Pender Real Estate Credit Fund
Consolidated Schedule of Investments
September 30, 2024 (Unaudited)
| Coupon | Original | |||||||||||||||||||
| Spread | Rate (%) | Maturity Date | Acquisition Date | Principal Amount | Cost | Fair Value | ||||||||||||||
| Private Debt - 111.7% (1),(2) | ||||||||||||||||||||
| Directly Originated Loans - 0.0% | ||||||||||||||||||||
| Retail - 0.0% | ||||||||||||||||||||
| David Streeter | N/A | 6.00 | 7/1/2026 | 5/21/2021 | $ | 40,183 | $ | 40,183 | $ | 40,284 | ||||||||||
| Total Directly Originated Loans | 40,183 | 40,284 | ||||||||||||||||||
| Senior Mortgage Loans - 111.7% | ||||||||||||||||||||
| Assisted Living - 2.9% | ||||||||||||||||||||
| 2601 Tandy ABL I Holdings, LLC(3),(4) | SOFR1M + 4.69% | 10.00 | 4/1/2025 | 4/1/2023 | 11,630,000 | 11,336,435 | 11,103,835 | |||||||||||||
| Hospitality - 1.0% | ||||||||||||||||||||
| 2422 Ridgeway ABL I Holdings, LLC(3),(4) | TBILL1M + 6.69% | 12.00 | 8/1/2025 | 5/1/2022 | 1,993,315 | 1,776,336 | 1,774,884 | |||||||||||||
| Wattsburg Hospitality, LLC(3),(4) | TBILL1M + 4.20% | 9.00 | 4/1/2025 | 3/29/2023 | 1,950,000 | 1,903,447 | 1,908,322 | |||||||||||||
| 3,679,783 | 3,683,206 | |||||||||||||||||||
| Industrial - 1.5% | ||||||||||||||||||||
| 100 Queensway St., LLC(4) | N/A | 9.00 | 10/1/2024 | 12/22/2022 | 1,046,100 | 1,105,270 | 1,044,885 | |||||||||||||
| 2528 Hondo Ave., LLC(3),(4) | SOFR1M + 4.42% | 9.75 | 9/1/2025 | 8/30/2024 | 4,800,000 | 4,804,174 | 4,804,174 | |||||||||||||
| 5,909,444 | 5,849,059 | |||||||||||||||||||
| Mixed Use - 12.6% | ||||||||||||||||||||
| 1810 Chestnut Street Development, LLC(3),(4) | TBILL1M + 8.17% | 13.47 | 8/1/2025 | 8/2/2022 | 11,350,000 | 10,770,609 | 10,884,109 | |||||||||||||
| C & S Storage, LLC(3),(4) | SOFR1M + 2.88% | 7.75 | 5/1/2025 | 3/31/2023 | 27,075,050 | 25,750,433 | 25,818,121 | |||||||||||||
| MBRV I, LLC & MBRV II, LLC(3),(4) | SOFR1M + 3.41% | 8.75 | 10/1/2025 | 9/10/2024 | 5,100,000 | 4,592,642 | 4,592,642 | |||||||||||||
| The Elms MT, LLC(3),(4) | SOFR1M + 7.43% | 12.74 | 5/1/2025 | 4/29/2024 | 7,200,000 | 6,488,103 | 6,470,103 | |||||||||||||
| 47,601,787 | 47,764,975 | |||||||||||||||||||
| Mobile Home Park - 0.5% | ||||||||||||||||||||
| WF Houston, LLC(4) | N/A | 7.00 | 5/1/2025 | 4/27/2021 | 2,680,000 | 1,733,537 | 1,844,057 | |||||||||||||
| Multifamily - 79.6% | ||||||||||||||||||||
| 2233 Woburn St., LLC(3),(4) | TBILL1M + 3.50% | 7.00 | 11/1/2024 | 10/26/2022 | 3,375,000 | 3,399,742 | 3,382,867 | |||||||||||||
| Atlanta 330, LLC(3),(4) | SOFR1M + 2.90% | 8.25 | 9/1/2025 | 8/13/2024 | 32,500,000 | 27,708,387 | 27,708,387 | |||||||||||||
| Brazos Thread Owner 1, LLC(4) | N/A | 8.00 | 7/1/2025 | 6/14/2023 | 11,075,000 | 10,260,149 | 10,287,837 | |||||||||||||
| Brazos Thread Owner 2, LLC(4) | N/A | 8.00 | 7/1/2025 | 6/14/2023 | 10,250,000 | 9,528,032 | 9,553,657 | |||||||||||||
| Brazos Thread Owner 3, LLC(4) | N/A | 8.00 | 7/1/2025 | 6/14/2023 | 20,200,000 | 19,194,133 | 19,244,633 | |||||||||||||
| 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),(4) | TBILL1M + 4.00% | 6.00 | 6/1/2025 | 5/4/2022 | 3,000,000 | 2,784,041 | 2,866,541 | |||||||||||||
| Lakeview 28, LLC(3),(4) | SOFR1M + 3.43% | 8.75 | 9/1/2025 | 8/29/2024 | 2,800,000 | 2,776,870 | 2,776,870 | |||||||||||||
| Lebanon 10, LLC(3),(4) | SOFR1M + 2.38% | 7.25 | 4/1/2025 | 3/31/2023 | 3,927,792 | 3,978,792 | 3,988,611 | |||||||||||||
| LNX Uptown, LLC(3),(4) | SOFR1M + 2.94% | 8.25 | 6/1/2025 | 5/24/2024 | 25,500,000 | 15,923,625 | 15,987,375 | |||||||||||||
| Midwest 288, LLC(3),(4) | SOFR1M + 5.44% | 10.75 | 10/1/2025 | 9/23/2024 | 15,300,000 | 13,531,214 | 13,531,214 | |||||||||||||
| MF Opp Fund I, LLC(4) | N/A | 10.00 | 7/1/2025 | 6/14/2023 | 37,400,000 | 34,369,972 | 34,463,472 | |||||||||||||
| PDGL Trust, LLC(3),(4) | SOFR1M + 4.44% | 9.75 | 6/1/2025 | 5/23/2024 | 14,000,000 | 12,733,299 | 12,768,299 | |||||||||||||
| Prosper GP LP, LLC(4) | N/A | 10.00 | 12/31/2025 | 9/15/2023 | 23,400,000 | 22,770,446 | 22,828,946 | |||||||||||||
| Riverbend PEGP, LLC(4) | N/A | 11.00 | 10/1/2024 | 10/6/2023 | 17,500,000 | 17,193,894 | 17,237,644 | |||||||||||||
| Sage Richmond, LLC(3),(4) | TBILL1M + 7.00% | 12.30 | 1/1/2025 | 6/28/2022 | 3,800,000 | 3,881,445 | 3,845,145 | |||||||||||||
| Sandman 4 Apartments, LLC(3),(4) | SOFR1M + 3.93% | 9.25 | 12/1/2024 | 11/16/2023 | 4,400,000 | 4,429,566 | 4,440,566 | |||||||||||||
| Somerset Apartments, LLC(3),(4) | TBILL1M + 2.00% | 7.00 | 1/1/2025 | 12/8/2022 | 7,500,000 | 7,551,734 | 7,514,234 | |||||||||||||
| TMF Normandy Holdings, LLC(3),(4),(5) | TBILL1M + 6.40% | 11.70 | 12/1/2024 | 11/16/2021 | 4,350,000 | 4,282,381 | 4,306,306 | |||||||||||||
| Wagner RE, LLC(3),(4) | SOFR1M + 4.41% | 9.75 | 9/1/2025 | 8/13/2024 | 12,500,000 | 9,208,238 | 9,208,238 | |||||||||||||
| WAM Harvey, LLC(4) | N/A | 13.00 | 4/1/2025 | 3/12/2024 | 26,000,000 | 25,532,049 | 25,597,049 | |||||||||||||
| Warrior Fund I, LLC(4) | N/A | 12.00 | 8/1/2025 | 2/1/2024 | 34,500,000 | 33,243,631 | 33,329,881 | |||||||||||||
| Wesley GP, LLC(3),(4) | TBILL1M + 4.00% | 6.00 | 1/1/2025 | 5/31/2022 | 8,350,000 | 8,107,927 | 8,308,327 | |||||||||||||
| Yakima 28, LLC(3),(4) | TBILL1M + 2.00% | 7.00 | 12/1/2024 | 11/29/2022 | 4,060,000 | 4,088,823 | 4,068,523 | |||||||||||||
| 300,478,390 | 301,254,622 | |||||||||||||||||||
| Office - 10.3% | ||||||||||||||||||||
| 5751 Kroger ABL I Holidings, LLC(3),(4) | SOFR1M + 4.69% | 10.00 | 5/1/2025 | 4/1/2023 | 6,950,000 | 5,668,287 | 5,564,037 | |||||||||||||
| CP NJ Short Hills Pender, LLC(4) | N/A | 12.00 | 2/1/2025 | 2/6/2024 | 34,400,000 | 33,612,454 | 33,612,454 | |||||||||||||
| 39,280,741 | 39,176,491 | |||||||||||||||||||
| Retail - 3.3% | ||||||||||||||||||||
| 710 Route 38 ABL I Holdings, LLC(3),(4) | TBILL1M + 5.35% | 11.00 | 12/1/2024 | 12/27/2022 | 12,950,000 | 12,684,022 | 12,672,947 | |||||||||||||
| Total Senior Mortgage Loans | 422,704,139 | 423,349,192 | ||||||||||||||||||
| Total Private Debt | 422,744,322 | 423,389,476 | ||||||||||||||||||
| Real Estate Owned - 0.9% (6) | ||||||||||||||||||||
| Repossessed Property - 0.9% | ||||||||||||||||||||
| Mixed Use - 0.9% | ||||||||||||||||||||
| Theos Fedro Holdings, LLC | N/A | N/A | N/A | N/A | N/A | 3,600,000 | 3,564,000 | |||||||||||||
| Total Real Estate Owned | 3,600,000 | 3,564,000 | ||||||||||||||||||
| Total Investments (Cost $426,344,322) - 112.6% | $ | 426,953,476 | ||||||||||||||||||
| Liabilities in excess of other assets (12.6%) | (47,888,526 | ) | ||||||||||||||||||
| Net Assets - 100% | $ | 379,064,950 | ||||||||||||||||||
| 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 fair value of these securities is $423,389,476, which represents 111.7% 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 | A portion of this holding is subject to unfunded commitments. |
| 5 | In default for failure to make timely interest or principal repayments on debt. |
| 6 | All Real Estate Owned investments are Level 3 holdings fair valued using significant unobservable inputs. |
