Pender Real Estate Credit Fund (PNDAX) NPORT-P Pender Real Estate Credit Fund (Mar 2024 report)

Pender Real Estate Credit Fund

Schedule of Investments

March 31, 2024 (Unaudited)

		Coupon		Original
	Spread	Rate (%)	Maturity Date	Acquisition Date	Principal Amount		Cost		Fair Value
Private Debt - 101.5% (1),(2)
Directly Originated Loans - 0.0%
Retail - 0.0%
David Streeter	N/A	6.00	7/1/2026	5/21/2021	$	50,797	$	50,797	$	50,924
Total Directly Originated Loans								50,797		50,924
Senior Mortgage Loans - 101.5%
Hospitality - 1.2%
2422 Ridgeway ABL I Holdings, LLC(3)	TBILL1M + 4.00%	9.39	5/1/2024	5/1/2022	$	1,408,652		1,425,054		1,417,809
Doswell VA, LLC(4),(5),(6)	N/A	6.00	6/1/2024	5/17/2021		1,000,000		1,015,876		1,005,876
Wattsburg Hospitality, LLC(3),(6)	TBILL1M + 4.20%	9.00	4/1/2025	3/29/2023		1,950,000		1,916,607		1,921,482
								4,357,537		4,345,167
Industrial - 0.3%
100 Queensway St., LLC	N/A	9.00	10/1/2024	12/22/2022		1,046,100		1,109,100		1,048,715
Mixed Use - 14.9%
1810 Chestnut Street Development, LLC(3),(6)	TBILL1M + 8.17%	13.56	8/1/2024	8/2/2022		11,350,000		11,211,262		11,324,762
2601 Tandy ABL I Holdings, LLC(3),(6)	SOFR1M + 4.13%	9.00	4/1/2025	4/1/2023		10,950,000		10,932,830		10,713,830
C & S Storage, LLC(3)	SOFR1M + 2.88%	7.75	4/1/2025	3/31/2023		25,000,000		25,000,000		25,062,500
MBRV, LLC	N/A	6.00	7/1/2024	9/30/2019		4,950,000		4,950,000		4,987,125
								52,094,092		52,088,217
Mobile Home Park - 0.8%
WF Houston, LLC(6)	N/A	7.00	5/1/2025	4/27/2021		2,680,000		2,573,500		2,684,020
Multifamily - 69.0%
2233 Woburn St., LLC(3)	TBILL1M + 3.50%	7.00	11/1/2024	10/26/2022		3,375,000		3,400,313		3,380,063
Brazos Thread Owner 1, LLC(6)	N/A	8.00	7/1/2025	6/14/2023		11,075,000		9,921,356		9,937,969
Brazos Thread Owner 2, LLC(6)	N/A	8.00	7/1/2025	6/14/2023		10,250,000		9,283,038		9,298,413
Brazos Thread Owner 3, LLC(6)	N/A	8.00	7/1/2025	6/14/2023		20,200,000		18,877,562		18,928,062
Grandview Apartments 1002, LLC(3)	TBILL1M + 3.50%	8.50	3/1/2025	2/27/2023		4,000,000		4,000,000		4,010,000
KSA GP, LLC(3),(6)	TBILL1M + 4.00%	6.00	6/1/2024	5/4/2022		3,000,000		2,720,000		2,814,500
Lebanon 10, LLC(3)	SOFR1M + 2.38%	7.25	4/1/2025	3/31/2023		3,927,792		3,927,792		3,934,287
MF Opp Fund I, LLC	N/A	10.00	7/1/2024	6/14/2023		34,000,000		34,000,000		34,085,000
OKC1 Huntington Holdings, LLC(3),(6)	TBILL1M + 6.35%	11.74	4/30/2024	10/29/2021		14,125,000		13,266,759		13,266,759
Prosper GP LP, LLC	N/A	10.00	10/1/2024	9/15/2023		23,400,000		23,400,000		23,458,500
Riverbend PEGP, LLC	N/A	11.00	10/1/2024	10/6/2023		17,500,000		17,500,000		17,543,750
Sage Richmond, LLC(3),(6)	TBILL1M + 7.00%	12.39	7/1/2024	6/28/2022		6,480,000		6,491,199		6,474,999
Sandman 4 Apartments, LLC(3)	SOFR1M + 3.93%	9.24	12/1/2024	11/16/2023		4,400,000		4,400,000		4,411,000
Somerset Apartments, LLC(3)	TBILL1M + 2.00%	7.00	1/1/2025	12/8/2022		7,500,000		7,556,250		7,518,750
TMF Normandy Holdings, LLC(3),(6)	TBILL1M + 6.40%	11.79	6/1/2024	11/16/2021		4,350,000		3,901,916		3,904,091
Village Del Mar Apartments, LLC(3),(6)	TBILL1M + 6.79%	12.18	10/1/2024	4/1/2022		14,500,000		9,386,797		9,553,547
WAM Harvey, LLC	N/A	13.00	4/1/2025	3/12/2024		26,000,000		26,000,000		26,000,000
Warrior Fund I, LLC	N/A	12.00	8/1/2024	2/1/2024		30,500,000		30,500,000		30,652,500
Wesley GP, LLC(3),(6)	TBILL1M + 4.00%	6.00	7/1/2024	5/31/2022		8,350,000		8,072,897		8,239,897
Yakima 28, LLC(3)	TBILL1M + 2.00%	7.00	12/1/2024	11/29/2022		4,060,000		4,090,450		4,049,850
								240,696,329		241,461,937
Office - 11.8%
5751 Kroger ABL I Holdings, LLC(3),(6)	SOFR1M + 3.13%	8.00	4/1/2024	4/1/2023		5,253,400		5,213,400		5,070,815
CP NJ Short Hills Pender, LLC	N/A	12.00	2/1/2025	2/6/2024		36,400,000		36,400,000		36,400,000
								41,613,400		41,470,815
Retail - 3.5%
710 Route 38 ABL I Holdings, LLC(3)	TBILL1M + 5.35%	11.00	5/1/2024	12/27/2022		12,200,000		12,230,500		12,230,500
Total Senior Mortgage Loans								354,674,458		355,329,371
Total Private Debt								354,725,255		355,380,295
Real Estate Owned - 10.4%(7)
Repossessed Property -10.4%
Mixed Use - 1.0%
Theos Fedro Holdings, LLC(6)	N/A	N/A	N/A	N/A		N/A		3,478,162		3,478,162
Multifamily - 9.4%
3390 Fairburn, LLC(6)	N/A	N/A	N/A	N/A		N/A		32,859,647		32,777,147
Total Real Estate Owned								36,337,809		36,255,309
Total Investments (Cost $391,063,064) - 111.9%									$	391,635,604
Liabilities in excess of other assets - (11.9%)										(41,722,409	)
Net Assets - 100%									$	349,913,195

LLC - Limited Liability Company

TBILL1M - One month term U.S. Treasury Bill

SOFR1M - One month term Secured Overnight Financing Rate

¹ All Private Debt investments are restricted securities. The total value of these securities is $355,380,295, which represents 101.5% of total net assets of the Fund

² All Private Debt investments are Level 3 securities fair valued using significant unobservable inputs.

³ Floating rate security.

⁴ In default.

⁵ Non-income producing.

⁶ A portion of this holding is subject to unfunded commitments.

⁷ All Real Estate Owned investments are Level 3 holdings fair valued using significant unobservable inputs.