Origin Real Estate Credit Fund
Schedule of Investments
March 31, 2026 (Unaudited)
| ASSET-BACKED SECURITIES — 84.51% | Principal Amount | Fair Value | |
| BDS 2025-FL14 E, 6.78%, 10/21/2042(a)(b) | $ 1,401,000 | $ 1,401,131 | |
| BOFAS 2026-FRR7 FK97, FK97, 1.17%, 1/1/2030(a)(c) | 16,248,727 | 10,959,887 | |
| FREMF 2017-KF37 C, 4.98%, 6/25/2027(a)(b)(d) | 23,969,770 | 23,914,947 | |
| FREMF 2017-KW02 C, 0.00%, 1/25/2027(a)(c) | 35,145,401 | 32,792,208 | |
| FREMF 2018-KF43 C, 12.53%, 2/25/2028(a)(b)(d) | 19,012,877 | 19,098,504 | |
| FREMF 2020-KF86 C, 12.78%, 8/25/2027(a)(b)(d) | 14,369,970 | 14,253,394 | |
| FREMF 2020-KF92 C, 12.78%, 10/25/2030(a)(b)(d) | 9,981,484 | 9,508,741 | |
| FREMF 2023-K161 D, 0.00%, 11/25/2033(a)(c)(d) | 58,080,000 | 30,061,505 | |
| FREMF 2023-K161 X2A, 0.10%, 10/25/2033(a)(d) | 963,469,000 | 5,054,551 | |
| FREMF 2023-K161 X2B, 0.10%, 11/25/2033(a) | 198,110,000 | 1,024,209 | |
| FREMF 2024-K514 C, 5.88%, 12/25/2028(a)(d)(e) | 28,779,140 | 26,850,854 | |
| FREMF 2024-K521 C, 5.81%, 3/25/2029(a)(d)(e) | 32,400,639 | 29,734,475 | |
| FREMF 2024-K525 C, 5.70%, 5/25/2029(a)(d)(e) | 31,429,239 | 28,630,874 | |
| FREMF 2025-K759 D, 0.00%, 2/25/2062(a)(c) | 40,026,891 | 24,212,471 | |
| FREMF 2025-K759 X2A, 0.10%, 2/25/2062(a) | 652,138,572 | 2,706,962 | |
| FREMF 2025-K759 X2B, 0.10%, 2/25/2062(a) | 148,097,891 | 633,459 | |
| FREMF 21K-F106 CS, 9.92%, 2/25/2031(a)(b) | 20,054,772 | 19,999,334 | |
| FREMF 21K-F114 CS, 10.07%, 5/25/2031(a)(b)(d) | 27,881,915 | 27,858,703 | |
| FRETE 2018-ML04 B, B, 0.00%, 11/25/2035(a)(c) | 27,628,970 | 12,575,494 | |
| MF1 2024-FL16 E, 8.12%, 11/18/2039(a)(b) | 1,868,000 | 1,841,570 | |
| MF1 2025-FL19 E, 7.62%, 5/18/2042(a)(b) | 467,000 | 468,459 | |
| MSCR 2022-MN4 M2, CLASS M2, 10.16%, 5/25/2052(a) | 10,000,000 | 11,140,936 | |
| Total Asset-Backed Securities (Cost $331,323,496) |
334,722,668 | ||
| LOANS — 37.94% | Principal Amount | Fair Value | |
| AVA Jodeco - Preferred Equity Loan, 14.00%, 10/18/2028(c)(f)(g) | 6,700,000 | 9,048,463 | |
| Culebra Commons - Preferred Equity Loan, 14.00%, 12/22/2027(f)(g)(h) | 19,824,045 | 23,490,505 | |
| Elux at Ocotillo - Mezzanine Loan, 13.50%, 5/16/2028(c)(f)(g) | 4,987,500 | 5,644,818 | |
| Elux at Ocotillo Senior, 9.57%, 12/19/2027(d)(f)(g)(i) | 8,935,540 | 8,935,540 | |
| Hamlet at Midcity - Senior, 6.71%, 12/19/2027(f)(g)(i) | 35,206,293 | 35,206,293 | |
| Mariposa Chorus River Blue - Preferred Equity Loan, 14.00%, 12/11/2030(c)(f)(g) | 16,028,651 | 21,685,084 | |
| Solace at Cimarron Hills - Preferred Equity Loan, 12.50%, 3/31/2028(f)(g)(h) | 7,275,153 | 7,310,064 | |
| The Benton Preferred Equity Loan, 15.00%, 8/7/2030(f)(g)(h)(i) | 5,755,254 | 6,228,250 | |
| Tuscany Village - Preferred Equity Loan, 14.00%, 10/23/2027(c)(f)(g) | 18,000,000 | 21,889,646 | |
| Walnut Crest - Preferred Equity Loan, 14.00%, 9/22/2028(c)(f)(g) | 7,850,000 | 10,816,851 |
Origin Real Estate Credit Fund
Schedule of Investments (continued)
March 31, 2026 (Unaudited)
| Total Loans (Cost $129,980,566) |
150,255,514 | ||||
| PARTNERSHIP SHARES — 11.15% | Shares | Fair Value | |||
| Partnership Shares — 11.15% | |||||
| PFMP KF96 Investors LLC(f)(g) | 25,000,000 | 7,697,500 | |||
| PFMP Origin LP(c)(f)(g) | 25,277,734 | 32,317,583 | |||
| PFMP Origin LP 2(f)(g) | 13,492,000 | 4,167,679 | |||
|
44,182,762 | |||||
| Total Partnership Shares (Cost $42,724,961) |
44,182,762 | ||||
| Money Market Funds - 6.86% | Shares | Fair Value | |||
| Goldman Sachs Financial Square Government Fund, 3.30%(j) | 27,174,586 | 27,174,586 | |||
| Total Money Market Funds (Cost $27,174,586) | 27,174,586 | ||||
| Total Investments — 140.46% (Cost $531,203,609) |
$ 556,335,530 | ||||
| Liabilities in Excess of Other Assets — (40.46)% |
(160,248,789) | ||||
| NET ASSETS — 100.00% |
$ 396,086,741 | ||||
| LLC | - Limited Liability Company |
| PIK | - Payment in Kind |
| (a) | Security exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (b) | Variable or Floating rate security, the interest of which adjusts periodically based on changes in the current interest rates and prepayments on the underlying pool of assets. The rate shown represents the spread over the index rate as of 3/31/2026. |
| (c) | Non-income producing security, was purchased with OID method. |
| (d) | All or a portion of the security is pledged as collateral for open reverse repurchase agreements. |
| (e) | Total return of security is derived from both current yield and OID purchase. |
| (f) | Security in which significant unobservable inputs (Level 3) were used in determining fair value. |
| (g) | The Fund's ability to sell this security is subject to certain legal or contractual restrictions. As of March 31, 2026 the aggregate value of restricted securities held by the Company was 194,438,276 (49.1% of net assets) |
| (h) | Total return of investment is derived from both current yield and PIK. |
| (i) | Interest on loans funded from interest reserve. |
| (j) | Rate disclosed is the seven-day effective yield as of March 31, 2026. |
Origin Real Estate Credit Fund
Schedule of Investments (continued)
March 31, 2026 (Unaudited)
| REPURCHASE AGREEMENTS — (39.76)% | Principal Amount | Fair Value | |
| Barclays Bank PLC 302953AC8 KF37 C, 3.68%, 4/23/2026 | $ (13,564,309 ) | $ (13,564,309 ) | |
| Barclays Bank PLC 35709WAC3 F114 CS, 5.20%, 6/30/2026 | (17,891,006 ) | (17,891,006 ) | |
| Churchill Reverse Repo, 6.67%, 4/1/2028 | (4,907,414 ) | (4,907,414 ) | |
| Goldman Sachs & Co. LLC 30296DAK7 KF43 C, 5.07%, 4/13/2026 | (11,418,000 ) | (11,418,000 ) | |
| Goldman Sachs & Co. LLC 30316RAE3 F106 CS, 5.07%, 4/13/2026 | (8,780,000 ) | (8,780,000 ) | |
| Goldman Sachs & Co. LLC 30333YAN0 K161 X2A, 5.07%, 4/13/2026 | (2,831,966 ) | (2,831,966 ) | |
| Goldman Sachs & Co. LLC 30333YAS9 K161 D, 5.07%, 4/13/2026 | (14,937,578 ) | (14,937,578 ) | |
| Goldman Sachs & Co. LLC 35710AAJ3 K514 C, 5.07%, 4/13/2026 | (9,885,254 ) | (9,885,254 ) | |
| Royal Bank Canada 302875AE9 KF86 C, 5.03%, 4/2/2026 | (7,289,000 ) | (7,289,000 ) | |
| Royal Bank Canada 30316RAE3 F106 CS, 5.07%, 4/2/2026 | (1,770,000 ) | (1,770,000 ) | |
| Royal Bank Canada 30317FAG6 KF92 C, 5.07%, 4/2/2026 | (4,247,000 ) | (4,247,000 ) | |
| Royal Bank Canada 30335XAE0 K521 C, 5.07%, 4/2/2026 | (3,666,000 ) | (3,666,000 ) | |
| Royal Bank Canada 30335XAE0 K521 C, 5.15%, 6/16/2026 | (12,071,000 ) | (12,071,000 ) | |
| Royal Bank Canada 35708GAJ4 K525 C, 5.15%, 6/16/2026 | (13,999,000 ) | (13,999,000 ) | |
| Royal Bank Canada 35710AAJ3 K514 C, 5.07%, 4/2/2026 | (4,120,000 ) | (4,120,000 ) | |
| Synovous Reverse Repo, 5.42%, 12/19/2027 | (26,100,000 ) | (26,100,001 ) | |
| TOTAL REPURCHASE AGREEMENTS | $ (157,477,528 ) | $ (157,477,528 ) |
| Additional information on each restricted investment held by the Fund at March 31, 2026 is as follows: | ||||||||
| Security Description | Acquisition Date | Cost | Value | % of Net Assets | ||||
| AVA Jodeco - Preferred Equity Loan | 3/22/2024 | $ 1,600,475 | $ 2,161,468 | 0.5% | ||||
| AVA Jodeco - Preferred Equity Loan | 4/19/2024 | 244,700 | 330,471 | 0.1% | ||||
| AVA Jodeco - Preferred Equity Loan | 5/31/2024 | 299,924 | 405,053 | 0.1% | ||||
| AVA Jodeco - Preferred Equity Loan | 6/21/2024 | 694,282 | 937,639 | 0.2% | ||||
| AVA Jodeco - Preferred Equity Loan | 7/5/2024 | 1,348,572 | 1,821,269 | 0.5% | ||||
| AVA Jodeco - Preferred Equity Loan | 7/19/2024 | 593,581 | 801,642 | 0.2% | ||||
| AVA Jodeco - Preferred Equity Loan | 8/16/2024 | 1,784,328 | 2,409,765 | 0.6% | ||||
| AVA Jodeco - Preferred Equity Loan | 8/30/2024 | 134,138 | 181,156 | 0.0% | ||||
| Culebra Commons - Preferred Equity Loan | 12/21/2023 | 19,000,000 | 22,514,053 | 5.7% | ||||
| Culebra Commons - Preferred Equity Loan | 7/1/2025 | 32,692 | 38,739 | 0.0% | ||||
| Culebra Commons - Preferred Equity Loan | 8/1/2025 | 106,530 | 126,233 | 0.0% | ||||
| Culebra Commons - Preferred Equity Loan | 9/1/2025 | 107,126 | 126,940 | 0.0% | ||||
| Culebra Commons - Preferred Equity Loan | 10/1/2025 | 104,251 | 123,532 | 0.0% | ||||
| Culebra Commons - Preferred Equity Loan | 11/1/2025 | 31,138 | 36,897 | 0.0% | ||||
| Culebra Commons - Preferred Equity Loan | 12/1/2025 | 104,984 | 124,401 | 0.0% | ||||
| Culebra Commons - Preferred Equity Loan | 1/1/2026 | 109,072 | 129,244 | 0.0% | ||||
| Culebra Commons - Preferred Equity Loan | 2/1/2026 | 120,904 | 143,265 | 0.0% | ||||
| Culebra Commons - Preferred Equity Loan | 3/1/2026 | 107,346 | 127,200 | 0.0% | ||||
| Elux at Ocotillo - Mezzanine Loan | 5/16/2025 | 2,206,347 | 2,497,128 | 0.6% | ||||
| Elux at Ocotillo - Mezzanine Loan | 6/27/2025 | 1,210,944 | 1,370,538 | 0.3% | ||||
| Elux at Ocotillo - Mezzanine Loan | 7/25/2025 | 596,919 | 675,589 | 0.2% | ||||
| Elux at Ocotillo - Mezzanine Loan | 8/22/2025 | 773,630 | 875,589 | 0.2% | ||||
| Elux at Ocotillo - Mezzanine Loan | 10/3/2025 | 199,661 | 225,975 | 0.1% | ||||
| Elux at Ocotillo Senior | 10/3/2025 | 707,133 | 707,133 | 0.2% | ||||
| Elux at Ocotillo Senior | 10/23/2025 | 1,246,260 | 1,246,260 | 0.3% | ||||
| Elux at Ocotillo Senior | 10/31/2025 | 9,982 | 9,982 | 0.0% | ||||
| Elux at Ocotillo Senior | 11/21/2025 | 734,816 | 734,816 | 0.2% | ||||
| Elux at Ocotillo Senior | 11/30/2025 | 20,527 | 20,527 | 0.0% | ||||
| Elux at Ocotillo Senior | 12/26/2025 | 1,484,483 | 1,484,483 | 0.4% | ||||
| Elux at Ocotillo Senior | 12/31/2025 | 26,411 | 26,411 | 0.0% | ||||
| Elux at Ocotillo Senior | 1/19/2026 | 23,605 | 23,605 | 0.0% | ||||
| Elux at Ocotillo Senior | 1/23/2026 | 1,783,681 | 1,783,681 | 0.5% | ||||
| Elux at Ocotillo Senior | 1/26/2026 | 28,919 | 28,919 | 0.0% | ||||
| Elux at Ocotillo Senior | 2/20/2026 | 1,622,825 | 1,622,825 | 0.4% | ||||
| Elux at Ocotillo Senior | 3/3/2026 | 20,091 | 20,091 | 0.0% | ||||
| Elux at Ocotillo Senior | 3/20/2026 | 1,226,808 | 1,226,808 | 0.3% | ||||
| Hamlet at Midcity - Senior | 12/16/2025 | 35,206,293 | 35,206,293 | 8.9% | ||||
| Mariposa Chorus River Blue - Preferred Equity Loan | 12/11/2023 | 8,014,326 | 10,842,542 | 2.7% | ||||
| Mariposa Chorus River Blue - Preferred Equity Loan | 4/11/2024 | 8,014,326 | 10,842,542 | 2.7% | ||||
| PFMP KF96 Investors LLC | 1/1/2021 | 8,173,307 | 7,697,500 | 1.9% | ||||
| PFMP Origin LP | 2/28/2023 | 3,960,000 | 5,062,860 | 1.3% | ||||
| PFMP Origin LP | 1/17/2025 | 21,109,312 | 26,988,255 | 6.8% | ||||
| PFMP Origin LP | 8/31/2025 | 208,422 | 266,468 | 0.1% | ||||
| PFMP Origin LP 2 | 7/15/2022 | 9,273,920 | 4,167,679 | 1.1% | ||||
| Solace at Cimarron Hills - Preferred Equity Loan | 11/6/2024 | 6,154,102 | 6,028,792 | 1.5% | ||||
| Solace at Cimarron Hills - Preferred Equity Loan | 2/3/2025 | 500,000 | 502,399 | 0.1% | ||||
| Solace at Cimarron Hills - Preferred Equity Loan | 2/2/2026 | 39,181 | 778,873 | 0.2% | ||||
| The Benton Preferred Equity Loan | 8/7/2025 | 4,464,400 | 5,102,098 | 1.3% | ||||
| The Benton Preferred Equity Loan | 11/5/2025 | 1,290,854 | 1,126,152 | 0.3% | ||||
| Tuscany Village - Preferred Equity Loan | 7/26/2024 | 207,460 | 252,290 | 0.1% | ||||
| Tuscany Village - Preferred Equity Loan | 8/23/2024 | 2,378,694 | 2,892,709 | 0.7% | ||||
| Tuscany Village - Preferred Equity Loan | 9/13/2024 | 2,560,165 | 3,113,395 | 0.8% | ||||
| Tuscany Village - Preferred Equity Loan | 9/20/2024 | 35,035 | 42,606 | 0.0% | ||||
| Tuscany Village - Preferred Equity Loan | 10/11/2024 | 1,738,169 | 2,113,773 | 0.5% | ||||
| Tuscany Village - Preferred Equity Loan | 11/15/2024 | 3,208,049 | 3,901,280 | 1.0% | ||||
| Tuscany Village - Preferred Equity Loan | 12/27/2024 | 5,124,804 | 6,232,230 | 1.6% | ||||
| Tuscany Village - Preferred Equity Loan | 1/17/2025 | 2,747,624 | 3,341,362 | 0.8% | ||||
| Walnut Crest - Preferred Equity Loan | 11/24/2023 | 3,925,000 | 5,408,425 | 1.4% | ||||
| Walnut Crest - Preferred Equity Loan | 1/23/2024 | 3,925,000 | 5,408,425 | 1.4% | ||||
| Total | $ 172,705,527 | $ 194,438,276 | 49.1% | |||||