# EDGAR Filing Document

**Accession Number:** 0001857314
**File Stem:** 0001193125-26-067483
**Filing Date:** 2026-2
**Character Count:** 35119
**Document Hash:** 4a662173c9a6070d672f194ae8271da5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-067483.hdr.sgml**: 20260224

**ACCESSION NUMBER**: 0001193125-26-067483

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260224

**DATE AS OF CHANGE**: 20260224

**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:** 26672888

**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:** 2025-12-31

**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:** $510592816.19

**Total Liabilities:** $114195934.19

**Net Assets:** $396396882.00

**Cash Not Reported:** $19859401.38

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 208.964221810985 | **5-Year:** 41.396125463130 | **10-Year:** 8248.828298279801 | **30-Year:** 4445.215087848085

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

- **3-Month:** 41016.308938729520 | **1-Year:** 124584.589175610955 | **5-Year:** 71860.071871314006 | **10-Year:** 10293.412200457853 | **30-Year:** 3292.466001319956

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.06%                | 0.55%                | 0.79%                |
| Class ID N/A | 1.06%                | 0.54%                | 0.78%                |
| Class ID N/A | 0.97%                | 0.47%                | 0.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $215533.23               | $753566.44                                 |
| Month 2  | $430468.70               | $-1301138.85                               |
| Month 3  | $451492.63               | $-373961.78                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Americold LLC Trust                         | ACRE Multifamily Housing Mortgage Loan Trust 2022-Q018         | CUSIP: 00091WAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   9999999 | PA      | $10005447.44  | 2.52%             | 2027-06-25      | Floating      | 7.97%                 | 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      | $77316.96     | 0.02%             | 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      | $13827.54     | 0.00%             | 2034-08-14      | Variable      | 0.25%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2020-KJ32 Mortgage Trust                                 | CUSIP: 30317BAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2286398 | PA      | $2071234.12   | 0.52%             | 2033-11-25      | Variable      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2021-KF98 Mortgage Trust                                 | CUSIP: 30318HAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  25670178 | PA      | $26307498.20  | 6.64%             | 2030-12-25      | Floating      | 12.51%                | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2020-KF95 Mortgage Trust                                 | CUSIP: 30318PAL2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2312130 | PA      | $1595101.67   | 0.40%             | 2030-12-25      | Floating      | 13.01%                | 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      | $10025460.00  | 2.53%             | 2041-11-25      | Floating      | 6.40%                 | Yes           |                  2 | On Loan: No      |
| Fidelity Treasury Portfolio                 | Fidelity Treasury Portfolio, Class I                           | CUSIP: 316175504<br>LEI: N/A | Long             | STIV             | RF                | US        |   8979103 | PA      | $8979103.38   | 2.27%             |  |  |  | No            |                  1 | 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        |    677996 | PA      | $677996.08    | 0.17%             | 2028-11-21      | Floating      | 13.26%                | 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        |    828715 | PA      | $828714.91    | 0.21%             | 2026-04-18      | Floating      | 15.66%                | 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        |   4508385 | OU      | $4562790.05   | 1.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Park West Preferred Equity FIXED 12.5%   /  | Park West Preferred Equity FIXED 12.5%   /                     | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  18180450 | OU      | $18190023.73  | 4.59%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RBC REVERSE REPO 123913AA3   /              | RBC REVERSE REPO 123913AA3   /                                 | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -4063000 | PA      | $-4063000.00  | -1.02%            | 2026-01-05      | Fixed         | 4.31%                 | No            |                  2 | On Loan: No      |
| RBC REVERSE REPO 53218DAA6   /              | RBC REVERSE REPO 53218DAA6   /                                 | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -7661000 | PA      | $-7661000.00  | -1.93%            | 2026-01-29      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S              | BBCMS Trust 2015-VFM                                           | CUSIP: 05546JAC2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  43620809 | PA      | $8979.34      | 0.00%             | 2036-03-12      | Variable      | 0.13%                 | Yes           |                  2 | On Loan: No      |
| BLP Commercial Mortgage Trust               | BLP Commercial Mortgage Trust 2025-IND2                        | CUSIP: 05556WAJ5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  11000000 | PA      | $11027468.10  | 2.78%             | 2042-12-15      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2025-JDI                          | CUSIP: 05594LAJ3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   7500000 | PA      | $7528071.00   | 1.90%             | 2042-11-15      | Floating      | 7.15%                 | Yes           |                  2 | On Loan: No      |
| BXHPP Trust                                 | BXHPP Trust 2021-FILM                                          | CUSIP: 05609JAA0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $7729600.00   | 1.95%             | 2036-08-15      | Floating      | 4.51%                 | 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      | $5381389.69   | 1.36%             | 2027-06-15      | Floating      | 5.86%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-BRBK                         | CUSIP: 05613NAN7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3004227.00   | 0.76%             | 2041-10-15      | Floating      | 10.70%                | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2025-COPT                         | CUSIP: 05618XAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10036060.00  | 2.53%             | 2042-08-15      | Floating      | 5.50%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2025-COPT                         | CUSIP: 05618XAG5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5029260.00   | 1.27%             | 2042-08-15      | Floating      | 7.00%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-OMG                                              | CUSIP: 05619HAJ3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   7400000 | PA      | $7409190.06   | 1.87%             | 2042-10-15      | Floating      | 6.70%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-OMG                                              | CUSIP: 05619HAL8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2002480.60   | 0.51%             | 2042-10-15      | Floating      | 7.35%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VOLT                                             | CUSIP: 05619PAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  14000000 | PA      | $14034160.00  | 3.54%             | 2044-12-15      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VLT7                                             | CUSIP: 123913AA3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  15000000 | PA      | $15048150.00  | 3.80%             | 2044-07-15      | Floating      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VLT7                                             | CUSIP: 123913AJ4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5004955.00   | 1.26%             | 2044-07-15      | Floating      | 7.50%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-AIRC                         | CUSIP: 12433CAG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10298147 | PA      | $10330285.80  | 2.61%             | 2041-08-15      | Floating      | 6.84%                 | Yes           |                  2 | On Loan: No      |
| CIP Commercial Mortgage Trust               | CIP Commercial Mortgage Trust 2025-SBAY                        | CUSIP: 12576AAJ5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10028063.00  | 2.53%             | 2037-10-15      | Floating      | 7.50%                 | 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      | $10026540.00  | 2.53%             | 2041-06-15      | Floating      | 5.59%                 | 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        |   9350000 | PA      | $9126609.80   | 2.30%             | 2043-10-15      | Floating      | 5.01%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2025-ESH                           | CUSIP: 30227TAL4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   4757000 | PA      | $4816524.34   | 1.22%             | 2042-10-15      | Floating      | 7.85%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2020-KF83 Mortgage Trust                                 | CUSIP: 302696AA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  12110182 | PA      | $12399302.64  | 3.13%             | 2030-07-25      | Floating      | 13.12%                | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2020-KF88 Mortgage Trust                                 | CUSIP: 30316MAJ6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  17353622 | PA      | $16450474.80  | 4.15%             | 2030-09-25      | Floating      | 13.12%                | Yes           |                  2 | On Loan: No      |
| Great Wolf Trust                            | Great Wolf Trust 2024-WOLF                                     | CUSIP: 39152MAN5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  12000000 | PA      | $12086772.00  | 3.05%             | 2039-03-15      | Floating      | 9.19%                 | 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        |    902261 | PA      | $901257.62    | 0.23%             | 2034-08-05      | Variable      | 5.16%                 | 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      | $94290.10     | 0.02%             | 2034-08-05      | Variable      | 5.16%                 | 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      | $2497632.50   | 0.63%             | 2034-08-05      | Fixed         | 4.15%                 | 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      | $2989836.00   | 0.75%             | 2034-08-05      | Fixed         | 4.91%                 | 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      | $1795870.44   | 0.45%             | 2034-08-05      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| JP Morgan Chase Commercial Mor              | JP Morgan Chase Commercial Mortgage Securities Trust 2025-PHNY | CUSIP: 46592UAL4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $5020065.00   | 1.27%             | 2041-01-15      | Floating      | 9.69%                 | Yes           |                  2 | On Loan: No      |
| Life Financial Services Trust               | Life 2022-BMR Mortgage Trust                                   | CUSIP: 53218DAA6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10034000 | PA      | $9688890.60   | 2.44%             | 2039-05-15      | Floating      | 5.05%                 | 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        |   5430000 | PA      | $4404441.33   | 1.11%             | 2039-05-15      | Floating      | 6.29%                 | Yes           |                  2 | On Loan: No      |
| MRCD Mortgage Trust                         | MRCD 2019-MARK Mortgage Trust                                  | CUSIP: 55348UBA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2500000 | PA      | $1237500.00   | 0.31%             | 2036-12-15      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| MILE Trust                                  | MILE Trust 2025-STNE                                           | CUSIP: 59918AAJ3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   7500000 | PA      | $7485015.00   | 1.89%             | 2042-07-15      | Floating      | 8.65%                 | 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      | $5386956.80   | 1.36%             | 2033-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | 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        |  17251096 | PA      | $17251096.50  | 4.35%             | 2026-12-01      | Floating      | 11.99%                | Yes           |                  3 | On Loan: No      |
| ZEPHYR FLT RT, 06/14/2027   /               | ZEPHYR FLT RT, 06/14/2027   /                                  | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   6245438 | OU      | $6245437.54   | 1.58%             |  |  |  | Yes           |                  3 | On Loan: No      |
| PRIMA Capital LTD                           | Prima Capital CRE Securitization 2021-X                        | CUSIP: 74167GAA6<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | US        |   6500000 | PA      | $5151496.35   | 1.30%             | 2029-11-26      | Fixed         | 4.00%                 | Yes           |                  3 | On Loan: No      |
| SWCH Commercial Mortgage Trust              | SWCH Commercial Mortgage Trust 2025-DATA                       | CUSIP: 78489CAE9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10450000 | PA      | $10408722.50  | 2.63%             | 2042-02-15      | Floating      | 7.09%                 | Yes           |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag              | Wells Fargo Commercial Mortgage Trust 2025-B33RP               | CUSIP: 95004RAJ5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10052487.00  | 2.54%             | 2042-08-15      | Floating      | 7.25%                 | Yes           |                  2 | On Loan: No      |
| Worldwide Plaza Trust                       | Worldwide Plaza Trust 2017-WWP                                 | CUSIP: 98162JAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $6434088.00   | 1.62%             | 2036-11-10      | Fixed         | 3.53%                 | Yes           |                  2 | On Loan: No      |
| Worldwide Plaza Trust                       | Worldwide Plaza Trust 2017-WWP                                 | CUSIP: 98162JAQ9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    354000 | PA      | $1823.10      | 0.00%             | 2036-11-10      | Variable      | 3.60%                 | Yes           |                  2 | 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        |   7806148 | OU      | $7900378.91   | 1.99%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CRIMSON DEVCO, LLC    /                     | CRIMSON DEVCO, LLC    /                                        | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |        53 | OU      | $1320750.00   | 0.33%             |  |  |  | Yes           |                  3 | On Loan: No      |
| DAWSON 13.000%, 04/02/2029   /              | DAWSON 13.000%, 04/02/2029   /                                 | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   4443541 | OU      | $4496470.44   | 1.13%             |  |  |  | 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        |  12528957 | OU      | $12612481.35  | 3.18%             |  |  |  | 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        |   1090829 | OU      | $855973.30    | 0.22%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Istana at Wurzbach VAR RT, 11/9/2025   /    | Istana at Wurzbach VAR RT, 11/9/2025   /                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   8375000 | PA      | $8375000.00   | 2.11%             | 2028-11-09      | Variable      | 11.58%                | Yes           |                  3 | On Loan: No      |
| Jasper Mezzanine Loa VAR RT, 12/28/28   /   | Jasper Mezzanine Loa VAR RT, 12/28/28   /                      | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |  10000000 | PA      | $10000000.00  | 2.52%             | 2028-12-28      | Variable      | 12.26%                | Yes           |                  3 | On Loan: No      |
| LAKWLDLN S+8.5%, 08/13/2026   /             | LAKWLDLN S+8.5%, 08/13/2026   /                                | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   8500000 | PA      | $8500000.00   | 2.14%             | 2026-08-13      | Variable      | 12.37%                | Yes           |                  3 | On Loan: No      |
| LP REVERSE REPO 05609JAA0   /               | LP REVERSE REPO 05609JAA0   /                                  | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -6097000 | PA      | $-6097000.00  | -1.54%            | 2026-01-15      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| LP REVERSE REPO 05618XAA8   /               | LP REVERSE REPO 05618XAA8   /                                  | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -8105000 | PA      | $-8105000.00  | -2.04%            | 2026-01-15      | Fixed         | 4.36%                 | No            |                  2 | On Loan: No      |
| LP REVERSE REPO 36273XAA9   /               | LP REVERSE REPO 36273XAA9   /                                  | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -7221000 | PA      | $-7221000.00  | -1.82%            | 2026-01-15      | Fixed         | 4.66%                 | No            |                  2 | On Loan: No      |
| LV Predevelopment CR FIXED, 5/3/2027   /    | LV Predevelopment CR FIXED, 5/3/2027   /                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   4063603 | PA      | $4114542.94   | 1.04%             | 2027-05-03      | Fixed         | 14.50%                | 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        |   7233139 | OU      | $7433753.75   | 1.88%             |  |  |  | Yes           |                  3 | On Loan: No      |
| MARLOWE 15.000%, 02/09/2027   /             | MARLOWE 15.000%, 02/09/2027   /                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   2082269 | OU      | $2093275.69   | 0.53%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Mercantile Lofts Equity 04/11/2028   /      | Mercantile Lofts Equity 04/11/2028   /                         | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |   3222150 | OU      | $3254288.56   | 0.82%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NATIXIS REVERSE REPO 123913AA3   /          | NATIXIS REVERSE REPO 123913AA3   /                             | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -8100000 | PA      | $-8100000.00  | -2.04%            | 2026-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| NATIXIS REVERSE REPO 05610MAA0   /          | NATIXIS REVERSE REPO 05610MAA0   /                             | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -3545000 | PA      | $-3545000.00  | -0.89%            | 2026-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| NATIXIS REVERSE REPO 05619PAA4   /          | NATIXIS REVERSE REPO 05619PAA4   /                             | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        | -11340000 | PA      | $-11340000.00 | -2.86%            | 2026-01-15      | Fixed         | 4.30%                 | No            |                  2 | On Loan: No      |
| NATIXIS REVERSE REPO 26210YAA4   /          | NATIXIS REVERSE REPO 26210YAA4   /                             | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -7083000 | PA      | $-7083000.00  | -1.79%            | 2026-01-05      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| RBC REVERSE REPO 20047DAA2   /              | RBC REVERSE REPO 20047DAA2   /                                 | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -7431000 | PA      | $-7431000.00  | -1.87%            | 2026-01-29      | Fixed         | 4.46%                 | No            |                  2 | On Loan: No      |
| The Royal Loan Repo Partici 02/26/2026   /  | The Royal Loan Repo Partici 02/26/2026   /                     | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        | -24403089 | PA      | $-24403089.38 | -6.16%            | 2026-02-06      | Variable      | 6.15%                 | Yes           |                  3 | On Loan: No      |
| The Royal Mezzanine Loan 12% 2/6/2026   /   | The Royal Mezzanine Loan 12% 2/6/2026   /                      | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   8103255 | PA      | $7436844.65   | 1.88%             | 2026-02-06      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| The Royal Senior mtg Partici 02/26/2026   / | The Royal Senior mtg Partici 02/26/2026   /                    | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |  27182500 | PA      | $27182500.00  | 6.86%             | 2026-02-06      | Variable      | 6.15%                 | 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        |   6603206 | OU      | $6681565.99   | 1.69%             |  |  |  | Yes           |                  3 | On Loan: No      |
| THE TERRACES HIGH MTN 08/11/27   /          | THE TERRACES HIGH MTN 08/11/27   /                             | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   4000000 | PA      | $4000000.00   | 1.01%             | 2027-08-11      | Variable      | 12.76%                | 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        |  10000000 | PA      | $10000000.00  | 2.52%             | 2028-05-08      | Floating      | 11.76%                | Yes           |                  3 | On Loan: No      |
| LEXINGTON SO TOTOWA FLT RT _12/1/2025   /   | LEXINGTON SO TOTOWA FLT RT _12/1/2025   /                      | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   2145233 | PA      | $2145232.54   | 0.54%             | 2026-02-01      | Floating      | 15.12%                | Yes           |                  3 | 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        |   2810837 | PA      | $2810836.84   | 0.71%             | 2029-06-12      | Floating      | 12.70%                | 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 | -2.84%            | 2026-12-01      | Floating      | 11.99%                | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-12

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

**Signature:** /s/ Derek Mullins

**Name of Signer:** Derek Mullins

**Title:** Treasurer