0001145549-24-016560.txt : 20240315 0001145549-24-016560.hdr.sgml : 20240315 20240315134551 ACCESSION NUMBER: 0001145549-24-016560 CONFORMED SUBMISSION TYPE: N-CEN PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240315 DATE AS OF CHANGE: 20240315 EFFECTIVENESS DATE: 20240315 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pender Real Estate Credit Fund CENTRAL INDEX KEY: 0001929777 ORGANIZATION NAME: IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CEN SEC ACT: 1940 Act SEC FILE NUMBER: 811-23806 FILM NUMBER: 24753778 BUSINESS ADDRESS: STREET 1: C/O UMB FUND SERVICES, INC., STREET 2: 235 WEST GALENA STREET CITY: MLWAUKEE STATE: WI ZIP: 53212 BUSINESS PHONE: 4142992200 MAIL ADDRESS: STREET 1: C/O UMB FUND SERVICES, INC., STREET 2: 235 WEST GALENA STREET CITY: MLWAUKEE STATE: WI ZIP: 53212 N-CEN 1 primary_doc.xml X0404 N-CEN LIVE 0001929777 XXXXXXXX true false false N-2 Pender Real Estate Credit Fund 811-23806 0001929777 549300NYC5XVTLXF5V85 235 WEST GALENA STREET MILWAUKEE 53212 US-WI US 4142992000 UMB FUND SERVICES, INC. 235 WEST GALENA STREET MILWAUKEE 53212-3948 4142992000 TRANSFER AGENT, FUND ACCOUNTANT AND ADMINISTRATOR FAEGRE DRINKER BIDDLE & REATH LLP ONE LOGAN SQUARE, STE 2000 PHILADELPHIA 19103 2159882700 LEGAL COUNSEL PENDER CAPITAL MANAGEMENT, LLC 11766 WILSHIRE BLVD., STE 1460 LOS ANGELES 90025 3108538001 ADVISER Y N N N-2 Y David G. Lee N/A N Robert Seyferth N/A N Gary E. Shugrue N/A N Terrance P. Gallagher N/A Y Bernadette Murphy N/A 223 Wilmington W Chester Pike Chadds Ford 19317 XXXXXX N N N N N N UMB DISTRIBUTION SERVICES, LLC 8-42106 000025938 N/A N N GRANT THORNTON LLP 00248 549300V6SBN782HF4N65 N N N N N N Pender Real Estate Credit Fund 549300NYC5XVTLXF5V85 Y Interval Fund Y N Y N N/A N/A N/A Rule 32a-4 (17 CFR 270.32a-4) Rule 18f-4 (17 CFR 270.18f-4) Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4)) Y Y Y N PENDER CAPITAL MANAGEMENT, LLC 801-113467 000281448 N/A N UMB FUND SERVICES, INC. 084-05792 N/A N N N Houlihan Capital Advisors, LLC N/A N N UMB BANK, NATIONAL ASSOCIATION VNOO6EITDJ2YUEBMSZ83 N N Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1)) N UMB FUND SERVICES, INC. 084-05792 SEC File Number N N N UMB FUND SERVICES, INC. 084-05792 SEC File Number N N N 0.000000000000 0.000000000000 N 249613567.000000000000 Other Pender Real Estate Credit Fund Class I1 Shares of Beneficial Interest Other Pender Real Estate Credit Fund Class I2 Shares of Beneficial Interest N N Other Shares of Beneficial Interest N N N 1.450000000000 6.000000000000 N/A 10.030000000000 true INTERNAL CONTROL RPT 2 penderinternalcontrol.txt INTERNAL CONTROL REPORT REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM Board of Trustees and Shareholders Pender Real Estate Credit Fund In planning and performing our audit of the financial statements of Pender Real Estate Credit Fund (the Company ) as of December 31, 2023 and for the period from April 24, 2023 (commencement of operations) through December 31, 2023, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Company s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing audit procedures for the purpose of expressing an opinion on the financial statements and to comply with the requirements of Form N- CEN, but not for the purpose of expressing an opinion on the effectiveness of the Company s internal control over financial reporting. Accordingly, we express no such opinion. Management of the Company is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or the degree of compliance with policies and procedures may deteriorate. A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company s annual or interim financial statements will not be prevented or detected on a timely basis. Our consideration of the Company s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control over financial reporting that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Company s internal control over financial reporting and its operation, including controls over safeguarding securities, which we consider to be material weaknesses as defined above as of December 31, 2023. This report is intended solely for the information and use of management and the Board of Trustees of Pender Real Estate Credit Fund and the U.S. Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties. /s/ GRANT THORNTON LLP Chicago, Illinois February 29, 2023