# EDGAR Filing Document

**Accession Number:** 0001857314
**File Stem:** 0001193125-26-235585
**Filing Date:** 2026-5
**Character Count:** 54687
**Document Hash:** d873e8121ba010fe435d1df39b380914
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-235585.hdr.sgml**: 20260522

**ACCESSION NUMBER**: 0001193125-26-235585

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260522

**DATE AS OF CHANGE**: 20260522

**PERIOD START**: 20261231

**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:** 261011016

**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

## Nport-Ex

**FORUM REAL ESTATE INCOME FUND**

**Schedule of Investments**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal** |  |  | **Coupon** |  | |
| **Amount** |  |  | **Rate** |  | |
| **($)** |  | **Reference Rate & Spread** | **(%)** | **Maturity** | **Fair Value** |
|  | **PRIVATE INVESTMENTS - CREDIT FACILITY — 0.8%** |  |  |  |  |
| 3551572 | LV Predevelopment<sup>(a),(b),(c)</sup> | N/A | 14.500 | 05/03/27 | $3577417 |
|  | **TOTAL PRIVATE INVESTMENTS - CREDIT FACILITY** |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**(Cost $3,522,757)** |  |  |  | 3577417 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Units/Shares** |  | | | | |
|  | **PRIVATE INVESTMENTS - EQUITY — 19.6%** |  |  |  |  |
|  | **REAL ESTATE COMMON EQUITY — 0.3%** |  |  |  |  |
| 53 | CRIMSON DEVCO, LLC<sup>(a),(b),(d)</sup> | N/A | N/A | N/A | 1320750 |
|  | **REAL ESTATE PREFERRED EQUITY — 19.3%** |  |  |  |  |
| 4576349 | Avondale Hills<sup>(a),(b)</sup> | Cash: 7.000%, PIK: 6.000% | 13.000 | 12/11/29 | 4578254 |
| 7933686 | Blackbird Group<sup>(a),(b)</sup> | Cash: 6.500%, PIK: 6.500% | 13.000 | 02/02/30 | 7935310 |
| 4516140 | Dawson Forest<sup>(a),(b)</sup> | Cash: 6.500%, PIK: 6.500% | 13.000 | 04/02/29 | 4523533 |
| 1110030 | IOTA Multifamily Development<sup>(a),(b)</sup> | Cash: 7.000%, PIK: 7.000% | 14.000 | 09/30/26 | 1110030 |
| 7530977 | Madison Midtown<sup>(a),(b),(e)</sup> | PIK: 16.250% | 16.250 | 10/04/27 | 7675649 |
| 8767149 | Mercantile Lofts Equity<sup>(a),(b),(c)</sup> | Cash: 5.500%, PIK: 9.000% | 14.500 | 04/11/28 | 8784921 |
| 18454521 | Park West Preferred Equity<sup>(a),(b)</sup> | Cash: 6.500%, PIK: 6.000% | 12.500 | 09/09/27 | 18371220 |
| 17350165 | The Alary Preferred<sup>(a),(b),(c)</sup> | Cash: 6.500%, PIK: 5.500% | 12.000 | 12/31/28 | 17350164 |
| 2136408 | The Marlowe Preferred Equity<sup>(a),(b),(e)</sup> | Cash: 5.000%, PIK: 10.000% | 15.000 | 02/09/27 | 2140392 |
| 6711090 | The Villas at Sundance<sup>(a),(b)</sup> | Cash: 6.500%, PIK: 6.500% | 13.000 | 06/17/29 | 6718795 |
| 6383736 | Zephyr Preferred Equity<sup>(a),(b),(e),(f)</sup> | Cash: 7.000%, PIK: 1-Month Term SOFR + 5.000% | 15.667 | 06/14/27 | 6383736 |
|  |  |  |  |  | 85572004 |
|  | **TOTAL PRIVATE INVESTMENTS - EQUITY <br> (Cost $86,548,134)** |  |  |  | 86892754 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br> Amount<br> ($)** |  |  | |  | |
|  | **PRIVATE INVESTMENTS — MEZZANINE LOANS — 9.6%** |  |  |  |  |
| 969095 | Advantis MCA Harbor, LLC<sup>(a),(b),(f),(g),(h)</sup> | 1-Month Term SOFR + 11.900%; 1-Month Term SOFR floor 3.480% | 15.577 | 04/18/26 | 969095 |
| 700532 | Ann Arbor Rambler Student Housing<sup>(a),(b),(f)</sup> | Cash: 1-Month Term SOFR + 9.390% | 13.058 | 11/21/28 | 700532 |
| 8375000 | Istana at Wurzbach<sup>(a),(b),(f)</sup> | 1-Month Term SOFR +7.620%; 1-Month Term SOFR floor 3.500% | 11.293 | 11/09/28 | 8375000 |
| 10000000 | Jasper Mezzanine Loan<sup>(a),(b),(c),(f)</sup> | 1-Month Term SOFR +8.500%; 1-Month Term SOFR floor 3.250% | 12.168 | 12/28/28 | 10000000 |
| 2254292 | Lexington So Totowa, LLC<sup>(a),(b),(f),(i)</sup> | PIK: 1-Month Term SOFR + 11.250% | 14.918 | 06/30/26 | 2254292 |
| 4000000 | Terraces at High Mountain Mezzanine Loan<sup>(a),(b),(f)</sup> | 1-Month Term SOFR +9.000%; 1-Month Term SOFR floor 3.750% | 12.670 | 08/11/27 | 4000000 |
| 10000000 | The Ivy Mezzanine Loan<sup>(a),(b),(f)</sup> | 1-Month Term SOFR +8.000%; 1-Month Term SOFR floor 3.750% | 11.670 | 05/08/28 | 10000000 |
| 2721834 | The Royal Mezzanine Loan Participation<sup>(a),(b)</sup> | Cash: 6.500%, PIK: 5.500% | 12.000 | 12/31/27 | 2721834 |

---

*See accompanying notes which are an integral part of these financial statements.*

 ****

**FORUM REAL ESTATE INCOME FUND**

**Schedule of Investments (Continued)**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal** |  |  | **Coupon** |  | |
| **Amount** |  |  | **Rate** |  | |
| **($)** |  | **Reference Rate & Spread** | **(%)** | **Maturity** | **Fair Value** |
| 3526231 | UMD Rambler Vertical Mezzanine<sup>(a),(b),(f)</sup> | 1-Month Term SOFR + 8.930%; 1-Month Term SOFR floor 3.250% | 12.597 | 06/12/29 | $3526231 |
|  | **TOTAL PRIVATE INVESTMENTS - MEZZANINE LOANS (Cost $42,560,702)** |  |  |  | 42546984 |
|  | **PRIVATE INVESTMENTS - SENIOR LOANS — 3.5%** |  |  |  |  |
| 6548386 | CF Forum WV Holdings, LLC<sup>(a),(b),(j)</sup> | N/A | 11.990 | 12/01/26 | 6548386 |
| 8620564 | Lakewilde at Santee Senior Loan<sup>(a),(b),(c),(f)</sup> | 1-Month Term SOFR +8.500%; 1-Month Term SOFR floor 3.750% | 12.168 | 08/13/26 | 8620564 |
|  | **TOTAL PRIVATE INVESTMENTS - SENIOR LOANS (Cost $15,031,652)** |  |  |  | 15168950 |
|  | **COMMERCIAL MORTGAGE-BACKED SECURITIES ("CMBS") — 82.3%** |  |  |  |  |
|  | **AGENCY CMBS — 9.4%** |  |  |  |  |
| 12081164 | FREMF 2020-KF83 Mortgage Trust<sup>(f),(k)</sup> | SOFR30A + 9.114% | 12.783 | 07/25/30 | 12390236 |
| 2312130 | FREMF 2020-KF95 Mortgage Trust<sup>(f),(k)</sup> | SOFR30A + 9.000% | 12.669 | 12/25/30 | 1202275 |
| 2233961 | FREMF 2020-KJ32 Mortgage Trust<sup>(f),(k)</sup> | N/A | 7.000 | 11/25/33 | 2011493 |
| 25616775 | FREMF 2021-KF98 Mortgage Trust<sup>(f),(k)</sup> | SOFR30A + 8.500% | 12.169 | 12/25/30 | 26209315 |
|  |  |  |  |  | 41813319 |
|  | **NON-AGENCY CMBS — 72.9%** |  |  |  |  |
| 9999999 | ACRE Multifamily Housing Mortgage Loan Trust 2022-Q018<sup>(f),(k)</sup> | SOFR30A + 4.000% | 7.673 | 06/25/27 | 10001700 |
| 4798454 | AXMF Re-REMIC Trust 2025-SBRR1<sup>(f),(k)</sup> | N/A | 7.250 | 04/27/58 | 4152341 |
| 16800000 | BAMLL Commercial Mortgage Securities Trust 2016-ISQ - Class XA<sup>(f),(k)</sup> | N/A | 0.758 | 08/14/34 | 45167 |
| 8540000 | BAMLL Commercial Mortgage Securities Trust 2016-ISQ - Class XB<sup>(f),(k)</sup> | N/A | 0.254 | 08/14/34 | 8140 |
| 43003467 | BBCMS Trust 2015-VFM<sup>(f),(k)</sup> | N/A | 0.114 | 03/12/36 | 65 |
| 11000000 | BLP Commercial Mortgage Trust 2025-IND2<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.750% | 7.423 | 12/15/42 | 11010321 |
| 9539763 | BX Commercial Mortgage Trust 2024-AIRC<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.089% | 6.762 | 08/15/41 | 9557648 |
| 14067500 | BX Commercial Mortgage Trust 2024-BRBK<sup>(f),(k),(l)</sup> | 1-Month Term SOFR + 2.880% | 6.545 | 10/15/41 | 14064025 |
| 20000000 | BX Commercial Mortgage Trust 2025-COPT Class A<sup>(f),(k),(l)</sup> | 1-Month Term SOFR + 1.750% | 5.423 | 08/15/42 | 20039940 |
| 5000000 | BX Commercial Mortgage Trust 2025-COPT - Class D<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.250% | 6.923 | 08/15/42 | 5020880 |
| 6669021 | BX Commercial Mortgage Trust 2025-JDI<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.400% | 7.073 | 11/15/42 | 6675271 |
| 2150000 | BX Commercial Mortgage Trust 2026-XL6 - Class E<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.000% | 6.673 | 03/15/43 | 2152670 |
| 6400000 | BX Commercial Mortgage Trust 2026-XL6 - Class F<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.900% | 7.573 | 03/15/43 | 6407933 |
| 7400000 | BX Trust 2025-OMG - Class E<sup>(f),(k)</sup> | 1-Month Term SOFR + 2.950% | 6.623 | 10/15/42 | 7409249 |
| 2000000 | BX Trust 2025-OMG - Class F<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.600% | 7.273 | 10/15/42 | 2011665 |
| 5000000 | BX Trust 2025-VLT7 - Class E<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.750% | 7.423 | 07/15/44 | 4967455 |
| 14000000 | BX Trust 2025-VOLT<sup>(f),(k),(l)</sup> | 1-Month Term SOFR + 1.700% | 5.373 | 12/15/44 | 13981758 |
| 8000000 | BXHPP Trust 2021-FILM<sup>(f),(k),(l)</sup> | 1-Month Term SOFR + 0.764% | 4.437 | 08/15/36 | 7610504 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FORUM REAL ESTATE INCOME FUND**

**Schedule of Investments (Continued)**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal** |  |  | **Coupon** |  | |
| **Amount** |  |  | **Rate** |  | |
| **($)** |  | **Reference Rate & Spread** | **(%)** | **Maturity** | **Fair Value** |
| 10000000 | CIP Commercial Mortgage Trust 2025-SBAY<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.750% | 7.423 | 10/15/37 | $9975019 |
| 12302000 | COMM Mortgage Trust 2024-WCL1 <sup>(f),(k),(l)</sup> | 1-Month Term SOFR + 1.841% | 5.514 | 06/15/41 | 12277150 |
| 14450000 | DROP Mortgage Trust 2021-FILE<sup>(f),(k),(l)</sup> | 1-Month Term SOFR + 1.264% | 4.937 | 10/15/43 | 14415681 |
| 4757000 | Extended Stay America Trust 2025-ESH<sup>(f),(k)</sup> | 1-Month Term SOFR + 4.100% | 7.773 | 10/15/42 | 4780576 |
| 2674834 | Extended Stay America Trust 2026-ESH2<br> - Class E<sup>(f),(k)</sup> | 1-Month Term SOFR + 2.900% | 6.573 | 02/15/43 | 2688392 |
| 4309454 | Extended Stay America Trust 2026-ESH2<br> - Class F<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.750% | 7.423 | 02/15/43 | 4325167 |
| 12000000 | Great Wolf Trust 2024-WOLF<sup>(f),(k)</sup> | 1-Month Term SOFR + 5.436% | 9.109 | 03/15/39 | 12057060 |
| 20000000 | GS Mortgage Securities Corp. Trust 2025-800D<sup>(f),(k),(l)</sup> | 1-Month Term SOFR + 2.650% | 6.315 | 11/25/41 | 20023920 |
| 13000000 | Hilton USA Trust 2016-SFP<sup>(k)</sup> | N/A | 2.828 | 11/05/35 | 11146148 |
| 4245000 | Hudson's Bay Simon JV Trust 2015-HBS<br> - Class A10<sup>(k),(l)</sup> | N/A | 4.155 | 08/05/34 | 4071863 |
| 3280000 | Hudson's Bay Simon JV Trust 2015-HBS<br> - Class B10<sup>(k)</sup> | N/A | 4.906 | 08/05/34 | 3106357 |
| 1820000 | Hudson's Bay Simon JV Trust 2015-HBS<br> - Class C10<sup>(f),(k)</sup> | N/A | 5.447 | 08/05/34 | 1697032 |
| 640000 | Hudsons Bay Simon JV Trust 2015-HBS<br> - Class D10<sup>(f),(k)</sup> | N/A | 5.447 | 08/05/34 | 561348 |
| 74226 | Hudson's Bay Simon JV Trust 2015-HBS<br> - Class D7<sup>(f),(k)</sup> | N/A | 5.196 | 08/05/34 | 68668 |
| 10000000 | LEX Trust 2026-450 - Class E<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.700% | 7.365 | 03/15/43 | 10012400 |
| 20375000 | LEX Trust 2026-450 - Class HRR<sup>(f)</sup> | 1-Month Term SOFR + 6.450% | 10.115 | 03/15/43 | 20400088 |
| 10034000 | Life 2022-BMR Mortgage Trust - Class A1<sup>(f),(k),(l)</sup> | 1-Month Term SOFR + 1.295% | 4.960 | 05/15/39 | 9694048 |
| 5430000 | Life 2022-BMR Mortgage Trust - Class D<sup>(f),(k)</sup> | 1-Month Term SOFR + 2.542% | 6.207 | 05/15/39 | 4501470 |
| 7500000 | MILE Trust 2025-STNE<sup>(f),(k)</sup> | 1-Month Term SOFR + 4.900% | 8.565 | 07/15/42 | 7459290 |
| 2500000 | MRCD 2019-MARK Mortgage Trust<sup>(k)</sup> | N/A | 4.250 | 12/15/36 | 1105000 |
| 6400000 | Prima Capital CRE Securitization 2019-1S, Ltd.<sup>(k)</sup> | N/A | 5.500 | 10/01/33 | 5360666 |
| 12500000 | Prima Capital CRE Securitization 2021-X, Ltd.<sup>(k)</sup> | N/A | 4.000 | 11/26/29 | 10007545 |
| 7150000 | SWCH Commercial Mortgage Trust 2025-DATA<br> - Class A<sup>(f),(k),(l)</sup> | 1-Month Term SOFR + 1.443% | 5.108 | 02/15/42 | 7071686 |
| 10450000 | SWCH Commercial Mortgage Trust 2025-DATA<br> - Class E<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.340% | 6.955 | 02/15/42 | 10295894 |
| 10000000 | Wells Fargo Commercial Mortgage Trust 2025-B33RP<sup>(f),(k)</sup> | 1-Month Term SOFR + 3.500% | 7.165 | 08/15/42 | 9999987 |
| 354000 | Worldwide Plaza Trust 2017-WWP - Class F<sup>(f),(k)</sup> | N/A | 3.596 | 11/10/36 | 1793 |
|  |  |  |  |  | 322220980 |
|  | **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $366,219,154)** |  |  |  | 364034299 |

---

---

| | |
|:---|:---|
| **Shares** | **Fair Value** |
| 5806213 Fidelity Treasury Portfolio - Institutional Class, 3.49%<sup>(m)</sup> | 5806213 |

---

---

| | |
|:---|:---|
| **TOTAL SHORT-TERM INVESTMENTS <br> (Cost $5,806,213)** | $**5806213** |
| **TOTAL INVESTMENTS — 117.0% <br> (Cost $519,688,612)** | 518026617 |
| **TOTAL LIABILITIES IN EXCESS OF OTHER ASSETS – (17.0)%** | (75119651) |
| **TOTAL NET ASSETS – 100.0%** | $442906966 |

---

*See accompanying notes which are an integral part of these financial statements.*

**FORUM REAL ESTATE INCOME FUND**

**Schedule of Investments (Continued)**

**As of March 31, 2026 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal <br> Amount <br> ($)** |  | **Interest <br> Rate <br> (%)** | **Maturity** | **Fair Value** |
| | **REVERSE REPURCHASE AGREEMENTS — (19.7)%** | |  | |
| (6009000) | Lucid Management Reverse Repo JAA Trust | 4.376 | 04/16/26 | $(6009000) |
| (8100000) | Lucid Management Reverse Repo XAA8 Trust | 4.276 | 04/16/26 | (8100000) |
| (7200000) | Lucid Management Reverse Repo XAA9 Trust | 4.576 | 04/16/26 | (7200000) |
| (5734000) | Natixis Securities Americas Reverse Repo CAA Trust | 4.230 | 04/06/26 | (5734000) |
| (10530000) | Natixis Securities Americas Reverse Repo NAA Trust | 4.220 | 04/27/26 | (10530000) |
| (11340000) | Natixis Securities Americas Reverse Repo PAA Trust | 4.220 | 04/13/26 | (11340000) |
| (1897000) | Natixis Securities Americas Reverse Repo PBN Trust | 4.480 | 04/06/26 | (1897000) |
| (9000000) | Natixis Securities Americas Reverse Repo XAA Trust | 4.220 | 04/13/26 | (9000000) |
| (10693000) | Natixis Securities Americas Reverse Repo YAA Trust | 4.330 | 04/06/26 | (10693000) |
| (9010000) | Royal Bank Canada Reverse Repo DAA2 Trust | 4.350 | 04/27/26 | (9010000) |
| (7617000) | Royal Bank Canada Reverse Repo DAA6 Trust | 4.350 | 04/27/26 | (7617000) |
|  | **TOTAL REVERSE REPURCHASE AGREEMENTS <br> (Proceeds $(87130000))** |  |  | $(87130000) |

---

LLC – Limited Liability Company

PIK – Payment In Kind

SOFR – Secured Overnight Financing Rate

SOFR30A – United States 30 Day Average SOFR Secured Overnight Financing Rate

REMIC – Real Estate Mortgage Investment Conduit

(a) Denotes an illiquid and restricted security that either: (a) cannot be offered for public sale without first being registered, and is availing itself of an exemption from registration under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. The total of these illiquid and restricted securities represents 33.46% of net assets. The total value of these securities is $148,186,105. Please refer to Restricted Securities in the Notes to the Schedule of Investments.

(b) The value of this security has been determined in good faith under policies adopted by the Fund's Adviser and approved by the Board of Trustees. Level 3 securities fair valued under such procedures represents 33.46% of net assets. The total value of these securities is $148,186,105.

(c) A portion of the revenue generated from this investment is related to Loan Administration Fees, payable to the Fund.

(d) Non-income producing security.

(e) Co-invested loans are held by the Fund and an affiliate of the Fund.

(f) Variable or floating rate security, the interest of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The rate shown represents the rate on March 31, 2026.

(g) Cash portion of interest is included in principal of loans.

(h) Interest on loans funded from interest reserve.

(i) Security is in default at March 31, 2026. An additional contractual 5.00% penalty interest rate will be applied until security is no longer in default.

(j) Net of Commercial Loan of ($11,250,572) with a maturity date of 12/01/2026 and interest rate of 1-Month Term SOFR + 3.750% equal to 7.423% as of March 31, 2026.

(k) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities are restricted and may be resold in transactions exempt from registration normally to qualified institutional buyers. The total value of these securities is $343,634,211, which represents 77.59% of total net assets of the Fund.

(l) All or a portion of this security has been pledged as collateral for securities sold under agreement to repurchase. Total market value of underlying collateral for open reverse repurchase agreements at March 31, 2026 was $99,106,722.

(m) Rate disclosed is the seven-day effective yield as of March 31, 2026.

*See accompanying notes which are an integral part of these financial statements.*

**Forum Real Estate Income Fund**

**Notes to the Schedule of Investments**

**March 31, 2026 (Unaudited)**

**RESTRICTED SECURITIES**

Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund's investment objective and investment strategies. Investments in restricted securities are fair valued as determined in good faith in accordance with procedures adopted by the Adviser and approved by the Board. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

As of March 31, 2026, the Fund invested in the following restricted securities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Original<br> Acquisition<br> Date** | **Principal / <br> Units** | **Cost** | **Value** | **% of Net<br> Assets** |
| Advantis MCA Harbor, LLC | 10/18/2022 | 969095 | $963375 | $969095 | 0.22% |
| Ann Arbor Rambler Student Housing | 11/20/2024 | 700532 | 700532 | 700532 | 0.16% |
| Avondale Hills | 12/10/2024 | 4576349 | 4567883 | 4578254 | 1.03% |
| Blackbird Group | 1/24/2025 | 7933686 | 7918600 | 7935310 | 1.79% |
| CF Forum WV Holdings, LLC | 3/3/2025 | 6548386 | 6419244 | 6548386 | 1.48% |
| CRIMSON DEVCO, LLC | 12/17/2021 | 53 | 1320746 | 1320750 | 0.30% |
| Dawson Forest | 4/25/2024 | 4516140 | 4516140 | 4523533 | 1.02% |
| IOTA Multifamily Development | 3/31/2022 | 1110030 | 1104559 | 1110030 | 0.25% |
| Istana at Wurzbach | 11/12/2025 | 8375000 | 8356335 | 8375000 | 1.89% |
| Jasper Mezzanine Loan | 12/29/2025 | 10000000 | 9976750 | 10000000 | 2.26% |
| Lakewilde at Santee Senior Loan | 8/11/2025 | 8620564 | 8612407 | 8620564 | 1.95% |
| Lexington So Totowa, LLC | 5/20/2022 | 2254292 | 2244206 | 2254292 | 0.51% |
| LV Predevelopment | 11/3/2025 | 3551572 | 3522757 | 3577417 | 0.81% |
| Madison Midtown | 1/28/2025 | 7530977 | 7471577 | 7675649 | 1.73% |
| Mercantile Lofts Equity | 10/20/2025 | 8767149 | 8742524 | 8784921 | 1.98% |
| Park West Preferred Equity | 9/30/2025 | 18454521 | 18418906 | 18371220 | 4.15% |
| Terraces at High Mountain Mezzanine Loan | 7/31/2025 | 4000000 | 3985939 | 4000000 | 0.90% |
| The Alary Preferred | 12/31/2025 | 17350165 | 17304877 | 17350164 | 3.92% |
| The Ivy Mezzanine Loan | 4/29/2025 | 10000000 | 10085500 | 10000000 | 2.26% |
| The Marlowe Preferred Equity | 9/25/2024 | 2136408 | 2128196 | 2140392 | 0.48% |
| The Royal Mezzanine Participation Loan | 9/29/2021 | 2721834 | 2721834 | 2721834 | 0.61% |
| The Villas at Sundance | 6/13/2024 | 6711090 | 6711090 | 6718795 | 1.52% |
| UMD Rambler Vertical Mezzanine | 4/4/2025 | 3526230 | 3526231 | 3526231 | 0.80% |
| Zephyr Preferred Equity | 6/15/2023 | 6383736 | 6343037 | 6383736 | 1.44% |
|  |  | 146737809 | $147663245 | $148186105 | 33.46% |

---

## 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $542160022.73

**Total Liabilities:** $99560857.80

**Net Assets:** $442599164.93

**Cash Not Reported:** $2652535.56

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 0.000000000000 | **5-Year:** 21.701817572975 | **10-Year:** 8429.673624288958 | **30-Year:** 3953.390508590068

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

- **3-Month:** 21934.002628377674 | **1-Year:** 126862.857371925670 | **5-Year:** 69210.189575267729 | **10-Year:** 15823.858892588466 | **30-Year:** 6943.246543592392

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 1.02%                | 0.75%                | 0.68%                |
| Class ID N/A | 0.91%                | 0.85%                | 0.67%                |
| Class ID N/A | 0.95%                | 0.67%                | 0.59%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $480055.68               | $1019462.88                                |
| Month 2  | $805044.78               | $-265926.00                                |
| Month 3  | $76426.74                | $-2197271.28                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Extended Stay America Trust                 | Extended Stay America Trust 2026-ESH2                  | CUSIP: 30227WAL7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   4309454 | PA      | $4325166.55   | 0.98%             | 2043-02-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2020-KF83 Mortgage Trust                         | CUSIP: 302696AA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  12081165 | PA      | $12390235.75  | 2.80%             | 2030-07-25      | Floating      | 12.78%                | Yes           |                  2 | On Loan: No      |
| FREMF Mortgage Trust                        | FREMF 2020-KJ32 Mortgage Trust                         | CUSIP: 30317BAC4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2233961 | PA      | $2011492.59   | 0.45%             | 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        |  25616775 | PA      | $26209315.05  | 5.92%             | 2030-12-25      | Floating      | 12.17%                | Yes           |                  2 | 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        |    969095 | PA      | $969095.11    | 0.22%             | 2026-04-18      | Floating      | 15.58%                | Yes           |                  3 | On Loan: No      |
| The Alary Preferred FIX RT, 12/31/2028   /  | The Alary Preferred FIX RT, 12/31/2028   /             | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |  17350164 | OU      | $17350164.47  | 3.92%             |  |  |  | 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        |   4576349 | OU      | $4578254.06   | 1.03%             |  |  |  | Yes           |                  3 | 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        |   7933685 | OU      | $7935309.80   | 1.79%             |  |  |  | Yes           |                  3 | On Loan: No      |
| CRIMSON DEVCO, LLC    /                     | CRIMSON DEVCO, LLC    /                                | CUSIP: 999999999<br>LEI: N/A | Long             |  | PF                | US        |        53 | OU      | $1320750.00   | 0.30%             |  |  |  | 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        |   4516140 | OU      | $4523533.09   | 1.02%             |  |  |  | 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        |   1110030 | OU      | $1110029.68   | 0.25%             |  |  |  | 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   | 1.89%             | 2028-11-09      | Variable      | 11.29%                | 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  | 2.26%             | 2028-12-28      | Variable      | 12.17%                | 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        |   8620564 | PA      | $8620563.96   | 1.95%             | 2026-08-13      | Variable      | 12.17%                | Yes           |                  3 | On Loan: No      |
| LP REVERSE REPO 05609JAA0   /               | LP REVERSE REPO 05609JAA0   /                          | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -6009000 | PA      | $-6009000.00  | -1.36%            | 2026-04-16      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| LP REVERSE REPO 05618XAA8   /               | LP REVERSE REPO 05618XAA8   /                          | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -8100000 | PA      | $-8100000.00  | -1.83%            | 2026-04-16      | Fixed         | 4.28%                 | No            |                  2 | On Loan: No      |
| LP REVERSE REPO 36273XAA9   /               | LP REVERSE REPO 36273XAA9   /                          | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -7200000 | PA      | $-7200000.00  | -1.63%            | 2026-04-16      | Fixed         | 4.58%                 | 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        |   3551572 | PA      | $3577416.63   | 0.81%             | 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        |   7530977 | OU      | $7675648.95   | 1.73%             |  |  |  | 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        |   2136408 | OU      | $2140391.58   | 0.48%             |  |  |  | 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        |   8767149 | OU      | $8784921.23   | 1.98%             |  |  |  | Yes           |                  3 | On Loan: No      |
| NATIXIS REVERSE REPO 05613NAA5   /          | NATIXIS REVERSE REPO 05613NAA5   /                     | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        | -10530000 | PA      | $-10530000.00 | -2.38%            | 2026-04-27      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| NATIXIS REVERSE REPO 78489CAA7   /          | NATIXIS REVERSE REPO 78489CAA7   /                     | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -5734000 | PA      | $-5734000.00  | -1.30%            | 2026-04-06      | Fixed         | 4.23%                 | No            |                  2 | On Loan: No      |
| Americold LLC Trust                         | ACRE Multifamily Housing Mortgage Loan Trust 2022-Q018 | CUSIP: 00091WAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   9999999 | PA      | $10001699.94  | 2.26%             | 2027-06-25      | Floating      | 7.67%                 | Yes           |                  2 | On Loan: No      |
| AXMF Re-REMIC Trust                         | AXMF Re-REMIC Trust 2025-SBRR1                         | CUSIP: 00249HAE3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   4817010 | PA      | $4168398.95   | 0.94%             | 2058-04-27      | Variable      | 7.25%                 | 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      | $45166.80     | 0.01%             | 2034-08-14      | Variable      | 0.76%                 | 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      | $1202275.36   | 0.27%             | 2030-12-25      | Floating      | 12.67%                | 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        |  20000000 | PA      | $20023920.00  | 4.52%             | 2041-11-25      | Floating      | 6.31%                 | 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      | $12057060.00  | 2.72%             | 2039-03-15      | Floating      | 9.11%                 | Yes           |                  2 | On Loan: No      |
| Hilton USA Trust                            | Hilton USA Trust 2016-SFP                              | CUSIP: 43289VAA1<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  13000000 | PA      | $11146148.00  | 2.52%             | 2035-11-05      | Fixed         | 2.83%                 | 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        |     74226 | PA      | $68668.28     | 0.02%             | 2034-08-05      | Variable      | 5.20%                 | 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        |   4245000 | PA      | $4071863.43   | 0.92%             | 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        |   3280000 | PA      | $3106356.80   | 0.70%             | 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      | $1697031.70   | 0.38%             | 2034-08-05      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| Hudsons Bay Simon JV Trust                  | Hudsons Bay Simon JV Trust 2015-HBS                    | CUSIP: 44422PCA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |    640000 | PA      | $561348.48    | 0.13%             | 2034-08-05      | Variable      | 5.45%                 | Yes           |                  2 | On Loan: No      |
| LEX Trust                                   | LEX Trust 2026-450                                     | CUSIP: 501970AJ6<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $10012400.00  | 2.26%             | 2043-03-15      | Floating      | 7.36%                 | Yes           |                  2 | On Loan: No      |
| LEX Trust                                   | LEX Trust 2026-450                                     | CUSIP: 501970AM9<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  20375000 | PA      | $20400087.74  | 4.61%             | 2043-03-15      | Floating      | 10.11%                | No            |                  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      | $9694048.08   | 2.19%             | 2039-05-15      | Floating      | 4.96%                 | 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      | $4501470.00   | 1.02%             | 2039-05-15      | Floating      | 6.21%                 | 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      | $1105000.00   | 0.25%             | 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      | $7459290.00   | 1.69%             | 2042-07-15      | Floating      | 8.56%                 | 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      | $5360665.60   | 1.21%             | 2033-10-01      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| PRIMA Capital LTD                           | Prima Capital CRE Securitization 2021-X                | CUSIP: 74167GAA6<br>LEI: N/A | Long             | ABS-CBDO         | CORP              | US        |  12500000 | PA      | $10007545.00  | 2.26%             | 2029-11-26      | Fixed         | 4.00%                 | Yes           |                  2 | On Loan: No      |
| SWCH Commercial Mortgage Trust              | SWCH Commercial Mortgage Trust 2025-DATA               | CUSIP: 78489CAA7<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   7150000 | PA      | $7071686.05   | 1.60%             | 2042-02-15      | Floating      | 5.11%                 | Yes           |                  2 | 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      | $10295893.85  | 2.33%             | 2042-02-15      | Floating      | 6.95%                 | Yes           |                  2 | On Loan: No      |
| NATIXIS REVERSE REPO 26210YAA4   /          | NATIXIS REVERSE REPO 26210YAA4   /                     | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        | -10693000 | PA      | $-10693000.00 | -2.42%            | 2026-04-06      | Fixed         | 4.33%                 | No            |                  2 | 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        |  18454521 | OU      | $18371220.48  | 4.15%             |  |  |  | Yes           |                  3 | On Loan: No      |
| RBC REVERSE REPO 20047DAA2   /              | RBC REVERSE REPO 20047DAA2   /                         | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -9010000 | PA      | $-9010000.00  | -2.04%            | 2026-04-27      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| RBC REVERSE REPO 53218DAA6   /              | RBC REVERSE REPO 53218DAA6   /                         | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -7617000 | PA      | $-7617000.00  | -1.72%            | 2026-04-27      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| The Royal Mezzanine Loan 12% 12/31/2027   / | The Royal Mezzanine Loan 12% 12/31/2027   /            | CUSIP: 999999999<br>LEI: N/A | Long             | LON              | CORP              | US        |   2721834 | PA      | $2721833.94   | 0.61%             | 2027-12-31      | Fixed         | 12.00%                | 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        |   6711090 | OU      | $6718795.15   | 1.52%             |  |  |  | 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   | 0.90%             | 2027-08-11      | Variable      | 12.67%                | 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  | 2.26%             | 2028-05-08      | Floating      | 11.67%                | 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        |   2254292 | PA      | $2254291.79   | 0.51%             | 2026-06-30      | Floating      | 14.92%                | 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        |   3526231 | PA      | $3526230.77   | 0.80%             | 2029-06-12      | Floating      | 12.60%                | 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 | -2.54%            | 2026-12-01      | Floating      | 11.99%                | Yes           |                  3 | 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        |  17798958 | PA      | $17798958.14  | 4.02%             | 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        |   6383736 | OU      | $6383735.90   | 1.44%             |  |  |  | Yes           |                  3 | 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      | $8140.33      | 0.00%             | 2034-08-14      | Variable      | 0.25%                 | Yes           |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S              | BBCMS Trust 2015-VFM                                   | CUSIP: 05546JAC2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  43003468 | PA      | $64.51        | 0.00%             | 2036-03-12      | Variable      | 0.11%                 | 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      | $11010321.30  | 2.49%             | 2042-12-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2025-JDI                  | CUSIP: 05594LAJ3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   6669021 | PA      | $6675271.46   | 1.51%             | 2042-11-15      | Floating      | 7.07%                 | Yes           |                  2 | On Loan: No      |
| BXHPP Trust                                 | BXHPP Trust 2021-FILM                                  | CUSIP: 05609JAA0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   8000000 | PA      | $7610504.00   | 1.72%             | 2036-08-15      | Floating      | 4.44%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-BRBK                 | CUSIP: 05613NAA5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  14067500 | PA      | $14064025.33  | 3.18%             | 2041-10-15      | Floating      | 6.54%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2025-COPT                 | CUSIP: 05618XAA8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  20000000 | PA      | $20039940.00  | 4.53%             | 2042-08-15      | Floating      | 5.42%                 | 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      | $5020880.00   | 1.13%             | 2042-08-15      | Floating      | 6.92%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-OMG                                      | CUSIP: 05619HAJ3<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   7400000 | PA      | $7409249.26   | 1.67%             | 2042-10-15      | Floating      | 6.62%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-OMG                                      | CUSIP: 05619HAL8<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2000000 | PA      | $2011665.20   | 0.45%             | 2042-10-15      | Floating      | 7.27%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VOLT                                     | CUSIP: 05619PAA4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  14000000 | PA      | $13981758.00  | 3.16%             | 2044-12-15      | Floating      | 5.37%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Trust 2025-VLT7                                     | CUSIP: 123913AJ4<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   5000000 | PA      | $4967455.00   | 1.12%             | 2044-07-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2024-AIRC                 | CUSIP: 12433CAG0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   9539763 | PA      | $9557647.91   | 2.16%             | 2041-08-15      | Floating      | 6.76%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2026-XL6                  | CUSIP: 12433NAJ0<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2150000 | PA      | $2152669.87   | 0.49%             | 2043-03-15      | Floating      | 6.67%                 | Yes           |                  2 | On Loan: No      |
| BX Trust                                    | BX Commercial Mortgage Trust 2026-XL6                  | CUSIP: 12433NAL5<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   6400000 | PA      | $6407932.80   | 1.45%             | 2043-03-15      | Floating      | 7.57%                 | 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      | $9975019.00   | 2.25%             | 2037-10-15      | Floating      | 7.42%                 | Yes           |                  2 | On Loan: No      |
| COMM Mortgage Trust                         | COMM 2024-WCL1 MORTGAGE TRUST                          | CUSIP: 20047DAA2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |  12302000 | PA      | $12277149.96  | 2.77%             | 2041-06-15      | Floating      | 5.51%                 | 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        |  14450000 | PA      | $14415681.25  | 3.26%             | 2043-10-15      | Floating      | 4.94%                 | 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      | $4780575.69   | 1.08%             | 2042-10-15      | Floating      | 7.77%                 | Yes           |                  2 | On Loan: No      |
| Extended Stay America Trust                 | Extended Stay America Trust 2026-ESH2                  | CUSIP: 30227WAJ2<br>LEI: N/A | Long             | ABS-MBS          | CORP              | US        |   2674834 | PA      | $2688392.42   | 0.61%             | 2043-02-15      | Floating      | 6.57%                 | 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      | $9999987.00   | 2.26%             | 2042-08-15      | Floating      | 7.16%                 | 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      | $1793.01      | 0.00%             | 2036-11-10      | Variable      | 3.60%                 | Yes           |                  2 | On Loan: No      |
| Fidelity Treasury Portfolio                 | Fidelity Treasury Portfolio, Class I                   | CUSIP: 316175504<br>LEI: N/A | Long             | STIV             | RF                | US        |  14519492 | PA      | $14519492.42  | 3.28%             |  |  |  | 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        |    700532 | PA      | $700532.01    | 0.16%             | 2028-11-21      | Floating      | 13.06%                | Yes           |                  3 | On Loan: No      |
| NATIXIS REVERSE REPO 05618XAA8   /          | NATIXIS REVERSE REPO 05618XAA8   /                     | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -9000000 | PA      | $-9000000.00  | -2.03%            | 2026-04-13      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |
| NATIXIS REVERSE REPO 44422PBN1   /          | NATIXIS REVERSE REPO 44422PBN1   /                     | CUSIP: 999999999<br>LEI: N/A | Short            | RA               | CORP              | US        |  -1897000 | PA      | $-1897000.00  | -0.43%            | 2026-04-06      | Fixed         | 4.48%                 | 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 | -2.56%            | 2026-04-13      | Fixed         | 4.22%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-09

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

**Signature:** /s/ Derek Mullins

**Name of Signer:** Derek Mullins

**Title:** Treasurer