NPORT-EX 2 pender_093023partf.htm

 

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

 

1All 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
2All Private Debt investments are Level 3 securities fair valued using significant unobservable inputs.
3Floating rate security.
4In default.
5Non-income producing.