# EDGAR Filing Document

**Accession Number:** 0001929777
**File Stem:** 0001145549-25-054420
**Filing Date:** 2025-8
**Character Count:** 18672
**Document Hash:** b46d3ea32dce968c7f5fea174a150a71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-054420.hdr.sgml**: 20250827

**ACCESSION NUMBER**: 0001145549-25-054420

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250827

**DATE AS OF CHANGE**: 20250827

**PERIOD START**: 20251231

**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:** 251262641

**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

## 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:** 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:** $594751200.97

**Total Liabilities:** $158071976.76

**Net Assets:** $436679224.21

**Cash Not Reported:** $10387248.79

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.71%                | 0.56%                | 0.71%                |
| Class ID N/A | 0.51%                | 0.56%                | 0.71%                |
| Class ID N/A | 0.54%                | 0.58%                | 0.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $106500.00               | $-120524.64                                |
| Month 2  | $-30500.00               | $-91633.04                                 |
| Month 3  | $0.00                    | $-5206.76                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 8737 - Warrior Fund I LLC                   | 8737 - Warrior Fund I LLC                   | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  39600000 | PA      | $39857400.00  | 9.13%             | 2026-01-01      | Fixed         | 8.75%                 | 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   | 0.24%             | 2025-12-01      | Floating      | 9.25%                 | Yes           |                  3 | On Loan: No      |
| 7655 - MF Opp Fund I, LLC                   | 7655 - MF Opp Fund I, LLC                   | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  37400000 | PA      | $37493500.00  | 8.59%             | 2026-07-01      | Fixed         | 10.00%                | 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      | $30500000.00  | 6.98%             | 2026-06-01      | Floating      | 8.75%                 | Yes           |                  3 | On Loan: No      |
| 8903 - MavDevMan P1, LLC                    | 8903 - MavDevMan P1, LLC                    | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  45000000 | PA      | $45000000.00  | 10.31%            | 2028-06-01      | 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      | $13500000.00  | 3.09%             | 2028-06-01      | Floating      | 7.75%                 | Yes           |                  3 | On Loan: No      |
| 7634 - Riverbend PEGP LLC                   | 7634 - Riverbend PEGP LLC                   | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  19100000 | PA      | $19147750.00  | 4.38%             | 2025-10-01      | Fixed         | 11.00%                | 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  | 6.01%             | 2026-09-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 7622 - Brazos Thread Owner 1 LLC            | 7622 - Brazos Thread Owner 1 LLC            | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  11075000 | PA      | $11102687.50  | 2.54%             | 2025-10-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 7621 - Brazos Thread Owner 2 LLC            | 7621 - Brazos Thread Owner 2 LLC            | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  10250000 | PA      | $10275625.00  | 2.35%             | 2025-10-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 7620 - Brazos Thread Owner 3 LLC            | 7620 - Brazos Thread Owner 3 LLC            | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  20200000 | PA      | $20250500.00  | 4.64%             | 2025-10-01      | Fixed         | 8.00%                 | 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      | $10994000.00  | 2.52%             | 2025-11-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| 7615 - Lebanon 10 LLC and Countryside Manor | 7615 - Lebanon 10 LLC and Countryside Manor | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   2793792 | PA      | $2800776.23   | 0.64%             | 2026-04-01      | Floating      | 7.25%                 | Yes           |                  3 | On Loan: No      |
| 7610 - Wattsburg Hospitality LLC            | 7610 - Wattsburg Hospitality LLC            | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   1950000 | PA      | $1954875.00   | 0.45%             | 2026-04-01      | Floating      | 9.00%                 | 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      | $5814500.00   | 1.33%             | 2026-03-01      | Floating      | 9.25%                 | Yes           |                  3 | On Loan: No      |
| 7601 - Yakima 28 LLC                        | 7601 - Yakima 28 LLC                        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   6622000 | PA      | $6638555.00   | 1.52%             | 2025-12-01      | Floating      | 8.74%                 | 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      | $11321625.00  | 2.59%             | 2025-08-01      | Floating      | 12.47%                | 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        |   8725000 | PA      | $8746812.50   | 2.00%             | 2025-12-01      | Floating      | 6.00%                 | Yes           |                  3 | On Loan: No      |
| 7586 - KSA GP LLC & KSA LP LLC              | 7586 - KSA GP LLC & KSA LP LLC              | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   2568341 | PA      | $2574761.85   | 0.59%             | 2026-07-01      | Floating      | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 7585 - 2422 Ridgeway ABL I Holdings         | 7585 - 2422 Ridgeway ABL I Holdings         | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   1983315 | PA      | $1998190.21   | 0.46%             | 2025-08-01      | Floating      | 12.00%                | Yes           |                  3 | On Loan: No      |
| 7583 - Sage-Richmond                        | 7583 - Sage-Richmond                        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   4750000 | PA      | $4785625.00   | 1.10%             | 2025-10-01      | Floating      | 11.30%                | Yes           |                  3 | On Loan: No      |
| 7192 - David Streeter                       | 7192 - David Streeter                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |     23656 | PA      | $23714.81     | 0.01%             | 2026-07-01      | Fixed         | 6.00%                 | 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   | 0.82%             |  |  |  | No            |                  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      | $4812000.00   | 1.10%             | 2026-05-01      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8886 - Lumberton MFD LLC                    | 8886 - Lumberton MFD LLC                    | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  19600000 | PA      | $19649000.00  | 4.50%             | 2026-05-01      | 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  | 6.43%             | 2026-05-01      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8871 - NPA AP LLC                           | 8871 - NPA AP LLC                           | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   3280000 | PA      | $3288200.00   | 0.75%             | 2026-04-01      | Floating      | 8.75%                 | 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  | 2.75%             | 2026-02-01      | Floating      | 8.79%                 | 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   | 0.69%             | 2026-02-01      | Floating      | 8.76%                 | 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   | 0.77%             | 2026-02-01      | Floating      | 8.78%                 | Yes           |                  3 | On Loan: No      |
| 8766 - Trilogy Holdings LLC                 | 8766 - Trilogy Holdings LLC                 | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   7000000 | PA      | $7017500.00   | 1.61%             | 2025-12-01      | Floating      | 11.75%                | Yes           |                  3 | On Loan: No      |
| 8753 - Midwest 288 LLC                      | 8753 - Midwest 288 LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  15300000 | PA      | $15338250.00  | 3.51%             | 2025-10-01      | Floating      | 10.75%                | 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   | 1.38%             | 2025-09-01      | Floating      | 9.75%                 | 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   | 0.64%             | 2025-09-01      | Floating      | 8.75%                 | 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   | 1.17%             | 2025-10-01      | Floating      | 8.75%                 | Yes           |                  3 | On Loan: No      |
| 8749 - WAGNER RE LLC                        | 8749 - WAGNER RE LLC                        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  12500000 | PA      | $12518750.00  | 2.87%             | 2025-09-01      | Floating      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 8747 - Atlanta 330 LLC                      | 8747 - Atlanta 330 LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  32500000 | PA      | $32548750.00  | 7.45%             | 2025-09-01      | 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   | 0.92%             | 2026-06-01      | Floating      | 7.50%                 | 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  | 5.93%             | 2026-06-01      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8743 - The Elms MT LLC                      | 8743 - The Elms MT LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   7960000 | PA      | $7979900.00   | 1.83%             | 2026-05-01      | Floating      | 12.74%                | Yes           |                  3 | On Loan: No      |
| 8742 - 5751 Kroger ABL I Holdings LLC       | 8742 - 5751 Kroger ABL I Holdings LLC       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   7190000 | PA      | $7190000.00   | 1.65%             | 2025-08-01      | Floating      | 10.00%                | Yes           |                  3 | On Loan: No      |
| 8741 - CP NJ Short Hills Pender LLC         | 8741 - CP NJ Short Hills Pender LLC         | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  36300000 | PA      | $36300000.00  | 8.31%             | 2025-08-02      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| 8740 - WAM HARVEY LLC                       | 8740 - WAM HARVEY LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  24600000 | PA      | $24661500.00  | 5.65%             | 2025-11-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-17

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

**Signature:** /s/ Jay Yang

**Name of Signer:** Jay Yang

**Title:** Treasurer