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.

Kirkland & Ellis LLP

1301 Pennsylvania Avenue, N.W.

Washington, D.C. 20004

Date of fiscal year end: December 31

Date of reporting period: January 1, 2023 through December 31, 2023

Item 1.  Reports to Stockholders

Fundrise

Real

Estate

Interval

Fund,

LLC

Annual

Report

For

the

Year

Ended

December

31,

2023

TABLE

OF

CONTENTS

Management

Discussion

of

Fund

Performance

(Unaudited)

3

Performance

Chart

and

Analysis

(Unaudited)

5

Schedule

of

Investments

6

Statement

of

Assets

and

Liabilities

7

Statement

of

Operations

8

Statements

of

Changes

in

Net

Assets

9

Statement

of

Cash

Flows

10

Financial

Highlights

11

Notes

to

Financial

Statements

12

Report

of

Independent

Registered

Public

Accounting

Firm

24

Additional

Information

(Unaudited)

25

Fundrise

Real

Estate

Interval

Fund,

LLC

Management

Discussion

of

Fund

Performance

(UNAUDITED)

December

31,

2023

3

Dear

Fellow

Shareholders,

We

are

pleased

to

present

the

annual

report

of

the

Fundrise

Real

Estate

Interval

Fund,

LLC

(the

“Fund”).

The

past

twelve

months

have

proven

to

be

the

single

most

challenging

year

for

real

estate

returns

since

the

2008

Great

Financial

Crisis.

Within

real

estate,

performance

has

diverged

significantly

between

sectors,

and

we

are

encouraged

by

our

focus

on

residential

and

industrial

assets

where

we

anticipate

continued

demand

growth.

Multifamily

and

single

family

rent

continued

to

grow

in

2023,

although

at

a

slower

pace

than

in

2022.

Per

Yardi

Matrix’s

December

2023

report,

multifamily

asking

rents

were

up

0.3%

year-over-

year

while

single

family

rents

were

up

1.2%

year-over-year.

The

Green

Street

Commercial

Property

Price

Index®,

which

represents

a

measure

of

pricing

for

a

broad

spectrum

of

institutional

quality

properties,

declined

10%

in

2023.

This

was

primarily

due

to

higher

borrowing

costs

as

the

Federal

Reserve

continued

to

increase

the

benchmark

Fed

Funds

rate

throughout

the

majority

of

the

year

which

caused

values

to

fall

even

with

rent

growth.

These

higher

borrowing

costs

have

driven

valuation

decreases

in

both

residential

and

industrial

real

estate

in

2023.

Fortunately,

we

believe

we

have

reached

a

turning

point

with

inflation

now

easing

and

the

Federal

Reserve

signaling

an

end

to

rate

hikes.

As

a

result,

we

feel

optimistic

enough

to

call

a

bottom

and

state

that

we

believe

the

hard

part

is

over…at

least

for

real

estate

investors.

And

while

there

was

no

broader

recession

in

2023,

what

many

investors

may

not

realize

is

that

there

was,

in

fact,

a

substantial

recession

across

nearly

the

entire

real

estate

industry

with

values

in

many

cases

falling

between

20-40%,

equal

to

or

in

some

instances

greater

than

the

declines

that

were

witnessed

in

2008.

Put

more

simply,

nearly

all

investment

real

estate

(that

is

real

estate

held

as

an

investment

asset

as

opposed

to

single-family

home

owners)

saw

a

decline

in

appraised

value

due

to

the

Federal

Reserve

raising

interest

rates.

During

2023,

the

Fund

returned

-11.79%,

its

third

year

of

operations.

During

the

same

period

the

S&P

500®

Total

Return

Index,

a

bellwether

for

the

overall

U.S.

stock

market,

returned

26.29%,

the

Bloomberg

U.S.

Aggregate

Bond

Index,

a

broad-

based

flagship

benchmark

that

measures

the

investment

grade

U.S.

dollar-denominated,

fixed-rate

taxable

bond

market,

returned

5.53%,

and

the

FTSE

Nareit

Composite

REITs

Index,

a

free-float

adjusted,

market

capitalization-weighted

index

of

U.S.

Equity

and

Mortgage

REITs,

returned

11.52%.

The

primary

contributor

to

2023

under

performance

was

continued

interest

rate

hikes

conducted

by

the

Federal

Reserve

to

combat

record

high

inflation.

Looking

ahead,

we

believe

the

hard

part

is

over

and

falling

rates

should,

conversely,

result

in

stronger

performance

for

real

estate

investors

going

forward.

We

believe

that

just

as

rising

interest

rates

pulled

real

estate

values

down,

falling

interest

rates

will

act

as

a

strong

tailwind,

likely

pushing

real

estate

values

higher

and

in

turn

producing

potentially

positive

results

for

investors

going

forward.

(As

we’ve

noted

previously,

the

standard

operating

metrics

of

property

level

health:

occupancy,

delinquency,

rent

growth,

renewal

rates,

etc…

all

continue

to

hold

up

well

across

the

portfolio

despite

continued

downward

pressure

on

the

economy).

Specifically,

we

believe

that:

When

downturns

are

an

opportunity

The

benefit

of

being

a

long-term

investor

is

that

these

kinds

of

markdowns

are

only

on

paper…unless,

of

course,

you

are

either

forced

to

or

choose

to

sell

prematurely.

The

very

same

dynamics

that

lead

to

markdowns

(on

paper)

also

drive

real

buying

opportunities

for

those

who

are

able

to

capture

them,

a

phenomenon

we

all

witnessed

in

the

stock

market

the

past

year.

Similarly,

in

the

midst

of

the

2008

financial

crisis,

many

people

looked

at

their

401(k)s

or

home

values

in

despair

as

they

saw

their

“on

paper”

net

worth

fall

by

30,

40,

or

even

50%

in

only

a

matter

of

months.

In

hindsight,

however,

many

of

those

same

people

now

look

back

on

that

period

as

perhaps

the

best

investment

opportunity

of

their

lifetime

and

are

kicking

themselves

for

not

buying

at

the

bottom.

It’s

the

big

things

that

matter

We

live

in

a

world

that

demands

a

constant

stream

of

new

and

interesting

content

to

digest.

Financial

news

sites

like

CNBC

or

Bloomberg

update

articles

multiple

times

a

day

with

theories

and

predictions

about

why

things

are

moving

in

one

direction

or

the

other.

And,

as

a

result,

we

are

prone

to

over

extrapolating

a

lot

of

the

noise

caused

by

“little

things”

that

eventually

just

fade

away

into

the

background.

Ultimately,

it’s

the

few

big

things

(more

obvious

often

than

we’d

like

to

admit)

that

really

matter.

The

past

several

years

have

seemingly

been

a

steady

stream

of

one

random

unprecedented

event

after

the

next,

when

in

actuality

they

are

the

logical

and

sequential

consequences

brought

about

by

the

pandemic

—

it

was

the

big

thing.

As

the

system

continues

to

Fundrise

Real

Estate

Interval

Fund,

LLC

Management

Discussion

of

Fund

Performance

(UNAUDITED)

December

31,

2023

4

work

through

the

domino

effect

of

unwinding

the

past

several

years,

we

still

expect

tighter

monetary

policy

to

result

in

an

inevitable

dampening

of

the

broader

economy,

including

slower

growth,

rising

unemployment,

and

potentially

a

significant

decline

in

stocks.

The

irony

is

that

in

some

sense

regardless

of

the

reason

rates

come

down—either

because

the

Fed

was

right

about

a

soft

landing

or

we

are

correct

about

a

recession—it’s

strongly

positive

for

real

estate

values

and,

in

our

expectation,

the

Fundrise

portfolio.

As

we

shift

to

this

next

phase

of

the

Fed

lowering

rates,

we

expect

there

to

be

significant

opportunities

that

will

present

themselves.

In

the

meantime,

we

again

want

to

thank

our

investors

for

holding

through

the

hard

part.

As

always,

we

will

continue

to

strive

to

be

the

tortoise

among

the

hares.

Onward,

Ben

Miller

Chief

Executive

Officer

Fundrise

Advisors,

LLC

Fundrise

Real

Estate

Interval

Fund,

LLC

PERFORMANCE

CHART

AND

ANALYSIS

(UNAUDITED)

December

31,

2023

5

The

following

reflects

the

change

in

the

value

of

a

hypothetical

$10,000

investment,

including

reinvested

dividends

and

distributions,

in

the

Fundrise

Real

Estate

Interval

Fund,

LLC

compared

with

the

performance

of

the

benchmarks,

S&P

500®

Total

Return

Index

and

the

Bloomberg

U.S.

Aggregate

Bond

Index,

for

the

period

January

1,

2021*

through

December

31,

2023.

\

*Fundrise

Real

Estate

Interval

Fund,

LLC

commenced

investment

operations

on

January

1,

2021.

The

S&P

500

Index

is

an

unmanaged

market

capitalization-weighted

index

which

is

comprised

of

500

of

the

largest

U.S.

domiciled

companies

and

includes

the

reinvestment

of

all

dividends.

Investors

cannot

invest

directly

in

an

index

or

benchmark.

The

Bloomberg

U.S.

Aggregate

Bond

Index

is

an

unmanaged

index

which

represents

the

U.S.

investment-grade

fixed-rate

bond

market

(including

government

and

corporate

securities,

mortgage

pass-through

securities

and

asset-backed

securities).

Investors

cannot

invest

directly

in

an

index

or

benchmark.

The

performance

data

quoted

is

historical.

Past

performance

is

no

guarantee

of

future

results.

The

performance

table

and

graph

do

not

reflect

any

taxes

that

a

shareholder

would

pay

on

Fund

dividends,

capital

gain

distributions,

if

any,

or

any

realized

gains

on

the

sale

of

Fund

shares.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate.

An

investor’s

shares,

when

repurchased,

may

be

worth

more

or

less

than

the

original

cost.

Total

returns

are

calculated

using

closing

Net

Asset

Value

as

of

December

31,

2023

and

are

calculated

assuming

reinvestment

of

all

dividends

and

distributions.

The

Fund’s

distribution

policy

is

to

declare

and

make

distributions

on

a

quarterly

basis,

or

more

or

less

frequently

as

determined

by

the

Board,

in

arrears.

A

portion

of

the

distribution

may

include

a

return

of

capital.

Shareholders

should

not

assume

that

the

source

of

a

distribution

from

the

Fund

is

net

profit.

Although

return

of

capital

distributions

are

not

currently

taxable,

such

distributions

will

have

the

effect

of

lowering

a

shareholder’s

tax

basis

in

the

shares

which

will

result

in

a

higher

tax

liability

when

the

shares

are

repurchased,

even

if

they

have

not

increased

in

value,

or,

in

fact,

have

lost

value.

Distributions

are

not

guaranteed.

The

Fund’s

most

recent

annualized

distribution

rate

as

of

December

31,

2023,

was

0.46%

(1)

.

All

distributions

made

during

the

year

ended

December

31,

2023

were

deemed

to

be

a

return

of

capital.

Average

Annual

Total

Returns

One

Year

Since

Inception

01/01/21

Fundrise

Real

Estate

Interval

Fund,

LLC

-11.79%

3.81%

S&P

500®

Total

Return

Index

26.29%

10.01%

Bloomberg

U.S.

Aggregate

Bond

Index

5.53%

-3.32%

(1)

Distribution

rate

is

based

on

an

annualization

of

the

distributions

per

share

for

the

31

days

of

December

2023.

Fundrise

Real

Estate

Interval

Fund,

LLC

Schedule

of

Investments

December

31,

2023

6

See

accompanying

notes

to

the

financial

statements.

(Amounts

in

thousands)

Par/Shares

Description

Acquisition

Date

 (1)

Value

as

of

December

31,

2023

Real

Estate

Co-Investment

Joint

Ventures

-

86.9%

Industrial

-

16.3%

N/A

 (2)

Fundrise

Industrial

JV

1,

LLC  (Cost

$4,460)

 (3)(4)(5)(6)

06/04/21

$

4,658‌

N/A

 (2)

Fundrise

Industrial

JV

2,

LLC  (Cost

$199,278)

 (3)(4)(5)(6)

09/29/21

190,117‌

Total

Industrial

(Cost

$20

3

,

7

38

)

$

194,775‌

Multi-Family

Residential

-

16.6%

N/A

 (2)

Fundrise

MF

JV

1,

LLC  (Cost

$214,512)

 (3)(4)(5)(6)

03/05/21

$

199,510‌

Total

Multi-Family

Residential

(Cost

$214,512)

$

199,510‌

Single

Family

Residential

-

54.0%

N/A

 (2)

Fundrise

SFR

Dev

JV

1,

LLC  (Cost

$38,782)

 (3)(4)(5)(6)

04/02/21

$

40,974‌

N/A

 (2)

Fundrise

SFR

JV

1,

LLC  (Cost

$585,954)

 (3)(4)(5)(6)

01/25/21

527,992‌

N/A

 (2)

Fundrise

SFR

JV

2,

LLC  (Cost

$75,810)

 (3)(4)(5)(6)

01/09/23

77,395‌

Total

Single

Family

Residential

(Cost

$700,546

)

$

646,361‌

Total

Real

Estate

Co-Investment

Joint

Ventures

(Cost

$1,118,796)

$

1,040,646‌

Residential

Mortgage-Backed

Securities

-

2.4%

Non-U.S.

Government

Agency

Issues

-

2.4%

$

1,300‌

AMSR

2020-SFR4

Trust (G2

Class),

4.87%,

11/17/25

 (7)

$

1,220‌

14,067‌

Bridge

2022-SFR1

Trust (E1

Class),

6.30%,

11/17/25

 (7)

13,647‌

5,000‌

First

Key

Homes

2021-SFR1

Trust (F1

Class),

3.24%,

08/17/26

 (7)

4,444‌

1,700‌

Progress

Residential

2022-SFR1

Trust (E1

Class),

3.93%,

02/17/29

 (7)

1,478‌

1,500‌

Progress

Residential

2022-SFR2

Trust (E1

Class),

4.55%,

04/17/27

 (7)

1,380‌

1,660‌

Progress

Residential

2022-SFR3

Trust (E1

Class),

5.20%,

04/17/27

 (7)

1,572‌

2,000‌

Progress

Residential

2022-SFR7

Trust (E1

Class),

6.75%,

10/27/27

 (7)

1,968‌

2,800‌

Progress

Residential

2023-SFR1

Trust (E1

Class),

6.15%,

03/09/28

 (7)

2,712‌

Total

Residential

Mortgage-Backed

Securities

(Cost

$27,622)

$

28,421‌

Short-Term

Investments

-

4.8%

57,284‌

Allspring

Government

Money

Market

Fund,

Select

Class,

5.42%

 (8)

$

57,284‌

1‌

Northern

Institutional

U.S.

Government

Select

Portfolio,

5.22%

 (8)

1‌

Total

Short-Term

Investments

(Cost

$57,285)

$

57,285‌

Total

investments,

at

value

-

94.1%

(Cost

$1,203,703)

$

1,126,352‌

Other

assets

in

excess

of

liabilities

-

5.9%

71,088‌

Total

Net

Assets

-

100.0%

$

1,197,440‌

LLC

Limited

Liability

Company

(1)

Initial

acquisition

date.

Ownership

percentages

disclosed

in

Note

6,

Investment

Manager

Fees

and

Other

Related

Party

Transactions

remained

constant

during

the

reporting

period.

(2)

The

Fund

owns

LLC

membership

interests,

see

Note

6,

Investment

Manager

Fees

and

Other

Related

Party

Transactions

for

detailed

ownership

information.

(3)

Investment

in

an

affiliate.

See

Note

6,

Investment

Manager

Fees

and

Other

Related

Party

Transactions

for

additional

information.

(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

December

31,

2023

is

approximately

$1,040,646

(amount

in

thousands)

and

represents

86.9%

of

net

assets.

See

Note

2,

Summary

of

Significant

Accounting

Policies

for

additional

information.

(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.

As

of

December

31,

2023,

the

value

of

these

securities

amounted

to

$28,421

(amount

in

thousands)

or

2.4%

of

net

assets.

(8)

Rate

disclosed

is

representative

of

the

seven-day

effective

yield

as

of

December

31,

2023

.

PORTFOLIO

COMPOSITION

(As

of

12/31/2023

)

Percent

of

Total

Investments

Single

Family

Residential

57.4%

Multi-Family

Residential

17.7%

Industrial

17.3%

Other

7.6%

Total

Investments

100.0%

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENT

OF

ASSETS

AND

LIABILITIES

December

31,

2023

7

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands,

except

share

and

per

share

data)

Assets

Investments

in

non-controlled

affiliated

entities,

at

fair

value

(Cost

$1,118,796)

$

1,040,646‌

Investments

in

unaffiliated

entities,

at

fair

value

(Cost

$84,907)

85,706‌

Cash

and

cash

equivalents

72,725‌

Other

assets

1,500‌

Interest

and

dividend

receivable

from

unaffiliated

investments

398‌

Prepaid

expenses

187‌

Total

Assets

$

1,201,162‌

Liabilities

Distributions

payable

1,381‌

Management

fees

payable

810‌

Accounts

payable

and

accrued

expenses

712‌

Settling

subscriptions

679‌

Fund

services

fees

payable

80‌

Redemptions

payable

60‌

Total

Liabilities

$

3,722‌

Total

Net

Assets

$

1,197,440‌

Components

of

Net

Assets

Paid-in

capital

$

1,297,971‌

Accumulated

loss

(100,531‌)

Total

Net

Assets

$

1,197,440‌

Net

Asset

Value

Net

Asset

Value

$

1,197,440‌

Common

shares

outstanding

as

of

December

31,

2023;

unlimited

shares

authorized

109,8

11

,

218‌

Net

Asset

Value

Per

Share

$

10.90‌

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENT

OF

OPERATIONS

FOR

THE

YEAR

ENDED

DECEMBER

31,

2023

8

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

Investment

Income

Dividend

income

from

unaffiliated

investments

$

4,451‌

Dividend

income

from

non-controlled

affiliated

investment

4,037‌

Interest

income

from

unaffiliated

investments

3,381‌

Total

Investment

Income

$

11,869‌

Expenses

Management

fees

$

11,445‌

Miscellaneous

expenses

1,252‌

Custody

fees

968‌

Professional

fees

440‌

Fund

services

fees

207‌

Transfer

agent

fees

190‌

Directors'

fees

and

expenses

153‌

Total

Expenses

$

14,655‌

Net

Investment

Income

(Loss)

$

(2,786‌)

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

Net

realized

gain

(loss)

from

unaffiliated

investments

$

(804‌)

Net

change

in

unrealized

appreciation/depreciation

from

unaffiliated

investments

712‌

Net

change

in

unrealized

appreciation/depreciation

from

non-controlled

affiliated

investments

(160,301‌)

Total

Net

Realized

and

Unrealized

Gain

(Loss)

on

Investments

$

(160,393‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(163,179‌)

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

9

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

For

the

Years

Ended

December

31,

2023

2022

Operations:

Net

investment

income

(loss)

$

(2,786‌)

$

(11,579‌)

Net

realized

gain

(loss)

on

investments

(804‌)

(3,035‌)

Net

change

in

unrealized

appreciation/depreciation

from

investments

(159,589‌)

(35,650‌)

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

(163,179‌)

$

(50,264‌)

Distributions

to

Common

Shareholders

from:

Return

of

capital

(5,557‌)

(12,885‌)

Net

Decrease

in

Net

Assets

from

Distributions

to

Common

Shareholders

$

(5,557‌)

$

(12,885‌)

Capital

Share

Transactions:

Proceeds

from

sale

of

shares

327,909‌

724,275‌

Distributions

reinvested

2,590‌

5,560‌

Repurchase

of

shares

(283,512‌)

(72,437‌)

Net

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

$

46,987‌

$

657,398‌

Net

Increase

(Decrease)

in

Net

Assets

$

(121,749‌)

$

594,249‌

Net

Assets:

Beginning

of

Year

$

1,319,189‌

$

724,940‌

End

of

Year

$

1,197,440‌

$

1,319,189‌

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENT

OF

CASH

FLOWS

December

31,

2023

10

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

Operating

Activities:

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

(163,179‌)

Adjustments

to

reconcile

net

increase

(decrease)

in

net

assets

resulting

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Investments

in

non-controlled

affiliated

entities

(284,841‌)

Investments

in

unaffiliated

entities

(54,112‌)

Net

change

in

investments

in

short-term

investments

72,953‌

Accretion

of

discounts

(1,191‌)

Return

of

capital

distributions

from

non-controlled

affiliated

investments

263,174‌

Net

realized

gain

(loss)

from

unaffiliated

investments

804‌

Net

change

in

unrealized

appreciation/depreciation

from

unaffiliated

investments

(712‌)

Net

change

in

unrealized

appreciation/depreciation

from

non-controlled

affiliated

investments

160,301‌

Proceeds

from

sale

of

unaffiliated

investments

39,352‌

Changes

in

assets

and

liabilities:

Net

(increase)

decrease

in

distribution

receivable

from

non-controlled

affiliated

investments

1,024‌

Net

(increase)

decrease

in

interest

and

dividend

receivable

from

unaffiliated

investments

91‌

Net

(increase)

decrease

in

other

assets

41‌

Net

(increase)

decrease

in

prepaid

expenses

(187‌)

Net

increase

(decrease)

in

settling

subscriptions

(3,692‌)

Net

increase

(decrease)

in

management

fees

payable

(200‌)

Net

increase

(decrease)

in

redemptions

payable

35‌

Net

increase

(decrease)

in

accounts

payable

and

accrued

expenses

(165‌)

Net

increase

(decrease)

in

fund

services

fees

payable

80‌

Net

cash

provided

by

(used

in)

operating

activities

$

29,576‌

Financing

Activities:

Proceeds

from

issuance

of

common

shares

327,909‌

Cash

paid

for

shares

repurchased

(283,512‌)

Distributions

paid

(4,600‌)

Net

cash

provided

by

(used

in)

financing

activities

$

39,797‌

Net

increase

(decrease)

in

cash

and

cash

equivalents

$

69,373‌

Cash

and

cash

equivalents,

beginning

of

year

3,352‌

Cash

and

cash

equivalents,

end

of

year

$

72,725‌

Supplemental

Disclosure

of

Non-Cash

Activity:

Distributions

reinvested

$

2,590‌

Fundrise

Real

Estate

Interval

Fund,

LLC

FINANCIAL

HIGHLIGHTS

11

See

accompanying

notes

to

financial

statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

year

.

For

the

Years

Ended

December

31,

2023

2022

2021

Net

Asset

Value,

Beginning

of

Year

$

12.41‌

$

12.81‌

$

10.00‌

Income

from

Investment

Operations

Net

investment

income

(loss)

(1)

$

(0.03‌)

$

(0.13‌)

$

(0.22‌)

Net

realized

and

unrealized

gain

(loss)

on

investments

(1.43‌)

(0.12‌)

3.21‌

Total

Income

(Loss)

from

Investment

Operations

$

(1.46‌)

$

(0.25‌)

$

2.99‌

Distributions

to

Common

Shareholders

From:

Return

of

capital

$

(0.05‌)

$

(0.15‌)

$

(0.18‌)

Total

Distributions

to

Common

Shareholders

$

(0.05‌)

$

(0.15‌)

$

(0.18‌)

Net

Asset

Value,

End

of

Year

$

10.90‌

$

12.41‌

$

12.81‌

Total

Investment

Return

Based

on

Net

Asset

Value

(2)

(11.79‌)%

(1.96‌)

%

29.35‌%

Ratios

and

Supplemental

Data

Net

assets

at

end

of

year

(thousands)

$

1,197,440‌

$

1,319,189‌

$

724,940‌

Ratio

of

gross

expenses

to

average

net

assets

(3)(4)

1.

09‌

%

1.13‌%

1.67‌%

Ratio

of

net

expenses

to

average

net

assets

(4)

1.09‌%

1.13‌%

1.98‌%

(5)

Ratio

of

net

investment

loss

to

average

net

assets

(4)

(0.21‌

)%

(1.01‌)%

(1.95‌)%

(5)

Portfolio

turnover

rate

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)

Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(4)

Expenses

do

not

include

operating

expenses

of

the

underlying

Real

Estate

Co-Investment

Joint

Ventures

and

registered

investment

companies.

(5)

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

December

31,

2023

12

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

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

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

December

31,

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

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

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

December

31,

2023

13

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:

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

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

December

31,

2023

14

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

December

31,

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

December

31,

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

$

–‌

$

–‌

$

1,040,646‌

$

1,040,646‌

Residential

Mortgage-Backed

Securities

–‌

28,421‌

–‌

28,421‌

Short-Term

Investments

57,285‌

–‌

–‌

57,285‌

Total

Investments

$

57,285‌

$

28,421‌

$

1,040,646‌

$

1,126,352‌

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

$

1,040,646

Direct

Capitalization

Capitalization

Rate

4.0%

–

5.8%

(5.0%)

Decrease

Discounted

Cash

Flow

Discount

Rate

7.5%

–

9.1%

(8.3%)

Decrease

Sales

Comparison

Approach

Price

Per

Unit

($)

$215

-

$510

($317)

Increase

Recent

Transaction

Transaction

Price

N/A

Increase

Total

Real

Estate

Co-Investment

Joint

Ventures

$

1,040,646

(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.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

December

31,

2023

15

The

following

is

a

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

(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

December

31,

2023

are

identified

within

the

Schedule

of

Investments.

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,

2023

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

year

ended

December

31,

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.

Cash

received

for

investor

subscriptions

is

recorded

as

Settling

Subscriptions

in

the

Statement

of

Assets

and

Liabilities

until

settlement

occurs

and

shares

are

issued.

Real

Estate

Co-

Investment

Joint

Ventures

Balance

as

of

December

31,

2022

$

1,179,280‌

Purchases

284,841‌

Realized

gain

(loss)

–‌

Net

change

in

unrealized

appreciation/depreciation

(160,301‌)

Return

of

capital

distributions

(263,174‌)

Sales

–‌

Transfers

into

Level

3

–‌

Transfers

out

of

Level

3

–‌

Balance

as

of

December

31,

2023

$

1,040,646‌

Net

change

in

unrealized

appreciation/depreciation

for

the

year

ended

December

31,

2023

related

to

Level

3

investments

held

at

December

31,

2023

$

(158,244‌)

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

December

31,

2023

16

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

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.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

December

31,

2023

17

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

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.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

December

31,

2023

18

4.

Share

Transactions

Below

is

a

summary

of

transactions

with

respect

to

the

Fund’s

common

shares

for

the

year

ended

December

31,

2023

and

for

the

year

ended

December

31,

2022

(all

tabular

amounts

are

in

thousands

except

share

data)

:

As

of

December

31,

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

year

ended

December

31,

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

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.

In

addition,

if

a

repurchase

offer

is

oversubscribed,

the

Fund

may

offer

to

repurchase

outstanding

shares

that

are

tendered

by

the

descendants

or

estate

of

a

deceased

shareholder

(a

“Legacy

Repurchase”)

in

an

additional

amount

approved

by

the

Board,

taking

into

account

the

liquidity

of

the

Fund’s

assets.

In

the

event

a

Legacy

Repurchase

by

a

Fund

is

oversubscribed,

the

Fund

will

repurchase

the

shares

tendered

on

a

pro

rata

basis.

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.

For

the

Year

Ended

December

31,

2023

For

the

Year

Ended

December

31,

2022

Common

Shares

Shares

Amount

Shares

Amount

Gross

proceeds

from

offering

26

,

649

,

457‌

$

327

,

909‌

54,704,356‌

$

724,275‌

Reinvestment

of

distributions

211,138‌

2,590‌

419,966‌

5,560‌

Total

gross

proceeds

26,860,595‌

330

,

499‌

55,124,322‌

729,835‌

Less:

shares

repurchased

(

23

,

337

,

119‌

)

(

283,512‌

)

(5,432,114‌)

(72,437‌)

Net

Proceeds

from

Common

Shares

3

,

523

,

476‌

$

46,987‌

49,692,208‌

$

657,398‌

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

December

31,

2023

19

The

following

table

presents

the

repurchase

offers

that

were

completed

during

the

year

ended

December

31,

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.

These

may

include

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

year

ended

December

31,

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.

The

Fund

will

reimburse

the

Adviser

for

out-of-pocket

expenses

paid

to

third

parties

in

connection

with

providing

services

to

the

Fund.

This

does

not

include

the

Adviser’s

overhead,

employee

costs

borne

by

the

Adviser,

or

utilities

costs.

Expense

reimbursements

payable

to

the

Adviser

also

may

include

expenses

incurred

by

the

Sponsor

in

the

performance

of

services

pursuant

to

a

shared

services

agreement

between

the

Adviser

and

the

Sponsor,

including

any

increases

in

insurance

attributable

to

the

management

or

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

Repurchase

Offers

Second

Quarter

Repurchase

Commencement

Date

May

26,

2023

Repurchase

Request

Deadline

June

30,

2023

Repurchase

Pricing

Date

July

3,

2023

Amount

Repurchased

$

66,676‌

Shares

Repurchased

5,483,217‌

Repurchase

Offers

Third

Quarter

Repurchase

Commencement

Date

August

28,

2023

Repurchase

Request

Deadline

September

30,

2023

Repurchase

Pricing

Date

October

2,

2023

Amount

Repurchased

$

87,571‌

Shares

Repurchased

7,471,974‌

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

December

31,

2023

20

operation

of

the

Fund.

During

the

year

ended

December

31,

2023,

there

were

approximately

$730,000

of

expenses

reimbursed

to

the

Adviser

pursuant

to

the

shared

services

agreement.

Affiliated

Investments

As

of

December

31,

2023,

the

investments

in

affiliates

consist

of

co-investments

in

joint

ventures

in

exchange

for

membership

interests.

As

of

December

31,

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,

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

year

ended

December

31,

2023,

investments

in

affiliates

were

as

follows

(amounts

in

thousands):

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

year

ended

December

31,

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,

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

Non-Controlled

Affiliated

Investments

Real

Estate

Co-Investment

Joint

Ventures

Affiliate

Value

as

of

December

31,

2022

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

December

31,

2023

Dividend

Income

Fundrise

SFR

JV

1,

LLC

$

721,830

$

39,600

$

–

$

–

$

(152,253)

$

(81,185)

$

527,992

$

–

Fundrise

MF

JV

1,

LLC

297,497

12,600

–

–

(43,345)

(67,242)

199,510

–

Fundrise

Industrial

JV

2,

LLC

109,325

104,400

–

–

(10,365)

(13,243)

190,117

–

Fundrise

SFR

JV

2,

LLC

–

107,825

–

–

(32,015)

1,585

77,395

–

Fundrise

SFR

Dev

JV

1,

LLC

28,411

16,500

–

–

(5,880)

1,943

40,974

–

Fundrise

Industrial

JV

1,

LLC

4,444

316

–

–

–

(102)

4,658

–

Fundrise

MF

JV

2,

LLC

17,773

3,600

–

–

(19,316)

(2,057)

–

4,037

Total

$

1,179,280

$

284,841

$

–

$

–

$

(263,174)

$

(160,301)

$

1,040,646

$

4,037

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

December

31,

2023

21

to

Shareholders.

In

turn,

Shareholders

pay

the

income

taxes

on

those

dividends.

As

of

December

31,

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

year

ended

December

31,

2023

amounted

to

$338,953

and

$39,352,

respectively

(amounts

in

thousands)

.

As

of

December

31,

2023,

Fundrise

SFR

JV

1,

LLC,

Fundrise

MF

JV

1,

LLC

and

Fundrise

Industrial

JV

2,

LLC,

are

deemed

to

be

significant

subsidiaries

of

the

Fund

in

accordance

with

the

definition

of

a

“significant

subsidiary”

as

defined

by

Regulation

S-X

1-02(w)(2),

Definitions

of

terms

used

in

Regulation

S-X

(amendment

effective

January

1,

2021).

Pursuant

to

Regulation

S-X

3-09(b),

Separate

financial

statements

of

subsidiaries

not

consolidated

and

50

percent

or

less

owned

persons

,

separate

audited

financial

statements

for

Fundrise

SFR

JV

1,

LLC

and

Fundrise

MF

JV

1,

LLC

are

included

as

exhibits

to

our

filing.

Additionally,

pursuant

to

Regulation

S-X

4-08(g),

Summarized

financial

information

of

subsidiaries

not

consolidated

and

50

percent

or

less

owned

persons

,

summarized

financial

information

for

Fundrise

Industrial

JV

2,

LLC

is

included

below.

The

following

tables

show

summarized

financial

statement

information

for

Fundrise

Industrial

JV

2,

LLC

for

the

year

ended

December

31,

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

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,

2023,

the

tax

basis

of

distributable

earnings

(accumulated

deficit)

was

as

follows

(amounts

in

thousands)

:

Summary

Statement

of

Assets

and

Liabilities

(1)

As

of

December

31,

2023

Total

Assets

$

381,043‌

Total

Liabilities

174,289‌

Total

Net

Assets

$

206,754‌

Summary

Statement

of

Operations

(1)

For

the

Year

Ended

December

31,

2023

Total

revenue

$

13,224‌

Operating

expenses

(5,230‌)

Operating

Income

$

7,994‌

Interest

expense

(9,381‌)

Depreciation

and

amortization

(8,890‌)

Gain

(Loss)

on

derivative

financial

instrument

(212‌)

Net

Income

(Loss)

$

(10,489‌)

(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.

Undistributed

ordinary

income

(loss)

$

(156,637‌)

Undistributed

long-term

capital

gain

(loss)

–‌

Tax

accumulated

earnings

(loss)

$

(156,637‌)

Accumulated

capital

and

other

losses

(3,839‌)

Other

book/tax

temporary

differences

(1)

(810‌)

Net

unrealized

gain

(loss)

on

investments

(2)

60,755‌

Total

Distributable

Earnings

$

(100,531‌)

(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.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

December

31,

2023

22

As

of

December

31,

2023,

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

December

31,

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

has

evaluated

the

impact

of

the

additional

requirements

and

concluded

the

adoption

of

this

ASU

will

not

have

a

material

impact

on

the

financial

statements.

Short-term

$

3,839‌

Long-term

–‌

Total

Capital

Loss

Carryforwards

(1)

$

3,839‌

(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,

2023

For

the

Tax

Year

Ended

December

31,

2022

Ordinary

Income

$

–‌

$

–‌

Long-term

capital

gain

–‌

–‌

Return

of

capital

(1)

$

7,190‌

$

12,798‌

Total

Distributions

Paid

$

7,190‌

$

12,798‌

(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,

0

65

,

597‌

Gross

tax

unrealized

appreciation

$

142,895‌

Gross

tax

unrealized

depreciation

(82,140‌)

Net

Tax

Unrealized

Appreciation

$

60,755‌

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

December

31,

2023

23

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

and

determined

that

no

events

have

occurred

that

require

disclosure

other

than

the

following.

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

Fourth

Quarter

Repurchase

Commencement

Date

December

8,

2023

Repurchase

Request

Deadline

December

29,

2023

Repurchase

Pricing

Date

January

2,

2024

Amount

Repurchased

$

83,033‌

Shares

Repurchased

7,617,806‌

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

24

To

the

Shareholders

and

Board

of

Directors

of

Fundrise

Real

Estate

Interval

Fund,

LLC:

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

Fundrise

Real

Estate

Interval

Fund,

LLC

(the

Fund),

including

the

schedule

of

investments,

as

of

December

31,

2023,

the

related

statements

of

operations

and

cash

flows

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

years

in

the

two

year

period

then

ended,

and

the

related

notes

(collectively,

the

financial

statements

)

and

the

financial

highlights

for

each

of

the

years

in

the

three

year

period

then

ended.

In

our

opinion,

the

financial

statements

and

financial

highlights

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2023,

the

results

of

its

operations

and

its

cash

flows

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

years

in

the

two

year

period

then

ended,

and

the

financial

highlights

for

each

of

the

years

in

the

three

year

period

then

ended,

in

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

and

financial

highlights

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

these

financial

statements

and

financial

highlights

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

and

financial

highlights

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements

and

financial

highlights,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements

and

financial

highlights.

Such

procedures

also

included

confirmation

of

securities

owned

as

of

December

31,

2023,

by

correspondence

with

the

custodian

or

by

other

appropriate

auditing

procedures.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements

and

financial

highlights.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

We

have

served

as

the

auditor

of

one

or

more

of

Fundrise

investment

companies

since

2019.

Philadelphia,

Pennsylvania

February

23,

2024

Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

December

31,

2023

25

1.

Approval

of

Investment

Management

Agreement

Section

15(c)

of

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

requires

that

each

registered

fund’s

board

of

directors,

including

a

majority

of

those

directors

who

are

not

“interested

persons”

of

the

fund,

as

defined

in

the

1940

Act

(the

“Independent

Directors”),

initially

approve,

and

annually

review

and

consider

the

continuation

of,

the

fund’s

investment

advisory

agreement.

At

its

meeting

held

on

November

16,

2023

(the

“Meeting”),

the

Board

of

Directors

(the

“Board”)

of

the

Fund,

including

each

of

the

Independent

Directors,

unanimously

voted

to

approve

the

continuation

of

the

existing

investment

management

agreement

(the

“Agreement”)

between

Fundrise

Advisors,

LLC

(the

“Adviser”)

and

the

Fund

for

an

additional

one-year

period.

In

connection

with

its

annual

consideration

of

the

Agreement

for

the

Fund,

the

Board,

through

its

independent

legal

counsel,

requested

and

received

extensive

materials

and

information

prepared

specifically

for

its

review

of

such

Agreement

by

the

Adviser

and

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data.

The

report

from

Broadridge

compared

certain

fee

information

for

the

Fund

to

that

of

an

independently

selected

peer

group

of

similar

funds

(“Peer

Group”)

and

provided

performance

information

for

funds

in

the

Peer

Group

(the

“Broadridge

Report”).

Preceding

the

Meeting,

the

Board

also

reviewed

written

responses

from

the

Adviser

to

questions

posed

to

the

Adviser

by

counsel

on

behalf

of

the

Board

and

supporting

materials

relating

to

those

questions

and

responses.

In

addition,

the

Board

considered

such

additional

information

as

it

deemed

reasonably

necessary

to

evaluate

the

Agreement,

such

as

the

materials

and

presentations

by

Fund

officers

and

representatives

of

the

Adviser

received

at

the

Meeting

concerning

the

Agreement,

the

operation

of

the

Fund

and

the

Adviser.

The

Board

also

considered

information

received

at

prior

meetings

of

the

Board

and

its

committees,

to

the

extent

such

information

was

relevant,

to

its

evaluation

of

the

Agreement.

In

determining

whether

to

approve

the

renewal

of

the

Agreement,

the

members

of

the

Board

reviewed

and

evaluated

information

and

factors

they

believed

to

be

relevant

and

appropriate

in

the

exercise

of

their

reasonable

business

judgment.

While

individual

members

of

the

Board

may

have

weighed

certain

factors

differently,

the

Board’s

determination

to

approve

renewal

of

the

Agreement

was

based

on

a

comprehensive

consideration

of

all

information

provided

to

the

Board

with

respect

to

the

approval

of

the

renewal

of

the

Agreement.

The

Board

was

also

furnished

with

an

analysis

of

its

fiduciary

obligations

in

connection

with

its

evaluation

of

the

Agreement

and,

throughout

the

evaluation

process,

the

Board

was

assisted

by

counsel

for

the

Independent

Directors.

In

connection

with

their

deliberations,

the

Independent

Directors

met

separately

in

executive

session,

without

the

presence

of

representatives

of

the

Adviser,

to

consider

the

relevant

materials.

A

more

detailed

summary

of

the

important,

but

not

necessarily

all,

factors

the

Board

considered

with

respect

to

its

approval

of

the

renewal

of

the

Agreement

is

provided

below.

Nature,

Extent

and

Quality

of

Services

The

Board

considered

information

regarding

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

by

the

Adviser.

The

Board

considered,

among

other

things,

the

terms

of

the

Agreement

and

the

range

of

services

provided

by

the

Adviser.

The

Board

considered

the

Adviser’s

reputation,

organizational

structure,

resources

and

overall

financial

strength

and

ability

to

carry

out

its

obligations

under

the

Agreement.

The

Board

also

considered

the

Adviser’s

experience

managing

other

similar

pooled

investment

vehicles

that

invest

in

real

estate-related

assets,

including

the

Fundrise

Income

Real

Estate

Fund,

LLC

(the

“Other

Investment

Vehicles”).

The

Board

considered

the

Adviser’s

professional

personnel

who

provide

services

to

the

Fund,

including

the

Adviser’s

ability

and

experience

in

attracting

and

retaining

qualified

personnel

to

service

the

Fund.

The

Board

also

considered

the

compliance

program

and

compliance

record

of

the

Adviser

and

the

Fund.

The

Board

noted

the

Adviser’s

support

of

the

Fund’s

compliance

control

structure,

including

the

resources

that

continue

to

be

devoted

by

the

Adviser

in

support

of

the

Fund’s

obligations

pursuant

to

Rule

38a-1

under

the

1940

Act

and

the

efforts

of

the

Adviser

and

its

affiliates

in

supporting

the

Fund

and

managing

various

operational

and

other

risks,

including,

but

not

limited

to,

cybersecurity

and

operational

risks.

The

Board

considered

the

day-to-day

portfolio

management

services

that

the

Adviser

provided

to

the

Fund.

In

this

regard,

the

Board

considered,

among

other

things,

the

Adviser’s

investment

philosophy

and

processes,

its

investment

research

capabilities

and

resources,

its

performance

record,

its

experience,

its

trading

operations

and

its

approach

to

managing

risk,

including

most

particularly

with

respect

to

investments

in

real

estate-related

assets.

The

Board

further

recognized

the

range

of

services

the

Adviser

provided

including,

but

not

limited

to,

structuring

terms

and

conditions

of

the

Fund’s

acquisitions

and

joint

ventures;

negotiating

an

executing

permissible

investments

and

other

transactions;

and

managing

liquidity

and

evaluating

potential

asset

dispositions.

Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

December

31,

2023

26

The

Board

considered

the

experience

of

the

Fund’s

portfolio

managers,

the

number

of

Other

Investment

Vehicles

managed

by

the

portfolio

managers,

and

the

Adviser’s

method

for

compensating

the

portfolio

managers.

In

addition,

the

Board

considered

the

assumption

of

business,

entrepreneurial,

overall

managerial

and

other

risks

by

the

Adviser

in

connection

with

managing

the

Fund.

The

Board

noted

that

the

Fund

is

a

closed-end

interval

fund

that

operates

in

accordance

with

the

framework

set

forth

in

Rule

23c-3

under

the

1940

Act

and

considered

the

special

attributes

of

the

Fund

relative

to

traditional

mutual

funds

and

the

benefits

that

are

realized

from

an

investment

in

the

Fund,

rather

than

a

traditional

mutual

fund.

The

Board

also

considered

the

resources

devoted

by

the

Adviser

and

its

affiliates

in

maintaining

an

infrastructure

necessary

to

support

the

on-going

operations

of

the

Fund,

including

its

interval

fund

structure.

After

consideration

of

the

foregoing

factors,

among

others,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

by

the

Adviser,

taken

as

a

whole,

are

appropriate

and

consistent

with

the

terms

of

the

Agreement.

Fund

Performance

The

Board

reviewed

information

provided

by

the

Adviser

regarding

the

Fund’s

investment

performance,

performance

of

comparable

funds

in

the

Fund’s

Peer

Group

as

well

as

information

from

the

Adviser

regarding

the

performance

of

the

Fund

relative

to

certain,

appropriate

benchmark

indices,

and

assessed

the

Fund’s

performance

on

the

basis

of

total

return.

The

Board

considered,

among

other

things,

the

Adviser’s

efforts

to

generate

competitive

performance

returns

over

time.

The

materials

provided

indicated

that

the

Fund

outperformed

each

of

the

NAREIT

All

US

REITs

Total

Return

Index

and

NAREIT

Mortgage

REITs

Index

for

the

period

January

1,

2023

through

September

30,

2023.

The

Board

also

compared

the

Fund’s

performance

against

the

performance

of

funds

in

its

Peer

Group.

Based

on

these

considerations

and

other

factors,

the

Board

concluded

that

it

was

satisfied

that

the

Adviser

has

the

capability

of

providing

satisfactory

investment

performance

for

the

Fund.

Management

Fees

and

Expenses

The

Board

reviewed

and

considered

the

management

fee

rate

paid

by

the

Fund

to

the

Adviser

under

the

Agreement

and

the

Fund’s

total

expense

ratio.

The

Board

received

and

reviewed

a

report

prepared

by

Broadridge

comparing

the

Fund’s

management

fee

rate

and

total

expense

ratio

to

the

Fund’s

Peer

Group.

The

Board

considered

the

Fund’s

management

fees

and

total

expense

ratio

for

the

one-year

period

ended

December

31,

2022,

as

compared

to

the

Fund’s

Peer

Group.

In

considering

the

reasonableness

of

the

Fund’s

management

fee

and

total

expense

ratio,

the

Board

observed

that,

according

to

the

information

provided

by

Broadridge,

the

Fund’s

contractual

management

fee,

actual

management

fee

and

total

expense

ratio

were

each

below

the

average

of

the

Fund’s

Peer

Group.

Based

on

its

consideration

of

the

factors

and

information

it

deemed

relevant,

the

Board

concluded

that

the

compensation

payable

to

the

Adviser

under

the

Agreement

was

reasonable.

Profitability

The

Board

considered

information

from

the

Adviser

regarding

the

level

of

profits

realized

by

the

Adviser

and

relevant

affiliates

thereof

in

providing

investment

advisory,

administrative

and

other

services

to

the

Funds

and

to

the

Adviser’s

Other

Investment

Vehicles.

The

Board

concluded

that,

in

light

of

the

foregoing

factors

and

the

nature,

extent

and

quality

of

the

services

rendered,

the

profits

realized

by

the

Adviser

and

its

affiliates

from

the

Fund

are

not

excessive.

Economies

of

Scale

The

Board

considered

the

extent

to

which

economies

of

scale

may

be

realized

as

the

Fund’s

assets

continue

to

grow

and

whether

the

Fund’s

fee

structure

reflects

these

economies

of

scale

for

the

benefit

of

shareholders

of

the

Fund.

In

this

regard,

the

Board

noted

the

absence

of

any

breakpoints

in

the

Agreement’s

fee

structure.

The

Board

considered

the

Adviser’s

statement

that

it

believes

the

Fund’s

fee

structure

reflects

an

appropriate

sharing

of

economies

of

scale

and

acknowledged

the

difficulty

in

accurately

measuring

the

benefits

resulting

from

economies

of

scale,

if

any,

with

respect

to

the

management

of

any

specific

fund

or

group

of

funds.

The

Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

December

31,

2023

27

Board

reviewed

data

showing

the

increases

in

assets

of

the

Fund

as

well

as

the

assets

of

the

Other

Investment

Vehicles

managed

by

the

Adviser.

The

Board

concluded

that

the

fee

schedule

for

the

Fund

reflects

an

appropriate

level

of

sharing

of

any

economies

of

scale.

The

Board

noted

that

it

will

have

the

opportunity

to

periodically

reexamine

whether

the

Fund

has

achieved

any

economies

of

scale

and

the

appropriateness

of

any

potential

future

management

fee

breakpoints

as

part

of

its

future

review

of

the

Agreement.

“Fall-Out”

Benefits

The

Board

received

and

considered

information

regarding

potential

“fall-out”

or

ancillary

benefits

that

the

Adviser

and

its

affiliates

receive

as

a

result

of

their

relationships

with

the

Fund.

The

Board

noted

that

ancillary

benefits

include,

among

others,

benefits

directly

attributable

to

other

relationships

with

the

Fund

and

benefits

potentially

derived

from

an

increase

in

the

Adviser’s

and

its

affiliates’

business

as

a

result

of

their

relationships

with

the

Fund.

The

Board

also

considered

information

about

certain

fees

that

the

Adviser

or

its

affiliates

are

entitled

to

receive

in

connection

with

the

selection,

acquisition

or

origination

of

real

estate

properties

by

the

Fund,

noting

that

such

fees

were

reflected

in

the

profitability

information

received

by

the

Board.

Based

on

its

consideration

of

the

factors

and

information

it

deemed

relevant,

the

Board

did

not

deem

any

ancillary

benefits

that

may

be

received

by

the

Adviser

and

its

affiliates

to

be

unreasonable.

Conclusion

The

Board

did

not

identify

any

single

factor

discussed

previously

as

all-important

or

controlling.

The

Board,

including

the

Independent

Directors,

concluded

that

the

terms

of

the

Agreement

were

reasonable

and

that

the

fees

payable

to

the

Adviser

under

the

Agreement

were

reasonable

in

light

of

the

services

provided

to

the

Fund.

Accordingly,

based

on

its

deliberations

and

its

evaluation

of

the

factors

described

above

and

other

information

it

believed

relevant,

the

Board

determined

that

the

continuation

of

the

Agreement

was

in

the

best

interests

of

the

Fund.

2.

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

.

3.

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.

Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

December

31,

2023

28

4.

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.

5.

Directors

and

Officers

The

Fund

is

governed

by

a

Board

of

Directors.

The

following

tables

present

certain

information

regarding

the

Directors

and

Officers

of

the

Fund

as

of

December

31,

2023.

The

address

of

all

persons

is

c/o

Fundrise

Advisors,

LLC,

11

Dupont

Circle

NW,

9th

Floor,

Washington,

D.C.

20036.

For

more

information

regarding

the

Directors

and

officers,

please

refer

to

the

Fund’s

Statement

of

Additional

Information,

which

is

available,

without

charge,

upon

request

by

calling

(202)

584-0550.

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.

Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

December

31,

2023

29

Name

and

Year

of

Birth

Position

Held

Term

of

Office

and

Length

of

Term

Served

(1)

Principal

Occupation(s)

During

Past

5

Years

or

Longer

Number

of

Portfolios

in

Fund

Complex

(2)

Overseen

by

Director

Other

Directorships

Held

During

Past

5

Years

Independent

Directors

Jeffrey

R.

Deitrich

Born:

1982

Director

01/2020

to

Present

Senior

Vice

President,

Silverstein

Properties,

Inc.

(real

estate

investment

and

development

firm)

(2007-2016,

2022-current);

Principal,

Better

Building

Solutions

(technology

integration

and

managed

services

firm)

(2016-current);

Formerly,

Principal,

Frenchtown

Enterprises

(real

estate

investment

firm)

(2019-2022).

Asset

Manager,

Prudential

Real

Estate

Investors

(private

equity)

(2004-2007).

3

Fundrise

Income

Real

Estate

Fund,

LLC,

Fundrise

Growth

Tech

Fund,

LLC

Glenn

R.

Osaka

Born:

1955

Lead

Independent

Director

01/2020

to

Present

Consultant

and

Private

Investor

(early

stage

technology

companies)

(since

2013).

Formerly,

Senior

Vice

President,

Services,

Juniper

Networks,

Inc.

(2009-

2013);

Vice

President,

Strategy

and

Operations,

Cisco

Systems,

Inc.

(2007-

2009);

President

and

Chief

Executive

Officer,

Reactivity

Inc.

(technology

start-up

company)

(2001-2006);

Managing

Director,

Redleaf

Group

(venture

capital

firm)

(1999-2000);

Vice

President

and

General

Manager,

Enterprise

Computing,

Hewlett-Packard

(1979-1998).

3

Fundrise

Income

Real

Estate

Fund,

LLC,

Fundrise

Growth

Tech

Fund,

LLC

Gayle

P.

Starr

Born:

1954

Director

11/2020

to

Present

Consultant

and

Advisor,

Starr

RE

Consultants,

LLC

(real

estate

and

diversity

consulting

firm)

(since

2019);

Advisor,

Bridge33

Capital,

LLC

(commercial

real

estate

investment

firm)

(since

2019);

Formerly,

Advisor,

First

Republic

Bank

(commercial

bank

and

trust

company)

(2019-2022);

Managing

Director

(2015-2019)

and

Senior

Vice

President

(2002-2015);

Global

Capital

Markets,

Prologis,

Inc.

(publicly

traded

real

estate

investment

trust).

2

Fundrise

Income

Real

Estate

Fund,

LLC

Mark

D.

Monte

Born:

1960

Director

07/2022

to

Present

Retired.

Formerly,

Managing

Director,

BofA

Securities,

Inc.

(global

investment

bank)

(1997-2021).

2

Fundrise

Income

Real

Estate

Fund,

LLC

Interested

Director

and

Officer

Benjamin

S.

Miller

(3)

Born:

1977

Director,

Chairperson

and

President

01/2020

to

Present

Chief

Executive

Officer,

Fundrise

Advisors,

LLC

(since

2012);

Co-

Founder,

Chief

Executive

Officer

and

Director,

Rise

Companies

Corp.

(since

2012).

3

Fundrise

Income

Real

Estate

Fund,

LLC,

Fundrise

Growth

Tech

Fund,

LLC

(1)

Each

Director

serves

until

his

or

her

successor

is

elected

and

qualified,

until

the

Fund

terminates,

or

until

he

or

she

dies,

resigns,

retires

voluntarily,

or

is

otherwise

removed

or

retired

pursuant

to

the

LLC

Agreement.

(2)

The

“Fund

Complex”

consists

of

the

Fund,

Fundrise

Income

Real

Estate

Fund,

LLC

and

Fundrise

Growth

Tech

Fund,

LLC.

(3)

Mr.

Miller

is

considered

to

be

an

“interested

person”

of

the

Fund

(as

that

term

is

defined

by

Section

2(a)(19)

in

the

1940

Act)

because

of

his

affiliation

with

the

Adviser

and/or

its

affiliates.

Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

December

31,

2023

30

Name

and

Year

of

Birth

Position

Held

Term

of

Office

and

Length

of

Time

Served

(1)

Principal

Occupation(s)

During

Past

5

Years

Officers

Michelle

A.

Mirabal

Born:

1988

Secretary

and

Chief

Compliance

Officer

11/2020

to

present

Deputy

General

Counsel,

Fundrise

Advisors,

LLC

and

Rise

Companies

Corp.

and

officer

of

certain

funds

in

the

Fund

Complex

(since

2019);

Formerly,

Corporate

Counsel,

Amherst

Residential,

LLC

(2018-2019);

Associate,

Hogan

Lovells

US

LLP

(2014-2018).

Alison

A.

Staloch

Born:

1980

Treasurer

and

Principal

Financial/

Accounting

Officer

07/2021

to

present

Chief

Financial

Officer,

Fundrise

Advisors,

LLC

and

Rise

Companies

Corp.

and

officer

of

certain

funds

in

the

Fund

Complex

(since

2021);

Formerly,

Chief

Accountant

(2017-

2021),

Assistant

Chief

Accountant

(2015-

2017),

Division

of

Investment

Management,

U.S.

Securities

and

Exchange

Commission;

Senior

Manager,

KPMG

LLP

(2005-2015).

(1)

The

term

of

office

for

each

officer

will

continue

indefinitely.

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

As of the end of the period covered by this report, the Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. During the period covered by the report, with respect to the Registrant’s code of ethics that applies to its principal executive officer and principal financial officer; there have been no amendments to, nor any waivers granted from, a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

A copy of the code of ethics is included as an exhibit to this report.

Item 3. Audit Committee Financial Expert

The Board of Directors has designated Jeffrey R. Deitrich, who serves on the Board’s Audit Committee, as an audit committee financial expert. Mr. Deitrich is considered by the Board of Directors to be an independent director.

Item 4. Principal Accountant Fees and Services

(a) Audit Fees: Audit fees billed to the Registrant as of December 31, 2023, were $50,000, which is exclusive of audit fees totaling $108,000 in connection with the annual audit that had not yet been billed to the Registrant as of December 31, 2023. These amounts represent aggregate fees billed by the Registrant’s independent registered public accounting firm, (the “Accountant”) in connection with the annual audit of the Registrant’s financial statements and for services normally provided by the Accountant in connection with the Registrant’s statutory and regulatory filings for that fiscal year, including N-2 Consent fees. The audit fees billed for the year ended December 31, 2022 were $158,000.

(b) Audit-related fees billed to the Registrant were $23,500 and $22,500 for the year ended December 31, 2023, and the year ended December 31, 2022, respectively. These amounts represent assurance and related services by the Accountant that were reasonably related to the performance of the audit of the Registrant’s financial statements that were not reported under paragraph (a) of this Item.

(c) Tax Fees: There were no tax fees billed to the Registrant for the year ended December 31, 2023, or the year ended December 31, 2022, for professional services rendered by the Accountant for tax compliance, tax advice, or tax planning.

(d) All Other Fees: The aggregate fees billed for products and services provided by the Accountant, other than the services reported in paragraphs (a) through (c) of this Item are $1,800 and $2,900 for the year ended December 31, 2023, and the year ended December 31, 2022, respectively. The fees primarily relate to a Accounting Research Online subscription.

(e)(1) The Audit Committee has adopted, and the Board has approved, a Policy on Pre-Approval of Audit and Non-Audit Services (the “Policy”), which is intended to comply with Rule 2-01 of Regulation S-X and sets forth guidelines and procedures to be followed by the Registrant when retaining an auditor to perform audit, audit-related, tax and other services for the Registrant. The Policy permits such services to be pre-approved by the Audit Committee pursuant to either a general pre-approval or specific pre-approval. Unless a type of service provided by the auditor has received general pre-approval, it requires specific pre-approval by the Audit Committee. Any proposed services exceeding pre-approved cost levels require specific pre-approval by the Audit Committee.

(e)(2) With respect to the services provided to the Registrant described in paragraphs (b) through (d) of this Item 4, no amount was approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) Not applicable.

(h) Not applicable, all non-audit services that were rendered to the Registrant's investment adviser were pre-approved as required.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

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 annual reporting period.

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

The Registrant’s Board of Directors (the “Board”) has adopted this Proxy Voting Policy (the “Proxy Voting Policy”) on behalf of the Registrant which delegates the responsibility for decisions regarding proxy voting for securities held by the Registrant to Fundrise Advisors, LLC (the “Adviser”), subject to the Board’s continuing oversight. The Registrant’s Chief Compliance Officer shall ensure that the Adviser has adopted a Proxy Voting Policy (the “Adviser’s Proxy Voting Policy”), which it will use to vote proxies for securities held by the Registrant in a manner that is consistent with this Proxy Voting Policy, as may be amended from time to time. The Board, including a majority of the Directors who are not “interested persons” (as such term is defined in the Investment Company Act of 1940, as amended) of the Registrant, must approve the Adviser’s Proxy Voting Policy as it relates to the Registrant. Due to the nature of the securities and other assets in which the Registrant intends to invest, proxy voting decisions for the Registrant may be limited.

The Registrant believes that the voting of proxies is an important part of portfolio management as it represents an opportunity for shareholders to make their voices heard and to influence the direction of a company. The Registrant are committed to voting proxies received in a manner consistent with the best interests of the Registrant’s shareholders. The Registrant believes that the Adviser is in the best position to make individual voting decisions for the Registrant consistent with this Proxy Voting Policy. Therefore, subject to the oversight of the Board, the Registrant has delegated the following duties to the Adviser:

·

to make the proxy voting decisions for the Registrant, in accordance with the Adviser’s Proxy Voting Policy;

·

to assist the Fund in disclosing its proxy voting record as required by Rule 30b1-4 under the 1940 Act, including providing the following information for each matter with respect to which the Fund is entitled to vote: (a) information identifying the matter voted on; (b) whether the matter was proposed by the issuer or by a security holder; (c) whether and how the Fund cast its vote; and (d) whether the Fund cast its vote for or against management; and

·

to provide to the Board, at least annually, a record of each proxy voted by the Adviser on behalf of the Fund, including a report on the resolution of all proxies identified by the Adviser as involving a conflict of interest.

In cases where a matter with respect to which the Registrant was entitled to vote presents a conflict between the interest of the Registrant’s shareholders, on the one hand, and those of the Adviser or its affiliate, on the other hand, the Registrant shall always vote in the best interest of the Registrant’s shareholders. For purposes of this Proxy Voting Policy, a vote shall be considered in the best interest of a Registrant’s shareholders when a vote is cast consistent with the specific voting policy as set forth in the Adviser’s Proxy Voting Policy, provided such specific voting policy was approved by the Board. The Adviser shall review with the Board any proposed material changes or amendments to the Adviser’s Proxy Voting Policy prior to implementation.

The Registrant will file a Form N-PX with the Registrant’s complete proxy voting record for the 12 months ended June 30, no later than August 31 of each year.

The copy of the Adviser’s Proxy Voting Policy is set forth below.

Adviser Proxy Voting Policies and Procedures

Fundrise Advisors, LLC (the “Adviser”), as a matter of policy and as a fiduciary to the Fundrise Real Estate Interval Fund, LLC (the “Fund”), has the responsibility for voting proxies for securities consistent with the best interests of the Fund. The Adviser maintains written procedures as to the handling, voting and reporting of proxy voting and makes appropriate disclosures about the Adviser’s proxy procedures and the availability of the Adviser’s proxy voting record. In general, the Adviser does not receive proxies to be voted due to the nature of its investments on behalf of the Fund; the procedures maintained by the Adviser are intended to comply with Rule 206(4)-6 under the Investment Advisers Act of 1940 (the “Advisers Act”) in the infrequent instance that the Adviser receives a proxy, or other action requiring a vote, from a security held by the Fund.

1. Background and Description

In general, proxy voting is an important right of shareholders and reasonable care and diligence must be undertaken to ensure that such rights are properly and timely exercised. Investment advisers registered with the U.S. Securities and Exchange Commission, and which exercise voting authority with respect to client securities, are required by Rule 206(4)-6 under the Advisers Act to (a) adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interests of clients, which must include how an adviser addresses material conflicts that may arise between an adviser’s interests and those of its clients; (b) disclose to clients how they may obtain information from the adviser with respect to the voting of proxies for their securities; (c) describe to clients a summary of its proxy voting policies and procedures and, upon request, furnish a copy to its clients; and (d) maintain certain records relating to the adviser’s proxy voting activities when the adviser does have proxy voting authority.

The purpose of these procedures (the “Procedures”) is to set forth the principles, guidelines and procedures by which the Adviser may vote the securities held by the Fund for which the Adviser may exercise voting authority and discretion. These Procedures have been designed to ensure that proxies are voted in the best interests of the Fund in accordance with fiduciary duties and Rule 206(4)-6 under the Advisers Act.

2. Responsibility

The Adviser’s Chief Compliance Officer (together with any designees, the “CCO”) has responsibility for the implementation and monitoring of the Procedures, including associated practices, disclosures and recordkeeping.

3. Procedures

The Adviser has adopted the procedures below to implement its proxy voting policy and to monitor and ensure that the policy is observed and amended or updated, as appropriate.

Voting Procedures

In the event the Adviser’s personnel receive proxy materials on behalf of the Fund, the personnel will forward such materials to the appropriate members of the Adviser’s Investment Committee to vote the proxy. The Adviser’s Investment Committee will analyze the proxy materials and determine how the Adviser should vote the proxy in accordance with applicable voting guidelines below. The CCO is responsible for coordinating this process in a timely and appropriate manner and delivering the proxy prior to the voting deadline.

The Adviser may engage a third-party proxy research and voting service to assist it in researching, recordkeeping and voting of proxies, subject to appropriate oversight.

Proxy Voting Guidelines

The following guidelines (the “Guidelines”) will inform the Adviser’s proxy voting decisions:

·

The guiding principle by which the Adviser votes on all matters submitted to security holders is the

maximization

of the ultimate economic value of the Fund’s holdings. The Adviser does not permit voting decisions to be influenced in any manner that is contrary to, or dilutive of, the guiding principle set forth above.

·

The Adviser will seek to avoid situations where there is any material conflicts of interest affecting its voting decisions. Any material conflicts of interest, regardless of whether actual or perceived, will be addressed in accordance with the conflict resolution procedures (see below).

·

The Adviser generally will vote on all matters presented to security holders in any proxy. However, Adviser reserves the right to abstain on any particular vote or otherwise withhold its vote on any matter if, in the judgment of

Adviser

, the costs associated with voting such proxy outweigh the benefits to the Fund or if the circumstances make such an abstention or withholding otherwise advisable and in the best interest of the Fund, in the judgment of Adviser.

·

Proxies will be voted in accordance with the Fund’s proxy voting policies and procedures, any applicable

investment

policies or restrictions of the Fund and, to the extent applicable, any resolutions or other instructions approved by the Fund’s Board of Directors.

·

Absent any legal or regulatory requirement to the contrary, the Adviser generally will seek to maintain the

confidentiality

of the particular votes that it casts on behalf of the Fund; however, the Adviser recognizes that the Fund must disclose the votes cast on its behalf in accordance with all legal and regulatory requirements.

While these Guidelines are intended to provide a benchmark for voting standards, each vote is ultimately cast on a case-by-case basis, taking into consideration the Adviser’s contractual obligations to the Fund and all other relevant facts and circumstances at the time of the vote (such that these Guidelines maybe overridden to the extent Adviser believes appropriate).

Conflicts of Interest

In certain instances, a potential or actual material conflict of interest may arise when the Adviser votes a proxy. As a fiduciary to the Fund, the Adviser takes these conflicts very seriously. While the Adviser’s primary goal in addressing any such conflict is to ensure that proxy votes are cast in the Fund’s best interest and are not affected by the Adviser’s potential or actual material conflict, there are a number of courses that the Adviser may take. The final decision about which course to follow shall be made by the Adviser’s Investment Committee. The Investment Committee may cause any of the following actions, among others, to be taken in that regard:

·

vote the

relevant

proxy in accordance with the vote indicated by the Guidelines;

·

vote

the

relevant proxy as an exception to Guidelines, provided that the reasons behind the voting decision are in the best interest of the Fund, are reasonably documented and are approved by the Adviser’s CCO;

·

engage an unaffiliated third-party proxy advisor to provide a voting recommendation or direct the proxy advisor to vote the relevant proxy in accordance with its independent assessment of the matter; or

·

“echo vote” or “mirror vote” the relevant proxy in the same proportion as the votes of other proxy holders.

Disclosure

The Adviser will provide conspicuously displayed information in the Fund’s registration statement summarizing these Procedures, including a statement that Shareholders may request information regarding how the Adviser voted the Fund’s proxies, and may request a copy of these Procedures.

Requests for Information

All requests for information regarding proxy votes, or these Procedures, received by any Adviser personnel should be forwarded to the Adviser’s CCO. In response to any request from a Fund shareholder, the CCO will prepare a written response with such information as the CCO determines, in its sole discretion, should be shared with the Fund shareholder.

Recordkeeping

The Adviser’s CCO shall retain the following records:

·

These Procedures and any amendments;

·

Each proxy statement that the Adviser receives;

·

A record of each vote that the Adviser casts;

·

Any document the Adviser created that was material to deciding how to vote a proxy, or that memorializes that decision; and

·

A copy of each written request for information on how the Adviser voted proxies, and a copy of any written response.

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

(a)(1) As of the date of this filing, Benjamin S. Miller, Brandon T. Jenkins, and R. Whitaker Booth are the Registrant’s portfolio managers and are primarily responsible for day-to-day management of the Registrant’s investment portfolio.

Benjamin S. Miller

– Mr. Miller currently serves as Chief Executive Officer of the Adviser and has served as Chief Executive Officer and a Director of Rise Companies since its inception on March 14, 2012. In December 2011, Mr. Miller started Popularise LLC, a real estate crowdsourcing website, which he currently manages. Prior to Rise Development, Mr. Miller had been a Managing Partner of the real estate company WestMill Capital Partners from October 2010 to June 2012, and before that, was President of Western Development Corporation from April 2006 to October 2010, after joining the company in early 2003 as a board advisor and then as COO in 2005. Western Development Corp. is one of the largest retail, mixed-use real estate companies in Washington, D.C.. While at Western Development, Mr. Miller led the development activities of over 1.5 million square feet of property, including more than $300 million of real estate acquisition and financing. Mr. Miller was an Associate and part of the founding team of Democracy Alliance, a progressive investment collaborative, from 2003 until he joined Western Development in 2005. From 1999 to 2001, Mr. Miller was an associate in business development at Lyte Inc., a retail technology start-up. Starting in 1997 until 1999, Mr. Miller worked as an analyst at a private equity real estate fund, Lubert-Adler, and for venture capital firm IL Management. Mr. Miller has a Bachelor of Arts from the University of Pennsylvania. Mr. Miller is on the Board of Trustees of the National Center for Children and Families.

Brandon T. Jenkins

– Mr. Jenkins currently serves as Chief Operating Officer of the Adviser and has served in such capacities with the sponsor since February of 2014, prior to which time he served as Head of Product Development and Director of Real Estate which he continues to do currently. Additionally, Mr. Jenkins has served as Director of Real Estate for WestMill Capital Partners since March of 2011. Previously, Mr. Jenkins spent two and a half years as an investment advisor and sales broker at Marcus & Millichap, the largest real estate investment sales brokerage in the country. Prior to his time in brokerage, Mr. Jenkins also worked for Westfield Corporation, a leading shopping center owner. Mr. Jenkins earned his Bachelor of Arts in Public Policy and Economics from Duke University.

R. Whitaker Booth

– Mr. Booth has served as Senior Vice President of Real Estate at Rise Companies since February 2020, and has supported real estate acquisition, asset management and valuation functions since joining the company in July 2014. Previously, Mr. Booth worked in debt underwriting at Walker & Dunlop and RMBS litigation in Navigant Consulting’s Disputes and Investigations practice. Mr. Booth received his MBA from University of Pennsylvania’s Wharton School and his Bachelor of Science in Commerce from University of Virginia’s McIntire School.

(a)(2) The portfolio managers primarily responsible for the day-to-day management of the Registrant’s portfolio also manage other pooled investment vehicles, as indicated below. The following table identifies, as of December 31, 2023: (i) the number of other registered investment companies, other pooled investment vehicles and other accounts managed by each portfolio manager; (ii) the total assets of such companies, vehicles and accounts; and (iii) the number and total assets of such companies, vehicles and accounts that are subject to an advisory fee based on performance, unless otherwise noted:

Name	Number of Other Accounts Managed	Total Assets of Other Accounts Managed (Millions)		Number of Other Accounts Managed Paying Performance Fees	Total Assets of Other Accounts Managed Paying Performance Fees (Millions)
Benjamin S. Miller
Registered Investment Companies	2	$	689.29	0	$	0.00
Other Pooled Investment Vehicles	13	$	1,393.65	2	$	92.88
Other Accounts	0	$	0.00	0	$	0.00
Brandon T. Jenkins
Registered Investment Companies	2	$	689.29	0	$	0.00
Other Pooled Investment Vehicles	13	$	1,393.65	2	$	92.88
Other Accounts	0	$	0.00	0	$	0.00
R. Whitaker Booth
Registered Investment Companies	1	$	570.45	0	$	0.00
Other Pooled Investment Vehicles	13	$	1,393.65	2	$	92.88
Other Accounts	0	$	0.00	0	$	0.00

Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one investment account. Portfolio managers who manage other investment accounts in addition to a Registrant may be presented with the potential conflicts summarized below. The Adviser has adopted various policies and procedures designed to address potential conflicts of interest and intended to provide for fair and equitable management, also summarized below.

General.

The officers and directors of the Adviser and the key real estate and debt finance professionals of Rise Companies who perform services for the Registrant on behalf of the Adviser are also officers, directors, managers, and/or key professionals of Rise Companies and other Fundrise entities (such as the eREITs^® and the Fundrise eFund^TM and any additional funds registered under the 1940 Act and sponsored by the Sponsor). These persons have legal obligations with respect to those entities that are similar to their obligations to the Registrant. In the future, these persons and other affiliates of Rise Companies may organize other real estate-related or debt-related programs and acquire for their own account real estate-related investments that may be suitable for the Registrant. In addition, Rise Companies may grant equity interests in the Adviser to certain management personnel performing services for the Adviser.

Payment of Certain Fees and Expenses of the Adviser.

The Management Fee paid to Adviser will be based on the Registrant’s NAV, which will be calculated by Rise Companies’ internal accountants and asset management team. The Adviser may benefit by the Registrant retaining ownership of its assets at times when Shareholders may be better served by the sale or disposition of the Registrant’s assets in order to avoid a reduction in the Registrant’s NAV.

Allocation of Investment Opportunities.

The Registrant relies on the Adviser’s executive officers and Rise Companies’ key real estate and debt finance professionals who act on behalf of the Adviser to identify suitable investments. Rise Companies and other Fundrise entities also rely on these same key real estate and debt finance professionals. Rise Companies has in the past, and expects to continue in the future, to offer other Fundrise Platform investment opportunities, primarily through the Fundrise Platform, including offerings that acquire or invest in commercial real estate (“CRE”) equity investments, including multifamily residential properties, CRE loans, and other select real estate-related assets.

These additional programs may have investment criteria that compete with the Registrant.

If a sale, financing, investment or other business opportunity would be suitable for more than one program, Rise Companies will allocate it using its business judgment. Any allocation of this type may involve the consideration of a number of factors that Rise Companies determines to be relevant.

Except under any policies that may be adopted by the Adviser, which policies will be designed to minimize conflicts among the programs and other investment opportunities provided on the Fundrise Platform, no program or Fundrise Platform investment opportunity (including the Registrant) will have any duty, responsibility or obligation to refrain from:

·

engaging in the same or similar activities or lines of business as any program or Fundrise Platform investment opportunity;

·

doing business with any potential or actual tenant, lender, purchaser, supplier, customer or competitor of any program or Fundrise Platform investment opportunity;

·

engaging in, or refraining from, any other activities whatsoever relating to any of the potential or actual tenants, lenders, purchasers, suppliers or customers of any program or Fundrise Platform investment opportunity;

·

establishing material commercial relationships with another program or Fundrise Platform investment opportunity; or

·

making operational and financial decisions that could be considered to be detrimental to another program or Fundrise Platform investment opportunity.

In addition, any decisions by the Adviser to renew, extend, modify or terminate an agreement or arrangement, or enter into similar agreements or arrangements in the future, may benefit one program more than another program or limit or impair the ability of any program to pursue business opportunities. In addition, third parties may require as a condition to their arrangements or agreements with or related to any one particular program that such arrangements or agreements include or not include another program, as the case may be. Any of these decisions may benefit one program more than another program.

The Adviser may determine it appropriate for the Registrant and one or more Fundrise entities (such as the eREITs^® and eFund^TM and any additional funds registered under the 1940 Act and sponsored by the Sponsor) to participate in an investment opportunity. To the extent the Fund is able to make co-investments with other Fundrise entities, these co-investment opportunities may give rise to conflicts of interest or perceived conflicts of interest among the Registrant and the other participating Fundrise entities. To mitigate these conflicts, the Adviser will seek to execute such transactions for all of the participating entities, including the Registrant, on a fair and equitable basis, taking into account such factors as available capital, portfolio concentrations, suitability and any other factors deemed appropriate. However, there can be no assurance the risks posed by these conflicts of interest will be mitigated.

In order to avoid any actual or perceived conflicts of interest among the Fundrise Platform investment opportunities and with the Adviser’s directors, officers and affiliates, the Registrant has adopted a conflicts of interest policy to specifically address some of the conflicts relating to the Registrant’s activities. There is no assurance that these policies will be adequate to address all of the conflicts that may arise or will address such conflicts in a manner that is favorable to the Fund. The Adviser may modify, suspend or rescind the policies set forth in the conflicts policy, including any resolution implementing the provisions of the conflicts policy, in each case, without a vote of the Fund’s Shareholders.

Allocation of the Registrant Affiliates’ Time.

The Registrant relies on Rise Companies’ key real estate and debt finance professionals who act on behalf of the Adviser, including Mr. Benjamin S. Miller, for the day-to-day operation of the Registrant’s business. Mr. Benjamin S. Miller is also the Chief Executive Officer of Rise Companies and other Fundrise entities. As a result of his interests in other Fundrise entities, his obligations to other investors and the fact that he engages in and he will continue to engage in other business activities on behalf of himself and others, Mr. Benjamin S. Miller will face conflicts of interest in allocating his time among the Registrant, the Adviser and other Fundrise entities and other business activities in which he is involved. However, the Registrant believes that the Adviser and its affiliates have sufficient real estate and debt finance professionals to fully discharge their responsibilities to the Fundrise entities for which they work.

Receipt of Fees and Other Compensation by the Adviser and its Affiliates.

The Adviser and its affiliates will receive fees from the Registrant. These fees could influence the Adviser’s advice to the Registrant as well as the judgment of affiliates of the Adviser, some of whom also serve as the Adviser’s officers and directors and the key real estate and debt finance professionals of Rise Companies. Among other matters, these compensation arrangements could affect their judgment with respect to:

·

the continuation, renewal or enforcement of provisions in the LLC Agreement involving the Adviser and its affiliates or the Investment Management Agreement;

·

the offering of shares by the Registrant, which entitles the Adviser to a Management Fee and other fees;

·

acquisitions of investments and originations of equity or loans at higher purchase prices, which entitle the Adviser to higher acquisition fees and origination fees regardless of the quality or performance of the investment or loan;

·

borrowings up to the Registrant’s stated borrowing policy to acquire investments and to originate loans, which borrowings will increase the Management Fee payable by the Registrant to the Adviser;

·

whether the Registrant seeks necessary approvals to internalize the Registrant’s management, which may entail acquiring assets (such as office space, furnishings and technology costs) and the key real estate and debt finance professionals of Fundrise Companies who are performing services for the Registrant on behalf of the Adviser for consideration that would be negotiated at that time and may result in these real estate and debt finance professionals receiving more compensation from the Registrant than they currently receive from Rise Companies; and

·

whether and when the Registrant merges or consolidates its assets with other funds, including funds affiliated with the Adviser.

Duties Owed by Some of the Registrant’s Affiliates to the Adviser and the Adviser’s Affiliates.

The Adviser’s officers and directors and the key real estate and debt finance professionals of Rise Companies performing services on behalf of the Adviser are also officers, directors, managers and/or key professionals of:

·

Rise Companies;

·

the Adviser;

·

Fundrise, LLC;

·

other investment programs sponsored by Rise Companies; and

·

other Fundrise entities.

As a result, they owe duties to each of these entities, their shareholders, members and limited partners. These duties may from time to time conflict with the duties that they owe to the Registrant.

(a)(3) Each of the Registrant’s portfolio managers receives compensation for his services, including services performed for the Registrant on behalf of the Adviser, from Rise Companies. In an effort to retain key personnel, Rise Companies has structured its compensation plans for portfolio managers (and other key personnel) in a manner that it believes is competitive with other similar investment management firms. The portfolio managers are compensated with a fixed base salary and discretionary bonus based on, among other factors, the overall performance of Rise Companies. The bonus structure is formula driven and is not tied to the investment returns generated by, or the value of assets held in, the Registrant or any of the other accounts managed.

(a)(4) The following table discloses the dollar range of equity securities beneficially owned by the portfolio managers of the Fund as of December 31, 2023.

Name of Portfolio Manager	Dollar Range of Equity Securities in the Fund
Benjamin S. Miller	$	0-10,000
Brandon T. Jenkins	$	0-10,000
R. Whitaker Booth	$	10,001-50,000

(b) Not applicable.

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

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

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

As of February 23, 2024, 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)

Registrant’s Code of Ethics is filed herewith.

(a)(2)

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

(a)(3) Not applicable.

(a)(4) Not applicable.

(b)

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

(c)(1)

Audited Financial Statements of Fundrise SFR JV 1, LLC as of December 31, 2023

(c)(2)

Audited Financial Statements of Fundrise MF JV 1, LLC as of December 31, 2023

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:	February 23, 2024

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: Principal Executive Officer
Date:	February 23, 2024

By:	/s/ Alison A. Staloch
	Name: Alison A. Staloch
	Title: Treasurer and Principal Financial/Accounting Officer
Date:	February 23, 2024