Forum Real Estate Income Fund
SCHEDULE OF INVESTMENTS
As of March 31, 2023 (Unaudited)
Units/ Shares | Coupon Rate (%) | Maturity | Fair Value | |||||||||
PRIVATE INVESTMENTS - EQUITY — 3.8% | ||||||||||||
REAL ESTATE COMMON EQUITY — 1.7% | ||||||||||||
40 | CRIMSON DEVCO, LLC(a),(b),(c) | N/A | N/A | $ | 1,000,000 | |||||||
REAL ESTATE PREFERRED EQUITY — 2.1% | ||||||||||||
16 | CRIMSON PE PP, LLC(a),(b) | 13.0000: Cash: 7.0000; PIK: 6.0000 | 07/01/23 | 371,099 | ||||||||
883,578 | IOTA Multifamily Development(a),(b) | 12.2500: Cash 6.0000; PIK: 6.2500 | 04/01/25 | 850,797 | ||||||||
1,221,896 | ||||||||||||
TOTAL PRIVATE INVESTMENTS - EQUITY | ||||||||||||
(Cost $2,208,076) | 2,221,896 |
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||
PRIVATE INVESTMENTS - MEZZANINE LOANS — 38.2% | ||||||||||||
145,248 | Advantis MCA FV, LLC(a),(b),(d),(e) | Cash: 1-Month Term SOFR +11.90%; 1-Month Term SOFR floor 1.53% | 16.7600 | 07/22/25 | 145,248 | |||||||
83,293 | Advantis MCA Harbor, LLC(a),(b),(d),(e) | Cash: 1-Month Term SOFR +11.90%; 1-Month Term SOFR floor 3.48% | 16.7600 | 04/18/25 | 83,293 | |||||||
8,000,000 | Bruckner Mezzanine Loan(a),(b),(e) | Cash: LIBOR+10%; LIBOR floor 1.65% | 14.6730 | 03/31/24 | 8,000,000 | |||||||
2,156,348 | FCREIF Nimbus Everett(a),(b),(f),(g) | Cash: 6%, PIK: 6% | 12.0000 | 08/31/23 | 2,149,016 | |||||||
2,299,105 | FCREIF Van Ness(a),(b),(g),(h) | Cash: 5%, PIK : 7.5% | 12.5000 | 07/23/24 | 2,249,215 | |||||||
1,520,000 | Lexington So Totowa, LLC(a),(b),(e) | Cash: 1-Month Term SOFR + 11.25% | 16.0534 | 12/31/23 | 1,520,000 | |||||||
4,487,578 | Royal Urban Renewal, LLC(a),(b),(g) | Cash: 6.5%, PIK: 5.5% | 12.0000 | 10/01/24 | 4,396,929 | |||||||
3,022,777 | Trent Development - Kerf Apartments Loan(a),(b),(g) | Cash: 6%, PIK: 6% | 12.0000 | 09/23/24 | 3,005,245 | |||||||
642,131 | West University Gainesville Mezz, LLC(a),(b),(d),(e) | SOFR30A + 10.35%; SOFRA30A floor 0.25% | 15.2000 | 12/03/24 | 642,131 | |||||||
TOTAL PRIVATE INVESTMENTS - MEZZANINE LOANS | ||||||||||||
(Cost $22,346,481) | 22,191,077 | |||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES ("CMBS") — 74.5% | ||||||||||||
AGENCY CMBS — 13.8% | ||||||||||||
2,512,201 | FREMF 2019-KF70 Mortgage Trust(e),(i),(j) | 1-Month USD Libor + 6.000% | 10.6694 | 09/25/29 | 2,443,083 | |||||||
1,000,000 | Multifamily Connecticut Avenue Securities Trust 2019-01(e),(i) | 1-Month USD Libor + 5.500% | 10.3453 | 10/25/49 | 930,646 | |||||||
1,500,000 | Multifamily Connecticut Avenue Securities Trust 2019-01(e),(i) | 1-Month USD Libor + 8.750% | 13.5953 | 10/25/49 | 1,383,720 | |||||||
3,500,000 | Multifamily Connecticut Avenue Securities Trust 2020-01(e),(i) | 1-Month USD Libor + 7.500% | 12.3453 | 03/25/50 | 3,229,107 | |||||||
7,986,556 | ||||||||||||
NON-AGENCY CMBS — 60.7% | ||||||||||||
8,540,000 | BAMLL Commercial Mortgage Securities Trust 2016-ISQ(e),(i) | N/A | 0.2545 | 08/14/34 | 72,060 | |||||||
16,800,000 | BAMLL Commercial Mortgage Securities Trust 2016-ISQ(e),(i) | N/A | 0.7583 | 08/14/34 | 412,175 | |||||||
53,463,635 | BBCMS Trust 2015-VFM(e),(i) | N/A | 0.2951 | 03/12/36 | 348,142 | |||||||
5,000,000 | BPR Trust 2022-OANA(e),(i),(j) | 1-Month Term SOFR + 3.695% | 8.5221 | 04/15/37 | 4,698,280 | |||||||
1,020,000 | BX Commercial Mortgage Trust 2019-XL(e),(i) | 1-Month Term SOFR + 2.764% | 7.5916 | 10/15/36 | 976,708 | |||||||
3,936,548 | BX Commercial Mortgage Trust 2021-SOAR(e),(i),(j) | 1-Month USD Libor + 3.750% | 8.4350 | 06/15/38 | 3,629,824 |
Forum Real Estate Income Fund
SCHEDULE OF INVESTMENTS
As of March 31, 2023 (Unaudited) (Continued)
Principal | Spread | Coupon | Maturity | Fair Value | ||||||||
NON-AGENCY CMBS (Continued) | ||||||||||||
1,500,000 | BX Trust 2021-ARIA(e),(i) | 1-Month USD Libor + 3.142% | 7.8261 | 10/15/36 | $ | 1,325,882 | ||||||
1,500,000 | CSMC 2020-TMIC(e),(i),(j) | 1-Month USD Libor + 7.000% | 11.9340 | 12/15/35 | 1,476,433 | |||||||
3,950,605 | CSMC 2021-WEHO(e),(i),(j) | 1-Month USD Libor + 3.9693% | 8.6543 | 04/15/23 | 3,950,813 | |||||||
5,800,000 | DBCCRE 2014-ARCP Mortgage Trust(e),(i) | N/A | 4.9345 | 01/10/34 | 5,266,151 | |||||||
100,000 | DBCCRE 2014-ARCP Mortgage Trust(e),(i) | N/A | 4.9345 | 01/10/34 | 95,081 | |||||||
3,807,150 | Extended Stay America Trust 2021-ESH(e),(i),(j) | 1-Month USD Libor + 3.700% | 8.3850 | 07/15/38 | 3,585,204 | |||||||
1,950,000 | MBRT 2019-MBR(e),(i) | 1-Month USD Libor + 5.300% | 9.9840 | 11/15/36 | 1,886,847 | |||||||
3,988,152 | Med Trust 2021-MDLN(e),(i),(j) | 1-Month USD Libor + 5.250% | 9.9350 | 11/15/38 | 3,657,187 | |||||||
1,000,000 | TPI RE-REMIC Trust 2022-FRR1(i),(k) | N/A | 0.0000 | 07/25/46 | 952,321 | |||||||
3,407,000 | VASA Trust 2021-VASA(e),(i) | 1-Month USD Libor + 3.900% | 8.5840 | 07/15/39 | 2,802,884 | |||||||
354,000 | Worldwide Plaza Trust 2017-WWP(e),(i) | N/A | 3.5955 | 11/10/36 | 105,192 | |||||||
35,241,184 | ||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||||||||||||
(Cost $45,574,113) | 43,227,740 |
Shares | Fair Value | |||||
SHORT-TERM INVESTMENTS — 8.0% | ||||||
MONEY MARKET FUNDS — 8.0% | ||||||
4,637,473 | Fidelity Treasury Portfolio - Institutional Class, 4.64%(l) | 4,637,473 | ||||
TOTAL SHORT-TERM INVESTMENTS | ||||||
(Cost $4,637,473) | 4,637,473 | |||||
TOTAL INVESTMENTS — 124.5% | ||||||
(Cost $74,766,143) | $ | 72,278,186 | ||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (24.5)% | (14,243,336 | ) | ||||
TOTAL NET ASSETS – 100.0% | $ | 58,034,850 |
Principal | Interest | Maturity | Fair Value | |||||||
REVERSE REPURCHASE AGREEMENTS — (24.3)% | ||||||||||
(3,357,000 | ) | Lucid Management Reverse Repo BPR Trust | 6.1335 | 04/13/23 | (3,357,000 | ) | ||||
(1,004,000 | ) | Lucid Management Reverse Repo CMSC 2020 | 6.0690 | 04/13/23 | (1,004,000 | ) | ||||
(1,738,000 | ) | Lucid Management Reverse Repo ESA Trust | 6.1690 | 04/13/23 | (1,738,000 | ) | ||||
(2,121,000 | ) | Royal Bank Canada Reverse Repo BX Mtg. Trust | 6.7600 | 06/20/23 | (2,121,000 | ) | ||||
(2,180,000 | ) | Royal Bank Canada Reverse Repo CMSC 2021 | 6.6100 | 04/27/23 | (2,180,000 | ) | ||||
(1,490,000 | ) | Royal Bank Canada Reverse Repo FREMF Mtg. Trust | 6.7900 | 05/10/23 | (1,490,000 | ) | ||||
(2,188,000 | ) | Royal Bank Canada Reverse Repo Med Trust | 6.6900 | 05/10/23 | (2,188,000 | ) | ||||
TOTAL REVERSE REPURCHASE AGREEMENTS | ||||||||||
(Proceeds $(14,078,000)) | $ | (14,078,000 | ) |
LLC – Limited Liability Company |
PIK – Payment In Kind |
SOFR – Secured Overnight Financing Rate |
LIBOR – London Inter-Bank Offered Rate |
SOFR30A – United States 30 Day Average SOFR Secured Overnight Financing Rate |
REMIC – Real Estate Mortgage Investment Conduit |
(a) 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 represents 42.0% of Net Assets. The total value of these securities is $24,412,973. Please refer to Restricted Securities in the Notes to the Schedule of Investments.
Forum Real Estate Income Fund
SUMMARY OF INVESTMENTS (Continued)
As of March 31, 2023 (Unaudited)
(b) 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 42.0% of Net Assets. The total value of these securities is $24,412,973. |
(c) Non-income producing security. |
(d) Cash portion of interest is included in principal of loans. |
(e) Variable or floating rate security, the interest of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The rate shown represents the rate on March 31, 2023. |
(f) The Fund's ownership of this investment is through a wholly owned subsidiary, FCREIF Nimbus Everett, LLC. |
(g) Interest on loans funded from interest reserve. |
(h) The Fund's ownership of this investment is through a wholly owned subsidiary, FCREIF Van Ness SFO, LLC. |
(i) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $43,227,740, which represents 74.5% of total net assets of the Fund. |
(j) All or a portion of 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 March 31, 2023 was $20,435,664. |
(k) Zero-coupon bond purchased at a discount. |
(l) Rate disclosed is the seven-day effective yield as of March 31, 2023. |
See accompanying notes which are an integral part of these financial statements.
Forum Real Estate Income Fund
Notes to the Schedule of Investments
March 31, 2023 (Unaudited)
RESTRICTED SECURITIES
Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with a Fund's investment objective and investment strategies. Investments in restricted securities are valued at net asset value as a practical expedient for fair value, or fair value as determined in good faith in accordance with procedures adopted by the Board. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.
As of March 31, 2023, the Fund invested in the following restricted securities:
Original Acquisition Date | Principal / Units | Cost | Value | Unfunded Commitments | % of Net Assets | |||||||||||||||||
Advantis MCA FV, LLC | 7/22/2023 | 145,248 | $ | 145,250 | $ | 145,248 | $ | 1,089,655 | 0.2 | % | ||||||||||||
Advantis MCA Harbor, LLC | 10/18/2023 | 83,293 | 73,293 | 83,293 | 1,059,504 | 0.1 | % | |||||||||||||||
Bruckner Mezzanine Loan | 8/2/2021 | 8,000,000 | 8,000,000 | 8,000,000 | - | 13.8 | % | |||||||||||||||
CRIMSON Devco, LLC | 12/17/2021 | 40 | 1,000,000 | 1,000,000 | - | 1.7 | % | |||||||||||||||
CRIMSON PE PP, LLC | 9/15/2021 | 16 | 328,280 | 371,099 | - | 0.6 | % | |||||||||||||||
FCREIF Nimbus Everett | 8/31/2021 | 2,156,348 | 2,156,348 | 2,149,016 | 25,819 | 3.7 | % | |||||||||||||||
FCREIF Van Ness | 10/13/2021 | 2,299,105 | 2,299,105 | 2,249,215 | 74,739 | 3.9 | % | |||||||||||||||
IOTA Multifamily Development | 3/31/2022 | 883,578 | 879,796 | 850,797 | 74,295 | 1.5 | % | |||||||||||||||
Lexington So Totowa, LLC | 5/20/2022 | 1,520,000 | 1,520,000 | 1,520,000 | - | 2.6 | % | |||||||||||||||
Royal Urban Renewal, LLC | 9/29/2021 | 4,487,578 | 4,487,577 | 4,396,929 | 182,200 | 7.6 | % | |||||||||||||||
Trent Development - Kerf Apartments Loan | 9/23/2021 | 3,022,777 | 3,022,777 | 3,005,245 | 104,005 | 5.2 | % | |||||||||||||||
West University Gainesville Mezz, LLC | 5/18/2022 | 642,131 | 642,131 | 642,131 | 580,362 | 1.1 | % | |||||||||||||||
23,240,114 | $ | 24,554,557 | $ | 24,412,973 | $ | 3,190,579 | 42.0 | % |