Fundrise

Real

Estate

Interval

Fund,

LLC

Schedule

of

Investments

(UNAUDITED)

March

31,

2024

1

See

accompanying

notes

to

the

schedule

of

investments.

(Amounts

in

thousands)

Value

as

of

Par/Shares

Description

Acquisition

Date

March

31,

2024

Real

Estate

Co-Investment

Joint

Ventures

-

92.8%

Industrial

-

16.8%

N/A

Fundrise

Industrial

JV

1,

LLC  (Cost

$4,540)

 (1)(2)(3)(4)

06/04/21

$

4,672‌

N/A

Fundrise

Industrial

JV

2,

LLC  (Cost

$207,738)

(1)(2)(3)(4)

09/29/21

195,493‌

Total

Industrial

(Cost

$212,278

)

$

200,165‌

Multi-Family

Residential

-

17.

1

%

N/A

Fundrise

MF

JV

1,

LLC  (Cost

$205,375)

(1)(2)(3)(4)

03/05/21

$

203,365‌

Total

Multi-Family

Residential

(Cost

$205,375)

$

203,365‌

Single

Family

Residential

-

58.9%

N/A

Fundrise

SFR

Dev

JV

1,

LLC  (Cost

$39,742)

(1)(2)(3)(4)

04/02/21

$

41

,

249‌

N/A

Fundrise

SFR

JV

1,

LLC  (Cost

$599,364)

(1)(2)(3)(4)

01/25/21

555,435‌

N/A

Fundrise

SFR

JV

2,

LLC  (Cost

$96,045)

(1)(2)(3)(4)

01/09/23

104

,444‌

Total

Single

Family

Residential

(Cost

$735,151

)

$

701,128‌

Total

Real

Estate

Co-Investment

Joint

Ventures

(Cost

$1,152,804)

$

1,104,658‌

Residential

Mortgage-Backed

Security

-

1.2%

Non-U.S.

Government

Agency

Issue

-

1.

2

%

$

14,067‌

Bridge

2022-SFR1

Trust

(E1

Class),

6.30%,

11/17/25

 (5)

$

13,562‌

Total

Residential

Mortgage-Backed

Security

(Cost

$13,111)

$

13,562‌

Short-Term

Investments

-

4.9%

58,644‌

Allspring

Government

Money

Market

Fund,

Select

Class,

5.38%

 (6)

$

58,644‌

1‌

Northern

Institutional

U.S.

Government

Select

Portfolio,

5.14%

 (6)

1‌

Total

Short-Term

Investments

(Cost

$58,645)

$

58,645‌

Total

investments,

at

value

-

98.9%

(Cost

$1,224,560)

$

1,176,865‌

Other

assets

in

excess

of

liabilities

-

1.1%

13,536‌

Total

Net

Assets

-

100.0%

$

1,190,401‌

LLC

Limited

Liability

Company

(1)

Investment

in

an

affiliate.

See

Note

2,

Summary

of

Significant

Accounting

Policies

for

additional

information.

(2)

Investments

classified

as

Level

3

within

the

three-tier

fair

value

hierarchy.

See

the

accompanying

notes

to

the

schedule

of

investments

for

an

explanation

of

this

hierarchy,

as

well

as

a

list

of

significant

unobservable

inputs

used

in

the

valuation

of

these

instruments.

(3)

Restricted

security.

The

aggregate

value

of

restricted

securities

at

March

31,

2024

is

approximately

$1,104,658

(amount

in

thousands)

and

represents

92.8%

of

net

assets.

(4)

Non-income

producing

investment.

(5)

Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

These

securities

may

be

resold

to

qualified

institutional

buyers

in

transactions

exempt

from

registration.

The

aggregate

value

of

this

security

at

March

31,

2024

is

approximately

$13,562

(amount

in

thousands)

and

represents

1.1%

of

net

assets.

(6)

Rate

disclosed

is

representative

of

the

seven-day

effective

yield

as

of

March

31,

2024.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Schedule

of

Investments

(UNAUDITED)

March

31,

2024

2

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

invesment

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”).

The

Fund’s

registration

statement

was

declared

effective

on

December

18,

2020.

The

Fund

commenced

investment

operations

on

January

1,

2021.

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

Valuation

Oversight

Pursuant

to

SEC

Rule

2a-5

under

the

1940

Act,

the

Board

has

approved

the

Adviser

as

the

Fund’s

Valuation

Designee

(“Valuation

Designee”),

to

provide

administration

and

oversight

of

the

Fund’s

valuation

policies

and

procedures.

The

Fund

values

its

investments

in

accordance

with

such

procedures.

Generally,

portfolio

securities

and

other

assets

for

which

market

quotations

are

readily

available

are

valued

at

market

value,

which

is

ordinarily

determined

on

the

basis

of

official

closing

prices

or

the

last

reported

sales

prices.

If

market

quotations

are

not

readily

available

or

are

deemed

unreliable,

the

Fund

will

use

the

fair

value

of

the

securities

or

other

assets

as

determined

by

the

Adviser

in

good

faith,

taking

into

consideration

all

available

information

and

other

factors

that

the

Adviser

deems

pertinent,

in

each

case

subject

to

the

overall

supervision

and

responsibility

of

the

Board.

In

calculating

the

Fund’s

net

asset

value,

the

Adviser,

subject

to

the

oversight

of

the

Board,

uses

various

valuation

methodologies.

To

the

extent

practicable,

the

Adviser

generally

endeavors

to

maximize

the

use

of

observable

inputs

and

minimize

the

use

of

unobservable

inputs

by

requiring

that

the

most

observable

inputs

are

to

be

used

when

available.

The

availability

of

valuation

techniques

and

observable

inputs

can

vary

from

investment

to

investment

and

are

affected

by

a

wide

variety

of

factors.

When

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment,

and

may

involve

alternative

methods

to

obtain

fair

values

where

market

prices

or

market-based

valuations

are

not

readily

available.

As

a

result,

the

Adviser

may

exercise

a

higher

degree

of

judgment

in

determining

fair

value

for

certain

securities

or

other

assets.

Fair

Value

Measurement

The

following

is

a

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:

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Schedule

of

Investments

(UNAUDITED)

(Continued)

March

31,

2024

3

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

are

valued

by

an

outside

pricing

service

overseen

by

the

Valuation

Designee.

The

pricing

service

employs

a

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

market

data

and

specific

security

characteristics.

In

the

event

prices

or

quotations

are

not

readily

available

or

that

the

application

of

these

valuation

methods

results

in

a

price

for

an

investment

that

is

deemed

to

be

not

representative

of

the

fair

value

of

such

investment,

fair

value

will

be

determined

in

good

faith

by

the

Valuation

Designee,

in

accordance

with

the

valuation

policy

and

procedures

approved

by

the

Board.

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.

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

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.

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

March

31,

2024

,

in

valuing

the

Fund’s

investments

carried

at

fair

value

(amounts

in

thousands)

:

Level

1

Level

2

Level

3

Total

Real

Estate

Co-Investment

Joint

Ventures

$

–‌

$

–‌

$

1,104,658‌

$

1,104,658‌

Residential

Mortgage-Backed

Security

–‌

13,562‌

–‌

13,562‌

Short-Term

Investments

58,645‌

–‌

–‌

58,645‌

Total

Investments

$

5

8

,

645‌

$

13,562‌

$

1,

104

,

65

8‌

$

1,

17

6

,

865‌

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Schedule

of

Investments

(UNAUDITED)

(Continued)

March

31,

2024

4

The

following

is

a

summary

of

quantitative

information

about

the

significant

unobservable

inputs

of

the

Fund’s

Level

3

investments

as

of

March

31,

2024

(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.

The

following

is

a

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

(amounts

in

thousands)

:

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

$

1,104,658

Direct

Capitalization

Capitalization

Rate

4.8%

–

5.3%

(5.0%)

Decrease

Discounted

Cash

Flow

Discount

Rate

7.0%

–

9.9%

(7.7%)

Decrease

Sales

Comparison

Approach

Price

Per

Unit

($)

$215

-

$510

($329)

Increase

Recent

Transaction

Transaction

Price

N/A

Increase

Total

Real

Estate

Co-Investment

Joint

Ventures

$

1,104,658

(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

each

joint

venture

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.

Real

Estate

Co-

Investment

Joint

Ventures

Balance

as

of

December

31,

2023

$

1,040,646‌

Purchases

63,395‌

Realized

gain

(loss)

–‌

Net

change

in

unrealized

appreciation/depreciation

30,004‌

Return

of

capital

distributions

(29,387‌)

Sales

–‌

Transfers

into

Level

3

–‌

Transfers

out

of

Level

3

–‌

Balance

as

of

March

31,

2024

$

1,104,658‌

Net

change

in

unrealized

appreciation/depreciation

for

the

period

ended

March

31,

2024

related

to

Level

3

investments

held

at

March

31,

2024

$

30,004‌

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Schedule

of

Investments

(UNAUDITED)

(Continued)

March

31,

2024

5

Affiliated

Investments

As

of

March

31,

2024,

the

investments

in

affiliates

consist

of

co-investments

in

joint

ventures

in

exchange

for

membership

interests.

As

of

March

31,

2024,

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,

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.

Ownership

percentages

remained

constant

during

the

reporting

period.

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

period

ended

March

31,

2024,

investments

in

affiliates

were

as

follows

(amounts

in

thousands):

Non-Controlled

Affiliated

Investments

Real

Estate

Co-Investment

Joint

Ventures

Affiliate

Value

as

of

December

31,

2023

Purchased

(Cost)

Sold

(Proceeds)

Net

Realized

Gain

(Loss)

and

Capital

Gain

Distributions

Return

of

Capital

Distribution

Change

in

Unrealized

Appreciation/

Depreciation

Affiliate

Value

as

of

March

31,

2024

Dividend

Income

Fundrise

SFR

JV

1,

LLC

$

527,992

$

30,600

$

–

$

–

$

(17,190)

$

14,033

$

555,435

$

–

Fundrise

MF

JV

1,

LLC

199,510

2,700

–

–

(11,837)

12,992

203,365

–

Fundrise

Industrial

JV

2,

LLC

190,117

8,460

–

–

–

(3,084)

195,493

–

Fundrise

SFR

JV

2,

LLC

77,395

20,235

–

–

–

6,814

104,444

–

Fundrise

SFR

Dev

JV

1,

LLC

40,974

1,320

–

–

(360)

(685)

41,249

–

Fundrise

Industrial

JV

1,

LLC

4,658

80

–

–

–

(66)

4,672

–

Total

$

1,040,646

$

63,395

$

–

$

–

$

(29,387)

$

30,004

$

1,104,658

$

–