# EDGAR Filing Document

**Accession Number:** 0001857314
**File Stem:** 0001193125-25-299131
**Filing Date:** 2025-11
**Character Count:** 54931
**Document Hash:** 2fc41197b5de773cd173eaa08195a95b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-299131.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001193125-25-299131

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forum Real Estate Income Fund
- **CENTRAL INDEX KEY:** 0001857314

**ORGANIZATION NAME:**
- **EIN:** 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:** 251526166

**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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Forum CRE Income Fund
- **DATE OF NAME CHANGE:** 20210415

## Nport-Ex

**FORUM REAL ESTATE INCOME FUND**

**Schedule of Investments**

**As of September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|<br>**Units/Shares** |  | <br>**Reference Rate & Spread** | **Coupon**<br>**Rate**<br>**(%)** | <br>**Maturity** |<br>**Fair Value** |
|  | **PRIVATE INVESTMENTS - EQUITY — 20.5%** |  |  |  |  |
|  | **REAL ESTATE COMMON EQUITY — 0.3%** |  |  |  |  |
| 40 | CRIMSON DEVCO, LLC<sup>(a),(b),(c)</sup> | N/A | N/A | N/A | $1000000 |
|  | **REAL ESTATE PREFERRED EQUITY — 20.2%** |  |  |  |  |
| 4440694 | Avondale Hills<sup>(a),(b)</sup> | Cash : 7.000%, PIK : 6.000% | 13.000 | 12/11/29 | 4516209 |
| 7679281 | Blackbird Group<sup>(a),(b)</sup> | Cash : 6.500%, PIK : 6.500% | 13.000 | 02/02/30 | 7811062 |
| 4371324 | Dawson Forest<sup>(a),(b)</sup> | Cash : 6.500%, PIK : 6.500% | 13.000 | 04/02/29 | 4379872 |
| 12035593 | GM Palace BTS<sup>(a),(b)</sup> | N/A | 16.000 | 05/31/27 | 12098763 |
| 1071752 | IOTA Multifamily Development<sup>(a),(b)</sup> | Cash : 7.000%, PIK : 7.000% | 14.000 | 04/01/26 | 1068193 |
| 6943982 | Madison Midtown<sup>(a),(b)</sup> | PIK : 16.250% | 16.250 | 10/04/27 | 7109013 |
| 18000000 | Park West Preferred Equity<sup>(a),(b)</sup> | Cash : 6.500%, PIK : 6.000% | 12.500 | 09/30/27 | 18000000 |
| 2005270 | The Marlowe Preferred Equity<sup>(a),(b)</sup> | Cash : 5.000%, PIK : 10.000% | 15.000 | 02/09/27 | 2007637 |
| 6495890 | The Villas at Sundance<sup>(a),(b)</sup> | Cash : 6.500%, PIK : 6.500% | 13.000 | 06/17/29 | 6601249 |
| 6103568 | Zephyr Preferred Equity<sup>(a),(b),(d)</sup> | Cash : 7.000%, PIK : 1-Month Term SOFR + 5.000% | 16.250 | 06/14/27 | 6103568 |
|  |  |  |  |  | 69695566 |
|  | **TOTAL PRIVATE INVESTMENTS - EQUITY** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $69,918,920)** |  |  |  | 70695566 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount <br> ($)** |  |  |  |  |  |
|  | **PRIVATE INVESTMENTS - MEZZANINE LOANS — 11.0%** |  |  |  |  |
| 650654 | Advantis MCA FV, LLC<sup>(a),(b),(d),(e),(f)</sup> | 1-Month Term SOFR + 11.900%; 1-Month Term SOFR floor 1.530% | 16.080 | 07/22/26 | 650654 |
| 692410 | Advantis MCA Harbor, LLC<sup>(a),(b),(d),(e),(f)</sup> | 1-Month Term SOFR + 11.900%; 1-Month Term SOFR floor 3.480% | 16.080 | 04/18/26 | 692410 |
| 655336 | Ann Arbor Rambler Student Housing<sup>(a),(b),(d)</sup> | Cash : 1-Month Term SOFR + 9.390% | 13.680 | 11/21/28 | 655335 |
| 5757746 | Lakewilde at Santee Senior Loan<sup>(a),(b)</sup> | 1-Month Term SOFR + 8.500%; 1-Month Term SOFR floor 3.750% | 12.781 | 08/13/26 | 5757746 |
| 2038394 | Lexington So Totowa, LLC<sup>(a),(b),(d),(g)</sup> | Cash : 1-Month Term SOFR + 11.250% | 15.530 | 10/02/25 | 2038394 |
| 5686565 | Royal Urban Renewal, LLC<sup>(a),(b),(h)</sup> | Cash : 6.500%, PIK : 5.500% | 12.000 | 12/01/25 | 5166625 |
| 2138728 | Royal Urban Renewal, LLC<sup>(a),(b),(h)</sup> | Cash : 6.500%, PIK : 5.500% | 12.000 | 12/01/25 | 1943178 |
| 4000000 | Terraces at High Mountain Mezzanine Loan<sup>(a),(b)</sup> | 1-Month Term SOFR + 9.000%; 1-Month Term SOFR floor 3.750% | 13.176 | 08/11/27 | 4000000 |
| 10110000 | The Ivy Mezzanine Loan<sup>(a),(b),(d)</sup> | 1-Month Term SOFR + 8.000%; 1-Month Term SOFR floor 3.750% | 12.176 | 05/08/28 | 10110000 |
| 1914945 | UMD Rambler Vertical Mezzanine<sup>(a),(b),(d)</sup> | 1-Month Term SOFR + 8.930%; 1-Month Term SOFR floor 3.250% | 13.130 | 06/12/29 | 1914945 |
| 4958271 | Williams Village II Land Loan<sup>(a),(b),(i)</sup> | N/A | 11.990 | 12/01/26 | 4958271 |
|  | **TOTAL PRIVATE INVESTMENTS - MEZZANINE LOANS (Cost $38,503,583)** |  |  |  |  |
|  |  |  |  |  | 37887558 |
|  | **COMMERCIAL MORTGAGE-BACKED** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**SECURITIES ("CMBS") — 86.0%** |  |  |  |  |
|  | **AGENCY CMBS — 18.1%** |  |  |  |  |
| 12134867 | FREMF 2020-KF83 Mortgage Trust<sup>(d),(j)</sup> | SOFR30A + 9.114% | 13.469 | 07/25/30 | 12404787 |
| 19894955 | FREMF 2020-KF88 Mortgage Trust<sup>(d),(j)</sup> | SOFR30A + 9.114% | 13.469 | 09/25/30 | 18886776 |
| 2755346 | FREMF 2020-KF95 Mortgage Trust<sup>(d),(j)</sup> | SOFR30A + 9.000% | 13.355 | 12/25/30 | 2328425 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FORUM REAL ESTATE INCOME FUND**

**Schedule of Investments (Continued)**

**As of September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal** |  |  | **Coupon** |  | |
| **Amount** |  |  | **Rate** |  | |
| **($)** |  | **Reference Rate & Spread** | **(%)** | **Maturity** | **Fair Value** |
| 2493733 | FREMF 2020-KJ32 Mortgage Trust<sup>(d),(j)</sup> | N/A | 7.000 | 11/25/33 | $2247421 |
| 25676882 | FREMF 2021-KF98 Mortgage Trust<sup>(d),(j)</sup> | SOFR30A + 8.500% | 12.855 | 12/25/30 | 26331608 |
|  |  |  |  |  | 62199017 |
|  | **NON-AGENCY CMBS — 67.9%** |  |  |  |  |
| 9999999 | ACRE Multifamily Housing Mortgage Loan |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Trust 2022-Q018<sup>(d),(j)</sup> | SOFR30A + 4.000% | 8.355 | 06/25/27 | 10008167 |
| 16800000 | BAMLL Commercial Mortgage Securities |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Trust 2016-ISQ - Class XA<sup>(d),(j)</sup> | N/A | 0.879 | 08/14/34 | 109586 |
| 8540000 | BAMLL Commercial Mortgage Securities |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Trust 2016-ISQ - Class XB<sup>(d),(j)</sup> | N/A | 0.327 | 08/14/34 | 19526 |
| 44560524 | BBCMS Trust 2015-VFM<sup>(d),(j)</sup> | N/A | 0.267 | 03/12/36 | 27875 |
| 4015817 | BX Commercial Mortgage Trust | 1-Month Term SOFR + |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2021-SOAR<sup>(d),(j)</sup> | 3.864% | 8.014 | 06/15/38 | 4010006 |
| 2981838 | BX Commercial Mortgage Trust | 1-Month Term SOFR + |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2021-VOLT<sup>(d),(j)</sup> | 2.964% | 7.114 | 09/15/36 | 2940209 |
| 5366000 | BX Commercial Mortgage Trust | 1-Month Term SOFR + |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2022-CSMO<sup>(d),(j),(k)</sup> | 2.115% | 6.265 | 06/15/27 | 5401646 |
| 10298147 | BX Commercial Mortgage Trust | 1-Month Term SOFR + |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2024-AIRC<sup>(d),(j)</sup> | 3.089% | 7.239 | 08/15/39 | 10395337 |
| 5000000 | BX Commercial Mortgage Trust | 1-Month Term SOFR + |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2024-BRBK<sup>(d),(j)</sup> | 6.968% | 11.118 | 10/15/41 | 4995540 |
| 10000000 | BX Commercial Mortgage Trust 2025-COPT - | 1-Month Term SOFR + |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Class A(d),(j),(k) | 1.750% | 5.900 | 08/15/42 | 10027900 |
| 5000000 | BX Commercial Mortgage Trust 2025-COPT - | 1-Month Term SOFR + |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Class D(d),(j) | 3.250% | 7.400 | 08/15/42 | 5019340 |
| 8600000 | BX Trust 2021-ARIA<sup>(d),(j)</sup> | 1-Month Term SOFR + |  |  |  |
|  |  | 3.257% | 7.407 | 10/15/36 | 8564663 |
| 7400000 | BX Trust 2025-OMG - Class E<sup>(d),(j)</sup> | 1-Month Term SOFR + |  |  |  |
|  |  | 2.950% | 7.100 | 10/15/27 | 7400000 |
| 2000000 | BX Trust 2025-OMG - Class F<sup>(d),(j)</sup> | 1-Month Term SOFR + |  |  |  |
|  |  | 3.600% | 7.750 | 10/15/27 | 2000000 |
| 15000000 | BX Trust 2025-VLT7 - Class A<sup>(d),(j),(k)</sup> | 1-Month Term SOFR + |  |  |  |
|  |  | 1.700% | 5.850 | 07/15/44 | 15062985 |
| 5000000 | BX Trust 2025-VLT7 - Class E<sup>(d),(j)</sup> | 1-Month Term SOFR + |  |  |  |
|  |  | 3.750% | 7.900 | 07/15/44 | 5039190 |
| 8000000 | BXHPP Trust 2021-FILM<sup>(d),(j),(k)</sup> | 1-Month Term SOFR + |  |  |  |
|  |  | 0.764% | 4.914 | 08/15/36 | 7766712 |
| 275000 | Citigroup Commercial Mortgage Trust | 1-Month Term SOFR + |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2021-PRM2 - Class F<sup>(d),(j)</sup> | 3.864% | 8.014 | 10/15/38 | 274799 |
| 7000000 | Citigroup Commercial Mortgage Trust | 1-Month Term SOFR + |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2021-PRM2 - Class J<sup>(d),(j)</sup> | 5.514% | 9.664 | 10/15/36 | 6983914 |
| 10000000 | COMM Mortgage Trust 2024-WCL1 <sup>(d),(j),(k)</sup> | 1-Month Term SOFR + |  |  |  |
|  |  | 1.841% | 5.991 | 06/15/41 | 9987900 |
| 9350000 | DROP Mortgage Trust 2021-FILE<sup>(d),(j),(k)</sup> | 1-Month Term SOFR + |  |  |  |
|  |  | 1.264% | 5.414 | 10/15/43 | 9091697 |
| 7042198 | Extended Stay America Trust 2021-ESH<sup>(d),(j)</sup> | 1-Month Term SOFR + |  |  |  |
|  |  | 3.814% | 7.964 | 07/15/38 | 7058360 |
| 2600000 | Extended Stay America Trust 2025-ESH<sup>(d),(j)</sup> | 1-Month Term SOFR + |  |  |  |
|  |  | 4.100% | 8.250 | 10/15/42 | 2613000 |
| 3724000 | GS Mortgage Securities Corp. Trust 2021-IP(d),(j) | 1-Month Term SOFR + 3.664% | 7.814 | 10/15/36 | 3677852 |
| 10000000 | GS Mortgage Securities Corp. Trust <br>2025-800D<sup>(d),(j),(k)</sup> | 1-Month Term SOFR + |  |  |  |
|  |  | 2.650% | 6.800 | 11/25/41 | 10064120 |
| 2500000 | Hudson's Bay Simon JV Trust 2015-HBS - |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Class A10<sup>(j)</sup> | N/A | 4.155 | 08/05/34 | 2497305 |
| 23411 | Hudson's Bay Simon JV Trust 2015-HBS - |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Class A7<sup>(j)</sup> | N/A | 3.914 | 08/05/34 | 23390 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FORUM REAL ESTATE INCOME FUND** 

**Schedule of Investments (Continued)**

**As of September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal <br> Amount <br> ($)** |  | **Reference Rate & Spread** | **Coupon <br> Rate <br> (%)** | **Maturity** | **Fair Value** |
| 3000000 | Hudson's Bay Simon JV Trust 2015-HBS - Class B10<sup>(j)</sup> | N/A | 4.906 | 08/05/34 | $2989443 |
| 1767000 | Hudson's Bay Simon JV Trust 2015-HBS - Class B7<sup>(j)</sup> | N/A | 4.666 | 08/05/34 | 1761231 |
| 1820000 | Hudson's Bay Simon JV Trust 2015-HBS - Class C10<sup>(d),(j)</sup> | N/A | 5.629 | 08/05/34 | 1795630 |
| 3000000 | Hudson's Bay Simon JV Trust 2015-HBS - Class C7<sup>(d),(j)</sup> | N/A | 5.238 | 08/05/34 | 2960586 |
| 100000 | Hudson's Bay Simon JV Trust 2015-HBS - Class D7<sup>(d),(j)</sup> | N/A | 5.238 | 08/05/34 | 92845 |
| 3000000 | ILPT Commercial Mortgage Trust 2025-LPF2 - Class E<sup>(d),(j)</sup> | N/A | 8.472 | 07/13/42 | 3105255 |
| 5000000 | ILPT Commercial Mortgage Trust 2025-LPF2 - Class F<sup>(d),(j)</sup> | N/A | 9.318 | 07/13/42 | 5108968 |
| 9000000 | LBA Trust 2024-BOLT<sup>(d),(j)</sup> | 1-Month Term SOFR + 3.688% | 7.838 | 06/15/39 | 9025839 |
| 10034000 | Life 2022-BMR Mortgage Trust - Class A1<sup>(d),(j),(k)</sup> | 1-Month Term SOFR + 1.295% | 5.445 | 05/15/39 | 9769273 |
| 5430000 | Life 2022-BMR Mortgage Trust - Class D<sup>(d),(j)</sup> | 1-Month Term SOFR + 2.542% | 6.692 | 05/15/39 | 4953583 |
| 7500000 | MILE Trust 2025-STNE<sup>(d),(j)</sup> | 1-Month Term SOFR + 4.900% | 9.050 | 07/15/42 | 7504763 |
| 3000000 | MTN Commercial Mortgage Trust 2022-LPFL - Class B<sup>(d),(j),(k)</sup> | 1-Month Term SOFR + 1.896% | 6.046 | 03/15/39 | 3000318 |
| 663126 | OPEN Trust 2023-AIR - Class A<sup>(d),(j)</sup> | 1-Month Term SOFR + 3.089% | 7.239 | 11/15/40 | 664522 |
| 2400000 | OPEN Trust 2023-AIR - Class E<sup>(d),(j)</sup> | 1-Month Term SOFR + 9.429% | 13.579 | 11/15/40 | 2413975 |
| 6400000 | Prima Capital CRE Securitization 2019-1S, Ltd.<sup>(j)</sup> | N/A | 5.500 | 10/01/33 | 5191690 |
| 8700000 | SWCH Commercial Mortgage Trust 2025-DATA<sup>(d),(j)</sup> | 1-Month Term SOFR + 3.340% | 7.490 | 02/15/42 | 8689125 |
| 10000000 | Wells Fargo Commercial Mortgage Trust 2025-B33RP<sup>(d),(j)</sup> | 1-Month Term SOFR + 3.500% | 7.650 | 08/15/42 | 10037399 |
| 5500000 | Worldwide Plaza Trust 2017-WWP - Class A<sup>(j)</sup> | N/A | 3.526 | 11/10/36 | 3718495 |
| 354000 | Worldwide Plaza Trust 2017-WWP - Class F<sup>(d),(j)</sup> | N/A | 3.715 | 11/10/36 | 15764 |
|  |  |  |  |  | 233859723 |
|  | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $295,516,035)** |  |  |  | 296058740 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.1%** |  |
|  | **MONEY MARKET FUNDS — 3.1%** |  |
| 10511561 | Fidelity Treasury Portfolio - Institutional Class, 3.94%<sup>(l)</sup> | 10511561 |
|  | **TOTAL SHORT-TERM INVESTMENTS<br> (Cost $10,511,561)** | 10511561 |
|  | **TOTAL INVESTMENTS — 120.6%<br> (Cost $414,450,099)** | $415153425 |
|  | **TOTAL LIABILITIES IN EXCESS OF OTHER ASSETS – (20.6)%** | (70911040) |
|  | **TOTAL NET ASSETS – 100.0%** | $344242385 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FORUM REAL ESTATE INCOME FUND**

**Schedule of Investments (Continued)**

**As of September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount <br> ($)** |  | **Interest <br> Rate <br> (%)** | **Maturity** | **Fair Value** |
|  | **REVERSE REPURCHASE AGREEMENTS — (17.7)%** |  |  |  |
| (6076000) | Lucid Management Reverse Repo JAA Trust | 4.875 | 10/16/25 | $(6076000) |
| (8110000) | Lucid Management Reverse Repo XAA8 Trust | 4.775 | 10/16/25 | (8110000) |
| (7219000) | Lucid Management Reverse Repo XAA9 Trust | 5.075 | 10/16/25 | (7219000) |
| (8100000) | Natixis Securities Americas Reverse Repo 3AA Trust | 4.700 | 10/15/25 | (8100000) |
| (3545000) | Natixis Securities Americas Reverse Repo MAA Trust | 4.700 | 10/15/25 | (3545000) |
| (2346000) | Natixis Securities Americas Reverse Repo WAC Trust | 4.920 | 10/03/25 | (2346000) |
| (7028000) | Natixis Securities Americas Reverse Repo YAA Trust | 4.900 | 10/03/25 | (7028000) |
| (7456000) | Royal Bank Canada Reverse Repo DAA2 Trust | 4.880 | 10/29/25 | (7456000) |
| (7715000) | Royal Bank Canada Reverse Repo DAA6 Trust | 4.880 | 10/29/25 | (7715000) |
| (3496000) | Royal Bank Canada Reverse Repo EAA Trust | 4.880 | 10/02/25 | (3496000) |
|  | **TOTAL REVERSE REPURCHASE AGREEMENTS<br> (Proceeds $(61091000))** |  |  | $(61091000) |

---

LLC – Limited Liability Company

PIK – Payment In Kind

SOFR – Secured Overnight Financing Rate

SOFR30A – United States 30 Day Average SOFR Secured Overnight Financing Rate

(a) Denotes an illiquid and restricted security that either: (a) cannot be offered for public sale without first being registered, and is availing itself of an exemption from registration under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. The total of these illiquid and restricted securities represents 31.54% of Net Assets. The total value of these securities is $108,583,124. Please refer to Restricted Securities in the Notes to the Schedule of Investments.

(b) The value of this security has been determined in good faith under policies adopted by the Fund's Valuation Designee and approved by the Board of Trustees. Level 3 securities fair valued under such procedures represents 31.54% of Net Assets. The total value of these securities is $108,583,124.

(c) Non-income producing security.

(d) Variable or floating rate security, the interest of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The rate shown represents the rate on September 30, 2025.

(e) Cash portion of interest is included in principal of loans.

(f) Interest on loans funded from interest reserve.

(g) Security is in default at September 30, 2025. An additional contractual 5.00% penalty interest rate will be applied until security is no longer in default.

(h) Security is in default at September 30, 2025. Contractual interest rate of 12.0% will be full PIK until security is paid off.

(i) Net of Commercial Loan of ($11,250,572) with a maturity date of 12/01/2026 and interest rate of 1-Month Term SOFR + 3.750% equal to 8.062% as of September 30, 2025.

(j) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $296,058,740, which represents 86.00% of total net assets of the Fund.

(k) All or a portion of this security has been pledged as collateral for securities sold under agreement to repurchase. Total market value of underlying collateral for open reverse repurchase agreements at September 30, 2025 was $70,222,454.

(l) Rate disclosed is the seven-day effective yield as of September 30, 2025.

*See accompanying notes which are an integral part of these financial statements.*

**FORUM REAL ESTATE INCOME FUND**

**Notes to the Schedule of Investments**

**September 30, 2025 (Unaudited)**

**RESTRICTED SECURITIES**

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund's investment objective and investment strategies. Investments in restricted securities are fair valued as determined in good faith in accordance with procedures adopted by the Valuation Designee and approved by the Board. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

As of September 30, 2025, the Fund invested in the following restricted securities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Original <br> Acquisition <br> Date** | **Principal /<br> Units** | **Cost** | **Value** | **% of Net<br> Assets** |
| Advantis MCA FV, LLC | 7/22/2022 | 650654 | $643850 | $650654 | 0.19% |
| Advantis MCA Harbor, LLC | 10/18/2022 | 692410 | 686691 | 692410 | 0.20% |
| Ann Arbor Rambler Student Housing | 11/20/2024 | 655336 | 655336 | 655335 | 0.19% |
| Avondale Hills | 12/10/2024 | 4440694 | 4431361 | 4516209 | 1.31% |
| Blackbird Group | 1/24/2025 | 7679281 | 7662709 | 7811062 | 2.27% |
| CRIMSON DEVCO, LLC | 12/17/2021 | 40 | 1000000 | 1000000 | 0.29% |
| Dawson Forest | 4/25/2024 | 4371324 | 4371324 | 4379872 | 1.27% |
| GM Palace BTS | 10/17/2024 | 12035593 | 11960575 | 12098763 | 3.52% |
| IOTA Multifamily Development | 3/31/2022 | 1071752 | 1066282 | 1068193 | 0.31% |
| Lakewilde at Santee Senior Loan | 8/11/2025 | 5757746 | 5736496 | 5757746 | 1.67% |
| Lexington So Totowa, LLC | 5/20/2022 | 2038394 | 2028308 | 2038394 | 0.59% |
| Madison Midtown | 1/28/2025 | 6943982 | 6879078 | 7109013 | 2.07% |
| Park West Preferred Equity | 9/30/2025 | 18000000 | 18000000 | 18000000 | 5.23% |
| Royal Urban Renewal, LLC | 9/29/2021 | 5686565 | 5686565 | 5166625 | 1.50% |
| Royal Urban Renewal, LLC | 5/30/2024 | 2138728 | 2138728 | 1943178 | 0.56% |
| Terraces at High Mountain Mezzanine Loan | 7/31/2025 | 4000000 | 3980000 | 4000000 | 1.16% |
| The Ivy Mezzanine Loan | 4/29/2025 | 10110000 | 10085000 | 10110000 | 2.94% |
| The Marlowe Preferred Equity | 9/25/2024 | 2005270 | 1992807 | 2007637 | 0.58% |
| The Villas at Sundance | 6/13/2024 | 6495890 | 6495890 | 6601249 | 1.92% |
| UMD Rambler Vertical Mezzanine | 4/4/2025 | 1914945 | 1914945 | 1914945 | 0.56% |
| Williams Village II Land Loan | 3/3/2025 | 4958271 | 4947664 | 4958271 | 1.44% |
| Zephyr Preferred Equity | 6/15/2023 | 6103568 | 6058894 | 6103568 | 1.77% |
|  |  | 107750443 | $108422503 | $108583124 | 31.54% |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Forum Real Estate Income Fund

- **b. Investment Company Act file number:** 811-23658

- **c. CIK number of Registrant:** 0001857314

- **d. LEI of Registrant:** 5493002R068Q02JV3T45

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 240 Saint Paul Street

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80206

  - **Telephone number:** 3035018860

**Item A.2. Information about the Series.**

- **a. Name of Series:** Forum Real Estate Income Fund

- **c. LEI of Series:** 5493002R068Q02JV3T45

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $434060446.53

**Total Liabilities:** $90195047.06

**Net Assets:** $343865399.47

**Cash Not Reported:** $799849.07

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 302.510666509824 | **5-Year:** 82.771786452870 | **10-Year:** 8423.808443582296 | **30-Year:** 4023.767711866010

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 20892.822696864230 | **1-Year:** 97341.258792810871 | **5-Year:** 66622.124149692812 | **10-Year:** 8899.898712342906 | **30-Year:** 2687.826938457731

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.79%                | 0.78%                | 0.56%                |
| Class ID N/A | 0.78%                | 0.77%                | 0.56%                |
| Class ID N/A | 0.69%                | 0.71%                | 0.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $326416.42               | $-80420.72                                 |
| Month 2  | $623657.27               | $-344607.51                                |
| Month 3  | $1328505.53              | $-2064755.02                               |

### Schedule of Portfolio Investments

| Name                                        | Title                                                  | Identifiers                  | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| FREMF Mortgage Trust                        | FREMF 2020-KF83 Mortgage Trust                         | CUSIP: 302696AA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  12134867 | PA      | $12404787.19  | 3.61%             | 2030-07-25      | Floating      | 13.47%                | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2020-KF88 Mortgage Trust                         | CUSIP: 30316MAJ6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  19894955 | PA      | $18886776.44  | 5.49%             | 2030-09-25      | Floating      | 13.47%                | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2020-KJ32 Mortgage Trust                         | CUSIP: 30317BAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2493733 | PA      | $2247421.02   | 0.65%             | 2033-11-25      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2021-KF98 Mortgage Trust                         | CUSIP: 30318HAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  25676882 | PA      | $26331608.05  | 7.66%             | 2030-12-25      | Floating      | 12.86%                | Yes           |                  2 | On Loan: No      |
| NATIXIS REVERSE REPO 62475WAC9   /          | NATIXIS REVERSE REPO 62475WAC9   /                     | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -2346000 | PA      | $-2346000.00  | -0.68%            | 2025-10-03      | Fixed         | 4.92%                 | No            |                  2 | On Loan: No      |
| NATIXIS REVERSE REPO 26210YAA4   /          | NATIXIS REVERSE REPO 26210YAA4   /                     | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -7028000 | PA      | $-7028000.00  | -2.04%            | 2025-10-03      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Park West Preferred Equity FIXED 12.5%   /  | Park West Preferred Equity FIXED 12.5%   /             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  18000000 | OU      | $18000000.00  | 5.23%             |  |  |  | Yes           |                  3 | On Loan: No      |
| ACRE Multifamily Housing Mortg              | ACRE Multifamily Housing Mortgage Loan Trust 2022-Q018 | CUSIP: 00091WAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   9999999 | PA      | $10008166.94  | 2.91%             | 2027-06-25      | Floating      | 8.36%                 | Yes           |                  2 | On Loan: No      |
| Banc of America Merrill Lynch               | BAMLL Commercial Mortgage Securities Trust 2016-ISQ    | CUSIP: 05523GAC5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  16800000 | PA      | $109586.40    | 0.03%             | 2034-08-14      | Variable      | 0.88%                 | Yes           |                  2 | On Loan: No      |
| Banc of America Merrill Lynch               | BAMLL Commercial Mortgage Securities Trust 2016-ISQ    | CUSIP: 05523GAE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   8540000 | PA      | $19526.28     | 0.01%             | 2034-08-14      | Variable      | 0.33%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S              | BBCMS Trust 2015-VFM                                   | CUSIP: 05546JAC2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  44560524 | PA      | $27874.84     | 0.01%             | 2036-03-12      | Variable      | 0.27%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                     | CUSIP: 05608RAQ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   8600000 | PA      | $8564662.60   | 2.49%             | 2036-10-15      | Floating      | 7.41%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-SOAR                 | CUSIP: 05608WAU8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   4015817 | PA      | $4010005.99   | 1.17%             | 2038-06-15      | Floating      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| BXHPP Trust                                 | BXHPP Trust 2021-FILM                                  | CUSIP: 05609JAA0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $7766712.00   | 2.26%             | 2036-08-15      | Floating      | 4.91%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-VOLT                 | CUSIP: 05609VAS4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2981838 | PA      | $2940208.45   | 0.86%             | 2036-09-15      | Floating      | 7.11%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2022-CSMO                 | CUSIP: 05610MAA0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5366000 | PA      | $5401646.34   | 1.57%             | 2027-06-15      | Floating      | 6.26%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-BRBK                 | CUSIP: 05613NAN7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4995540.00   | 1.45%             | 2041-10-15      | Floating      | 11.12%                | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2025-COPT                 | CUSIP: 05618XAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10027900.00  | 2.92%             | 2042-08-15      | Floating      | 5.90%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2025-COPT                 | CUSIP: 05618XAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5019340.00   | 1.46%             | 2042-08-15      | Floating      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-OMG                                      | CUSIP: 05619HAJ3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   7400000 | PA      | $7400000.00   | 2.15%             | 2027-10-15      | Floating      | 7.10%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-OMG                                      | CUSIP: 05619HAL8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.58%             | 2027-10-15      | Floating      | 7.75%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VLT7                                     | CUSIP: 123913AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $15062985.00  | 4.38%             | 2044-07-15      | Floating      | 5.85%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VLT7                                     | CUSIP: 123913AJ4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5039190.00   | 1.47%             | 2044-07-15      | Floating      | 7.90%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-AIRC                 | CUSIP: 12433CAG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10298147 | PA      | $10395337.14  | 3.02%             | 2039-08-15      | Floating      | 7.24%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage               | Citigroup Commercial Mortgage Trust 2021-PRM2          | CUSIP: 17291HAQ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    275000 | PA      | $274799.25    | 0.08%             | 2038-10-15      | Floating      | 8.01%                 | Yes           |                  2 | On Loan: No      |
| Citigroup Commercial Mortgage               | Citigroup Commercial Mortgage Trust 2021-PRM2          | CUSIP: 17291HAU8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   7000000 | PA      | $6983914.00   | 2.03%             | 2036-10-15      | Floating      | 9.66%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | COMM 2024-WCL1 MORTGAGE TRUST                          | CUSIP: 20047DAA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $9987900.00   | 2.90%             | 2041-06-15      | Floating      | 5.99%                 | Yes           |                  2 | On Loan: No      |
| DROP Mortgage Trust 2021-FILE               | DROP Mortgage Trust 2021-FILE                          | CUSIP: 26210YAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   9350000 | PA      | $9091696.90   | 2.64%             | 2043-10-15      | Floating      | 5.41%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2021-ESH                   | CUSIP: 30227FAN0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   7042198 | PA      | $7058359.80   | 2.05%             | 2038-07-15      | Floating      | 7.96%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2025-ESH                   | CUSIP: 30227TAL4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2600000 | PA      | $2613000.00   | 0.76%             | 2042-10-15      | Floating      | 8.25%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2020-KF95 Mortgage Trust                         | CUSIP: 30318PAL2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2755346 | PA      | $2328424.56   | 0.68%             | 2030-12-25      | Floating      | 13.36%                | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp.ortation Trust 2021-IP     | CUSIP: 36262MAJ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3724000 | PA      | $3677852.19   | 1.07%             | 2036-10-15      | Floating      | 7.81%                 | Yes           |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                | GS Mortgage Securities Corp. Trust 2025-800D           | CUSIP: 36273XAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10064120.00  | 2.93%             | 2041-11-25      | Floating      | 6.80%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon JV Trust                  | Hudsons Bay Simon JV Trust 2015-HBS                    | CUSIP: 44422PAU6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |     23411 | PA      | $23390.41     | 0.01%             | 2034-08-05      | Fixed         | 3.91%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon JV Trust                  | Hudsons Bay Simon JV Trust 2015-HBS                    | CUSIP: 44422PBC5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1767000 | PA      | $1761230.75   | 0.51%             | 2034-08-05      | Fixed         | 4.67%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon JV Trust                  | Hudsons Bay Simon JV Trust 2015-HBS                    | CUSIP: 44422PBE1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2960586.00   | 0.86%             | 2034-08-05      | Variable      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon JV Trust                  | Hudsons Bay Simon JV Trust 2015-HBS                    | CUSIP: 44422PBG6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $92844.60     | 0.03%             | 2034-08-05      | Variable      | 5.24%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon JV Trust                  | Hudsons Bay Simon JV Trust 2015-HBS                    | CUSIP: 44422PBN1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $2497305.00   | 0.73%             | 2034-08-05      | Fixed         | 4.16%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon JV Trust                  | Hudsons Bay Simon JV Trust 2015-HBS                    | CUSIP: 44422PBW1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $2989443.00   | 0.87%             | 2034-08-05      | Fixed         | 4.91%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon JV Trust                  | Hudsons Bay Simon JV Trust 2015-HBS                    | CUSIP: 44422PBY7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1820000 | PA      | $1795630.20   | 0.52%             | 2034-08-05      | Variable      | 5.63%                 | Yes           |                  2 | On Loan: No      |
| ILPT Commercial Mortgage Trust              | ILPT Commercial Mortgage Trust 2025-LPF2               | CUSIP: 451955AJ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3105255.00   | 0.90%             | 2042-07-13      | Variable      | 8.47%                 | Yes           |                  2 | On Loan: No      |
| ILPT Commercial Mortgage Trust              | ILPT Commercial Mortgage Trust 2025-LPF2               | CUSIP: 451955AL2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5108968.00   | 1.49%             | 2042-07-13      | Variable      | 9.32%                 | Yes           |                  2 | On Loan: No      |
| LBA Trust                                   | LBA Trust 2024-BOLT                                    | CUSIP: 50177BAN7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   9000000 | PA      | $9025839.00   | 2.62%             | 2039-06-15      | Floating      | 7.84%                 | Yes           |                  2 | On Loan: No      |
| Life Financial Services Trust               | Life 2022-BMR Mortgage Trust                           | CUSIP: 53218DAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10034000 | PA      | $9769272.98   | 2.84%             | 2039-05-15      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Life Financial Services Trust               | Life 2022-BMR Mortgage Trust                           | CUSIP: 53218DAJ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5430000 | PA      | $4953582.66   | 1.44%             | 2039-05-15      | Floating      | 6.69%                 | Yes           |                  2 | On Loan: No      |
| MILE Trust                                  | MILE Trust 2025-STNE                                   | CUSIP: 59918AAJ3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   7500000 | PA      | $7504762.50   | 2.18%             | 2042-07-15      | Floating      | 9.05%                 | Yes           |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust               | MTN Commercial Mortgage Trust 2022-LPFL                | CUSIP: 62475WAC9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3000318.00   | 0.87%             | 2039-03-15      | Floating      | 6.05%                 | Yes           |                  2 | On Loan: No      |
| OPEN Trust                                  | OPEN Trust 2023-AIR                                    | CUSIP: 68373BAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    663126 | PA      | $664522.45    | 0.19%             | 2040-11-15      | Floating      | 7.24%                 | Yes           |                  2 | On Loan: No      |
| OPEN Trust                                  | OPEN Trust 2023-AIR                                    | CUSIP: 68373BAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2400000 | PA      | $2413975.20   | 0.70%             | 2040-11-15      | Floating      | 13.58%                | Yes           |                  2 | On Loan: No      |
| PRIMA Capital LTD                           | Prima Capital CRE Securitization 2019-1S, Ltd.         | CUSIP: 74166KAE0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | KY        |   6400000 | PA      | $5191689.60   | 1.51%             | 2033-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust              | SWCH Commercial Mortgage Trust 2025-DATA               | CUSIP: 78489CAE9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   8700000 | PA      | $8689125.00   | 2.53%             | 2042-02-15      | Floating      | 7.49%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2025-B33RP       | CUSIP: 95004RAJ5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10037399.00  | 2.92%             | 2042-08-15      | Floating      | 7.65%                 | Yes           |                  2 | On Loan: No      |
| Worldwide Plaza Trust                       | Worldwide Plaza Trust 2017-WWP                         | CUSIP: 98162JAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5500000 | PA      | $3718495.00   | 1.08%             | 2036-11-10      | Fixed         | 3.53%                 | Yes           |                  2 | On Loan: No      |
| Worldwide Plaza Trust                       | Worldwide Plaza Trust 2017-WWP                         | CUSIP: 98162JAQ9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    354000 | PA      | $15763.97     | 0.00%             | 2036-11-10      | Variable      | 3.71%                 | Yes           |                  2 | On Loan: No      |
| Fidelity Treasury Portfolio                 | Fidelity Treasury Portfolio, Class I                   | CUSIP: 316175504<br>LEI: N/A | Long             | STIV             | RF                | US        |  10265649 | PA      | $10265649.14  | 2.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ANN ARBOR VERTICAL VAR 11/21/2028   /       | ANN ARBOR VERTICAL VAR 11/21/2028   /                  | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |    655336 | PA      | $655335.60    | 0.19%             | 2028-11-21      | Floating      | 13.68%                | Yes           |                  3 | On Loan: No      |
| ADVANTIS MCA FV, LLC FLT RT, 07/22/2026   / | ADVANTIS MCA FV, LLC FLT RT, 07/22/2026   /            | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |    650654 | PA      | $650653.65    | 0.19%             | 2026-07-22      | Floating      | 16.08%                | Yes           |                  3 | On Loan: No      |
| ADVANTIS MCA HARBOR FLT RT, 04/18/2026   /  | ADVANTIS MCA HARBOR FLT RT, 04/18/2026   /             | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |    692410 | PA      | $692410.50    | 0.20%             | 2026-04-18      | Floating      | 16.08%                | Yes           |                  3 | On Loan: No      |
| AVONDAPE 13.000%, 12/11/2029   /            | AVONDAPE 13.000%, 12/11/2029   /                       | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4440694 | OU      | $4516208.78   | 1.31%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Blackbird Preferred 13.000%, 01/24/2030   / | Blackbird Preferred 13.000%, 01/24/2030   /            | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   7679281 | OU      | $7811062.26   | 2.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CRIMSON DEVCO, LLC    /                     | CRIMSON DEVCO, LLC    /                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |        40 | OU      | $1000000.00   | 0.29%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DAWSON 13.000%, 04/02/2029   /              | DAWSON 13.000%, 04/02/2029   /                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4371324 | OU      | $4379872.23   | 1.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GM Palace BTS 16.000%, 05/31/2027   /       | GM Palace BTS 16.000%, 05/31/2027   /                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  12035593 | OU      | $12098763.56  | 3.52%             |  |  |  | Yes           |                  3 | On Loan: No      |
| IOTA PREFERRED EQUIT DUE 04/01/2026   /     | IOTA PREFERRED EQUIT DUE 04/01/2026   /                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1071753 | OU      | $1068192.65   | 0.31%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LAKWLDLN S+8.5%, 08/13/2026   /             | LAKWLDLN S+8.5%, 08/13/2026   /                        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   5757746 | PA      | $5757746.07   | 1.67%             | 2026-08-13      | Variable      | 11.99%                | Yes           |                  3 | On Loan: No      |
| LP REVERSE REPO 05609JAA0   /               | LP REVERSE REPO 05609JAA0   /                          | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -6076000 | PA      | $-6076000.00  | -1.77%            | 2025-10-16      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| LP REVERSE REPO 05618XAA8   /               | LP REVERSE REPO 05618XAA8   /                          | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -8110000 | PA      | $-8110000.00  | -2.36%            | 2025-10-16      | Fixed         | 4.78%                 | No            |                  2 | On Loan: No      |
| LP REVERSE REPO 36273XAA9   /               | LP REVERSE REPO 36273XAA9   /                          | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -7219000 | PA      | $-7219000.00  | -2.10%            | 2025-10-16      | Fixed         | 5.08%                 | No            |                  2 | On Loan: No      |
| MADISON MIDTOWN 16.25%, 10/07/2027   /      | MADISON MIDTOWN 16.25%, 10/07/2027   /                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6943982 | OU      | $7109012.65   | 2.07%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MARLOWE 15.000%, 02/09/2027   /             | MARLOWE 15.000%, 02/09/2027   /                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2005271 | OU      | $2007636.87   | 0.58%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NATIXIS REVERSE REPO 123913AA3   /          | NATIXIS REVERSE REPO 123913AA3   /                     | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -8100000 | PA      | $-8100000.00  | -2.36%            | 2025-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NATIXIS REVERSE REPO 05610MAA0   /          | NATIXIS REVERSE REPO 05610MAA0   /                     | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -3545000 | PA      | $-3545000.00  | -1.03%            | 2025-10-15      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| RBC REVERSE REPO 53218DAA6   /              | RBC REVERSE REPO 53218DAA6   /                         | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -7715000 | PA      | $-7715000.00  | -2.24%            | 2025-10-29      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RBC REVERSE REPO 20047DAA2   /              | RBC REVERSE REPO 20047DAA2   /                         | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -7456000 | PA      | $-7456000.00  | -2.17%            | 2025-10-29      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| RBC REVERSE REPO 05612EAA6   /              | RBC REVERSE REPO 05612EAA6   /                         | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -3496000 | PA      | $-3496000.00  | -1.02%            | 2025-10-02      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ROYAL URBAN RENEWAL FLT RT 12/1/2025   /    | ROYAL URBAN RENEWAL FLT RT 12/1/2025   /               | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   2138729 | PA      | $1943178.18   | 0.57%             | 2025-12-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| ROYAL URBAN RENEWAL FLT RT 12/1/2025   /    | ROYAL URBAN RENEWAL FLT RT 12/1/2025   /               | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   5686565 | PA      | $5166625.28   | 1.50%             | 2025-12-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| VILLAS AT SUNDANCE 13.000%, 06/17/2029   /  | VILLAS AT SUNDANCE 13.000%, 06/17/2029   /             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6495890 | OU      | $6601249.16   | 1.92%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THE TERRACES HIGH MTN 08/11/27   /          | THE TERRACES HIGH MTN 08/11/27   /                     | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   4000000 | PA      | $4000000.00   | 1.16%             | 2027-08-11      | Variable      | 13.18%                | Yes           |                  3 | On Loan: No      |
| THE IVY MEZZ LOAN 05/08/2028   /            | THE IVY MEZZ LOAN 05/08/2028   /                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |  10110000 | PA      | $10110000.00  | 2.94%             | 2028-05-08      | Floating      | 12.18%                | Yes           |                  3 | On Loan: No      |
| LEXINGTON SO TOTOWA FLT RT _10/2/2025   /   | LEXINGTON SO TOTOWA FLT RT _10/2/2025   /              | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   2038394 | PA      | $2038393.85   | 0.59%             | 2025-10-02      | Floating      | 15.53%                | Yes           |                  3 | On Loan: No      |
| UMD Rambler Vertical Mezzanine 8/15/26   /  | UMD Rambler Vertical Mezzanine 8/15/26   /             | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   1914945 | PA      | $1914944.73   | 0.56%             | 2029-06-12      | Floating      | 13.13%                | Yes           |                  3 | On Loan: No      |
| WILLIAMS VILLAGE II BANC OF CAL TL   /      | WILLIAMS VILLAGE II BANC OF CAL TL   /                 | CUSIP: 999999999<br>LEI: N/A | Short            | LON              | CORP              | US        | -11250572 | PA      | $-11250572.00 | -3.27%            | 2026-12-01      | Floating      | 11.99%                | Yes           |                  3 | On Loan: No      |
| WILLIAMS VILLAGE II LAND LOAN, 11.99%   /   | WILLIAMS VILLAGE II LAND LOAN, 11.99%   /              | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |  16208843 | PA      | $16208842.80  | 4.71%             | 2026-12-01      | Fixed         | 11.99%                | Yes           |                  3 | On Loan: No      |
| ZEPHYR FLT RT, 06/14/2027   /               | ZEPHYR FLT RT, 06/14/2027   /                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6103568 | OU      | $6103567.80   | 1.77%             |  |  |  | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-22

**Name of Applicant:** Forum Real Estate Income Fund

**Signature:** /s/ Derek Mullins

**Name of Signer:** Derek Mullins

**Title:** Treasurer