INTERNAL CONTROL RPT

 

KPMG LLP

Suite 900

8350 Broad Street

McLean, VA 22102

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of

Fundrise Real Estate Interval Fund, LLC

In planning and performing our audit of the financial statements of Fundrise Real Estate Interval Fund, LLC (the Fund), as of December 31, 2021 and for the year ended December 31, 2021, in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB) (United States), we considered the Fund’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A fund’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). A fund’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and directors of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a fund’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund’s annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Fund’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Fund’s internal control over financial reporting and its operation, including controls over safeguarding securities that we consider to be a material weakness as defined above as of December 31, 2021.

KPMG LLP, a Delaware limited liability partnership and a member firm of
the KPMG global organization of independent member firms affiliated with

KPMG International Limited, a private English company limited by guarantee.

 

This report is intended solely for the information and use of management of Fundrise Real Estate Interval Fund, LLC and the Board of Directors and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

McLean, Virginia

February 28, 2022

2

OTHER REQUIRED INFO

Item G.1.a.vi Other information required to be included as an attachment pursuant to Commission rules and regulations

See Item G.1.b.iv

ITEM 405 REG S-K

Item G.1.b.iv. Information called for by Item 405 of Regulation S-K:

Delinquent Section 16(a) reports filed during FYE 12/31/2021

Based on the Fund’s review of reportable transactions from the Fund’s officers and Trustees, to the knowledge of the Fund, during the fiscal period ended December 31, 2021, the Fund’s officers and Trustees timely filed all reports that were required under Section 16(a) of the 1934 Act, except that two (2) late Form 4 filings were made with respect to (i) Richard Whitaker Booth, Senior Vice President of Fundrise Advisors, LLC, the investment adviser of the Fund and Rise Companies Corp., an affiliate of the investment adviser, and (ii) Alexander Rouse, a Trustee of the Fund, with respect to purchases of Common Shares of the Fund.

Late Form 4 filings:

· 11/30/2021 Form 4 filing for 11/19/2021 transaction (Richard Whitaker Booth)

· 05/06/2021 Form 4 filing for 04/09/2021 transaction (Alexander Rouse)