# EDGAR Filing Document

**Accession Number:** 0001854370
**File Stem:** 0001193125-25-295227
**Filing Date:** 2025-11
**Character Count:** 22023
**Document Hash:** d5a0d1006077c262bb2ac95d5b18260c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-295227.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001193125-25-295227

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Thirdline Real Estate Income Fund
- **CENTRAL INDEX KEY:** 0001854370

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23653
- **FILM NUMBER:** 251515696

**BUSINESS ADDRESS:**
- **STREET 1:** 1810 MACTAVISH AVE
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23230
- **BUSINESS PHONE:** 804-564-6810

**MAIL ADDRESS:**
- **STREET 1:** 1810 MACTAVISH AVE
- **CITY:** RICHMOND
- **STATE:** VA
- **ZIP:** 23230

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Thirdline Trust
- **DATE OF NAME CHANGE:** 20210331

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

- **b. Investment Company Act file number:** 811-23653

- **c. CIK number of Registrant:** 0001854370

- **d. LEI of Registrant:** 549300F1JKGJ8UVL7618

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

  - **Street Address 1:** 1810 MacTavish Avenue

  - **City:** Richmond

  - **State:** VA

  - **Foreign country:** US

  - **Zip / Postal Code:** 23230

  - **Telephone number:** 804-564-6810

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

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

- **c. LEI of Series:** 549300F1JKGJ8UVL7618

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

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

- **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:** $69127293.75

**Total Liabilities:** $4844526.02

**Net Assets:** $64282767.73

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.51%                | 0.30%                | 0.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-108831.67                                |
| Month 2  | $-36764.76               | $42643.22                                  |
| Month 3  | $0.00                    | $90492.50                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| TCM CRE CREDIT FUND, LP   /                 | TCM CRE CREDIT FUND, LP   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2533 | NS      | $2322287.37   | 3.61%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SANDPIPER LODGING TRUST   /                 | SANDPIPER LODGING TRUST   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76190 | NS      | $921948.18    | 1.43%             |  |  |  | Yes           | 3                  | On Loan: No      |
| KAYNE ANDERSON REAL ESTATE DEBT IV, LP   /  | KAYNE ANDERSON REAL ESTATE DEBT IV, LP   /  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $937411.22    | 1.46%             |  |  |  | Yes           | N/A                | On Loan: No      |
| HEITMAN CORE REAL ESTATE INCOME TRUST   /   | HEITMAN CORE REAL ESTATE INCOME TRUST   /   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2984 | NS      | $1303420.58   | 2.03%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CMMPT-2, LP    /                            | CMMPT-2, LP    /                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $776990.29    | 1.21%             |  |  |  | Yes           | N/A                | On Loan: No      |
| Beacon Partners Fund II, LP REIT   /        | Beacon Partners Fund II, LP REIT   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |   4000000 | NS      | $4022657.54   | 6.26%             |  |  |  | Yes           | 3                  | On Loan: No      |
| CBRE U.S. CREDIT PARTNERS, LP   /           | CBRE U.S. CREDIT PARTNERS, LP   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2847 | NS      | $2882147.10   | 4.48%             |  |  |  | Yes           | N/A                | On Loan: No      |
| PEACHTREE SSC MORTGA REIT, LLC   /          | PEACHTREE SSC MORTGA REIT, LLC   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     98001 | NS      | $1371036.62   | 2.13%             |  |  |  | Yes           | N/A                | On Loan: No      |
| INFINITY RE IMPACT III, LP   /              | INFINITY RE IMPACT III, LP   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3956862.36   | 6.16%             |  |  |  | Yes           | N/A                | On Loan: No      |
| GOODMAN CAPITAL LIQUID CREDIT STRTGY   /    | GOODMAN CAPITAL LIQUID CREDIT STRTGY   /    | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $6056617.52   | 9.42%             |  |  |  | Yes           | 3                  | On Loan: No      |
| STONEHILL STRAT HOTE CREDIT OPPORTUNITY   / | STONEHILL STRAT HOTE CREDIT OPPORTUNITY   / | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $303879.53    | 0.47%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BROOKFIELD INFRASTRUCTUR                    | Brookfield Infrastructure Partners LP       | CUSIP: G16252267<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |      4700 | NS      | $82908.00     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| JPMorgan US Government Money M              | JPMorgan U.S. Government Money Market Fund  | CUSIP: 4812C0688<br>LEI: 549300NQ5E5B7ZV4T516 | Long             | STIV             | RF                | US        |    286128 | PA      | $286128.15    | 0.45%             |  |  |  | No            | 1                  | On Loan: No      |
| AGREE REALTY CORP                           | Agree Realty Corp                           | CUSIP: 008492209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3500 | NS      | $63525.00     | 0.10%             |  |  |  | No            | 1                  | On Loan: No      |
| AMERICAN HOMES 4 RENT                       | American Homes 4 Rent                       | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |      2500 | NS      | $59750.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| CMS ENERGY CORP                             | CMS Energy Corp                             | CUSIP: 125896837<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |      4450 | NS      | $86196.50     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| DTE ENERGY CO                               | DTE Energy Co                               | CUSIP: 233331818<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |      4250 | NS      | $76967.50     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| DIGITAL REALTY TRUST INC                    | Digital Realty Trust Inc                    | CUSIP: 253868822<br>LEI: 549300HKCZ31D08NEI41 | Long             | EP               | CORP              | US        |      3800 | NS      | $83030.00     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| DUKE ENERGY CORP                            | Duke Energy Corp                            | CUSIP: 26441C501<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EP               | CORP              | US        |      5100 | NS      | $127551.00    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| ENTERGY ARKANSAS LLC                        | Entergy Arkansas LLC                        | CUSIP: 29364D100<br>LEI: 549300A0I5ONUIFMLP35 | Long             | EP               | CORP              | US        |      3600 | NS      | $76212.00     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Real Estate Select Sector SPDR Fund         | Real Estate Select Sector SPDR Fund         | CUSIP: 999999999<br>LEI: 549300SPMSTD3BRHL041 | N/A              | DE               |  | US        |      1500 | NC      | $93750.00     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| FEDERAL REALTY INVS TRST                    | Federal Realty Investment Trust             | CUSIP: 313745200<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EP               | CORP              | US        |      2500 | NS      | $53500.00     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| KIMCO REALTY CORP                           | Kimco Realty Corp                           | CUSIP: 49446R737<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               | CORP              | US        |      2500 | NS      | $53475.00     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR S&P 500 ETF Trust                      | SPDR S&P 500 ETF Trust                      | CUSIP: 999999999<br>LEI: 549300NZAMSJ8FXPQQ63 | N/A              | DE               |  | US        |       -35 | NC      | $-17675.00    | -0.03%            |  |  |  | No            | 1                  | On Loan: No      |
| MID-AMER APT COMMUNITIES                    | Mid-America Apartment Communities Inc       | CUSIP: 59522J889<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EP               | CORP              | US        |       800 | NS      | $44557.60     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| NEXTERA ENERGY CAPITAL                      | NextEra Energy Capital Holdings Inc         | CUSIP: 65339K860<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | EP               | CORP              | US        |      5500 | NS      | $133705.00    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC STORAGE                              | Public Storage                              | CUSIP: 74460W487<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      4700 | NS      | $78913.00     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| REGENCY CENTERS CORP                        | Regency Centers Corp                        | CUSIP: 758849889<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        |       300 | NS      | $7299.00      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| REXFORD INDUSTRIAL REALT                    | Rexford Industrial Realty Inc               | CUSIP: 76169C407<br>LEI: 549300MSLO0DF0EMX355 | Long             | EP               | CORP              | US        |      2500 | NS      | $56950.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| SEMPRA                                      | Sempra                                      | CUSIP: 816851604<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |      4600 | NS      | $105156.00    | 0.16%             |  |  |  | No            | 1                  | On Loan: No      |
| SOUTHERN CO                                 | Southern Co/The                             | CUSIP: 842587404<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      2300 | NS      | $52256.00     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| SOUTHERN CO                                 | Southern Co/The                             | CUSIP: 842587883<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      3754 | NS      | $69599.16     | 0.11%             |  |  |  | No            | 1                  | On Loan: No      |
| EXCELSIOR STEPHENSON MEDICAL CIV, LLC   /   | EXCELSIOR STEPHENSON MEDICAL CIV, LLC   /   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $751869.86    | 1.17%             |  |  |  | Yes           | 3                  | On Loan: No      |
| Old Courthouse Owner LLC   /                | Old Courthouse Owner LLC   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1661385.83   | 2.58%             |  |  |  | Yes           | 3                  | On Loan: No      |
| EXCELSIOR SANDY SPRINGS CIV, LLC   /        | EXCELSIOR SANDY SPRINGS CIV, LLC   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $548654.11    | 0.85%             |  |  |  | Yes           | 3                  | On Loan: No      |
| PREMIER LEXINGTON PARK, LLC   /             | PREMIER LEXINGTON PARK, LLC   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | NS      | $1510000.00   | 2.35%             | 2032-03-31      | Fixed         | 9.00%                 | Yes           | 3                  | On Loan: No      |
| COOK MHP OWNER,LLC    /                     | COOK MHP OWNER,LLC    /                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $662981.33    | 1.03%             |  |  |  | Yes           | 3                  | On Loan: No      |
| GMF GRANITE MANAGER LLC   /                 | GMF GRANITE MANAGER LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $631523.44    | 0.98%             |  |  |  | Yes           | 3                  | On Loan: No      |
| BAYWOODS ROAD OWNER LLC   /                 | BAYWOODS ROAD OWNER LLC   /                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2375328.77   | 3.70%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RIVERWALK ACQUISITIONS, LLC   /             | RIVERWALK ACQUISITIONS, LLC   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2130287.67   | 3.31%             |  |  |  | Yes           | 3                  | On Loan: No      |
| 3985 N STONE AVE, LLC   /                   | 3985 N STONE AVE, LLC   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $52000.00     | 0.08%             |  |  |  | Yes           | 3                  | On Loan: No      |
| NW HOUSTON, LLC    /                        | NW HOUSTON, LLC    /                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $973000.00    | 1.51%             |  |  |  | Yes           | 3                  | On Loan: No      |
| E 79TH STREET MESS SELECT, LP   /           | E 79TH STREET MESS SELECT, LP   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | NS      | $4377500.00   | 6.81%             | 2025-10-31      | Variable      | 14.24%                | Yes           | 3                  | On Loan: No      |
| PDOFQ2 22 LIVINGSTON SIDE CAR, LLC   /      | PDOFQ2 22 LIVINGSTON SIDE CAR, LLC   /      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | NS      | $3000000.00   | 4.67%             | 2025-06-30      | Variable      | 11.84%                | Yes           | 3                  | On Loan: No      |
| DETROIT PORTFOLIO CLASS A, LLC   /          | DETROIT PORTFOLIO CLASS A, LLC   /          | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2337000.00   | 3.64%             |  |  |  | Yes           | 3                  | On Loan: No      |
| FC STARCAST SA INVESTORS, LLC   /           | FC STARCAST SA INVESTORS, LLC   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2000000.00   | 3.11%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RIVER MILL SELF STORAGE, LLC   /            | RIVER MILL SELF STORAGE, LLC   /            | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1800000.00   | 2.80%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RIPARIAN BALTIMORE SFR INVESTORS I, LLC   / | RIPARIAN BALTIMORE SFR INVESTORS I, LLC   / | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1500 | NS      | $1991000.00   | 3.10%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RIPARIAN BALTIMORE SFR INVESTORS I, LLC   / | RIPARIAN BALTIMORE SFR INVESTORS I, LLC   / | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        38 | NS      | $23593.59     | 0.04%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RHINO 20 LEDIN INVESTORS, LLC   /           | RHINO 20 LEDIN INVESTORS, LLC   /           | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $1812000.00   | 2.82%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RIPARIAN HOUSING INVESTORS I, LLC   /       | RIPARIAN HOUSING INVESTORS I, LLC   /       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | NS      | $2000000.00   | 3.11%             | 2025-07-31      | Fixed         | 15.00%                | Yes           | 3                  | On Loan: No      |
| SP 1001 MUSIC ROW INVESTORS, LLC   /        | SP 1001 MUSIC ROW INVESTORS, LLC   /        | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2000000.00   | 3.11%             |  |  |  | Yes           | 3                  | On Loan: No      |
| BUCHANAN MORTGAGE FUND, LLC   /             | BUCHANAN MORTGAGE FUND, LLC   /             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3000000.00   | 4.67%             |  |  |  | Yes           | 3                  | On Loan: No      |
| 80-90 Central Ventur LLC   /                | 80-90 Central Ventur LLC   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $3000000.00   | 4.67%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RC CID Investors, LLC   /                   | RC CID Investors, LLC   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2200000.00   | 3.42%             |  |  |  | Yes           | 3                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-02

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

**Signature:** /s/ Larry Eiben

**Name of Signer:** Larry Eiben

**Title:** Treasurer