FORUM CRE INCOME FUND | |||||||||||
SCHEDULE OF INVESTMENTS (Unaudited) | |||||||||||
March 31, 2022 | |||||||||||
Shares | Spread | Coupon Rate (%) | Maturity | Fair Value | |||||||
PREFERRED STOCKS — 2.2% | |||||||||||
REAL ESTATE INVESTMENT TRUSTS - 1.5% | |||||||||||
11,000 | Armada Hoffler Properties, Inc. | N/A | 6.7500 | Perpetual | $ 285,780 | ||||||
12,500 | Hersha Hospitality Trust - Series E | N/A | 6.7500 | Perpetual | 280,021 | ||||||
13,000 | Pebblebrook Hotel Trust | N/A | 5.7000 | Perpetual | 294,840 | ||||||
860,641 | |||||||||||
SPECIALTY FINANCE - 0.7% | |||||||||||
18,000 | Annaly Capital Management, Inc. - Series F(a) | US0003M + 4.993% | 6.9500 | Perpetual | 437,580 | ||||||
TOTAL PREFERRED STOCKS (Cost $1,266,480) | 1,298,221 | ||||||||||
Units | Fair Value | ||||||||||
PRIVATE INVESTMENT SECURITIES — 10.4% | |||||||||||
REAL ESTATE - 10.4% | |||||||||||
40 | CRIMSON DEVCO, LLC(b),(c),(d) | 1,000,000 | |||||||||
24 | CRIMSON PE BS, LLC(b),(c),(d) | 622,750 | |||||||||
94 | CRIMSON PE LB, LLC(b),(c),(d) | 2,561,500 | |||||||||
16 | CRIMSON PE PP, LLC(b),(c),(d) | 408,000 | |||||||||
60 | CRIMSON PE SH, LLC(b),(c),(d) | 1,578,750 | |||||||||
TOTAL PRIVATE INVESTMENT SECURITIES (Cost $5,850,000) | 6,171,000 | ||||||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||||||
ASSET BACKED SECURITIES — 53.3% | |||||||||||
AGENCY CMBS — 1.9% | |||||||||||
1,040,000 | Freddie Mac Multifamily Structured Credit Risk(e),(f) | SOFR30A + 7.750% | 7.8490 | 01/25/51 | 1,121,432 | ||||||
NON AGENCY CMBS — 51.4% | |||||||||||
1,900,000 | Beneria Cowen & Pritzer Collateral Funding(e),(f) | US0001M + 4.634% | 5.0310 | 06/15/38 | 1,838,445 | ||||||
4,000,000 | BX Commercial Mortgage Trust 2021-SOAR(e),(f) | US0001M + 3.750% | 4.1470 | 06/15/38 | 3,868,028 | ||||||
1,500,000 | CSMC 2020-TMIC(e),(f) | US0001M + 6.750% | 7.1470 | 12/15/35 | 1,523,946 | ||||||
4,475,668 | CSMC 2021-WEHO(e),(f),(g) | US0001M + 3.969% | 4.3660 | 04/15/23 | 4,364,678 | ||||||
5,800,000 | DBCCRE 2014-ARCP Mortgage Trust(b),(e),(g) | N/A | 4.9340 | 01/10/34 | 5,622,160 | ||||||
�� |
FORUM CRE INCOME FUND | |||||||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||||||||
March 31, 2022 | |||||||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||||||
ASSET BACKED SECURITIES — 53.3% (Continued) | |||||||||||
NON AGENCY CMBS — 51.4% (Continued) | |||||||||||
2,087,155 | Extended Stay America Trust Series 2021-ESH E(e),(f),(g) | US0001M + 2.850% | 3.2470 | 07/15/38 | $ 2,058,029 | ||||||
2,882,261 | Extended Stay America Trust Series 2021-ESH F(e),(f),(g) | US0001M + 3.700% | 4.0970 | 07/15/38 | 2,827,824 | ||||||
2,500,000 | Great Wolf Trust 2019-WOLF(e),(f) | US0001M + 3.131% | 3.5280 | 12/15/36 | 2,388,515 | ||||||
1,950,000 | MBRT 2019-MBR(e),(f) | US0001M + 5.200% | 5.5970 | 11/15/36 | 1,922,180 | ||||||
4,000,000 | Med Trust 2021-MDLN(e),(f),(g) | US0001M + 5.250% | 5.6470 | 11/15/26 | 3,930,052 | ||||||
30,343,857 | |||||||||||
TOTAL ASSET BACKED SECURITIES (Cost $32,166,720) | 31,465,289 | ||||||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||||||
COLLATERALIZED MORTGAGE OBLIGATIONS — 15.3% | |||||||||||
CMBS — 15.3% | |||||||||||
3,158,171 | FREMF 2019-KF70 Mortgage Trust(e),(f),(g) | US0001M + 6.000% | 6.2410 | 09/25/29 | 3,186,820 | ||||||
3,000,000 | Multifamily Connecticut Avenue Securities Trust Series 2019-01 B10(e),(f) | US0001M + 5.500% | 5.9570 | 10/15/49 | 2,840,120 | ||||||
1,500,000 | Multifamily Connecticut Avenue Securities Trust Series 2019-01 CE(e),(f) | US0001M + 8.750% | 9.2070 | 10/15/49 | 1,512,004 | ||||||
1,500,000 | Multifamily Connecticut Avenue Securities Trust Series 2020-01 CE(e),(f) | US0001M + 7.500% | 7.9570 | 03/25/50 | 1,511,369 | ||||||
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $8,994,636) | 9,050,313 | ||||||||||
Principal Amount ($) | Spread | Coupon Rate (%) | Maturity | Fair Value | |||||||
LOANS — 31.6% | |||||||||||
MEZZANINE LOANS — 31.6% | |||||||||||
7,853,089 | Bruckner Mezzanine Loan(b),(c),(d),(h),(i),(j) | Cash: LIBOR+10% | 11.6500 | 03/31/24 | 7,853,089 | ||||||
2,027,380 | FCREIF Eastlake Thornton, LLC(b),(c),(d),(k),(l),(m) | Cash: 5%, PIK: LIBOR+3% | 10.3500 | 09/27/22 | 2,027,380 | ||||||
2,039,878 | FCREIF Nimbus Everett(b),(c),(h),(l),(n) | Cash: 6%, PIK: 6% | 12.0000 | 08/31/23 | 2,039,878 | ||||||
1,298,607 | FCREIF Van Ness(b),(c),(h),(i) | Cash: 5%, PIK: 7.5% | 12.5000 | 07/23/24 | 1,298,607 | ||||||
3,797,094 | Royal Urban Renewal, LLC Loan(b),(c),(h),(i) | Cash: 6.5%, PIK: 5.5% | 12.0000 | 10/01/24 | 3,797,094 | ||||||
1,684,143 | Trent Development – Kerf Apartments Loan(b),(c),(h),(l) | Cash: 6%, PIK: 6% | 12.0000 | 09/23/23 | 1,684,143 | ||||||
TOTAL LOANS (Cost $18,700,191) | $ 18,700,191 | ||||||||||
PREFERRED EQUITY — 0.3% | |||||||||||
REAL ESTATE — 0.3% | |||||||||||
158,973 | Iota Multifamily Development (Cost $158,973) (b),(c),(h),(o) | N/A | 12.2500 | 04/01/25 | 158,973 |
FORUM CRE INCOME FUND | ||||||||||||||||
SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | ||||||||||||||||
March 31, 2022 | ||||||||||||||||
Shares | Fair Value | |||||||||||||||
SHORT-TERM INVESTMENTS — 12.0% | ||||||||||||||||
MONEY MARKET FUNDS – 12.0% | ||||||||||||||||
7,094,082 | UMB Money Market Fiduciary, Institutional Class, 0.01% (Cost $7,094,082)(p) | $ 7,094,082 | ||||||||||||||
TOTAL INVESTMENTS – 125.1% (Cost $74,231,082) | $ 73,938,069 | |||||||||||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (25.1)% | (14,820,043) | |||||||||||||||
NET ASSETS - 100.0% | $ 59,118,026 | |||||||||||||||
Shares | Interest (%) | Maturity | Fair Value | |||||
REVERSE REPURCHASE AGREEMENTS — (23.0)% | ||||||||
REVERSE REPURCHASE AGREEMENTS – (23.0)% | ||||||||
(3,262,000) | Lucid Management Reverse Repo ARCP 4/14/2022 | 1.6700 | 4/14/2022 | $ (3,262,000) | ||||
(1,443,000) | Lucid Management Reverse Repo ESA 4/14/2022 | 1.4200 | 4/14/2022 | (1,443,000) | ||||
(1,907,000) | Lucid Management Reverse Repo ESAF 4/14/2022 | 1.6200 | 4/14/2022 | (1,907,000) | ||||
(2,649,000) | Royal Bank Canada Reverse Repo CSMC 4/28/2022 | 1.6700 | 4/28/2022 | (2,649,000) | ||||
(2,042,000) | Royal Bank Canada Reverse Repo FREM 5/13/2022 | 1.9900 | 5/13/2022 | (2,042,000) | ||||
(2,299,000) | Royal Bank Canada Reverse Repo MED 5/13/2022 | 1.9600 | 5/13/2022 | (2,299,000) | ||||
TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds - $(13,602,000)) | $ (13,602,000) | |||||||
FORUM CRE INCOME FUND | |
Portfolio Composition as of March 31, 2022 (Unaudited) | |
Types of Holdings | % of Net Assets |
Asset Backed Securities | 53.3% |
Loans | 31.6% |
Collateralized Mortgage Obligations | 15.3% |
Private Investment Securities | 10.4% |
Short-Term Investments | 12.0% |
Preferred Stocks | 2.2% |
Preferred Equity | 0.3% |
Liabilities in Excess of Other Assets | (25.1)% |
100.0% | |
LLC | Limited Liability Company |
LIBOR | London Inter-Bank Offered Rate |
REIT | Real Estate Investment Trust |
PIK | Payment in Kind |
SOFR30A | United States 30 Day Average SOFR Secured Overnight Financing Rate |
US0001M | ICE LIBOR USD 1 Month |
US0003M | ICE LIBOR USD 3 Month |
(a) | Variable rate security; the rate shown represents the rate on March 31, 2022. |
(b) | Illiquid security. The total fair value of these securities as of March 31, 2022 was $25,030,164, which represented 42.3% of total net assets. |
(c) | The value of this security has been determined in good faith under policies of the Board of Trustees. |
(d) | Denotes a 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. At March 31, 2022, these restricted securities amounted to $25,030,164, which represented 42.3% of total net assets. |
(e) | 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. As of March 31, 2022, the total market value of 144A securities is $40,515,602 or 68.5% of net assets. |
(f) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. |
(g) | 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, 2022 was $20,277,866. |
(h) | LIBOR floor is 1.65% |
(i) | Cash portion of interest is included in principal of loans |
(j) | The Fund’s ownership of this investment is through a wholly owned subsidiary, FCREIF Bruckner Bronx, LLC. |
(k) | LIBOR floor is 2.35% |
(l) | Interest on loans funded from interest reserve |
(m) | The Fund’s ownership of this investment is through a wholly owned subsidiary, FCREIF Eastlake Thornton, LLC. |
(n) | The Fund’s ownership of this investment is through a wholly owned subsidiary, FCREIF Nimbus Everett, LLC. |
(o) | Non-income producing security. |
(p) | Rate disclosed is the seven day effective yield as of March 31, 2022. |