Pender Real Estate Credit Fund
Consolidated Schedule of Investments
September 30, 2023 (Unaudited)
| Coupon | Original | |||||||||||||||||||
| Spread | Rate (%) | Maturity Date | Acquisition Date | Principal Amount | Cost | Fair Value | ||||||||||||||
| Private Debt - 143.9% 1,2 | ||||||||||||||||||||
| Directly Originated Loans - 0.1% | ||||||||||||||||||||
| Retail - 0.1% | ||||||||||||||||||||
| David Streeter | N/A | 6.00 | 8/23/2024 | 5/21/2021 | $ | 61,096 | $ | 61,096 | $ | 61,262 | ||||||||||
| Total Directly Originated Loans | 61,096 | 61,262 | ||||||||||||||||||
| Senior Mortgage Loans - 143.9% | ||||||||||||||||||||
| Hospitality - 3.4% | ||||||||||||||||||||
| 2422 Ridgeway ABL I Holdings, LLC3 | TBILL1M + 4.00% | 9.38 | 5/1/2024 | 5/1/2022 | 3,472,000 | 3,488,402 | 3,480,680 | |||||||||||||
| Doswell VA, LLC4,5 | N/A | 6.00 | 6/1/2024 | 5/17/2021 | 2,769,984 | 2,769,984 | 2,769,984 | |||||||||||||
| Wattsburg Hospitality, LLC3 | TBILL1M + 4.20% | 9.00 | 4/1/2025 | 3/29/2023 | 1,950,000 | 1,950,000 | 1,954,875 | |||||||||||||
| 8,208,386 | 8,205,539 | |||||||||||||||||||
| Industrial - 4.6% | ||||||||||||||||||||
| 100 Queensway St, LLC | N/A | 9.00 | 1/1/2024 | 12/22/2022 | 11,000,000 | 11,063,000 | 11,031,500 | |||||||||||||
| Mixed Use - 12.8% | ||||||||||||||||||||
| 1810 Chestnut Street Development, LLC3 | TBILL1M + 8.17% | 13.55 | 2/1/2024 | 8/2/2022 | 11,350,000 | 11,264,875 | 11,378,375 | |||||||||||||
| 2601 Tandy ABL I Holdings, LLC3 | SOFR1M + 4.13% | 9.00 | 4/1/2024 | 4/1/2023 | 10,950,000 | 10,950,000 | 10,800,000 | |||||||||||||
| MBRV, LLC | N/A | 6.00 | 7/1/2024 | 9/30/2019 | 4,950,000 | 4,950,000 | 4,987,125 | |||||||||||||
| Theos Fedro Holdings, LLC4,5 | N/A | 0.00 | 11/4/2022 | 12/18/2017 | 3,600,000 | 3,600,000 | 3,600,000 | |||||||||||||
| 30,764,875 | 30,765,500 | |||||||||||||||||||
| Mobile Home Park - 1.1% | ||||||||||||||||||||
| WF Houston, LLC | N/A | 7.00 | 5/1/2024 | 4/27/2021 | 2,680,000 | 2,573,500 | 2,686,700 | |||||||||||||
| Multifamily - 112.0% | ||||||||||||||||||||
| 2233 Woburn St, LLC3 | TBILL1M + 3.50% | 7.00 | 10/26/2024 | 10/26/2022 | 3,375,000 | 3,400,313 | 3,383,438 | |||||||||||||
| 3390 Fairburn, LLC3 | TBILL1M + 6.35% | 11.73 | 1/1/2024 | 12/20/2021 | 33,000,000 | 33,082,500 | 33,214,500 | |||||||||||||
| Brazos Thread Owner 1, LLC | N/A | 8.00 | 7/1/2024 | 6/14/2023 | 11,075,000 | 11,075,000 | 11,102,687 | |||||||||||||
| Brazos Thread Owner 2, LLC | N/A | 8.00 | 7/1/2024 | 6/14/2023 | 10,250,000 | 10,250,000 | 10,275,625 | |||||||||||||
| Brazos Thread Owner 3, LLC | N/A | 8.00 | 7/1/2024 | 6/14/2023 | 20,200,000 | 20,200,000 | 20,250,500 | |||||||||||||
| C & S Storage, LLC3 | SOFR1M + 2.88% | 7.75 | 4/1/2024 | 3/31/2023 | 25,000,000 | 25,000,000 | 25,062,500 | |||||||||||||
| Grandview Apartments 1002, LLC3 | TBILL1M + 3.50% | 8.50 | 3/1/2024 | 2/27/2023 | 3,000,000 | 3,000,000 | 3,007,500 | |||||||||||||
| KSA GP, LLC3 | TBILL1M + 4.00% | 6.00 | 5/1/2024 | 5/4/2022 | 3,000,000 | 2,910,000 | 2,992,500 | |||||||||||||
| Lebanon 10, LLC3 | SOFR1M + 2.38% | 7.25 | 4/1/2024 | 3/31/2023 | 4,708,815 | 4,708,815 | 4,720,587 | |||||||||||||
| MF Opp Fund I, LLC | N/A | 10.00 | 7/1/2024 | 6/14/2023 | 34,000,000 | 34,000,000 | 34,085,000 | |||||||||||||
| OKC1 Huntington Holdings, LLC3 | TBILL1M + 6.35% | 11.73 | 11/1/2023 | 10/29/2021 | 14,125,000 | 14,160,313 | 14,160,313 | |||||||||||||
| Prosper GP LP, LLC | N/A | 10.00 | 10/1/2024 | 9/15/2023 | 18,000,000 | 18,000,000 | 18,000,000 | |||||||||||||
| Quinton Cove, LLC3 | TBILL1M + 6.40% | 11.78 | 1/1/2024 | 6/25/2021 | 4,000,000 | 4,020,000 | 4,030,000 | |||||||||||||
| Sage Richmond, LLC3 | TBILL1M + 7.00% | 12.38 | 7/1/2024 | 6/28/2022 | 6,480,000 | 6,544,800 | 6,528,600 | |||||||||||||
| Selena Lorenzo Apartments, LLC3 | TBILL1M + 5.84% | 11.22 | 1/1/2024 | 12/8/2021 | 8,000,000 | 8,060,000 | 8,052,000 | |||||||||||||
| Somerset Apartments, LLC3 | TBILL1M + 2.00% | 7.00 | 1/1/2025 | 12/8/2022 | 7,500,000 | 7,556,250 | 7,518,750 | |||||||||||||
| TMF Normandy Holdings, LLC3 | TBILL1M + 6.40% | 11.78 | 12/1/2023 | 11/16/2021 | 3,480,000 | 3,488,700 | 3,488,700 | |||||||||||||
| Village Del Mar Apartments, LLC3 | TBILL1M + 6.79% | 12.17 | 4/1/2024 | 4/1/2022 | 14,500,000 | 14,355,000 | 14,391,250 | |||||||||||||
| Warrior Fund I, LLC3 | TBILL1M + 3.50% | 7.00 | 11/1/2023 | 11/3/2022 | 32,625,000 | 32,869,688 | 32,869,688 | |||||||||||||
| Wesley GP, LLC3 | TBILL1M + 4.00% | 6.00 | 7/1/2024 | 5/31/2022 | 8,350,000 | 8,162,125 | 8,362,525 | |||||||||||||
| Yakima 28, LLC3 | TBILL1M + 2.00% | 7.00 | 12/1/2024 | 11/29/2022 | 4,060,000 | 4,090,450 | 4,070,150 | |||||||||||||
| 268,933,954 | 269,566,813 | |||||||||||||||||||
| Office - 3.5% | ||||||||||||||||||||
| 5751 Kroger ABL I Holidings, LLC3 | SOFR1M + 3.13% | 8.00 | 4/1/2024 | 4/1/2023 | 8,650,000 | 8,650,000 | 8,423,875 | |||||||||||||
| Retail - 5.1% | ||||||||||||||||||||
| 710 Route 38 ABL I Holdings, LLC3 | TBILL1M + 5.35% | 9.00 | 1/1/2024 | 12/27/2022 | 12,200,000 | 12,230,500 | 12,218,300 | |||||||||||||
| RV Park - 1.4% | ||||||||||||||||||||
| Razors Edge Investments, LLC3 | TBILL1M + 8.75% | 14.13 | 12/1/2023 | 12/3/2021 | 3,360,000 | 3,360,000 | 3,365,040 | |||||||||||||
| Total Senior Mortgage Loans | 345,784,215 | 346,263,267 | ||||||||||||||||||
| Total Private Debt | 345,845,311 | 346,324,529 | ||||||||||||||||||
| Total Investments (Cost $345,845,311) - 143.9% | $ | 346,324,529 | ||||||||||||||||||
| Liabilities in excess of other assets - (43.9%) | (105,655,783 | ) | ||||||||||||||||||
| Net Assets - 100% | $ | 240,668,746 | ||||||||||||||||||
LLC - Limited Liability Company
TBILL1M - One month term U.S. Treasury Bill
SOFR1M - One month term Secured Overnight Financing Rate
| 1 | All Private Debt investments are restricted securities. The total value of these securities is $346,324,529, which represents 143.9% of total net assets of the Fund |
| 2 | All Private Debt investments are Level 3 securities fair valued using significant unobservable inputs. |
| 3 | Floating rate security. |
| 4 | In default. |
| 5 | Non-income producing. |