0001435109-23-000306.txt : 20230825 0001435109-23-000306.hdr.sgml : 20230825 20230825163323 ACCESSION NUMBER: 0001435109-23-000306 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20230630 FILED AS OF DATE: 20230825 DATE AS OF CHANGE: 20230825 EFFECTIVENESS DATE: 20230825 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fundrise Real Estate Interval Fund, LLC CENTRAL INDEX KEY: 0001777677 IRS NUMBER: 834327607 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-23448 FILM NUMBER: 231208855 BUSINESS ADDRESS: STREET 1: 11 DUPONT CIRCLE NW STREET 2: 9TH FLOOR CITY: WASHINGTON STATE: DC ZIP: 20036 BUSINESS PHONE: 2025840550 MAIL ADDRESS: STREET 1: 11 DUPONT CIRCLE NW STREET 2: 9TH FLOOR CITY: WASHINGTON STATE: DC ZIP: 20036 FORMER COMPANY: FORMER CONFORMED NAME: INCOME EREIT INTERVAL FUND LLC DATE OF NAME CHANGE: 20190523 N-CSRS 1 primary-document.htm
 
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.
 
 

 
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
 
 
 EX-99.CERT 2 cert302.htm
CERTIFICATION
 
I, Benjamin S. Miller, certify that:
 
1.     I have reviewed this report on Form N-CSR Fundrise Real Estate Interval Fund, LLC (File Number 811-23448, CIK Number 0001777677);
 
2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets
of the Registrant as of, and for, the periods presented in this report;
 
4.     The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act ) for the Registrant and have:
 
(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
 
(c)   Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
 
(d)   Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
 
5.     The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
 
(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
 
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
 
Date:
August 25, 2023
 
/s/ Benjamin S. Miller
 
 
 
 
Benjamin S. Miller
 
 
 
 
President and Principal Executive Officer
 

CERTIFICATION
 
I, Alison A. Staloch, certify that:
 
1.     I have reviewed this report on Form N-CSR Fundrise Real Estate Interval Fund, LLC (File Number 811-23448, CIK Number 0001777677;
 
2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.   Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, and changes in net assets
of the Registrant as of, and for, the periods presented in this report;
 
4.     The Registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the Registrant and have:
 
(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;
 
(c)   Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
 
(d)   Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
 
5.     The Registrant’s other certifying officer and I have disclosed to the Registrant’s auditors and the audit committee of the Registrant’s board of directors (or persons performing the equivalent functions):
 
(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize, and report financial information; and
 
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
 
Date:
August 25, 2023
 
/s/ Alison A. Staloch
 
 
 
 
Alison A. Staloch
 
 
 
 
Treasurer and Principal Financial/Accounting Officer
 
 
 
 EX-99.906 CERT 3 section906.htm
CERTIFICATION
 
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
 
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the Fundrise Real Estate Interval Fund, LLC (the “Registrant”) does hereby certify, to such officer’s knowledge, that:
 
The semi-annual report on Form N-CSR of the Registrant for the six months ended June 30, 2023 (the “Form N-CSR”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.
 
 
 
Date:
August 25, 2023
 
By:
/s/ Benjamin S. Miller
 
 
 
 
Benjamin S. Miller
 
 
 
 
President and Principal Executive Officer
 
 
Date:
August 25, 2023
 
By:
/s/ Alison A. Staloch
 
 
 
 
Alison A. Staloch
 
 
 
 
Treasurer and Principal Financial/Accounting Officer