

capital

loss

carryforwards

were

as

follows

(amounts

in

thousands)

:

During

the

tax

years

presented

below,

the

tax

character

of

distributions

paid

by

the

Fund

was

as

follows

(amounts

in

thousands)

:

As

of

June

30,

2023

,

the

unrealized

appreciation

and

depreciation

of

investments,

based

on

cost

for

federal

income

tax

purposes,

were

as

follows

(amounts

in

thousands)

:

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation

is

attributable

to

the

book/tax

differences

in

the

treatment

of

depreciation

and

other

flow

through

income

on

certain

investments

9.

New

Accounting

Pronouncements

In

June

2022,

FASB

issued

Accounting

Standards

Update

No.

2022-03

(“ASU

2022-03”),

“Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions”

(“Topic

820”).

ASU

2022-03

clarifies

the

guidance

in

Topic

820,

related

to

the

measurement

of

the

fair

value

of

an

equity

security

subject

to

contractual

sale

restrictions,

where

it

eliminates

the

need

to

apply

a

discount

to

fair

value

of

these

securities,

and

introduces

disclosure

requirements

related

to

such

equity

securities.

The

guidance

is

effective

for

fiscal

years,

and

interim

periods

within

those

fiscal

years,

beginning

after

December

15,

2023,

and

allows

for

early

adoption.

The

Fund

is

currently

evaluating

the

implications,

if

any,

of

the

additional

requirements

and

its

impact

on

the

financial

statements.

Undistributed

ordinary

income

(loss)

$

(34,979‌)

Undistributed

long-term

capital

gain

(loss)

–‌

Tax

accumulated

earnings

(loss)

$

(34,979‌)

Accumulated

capital

and

other

losses

(3,035‌)

Other

book/tax

temporary

differences

(1)

(1,192‌)

Net

unrealized

gain

(loss)

on

investments

(2)

101,854‌

Total

Distributable

Earnings

$

62,648‌

(1)

Other

book/tax

differences

are

attributable

to

deductibility

of

various

expenses.

(2)

The

difference

between

book-basis

and

tax-basis

unrealized

appreciation

(depreciation)

is

attributable

to

the

book/tax

differences

in

the

treatment

of

depreciation

and

other

flow

through

income

on

certain

investments.

Short-term

$

3,035‌

Long-term

–‌

Total

Capital

Loss

Carryforwards

(1)

$

3,035‌

(1)

To

the

extent

the

Fund

recognizes

capital

gains

in

future

periods,

they

will

be

offset

by

unused

capital

loss

carryforwards

subject

to

IRC

limitations.

For

the

Tax

Year

Ended

December

31,

2022

For

the

Tax

Year

Ended

December

31,

2021

Ordinary

Income

$

–‌

$

–‌

Long-term

capital

gain

–‌

–‌

Return

of

capital

(1)

$

12,798‌

$

1,873‌

Total

Distributions

Paid

$

12,798‌

$

1,873‌

(1)

The

difference

between

tax-basis

distributions

and

book-basis

distributions

is

due

to

the

timing

of

when

distributions

are

considered

paid

pursuant

to

IRC

section

858(a).

Cost

of

investments

for

tax

purposes

$

1,

301

,

769‌

Gross

tax

unrealized

appreciation

$

80,268‌

Gross

tax

unrealized

depreciation

(178‌)

Net

Tax

Unrealized

Appreciation

$

80,090‌

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(Unaudited)

June

30,

2023

20

10.

Subsequent

Events

In

connection

with

the

preparation

of

the

accompanying

financial

statements,

the

Fund

has

evaluated

events

and

transactions

occurring

after

the

date

of

this

report

and

through

the

date

these

financial

statements

were

available

to

be

issued.

Share

Transactions

Following

the

date

of

this

report,

the

following

repurchase

offers

have

occurred

(all

tabular

amounts

are

in

thousands

except

share

data)

:

Repurchase

Offers

Second

Quarter

Repurchase

Commencement

Date

May

26,

2023

Repurchase

Request

Deadline

June

30,

2023

Repurchase

Pricing

Date

July

3,

2023

Amount

Repurchased

$

66,698‌

Shares

Repurchased

5,485,016‌

Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(Unaudited)

June

30,

2023

21

1.

Disclosure

of

Portfolio

Holdings

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT

reports

will

be

available

without

charge,

upon

request,

by

calling

(202)

584-0550

or

on

the

SEC’s

website

at

http://www.sec.gov.

2.

Proxy

Voting

Policies

and

Procedures

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and,

once

available,

information

regarding

how

the

Fund

voted

those

proxies

(if

any)

during

the

year

ended

June

30,

2023,

is

available

(1)

without

charge,

upon

request,

by

calling

(202)

584-0550,

(2)

on

the

Fund’s

website

at

www.fundriseintervalfund.com

and

(3)

on

the

SEC’s

website

at

http://www.sec.gov.

During

the

year

ended

June

30,

2023,

the

Fund

did

not

have

any

investments

that

required

the

Fund

to

vote

proxies,

and

therefore

did

not

vote

any

proxies

during

such

period.

3.

Compensation

of

Directors

The

Fund’s

Statement

of

Additional

Information

includes

additional

information

about

the

Directors

and

is

available

(1)

without

charge,

upon

request,

by

calling

(202)

584-0550,

(2)

on

the

Fund’s

website

at

www.fundriseintervalfund.com

and

(3)

on

the

SEC’s

website

at

http://www.sec.gov.

The

following

table

sets

forth

information

regarding

the

total

compensation

to

be

paid

to

the

Independent

Directors

for

their

services

as

Independent

Directors

for

the

Fund’s

fiscal

year

ended

December

31,

2023.

As

an

Interested

Director,

Mr.

Miller

receives

no

compensation

from

the

Fund

for

his

service

as

a

Director.

No

other

compensation

or

retirement

benefits

are

received

by

any

Director

or

officer

from

the

Fund.

Name

Aggregate

Compensation

from

the

Fund

Aggregate

Compensation

from

the

Fund

and

Fund

Complex

(1)

Paid

to

Directors

Jeffrey

R.

Deitrich

$

37,500

$

120,000

Glenn

R.

Osaka

37,500

120,000

Gayle

P.

Starr

37,500

75,000

Mark

D.

Monte

37,500

75,000

(1)

The

“Fund

Complex”

consists

of

the

Fund,

Fundrise

Growth

Tech

Fund,

LLC,

and

Fundrise

Income

Real

Estate

Fund,

LLC.

FOR

MORE

INFORMATION

Investment

Adviser

Fundrise

Advisors,

LLC

11

Dupont

Circle

NW,

9th

Floor

Washington,

DC

20036

Fundrise

Real

Estate

Interval

Fund,

LLC

11

Dupont

Circle

NW,

9th

Floor

Washington,

DC

20036

(202)

584-0550

This

report

is

submitted

for

the

general

information

of

the

shareholders

of

the

Fund.

It

is

not

authorized

for

distribution

to

prospective

investors

unless

preceded

or

accompanied

by

an

effective

prospectus,

which

includes

information

regarding

the

Fund’s

risks,

objectives,

fees

and

expenses,

experience

of

its

management,

and

other

information.

Item 2. Code of Ethics

Not applicable for semi-annual reporting period.

Item 3. Audit Committee Financial Expert

Not applicable for semi-annual reporting period.

Item 4. Principal Accountant Fees and Services

Not applicable for semi-annual reporting period.

Item 5. Audit Committee of Listed Registrants

Not applicable for semi-annual reporting period.

Item 6. Investments

(a) The schedule of investments is included as part of the report to Shareholders filed under Item 1 of this form.

(b) There were no divestment of securities (as defined by Section 13(c) of the 1940 Act) for this semi-annual reporting period.

Item 7.   Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable for semi-annual reporting period.

Item 8.   Portfolio Managers of Closed-End Management Investment Companies

(a)           Not applicable for semi-annual reporting period.

(b)           As of August 25, 2023, there have been no changes in portfolio managers since the most recent annual report.

Item 9.   Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

There were no repurchases of equity securities by the Sponsor or other affiliated purchasers for this semi-annual reporting period.

Item 10. Submission of Matters to a Vote of Security Holders

As of August 25, 2023, there have been no material changes in the procedures by which Shareholders may recommend nominees to the Board of Directors.

Item 11. Controls and Procedures

(a) The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective as of a date within 90 days of the filing date of this Report, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

During the period covered by this report, a third-party service provider commenced performing certain accounting and administrative services for the Registrant that are subject to Rise Companies’ oversight.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 13. Exhibits

(a)(1) Not applicable.

(a)(2)

A separate certification for each of the Registrant’s Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) and Section 302 of the Sarbanes-Oxley Act of 2002 is filed herewith.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fundrise Real Estate Interval Fund, LLC

By:	/s/ Benjamin S. Miller
	Name: Benjamin S. Miller
	Title: President
Date:	August 25, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Benjamin S. Miller
	Name: Benjamin S. Miller
	Title: President
Date:	August 25, 2023

By:	/s/ Alison A. Staloch
	Name: Alison A. Staloch
	Title: Treasurer and Principal Financial/Accounting Officer
Date:	August 25, 2023