# EDGAR Filing Document

**Accession Number:** 0001777677
**File Stem:** 0001435109-25-000253
**Filing Date:** 2025-8
**Character Count:** 92716
**Document Hash:** d30bf38484e662cb1c4668503fa4b807
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001435109-25-000253.hdr.sgml**: 20250821

**ACCESSION NUMBER**: 0001435109-25-000253

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250821

**DATE AS OF CHANGE**: 20250821

**EFFECTIVENESS DATE**: 20250821

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fundrise Real Estate Interval Fund, LLC
- **CENTRAL INDEX KEY:** 0001777677

**ORGANIZATION NAME:**
- **EIN:** 834327607
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23448
- **FILM NUMBER:** 251239161

**BUSINESS ADDRESS:**
- **STREET 1:** 11 DUPONT CIRCLE NW
- **STREET 2:** 9TH FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036
- **BUSINESS PHONE:** 2025840550

**MAIL ADDRESS:**
- **STREET 1:** 11 DUPONT CIRCLE NW
- **STREET 2:** 9TH FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20036

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INCOME EREIT INTERVAL FUND LLC
- **DATE OF NAME CHANGE:** 20190523

**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)

**Bjorn J. Hall**

**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, 2025 through June 30, 2025**

**Item 1. Reports to Stockholders.**

(a) Fundrise

Real

Estate

Interval

Fund,

LLC

Semi-Annual

Report

For

the

Six

Months

Ended

June

30,

2025

TABLE

OF

CONTENTS

Schedule

of

Investments

(Unaudited)

Statement

of

Assets

and

Liabilities

(Unaudited)

Statement

of

Operations

(Unaudited)

Statements

of

Changes

in

Net

Assets

Statement

of

Cash

Flows

(Unaudited)

Financial

Highlights

Notes

to

Financial

Statements

(Unaudited)

Additional

Information

(Unaudited)

Fundrise

Real

Estate

Interval

Fund,

LLC

Schedule

of

Investments

(UNAUDITED)

June

30,

2025

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

Par/Shares

Description

Acquisition

Date

Value

as

of

June

30,

2025

Real

Estate

Co-Investment

Joint

Ventures

-

94.6%

Industrial

-

16.3%

N/A

Fundrise

Industrial

JV

1,

LLC (Cost

$3,297)

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

06/04/21

$

3,203

N/A

Fundrise

Industrial

JV

2,

LLC (Cost

$207,828)

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

09/29/21

198,490

Total

Industrial

(Cost

$211,125)

$

201,693

Multi-Family

Residential

-

20.0%

N/A

Fundrise

MF

JV

1,

LLC (Cost

$224,779)

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

03/05/21

$

248,155

Total

Multi-Family

Residential

(Cost

$224,779)

$

248,155

Single

Family

Residential

-

58.3%

N/A

Fundrise

SFR

Dev

JV

1,

LLC (Cost

$25,777)

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

04/02/21

$

28,354

N/A

Fundrise

SFR

JV

1,

LLC (Cost

$576,000)

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

01/25/21

574,265

N/A

Fundrise

SFR

JV

2,

LLC (Cost

$84,598)

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

01/09/23

120,429

Total

Single

Family

Residential

(Cost

$686,375)

$

723,048

Total

Real

Estate

Co-Investment

Joint

Ventures

(Cost

$1,122,279)

$

1,172,896

Short-Term

Investment

-

5.4%

67,410

JP

Morgan

U.S.

Treasury

Plus

Money

Market

Fund,

Capital

Shares,

4.29%

(5) $

67,410

Total

Short-Term

Investment

(Cost

$67,410)

$

67,410

Total

investments,

at

value

-

100.0%

(Cost

$1,189,689)

$

1,240,306

Liabilities

in

excess

of

other

assets

–

(0.0)%

(340) Total

Net

Assets

-

100.0%

$

1,239,966

LLC

Limited

Liability

Company

(1) Investment

in

an

affiliate.

See

Note

6,

Investment

Manager

Fees

and

Other

Related

Party

Transactions

for

additional

information.

(2) Investments

classified

as

Level

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.

(3) Restricted

security.

The

aggregate

value

of

restricted

securities

at

June

30,

2025

is

approximately

$1,172,896

(amount

in

thousands)

and

represents

approximately

94.6%

of

net

assets.

See

Note

2,

Summary

of

Significant

Accounting

Policies

for

additional

information.

(4) Non-income

producing

investment.

(5) Rate

disclosed

is

representative

of

the

seven-day

effective

yield

as

of

June

30,

2025. PORTFOLIO

COMPOSITION

(As

of

June

30,

5)

Percent

of

Total

Investments

Single

Family

Residential

58.3%

Multi-Family

Residential

20.0%

Industrial

16.3%

Other

5.4%

Total

Investments

100.0%

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENT

OF

ASSETS

AND

LIABILITIES

(UNAUDITED)

June

30,

2025

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

$1,122,279)

$

1,172,896

Investments

in

unaffiliated

entities,

at

fair

value

(Cost

$67,410)

67,410

Cash

2,120

Prepaid

expenses

Distributions

receivable

from

affiliated

investments

Dividends

receivable

from

unaffiliated

investments

Total

Assets

$

1,242,

804

Liabilities

Management

fees

payable

$

852

Settling

subscriptions

801

Distributions

payable

662

Accounts

payable

and

accrued

expenses

Redemptions

payable

Total

Liabilities

$

2,

838

Commitments

and

Contingencies

Total

Net

Assets

$

1,239,966

Components

of

Net

Assets

Paid-in

capital

$

1,238,029

Distributable

earnings

1,937

Total

Net

Assets

$

1,239,966

Net

Asset

Value

Net

Assets

$

1,239,966

Common

shares

outstanding

as

of

June

30,

2025;

unlimited

shares

authorized

104,823,762

Net

Asset

Value

Per

Share

$

11.83 (1) See

Note

2,

Summary

of

Significant

Accounting

Policies

for

additional

information

.

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENT

OF

OPERATIONS

(UNAUDITED)

For

the

Six

Months

Ended

June

30,

2025

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

Investment

Income

Dividend

income

from

unaffiliated

investments

$

Interest

income

from

unaffiliated

investments

Total

Investment

Income

$

Expenses

Management

fees

$

5,105

Marketing

expenses

2,470

Miscellaneous

expenses

Custody

fees

Professional

fees

Transfer

agent

fees

Directors'

fees

Total

Expenses

$

8,848

Net

Investment

Income

(Loss)

$

(8,367)

Net

Realized

and

Unrealized

Gain

(Loss)

from

Investments

Net

realized

gain

(loss)

from

unaffiliated

investments

$

Net

change

in

unrealized

appreciation/depreciation

from

unaffiliated

investments

(499) Net

change

in

unrealized

appreciation/depreciation

from

non-controlled

affiliated

investments

24,323

Total

Net

Realized

and

Unrealized

Gain

(Loss)

from

Investments

$

24,296

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

15,929

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENTS

OF

CHANGES

IN

NET

ASSETS

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

For

the

Six

Months

Ended

June

30,

2025

(Unaudited)

For

the

Year

Ended

December

31,

2024

Operations:

Net

investment

income

(loss)

$

(8,367)

$

(17,914)

Net

realized

gain

(loss)

from

investments

Net

change

in

unrealized

appreciation/depreciation

from

investments

23,824

104,144

Net

Increase

(Decrease)

in

Net

Assets

Resulting

from

Operations

$

15,929

$

86,539

Distributions

to

Common

Shareholders

From:

Return

of

capital

$

(1,283)

$

(2,840)

Net

Decrease

in

Net

Assets

from

Distributions

to

Common

Shareholders

$

(1,283)

$

(2,840)

Capital

Share

Transactions:

Proceeds

from

sale

of

shares

$

105,563

$

193,542

Distributions

reinvested

675

Repurchase

of

shares

(120,762)

(235,003)

Net

Increase

(Decrease)

in

Net

Assets

from

Capital

Share

Transactions

$

(15,033)

$

(40,786)

Net

Increase

(Decrease)

in

Net

Assets

$

(387) $

42,913

Net

Assets:

Beginning

of

Period

$

1,240,353

$

1,197,440

End

of

Period

$

1,239,966

$

1,240,353

Fundrise

Real

Estate

Interval

Fund,

LLC

STATEMENT

OF

CASH

FLOWS

(UNAUDITED)

For

the

Six

Months

Ended

June

30,

2025

See

accompanying

notes

to

financial

statements.

(Amounts

in

thousands)

Operating

Activities:

Net

increase

(decrease)

in

net

assets

resulting

from

operations

$

15,929

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

(101,235)

Net

change

in

investments

in

short-term

investments

(10,791)

Accretion

of

discounts

(54) Return

of

capital

distributions

from

non-controlled

affiliated

investments

124,034

Net

realized

(gain)

loss

from

unaffiliated

investments

(472) Net

change

in

unrealized

appreciation/depreciation

from

unaffiliated

investments

Net

change

in

unrealized

appreciation/depreciation

from

non-controlled

affiliated

investments

(24,323)

Proceeds

from

sale

of

unaffiliated

investments

14,056

Changes

in

assets

and

liabilities:

Net

(increase)

decrease

in

dividend

receivable

from

unaffiliated

investments

Net

(increase)

decrease

in

distributions

receivable

from

affiliated

investments

(113) Net

(increase)

decrease

in

prepaid

expenses

(84) Net

increase

(decrease)

in

settling

subscriptions

(707) Net

increase

(decrease)

in

marketing

expenses

payable

(875) Net

increase

(decrease)

in

management

fees

payable

(17) Net

increase

(decrease)

in

redemptions

payable

Net

increase

(decrease)

in

accounts

payable

and

accrued

expenses

(43) Net

cash

provided

by

(used

in)

operating

activities

$

,

943

Financing

Activities:

Proceeds

from

sale

of

shares

$

105,563

Cash

paid

for

shares

repurchased

(120,762)

Distributions

paid

(1,128)

Net

cash

provided

by

(used

in)

financing

activities

$

(16,327)

Net

increase

(decrease)

in

cash

$

(384)

Cash,

beginning

of

period

2,

504

Cash,

end

of

period

$

2,120

Supplemental

Disclosure

of

Non-Cash

Activity:

Distributions

reinvested

$

Fundrise

Real

Estate

Interval

Fund,

LLC

FINANCIAL

HIGHLIGHTS

See

accompanying

notes

to

financial

statements.

These

financial

highlights

reflect

selected

data

for

a

share

outstanding

throughout

each

period

.

For

the

Six

Months

Ended

June

30,

2025

For

the

Y

ears

Ended

December

31,

(Unaudited)

2024

2023

2022

2021

Net

Asset

Value,

Beginning

of

Period

$

11.69 $

10.90 $

12.41 $

12.81 $

10.00 Income

from

Investment

Operations

Net

investment

income

(loss)

(1) $

(0.08)

$

(0.17)

$

(0.03)

$

(0.13)

$

(0.22)

Net

realized

and

unrealized

gain

(loss)

on

investments

0.23 0.99 (1.43)

(0.12)

3.21 Total

Income

(Loss)

from

Investment

Operations

$

0.15 $

0.82 $

(1.46)

$

(0.25)

$

2.99 Distributions

to

Common

Shareholders

From:

Return

of

Capital

$

(0.01)

$

(0.03)

$

(0.05)

$

(0.15)

$

(0.18)

Total

Distributions

to

Common

Shareholders

$

(0.01)

$

(0.03)

$

(0.05)

$

(0.15)

$

(0.18)

Net

Asset

Value,

End

of

Period

$

11.83 $

11.69 $

10.90 $

12.41 $

12.81 Total

Investment

Return

Based

on

Net

Asset

Value

(2) 1.30%

(3) 7.50%

(11.79)%

(1.96)%

29.35%

Ratios

and

Supplemental

Data

Net

assets

at

end

of

period

(thousands)

$

1,239,966

$

1,240,353

$

1,197,440

$

1,319,189

$

724,940

Ratio

of

gross

expenses

to

average

net

assets

(4)(5)

1.47%

(6) 1.77%

1.09%

1.13%

1.67%

(7) Ratio

of

net

expenses

to

average

net

assets

(5) 1.47%

(6) 1.77%

1.09%

1.13%

1.98%

(7) Ratio

of

net

investment

income

(loss)

to

average

net

assets

(5) (1.39)%

(6) (1.53)%

(0.21)%

(1.01)%

(1.95)%

(7) Portfolio

turnover

rate

1%

(3) 1%

3%

4%

–%

(1) Based

on

average

shares

outstanding

during

each

period.

(2) Total

investment

return

based

on

net

asset

value

is

based

upon

the

change

in

net

asset

value

per

share

between

the

opening

and

ending

net

asset

values

per

share

in

the

period

indicated

and

assumes

that

dividends

are

reinvested

in

accordance

with

the

Fund's

dividend

reinvestment

policy.

Returns

shown

do

not

reflect

the

deduction

of

taxes

that

a

Shareholder

would

pay

on

Fund

distributions

or

the

repurchase

of

Fund

shares.

(3) Not

annualized.

(4) Reflects

the

expense

ratio

excluding

any

waivers

and/or

reimbursements.

(5) Expenses

do

not

include

operating

expenses

of

the

underlying

Real

Estate

Co-Investment

Joint

Ventures

and

registered

investment

companies.

(6) Annualized.

(7) The

ratio

is

net

of

a

waiver

of

0.99%,

which

is

deemed

to

be

voluntary

as

the

total

expense

ratio

did

not

exceed

the

expense

cap

for

the

year

ended

December

31,

2021

and

is

inclusive

of

fee

recoupment

and

expense

reimbursement

of

1.30%.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)

June

30,

2025

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

of

the

Internal

Revenue

Code

of

1986,

as

amended

(the

"Code"),

commencing

with

its

taxable

year

ended

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.

Under

normal

circumstances,

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

(real

property

whose

ownership

interests

are

not

traded

on

public

markets)

and

publicly

traded

real

estate-related

investments.

The

investment

adviser

to

the

Fund

is

Fundrise

Advisors,

LLC

(the

"Adviser"),

an

investment

adviser

registered

with

the

U.S.

Securities

and

Exchange

Commission

("SEC")

under

the

Investment

Advisers

Act

of

1940,

as

amended.

The

Adviser

is

a

wholly-

owned

subsidiary

of

Rise

Companies

Corp.

("Rise

Companies"

or

the

"Sponsor"),

the

Fund's

sponsor.

Subject

to

the

supervision

of

the

Board

of

Directors

of

the

Fund

(the

"Board"),

the

Adviser

is

responsible

for

directing

the

management

of

the

Fund's

business

and

affairs,

managing

the

Fund's

day-to-day

affairs,

and

implementing

the

Fund's

investment

strategy.

2. Summary

of

Significant

Accounting

Policies

Basis

of

Presentation

The

accompanying

financial

statements

of

the

Fund

are

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

("U.S.

GAAP").

The

Fund

is

an

investment

company

and

follows

the

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

("FASB")

Accounting

Standards

Codification

("ASC")

Topic

946,

Financial

Services

-

Investment

Companies

("ASC

946").

The

Fund

maintains

its

financial

records

in

U.S.

dollars

and

follows

the

accrual

basis

of

accounting.

The

estimates

and

assumptions

underlying

these

financial

statements

are

based

on

information

available

as

of

June

30,

2025,

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.

Valuation

Oversight

Pursuant

to

SEC

Rule

2a-5

under

the

1940

Act,

the

Board

has

approved

the

Adviser

as

the

Fund's

Valuation

Designee

("Valuation

Designee"),

to

provide

administration

and

oversight

of

the

Fund's

valuation

policies

and

procedures.

The

Fund

values

its

investments

in

accordance

with

such

procedures.

Generally,

portfolio

securities

and

other

assets

for

which

market

quotations

are

readily

available

are

valued

at

market

value,

which

is

ordinarily

determined

on

the

basis

of

official

closing

prices

or

the

last

reported

sales

prices.

If

market

quotations

are

not

readily

available

or

are

deemed

unreliable,

the

Fund

will

use

the

fair

value

of

the

securities

or

other

assets

as

determined

by

the

Adviser

in

good

faith,

taking

into

consideration

all

available

information

and

other

factors

that

the

Adviser

deems

pertinent,

in

each

case

subject

to

the

overall

supervision

and

responsibility

of

the

Board.

In

calculating

the

Fund's

net

asset

value

("NAV"),

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

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(Continued)

June

30,

2025

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

current

summary

of

certain

methods

generally

used

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

–

Quoted

market

prices

in

active

markets

for

identical

assets

or

liabilities.

Level

–

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

–

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.

Fixed

income

securities

are

valued

by

an

independent

pricing

service

overseen

by

the

Valuation

Designee.

The

pricing

service

employs

a

pricing

model

that

takes

into

account,

among

other

things,

bids,

yield

spreads

and/or

other

market

data

and

specific

security

characteristics.

In

the

event

prices

or

quotations

are

not

readily

available

or

that

the

application

of

these

valuation

methods

results

in

a

price

for

an

investment

that

is

deemed

to

be

not

representative

of

the

fair

value

of

such

investment,

fair

value

will

be

determined

in

good

faith

by

the

Valuation

Designee,

in

accordance

with

the

valuation

policy

and

procedures

approved

by

the

Board.

These

securities

are

generally

classified

in

Level

of

the

fair

value

hierarchy.

Investments

in

registered

investment

companies,

including

money

market

funds,

are

valued

at

the

NAV

as

of

the

close

of

each

business

day.

These

securities

are

generally

classified

in

Level

of

the

fair

value

hierarchy.

Real

Estate

Co-Investment

Joint

Ventures

are

stated

at

fair

value.

See

Note

,

Investments

for

further

information

regarding

the

Real

Estate

Co-Investment

Joint

Ventures.

The

Fund's

ownership

interests

are

valued

based

on

the

fair

value

of

the

underlying

real

estate,

any

related

mortgage

loans

payable,

and

any

other

assets

and

liabilities

of

the

joint

venture.

The

fair

values

of

real

estate

investments

are

generally

determined

by

considering

the

income,

cost,

or

sales

comparison

approaches

of

estimating

property

value.

The

income

approach

may

be

based

on

the

discounted

cash-flow

method

or

the

direct

capitalization

method.

The

discounted

cash-flow

method

estimates

an

income

stream

for

a

property

(typically

years)

and

discounts

this

income

plus

a

reversion

(presumed

sale)

into

a

present

value

at

a

risk

adjusted

rate.

The

discount

rate

and

the

exit

capitalization

rate

are

significant

inputs

in

valuations

based

on

discounted

cash

flow

analysis.

These

rates

are

based

on

the

location,

type,

and

nature

of

each

property,

as

well

as

current

and

anticipated

market

conditions.

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

depreciation

plus

the

land

value.

The

sales

comparison

approach

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(Continued)

June

30,

2025

compares

recent

transactions

to

the

subject

property.

Adjustments

are

made

for

dissimilarities

that

typically

provide

a

range

of

value.

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

Fund's

assets

measured

at

fair

value

on

a

recurring

basis

as

of

June

30,

2025

,

and

indicates

the

fair

value

hierarchy

of

the

inputs

utilized

by

the

Fund

to

determine

such

fair

value

(amounts

in

thousands)

:

The

following

is

a

summary

of

quantitative

information

about

the

significant

unobservable

inputs

used

to

determine

the

fair

value

of

the

Fund's

Level

investments

as

of

June

30,

2025

(amounts

in

thousands)

.

The

weighted

average

range

of

unobservable

inputs

is

based

on

the

fair

value

of

investments.

Various

valuation

techniques

were

used

in

the

valuation

of

certain

investments

and

weighted

based

on

the

level

of

significance.

The

tables

are

not

intended

to

be

all-inclusive

but

instead

capture

the

significant

unobservable

inputs

relevant

to

the

Fund's

determination

of

fair

value.

The

following

is

a

reconciliation

of

investments

in

which

significant

unobservable

inputs

(Level

3)

were

used

in

determining

fair

value

(amounts

in

thousands)

:

Level

Level

Level

Total

Real

Estate

Co-Investment

Joint

Ventures

$

–

$

–

$

1,172,896

$

1,172,896

Short-Term

Investments

67,410

–

–

67,410

Total

Investments

$

,

$

–

$

1,

,

896

$

1,

,

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

$

1,172,896

Direct

Capitalization

Capitalization

Rate

5.3%

Decrease

Discounted

Cash

Flow

Discount

Rate

6.3%

–

8.0%

(6.8%)

Decrease

Sales

Comparison

Approach

Price

Per

Unit

$215

–

$422

($304)

Increase

Recent

Transaction

Transaction

Price

N/A

Increase

Total

Real

Estate

Co-Investment

Joint

Ventures

$

1,172,896

(1) Represents

the

significant

unobservable

input

used

to

fair

value

the

underlying

real

estate

property

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

investments

that

would

result

from

an

increase

in

the

corresponding

unobservable

input.

A

decrease

to

the

unobservable

input

would

have

the

opposite

effect.

Significant

changes

in

these

inputs

could

result

in

significantly

higher

or

lower

fair

value

measurements.

Real

Estate

Co-

Investment

Joint

Ventures

Balance

as

of

December

31,

2024

$

1,171,372

Purchases

101,235

Realized

gain

(loss)

–

Net

change

in

unrealized

appreciation/depreciation

24,323

Return

of

capital

distributions

(124,034)

Sales

–

Transfers

into

Level

–

Transfers

out

of

Level

–

Balance

as

of

June

30,

2025

$

1,172,896

Net

change

in

unrealized

appreciation/depreciation

for

the

six

months

ended

June

30,

2025

related

to

Level

investments

held

at

June

30,

2025

$

24,323

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(Continued)

June

30,

2025

Restricted

Securities

The

Fund

may

purchase

securities

for

which

there

is

a

limited

trading

market

or

which

are

subject

to

restrictions

on

resale

to

the

public.

Restricted

securities

and

securities

for

which

there

is

a

limited

trading

market

may

be

significantly

more

difficult

to

value

due

to

the

unavailability

of

reliable

market

quotations

for

such

securities,

and

investment

in

such

securities

may

have

an

adverse

impact

on

NAV.

The

Fund

may

purchase

Rule

144A

securities

for

which

there

may

be

a

secondary

market

of

qualified

institutional

buyers

as

contemplated

by

Rule

144A

under

the

Securities

Act.

Rule

144A

provides

an

exemption

from

the

registration

requirements

of

the

Securities

Act

for

the

resale

of

certain

restricted

securities

to

qualified

institutional

buyers.

Restricted

securities

held

at

June

30,

2025

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

beginning

with

the

taxable

year

ended

December

31,

2021,

and

intends

to

continue

to

qualify

as

a

REIT.

To

qualify

as

a

REIT,

the

Fund

must

meet

and

continue

to

meet

the

requirements

relating

to

the

Fund's

organization,

ownership,

sources

of

income,

nature

of

assets

and

distributions

of

income

to

shareholders

of

the

Fund

("Shareholders"),

including

a

requirement

to

distribute

at

least

90%

of

the

Fund's

annual

REIT

taxable

income

to

the

Shareholders

(which

is

computed

without

regard

to

its

deduction

for

dividends

paid

and

its

net

capital

gains).

As

a

REIT,

the

Fund

generally

will

not

be

subject

to

U.S.

federal

income

tax

on

the

income

that

it

distributes

to

its

Shareholders

if

it

meets

the

applicable

REIT

distribution

and

other

requirements

for

qualification.

Even

if

the

Fund

qualifies

and

maintains

the

tax

status

as

a

REIT,

it

may

become

subject

to

certain

U.S.

federal

income

taxes

and

related

state

and

local

taxes

on

its

income

and

assets,

on

taxable

income

that

the

Fund

does

not

distribute

to

its

Shareholders,

on

net

income

from

certain

"prohibited

transactions"

and

on

income

from

some

activities

conducted

as

a

result

of

a

foreclosure,

and

state

or

local

income,

property

and

transfer

taxes.

The

tax

period

for

the

taxable

year

ending

December

31,

2021

and

all

tax

periods

following

remain

open

to

examination

by

the

major

taxing

authorities

in

all

jurisdictions

where

we

are

subject

to

taxation.

For

the

open

tax

periods,

the

Fund

has

no

uncertain

tax

positions

that

would

require

recognition

in

the

financial

statements.

Income

tax

and

related

interest

and

penalties

would

be

recognized

by

the

Fund

as

tax

expense

in

the

Statement

of

Operations

if

the

tax

positions

were

deemed

to

not

meet

the

more-likely-than-not

threshold.

For

the

six

months

ended

June

30,

2025,

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.

Distributions

To

Shareholders

The

Fund

intends

to

make

distributions

necessary

to

maintain

qualification

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

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(Continued)

June

30,

2025

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

when

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

from

investments

are

recorded

on

the

ex-dividend

date.

Interest

income

is

recorded

on

an

accrual

basis

and

includes,

where

applicable,

the

amortization

of

premiums

and

accretion

of

discounts.

Distributions

received

from

investments

generally

are

comprised

of

ordinary

income

and/

or

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.

Guarantees

The

Fund

has

entered

into

two

guarantee

agreements

in

connection

with

a

senior

secured

mortgage

loan

facility

extended

to

several

underlying

real

estate

properties

owned

by

the

Real

Estate

Co-Investment

Joint

Ventures

or

certain

entities

affiliated

with

or

managed

by

the

Adviser,

collectively,

the

"Borrowers".

Under

the

terms

of

the

loan

agreement,

the

Fund,

alongside

other

entities

affiliated

with

or

managed

by

the

Adviser,

has

provided

guarantees

of

certain

obligations

of

the

Borrowers,

through

the

date

of

the

loan's

initial

maturity,

July

9,

2027,

in

addition

to

any

subsequent

borrower-elected

maturity

extensions.

Consistent

with

the

Fund's

investment

strategy

in

utilizing

debt

financing

at

the

property

level,

these

guarantees

were

provided

to

enhance

the

credit

profile

of

the

Borrowers,

facilitate

access

to

more

favorable

financing

terms,

and

obtain

leverage

to

support

its

investment

activities.

The

Fund's

obligations

as

a

guarantor

include

a

springing

recourse

guarantee

covering

standard

lender

protection

clauses.

In

the

remote

likelihood

of

wrongful

action

by

the

Borrowers,

the

Fund

would

be

liable

for

repayment

of

its

pro-rata

share

of

all

indebtedness

under

the

loan.

As

of

June

30,

2025

,

the

maximum

potential

amount

of

future

payments

under

this

guarantee

were

approximately

$222,212

(amount

in

thousands),

which

represents

the

Fund's

allocated

maximum

exposure

in

the

event

of

default

by

the

Borrowers.

This

amount

could

rise

to

$228,550

(amount

in

thousands),

if

the

loan

facility

is

fully

drawn

upon.

Additionally,

the

Fund

is

subject

to

a

guaranty

of

interest

and

carry

costs

(the

"Carry

Guaranty"),

which

includes

all

interest

payments

due,

any

minimum

return

amounts,

any

interest

due

at

the

default

rate,

and

any

required

deposits

into

the

interest

and

carry

reserve

account.

The

Carry

Guaranty

is

subject

to

termination

upon

the

earliest

of

either

(i) the

full

repayment

of

indebtedness,

(ii) a

valid

tender,

or

(iii) the

date

that

the

underlying

real

estate

properties

achieve

a

debt

yield

of

at

least

eight

percent

(8%)

for

two

consecutive

fiscal

quarters.

As

of

June

30,

2025

,

none

of

these

termination

conditions

had

been

met,

and

the

Carry

Guaranty

remained

active.

As

of

June

30,

2025

,

the

maximum

potential

amount

of

future

payments

under

this

guarantee

were

approximately

$34,175

(amount

in

thousands),

which

represents

the

Fund's

pro-rata

share

of

the

maximum

interest

payments

through

initial

maturity

date,

assuming

full

Borrower

default.

As

of

June

30,

2025

,

no

property

sales

have

occurred

that

would

result

in

a

minimum

return

payment,

no

default

interest

is

due,

and

the

interest

and

carry

reserve

account

is

fully

funded.

Based

on

current

information

and

analysis,

management

believes

the

likelihood

of

the

Fund

being

required

to

perform

under

the

guarantees

is

remote

and

that

no

material

liability

exists

as

of

the

reporting

date.

Accordingly,

as

of

June

30,

2025,

no

liability

has

been

recorded

in

the

financial

statements.

The

Fund

continues

to

monitor

the

financial

condition

and

performance

of

the

Borrowers

and

will

reassess

the

need

to

record

a

liability

if

future

events

or

circumstances

indicate

a

probable

loss.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(Continued)

June

30,

2025

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

25,

2025,

effective

May

1,

2025,

and

the

Fund's

other

filings

with

the

SEC.

Non-Listed

Closed-End

Interval

Fund;

Liquidity

Risk.

The

Fund

is

a

non-diversified,

closed-end

management

investment

company

operating

as

an

"interval

fund"

and

is

designed

primarily

for

long-term

investors.

Closed-end

funds

differ

from

open-end

management

investment

companies

(commonly

known

as

mutual

funds)

because

investors

in

a

closed-end

fund

do

not

have

the

right

to

redeem

their

shares

on

a

daily

basis.

Unlike

many

closed-end

funds,

which

typically

list

their

shares

on

a

securities

exchange,

the

Fund

does

not

currently

intend

to

list

the

shares

for

trading

on

any

securities

exchange,

and

the

Fund

does

not

expect

any

secondary

market

to

develop

for

the

shares

in

the

foreseeable

future.

Therefore,

an

investment

in

the

Fund,

unlike

an

investment

in

a

typical

closed-end

fund,

is

not

a

liquid

investment.

The

Fund

is

not

intended

to

be

a

typical

traded

investment.

Shareholders

are

also

subject

to

transfer

restrictions

and

there

is

no

guarantee

that

they

will

be

able

to

sell

their

shares.

If

a

secondary

market

were

to

develop

for

the

shares

in

the

future,

and

a

Shareholder

is

able

to

sell

his

or

her

shares,

the

Shareholder

will

likely

receive

less

than

the

purchase

price

and

the

then-current

NAV

per

share.

Although

the

Fund,

as

a

fundamental

policy,

will

make

quarterly

offers

to

repurchase

at

least

5%

and

up

to

25%

of

its

outstanding

shares

at

NAV,

the

number

of

shares

tendered

in

connection

with

a

repurchase

offer

may

exceed

the

number

of

shares

the

Fund

has

offered

to

repurchase,

in

which

case

not

all

of

a

Shareholder's

shares

tendered

in

that

offer

will

be

repurchased.

In

connection

with

any

given

repurchase

offer,

it

is

likely

that

the

Fund

may

offer

to

repurchase

only

the

minimum

amount

of

5%

of

its

outstanding

shares.

Hence,

a

Shareholder

may

not

be

able

to

sell

their

shares

when

or

in

the

amount

that

they

desire.

Non-Diversification

Risk.

As

a

"non-diversified"

fund,

the

Fund

may

invest

more

than

5%

of

its

total

assets

in

the

securities

of

one

or

more

issuers

.

Therefore,

the

Fund

may

be

more

susceptible

than

a

diversified

fund

to

being

adversely

affected

by

events

impacting

a

single

borrower,

geographic

location,

security

or

investment

type.

Further,

a

non-diversified

fund

is

more

vulnerable

than

a

more

broadly

diversified

fund

to

fluctuations

in

the

values

of

the

securities

it

holds.

For

these

reasons,

an

investment

in

the

Fund

may

fluctuate

in

value

and

have

a

greater

degree

of

risk.

Investment

and

Market

Risk.

An

investment

in

the

Fund

is

subject

to

investment

risk,

including

the

possible

loss

of

the

entire

amount

that

a

Shareholder

invests.

The

value

of

the

Fund's

investments

may

move

up

or

down

due

to

adverse

market

conditions,

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.

Market

risk

also

includes

the

risk

that

domestic,

geopolitical

and

other

events

such

as

war,

terrorism,

market

manipulation,

government

defaults,

government

shutdowns,

political

changes,

diplomatic

developments

or

the

imposition

of

sanctions

and

other

similar

measures,

public

health

emergencies

(such

as

the

spread

of

infectious

diseases,

pandemics

and

epidemics),

natural/environmental

disasters,

or

other

disruptive

events

negatively

impacting

the

securities

markets,

which

may

adversely

affect

the

Fund's

business,

results

of

operations

and

financial

condition

and

cause

the

Fund

to

lose

value.

Real

Estate

Investment

Risks

Generally.

The

Fund's

investments

are

subject

to

the

risks

typically

associated

with

real

estate,

which

may

affect

the

Fund's

operations

or

investments,

including

but

not

limited

to:

changes

in

certain

economic,

demographic

or

capital

market

conditions,

a

prolonged

economic

slowdown,

recession

or

declining

real

estate

values;

future

adverse

national

real

estate

trends;

the

leases

on

the

properties

underlying

the

Fund's

investments

may

not

be

renewed

on

favorable

terms,

or

the

occupancy

rate

of,

or

lease

rates

charged,

at

properties

may

change;

change

in

supply

of

or

demand

for

similar

properties

in

a

given

market;

risks

of

cost

overruns

and

non-completion

of

the

construction

or

renovation

of

properties;

changes

in

interest

rates

and/or

credit

spreads;

lack

of

liquidity

in

real

estate

assets;

property

locations

and

conditions,

ongoing

operating

costs,

and

expense

of

leasing,

renovation

or

constructions;

bankruptcies,

financial

difficulties

or

defaults

by

tenants,

real

estate

operators,

property

managers

or

other

parties

involved

in

the

Fund's

operations;

costs

of

compliance

with

laws

and

regulations

applicable

to

real

estate

investments,

including

changes

in

such

laws

or

regulations;

environmental

liabilities

of

properties

in

which

the

Fund

invests;

and

unforeseeable

events

such

as

civil

disturbance,

terrorism,

natural

disasters

or

general

downturns

in

the

real

estate

industry,

value

of

properties,

or

public

health

crisis

such

as

pandemics

or

endemics.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(Continued)

June

30,

2025

Commercial

Real

Estate

Industry

Risk.

Commercial

real

estate

is

dependent

on

the

commercial

real

estate

industry

generally,

which

in

turn

is

dependent

upon

broad

economic

conditions.

Challenging

economic

and

financial

market

conditions

may

cause

the

Fund

to

experience

an

increase

in

the

number

of

commercial

real

estate

investments

that

result

in

losses,

including

delinquencies,

non-

performing

assets

and

a

decrease

in

the

value

of

the

property

or,

in

the

case

of

Publicly

Traded

Real

Estate

Securities,

collateral

which

secures

its

investments,

all

of

which

could

adversely

affect

the

Fund's

results

of

operations.

Risks

Related

to

Specific

Residential

and

Commercial

Real

Estate

Property

Types.

The

Fund

intends

to

invest

in

a

variety

of

residential

and

commercial

real

estate

property

types,

which

will

expose

the

Fund

to

risks

associated

with

residential

and

commercial

real

estate,

including

general

risks

affecting

all

types

of

residential

and

commercial

real

estate

property.

Risk

of

Investing

Through

Real

Estate

Investment

Vehicles.

By

investing

in

Real

Estate

Investment

Vehicles

(a

"Vehicle"),

the

Fund

is

indirectly

exposed

to

risks

associated

with

such

Vehicles

investments

in

residential

and

commercial

real

estate

investments.

Such

investments

may

involve

risks

not

otherwise

present

with

other

methods

of

investment,

including:

the

Fund

may

not

have

sole

decision-making

authority

with

respect

to

such

an

investment,

and

a

co-investor,

joint

venture

partner

or

other

investor

(collectively,

"other

investors")

in

the

Vehicle

could

take

actions

that

decrease

the

value

of

the

investment;

other

investors

in

the

Vehicle

may

have

economic

or

other

interests

or

goals

that

are

inconsistent

with

the

Fund's

interests

or

goals;

other

investors

in

the

Vehicle

that

control

its

management

could

become

insolvent

or

bankrupt,

or

be

subject

to

fraud

or

other

misconduct

that

may

have

a

material

adverse

effect

on

the

Fund's

investment;

under

circumstances

when

no

party

has

the

power

to

control

the

Vehicle,

an

impasse

could

result

regarding

cash

distributions,

reserves

or

a

proposed

sale

or

refinancing

of

the

investment,

which

could

adversely

impact

the

operations

and

profitability

of

the

Vehicle;

other

investors

in

the

Vehicle

may

be

structured

differently

than

the

Fund

for

tax

purposes,

which

could

risk

the

Fund's

ability

to

qualify

as

a

REIT

for

tax

purposes;

other

investors

managing

the

Vehicle

may

experience

a

change

in

control,

which

could

result

in

new

management;

and

the

terms

of

a

Vehicle

could

restrict

the

Fund's

ability

to

sell

or

transfer

its

interest

to

a

third-party

when

it

desires

on

advantageous

terms,

which

may

result

in

reduced

liquidity.

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.

Changes

in

the

level

of

interest

rates

also

can

affect,

among

other

things,

the

Fund's

ability

to

acquire

certain

of

the

Publicly

Traded

Real

Estate

Securities

at

attractive

prices,

acquire

or

originate

certain

of

the

residential

and

commercial

real

estate

debt

investments

at

attractive

prices,

and

enter

into

hedging

transactions.

Generally,

as

interest

rates

increase,

the

value

of

the

Fund's

fixed

rate

securities

decreases,

which

will

decrease

the

book

value

of

the

Fund's

equity.

In

addition,

changes

in

monetary

policy

may

exacerbate

the

risks

associated

with

changing

interest

rates.

It

is

difficult

to

predict

the

magnitude,

timing

or

direction

of

interest

rate

changes

and

the

impact

these

changes

will

have

on

the

markets

in

which

the

Fund

invests.

Leverage

Risk.

The

Fund

may

use

leverage

in

connection

with

its

investments.

The

Fund

may

employ

leverage

of

not

more

than

⅓%

of

total

assets

as

it

is

limited

to

⅓%

of

the

Fund's

total

assets

(less

all

liabilities

and

indebtedness

not

represented

by

1940

Act

leverage),

in

order

to

provide

more

funds

available

for

investment.

Leverage

may

result

in

greater

volatility

of

the

NAV

of,

and

distributions

on,

the

Shares

because

changes

in

the

value

of

the

Fund's

portfolio

investments,

including

investments

purchased

with

the

proceeds

from

Borrowings

or

the

issuance

of

Preferred

Stock,

if

any,

are

borne

entirely

by

holders

of

Shares.

Risks

Related

to

the

Fund's

Tax

Status

as

a

REIT.

The

Fund

has

elected

to

be

taxed

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

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(Continued)

June

30,

2025

with

the

requirements

to

maintain

its

REIT

tax

status

may

cause

the

Fund

to

forego

otherwise

attractive

opportunities

or

to

liquidate

otherwise

attractive

investments,

adversely

affect

the

Fund's

liquidity

and

force

the

Fund

to

borrow

funds

during

unfavorable

market

conditions,

and/or

limit

the

Fund's

ability

to

hedge

effectively

and

cause

the

Fund

to

incur

tax

liabilities.

4. Share

Transactions

Below

is

a

summary

of

transactions

with

respect

to

the

Fund's

common

shares

for

the

six

months

ended

June

30,

2025

and

for

the

year

ended

December

31,

2024

(all

tabular

amounts

are

in

thousands

except

share

data)

:

As

of

June

30,

2025,

the

Sponsor

held

10,000

common

shares.

During

the

year

ended

December

31,

2024,

Fundrise

L.P.,

an

affiliate

of

the

Sponsor,

fully

redeemed

its

previously

held

500

common

shares.

For

the

six

months

ended

June

30,

2025,

total

distributions

declared

to

the

Sponsor

was

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

days

and

no

more

than

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.

For

the

Six

Months

Ended

June

30,

2025

For

the

Year

Ended

December

31,

2024

Common

Shares

Shares

Amount

Shares

Amount

Proceeds

from

sale

of

shares

,

,

804

$

,

563

17,221,100

$

193,542

Reinvestment

of

distributions

14,143

60,786

675

Total

gross

proceeds

,

,

947

,

729

17,281,886

194,217

Repurchase

of

shares

(10,301,955)

(120,762)

(21,004,334)

(235,003)

Net

Proceeds

from

Common

Shares

(1,265,008)

$

(15

,

033)

(3,722,448)

$

(40,786)

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(Continued)

June

30,

2025

The

Fund

may

not

condition

a

repurchase

offer

upon

the

tender

of

any

minimum

number

of

shares.

The

Fund

does

not

currently

charge

a

repurchase

fee,

and

it

does

not

currently

expect

to

impose

a

repurchase

fee.

However,

the

Fund

may

in

the

future

charge

a

repurchase

fee

of

up

to

2.00%,

subject

to

approval

of

the

Board.

The

following

table

presents

the

repurchase

offers

that

were

completed

during

the

six

months

ended

June

30,

2025

(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,

monitoring

or

management

of

real

estate

properties,

construction,

real

estate

development,

special

servicing

of

non-performing

assets

(including,

but

not

limited

to,

reimbursement

of

non-ordinary

expenses

and

employee

time

required

to

special

service

a

non-performing

asset)

whether

or

not

the

Fund

ultimately

acquires

or

originates

the

investment,

and

the

sale

of

equity

investments

in

real

estate.

No

such

fees

were

incurred

or

paid

by

the

Fund

to

the

Adviser

or

its

affiliates

for

the

six

months

ended

June

30,

2025. 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

operation

of

the

Fund.

During

the

six

months

ended

June

30,

2025,

there

were

approximately

$159,000

of

expenses

reimbursed

to

the

Adviser

pursuant

to

the

shared

services

agreement.

Affiliated

Investments

The

Fund

invests

in

one

or

more

affiliated

entities.

As

of

June

30,

2025,

the

investments

in

affiliated

entities

consist

of

co-investments

in

joint

ventures

in

exchange

for

membership

interests.

As

of

June

30,

2025,

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

Repurchase

Offers

Fourth

Quarter

Repurchase

Commencement

Date

December

6,

2024

Repurchase

Request

Deadline

December

31,

2024

Repurchase

Pricing

Date

January

2,

2025

Amount

Repurchased

$

55,622

Shares

Repurchased

4,758,120

Repurchase

Offers

First

Quarter

Repurchase

Commencement

Date

March

6,

2025

Repurchase

Request

Deadline

March

31,

2025

Repurchase

Pricing

Date

April

1,

2025

Amount

Repurchased

$

65,140

Shares

Repurchased

5,543,835

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(Continued)

June

30,

2025

interests

in

Fundrise

Industrial

JV

1,

LLC. Ownership

percentages

remained

constant

during

the

reporting

period.

The

affiliated

investment

securities

have

not

been

registered

under

the

Securities

Act

of

1933,

as

amended,

and

thus

are

subject

to

restrictions

on

resale.

During

the

six

months

ended

June

30,

2025,

investments

in

affiliated

entities

were

as

follows

(amounts

in

thousands):

7. Investments

The

Fund

gains

exposure

to

private

commercial

real

estate

through

co-investment

arrangements,

joint

ventures

or

wholly

owned

subsidiaries

(collectively,

"Real

Estate

Investment

Vehicles").

For

the

six

months

ended

June

30,

2025,

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

commercial

real

estate

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

commercial

real

estate

or

purchase

price

(including

financing,

if

applicable)

and

the

acquisition,

construction,

development,

or

renovation

expenses,

if

any,

of

the

underlying

private

commercial

real

estate,

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

cost

of

purchases

and

proceeds

from

the

sale

of

investments,

other

than

short-term

securities,

for

the

six

months

ended

June

30,

2025

amounted

to

$101,235

and

$14,056,

respectively

(amounts

in

thousands)

.

As

of

June

30,

2025,

Fundrise

SFR

JV

1,

LLC,

Fundrise

SFR

JV

2,

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

10-01(b),

Interim

Financial

Statements

,

summarized

interim

income

statement

information

is

required

for

an

unconsolidated

subsidiary

within

an

interim

financial

statement

if

the

unconsolidated

subsidiary

would

otherwise

require

separate

audited

financial

statements

within

an

annual

report

pursuant

to

Regulation

S-X

3-09.

The

following

tables

show

summarized

financial

statement

information

for

Fundrise

SFR

JV

1,

LLC,

Fundrise

SFR

JV

2,

LLC,

Fundrise

MF

JV

1,

LLC

and

Fundrise

Industrial

JV

2,

LLC

for

the

six

months

ended

June

30,

2025

(amounts

in

thousands):

Non-Controlled

Affiliated

Investments

Real

Estate

Co-Investment

Joint

Ventures

Balance

as

of

December

31,

2024

Purchases

at

Cost

Proceeds

from

Sales

Net

Realized

Gain

(Loss)

and

Capital

Gain

Distributions

Return

of

Capital

Distributions

Change

in

Unrealized

Appreciation/

Depreciation

Balance

as

of

June

30,

2025

Total

Dividend

Income

Fundrise

SFR

JV

1,

LLC

$

569,716

$

14,220

$

–

$

–

$

(14,904)

$

5,233

$

574,265

$

–

Fundrise

MF

JV

1,

LLC

233,465

73,170

–

–

(70,419)

11,939

248,155

–

Fundrise

Industrial

JV

2,

LLC

223,722

4,410

–

–

(31,500)

1,858

198,490

–

Fundrise

SFR

JV

2,

LLC

112,421

8,455

–

–

(4,703)

4,256

120,429

–

Fundrise

SFR

Dev

JV

1,

LLC

27,112

780

–

–

(765) 1,227

28,354

–

Fundrise

Industrial

JV

1,

LLC

4,936

–

–

(1,743)

(190) 3,203

–

Total

$

1,171,372

$

101,235

$

–

$

–

$

(124,034)

$

24,323

$

1,172,896

$

–

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(Continued)

June

30,

2025

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,

2024

,

the

tax

basis

of

distributable

earnings

(accumulated

deficit)

was

as

follows

(amounts

in

thousands)

:

As

of

December

31,

2024

,

the

capital

loss

carryforwards

were

as

follows

(amounts

in

thousands)

:

Fundrise

SFR

JV

1,

LLC

Fundrise

SFR

JV

2,

LLC

Fundrise

MF

JV

1,

LLC

Fundrise

Industrial

JV2,

LLC

Summary

Statement

of

Assets

and

Liabilities

(1) As

of

June

30,

2025

As

of

June

30,

2025

As

of

June

30,

2025

As

of

June

30,

2025

Total

Assets

$

1,265,724

$

164,983

$

436,807

$

465,387

Total

Liabilities

814,850

89,970

262,649

282,878

Total

Net

Assets

$

450,874

$

75,013

$

174,158

$

182,509

Summary

Statement

of

Operations

(1) For

the

Six

Months

Ended

June

30,

2025

For

the

Six

Months

Ended

June

30,

2025

For

the

Six

Months

Ended

June

30,

2025

For

the

Six

Months

Ended

June

30,

2025

Total

revenue

$

51,201

$

6,705

$

19,423

$

13,013

Operating

expenses

(32,474)

(3,751)

(10,801)

(4,319)

Net

Operating

Income

$

18,727

$

2,954

$

8,622

$

8,694

Interest

expense

(21,084)

(3,171)

(7,843)

(9,155)

Depreciation

and

amortization

expense

(21,356)

(2,567)

(7,866)

(7,979)

Gain

(loss)

on

extinguishment

of

debt

–

–

–

(2,849)

Gain

(loss)

on

derivative

financial

instrument

(4,833)

(725) –

(161) Other

income

and

expense

(2) (260) –

Net

Income

(Loss)

$

(28,513)

$

(3,511)

$

(7,347)

$

(11,450)

(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)

$

(271,463)

Undistributed

long-term

capital

gain

(loss)

–

Tax

accumulated

earnings

(loss)

$

(271,463)

Accumulated

capital

and

other

losses

(3,529)

Other

book/tax

temporary

differences

(1) (667) Net

unrealized

gain

(loss)

on

investments

(2) 261,667

Total

Distributable

Earnings

$

(13,992)

(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

flow

through

income

on

certain

investments.

Short-term

$

3,529

Long-term

–

Total

Capital

Loss

Carryforwards

(1) $

3,529

(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.

Fundrise

Real

Estate

Interval

Fund,

LLC

Notes

to

Financial

Statements

(UNAUDITED)(Continued)

June

30,

2025

During

the

tax

years

presented

below,

the

tax

character

of

distributions

paid

by

the

Fund

was

as

follows

(amounts

in

thousands)

:

As

of

June

30,

2025

,

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

flow

through

income

on

certain

investments.

9. Segment

Reporting

The

Fund

adopted

FASB

Accounting

Standards

Update

2023-07

Segment

Reporting

(Topic

280)

-

Improvement

to

Reportable

Segment

Disclosure

("ASU

2023-07").

Adoption

of

the

new

standard

impacted

financial

statement

disclosures

only

and

did

not

affect

the

Fund's

financial

position

or

its

results

of

operations.

The

intent

of

ASU

2023-07

is,

through

improved

segment

disclosures,

to

enable

investors

to

better

understand

an

entity's

overall

performance

and

to

assess

its

potential

future

cash

flows.

The

management

committee

of

Fundrise

Advisors,

LLC,

the

Fund's

Adviser,

acts

as

the

Fund's

chief

operating

decision

maker

("CODM")

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

a

single

operating

segment

based

on

the

fact

that

the

CODM

monitors

the

operating

results

of

the

Fund

as

a

whole

and

that

the

Fund's

long-term

strategic

asset

allocation

is

pre-determined

in

accordance

with

the

terms

of

its

prospectus,

based

on

a

defined

investment

strategy

which

is

executed

by

the

Fund's

portfolio

managers

as

a

team.

The

financial

information

provided

to

and

reviewed

by

the

CODM

is

consistent

with

that

presented

within

the

Fund's

financial

statements.

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)

:

For

the

Tax

Year

Ended

December

31,

2024

For

the

Tax

Year

Ended

December

31,

2023

Ordinary

income

$

–

$

–

Long-term

capital

gain

–

–

Return

of

capital

(1) $

3,548

$

7,190

Total

Distributions

Paid

$

3,548

$

7,190

(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

$

954

,

815

Gross

tax

unrealized

appreciation

$

296,659

Gross

tax

unrealized

depreciation

(11,167)

Net

Tax

Unrealized

Appreciation

$

,

Repurchase

Offers

Second

Quarter

Repurchase

Commencement

Date

May

30,

2025

Repurchase

Request

Deadline

June

30,

2025

Repurchase

Pricing

Date

July

1,

2025

Amount

Repurchased

$

61,744

Shares

Repurchased

5,219,328

Fundrise

Real

Estate

Interval

Fund,

LLC

Additional

Information

(UNAUDITED)

June

30,

2025

1. Disclosure

of

Portfolio

Holdings

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund's

Form

N-PORT

reports

will

be

available

without

charge,

upon

request,

by

calling

(202) 584-0550

or

on

the

SEC's

website

at

http://www.sec.gov

.

2. Proxy

Voting

Policies

and

Procedures

A

description

of

the

policies

and

procedures

that

the

Fund

uses

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and,

once

available,

information

regarding

how

the

Fund

voted

those

proxies

(if

any)

during

the

year

ended

June

30,

2025,

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,

2025,

the

Fund

did

not

have

any

investments

that

required

the

Fund

to

vote

proxies,

and

therefore

did

not

vote

any

proxies

during

such

period.

3. Compensation

of

Directors

The

Fund's

Statement

of

Additional

Information

includes

additional

information

about

the

Directors

and

is

available

(1) without

charge,

upon

request,

by

calling

(202) 584-0550,

(2) on

the

Fund's

website

at

www.fundriseintervalfund.com

and

(3) on

the

SEC's

website

at

http://www.sec.gov

.

The

following

table

sets

forth

information

regarding

the

total

compensation

to

be

paid

to

the

Independent

Directors

for

their

services

as

Independent

Directors

for

the

Fund's

fiscal

year

ending

December

31,

2025. As

an

Interested

Director,

Mr.

Miller

receives

no

compensation

from

the

Fund

for

his

service

as

a

Director.

No

other

compensation

or

retirement

benefits

are

received

by

any

Director

or

officer

from

the

Fund.

Name

Aggregate

Compensation

from

the

Fund

Aggregate

Compensation

from

the

Fund

and

Fund

Complex

(1) Paid

to

Directors

Jeffrey

R. Deitrich

$

42,500

$

130,000

Glenn

R. Osaka

42,500

130,000

Gayle

P. Starr

42,500

85,000

Mark

D. Monte

42,500

85,000

(1) The

"Fund

Complex"

consists

of

the

Fund,

Fundrise

Growth

Tech

Fund,

LLC,

Fundrise

Income

Real

Estate

Fund,

LLC

and

Fundrise

Real

Estate

Interval

Fund

II,

LLC. FOR

MORE

INFORMATION

Investment

Adviser

Fundrise

Advisors,

LLC

Dupont

Circle

NW,

9th

Floor

Washington,

DC

20036

Fundrise

Real

Estate

Interval

Fund,

LLC

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.

(b) Not applicable.

**Item 2. Code of Ethics**

Not applicable for the semi-annual reporting period.

**Item 3. Audit Committee Financial Expert**

Not applicable for the semi-annual reporting period.

**Item 4. Principal Accountant Fees and Services**

Not applicable for the semi-annual reporting period.

**Item 5. Audit Committee of Listed Registrants**

Not applicable for the semi-annual reporting period.

**Item 6. Investments**

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

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

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers and Ohers of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies**

Not applicable for the semi-annual reporting period.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies**

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

(b) As of August 20, 2025, there have been no changes in portfolio managers since the most recent

annual report.

**Item 14. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers**

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

**Item 15. Submission of Matters to a Vote of Security Holders**

As of August 20, 2025, there have been no material changes in the procedures by which Shareholders may recommend nominees to the Board of Directors.

**Item 16. 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.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation**

Not applicable.

**Item 19. Exhibits**

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) [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](cert302.htm).

(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](section906.htm).

**SIGNATURES**

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

**Fundrise Real Estate Interval Fund, LLC**

---

| | |
|:---|:---|
| By | /s/ Benjamin S. Miller |
|  | Name: Benjamin S. Miller |
|  | Title: President |
| Date | August 20, 2025 |

---

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 | August 20, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Alison A. Staloch |
|  | Name: Alison A. Staloch |
|  | Title: Treasurer and Principal Financial Officer |
| Date | August 20, 2025 |

---

## Ex-99.Cert

**<u>CERTIFICATION</u>**

I, Benjamin S. Miller, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fundrise Real Estate Interval Fund, LLC (File Number 811-23448, CIK Number 0001777677);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 20, 2025 | /s/ Benjamin S. Miller |
|  |  | Benjamin S. Miller |
|  |  | President and Principal Executive Officer |

---

**<u>CERTIFICATION</u>**

I, Alison A. Staloch, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp; I have reviewed this report on Form N-CSR of Fundrise Real Estate Interval Fund, LLC (File Number 811-23448, CIK Number 0001777677);

2.&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp; The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | August 20, 2025 | /s/ Alison A. Staloch |
|  |  | Alison A. Staloch |
|  |  | Treasurer and Principal Financial Officer |

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## Exhibit 99.906

<u>CERTIFICATION</u>

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code), each of the undersigned officers of the Fundrise Real Estate Interval Fund, LLC (the "Registrant") does hereby certify, to such officer's knowledge, that:

The semi-annual report on Form N-CSR of the Registrant for the six months ended June 30, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| Date: | August 20, 2025 | By: | /s/ Benjamin S. Miller |
|  |  |  | Benjamin S. Miller |
|  |  |  | President and Principal Executive Officer |

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| | | | |
|:---|:---|:---|:---|
| Date: | August 20, 2025 | By: | /s/ Alison A. Staloch |
|  |  |  | Alison A. Staloch |
|  |  |  | Treasurer and Principal Financial Officer |

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