# EDGAR Filing Document

**Accession Number:** 0001929777
**File Stem:** 0001193125-26-108420
**Filing Date:** 2026-3
**Character Count:** 21386
**Document Hash:** 22b1b884dbb08fcd09778b9a9eac4f8e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-108420.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0001193125-26-108420

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**EFFECTIVENESS DATE**: 20260316

**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:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23806
- **FILM NUMBER:** 26757200

**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

## Internal

```

REPORT OF INDEPENDENT
REGISTERED PUBLIC
ACCOUNTING FIRM

Board of Trustees and
Shareholders
Pender Real Estate Credit Fund

In planning and performing our
audit of the consolidated financial
statements of Pender Real Estate
Credit Fund (the  Fund ) as of and
for the year ended December 31,
2025, in accordance with the
standards of the Public Company
Accounting Oversight Board
(United States), we considered the
Fund s internal control over
financial reporting, including
controls over safeguarding
securities, as a basis for designing
audit procedures for the purpose
of expressing an opinion on the
financial statements and to
comply with the requirements of
Form N-CEN, but not for the
purpose of expressing an opinion
on the effectiveness of the Fund s
internal control over financial
reporting. Accordingly, we express
no such opinion.

Management of the Fund is
responsible for establishing and
maintaining effective internal
control over financial reporting. In
fulfilling this responsibility,
estimates and judgments by
management are required to
assess the expected benefits and
related costs of controls. A fund s
internal control over financial
reporting is a process designed to
provide reasonable assurance
regarding the reliability of financial
reporting and the preparation of
financial statements for external
purposes in accordance with
generally accepted accounting
principles. A fund s internal
control over financial reporting
includes those policies and
procedures that (1) pertain to the
maintenance of records that, in
reasonable detail, accurately and
fairly reflect the transactions and
dispositions of the assets of the
fund; (2) provide reasonable
assurance that transactions are
recorded as necessary to permit
preparation of financial
statements in accordance with
generally accepted accounting
principles, and that receipts and
expenditures of the fund are being
made only in accordance with
authorizations of management
and directors of the fund; and (3)
provide reasonable assurance
regarding prevention or timely
detection of unauthorized
acquisition, use, or disposition of
the fund s assets that could have a
material effect on the financial
statements.

Because of its inherent limitations,
internal control over financial
reporting may not prevent or
detect misstatements. Also
projections of any evaluation of
effectiveness to future periods are
subject to the risk that controls
may become inadequate because
of changes in conditions, or the
degree of compliance with policies
and procedures may deteriorate.

A deficiency in internal control
over financial reporting exists
when the design or operation of a
control does not allow
management or employees, in the
normal course of performing their
assigned functions, to prevent or
detect misstatements on a timely
basis. A material weakness is a
deficiency, or a combination of
deficiencies, in internal control
over financial reporting, such that
there is a reasonable possibility
that a material misstatement of
the Fund s annual or interim
financial statements will not be
prevented or detected on a timely
basis.

Our consideration of the Fund s
internal control over financial
reporting was for the limited
purpose described in the first
paragraph and would not
necessarily disclose all
deficiencies in internal control
over financial reporting that might
be material weaknesses under
standards established by the
Public Company Accounting
Oversight Board (United States).
However, we noted no deficiencies
in the Fund s internal control over
financial reporting and its
operation, including controls over
safeguarding securities, which we
consider to be material
weaknesses as defined above as
of December 31, 2025.

This report is intended solely for
the information and use of
management and the Board of
Trustees of Pender Real Estate
Credit Fund and the U.S. Securities
and Exchange Commission, and is
not intended to be and should not
be used by anyone other than
these specified parties.

/s/ Grant Thornton LLP
Newport Beach, California
March 5, 2026

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001929777

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Pender Real Estate Credit Fund

- **Item B.1.b - Investment Company Act file number:** 811-23806

- **Item B.1.c - CIK:** 0001929777

- **Item B.1.d - LEI:** 549300NYC5XVTLXF5V85

- **Item B.2.a - Street 1:** 235 WEST GALENA STREET

- **Item B.2.b - City:** MILWAUKEE

- **Item B.2.c - State:** WI

- **Item B.2.e - Zip Code:** 53212

- **Item B.2.f - Telephone:** 4142992000

- **Item B.2.g - Public Website:** https://www.pendercapitalfunds.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** UMB FUND SERVICES, INC.

- **b. Street 1:** 235 WEST GALENA STREET

- **c. City:** MILWAUKEE

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212-3948

- **g. Telephone number:** 4142992000

- **h. Briefly describe the books and records kept at this location:** TRANSFER AGENT, FUND ACCOUNTANT AND ADMINISTRATOR

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** PENDER CAPITAL MANAGEMENT, LLC

- **b. Street 1:** 11777 SAN VICENTE BLVD., STE 650

- **c. City:** LOS ANGELES

- **d. State, if applicable:** CA

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 90049

- **g. Telephone number:** 3108538001

- **h. Briefly describe the books and records kept at this location:** ADVISER

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name                  | Is Interested Person?   | Other Investment Company File Numbers                                                                                                                                                                                                                                                                                         |
|:---|:---|:---|
| Terrance P. Gallagher | Yes                     | 811-22894, 811-23963, 811-23948, 811-23985, 811-24004, 811-23969, 811-23991, 811-23965, 811-23842, 811-23857, 811-23814, 811-23813, 811-23791, 811-23792, 811-23763, 811-23741, 811-23636, 811-23619, 811-23616, 811-23336, 811-23179, 811-22923, 811-22466, 811-24011, 811-24012, 811-24053, 811-24054, 811-24087, 811-24088 |
| Gary E. Shugrue       | No                      | 811-23857, 811-23842, 811-23814, 811-23813, 811-23792, 811-23791, 811-23763, 811-23741, 811-23636, 811-23619, 811-23616, 811-23336, 811-23179, 811-22923, 811-22466, 811-23963, 811-23948, 811-23985, 811-24004, 811-23969, 811-23991, 811-23965, 811-06260, 811-24011, 811-24012, 811-24053, 811-24054, 811-24087, 811-24088 |
| Robert Seyferth       | No                      | 811-23963, 811-23948, 811-23985, 811-24004, 811-23969, 811-23991, 811-23965, 811-23857, 811-23814, 811-23813, 811-23842, 811-23792, 811-23791, 811-23763, 811-23741, 811-23636, 811-23619, 811-23616, 811-23336, 811-23179, 811-22923, 811-22466, 811-24011, 811-24012, 811-24053, 811-24054, 811-24087, 811-24088            |
| David G. Lee          | No                      | 811-23842, 811-23814, 811-23813, 811-23792, 811-23791, 811-23763, 811-23741, 811-23636, 811-23619, 811-23616, 811-23336, 811-23179, 811-22923, 811-22466, 811-23857, 811-23963, 811-23948, 811-23985, 811-24004, 811-23969, 811-23991, 811-23965, 811-24011, 811-24012, 811-24053, 811-24054, 811-24087, 811-24088            |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Bernadette Murphy

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 223 Wilmington W Chester Pike

- **d. City:** Chadds Ford

- **e. State, if applicable:** PA

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 19317

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a.i - Release numbers:**
  - IC-34882

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** DISTRIBUTION SERVICES, LLC

- **ii. SEC file number:** 8-42106

- **iii. CRD number:** 000025938

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** GRANT THORNTON LLP

- **b. PCAOB Number:** 00248

- **c. LEI, if any:** 549300V6SBN782HF4N65

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Pender Real Estate Credit Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Pender Real Estate Credit Fund

- **c. LEI:** 549300NYC5XVTLXF5V85

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [x] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(c)(4) (17CFR 270.18f-4(c)(4))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** PENDER CAPITAL MANAGEMENT, LLC

- **ii. SEC file number:** 801-113467

- **iii. CRD number:** 000281448

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. SEC file number:** 084-05792

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** Houlihan Capital Advisors, LLC

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** IL

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB BANK, NATIONAL ASSOCIATION

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

**Item C.17.a. Principal transaction counterparties.**

| Name                               | SEC file number   | CRD number   | LEI   | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|:---|:---|:---|:---|:---|
| MAVDEVMAN P1 LLC                   | N/A               | N/A          | N/A   | TX      | US        | $45,000,000.00            |
| CAMELOT VILLAGE APTS LLC           | N/A               | N/A          | N/A   | TX      | US        | $39,750,000.00            |
| FARM TO MARKET INDUSTRIES LLC      | N/A               | N/A          | N/A   | WA      | US        | $32,500,000.00            |
| MAGNOLIA TH LLC                    | N/A               | N/A          | N/A   | TX      | US        | $30,000,000.00            |
| 201 CLARK RD APTS LLC              | N/A               | N/A          | N/A   | TX      | US        | $23,250,000.00            |
| LUMBERTON MFD LLC                  | N/A               | N/A          | N/A   | NJ      | US        | $19,600,000.00            |
| BRAZOS MEADOWS LLC                 | N/A               | N/A          | N/A   | TX      | US        | $18,050,000.00            |
| SOLAMAR APTS LLC & NAE CAPITAL LLC | N/A               | N/A          | N/A   | TX      | US        | $17,000,000.00            |
| MF HELIOS LLC                      | N/A               | N/A          | N/A   | TX      | US        | $15,973,925.00            |
| MF LUMINA LLC                      | N/A               | N/A          | N/A   | TX      | US        | $14,873,375.00            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $675,748,343.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $427,283,422.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** PENDER REAL ESTATE CREDIT FUND

**Date:** 2026-03-16

**Signature:** /s/ Madeline Arment

**Title:** Principal Financial Officer