0001752724-21-258235.txt : 20211124 0001752724-21-258235.hdr.sgml : 20211124 20211124161031 ACCESSION NUMBER: 0001752724-21-258235 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211124 PERIOD START: 20211231 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Forum CRE Income Fund CENTRAL INDEX KEY: 0001857314 IRS NUMBER: 862859042 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23658 FILM NUMBER: 211446539 BUSINESS ADDRESS: STREET 1: C/O FORUM CAPITAL ADVISORS, LLC STREET 2: 240 SAINT PAUL STREET, SUITE 400 CITY: DENVER STATE: CO ZIP: 80206 BUSINESS PHONE: 303-501-8860 MAIL ADDRESS: STREET 1: C/O FORUM CAPITAL ADVISORS, LLC STREET 2: 240 SAINT PAUL STREET, SUITE 400 CITY: DENVER STATE: CO ZIP: 80206 NPORT-P 1 primary_doc.xml NPORT-P false 0001857314 XXXXXXXX Forum CRE Income Fund 811-23658 0001857314 5493002R068Q02JV3T45 240 Saint Paul Street Suite 400 Denver 80206 303-501-8860 Forum CRE Income Fund 5493002R068Q02JV3T45 2021-12-31 2021-09-30 N 71066522.19 12737303.66 58329218.53 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N MBRT 2019-MBR N/A MBRT 2019-MBR H1 55282DBE3 2000000.00000000 PA USD 1998533.20000000 3.426298603627 Long ABS-O CORP US Y 2 2036-11-15 Floating 4.08399800 N N N N N N N/A N/A LP Rev Repo - 30227FAL4 N/A -1487000.00000000 PA USD -1487000.00000000 -2.54932268505 Long RA CORP US N 2 Reverse repurchase Y 1.08313000 2021-10-14 1910453.73290506 USD 1914410.29702731 USD ABS N N N N/A N/A CRIMSON PE BS, LLC N/A 24.00000000 NS USD 621000.00000000 1.064646528189 Long CORP US N 3 N N N BX COMMERCIAL MORTGAGE TRUST N/A BX 2021-VINO G 05608KAN0 2000000.00000000 PA USD 2029929.20000000 3.480124114736 Long ABS-O CORP US Y 2 2038-05-15 Floating 4.03633100 N N N N N N N/A N/A LP Rev Repo - 23305MAN5 N/A -3343000.00000000 PA USD -3343000.00000000 -5.73126142309 Long RA CORP US N 2 Reverse repurchase Y 1.38313000 2021-10-14 5094132.88500000 USD 5298685.75800000 USD ABS N N N BCP TRUST N/A BCP 2021-330N F 05553BAQ8 1900000.00000000 PA USD 1895611.19000000 3.249848425493 Long ABS-O CORP US Y 2 2038-06-15 Floating 4.71800200 N N N N N N Federal Home Loan Mortgage Corporation S6XOOCT0IEG5ABCC6L87 MSCR 2021-MN1 B1 35563FAC5 1040000.00000000 PA USD 1247569.86000000 2.138842061390 Long ABS-O USGA US Y 2 2051-01-25 Floating 7.80000100 N N N N N N EXTENDED STAY AMERICA TRUST 549300IESZBC3BJUJW64 ESA 2021-ESH E 30227FAL4 2089131.49000000 PA USD 2116113.67000000 3.627879343028 Long ABS-O CORP US Y 2 2038-07-15 Floating 2.93400000 N N N N N N N/A N/A CRIMSON PE PP, LLC N/A 16.00000000 NS USD 400000.00000000 0.685762659059 Long CORP US Y 3 N N N N/A N/A FCREIF EASTLAKE THORNTON N/A 1938110.39000000 PA USD 1938110.39000000 3.322709336493 Long DBT CORP US Y 2 2022-09-27 Variable 10.35000000 N N N N N N CSMC 2020-TMIC N/A CSMC 2020-TMIC C 126390AJ2 1500000.00000000 PA USD 1550190.30000000 2.657656555440 Long ABS-O CORP US Y 2 2035-12-15 Floating 6.99999800 N N N N N N DBCCRE 2014-ARCP Mortgage Trust N/A DBCCR 2014-ARCP F 23305MAN5 5800000.00000000 PA USD 5887428.62000000 10.09344676368 Long ABS-O CORP US Y 2 2034-01-10 Floating 5.09898200 N N N N N N N/A N/A CRIMSON PE SH, LLC N/A 60.00000000 NS USD 1578750.00000000 2.706619494975 Long CORP US Y 3 N N N Armada Hoffler Pptys Inc 549300WQRSIV6XZT9313 AHH 6 3/4 PERP 04208T207 11000.00000000 NS USD 296230.00000000 0.507858681233 Long EP CORP US N 1 N N N Federal National Mortgage Association 549300HG8ZEWVWVSN227 MCAS 2019-01 CE 62547NAD1 1500000.00000000 PA USD 1624915.50000000 2.785765935067 Long ABS-O USGA US Y 2 2049-10-15 Floating 8.83599800 N N N N N N MULTIFAMILY CONNECTICUT AVENUE SECURITIES TRUST 549300HG8ZEWVWVSN227 MCAS 2020-01 CE 62548QAF8 1500000.00000000 PA USD 1656113.10000000 2.839251307898 Long ABS-O CORP US Y 2 2050-03-25 Floating 7.58599900 N N N N N N CIM RETAIL PORTFOLIO TRUST N/A CRPT 2021-RETL E 12566BAQ9 2000000.00000000 PA USD 2008104.00000000 3.442706846770 Long ABS-O CORP US Y 2 2036-08-15 Floating 3.83400000 N N N N N N BX COMMERCIAL MORTGAGE TRUST N/A BX 2021-SOAR J 05608WAU8 4000000.00000000 PA USD 4015429.60000000 6.884079199406 Long ABS-O CORP US Y 2 2038-06-15 Floating 3.83400000 N N N N N N N/A N/A FCREIF KERF APARTMENTS N/A 614951.50000000 PA USD 614951.50000000 1.054276939581 Long DBT CORP US Y 2 2023-09-23 Variable 11.99999900 N N N N N N EXTENDED STAY AMERICA TRUST 549300IESZBC3BJUJW64 ESA 2021-ESH F 30227FAN0 2884991.10000000 PA USD 2928102.10000000 5.019957705234 Long ABS-O CORP US Y 2 2038-07-15 Floating 3.78400000 N N N N N N N/A N/A LP Rev Repo - 30227FAN0 N/A -1977000.00000000 PA USD -1977000.00000000 -3.38938194240 Long RA CORP US N 2 Reverse repurchase Y 1.28313000 2021-10-14 2628616.78484901 USD 2649001.75289969 USD ABS N N N N/A N/A RBC REV REPO - 39152TAQ3 N/A -1493000.00000000 PA USD -1493000.00000000 -2.55960912493 Long RA CORP US N 2 Reverse repurchase Y 1.57275000 2021-11-12 2244491.02800000 USD 2211162.75000000 USD ABS N N N GREAT WOLF TRUST N/A GWT 2019-WOLF F 39152TAQ3 2500000.00000000 PA USD 2456847.50000000 4.212035686259 Long ABS-O CORP US Y 2 2036-12-15 Floating 3.21500200 N N N N N N CSMC 2021-WEHO N/A CSMC 2021-WEHO A 12657CAA2 4653175.48420000 PA USD 4664862.40000000 7.997471108927 Long ABS-O CORP US Y 2 2023-04-15 Floating 4.05304900 N N N N N N N/A N/A FCREIF BRUCKNER BRONX LLC N/A 7406050.20000000 PA USD 7406050.20000000 12.69698169570 Long DBT CORP US Y 2 2024-03-31 Variable 11.65000000 N N N N N N N/A N/A CRIMSON PE LB, LLC N/A 94.00000000 NS USD 2561500.00000000 4.391452627952 Long CORP US Y 3 N N N N/A N/A UMB MONEY MRKT FIDUCIARY N/A 2860595.18000000 PA USD 2860595.18000000 4.904223392824 Long STIV CORP US N 1 N N N N/A N/A FCREIF NIMBUS EVERETT N/A 1578832.31000000 PA USD 1578832.31000000 2.706760607786 Long DBT CORP US Y 2 2023-08-31 Variable 11.99999900 N N N N N N Annaly Capital Management, Inc. 2DTL0G3FPRYUT58TI025 NLY 6.95 PERP 035710870 18000.00000000 NS USD 465120.00000000 0.797404819954 Long EP CORP US N 1 N N N N/A N/A RBC REV REPO - 12657CAA2 N/A -2894000.00000000 PA USD -2894000.00000000 -4.96149283829 Long RA CORP US N 2 Reverse repurchase Y 1.57963000 2021-10-29 4509370.09709779 USD 4511302.20024553 USD ABS N N N BSREP COMMERCIAL MORTGAGE TRUST N/A BSREP 2021-DC G 05591UAN7 2500000.00000000 PA USD 2513119.50000000 4.308508777136 Long ABS-O CORP US Y 2 2038-08-15 Floating 3.93400100 N N N N N N CGDB COMMERCIAL MORTGAGE TRUST N/A CGDB 2019-MOB F 125284AL3 1315000.00000000 PA USD 1302921.59000000 2.233737435261 Long ABS-O CORP US Y 2 2036-11-15 Floating 2.63374900 N N N N N N Hersha Hospitality Trust 549300DNC58BIN1VO064 HERSHA HOSPITALITY TRUST 427825708 12500.00000000 NS USD 309250.00000000 0.530180255785 Long EP CORP US N 1 N N N Federal National Mortgage Association 549300HG8ZEWVWVSN227 MCAS 2019-01 B10 62547NAC3 3000000.00000000 PA USD 3049200.00000000 5.227568750011 Long ABS-O USGA US Y 2 2049-10-15 Floating 5.58600100 N N N N N N SREIT 2021-FLWR N/A SREIT 2021-FLWR E 78485GAN4 2000000.00000000 PA USD 2003239.60000000 3.434367287073 Long ABS-O CORP US Y 2 2036-07-15 Floating 2.00799000 N N N N N N Csmc 2019-Ice4 N/A CSMC 2021-BPNY A 12659XAA4 3000000.00000000 PA USD 3003846.00000000 5.149813550913 Long DBT CORP US N 2 2023-08-15 Floating 3.79840000 N N N N N N N/A N/A FCREIF ROYAL URBAN RENWAL N/A 1956959.02000000 PA USD 1956959.02000000 3.355023553064 Long DBT CORP US Y 2 2024-10-01 Variable 11.99999900 N N N N N N 2021-10-28 Forum CRE Income Fund Derek Mullins Derek Mullins Treasurer XXXX NPORT-EX 2 forumnport.htm NQ

 

FORUM CRE INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2021
 
Shares             Fair Value
    PREFERRED STOCKS — 1.8%      
    REAL ESTATE INVESTMENT TRUSTS - 1.0%      
11,000   Armada Hoffler Properties, Inc.       $ 296,230
12,500   Hersha Hospitality Trust - Series E         309,250
             

605,480

    SPECIALTY FINANCE - 0.8%      
18,000   Annaly Capital Management, Inc. - Series F(a)      

  465,120

             
               
    TOTAL PREFERRED STOCKS (Cost $983,990)    

  1,070,600

               
Shares             Fair Value
    PRIVATE INVESTMENT FUNDS — 8.8%      
    REAL ESTATE FUND - 8.8%      
24   CRIMSON PE BS, LLC,(c),(d)         621,000
94   CRIMSON PE LB, LLC,(c),(d)         2,561,500
16   CRIMSON PE PP, LLC(b),(c),(d)         400,000
60   CRIMSON PE SH, LLC,(c),(d)         1,578,750
             

5,161,250

               
    TOTAL PRIVATE INVESTMENT FUNDS (Cost $4,850,000)    

  5,161,250

               
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 71.4%      
    AGENCY CMBS — 2.1%      
1,040,000   Freddie Mac Multifamily Structured Credit Risk(e),(f) SOFR30A + 7.750% 7.8000 01/25/51   1,247,570
             
    NON AGENCY CMBS — 69.3%      
1,900,000   BCP Trust 2021-330N(e),(f) US0001M + 4.634% 4.7180 06/15/38   1,895,611
2,500,000   BSREP Commercial Mortgage Trust 2021-DC(e),(f) US0001M + 3.850% 3.9340 08/15/38   2,513,120
4,000,000   BX Commercial Mortgage Trust 2021-SOAR(e),(f) US0001M + 3.750% 3.8340 06/15/38   4,015,430
2,000,000   BX Commercial Mortgage Trust 2021-VINO(e),(f) US0001M + 3.952% 4.0360 05/15/38   2,029,929
1,315,000   CGDB Commercial Mortgage Trust 2019-MOB(e),(f) US0001M + 2.550% 2.6340 11/15/36   1,302,922
2,000,000   CIM Retail Portfolio Trust 2021-RETL(e),(f) US0001M + 3.750% 3.8340 08/15/36   2,008,104
1,500,000   CSMC 2020-TMIC(e),(f) US0001M + 6.750% 7.0000 12/15/35   1,550,190
3,000,000   CSMC 2021-BPNY(e),(f) US0001M + 3.714% 3.7980 08/15/23   3,003,846
 
 

 

FORUM CRE INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
 
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    ASSET BACKED SECURITIES — 71.4% (Continued)      
    NON AGENCY CMBS — 69.3% (Continued)      
4,653,175   CSMC 2021-WEHO(e),(f),(h) US0001M + 3.969% 4.0530 04/15/23 $ 4,664,862
5,800,000   DBCCRE 2014-ARCP Mortgage Trust(a),(e),(h)   5.0990 01/10/34   5,887,428
2,089,131   Extended Stay America Trust  Series 2021-ESH E(e),(f),(h) US0001M + 2.850% 2.9340 07/15/38   2,116,114
2,884,991   Extended Stay America Trust 2021-ESH  Series 2021-ESH F(e),(f),(h) US0001M + 3.700% 3.7840 07/15/38   2,928,102
2,500,000   Great Wolf Trust 2019-WOLF(e),(f),(h) US0001M + 3.131% 3.2150 12/15/36   2,456,848
2,000,000   MBRT 2019-MBR(e),(f) US0001M + 4.000% 4.0840 11/15/36   1,998,533
2,000,000   STWD Trust 2021-FLWR(e),(f) US0001M + 1.924% 2.0080 07/15/36   2,003,240
              40,374,279
  TOTAL ASSET BACKED SECURITIES (Cost $41,175,539)    

41,621,849

             
Principal Amount ($)       Spread Coupon Rate (%) Maturity Fair Value
    COLLATERALIZED MORTGAGE OBLIGATIONS — 10.9%      
    Collateralized Mortgage Backed Securities — 10.9%      
3,000,000   Multifamily Connecticut Avenue Securities Trust  Series 2019-01 B10(e),(f) US0001M + 5.500% 5.5860 10/15/49   3,049,200
1,500,000   Multifamily Connecticut Avenue Securities Trust(e),(f) US0001M + 8.750% 8.8360 10/15/49   1,624,916
1,500,000   Multifamily Connecticut Avenue Securities Trust  Series 2020-01 CE(e),(f) US0001M + 7.500% 7.5860 03/25/50   1,656,113
              6,330,229
  TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $5,798,456)    

6,330,229

             
Principal Amount ($)         Coupon Rate (%) Maturity Fair Value
    LOANS — 23.1%      
    MEZZANINE LOAN — 23.1%      
7,406,050   Bruckner Mezzanine Loan   11.6500 03/31/24   7,406,050
1,938,110   FCREIF EASTLAKE THORNTON, LLC   10.3500 09/27/22   1,938,110
1,578,832   FCREIF NIMBUS EVERETT   12.0000 08/31/23   1,578,832
1,956,959   ROYAL URBAN RENWAL, LLC LOAN   12.0000 10/01/24   1,956,959
614,952   TRENT DEVELOPMENT - KERF APARTMENTS LOAN   12.0000 09/23/23   614,952
              13,494,903
  TOTAL LOANS (Cost $13,495,300)    

13,494,903

             
 
 

 

FORUM CRE INCOME FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2021
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 4.9%      
    MONEY MARKET FUNDS - 4.9%      
2,860,595   UMB Money Market Fiduciary, Institutional Class, 0.01% (Cost $2,860,595)(g)       $ 2,860,595
             
 
    TOTAL INVESTMENTS - 120.9% (Cost $69,163,880)     $ 70,539,426
    LIABILITIES IN EXCESS OF OTHER ASSETS - (20.9)%    

(12,210,207)

    NET ASSETS - 100.0%        

$ 58,329,219

           
               
 

 

 

 

Shares             Fair Value
    REPURCHASE AGREEMENTS — -19.2%      
    REPURCHASE AGREEMENTS - -19.2%      
(3,343,000)   LP Reverse Repo ARCP 10/14/2021 1.3831%       $ (3,343,000)
(1,977,000)   LP Reverse Repo ESAF 10/14/2021 1.2831%         (1,977,000)
(1,487,000)   LP Reverse Repo ESA 10/14/2021 1.0831%         (1,487,000)
(2,894,000)   RBC Reverse Repo CSMC 10/29/2021 1.5796%         (2,894,000)
(1,493,000)   RBC Reverse Repo GWT 11/12/2021 1.5728%         (1,493,000)
             

(11,194,000)

               
    TOTAL REPURCHASE AGREEMENTS (Cost $(11,194,000))    

(11,194,000)

               
    TOTAL SECURITIES SOLD SHORT - (Proceeds - $11,194,000)    

$ (11,194,000)

           
   
PORTFOLIO COMPOSITION AS OF SEPTEMBER 30, 2021  
   
Types of Holdings % of Net Assets  
Asset Backed Securities 71.4%  
Loans 23.1%  
Collateralized Mortgage Obligations 10.9%  
Private Investment Funds 8.8%  
Short-Term Investments 4.9%  
Preferred Stocks 1.8%  
Liabilities in Excess of Other Assets (20.9)%  
  100.0%  
   
                   

 

 
 

 

   
LLC  - Limited Liability Company
LP  - Limited Partnership
REIT  - Real Estate Investment Trust
   
SOFR30A United States 30 Day Average SOFR Secured Overnight Financing Rate
US0001M ICE LIBOR USD 1 Month
US0003M ICE LIBOR USD 3 Month
   
   
   
   
(a) Variable rate security; the rate shown represents the rate on September 30, 2021.
(b) Non-income producing security.
(c) Illiquid security.  The total fair value of these securities as of September 30, 2021 was $5,161,250, representing 8.80% of net assets.
(d) The value of this security has been determined in good faith under policies of the Board of Trustees.
(e) Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.  As of September 30, 2021 the total market value of 144A securities is 47,952,078 or 82.2% of net assets.
(f) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets.
(g) Rate disclosed is the seven day effective yield as of September 30, 2021.
(h) This security has been pledged as collateral for securities sold under agreements to repurchase.