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. |