# EDGAR Filing Document

**Accession Number:** 0001929777
**File Stem:** 0001193125-26-238514
**Filing Date:** 2026-5
**Character Count:** 32007
**Document Hash:** b18e386fd26c4fc8c5debe08d5331c86
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-238514.hdr.sgml**: 20260526

**ACCESSION NUMBER**: 0001193125-26-238514

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260526

**DATE AS OF CHANGE**: 20260526

**PERIOD START**: 20261231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Pender Real Estate Credit Fund
- **CENTRAL INDEX KEY:** 0001929777

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23806
- **FILM NUMBER:** 261018233

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.,
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MLWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 4142992200

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.,
- **STREET 2:** 235 WEST GALENA STREET
- **CITY:** MLWAUKEE
- **STATE:** WI
- **ZIP:** 53212

## Nport-Ex

**Pender Real Estate Credit Fund**

**Consolidated Schedule of Investments**

**March 31, 2026 (Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Spread** | **Coupon**<br>**Rate (%)** | <br>**Maturity Date** | **Original**<br>**Acquisition Date** | **Principal**<br> **Amount** |<br>**Cost<sup>(1)</sup>** |<br>**Fair Value** |
| **Private Debt - 120.8%**<sup>(2),(3)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assisted Living - 2.2%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601 Tandy ABL I Holdings, LLC⁽⁴⁾⁽⁵⁾ | N/A | 6.00 <sup>(5)</sup> | 8/1/2026 | 4/1/2023 | $11950000 | $12033571 | $10599571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas/Service Station - 1.2%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilogy Holdings, LLC Fuels⁽⁴⁾⁽⁶⁾ | SOFR1M + 6.91% | 11.75 | 12/1/2026 | 10/28/2024 | 5575000 | 5537520 | 5607208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial - 9.6%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528 Hondo Ave., LLC⁽⁶⁾ | SOFR1M + 4.42% | 9.75 | 9/1/2026 | 8/30/2024 | 6000000 | 6050494 | 6059494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farm to Market Industries, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 4.47% | 8.75 | 6/1/2026 | 5/30/2025 | 32500000 | 28493125 | 28538875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finn Equipment Leasing, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 4.46% | 8.75 | 2/1/2027 | 1/28/2025 | 14000000 | 11214918 | 11244918 |
|  |  |  |  |  |  | 45758537 | 45843287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mixed Use - 4.0%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 Chestnut Street Development, LLC⁽⁶⁾⁽⁷⁾ | TBILL1M + 8.17% | 11.86 | 3/1/2026 | 8/2/2022 | 13350000 | 11371675 | 11456800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Elms MT, LLC⁽⁶⁾ | SOFR1M + 7.43% | 12.74 | 5/1/2026 | 4/29/2024 | 9450000 | 7623043 | 7604143 |
|  |  |  |  |  |  | 18994718 | 19060943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily - 96.1%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 Clark RD Apts LLC⁽⁴⁾ | N/A | 8.25 | 1/1/2027 | 12/19/2025 | 23250000 | 20410937 | 20445812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201 SW NYE, LLC⁽⁶⁾ | SOFR1M + 4.48% | 8.75 | 2/1/2027 | 1/10/2025 | 3375000 | 3375000 | 3383438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 Cedar Hill Apts LLC | N/A | 10.25 | 12/19/2026 | 12/19/2025 | 10000000 | 9095025 | 9110025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 Mesquite Apts LLC | N/A | 10.25 | 12/19/2026 | 12/19/2025 | 12500000 | 10039825 | 10071075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta 330, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 2.90% | 8.25 | 9/1/2026 | 8/13/2024 | 39450000 | 34469467 | 34558092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bayview West Apartments LLC⁽⁴⁾ | N/A | 7.75 | 11/1/2026 | 10/30/2025 | 3400000 | 3010163 | 3015263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazos Lauradale, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 3.84% | 8.25 | 10/1/2026 | 9/19/2025 | 13750000 | 13718414 | 13752789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazos Liberty Crossing, LLC | N/A | 11.00 | 11/1/2026 | 10/27/2025 | 6500000 | 6322307 | 6322307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazos Meadows, LLC⁽⁴⁾ | N/A | 9.75 | 12/4/2026 | 12/4/2025 | 18050000 | 16358990 | 16404115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Camelot Village Apts LLC⁽⁴⁾ | N/A | 8.25 | 1/1/2027 | 12/19/2025 | 39750000 | 34304314 | 34403689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eagles Manor MT, LLC | N/A | 8.25 | 3/1/2027 | 2/26/2026 | 9375000 | 7798064 | 7798064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FC Armature, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 3.37% | 7.75 | 10/1/2026 | 9/17/2025 | 13500000 | 10792175 | 10825925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandview Apartments 1002, LLC⁽⁶⁾ | SOFR + 4.61% | 9.25 | 3/1/2027 | 2/27/2023 | 5800000 | 5818000 | 5818000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Huntington 1401 LLC⁽⁴⁾ | N/A | 9.75 | 12/3/2027 | 12/3/2025 | 3220096 | 457044 | 465094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeview 28, LLC⁽⁶⁾ | SOFR1M + 3.43% | 8.75 | 9/1/2026 | 8/29/2024 | 3500000 | 2827822 | 2834822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNX Uptown, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 2.94% | 8.25 | 6/1/2026 | 5/24/2024 | 27840000 | 22001426 | 22066026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumberton MFD, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 4.38% | 8.75 | 5/1/2026 | 4/30/2025 | 19600000 | 14675945 | 14724945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnolia TH, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 3.88% | 8.25 | 5/1/2026 | 4/24/2025 | 30000000 | 9055919 | 9125919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MavDevMan P1, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 3.93% | 8.25 | 6/1/2028 | 5/28/2025 | 45000000 | 22106806 | 22444306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF Carisma LLC | N/A | 11.75 | 12/3/2027 | 12/3/2025 | 10152700 | 9891331 | 9916713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF Helios LLC | N/A | 11.75 | 12/3/2027 | 12/3/2025 | 15973925 | 15588176 | 15628111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF Lumina LLC | N/A | 11.75 | 12/3/2027 | 12/3/2025 | 14873375 | 14610550 | 14647733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NPA AP, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 4.41% | 8.75 | 11/1/2026 | 4/1/2025 | 4475000 | 3322548 | 3295698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDGL Trust, LLC⁽⁶⁾ | SOFR1M + 4.44% | 7.50 | 6/1/2026 | 5/23/2024 | 4000000 | 3990575 | 4000575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pebble Bay Apartments, LLC⁽⁴⁾ | N/A | 7.75 | 11/1/2026 | 10/30/2025 | 6900000 | 6594155 | 6611405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosper GP LP, LLC | N/A | 8.00 | 9/1/2026 | 9/15/2023 | 26200000 | 25844044 | 25909544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverbend PEGP, LLC | N/A | 5.00 | 2/1/2027 | 10/6/2023 | 19430000 | 19410824 | 19410824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Lane Apartments⁽⁶⁾ | SOFR1M + 4.46% | 8.75 | 2/1/2027 | 1/24/2025 | 3000000 | 3000000 | 3007500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S Court Apts, LLC⁽⁴⁾ | N/A | 7.75 | 11/1/2026 | 10/30/2025 | 6700000 | 6446499 | 6463249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandman 4 Apartments, LLC⁽⁶⁾ | SOFR1M + 3.93% | 9.25 | 12/1/2026 | 11/16/2023 | 1300000 | 1040303 | 1042903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solamar Apts LLC & NAE Capital LLC⁽⁴⁾ | N/A | 8.75 | 11/1/2026 | 10/29/2025 | 17000000 | 13682874 | 13725374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wagner RE, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 4.41% | 9.75 | 9/1/2026 | 8/13/2024 | 12500000 | 11984580 | 12015830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WAM Harvey, LLC | N/A | 9.00 | 11/1/2026 | 3/12/2024 | 26800000 | 25521912 | 25320912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrior Fund I, LLC⁽⁶⁾ | SOFR1M + 7.46% | 11.75 | 1/1/2027 | 2/1/2024 | 41100000 | 38433144 | 38530955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wesley GP, LLC⁽⁶⁾ | TBILL1M + 4.00% | 6.00 | 6/1/2026 | 5/31/2022 | 10275000 | 8168906 | 8356781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yakima 28, LLC⁽⁶⁾ | TBILL1M + 3.93% | 8.74 | 12/1/2026 | 11/29/2022 | 3810000 | 3840441 | 3857616 |
|  |  |  |  |  |  | 458008505 | 459311429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office - 2.0%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Seven Five One Holdings LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 5.35% | 9.75 | 8/1/2026 | 7/17/2025 | 11000000 | 9685340 | 9756840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail - 2.1%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 NPB LLC | N/A | 10.00 | 11/1/2026 | 10/21/2025 | 2100000 | 2096984 | 2102234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Streeter⁽⁸⁾ | N/A | 6.00 | 7/1/2026 | 5/21/2021 | 6369 | 6366 | 6382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumberton Retail I, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 3.88% | 8.25 | 5/1/2026 | 4/30/2025 | 6000000 | 4456479 | 4463679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North Palm Commercial LLC | N/A | 10.00 | 11/1/2026 | 10/21/2025 | 3900000 | 3894398 | 3904148 |
|  |  |  |  |  |  | 10454227 | 10476443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Storage - 3.6%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Dev Phase 2, LLC⁽⁴⁾⁽⁶⁾ | SOFR1M + 3.43% | 7.75 | 6/1/2028 | 5/28/2025 | 13500000 | 12114754 | 12148504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBRV I, LLC & MBRV II, LLC⁽⁶⁾ | SOFR + 2.51% | 6.75 | 10/1/2026 | 9/10/2024 | 6375000 | 5111611 | 5124361 |
|  |  |  |  |  |  | 17226365 | 17272865 |
| &nbsp;&nbsp;&nbsp;**Total Private Debt** |  |  |  |  |  | 577698783 | 577928586 |
| **Real Estate Owned - 0.7%**<sup>(9)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mixed Use - 0.7%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Theos Fedro Holdings, LLC<sup>(10)</sup> | N/A | N/A | N/A | N/A | N/A | 3600000 | 3600000 |
| &nbsp;&nbsp;&nbsp;**Total Real Estate Owned** |  |  |  |  |  | 3600000 | 3600000 |
| &nbsp;&nbsp;&nbsp;**Total Investments<br> (Cost $581,298,783) - 121.5%**  |  |  |  |  |  |  | $**581528586** |
| &nbsp;&nbsp;&nbsp;Liabilities in excess of other assets - (21.5)% |  |  |  |  |  |  | (102902245) |
| &nbsp;&nbsp;&nbsp;**Net Assets - 100.0%** |  |  |  |  |  |  | $**478626341** |

---

LLC - Limited Liability Company

TBILL1M - One month term U.S. Treasury Bill

SOFR — Secured Overnight Financing Rate

SOFR1M - One month term Secured Overnight Financing Rate

---

| |
|:---|
| Cost is equal to carrying value of the loan which includes the current outstanding balance plus minus any deferred fees or cost. |
| All Private Debt investments are exempt under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $577,928,586, which represents 120.8% of total net assets of the Fund. |
| All Private Debt investments are Level 3 securities fair valued using significant unobservable inputs. |
| A portion of this holding is subject to unfunded commitments. |
| The Borrower received an interest waiver from the Fund until August 2026. |
| Floating rate security. |
| As of March 31, 2026, 1810 Chestnut Street Development, LLC is past due on the maturity payment; the Adviser is reviewing for potential default. |
| David Streeter is an individual loan receivable from past litigation settlement between Mr. Streeter and the Predecessor Fund. |
| All Real Estate Owned investments are Level 3 holdings fair valued using significant unobservable inputs. |
| Theos Fedro Holdings, LLC is held through a wholly owned subsidiary, 819 Ellis CF Holdings, LLC. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** Pender Real Estate Credit Fund

- **b. Investment Company Act file number:** 811-23806

- **c. CIK number of Registrant:** 0001929777

- **d. LEI of Registrant:** 549300NYC5XVTLXF5V85

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

  - **Street Address 1:** 235 West Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 414-299-2270

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

- **a. Name of Series:** Pender Real Estate Credit Fund

- **c. LEI of Series:** 549300NYC5XVTLXF5V85

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $682792054.79

**Total Liabilities:** $204340433.56

**Net Assets:** $478451621.23

**Cash Not Reported:** $9194967.75

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.60%                | 0.70%                | 0.65%                |
| Class ID N/A | 0.60%                | 0.70%                | 0.55%                |
| Class ID N/A | 0.72%                | 0.62%                | 0.67%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $90000.00                | $-17512.53                                 |
| Month 2  | $0.00                    | $-28601.50                                 |
| Month 3  | $-16401.50               | $-45865.77                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 8886 - Lumberton MFD LLC                    | 8886 - Lumberton MFD LLC                    | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  19600000 | PA      | $19649000.00  | 4.11%             | 2026-05-01      | Floating      | 8.75%                 | Yes           |                  3 | On Loan: No      |
| 8887 - Lumberton RETAIL I LLC               | 8887 - Lumberton RETAIL I LLC               | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   4800000 | PA      | $4807200.00   | 1.00%             | 2026-05-01      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8896 - DT DEV PHASE 2, LLC                  | 8896 - DT DEV PHASE 2, LLC                  | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  13500000 | PA      | $13533750.00  | 2.83%             | 2028-06-01      | Floating      | 7.75%                 | Yes           |                  3 | On Loan: No      |
| 8903 - MavDevMan P1, LLC                    | 8903 - MavDevMan P1, LLC                    | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  45000000 | PA      | $45337500.00  | 9.48%             | 2028-06-01      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8904 - Farm To Market Industries LLC        | 8904 - Farm To Market Industries LLC        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  30500000 | PA      | $30545750.00  | 6.38%             | 2026-06-01      | Floating      | 8.75%                 | Yes           |                  3 | On Loan: No      |
| 8922 - Five Seven Five One Holdings LLC     | 8922 - Five Seven Five One Holdings LLC     | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  11000000 | PA      | $11071500.00  | 2.31%             | 2026-08-01      | Floating      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 8928 - FC Armature, LLC                     | 8928 - FC Armature, LLC                     | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  13500000 | PA      | $13533750.00  | 2.83%             | 2026-10-01      | Floating      | 7.75%                 | Yes           |                  3 | On Loan: No      |
| 8929 - Brazos Lauradale, LLC                | 8929 - Brazos Lauradale, LLC                | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  13750000 | PA      | $13784375.00  | 2.88%             | 2026-10-01      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8941 - Brazos Liberty Crossing, LLC         | 8941 - Brazos Liberty Crossing, LLC         | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   6500000 | PA      | $6500000.00   | 1.36%             | 2026-11-01      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| 8942 - 300 NPB LLC                          | 8942 - 300 NPB LLC                          | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   2100000 | PA      | $2105250.00   | 0.44%             | 2026-11-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 8943 - Brazos Meadows, LLC                  | 8943 - Brazos Meadows, LLC                  | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  18050000 | PA      | $18095125.00  | 3.78%             | 2026-12-04      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| 8944 - Pebble Bay Apartments, LLC           | 8944 - Pebble Bay Apartments, LLC           | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   6900000 | PA      | $6917250.00   | 1.45%             | 2026-11-01      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| 8945 - S Court Apts, LLC                    | 8945 - S Court Apts, LLC                    | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   6700000 | PA      | $6716750.00   | 1.40%             | 2026-11-01      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| 8946 - Bayview West Apartments LLC          | 8946 - Bayview West Apartments LLC          | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   3400000 | PA      | $3405100.00   | 0.71%             | 2026-11-01      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| 8947 - North Palm Commercial LLC            | 8947 - North Palm Commercial LLC            | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   3900000 | PA      | $3909750.00   | 0.82%             | 2026-11-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 8949 - Solamar Apts LLC & NAE Capital LLC   | 8949 - Solamar Apts LLC & NAE Capital LLC   | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  17000000 | PA      | $17042500.00  | 3.56%             | 2026-11-01      | Fixed         | 8.75%                 | Yes           |                  3 | On Loan: No      |
| 8955 - MF Carisma LLC                       | 8955 - MF Carisma LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  10152700 | PA      | $10178081.75  | 2.13%             | 2027-12-03      | Fixed         | 11.75%                | Yes           |                  3 | On Loan: No      |
| 8956 - MF Helios LLC                        | 8956 - MF Helios LLC                        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  15973925 | PA      | $16013859.81  | 3.35%             | 2027-12-03      | Fixed         | 11.75%                | Yes           |                  3 | On Loan: No      |
| 8957 - MF Lumina LLC                        | 8957 - MF Lumina LLC                        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  14873375 | PA      | $14910558.44  | 3.12%             | 2027-12-03      | Fixed         | 11.75%                | Yes           |                  3 | On Loan: No      |
| 8958 - Huntington 1401 LLC                  | 8958 - Huntington 1401 LLC                  | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   3220096 | PA      | $3228146.13   | 0.67%             | 2027-12-03      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 4618 - Theos Fedro Holdings, LLC            | 4618 - Theos Fedro Holdings, LLC            | CUSIP: 999999999<br>LEI: N/A | Long             | RE               |  | US        |   3600000 | OU      | $3600000.00   | 0.75%             |  |  |  | No            |                  3 | On Loan: No      |
| 7192 - David Streeter                       | 7192 - David Streeter                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |      6369 | PA      | $6385.15      | 0.00%             | 2026-07-01      | Fixed         | 6.00%                 | Yes           |                  3 | On Loan: No      |
| 7587 - Wesley GP LLC & Wesley LP LLC        | 7587 - Wesley GP LLC & Wesley LP LLC        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   8358916 | PA      | $8358916.09   | 1.75%             | 2026-06-01      | Floating      | 6.00%                 | Yes           |                  3 | On Loan: No      |
| 8959 - 512 Mesquite Apts LLC                | 8959 - 512 Mesquite Apts LLC                | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  12500000 | PA      | $12531250.00  | 2.62%             | 2026-12-19      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| 8960 - Camelot Village Apts LLC             | 8960 - Camelot Village Apts LLC             | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  39750000 | PA      | $39849375.00  | 8.33%             | 2027-01-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8961 - 201 Clark RD Apts LLC                | 8961 - 201 Clark RD Apts LLC                | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  23250000 | PA      | $23284875.00  | 4.87%             | 2027-01-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 7591 - 1810 Chestnut Street Development LLC | 7591 - 1810 Chestnut Street Development LLC | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  11350000 | PA      | $11350000.00  | 2.37%             | 2026-03-01      | Floating      | 11.86%                | Yes           |                  3 | On Loan: No      |
| 7601 - Yakima 28 LLC                        | 7601 - Yakima 28 LLC                        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   3810000 | PA      | $3857625.00   | 0.81%             | 2026-12-01      | Floating      | 8.74%                 | Yes           |                  3 | On Loan: No      |
| 7608 - Grandview Apartments 1002 LLC        | 7608 - Grandview Apartments 1002 LLC        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   5800000 | PA      | $5800000.00   | 1.21%             | 2027-03-01      | Floating      | 9.25%                 | Yes           |                  3 | On Loan: No      |
| 7619 - 2601 Tandy ABL I Holdings LLC        | 7619 - 2601 Tandy ABL I Holdings LLC        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  11950000 | PA      | $10516000.00  | 2.20%             | 2026-08-01      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| 7633 - Prosper GP LP LLC                    | 7633 - Prosper GP LP LLC                    | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  26200000 | PA      | $26265500.00  | 5.49%             | 2026-09-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 7634 - Riverbend PEGP LLC                   | 7634 - Riverbend PEGP LLC                   | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  19430000 | PA      | $19430000.00  | 4.06%             | 2027-02-01      | Fixed         | 5.00%                 | Yes           |                  3 | On Loan: No      |
| 8567 - Sandman 4 Apartments LLC             | 8567 - Sandman 4 Apartments LLC             | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   1040000 | PA      | $1042600.00   | 0.22%             | 2026-12-01      | Floating      | 9.25%                 | Yes           |                  3 | On Loan: No      |
| 8737 - Warrior Fund I LLC                   | 8737 - Warrior Fund I LLC                   | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  39124038 | PA      | $39221848.56  | 8.20%             | 2027-01-01      | Floating      | 11.75%                | Yes           |                  3 | On Loan: No      |
| 8740 - WAM HARVEY LLC                       | 8740 - WAM HARVEY LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  26800000 | PA      | $26599000.00  | 5.56%             | 2026-11-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 8743 - The Elms MT LLC                      | 8743 - The Elms MT LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   7560000 | PA      | $7541100.00   | 1.58%             | 2026-05-01      | Fixed         | 12.74%                | Yes           |                  3 | On Loan: No      |
| 8744 - LNX UPTOWN LLC                       | 8744 - LNX UPTOWN LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  25840000 | PA      | $25904600.00  | 5.41%             | 2026-06-01      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8745 - PDGL TRUST LLC                       | 8745 - PDGL TRUST LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   4000000 | PA      | $4010000.00   | 0.84%             | 2026-06-01      | Floating      | 7.50%                 | Yes           |                  3 | On Loan: No      |
| 8747 - Atlanta 330 LLC                      | 8747 - Atlanta 330 LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  35450000 | PA      | $35375062.71  | 7.39%             | 2026-09-01      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8749 - WAGNER RE LLC                        | 8749 - WAGNER RE LLC                        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  12500000 | PA      | $12531250.00  | 2.62%             | 2026-09-01      | Floating      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 8750 - MBRV I LLC & MBRV II LLC             | 8750 - MBRV I LLC & MBRV II LLC             | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   5100000 | PA      | $5112750.00   | 1.07%             | 2026-10-01      | Floating      | 6.75%                 | Yes           |                  3 | On Loan: No      |
| 8751 - Lakeview 28 LLC                      | 8751 - Lakeview 28 LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   2800000 | PA      | $2807000.00   | 0.59%             | 2026-09-01      | Floating      | 8.75%                 | Yes           |                  3 | On Loan: No      |
| 8752 - 2528 Hondo Ave LLC                   | 8752 - 2528 Hondo Ave LLC                   | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   6000000 | PA      | $6009000.00   | 1.26%             | 2026-09-01      | Floating      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 8766 - Trilogy Holdings LLC                 | 8766 - Trilogy Holdings LLC                 | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   5575000 | PA      | $5644687.50   | 1.18%             | 2026-12-01      | Floating      | 11.75%                | Yes           |                  3 | On Loan: No      |
| 8791 - 2201 SW NYE LLC                      | 8791 - 2201 SW NYE LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   3375000 | PA      | $3383437.50   | 0.71%             | 2027-02-01      | Floating      | 8.75%                 | Yes           |                  3 | On Loan: No      |
| 8831 - Rose Lane Apartments LLC             | 8831 - Rose Lane Apartments LLC             | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   3000000 | PA      | $3007500.00   | 0.63%             | 2027-02-01      | Floating      | 8.75%                 | Yes           |                  3 | On Loan: No      |
| 8962 - 268 Cedar Hill Apts LLC              | 8962 - 268 Cedar Hill Apts LLC              | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  10000000 | PA      | $10015000.00  | 2.09%             | 2026-12-19      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| 8963 - Eagles Manor MT LLC                  | 8963 - Eagles Manor MT LLC                  | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   9375000 | PA      | $9375000.00   | 1.96%             | 2027-03-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8833 - Finn Equipment Leasing LLC           | 8833 - Finn Equipment Leasing LLC           | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  12000000 | PA      | $12030000.00  | 2.51%             | 2027-02-01      | Floating      | 8.75%                 | Yes           |                  3 | On Loan: No      |
| 8871 - NPA AP LLC                           | 8871 - NPA AP LLC                           | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   3580000 | PA      | $3553150.00   | 0.74%             | 2026-11-01      | Floating      | 8.75%                 | Yes           |                  3 | On Loan: No      |
| 8885 - Magnolia TH LLC                      | 8885 - Magnolia TH LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  28000000 | PA      | $28070000.00  | 5.87%             | 2026-05-01      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-06

**Name of Applicant:** Pender Real Estate Credit Fund

**Signature:** /s/ Madeline Arment

**Name of Signer:** Madeline Arment

**Title:** Principal Financial Officer