Forum Real Estate Income Fund
SCHEDULE OF INVESTMENTS
As of September 30, 2022 (Unaudited)
Units/ | Coupon | Maturity | Fair Value | |||||||||||
PRIVATE INVESTMENTS - EQUITY — 4.6% | ||||||||||||||
COMMON EQUITY — 1.7% | ||||||||||||||
40 | CRIMSON DEVCO, LLC(a),(b),(c),(d) | N/A | N/A | $ | 1,000,000 | |||||||||
PREFERRED EQUITY — 2.9% | ||||||||||||||
24 | CRIMSON PE BS, LLC(b),(c),(e) | 11.0000: Cash: 7.5000; PIK: 3.5000 | 11/30/22 | 638,500 | ||||||||||
16 | CRIMSON PE PP, LLC(a),(b),(c) | 13.0000: Cash: 7.0000; PIK: 6.0000 | 07/01/23 | 385,373 | ||||||||||
657,620 | IOTA Multifamily Development(b),(c),(e) | 12.2500 | 04/01/25 | 657,620 | ||||||||||
1,681,493 | ||||||||||||||
TOTAL PRIVATE INVESTMENTS - EQUITY | ||||||||||||||
(Cost $2,614,824) | 2,681,493 |
Principal | Spread | Coupon | Maturity | Fair Value | ||||||||||||
PRIVATE INVESTMENTS - MEZZANINE LOANS — 39.0% | ||||||||||||||||
99,376 | Advantis MCA FV, LLC(b),(c),(e) | TSFR1M+11.90% | 14.6800 | 07/22/25 | 99,376 | |||||||||||
8,000,000 | Bruckner Mezzanine Loan(b),(c),(e),(f) | Cash: LIBOR+10%; LIBOR floor 1.65% | 12.6330 | 03/31/24 | 8,000,000 | |||||||||||
2,082,691 | FCREIF Eastlake Thornton, LLC(b),(c),(e),(f),(g) | LIBOR+8%; LIBOR floor 2.35% | 11.1210 | 12/30/22 | 2,082,691 | |||||||||||
2,092,428 | FCREIF Nimbus Everett(b),(c),(e),(h),(i) | Cash: 6%, PIK: 6% | 12.0000 | 08/31/23 | 2,092,428 | |||||||||||
2,158,031 | FCREIF Van Ness(b),(c),(e),(f),(j) | Cash: 5%, PIK : 7.5% | 12.5000 | 07/23/24 | 2,158,031 | |||||||||||
1,468,303 | Lexington So Totowa, LLC(b),(c),(e),(f) | Cash: TSFR1M + 11.25% | 13.5337 | 12/31/22 | 1,468,303 | |||||||||||
4,112,416 | Royal Urban Renewal, LLC Loan(b),(c),(e),(f) | Cash: 6.5%, PIK: 5.5% | 12.0000 | 10/01/24 | 4,112,416 | |||||||||||
2,403,393 | Trent Development - Kerf Apartments Loan(b),(c),(e),(i) | Cash: 6%, PIK: 6% | 12.0000 | 09/23/23 | 2,403,393 | |||||||||||
228,998 | West University Gainsville Mezz, LLC(b),(c),(e) | SOFR30A + 10.35%; SOFRA30A floor 0.25% | 12.6350 | 12/03/24 | 228,998 | |||||||||||
TOTAL PRIVATE INVESTMENTS - MEZZANINE LOANS (Cost $22,641,591) | 22,645,636 |
Shares | Spread | Coupon | Maturity | Fair Value | ||||||||||||||||
PREFERRED STOCKS — 1.9% | ||||||||||||||||||||
REAL ESTATE INVESTMENT TRUSTS — 1.9% | ||||||||||||||||||||
18,000 | Annaly Capital Management, Inc.(k),(l) | US0003M + 4.993% | 8.6671 | Perpetual | 428,940 | |||||||||||||||
11,000 | Armada Hoffler Properties, Inc.(k) | N/A | 6.7500 | Perpetual | 252,010 | |||||||||||||||
12,500 | Hersha Hospitality Trust(k) | N/A | 6.5000 | Perpetual | 240,750 | |||||||||||||||
13,000 | Pebblebrook Hotel Trust(k) | N/A | 5.7000 | Perpetual | 219,050 | |||||||||||||||
TOTAL PREFERRED STOCKS | ||||||||||||||||||||
(Cost $1,266,480) | 1,140,750 |
Principal | Spread | Coupon | Maturity | Fair Value | ||||||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES — 69.7% | ||||||||||||||||||||
AGENCY CMBS — 16.5% | ||||||||||||||||||||
1,040,000 | Freddie Mac Multifamily Structured Credit Risk(l),(m) | SOFR30A + 7.750% | 10.0307 | 01/25/51 | 1,001,398 | |||||||||||||||
2,689,922 | FREMF 2019-KF70 Mortgage Trust(l),(m),(n) | US0001M + 6.000% | 8.5534 | 09/25/29 | 2,660,440 | |||||||||||||||
1,000,000 | Multifamily Connecticut Avenue Securities Trust 2019-01(l),(m) | US0001M + 5.500% | 8.5840 | 10/25/49 | 949,271 | |||||||||||||||
1,500,000 | Multifamily Connecticut Avenue Securities Trust 2019-01(l),(m) | US0001M + 8.750% | 11.8340 | 10/25/49 | 1,496,666 |
Forum Real Estate Income Fund
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022 (Unaudited)
Principal | Spread | Coupon | Maturity | Fair Value | ||||||||||||||||
3,500,000 | Multifamily Connecticut Avenue Securities Trust 2020-01(l),(m) | US0001M + 7.500% | 10.5840 | 03/25/50 | $ | 3,455,326 | ||||||||||||||
9,563,101 | ||||||||||||||||||||
NON-AGENCY CMBS — 53.2% | ||||||||||||||||||||
55,173,911 | BBCMS Trust 2015-VFM(l),(m) | N/A | 0.4321 | 03/12/36 | 436,693 | |||||||||||||||
5,000,000 | BPR Trust 2022-OANA(l),(m),(n) | TSFR1M + 3.695% | 6.5404 | 04/15/37 | 4,816,570 | |||||||||||||||
3,969,927 | BX Commercial Mortgage Trust 2021-SOAR(l),(m),(n) | US0001M + 3.750% | 6.5680 | 06/15/38 | 3,645,441 | |||||||||||||||
1,500,000 | CSMC 2020-TMIC(l),(m),(n) | US0001M + 6.750% | 9.5680 | 12/15/35 | 1,489,693 | |||||||||||||||
4,040,559 | CSMC 2021-WEHO(l),(m),(n) | US0001M + 3.969% | 6.7873 | 04/15/23 | 3,947,048 | |||||||||||||||
5,800,000 | DBCCRE 2014-ARCP Mortgage Trust(l),(m) | N/A | 5.0990 | 01/10/34 | 5,049,967 | |||||||||||||||
2,882,261 | Extended Stay America Trust 2021-ESH(l),(m),(n) | US0001M + 3.700% | 6.5180 | 07/15/38 | 2,734,237 | |||||||||||||||
2,500,000 | Great Wolf Trust 2019-WOLF(l),(m) | US0001M + 3.131% | 5.9490 | 12/15/36 | 2,368,542 | |||||||||||||||
1,950,000 | MBRT 2019-MBR(l),(m) | US0001M + 5.200% | 8.0180 | 11/15/36 | 1,855,295 | |||||||||||||||
4,000,000 | Med Trust 2021-MDLN(l),(m),(n) | US0001M + 5.250% | 8.0680 | 11/15/38 | 3,703,176 | |||||||||||||||
1,000,000 | TPI RE-REMIC Trust 2022-FRR1(m) | N/A | 0.0000 | 07/25/46 | 901,636 | |||||||||||||||
30,948,298 | ||||||||||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $42,700,470) | 40,511,399 |
Shares | Fair Value | |||||||
SHORT-TERM INVESTMENTS — 10.9% | ||||||||
MONEY MARKET FUNDS — 10.9% | ||||||||
6,317,530 | UMB Money Market Fiduciary, Institutional, 0.01%(o) | 6,317,530 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $6,317,530) | 6,317,530 | |||||||
TOTAL INVESTMENTS — 126.1% | ||||||||
(Cost $75,540,895) | $ | 73,296,808 | ||||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (26.1)% | (15,183,125 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 58,113,683 |
Principal | Interest | Maturity | Fair Value | |||||||||||
REVERSE REPURCHASE AGREEMENTS — (25.1)% | ||||||||||||||
(1,003,000 | ) | Lucid Management Reverse Repo AJ | 4.0848 | 10/13/22 | (1,003,000 | ) | ||||||||
(3,389,000 | ) | Lucid Management Reverse Repo BPR | 3.9000 | 10/13/22 | (3,389,000 | ) | ||||||||
(1,773,000 | ) | Lucid Management Reverse Repo ESAF | 4.0349 | 10/13/22 | (1,773,000 | ) | ||||||||
(2,472,000 | ) | Royal Bank Canada Reverse Repo CSM | 4.2900 | 10/28/22 | (2,472,000 | ) | ||||||||
(1,714,000 | ) | Royal Bank Canada Reverse Repo UAJ | 4.1600 | 11/10/22 | (1,714,000 | ) | ||||||||
(2,117,000 | ) | Royal Bank Canada Reverse Repo WAU | 4.0400 | 12/19/22 | (2,117,000 | ) | ||||||||
(2,147,000 | ) | Royal Bank Canada Reverse Repo YBA | 4.0600 | 11/10/22 | (2,147,000 | ) | ||||||||
TOTAL REVERSE REPURCHASE AGREEMENTS | ||||||||||||||
(Proceeds $(14,615,000)) | (14,615,000 | ) |
LLC – Limited Liability Company |
LIBOR – London Inter-Bank Offered Rate |
PIK – Payment In Kind |
TSFR1M – 1 Month Term SOFR Secured Overnight Financing Rate |
SOFR30A – United States 30 Day Average SOFR Secured Overnight Financing Rate |
US0003M – ICE LIBOR USD 3 Month |
US0001M – ICE LIBOR USD 1 Month |
REMIC – Real Estate Mortgage Investment Conduit |
(a) Affiliated investment for which ownership exceeds 25% of the investment's capital. |
Forum Real Estate Income Fund
SCHEDULE OF INVESTMENTS (Continued)
As of September 30, 2022 (Unaudited)
(b) Denotes an illiquid and restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. The total of these illiquid and restricted securities represent 44% of Net Assets. The total value of these securities is $25,327,129. |
(c) The value of this security has been determined in good faith under policies adopted by the Board of Trustees. Level 3 securities fair valued under procedures established by the Board of Trustees, represents 43.58% of Net Assets. The total value of these securities is $25,327,129. |
(d) Non-income producing security. |
(e) Affiliated in investment in which ownership exceeds 5% of the investment's capital. |
(f) Cash portion of interest is included in principal of loans. |
(g) The Fund's ownership of this investment is through a wholly owned subsidiary, FCREIF Eastlake Thornton, LLC. |
(h) The Fund's ownership of this investment is through a wholly owned subsidiary, FCREIF Nimbus Everett, LLC. |
(i) Interest on loans funded from interest reserve. |
(j) The Fund's ownership of this investment is through a wholly owned subsidiary, FCREIF Van Ness SFO, LLC. |
(k) Perpetual security. Maturity date is not applicable. |
(l) Variable or floating rate security, the interest of which adjusts periodically based on changes in current interest rates an prepayments on the underlying pool of assets. The rate shown represents the rate on September 30, 2022. |
(m) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. The total value of these securities is $40,511,399, which represents 69.71% of total net assets of the Fund. |
(n) This security has been pledged as collateral for securities sold under agreement to repurchase. Total market value of underlying collateral for open reverse repurchase agreements at September 30, 2022 was $20,840,581. |
(o) Rate disclosed is the seven-day effective yield as of September 30, 2022. |