# EDGAR Filing Document

**Accession Number:** 0001854370
**File Stem:** 0001145549-25-056081
**Filing Date:** 2025-8
**Character Count:** 40937
**Document Hash:** 63a5ca1b6706e6408f4ffb45d205facf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-056081.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001145549-25-056081

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251274399

**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

## Nport-Ex

**Thirdline Real Estate Income Fund**

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Fair Value |
|  | **PRIVATE DIRECT REAL ESTATE INVESTMENTS<sup>3</sup> - 78.2%** |  |
|  | &nbsp;&nbsp;&nbsp;**DEBT - 10.1%** |  |
|  | &nbsp;&nbsp;&nbsp;PDOFQ2 22 Livingston Side Car, LLC, 12.05%, (1-Month Term SOFR + 7.60%), 6/30/2025<sup>1,7</sup> | $3000000 |
|  | &nbsp;&nbsp;&nbsp;Riverneck Owner, LLC, 15.75%, 5/26/2025<sup>1</sup> | 3200000 |
|  |  | **6200000** |
|  | &nbsp;&nbsp;&nbsp;**LLC INTERESTS - 14.5%** |  |
|  | &nbsp;&nbsp;&nbsp;3985 N Stone Ave, LLC<sup>1,7</sup> | 180000 |
|  | &nbsp;&nbsp;&nbsp;Baywoods Road Owner, LLC<sup>1,6,7</sup> | 2356479 |
|  | &nbsp;&nbsp;&nbsp;Cook MHP Owner, LLC<sup>1,6</sup> | 677909 |
|  | &nbsp;&nbsp;&nbsp;Excelsior Sandy Springs CIV, LLC<sup>1,6,7</sup> | 548654 |
|  | &nbsp;&nbsp;&nbsp;Excelsior Stephenson Medical CIV, LLC<sup>1,6,7</sup> | 751870 |
|  | &nbsp;&nbsp;&nbsp;GMF Granite Manager, LLC<sup>1,6</sup> | 627721 |
|  | &nbsp;&nbsp;&nbsp;Old Courthouse Owner, LLC<sup>1,6,7</sup> | 1651088 |
| 38 | &nbsp;&nbsp;&nbsp;Riparian Baltimore SFR Investors I, LLC - Class A-2 <sup>1,6,8</sup> | 36844 |
|  | &nbsp;&nbsp;&nbsp;Riverwalk Acquisitions, LLC<sup>1,6,7</sup> | 2129904 |
|  |  | **8960469** |
|  | &nbsp;&nbsp;&nbsp;**MEZZANINE DEBT - 12.8%** |  |
|  | &nbsp;&nbsp;&nbsp;E 79th Street Mess Select, LP, 14.45%, (1-Month Term SOFR + 10.00%), 10/31/2025<sup>1</sup> | 4375500 |
|  | &nbsp;&nbsp;&nbsp;Premier Lexington Park, LLC, 9.00%, 03/31/2032<sup>1</sup> | 1506000 |
|  | &nbsp;&nbsp;&nbsp;Riparian Housing Investors I, LLC, 15.00%, 1/31/2025<sup>1</sup> | 2000000 |
|  |  | **7881500** |
|  | &nbsp;&nbsp;&nbsp;**PREFERRED EQUITY - 40.8%** |  |
|  | &nbsp;&nbsp;&nbsp;80-90 Central Venture, LLC<sup>1,6,7</sup> | 3000000 |
| 4000000 | &nbsp;&nbsp;&nbsp;Beacon Partners Fund II, LP - Preferred <sup>1</sup> | 4021781 |
|  | &nbsp;&nbsp;&nbsp;Buchanan Mortgage Fund, LLC<sup>1,6</sup> | 3000000 |
|  | &nbsp;&nbsp;&nbsp;Detroit Portfolio Class A, LLC<sup>1,6,7</sup> | 2337000 |
|  | &nbsp;&nbsp;&nbsp;FC Starcast SA Investors, LLC - Class A Mezz <sup>1,6,7</sup> | 2000000 |
|  | &nbsp;&nbsp;&nbsp;NW Houston, LLC - Class A Mezz<sup>1,7</sup> | 958000 |
|  | &nbsp;&nbsp;&nbsp;RC CID Investors, LLC, <sup>1,6,7</sup> | 2200000 |
|  | &nbsp;&nbsp;&nbsp;Rhino 20 Ledin Investors, LLC - Preferred Member <sup>1,6,7</sup> | 1811000 |
| 1500 | &nbsp;&nbsp;&nbsp;Riparian Baltimore SFR Investors I, LLC - Class C <sup>6</sup> | 1991000 |
|  | &nbsp;&nbsp;&nbsp;River Mill Self Storage, LLC - Class B <sup>1,6,7</sup> | 1800000 |
|  | &nbsp;&nbsp;&nbsp;SP 1001 Music Row Investors, LLC<sup>1,6,7</sup> | 1998000 |
|  |  | **25116781** |
|  | &nbsp;&nbsp;&nbsp;**SPONSOR PROFITS INTEREST - 0.0%** |  |
|  | &nbsp;&nbsp;&nbsp;Premier Lexington Park, LLC - Class B<sup>1,6</sup> | **-** |
|  | **TOTAL PRIVATE DIRECT REAL ESTATE INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $48,992,607) | **48158750** |
|  | **PRIVATE REAL ESTATE INVESTMENT FUNDS - 34.6%** |  |
| 2847 | CBRE U.S. Credit Partners, LP<sup>4</sup> | 2911598 |
|  | CMMPT-2, LP<sup>1,4</sup> | 880428 |
|  | Goodman Capital Liquid Strategy Fund I, LLC<sup>1,3</sup> | 6056618 |
| 2984 | Heitman Core Real Estate Income Trust<sup>4</sup> | 1591389 |
|  | Infinity Re Impact III, LP<sup>1,4</sup> | 3817843 |
|  | Kayne Anderson Real Estate Debt IV, LP<sup>1,4</sup> | 1039967 |
| 98001 | Peachtree SSC Mortgage REIT, LLC<sup>4</sup> | 1391904 |
| 76190 | Sandpiper Lodging Trust - Class A - Common<sup>3</sup> | 921865 |
|  | Stonehill Strat Hotel Credit Opportunity Fund<sup>1,4</sup> | 307754 |
| 2533 | TCM CRE Credit Fund, LP<sup>4</sup> | 2357923 |
|  | **TOTAL PRIVATE REAL ESTATE INVESTMENT FUNDS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $20,940,296) | **21277289** |

---

**Thirdline Real Estate Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Fair Value |
|  | **PREFERRED STOCKS - 2.0%** |  |
|  | **ENERGY, INFRASTRUCTURE & UTILITIES - 1.2%** |  |
| 4700 | Brookfield Infrastructure Partners, 5.125%<sup>5</sup> | $78631 |
| 4450 | CMS Energy Corp., 4.20%<sup>5</sup> | 76362 |
| 4250 | DTE Energy Co., 4.375%<sup>5</sup> | 72420 |
| 5100 | Duke Energy Corp., 5.750%<sup>5</sup> | 124032 |
| 3600 | Entergy Arkansas, LLC, 4.875<sup>5</sup> | 72720 |
| 5500 | NextEra Energy Capital Holdings, Inc., 5.650%<sup>5</sup> | 121605 |
| 4600 | Sempra Energy, 5.750%<sup>5</sup> | 94530 |
| 2300 | Southern Co/The, 5.25%<sup>5</sup> | 49013 |
| 3754 | Southern Co/The, 4.200%<sup>5</sup> | 65958 |
|  |  | **755271** |
|  | **REAL ESTATE - 0.8%** |  |
| 3500 | Agree Realty Corp., 4.250%<sup>5</sup> | 59395 |
| 2500 | American Homes 4 Rent, 5.875%<sup>5</sup> | 57075 |
| 3800 | Digital Realty Trust, Inc., 5.200%<sup>5</sup> | 75924 |
| 2500 | Federal Realty Investment Trust, 5.000%<sup>5</sup> | 50100 |
| 2500 | Kimco Realty Corp., 5.125%<sup>5</sup> | 49125 |
| 800 | Mid-America Apartment Communities, Inc., 8.500% | 43393 |
| 4700 | Public Storage, 3.900%<sup>5</sup> | 72427 |
| 300 | Regency Centers Corp., 6.25%<sup>5</sup> | 7116 |
| 2500 | Rexford Industrial Realty, Inc., 5.625%<sup>5</sup> | 52925 |
|  |  | **467480** |
|  | **TOTAL PREFERRED STOCKS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,290,875) | **1222751** |

---

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Contracts |  | Fair Value |
|  | **PURCHASED OPTIONS CONTRACTS — 0.2%** |  |
|  | **CALL OPTIONS - 0.2%** |  |
|  | Select Sector SPDR\* |  |
| 1000 | &nbsp;&nbsp;&nbsp;Exercise Price: $50.00, Notional Amount: $5,000,000, Expiration Date: January 15, 2027 | $105000 |
|  | **TOTAL CALL OPTIONS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $81,907) | **105000** |
|  | **TOTAL PURCHASED OPTIONS CONTRACTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $81,907) | **105000** |

---

---

| | | |
|:---|:---|:---|
| Number |  |  |
| of Shares |  | Value |
|  | **SHORT-TERM INVESTMENTS - 2.1%** |  |
| 1328011 | Federated Hermes U.S. Treasury Cash Reserves Fund - Institutional Shares, 4.03% <sup>2,5</sup> | **1328011** |
|  | **TOTAL SHORT-TERM INVESTMENTS** |  |
|  | &nbsp;&nbsp;&nbsp;(Cost $1,328,011) |  |
|  | **TOTAL INVESTMENTS - 117.1% (cost $72,633,696)** | **72091801** |
|  | Liabilities in Excess of Other Assets - (17.1%) | (10550625) |
|  | **TOTAL NET ASSETS - 100.0%** | $**61541176** |

---

<sup>\*</sup> Non-Income Producing

<sup>1</sup> Investment does not issue or provide shares.

<sup>2</sup> The rate is the annualized seven-day yield at period end.

<sup>3</sup> Represents the fair value as determined by the Fund's Board of Trustees (the "Board"), or its designee in good faith, pursuant to the policies and procedures approved by the Board. Securities with a total aggregate value of $55,137,233 or 89.6% of net assets, were fair valued under the Fund's valuation procedures and classified as Level 3 within the three tier fair value hierarchy as of June 30, 2025.

<sup>4</sup> These investments are fair valued at the net asset value as practical expedient in accordance with the Fund's valuation policies.

<sup>5</sup> All or a portion of this security is segregated as collateral for written options. The value of the securities pledged as collateral was $2,507,369 which represents 4.1% of total net assets of the Fund.

<sup>6</sup> Income is variable because it is distributed according to a cascading structure made up of sequential tiers.

<sup>7</sup> Affiliated company.

<sup>8</sup> Investment was received for investing in Riparian Housing Investors I, LLC - Class B-2 (preferred equity), but is in a separate share class (equity - Class A-2 shares).

**Thirdline Real Estate Income Fund**

**SUMMARY OF INVESTMENTS**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Security Type | Percent of Total <br> Net Assets |
| Private Direct Real Estate Invesmtents | 78.2% |
| Private Real Estate Investment Funds | 34.6% |
| Preferred Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy, Infrastructure & Utilities | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real Estate | 0.8% |
| Purchased Options Contracts | 0.2% |
| Short-Term Investments | 2.1% |
| **Total Investments** | **117.1%** |
| Liabilities in Excess of Other Assets | (17.1)% |
| **Total Net Assets** | **100.0%** |

---

**Thirdline Real Estate Income Fund**

**SCHEDULE OF INVESTMENTS - Continued**

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Securities With Restrictions On Redemptions<sup>a</sup>** | **Redemptions Permitted** | **Redemption Notice Period** | **Unfunded Commitments** | **Cost** | **Fair Value** | **Original Acquisition Date** | **Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;3985 N Stone Ave, LLC | Not Permitted | N/A | $- | $2000000 | $180000 | 7/20/2022 | 0.3% |
| &nbsp;&nbsp;&nbsp;80-90 Central Venture, LLC | Not Permitted | N/A |  | 3000000 | 3000000 | 5/27/2025 | 4.9% |
| &nbsp;&nbsp;&nbsp;Baywoods Road Owner, LLC | Not Permitted | N/A |  | 2000000 | 2356479 | 5/10/2022 | 3.8% |
| &nbsp;&nbsp;&nbsp;Beacon Partners Fund II, LP REIT <sup>d</sup> | Not Permitted | N/A |  | 4000000 | 4021781 | 11/30/2021 | 6.5% |
| &nbsp;&nbsp;&nbsp;Buchanan Mortgage Fund, LLC | Not Permitted | N/A |  | 3000000 | 3000000 | 9/30/2024 | 4.9% |
| &nbsp;&nbsp;&nbsp;CBRE U.S. Credit Partners LP | Quarterly | 60 Days |  | 3000000 | 2911598 | 7/7/2022 | 4.7% |
| &nbsp;&nbsp;&nbsp;CMMPT-2, LP <sup>d,f</sup> | Quarterly | 90 Days |  | 913447 | 880428 | 4/18/2022 | 1.4% |
| &nbsp;&nbsp;&nbsp;Cook MHP Owner, LLC | Not Permitted | N/A |  | 794871 | 677909 | 4/8/2022 | 1.1% |
| &nbsp;&nbsp;&nbsp;Detroit Portfolio Class A, LLC | Not Permitted | N/A |  | 2500000 | 2337000 | 10/5/2022 | 3.8% |
| &nbsp;&nbsp;&nbsp;E 79th Street Mess Select LP | Not Permitted | N/A | 772500 | 4377500 | 4375500 | 10/27/2022 | 7.1% |
| &nbsp;&nbsp;&nbsp;Excelsior Sandy Springs CIV, LLC | Not Permitted | N/A |  | 575000 | 548654 | 2/17/2022 | 0.9% |
| &nbsp;&nbsp;&nbsp;Excelsior Stephenson Medical CIV, LLC | Not Permitted | N/A |  | 650000 | 751870 | 10/6/2021 | 1.2% |
| &nbsp;&nbsp;&nbsp;FC Starcast SA Investors, LLC | Not Permitted | N/A |  | 2000000 | 2000000 | 12/7/2022 | 3.2% |
| &nbsp;&nbsp;&nbsp;GMF Granite Manager, LLC | Not Permitted | N/A |  | 353010 | 627721 | 4/1/2022 | 1.0% |
| &nbsp;&nbsp;&nbsp;Goodman Capital Liquid Strategy Fund I, LLC<sup>d</sup> | Not Permitted | N/A |  | 6000000 | 6056618 | 4/14/2022 | 9.8% |
| &nbsp;&nbsp;&nbsp;Heitman Core Real Estate Income Trust <sup>d,e</sup> | Quarterly | 90 Days |  | 2151618 | 1591389 | 4/4/2022 | 2.6% |
| &nbsp;&nbsp;&nbsp;Infinity Re Impact III, LP <sup>d</sup> | Not Permitted | N/A |  | 3000000 | 3817843 | 6/10/2022 | 6.2% |
| &nbsp;&nbsp;&nbsp;Kayne Anderson Real Estate Debt IV, LP<sup>d</sup> | Not Permitted | N/A | 451169 | 1047886 | 1039967 | 11/1/2021 | 1.7% |
| &nbsp;&nbsp;&nbsp;NW Houston, LLC | Not Permitted | N/A |  | 1035000 | 958000 | 7/21/2022 | 1.6% |
| &nbsp;&nbsp;&nbsp;Old Courthouse Owner, LLC | Not Permitted | N/A |  | 1207226 | 1651088 | 2/8/2022 | 2.7% |
| &nbsp;&nbsp;&nbsp;PDOFQ2 22 Livingston Side Car, LLC | Not Permitted | N/A |  | 3000000 | 3000000 | 9/28/2022 | 4.9% |
| &nbsp;&nbsp;&nbsp;Peachtree SSC Mortgage REIT, LLC <sup>d,g</sup> | No Restrictions |  |  | 1376539 | 1391904 | 5/18/2022 | 2.3% |
| &nbsp;&nbsp;&nbsp;Premier Lexington Park, LLC | Not Permitted | N/A |  | 1500000 | 1506000 | 3/31/2022 | 2.4% |
| &nbsp;&nbsp;&nbsp;Premier Lexington Park, LLC - Class B | Not Permitted | N/A |  |  |  | 3/31/2022 | 0.0% |
| &nbsp;&nbsp;&nbsp;RC CID Investors, LLC | Not Permitted | N/A |  | 2200000 | 2200000 | 6/20/2025 | 3.6% |
| &nbsp;&nbsp;&nbsp;Rhino 20 Ledin Investors, LLC | Not Permitted | N/A |  | 1800000 | 1811000 | 1/4/2024 | 2.9% |
| &nbsp;&nbsp;&nbsp;Riparian Baltimore SFR Investors I, LLC | Not Permitted | N/A |  | 2000000 | 1991000 | 7/7/2023 | 3.2% |
| &nbsp;&nbsp;&nbsp;Riparian Baltimore SFR Investors I, LLC - A-2 Shares | Not Permitted | N/A |  |  | 36844 | 7/7/2023 | 0.1% |
| &nbsp;&nbsp;&nbsp;Riparian Housing Investors I, LLC | Not Permitted | N/A |  | 2000000 | 2000000 | 1/25/2024 | 3.2% |
| &nbsp;&nbsp;&nbsp;River Mill Self Storage, LLC | Not Permitted | N/A | 200000 | 1800000 | 1800000 | 12/22/2022 | 2.9% |
| &nbsp;&nbsp;&nbsp;Riverneck Owner, LLC | Not Permitted | N/A |  | 3200000 | 3200000 | 11/26/2024 | 5.2% |
| &nbsp;&nbsp;&nbsp;Riverwalk Acquisitions, LLC | Not Permitted | N/A |  | 2000000 | 2129904 | 6/14/2022 | 3.5% |
| &nbsp;&nbsp;&nbsp;Sandpiper Lodging Trust<sup>d</sup> | Not Permitted | N/A |  | 800000 | 921865 | 9/30/2021 | 1.5% |
| &nbsp;&nbsp;&nbsp;SP 1001 Music Row Investors, LLC | Not Permitted | N/A |  | 2000000 | 1998000 | 7/16/2024 | 3.2% |
| &nbsp;&nbsp;&nbsp;Stonehill Strat Hotel Credit Opportunity Fund<sup>d</sup> | Not Permitted | N/A |  | 257881 | 307754 | 8/18/2023 | 0.5% |
| &nbsp;&nbsp;&nbsp;TCM CRE Credit Fund, LP<sup>d</sup> | Quarterly | 90 Days | - | 2392925 | 2357923 | 10/1/2021 | 3.8% |
| **Totals** |  |  | $**1423669** | $**69932903** | $**69436039** |  | **112.8%** |

---

<sup>a</sup> Securities generally offered in private placement transactions and as such are illiquid and generally restricted as to resale.

<sup>b</sup> Quarterly redemptions, subject to a 90 day redemption notice period, allowed after an initial 3-year lock up period expiring 12/13/2024.

<sup>c</sup> The Fund is limited to redemptions of 5% of the Fund NAV per quarter and 20% annually, and the company can delay or suspend these redemptions at their sole discretion. There are no redemptions for an investor in their first year of investment.

<sup>d</sup> The Fund indirectly bears fees and expenses as an investor in the Private Real Estate Investment Funds. Each investor of each Private Real Estate Investment Fund will pay the investment manager of the Private Real Estate Investment Fund a management fee. The fee rate varies and ranges from 0.75% to 2.00% per annum of the NAV of that Private Real Estate Investment Fund. Additionally, the investment manager of each Private Real Estate Investment Fund may generally receive a contingent incentive fee/allocation from each investor ranging from 10% to 100% of net new realized appreciation of that Private Real Estate Investment Fund over a return hurdle rate ranging from 6.0% to 12.0% as of the end of each performance period for which an incentive fee/allocation is calculated.

<sup>e</sup> Quarterly redemptions, subject to a 90 day redemption notice period, allowed after an initial 1-year lock up period expiring 4/3/2024 and Redemption Interests will be redeemed in 20% quarterly increments following the Redemption Effective Date.

<sup>f</sup> Quarterly redemptions, subject to a 90 day redemption notice period, allowed after an initial 2-year lock up period expiring 4/17/2024.

<sup>g</sup> The Fund will not redeem more than 5% of the Fund NAV in a calendar year, redemptions are subject to availability of distributable cash as determined by the Company.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Security <br> Description** | **Value <br> Beginning <br> of Period** | **Purchases** | **Reductions** | **Return of <br> Capital** | **Net <br> Realized <br> Gain (Loss)** | **Change in**<br> **Yield Balance<sup>3</sup>** | **Change in <br> Unrealized <br> Appreciation<br> (Depreciation)** | **Change in <br> Unrealized <br> Appreciation<br> (Depreciation)** | **Value End <br> of Period** | **Dividends Received<sup>4</sup>** | **Interest Income<sup>4</sup>** |
| 3985 N Stone Ave, LLC | $717000 | $- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $- | $- | $- |  | ($537000) | $180000 | $- | $- |
| 80-90 Central Venture, LLC<sup>2</sup> | $- | 3000000 |  |  |  |  |  |  | 3000000 |  | 91110 |
| Baywoods Road Owner, LLC <sup>1</sup> | $2335000 |  |  |  |  | 21479 |  |  | 2356479 | 37084 |  |
| Detroit Portfolio Class A, LLC | $2337000 |  |  |  |  |  |  |  | 2337000 |  | 70890 |
| Excelsior Sandy Springs CIV, LLC | $548709 |  |  |  |  | (55) |  |  | 548654 | 5031 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excelsior Stephenson Medical CIV, LLC | $751932 |  |  |  |  | (62) |  |  | 751870 | 5687 |  |
| FC Starcast SA Investors, LLC | $2000000 |  |  |  |  |  |  |  | 2000000 |  | 49863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NW Houston, LLC | $958000 |  |  |  |  |  |  |  | 958000 |  |  |
| Old Courthouse Owner, LLC<sup>1</sup> | $1523829 |  |  |  |  | 5259 |  | 122000 | 1651088 | 28992 |  |
| PDOFQ2 22 Livingston Side Car, LLC | $3000000 |  |  |  |  |  |  |  | 3000000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plymouth Heritage Apts. JV, LLC - Class B <sup>1</sup> | $2479000 |  |  | (2501084) | 22084 |  |  |  |  |  | 35579 |
| RC CID Investors, LLC<sup>2</sup> | $- | 2200000 |  |  |  |  |  |  | 2200000 |  | 42614 |
| Rhino 20 Ledin Investors, LLC<sup>1</sup> | $1811000 |  |  |  |  |  |  |  | 1811000 |  | 58676 |
| River Mill Self Storage, LLC <sup>1</sup> | $1800000 |  |  |  |  |  |  |  | 1800000 |  | 44877 |
| Riverwalk Acquisitions, LLC | $2129521 |  |  |  |  | 383 |  |  | 2129904 | 39574 |  |
| SP 1001 Music Row Investors, LLC<sup>1</sup> | $2000000 | - | - | - | - | - |  | (2000) | 1998000 | - | 75205 |
| Total | $24390991 | $5200000 | $- | 2501084) | $22084 | $27004 | ($| 417000) | $26721995 | $116368 | $468814 |

---

<sup>1</sup> The Fund has ownership greater than 25% in the underlying entity.

<sup>2</sup> The issuers weren't affiliated as of March 31, 2025.

<sup>3</sup> This column represents the change in dividends accrued, accrual adjustments, or yield balance adjustments for equity investments.

<sup>4</sup> These columns represent the actual dividends received (for equity investments) and the interest income recorded (debt or debt-like investments).

## 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:** 2025-06-30

**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:** $72760441.08

**Total Liabilities:** $11512001.93

**Net Assets:** $61248439.15

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.51%                | 0.40%                | 0.48%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-52785.18                                 |
| Month 2  | $-176.04                 | $-133776.76                                |
| Month 3  | $0.00                    | $-32700.99                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| DUKE ENERGY CORP                            | Duke Energy Corp                             | CUSIP: 26441C501<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EP               | CORP              | US        |      5100 | NS      | $124032.00    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| ENTERGY ARKANSAS LLC                        | Entergy Arkansas LLC                         | CUSIP: 29364D100<br>LEI: 549300A0I5ONUIFMLP35 | Long             | EP               | CORP              | US        |      3600 | NS      | $72720.00     | 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        |      1000 | NC      | $105000.00    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| FEDERAL REALTY INVS TRST                    | Federal Realty Investment Trust              | CUSIP: 313745200<br>LEI: 549300FHEI1SLVZ0RB48 | Long             | EP               | CORP              | US        |      2500 | NS      | $50100.00     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| KIMCO REALTY CORP                           | Kimco Realty Corp                            | CUSIP: 49446R737<br>LEI: 254900ARY41P4V1JL861 | Long             | EP               | CORP              | US        |      2500 | NS      | $49125.00     | 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        |        -5 | NC      | $-3490.00     | -0.01%            |  |  |  | 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      | $43393.28     | 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      | $121605.00    | 0.20%             |  |  |  | No            | 1                  | On Loan: No      |
| PUBLIC STORAGE                              | Public Storage                               | CUSIP: 74460W487<br>LEI: 549300LMZF40TKJ6DM64 | Long             | EP               | CORP              | US        |      4700 | NS      | $72427.00     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| REGENCY CENTERS CORP                        | Regency Centers Corp                         | CUSIP: 758849889<br>LEI: 529900053A7X7FJ97S58 | Long             | EP               | CORP              | US        |       300 | NS      | $7116.00      | 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      | $52925.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| SEMPRA                                      | Sempra                                       | CUSIP: 816851604<br>LEI: PBBKGKLRK5S5C0Y4T545 | Long             | EP               | CORP              | US        |      4600 | NS      | $94530.00     | 0.15%             |  |  |  | No            | 1                  | On Loan: No      |
| SOUTHERN CO                                 | Southern Co/The                              | CUSIP: 842587404<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      2300 | NS      | $49013.00     | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| SOUTHERN CO                                 | Southern Co/The                              | CUSIP: 842587883<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |      3754 | NS      | $65957.78     | 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    | 1.23%             |  |  |  | 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      | $1651088.16   | 2.70%             |  |  |  | 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    | 0.90%             |  |  |  | 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      | $1506000.00   | 2.46%             | 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      | $677908.66    | 1.11%             |  |  |  | Yes           | 3                  | 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      | $1591388.70   | 2.60%             |  |  |  | Yes           | N/A                | On Loan: No      |
| CMMPT-2, LP    /                            | CMMPT-2, LP    /                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $880427.64    | 1.44%             |  |  |  | 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      | $4021780.82   | 6.57%             |  |  |  | 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      | $2911597.91   | 4.75%             |  |  |  | Yes           | N/A                | 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      | $307753.51    | 0.50%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BROOKFIELD INFRASTRUCTUR                    | Brookfield Infrastructure Partners LP        | CUSIP: G16252267<br>LEI: 549300WEH5R2OODI7Y90 | Long             | EP               | CORP              | BM        |      4700 | NS      | $78631.00     | 0.13%             |  |  |  | No            | 1                  | On Loan: No      |
| Federated Hermes US Treasury C              | Federated Hermes U.S. Treasury Cash Reserves | CUSIP: 60934N682<br>LEI: 25490003NTA1P9CI5X97 | Long             | STIV             | RF                | US        |    294859 | PA      | $294858.73    | 0.48%             |  |  |  | No            | 1                  | On Loan: No      |
| AGREE REALTY CORP                           | Agree Realty Corp                            | CUSIP: 008492209<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      3500 | NS      | $59395.00     | 0.10%             |  |  |  | No            | 1                  | 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      | $3817843.21   | 6.23%             |  |  |  | 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   | 9.89%             |  |  |  | Yes           | 3                  | On Loan: No      |
| NW HOUSTON, LLC    /                        | NW HOUSTON, LLC    /                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $958000.00    | 1.56%             |  |  |  | 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      | $4375500.00   | 7.14%             | 2025-10-31      | Variable      | 14.45%                | 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   | 4.90%             | 2025-06-30      | Variable      | 12.05%                | 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   | 3.82%             |  |  |  | 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   | 3.27%             |  |  |  | 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   | 2.94%             |  |  |  | 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   | 3.25%             |  |  |  | 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      | $36843.84     | 0.06%             |  |  |  | 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      | $1811000.00   | 2.96%             |  |  |  | Yes           | 3                  | On Loan: No      |
| AMERICAN HOMES 4 RENT                       | American Homes 4 Rent                        | CUSIP: 02665T876<br>LEI: 549300ZJUO7A58PNUW40 | Long             | EP               | CORP              | US        |      2500 | NS      | $57075.00     | 0.09%             |  |  |  | No            | 1                  | 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   | 3.27%             | 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      | $1998000.00   | 3.26%             |  |  |  | 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   | 4.90%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RIVERNECK OWNER, LLC    /                   | RIVERNECK OWNER, LLC    /                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |         1 | NS      | $3200000.00   | 5.22%             | 2025-05-26      | Fixed         | 15.75%                | Yes           | 3                  | On Loan: No      |
| CMS ENERGY CORP                             | CMS Energy Corp                              | CUSIP: 125896837<br>LEI: 549300IA9XFBAGNIBW29 | Long             | EP               | CORP              | US        |      4450 | NS      | $76362.00     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| DTE ENERGY CO                               | DTE Energy Co                                | CUSIP: 233331818<br>LEI: 549300IX8SD6XXD71I78 | Long             | EP               | CORP              | US        |      4250 | NS      | $72420.00     | 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      | $75924.00     | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| GMF GRANITE MANAGER LLC   /                 | GMF GRANITE MANAGER LLC   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $627720.70    | 1.02%             |  |  |  | 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      | $2356479.45   | 3.85%             |  |  |  | Yes           | 3                  | On Loan: No      |
| RIVERWALK ACQUISITIONS, LLC   /             | RIVERWALK ACQUISITIONS, LLC   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $2129904.11   | 3.48%             |  |  |  | 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      | $180000.00    | 0.29%             |  |  |  | Yes           | 3                  | 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      | $1391904.40   | 2.27%             |  |  |  | Yes           | N/A                | 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   | 4.90%             |  |  |  | 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   | 3.59%             |  |  |  | Yes           | 3                  | On Loan: No      |
| TCM CRE CREDIT FUND, LP   /                 | TCM CRE CREDIT FUND, LP   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2533 | NS      | $2357922.61   | 3.85%             |  |  |  | Yes           | N/A                | On Loan: No      |
| SANDPIPER LODGING TRUST   /                 | SANDPIPER LODGING TRUST   /                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     76190 | NS      | $921864.89    | 1.51%             |  |  |  | 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      | $1039967.28   | 1.70%             |  |  |  | Yes           | N/A                | On Loan: No      |
| BARINGS REAL ESTATE DEBT INCOME FUND LP   / | BARINGS REAL ESTATE DEBT INCOME FUND LP   /  | CUSIP: 999999999<br>LEI: N/A                  | Long             | EC               | CORP              | US        |         1 | NS      | $0.00         | 0.00%             |  |  |  | Yes           | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2025-07-02

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

**Signature:** /s/ Larry Eiben

**Name of Signer:** Larry Eiben

**Title:** Treasurer