<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>
      
      <filer>
        <issuerCredentials>
          <cik>0001929777</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>
      
      
      
      
    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Pender Real Estate Credit Fund</regName>
      <regFileNumber>811-23806</regFileNumber>
      <regCik>0001929777</regCik>
      <regLei>549300NYC5XVTLXF5V85</regLei>
      <regStreet1>235 West Galena Street</regStreet1>
      <regCity>Milwaukee</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53212</regZipOrPostalCode>
      <regPhone>414-299-2270</regPhone>
      <seriesName>Pender Real Estate Credit Fund</seriesName>
      <seriesLei>549300NYC5XVTLXF5V85</seriesLei>
      <repPdEnd>2026-12-31</repPdEnd>
      <repPdDate>2026-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>705704623.689800000000</totAssets>
      <totLiabs>228662310.790000000000</totLiabs>
      <netAssets>477042312.899800000000</netAssets>
      <assetsAttrMiscSec>0.000000000000</assetsAttrMiscSec>
      <assetsInvested>0.000000000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.000000000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.000000000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.000000000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.000000000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>131681250.000000000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.000000000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.000000000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.000000000000</amtPayAftOneYrOther>
      <delayDeliv>0.000000000000</delayDeliv>
      <standByCommit>0.000000000000</standByCommit>
      <liquidPref>0.000000000000</liquidPref>
      <cshNotRptdInCorD>7090966.600001000000</cshNotRptdInCorD>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn rtn1="0.58" rtn2="0.57" rtn3="0.54"/>
          <monthlyTotReturn rtn1="0.68" rtn2="0.56" rtn3="0.54"/>
          <monthlyTotReturn rtn1="0.61" rtn2="0.58" rtn3="0.56"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="0" netUnrealizedAppr="-61819.1"/>
        <othMon2 netRealizedGain="0" netUnrealizedAppr="-16899.86"/>
        <othMon3 netRealizedGain="0" netUnrealizedAppr="-156194.37"/>
      </returnInfo>
      <mon1Flow redemption="30816352.01" reinvestment="214813.63" sales="10661845.21"/>
      <mon2Flow redemption="0" reinvestment="179591.8" sales="6536008.56"/>
      <mon3Flow redemption="0" reinvestment="175139.34" sales="11733859.7"/>
      
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>4618 - 819 Ellis CF Holdings LLC</name>
        <lei>N/A</lei>
        <title>4618 - 819 Ellis CF Holdings LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="5B5B0307B31003438A8EAA6485B197B8"/>
        </identifiers>
        <balance>3600000</balance>
        <units>OU</units>
        <descOthUnits>Other Units</descOthUnits>
        <curCd>USD</curCd>
        <valUSD>4500000</valUSD>
        <pctVal>0.9433125487</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>RE</assetCat>
        <issuerConditional desc="Real Estate" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>7587 - Wesley GP LLC &amp; Wesley LP LLC</name>
        <lei>N/A</lei>
        <title>7587 - Wesley GP LLC &amp; Wesley LP LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="85A409465ECA374B9B2C450714BF0DE1"/>
        </identifiers>
        <balance>7545396.27</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>7545396.28</valUSD>
        <pctVal>1.5817037768</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>6</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>7591 - 1810 Chestnut Street Development LLC</name>
        <lei>N/A</lei>
        <title>7591 - 1810 Chestnut Street Development LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="243CFD5182C5BF4689AE616B85B11F31"/>
        </identifiers>
        <balance>11350000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11123000</valUSD>
        <pctVal>2.3316589953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.80</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>7601 - Yakima 28 LLC</name>
        <lei>N/A</lei>
        <title>7601 - Yakima 28 LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="FCAC5F52E0E5074DA4EA5804C7A01CCA"/>
        </identifiers>
        <balance>3810000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3857625</valUSD>
        <pctVal>0.8086546823</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.74</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>7608 - Grandview Apartments 1002 LLC</name>
        <lei>N/A</lei>
        <title>7608 - Grandview Apartments 1002 LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="14B8A1FA3B6F1E4A8252015A3855BA80"/>
        </identifiers>
        <balance>5800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5800000</valUSD>
        <pctVal>1.2158250627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>7619 - 2601 Tandy ABL I Holdings LLC</name>
        <lei>N/A</lei>
        <title>7619 - 2601 Tandy ABL I Holdings LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="A980F2CA5CCCAA489B56B9F76A648C40"/>
        </identifiers>
        <balance>11950000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10277000</valUSD>
        <pctVal>2.1543162361</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>0</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>7633 - Prosper GP LP LLC</name>
        <lei>N/A</lei>
        <title>7633 - Prosper GP LP LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="0F8C3E950C5FFE488D56A904EC4FE469"/>
        </identifiers>
        <balance>26200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26252400</valUSD>
        <pctVal>5.5031596339</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>7634 - Riverbend PEGP LLC</name>
        <lei>N/A</lei>
        <title>7634 - Riverbend PEGP LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="F0B5ABFFD1E6F4488789343A8C9EBA28"/>
        </identifiers>
        <balance>19430000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18847100</valUSD>
        <pctVal>3.9508235413</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8567 - Sandman 4 Apartments LLC</name>
        <lei>N/A</lei>
        <title>8567 - Sandman 4 Apartments LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="14B6E12F92A5C049B63AE17B5DFAFBE7"/>
        </identifiers>
        <balance>1040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>1042080</valUSD>
        <pctVal>0.2184460313</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8737 - Warrior Fund I LLC</name>
        <lei>N/A</lei>
        <title>8737 - Warrior Fund I LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="75D4266A686EC54B889B7F864CBD467C"/>
        </identifiers>
        <balance>39124038.46</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39167074.9</valUSD>
        <pctVal>8.2103984994</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8740 - WAM HARVEY LLC</name>
        <lei>N/A</lei>
        <title>8740 - WAM HARVEY LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="F2AEB4ED9009B3439D402ABB8E151279"/>
        </identifiers>
        <balance>26800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>26853600</valUSD>
        <pctVal>5.6291861904</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8743 - The Elms MT LLC</name>
        <lei>N/A</lei>
        <title>8743 - The Elms MT LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="A04FD2B210DBD749B1E59EBFDA63B801"/>
        </identifiers>
        <balance>18110000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18146220</valUSD>
        <pctVal>3.8039015637</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-04-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.74</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8744 - LNX UPTOWN LLC</name>
        <lei>N/A</lei>
        <title>8744 - LNX UPTOWN LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="FC2DA149C8155047AD664D1ED6FA93BA"/>
        </identifiers>
        <balance>28040000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28096080</valUSD>
        <pctVal>5.8896410738</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8745 - PDGL TRUST LLC</name>
        <lei>N/A</lei>
        <title>8745 - PDGL TRUST LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="F615B0C41D692944B9853506065CF89E"/>
        </identifiers>
        <balance>3200000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3200000</valUSD>
        <pctVal>0.6708000346</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.5</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8747 - Atlanta 330 LLC</name>
        <lei>N/A</lei>
        <title>8747 - Atlanta 330 LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="2036C16761FB2C498BC5167C7D989AD6"/>
        </identifiers>
        <balance>39750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39610597.7</valUSD>
        <pctVal>8.3033719712</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8749 - WAGNER RE LLC</name>
        <lei>N/A</lei>
        <title>8749 - WAGNER RE LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="024374451634964E8709A777F43E8A0A"/>
        </identifiers>
        <balance>12500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12525000</valUSD>
        <pctVal>2.6255532604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8750 - MBRV I LLC &amp; MBRV II LLC</name>
        <lei>N/A</lei>
        <title>8750 - MBRV I LLC &amp; MBRV II LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="A1E9DEC1E9DE634CAFBCA5AB65AB52DD"/>
        </identifiers>
        <balance>5675000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5683512.5</valUSD>
        <pctVal>1.1914063693</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8751 - Lakeview 28 LLC</name>
        <lei>N/A</lei>
        <title>8751 - Lakeview 28 LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="C4C2ABE5407604479FC2F47925125EF1"/>
        </identifiers>
        <balance>2800000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2805600</valUSD>
        <pctVal>0.5881239303</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-09-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8752 - 2528 Hondo Ave LLC</name>
        <lei>N/A</lei>
        <title>8752 - 2528 Hondo Ave LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="2B5403E1AE2ABD4387E997DF5AE5F299"/>
        </identifiers>
        <balance>9000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9009000</valUSD>
        <pctVal>1.8885117224</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-09-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8766 - Trilogy Holdings LLC</name>
        <lei>N/A</lei>
        <title>8766 - Trilogy Holdings LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="7944FE0D97F8FF4AB983E1CAD23A3FC1"/>
        </identifiers>
        <balance>5575000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5586150</valUSD>
        <pctVal>1.1709967542</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>11.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8791 - 2201 SW NYE LLC</name>
        <lei>N/A</lei>
        <title>8791 - 2201 SW NYE LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="6EADE09DE79F7E4DBD2AB556D5024919"/>
        </identifiers>
        <balance>3375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3381750</valUSD>
        <pctVal>0.7088993803</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8831 - Rose Lane Apartments LLC</name>
        <lei>N/A</lei>
        <title>8831 - Rose Lane Apartments LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="BF054CFB6A558146A5DA2CC67AF2B6A4"/>
        </identifiers>
        <balance>3000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2992500</valUSD>
        <pctVal>0.6273028449</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8833 - Finn Equipment Leasing LLC</name>
        <lei>N/A</lei>
        <title>8833 - Finn Equipment Leasing LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="CD370A611D156847AE403DB7BD2332AB"/>
        </identifiers>
        <balance>12000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12024000</valUSD>
        <pctVal>2.5205311300</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-02-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8871 - NPA AP LLC</name>
        <lei>N/A</lei>
        <title>8871 - NPA AP LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="6136B5B868CF0342B71EA54D09FC9B14"/>
        </identifiers>
        <balance>3580000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3587160</valUSD>
        <pctVal>0.7519584538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8885 - Magnolia TH LLC</name>
        <lei>N/A</lei>
        <title>8885 - Magnolia TH LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="601D193212D87748A8337E5C13082EC5"/>
        </identifiers>
        <balance>28000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>28042000</valUSD>
        <pctVal>5.8783045532</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8886 - Lumberton MFD LLC</name>
        <lei>N/A</lei>
        <title>8886 - Lumberton MFD LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="59511DC42B8173418728AF56B45EDA55"/>
        </identifiers>
        <balance>19600000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>19639200</valUSD>
        <pctVal>4.1168675124</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8887 - Lumberton RETAIL I LLC</name>
        <lei>N/A</lei>
        <title>8887 - Lumberton RETAIL I LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="5215690ECFBFCF49840A4ADFE81E571E"/>
        </identifiers>
        <balance>5300000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5310600</valUSD>
        <pctVal>1.1132345824</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8896 - DT DEV PHASE 2, LLC</name>
        <lei>N/A</lei>
        <title>8896 - DT DEV PHASE 2, LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="B197B8B9EA5E3943B972E9554476BD29"/>
        </identifiers>
        <balance>13500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13527000</valUSD>
        <pctVal>2.8355975213</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8903 - MavDevMan P1, LLC</name>
        <lei>N/A</lei>
        <title>8903 - MavDevMan P1, LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="B75E7512D264DF4CA10561D44C1C506F"/>
        </identifiers>
        <balance>45000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>45297000</valUSD>
        <pctVal>9.4953841148</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2028-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8904 - Farm To Market Industries LLC</name>
        <lei>N/A</lei>
        <title>8904 - Farm To Market Industries LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="28A0BA25730CDE46B769B5C462907BC1"/>
        </identifiers>
        <balance>30500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>30545750</valUSD>
        <pctVal>6.4031531740</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-06-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>8.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8922 - Five Seven Five One Holdings LLC</name>
        <lei>N/A</lei>
        <title>8922 - Five Seven Five One Holdings LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="D7D9E3D37D2568478CFA1ED018AF2138"/>
        </identifiers>
        <balance>11000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11066000</valUSD>
        <pctVal>2.3197103697</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-08-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>9.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8928 - FC Armature, LLC</name>
        <lei>N/A</lei>
        <title>8928 - FC Armature, LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="18CD9AE543B7A64987377895F1DEC665"/>
        </identifiers>
        <balance>13500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13520250</valUSD>
        <pctVal>2.8341825524</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8929 - Brazos Lauradale, LLC</name>
        <lei>N/A</lei>
        <title>8929 - Brazos Lauradale, LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="5B7755AF57406543B9587B39745E0E08"/>
        </identifiers>
        <balance>13750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>13777500</valUSD>
        <pctVal>2.8881085865</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-10-01</maturityDt>
          <couponKind>Floating</couponKind>
          <annualizedRt>7.49</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8941 - Brazos Liberty Crossing, LLC</name>
        <lei>N/A</lei>
        <title>8941 - Brazos Liberty Crossing, LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="2F811E101CB73C4E9B8679CCAC24DB5E"/>
        </identifiers>
        <balance>6500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6509750</valUSD>
        <pctVal>1.3646064141</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8942 - 300 NPB LLC</name>
        <lei>N/A</lei>
        <title>8942 - 300 NPB LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="4B607F5393FF314497F02C0AE2145A56"/>
        </identifiers>
        <balance>2100000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2104200</valUSD>
        <pctVal>0.4410929478</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8943 - Brazos Meadows, LLC</name>
        <lei>N/A</lei>
        <title>8943 - Brazos Meadows, LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="E791C131BD18D6489A5A6A85383BFEAA"/>
        </identifiers>
        <balance>18050000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18086100</valUSD>
        <pctVal>3.7912989081</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-04</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8944 - Pebble Bay Apartments, LLC</name>
        <lei>N/A</lei>
        <title>8944 - Pebble Bay Apartments, LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="556C9006709F5C44952E2E1A70F066B2"/>
        </identifiers>
        <balance>6900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6913800</valUSD>
        <pctVal>1.4493053998</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8945 - S Court Apts, LLC</name>
        <lei>N/A</lei>
        <title>8945 - S Court Apts, LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="C5E81A26379B6D4282AD682A1EFD44C7"/>
        </identifiers>
        <balance>6700000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>6713400</valUSD>
        <pctVal>1.4072965476</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8946 - Bayview West Apartments LLC</name>
        <lei>N/A</lei>
        <title>8946 - Bayview West Apartments LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="17F3A232B4338247B4701A96645D9F9A"/>
        </identifiers>
        <balance>3400000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3405100</valUSD>
        <pctVal>0.7137941243</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8947 - North Palm Commercial LLC</name>
        <lei>N/A</lei>
        <title>8947 - North Palm Commercial LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="6F3296F0A212ED46B0824F6A99D261FF"/>
        </identifiers>
        <balance>3900000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>3900390</valUSD>
        <pctVal>0.8176192959</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8949 - Solamar Apts LLC &amp; NAE Capital LLC</name>
        <lei>N/A</lei>
        <title>8949 - Solamar Apts LLC &amp; NAE Capital LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="38C5F3ED9125494E97163DD601D1BBEF"/>
        </identifiers>
        <balance>17000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>17034000</valUSD>
        <pctVal>3.5707524342</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8955 - MF Carisma LLC</name>
        <lei>N/A</lei>
        <title>8955 - MF Carisma LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="BE227308CB5B3D4E930E3FB63CBF6A38"/>
        </identifiers>
        <balance>11537159</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>11554464.74</valUSD>
        <pctVal>2.4221047961</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8956 - MF Helios LLC</name>
        <lei>N/A</lei>
        <title>8956 - MF Helios LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="6616C0526D591041BCA0C042CE6714E8"/>
        </identifiers>
        <balance>18152187.5</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18179415.78</valUSD>
        <pctVal>3.8108602295</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8957 - MF Lumina LLC</name>
        <lei>N/A</lei>
        <title>8957 - MF Lumina LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="9903256E72740D44A7E77695B8D7599F"/>
        </identifiers>
        <balance>16901562.5</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>16926914.84</valUSD>
        <pctVal>3.5483047064</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>11.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8958 - Huntington 1401 LLC</name>
        <lei>N/A</lei>
        <title>8958 - Huntington 1401 LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="5923581D1361634CB39CE072F868DDE9"/>
        </identifiers>
        <balance>193854.86</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>193855</valUSD>
        <pctVal>0.0406368565</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-12-03</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>9.75</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8959 - 512 Mesquite Apts LLC</name>
        <lei>N/A</lei>
        <title>8959 - 512 Mesquite Apts LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="C6C712F6BCDDCE4EB85F20137D626281"/>
        </identifiers>
        <balance>12500000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>12525000</valUSD>
        <pctVal>2.6255532604</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8960 - Camelot Village Apts LLC</name>
        <lei>N/A</lei>
        <title>8960 - Camelot Village Apts LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="8FAFE95543FE154B8146C1541F032385"/>
        </identifiers>
        <balance>39750000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>39829500</valUSD>
        <pctVal>8.3492593682</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8961 - 201 Clark RD Apts LLC</name>
        <lei>N/A</lei>
        <title>8961 - 201 Clark RD Apts LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="355F5793D08FA145A02E829B4F060C5F"/>
        </identifiers>
        <balance>23250000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>23284875</valUSD>
        <pctVal>4.8810921737</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-01-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8962 - 268 Cedar Hill Apts LLC</name>
        <lei>N/A</lei>
        <title>8962 - 268 Cedar Hill Apts LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="E7FB31AB7BBA0848B735CDFC4BA88444"/>
        </identifiers>
        <balance>10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>10015000</valUSD>
        <pctVal>2.0993944833</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2026-12-19</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>10.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>8963 - Eagles Manor MT LLC</name>
        <lei>N/A</lei>
        <title>8963 - Eagles Manor MT LLC</title>
        <cusip>999999999</cusip>
        <identifiers>
          <other otherDesc="System Generated" value="A487A910106F8546833497F0A734BDE5"/>
        </identifiers>
        <balance>9375000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>9389062.5</valUSD>
        <pctVal>1.9681823281</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>LON</assetCat>
        <issuerConditional desc="Private Placement" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>Y</isRestrictedSec>
        <fairValLevel>3</fairValLevel>
        <debtSec>
          <maturityDt>2027-03-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.25</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="The fund is reporting returns without deducting sales loads and redemption fees, if applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2026-07-14</ncom:dateSigned>
      <ncom:nameOfApplicant>Pender Real Estate Credit Fund</ncom:nameOfApplicant>
      <ncom:signature>/s/ Madeline Arment</ncom:signature>
      <ncom:signerName>Madeline Arment</ncom:signerName>
      <ncom:title>Principal Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
