# EDGAR Filing Document

**Accession Number:** 0001929777
**File Stem:** 0000926877-26-000105
**Filing Date:** 2026-3
**Character Count:** 22170
**Document Hash:** e507f4f0916cffafc88773583fbdb7b7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000926877-26-000105.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0000926877-26-000105

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**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:** 26708202

**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:** 2025-12-31

**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:** $679538277.45

**Total Liabilities:** $211006298.02

**Net Assets:** $468531979.43

**Cash Not Reported:** $9485729.04

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.58%                | 0.60%                | 0.05%                |
| Class ID N/A | 0.59%                | 0.50%                | 0.55%                |
| Class ID N/A | 0.51%                | 0.52%                | 0.68%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-67762.95                                 |
| Month 2  | $0.00                    | $-103927.31                                |
| Month 3  | $0.00                    | $-121882.01                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 8962 - 268 Cedar Hill Apts LLC              | 8962 - 268 Cedar Hill Apts LLC              | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  10000000 | PA      | $10000000.00  | 2.13%             | 2026-12-19      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| 8961 - 201 Clark RD Apts LLC                | 8961 - 201 Clark RD Apts LLC                | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  23250000 | PA      | $23250000.00  | 4.96%             | 2027-01-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8960 - Camelot Village Apts LLC             | 8960 - Camelot Village Apts LLC             | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  39750000 | PA      | $39750000.00  | 8.48%             | 2027-01-01      | Fixed         | 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  | 4.19%             | 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  | 5.99%             | 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        |   3580000 | PA      | $3588950.00   | 0.77%             | 2026-11-01      | Floating      | 8.75%                 | Yes           |                  3 | On Loan: No      |
| 7601 - Yakima 28 LLC                        | 7601 - Yakima 28 LLC                        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   4430000 | PA      | $4441075.00   | 0.95%             | 2026-12-01      | 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  | 2.42%             | 2026-03-01      | Floating      | 12.12%                | 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        |   8521620 | PA      | $8542924.10   | 1.82%             | 2026-03-01      | Floating      | 6.00%                 | Yes           |                  3 | On Loan: No      |
| 8959 - 512 Mesquite Apts LLC                | 8959 - 512 Mesquite Apts LLC                | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  12500000 | PA      | $12500000.00  | 2.67%             | 2026-12-19      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| 8958 - Huntington 1401 LLC                  | 8958 - Huntington 1401 LLC                  | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   3220096 | PA      | $3220095.89   | 0.69%             | 2027-12-03      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 8957 - MF Lumina LLC                        | 8957 - MF Lumina LLC                        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  14873375 | PA      | $14873375.00  | 3.17%             | 2027-12-03      | Fixed         | 11.75%                | Yes           |                  3 | On Loan: No      |
| 8956 - MF Helios LLC                        | 8956 - MF Helios LLC                        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  15973925 | PA      | $15973925.00  | 3.41%             | 2027-12-03      | Fixed         | 11.75%                | Yes           |                  3 | On Loan: No      |
| 8955 - MF Carisma LLC                       | 8955 - MF Carisma LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  10152700 | PA      | $10152700.00  | 2.17%             | 2027-12-03      | Fixed         | 11.75%                | Yes           |                  3 | On Loan: No      |
| 8949 - Solamar Apts LLC & NAE Capital LLC   | 8949 - Solamar Apts LLC & NAE Capital LLC   | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  17000000 | PA      | $17000000.00  | 3.63%             | 2026-11-01      | Fixed         | 8.75%                 | Yes           |                  3 | On Loan: No      |
| 8947 - North Palm Commercial LLC            | 8947 - North Palm Commercial LLC            | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   3900000 | PA      | $3900000.00   | 0.83%             | 2026-11-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 8946 - Bayview West Apartments LLC          | 8946 - Bayview West Apartments LLC          | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   3400000 | PA      | $3400000.00   | 0.73%             | 2026-11-01      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| 8945 - S Court Apts, LLC                    | 8945 - S Court Apts, LLC                    | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   6700000 | PA      | $6700000.00   | 1.43%             | 2026-11-01      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| 8944 - Pebble Bay Apartments, LLC           | 8944 - Pebble Bay Apartments, LLC           | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   6900000 | PA      | $6900000.00   | 1.47%             | 2026-11-01      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| 8943 - Brazos Meadows, LLC                  | 8943 - Brazos Meadows, LLC                  | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  18050000 | PA      | $18050000.00  | 3.85%             | 2026-12-04      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| 8942 - 300 NPB LLC                          | 8942 - 300 NPB LLC                          | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   2100000 | PA      | $2100000.00   | 0.45%             | 2026-11-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 8941 - Brazos Liberty Crossing, LLC         | 8941 - Brazos Liberty Crossing, LLC         | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   6500000 | PA      | $6500000.00   | 1.39%             | 2026-11-01      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| 8929 - Brazos Lauradale, LLC                | 8929 - Brazos Lauradale, LLC                | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  13750000 | PA      | $13784375.00  | 2.94%             | 2026-10-01      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8928 - FC Armature, LLC                     | 8928 - FC Armature, LLC                     | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  13500000 | PA      | $13533750.00  | 2.89%             | 2026-10-01      | Floating      | 7.75%                 | Yes           |                  3 | On Loan: No      |
| 8922 - Five Seven Five One Holdings LLC     | 8922 - Five Seven Five One Holdings LLC     | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  11000000 | PA      | $11071500.00  | 2.36%             | 2026-08-01      | Floating      | 9.75%                 | 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  | 6.52%             | 2026-06-01      | Floating      | 8.25%                 | 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  | 9.63%             | 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      | $13533750.00  | 2.89%             | 2028-06-01      | Floating      | 7.75%                 | 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   | 1.03%             | 2026-05-01      | Floating      | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 8833 - Finn Equipment Leasing LLC           | 8833 - Finn Equipment Leasing LLC           | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  12000000 | PA      | $12030000.00  | 2.57%             | 2026-02-01      | Floating      | 8.46%                 | 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   | 0.64%             | 2026-02-01      | Floating      | 8.46%                 | 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   | 0.72%             | 2026-02-01      | Floating      | 8.48%                 | Yes           |                  3 | On Loan: No      |
| 8766 - Trilogy Holdings LLC                 | 8766 - Trilogy Holdings LLC                 | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |   5575000 | PA      | $5588937.50   | 1.19%             | 2026-12-01      | Floating      | 11.75%                | 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   | 1.28%             | 2026-09-01      | 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   | 0.60%             | 2026-09-01      | 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   | 1.09%             | 2026-10-01      | Floating      | 6.75%                 | Yes           |                  3 | On Loan: No      |
| 8749 - WAGNER RE LLC                        | 8749 - WAGNER RE LLC                        | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  12500000 | PA      | $12531250.00  | 2.67%             | 2026-09-01      | 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        |  35450000 | PA      | $35375062.71  | 7.55%             | 2026-09-01      | 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   | 0.86%             | 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  | 5.53%             | 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      | $7940100.00   | 1.69%             | 2026-05-01      | Fixed         | 12.74%                | Yes           |                  3 | On Loan: No      |
| 8740 - WAM HARVEY LLC                       | 8740 - WAM HARVEY LLC                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  26800000 | PA      | $26867000.00  | 5.73%             | 2026-11-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 8737 - Warrior Fund I LLC                   | 8737 - Warrior Fund I LLC                   | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |  39124038 | PA      | $39378344.71  | 8.40%             | 2026-01-01      | Floating      | 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   | 0.22%             | 2026-12-01      | Floating      | 9.25%                 | 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  | 4.16%             | 2026-02-01      | Fixed         | 5.00%                 | 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  | 5.61%             | 2026-09-01      | 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      | $10755000.00  | 2.30%             | 2026-02-01      | Fixed         | 6.00%                 | 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   | 0.42%             | 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   | 1.24%             | 2026-03-01      | Floating      | 9.25%                 | 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        |   2168341 | PA      | $2162920.15   | 0.46%             | 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        |   1958315 | PA      | $1973002.71   | 0.42%             | 2026-08-01      | Floating      | 12.00%                | Yes           |                  3 | On Loan: No      |
| 7192 - David Streeter                       | 7192 - David Streeter                       | CUSIP: 999999999<br>LEI: N/A | Long             | LON              |  | US        |     12218 | PA      | $12248.35     | 0.00%             | 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   | 0.77%             |  |  |  | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-13

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

**Signature:** /s/ Jay Yang

**Name of Signer:** Jay Yang

**Title:** Treasurer