FORUM REAL ESTATE INCOME FUND
Schedule of Investments
As of March 31, 2024 (Unaudited)
Units/ Shares | Reference Rate & Spread | Coupon Rate (%) | Maturity | Fair Value | ||||||||
PRIVATE INVESTMENTS - EQUITY — 4.2% | ||||||||||||
REAL ESTATE COMMON EQUITY — 0.8% | ||||||||||||
40 | CRIMSON DEVCO, LLC(a),(b),(c) | N/A | N/A | N/A | $ | 1,000,000 | ||||||
REAL ESTATE PREFERRED EQUITY — 3.4% | ||||||||||||
1,000,124 | IOTA Multifamily Development(a),(b) | Cash: 6.000%, PIK: 6.250% | 12.250 | 04/01/25 | 959,987 | |||||||
3,074,508 | Zephyr Preferred Equity(a),(b),(d) | Cash: 7.000%, PIK: 1-Month Term SOFR + 5.000% | 17.320 | 06/14/27 | 3,074,508 | |||||||
4,034,495 | ||||||||||||
TOTAL PRIVATE INVESTMENTS - EQUITY | ||||||||||||
(Cost $5,027,932) | 5,034,495 |
Principal | ||||||||||||
PRIVATE INVESTMENTS - MEZZANINE LOANS — 12.2% | ||||||||||||
292,930 | Advantis MCA FV, LLC(a),(b),(d),(e) | 1-Month Term SOFR + 11.900%; 1-Month Term SOFR floor 1.530% | 17.220 | 07/22/25 | 292,930 | |||||||
213,846 | Advantis MCA Harbor, LLC(a),(b),(d),(e) | 1-Month Term SOFR + 11.900%; 1-Month Term SOFR floor 3.480% | 17.220 | 04/18/25 | 213,846 | |||||||
2,220,008 | FCREIF Nimbus Everett(a),(b),(f) | N/A | 12.000 | 08/31/24 | 2,188,753 | |||||||
2,569,659 | FCREIF Van Ness(a),(b),(g) | Cash: 5.000%, PIK : 7.500% | 12.500 | 07/23/24 | 2,546,023 | |||||||
1,520,000 | Lexington So Totowa, LLC(a),(b),(d) | Cash: 1-Month Term SOFR + 11.250% | 16.570 | 06/30/24 | 1,520,000 | |||||||
4,904,777 | Royal Urban Renewal, LLC(a),(b),(h) | Cash: 6.500%, PIK: 5.500% | 12.000 | 10/01/24 | 4,829,366 | |||||||
3,212,410 | Trent Development - Kerf Apartments Loan(a),(b),(h) | Cash: 6.000%, PIK: 6.000% | 12.000 | 09/23/24 | 3,164,372 | |||||||
TOTAL PRIVATE INVESTMENTS - MEZZANINE LOANS | ||||||||||||
(Cost $14,905,232) | 14,755,290 | |||||||||||
PRIVATE INVESTMENTS - SENIOR LOANS — 5.0% | ||||||||||||
6,000,000 | UM Senior Land Loan(a),(b),(h) | N/A | 13.000 | 03/06/25 | 6,000,000 | |||||||
TOTAL PRIVATE INVESTMENTS - SENIOR LOANS | ||||||||||||
(Cost $6,000,000) | 6,000,000 | |||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES ("CMBS") — 92.5% | ||||||||||||
AGENCY CMBS — 16.5% | ||||||||||||
5,410,310 | FREMF 2017-K729 Mortgage Trust - Class D(i),(j) | N/A | 0.0000 | 11/25/49 | 4,977,696 | |||||||
42,369,388 | FREMF 2017-K729 Mortgage Trust - Class X2A(i) | N/A | 0.100 | 11/25/49 | 10,673 | |||||||
13,614,077 | FREMF 2017-K729 Mortgage Trust - Class X2B(i) | N/A | 0.100 | 11/25/49 | 8,010 | |||||||
3,293,687 | FREMF 2018-KSW4 Mortgage Trust(d) | SOFR30A + 5.114% | 10.434 | 10/25/28 | 2,961,832 | |||||||
2,178,504 | FREMF 2019-KF70 Mortgage Trust(d),(i) | SOFR30A + 6.114% | 11.434 | 09/25/29 | 2,133,011 | |||||||
3,529,334 | FREMF 2020-KF95 Mortgage Trust(d),(i) | SOFR30A + 9.000% | 14.320 | 12/25/30 | 3,504,188 | |||||||
2,910,848 | FREMF 2021-KF98 Mortgage Trust(d),(i) | SOFR30A + 8.500% | 13.820 | 12/25/30 | 2,891,276 | |||||||
1,500,000 | Multifamily Connecticut Avenue Securities Trust 2019-01 - Class CE(d),(i) | SOFR30A + 8.864% | 14.184 | 10/25/49 | 1,478,089 | |||||||
2,000,000 | Multifamily Connecticut Avenue Securities Trust 2020-01(d),(i) | SOFR30A + 7.614% | 12.934 | 03/25/50 | 1,988,624 | |||||||
19,953,399 | ||||||||||||
NON-AGENCY CMBS — 76.0% | ||||||||||||
4,000,000 | 2023-MIC Trust(d),(i),(k) | N/A | 9.532 | 12/05/38 | 4,349,000 |
See accompanying notes which are an integral part of these financial statements.
FORUM REAL ESTATE INCOME FUND
Schedule of Investments (Continued)
As of March 31, 2024 (Unaudited)
Principal | Reference Rate & Spread | Coupon | Maturity | Fair Value | ||||||||
16,800,000 | BAMLL Commercial Mortgage Securities Trust 2016-ISQ - Class XA(d),(i) | N/A | 0.758 | 08/14/34 | $ | 260,188 | ||||||
8,540,000 | BAMLL Commercial Mortgage Securities Trust 2016-ISQ - Class XB(d),(i) | N/A | 0.254 | 08/14/34 | 45,926 | |||||||
49,996,917 | BBCMS Trust 2015-VFM(d),(i) | N/A | 0.245 | 03/12/36 | 193,566 | |||||||
5,000,000 | BPR Trust 2022-OANA(d),(i),(k) | 1-Month Term SOFR + 3.695% | 9.020 | 04/15/37 | 5,017,965 | |||||||
4,043,327 | BX Commercial Mortgage Trust 2021-SOAR(d),(i) | 1-Month Term SOFR + 3.865% | 9.190 | 06/15/38 | 3,964,050 | |||||||
3,891,005 | BX Commercial Mortgage Trust 2021-VINO(d),(i) | 1-Month Term SOFR + 4.067% | 9.392 | 05/15/38 | 3,861,764 | |||||||
3,500,000 | BX Commercial Mortgage Trust 2021-VOLT - Class F(d),(i),(k) | 1-Month Term SOFR + 2.515% | 7.840 | 09/15/36 | 3,470,565 | |||||||
510,985 | BX Commercial Mortgage Trust 2021-VOLT - Class G(d),(i) | 1-Month Term SOFR + 2.965% | 8.290 | 09/15/36 | 505,865 | |||||||
1,492,531 | BX Trust 2019-MMP - Class D(d),(i) | 1-Month Term SOFR + 1.644% | 6.969 | 08/15/36 | 1,423,260 | |||||||
995,021 | BX Trust 2019-MMP - Class F(d),(i) | 1-Month Term SOFR + 2.836% | 8.161 | 08/15/36 | 925,823 | |||||||
2,500,000 | BX Trust 2021-ARIA(d),(i) | 1-Month Term SOFR + 3.257% | 8.582 | 10/15/36 | 2,428,047 | |||||||
4,223,093 | BX Trust 2021-BXMF(d),(i) | 1-Month Term SOFR + 3.464% | 8.789 | 10/15/26 | 4,055,512 | |||||||
2,488,052 | BX Trust 2021-MFM1(d),(i) | 1-Month Term SOFR + 4.014% | 9.339 | 01/15/34 | 2,422,052 | |||||||
3,015,138 | BX Trust 2022-FOX2(d),(i) | 1-Month Term SOFR + 2.960% | 8.285 | 04/15/39 | 2,927,086 | |||||||
2,000,000 | BX Trust 2022-LBA6(d),(i) | 1-Month Term SOFR + 4.200% | 9.525 | 01/15/39 | 1,974,380 | |||||||
2,750,000 | BX Trust 2024-CNYN(d),(i) | 1-Month Term SOFR + 2.665% | 7.990 | 04/15/29 | 2,759,958 | |||||||
5,000,000 | BX Trust 2024-XL5(d),(i),(k) | 1-Month Term SOFR + 1.916% | 7.241 | 03/15/41 | 5,004,145 | |||||||
2,000,000 | BXHPP Trust 2021-FILM(d),(i) | 1-Month Term SOFR + 2.114% | 7.439 | 08/15/36 | 1,767,064 | |||||||
1,000,000 | CSMC 2021-980M(d),(i) | N/A | 3.535 | 07/15/31 | 864,852 | |||||||
4,533,020 | CSMC 2021-WEHO(d),(i) | 1-Month Term SOFR + 4.084% | 9.409 | 04/15/26 | 4,468,058 | |||||||
2,500,000 | DROP Mortgage Trust 2021-FILE(d),(i),(k) | 1-Month Term SOFR + 1.264% | 6.589 | 10/15/43 | 2,407,673 | |||||||
2,000,000 | Hudson's Bay Simon JV Trust 2015-HBS - Class B10(i) | N/A | 4.906 | 08/05/34 | 1,759,662 | |||||||
1,667,000 | Hudson's Bay Simon JV Trust 2015-HBS - Class B7(i),(k) | N/A | 4.666 | 08/05/34 | 1,495,131 | |||||||
1,320,000 | Hudson's Bay Simon JV Trust 2015-HBS - Class C10(d),(i) | N/A | 5.447 | 08/05/34 | 1,079,678 | |||||||
3,703,242 | ILPT Commercial Mortgage Trust 2022-LPF2(d),(i) | 1-Month Term SOFR + 5.940% | 11.265 | 10/15/39 | 3,580,168 | |||||||
4,000,000 | Life 2022-BMR Mortgage Trust(d),(i),(k) | 1-Month Term SOFR + 2.542% | 7.867 | 05/15/39 | 3,827,268 | |||||||
4,976,119 | Med Trust 2021-MDLN(d),(i) | 1-Month Term SOFR + 5.364% | 10.689 | 11/15/38 | 4,981,527 | |||||||
2,350,000 | MKT 2020-525M Mortgage Trust(d),(i) | N/A | 2.941 | 02/12/40 | 1,078,718 | |||||||
1,800,000 | Morgan Stanley Capital I Trust 2019-MEAD(d),(i) | N/A | 3.177 | 11/10/36 | 1,595,889 | |||||||
3,000,000 | MTN Commercial Mortgage Trust 2022-LPFL - Class B(d),(i) | 1-Month Term SOFR + 1.901% | 7.226 | 03/15/39 | 2,953,323 | |||||||
1,500,000 | MTN Commercial Mortgage Trust 2022-LPFL - Class F(d),(i) | 1-Month Term SOFR + 5.290% | 10.615 | 03/15/39 | 1,409,274 |
See accompanying notes which are an integral part of these financial statements.
FORUM REAL ESTATE INCOME FUND
Schedule of Investments (Continued)
As of March 31, 2024 (Unaudited)
Principal | Reference Rate & Spread | Coupon | Maturity | Fair Value | ||||||||
4,000,000 | NCMF Trust 2022-MFP(d),(i),(k) | 1-Month Term SOFR + 5.128% | 10.453 | 03/15/39 | $ | 3,868,244 | ||||||
2,870,587 | OPEN Trust 2023-AIR(d),(i) | 1-Month Term SOFR + 9.430% | 14.755 | 10/15/28 | 2,917,081 | |||||||
3,000,000 | SMRT 2022-MINI - Class E(d),(i),(k) | 1-Month Term SOFR + 2.701% | 8.026 | 01/15/39 | 2,913,510 | |||||||
1,500,000 | SMRT 2022-MINI - Class F(d),(i) | 1-Month Term SOFR + 3.351% | 8.676 | 01/15/39 | 1,396,472 | |||||||
3,407,000 | VASA Trust 2021-VASA(d),(i) | 1-Month Term SOFR + 4.015% | 9.340 | 07/15/39 | 1,764,969 | |||||||
354,000 | Worldwide Plaza Trust 2017-WWP(d),(i) | N/A | 3.596 | 11/10/36 | 22,497 | |||||||
91,740,210 | ||||||||||||
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES | ||||||||||||
(Cost $111,410,688) | 111,693,609 |
Shares | Fair Value | ||||||
SHORT-TERM INVESTMENTS — 6.4% | |||||||
MONEY MARKET FUNDS — 6.4% | |||||||
7,704,081 | Fidelity Treasury Portfolio - Institutional Class, 5.11%(l) | 7,704,081 | |||||
TOTAL SHORT-TERM INVESTMENTS | |||||||
(Cost $7,704,081) | 7,704,081 | ||||||
TOTAL INVESTMENTS — 120.3% | |||||||
(Cost $145,047,933) | $ | 145,187,475 | |||||
LIABILITIES IN EXCESS OF OTHER ASSETS – (20.3)% | (24,484,870 | ) | |||||
TOTAL NET ASSETS – 100.0% | $ | 120,702,605 |
Principal Amount ($) | Interest Rate (%) | Maturity | Fair Value | |||||||||
REVERSE REPURCHASE AGREEMENTS — (17.7)% | ||||||||||||
(3,366,000 | ) | Lucid Management Reverse Repo BPR Trust | 6.725 | 04/18/24 | (3,366,000 | ) | ||||||
(1,902,000 | ) | Lucid Management Reverse Repo JAN Trust | 6.875 | 04/18/24 | (1,902,000 | ) | ||||||
(1,039,000 | ) | Lucid Management Reverse Repo RBC Trust | 6.525 | 04/18/24 | (1,039,000 | ) | ||||||
(2,315,000 | ) | Lucid Management Reverse Repo VAQ Trust | 6.725 | 04/18/24 | (2,315,000 | ) | ||||||
(2,607,000 | ) | Royal Bank Canada Reverse Repo DAJ Trust | 6.610 | 05/09/24 | (2,607,000 | ) | ||||||
(2,931,000 | ) | Royal Bank Canada Reverse Repo GAC Trust | 6.840 | 05/07/24 | (2,931,000 | ) | ||||||
(3,488,000 | ) | Royal Bank Canada Reverse Repo GAE Trust | 6.610 | 06/24/24 | (3,488,000 | ) | ||||||
(2,033,000 | ) | Royal Bank Canada Reverse Repo RAN Trust | 7.060 | 05/24/24 | (2,033,000 | ) | ||||||
(1,729,000 | ) | Royal Bank Canada Reverse Repo YAA Trust | 6.310 | 04/05/24 | (1,729,000 | ) | ||||||
TOTAL REVERSE REPURCHASE AGREEMENTS | ||||||||||||
(Proceeds $(21,410,000)) | $ | (21,410,000 | ) |
LLC – Limited Liability Company |
SOFR – Secured Overnight Financing Rate |
PIK – Payment In Kind |
SOFR30A – United States 30 Day Average SOFR Secured Overnight Financing Rate |
(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 21.37% of Net Assets. The total value of these securities is $25,789,785. Please refer to Restricted Securities in the Notes to the Schedule of Investments. |
(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 21.37% of Net Assets. The total value of these securities is $25,789,785. |
(c) Non-income producing security. |
(d) 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, 2024. |
(e) Cash portion of interest is included in principal of loans. |
(f) The Fund's ownership of this investment is through a wholly owned subsidiary, FCREIF Nimbus Everett, LLC. Effective August 31, 2023, payments are received in 100% cash. Prior to August 31, 2023, payments were made as 6% cash and 6% PIK. |
(g) The Fund's ownership of this investment is through a wholly owned subsidiary, FCREIF Van Ness SFO, LLC. |
See accompanying notes which are an integral part of these financial statements.
FORUM REAL ESTATE INCOME FUND
Summary of Investments (Continued)
As of March 31, 2024 (Unaudited)
(h) Interest on loans funded from interest reserve. |
(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 $108,731,777, which represents 90.08% of total net assets of the Fund. |
(j) Zero-coupon bond purchased at a discount. |
(k) 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, 2024 was $28,770,008. |
(l) Rate disclosed is the seven-day effective yield as of March 31, 2024. |
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, 2024 (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, 2024, the Fund invested in the following restricted securities:
Original Acquisition Date | Principal / Units | Cost | Value | % of Net Assets | ||||||||||||||
Advantis MCA FV, LLC | 7/22/2022 | 292,930 | $ | 286,128 | $ | 292,930 | 0.24 | % | ||||||||||
Advantis MCA Harbor, LLC | 10/18/2022 | 213,846 | 207,886 | 213,846 | 0.18 | % | ||||||||||||
CRIMSON Devco, LLC | 12/17/2021 | 40 | 1,000,000 | 1,000,000 | 0.83 | % | ||||||||||||
FCREIF Nimbus Everett | 8/31/2021 | 2,220,008 | 2,214,459 | 2,188,753 | 1.81 | % | ||||||||||||
FCREIF Van Ness | 10/13/2021 | 2,569,659 | 2,569,659 | 2,546,023 | 2.11 | % | ||||||||||||
IOTA Multifamily Development | 3/31/2022 | 1,000,124 | 998,043 | 959,987 | 0.80 | % | ||||||||||||
Lexington So Totowa, LLC | 5/20/2022 | 1,520,000 | 1,509,913 | 1,520,000 | 1.26 | % | ||||||||||||
Royal Urban Renewal, LLC | 9/29/2021 | 4,904,777 | 4,904,777 | 4,829,366 | 4.00 | % | ||||||||||||
Trent Development - Kerf Apartments Loan | 9/23/2021 | 3,212,410 | 3,212,410 | 3,164,372 | 2.62 | % | ||||||||||||
UM Senior Land Loan | 3/6/2024 | 6,000,000 | 6,000,000 | 6,000,000 | 4.97 | % | ||||||||||||
Zephyr Preferred Equity | 6/15/2023 | 3,074,508 | 3,029,889 | 3,074,508 | 2.55 | % | ||||||||||||
25,008,302 | $ | 25,933,164 | $ | 25,789,785 | 21.37 | % |