# EDGAR Filing Document

**Accession Number:** 0001691570
**File Stem:** 0000894189-26-004088
**Filing Date:** 2026-2
**Character Count:** 27071
**Document Hash:** 5c44709f003895afe7dbd57e54c35892
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-004088.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0000894189-26-004088

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USQ Core Real Estate Fund
- **CENTRAL INDEX KEY:** 0001691570

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23219
- **FILM NUMBER:** 26662800

**BUSINESS ADDRESS:**
- **STREET 1:** 235 WHITEHORSE LANE, SUITE 200
- **CITY:** KENNETT SQUARE
- **STATE:** PA
- **ZIP:** 19348
- **BUSINESS PHONE:** (610) 925-3120

**MAIL ADDRESS:**
- **STREET 1:** 235 WHITEHORSE LANE, SUITE 200
- **CITY:** KENNETT SQUARE
- **STATE:** PA
- **ZIP:** 19348

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **USQ Core Real Estate Fund** | **USQ Core Real Estate Fund** | **USQ Core Real Estate Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** | **December 31, 2025 (Unaudited)** |
| **REAL ESTATE INVESTMENTS - 93.1%** | **Shares** | **Fair Value**  |
| **Private Equity Real Estate Funds - 93.1% <sup>(a)</sup>** | **Private Equity Real Estate Funds - 93.1% <sup>(a)</sup>** | |
| AEW Core Property (U.S.), LP <sup>(b)(c)</sup> | 7895 | $8088178 |
| ARA Core Property Fund, LP <sup>(b)(c)</sup> | 39 | 4656144 |
| ASB Allegiance Real Estate Fund, LP <sup>(b)(c)</sup> | 3866 | 5079003 |
| Bailard Real Estate Investment Trust, Inc. <sup>(b)(c)</sup> | 100209 | 3114486 |
| Barings Core Property Fund LP <sup>(b)(c)</sup> | 34861 | 3969921 |
| BGO Daily Value Fund - Class F <sup>(b)(c)</sup> | 183714 | 2312459 |
| BGO Diversified US Property Fund LP <sup>(b)(c)</sup> | 2733 | 6710984 |
| BlackRock US Core Property Fund, LP <sup>(b)(c)(d)</sup> | - | 8893488 |
| CBRE U.S. Core Partners, LP <sup>(b)(c)</sup> | 7657534 | 11410048 |
| CIM UII Onshore, LP <sup>(b)(c)</sup> | 6075 | 7397404 |
| Clarion Lion Properties Fund, LP <sup>(b)(c)</sup> | 9235 | 13882325 |
| GWL US Property Fund LP <sup>(b)(c)(d)</sup> | - | 10399046 |
| Invesco Core Real Estate - U.S.A., LP <sup>(b)(c)</sup> | 21 | 3296028 |
| Invesco U.S. Income Fund, LP <sup>(b)(c)</sup> | 1906 | 2880819 |
| Lion Industrial Trust <sup>(b)(c)</sup> | 1096 | 4096893 |
| Madison Core Property Fund LP <sup>(b)(c)</sup> | 2820 | 6269916 |
| Prime Property Fund, LLC <sup>(b)(c)</sup> | 455 | 8656084 |
| Principal Enhanced Property Fund, LP <sup>(b)(c)</sup> | 111867 | 1462711 |
| PRISA LP <sup>(b)(c)</sup> | 3703 | 7842933 |
| Prologis Targeted U.S. Logistics Fund, LP <sup>(b)(c)</sup> | 1924 | 5418064 |
| RREEF America II LP <sup>(b)(c)</sup> | 50460 | 6387486 |
| RREEF Core Plus Industrial Fund LP <sup>(b)(c)</sup> | 18006 | 3957157 |
| Sentinel Real Estate Fund, LP <sup>(b)(c)</sup> | 35 | 3673984 |
| Smart Markets Fund, LP <sup>(b)(c)</sup> | 3862 | 6635504 |
| Strategic Property Fund <sup>(b)(c)</sup> | 639665 | 7359941 |
| TA Realty Core Property Fund, LP <sup>(b)(c)</sup> | 5214 | 6614925 |
| Trumbull Property Fund LP <sup>(b)(c)</sup> | 625 | 5514494 |
| U.S. Real Estate Investment Fund, LLC <sup>(b)(c)</sup> | 3303 | 3821434 |
| U.S. Real Property Income Fund, LP <sup>(d)(e)</sup> | - | 140063 |
| US Government Building Fund <sup>(b)(c)(d)</sup> | - | 5252533 |
| **TOTAL REAL ESTATE INVESTMENTS** (Cost $162,888,285) | **TOTAL REAL ESTATE INVESTMENTS** (Cost $162,888,285) | 175194455 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 1.2%** | **Shares** | **Fair Value**  |
| Fidelity Investments Money Market Government Portfolio - Institutional Class, 3.67% <sup>(f)</sup> | 2150596 | $2150596 |
| Invesco Government & Agency - Institutional Class, 3.68% <sup>(f)</sup> | 88420 | 88420 |
| **TOTAL MONEY MARKET FUNDS** (Cost $2,239,016) | **TOTAL MONEY MARKET FUNDS** (Cost $2,239,016) | 2239016 |
| **TOTAL INVESTMENTS - 94.3% (**Cost $165,127,301**)** | **TOTAL INVESTMENTS - 94.3% (**Cost $165,127,301**)** | 177433471 |
| Other Assets in Excess of Liabilities - 5.7% | Other Assets in Excess of Liabilities - 5.7% | 10746767 |
| **TOTAL NET ASSETS - 100.0%** |  | $188180238 |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

LLC - Limited Liability Company <br> LP - Limited Partnership

(a) Securities considered illiquid and restricted. As of December 31, 2025 the value of these investments was $175,194,455 or 93.1% of the Fund's net assets.

(b) In accordance with ASC 820-10, Private Investment Funds are valued using the practical expedient methodology.

(c) Pledged as collateral for borrowings under a line of credit.

(d) Partnership is not designated in units. Ownership interest in each security is less than 1.5% at December 31, 2025.

(e) Fair Value estimated using Fair Valuation Procedures adopted by the Board of Trustees (See Notes to Schedule of Investments).

(f) The rate shown represents the 7-day annualized yield as of December 31, 2025.

------

**Notes to Schedule of Investments** (Unaudited)

#### Fair Value Measurements
In applying the valuation procedures described in this Valuation Policy, the Adviser maximizes the use of "observable" versus "unobservable" inputs in markets which are active or markets where there has not been a significant decrease in the volume and frequency of transactions, as stressed by ASC Topic 820. Observable inputs are defined as inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are defined as inputs that reflect the Adviser's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances. To clarify observable versus unobservable inputs and increase consistency and comparability in Fair Value measurements, ASC Topic 820 establishes a Fair Value hierarchy (the "Fair Value Hierarchy") that prioritizes valuation inputs into three levels, which is utilized by the Adviser. The Fair Value Hierarchy is described below in further detail.

*Level 1 -* Level 1 inputs ("Level 1 Inputs") are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Adviser has the ability to access at the valuation date. As defined in ASC Topic 820, an active market ("Active Market") for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The portfolio has investments in actively traded securities and therefore are valued through the use of Level 1 Inputs in accordance with the Fair Value Hierarchy. In accordance with ASC Topic 820, when applicable Level 1 Inputs are available for a particular security, the Fair Value of the security is equal to the quoted price multiplied by the quantity held. Adjustments are not applied to the quoted price due to the size of a position relative to trading volume (i.e., blockage).

*Level 2 -* Level 2 inputs ("Level 2 Inputs") are inputs other than quoted prices included within Level 1 Inputs that are observable for the asset or liability, either directly or indirectly. Level 2 Inputs can include: quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, volatilities, prepayment speeds, loss severities, credit risks, default rates, etc.); and observable market-based inputs.

*Level 3 -* Level 3 inputs ("Level 3 Inputs") are unobservable inputs for the asset or liability. Unobservable inputs are used in the absence of observable inputs. Level 3 Inputs reflect the Adviser's own assumptions about the assumptions that market participants would use in pricing the asset or liability.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following tables summarize the inputs used for the Fund's assets and liabilities measured at fair value.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1** | **Level 2** | **Level 3** | **Investments**<br> **Valued at Net**<br> **Asset Value**<sup>(a)</sup> | **Total** |
| Private Equity Real Estate Funds | $- | $- | $140063 | $175054392 | $175194455 |
| Short-Term Investments | 2239016 | - | - | - | 2239016 |
| **Total** | $2239016 | $- | $140063 | $175054392 | $177433471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) *In accordance with ASC 820-10, certain investments that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.* 

------

#### 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 valued at net asset value as practical expedient for fair value, or fair value as determined in good faith in accordance with procedures adopted 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 December 31, 2025, the Fund invested in the following restricted securities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Initial<br> Acquisition Date<br>| Cost<br>| Fair Value<br>| Private Investment Funds<br>| Redemption<br> Frequency<sup>(1)</sup><br>| Commitments as of<br> December 31, 2025<br>|
| 1/2/2018 | $7933119 | $8088178 | &nbsp;&nbsp;&nbsp; AEW Core Property (U.S.), LP | Quarterly | $0 |
| 10/2/2017 | 4372281 | 4656144 | &nbsp;&nbsp;&nbsp; ARA Core Property Fund, LP | Quarterly | 0 |
| 10/2/2017 | 6208488 | 5079003 | &nbsp;&nbsp;&nbsp; ASB Allegiance Real Estate Fund, LP | Quarterly | 0 |
| 4/1/2021 | 2708470 | 3114486 | &nbsp;&nbsp;&nbsp; Bailard Real Estate Investment Trust, Inc. | Quarterly | 0 |
| 10/2/2017 | 4152602 | 3969921 | &nbsp;&nbsp;&nbsp; Barings Core Property Fund LP | Quarterly | 0 |
| 10/18/2019 | 2182543 | 2312459 | &nbsp;&nbsp;&nbsp; BGO Daily Value Fund – Class F | Daily | 0 |
| 9/6/2024 | 5629994 | 6710984 | &nbsp;&nbsp;&nbsp; BGO Diversified US Property Fund LP | Quarterly | 0 |
| 10/2/2017 | 9933010 | 8893488 | &nbsp;&nbsp;&nbsp; BlackRock US Core Property Fund, LP | Quarterly | 0 |
| 10/2/2017 | 9350109 | 11410048 | &nbsp;&nbsp;&nbsp; CBRE U.S. Core Partners, LP | Quarterly | 0 |
| 7/1/2021 | 7753321 | 7397404 | &nbsp;&nbsp;&nbsp; CIM UII Onshore, LP | Quarterly | 0 |
| 10/2/2017 | 13380962 | 13882325 | &nbsp;&nbsp;&nbsp; Clarion Lion Properties Fund, LP | Quarterly | 0 |
| 10/2/2017 | 10109687 | 10399046 | &nbsp;&nbsp;&nbsp; GWL US Property Fund LP | Quarterly | 0 |
| 9/6/2024 | 3921762 | 3296028 | &nbsp;&nbsp;&nbsp; Invesco Core Real Estate – U.S.A., LP | Quarterly | 0 |
| 9/6/2024 | 2582311 | 2880819 | &nbsp;&nbsp;&nbsp; Invesco U.S. Income Fund, LP | Quarterly | 0 |
| 9/6/2024 | 2451820 | 4096893 | &nbsp;&nbsp;&nbsp; Lion Industrial Trust | Quarterly | 0 |
| 7/1/2019 | 5156854 | 6269916 | &nbsp;&nbsp;&nbsp; Madison Core Property Fund LP | Quarterly | 0 |
| 6/30/2022 | 8893364 | 8656084 | &nbsp;&nbsp;&nbsp; Prime Property Fund, LLC | Quarterly | 0 |
| 9/6/2024 | 1378873 | 1462711 | &nbsp;&nbsp;&nbsp; Principal Enhanced Property Fund, LP | Quarterly | 0 |
| 10/2/2017 | 5754347 | 7842933 | &nbsp;&nbsp;&nbsp; PRISA LP | Quarterly | 0 |
| 9/6/2024 | 3618241 | &nbsp;&nbsp;&nbsp;&nbsp;5418064 | &nbsp;&nbsp;&nbsp; Prologis Targeted U.S. Logistics Fund, LP | Quarterly | 0 |
| 10/2/2017 | 5893355 | 6387486 | &nbsp;&nbsp;&nbsp; RREEF America II LP | Quarterly | 0 |
| 9/6/2024 | 2331383 | 3957157 | &nbsp;&nbsp;&nbsp; RREEF Core Plus Industrial Fund LP | Quarterly | 0 |
| 9/6/2024 | 2905471 | 3673984 | &nbsp;&nbsp;&nbsp; Sentinel Real Estate Fund, LP | Daily | 0 |
| 10/2/2017 | 4978099 | 6635504 | &nbsp;&nbsp;&nbsp; Smart Markets Fund, LP | Quarterly | 0 |
| 4/1/2022 | 8544877 | 7359941 | &nbsp;&nbsp;&nbsp; Strategic Property Fund | Quarterly | 0 |
| 1/2/2020 | 5294341 | 6614925 | &nbsp;&nbsp;&nbsp; TA Realty Core Property Fund, LP | Quarterly | 0 |
| 10/2/2017 | 6680655 | 5514494 | &nbsp;&nbsp;&nbsp; Trumbull Property Fund LP | Quarterly | 0 |
| 10/1/2019 | 3810108 | 3821434 | &nbsp;&nbsp;&nbsp; U.S. Real Estate Investment Fund, LLC | Quarterly | 0 |
| 7/2/2018 | 143783 | 140063 | &nbsp;&nbsp;&nbsp; U.S. Real Property Income Fund, LP | Quarterly | 0 |
| 9/6/2024 | 4834055 | 5252533 | &nbsp;&nbsp;&nbsp; US Government Building Fund | Quarterly | 0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) *Redemption notices for the Private Investment Funds is 90 days or less. While redemptions can be requested at the frequency listed above, there is no guarantee the Fund will be paid all or any of the redemption amount at the time requested. Each of the following Private Investment Funds can temporarily suspend redemptions or pay out a pro-rata portion of redemption requests if the general partner or its respective Board deems it in the best interest of its shareholders.* 

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** USQ Core Real Estate Fund

- **b. Investment Company Act file number:** 811-23219

- **c. CIK number of Registrant:** 0001691570

- **d. LEI of Registrant:** 549300NGJLL0OESME135

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

  - **Street Address 1:** 235 Whitehorse Lane

  - **City:** Kennett Square

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19348

  - **Telephone number:** 484-731-3101

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

- **a. Name of Series:** USQ Core Real Estate Fund

- **c. LEI of Series:** 549300NGJLL0OESME135

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

- **a. Date of fiscal year-end:** 2026-03-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $189021933.40

**Total Liabilities:** $272758.09

**Net Assets:** $188749175.31

**Cash Not Reported:** $1958866.09

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.09%                | 0.14%                | 0.18%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-759862.93              | $1093908.27                                |
| Month 2  | $291863.39               | $182564.52                                 |
| Month 3  | $34.90                   | $530760.35                                 |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| MADISON CORE PROPERTY FUND LP              | MADISON CORE PROPERTY FUND LP              | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 2820      | NS      | $6324973.40   | 3.35%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SENTINEL REAL ESTATE FUND LP               | SENTINEL REAL ESTATE FUND LP               | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 35        | NS      | $3688380.20   | 1.95%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CIM UII ONSHORE, L.P.                      | CIM UII ONSHORE, L.P.                      | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 6081      | NS      | $7356414.31   | 3.90%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Invesco Government & Agency Po             | Invesco Government & Agency Portfolio      | CUSIP: 825252885<br>LEI: 5493007T1J7WZ5QI1A47 | Long             | STIV             | RF                | US        | 88420     | NS      | $88419.50     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| INVESCO U.S. INCOME FUND L.P.              | INVESCO U.S. INCOME FUND L.P.              | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 1906      | NS      | $2901672.99   | 1.54%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PRINCIPAL ENHANCED PROPERTY FUND L.P.      | PRINCIPAL ENHANCED PROPERTY FUND L.P.      | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 111867    | NS      | $1457117.62   | 0.77%             |  |  |  | Yes           | N/A                | On Loan: No      |
| RREEF CORE PLUS INDUSTRIAL FUND L.P.       | RREEF CORE PLUS INDUSTRIAL FUND L.P.       | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 18045     | NS      | $4018941.79   | 2.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BARINGS CORE PROPERTY FUND, LP             | BARINGS CORE PROPERTY FUND, LP             | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 34849     | NS      | $3972301.06   | 2.10%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CBRE U.S. CORE PARTNERS, LP                | CBRE U.S. CORE PARTNERS, LP                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 9670900   | NS      | $14538456.78  | 7.70%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PRIME PROPERTY FUND, LLC                   | PRIME PROPERTY FUND, LLC                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 456       | NS      | $8789902.86   | 4.66%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BLACKROCK US CORE PROPERTY FUND, L.P.      | BLACKROCK US CORE PROPERTY FUND, L.P.      | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $9655528.85   | 5.12%             |  |  |  | Yes           | N/A                | On Loan: No      |
| U.S. REAL ESTATE INVESTMENT FUND LLC       | U.S. REAL ESTATE INVESTMENT FUND LLC       | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 3303      | NS      | $3861856.71   | 2.05%             |  |  |  | Yes           | N/A                | On Loan: No      |
| AEW CORE PROPERTY (U.S.), L.P.             | AEW CORE PROPERTY (U.S.), L.P.             | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 7895      | NS      | $8133155.53   | 4.31%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CLARION LION PROPERTIES FUND, LP           | CLARION LION PROPERTIES FUND, LP           | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 9401      | NS      | $14190807.16  | 7.52%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GWL USPF LP                                | GWL USPF LP                                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $10658178.42  | 5.65%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PRISA LP                                   | PRISA LP                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 3708      | NS      | $7842258.67   | 4.15%             |  |  |  | Yes           | N/A                | On Loan: No      |
| LION INDUSTRIAL TRUST                      | LION INDUSTRIAL TRUST                      | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 1096      | NS      | $4096849.06   | 2.17%             |  |  |  | Yes           | N/A                | On Loan: No      |
| INVESCO CORE REAL ESTATE-U.S.A.            | INVESCO CORE REAL ESTATE-U.S.A.            | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 21        | NS      | $3343425.76   | 1.77%             |  |  |  | Yes           | N/A                | On Loan: No      |
| US GOVERNMENT BUILDING FUND                | US GOVERNMENT BUILDING FUND                | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $5313716.96   | 2.82%             |  |  |  | Yes           | N/A                | On Loan: No      |
| TA REALTY CORE PROPERTY FUND, LP           | TA REALTY CORE PROPERTY FUND, LP           | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 5214      | NS      | $6632909.45   | 3.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ARA CORE PROPERTY FUND                     | ARA CORE PROPERTY FUND                     | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 39        | NS      | $4732347.49   | 2.51%             |  |  |  | Yes           | N/A                | On Loan: No      |
| ASB ALLEGIANCE REAL ESTATE FUND, LP        | ASB ALLEGIANCE REAL ESTATE FUND, LP        | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 3876      | NS      | $5097769.36   | 2.70%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BGO DIVERSIFIED US PROPERTY FUND           | BGO DIVERSIFIED US PROPERTY FUND           | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 2733      | NS      | $6708802.69   | 3.55%             |  |  |  | Yes           | N/A                | On Loan: No      |
| UBS TRUMBULL PROPERTY FUND LP              | UBS TRUMBULL PROPERTY FUND LP              | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 625       | NS      | $5559343.77   | 2.95%             |  |  |  | Yes           | N/A                | On Loan: No      |
| U.S. REAL PROPERTY INCOME FUND LP          | U.S. REAL PROPERTY INCOME FUND LP          | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        |  | OU      | $140063.11    | 0.07%             |  |  |  | Yes           | N/A                | On Loan: No      |
| STRATEGIC PROPERTY FUND                    | STRATEGIC PROPERTY FUND                    | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 639665    | NS      | $7327315.47   | 3.88%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PROLOGIS TARGETED U.S. LOGISTICS FUND LP   | PROLOGIS TARGETED U.S. LOGISTICS FUND LP   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 1924      | NS      | $5437993.57   | 2.88%             |  |  |  | Yes           | N/A                | On Loan: No      |
| RREEF AMERICA II LP                        | RREEF AMERICA II LP                        | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 50542     | NS      | $6438921.81   | 3.41%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SMART MARKETS FUND, L.P.                   | SMART MARKETS FUND, L.P.                   | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 3862      | NS      | $6676260.67   | 3.54%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Fidelity Government Portfolio              | Fidelity Government Portfolio              | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        | 191730    | NS      | $191729.96    | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| BAILARD REAL ESTATE INVESTMENT TRUST, INC. | BAILARD REAL ESTATE INVESTMENT TRUST, INC. | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 196734    | NS      | $6160905.86   | 3.26%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BGO DAILY VALUE FUND LP CLASS F            | BGO DAILY VALUE FUND LP CLASS F            | CUSIP: N/A<br>LEI: N/A                        | Long             | RE               | PF                | US        | 183714    | NS      | $2311613.46   | 1.22%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-02-19

**Name of Applicant:** USQ Core Real Estate Fund

**Signature:** /s/Keith Downing

**Name of Signer:** USQ Core Real Estate Fund

**Title:** Treasurer and Principal Financial Officer