Fundrise Real Estate Interval Fund LLC
08/31/2026 | Press release | Distributed by Public on 08/31/2026 12:01
Semi-Annual Report by Investment Company (Form N-CSRS)
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, 2026 through June 30, 2026
Item 1. Reports to Stockholders.
(a)
Fundrise
Real
Estate
Interval
Fund,
LLC
Consolidated
Semi-Annual
Report
For
the
Six
Months
Ended
June
30,
2026
TABLE
OF
CONTENTS
Consolidated
Schedule
of
Investments
(Unaudited)
3
Consolidated
Statement
of
Assets
and
Liabilities
(Unaudited)
5
Consolidated
Statement
of
Operations
(Unaudited)
6
Consolidated
Statements
of
Changes
in
Net
Assets
7
Consolidated
Statement
of
Cash
Flows
(Unaudited)
8
Consolidated
Financial
Highlights
9
Notes
to
Consolidated
Financial
Statements
(Unaudited)
11
Additional
Information
(Unaudited)
29
Fundrise
Real
Estate
Interval
Fund,
LLC
Consolidated
Schedule
of
Investments
(UNAUDITED)
June
30,
2026
3
See
accompanying
notes
to
consolidated
financial
statements.
(Amounts
in
thousands)
Value
as
of
Par/Shares
Description
Acquisition
Date
June
30,
2026
Real
Estate
Co-Investment
Joint
Ventures
-
81.9%
Industrial
-
14.4%
N/A
Fundrise
Industrial
JV
1,
LLC (Cost
$4,461)
(1)(2)(3)(4)
06/04/21
$
3,507
N/A
Fundrise
Industrial
JV
2,
LLC (Cost
$195,373)
(1)(2)(3)(4)
09/29/21
174,547
Total
Industrial
(Cost
$199,834
)
$
178,054
Multi-Family
Residential
-
16.9%
N/A
Fundrise
MF
JV
1,
LLC (Cost
$228,691)
(1)(2)(3)(4)
03/05/21
$
208,479
Total
Multi-Family
Residential
(Cost
$228,691
)
$
208,479
Single
Family
Residential
-
50.6%
N/A
Fundrise
SFR
Dev
JV
1,
LLC (Cost
$27,877)
(1)(2)(3)(4)
04/02/21
$
26,326
N/A
Fundrise
SFR
JV
1,
LLC (Cost
$571,956)
(1)(2)(3)(4)
01/25/21
486,465
N/A
Fundrise
SFR
JV
2,
LLC (Cost
$83,030)
(1)(2)(3)(4)
01/09/23
111,019
Total
Single
Family
Residential
(Cost
$682,863
)
$
623,810
Total
Real
Estate
Co-Investment
Joint
Ventures
(Cost
$1,111,388)
$
1,010,343
Private
Real
Estate
-
3.2%
Senior
Debt
-
3.2%
Data
Centers
-
3.2%
$
35,750
Nexus
Apex
Holdings,
LLC
|
Hubbard,
TX,
12.55%
(8.27%
Cash
+
4.28%
PIK),
03/02/29
(Cost
$36,107)
(2)(3)(5)
03/02/26
$
39,281
Total
Senior
Debt
(Cost
$36,107)
$
39,281
Total
Private
Real
Estate
(Cost
$36,107)
$
39,281
Technology
Private
Equity
Portfolio
Company
-
1.6%
Artificial
Intelligence
-
1.6%
N/A
FSTK
FR,
LP,
LP
Interest
(Cost
$21,594)
(2)(3)(4)(6)
06/02/26
$
19,312
Total
Technology
Private
Equity
Portfolio
Company
(Cost
$21,594)
$
19,312
Investment
Company
-
8.1%
1,163
Fundrise
Innovation
Fund,
LLC
(1)(4)
$
100,537
Total
Investment
Company
(Cost
$21,229)
$
100,537
Short-Term
Investment
-
9.2%
112,971
JP
Morgan
U.S.
Treasury
Plus
Money
Market
Fund,
Capital
Shares,
3.61%
(7)
$
112,971
Total
Short-Term
Investment
(Cost
$112,971)
$
112,971
Total
investments,
at
value
-
104.0%
(Cost
$1,303,289)
$
1,282,444
Liabilities
in
excess
of
other
assets
-
(4.0)%
(49,787)
Total
Net
Assets
-
100.0%
$
1,232,657
LLC
Limited
Liability
Company
LP
Limited
Partnership
PIK
Payment
in
Kind
(1)
Investment
in
an
affiliate.
See
Note
6,
Investment
Manager
Fees
and
Other
Related
Party
Transactions
for
additional
information.
(2)
Investments
classified
as
Level
3
within
the
three-tier
fair
value
hierarchy.
See
the
accompanying
notes
to
the
consolidated
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,
2026
is
approximately
$1,068,936
(amount
in
thousands)
and
represents
approximately
86.7%
of
net
assets.
See
Note
2,
Summary
of
Significant
Accounting
Policies
for
additional
information.
(4)
Non-income
producing
investment.
(5)
The
investment
accrues
interest
at
a
stated
rate,
consisting
of
both
cash
and
PIK
components.
The
rate
applicable
to
the
PIK
portion
is
disclosed
separately.
See
Note
2,
Summary
of
Significant
Accounting
Policies
for
additional
information.
(6)
FSTK
FR,
LP
is
a
special
purpose
vehicle
that
solely
invests
in
Fluidstack
,
Ltd.
(7)
Rate
disclosed
is
representative
of
the
seven-day
effective
yield
as
of
June
30,
2026.
Fundrise
Real
Estate
Interval
Fund,
LLC
Consolidated
Schedule
of
Investments
(UNAUDITED)(CONTINUED)
June
30,
2026
4
See
accompanying
notes
to
consolidated
financial
statements.
PORTFOLIO
COMPOSITION
(As
of
June
30,
2026
)
Percent
of
Total
Investments
Single
Family
Residential
48.6%
Multi-Family
Residential
16.3%
Industrial
13.9%
Data
Centers
3.1%
Other
18.1%
Total
Investments
100.0%
Fundrise
Real
Estate
Interval
Fund,
LLC
CONSOLIDATED
STATEMENT
OF
ASSETS
AND
LIABILITIES
(UNAUDITED)
June
30,
2026
5
See
accompanying
notes
to
consolidated
financial
statements.
(Amounts
in
thousands,
except
share
and
per
share
data)
Assets
Investments
in
non-controlled
affiliated
entities,
at
fair
value
(Cost
$1,132,617)
$
1,110,880
Investments
in
unaffiliated
entities,
at
fair
value
(Cost
$170,672)
171,564
Cash
1,647
Interest
and
dividend
receivable
from
unaffiliated
investments
866
Debt
issuance
costs
-
Revolving
Credit
Commitment
684
Receivable
for
investments
sold
230
Prepaid
expenses
121
Total
Assets
$
1,285,992
Liabilities
Credit
Facility,
net
-
Term
Loan
$
46,887
Marketing
expenses
payable
2,151
Settling
subscriptions
913
Management
fees
payable
841
Distributions
payable
633
Professional
fees
payable
565
Payable
for
investments
purchased
563
Accounts
payable
and
accrued
expenses
392
Redemptions
payable
390
Total
Liabilities
$
53,335
Commitments
and
Contingencies
(1)
Total
Net
Assets
$
1,232,657
Components
of
Net
Assets
Paid-in
capital
$
1,157,209
Distributable
earnings
75,
448
Total
Net
Assets
$
1,232,657
Net
Asset
Value
Net
Assets
$
1,232,657
Common
shares
outstanding
as
of
June
30,
2026;
unlimited
shares
authorized
98,450,123
Net
Asset
Value
Per
Share
$
12.52
(1)
See
Note
2,
Summary
of
Significant
Accounting
Policies
for
additional
information
.
Fundrise
Real
Estate
Interval
Fund,
LLC
CONSOLIDATED
STATEMENT
OF
OPERATIONS
(UNAUDITED)
FOR
THE
SIX
MONTHS
ENDED
JUNE
30,
2026
6
See
accompanying
notes
to
consolidated
financial
statements.
(Amounts
in
thousands)
Investment
Income
Dividend
income
from
unaffiliated
investments
$
1,220
Interest
income
-
PIK
from
unaffiliated
investments
1,057
Interest
income
from
unaffiliated
investments
607
Total
Investment
Income
$
2,884
Expenses
Management
fees
$
5,312
Interest
expense
-
Credit
Facility
3,118
Marketing
expenses
3,107
Miscellaneous
expenses
489
Professional
fees
339
Custody
fees
303
Transfer
agent
fees
97
Directors'
fees
88
Real
estate
operating
fees
38
Total
Expenses
$
1
2
,
891
Affiliated
fund
fee
waiver
(See
Note
6)
(
176
)
Net
Expenses
$
12,715
Net
Investment
Income
(Loss)
$
(9,831)
Net
Realized
and
Unrealized
Gain
(Loss)
from
Investments
Net
realized
gain
(loss)
from
non-controlled
affiliated
investments
$
164,114
Net
change
in
unrealized
appreciation/depreciation
from
unaffiliated
investments
892
Net
change
in
unrealized
appreciation/depreciation
from
non-controlled
affiliated
investments
(81,837)
Total
Net
Realized
and
Unrealized
Gain
(Loss)
from
Investments
$
83,169
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
73,338
Fundrise
Real
Estate
Interval
Fund,
LLC
CONSOLIDATED
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
7
See
accompanying
notes
to
consolidated
financial
statements.
(Amounts
in
thousands)
For
the
Six
Months
Ended
June
30,
2026
(Unaudited)
For
the
Year
Ended
December
31,
2025
Operations:
Net
investment
income
(loss)
$
(9,831)
$
(17,742)
Net
realized
gain
(loss)
from
investments
164,114
537
Net
change
in
unrealized
appreciation/depreciation
from
investments
(80,945)
33,307
Net
Increase
(Decrease)
in
Net
Assets
Resulting
from
Operations
$
73,338
$
16,102
Distributions
to
Common
Shareholders
From:
Return
of
capital
(1,230)
(2,559)
Net
Decrease
in
Net
Assets
from
Distributions
to
Common
Shareholders
$
(1,230)
$
(2,559)
Capital
Share
Transactions:
Proceeds
from
sale
of
shares
$
106,343
$
220,607
Distributions
reinvested
206
346
Repurchase
of
shares
(169,265)
(251,584)
Net
Increase
(Decrease)
in
Net
Assets
from
Capital
Share
Transactions
$
(62,716)
$
(30,631)
Net
Increase
(Decrease)
in
Net
Assets
$
9,392
$
(17,088)
Net
Assets:
Beginning
of
Period
$
1,223,265
$
1,240,353
End
of
Period
$
1,232,657
$
1,223,265
Fundrise
Real
Estate
Interval
Fund,
LLC
CONSOLIDATED
STATEMENT
OF
CASH
FLOWS
(UNAUDITED)
FOR
THE
SIX
MONTHS
ENDED
JUNE
30,
2026
8
See
accompanying
notes
to
consolidated
financial
statements.
(Amounts
in
thousands)
Operating
Activities:
Net
increase
(decrease)
in
net
assets
resulting
from
operations
$
73,338
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
(84,990)
Investments
in
unaffiliated
entities
(56,081)
Net
change
in
investments
in
short-term
investments
(48,606)
Return
of
capital
distributions
from
non-controlled
affiliated
investments
25,397
PIK
interest
from
unaffiliated
investments
(1,057)
Net
change
in
unrealized
appreciation/depreciation
from
non-controlled
affiliated
investments
81,837
Net
change
in
unrealized
appreciation/depreciation
from
unaffiliated
investments
(892)
Net
realized
(gain)
loss
from
non-controlled
affiliated
investments
(164,114)
Proceeds
from
sale
of
non-controlled
affiliated
investments
192,655
Amortization
of
debt
issuance
costs
410
Changes
in
assets
and
liabilities:
Net
(increase)
decrease
in
interest
and
dividends
receivable
from
unaffiliated
investments
(733)
Net
(increase)
decrease
in
prepaid
expenses
108
Net
increase
(decrease)
in
management
fees
payable
(37)
Net
increase
(decrease)
in
professional
fees
payable
46
Net
increase
(decrease)
in
accounts
payable
and
accrued
expenses
241
Net
increase
(decrease)
in
marketing
expenses
payable
1,309
Net
cash
provided
by
(used
in)
operating
activities
$
18,831
Financing
Activities:
Proceeds
from
sale
of
shares
$
106,215
Cash
paid
for
shares
repurchased
(169,112)
Distributions
paid
(1,049)
Payment
of
debt
issuance
costs
(3,394)
Proceeds
from
Term
Loan
75,000
Repayment
of
Term
Loan
(25,813)
Proceeds
from
Revolving
Credit
Commitment
25,000
Repayment
of
Revolving
Credit
Commitment
(25,000)
Net
cash
provided
by
(used
in)
financing
activities
$
(18,153)
Net
increase
(decrease)
in
cash
$
678
Cash,
beginning
of
period
969
Cash,
end
of
period
$
1,647
Supplemental
Disclosure
of
Non-Cash
Activity:
Distributions
reinvested
$
206
Purchase
of
private
real
estate
through
restructuring
of
investment
in
unaffiliated
entity
5,750
Sale
of
private
real
estate
through
restructuring
of
investment
in
unaffiliated
entity
5,000
Supplemental
Disclosure
of
Cash
Flow
Information:
Cash
paid
for
interest
$
2,689
Fundrise
Real
Estate
Interval
Fund,
LLC
CONSOLIDATED
FINANCIAL
HIGHLIGHTS
9
See
accompanying
notes
to
consolidated
financial
statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
each
period
.
For
the
Six
Months
Ended
June
30,
2026
(Unaudited)
For
the
Years
Ended
December
31,
2025
2024
2023
2022
2021
Net
Asset
Value,
Beginning
of
Period
$
11.82
$
11.69
$
10.90
$
12.41
$
12.81
$
10.00
Income
from
Investment
Operations
Net
investment
income
(loss)
(1)
$
(0.10)
$
(0.17)
$
(0.17)
$
(0.03)
$
(0.13)
$
(0.22)
Net
realized
and
unrealized
gain
(loss)
on
investments
0.
81
0.33
0.99
(1.43)
(0.12)
3.21
Total
Income
(Loss)
from
Investment
Operations
$
0.71
$
0.16
$
0.82
$
(1.46)
$
(0.25)
$
2.99
Distributions
to
Common
Shareholders
From:
Return
of
capital
$
(0.01)
$
(0.03)
$
(0.03)
$
(0.05)
$
(0.15)
$
(0.18)
Total
Distributions
to
Common
Shareholders
$
(0.01)
$
(0.03)
$
(0.03)
$
(0.05)
$
(0.15)
$
(0.18)
Net
Asset
Value,
End
of
Period
$
12.52
$
11.82
$
11.69
$
10.90
$
12.41
$
12.81
Total
Investment
Return
Based
on
Net
Asset
Value
(2)
6.03%
(3)
1.33%
7.50%
(11.79)%
(1.96)%
29.35%
Ratios
and
Supplemental
Data
Net
assets
at
end
of
period
(thousands)
$
1,232,657
$
1,223,265
$
1,240,353
$
1,197,440
$
1,319,189
$
724,940
Including
interest
expense:
Ratio
of
gross
expenses
to
average
net
assets
(4)(5)
2.
06
%
(6)
1.58%
1.77%
1.09%
1.
13
%
1.67%
(7)
Ratio
of
net
expenses
to
average
net
assets
(5)
2.04%
(6)
1.58%
1.77%
1.09%
1.
13
%
1.98%
(7)
Ratio
of
net
investment
loss
to
average
net
assets
(5)
(1.57)%
(6)
(1.47)%
(1.53)%
(0.21)%
(1.01)%
(1.95)%
(7)
Excluding
interest
expense:
Ratio
of
gross
expenses
to
average
net
assets
(4)(5)
1.
56
%
(6)
1.57%
1.77%
1.09%
1.13%
1.67%
(7)
Ratio
of
net
expenses
to
average
net
assets
(5)
1.54%
(6)
1.57%
1.77%
1.09%
1.13%
1.98%
(7)
Ratio
of
net
investment
loss
to
average
net
assets
(5)
(1.07)%
(6)
(1.46)%
(1.53)%
(0.21)%
(1.01)%
(1.95)%
(7)
Portfolio
turnover
rate
12%
(3
)(8
)
2%
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
investments
or
expenses
of
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%.
(8)
Excludes
the
impact
of
in-kind
transactions.
Fundrise
Real
Estate
Interval
Fund,
LLC
CONSOLIDATED
FINANCIAL
HIGHLIGHTS
(CONTINUED)
10
See
accompanying
notes
to
consolidated
financial
statements.
Credit
Facility
The
Fund
engaged
in
a
credit
facility
as
of
the
periods
as
presented
as
follows:
For
the
Six
Months
Ended
June
30,
2026
(Unaudited)
For
the
Years
Ended
December
31,
2025
2024
2023
2022
2021
Credit
Facility
Total
amount
outstanding
(thousands)
$
49,187
$
-
$
-
$
-
$
-
$
-
Asset
coverage
per
$1,000
26,0
61
-
-
-
-
-
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)
June
30,
2026
11
1.
Formation
and
Organization
Fundrise
Real
Estate
Interval
Fund,
LLC
(the
"Fund"
or
the
"Registrant")
is
a
Delaware
limited
liability
company
and
has
elected
and
has
qualified
to
be
taxed
as
a
real
estate
investment
trust
(a
"REIT")
for
U.S.
federal
income
tax
purposes
under
Part
II
of
Subchapter
M
of
Chapter
1
of
the
Internal
Revenue
Code
of
1986,
as
amended
(the
"Code"),
commencing
with
its
taxable
year
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
consolidated
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
consolidated
financial
statements
are
based
on
information
available
as
of
June
30,
2026,
including
judgments
about
the
financial
market
and
economic
conditions
which
may
change
over
time.
In
accordance
with
ASC
946,
the
Fund
does
not
consolidate
entities
in
which
it
invests
in
the
ordinary
course
of
its
investment
activities;
such
investments
are
carried
at
fair
value
and
included
in
the
Fund's
Schedule
of
Investments.
Fundrise
Interval
Holdco,
LLC
(the
"Holdco")
is
a
wholly-owned
subsidiary
of
the
Fund
and
is
therefore
consolidated
in
accordance
with
ASC
Topic
810,
Consolidation.
All
intercompany
accounts
and
transactions
are
eliminated
in
consolidation.
Estimates
The
preparation
of
consolidated
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
consolidated
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
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
12
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
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
1
-
Quoted
market
prices
in
active
markets
for
identical
assets
or
liabilities.
Level
2
-
Significant
other
observable
inputs
(e.g.,
quoted
prices
for
similar
items
in
active
markets,
quoted
prices
for
identical
or
similar
items
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
such
as
interest
rate
and
yield
curves,
and
market-corroborated
inputs).
Level
3
-
Valuation
generated
from
model-based
techniques
that
use
inputs
that
are
significant
and
unobservable
in
the
market.
These
unobservable
assumptions
reflect
estimates
of
inputs
that
market
participants
would
use
in
pricing
the
asset
or
liability.
Valuation
techniques
may
include
use
of
discounted
cash
flow
methodologies
or
similar
techniques,
which
incorporate
management's
own
estimates
of
assumptions
that
market
participants
would
use
in
pricing
the
instrument
or
other
valuation
assumptions
that
require
significant
management
judgment
or
estimation.
The
initial
value
of
the
Fund's
real
estate
debt
investments
in
loans,
including
senior
mortgage
loans,
subordinated
mortgage
loans
(also
referred
to
as
B-Notes)
and
mezzanine
loans,
will
generally
be
the
par
value
acquisition
price
of
such
instrument.
The
Adviser
will
generally
determine
subsequent
revaluations
of
the
Fund's
real
estate
debt
investments
by
the
yield
or
equity
method
via
a
discounted
cash
flow
analysis
that
uses
current
market
rates
derived
from
observable
market
data.
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
2
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.
Investments
in
exchange-traded
or
other
listed
registered
investment
companies
are
valued
at
their
quoted
market
price
as
of
the
close
of
each
business
day.
These
securities
are
generally
classified
in
Level
1
of
the
fair
value
hierarchy.
Real
Estate
Co-Investment
Joint
Ventures
are
stated
at
fair
value.
See
Note
7
,
Investments
for
further
information
regarding
the
Real
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
13
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
10
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
compares
recent
transactions
to
the
subject
property.
Adjustments
are
made
for
dissimilarities
that
typically
provide
a
range
of
value.
The
Fund
may
invest
in
Portfolio
Companies
by
purchasing
securities
directly
from
such
Portfolio
Companies,
or
through
co-
investment
vehicles
("CIV")
and
special
purpose
vehicles
("SPV").
Portfolio
Companies
may
include,
but
are
not
limited
to,
companies
operating
across
the
technology,
artificial
intelligence
("AI"),
or
infrastructure
ecosystem
and
related
industries,
including,
among
others,
businesses
involved
in
compute,
semiconductors
and
related
components,
data
centers,
networking
and
connectivity,
power
generation
and
transmission,
energy
storage,
cooling
and
other
data
center
infrastructure,
cloud
infrastructure,
software
and
technology-enabled
services,
and
other
products
and
services
that
support
the
development,
deployment
or
operation
of
AI
and
other
compute-intensive
technologies.
Portfolio
Companies
may
be
at
varying
stages
of
development
and
may
have
differing
business
models,
capital
requirements
and
operating
histories.
The
majority
of
the
Fund's
investments
in
Portfolio
Companies
have
no
readily
available
market
quotations
and,
as
such,
are
valued
at
fair
value
in
good
faith
by
the
Adviser,
as
the
Fund's
Valuation
Designee.
There
is
no
single
standard
for
determining
the
fair
value
of
a
security.
Rather,
fair
value
calculations
will
involve
significant
professional
judgment
in
the
application
of
both
observable
and
unobservable
attributes.
For
certain
growth
Portfolio
Companies,
traditional
valuation
methods
(e.g.,
discounted
cash
flow)
are
often
a
less
reliable
tool
for
valuing
investments
in
accordance
with
ASC
820.
As
such,
until
the
Portfolio
Companies
grow
to
a
point
where
traditional
valuation
methods
apply,
the
Adviser
may
deem
it
more
appropriate
to
utilize
other
valuation
methodologies.
Certain
private
Portfolio
Companies
may
raise
capital
from
investors
in
organized
funding
rounds.
During
such
funding
rounds,
a
Portfolio
Company
will
seek
a
lead
investor
who
will,
to
their
best
effort,
define
a
valuation
of
the
company.
Therefore,
the
valuation
of
the
Fund's
Portfolio
Companies
may
be
adjusted
when
a
new
valuation
is
set
by
the
lead
investor
in
the
next
funding
round.
As
such,
the
Adviser
may
use
the
market
approach
to
estimate
the
fair
value
of
the
Fund's
Portfolio
Companies
by
adjusting
the
valuation
of
the
Portfolio
Companies
with
each
new
funding
round.
However,
while
the
valuation
as
of
the
latest
funding
round
is
a
prominent
factor
in
the
Adviser's
valuation
process,
it
is
not
the
only
factor
that
the
Adviser
considers
when
valuing
its
portfolio
investments.
For
investments
in
companies
for
which
a
recent
financing
transaction
is
unavailable,
is
not
considered
sufficiently
relevant,
or
does
not
otherwise
provide
an
appropriate
indication
of
fair
value,
valuation
methods
utilized
may
include,
but
are
not
limited
to
the
following:
sales
comparison
approach;
discounted
cash
flow
method;
hypothetical
sales
method;
and
appraisals
received
from
one
or
more
pricing
services.
In
addition,
the
Fund
may
utilize:
an
analysis
of
financial
ratios
and
valuation
metrics
of
the
Portfolio
Companies
relative
to
peer
companies
that
are
public;
an
analysis
of
the
Portfolio
Companies'
most
recent
financial
statements
and
forecasts;
an
analysis
of
the
markets
in
which
the
Portfolio
Company
does
business;
and
other
relevant
factors.
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.
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
14
The
following
is
a
summary
of
the
Fund's
assets
measured
at
fair
value
on
a
recurring
basis
as
of
June
30,
2026,
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
3
investments
as
of
June
30,
2026
(amounts
in
thousands)
.
The
weighted
average
range
of
unobservable
inputs
is
based
on
the
fair
value
of
investments.
Various
valuation
techniques
were
used
in
the
valuation
of
certain
investments
and
weighted
based
on
the
level
of
significance.
The
tables
are
not
intended
to
be
all-inclusive
but
instead
capture
the
significant
unobservable
inputs
relevant
to
the
Fund's
determination
of
fair
value.
Level
1
Level
2
Level
3
Total
Real
Estate
Co-Investment
Joint
Ventures
$
-
$
-
$
1,010,343
$
1,010,343
Private
Real
Estate
Senior
Debt
-
-
39,281
39,281
Technology
Private
Equity
Portfolio
Company
-
-
19,312
19,312
Investment
Company
100,537
-
-
100,537
Short-Term
Investment
112,971
-
-
112,971
Total
Investments
$
213,508
$
-
$
1,068,936
$
1,282,444
Investment
Fair
Value
Valuation
Technique
Unobservable
Input
Range
(Weighted
Average)
Impact
to
Valuation
from
an
Increase
in
Input
(2)
Real
Estate
Co-Investment
Joint
Ventures
$
1,010,343
Direct
Capitalization
Capitalization
Rate
(3)
5.5%
Decrease
Discounted
Cash
Flow
Discount
Rate
(3)
6.7%
-
8.3%
(7.2%)
Decrease
Sales
Comparison
Approach
Price
Per
Unit
(3)
$209
-
$322
($293)
Increase
Private
Real
Estate
Senior
Debt
39,281
Discounted
Cash
Flow/
Probability-
Weighted
Scenario
Analysis
Discount
Rate
13.0%
Decrease
Expected
Time
to
Payoff
0.12
Years
Decrease
Probability
of
Minimum-Multiple
on
Payoff
Scenario
80.0%
Increase
Technology
Private
Equity
Portfolio
Company
19,312
Recent
Transaction
(1)
Transaction
Price
N/A
Increase
Total
Investments
$
1,068,936
(1)
Recent
transaction
represents
investments
held
at
the
original
transaction
price,
either
from
the
Portfolio
Company's
funding
round
or
a
secondary
seller,
and
other
relevant
market
data.
(2)
Represents
the
expected
directional
change
in
the
fair
value
of
the
Level
3
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.
(3)
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.
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
15
The
following
is
a
reconciliation
of
investments
in
which
significant
unobservable
inputs
(Level
3)
were
used
in
determining
fair
value
(amounts
in
thousands)
:
Restricted
Securities
The
Fund
may
purchase
securities
for
which
there
is
a
limited
trading
market
or
which
are
subject
to
restrictions
on
resale
to
the
public.
Restricted
securities
and
securities
for
which
there
is
a
limited
trading
market
may
be
significantly
more
difficult
to
value
due
to
the
unavailability
of
reliable
market
quotations
for
such
securities,
and
investment
in
such
securities
may
have
an
adverse
impact
on
NAV.
The
Fund
may
purchase
Rule
144A
securities
for
which
there
may
be
a
secondary
market
of
qualified
institutional
buyers
as
contemplated
by
Rule
144A
under
the
Securities
Act.
Rule
144A
provides
an
exemption
from
the
registration
requirements
of
the
Securities
Act
for
the
resale
of
certain
restricted
securities
to
qualified
institutional
buyers.
Restricted
securities
held
at
June
30,
2026
are
identified
within
the
Consolidated
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,
2022
and
all
tax
periods
following
remain
open
to
examination
by
the
major
taxing
authorities
in
all
jurisdictions
where
we
are
subject
to
taxation.
For
the
open
tax
periods,
the
Fund
has
no
uncertain
tax
positions
that
would
require
recognition
in
the
consolidated
financial
statements.
Income
tax
and
related
interest
and
penalties
would
be
recognized
by
the
Fund
as
tax
expense
in
the
Consolidated
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,
2026,
the
Fund
did
not
incur
any
income
tax,
interest,
or
penalties.
Real
Estate
Co-
Investment
Joint
Ventures
Secured
Promissory
Note
Private
Real
Estate
Senior
Debt
Technology
Private
Equity
Portfolio
Company
Total
Balance
as
of
December
31,
2025
$
1,161,895
$
-
$
-
$
-
$
1,161,895
Purchases
34,990
114,750
40,050
(1)
21,594
211,384
PIK
Interest
-
-
1,057
-
1,057
Realized
gain
(loss)
-
-
-
-
-
Net
change
in
unrealized
appreciation/depreciation
(161,145)
-
3,174
(2,282)
(160,253)
Return
of
capital
distributions
(25,397)
-
-
-
(25,397)
Sales/Settlements
-
(114,750)
(5,000)
(1)
-
(119,750)
Transfers
into
Level
3
-
-
-
-
-
Transfers
out
of
Level
3
-
-
-
-
-
Balance
as
of
June
30,
2026
$
1,010,343
$
-
$
39,281
$
19,312
$
1,068,936
Net
change
in
unrealized
appreciation/depreciation
for
the
six
months
ended
June
30,
2026
related
to
Level
3
investments
held
at
June
30,
2026
$
(
161
,
14
5
)
$
-
$
3,174
$
(2,282)
$
(160,253)
(1)
Includes
in-kind
transactions.
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
16
Issuance
of
Shares
The
Fund
offers
its
common
shares
of
limited
liability
company
interests
("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
Consolidated
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
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.
The
Fund
currently
holds,
and
expects
to
hold
in
the
future,
some
debt
investments
in
its
portfolio
that
contain
Payment-in-Kind
("PIK")
interest
provisions.
The
PIK
interest,
computed
at
the
contractual
rate
specified
in
each
loan
agreement,
is
added
to
the
principal
balance
of
the
investment,
rather
than
being
paid
in
cash,
and
is
recognized
as
interest
income
when
earned.
Thus,
the
actual
collection
of
PIK
interest
may
be
deferred
until
the
time
of
principal
repayment.
PIK
interest,
which
is
a
non-cash
source
of
income
at
the
time
of
recognition,
is
included
in
the
Fund's
taxable
income
and
therefore
affects
the
amount
the
Fund
is
required
to
distribute
to
its
shareholders
to
maintain
its
qualification
as
a
REIT
for
federal
income
tax
purposes,
even
though
the
Fund
has
not
yet
collected
the
cash.
Generally,
when
interest
and/or
principal
payments
on
an
investment
become
past
due,
or
if
the
Fund
otherwise
does
not
expect
the
borrower
to
be
able
to
service
its
debt
and
other
obligations,
the
Fund
will
place
the
investment
on
non-accrual
status
and
will
cease
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
17
recognizing
interest
income
on
that
investment
for
financial
reporting
purposes
until
all
principal
and
interest
have
been
brought
current
through
payment
or
through
a
restructuring
such
that
the
interest
income
is
deemed
to
be
collectible.
The
Fund
writes
off
any
accrued
and
uncollected
interest
when
it
is
determined
that
the
interest
is
no
longer
collectible.
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,
2026,
the
maximum
potential
amount
of
future
payments
under
this
guarantee
were
approximately
$174,011
(amount
in
thousands)
,
which
represents
the
Fund's
allocated
maximum
exposure
in
the
event
of
default
by
the
Borrowers.
This
amount
could
rise
to
$183,624
(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,
2026,
none
of
these
termination
conditions
had
been
met,
and
the
Carry
Guaranty
remained
active.
Interest
is
paid
at
a
floating
rate
based
on
Secured
Overnight
Financing
Rate
("SOFR")
plus
a
spread
of
3.15%.
At
June
30,
2026,
the
interest
rate
was
approximately
6.8%.
As
of
June
30,
2026,
the
maximum
potential
amount
of
future
payments
under
this
guarantee
were
approximately
$12,248
(amount
in
thousands)
,
which
represents
the
Fund's
pro-rata
share
of
the
maximum
interest
payments
through
initial
maturity
date,
assuming
full
Borrower
default
and
the
interest
rate
above.
This
amount
could
rise
to
$12,925
(amount
in
thousands)
,
if
the
loan
facility
is
fully
drawn
upon.
As
of
June
30,
2026,
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,
2026,
no
liability
has
been
recorded
in
the
consolidated
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.
These
debt
arrangements
also
contain
various
financial
and
non-financial
covenant
requirements
for
the
Fund.
As
of
June
30,
2026,
the
Fund
was
in
compliance
with
these
covenants.
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
dated
May
1,
2026,
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,
should
not
be
considered
to
be
a
liquid
investment.
The
Fund
is
not
intended
to
be
a
typical
traded
investment.
Shareholders
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
18
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.
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,
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
19
"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.
Risks
of
Investing
in
Portfolio
Companies.
The
Portfolio
Companies
may
have
limited
financial
resources
and
may
be
unable
to
meet
their
obligations
with
their
existing
working
capital,
which
may
lead
to
equity
financings,
possibly
at
discounted
valuations,
in
which
the
Fund's
holdings
could
be
substantially
diluted
if
the
Fund
does
not
or
cannot
participate,
bankruptcy
or
liquidation
and
consequently
the
reduction
or
loss
of
the
Fund's
investment.
The
Adviser
expects
that
the
Fund's
holdings
of
Portfolio
Companies
may
require
several
years
to
appreciate,
and
the
Adviser
can
offer
no
assurance
that
such
appreciation
will
occur.
Portfolio
Companies
typically
have
limited
operating
histories,
less
established
and
comprehensive
product
lines
and
smaller
market
shares
than
larger
businesses,
which
tend
to
render
them
more
vulnerable
to
competitors'
actions,
market
conditions
and
consumer
sentiment
in
respect
of
their
products
or
services,
as
well
as
general
economic
downturns.
Because
Portfolio
Companies
are
privately
owned,
there
is
usually
little
publicly
available
information
about
these
businesses.
Therefore,
the
Adviser
may
not
be
able
to
obtain
all
of
the
material
information
that
would
be
generally
available
for
public
company
investments,
including
financial
information,
current
performance
metrics,
operational
details
and
other
information
regarding
the
Portfolio
Companies
in
which
the
Fund
invests.
Portfolio
Companies
are
more
likely
to
depend
on
the
management
talents
and
efforts
of
a
small
group
of
persons.
Therefore,
the
death,
disability,
resignation
or
termination
of
one
or
more
of
these
persons
could
have
a
material
adverse
impact
on
a
Portfolio
Company
and,
in
turn,
on
the
Fund.
Portfolio
Companies
generally
have
less
predictable
operating
results,
may
from
time
to
time
be
parties
to
litigation,
may
be
engaged
in
rapidly
changing
businesses
with
products,
services
or
technologies
subject
to
a
substantial
risk
of
obsolescence,
and
may
require
substantial
additional
capital
to
support
their
operations,
finance
expansion
or
infrastructure
development
or
maintain
their
competitive
position.
Portfolio
Companies
may
have
substantial
debt
loads.
In
such
cases,
the
Fund
would
typically
be
last
in
line
behind
any
creditors
in
a
bankruptcy
or
liquidation
and
would
likely
experience
a
complete
loss
on
its
investment.
Private
companies
are
generally
not
subject
to
SEC
reporting
requirements,
are
not
required
to
maintain
their
accounting
records
in
accordance
with
generally
accepted
accounting
principles,
and
are
not
required
to
maintain
effective
internal
controls
over
financial
reporting.
As
a
result,
timely
or
accurate
information
about
the
business,
financial
condition
and
results
of
operations
of
the
private
companies
in
which
the
Fund
invests
may
not
be
available.
Private
companies
in
which
the
Fund
may
invest
may
have
limited
financial
resources,
shorter
operating
histories,
more
asset
concentration
risk,
narrower
product
lines
and
smaller
market
shares
than
larger
businesses,
or
may
have
significant
capital
requirements,
which
may
render
such
private
companies
more
vulnerable
to
competitors'
actions
and
market
circumstances,
as
well
as
general
economic
downturns.
These
companies
generally
have
less
predictable
operating
results,
may
from
time
to
time
be
parties
to
litigation,
may
be
engaged
in
rapidly
changing
businesses
with
products,
services
or
technologies
subject
to
a
substantial
risk
of
obsolescence,
and
may
require
substantial
additional
capital
to
support
their
operations,
finance
expansion
or
infrastructure
development
or
maintain
their
competitive
position.
These
companies
may
have
difficulty
accessing
the
capital
markets
to
meet
future
capital
needs,
which
may
limit
their
ability
to
grow
or
to
repay
their
outstanding
indebtedness
upon
maturity.
General
SPV
Risks.
The
Fund
may
invest
in
SPVs.
Our
investments
in
SPVs
will
typically
require
us
to
bear
a
pro
rata
share
of
the
vehicles'
expenses,
including
operating
and
offering
related
costs,
which
could
result
in
higher
expenses
than
if
we
invested
in
the
single
underlying
portfolio
company
directly.
Because
SPVs
are
organized
by
managers
unaffiliated
with
us
and
we
will
typically
be
one
of
many
investors
in
the
SPV,
in
purchasing
an
SPV
interest,
we
entrust
all
aspects
of
the
management
of
the
SPV
to
its
manager.
SPVs
are
generally
organized
as
limited
liability
companies,
and
to
the
extent
an
SPV
is
organized
as
a
Delaware
Series
LLC,
we
would
be
subject
to
the
risks
inherent
in
investing
in
a
Delaware
Series
LLC.
Some
SPVs
in
which
we
invest
may
impose
various
limitations,
and
may
place
restrictions
on
when
investors
may
withdraw
their
investment
or
limit
the
amounts
investors
may
withdraw.
To
the
extent
we
seek
to
reduce
or
sell
out
our
investment
at
a
time
or
in
an
amount
that
is
prohibited,
we
may
not
have
the
liquidity
necessary
to
participate
in
other
investment
opportunities
or
may
need
to
sell
other
investments
that
we
may
not
have
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
20
otherwise
sold.
Additionally,
SPVs
are
not
publicly
traded
and
therefore
may
not
be
as
liquid
as
other
types
of
investments.
Further,
the
fair
value
of
investments
in
SPVs
may
differ
from
the
value
of
the
underlying
securities
were
we
to
hold
such
securities
directly.
Finally,
as
investors
in
an
SPV,
we
own
interests
in
the
SPV
and
have
no
ownership
rights
to
the
underlying
securities.
These
characteristics
present
additional
risks
for
stockholders.
Individual
SPVs
that
we
invest
in
may
have
different
terms
and
structures,
which
may
present
unique
risks
and
result
in
different
fee
levels.
General
Co-Investment
Vehicle
Risks.
The
Fund
may
invest
in
CIVs,
which
are
investments
in
a
primary
round
of
an
issuer.
CIVs
are
typically
organized
by
a
lead
investor,
such
as
a
venture
capital
fund
or
institutional
investor,
that
negotiates
the
terms
of
the
investment
with
the
issuer.
Because
the
Fund
will
generally
participate
as
a
co-investor
rather
than
as
the
lead
investor,
the
Fund
will
have
limited
or
no
ability
to
negotiate
the
economic
or
governance
terms
of
the
investment,
including
valuation,
liquidation
preferences,
anti-dilution
protections,
board
representation
and
information
rights.
As
with
our
investments
in
SPVs,
CIV
investments
will
typically
require
us
to
bear
a
pro
rata
share
of
the
CIV's
expenses,
including
operating
and
offering
related
costs,
which
could
result
in
higher
expenses
than
if
we
invested
in
the
single
underlying
portfolio
company
directly.
Because
CIVs
are
organized
by
managers
unaffiliated
with
us
and
we
will
typically
be
one
of
many
investors
in
the
CIV,
in
purchasing
an
CIV
interest,
we
entrust
all
aspects
of
the
management
of
the
CIV
to
its
manager.
CIVs
are
generally
organized
as
limited
liability
companies.
Some
CIVs
in
which
we
invest
may
impose
various
limitations,
and
may
place
restrictions
on
when
investors
may
withdraw
their
investment
or
limit
the
amounts
investors
may
withdraw.
To
the
extent
we
seek
to
reduce
or
sell
out
our
investment
at
a
time
or
in
an
amount
that
is
prohibited,
we
may
not
have
the
liquidity
necessary
to
participate
in
other
investment
opportunities
or
may
need
to
sell
other
investments
that
we
may
not
have
otherwise
sold.
Additionally,
CIVs
are
not
publicly
traded
and
therefore
may
not
be
as
liquid
as
other
types
of
investments.
Further,
the
fair
value
of
investments
in
CIV
may
differ
from
the
value
of
the
underlying
securities
were
we
to
hold
such
securities
directly.
Finally,
as
investors
in
a
CIV,
we
own
interests
in
the
CIV
and
have
no
ownership
rights
to
the
underlying
securities.
These
characteristics
present
additional
risks
for
stockholders.
Individual
CIVs
that
we
invest
in
may
have
different
terms
and
structures,
which
may
present
unique
risks
and
result
in
different
fee
levels.
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
33
⅓%
of
total
assets
as
it
is
limited
to
33
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
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
21
failed
and
could
jeopardize
the
Fund's
REIT
tax
status.
Failure
to
qualify
for
taxation
as
a
REIT
would
cause
the
Fund
to
be
taxed
as
a
regular
corporation,
which
would
substantially
reduce
funds
available
for
distributions
to
Shareholders.
In
addition,
complying
with
the
requirements
to
maintain
its
REIT
tax
status
may
cause
the
Fund
to
forego
otherwise
attractive
opportunities
or
to
liquidate
otherwise
attractive
investments,
adversely
affect
the
Fund's
liquidity
and
force
the
Fund
to
borrow
funds
during
unfavorable
market
conditions,
and/or
limit
the
Fund's
ability
to
hedge
effectively
and
cause
the
Fund
to
incur
tax
liabilities.
4.
Share
Transactions
Below
is
a
summary
of
transactions
with
respect
to
the
Fund's
common
shares
for
the
six
months
ended
June
30,
2026
and
for
the
year
ended
December
31,
2025
(all
tabular
amounts
are
in
thousands
except
share
data)
:
As
of
June
30,
2026,
the
Sponsor
held
10,000
of
the
Fund's
common
shares.
For
the
six
months
ended
June
30,
2026,
total
distributions
declared
to
the
Sponsor
were
less
than
$1,000.
As
of
June
30,
2026
,
the
Fundrise
Income
Real
Estate
Fund,
LLC
("the
Income
Fund"),
an
affiliated
fund
sponsored
by
the
Adviser,
held
approximately
2,628,200
of
the
Fund's
common
shares.
For
the
six
months
ended
June
30,
2026
,
total
distributions
declared
to
the
Income
Fund
were
approximately
$35
(amount
in
thousands)
.
During
the
six
months
ended
June
30,
2026
,
the
Fund
sold
approximately
1,524,132
shares
to
the
Fundrise
eREIT,
LLC
(the
"eREIT"),
an
affiliated
fund
sponsored
by
the
Adviser.
For
the
six
months
ended
June
30,
2026
,
total
distributions
declared
to
the
eREIT
were
approximately
$19
(amount
in
thousands)
.
5.
Repurchase
Offers
The
Fund
operates
as
an
interval
fund
under
Rule
23c-3
of
the
1940
Act
and,
as
such,
provides
a
limited
degree
of
liquidity
to
Shareholders.
As
an
interval
fund,
the
Fund
has
adopted
a
fundamental
policy
to
offer
to
repurchase
at
quarterly
intervals
a
specified
percentage
of
its
outstanding
shares
at
NAV
(the
"Repurchase
Offer
Policy").
The
Repurchase
Offer
Policy
provides
that,
once
each
quarter,
the
Fund
will
offer
to
repurchase
at
NAV
no
less
than
5%
and
no
more
than
25%
of
the
outstanding
shares
of
the
Fund,
unless
suspended
or
postponed
in
accordance
with
regulatory
requirements.
The
Repurchase
Offer
Policy
is
a
fundamental
policy
that
may
not
be
changed
without
the
vote
of
the
holders
of
a
majority
of
the
Fund's
outstanding
voting
securities
(as
defined
in
the
1940
Act).
To
conduct
a
repurchase
offer,
the
Fund
will
send
a
repurchase
offer
notice
to
Shareholders
no
less
than
21
days
and
no
more
than
42
days
before
the
date
(the
"Repurchase
Request
Deadline")
by
which
the
Fund
announces
that
Shareholders
must
tender
their
shares
in
response
to
such
repurchase
offer
notice.
The
Fund
must
receive
repurchase
requests
submitted
by
Shareholders
in
response
to
the
Fund's
repurchase
offer
on
or
before
the
Repurchase
Request
Deadline.
The
Repurchase
Offer
Policy
provides
that
the
repurchase
pricing
occurs
no
later
than
the
14th
day
after
the
Repurchase
Request
Deadline
or
the
next
business
day
if
the
14th
day
is
not
a
business
day
(the
"Repurchase
Pricing
Date").
The
repurchase
price
of
the
shares
will
be
the
Fund's
NAV
as
of
the
close
of
the
Repurchase
Pricing
Date.
The
Board,
in
its
sole
discretion,
will
determine
the
number
of
shares
that
the
Fund
will
offer
to
repurchase
("Repurchase
Offer
Amount")
for
a
given
Repurchase
Request
Deadline.
If
Shareholders
tender
for
repurchase
more
than
the
Repurchase
Offer
Amount
for
a
given
repurchase
offer,
the
Fund
may,
but
is
not
required
to,
repurchase
an
additional
number
of
shares
not
to
exceed
2%
of
the
outstanding
shares
of
the
Fund
on
the
Repurchase
Request
Deadline.
If
the
Fund
determines
not
to
repurchase
more
than
the
Repurchase
Offer
Amount,
or
if
Shareholders
tender
shares
in
an
amount
exceeding
the
Repurchase
Offer
Amount
plus
2%
of
the
outstanding
shares
on
the
Repurchase
Request
Deadline,
the
Fund
will
repurchase
the
shares
on
a
pro
rata
basis.
However,
the
Fund
For
the
Six
Months
Ended
June
30,
2026
For
the
Year
Ended
December
31,
2025
Common
Shares
Shares
Amount
Shares
Amount
Proceeds
from
sale
of
shares
8,612,963
$
106
,
343
18,750,166
$
220,607
Reinvestment
of
distributions
16,89
4
206
29,385
346
Total
gross
proceeds
8,
62
9,
85
7
106
,
549
18,779,551
220,953
Repurchase
of
shares
(
13
,
702
,
246
)
(
169
,
265
)
(21,345,809)
(251,584)
Net
Proceeds
from
Common
Shares
(
5
,
072
,
38
9
)
$
(
62,716
)
(2,566,258)
$
(30,631)
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
22
may
accept
all
shares
tendered
for
repurchase
by
Shareholders
who
own
less
than
one
hundred
shares
and
who
tender
all
of
their
shares,
before
prorating
other
amounts
tendered.
In
addition,
if
a
repurchase
offer
is
oversubscribed,
the
Fund
may
offer
to
repurchase
outstanding
shares
that
are
tendered
by
the
descendants
or
estate
of
a
deceased
shareholder
(a
"Legacy
Repurchase")
in
an
additional
amount
approved
by
the
Board,
taking
into
account
the
liquidity
of
the
Fund's
assets.
In
the
event
a
Legacy
Repurchase
by
a
Fund
is
oversubscribed,
the
Fund
will
repurchase
the
shares
tendered
on
a
pro
rata
basis.
The
Fund
may
not
condition
a
repurchase
offer
upon
the
tender
of
any
minimum
number
of
shares.
The
Fund
does
not
currently
charge
a
repurchase
fee,
and
it
does
not
currently
expect
to
impose
a
repurchase
fee.
However,
the
Fund
may
in
the
future
charge
a
repurchase
fee
of
up
to
2.00%,
subject
to
approval
of
the
Board.
The
following
table
presents
the
repurchase
offers
that
were
completed
during
the
six
months
ended
June
30,
2026
(all
tabular
amounts
are
in
thousands
except
share
data)
:
6.
Investment
Manager
Fees
and
Other
Related
Party
Transactions
Fundrise
Advisors,
LLC,
Adviser
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
and/or
its
affiliates
may
be
entitled,
under
separate
agreement,
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
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,
2026.
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
Repurchase
Offers
Fourth
Quarter
Repurchase
Commencement
Date
November
29,
2025
Repurchase
Request
Deadline
December
31,
2025
Repurchase
Pricing
Date
January
2,
2026
Amount
Repurchased
$
69,259
Shares
Repurchased
5,864,719
Repurchase
Offers
First
Quarter
Repurchase
Commencement
Date
February
25,
2026
Repurchase
Request
Deadline
March
31,
2026
Repurchase
Pricing
Date
April
1,
2026
Amount
Repurchased
$
100,006
Shares
Repurchased
7,837,527
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
23
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,
2026,
there
were
approximately
$46
(amount
in
thousands)
of
expenses
reimbursed
to
the
Adviser
pursuant
to
the
shared
services
agreement.
The
Fund
invests
in
Fundrise
Innovation
Fund,
LLC,
an
affiliated
investment
sponsored
by
the
Adviser.
As
the
Adviser
receives
management
fees
from
Fundrise
Innovation
Fund,
LLC,
the
Adviser
has
agreed
to
waive
management
fees
payable
by
the
Fund
in
an
amount
equal
to
the
management
fees
earned
by
the
Adviser
on
the
Fund's
investment
in
Fundrise
Innovation
Fund,
LLC.
For
the
six
months
ended
June
30,
2026,
the
Adviser
waived
fees
of
approximately
$176
(amount
in
thousands)
related
to
this
affiliated
investment
and
this
waiver
is
not
subject
to
recoupment.
Fundrise
Real
Estate,
LLC
The
Fund
entered
into
a
Real
Estate
Services
Agreement
(the
"Agreement")
with
Fundrise
Real
Estate,
LLC
("the
Vendor"),
a
wholly-
owned
subsidiary
of
our
Sponsor.
Pursuant
to
the
Agreement,
the
Vendor
is
entitled
to
Real
Estate
Operating
Fees
for
performing
certain
real
estate
operating
services
for
the
Fund.
Pursuant
to
the
agreement,
the
Vendor
is
also
entitled
to
reimbursement
of
third-
party
costs
and
overhead
associated
with
the
performance
of
certain
services
outlined
in
the
Agreement,
paid
no
less
frequently
than
quarterly.
Affiliated
Investments
The
Fund
invests
in
one
or
more
affiliated
entities.
As
of
June
30,
2026,
the
investments
in
affiliated
entities
consist
of
a
registered
investment
company
sponsored
by
the
Adviser,
and
co-investments
in
joint
ventures
in
exchange
for
membership
interests.
Although
the
Fund
holds
ownership
interests
ranging
from
20%
to
95%
in
the
joint
venture
entities,
the
Fund
does
not
have
the
power
to
exercise
control
over
management
or
policies
of
any
such
entity.
Accordingly,
all
affiliated
entities
are
classified
as
non-
controlled
affiliated
investments.
The
affiliated
joint
venture
investments
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,
2026,
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,
2026,
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
Non-Controlled
Affiliated
Investments
Balance
as
of
December
31,
2025
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,
2026
Total
Dividend
Income
Real
Estate
Co-Investment
Joint
Ventures
Fundrise
SFR
JV
1,
LLC
$
560,582
$
19,800
$
-
$
-
$
(12,143)
$
(81,774)
$
486,465
$
-
Fundrise
MF
JV
1,
LLC
257,081
1,620
-
-
(2,908)
(47,314)
208,479
-
Fundrise
Industrial
JV
2,
LLC
195,978
7,470
-
-
(9,086)
(19,815)
174,547
-
Fundrise
SFR
JV
2,
LLC
117,039
4,560
-
-
(1,140)
(9,440)
111,019
-
Fundrise
SFR
Dev
JV
1,
LLC
27,136
1,500
-
-
(120)
(2,190)
26,326
-
Fundrise
Industrial
JV
1,
LLC
4,079
40
-
-
-
(612)
3,507
-
Investment
Company
Fundrise
Innovation
Fund,
LLC
-
50,000
(192,885)
164,114
-
79,308
100,537
-
Total
$
1,161,895
$
84,990
$
(192,885)
$
164,114
$
(25,397)
$
(81,837)
$
1,110,880
$
-
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
24
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
and
in-kind
transactions,
for
the
six
months
ended
June
30,
2026
amounted
to
$141,634
and
$192,885,
respectively
(amounts
in
thousands)
.
For
the
six
months
ended
June
30,
2026,
the
cost
of
purchases
and
proceeds
from
sales
of
in-kind
transactions
were
$5,750
and
$5,000,
respectively
(amounts
in
thousands).
As
of
June
30,
2026,
Fundrise
SFR
JV
1,
LLC,
Fundrise
MF
JV
1,
LLC,
Fundrise
Industrial
JV
2,
LLC
and
Fundrise
SFR
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
Rule
4-08(g),
Summarized
financial
information
of
subsidiaries
not
consolidated
and
50
percent
or
less
owned
persons
,
summarized
financial
information
for
these
significant
subsidiaries
is
presented
below.
Regulation
S-X
10-01(b),
Interim
Financial
Statements
,
also
requires
summarized
interim
income
statement
information
for
an
unconsolidated
subsidiary
if
separate
audited
financial
statements
of
the
subsidiary
would
otherwise
be
required
for
an
annual
period
pursuant
to
Regulation
S-X
Rule
3-09.
The
following
tables
show
summarized
financial
statement
information
for
Fundrise
SFR
JV
1,
LLC,
Fundrise
MF
JV
1,
LLC,
Fundrise
Industrial
JV
2,
LLC
and
Fundrise
SFR
JV
2,
LLC
for
the
six
months
ended
June
30,
2026
(amounts
in
thousands):
Fundrise
SFR
JV
1,
LLC
Fundrise
MF
JV
1,
LLC
Fundrise
Industrial
JV
2,
LLC
Fundrise
SFR
JV
2,
LLC
Summary
Statement
of
Assets
and
Liabilities
(1)
As
of
June
30,
2026
As
of
June
30,
2026
As
of
June
30,
2026
As
of
June
30,
2026
Total
Assets
$
1,220,008
$
420,084
$
419,053
$
161,584
Total
Liabilities
831,216
259,869
263,168
92,685
Total
Net
Assets
$
388,792
$
160,215
$
155,885
$
68,899
Summary
Statement
of
Operations
(1)
For
the
Six
Months
Ended
June
30,
2026
For
the
Six
Months
Ended
June
30,
2026
For
the
Six
Months
Ended
June
30,
2026
For
the
Six
Months
Ended
June
30,
2026
Total
revenue
$
51,490
$
18,673
$
12,548
$
6,568
Operating
expenses
(33,545)
(10,810)
(4,297)
(3,849)
Net
Operating
Income
$
17,945
$
7,863
$
8,251
$
2,719
Interest
expense
(20,575)
(7,413)
(11,415)
(2,538)
Depreciation
and
amortization
expense
(21,568)
(7,931)
(7,254)
(2,390)
Gain
(loss)
on
sale
of
real
estate
-
-
10,740
-
Gain
(loss)
on
extinguishment
of
debt
-
-
(218)
-
Gain
(loss)
on
derivative
financial
instrument
(3,224)
-
8
(198)
Impairment
loss
-
(4,047)
-
-
Other
income
and
expense
(165)
(53)
-
2
Net
Income
(Loss)
$
(27,587)
$
(11,581)
$
112
$
(2,405)
(1)
The
unconsolidated
subsidiary
noted
reports
in
accordance
with
U.S.
GAAP,
but
does
not
fall
within
the
scope
of
the
accounting
and
reporting
guidance
in
the
ASC
946.
The
subsidiary
is
therefore
not
required
to
and
has
elected
not
to
fair
value
its
investments.
Accordingly,
the
summarized
income
statement
information
shown
for
the
unconsolidated
subsidiary
does
not
reflect
fair
value
adjustments.
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
25
8
.
Borrowings
On
February
9,
2026
(the
"Closing
Date"),
Holdco
(the
"Borrower"),
a
wholly-owned
and
consolidated
subsidiary
of
the
Fund,
entered
into
a
credit
agreement
(the
"MidCap
Credit
Agreement")
with
MidCap
Financial
Trust,
as
lender,
administrative
agent,
and
collateral
agent.
The
MidCap
Credit
Agreement
provides
for:
On
February
10,
2026,
the
Borrower
drew
down
$75,000
(amount
in
thousands)
of
the
Term
Loan.
On
February
20,
2026,
the
Borrower
drew
down
$25,000
(amount
in
thousands)
of
the
Revolving
Credit
Commitment.
During
the
six
months
ended
June
30,
2026,
the
Borrower
made
mandatory
principal
payments
of
$25,813
(amount
in
thousands)
on
the
Term
Loan
pursuant
to
the
Collections-based
prepayment
mechanism
described
below,
and
repaid
the
Revolving
Credit
Commitment
in
full.
The
following
table
presents
the
carrying
value
of
borrowings
as
of
June
30,
2026
(amounts
in
thousands)
:
Interest
Rate
and
Fees
Borrowings
under
the
MidCap
Credit
Agreement
bear
interest
at
a
floating
rate
based
on
three-month
SOFR
plus
a
spread
of
5.25%,
subject
to
a
minimum
SOFR
floor
of
2.00%,
payable
quarterly.
At
the
Borrower's
election,
interest
may
be
PIK
by
capitalizing
accrued
interest
into
the
outstanding
principal
balance
at
the
contract
rate
plus
an
additional
0.25%.
The
Borrower
incurs
an
unused
revolving
commitment
fee
of
0.75%
per
annum
on
the
undrawn
portion
of
the
Revolving
Credit
Commitment
during
any
period
in
which
the
commitment
is
not
fully
utilized.
For
the
six
months
ended
June
30,
2026,
the
unused
revolving
commitment
fee
incurred
was
approximately
$48
(amount
in
thousands)
,
and
is
recorded
as
Interest
Expense
-
Credit
Facility
in
the
Consolidated
Statement
of
Operations.
For
the
six
months
ended
June
30,
2026,
borrowings
under
the
MidCap
Credit
Agreement
bore
interest
at
a
weighted
average
all-in
rate
of
approximately
8.93%
(weighted
average
three-month
Term
SOFR
of
approximately
3.68%
plus
a
spread
of
5.25%).
Mandatory
Prepayment
The
Borrower
is
required
to
apply
cash
proceeds
from
the
disposition
of
portfolio
investments
and
other
qualifying
collections
("Collections")
to
repay
outstanding
borrowings
in
accordance
with
a
prepayment
waterfall,
applied
first
to
the
Revolving
Credit
Commitment
and
then
to
the
Term
Loan.
The
required
prepayment
percentage
increases
as
cumulative
Collections
grow
relative
to
the
Fund's
net
asset
value
at
the
Closing
Date,
with
100%
of
Collections
applied
after
the
third
anniversary
of
the
Closing
Date.
Mandatory
prepayments
from
Collections
are
not
subject
to
any
prepayment
premium.
The
MidCap
Credit
Agreement
also
provides
for
accelerated
repayment
of
outstanding
borrowings
through
early
amortization
upon
certain
events,
including:
quarterly
net
redemptions
exceeding
7.5%
of
the
Fund's
net
asset
value;
trailing
twelve-month
net
redemptions
exceeding
12.5%
of
net
asset
value;
the
imposition
of
redemption
gates;
or
certain
cross-default
events
with
respect
to
other
material
credit
facilities.
No
such
mandatory
prepayment
event
had
occurred
as
of
June
30,
2026.
●
a
$75,000
(amount
in
thousands)
initial
term
loan
(the
"Term
Loan"),
maturing
on
February
8,
2030;
and
●
a
two-year
$25,000
(amount
in
thousands)
revolving
credit
commitment
(the
"Revolving
Credit
Commitment")
with
a
commitment
termination
date
of
February
9,
2028.
Principal
Outstanding
Unamortized
Debt
Issuance
Costs
Net
Carrying
Value
Term
Loan
$
49,187
$
(2,300)
$
46,887
Revolving
Credit
Commitment
-
(684)
(684)
Total
Borrowings
$
49,187
$
(2,984)
$
46,203
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
26
Financial
Covenants
The
MidCap
Credit
Agreement
requires
the
Fund
to
maintain:
(i)
a
loan-to-value
ratio
("LTV")
no
greater
than
12.50%,
calculated
as
total
outstanding
borrowings
divided
by
the
Fund's
aggregate
net
asset
value;
(ii)
a
total
consolidated
portfolio
LTV
no
greater
than
62.50%;
and
(iii)
a
minimum
of
40
eligible
investments
in
its
portfolio.
The
Fund
was
in
compliance
with
all
financial
covenants
as
of
June
30,
2026.
Collateral
and
Guaranty
The
Borrower's
obligations
under
the
MidCap
Credit
Agreement
are
secured
by
a
first-priority
perfected
security
interest
in
all
Collections
and
the
Borrower's
collateral
accounts.
The
Fund
has
provided
a
full,
unconditional,
and
irrevocable
guaranty
of
all
obligations
of
the
Borrower
under
the
MidCap
Credit
Agreement.
Debt
Issuance
Costs
In
connection
with
the
closing
of
the
MidCap
Credit
Agreement,
the
Fund
incurred
aggregate
debt
issuance
costs
of
$3,394
(amount
in
thousands)
,
which
are
amortized
on
a
straight-line
basis
over
the
four-year
term
of
the
Term
Loan
and
the
two-year
availability
period
of
the
Revolving
Credit
Commitment,
respectively.
For
the
six
months
ended
June
30,
2026,
amortization
of
debt
issuance
costs
was
approximately
$410
(amount
in
thousands)
,
and
is
recorded
as
Interest
Expense
-
Credit
Facility
in
the
Consolidated
Statement
of
Operations.
Contractual
Maturity
The
Term
Loan
matures
on
February
8,
2030.
The
MidCap
Credit
Agreement
does
not
provide
for
a
fixed
annual
principal
amortization
schedule;
actual
repayments
prior
to
maturity
are
determined
by
the
Collections-based
mandatory
prepayment
mechanism.
As
of
June
30,
2026,
the
full
outstanding
principal
balance
of
$49,187
(amount
in
thousands)
is
contractually
due
at
maturity
on
February
8,
2030,
subject
to
Collections-based
prepayments
in
the
interim.
The
Revolving
Credit
Commitment
terminates
on
February
9,
2028;
no
amounts
were
outstanding
as
of
June
30,
2026.
The
following
table
presents
the
contractual
principal
maturities
as
of
June
30,
2026:
As
of
June
30,
2026,
the
carrying
value
of
the
Term
Loan
approximates
its
fair
value
given
its
floating
interest
rate,
which
resets
quarterly
based
on
three-month
Term
SOFR.
9.
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.
Fiscal
Year
Ending
Term
Loan
2027
(1)
$
-
2028
(1)
-
2029
(1)
-
2030
(Term
Loan
maturity,
February
8)
49,187
Thereafter
-
Total
Borrowings
$
49,187
(1)
Mandatory
Collections-based
prepayments
reduce
the
balance
prior
to
maturity,
but
the
amounts
and
timing
are
variable
and
cannot
be
scheduled.
There
are
no
contractually
fixed
annual
principal
payments.
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
27
As
of
December
31,
2025,
the
tax
basis
of
distributable
earnings
(accumulated
deficit)
was
as
follows
(amounts
in
thousands)
:
As
of
December
31,
2025,
the
capital
loss
carryforwards
were
as
follows
(amounts
in
thousands)
:
During
the
tax
years
presented
below,
the
tax
character
of
distributions
paid
by
the
Fund
was
as
follows
(amounts
in
thousands)
:
As
of
June
30,
2026
,
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.
10.
Segment
Reporting
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
and
reportable
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
CODM
assesses
segment
performance
using
the
net
increase
(decrease)
in
net
assets
resulting
from
operations,
which
is
reported
in
the
Fund's
Consolidated
Statement
of
Operations.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
within
the
Fund's
consolidated
financial
statements.
Undistributed
ordinary
income
(loss)
$
(366,432)
Undistributed
long-term
capital
gain
(loss)
-
Tax
accumulated
earnings
(loss)
$
(366,432)
Accumulated
capital
and
other
losses
(2,992)
Other
book/tax
temporary
differences
(1)
(513)
Net
unrealized
gain
(loss)
on
investments
(2)
372,048
Total
Distributable
Earnings
$
2,110
(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
$
2,992
Long-term
-
Total
Capital
Loss
Carryforwards
(1)
$
2,992
(1)
To
the
extent
the
Fund
recognizes
capital
gains
in
future
periods,
they
will
be
offset
by
unused
capital
loss
carryforwards
subject
to
IRC
limitations.
For
the
Tax
Year
Ended
December
31,
2025
For
the
Tax
Year
Ended
December
31,
2024
Ordinary
income
$
-
$
-
Long-term
capital
gain
-
-
Return
of
capital
(1)
$
2,574
$
3,548
Total
Distributions
Paid
$
2,574
$
3,548
(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
$
991
,
341
Gross
tax
unrealized
appreciation
$
422,418
Gross
tax
unrealized
depreciation
(131,315)
Net
Tax
Unrealized
Appreciation
$
291
,
103
Fundrise
Real
Estate
Interval
Fund,
LLC
Notes
to
Consolidated
Financial
Statements
(UNAUDITED)(Continued)
June
30,
2026
28
11.
New
Accounting
Pronouncement
In
November
2024,
the
FASB
issued
ASU
2024-03,
Income
Statement-Reporting
Comprehensive
Income-Expense
Disaggregation
Disclosures
(Subtopic
220-40):
Disaggregation
of
Income
Statement
Expenses.
This
guidance
requires
public
business
entities
to
disclose,
in
a
tabular
format,
disaggregated
information
about
certain
expense
categories
presented
on
the
face
of
the
income
statement.
The
guidance
is
effective
for
annual
reporting
periods
beginning
after
December
15,
2026
and
interim
reporting
periods
beginning
after
December
15,
2027,
with
early
adoption
permitted.
The
Fund
is
currently
evaluating
the
implications,
if
any,
of
the
additional
requirements
and
its
impact
on
the
consolidated
financial
statements.
12.
Subsequent
Events
In
connection
with
the
preparation
of
the
accompanying
consolidated
financial
statements,
the
Fund
has
evaluated
events
and
transactions
occurring
after
the
date
of
this
report
and
through
the
date
these
consolidated
financial
statements
were
available
to
be
issued
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
the
following.
Share
Transactions
Following
the
date
of
this
report,
the
following
repurchase
offers
have
occurred
(all
tabular
amounts
are
in
thousands
except
share
data)
:
Repurchase
Offers
Second
Quarter
Repurchase
Commencement
Date
June
5,
2026
Repurchase
Request
Deadline
June
30,
2026
Repurchase
Pricing
Date
July
1,
2026
Amount
Repurchased
$
69,468
Shares
Repurchased
5,544,121
Fundrise
Real
Estate
Interval
Fund,
LLC
Additional
Information
(UNAUDITED)
June
30,
2026
29
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,
2026,
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,
2026,
the
Fund
did
not
have
any
investments
that
required
the
Fund
to
vote
proxies,
and
therefore
did
not
vote
any
proxies
during
such
period.
FOR
MORE
INFORMATION
Investment
Adviser
Fundrise
Advisors,
LLC
11
Dupont
Circle
NW,
9th
Floor
Washington,
DC
20036
Fundrise
Real
Estate
Interval
Fund,
LLC
11
Dupont
Circle
NW,
9th
Floor
Washington,
DC
20036
(202)
584-0550
This
report
is
submitted
for
the
general
information
of
the
shareholders
of
the
Fund.
It
is
not
authorized
for
distribution
to
prospective
investors
unless
preceded
or
accompanied
by
an
effective
prospectus,
which
includes
information
regarding
the
Fund's
risks,
objectives,
fees
and
expenses,
experience
of
its
management,
and
other
information.
(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 Others 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 25, 2026, 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 25, 2026, 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.
(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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fundrise Real Estate Interval Fund, LLC
|
By
|
/s/ Benjamin S. Miller
|
|
|
Name: Benjamin S. Miller
|
||
|
Title: President
|
||
|
Date
|
August 25, 2026
|
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 25, 2026
|
|
By
|
/s/ Alison A. Staloch
|
|
|
Name: Alison A. Staloch
|
||
|
Title: Treasurer and Principal Financial Officer
|
||
|
Date
|
August 25, 2026
|
Fundrise Real Estate Interval Fund LLC published this content on August 31, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 31, 2026 at 18:02 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]