# EDGAR Filing Document

**Accession Number:** 0001929777
**File Stem:** 0001193125-25-289034
**Filing Date:** 2025-11
**Character Count:** 29695
**Document Hash:** b66fa1f438d233b7dfe68c23a58b55d7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-289034.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0001193125-25-289034

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**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:** 251501426

**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**

**September 30, 2025 - (Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Spread** | **Coupon<br> Rate (%)** | **Maturity Date** | **Original<br> Acquisition Date** | **Principal Amount** | **Cost<sup>(1)</sup>** | **Fair Value** |
| **Private Debt - 112.4<sup>(2),(3)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Directly Originated Loans - 112.4%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Senior Mortgage Loans - 112.4%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assisted Living - 2.4%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2601 Tandy ABL I Holdings, LLC⁽⁴⁾ | N/A | 0.00 | 2/1/2026 | 4/1/2023 | $11950000 | $12028911 | $10833911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**BTR - 1.1%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Magnolia TH, LLC⁽⁴⁾⁽⁵⁾ | SOFR1M + 3.88% | 8.25 | 5/1/2026 | 4/24/2025 | 28000000 | 4889780 | 4959780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Gas/Service Station - 1.2%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trilogy Holdings, LLC Fuels⁽⁴⁾⁽⁵⁾ | SOFR1M + 6.91% | 11.75 | 12/1/2025 | 10/28/2024 | 7000000 | 5478246 | 5495746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Hospitality - 0.8%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2422 Ridgeway ABL I Holdings, LLC⁽⁴⁾⁽⁵⁾ | TBILL1M + 6.69% | 12.00 | 8/1/2026 | 5/1/2022 | 1958315 | 1790269 | 1778763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wattsburg Hospitality, LLC⁽⁵⁾ | TBILL1M + 4.20% | 9.00 | 4/1/2026 | 3/29/2023 | 1950000 | 1950000 | 1954875 |
|  |  |  |  |  |  | 3740269 | 3733638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Industrial - 8.9%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2528 Hondo Ave., LLC⁽⁵⁾ | SOFR1M + 4.42% | 9.75 | 9/1/2026 | 8/30/2024 | 6000000 | 6050674 | 6065674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Farm to Market Industries, LLC⁽⁴⁾⁽⁵⁾ | TBILL1M + 4.47% | 8.25 | 6/1/2026 | 5/30/2025 | 30500000 | 23747330 | 23793080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finn Equipment Leasing, LLC⁽⁴⁾⁽⁵⁾ | SOFR1M + 4.46% | 8.79 | 2/1/2026 | 1/28/2025 | 12000000 | 10764246 | 10794246 |
|  |  |  |  |  |  | 40562250 | 40653000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mixed Use - 4.1%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 Chestnut Street Development, LLC⁽⁴⁾⁽⁵⁾ | TBILL1M + 8.17% | 9.25 | 3/1/2026 | 8/2/2022 | 11350000 | 11243010 | 11356510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Elms MT, LLC⁽⁴⁾⁽⁵⁾ | SOFR1M + 7.43% | 12.74 | 5/1/2026 | 4/29/2024 | 7960000 | 7516776 | 7496876 |
|  |  |  |  |  |  | 18759786 | 18853386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily - 72.2%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201 SW NYE, LLC⁽⁵⁾ | SOFR1M + 4.48% | 8.81 | 2/1/2026 | 1/10/2025 | 3375000 | 3375000 | 3383438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Atlanta 330, LLC⁽⁴⁾⁽⁵⁾ | SOFR1M + 2.90% | 8.25 | 9/1/2026 | 8/13/2024 | 35450000 | 32262652 | 32351277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazos Lauradale, LLC⁽⁴⁾⁽⁵⁾ | TBILL1M + 3.84% | 8.25 | 10/1/2026 | 9/19/2025 | 13750000 | 12768741 | 12768741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazos Thread Owner 1, LLC⁽⁴⁾ | N/A | 8.00 | 11/1/2025 | 6/14/2023 | 11075000 | 10830714 | 10858402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazos Thread Owner 2, LLC⁽⁴⁾ | N/A | 8.00 | 11/1/2025 | 6/14/2023 | 10250000 | 10249895 | 10275520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazos Thread Owner 3, LLC⁽⁴⁾ | N/A | 8.00 | 11/1/2025 | 6/14/2023 | 20200000 | 20038667 | 20089167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FC Armature, LLC⁽⁴⁾⁽⁵⁾ | TBILL1M + 3.37% | 7.25 | 10/1/2026 | 9/17/2025 | 13500000 | 10369631 | 10369631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grandview Apartments 1002, LLC⁽⁵⁾ | TBILL1M + 3.50% | 9.25 | 3/1/2026 | 2/27/2023 | 5800000 | 5793852 | 5808352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KSA GP, LLC⁽⁴⁾⁽⁵⁾ | TBILL1M + 4.72% | 9.00 | 7/1/2026 | 5/4/2022 | 2568341 | 2370639 | 2454218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lakeview 28, LLC⁽⁵⁾ | SOFR1M + 3.43% | 8.75 | 9/1/2026 | 8/29/2024 | 2800000 | 2828000 | 2835000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lebanon 10, LLC⁽⁵⁾ | SOFR1M + 2.38% | 7.25 | 4/1/2026 | 3/31/2023 | 2346896 | 2397896 | 2403763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LNX Uptown, LLC⁽⁴⁾⁽⁵⁾ | SOFR1M + 2.94% | 8.25 | 6/1/2026 | 5/24/2024 | 25840000 | 21058635 | 21123235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MF Opp Fund I, LLC⁽⁴⁾ | N/A | 10.00 | 7/1/2026 | 6/14/2023 | 41000000 | 37968956 | 38071456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Midwest 288, LLC⁽⁴⁾⁽⁵⁾ | SOFR1M + 5.44% | 10.75 | 10/1/2025 | 9/23/2024 | 15300000 | 12703405 | 12741655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NPA AP, LLC⁽⁴⁾⁽⁵⁾ | SOFR1M + 4.41% | 8.75 | 4/1/2026 | 4/1/2025 | 3280000 | 3166048 | 3174248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PDGL Trust, LLC⁽⁴⁾⁽⁵⁾ | SOFR1M + 4.44% | 7.50 | 6/1/2026 | 5/23/2024 | 4000000 | 3951552 | 3961552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prosper GP LP, LLC⁽⁴⁾ | N/A | 8.00 | 9/1/2026 | 9/15/2023 | 26200000 | 24873885 | 24939385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Riverbend PEGP, LLC⁽⁴⁾ | N/A | 5.00 | 2/1/2026 | 10/6/2023 | 19430000 | 19090653 | 19139228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rose Lane Apartments⁽⁵⁾ | SOFR1M + 4.46% | 8.79 | 2/1/2026 | 1/24/2025 | 3000000 | 3000000 | 3007500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sandman 4 Apartments, LLC⁽⁵⁾ | SOFR1M + 3.93% | 9.25 | 12/1/2025 | 11/16/2023 | 1040000 | 1040000 | 1042600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wagner RE, LLC⁽⁴⁾⁽⁵⁾ | SOFR1M + 4.41% | 9.75 | 9/1/2026 | 8/13/2024 | 12500000 | 11424561 | 11455811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WAM Harvey, LLC⁽⁴⁾ | N/A | 9.00 | 11/1/2025 | 3/12/2024 | 24600000 | 24462383 | 24523883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrior Fund I, LLC⁽⁴⁾ | N/A | 8.75 | 1/1/2026 | 2/1/2024 | 39600000 | 38535870 | 38793270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wesley GP, LLC⁽⁴⁾⁽⁵⁾ | TBILL1M + 4.00% | 6.00 | 12/1/2025 | 5/31/2022 | 8725000 | 8449875 | 8694463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yakima 28, LLC⁽⁵⁾ | TBILL1M + 3.93% | 8.74 | 12/1/2025 | 11/29/2022 | 6122000 | 6152450 | 6137305 |
|  |  |  |  |  |  | 329163960 | 330403100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Multifamily Development - 7.2%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumberton MFD, LLC⁽⁴⁾⁽⁵⁾ | SOFR1M + 4.38% | 8.75 | 5/1/2026 | 4/30/2025 | 19600000 | 13803885 | 13852885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MavDevMan P1, LLC⁽⁴⁾⁽⁵⁾ | TBILL1M + 3.93% | 8.25 | 6/1/2028 | 5/28/2025 | 45000000 | 19054649 | 19167149 |
|  |  |  |  |  |  | 32858534 | 33020034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Office - 10.0%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CP NJ Short Hills Pender, LLC | N/A | 12.00 | 2/2/2026 | 2/2/2024 | 36300000 | 36300000 | 36390750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Five Seven Five One Holdings LLC⁽⁴⁾⁽⁵⁾ | TBILL1M + 5.35% | 9.75 | 8/1/2026 | 7/17/2025 | 11000000 | 9017795 | 9017795 |
|  |  |  |  |  |  | 45317795 | 45408545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail - 0.9%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lumberton Retail I, LLC⁽⁴⁾⁽⁵⁾ | SOFR1M + 3.88% | 8.25 | 5/1/2026 | 4/30/2025 | 4800000 | 4109189 | 4116389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Storage - 3.6%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DT Dev Phase 2, LLC⁽⁴⁾⁽⁵⁾ | TBILL1M + 3.43% | 7.75 | 6/1/2028 | 5/28/2025 | 13500000 | 11613239 | 11646989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MBRV I, LLC & MBRV II, LLC⁽⁴⁾⁽⁵⁾ | SOFR1M + 3.41% | 8.75 | 10/1/2025 | 9/10/2024 | 5100000 | 5039739 | 5052489 |
|  |  |  |  |  |  | 16652978 | 16699478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Senior Mortgage Loans |  |  |  |  |  | 513561698 | 514177007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Others - 0.0%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Retail - 0.0%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;David Streeter⁽⁶⁾ | N/A | 6.00 | 7/1/2026 | 5/21/2021 | 17980 | 17495 | 17539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Others |  |  |  |  |  | 17495 | 17539 |
| &nbsp;&nbsp;&nbsp;**Total Private Debt** |  |  |  |  |  | 513579193 | 514194546 |
| **Real Estate Owned - 0.8% <sup>(7)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Mixed Use - 0.8%** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Theos Fedro Holdings, LLC | 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 $517,179,193) - 113.2%** |  |  |  |  |  |  | $**517794546** |
| &nbsp;&nbsp;&nbsp;Liabilites less other assets - (13.2)% |  |  |  |  |  |  | (60509986) |
| &nbsp;&nbsp;&nbsp;**Net Assets - 100.0%** |  |  |  |  |  |  | $**457284560** |

---

LLC - Limited Liability Company

TBILL1M - One month term U.S. Treasury Bill

SOFR1M - One month term Secured Overnight Financing Rate

⁽¹⁾ Cost is equal to carrying value of the loan which includes the current outstanding balance plus minus any deferred fees or cost.

---

| | |
|:---|:---|
| ⁽²⁾ | All Private Debt investments are restricted securities. The total value of these securities is $514,194,546, which represents 112.4% of total net assets of the Fund. |

---

⁽³⁾ All Private Debt investments are Level 3 securities fair valued using significant unobservable inputs.

⁽⁴⁾ A portion of this holding is subject to unfunded commitments.

⁽⁵⁾ Floating rate security.

⁽⁶⁾ David Streeter is an individual loan receivable from past litigation settlement between Mr. Streeter and the Predecessor Fund.

⁽⁷⁾ All Real Estate Owned investments are Level 3 holdings fair valued using significant unobservable inputs.

## 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:** 2025-09-30

**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:** $627553343.88

**Total Liabilities:** $170809061.00

**Net Assets:** $456744282.88

**Cash Not Reported:** $11397911.52

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.67%                | 0.60%                | 0.62%                |
| Class ID N/A | 0.57%                | 0.61%                | 0.52%                |
| Class ID N/A | 0.59%                | 0.53%                | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-64800.00               | $156094.77                                 |
| Month 2  | $0.00                    | $757.77                                    |
| Month 3  | $0.00                    | $6120.25                                   |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 4618 - Theos Fedro Holdings, LLC            | 4618 - Theos Fedro Holdings, LLC            | CUSIP: 999999999<br>LEI: N/A | Long             | RE               |  | US        |   3600000 | OU      | $3600000.00   | 0.79%             |  |  |  | No            |                  3 | On Loan: No      |
| 7192 - David Streeter                       | 7192 - David Streeter                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |     17980 | PA      | $18024.48     | 0.00%             | 2026-07-01      | Fixed         | 6.00%                 | 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        |   1958315 | PA      | $1963211.13   | 0.43%             | 2026-08-01      | Floating      | 12.00%                | 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      | $2561920.15   | 0.56%             | 2026-07-01      | Floating      | 9.00%                 | 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        |   8725000 | PA      | $8781712.50   | 1.92%             | 2025-12-01      | Floating      | 6.00%                 | 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      | $11378375.00  | 2.49%             | 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        |   6122000 | PA      | $6137305.00   | 1.34%             | 2025-12-01      | 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      | $5814500.00   | 1.27%             | 2026-03-01      | Floating      | 9.25%                 | 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   | 0.43%             | 2026-04-01      | Floating      | 9.00%                 | 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        |   2346896 | PA      | $2352763.11   | 0.52%             | 2026-04-01      | Floating      | 7.25%                 | 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      | $10755000.00  | 2.35%             | 2026-02-01      | Fixed         | 0.00%                 | 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  | 4.43%             | 2025-11-01      | 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  | 2.25%             | 2025-11-01      | 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  | 2.43%             | 2025-11-01      | Fixed         | 8.00%                 | 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  | 5.75%             | 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      | $19478575.00  | 4.26%             | 2026-02-01      | Fixed         | 5.00%                 | 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        |  41000000 | PA      | $41102500.00  | 9.00%             | 2026-07-01      | Fixed         | 10.00%                | 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   | 0.23%             | 2025-12-01      | 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        |  39600000 | PA      | $39857400.00  | 8.73%             | 2026-01-01      | Floating      | 8.75%                 | 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  | 5.40%             | 2025-11-01      | Fixed         | 9.00%                 | 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      | $36390750.00  | 7.97%             | 2026-02-02      | Fixed         | 12.00%                | Yes           |                  3 | On Loan: No      |
| 8743 - The Elms MT LLC                      | 8743 - The Elms MT LLC                      | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   7960000 | PA      | $7940100.00   | 1.74%             | 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  | 5.67%             | 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   | 0.88%             | 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      | $35538625.00  | 7.78%             | 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  | 2.74%             | 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   | 1.12%             | 2025-10-01      | Floating      | 8.75%                 | 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   | 0.61%             | 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      | $6015000.00   | 1.32%             | 2026-09-01      | Floating      | 9.75%                 | 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  | 3.36%             | 2025-10-01      | Floating      | 10.75%                | 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   | 1.54%             | 2025-12-01      | 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   | 0.74%             | 2026-02-01      | Floating      | 8.81%                 | 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   | 0.66%             | 2026-02-01      | Floating      | 8.79%                 | 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  | 2.63%             | 2026-02-01      | Floating      | 8.79%                 | 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   | 0.72%             | 2026-04-01      | 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  | 6.15%             | 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  | 4.30%             | 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   | 1.05%             | 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  | 2.96%             | 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      | $45112500.00  | 9.88%             | 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  | 6.69%             | 2026-06-01      | Floating      | 8.25%                 | 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      | $11000000.00  | 2.41%             | 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      | $13500000.00  | 2.96%             | 2026-10-01      | Floating      | 7.25%                 | Yes           |                  3 | On Loan: No      |
| 8929 - Brazos Lauradale, LLC                | 8929 - Brazos Lauradale, LLC                | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  13750000 | PA      | $13750000.00  | 3.01%             | 2026-10-01      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |

### Signature

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

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

**Signature:** /s/ Jay Yang

**Name of Signer:** Jay Yang

**Title:** Treasurer