# EDGAR Filing Document

**Accession Number:** 0001857314
**File Stem:** 0001145549-23-008556
**Filing Date:** 2023-2
**Character Count:** 19931
**Document Hash:** 3937d9cf6d944b318dde2eb2548817af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-008556.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001145549-23-008556

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Forum Real Estate Income Fund
- **CENTRAL INDEX KEY:** 0001857314
- **IRS NUMBER:** 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:** 23658342

**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:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $71823829.03

**Total Liabilities:** $15372091.43

**Net Assets:** $56451737.60

**Cash Not Reported:** $63666.16

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 647.110853801776 | **30-Year:** 146.902601287224

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

- **3-Month:** 2551.693443383937 | **1-Year:** 21427.847445751529 | **5-Year:** 2870.141205405980 | **10-Year:** 1802.164859040564 | **30-Year:** 2763.788902036976

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.12%                | 0.23%                | 0.66%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-1033.78                | $-344856.07                                |
| Month 2  | $-150451.81              | $-154529.55                                |
| Month 3  | $-47779.88               | $-74757.75                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ARMADA HOFFLER PROPERTIE                    | Armada Hoffler Properties, Inc.                         | CUSIP: 04208T207<br>LEI: 549300WQRSIV6XZT9313 | Long             | EP               | CORP              | US        |      6900 | NS      | $144831.00    | 0.26%             |  |  |  | No            |                  1 | 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      | $447765.36    | 0.79%             | 2034-08-14      | Variable      | 0.76%                 | 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      | $77809.65     | 0.14%             | 2034-08-14      | Variable      | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S              | BBCMS Trust 2015-VFM                                    | CUSIP: 05546JAC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  54328103 | PA      | $387212.69    | 0.69%             | 2036-03-12      | Variable      | 0.31%                 | Yes           |                  2 | On Loan: No      |
| BPR Trust                                   | BPR Trust 2022-OANA                                     | CUSIP: 05592DAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4608995.00   | 8.16%             | 2037-04-15      | Floating      | 8.03%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2021-SOAR                  | CUSIP: 05608WAU8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3969927 | PA      | $3664476.84   | 6.49%             | 2038-06-15      | Floating      | 8.07%                 | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2020-TMIC                                          | CUSIP: 126390AJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1485193.50   | 2.63%             | 2035-12-15      | Floating      | 11.57%                | Yes           |                  2 | On Loan: No      |
| Credit Suisse Mortgage Trust                | CSMC 2021-WEHO                                          | CUSIP: 12657CAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3950605 | PA      | $3786986.50   | 6.71%             | 2023-04-15      | Floating      | 8.29%                 | Yes           |                  2 | On Loan: No      |
| DBCCRE Mortgage Trust                       | DBCCRE 2014-ARCP Mortgage Trust                         | CUSIP: 23305MAN5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5800000 | PA      | $5121643.60   | 9.07%             | 2034-01-10      | Variable      | 4.93%                 | Yes           |                  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        |   2830957 | PA      | $2665431.36   | 4.72%             | 2038-07-15      | Floating      | 8.02%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2019-KF70 Mortgage Trust                          | CUSIP: 30298UAJ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2626131 | PA      | $2538268.22   | 4.50%             | 2029-09-25      | Floating      | 10.14%                | Yes           |                  2 | On Loan: No      |
| Multifamily Structured Credit               | Freddie Mac Multifamily Structured Credit Risk          | CUSIP: 35563FAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1040000 | PA      | $980697.12    | 1.74%             | 2051-01-25      | Floating      | 11.68%                | Yes           |                  2 | On Loan: No      |
| HERSHA HOSPITALITY TRUST                    | Hersha Hospitality Trust                                | CUSIP: 427825708<br>LEI: 549300DNC58BIN1VO064 | Long             | EP               | CORP              | US        |     12500 | NS      | $231250.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| MBRT 2019 MBR                               | MBRT 2019-MBR                                           | CUSIP: 55282DBG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1950000 | PA      | $1848890.36   | 3.28%             | 2036-11-15      | Floating      | 9.62%                 | Yes           |                  2 | On Loan: No      |
| MED Trust                                   | Med Trust 2021-MDLN                                     | CUSIP: 58403YBA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3633424.00   | 6.44%             | 2038-11-15      | Floating      | 9.57%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue              | Multifamily Connecticut Avenue Securities Trust 2019-01 | CUSIP: 62547NAC3<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $940084.00    | 1.67%             | 2049-10-25      | Floating      | 9.89%                 | Yes           |                  2 | On Loan: No      |
| Multifamily Connecticut Avenue              | Multifamily Connecticut Avenue Securities Trust 2019-01 | CUSIP: 62547NAD1<br>LEI: 549300HG8ZEWVWVSN227 | Long             | ABS-MBS          | CORP              | US        |   1500000 | PA      | $1401538.50   | 2.48%             | 2049-10-25      | Floating      | 13.14%                | Yes           |                  2 | On Loan: No      |
| MULTIFAMILY CONNECTICUT AVENUE              | Multifamily Connecticut Avenue Securities Trust 2020-01 | CUSIP: 62548QAF8<br>LEI: 5493002KQF9IH3CTQZ40 | Long             | ABS-MBS          | CORP              | US        |   3500000 | PA      | $3259823.00   | 5.77%             | 2050-03-25      | Floating      | 11.89%                | Yes           |                  2 | On Loan: No      |
| TPI Re-Remic Trust                          | TPI RE-REMIC Trust 2022-FRR1                            | CUSIP: 872659BC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $921424.30    | 1.63%             | 2046-07-25      | Fixed         | 0.00%                 | Yes           |                  2 | On Loan: No      |
| VASA Trust                                  | VASA Trust 2021-VASA                                    | CUSIP: 92230AAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3407000 | PA      | $3042440.78   | 5.39%             | 2039-07-15      | Floating      | 8.22%                 | Yes           |                  2 | 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        |    103238 | PA      | $103237.55    | 0.18%             | 2025-07-22      | Floating      | 16.20%                | Yes           |                  3 | On Loan: No      |
| ADVANTIS MCA HARBOR FLT RT, 04/18/2025   /  | ADVANTIS MCA HARBOR FLT RT, 04/18/2025   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |     41140 | PA      | $41140.34     | 0.07%             | 2025-04-18      | Floating      | 16.20%                | Yes           |                  3 | On Loan: No      |
| BRUCKNER MEZZANINE FLT RT 03/31/2024   /    | BRUCKNER MEZZANINE FLT RT 03/31/2024   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   8000000 | PA      | $8000000.00   | 14.17%            | 2024-03-31      | Floating      | 14.17%                | Yes           |                  3 | On Loan: No      |
| CRIMSON PE BS, LLC    /                     | CRIMSON PE BS, LLC    /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |        24 | OU      | $643750.00    | 1.14%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CRIMSON DEVCO, LLC    /                     | CRIMSON DEVCO, LLC    /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |        40 | OU      | $1000000.00   | 1.77%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CRIMSON PE PP, LLC    /                     | CRIMSON PE PP, LLC    /                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |        16 | OU      | $390799.35    | 0.69%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Fidelity Treasury Portfolio                 | Fidelity Treasury Portfolio, Class I                    | CUSIP: 316175504<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   5035869 | PA      | $5035868.72   | 8.92%             |  |  |  | No            |                  1 | On Loan: No      |
| IOTA Industries Inc                         | IOTA Industries, Inc.                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             |  | PF                | US        |    857062 | OU      | $825264.89    | 1.46%             |  |  |  | Yes           |                  3 | On Loan: No      |
| KERF TRENT DEV QOZ FLT RT 09/23/2023   /    | KERF TRENT DEV QOZ FLT RT 09/23/2023   /                | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2883853 | PA      | $2867126.75   | 5.08%             | 2023-09-23      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| LP REVERSE REPO 126390AJ2   /               | LP REVERSE REPO 126390AJ2   /                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | RA               | CORP              | US        |  -1002000 | PA      | $-1002000.00  | -1.77%            | 2023-01-12      | Fixed         | 5.57%                 | No            |                  2 | On Loan: No      |
| LP REVERSE REPO 05592DAL8   /               | LP REVERSE REPO 05592DAL8   /                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | RA               | CORP              | US        |  -3178000 | PA      | $-3178000.00  | -5.63%            | 2023-01-12      | Fixed         | 5.63%                 | No            |                  2 | On Loan: No      |
| LP REVERSE REPO 30227FAN0   /               | LP REVERSE REPO 30227FAN0   /                           | CUSIP: 999999999<br>LEI: N/A                  | Short            | RA               | CORP              | US        |  -1700000 | PA      | $-1700000.00  | -3.01%            | 2023-01-12      | Fixed         | 5.67%                 | No            |                  2 | On Loan: No      |
| FCREIF NIMBUS EVERET FLT RT 08/31/2023   /  | FCREIF NIMBUS EVERET FLT RT 08/31/2023   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2124324 | PA      | $2117100.91   | 3.75%             | 2023-08-31      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| RBC REVERSE REPO 12657CAA2   /              | RBC REVERSE REPO 12657CAA2   /                          | CUSIP: 999999999<br>LEI: N/A                  | Short            | RA               | CORP              | US        |  -2280000 | PA      | $-2280000.00  | -4.04%            | 2023-01-27      | Fixed         | 6.02%                 | No            |                  2 | On Loan: No      |
| RBC REVERSE REPO 30298UAJ0   /              | RBC REVERSE REPO 30298UAJ0   /                          | CUSIP: 999999999<br>LEI: N/A                  | Short            | RA               | CORP              | US        |  -1496000 | PA      | $-1496000.00  | -2.65%            | 2023-02-10      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| RBC REVERSE REPO 05608WAU8   /              | RBC REVERSE REPO 05608WAU8   /                          | CUSIP: 999999999<br>LEI: N/A                  | Short            | RA               | CORP              | US        |  -2159000 | PA      | $-2159000.00  | -3.82%            | 2023-03-17      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| RBC REVERSE REPO 58403YBA3   /              | RBC REVERSE REPO 58403YBA3   /                          | CUSIP: 999999999<br>LEI: N/A                  | Short            | RA               | CORP              | US        |  -2139000 | PA      | $-2139000.00  | -3.79%            | 2023-02-10      | Fixed         | 6.30%                 | No            |                  2 | On Loan: No      |
| ROYAL URBAN RENEWAL FLT RT 10/01/2024   /   | ROYAL URBAN RENEWAL FLT RT 10/01/2024   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4317423 | PA      | $4230210.99   | 7.49%             | 2024-10-01      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| LEXINGTON SO TOTOWA FLT RT 12/31/2022   /   | LEXINGTON SO TOTOWA FLT RT 12/31/2022   /               | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   1520000 | PA      | $1520000.00   | 2.69%             | 2023-12-31      | Floating      | 15.37%                | Yes           |                  3 | On Loan: No      |
| FCREIF VAN NESS FLT RT 07/23/2024   /       | FCREIF VAN NESS FLT RT 07/23/2024   /                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2227849 | PA      | $2179504.88   | 3.86%             | 2024-07-23      | Fixed         | 12.50%                | Yes           |                  3 | On Loan: No      |
| WEST UNIV GAINSVILLE FLT RT 12/03/2024   /  | WEST UNIV GAINSVILLE FLT RT 12/03/2024   /              | CUSIP: 999999999<br>LEI: N/A                  | Long             | LON              | CORP              | US        |    387896 | PA      | $387895.73    | 0.69%             | 2024-12-03      | Floating      | 14.63%                | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-09

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

**Signature:** /s/ Derek Mullins

**Name of Signer:** Derek Mullins

**Title:** Treasurer