# EDGAR Filing Document

**Accession Number:** 0001857314
**File Stem:** 0001145549-25-055781
**Filing Date:** 2025-8
**Character Count:** 34169
**Document Hash:** a80c5109c4999069313c545e20225df6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-055781.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001145549-25-055781

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251270823

**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

## 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:** 2025-06-30

**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:** $338102673.14

**Total Liabilities:** $53626267.33

**Net Assets:** $284476405.81

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 375.860944502514 | **5-Year:** 130.436475019365 | **10-Year:** 7243.650104802776 | **30-Year:** 2342.730263582346

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

- **3-Month:** 20785.913296421123 | **1-Year:** 67164.013784368554 | **5-Year:** 48078.944773957346 | **10-Year:** 8486.486274226874 | **30-Year:** 1829.361551175357

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.45%                | 0.95%                | 1.30%                |
| Class ID N/A | 0.44%                | 0.94%                | 1.30%                |
| Class ID N/A | 0.36%                | 0.87%                | 1.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-103123.19              | $-391869.07                                |
| Month 2  | $-1697.48                | $709490.95                                 |
| Month 3  | $163441.25               | $1849159.70                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Great Wolf Trust                            | Great Wolf Trust 2024-WOLF                             | CUSIP: 39152MAJ4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3017685.00   | 1.06%             | 2039-03-15      | Floating      | 7.95%                 | Yes           |                  2 | On Loan: No      |
| Great Wolf Trust                            | Great Wolf Trust 2024-WOLF                             | CUSIP: 39152MAG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   7815000 | PA      | $7856958.74   | 2.76%             | 2039-03-15      | Floating      | 7.20%                 | 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      | $10040203.00  | 3.53%             | 2041-11-25      | Floating      | 6.96%                 | 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      | $3664613.37   | 1.29%             | 2036-10-15      | Floating      | 7.98%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2020-KF95 Mortgage Trust                         | CUSIP: 30318PAL2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2756361 | PA      | $2735060.01   | 0.96%             | 2030-12-25      | Floating      | 13.31%                | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2020-KJ32 Mortgage Trust                         | CUSIP: 30317BAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3360679 | PA      | $3015979.95   | 1.06%             | 2033-11-25      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2019-KF70 Mortgage Trust                         | CUSIP: 30298UAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   1869595 | PA      | $1766079.27   | 0.62%             | 2029-09-25      | Floating      | 10.43%                | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2020-KF78 Mortgage Trust                         | CUSIP: 302979AG4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   4483073 | PA      | $4440458.73   | 1.56%             | 2030-03-25      | Floating      | 12.30%                | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2018-KSW4 Mortgage Trust                         | CUSIP: 302960AH2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3293687 | PA      | $3028215.87   | 1.06%             | 2028-10-25      | Floating      | 9.43%                 | No            |                  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        |   6561617 | PA      | $6572876.94   | 2.31%             | 2038-07-15      | Floating      | 8.13%                 | 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        |   6350000 | PA      | $6168059.80   | 2.17%             | 2043-10-15      | Floating      | 5.58%                 | 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      | $10013230.00  | 3.52%             | 2041-06-15      | Floating      | 6.15%                 | 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      | $7007973.00   | 2.46%             | 2036-10-15      | Floating      | 9.83%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2021-BHAR                                         | CUSIP: 12659VAN0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5250000 | PA      | $5166719.25   | 1.82%             | 2038-11-15      | Floating      | 7.93%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2022-LBA6                                     | CUSIP: 12433EAS0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $1998608.00   | 0.70%             | 2039-01-15      | Floating      | 8.51%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-AIRC                 | CUSIP: 12433CAG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10677915 | PA      | $10717946.25  | 3.77%             | 2039-08-15      | Floating      | 7.40%                 | 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      | $5001030.00   | 1.76%             | 2041-10-15      | Floating      | 11.28%                | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-MF                   | CUSIP: 05612EAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   4427273 | PA      | $4439297.20   | 1.56%             | 2039-02-15      | Floating      | 5.75%                 | 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      | $5406540.13   | 1.90%             | 2027-06-15      | Floating      | 6.43%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-VOLT                 | CUSIP: 05609VAS4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    495057 | PA      | $488199.11    | 0.17%             | 2036-09-15      | Floating      | 7.28%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-VOLT                 | CUSIP: 05609VAQ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3729988 | PA      | $3715542.04   | 1.31%             | 2036-09-15      | Floating      | 6.83%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-BXMF                                     | CUSIP: 05609RAS3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   7272234 | PA      | $7210157.83   | 2.53%             | 2026-10-15      | Floating      | 7.78%                 | Yes           |                  2 | On Loan: No      |
| BXHPP Trust                                 | BXHPP Trust 2021-FILM                                  | CUSIP: 05609JAA0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $7669224.00   | 2.70%             | 2036-08-15      | Floating      | 5.08%                 | Yes           |                  2 | On Loan: No      |
| ZEPHYR FLT RT, 06/14/2027   /               | ZEPHYR FLT RT, 06/14/2027   /                          | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   5959642 | OU      | $5959641.54   | 2.09%             |  |  |  | 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        |  15976401 | PA      | $15976400.70  | 5.62%             | 2026-12-01      | Fixed         | 11.99%                | 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 | -3.95%            | 2026-12-01      | Floating      | 8.06%                 | Yes           |                  3 | On Loan: No      |
| ADVANTIS MCA FV, LLC FLT RT, 07/22/2025   / | ADVANTIS MCA FV, LLC FLT RT, 07/22/2025   /            | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |    627590 | PA      | $627590.42    | 0.22%             | 2026-07-22      | Floating      | 16.21%                | Yes           |                  3 | 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        |    632869 | PA      | $632868.76    | 0.22%             | 2028-11-21      | Floating      | 13.71%                | Yes           |                  3 | On Loan: No      |
| Worldwide Plaza Trust                       | Worldwide Plaza Trust 2017-WWP                         | CUSIP: 98162JAQ9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    354000 | PA      | $18588.89     | 0.01%             | 2036-11-10      | Variable      | 3.71%                 | 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      | $3909878.50   | 1.37%             | 2036-11-10      | Fixed         | 3.53%                 | Yes           |                  2 | On Loan: No      |
| THE 2023-MIC Trust                          | 2023-MIC Trust                                         | CUSIP: 87256GAC6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $4366023.20   | 1.53%             | 2038-12-05      | Variable      | 9.86%                 | 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      | $8642327.70   | 3.04%             | 2042-02-15      | Floating      | 7.65%                 | Yes           |                  2 | On Loan: No      |
| SREIT Trust                                 | STWD Trust 2021-FLWR                                   | CUSIP: 78485GAQ7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   6400000 | PA      | $6408243.20   | 2.25%             | 2036-07-15      | Floating      | 7.10%                 | Yes           |                  2 | On Loan: No      |
| SMRT                                        | SMRT 2022-MINI                                         | CUSIP: 78457JAQ5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4873905.00   | 1.71%             | 2039-01-15      | Floating      | 7.66%                 | 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      | $5135040.64   | 1.81%             | 2033-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| OPEN Trust                                  | OPEN Trust 2023-AIR                                    | CUSIP: 68373BAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2400000 | PA      | $2414858.40   | 0.85%             | 2040-11-15      | Floating      | 13.74%                | Yes           |                  2 | On Loan: No      |
| OPEN Trust                                  | OPEN Trust 2023-AIR                                    | CUSIP: 68373BAA9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2625127 | PA      | $2631842.53   | 0.93%             | 2040-11-15      | Floating      | 7.40%                 | Yes           |                  2 | On Loan: No      |
| MTN Commercial Mortgage Trust               | MTN Commercial Mortgage Trust 2022-LPFL                | CUSIP: 62475WAL9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5012960.00   | 1.76%             | 2039-03-15      | Floating      | 9.61%                 | 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      | $3000456.00   | 1.05%             | 2039-03-15      | Floating      | 6.22%                 | Yes           |                  2 | On Loan: No      |
| MKT 2020-525M Mortgage Trust                | MKT 2020-525M Mortgage Trust                           | CUSIP: 55316PAN7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2350000 | PA      | $1615601.50   | 0.57%             | 2040-02-12      | Variable      | 3.04%                 | 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        |   5000000 | PA      | $4492090.00   | 1.58%             | 2039-05-15      | Floating      | 6.85%                 | 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      | $5036061.50   | 1.77%             | 2042-07-15      | Variable      | 9.02%                 | 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      | $3082821.00   | 1.08%             | 2042-07-15      | Variable      | 8.20%                 | 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      | $1788950.80   | 0.63%             | 2034-08-05      | Variable      | 5.63%                 | 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      | $2978433.00   | 1.05%             | 2034-08-05      | Fixed         | 4.91%                 | 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      | $2488115.00   | 0.87%             | 2034-08-05      | Fixed         | 4.16%                 | 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      | $92591.20     | 0.03%             | 2034-08-05      | Variable      | 5.33%                 | 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      | $2952984.00   | 1.04%             | 2034-08-05      | Variable      | 5.33%                 | 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      | $1756753.17   | 0.62%             | 2034-08-05      | Fixed         | 4.67%                 | 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      | $4008825.34   | 1.41%             | 2038-06-15      | Floating      | 8.18%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2021-ARIA                                     | CUSIP: 05608RAQ8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   8800000 | PA      | $8738725.60   | 3.07%             | 2036-10-15      | Floating      | 7.57%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-VINO                 | CUSIP: 05608KAN0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3603600 | PA      | $3587059.48   | 1.26%             | 2038-05-15      | Floating      | 8.38%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S              | BBCMS Trust 2015-VFM                                   | CUSIP: 05546JAC2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  45481656 | PA      | $53113.48     | 0.02%             | 2036-03-12      | Variable      | 0.28%                 | 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      | $15340.40     | 0.01%             | 2034-08-14      | Variable      | 0.33%                 | 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      | $83943.72     | 0.03%             | 2034-08-14      | Variable      | 0.88%                 | Yes           |                  2 | On Loan: No      |
| ARDN 2025-ARCP Mortgage Trust               | ARDN 2025-ARCP Mortgage Trust                          | CUSIP: 039961AL1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10055260.00  | 3.53%             | 2035-06-15      | Floating      | 9.95%                 | Yes           |                  2 | 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      | $10011497.94  | 3.52%             | 2027-06-25      | Floating      | 8.30%                 | Yes           |                  2 | 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        |   1400297 | PA      | $1401745.09   | 0.49%             | 2029-06-12      | Floating      | 13.24%                | Yes           |                  3 | On Loan: No      |
| LEXINGTON SO TOTOWA FLT RT _09/15/2025   /  | LEXINGTON SO TOTOWA FLT RT _09/15/2025   /             | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   1934812 | PA      | $1934812.46   | 0.68%             | 2025-10-02      | Floating      | 15.57%                | 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  | 3.55%             | 2028-05-08      | Floating      | 12.31%                | 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        |   6389170 | OU      | $6481610.26   | 2.28%             |  |  |  | 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        |   5528569 | PA      | $5528569.05   | 1.94%             | 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        |   2057841 | PA      | $2057841.35   | 0.72%             | 2025-12-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| RBC REVERSE REPO 26210YAA4   /              | RBC REVERSE REPO 26210YAA4   /                         | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -4302000 | PA      | $-4302000.00  | -1.51%            | 2025-07-03      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| RBC REVERSE REPO 62475WAC9   /              | RBC REVERSE REPO 62475WAC9   /                         | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -2300000 | PA      | $-2300000.00  | -0.81%            | 2025-07-02      | Fixed         | 5.26%                 | No            |                  2 | On Loan: No      |
| RBC REVERSE REPO 05612EAA6   /              | RBC REVERSE REPO 05612EAA6   /                         | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -3499000 | PA      | $-3499000.00  | -1.23%            | 2025-07-03      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| RBC REVERSE REPO 20047DAA2   /              | RBC REVERSE REPO 20047DAA2   /                         | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -7457000 | PA      | $-7457000.00  | -2.62%            | 2025-07-30      | Fixed         | 5.15%                 | No            |                  2 | On Loan: No      |
| MARLOWE 15.000%, 02/09/2027   /             | MARLOWE 15.000%, 02/09/2027   /                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   1930325 | OU      | $1928531.41   | 0.68%             |  |  |  | Yes           |                  3 | 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        |   6669323 | OU      | $6831794.69   | 2.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| LP REVERSE REPO 36273XAA9   /               | LP REVERSE REPO 36273XAA9   /                          | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -7201000 | PA      | $-7201000.00  | -2.53%            | 2025-07-17      | Fixed         | 5.36%                 | No            |                  2 | On Loan: No      |
| LP REVERSE REPO 05610MAA0   /               | LP REVERSE REPO 05610MAA0   /                          | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -3350000 | PA      | $-3350000.00  | -1.18%            | 2025-07-17      | Fixed         | 5.21%                 | No            |                  2 | On Loan: No      |
| LP REVERSE REPO 05609JAA0   /               | LP REVERSE REPO 05609JAA0   /                          | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -6050000 | PA      | $-6050000.00  | -2.13%            | 2025-07-17      | Fixed         | 5.11%                 | No            |                  2 | On Loan: No      |
| KERF TRENT DEV QOZ FLT RT 08/23/2025   /    | KERF TRENT DEV QOZ FLT RT 08/23/2025   /               | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   3319919 | PA      | $3316961.17   | 1.17%             | 2025-08-23      | Fixed         | 12.00%                | 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        |   1052807 | OU      | $1045443.80   | 0.37%             |  |  |  | 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        |  11556588 | OU      | $11605899.34  | 4.08%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fidelity Treasury Portfolio                 | Fidelity Treasury Portfolio, Class I                   | CUSIP: 316175504<br>LEI: N/A | Long             | STIV             | RF                | US        |  14136628 | PA      | $14136627.57  | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| DAWSON 13.000%, 04/02/2029   /              | DAWSON 13.000%, 04/02/2029   /                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4299508 | OU      | $4297992.84   | 1.51%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CRIMSON DEVCO, LLC    /                     | CRIMSON DEVCO, LLC    /                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |        40 | OU      | $1000000.00   | 0.35%             |  |  |  | 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        |   7553119 | OU      | $7666541.27   | 2.69%             |  |  |  | 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        |   4373293 | OU      | $4438614.10   | 1.56%             |  |  |  | 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        |    617154 | PA      | $617153.78    | 0.22%             | 2026-04-18      | Floating      | 16.21%                | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-10

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

**Signature:** /s/ Derek Mullins

**Name of Signer:** Derek Mullins

**Title:** Treasurer