# EDGAR Filing Document

**Accession Number:** 0001857314
**File Stem:** 0001213900-26-047618
**Filing Date:** 2026-4
**Character Count:** 954263
**Document Hash:** 01dfba8228ce2f3d958c0e66ba0c20d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-047618.hdr.sgml**: 20260424

**ACCESSION NUMBER**: 0001213900-26-047618

**CONFORMED SUBMISSION TYPE**: 486BPOS

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20260424

**DATE AS OF CHANGE**: 20260424

**EFFECTIVENESS DATE**: 20260430

**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:** 486BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23658
- **FILM NUMBER:** 26895761

**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
**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:** 486BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-265566
- **FILM NUMBER:** 26895760

**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

?xml version='1.0' encoding='ASCII'?

**As filed with the Securities and Exchange Commission on April 24, 2026**

**Securities Act File No. 333**-265566 **Investment Company Act File No. 811**-23658

 **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

#### __________________________________________

#### FORM N-2

#### __________________________________________
☒ **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

☐ **PRE**-EFFECTIVE **AMENDMENT NO.**

☒ **POST**-EFFECTIVE **AMENDMENT NO. 8**

☒ REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

☒ **AMENDMENT NO. 13**

**Forum Real Estate Income Fund** Registrant Exact Name as Specified in Charter

**240 Saint Paul Street, Suite 400 Denver, CO 80206** Address of Principal Executive Offices

**Tel: (303) 501**-8860Registrant's Telephone Number

**Darren Fisk Forum Capital Advisors LLC 240 Saint Paul Street, Suite 400 Denver, CO 80206 Tel: (303) 501**-8860 **Fax: (303) 296**-4212Name and Address of Agent for Service

***COPIES TO:***

**Kelley A. Howes Morrison & Foerster LLP 370 17**<sup>th</sup> **Street, Suite 4200 Denver, CO 80202 Tel: (303) 592**-2237

**APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED PUBLIC OFFERING**:

**AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE OF THIS REGISTRATION STATEMENT.**

☐ Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

☒ Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

☐ Check box if this Form is a registration statement pursuant to General Instruction A.2. or a post-effective amendment thereto.

☐ Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

☐ Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

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#### It is proposed that this filing will become effective (check appropriate box)
☐ when declared effective pursuant to Section 8(c) of the Securities Act.

☐ immediately upon filing pursuant to paragraph (b) of Rule 486.

☒ on April 30, 2026 pursuant to paragraph (b) of Rule 486.

☐ 60 days after filing pursuant to paragraph (a) of Rule 486.

☐ on (date) pursuant to paragraph (a) of Rule 486.

#### If appropriate, check the following box:
☐ This amendment designates a new effective date for a previously filed registration statement.

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:______.

☐ This Form is filed to register additional securities for an offering pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:______.

☐ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act and the Securities Act registration statement number of the earlier effective registration statement for the same offering is:_______.

#### Check each box that appropriately characterizes the Registrant:
☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

☒ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act)

☐ A.2 Qualified (qualified to register securities pursuant to General Instruction A.2. of this Form).

☐ Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

☐ Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act").

☐ If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

☐ New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

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 Forum Real Estate Income Fund<br> **SHARE CLASSES: CLASS K \| CLASS I \| CLASS M \| FOUNDERS**<br> **PROSPECTUS DATED APRIL 30, 2026**<br>

Forum Real Estate Income Fund (the ***"Fund"***) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the ***"Investment Company Act"***), as a non-diversified, closed-end management investment company. The Fund operates as an interval fund pursuant to Rule 23c-3 under the Investment Company Act and has adopted a fundamental policy to conduct quarterly repurchase offers at net asset value (***"NAV"***). The Fund's primary investment objectives are to maximize current income and preserve investor capital, with a secondary focus on long-term capital appreciation.

The Fund concentrates its investments (i.e., invests more than 25% of its assets) in the real estate industry. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of commercial real estate loans and other real estate related investments located in the United States. Real estate related investments include, but are not limited to, agency and non-agency commercial mortgage-backed securities (***"CMBS"***), commercial real estate collateralized loan obligations (***"CRE CLOs"***), preferred equity issued by real estate investment trusts or companies that develop, own and operate commercial real estate assets, mezzanine loans backed by commercial real estate assets, and securities issued by publicly traded real estate investment trusts. To a lesser extent, the Fund may also invest directly in commercial real estate. The categories of commercial real estate underlying the Fund's investments include, but are not limited to, multifamily, industrial, mixed use, hospitality, office, and retail. The Fund may invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. There are no limits on the Fund's investments in below investment grade securities.

FREIF Advisors LLC serves as the Fund's investment adviser (the ***"Adviser"***). The Adviser is an investment adviser registered with the Securities and Exchange Commission (***"SEC"***) under the Investment Advisers Act of 1940, as amended (the ***"Advisers Act"***). The Fund has elected to be taxed as a "real estate investment trust" (***"REIT"***) for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the ***"Code"***).

The Fund cannot guarantee that it will meet its investment objectives. Investing in the Fund involves a high degree of risk, including the risk that investors could lose some or all of their investment. Before buying any of the Fund's shares, you should read the discussion of the principal risks of investing in the Fund. **See *"Risk Factors"* beginning on page 28.**

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| | | | |
|:---|:---|:---|:---|
|  | **PRICE TO PUBLIC<sup>1</sup>** | **SALES LOAD** | **PROCEEDS TO FUND** |
| &nbsp;&nbsp; **PER CLASS K SHARE** | At current NAV | N/A | Amount invested <br>at current NAV |
| &nbsp;&nbsp; **PER CLASS I SHARE** | At current NAV | N/A | Amount invested <br>at current NAV |
| &nbsp;&nbsp; **PER CLASS M SHARE** | At current NAV | N/A | Amount invested <br>at current NAV |
| &nbsp;&nbsp; **PER FOUNDERS SHARE** | At current NAV | N/A | Amount invested <br>at current NAV |

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***1.*** *Shares will be offered in a continuous offering at the Fund's then-current NAV per Share. As of April 1, 2026, the NAV per share of Founders Shares was $9.70, the NAV per share of Class I Shares was $9.70 and the NAV per share of Class K Shares was $9.68. Class M Shares were not available for purchase prior to the effective date of this Prospectus (as defined below), and therefore do not have a recent NAV to report.*

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|:---|:---|:---|:---|
|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **i** |

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This prospectus (the "***Prospectus***") applies to the offering of four separate classes of shares of beneficial interests ("***Shares***") in the Fund, designated as Class K Shares, Class I Shares, Class M Shares, and Founders Shares. The Shares are offered for sale on a continuous basis at the NAV per Share calculated on each regular business day, which is any day the New York Stock Exchange (NYSE) is open for business. No holder of Shares (each, a "***Shareholder***") will have the right to require the Fund to redeem its Shares. The Fund reserves the right to reject a purchase order for any reason.

Foreside Fund Services, LLC (the "***Distributor***") acts as the distributor for the Shares. In addition, certain U.S. institutions (including banks, trust companies, brokers and investment advisers) ("***Financial Intermediaries***") may be authorized to accept, on behalf of the Fund, purchase orders and repurchase requests placed by or on behalf of their customers and may designate other Financial Intermediaries to accept such orders.

Shareholders do not have the right to redeem their Shares. However, as described below, in order to provide some liquidity to Shareholders, the Fund has elected to implement a quarterly repurchase mechanism. Pursuant to Rule 23c-3 under the Investment Company Act, the Fund has adopted a fundamental policy to conduct quarterly repurchase offers for a portion of its outstanding Shares. Subject to applicable law and approval of the Fund's Board of Trustees (the "***Board***"), for each quarterly repurchase offer the Fund currently expects to offer to repurchase 5% of the Fund's then outstanding Shares at the then applicable NAV per Share. Written notification of each quarterly repurchase offer will be sent to Shareholders at least 21 and no more than 42 days before the repurchase request deadline (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer) (the "***Repurchase Request Deadline***"). The date on which the Fund's NAV applicable to a repurchase offer is calculated will occur no later than 14 days after the Repurchase Request Deadline (or the next business day if the 14<sup>th</sup> calendar day is not a business day). If a repurchase offer is oversubscribed, Shareholders may only be able to have a portion of their Shares repurchased. **There is no assurance that you will be able to tender your Shares when or in the amount that you desire.** Subject to Board approval, quarterly repurchases will occur in the months of March, June, September and December. See "*Quarterly Repurchase Offers*" and "*Risk Factors — Repurchase Offers Risk*" in this Prospectus and "*Fundamental Policies*" in the Fund's statement of additional information (the "***SAI***").

The Fund may use leverage to provide additional funds to support its investment activities. The Fund will enter into financing transactions using reverse repurchase agreements, and may also enter into credit agreements and other loan transactions with financial institutions such as banks. Under the Investment Company Act, the Fund's aggregate amount of indebtedness, regardless of the form it takes, is limited to up to 33⅓% of the Fund's total assets (including the assets subject to, and obtained with the proceeds of, such indebtedness) immediately after entering into any type of financing transaction. Leverage magnifies volatility and will decrease the Fund's return if the Fund fails to earn as much on an investment purchased with borrowed funds as it pays for the use of those funds. The Fund's leverage strategy may not work as planned or achieve its goal. See "*Risk Factors — Reverse Repurchase Agreements Risk*"*, "Risk Factors — Leverage Risk"* and "*Risk Factors — Leverage Limitations under the Investment Company Act*" in this Prospectus.

The Shares are speculative and illiquid securities involving substantial risk of loss. An investment in the Fund is subject to, among others, the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp; The Shares have no history of public trading, nor is it currently intended that the Shares will be listed on a public exchange or any other trading market in the future. No organized secondary market is expected to develop in the Fund's Shares; liquidity for the Shares is expected to be provided only through the quarterly repurchase program.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp; You should generally not expect to be able to sell your Shares (other than through the repurchase offer process), regardless of how the Fund performs.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp; Although the Fund has implemented a Share repurchase program, only a limited number of Shares will be eligible for repurchase by the Fund.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp; Although the Fund has implemented a Share repurchase program, Shares will not be redeemable at a Shareholder's option, nor will they be exchangeable for shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his or her Shares.**

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| | | | |
|:---|:---|:---|:---|
|  **ii** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp; Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment and for whom an investment in the Fund does not constitute a complete investment program.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp; Because you will be unable to sell your Shares or have them repurchased immediately, you will find it difficult to reduce your exposure on a timely basis during a market downturn.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•&nbsp;&nbsp;&nbsp;&nbsp; There is no assurance that the Fund will be able to maintain a certain level of distributions to Shareholders.**

The Adviser is responsible for overseeing the management of the Fund's activities, subject to the oversight of the Board, as described in further detail below. The Adviser has engaged Nuveen Asset Management, LLC to act as the Fund's non-discretionary sub-adviser (the "***Sub-Adviser***") with respect to the Fund's investments in CMBS. The Sub-Adviser assists the Adviser in identifying and evaluating potential investments for the Fund, executes trades in certain securities under the Adviser's supervision, and participates in ongoing diligence and monitoring of certain of the Fund's investments. See "*Management of the Fund*" for more information about the Adviser and the Sub-Adviser.

This Prospectus provides the information that a prospective investor should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including the SAI dated April 30, 2026, has been filed with the SEC. You may request a copy of the Fund's SAI and annual and semi-annual reports or other information about the Fund without charge by visiting *www.freif.com,* writing the Fund at 240 Saint Paul Street, Suite 400, Denver, CO 80206, or by calling toll-free 888-267-1456 or by email to investorrelations@forumig.com. The SAI is incorporated by reference into this Prospectus in its entirety. You can view information about the Fund, including the SAI and other material incorporated by reference into the Fund's registration statement on the SEC's website at *www.sec.gov*. The address of the SEC's website is provided solely for the information of prospective Shareholders and is not intended to be an active link.

You should not construe the contents of this Prospectus as legal, tax or financial advice. You should consult with your own professional advisers as to legal, tax, financial, or other matters relevant to the suitability of an investment in the Fund.

You should rely only on the information contained in this Prospectus and the SAI. The Fund has not authorized anyone to provide you with different information. You should not assume that the information provided by this Prospectus is accurate as of any date other than the date shown below.

Unless you specifically request paper copies of the Fund's shareholder reports from the Fund or from your Financial Intermediary, such reports will be made available on the Fund's website *(www.freif.com)*, and you will be notified by mail each time a report is posted and provided with a website link to access the report. You can request to receive Fund reports in paper free of charge by contacting your financial intermediary or contacting the Fund directly at, 240 Saint Paul Street, Suite 400, Denver, CO 80206, or by calling toll-free 888-267-1456 or by email to investorrelations@forumig.com. Your election to receive reports in paper will apply to all funds held with your Financial Intermediary.

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this Prospectus. Any representation to the contrary is a criminal offense.**

**FORESIDE FUND SERVICES, LLC**

**Dated April 30, 2026**

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|:---|:---|:---|:---|
|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **iii** |

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**Table of Contents** <br>      

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| | |
|:---|:---|
|  [PROSPECTUS SUMMARY](#T201) | 1 |
|  [SUMMARY OF FUND EXPENSES](#T202) | 14 |
|  [FINANCIAL HIGHLIGHTS](#T203) | 16 |
|  [THE FUND](#T204) | 20 |
|  [USE OF PROCEEDS](#T205) | 21 |
|  [INVESTMENT OBJECTIVES, POLICIES, AND STRATEGIES](#T206) | 22 |
|  [RISK FACTORS](#T207) | 28 |
|  [MANAGEMENT OF THE FUND](#T208) | 50 |
|  [CONFLICTS OF INTEREST](#T209) | 53 |
|  [DISTRIBUTOR](#T210) | 55 |
|  [SHAREHOLDER SERVICING PLAN AND DISTRIBUTION AND SERVICE PLAN](#T211) | 56 |
|  [DETERMINATION OF NET ASSET VALUE](#T212) | 57 |
|  [QUARTERLY REPURCHASE OFFERS](#T213) | 59 |
|  [DISTRIBUTION POLICY](#T214) | 62 |
|  [DIVIDEND REINVESTMENT POLICY](#T215) | 63 |
|  [U.S. FEDERAL INCOME TAX CONSIDERATIONS](#T216) | 64 |
|  [DESCRIPTION OF CAPITAL STRUCTURE AND SHARES](#T217) | 68 |
|  [PLAN OF DISTRIBUTION](#T218) | 70 |
|  [SUMMARY OF DECLARATION OF TRUST](#T219) | 73 |
|  [LEGAL MATTERS](#T220) | 76 |
|  [REPORTS TO SHAREHOLDERS](#T221) | 76 |
|  [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#T222) | 76 |
|  [PRIVACY NOTICE](#T223) | 76 |
|  [ADDITIONAL INFORMATION](#T224) | 76 |

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|:---|:---|:---|:---|
|  **iv** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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<u> Prospectus Summary</u> <br>      

*This summary does not contain all of the information that you should consider before investing in the shares offered pursuant to this prospectus. Before investing, you should review the more detailed information contained or incorporated by reference in this prospectus and in the SAI, particularly the information set forth under the heading "Risk Factors."*

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|:---|:---|
|  **The Fund and the Shares** | Forum Real Estate Income Fund (the "***Fund***") is a Delaware statutory trust organized under an Amended and Restated Agreement and Declaration of Trust dated August 1, 2022 (the "***Declaration of Trust***"). The Fund is registered under the Investment Company Act of 1940, as amended (the "***Investment Company Act***") as a closed-end management investment company. The Fund operates as an interval fund pursuant to Rule 23c-3 under the Investment Company Act.<br> The Fund is non-diversified, which means that under the Investment Company Act, it is not limited in the percentage of its assets that it may invest in any single issuer of securities. The Fund has elected to be taxed as a "real estate investment trust" ("***REIT***") under the Internal Revenue Code of 1986, as amended (the "***Code***").<br> **The Fund is an appropriate investment only for those investors who can tolerate a high degree of risk and do not require a liquid investment.**<br> The Fund offers four separate classes (each, a "***Class***") of shares of beneficial interest ("***Shares***") designated as Class K Shares, Class I Shares, Class M Shares, and Founders Shares. Each Class of Shares is subject to different fees and expenses. The Fund may offer additional Classes of Shares in the future. |
|  **Investment Objective and Policies** | The Fund's primary objectives are to maximize current income and preserve investor capital, with a secondary focus on long-term capital appreciation. The Fund's investment objectives are non-fundamental and may be changed by the Board of Trustees (the "***Board***") without Shareholder approval. Shareholders will, however, receive at least 60 days' prior notice of any change to the Fund's investment objectives. There can be no assurance the Fund will meet its investment objectives. |
|  **Investment Strategies** | The Fund concentrates its investments (*i.e.*, invests more than 25% of its assets) in the real estate industry. Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of commercial real estate loans and other real estate-related investments located in the United States. Real estate related investments include, but are not limited to, agency and non-agency commercial mortgage-backed securities ("***CMBS***"), commercial real estate collateralized loan obligations ("***CRE CLOs***"), preferred equity issued by REITs or companies that develop, own and operate commercial real estate assets, mezzanine loans backed by commercial real estate assets, and securities issued by publicly traded REITs. To a lesser extent, the Fund may also invest directly in commercial real estate. The categories of commercial real estate underlying the Fund's investments include, but are not limited to, multifamily, industrial, mixed use, hospitality, office, and retail.<br> The Fund's 80% investment policy may be changed by the Board without Shareholder approval. Shareholders will, however, receive at least 60 days' prior notice of any change to the Fund's 80% investment policy. |

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|:---|:---|:---|
|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|**<sub>1</sub> |

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|  | The Fund may invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are referred to as "high yield" securities and "junk bonds," have speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be illiquid and difficult to value. There are no limits on the Fund's investments in below investment grade securities. For a further discussion of the Fund's principal investment strategies, see "*Investment Objectives, Policies and Strategies*." In connection with making its investments, the Fund and its Shareholders will be subject to a number of fees and expenses. See "*Summary of Fund Expenses*." |
|  **Leverage** | In pursuing the Fund's investment objective, the Fund may seek to enhance returns through the use of leverage. The Fund will enter into financing transactions using reverse repurchase agreements, and may also enter into credit agreements and other loan transactions with financial institutions such as banks. Under the Investment Company Act, the Fund's aggregate amount of indebtedness, regardless of the form it takes, is limited to up to 33⅓% of the Fund's total assets (including the assets subject to, and obtained with the proceeds of, such indebtedness) immediately after entering into any type of financing transaction.<br> Leverage magnifies volatility and will decrease the Fund's return if the Fund fails to earn as much on an investment purchased with borrowed funds as it pays for the use of those funds. The Fund's leverage strategy may not work as planned or achieve its goal. See "*Investment Objectives, Policies and Strategies — Leverage*" and "*Risk Factors — Leverage Risk*." |
|  **Risk Factors** | The Fund is non-diversified and concentrates its investments in the real estate industry. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Fund's Shares and should be viewed as a long-term investment. An investment in the Fund involves a considerable amount of risk, including the risk of loss of your investment. |
|  | ***Repurchase Offers Risk***.&nbsp;&nbsp;&nbsp;&nbsp;In order to provide liquidity to Shareholders, the Fund will conduct quarterly repurchase offers of between 5% to 25% of its outstanding Shares at net asset value ("***NAV***"), subject to approval of the Board. The Fund expects to conduct quarterly repurchase offers for 5% of its outstanding Shares under ordinary circumstances. The Fund believes that these repurchase offers are generally beneficial to the Fund's Shareholders, and repurchases generally will be funded from available cash, cash from the sale of Shares or sales of portfolio holdings. However, the need to fund repurchase obligations will affect the ability of the Fund to be fully invested and could force the Fund to maintain a higher percentage of its assets in liquid investments, which could harm the Fund's investment performance. Moreover, it is possible that diminution in the size of the Fund through repurchases will result in an increased expense ratio for Shareholders who do not tender their Shares for repurchase, will result in untimely sales of portfolio holdings (with associated imputed transaction costs, which could be significant) and will limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. The Fund will, from time to time, accumulate cash by holding back (i.e., not reinvesting) payments received in connection with the Fund's investments and cash from the sale of Shares. The Fund believes that it can meet the maximum potential amount of the Fund's repurchase obligations on a quarterly basis from its holdings in cash and other liquid assets, including CMBS. If, at any time, cash and other liquid assets held by the Fund are not sufficient to meet the Fund's repurchase obligations, the Fund intends, if necessary, to sell investments or to borrow to finance such obligations. If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income. |

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|  **2** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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|  If a repurchase offer is oversubscribed, certain officers of the Fund may, if authorized by the Board, determine to increase the amount repurchased by up to 2% of the Fund's outstanding Shares as of the date of the Repurchase Request Deadline (as defined below) in their discretion. In the event that such officers do not increase the repurchase amount more than the repurchase offer amount, or if Shareholders tender more than the repurchase offer amount plus 2% of the Fund's outstanding Shares as of the date of the Repurchase Request Deadline, the Fund will repurchase the Shares tendered on a pro rata basis, and Shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, Shareholders could be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some Shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular month, thereby increasing the likelihood that proration will occur. Between the Repurchase Request Deadline and the date on which the NAV for tendered Shares is determined, the Fund is subject to market and other risks and the NAV for tendered Shares in a repurchase offer could decline. In addition, the repurchase of Shares by the Fund will generally be a taxable event to the Shareholder tendering its Shares. |
|  ***Investment and Market Risk***.&nbsp;&nbsp;&nbsp;&nbsp;An investment in the Fund involves a considerable amount of risk. Before making an investment decision, a prospective investor should (i) consider the suitability of this investment with respect to their investment objectives and personal situation and (ii) consider factors such as their personal net worth, income, age, risk tolerance and liquidity needs. An investment in Shares represents an indirect investment in the portfolio of commercial real estate loans and other real estate-related investments owned by the Fund, and the value of these securities and instruments can fluctuate, sometimes rapidly and unpredictably. Accordingly, such investment is subject to investment risk, including the possible loss of the entire principal amount invested. At any point in time, an investment in Shares could be worth less than the original amount invested, even after taking into account distributions paid by the Fund and the ability of Shareholders to reinvest dividends. The Fund will also use leverage, which would magnify the Fund's investment, market and certain other risks.<br> The Fund invests in a variety of real estate-related debt and preferred equity investments and is subject to a variety of risks in connection with such investments. Any deterioration of real estate fundamentals generally, and in the United States in particular, could negatively impact the Fund's performance by making it more difficult for entities in which the Fund invests to satisfy their debt payment obligations, increasing the default risk applicable to such borrowers and/or making it relatively more difficult for the Fund to generate attractive risk-adjusted returns. It is impossible to predict the degree to which economic conditions generally, and the conditions for real estate investing in particular, will improve or will deteriorate. Declines in the performance of the U.S. and global economies, the commercial real estate markets or in the commercial real estate debt markets could have a material adverse effect on the Fund's investment strategy and performance. |

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|**<sub>3</sub> |

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|  ***Risks Relating to Commercial Real Estate Debt Instruments***.&nbsp;&nbsp;&nbsp;&nbsp;Commercial real estate debt instruments (e.g., mortgages, mezzanine loans and preferred equity that are secured by commercial real estate) are subject to risks of delinquency and foreclosure and risks of loss that are greater than similar risks associated with loans made on the security of single-family residential properties. The ability of a borrower to repay a loan secured by an income-producing property typically is dependent primarily upon the successful operation of the property rather than upon the existence of independent income or assets of the borrower. If the net operating income of the property is reduced, the borrower's ability to repay the loan may be impaired*.*** Further, certain types of real estate may be adversely affected by changing usage trends, such as office buildings as a result of work-from-home practices and commercial facilities as a result of an increase in online shopping, which could in turn result in defaults and declines in value of mortgage-backed securities secured by such properties.<br> ***CRE CLO Risk***.&nbsp;&nbsp;&nbsp;&nbsp;CRE CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CRE CLOs may be adversely impacted due to collateral defaults of subordinate tranches and market anticipation of defaults. The risks of CRE CLOs will be greater if the Fund invests in CRE CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of a CRE CLO that absorbs losses from the defaults before senior tranches. In addition, CRE CLOs are subject to interest rate risk and credit risk. |
|  ***Risks Relating to CMBS***.&nbsp;&nbsp;&nbsp;&nbsp;The Fund will invest a portion of its assets in pools or tranches of agency and non-agency CMBS. CMBS are securities that evidence interests in, or are secured by, a single commercial mortgage loan or a pool of commercial mortgage loans. The collateral underlying CMBS generally consists of commercial mortgages on real property that has a multifamily or commercial use, such as retail space, office buildings, warehouse property and hotels.<br> In a rising interest rate environment, the value of CMBS may be adversely affected when payments on underlying mortgages do not occur as anticipated, resulting in the extension of the security's effective maturity and the related increase in interest rate sensitivity of a longer-term instrument. The value of CMBS may also change due to shifts in the market's perception of issuers and regulatory or tax changes adversely affecting the mortgage securities market as a whole. In addition, CMBS are subject to the credit risk associated with the performance of the underlying mortgage properties.<br> During periods of falling interest rates, the income received by the Fund may decline. In a low or negative interest rate environment, some investors may seek to reallocate assets to other income-producing assets. This may cause the price of such higher yielding instruments to rise, could further reduce the value of instruments with a negative yield, and may limit the Fund's ability to locate fixed income instruments containing the desired risk/return profile.<br> Agency CMBS are CMBS that are issued by a U.S. government agency such as the Government National Mortgage Association ("Ginnie Mae") or a federally chartered corporation such as the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac"). |

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|  **4** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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|  Non-agency CMBS are securities that are not issued or guaranteed by a U.S. government agency or federally chartered corporation. Non-agency CMBS are typically issued in multiple tranches whereby the more senior classes are entitled to priority distributions to make specified interest and principal payments on such tranches. Losses and other shortfalls from expected amounts to be received on the mortgage pool are borne by the most subordinate classes, which receive payments only after the more senior classes have received all principal and/or interest to which they are entitled. The credit quality of non-agency CMBS depends on the securitization structure and the credit quality of the underlying mortgage loans, which is a function of factors such as the principal amount of loans relative to the value of the related properties, the mortgage loan terms, such as amortization, market assessment and geographic location, construction quality of the property, and the creditworthiness of the borrowers. Accordingly, non-agency CMBS are subject to the credit risks of the issuers. An unexpectedly high rate of defaults on the loan pool may adversely affect the value of a non-agency security and could result in losses to the Fund. |
|  ***Risks Relating to Mezzanine Loans***.&nbsp;&nbsp;&nbsp;&nbsp;The mezzanine loans in which the Fund may invest may include loans secured by one or more direct or indirect ownership interests in a company, partnership or other entity owning, operating or controlling, directly or through subsidiaries or affiliates, one or more properties. Although generally not secured by the underlying real estate, mezzanine loans share certain of the characteristics of subordinate loan interests described above. It is expected that the properties owned by such entities are or will be subject to existing mortgage loans and other indebtedness. As with subordinate commercial mortgage loans, repayment of a mezzanine loan is dependent on the successful operation of the underlying properties and, therefore, is subject to similar considerations and risks, including certain of the considerations and risks described herein. Mezzanine loans may also be affected by the successful operation of other properties, the interests in which are not pledged to secure the mezzanine loan. The entity ownership interests securing the mezzanine loans may represent only partial interests in the related real estate company and may not control either the related real estate company or the underlying property. As a result, the effective realization on the collateral securing a mezzanine loan in the event of default may be limited.<br> ***Illiquid and Long-Term Investments Risk***.&nbsp;&nbsp;&nbsp;&nbsp;Investment in the Fund requires a long-term commitment, with no certainty of return. A significant portion of the Fund's investments generally will be in private, illiquid securities, which may be subject to restrictions on resale. There can be no assurance that the Fund will be able to generate returns for Shareholders or that the returns will be commensurate with the risks of investing in the type of transactions and issuers described in this Prospectus. In some cases, the Fund will be legally, contractually or otherwise prohibited from selling certain investments for a period of time or otherwise be restricted from disposing of them, and illiquidity could also result from the absence of an established market for certain investments. The realizable value of a highly illiquid investment, at any given time, could be less than its intrinsic value. In addition, it is anticipated that certain types of investments made by the Fund will require a substantial length of time to liquidate. As a result, from time to time, the Fund will be unable to realize its investment objective by sale or other disposition at attractive prices or will otherwise be unable to complete any exit strategy. |

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|**<sub>5</sub> |

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|  ***Fixed-Income Instruments Risk***.&nbsp;&nbsp;&nbsp;&nbsp;The Fund invests in loans and other types of fixed-income instruments and securities. Such investments can be unrated and, whether or not rated, can have speculative characteristics. The market price of the Fund's investments will change in response to changes in interest rates and other factors. Generally, when interest rates rise, the values of fixed-income instruments fall and vice versa. In typical interest rate environments, the prices of longer-term fixed-income instruments generally fluctuate more than the prices of shorter-term fixed-income instruments as interest rates change. |
|  ***Interest Rate Risk***.&nbsp;&nbsp;&nbsp;&nbsp;The Fund's investments will expose the Fund to interest rate risk, meaning that changes in prevailing market interest rates could negatively affect the value of such investments. Factors that can affect market interest rates include, without limitation, inflation, slow or stagnant economic growth or recession, unemployment, governmental monetary policies, and instability in financial markets. The Fund will periodically experience imbalances in the interest rate sensitivities of its assets and liabilities and the relationships of various interest rates to each other. In a changing interest rate environment, the Adviser might not be able to manage this risk effectively. If the Adviser is unable to manage interest rate risk effectively, the Fund's performance could be adversely affected.<br> ***Credit Risk***.&nbsp;&nbsp;&nbsp;&nbsp;The Fund's investments are subject to the risk of non-payment of scheduled interest or principal by the borrowers with respect to such investments. Such non-payment would likely result in a reduction of income to the Fund and a reduction in the value of the debt investments experiencing non-payment.<br> ***Leverage Risk***.&nbsp;&nbsp;&nbsp;&nbsp;The Fund is permitted to obtain leverage through funds borrowed from banks or other financial institutions (i.e., a credit facility) and leverage attributable to reverse repurchase agreements or similar transactions. The Fund will, from time to time, use leverage opportunistically and will choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund's assessment of market conditions and the investment environment. Use of leverage creates an opportunity for increased income and return for Shareholders but, at the same time, creates risks, including the likelihood of greater volatility in the NAV and market price of, and distributions on, the Shares. Increases and decreases in the value of the Fund's portfolio will be magnified if the Fund uses leverage. In particular, leverage can magnify interest rate risk, as discussed above. As a result, leverage can cause greater changes in the Fund's NAV, which will be borne by the Fund's Shareholders. There can be no assurance that the Fund will use leverage or that its leveraging strategy will be successful during any period in which it is employed.<br> ***Below Investment Grade (High Yield or Junk) Securities Risk***.&nbsp;&nbsp;&nbsp;&nbsp;There is no limit on the Fund's ability to invest in below investment grade securities. Below investment grade securities may be particularly susceptible to economic downturns and are inherently speculative. It is likely that any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default for such securities. |

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|  **6** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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|  ***Concentration Risk***.&nbsp;&nbsp;&nbsp;&nbsp;The Fund's investments in real estate debt are expected to be secured by commercial real estate assets. The Fund's concentration in the commercial real estate industry may increase the volatility of the Fund's returns and may also expose the Fund to the risk of economic downturns in this industry to a greater extent than if its portfolio also included investments in other industries. While this portfolio concentration may enhance total returns to the Shareholders, if any large position sustains a material loss, the returns to the Fund, and thus, to Shareholders, will be lower than if the Fund had invested in a more diversified portfolio. |
|  ***Valuation Risks***.&nbsp;&nbsp;&nbsp;&nbsp;The price the Fund pays for its private commercial real estate investments will be based on the Adviser's projections of market demand, occupancy levels, rental income, the costs of any development, redevelopment or renovation of a property, borrower expertise and other factors. If any of such projections are inaccurate or the Adviser ascribes a higher value to assets and their value subsequently drops or fails to rise because of market factors, returns on the Fund's investment may be lower than expected and the Fund could experience losses. Accurate valuations may be more difficult to obtain in times of low transaction volume due to fewer market transactions that can be considered in the context of an appraisal. It also may be difficult to reflect fully and accurately rapidly changing market conditions or material events that may impact the value of the Fund's real property investments between valuations, or to obtain complete information regarding any such events in a timely manner.<br> ***Risks of Failure to Qualify as a REIT***.&nbsp;&nbsp;&nbsp;&nbsp;The Fund intends to operate in a manner that qualifies it for taxation as a REIT under the Code. However, qualification as a REIT involves the application of complex Code provisions. For some of these provisions, only a limited number of judicial or administrative interpretations exist. Notwithstanding the availability of cure provisions in the Code, the Fund could fail to satisfy various requirements for maintaining its qualification for taxation as a REIT. Furthermore, new tax legislation, administrative guidance or court decisions, in each instance potentially with retroactive effect, could make it more difficult or impossible for the Fund to qualify as a REIT. If the Fund fails to qualify as a REIT in any tax year, and was not entitled to relief under applicable statutory provisions, then:<br> &nbsp;&nbsp;&nbsp;&nbsp;• it would be taxed as a regular domestic corporation, which under current law, among other things, means being unable to deduct dividends paid to Shareholders in computing its taxable income and being subject to U.S. federal and applicable state and local income tax on its taxable income at regular corporate income tax rates;<br> &nbsp;&nbsp;&nbsp;&nbsp;• any resulting tax liability could be substantial and could have a material adverse effect on the Fund's net asset value and cash available for distribution to Shareholders; and<br> &nbsp;&nbsp;&nbsp;&nbsp;• it generally would not be eligible to re-elect to be taxed as a REIT for the subsequent four taxable years. |
|  A discussion of the principal risks associated with an investment in the Fund can be found under "*Risk Factors*." |

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|**<sub>7</sub> |

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|  **Management** | The Board has overall responsibility for the management and supervision of the business operations of the Fund. See "*Management of the Fund — Trustees and Officers*." To the extent permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, or the Adviser. A majority of the Board consists of Trustees who are not "interested persons" of the Fund, as defined by the Investment Company Act (each, an "***Independent Trustee***"). |
|  **Adviser** | FREIF Advisors LLC (the "***Adviser***"), an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended (the "***Advisers Act***"), serves as the Fund's investment adviser. Pursuant to the investment advisory agreement between the Fund and the Adviser (the "***Investment Management Agreement***"), the Adviser is responsible for overseeing the management of the Fund's activities, including investment strategies, asset allocation, leverage limitations, reporting requirements and other guidelines, in addition to the general monitoring of the Fund's portfolio, subject to the oversight of the Board.<br> The Adviser has sole discretion to make all investment decisions. See "*Management of the Fund-Adviser*." The Adviser's principal offices are located at 240 Saint Paul Street, Suite 400, Denver, Colorado 80206. |
|  | The Adviser is a wholly-owned subsidiary of Forum Capital Advisors LLC, an SEC registered investment adviser that was previously the investment adviser to the Fund, and an indirect, wholly-owned subsidiary of Forum Investment Group. The Adviser is an affiliate of Forum Real Estate Group, LLC ("***FREG***"), a Colorado limited liability company that is a full-service real estate investment firm with a focus on multifamily development and acquisitions and opportunistic commercial acquisition and development. FREG, other affiliates of the Adviser, or third-party property managers may be engaged at prevailing market rates to provide property management and other services for the Fund's commercial real estate investments. The Fund may invest in assets that are serviced by FREG or other affiliates of the Adviser. |
|  **Sub-Adviser** | The Adviser has engaged Nuveen Asset Management, LLC, a Delaware limited liability company that is a registered investment adviser under the Advisers Act, to act as the Fund's non-discretionary sub-adviser (the "***Sub-Adviser***" or "***Nuveen***") with respect to the Fund's investments in CMBS. The Sub-Adviser assists the Adviser in identifying and evaluating potential investments for the Fund, executing trades in certain securities under the Adviser's supervision, and participates in ongoing diligence and monitoring of certain of the Fund's investments. The Sub-Adviser and any other sub-adviser retained by the Adviser will be paid by the Adviser. See "*Management of the Fund*." |
|  **Fund Services** | The Fund has retained UMB Fund Services Inc. (the "***Administrator***") to provide certain fund services, including fund administration, fund accounting, and transfer agency services to the Fund. The Fund has also retained PINE Advisors LLC ("***PINE***") to provide outsourced treasury and compliance services, including an outsourced Principal Financial Officer and Chief Compliance Officer, to the Fund. The Fund compensates the Administrator and PINE for these services and reimburses them for certain out-of-pocket expenses. See "*Fees and Expenses*" below. |
|  **Custodian** | UMB Bank, N.A. (the "***Custodian***") serves as the Fund's custodian. See "*Management of the Fund*." |

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|  **8** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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|  **Fees and Expenses** | The Fund bears its own operating expenses. A more detailed discussion of the Fund's expenses can be found under "*Summary of Fund Expenses*."<br> *Investment Management Fee*.&nbsp;&nbsp;&nbsp;&nbsp;The Fund pays the Adviser an investment management fee (the "***Investment Management Fee***") in consideration of the advisory services provided by the Adviser to the Fund. The Investment Management Fee is accrued daily and payable monthly and calculated at the annual rate of 1.50% of the Fund's average daily net assets. The Investment Management Fee is paid to the Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date, and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. See "*Summary of Fund Expenses*" and "*Investment Management Agreement*." |
|  | *Administration Fee*.&nbsp;&nbsp;&nbsp;&nbsp;In consideration for services provided under the Administrative Services Agreement, the Administrator is paid an annual fee calculated based upon the average NAV of the Fund, subject to a minimum annual fee (the "***Administration Fee***"). The Administration Fee is paid to the Administrator out of the assets of the Fund, and therefore will decrease the net profits or increase the net losses of the Fund. The Fund also reimburses the Administrator for certain out-of-pocket expenses. See "*Administrator and Transfer Agent*."<br> *Transfer Agency Fee*.&nbsp;&nbsp;&nbsp;&nbsp;In consideration for services provided under the Transfer Agent Agreement, UMB Fund Services Inc. is paid an annual fee calculated based upon the average NAV of the Fund, subject to a minimum annual fee (the "***Transfer Agency Fee***"). The Transfer Agency Fee is paid to the Administrator out of the assets of the Fund and therefore will decrease the net profits or increase the net losses of the Fund.<br> *Shareholder Servicing Fees*.&nbsp;&nbsp;&nbsp;&nbsp;The Fund has adopted a Shareholder Servicing Plan with respect to Class I Shares, Class K Shares, and Class M Shares, under which the Fund is permitted to pay as compensation to qualified recipients 0.10% on an annualized basis of the average daily net assets of the Fund attributable to Class I Shares and 0.25% on an annualized basis of the average daily net assets of the Fund attributable to Class K Shares and Class M Shares (the "***Shareholder Servicing Fee***"). The Shareholder Servicing Fee is paid out of the Class I Shares', Class K Shares' or Class M Shares' assets (as applicable) and decreases the net profits or increases the net losses of such Class (as applicable). Founders Shares are not subject to the Shareholder Servicing Fee. See "*Shareholder Servicing Plan*."<br> *Distribution and Service Fee.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund has adopted a Distribution and Shareholder Service Plan (the "***Plan***") with respect to Class K Shares and Class M Shares consistent with the requirements of Rule 12b-1 under the Investment Company Act. The Fund is permitted to pay to the Distributor (as defined below), or to other qualified recipients under the Plan, 0.75% or 0.50% on an annualized basis of the average daily net assets of the Fund attributable to Class K Shares and Class M Shares, respectively (the "***Distribution and Service Fee***") as compensation for sale of Class K Shares and Class M Shares or the provision of certain Shareholder services. The Distribution and Service Fee is paid out of the Class K Shares' or Class M Shares' assets and will decrease the net profits or increase the net losses of the Class K Shares or Class M Shares. Class I Shares and Founders Shares are not subject to the Distribution and Service Fee. See "*Distribution and Service Plan*." |

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|**<sub>9</sub> |

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|  | *Outsourced Officer Services.&nbsp;&nbsp;&nbsp;&nbsp;*In consideration for services provided under the Services Agreement between PINE and the Fund, including the provision of the Principal Financial Officer and the Chief Compliance Officer, PINE receives a monthly fee. The Fund also reimburses PINE for certain out-of-pocket expenses incurred on the Fund's behalf. See *Administrator; Compliance Services below for more information*. |
|  **The Offering** | The Fund is offering the Shares on a continuous basis pursuant to this prospectus (the "***Offering***"). Shares are distributed by the Fund's distributor, Foreside Fund Services, LLC (the "***Distributor***") at a price equal to net asset value ("***NAV***") per Share. The Distributor is not required to sell any specific number or dollar amount of Shares, but will use its best efforts to distribute Shares of the Fund. |
|  | Class I Shares are available for purchase through registered investment advisers and certain other financial intermediaries. The minimum initial investment for Class I Shares is $10,000, and the minimum subsequent investment is $1,000, except for purchases pursuant to the dividend reinvestment plan described below, which are not subject to a minimum purchase amount. Class K Shares are available for purchase through independent broker-dealers, and Class M Shares will be available for purchase via the brokerage arm of a select global wealth management firm.<br> The minimum initial investment for Class K Shares and Class M Shares is $10,000, and the minimum subsequent investment is $1,000, except for purchases pursuant to the dividend reinvestment policy described below, which are not subject to a minimum purchase amount. The minimum initial investment for Founders Shares is $25,000,000 and the minimum subsequent investment is $5,000, except for purchases pursuant to the dividend reinvestment policy described below, which are not subject to a minimum purchase amount. Founders Shares may be purchased directly from the Fund or through a Financial Intermediary (as defined below). In order to meet the minimum investment amounts for Shares purchased through a Financial Intermediary, the Financial Intermediary may combine the value of all Shares being purchased with the value of any Shares of the same Class that were purchased or will be purchased within six months from the initial purchase through such Financial Intermediary, provided such Financial Intermediary enters into the requisite letter of intent to meet the minimum investment amount on an aggregate basis.<br> Certain institutions (including banks, trust companies, brokers and investment advisers) may be authorized to accept, on behalf of the Fund, purchase and exchange orders and repurchase requests placed by or on behalf of their customers, and if approved by the Fund, may designate other financial intermediaries and their agents to accept such orders (collectively, "***Financial Intermediaries***"). Financial Intermediaries may impose their own investment minimums. |

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|  **10** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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|  | Shareholders who received Founders Shares (which were previously referred to as Class I Shares) in a private offering conducted by the Fund's predecessor vehicle were not subject to the minimum initial investment amount set forth above, but will be required to meet the minimum subsequent investment for any new purchases of Founders Shares in the Offering. The Fund reserves the right to waive any investment minimums in its discretion. See "*Plan of Distribution*."<br> Each Class of Shares has different ongoing fees and expenses as set forth above under "*Fees and Expenses*" and in "*Summary of Fund Expenses*" below. When selecting a Share Class, you should consider which Share Classes are available to you, how much you intend to invest, how long you expect to own Shares, and the total costs and expenses associated with a particular Share Class. If you have hired a Financial Intermediary and you are eligible to invest in more than one Class of Shares, your Financial Intermediary may help determine which Share Class is appropriate for you. Each investor's financial considerations are different, and you should speak with your Financial Intermediary to help you decide which Share Class is best for you. Not all Financial Intermediaries will offer all classes of shares. |
|  **Expense Limitation Agreement** | The Adviser and the Fund have entered into an expense limitation and reimbursement agreement (the "***Expense Limitation Agreement***") pursuant to which the Adviser has contractually agreed to waive its management fee and/or pay or reimburse the ordinary annual operating expenses of the Fund to the extent necessary to limit the Fund's operating expenses to 2.80% of the Class K Shares' average daily net assets, 1.90% of the Class I Shares' average daily net assets, 2.55% of the Class M Shares' average daily net assets, and 1.80% of the Founders Shares' average daily net assets. For these purposes, ordinary annual operating expenses include organization and offering costs, but exclude brokerage commissions and other similar transactional expenses, interest (including interest incurred on borrowed funds and interest incurred in connection with bank and custody overdrafts), other borrowing costs and fees (including commitment fees), taxes, litigation and indemnification expenses, judgments, and extraordinary expenses. The Adviser is entitled to seek reimbursement from the Fund of fees waived or expenses paid or reimbursed to the Fund for a period ending three years after the date of the waiver, payment or reimbursement, subject to the limitation that a reimbursement will not cause a Class's operating expenses (after giving effect to reimbursement) to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or expenses paid or reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. The Expense Limitation Agreement will continue in effect through October 31, 2027 and will renew automatically for successive periods of one year thereafter, unless written notice of termination is provided by the Adviser to the Fund not less than 10 days prior to the end of the then-current term. No such termination shall affect the obligation (including the amount of the obligation) of the Fund to repay amounts of fees waived or expenses paid or reimbursed with respect to periods prior to the date of such termination. The Board may terminate the Expense Limitation Agreement at any time on not less than 10 days' prior notice to the Adviser, and the Expense Limitation Agreement may be amended at any time only with the consent of both the Adviser and the Board. See "*Expense Limitation Agreement*." |

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|**<sub>11</sub> |

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|  **Distribution Policy** | The Fund will make monthly distributions to Shareholders. Unless a Shareholder elects otherwise, the Shareholder's distributions will be reinvested in additional Shares of the same Class under the Fund's dividend reinvestment policy ("***DRIP***"). Shareholders who elect not to participate in the Fund's DRIP will receive all distributions in cash paid to the Shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). The Board reserves the right to change or suspend the monthly distribution policy from time to time. See "*Dividend Reinvestment Policy*." The amount of any distributions the Fund may make is uncertain, and the Fund's organizational documents permit it to pay distributions from any source, including borrowings, sale of assets, and offering proceeds. The Fund's distribution proceeds may exceed its earnings, in which case portions of distributions that the Fund makes may be a return of money that Shareholders originally invested and represent a return of capital resulting in tax consequences to Shareholders for tax purposes. See *U.S. FEDERAL INCOME TAX CONSIDERATIONS — Distributions to Shareholders*. |
|  **Closed-End Fund Structure** | Closed-end funds differ from mutual funds in that closed-end funds do not typically redeem their shares at the option of the Shareholder. Rather, closed-end fund shares typically trade in the secondary market via a stock exchange. Unlike many closed-end funds, however, the Fund's Shares will not be listed on a stock exchange. Instead, the Fund will continuously offer its Shares and provide limited liquidity to Shareholders by offering to repurchase a limited amount of the Fund's Shares quarterly (see "*Repurchases of Shares*"). Shareholders should consider Shares of the Fund to be an illiquid investment appropriate only as a long-term investment. Shareholders should look to the Fund's quarterly repurchase offers as their sole means of liquidating their investment, which may be limited as described below. **Accordingly, you should consider that you may not have access to the funds you invest in the Fund for an indefinite period of time.** |
|  **Repurchases of Shares** | The Fund operates as an "interval fund," a type of fund which, in order to provide liquidity to Shareholders, has adopted a fundamental investment policy to make quarterly offers to repurchase between 5% and 25% of its outstanding Shares at the applicable NAV per Share, reduced by any applicable repurchase fee. Subject to applicable law and approval of the Board, for each quarterly repurchase offer, the Fund expects to offer to repurchase 5% of the Fund's outstanding Shares at the applicable NAV per Share, which is the minimum amount permitted. Written notification of each quarterly repurchase offer will be sent to Shareholders at least 21 and no more than 42 days before the repurchase request deadline (i.e., the date by which Shareholders can tender their Shares in response to a repurchase offer) (the "***Repurchase Request Deadline***"). The date on which the Fund's NAV applicable to a repurchase offer is calculated (the "***Repurchase Pricing Date***") will occur no later than 14 days after the Repurchase Request Deadline (or the next business day if the 14<sup>th</sup> calendar day is not a business day). The Fund expects to distribute payment to Shareholders between one (1) and three (3) business days after the Repurchase Pricing Date and will distribute such payment no later than seven (7) calendar days after the Repurchase Pricing Date. See "*Quarterly Repurchase Offers*" for a full description of the repurchase program, including how the Fund will handle any offer that is oversubscribed.<br> The Fund's repurchase offers may subject the Fund and Shareholders to special risks. See "*Risk Factors — Repurchase Offers Risk*." In addition, the repurchase of Shares by the Fund will be a taxable event to the Shareholder tendering its Shares. For a discussion of these tax consequences, see "*U.S. Federal Income Tax Considerations*" below and in the SAI. |

---

---

| | | | |
|:---|:---|:---|:---|
|  **12** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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------

---

| | |
|:---|:---|
|  **U.S. Federal Income Tax Considerations** | The Fund has elected to be taxed as a REIT commencing with the taxable year ending December 31, 2021. The Fund believes that it has been organized, and has operated, in such a manner to qualify for taxation as a REIT and intends to continue operating in a manner to qualify for taxation as a REIT. |
|  | The Fund's qualification and taxation as a REIT will depend upon its ability to meet on a continuing basis, through actual operating results, distribution levels, and diversity of share and asset ownership, the various and complex REIT qualification tests imposed under the Code. No assurance can be given that the Fund will in fact satisfy such requirements for any particular taxable year. |
|  | If the Fund qualifies as a REIT, it will be allowed to deduct dividends paid to its Shareholders and, as a result, it generally will not be subject to U.S. federal income tax on that portion of its ordinary income and net capital gain that it timely distributes as dividends to its Shareholders. The Fund intends to make distributions to its Shareholders on a regular basis as necessary to avoid material U.S. federal income tax and to comply with the REIT requirements. See "*U.S. Federal Income Tax Considerations*" below. |

---

---

| | | |
|:---|:---|:---|
|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|**<sub>13</sub> |

---

------

Summary of Fund Expenses <br>      

The following table illustrates the expenses and fees that the Fund expects to incur, and that Shareholders can expect to bear directly or indirectly.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **SHAREHOLDER TRANSACTION EXPENSES:** | **CLASS K <br>SHARES** | **CLASS I <br>SHARES** | **CLASS M <br>SHARES** | **FOUNDERS <br>SHARES** |
|  Sales Load (as a percentage of offering price) |  |  |  |  |
|  Dividend Reinvestment and Cash Purchase Plan Fees | 0.00% | 0.00% | 0.00% | 0.00% |
|  Maximum Early Repurchase Fee (as a percentage of repurchases amount)<sup>1</sup> | 0.00% | 0.00% | 0.00% | 0.00% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS ATTRIBUTABLE TO SHARES):** | **ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS ATTRIBUTABLE TO SHARES):** | **ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS ATTRIBUTABLE TO SHARES):** | **ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS ATTRIBUTABLE TO SHARES):** | **ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS ATTRIBUTABLE TO SHARES):** |
|  Management Fee | 1.50% | 1.50% | 1.50% | 1.50% |
|  Fees and Interest Paid on Borrowed Funds<sup>2</sup> | 1.37% | 1.37% | 1.37% | 1.37% |
|  Other Expenses<sup>3</sup> | 0.62% | 0.62% | 0.62% | 0.62% |
|  Distribution and Shareholder Service (12b-1) Fee<sup>4</sup> | 0.75% | 0.00% | 0.50% | 0.00% |
|  Shareholder Servicing Fee<sup>5</sup> | 0.25% | 0.10% | 0.25% | 0.00% |
|  Acquired Fund Fees and Expenses<sup>6</sup> | 0.01% | 0.01% | 0.01% | 0.01% |
|  Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimbursements | 4.50% | 3.60% | 4.25% | 3.50% |
|  Fee Waivers and/or Expense Reimbursement<sup>7</sup> | (0.32)% | (0.32)% | (0.32)% | (0.32)% |
|  Total Annual Expenses | 4.18% | 3.28% | 3.93% | 3.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;***1.*** *If a Shareholder requests that repurchase proceeds be paid by wire transfer, such Shareholder will be assessed an outgoing wire transfer fee at prevailing rates charged by the Administrator, currently $15.00.* 

&nbsp;&nbsp;&nbsp;&nbsp;***2.*** *The Fund may borrow for investment purposes, for temporary liquidity, or to finance repurchases of its Shares. The costs associated with any such outstanding borrowings, as well as issuing and servicing debt securities, will be indirectly borne by the Shareholders. Interest payments on borrowed funds are based on estimated amounts for the current fiscal year.*

&nbsp;&nbsp;&nbsp;&nbsp;***3.*** *Other expenses include, but are not limited to, legal fees, audit and tax fees, custody fees, administration fees, transfer agent fees, Chief Compliance Officer and Principal Financial Officer fees, and trustees' fees. Other expenses are based on estimated amounts for the current fiscal year.* 

&nbsp;&nbsp;&nbsp;&nbsp;***4.*** *The Fund has adopted a Distribution and Shareholder Service Plan for Class K Shares and Class M Shares. The Fund charges a Distribution and Shareholder Service Fee of 0.75% of the average daily net assets of the Fund attributable to Class K Shares and 0.50% of the average daily net assets of the Fund attributable to Class M Shares. The Distribution and Shareholder Service Fee is paid for sale of the Class K Shares and Class M Shares, and to reimburse the Distributor for distribution-related expenses incurred. See "Plan of Distribution."* 

&nbsp;&nbsp;&nbsp;&nbsp;***5.*** *The Fund charges a Shareholder servicing fee of 0.10% on an annualized basis of the average daily net assets of the Fund attributable to Class I Shares, 0.25% on an annualized basis of the average daily net assets of the Fund attributable to Class K Shares, and 0.25% on an annualized basis of the average daily net assets of the Fund attributable to Class M Shares. The Fund uses these fees to compensate financial intermediaries or financial institutions for providing ongoing Shareholder servicing. See "Shareholder Servicing Plan and Distribution and Service Plan."* 

&nbsp;&nbsp;&nbsp;&nbsp;***6.*** *"Acquired Fund Fees and Expenses" are expenses incurred indirectly by the Fund through its ownership of shares in other investments companies and are not direct costs paid by Fund Shareholders. The "Acquired Fund Fees and Expenses" disclosed above are based on estimated amounts for the current fiscal year.* 

&nbsp;&nbsp;&nbsp;&nbsp;***7.*** *The Adviser and the Fund have entered into the Expense Limitation Agreement pursuant to which the Adviser has contractually agreed to waive its management fee and/or pay or reimburse the ordinary annual operating expenses of the Fund to the extent necessary to limit the Fund's operating expenses to 2.80% of the Class K Shares' average daily net assets, 1.90% of the Class I Shares' average daily net assets, 2.55% of the Class M Shares' average daily net assets, and 1.80% of the Founders Shares' average daily net assets. The Fund's ordinary operating expenses include organization and offering costs, but exclude brokerage commissions and other similar transactional expenses, interest (including interest incurred on borrowed funds and interest incurred in connection with bank and custody overdrafts), other borrowing costs and fees (including commitment fees), taxes, litigation and indemnification expenses, judgments, and extraordinary expenses. The Adviser is entitled to seek reimbursement from the Fund of fees waived or expenses paid or reimbursed to the Fund for a period ending three years after the date of the waiver, payment or reimbursement, subject to the limitation that a reimbursement will not cause a Class's operating expenses (after giving effect to the reimbursement) to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or expenses paid or reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. The Expense Limitation Agreement will continue in effect through October 31, 2027 and will renew automatically for successive periods of one year thereafter, unless written notice of termination* 

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| | | | |
|:---|:---|:---|:---|
|  **14** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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------

*is provided by the Adviser to the Fund not less than 10 days prior to the end of the then-current term. No such termination shall affect the obligation (including the amount of the obligation) of the Fund to repay amounts of fees waived or expenses paid or reimbursed with respect to periods prior to the date of such termination. The Board may terminate the Expense Limitation Agreement at any time on not less than 10 days' prior notice to the Adviser, and the Expense Limitation Agreement may be amended at any time only with the consent of both the Adviser and the Board. See "Management of the Fund — Expense Limitation Agreement."*

The purpose of the Summary of Expenses Table is to assist prospective investors in understanding the various fees and expenses that they will bear, directly and indirectly, if they buy and hold shares of the Fund. More information about management fees, fee waivers and other expenses is available in "*Management of the Fund*" starting on page 50 of this Prospectus.

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example assumes an investment of $1,000 in the Fund for the time periods indicated, that all distributions are reinvested at net asset value and that the percentage amounts listed under Annual Expenses remain the same in the years shown. The example reflects the fee waiver/expense reimbursement arrangement through the date of its scheduled termination. The assumption in the hypothetical example of a 5% annual return is required by regulation of the SEC applicable to all registered investment companies. The assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of Shares.

Based on these assumptions and assuming you hold all of your Shares at the end of each period, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **EXAMPLE** | **1 YEAR** | **3 YEARS** | **5 YEARS** | **10 YEARS** |
|  Class K | $42 | $133 | $225 | $460 |
|  Class I | $33 | $107 | $184 | $384 |
|  Class M | $40 | $126 | $214 | $439 |
|  Founders Shares | $32 | $104 | $179 | $375 |

---

The purpose of the above table is to help a holder of Shares understand the fees and expenses that such holder would bear directly or indirectly. **The example should not be considered a representation of actual future expenses. Actual expenses may be higher or lower than those shown.**

---

| | | | |
|:---|:---|:---|:---|
|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **15** |

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------

<u> Financial Highlights</u> <br>      

The following financial highlights tables are intended to help a prospective investor understand the Fund's financial performance for the periods shown. The tables below reflect the financial results for a single share of Founders Shares, Class I Shares and Class K Shares outstanding throughout each period presented. Because Class M Shares of the Fund had not commenced operations as of the date of this Prospectus, no performance data for Class M Shares is provided. This information has been derived from the Fund's financial statements. The information for the fiscal years ended December 31, 2025, 2024, 2023 and 2022, and for the period April 16, 2021 through December 31, 2021, for Founders Shares, the fiscal years ended December 31, 2025, 2024 and for the period February 22, 2023 to December 31, 2023 for Class I Shares, and the fiscal year ended December 31, 2025 and for the period July 17, 2024 through December 31, 2024, for Class K Shares has been audited by CohnReznick LLC, the Fund's independent registered public accounting firm. The Fund's annual report and semi-annual report are available from the Fund upon request without charge by calling 888-267-1456 or online at *www.freif.com*.

#### FOUNDERS SHARES
*Per share operating performance.*

*For a capital share outstanding throughout each period.* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2023** | **For the<br>Year Ended<br>December 31,<br>2022** | **For the<br>Period Ended<br>December 31,<br>2021<sup>1</sup>** |
|  **Net Asset Value, Beginning of Period** | $9.62 | $9.36 | $9.16 | $9.84 | $10.00 |
|  **From Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>2</sup> | 0.85 | 0.93 | 0.96 | 0.72 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) on Investments | 0.06 | 0.27 | 0.11 | (0.68) | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total From Operations | 0.91 | 1.20 | 1.07 | 0.04 | 0.37 |
|  **Less Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.82) | (0.93) | (0.87) | (0.72) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.06) | (0.01) |  |  | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.88) | (0.94) | (0.87) | (0.72) | (0.53) |
|  **Net Asset Value, End of Period** | $9.65 | $9.62 | $9.36 | $9.16 | $9.84 |
|  **Total Return**<sup>3</sup> | 9.75% | 13.36% | 12.24% | 0.46% | 3.70%<sup>4</sup> |
|  **Ratios and Supplemental Data:** |  |  |  |  |  |
|  Net assets, end of period (in 000's) | $147688 | $115358 | $76904 | $56522 | $57679 |
|  Including interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets | 3.31% | 3.75% | 5.33% | 4.98% | 4.18%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup> | 2.99% | 2.92% | 3.33% | 2.93% | 2.55%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 8.75% | 9.67% | 10.40% | 7.55% | 3.94%<sup>5</sup> |
|  Excluding interest expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets | 2.12% | 2.63% | 3.80% | 4.19% | 3.88%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup> | 1.80% | 1.80% | 1.80% | 2.14% | 2.25%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 9.94% | 10.79% | 11.93% | 8.34% | 4.24%<sup>5</sup> |
|  Portfolio turnover rate | 81% | 53% | 34% | 30% | 49%<sup>4</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;***1.*** *The Fund commenced operations April 16, 2021.* ***2.*** *Based on average shares outstanding for the period.* ***3.*** *Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes the effect of sales charges. Had the Adviser not waived expenses, total returns would have been lower.* ***4.*** *Not annualized for periods of less than one year.* ***5.*** *Annualized.* ***6.*** *Effective September 29, 2022, the share expense cap was changed from 2.25% to 1.80% of average net assets.*

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| | | | |
|:---|:---|:---|:---|
|  **16** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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#### CLASS I SHARES
*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Period Ended<br>December 31,<br>2023<sup>1</sup>** |
|  **Net Asset Value, Beginning of Period** | $9.62 | $9.36 | $9.38 |
|  **From Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>2</sup> | 0.84 | 0.92 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain (Loss) | 0.06 | 0.27 | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total From Operations | 0.90 | 1.19 | 0.78 |
|  **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.81) | (0.92) | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.06) | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.87) | (0.93) | (0.80) |
|  **Net Asset Value, End of Period** | $9.65 | $9.62 | $9.36 |
|  **Total Return**<sup>3</sup> | 9.64% | 13.26% | 8.76%<sup>4</sup> |
|  **Ratios and Supplemental Data:** |  |  |  |
|  Net assets, end of period (in 000's) | $251959 | $78280 | $17365 |
|  Including interest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets | 3.41% | 3.85% | 5.43%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 3.09% | 3.02% | 3.43%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 8.65% | 9.57% | 10.48%<sup>5</sup> |
|  Excluding interest expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets | 2.22% | 2.73% | 3.90%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.90% | 1.90% | 1.90%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 9.84% | 10.69% | 12.01%<sup>5</sup> |
|  Portfolio turnover rate | 81% | 53% | 34%<sup>4</sup> |

---

***1.*** *Reflects operations for the period from February 22, 2023 (commencement of operations) to December 31, 2023.* ***2.*** *Based on average shares outstanding for the period.* ***3.*** *Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes the effect of sales charges. Had the Adviser not waived expenses, total returns would have been lower.* ***4.*** *Not annualized for periods of less than one year.* ***5.*** *Annualized.*

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| | | | |
|:---|:---|:---|:---|
|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **17** |

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#### CLASS K SHARES
*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | |
|:---|:---|:---|
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2024<sup>1</sup>** |
|  **Net Asset Value, Beginning of Period** | $9.61 | $9.64 |
|  **From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income<sup>2</sup> | 0.75 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain | 0.06 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total From Operations | 0.81 | 0.43 |
|  **Less Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income | (0.73) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized Gains | (0.06) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Distributions | (0.79) | (0.46) |
|  **Net Asset Value, End of Period** | $9.63 | $9.61 |
|  **Total Return**<sup>3</sup> | 8.66% | 4.62%<sup>4</sup> |
|  **Ratios and Supplemental Data:** |  |  |
|  Net assets, end of period (in 000's) | $432 | $1 |
|  Including interest expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets | 4.31% | 4.75%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 3.99% | 3.92%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 7.75% | 8.67%<sup>5</sup> |
|  Excluding interest expense: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets | 3.12% | 3.63%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 2.80% | 2.80%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets | 8.94% | 9.79%<sup>5</sup> |
|  Portfolio turnover rate | 81% | 53%<sup>4</sup> |

---

***1.*** *Reflects operations for the period from July 17, 2024 (commencement of operations) to December 31, 2024.* ***2.*** *Based on average shares outstanding for the period.* ***3.*** *Total returns are historical in nature and assume changes in share price, reinvestment of dividends and capital gains distributions, if any, and excludes the effect of sales charges. Had the Adviser not waived expenses, total returns would have been lower.* ***4.*** *Not annualized for periods of less than one year.* ***5.*** *Annualized.*

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| | | | |
|:---|:---|:---|:---|
|  **18** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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The table below contains information related to senior securities, including reverse repurchase agreements, of the Fund for the periods set forth below.

#### SENIOR SECURITIES

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the<br>Year Ended<br>December 31,<br>2025** | **For the<br>Year Ended<br>December 31,<br>2024** | **For the<br>Year Ended<br>December 31,<br>2023** | **For the<br>Year Ended<br>December 31,<br>2022** | **For the<br>Period Ended<sup>1</sup><br>December 31,<br>2021** |
|  **Reverse Repurchase Agreements** |  |  |  | **—** | **—** |
|  Payable for securities sold under agreements to repurchase (000's) | $95049 | $35359 | $18049 | $13954 | $14127 |
|  Asset coverage end of period per $1,000 of payable for securities sold under agreements to repurchase | $5209 | $6476 | $6223 | $5051 | $5083 |

---

&nbsp;&nbsp;&nbsp;&nbsp;***1.*** *The Fund commenced operations on April 16, 2021.*

---

| | | | |
|:---|:---|:---|:---|
|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **19** |

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The Fund <br>      

The Fund was organized as a Delaware statutory trust on April 5, 2021. The Fund is registered under the Investment Company Act as a closed-end management investment company and operates as an interval fund in accordance with Rule 23c-3 under the Investment Company Act. As a non-diversified company, the Fund may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. The Fund has elected to be taxed as a REIT for U.S. federal income tax purposes under the Code.

The Fund offers four separate Classes of Shares designated as Class K Shares, Class I Shares, Class M Shares, and Founders Shares. Each Class of Shares is subject to different fees and expenses. The Fund may offer additional Classes of Shares in the future.

<u> 20 </u>   <u> \| </u>   <u> PROSPECTUS DATED April 30, 2026 </u>   <u> FORUMIG.COM </u>

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Use of Proceeds <br>      

The net proceeds of the continuous offering of shares will be invested in accordance with the Fund's investment objective, strategies, and policies (as stated below). The Fund will pay offering expenses incurred with respect to its continuous offering. Pending investment of its assets in accordance with its investment strategies, the Fund will invest in money market funds and other liquid investments. Additionally, as described in more detail under "*Quarterly Repurchase Offers*," the Fund must maintain liquid assets at least equal to the percentage of its Shares subject to a repurchase offer from the time the Fund distributes or publishes each repurchase offer notification until the Repurchase Pricing Date for that offer.

<u> FORUMIG.COM </u>   <u> PROSPECTUS DATED April 30, 2026 </u>   <u> \| </u>   <u> 21 </u>

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Investment Objectives, Policies, and Strategies <br>      

#### INVESTMENT OBJECTIVES
The Fund's primary objectives are to maximize current income and to preserve investor capital, with a secondary focus on long-term capital appreciation. The Fund's investment objective is non-fundamental and may be changed by the Board without shareholder approval. Shareholders will, however, receive at least 60 days' prior notice of any change to the Fund's investment objective. There can be no assurance the Fund will meet its investment objectives.

#### INVESTMENT STRATEGIES
The Fund concentrates its investments (*i.e.*, invests more than 25% of its assets) in the real estate industry. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in a portfolio of commercial real estate loans and other real estate related investments located in the United States. "Real estate related investments" include, but are not limited to, agency and non-agency CMBS, commercial real estate CLOs, preferred equity issued by REITs or companies that develop, own and operate commercial real estate assets, mezzanine loans backed by commercial real estate assets, and securities issued by publicly traded REITs. To a lesser extent, the Fund may invest directly in commercial real estate. The categories of commercial real estate underlying the Fund's investments include, but are not limited to, multifamily, industrial, mixed use, hospitality, office and retail.

The Fund may invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are referred to as "high yield" securities and "junk bonds," have speculative characteristics with respect to the issuer's capacity to pay interest and repay principal. They may also be illiquid and difficult to value. There are no limits on the Fund's investments in below investment grade securities or their equivalents.

The Fund's 80% investment policy may be changed by the Board without Shareholder approval. Shareholders will, however, receive at least 60 days' prior notice of any change to the Fund's 80% investment policy.

The Adviser's goal is to take a nimble investment approach to real estate by investing in the preferred equity, mezzanine debt and senior debt of issuers in the real estate industry. The Adviser believes that its affiliation with FREG, a full-service real estate investment and development firm, and its relationship with the Sub-Adviser, an indirect wholly owned subsidiary of a global asset manager that will enable the Adviser to take advantage of relative value opportunities in the real estate industry through all phases of a market cycle, and will provide unique access to investments that have high barriers to entry and niche real estate products across the real estate industry. Additionally, the Fund will have access to both traditional and bespoke credit opportunities because the Sub-Adviser's large scale and long-standing global industry relationships will help the Fund to participate in transactions that are not widely syndicated. The Fund will also benefit from FREG's extensive experience as a commercial real estate operator and the Adviser's "Owner's Mentality" when underwriting investment opportunities.

***Co-Investments.***&nbsp;&nbsp;&nbsp;&nbsp;The Fund, the Adviser and certain other funds affiliated with the Adviser have received exemptive relief from the SEC that enables the Fund to engage in certain co-investment transactions with its affiliates, subject to certain conditions. As required by the exemptive order, the Fund has adopted, and the Board, including the "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board, has approved, policies and procedures reasonably designed to ensure compliance with the terms of the exemptive order, and the Adviser and the Fund's Chief Compliance Officer will provide regular reporting to the Board. Co-investment transactions may give rise to conflicts of interest or perceived conflicts of interest among the Fund and its affiliates. The exemptive order imposes certain conditions that may limit or restrict the Fund's ability to participate in an investment or participate in an investment to a lesser extent. A copy of the application for exemptive relief, including all of the conditions and the related order is available on the SEC's website at *www.sec.gov*. See "*Conflicts of Interest.*"

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***Leverage.***&nbsp;&nbsp;&nbsp;&nbsp;In pursuing the Fund's investment objective, the Fund may seek to enhance returns through the use of leverage. The Fund primarily enters into financing transactions using reverse repurchase agreements, and may also enter into credit agreements and other loan transactions with financial institutions such as banks. Under the Investment Company Act, the Fund's aggregate amount of indebtedness, regardless of the form it takes, is limited to up to 33⅓% of the Fund's total assets (including the assets subject to, and obtained with the proceeds of, such indebtedness) immediately after entering into any type of financing transaction. Certain types of the Fund's investments may also utilize property level debt financing (i.e., mortgages on properties that are non-recourse to the Fund except in extremely limited circumstances).

As of the date of this Prospectus, the Fund has a revolving credit agreement (the "***Credit Facility***") with CIBC Bank USA (the "***Agent***"). The Credit Facility currently permits borrowings up to $20 million. The purpose of the Credit Facility is to provide working capital to the Fund to manage its liquidity needs. The Adviser also intends to use the Credit Facility as part of its leveraging strategy that seeks to enhance the Fund's returns. The Credit Facility has an interest rate equal to SOFR plus a 2.85% applicable margin per annum. Additionally, the Fund will pay a non-use fee for the period from the closing date of the Credit Facility to the termination date, at the rate of 0.25% multiplied by each lender's pro rata share of the difference between the revolving commitment under the Credit Facility and the average daily revolving amount outstanding during the period of calculation. In the future, the Credit Facility may be replaced or refinanced by one or more credit facilities having substantially different terms or by the use of other forms of leverage.

Leverage magnifies volatility and will decrease the Fund's return if the Fund fails to earn as much on its investment purchased with borrowed funds as it pays for the use of those funds. The Fund's leverage strategy may not work as planned or achieve its goal. See "*Risk Factors — Leverage Risk.*"

***Non-Diversified Status.***&nbsp;&nbsp;&nbsp;&nbsp;Although the Fund is a "non-diversified" investment company within the meaning of the Investment Company Act, and as such may invest a greater portion of its assets in a more limited number of issuers than a diversified fund, the Fund will seek to achieve diversification by investing across real estate asset classes, property types, positions in the capital stack, and geographic locations. The real estate underlying the Fund's investments will be located in the United States.

#### TYPES OF INVESTMENTS
The Fund expects that its real estate-related debt investments will be secured by or issued in connection with one or more to the following broad types of commercial real estate: (1) multifamily, (2) office, (3) retail, and (4) industrial properties.

***Multifamily.***&nbsp;&nbsp;&nbsp;&nbsp;Multifamily properties are generally defined as having five or more dwelling units that are part of a single complex and offered for rental use as opposed to detached single-family residential properties. There are three main types of multifamily properties: garden-style (mostly one-story apartments); low-rise; and high-rise. Apartments generally have the lowest vacancy rates of any property type, with the better performing properties typically located in urban markets or locations with strong employment and demographic dynamics.

***Office.***&nbsp;&nbsp;&nbsp;&nbsp;Office properties are generally categorized based upon location and quality. Buildings may be located in Central Business Districts or suburbs. Buildings are also classified by general quality and size, ranging from "Class A" properties which are generally large-scale buildings of the highest quality to "Class C" buildings which are generally considered to be below investment grade.

***Retail.***&nbsp;&nbsp;&nbsp;&nbsp;The retail sector is comprised of five main formats: neighborhood retail, community centers, regional centers, super-regional centers and single-tenant stores. Location, convenience, accessibility and tenant mix are generally considered to be among the key criteria for successful retail investments. Retail leases tend to range from three to five years for small tenants and 10 to 15 years for large anchor tenants. Leases, particularly for anchor tenants, may include a base payment plus a percentage of retail sales. Income and population density are generally considered to be key drivers of local retail demand.

***Industrial.***&nbsp;&nbsp;&nbsp;&nbsp;Industrial properties are generally categorized as warehouse/distribution centers, research and development facilities, flex space or manufacturing. The performance of industrial properties is typically dependent on the proximity to economic centers and the movement of trade and goods. In addition, industrial properties typically utilize a triple-net lease structure pursuant to which the tenant is generally responsible for property operating expenses in addition to base rent which can help mitigate the risks associated with rising expenses.

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***Other Real Estate Investments.***&nbsp;&nbsp;&nbsp;&nbsp;In addition to office, retail, multifamily, and industrial commercial real estate ("***CRE***") properties, the Fund may also acquire positions backed by other alternative types of CRE properties, including but not limited to student housing, data centers, self-storage, wireless towers, truck terminals, single family rentals, manufactured housing, hospitality, and medical and healthcare facilities, including hospitals, medical office buildings, senior housing, skilled nursing facilities, assisted living facilities, and research facilities.

#### REAL ESTATE-RELATED DEBT INVESTMENTS
The Fund invests in real estate-related debt investments by engaging in any of the following transactions: purchasing or participating in commercial real estate related debt ("***CRE Debt***") investments, purchasing loans from third-party sellers, or investing in or purchasing securities through a real estate investment vehicle. The experience of the Adviser and its affiliates will provide the Fund flexibility in a variety of market conditions. Under the terms of the Investment Management Agreement between the Fund and the Adviser, the Fund is responsible for certain real estate transaction related expenses, including expenses incurred in connection with borrowings or the acquisition, holding, and disposition of real estate investments. Accordingly, to the extent expenses associated with originating or servicing such loans are not borne by the borrower, the Fund will be responsible for such expenses.

The Fund may also seek to take advantage of market dislocations by opportunistically purchasing discounted loans and securities in the secondary market and making direct real estate investments ("***Direct Real Estate Investments***").

The Fund expects that the real estate-related debt investments will generally consist of the following types of commercial real estate debt:

***First Mortgage Loans.***&nbsp;&nbsp;&nbsp;&nbsp;First mortgage loans are loans that have the highest priority to claims on the collateral securing the loans in foreclosure. First mortgage loans generally provide for a higher recovery rate and lower defaults than other debt positions due to the lender's favorable control features which at times may mean control of the entire capital structure.

***Subordinate Mortgage Loans.***&nbsp;&nbsp;&nbsp;&nbsp;Subordinate mortgage loans are loans that have a lower priority to collateral claims. Investors in subordinate mortgages are compensated for the increased risk from a pricing perspective as compared to first mortgage loans but still benefit from a direct lien on the related property or a security interest in the entity that owns the real estate. Investors typically receive principal and interest payments at the same time as senior debt unless a default occurs, in which case these payments are made only after any senior debt is repaid in full. Rights of holders of subordinate mortgages are usually governed by participation and other agreements.

***Mezzanine Loans.***&nbsp;&nbsp;&nbsp;&nbsp;Mezzanine loans are a type of subordinate loan in which the loan is secured by one or more direct or indirect ownership interests in an entity that directly or indirectly owns real estate. Investors in mezzanine loans are compensated for the increased credit risk from a pricing perspective and still benefit from the right to foreclose on its security, in many instances more efficiently than first mortgage loans. Upon a default by the borrower under a mezzanine loan, the mezzanine lender generally can take control of the property-owning entity on an expedited basis, subject to the rights of the holders of debt senior in priority on the property. Rights of holders of mezzanine loans are usually governed by intercreditor or interlender agreements.

***Participations in Loans.***&nbsp;&nbsp;&nbsp;&nbsp;For certain select real estate-related loans, including investments in first mortgage loans, subordinate mortgage loans, mezzanine loans, and other commercial real estate related loans, the Fund may enter into participation agreements or intercreditor agreements, potentially in a subordinate position to other participants in a syndicated lending structure.

#### CMBS
The Fund invests in agency and non-agency CMBS. CMBS are commercial mortgages pooled in a trust that are principally secured by real property or interests in real property. Accordingly, these securities are subject to all of the risks of the underlying loans. CMBS are structured with credit enhancement, as dictated by the major rating agencies and their proprietary rating methodologies, to protect against potential cash flow delays and shortfalls. This credit enhancement usually takes the form of allocation of loan losses to investors in reverse sequential order of priority (equity to AAA classes), whereas interest distributions and loan prepayments are usually applied sequentially in order of priority (AAA classes to equity).

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Agency CMBS are CMBS that are issued by a U.S. government agency such as the Government National Mortgage Association ("Ginnie Mae") or a federally chartered corporation such as the Federal National Mortgage Association ("Fannie Mae") or the Federal Home Loan Mortgage Corporation ("Freddie Mac").

Non-agency CMBS are securities that are not issued or guaranteed by a U.S. government agency or federally chartered corporation. Like agency CMBS, non-agency CMBS are securities backed by obligations (including certificates of participation in obligations) that are principally secured by commercial mortgages on real property or interests therein having a multifamily or commercial use, such as regional malls, retail space, office buildings, industrial or warehouse properties, hotels, apartments, nursing homes and senior living facilities. Non-agency CMBS are typically issued in multiple tranches whereby the more senior classes are entitled to priority distributions to make specified interest and principal payments on such tranches. Losses and other shortfalls from expected amounts to be received on the mortgage pool are borne by the most subordinate classes, which receive payments only after the more senior classes have received all principal and/or interest to which they are entitled. The credit quality of non-agency CMBS depends on the securitization structure and the credit quality of the underlying mortgage loans, which is a function of factors such as the principal amount of loans relative to the value of the related properties, the mortgage loan terms, such as amortization, market assessment and geographic location, construction quality of the property, and the creditworthiness of the borrowers.

The typical commercial mortgage is a five or ten-year loan, with a 30-year amortization schedule and a balloon principal payment due on the maturity date. Most fixed-rate commercial loans have strong prepayment protection and require prepayment penalty fees or defeasance. The loans are often structured in this manner to maintain the collateral pool's cash flow or to compensate the investors for foregone interest collections.

Mortgage-backed securities may include multiple types of securities, including collateralized mortgage obligations ("***CMOs***") and real estate mortgage investment conduit ("***REMIC***") pass-through or participation certificates. A REMIC is a CMO that qualifies for special tax treatment and invests in certain mortgages principally secured by interests in real property and other permitted investments. CMOs provide an investor with a specified interest in the cash flow from a pool of underlying mortgages or of other mortgage-backed securities. CMOs are issued in multiple classes each with a specified fixed or floating interest rate and a final scheduled distribution rate. In many cases, payments of principal are applied to the CMO classes in the order of their respective stated maturities, so that no principal payments will be made on a CMO class until all other classes having an earlier stated maturity date are paid in full.

The Fund may also purchase risk-retention bonds off of single asset/single borrower CMBS securitizations. These bonds are typically horizontal *pari passu* interests in the most subordinate tranches of CMBS transactions. Based on regulatory requirements, these risk-retention bonds must be held for a minimum of five years and cannot be leveraged. In addition, transfer requirements restrict the ability to sell these investments after the minimum five-year hold period to only approved transferees under federal risk-retention rules.

#### PREFERRED EQUITY
The Fund may purchase preferred equity securities issued by entities that own real estate or real estate-related investments, including private REITs or publicly traded REITs. Preferred equity interests are generally senior with respect to the payments of dividends and other distributions, redemption rights and rights upon liquidation to such entity's common equity. Investors in preferred equity are typically compensated for their increased credit risk from a pricing perspective with fixed payments but may also participate in capital appreciation. Upon a default by a general partner of a preferred equity issuer, there typically is a change of control event and the limited partner assumes control of the entity. Rights of holders of preferred equity are usually governed by partnership agreements.

#### POTENTIAL INVESTMENT STRUCTURES
The Fund may gain exposure to CRE Debt Investments and Direct Real Estate Investments both directly and indirectly through three types of potential investment structures, as set forth below.

• *<u>Wholly owned subsidiaries of the Fund</u>* <u>(</u>***<u>"Wholly Owned Entities"</u>***<u>)</u>. The Fund may invest in CRE Debt Investments and Direct Real Estate Investments through one or more Wholly Owned Entities. Direct Real Estate Investments owned through Wholly Owned Entities may include fee simple (i.e., an absolute title to the underlying real estate free of any

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other claims), leasehold ownership, or a partnership interest in the underlying real estate. Unlike investments through Co-Investment Entities or Joint Venture Entities (both as defined below), the Fund will maintain complete ownership of any underlying Direct Real Estate Investments or CRE Debt Investment held by a Wholly Owned Entity and as a result, the Fund will bear all risks associated with the underlying Direct Real Estate Investments or CRE Debt Investment. The Fund will, however, have greater flexibility as to disposition or restructuring of a CRE Debt Investment or the renovation, redevelopment, repositioning, or disposition of an underlying Direct Real Estate Investments held by the Wholly Owned Entity because the Fund will be in a position to exercise sole decision-making authority with respect to such underlying Direct Real Estate Investments or CRE Debt Investment. Further, investments in real estate made through a Wholly Owned Entity will not be subject to the risk of bankruptcy of a third party or failure of such third party to fund any required capital contributions, or the risk of disputes between the Fund and its joint venture partners that could result in litigation or arbitration that would increase the Fund's expenses.

• &nbsp;&nbsp;&nbsp;&nbsp; *<u>Entities in which the Fund co-invests alongside unaffiliated third-party investors (</u>****<u>"Co-Investment Entities"</u>***<u>)</u>. Instead of acquiring full ownership of Direct Real Estate Investments or CRE Debt Investments through a Wholly Owned Entity, the Fund may acquire partial interests through entities in which the Fund co-invests with unaffiliated third parties. The Fund's ownership percentage in a Co-Investment Entity will generally be pro rata to the amount of money the Fund applies to the total commitment amount for any underlying CRE Debt Investments or purchase price (including financing, if applicable) and the acquisition, construction, development, or renovation expenses, if any, of an underlying Direct Real Estate Investments, as applicable, owned by the Co-Investment Entity. Unaffiliated third parties may invest in the Co-Investment Entity on terms that may vary from those of the Fund. The Fund expects that any unaffiliated third parties that will invest alongside the Fund in a Co-Investment Entity will generally be institutional investors such as investment managers, unaffiliated investment companies, or real estate developers. Co-investments made by the Fund may result in certain conflicts of interest. See "*Conflicts of Interest*."

• &nbsp;&nbsp;&nbsp;&nbsp; *<u>Entities in which the Fund co-invests solely alongside unaffiliated third parties and over which the Fund exerts some control (</u>****<u>"Joint Venture Entities"</u>***<u>)</u>. The Fund may enter into Joint Venture Entities with third parties, including partnerships, co-tenancies and other co-ownership arrangements or participations with mortgage or investment banks, financial institutions, real estate developers, owners, or other non-affiliated third parties for the purpose of owning or operating Direct Real Estate Investments or CRE Debt Investments through Joint Venture Entities. In such event, the Fund would not be in a position to exercise sole decision-making authority regarding any underlying Direct Real Estate Investments or CRE Debt Investments held by the Joint Venture Entity, and as a result the Fund may also be subject to the potential risk of impasses on decisions, such as a sale, because neither it nor its joint venture partners would have full control over the investments held by the Joint Venture Entity.

See "*Risk Factors — Risks of Investing in Real Estate-Related Investments — Partial Ownership Interests*" and "— *Reliance on Third-Party Managers or Joint Venture Partners*." Unlike investments in Wholly Owned Entities, investments in Joint Venture Entities may, under certain circumstances, involve risks related to the involvement of a third party, including the possibility that the Fund's joint venture partners might become bankrupt or fail to fund their required capital contributions. As with a Co-Investment Entity, the Fund expects that the other unaffiliated third-party joint venture partners that will invest alongside the Fund in a Joint Venture Entity will generally be institutional investors such as investment managers, unaffiliated investment companies, or real estate developers.

When considering entering into a joint venture, the Adviser and the Fund's management will consider all facts they feel are relevant including, but not limited to, the nature and attributes of the other members of a potential Joint Venture Entity, the proposed structure of a Joint Venture Entity, the nature of the operations, liabilities and assets a Joint Venture Entity may conduct or own, and the proportion of the size of the Fund's interest when compared to the interests owned by other members of a Joint Venture Entity.

If and to the extent the Fund establishes a subsidiary, such subsidiary will comply with the provisions of the Investment Company Act governing investment policies, capital structure, and leverage on an aggregate basis with the Fund. Moreover, if in the future the Fund sets up a subsidiary that has an investment adviser, such investment adviser will comply with the provisions of the Investment Company Act relating to investment advisory contracts as if it were an investment adviser to the Fund, and such subsidiary will comply with the affiliated transaction and custody provisions of the Investment Company Act.

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The Fund does not currently intend to invest in any entities that primarily engage in investment activities in securities or other assets and that are primarily controlled by the Fund. Notwithstanding the foregoing, the Fund may conduct certain activities or invest in assets through one or more wholly owned "taxable REIT subsidiaries" (each, a "TRS"). A TRS is a corporation other than a REIT in which a REIT directly or indirectly holds stock and that has made a joint election with such REIT to be treated as a TRS. Other than some activities relating to management of hotel and health care properties, a TRS may generally engage in any business, including the provision of customary or non-customary services to tenants of its parent REIT. In general, the Fund may not own more than 10%, as measured by voting power or value, of the securities of a corporation that is not a wholly owned "qualified REIT subsidiary" unless the Fund and such corporation make a joint election to treat it as a TRS. For taxable years beginning on or prior to December 31, 2025, no more than 20% of the value of the Fund's total assets may consist of stock or securities of one or more TRSs. For taxable years beginning after December 31, 2025, no more than 25% of the value of the Fund's total assets may consist of stock or securities of one or more TRSs. See "*Risks Associated with Taxable REIT Subsidiaries.*"

#### INVESTMENT PROCESS
The portfolio managers, Pat Brophy, Neil Shah, and Jason Brooks, run the investment process and jointly share responsibility for the day-to-day management of the Fund, with no limitation on the authority of one portfolio manager in relation to the others.

#### OTHER INFORMATION REGARDING INVESTMENT STRATEGY
The Fund may, from time to time, take defensive positions that are inconsistent with the Fund's principal investment strategy in attempting to respond to adverse market, economic, political or other conditions. During such times, the Fund may invest up to 100% of its assets in cash or cash equivalents, including money market instruments, prime commercial paper, repurchase agreements, Treasury bills and other short-term obligations of the U.S. Government, its agencies or instrumentalities. In these circumstances, the Fund may not achieve its investment objectives. The Adviser may invest the Fund's cash balances in any investments it deems appropriate. The Adviser expects that such investments will be made, without limitation and as permitted under the Investment Company Act, in money market funds, repurchase agreements, U.S. Treasury and U.S. agency securities, municipal bonds and bank accounts. Any income earned from such investments is ordinarily reinvested by the Fund in accordance with its investment program.

The frequency and amount of portfolio purchases and sales (known as the "***portfolio turnover rate***") will vary from year to year. For the fiscal year ending December 31, 2025, the portfolio turnover was 81%. Higher rates of portfolio turnover may generate short-term capital gains taxable as ordinary income and dividends paid may not qualify for advantageous federal tax rates. There is no assurance what portion, if any, of the Fund's investments will qualify for the reduced U.S. federal income tax rates applicable to qualified dividends under the Code. As a result, there can be no assurance as to what portion of the Fund's distributions will be designated as qualified dividend income. See "*U.S. Federal Income Tax Considerations*."

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Risk Factors <br>      

*Investing in the Fund involves risks, including the risk that an investor may receive little or no return on their investment or that an investor may lose part or all of such investment. An investment in the Fund is not intended to be a complete investment program and, due to the uncertainty inherent in all investments, there can be no assurance that the Fund will achieve its investment objectives. Your securities at any point in time may be worth less than you invested, even after taking into account the reinvestment of Fund dividends or distributions, as applicable. You should consider carefully the following principal risks before investing in the Fund.*

General Risks of Investing in the Fund

#### FLUCTUATIONS IN FUND NAV
The Fund's NAV may be significantly affected by numerous factors, including the risks described in this Prospectus, many of which are outside of the Fund's control. There is no guarantee that the Fund's NAV will not decrease and it may fluctuate significantly.

#### INVESTMENT AND MARKET RISK
The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably. Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, adverse changes to credit markets or adverse investor sentiment generally. The value of a security may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Equity securities generally have greater price volatility than fixed income securities. Credit rating downgrades may also negatively affect securities held by the Fund. Even when markets perform well, there is no assurance that the investments held by the Fund will increase in value along with the broader market.

The success of the Fund's investment activities will be affected by these general economic and market conditions. Additionally, environmental and public health risks, such as natural disasters or pandemics/epidemics, or widespread fear that such events may occur, may impact markets adversely and cause market volatility in both the short- and long-term. The U.S. stock and credit markets have experienced price volatility, dislocations and liquidity disruptions in the past. Any future disruptions in the capital and credit markets will adversely affect the Fund's ability to identify suitable investments, obtain financing and exit investments at the desired times and on terms favorable to the Fund, which in turn may adversely affect the Fund's financial condition, results of operations, cash flow and ability to make distributions to Shareholders.

Geopolitical instability, including the ongoing conflict between Russia and Ukraine and armed conflicts involving Israel, actual and potential shifts in United States foreign, trade, economic and other policies, and rising trade tensions between the United States and Canada, China, and Mexico, as well as other global events, have significantly increased macroeconomic uncertainty at a national and global level. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund.

The Fund does not know how long the U.S. economy, financial markets and real estate markets and operations may be affected by these events and cannot predict the effects of these events or similar events in the future on the U.S. economy, financial markets and real estate markets and operations. Those events also could have an acute effect on individual issuers or tenants or related groups of issuers or tenants. These risks also could adversely affect individual properties and investments, interest rates, secondary trading, risk of tenant defaults, decreased occupancy at our properties, credit risk, inflation, deflation and other factors that could adversely affect the Fund's investments, net investment income and the net asset value of the Shares.

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#### CLOSED-END INTERVAL FUND RISK
The Fund is a non-diversified, closed-end management investment company operating as an "interval fund" and designed primarily for long-term investors. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in a typical closed-end fund, is not a liquid investment.

#### REPURCHASE OFFERS RISK
Although the Fund, as a fundamental policy, will make quarterly offers to repurchase at least 5% and up to 25% of its outstanding Shares at NAV, the number of Shares tendered in connection with a repurchase offer may exceed the number of Shares the Fund has offered to repurchase, in which case not all of your Shares tendered in that offer will be repurchased. In connection with any given repurchase offer, it is likely that the Fund will offer to repurchase only the minimum amount of 5% of its outstanding Shares. Accordingly, you may not be able to sell your Shares when or in the amount that you desire. Additionally, if a repurchase offer is oversubscribed, Shareholders may be unable to liquidate the full amount of Shares tendered during a particular repurchase offer (see "*Quarterly Repurchase Offers*").

The Fund believes that these repurchase offers are generally beneficial to Shareholders, and repurchases generally will be funded from available cash or sales of portfolio securities. However, repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities (with associated imputed transaction costs, which may be significant), and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective.

If proceeds of the Offering are used to meet repurchase obligations, it may constitute a return of capital, resulting in tax consequences to the Shareholders (see "*U.S. Federal Income Tax Considerations*" below). Any use of capital to meet repurchase obligations will be distributed after payment of Fund fees and expenses. If the Fund sells investments in order to fund repurchase requests, the repurchase of Shares generally will be a taxable event for the Shareholder tendering its Shares. For a discussion of these tax consequences, see "*U.S. Federal Income Tax Considerations*" below and in the SAI. If, as expected, the Fund employs investment leverage, repurchases of Shares would compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income. Under certain circumstances, consistent with the requirements of the Fund's Declaration of Trust and By-Laws and the provisions of the Investment Company Act and the rules thereunder including Rule 23c-3, the Fund may repurchase or redeem at NAV the Shares of a Shareholder, or any person acquiring Shares from or through a Shareholder, without consent or other action by the Shareholder or other person. Please see "*Quarterly Repurchase Offers — Involuntary Repurchases*" in this Prospectus and "*Repurchases and Transfers of Shares — Involuntary Repurchases*" in the SAI for additional information.

#### LIQUIDITY RISK
To the extent consistent with the applicable liquidity requirements for interval funds, the Fund may invest without limit in illiquid investments. Liquidity risk exists when particular investments are difficult to purchase or sell at the time that the Fund would like or at the price that the Fund believes such investments are currently worth. Many of the Fund's investments may be illiquid. The term "illiquid investments" for this purpose means any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven (7) calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may become harder to value, especially in volatile markets. The Fund's investments in illiquid investments may reduce the returns of the Fund because it may be unable to sell the illiquid investments at an advantageous time or price or possibly require the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations, which could prevent the Fund from taking

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advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. The liquidity of certain assets, particularly of privately issued and non-investment grade mortgage-backed securities, asset-backed securities and collateralized debt obligations, may be difficult to ascertain and may change over time. The risks associated with illiquid instruments may be particularly acute in situations in which the Fund's operations require cash (such as in connection with repurchase offers) and could result in the Fund borrowing to meet its short-term needs or incurring losses on the sale of illiquid instruments.

#### COMPETITION RISK
Identifying, completing and realizing attractive portfolio investments is competitive and involves a high degree of uncertainty. The Fund's profitability depends, in large part, on its ability to acquire target assets at attractive prices. In acquiring its target assets, the Fund will compete with a variety of institutional investors, including specialty finance companies, public and private funds, REITs, commercial and investment banks, commercial finance and insurance companies and other financial institutions. Desirable investments in the Fund's target assets may be limited in the future and the Fund may not be able to take advantage of attractive investment opportunities from time to time. The Fund cannot assure you that the competitive pressures it faces will not have a material adverse effect on its business, financial condition and results of operations or the Fund's ability to locate, consummate and exit investments that satisfy its investment objectives.

#### MANAGEMENT RISK AND RELIANCE ON KEY PERSONNEL
The Fund is subject to management risk because it is an actively managed investment portfolio. There can be no guarantee that the investment decisions made by the Adviser will produce the desired performance results. Regulatory restrictions, actual or potential conflicts of interest or other considerations may cause the Adviser to restrict or prohibit participation in certain investments, or may affect the investment techniques available to the Adviser in connection with managing the Fund. In such circumstances, the Fund may purchase other securities or instruments as substitutes, which may not perform as intended and could adversely affect the ability of the Fund to achieve its investment objectives.

In connection with the investment process, the Adviser or the Sub-Adviser, as applicable, will exercise its professional judgment in evaluating important and complex business, financial, tax, accounting and legal issues and will rely on the third-party resources reasonably available to it. Such resources may not be sufficient, accurate, complete or reliable, and the Adviser's or Sub-Adviser's due diligence may not reveal or identify all matters that could have a material effect on the value of an investment. Moreover, even if due diligence reveals certain factors that prove to have a material effect on the value of an investment, there is no guarantee that the Adviser or the Sub-Adviser, as applicable, will accurately predict at the time of considering an investment that such factors will ultimately prove to have such a material effect.

There can be no assurance that the key personnel at the Adviser or the Sub-Adviser will be retained. The ability to retain such personnel or to attract suitable replacements should any such persons leave is dependent on the competitive nature of the employment market. The loss of the services of one or more of the Adviser's or Sub-Adviser's key employees could have an adverse impact on the Fund's ability to realize its investment objectives.

#### BELOW INVESTMENT GRADE (HIGH YIELD OR JUNK) SECURITIES RISK
There is no limit on the Fund's ability to invest in below investment grade securities. Below investment grade securities may be particularly susceptible to economic downturns and are inherently speculative. It is likely that any such economic downturn could adversely affect the ability of the issuers of such securities to repay principal and pay interest thereon and increase the incidence of default for such securities.

Lower grade securities, though high yielding, are characterized by high risk. They may be subject to certain risks with respect to the issuing entity and to greater market fluctuations than certain lower yielding, higher rated securities. The retail secondary market for lower grade securities may be less liquid than that for higher rated securities. Adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating the Fund's NAV. Because of the substantial risks associated with investments in lower grade securities, you could lose money on your investment, both in the short-term and the long-term.

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| | | | |
|:---|:---|:---|:---|
|  **30** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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#### CYBERSECURITY RISKS
The Adviser, the Sub-Adviser, the Fund and its other Service Providers depend heavily upon computer systems to perform necessary business functions. Despite the implementation of a variety of security measures, their computer systems could be subject to cyber-attacks and unauthorized access, such as physical and electronic break-ins or unauthorized tampering. Like other companies, the Adviser, the Sub-Adviser, the Fund and its other Service Providers may experience threats to their data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary and other information processed and stored in, and transmitted through, the Adviser's, the Sub-Adviser's, the Fund's or its other Service Providers' computer systems and networks, or otherwise cause interruptions or malfunctions in the operations of such entities, which could result in damage to their reputation, financial losses, litigation, increased costs, regulatory penalties and/or customer dissatisfaction or loss.

#### CONCENTRATION RISK
The Fund's investments in real estate debt are expected to be secured by commercial real estate assets. The Fund's concentration in the commercial real estate industry may increase the volatility of the Fund's returns and may also expose the Fund to the risk of economic downturns in this industry to a greater extent than if its portfolio also included investments in other industries. While this portfolio concentration may enhance total returns to the Shareholders, if any large position sustains a material loss, the returns to the Fund, and thus to Shareholders, will be lower than if the Fund had invested in a more diversified portfolio.

Further, there is no limit regarding the amount of Fund assets that may be invested in commercial real estate in any single geographic area within the United States. To the extent the Fund concentrates its investments in a limited number of commercial real estate assets or geographic areas, the Fund will be subject to certain risks relating to concentrated investments. The Fund's revenue from, and the value of, its commercial real estate assets located in any single concentrated region may be affected disproportionately by a number of factors, including local commercial real estate conditions (such as oversupply of or reduced demand for such properties) and the local economic climate. Business layoffs, downsizing, industry slowdowns, changing demographics, and other factors may adversely impact the local economic climate. A downturn in either the local economy or in general real estate conditions for any market in which the Fund's investments are concentrated could adversely affect the Fund's financial condition, results of operations, cash flow and ability to make distributions to Shareholders.

#### VALUATION RISKS
The price the Fund pays for its private commercial real estate investments will be based on the Adviser's projections of market demand, occupancy levels, rental income, the costs of any development, redevelopment or renovation of a property, borrower expertise and other factors. If any of such projections are inaccurate or it ascribes a higher value to assets and their value subsequently drops or fails to rise because of market factors, returns on the Fund's investment may be lower than expected and the Fund could experience losses. Accurate valuations may be more difficult to obtain in times of low transaction volume due to fewer market transactions that can be considered in the context of an appraisal. It also may be difficult to reflect fully and accurately rapidly changing market conditions or material events that may impact the value of the Fund's real property investments between valuations, or to obtain complete information regarding any such events in a timely manner.

For the purposes of calculating the Fund's NAV, private commercial real estate investments will initially be valued at cost, which the Fund expects to represent fair value at that time. Thereafter, valuations of private commercial real estate investments will be derived from an independent third-party service provider on a semi-annual basis.

Within the parameters of the valuation policies adopted by the Valuation Designee and approved by the Board, the valuation methodologies used to value the Fund's private commercial real estate investments will involve subjective judgments and projections that may not materialize. Valuation methodologies will also involve assumptions and opinions about future events, which may or may not materialize. Valuations of the Fund's private CRE Debt investments will be only estimates of fair value. Ultimate realization of the value of an asset depends to a great extent on economic, market and other conditions

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| | | | |
|:---|:---|:---|:---|
|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **31** |

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beyond the Fund's or the Adviser's control. Valuations of the Fund's private CRE Debt investments by an independent third-party service provider are generally conducted semi-annually. In the interim between third-party evaluations, the Adviser's Valuation Committee shall value each such investment on a monthly basis as set forth in the valuation procedures adopted by Adviser and approved by the Board (see "*Determination of Net Asset Value*"). It may be difficult for the Valuation Designee to quantify the impact of financial conditions and other factors relevant to the valuation of such an asset, and the information necessary to make a full assessment of the asset's fair value may not be immediately available, which may require the Valuation Designee to make an assessment of fair value with incomplete information.

The Fund's Board has designated the Adviser as the Fund's Valuation Designee pursuant to Rule 2a-5 under the Investment Company Act. However, the Adviser's participation in the Fund's valuation process could result in a conflict of interest, since the fee payable to the Adviser is based on the Fund's average daily net assets. A material change in a private commercial real estate investment or a new appraisal of a private commercial real estate investment may have a material impact on the Fund's overall NAV, resulting in a sudden increase or decrease to the Fund's NAV per share. Real estate valuations do not necessarily represent the price at which assets will sell, since market prices of real estate assets can only be determined by negotiation between a willing buyer and seller. As such, the carrying value of an asset may not reflect the price at which the asset is actually sold in the market, and the difference between carrying value and the ultimate sales price could be material.

Accurate valuations may be more difficult to obtain in times of low transaction volume due to fewer market transactions that can be considered in the context of an appraisal. It also may be difficult to reflect fully and accurately rapidly changing market conditions or material events that may impact the value of the Fund's real property investments between valuations, or to obtain complete information regarding any such events in a timely manner. For example, an unexpected termination or renewal of a material lease, a material increase or decrease in vacancies, an unanticipated structural or environmental event at a property or material changes in market, economic and political conditions globally and in the jurisdictions and sectors in which a property operates, may cause the value of a property to change materially, yet obtaining sufficient relevant information after the occurrence has come to light and/or analyzing fully the financial impact of such an event may be difficult to do and may require some time. As a result, the Fund's NAV per share may not reflect a material event until such time as sufficient information is available and the impact of such an event on a property's valuation is fully evaluated.

#### REVERSE REPURCHASE AGREEMENTS RISK
The use of reverse repurchase agreements involves many of the same risks involved in the use of leverage, because the proceeds from reverse repurchase agreements generally will be invested in additional securities. There is a risk that the market value of the securities acquired in the reverse repurchase agreement will decline below the price of the securities that the Fund has sold but remains obligated to repurchase. In addition, there is a risk that the market value of the securities retained by the Fund will decline. If the buyer of securities under a reverse repurchase agreement were to file for bankruptcy or experience insolvency, the Fund could be adversely affected. Also, in entering into reverse repurchase agreements, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the underlying securities. In addition, due to the interest costs associated with reverse repurchase agreements, the Fund's NAV will decline, and, in some cases, the Fund could be worse off than if it had not used such instruments.

#### LEVERAGE RISK
The Fund is permitted to obtain leverage using any form or combination of financial leverage instruments, including through funds borrowed from banks or other financial institutions (i.e., a credit facility), margin facilities, the issuance of preferred shares or notes and leverage attributable to reverse repurchase agreements, dollar rolls or similar transactions. The Fund will add financial leverage to its portfolio representing up to approximately 33⅓% of the Fund's total assets, which includes the assets subject to, and obtained with the proceeds of, the leveraging activity). The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund's assessment of market conditions and the investment environment. The use of leverage will cause the Fund to incur additional expenses and significantly magnify the Fund's losses in the event of underperformance of the Fund's underlying investments.

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|:---|:---|:---|:---|
|  **32** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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Use of leverage creates an opportunity for increased income and return for Shareholders but, at the same time, creates risks, including the likelihood of greater volatility in the NAV and market price of, and distributions on, the Shares. Increases and decreases in the value of the Fund's portfolio will be magnified if the Fund uses leverage. In particular, leverage may magnify interest rate risk, which is the risk that the prices of portfolio securities will fall (or rise) if market interest rates for those types of securities rise (or fall). As a result, leverage may cause greater changes in the Fund's NAV, which will be borne entirely by the Fund's Shareholders. There can be no assurance that the Fund's leveraging strategy will be successful during any period in which it is employed. Leverage involves risks and special considerations for common Shareholders, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; the likelihood of greater volatility of NAV, market price and dividend rate of the common Shares than a comparable portfolio without leverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; the risk that fluctuations in interest rates on borrowings and short-term debt or in the interest or dividend rates on any other leverage that the Fund must pay will reduce the return to the common Shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of the common Shares than if the Fund were not leveraged, which may result in a greater decline in the market price of the common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; when the Fund uses leverage, the investment advisory fees payable to the Adviser and the Sub-Adviser will be higher than if the Fund did not use leverage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; leverage may increase operating costs, which may reduce total return.

The Fund may be subject to investment restrictions of any applicable nationally recognized statistical rating organization (NRSRO) and/or credit facility lenders as a result of its use of financial leverage. These restrictions may impose asset coverage or portfolio composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. It is not anticipated that these covenants or portfolio requirements will significantly impede the Adviser or the Sub-Adviser in managing the Fund's portfolio in accordance with its investment objectives and policies. Nonetheless, if these covenants or guidelines are more restrictive than those imposed by the 1940 Act, the Fund may not be able to utilize as much leverage as it otherwise could have, which could reduce the Fund's investment returns.

In addition, the Fund expects that any notes it issues or credit facility it enters into would contain covenants that, among other things, will likely impose geographic exposure limitations, credit quality minimums, liquidity minimums, concentration limitations and currency hedging requirements on the Fund. These covenants would also likely limit the Fund's ability to pay distributions in certain circumstances, incur additional debt, change fundamental investment policies and engage in certain transactions, including mergers and consolidations. Such restrictions could cause the Adviser to make different investment decisions than if there were no such restrictions and could limit the ability of the Board of Trustees and Shareholders to change fundamental investment policies.

Although it does not currently contemplate doing so, the Fund may in the future issue preferred shares as a form of financial leverage. Any such preferred shares of the Fund would be senior to the common shares, such that holders of preferred shares would have priority over the distribution of the Fund's assets, including dividends and liquidating distributions.

#### Effects of Leverage
The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, on total return, assuming hypothetical total returns (consisting of income and changes in the value of investments held in the Fund's portfolio) of -10%, -5%, 0%, 5% and 10%. Although not considered senior securities, the table below reflects the Fund's use of leverage based on its usage of reverse repurchase agreements as of the year ended December 31, 2025, which represented approximately 19.20% of the Fund's total assets (including assets attributable to such leverage) at an estimated annual effective interest expense rate of 3.42% payable by the Fund on such instruments. Based on such estimated annual effective interest expense rate, the annual return that the Fund's portfolio would need to experience (net of expenses) in order to cover the costs of such reverse repurchase agreements is 0.81%.

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **33** |

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The information below does not reflect the Fund's use of certain other forms of economic leverage achieved through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, such as credit default swaps or other derivative instruments. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below. In addition, actual borrowing expenses associated with reverse repurchase agreements (or other types of borrowing, if any) used by the Fund may vary frequently and may be significantly higher or lower than the rate used for the example below.

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; 'Assumed Portfolio Return (Net of Expenses) | -10.00% | -5.00% | 0.00% | 5.00% | 10.00% |
| &nbsp;&nbsp; Corresponding Return to Shareholder | -13.23% | -7.02% | -0.81% | 5.40% | 11.61% |

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Total return is composed of two elements — the dividends on Shares paid by the Fund (the amount of which is largely determined by the Fund's net investment income after paying the cost of leverage) and realized and unrealized gains or losses on the value of the securities the Fund owns. As the table shows, leverage generally increases the return to Shareholders when portfolio return is greater than the costs of leverage and decreases return when the portfolio return is less than the costs of leverage.

#### LEVERAGE LIMITATIONS UNDER THE INVESTMENT COMPANY ACT
As a closed-end investment company that is registered with the SEC, the Fund is subject to the federal securities laws, including the Investment Company Act and the rules thereunder. The Investment Company Act generally limits the extent to which the Fund is able to use borrowings and "uncovered" transactions that give rise to a form of leverage, including reverse repurchase agreements and any other senior securities representing indebtedness, to 33⅓% of the Fund's total assets, including assets attributable to such leverage. That is, the value of the Fund's total assets less all liabilities and indebtedness not represented by senior securities (for these purposes, "total net assets") will be at least 300% of the senior securities representing indebtedness. In addition, the Fund is not permitted to declare any cash dividend or other distribution on common shares unless, at the time of such declaration, this asset coverage test is satisfied.

Rule 18f-4 under the Investment Company Act ("***Rule 18f-4***") regulates the use of derivatives and certain related instruments, including reverse repurchase agreements, by certain funds registered under the Investment Company Act. The Fund qualifies as a "limited derivatives user" as defined in Rule 18f-4, and accordingly the Fund is not required to establish a derivatives risk management program or to appoint a derivatives risk manager. The Fund has, however, adopted policies and procedures to manage its aggregate derivatives risk.

Since the Fund qualifies as a limited derivatives user, the Fund treats its holdings of reverse repurchase agreements as senior securities under Section 18 of the Investment Company Act. Accordingly, reverse repurchase agreements are subject to the 300% asset coverage requirements described above. The Fund combines the aggregate amount of indebtedness associated with reverse repurchase agreements or similar financing instruments with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio.

To the extent that Wholly Owned Entities directly incur leverage in the form of debt, the amount of such recourse leverage used by the Fund and such Wholly Owned Entities is consolidated and treated as senior securities for purposes of complying with the Investment Company Act's limitations on leverage by the Fund. Accordingly, it is the Fund's present intention to utilize leverage through debt or borrowings, including reverse repurchase agreements, in an amount not to exceed 33⅓% of the Fund's total assets (*i.e.*, maintain 300% asset coverage), including the amount of any direct debt or borrowing by Wholly Owned Entities. Certain types of the Fund's investments may also utilize property level debt financing (i.e., mortgages on properties that are non-recourse to the Fund except in extremely limited circumstances).

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|  **34** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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Risks of Investing in Real Estate-Related Investments

#### GENERAL RISKS RELATING TO REAL ESTATE-RELATED DEBT AND PREFERRED EQUITY INVESTMENTS
The Fund invests in a variety of real estate-related debt and preferred equity investments, and will be subject to a variety of risks in connection with such investments. Any deterioration of real estate fundamentals generally, and in the United States in particular, could negatively impact the Fund's performance by making it more difficult for entities in which the Fund invests to satisfy their debt payment obligations, increasing the default risk applicable to such borrowers and/or making it relatively more difficult for the Fund to generate attractive risk-adjusted returns. It is impossible to predict the degree to which economic conditions generally, and the conditions for real estate investing in particular, will improve or will deteriorate. Declines in the performance of the U.S. and global economies, the commercial real estate markets or in the commercial real estate debt markets could have a material adverse effect on the Fund's investment strategy and performance.

#### RISKS RELATING TO CRE DEBT INSTRUMENTS
CRE Debt instruments (e.g., mortgages, mezzanine loans and preferred equity) that are secured by commercial real estate, are subject to risks of delinquency and foreclosure and risks of loss that are greater than similar risks associated with loans made on the security of single-family residential properties. The ability of a borrower to repay a loan secured by an income-producing property typically is dependent primarily upon the successful operation of the property rather than upon the existence of independent income or assets of the borrower. If the net operating income of the property is reduced, the borrower's ability to repay the loan may be impaired. Net operating income of an income-producing property can be affected by, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; tenant mix and tenant bankruptcies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; success of tenant businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; property management decisions, including with respect to capital improvements, particularly in older building structures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; property location and condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; competition from other properties offering the same or similar services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; changes in laws that increase operating expenses or limit rents that may be charged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; any need to address environmental contamination at the property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; changes in national, regional, or local economic conditions, real estate values and/or rental occupancy rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; changes in interest rates and in the state of the debt and equity capital markets, including diminished availability or lack of debt financing for commercial real estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; changes in real estate tax rates and other operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; changes in governmental rules, regulations and fiscal policies, including environmental regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; seasonal and weather-related fluctuations in demand affecting the performance of certain properties, including real estate used in the hospitality industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; decline in demand for real estate from increased use of e-commerce or other technological advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; acts of God, terrorism, social unrest and civil disturbances, which may decrease the availability of or increase the cost of insurance or result in uninsured losses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; adverse changes in zoning laws.

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **35** |

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In addition, the Fund may be exposed to the risk of judicial proceedings with borrowers and entities in which it invests, including bankruptcy or other litigation, as a strategy to avoid foreclosure or enforcement of other rights by the Fund as a lender or an investor. In the event that any of the properties or entities underlying or collateralizing the Fund's CRE Debt Investments experiences any of the foregoing events or occurrences, the value of, and return on, such investments could be materially and adversely affected.

#### CRE CLO RISK
CRE CLOs are subject to the risks of substantial losses due to actual defaults by underlying borrowers, which will be greater during periods of economic or financial stress. CRE CLOs may be adversely impacted due to collateral defaults of subordinate tranches and market anticipation of defaults. The risks of CRE CLOs will be greater if the Fund invests in CRE CLOs that hold loans of uncreditworthy borrowers or if the Fund holds subordinate tranches of a CRE CLO that absorbs losses from the defaults before senior tranches. In addition, CRE CLOs are subject to interest rate risk and credit risk.

If the mortgage portfolios underlying CRE CLOs have been overvalued by the mortgage originators, or if the values subsequently decline and, as a result, less collateral value is available to satisfy interest and principal payments and any other fees in connection with the trust or other conduit arrangement for such securities, the Fund may incur significant losses. In addition, control over a CRE CLO's related underlying loans will be exercised through a special servicer or collateral manager designated by a "directing certificate holder" or a "controlling class representative," or otherwise pursuant to the related securitization documents. The Fund may acquire classes of CRE CLOs for which the Fund may not have the right to appoint the directing certificate holder or otherwise direct the special servicing or collateral management. With respect to the management and servicing of the underlying loans, the related special servicer or collateral manager may take actions that could adversely affect the Fund's interests. In addition to the risks associated with debt instruments (e.g., interest rate risk and credit risk), CRE CLOs carry additional risks including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the possibility that the Fund may invest in CRE CLOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

#### Risks Related to Note-on-Note Financing
The Fund may use "note-on-note" financing transactions as a form of leverage, in which the Fund incurs indebtedness or other financing obligations that are secured by, or otherwise dependent upon, one or more promissory notes held by the Fund rather than a direct interest in underlying assets. In these transactions, the Fund's obligations to its financing counterparties generally depend on the Fund's rights under the underlying notes and the performance of the obligors on those notes. The Fund typically will not grant a direct security interest in the underlying collateral securing such notes and may have limited ability to control enforcement, amendments, or restructuring of the underlying notes.

The use of note-on-note financing as leverage may magnify losses to the Fund. If the obligor on an underlying note defaults or becomes insolvent, or if the underlying note is modified or impaired, or otherwise declines in value, the Fund may be required to meet its obligations to the financing counterparty without receiving corresponding payments on the underlying note. In addition, the Fund may be required to post additional collateral, repay financing on an accelerated basis, or sell assets at unfavorable prices to satisfy its obligations. These risks may be exacerbated by the fact that the underlying notes may be less liquid or more difficult to value than assets in which the Fund could otherwise invest, particularly during periods of market stress, which could increase volatility in the Fund's net asset value and adversely affect the Fund's ability to meet repurchase requests.

#### Risks Related to Investments in Publicly Traded REITs
The Fund's investments in the securities of publicly traded REITs will be subject to a variety of risks affecting those REITs directly. Share prices of publicly traded REITs may decline because of adverse developments affecting the real estate industry and real property values, including supply and demand for properties, the economic health of the country or of different regions, the strength of specific industries that rent properties and interest rates. REITs often invest in highly leveraged properties. Returns from REITs, which typically are small or medium capitalization stocks, may trail returns

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|  **36** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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from the overall stock market. In addition, changes in interest rates may hurt real estate values or make REIT shares less attractive than other income-producing investments. REITs are also subject to heavy cash flow dependency and defaults by borrowers and tenants. Shareholders in the Fund may pay higher fees than Shareholders in funds that do not hold shares of underlying publicly traded REITS because the underlying REITS impose fees in addition to those imposed by the Fund.

#### RISKS RELATING TO COMMERCIAL MORTGAGE-BACKED SECURITIES
The Fund will invest a portion of its assets in pools or tranches of CMBS. CMBS are securities that evidence interests in, or are secured by, a single commercial mortgage loan or a pool of commercial mortgage loans. The collateral underlying CMBS generally consists of commercial mortgages on real property that has a multifamily or commercial use, such as retail space, office buildings, warehouse property and hotels.

In a rising interest rate environment, the value of CMBS may be adversely affected when payments on underlying mortgages do not occur as anticipated, resulting in the extension of the security's effective maturity and the related increase in interest rate sensitivity of a longer-term instrument. The value of CMBS may also change due to shifts in the market's perception of issuers and regulatory or tax changes adversely affecting the mortgage securities market as a whole. In addition, CMBS are subject to the credit risk associated with the performance of the underlying mortgage properties.

The securitization process that CMBS go through may also result in additional risks. Generally, CMBS are issued in classes similar to mortgage loans. To the extent that the Fund invests in a subordinate class, it will be paid interest only to the extent that there are funds available after paying the senior classes. To the extent the collateral pool includes delinquent loans, subordinate classes will likely not be fully paid and may not be paid at all. Subordinate CMBS are also subject to greater credit risk than those CMBS that are more highly rated. Further, the ratings assigned to any particular class of CMBS may not ultimately prove to be accurate. Thus, any particular class of CMBS may be riskier and more volatile than the rating assigned to such security, which may result in the returns on any such CMBS investment being less than anticipated.

#### NON-AGENCY SECURITIES RISK

#### RISKS RELATING TO SUBORDINATED DEBT INVESTMENTS
To the extent that the Fund acquires subordinated or "mezzanine" debt investments, the Fund does not anticipate having absolute control over the underlying collateral because the Fund will be dependent on third-party borrowers and agents and will have rights that are subordinate to those of senior lenders. The Fund's subordinated or mezzanine debt interests may be in real estate companies and real estate-related companies and properties whose capital structures may have significant leverage ranking ahead of the Fund's investment. While the Adviser anticipates that the Fund's investments will usually benefit from the same or similar financial and other covenants as those enjoyed by the leverage ranking ahead of the Fund and will usually benefit from cross default provisions, some or all of such terms may not be part of particular investments. The Adviser anticipates that the Fund's usual security for these types of investments will be pledges of ownership interests, directly and/or indirectly, in a property-owning entity, and in many cases the Fund may not have a mortgage or other direct security interest in the underlying real estate assets. Moreover, it is likely that the Fund will be restricted in the exercise of its rights in respect of these types of investments by the terms of subordination agreements between it and the leverage ranking ahead of the Fund's capital. Accordingly, the Fund may not be able to take the steps

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necessary to protect its investments in a timely manner or at all and there can be no assurance that the rate of return objectives of the Fund or any particular investment will be achieved. To protect its original investment and to gain greater control over the underlying assets, the Fund may need to elect to purchase the interest of a senior creditor or take an equity interest in the underlying assets, which may require additional investment by the Fund.

#### RISKS RELATING TO MEZZANINE LOANS
The mezzanine loans in which the Fund may invest may include loans secured by one or more direct or indirect ownership interests in a company, partnership or other entity owning, operating or controlling, directly or through subsidiaries or affiliates, one or more properties. Although not secured by the underlying real estate, mezzanine loans share certain of the characteristics of subordinate loan interests described above. It is expected that the properties owned by such entities are or will be subject to existing mortgage loans and other indebtedness. As with subordinate commercial mortgage loans, repayment of a mezzanine loan is dependent on the successful operation of the underlying properties and, therefore, is subject to similar considerations and risks, including certain of the considerations and risks described herein. Mezzanine loans may also be affected by the successful operation of other properties, the interests in which are not pledged to secure the mezzanine loan. The entity ownership interests securing the mezzanine loans may represent only partial interests in the related real estate company and may not control either the related real estate company or the underlying property. As a result, the effective realization on the collateral securing a mezzanine loan in the event of default may be limited.

Mezzanine loans may also involve certain additional considerations and risks. For example, the terms of mezzanine loans may restrict transfer of the interests securing such loans (including an involuntary transfer upon foreclosure) or may require the consent of the senior lender or other members or partners of or equity holders in the related real estate company, or may otherwise prohibit a change of control of the related real estate company. These and other limitations on realization on the collateral securing a mezzanine loan or the practical limitations on the availability and effectiveness of such a remedy may affect the likelihood of repayment in the event of a default.

#### RISKS RELATING TO COMMERCIAL MORTGAGE LOANS
Commercial mortgage loans have certain distinct risk characteristics. Mortgage loans on commercial properties generally lack standardized terms, which may complicate their structure and increase due diligence costs. Commercial mortgage loans also tend to have shorter maturities than single-family residential mortgage loans and are generally not fully amortizing, which means that they may have a significant principal balance or "balloon" payment due on maturity. Mortgage loans with a balloon payment involve a greater risk to a lender than fully amortizing loans because the ability of a borrower to make a balloon payment typically will depend upon its ability either to fully refinance the loan or to sell the property securing the loan at a price sufficient to permit the borrower to make the balloon payment. The ability of a borrower to effect a refinancing or sale will be affected by a number of factors, including the value of the property, the level of available mortgage rates at the time of sale or refinancing, the borrower's equity in the property, the financial condition and operating history of the property and the borrower, tax laws, prevailing economic conditions and the availability of credit for loans secured by the specific type of property.

Commercial mortgage loans generally are non-recourse to borrowers. In the event of foreclosure on a commercial mortgage loan, the value at that time of the collateral securing the mortgage loan may be less than the principal amount outstanding on the mortgage loan and the accrued but unpaid interest thereon.

#### RISKS RELATING TO INTEREST RATES
Changes in interest rates may adversely affect the Fund's investments. Changes in the level of interest rates can affect the Fund's income by affecting the spread between the income on its assets and the expense of its interest-bearing liabilities, as well as the value of the Fund's interest-earning assets and its ability to realize gains from the sale of assets. Interest rates are highly sensitive to factors such as governmental, monetary and tax policies, domestic and international economic and political considerations, fiscal deficits, trade surpluses or deficits, regulatory requirements and other factors beyond the control of the Fund. The Fund may finance its activities with both fixed and variable rate debt. With respect to variable rate debt, the Fund's performance may be affected adversely if it does not or is unable to limit the effects of changes in interest rates on its operations by employing an effective hedging strategy, including engaging in interest rate swaps, caps, floors

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or other interest rate contracts, or buying and selling interest rate futures or options on such futures. Should the Fund so elect (and it will be under no obligation to do so), the use of hedging instruments to hedge a portfolio carries certain risks, including the risk that losses on a hedge position will reduce the Fund's earnings and funds available for distribution to the Shareholders and that such losses may exceed the amount invested in such instruments. There is no perfect hedge for any investment, and a hedge may not perform its intended purpose of offsetting losses on an investment and, in certain circumstances, could increase such losses. The Fund may also be exposed to the risk that the counterparties with which it trades may cease making markets and quoting prices in such instruments, which may render the Fund unable to enter into an offsetting transaction with respect to an open position, or the risk that a counterparty may default on its obligations.

#### CREDIT RATINGS RISK
Credit ratings on debt securities represent the rating agencies' opinions regarding their credit quality and are not a guarantee of quality. Rating agencies attempt to evaluate the safety of principal and interest payments and do not evaluate the risks of fluctuations in market value; therefore, they may not fully reflect the true risks of an investment. Moreover, market conditions may significantly impair the value and liquidity of investments and may result in a lack of correlation between their credit ratings and value. Also, rating agencies may fail to make timely changes in credit ratings in response to subsequent events, so that an issuer's current financial condition may be better or worse than a rating indicates. In addition, many of the Fund's investments are not expected to be assigned public ratings by the rating agencies.

#### PREPAYMENT RISK
Senior mortgage loans, junior notes, mezzanine loans and certain CMBS loans may be subject to prepayment, which is affected by a number of factors. If prevailing rates for similar loans fall below the interest rates on such loans, prepayment rates would generally be expected to increase, reducing the yield to maturity and average life of the investment. If the Fund reinvests the proceeds of such prepayments, it will likely do so at a lower rate of interest. Conversely, if prevailing rates for similar loans rise above the interest rates on such loans, prepayment rates would generally be expected to decrease, creating maturity extension risk, and potentially increasing the Fund's volatility.

#### COUNTERPARTY RISK
Certain of the Fund's investments will transpire in private markets. Differing market standards for counterparty credit evaluation may expose the Fund to the risk that a counterparty will not complete or settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (irrespective of whether bona fide), counterparty default, or inability to perform, causing the Fund to suffer a loss. Such "counterparty" risk is accentuated for contracts with longer maturities or where the Adviser has concentrated the Fund's transactions with a particular counterparty or group of counterparties.

#### LIMITATIONS ON REMEDIES RISK
Although the Fund will have certain contractual remedies upon the default by borrowers under certain investments, such as foreclosing in the underlying real estate or collecting rents generated therefrom or acquiring equity interests in the borrower or property owning entity, certain legal requirements may limit the ability of the Fund to effectively exercise such remedies. Furthermore, the right of a mortgage lender to convert its loan position into an equity interest may be limited by certain common law or statutory prohibitions, which may operate to prevent a lender from exercising conversion rights from debt to equity interests. In this connection, the laws with respect to the rights of creditors and other investors in certain jurisdictions in which the Fund may invest may not be comprehensive or well developed, and the procedures for the judicial or other enforcement of such rights may be of limited effectiveness.

#### CONSUMER PROTECTION LAWS
The loans underlying certain of the Fund's investments and/or the originators of such loans may be subject to special rules, disclosure and licensing requirements and other provisions of federal and state consumer protection laws, including, among others, the federal Truth-in-Lending Act, Regulation Z, the Real Estate Settlement Procedures Act, the Equal Credit Opportunity Act, the Fair Credit Billing Act, the Fair Credit Reporting Act and related statutes. Failure to comply with these federal or state consumer protection laws and related statutes could subject lenders to specific statutory liabilities. In some cases, this liability may affect the subsequent assignees of such obligations, including the issuer of such securities. In particular, a lender's failure to comply with the federal Truth-in-Lending Act could subject such lender and its assignees to

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monetary penalties and could result in rescission. Numerous class action lawsuits have been filed in multiple states alleging violations of these statutes and seeking damages, rescission and other remedies. These suits have named the originators and current and former holders. If any issuer of a loan held by the Fund were to be named as a defendant in a class action lawsuit, the costs of defending or settling such lawsuit or a judgment could reduce the amount available for distribution on issuer's securities and could negatively impact the returns to the Fund.

#### GENERAL RISKS OF DIRECT INVESTMENTS IN REAL ESTATE
To a lesser degree, the Fund may invest in equity ownership interests in real estate as part of its investment strategy. The yields available from equity investments in real estate depend on the amount of income earned and capital appreciation generated by a property, as well as the expenses incurred in connection therewith. Accordingly, the performance of these investments is subject to the risks affecting cash flow, expenses, capital appreciation, and, to the extent the investments are leveraged, the risks incident to borrowing funds, including risks associated with changes in the general economic climate, changes in the overall real estate market, local real estate conditions, the financial condition of tenants, buyers and sellers of properties, supply of or demand for competing properties in an area, technological innovations that dramatically alter space and demand requirements, the availability of financing, changes in interest rates and mortgage availability, inflation, inventory availability and demand, taxes, competition based on rental rates, energy and supply shortages, various uninsured and uninsurable risks, government regulations, environmental laws and regulations, zoning laws, environmental claims arising in respect of real estate acquired with undisclosed or unknown environmental problems or as to which inadequate reserves had been established, changes in the relative popularity of property types and locations, risks due to dependence on cash flow and risks and operating problems arising out of the presence of certain construction materials, force majeure, acts of war (declared and undeclared), terrorist acts, strikes and other factors which are beyond the control of the Fund. In addition, rising interest rates could make alternative interest bearing and other investments more attractive and, therefore, potentially lower the relative value of any existing real estate investments.

When interest rates decline, borrowers may pay off their loans sooner than expected. This can reduce the returns of the Fund because the Fund may have to reinvest that money at the lower prevailing interest rates. In addition, the creditworthiness, servicing practices, and financial viability of the loan servicers present significant risks. For instance, a servicer may be required to make advances in respect of delinquent loans underlying mortgage-related securities; however, servicers experiencing financial difficulties may not be able to perform these obligations.

#### INSUFFICIENT CASH FLOW
Certain significant expenditures associated with an investment in real estate (such as mortgage payments, real estate taxes and maintenance costs) generally do not decline when circumstances cause a reduction in income from the property. In the event that the Fund does not have sufficient cash available to it through its operations to continue operating its business as usual, the Fund may need to find alternative ways to increase its liquidity. Such alternatives may include, without limitation: divesting itself of properties, whether or not they otherwise meet the Fund's strategic objectives to keep in the long-term, at less than optimal terms; incurring debt; entering into leases with its tenants at lower rental rates or less than optimal terms; or entering into lease renewals with its existing tenants without an increase in, and with possibly lower, rental rates. There can be no assurance, however, that such alternative ways to increase the Fund's liquidity will be available to the Fund. Additionally, taking such measures to increase the Fund's liquidity will adversely affect its business, results of operations and financial condition.

#### INFLATION/DEFLATION RISK.
Inflation risk is the risk that the value of certain assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Shares and distributions on the Shares can decline. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy (or expectations that such policies will change). In addition, during any periods of rising inflation, the dividend rates or borrowing costs associated with the Fund's use of leverage would likely increase, which would tend to further reduce returns to Shareholders.

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Deflation risk is the risk that prices throughout the economy decline over time — the opposite of inflation. Deflation could have an adverse effect on the creditworthiness of issuers and could make issuer defaults more likely, which could result in a decline in the value of the Fund's portfolio.

#### DEPENDENCE ON TENANTS; FINANCIAL CONDITION OF TENANTS
The Fund's revenues from direct investments in real estate will depend, at least in part, on the creditworthiness of tenants and would be adversely affected by the loss of or default by significant lessees. Much of the tenant base is expected to consist of non-rated and non-investment grade tenants. In addition, certain properties may be occupied by a single tenant, and as a result, the success of those properties depends on the financial stability of that tenant. Lease payment defaults by tenants could cause the Fund to reduce the amount of distributions to the Shareholders and could force the Fund to find an alternative source of funding to pay any mortgage loan interest or principal, taxes, or other obligations relating to the property. In the event of a tenant default, the Fund may also experience delays in enforcing the Fund's rights as landlord and may incur substantial costs in protecting its investment and re-leasing the property. If a lease is terminated, the value of the property may be immediately and negatively affected, and the Fund may be unable to lease the property for the rent previously received or at all or sell the property without incurring a loss.

A tenant of one or more of the Fund's properties or subsequently acquired properties may experience, from time to time, a downturn in its business which may weaken its financial condition and result in its failure to make rental payments when due. At any time, a tenant may seek the protection of bankruptcy or insolvency laws, which could result in the rejection and termination of such tenant's lease and thereby cause a reduction in the distributable cash flow of the Fund. No assurance can be given that tenants will not file for bankruptcy protection in the future or, if any tenants file, that they will affirm their leases and continue to make rental payments in a timely manner. If a tenant's lease is not affirmed following bankruptcy or if a tenant's financial condition weakens, the Fund's cash flow may be adversely affected.

#### PARTIAL OWNERSHIP INTERESTS
The Fund may hold properties indirectly by holding investments in Joint Venture Entities or Co-Investment Entities. Such investments may involve risks not present in investments where a third party is not involved, including the possibility that: (i) the co-venturer or partner may have control or governance rights over some or all aspects of an investment that are greater than those of the Fund; (ii) the Fund and a co-venturer or partner may reach an impasse on a major decision that requires the approval of both parties; (iii) a co-venturer or partner may at any time have economic or business interests or goals that are inconsistent with those of the Fund (including those that may be inconsistent with the qualification as a REIT of an entity through which the Fund invests); (iv) a co-venturer or partner may encounter liquidity or insolvency issues or may become bankrupt; (v) a co-venturer or partner may be in a position to take action contrary to the Fund's investment objective; (vi) a co-venturer or partner may take actions that subject the investment to liabilities in excess of, or other than, those contemplated; or (vii) in certain circumstances, the Fund may be liable for actions of its co-venturers or partners, each of which may subject the Fund's investments to liabilities in excess of or other than those contemplated by the Adviser. In addition, the Fund may rely upon the abilities and management expertise of a co-venturer or partner.

In connection with entering into joint venture agreements, the Fund expects to be subject to various restrictions with respect to the sale of its interests. Joint venture agreements typically include provisions setting forth rules and restrictions regarding buy-sell procedures, forced sale procedures and other liquidity transactions. It may also be more difficult for the Fund to sell its interest in any joint venture, partnership or entity with other owners than to sell its interest in other types of investments as a result of these restrictions. Moreover, the Fund may not have the liquidity to execute on a sale in connection with the exercise by a joint venture partner of its buy-sell right and, as a result, the Fund may be forced to sell to the joint venture partner on disadvantageous terms.

In addition, the Fund may grant co-venturers or partners joint approval rights with respect to major decisions concerning the management, financing and disposition of investments, which would increase the risk of deadlocks. A deadlock could delay the execution of the business plan for an applicable investment or require the Fund to engage in a buy-sell of the venture with a co-venturer or partner or conduct the forced sale of the applicable investment. As a result of these risks, the Fund may be unable to fully realize its target return on any such investment.

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#### RELIANCE ON THIRD-PARTY MANAGERS OR JOINT VENTURE PARTNERS
Although the Adviser will monitor the performance of each of the Fund's direct real estate investments, if any, the Adviser may engage third-party managers or joint venture partners to operate certain investments on a day-to-day basis. Affiliates of the Adviser, including FREG, will be engaged to provide property management and other services, at prevailing market rates, for the Fund's direct investments in real estate, if any. There can be no assurance that such managers or joint venture partners, including FREG or other affiliates of the Adviser, will be able to operate the real estate investments successfully.

#### LITIGATION
The Fund may be subject to litigation from time to time. The outcome of such proceedings may materially adversely affect the value of the Fund and may continue without resolution for extended periods of time. Any litigation may require the time, attention and resources of the Adviser, the Sub-Adviser and/or the Fund. The acquisition, ownership and disposition of real properties carries certain specific litigation risks. Litigation may be commenced with respect to a property acquired by the Fund or its subsidiaries in relation to activities that took place prior to the Fund's acquisition of such property. In addition, at the time of disposition of an individual property, a potential buyer may claim that it should have been afforded the opportunity to purchase the asset or alternatively that such potential buyer should be awarded due diligence expenses incurred or statutory damages for misrepresentation relating to disclosure made, if such buyer is passed over in favor of another as part of the Fund's efforts to maximize sale proceeds. Similarly, successful buyers may later sue the Fund under various damage theories, including those sounding in tort, for losses associated with latent defects or other problems not uncovered in due diligence.

#### INSURANCE RISK
Certain types of losses, generally of a catastrophic nature, such as earthquakes, floods and hurricanes may be uninsurable or not economically insurable. The Fund may not obtain, or be able to require tenants to obtain, certain types of insurance if it is deemed commercially unreasonable. Under such circumstances, the insurance proceeds, if any, might not be adequate to restore the economic value of the property, which might decrease the value of the property. As a result, the insured company could lose its investments in, and anticipated profits and cash flows from, a number of properties and, as a result, adversely affect the Fund's investment performance.

#### ENVIRONMENTAL RISK
The Fund may be exposed to substantial risk of loss arising from investments involving undisclosed or unknown environmental, health or occupational safety matters, or inadequate reserves, insurance or insurance proceeds for such matters that have been previously identified. Under various U.S. federal, state and local laws, ordinances and regulations, an owner of real property may be liable for the costs of removal or remediation of certain hazardous or toxic substances on or in such property. Such laws may also impose joint and several liability, which can result in a party being obligated to pay for greater than its share, or even all, of the liability involved. Such liability may also be imposed without regard to whether the owner knew of, or was responsible for, the presence of such hazardous or toxic substances and may be imposed on the owner in connection with the activities of a tenant at the property. The cost of any required remediation and the owner's liability therefore as to any property are generally not limited under such laws and could exceed the value of the property and/or the aggregate assets of the owner. The presence of such substances, or the failure to properly remediate contamination from such substances, would adversely affect the owner's ability to sell the real estate or to borrow funds using such property as collateral, which could have an adverse effect on the Fund's return from such investment. Environmental claims with respect to a specific investment could exceed the value of such investment, and under certain circumstances, subject the other assets of the Fund to such liabilities. In addition, some environmental laws create a lien on contaminated property in favor of governments or government agencies for costs they incur in connection with the contamination.

The ongoing presence of environmental contamination, pollutants or other hazardous materials on a property (whether known at the time of acquisition or not) could also result in personal injury (and associated liability) to persons on the property and persons removing such materials, future or continuing property damage (which would adversely affect property value) or claims by third parties, including as a result of exposure to such materials through the spread of contaminants.

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In addition, the Fund's operating costs and performance may be adversely affected by compliance obligations under environmental protection statutes, rules and regulations relating to investments of the Fund, including additional compliance obligations arising from any change to such statutes, rules and regulations. Statutes, rules and regulations may also restrict development of, and use of, property. Certain clean-up actions brought by governmental agencies and private parties could also impose obligations in relation to the Fund's investments and result in additional costs to the Fund. If the Fund is deemed liable for any such environmental liabilities and is unable to seek recovery against its tenant, the Fund's business, financial condition and results of operations could be materially and adversely affected, and the amount available to make distributions could be reduced.

Further, even in cases where the Fund is indemnified by the seller with respect to an investment against liabilities arising out of violations of environmental laws and regulations, there can be no assurance as to the financial viability of the seller to satisfy such indemnities or the ability of the Fund to achieve enforcement of such indemnities.

#### AVAILABILITY OF FINANCING
The Fund's business may be adversely affected by disruptions in the debt and equity capital markets and institutional lending market, including the lack of access to capital or prohibitively high costs of obtaining or replacing capital. For example, access to the capital markets and other sources of liquidity was severely disrupted during the 2008 financial crisis and the markets could, in the future, suffer another severe downturn and another liquidity crisis could emerge. There can be no assurance that any financing will be available to the Fund in the future on acceptable terms, if at all, or that it will be able to satisfy the conditions precedent required to use its credit facilities, if entered into, which could reduce the number, or alter the type, of investments that the Fund would make otherwise. This may reduce the Fund's income. To the extent that financing proves to be unavailable when needed, the Fund may be compelled to modify its investment strategy to optimize the performance of the portfolio. Any failure to obtain financing could have a material adverse effect on the continued development or growth of the Fund's business and harm the Fund's ability to operate and make distributions.

#### MATURITY RISK
The Fund's general financing strategy is focused on the use of "match-funded" structures. This means that the Fund will seek to align the maturities of its liabilities with the maturities on its assets in order to manage the risks of being forced to refinance its liabilities prior to the maturities of its assets. In addition, the Fund plans to match interest rates on its assets with like-kind borrowings, so fixed-rate investments are financed with fixed-rate borrowings and floating-rate assets are financed with floating-rate borrowings, directly or indirectly through the use of interest rate swaps, caps and other financial instruments or through a combination of these strategies. The Fund may fail to appropriately employ match-funded structures on favorable terms, or at all. The Fund may also determine not to pursue a fully match-funded strategy with respect to a portion of its financings for a variety of reasons. If the Fund fails to appropriately employ match-funded strategies or determines not to pursue such a strategy, its exposure to interest rate volatility and exposure to matching liabilities prior to the maturity of the corresponding asset may increase substantially which could harm the Fund's operating results, liquidity and financial condition.

#### INTEREST RATE RISK
The Fund's financial performance will be influenced by changes in interest rates; in particular, such changes may affect the performance of real estate-related debt investments and publicly traded commercial real estate securities to the extent such debt does not float as a result of floors or otherwise. Changes in interest rates, including changes in expected interest rates or "yield curves," affect the Fund's business in a number of ways. Changes in the general level of interest rates can affect the Fund's net interest income, which is the difference between the interest income earned on the Fund's interest-earning assets and the interest expense incurred in connection with its interest-bearing borrowings and hedges. Changes in the level of interest rates also can affect, among other things, the Fund's ability to acquire certain publicly traded commercial real estate securities, acquire certain real estate-related debt investments at attractive prices and enter into hedging transactions. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political conditions, and other factors beyond its control. If market interest rates increase further in the future, the interest rate on any variable rate borrowings will increase and will create higher debt service requirements, which would adversely affect the Fund's cash flow and could adversely impact the Fund's results of operations.

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For example, if interest rates increase, so could the Fund's interest costs for new debt, including variable rate debt obligations under any credit facility or other financing. This increased cost could make the financing of any development or acquisition more costly. During periods of very low or negative interest rates, the Fund may be unable to maintain positive returns. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates.

Furthermore, shifts in the U.S. Treasury yield curve reflecting an increase in interest rates would also affect the yield required on certain of the publicly traded CRE securities and therefore their value. For instance, increasing interest rates would reduce the value of the fixed rate assets the Fund holds at the time because the higher yields required by increased interest rates result in lower market prices on existing fixed rate assets in order to adjust the yield upward to meet the market and vice versa. This would have similar effects on the Fund's portfolio of publicly traded CRE securities and the Fund's financial position and operations as a change in interest rates generally.

The Fund's operating results will depend in large part on differences between the income from the Fund's assets less its operating costs, reduced by any credit losses and financing costs. Income from the Fund's assets may respond more slowly to interest rate fluctuations than the cost of its borrowings. Consequently, changes in interest rates, particularly short-term interest rates, may significantly influence the Fund's net income. Increases in these rates may decrease the Fund's net income and fair value of the Fund's assets. Interest rate fluctuations resulting in the Fund's interest expense exceeding the income from the Fund's assets would result in operating losses for the Fund and may limit the Fund's ability to make distributions. In addition, if the Fund needs to repay existing borrowings during periods of rising interest rates, it could be required to liquidate one or more of its investments at times that may not permit realization of the maximum return on those investments, which would adversely affect the Fund's profitability. Under normal market conditions, the Fund does not intend to hedge the Fund's exposure to interest rate risk, which may cause the Fund to incur losses that would not have been incurred had such risk been hedged.

#### SHORT-TERM BORROWING RISK
The Fund may be dependent on short-term financing arrangements that are not matched in duration to its financial assets. Short-term borrowing through reverse repurchase agreements, credit facilities and other types of borrowings may be recourse to the Fund and may put the Fund's assets and financial condition at risk. The Fund's financing structures may economically resemble short-term, floating-rate financing and usually require the maintenance of specific loan-to-collateral value ratios and other covenants. In the event that the Fund is unable to meet the collateral obligations for its short-term financing arrangements, the Fund's financial condition could deteriorate rapidly.

#### RESTRICTIVE COVENANT RISKS
When providing financing, a lender may impose restrictions on the Fund that affect its distribution and operating policies and its ability to incur additional borrowings. Financing arrangements that the Fund may enter into may contain covenants that limit its ability to further incur borrowings and restrict distributions to the Shareholders or that prohibit it from discontinuing insurance coverage. Credit facilities the Fund may enter into may contain financial covenants, including a minimum unrestricted cash covenant. These or other limitations would decrease the Fund's operating flexibility and its ability to achieve its operating objectives, including making distributions.

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Risks Related to the Fund's Status as a REIT

**Failure to maintain our qualification as a REIT would cause us to be taxed as a regular corporation, which would substantially reduce funds available for distribution to our Shareholders.**

The Fund has elected to be taxed as and intends to operate in a manner that will allow it to qualify for taxation as a REIT under the Code. However, qualification as a REIT involves the application of complex Code provisions. For some of these provisions, only a limited number of judicial or administrative interpretations exist. The Fund has not requested and does not plan to request a ruling from the Internal Revenue Service (the "***IRS***") that the Fund qualifies as a REIT. Therefore, it cannot be assured that the Fund will qualify as a REIT, or that it will remain qualified as such in the future. Notwithstanding the availability of cure provisions in the Code, the Fund could fail to satisfy various requirements for maintaining its qualification for taxation as a REIT. If the Fund fails to qualify as a REIT in any tax year, and was not entitled to relief under applicable statutory provisions, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; it would be taxed as a regular domestic corporation, which means being unable to deduct dividends paid to Shareholders in computing its taxable income and being subject to U.S. federal and applicable state and local income tax on its taxable income at regular corporate income tax rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; any resulting tax liability could be substantial and could have a material adverse effect on the Fund's net asset value and cash available for distribution to Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; it generally would not be eligible to re-elect to be taxed as a REIT until the fifth calendar year after the year in which the Fund failed to qualify as a REIT.

In addition, if the Fund fails to qualify as a REIT, it will no longer be required to make distributions. As a result of all these factors, failure to qualify as a REIT could impair the Fund's ability to expand our business and raise capital, and it would adversely affect the value of our Shares.

#### LEGISLATIVE OR REGULATORY ACTION COULD ADVERSELY AFFECT THE RETURNS TO SHAREHOLDERS.
In recent years, numerous legislative, judicial and administrative changes have been made to the U.S. federal income tax laws applicable to investments in real estate and REITs, and it is possible that additional legislation may be enacted in the future. The Fund cannot assure Shareholders that any such future changes to the U.S. federal income tax laws or regulatory changes will not adversely affect their taxation, the Fund's business or financial results, the value of their Shares or the market value or the resale potential of the Fund's assets. The REIT rules are regularly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department, which may result in revisions to regulations and interpretations in addition to statutory changes. If enacted, certain of such changes could have an adverse impact on our business and financial results.

We cannot predict whether, when, or to what extent any new U.S. federal tax laws, regulations, interpretations, or rulings will impact the real estate investment industry or REITs, including whether various favorable U.S. federal tax laws will be extended. Shareholders are urged to consult with their own tax advisor regarding the effect of potential future changes to the U.S. federal tax laws on an investment in the Shares.

#### TO MAINTAIN REIT STATUS, THE FUND MAY BE FORCED TO BORROW FUNDS DURING UNFAVORABLE MARKET CONDITIONS OR ON UNFAVORABLE TERMS.
To qualify as a REIT, the Fund must distribute annually to its Shareholders dividends equal to at least 90% of its net taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains. The Fund will be subject to regular corporate income taxes on any undistributed REIT taxable income, each year, including any undistributed net capital gains. Additionally, the Fund will be subject to a 4% nondeductible excise tax on any amount by which distributions paid (or deemed paid) by it in any calendar year are less than the sum of 85% of its ordinary income, 95% of its capital gain

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net income and 100% of its undistributed income from previous years. Payments the Fund makes to its Shareholders under its share repurchase plan may not be taken into account for purposes of these distribution requirements. If the Fund does not have sufficient cash to make distributions necessary to preserve its REIT status for any year or to avoid taxation, the Fund may be forced to borrow funds or sell assets even if the market conditions at that time are not favorable for these borrowings or sales. We cannot assure you that we will have access to such capital on favorable terms at the desired times, or at all, which may cause us to curtail our investment activities or dispose of assets at inopportune times or on unfavorable terms, which could materially and adversely affect our financial condition, results of operations, cash flow, cash available for distribution, and ability to service our debt obligations.

#### COMPLYING WITH REIT REQUIREMENTS MAY CAUSE US TO FOREGO OTHERWISE ATTRACTIVE OPPORTUNITIES OR LIQUIDATE OTHERWISE ATTRACTIVE INVESTMENTS.
To qualify as a REIT, the Fund is required at all times to satisfy tests relating to, among other things, the sources of its income, the nature and diversification of its assets, the ownership of its stock and the amounts it distributes to its Shareholders. Compliance with the REIT requirements may impair the Fund's ability to operate solely on the basis of maximizing profits. For example, the Fund may be required to make distributions to Shareholders at disadvantageous times or when the Fund does not have funds readily available for distribution.

In addition, to qualify as a REIT, at the end of each calendar quarter, at least 75% of the value of the Fund's assets must consist of cash, cash items, government securities and qualified real estate assets. The remainder of its investments in securities (other than qualified real estate assets and government securities) generally cannot include securities which represent more than 10% of the value or voting power of any one issuer (for this purpose, securities that constitute "straight debt" are excluded) unless the Fund and such issuer jointly elect for such issuer to be treated as a TRS. Debt will generally constitute "straight debt" if the debt is a written unconditional promise to pay on demand or on a specified date a certain sum of money, the debt is not convertible, directly or indirectly, into stock, and the interest rate and the interest payment dates of the debt are not contingent on profits, the borrower's discretion, or similar factors. Additionally, no more than 5% of the value of the Fund's assets (other than government securities and qualified real estate assets) can consist of the securities of any one issuer, no more than 25% of the value of our assets may be represented by securities of one or more TRS (20% for taxable years beginning before December 31, 2025), and no more than 25% of the value of Fund's total assets may be represented by debt instruments of publicly offered REITs that are not secured by mortgages on real property or interests in real property. If the Fund fails to comply with these requirements at the end of any calendar quarter, the Fund must dispose of all or a portion of such non-compliant assets within 30 days after the end of such calendar quarter or qualify for certain statutory relief provisions to avoid losing its REIT qualification and suffering adverse tax consequences. In order to satisfy these requirements and maintain its qualification as a REIT, the Fund may be forced to liquidate assets from its portfolio or not make otherwise attractive investments. These actions could have the effect of reducing the Fund's income and amounts available for distribution to its Shareholders.

#### SHAREHOLDERS MAY BE RESTRICTED FROM ACQUIRING OR TRANSFERRING CERTAIN AMOUNTS OF SHARES.
For the Fund to qualify as a REIT under the Code, not more than 50% of the value of its outstanding Shares may be owned, beneficially or constructively, by five or fewer individuals (including certain entities treated as individuals for this purpose) at any time during the last half of a taxable year. Additionally, at least 100 persons must beneficially own our capital stock during at least 335 days of a taxable year. The Declaration of Trust contains certain transfer and ownership limitations intended to assist the Fund in continuing to satisfy the share ownership requirements that apply to REITs. However, the rules that apply to determine ownership of a REIT are complex. If the Fund were to fail to satisfy a share ownership requirement and was unable to avail itself of any applicable relief provisions, it would fail to qualify for taxation as a REIT.

#### EVEN IF WE QUALIFY AS A REIT, WE MAY FACE OTHER TAX LIABILITIES THAT REDUCE OUR CASH FLOW.
Even if the Fund qualifies for taxation as a REIT, the Fund may be subject to certain U.S. federal, state and local taxes on the Fund's income and assets, on taxable income that the Fund does not distribute to its Investors, on net income from certain "prohibited transactions," and on income from some activities conducted as a result of a foreclosure, and state or local income, property and transfer taxes. For example, to the extent the Fund satisfies the 90% distribution requirement but distribute less than 100% of the Fund's REIT taxable income, the Fund will be subject to U.S. federal corporate income

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tax on the Fund's undistributed taxable income and gain. The Fund also will be subject to a 4% nondeductible excise tax if the actual amount that the Fund distributes (or is deemed to distribute) to its Shareholders in a calendar year is less than a minimum amount specified under the Code. As another example, the Fund is subject to a 100% "prohibited transaction" tax on any gain from a sale of property that is characterized as held for sale in the ordinary course of business, rather than investment, for U.S. federal income tax purposes, unless the Fund earns the gain through a TRS. While a safe harbor to the characterization of the sale of real property by a REIT as a "prohibited transaction" is available, there is no assurance that the Fund can comply with the safe harbor or that the Fund will avoid owning property that may be characterized as held primarily for sale to customers in the ordinary course of business. Further, any TRS that the Fund establishes will be subject to regular corporate U.S. federal, state and local taxes. Any of these taxes would decrease cash available for distribution to Shareholders.

#### THE BOARD MAY REVOKE THE FUND'S REIT ELECTION.
The Declaration of Trust authorizes the Board to revoke or otherwise terminate its REIT election, without the approval of the Fund's Shareholders, if it determines that it is no longer in the Fund's best interests to qualify as a REIT. The Board has fiduciary duties to the Fund and its Shareholders and could only cause such changes in the Fund's tax treatment if it determines in good faith that such changes are in the Fund's best interests and in the best interests of the Shareholders. In this event, the Fund would become subject to U.S. federal income tax on its taxable income, and the Fund would no longer be required to distribute most of its net income to its Shareholders, which may cause a reduction in the total return to its Shareholders.

#### PARTICIPATING IN THE FUND'S DRIP WILL RESULT IN A DEEMED DIVIDEND TO PARTICIPATING SHAREHOLDERS, WHICH MAY BE TAXABLE.
If a Shareholder participates in the Fund's DRIP, such Shareholder will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in the Fund's shares. Therefore, unless the Shareholder is a tax-exempt entity or the distribution was designated as a tax-free return of capital, such Shareholder may be forced to use funds from other sources to pay its tax liability on the reinvested dividends.

#### DIVIDENDS PAYABLE TO REITS DO NOT QUALIFY FOR THE REDUCED TAX RATES AVAILABLE FOR SOME DIVIDENDS.
The maximum tax rate applicable to qualified dividend income payable to certain non-corporate U.S. shareholders, including individuals, is currently 20%. Dividends payable by REITs, however, generally are not eligible for the reduced rates. REIT dividends that are not designated as qualified dividend income or capital gain dividends are taxable as ordinary income, the current maximum rate of which is 37% ("***ordinary income dividends***"). Although this does not adversely affect the taxation of REITs or dividends payable by REITs, the more favorable rates applicable to regular corporate qualified dividend income could cause certain non-corporate investors to perceive investments in REITs to be relatively less attractive than investments in the stocks of non-REIT corporations that pay dividends. However, non-corporate U.S. taxpayers are generally allowed to deduct 20% of the aggregate amount of REIT ordinary income dividends, subject to certain limitations, which would reduce the maximum marginal effective tax rate for individuals on such REIT ordinary income dividends to 29.6%. Potential investors are urged to consult with their tax advisors regarding the availability of this deduction and their effective tax rate with respect to REIT ordinary income dividends.

#### MEZZANINE LOANS THAT THE FUND ACQUIRES MAY NOT QUALIFY AS "REAL ESTATE ASSETS" FOR PURPOSES OF THE REIT TESTS.
The Fund may acquire mezzanine loans (i.e., loans secured by a pledge of the ownership interests in an entity which directly or indirectly owns property). The IRS has provided a safe harbor which, if met, provides greater certainty that a mezzanine loan will be treated as a "real estate asset" for purposes of the REIT asset and the interest derived from the mezzanine loan will be treated as qualifying mortgage interest for purposes of the REIT 75% income test. The Fund may acquire mezzanine loans that do not meet all of the requirements of this safe harbor. In the event the Fund owns a mezzanine loan that does not meet the safe harbor, the IRS could challenge such loan's treatment as a real estate asset for purposes of the REIT asset and income tests and, if such a challenge were sustained, the Fund could fail to qualify as a REIT.

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#### THE FUND MAY CONDUCT BUSINESS THROUGH TRSs.
The Fund may conduct certain activities or invest in assets through one or more TRSs. A TRS is a corporation in which a REIT directly or indirectly holds stock and that has made a joint election with such REIT to be treated as a TRS. Other than some activities relating to management of hotel and health care properties, a TRS may generally engage in any business, including the provision of customary or non-customary services to tenants of its parent REIT. However, the TRS is subject to U.S. federal income tax as a C corporation and will pay U.S. federal and state and local income taxes on its taxable income.

In addition, if the economic arrangements between the Fund and any of its TRSs are not conducted on an arm's-length basis, the Fund must pay a 100% excise tax on certain payments that it makes or receives. The Fund intends to structure transactions with any TRS on terms that it believes are arm's length to avoid incurring the 100% excise tax described above, however, the IRS may successfully assert that the economic arrangements of the Fund's intercompany transactions are not comparable to similar arrangements between unrelated parties.

No more than 25% of the value of a REIT's total assets (20% for taxable years beginning on or before December 31, 2025) may consist of stock or securities of one or more TRSs. This requirement limits the extent to which the Fund can hold assets or conduct its activities through TRSs. The values of the TRS and the Fund's assets may not be precisely determined and may change in the future. If the Fund fails to comply with these requirements at the end of any calendar quarter, it must correct the failure within 30 days after the end of the calendar quarter or qualify for certain statutory relief provisions to avoid losing its REIT qualification and suffering adverse tax consequences. As a result, we may be required to liquidate otherwise attractive investments. These actions could have the effect of reducing our income and amounts available for distribution to our stockholders.

#### THE REIT QUALIFICATION RULES MAY LIMIT THE FUND'S ABILITY TO HEDGE INTEREST RATE RISK.
Although the Fund does not intend to hedge its interest rate risk, Shareholders should be aware that the REIT provisions of the Code may limit the Fund's ability to hedge its assets and operations. Under these provisions, any income that the Fund generates from hedging transactions will be excluded from gross income for purposes of the 75% and 95% REIT gross income tests if: (i) the instrument (A) hedges interest rate risk or foreign currency exposure on liabilities used to carry or acquire real estate assets, (B) hedges risk of currency fluctuations with respect to any item of income or gain that would be qualifying income under the 75% or 95% gross income tests or (C) hedges a position entered into pursuant to clause (A) or (B) after the extinguishment of such liability or disposition of the asset producing such income; and (ii) such instrument is properly identified under applicable Treasury Regulations. Income from hedging transactions that does not meet these requirements will generally constitute non-qualifying income for purposes of both the 75% and 95% gross income tests. As a result of these rules, the Fund may have to limit its use of hedging techniques that might otherwise be advantageous or implement those hedges through a TRS. This could increase the cost of the Fund's hedging activities because its TRS would be subject to tax on gains or expose it to greater risks associated with changes in interest rates than the Fund would otherwise want to bear. In addition, losses in a TRS will generally not provide any tax benefit, except for being carried forward against future taxable income of the TRS.

#### INVESTMENTS IN "TAXABLE MORTGAGE POOLS" COULD RESULT IN ADVERSE TAX CONSEQUENCES FOR TAX-EXEMPT AND NON-U.S. SHAREHOLDERS.
Securitizations of CMBSs and CRE CLOs could result in the creation of "taxable mortgage pools" for U.S. federal income tax purposes. So long as the Fund owns 100% of the equity interests in a taxable mortgage pool, the Fund's REIT status generally would not be adversely affected by the characterization of the securitization as a taxable mortgage pool. Certain categories of shareholders, however, such as foreign shareholders eligible for treaty or other benefits, shareholders with net operating losses, and certain tax-exempt shareholders that are subject to unrelated business income tax, could be subject to increased taxes on a portion of their dividend income from the Fund that is attributable to the taxable mortgage pool.

#### INVESTMENTS IN CONSTRUCTION LOANS COULD AFFECT THE FUND'S QUALIFICATION AS A REIT.
The Fund may invest in construction loans. In order for the construction loan to constitute a "qualifying asset" under the REIT tests, the value of the real property securing the construction loan must be equal to or greater than the highest outstanding principal amount of the construction loan during any taxable year. If the construction loan constitutes a "qualifying asset",

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the construction loan will count toward the REIT's 75% asset test and the interest from such construction loan generally will be qualifying income for purposes of the REIT gross income tests. For purposes of determining the value of the real property securing a construction loan, the real property is generally valued at the fair market value of the land plus the reasonably estimated cost of the improvements or developments (other than personal property) that secure the loan and that are to be constructed from the proceeds of the loan. There can be no assurance that the IRS would not challenge the Fund's estimate of the loan value of the real property.

#### THE PROHIBITED TRANSACTION TAX MAY LIMIT THE FUND'S ABILITY TO DISPOSE OF CERTAIN PROPERTIES.
The Fund's ability to dispose of property may be restricted as a result of the Fund's REIT status. The Fund will be subject to a 100% tax on any gain realized on the sale or other disposition of any property (other than foreclosure property) that it owns, directly or through a subsidiary (other than a TRS), that is deemed to be inventory or property held primarily for sale to customers in the ordinary course of trade or business. Whether property is inventory or otherwise held primarily for sale to customers in the ordinary course of a trade or business depends on the particular facts and circumstances surrounding each property. The Code provides safe harbors to avoid the characterization of the sale of property by a REIT as a "prohibited transaction". The Fund intends to avoid the 100% prohibited transaction tax by (1) conducting activities that may otherwise be considered prohibited transactions through a TRS, (2) conducting its operations in such a manner to hold property for investment rather than as held primarily for sale, or (3) structuring dispositions of the Fund's properties in a way to comply with the safe harbors available under the Code. However, no assurance can be given that any particular property will not be treated as inventory or property held primarily for sale to customers in the ordinary course of a trade or business or that a safe harbor will apply.

#### CHARACTERIZATION OF REVERSE REPURCHASE AGREEMENTS MAY AFFECT THE FUND'S QUALIFICATION AS A REIT.
The Fund is party to certain reverse repurchase agreements whereby the Fund will sell assets to the counterparty to the agreement and receives cash from the counterparty. The Fund agrees to repurchase such assets at an agreed upon date and price, and the counterparty is obligated to resell the assets back to the Fund at the end of the term specified in the reverse repurchase agreement and at the price specified in the reverse repurchase agreement. During the reverse repurchase agreement period, the Fund continues to receive principal and interest payments on the securities. The Fund intends to limit its reverse repurchase agreements to those under which, for U.S. federal income tax purposes, it will be treated as the owner of the assets that are the subject of the reverse repurchase agreements and that the reverse repurchase agreements will be treated as secured borrowing transactions notwithstanding that such agreements may transfer record ownership of the assets to the counterparty during the term of the agreement. It is possible, however, that the IRS could successfully assert that the Fund did not own these assets during the term of the reverse repurchase agreements, in which case, the Fund will be treated as having sold the underlying assets of the repurchase agreements and, therefore, the underlying assets of the reverse repurchase agreement and the income generated by such assets will not be included in the REIT asset and gross income tests.

**OUR QUALIFICATION AS A REIT AND EXEMPTION FROM U.S. FEDERAL INCOME TAX WITH RESPECT TO CERTAIN ASSETS MAY BE DEPENDENT ON THE ACCURACY OF LEGAL OPINIONS OR ADVICE RENDERED OR GIVEN OR STATEMENTS BY THE ISSUERS OF ASSETS THAT WE ACQUIRE, AND THE INACCURACY OF ANY OPINIONS, ADVICE OR STATEMENTS MAY ADVERSELY AFFECT OUR REIT QUALIFICATION AND RESULT IN SIGNIFICANT CORPORATE-LEVEL TAX.**

The Fund may make investments in securities or other assets whose U.S. income tax treatment is not entirely clear, the Fund may rely on opinions or advice of counsel for the issuer of such securities, or statements made in related offering documents, for purposes of determining whether such securities represent debt or equity securities for U.S. federal income tax purposes, and also to what extent those securities constitute REIT real estate assets for purposes of the REIT asset tests and produce income which qualifies under the 75% REIT gross income test. In addition, when purchasing the equity tranche of a securitization, the Fund may rely on opinions or advice of counsel regarding the qualification of the securitization for exemption from U.S. corporate income tax and the qualification of interests in such securitization as debt for U.S. federal income tax purposes. The inaccuracy of any such opinions, advice or statements may adversely affect the Fund's REIT qualification and result in significant corporate-level tax.

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<u> Management of the Fund</u> <br>      

#### TRUSTEES AND OFFICERS
The Board is responsible for the overall management of the Fund, including supervision of the duties performed by the Adviser, adopting the investment and other policies of the Fund, electing and replacing officers and selecting and supervising the Adviser and other service providers. The Board consists of four Trustees, including three Independent Trustees.

The name and business address of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years, as well as a description of the responsibilities of the various committees of the Board, are set forth under "Management" in the SAI.

#### ADVISER
FREIF Advisors LLC, the Adviser, is an investment adviser registered with the SEC under the Advisers Act. Pursuant to the Investment Management Agreement, the Adviser is responsible for overseeing the management of the Fund's activities, including investment strategies, investment goals, asset allocation, leverage limitations, reporting requirements and other guidelines in addition to the general monitoring of the Fund's portfolios, subject to the oversight of the Board. The Adviser has sole discretion to make all investments for the Fund. The Adviser's principal offices are located at 240 Saint Paul Street, Suite 400, Denver, CO 80206.

The Adviser is a wholly-owned subsidiary of Forum Capital Advisors LLC, an SEC registered investment adviser that was previously the investment adviser to the Fund, and an indirect, wholly-owned subsidiary of Forum Investment Group. The Adviser is an affiliate of FREG, a full-service real estate investment firm with a focus on multifamily development and acquisitions and opportunistic commercial acquisition and development. Affiliates of the Adviser, including FREG, may be engaged to provide property management and other services, at prevailing market rates, for the Fund's direct investments in real estate, if any. The Adviser and FREG have 60+ team members.

#### SUB-ADVISER
The Adviser has engaged Nuveen, with a principal place of business at 333 West Wacker Drive, Chicago, IL 60606, to serve as the Fund's non-discretionary sub-adviser. Under the supervision of the Adviser, Nuveen provides the Adviser with certain non-discretionary sub-advisory services related to the Fund's investments in CMBS. Nuveen is a registered investment adviser and an indirect wholly-owned subsidiary of Teachers Insurance and Annuity Association of America ("TIAA"), located at 730 Third Avenue, New York, NY 10017. TIAA is a stock life insurance company organized under New York law.

Nuveen is a global investment leader, managing an array of public and private assets for clients around the world and on behalf of its parent company, TIAA. As of December 31, 2025, Nuveen and its affiliates managed approximately $1.3 trillion across multiple asset classes and geographies, including approximately $31 billion in securitized credit, including CMBS. Nuveen's global fixed-income team consists of approximately 208 investment professionals with an average of 18 years of industry experience.

TIAA or its affiliates, including Nuveen, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, the Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to a Nuveen account's investments and/or the internal policies of TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

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#### PORTFOLIO MANAGERS
Pat Brophy has been the Fund's Portfolio Manager since April 2021 and is responsible for day-to-day management of the Fund's investment portfolio. He has nearly 30 years of wide-ranging experience in real estate and financial services. Prior to joining the Adviser, Mr. Brophy managed the Global Real Estate Strategy at Janus Henderson Investors ("Janus Henderson"). Prior to joining Janus Henderson in 2005, he was a Principal/Partner at THK Associates, Inc., a Denver-based market economics and land-planning firm. His expertise is in economic analysis, real estate valuation, property development and acquisition strategies. He received his B.A. in history from Dartmouth College.

Neil Shah has been the Fund's Portfolio Manager since April 2023 and is responsible for day-to-day management of the Fund's investment portfolio. He has more than 14 years of experience in commercial real estate finance, with a focus on CMBS, multifamily credit, and multifamily credit risk transfer programs. Prior to joining the Adviser, Mr. Shah was Director of Capital Markets & Trading at Systima Capital Management and held prior roles at Greystone and Goldman Sachs. Mr. Shah received his bachelor's degrees in Mathematics, Economics and Finance from Indiana University and a Master of Science in Finance and Economics from the London School of Economics and Political Science.

*Jason Brooks*, Head of Debt at Forum Capital Advisors LLC since May 2025 and Portfolio Manager of the Fund since June 2025, is responsible for overseeing and managing all aspects of debt-related investments and strategies for the Fund, the Adviser, FREG and their respective affiliated or related entities ("Forum"). Mr. Brooks brings over 22 years of experience in capital markets, real estate securities, and investment management to Forum. Prior to joining Forum, Mr. Brooks was a Portfolio Manager and Global Securitized Products Analyst at Janus Henderson, where he spent more than 12 years conducting research and making investment recommendations across Janus's fixed income strategies. Before that, Mr. Brooks served as a Director at TIAA, where he led CMBS research and supported fixed income mutual fund investments. Earlier in his career, he was an Associate at Gramercy Capital Corp, responsible for asset selection and surveillance of real estate securities, including leadership on both cash and synthetic CDO issuances. Mr. Brooks holds a Bachelor of Business Administration in Finance from the College of William & Mary and an MBA in Finance from the Fordham Gabelli School of Business.

The SAI provides additional information about the Portfolio Managers' compensation, other accounts managed by the Portfolio Managers, and the Portfolio Managers' ownership of securities in the Fund.

#### INVESTMENT MANAGEMENT AGREEMENT
Pursuant to the Investment Management Agreement between the Fund and the Adviser, and in consideration of the advisory services provided by the Adviser to the Fund, the Adviser is entitled to a management fee that is calculated daily and payable monthly in arrears at the annual rate of 1.50% of the Fund's average daily net assets (the "***Management Fee***"). Under the terms of the Investment Management Agreement, the Adviser bears its expenses associated with providing its services to the Fund, including compensation of, travel expenses, and office space for its officers and employees connected with investment and economic research, trading and investment management, and administration of the Fund. The Fund bears all other expenses incurred in its operations, including amounts that the Fund reimburses to the Adviser for certain administrative services that the Adviser provides or arranges at its expense to be provided to the Fund pursuant to the Investment Management Agreement.

#### SUB-ADVISORY AGREEMENT
Pursuant to the Sub-Advisory Agreement between the Adviser and the Sub-Adviser (the "***Sub-Advisory Agreement***"), the Sub-Adviser provides non-discretionary investment services with respect to the Fund's investments in CMBS. Subject to the direction and control of the Adviser and oversight by the Board, the Sub-Adviser recommends the purchase, retention and disposition of allocated assets in accordance with the Fund's investment objectives, policies and restrictions, applicable law and the portfolio parameters established for the Fund. For services rendered by the Sub-Adviser, the Adviser, and not the Fund, pays the Sub-Adviser a fee calculated on the daily net value of subject assets (as defined in the Sub-Advisory Agreement), accrued daily and payable monthly in arrears, at annual rates of 0.35% on the first $250 million of subject assets, 0.30% on the next $250 million of subject assets and 0.25% on subject assets in excess of $500 million.

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The basis for the Board's approval of the continuance of the Investment Management Agreement and the approval of the Sub-Advisory Agreement between the Adviser and the Sub-Adviser is included in the Fund's semi-annual report for the period ended June 30, 2025.

#### ADMINISTRATOR AND TRANSFER AGENT
The Fund has retained UMB Fund Services Inc., located at 235 W Galena Street, Milwaukee, WI 53212-3948, as the Administrator and Transfer Agent to provide certain fund services, including fund administration, fund accounting, and transfer agency services to the Fund. The Fund compensates the Administrator for these services and reimburses certain of its out-of-pocket expenses pursuant to the Administrative Services Agreement and Transfer Agency Agreement.

#### EXPENSE LIMITATION AGREEMENT
The Adviser and the Fund have entered into the Expense Limitation Agreement pursuant to which the Adviser has contractually agreed to waive its management fee and/or pay or reimburse the ordinary annual operating expenses of the Fund to the extent necessary to limit the Fund's operating expenses to 2.80% of the Class K Shares average daily net assets, 1.90% of the Class I Shares average daily net assets, 2.55% of the Class M Shares average daily net assets, and 1.80% of the Founders Shares average daily net assets. Ordinary operating expenses include organization and offering costs, but exclude brokerage commissions and other similar transactional expenses, interest (including interest incurred on borrowed funds and interest incurred in connection with bank and custody overdrafts), other borrowing costs and fees (including commitment fees), taxes, litigation and indemnification expenses, judgments, and extraordinary expenses. The Adviser is entitled to seek reimbursement from the Fund of fees waived or expenses paid or reimbursed to the Fund under the Expense Limitation Agreement for a period ending three years after the date of the waiver, payment or reimbursement, subject to the limitation that a reimbursement will not cause a Class's operating expenses (after giving effect to the reimbursement) to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or expenses paid or reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. The Expense Limitation Agreement will remain in effect at least through October 31, 2027, and will renew automatically for successive periods of one year thereafter, unless written notice of termination is provided by the Adviser to the Fund not less than 10 days prior to the end of the then-current term. No such termination shall affect the obligation (including the amount of the obligation) of the Fund to repay amounts of fees waived or expenses paid or reimbursed with respect to periods prior to the date of such termination. The Board may terminate the Expense Limitation Agreement at any time on not less than 10 days' prior notice to the Adviser, and the Expense Limitation Agreement may be amended at any time only with the consent of both the Adviser and the Board.

#### CUSTODIAN
UMB Bank, N.A., with its principal place of business located at 928 Grand Boulevard, 10<sup>th</sup> Floor, Kansas City, MO 64106, serves as Custodian for the securities and cash of the Fund's portfolio. Under a Custodian Agreement, the Custodian holds the Fund's assets in safekeeping and keeps all necessary records and documents relating to its duties.

#### CONTROL PERSONS
A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of a company or acknowledges the existence of control. As of the date of this prospectus, there were no control persons of the Fund.

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<u> Conflicts of Interest</u> <br>      

The Fund may be subject to a number of actual and potential conflicts of interest, including, but not limited to, those set forth in further detail below.

The Adviser and the Sub-Adviser may from time to time engage in financial advisory activities that are independent from, and may conflict with, those of the Fund. The Adviser and/or Sub-Adviser may from time to time provide services to, invest in, advise, sponsor and/or act as investment manager to investment vehicles and other persons or entities (including prospective investors in the Fund), which may have structures, investment objectives and/or policies that are similar to those of the Fund, and which may compete with the Fund for investment opportunities. Such activities may be in competition with the Fund and/or may involve substantial time and resources of the Adviser or Sub-Adviser.

Although the Adviser and Sub-Adviser will seek to allocate investment opportunities among the Fund and their other clients in a fair and reasonable manner, there can be no assurance that an investment opportunity which comes to the attention of the Adviser or Sub-Adviser and that is appropriate for the Fund will be referred to the Fund. Neither the Adviser nor the Sub-Adviser is obligated to refer any investment opportunity to the Fund. The Adviser's allocation policy is designed to fairly and equitably distribute investment opportunities over time among the Fund and other pools of capital managed by the Adviser, which may include proprietary accounts or private funds, including investment or co-investment vehicles established for personnel of the Adviser or its affiliates.

The Fund, the Adviser and certain other funds affiliated with the Adviser have received exemptive relief from the SEC to enable the Fund to engage in certain co-investment transactions with its affiliates, subject to certain conditions. As required by the exemptive order, the Fund has adopted, and the Board, including the "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board, has approved, policies and procedures reasonably designed to ensure compliance with the terms of the exemptive order, and the Adviser and the Fund's Chief Compliance Officer will provide regular reporting to the Board. Co-investment transactions may give rise to conflicts of interest or perceived conflicts of interest among the Fund and its affiliates. The exemptive order imposes certain conditions that may limit or restrict the Fund's ability to participate in an investment or participate in an investment to a lesser extent. A copy of the application for exemptive relief, including all of the conditions and the related order is available on the SEC's website at *www.sec.gov*.

The directors, partners, trustees, managers, members, officers and employees of the Adviser and Sub-Adviser may buy and sell securities or other investments for their own accounts. As a result of differing trading and investment strategies or constraints, investments may be made by directors, partners, trustees, managers, members, officers and employees that are the same, different from or made at different times than investments made for the Fund. To reduce the possibility that the Fund will be materially adversely affected by the personal trading described above, each of the Fund, the Adviser and Sub-Adviser have adopted codes of ethics (collectively, the "***Codes of Ethics***") in compliance with Section 17(j) of the Investment Company Act that restrict securities trading in the personal accounts of investment professionals and others who normally come into possession of information regarding the portfolio transactions of the Fund. The Codes of Ethics are available on the EDGAR Database on the SEC's Internet site at *http://www.sec.gov*, and copies may be obtained, after paying a duplicating fee, by email at *publicinfo@sec.gov*.

The Adviser or its affiliates may act as arrangers of financing, including with respect to the Fund's Wholly Owned Entities, Joint Venture Entities, or Co-Investment Entities, and may receive fees in connection with providing such services. The Adviser or its affiliates may also receive fees associated with capital invested by unaffiliated co-investors relating to investments in which the Fund participates, in connection with joint ventures in which the Fund participates, or with respect to assets or other interests retained by a seller or other commercial counterparty to which the Adviser performs services. To the extent the Fund participates in a transaction involving the Adviser or its affiliates, such participation and the receipt or allocation of any related fees will be subject to the limitations of applicable law and regulations and the terms of SEC co-investment exemptive relief obtained by the Fund, the Adviser and certain of their affiliates. When such fees are received in connection with transactions

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **53** |

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in which the Fund does not participate, such fees are not required to be shared with the Fund or its shareholders, and the Management Fee paid generally will not be reduced by such amounts. These transactions and fees create a potential conflict of interest, and the Adviser has adopted policies and procedures intended to mitigate or otherwise manage such conflicts of interest with respect to the provision of such services.

The Adviser may, in its sole discretion, determine to provide, or engage or recommend an affiliate of the Adviser, including FREG, to provide property management or other services with respect to properties in which the Fund invests, instead of engaging or recommending one or more third parties to provide such services. Subject to applicable law and approval of the Independent Trustees, the Adviser or its affiliates, as applicable, will receive compensation in connection with the provision of such services. As a result, the Adviser faces a conflict of interest when selecting or recommending property management service providers for the Fund. Fees paid to FREG or another affiliated service provider will be determined in the Adviser's commercially reasonable discretion, taking into account the relevant facts and circumstances, and consistent with its responsibilities. Although the Adviser has adopted various policies and procedures intended to mitigate or otherwise manage conflicts of interest with respect to affiliated service providers, there can be no guarantee that such policies and procedures (which may be modified at any time in the Adviser's sole discretion) will be successful. In general, compensation received by FREG or other affiliates of the Adviser for providing these services will not be directly borne by the Fund and its returns will not be directly impacted by such payments. Please refer to footnote (3) of the Summary of Fund Expenses fee table.

Among other matters, the Adviser or its affiliates, in the Adviser's discretion and from its own resources, may pay additional compensation to Financial Intermediaries in connection with the sale and servicing of Fund Shares. In addition, the Adviser may earn additional fees or reimbursement of expenses from certain borrowers in connection with the structuring of certain investments negotiated by the Adviser or its affiliates. The negotiation of such loans and the payment of additional compensation to Financial Intermediaries in connection with the sale and servicing of Fund shares could result in an increase in the Fund's assets under management, which would result in a corresponding increase in management fees payable to the Adviser. The Adviser has not adopted a limitation on the maximum permissible amount of such additional compensation that could be paid to Financial Intermediaries.

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|  **54** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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<u> Distributor</u> <br>      

The Fund continuously offers the Shares at their NAV per Share through Foreside Fund Services, LLC, the principal underwriter and distributor of the Shares (the "***Distributor***"). The Fund has entered into a Distribution Agreement with the Distributor, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group), located at 190 Middle Street, Suite 301, Portland, Maine 04101. Pursuant to the Distribution Agreement, the Distributor serves on a best efforts basis, subject to various conditions. The Distributor is not required to buy any Shares and does not intend to make a market in the Shares. There is no sales charge for purchases of Shares.

Under the Distribution Agreement, the Distributor is also responsible for entering into agreements with Financial Intermediaries to assist in the distribution of the Shares, reviewing the Fund's proposed advertising materials and sales literature and making certain filings with regulators. For these services, the Distributor receives an annual fee from the Adviser. The Adviser is also responsible for paying any out-of-pocket expenses incurred by the Distributor in providing services under the Distribution Agreement.

Under the Fund's Distribution Agreement with the Distributor, the Fund agrees to indemnify the Distributor and its control persons against certain liabilities including those that may arise under the Securities Act and the Investment Company Act as a result of: (1) the Distributor serving as distributor of the Fund pursuant to the agreement; (2) the Fund's breach of any of its obligations, representations, warranties or covenants contained in the agreement; (3) the Fund's failure to comply with any applicable securities laws or regulations; or (4) untrue statements of material fact or the omissions of material facts required to make statements not misleading in Fund offering materials, sales materials and shareholder reports.

The Distributor may engage one or more Financial Intermediaries to assist in the distribution of Shares. Financial Intermediaries may charge a separate fee for their service in conjunction with an investment in the Fund and/or maintenance of investor accounts. Such a fee is not a sales load imposed by the Fund or the Distributor and will be in addition to the fees charged or paid by the Fund. The payment of these fees and the effect of these fees on the performance of a Shareholder's investment in Shares will not be reflected in the performance returns of Shares.

Financial Intermediaries may also impose terms and conditions on investor accounts and investments in the Fund that are in addition to the terms and conditions described in this Prospectus and are not imposed by the Fund, the Distributor or any other Fund service providers. These terms and conditions, including different transaction fees charged in connection with the purchase of Shares, could increase the cost of an investment in the Fund over time and lower investment returns. Services provided by Financial Intermediaries may vary. Shareholders investing in Shares through Financial Intermediaries should consult with the Financial Intermediaries regarding the terms and conditions related to accounts held at the Financial Intermediaries, services provided to such accounts and related service fees as well as operational limitations of the Financial Intermediary.

The Adviser may make additional payments or provide other incentives to Financial Intermediaries and other entities marketing the Fund in connection with the sale of Shares of the Fund or the servicing of the Fund. These expenses are not reflected in the expense table included in this Prospectus. Payments to Financial Intermediaries or other entities marketing the Fund create conflicts of interest by influencing the Financial Intermediaries, marketing entity and your salesperson to recommend Shares over another investment. These payments may also benefit the Adviser, the Distributor and their respective affiliates if these payments result in an increase in the NAV of the Fund, the value upon which any fees payable by the Fund to these entities are based. Shareholders investing in Shares through Financial Intermediaries should consult with the Financial Intermediaries for additional information on conflicts of interest.

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **55** |

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<u> Shareholder Servicing Planand Distribution and Service Plan</u> <br>      

#### SHAREHOLDER SERVICING PLAN
The Fund has established a Shareholder Servicing Plan with respect to Class I Shares, Class K Shares, and Class M Shares that allows the Fund to pay shareholder servicing fees to certain intermediaries with respect to Shareholders holding Class I Shares, Class K Shares, or Class M Shares (as applicable). Under the Shareholder Servicing Plan, the Fund may pay to qualified recipients 0.10% on an annualized basis of the average daily net assets of the Fund attributable to Class I Shares and 0.25% on an annualized basis of the average daily net assets of the Fund attributable to each of Class K Shares and Class M Shares (the "***Shareholder Servicing Fee***"). Because these fees are paid out of the assets of the Class I Shares, Class K Shares, or Class M Shares (as the case may be) on an ongoing basis, over time these fees will increase the cost of an investment in Class I Shares, Class K Shares, or Class M Shares. Founders Shares are not subject to the Shareholder Servicing Fee.

#### DISTRIBUTION AND SERVICE PLAN
The Fund has adopted a Distribution and Service Plan (the "***Plan***") with respect to Class K Shares and Class M Shares consistent with the requirements of Rule 12b-1 under the Investment Company Act. Under the Plan the Fund is permitted to pay the Distributor, or other qualified recipients under the Plan, 0.75% or 0.50% on an annualized basis of the average daily net assets of the Fund attributable to Class K Shares and Class M Shares, respectively (the "***Distribution and Service Fee***"). The Distribution and Service Fee is paid for sale of the Class K Shares and Class M Shares, and to reimburse the Distributor for distribution-related expenses incurred. The Distributor generally will pay all or a portion of the Distribution and Service Fee to Financial Intermediaries that sell Class K Shares or Class M Shares. Because the Distribution and Service Fees are paid out of the Fund's assets attributable to Class K Shares and Class M Shares on an ongoing basis, over time they will increase the cost of an investment in Class K Shares and Class M Shares and may cost more than paying other types of sales charges. Class I Shares and Founders Shares are not subject to the Distribution and Service Fee. The Distribution and Service Plan is a compensation plan, which means that the Distributor is compensated regardless of its expenses, as opposed to a reimbursement plan which reimburses only for expenses incurred. The Distributor does not retain any of the Distribution and Service Fee for profit. All Distribution and Service Fees are held in a retention account by the Distributor to pay for and/or reimburse the Adviser for distribution-related expenditures.

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|  **56** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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<u> Determination of Net Asset Value</u> <br>      

The Fund calculates its NAV on a daily basis. The NAV of the Fund is calculated by dividing the value of its total assets, including assets acquired with the proceeds of borrowings, less all liabilities, including amounts outstanding under borrowing arrangements, by the total number of outstanding shares of the Fund, generally rounded to the nearest cent.

The Board has designated the Adviser to manage and implement the day-to-day valuation of the Fund's investments, in accordance with the Pricing and Fair Valuation Policies and Procedures (the "**Valuation Procedures**"). In addition, pursuant to Rule 2a-5 under the Investment Company Act, the Board has designated the Adviser as the Valuation Designee to make fair value determinations for all of the Fund's investments for which market quotations are not readily available. The Valuation Designee conducts the valuation of the Fund's investments at all times consistent with U.S. generally accepted accounting principles ("***GAAP***") and the Investment Company Act and pursuant to the Valuation Procedures adopted by the Adviser and approved by the Board. The Valuation Designee has established a Valuation Committee, which assists in carrying out the valuation of Fund holdings and performs fair value determinations pursuant to the standards and procedures set forth in the Valuation Procedures. Fund investments are valued in accordance with Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosure ("***ASC Topic 820***"), issued by the Financial Accounting Standards Board, which defines fair value as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the applicable measurement date. ASC Topic 820 establishes a three-tier fair value hierarchy, which prioritizes the use of observable inputs in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, which includes inputs such as quoted prices for similar securities in active markets and quoted prices for identical securities where there is little or no activity in the market; and Level 3, defined as unobservable inputs for which little or no market data exists, therefore requiring an entity to develop its own assumptions. Due to the inherent uncertainties of valuation, certain estimated fair values may differ significantly from the values that would have been realized had a ready market for these investments existed, and these differences could be material.

Investments that are listed or traded on an exchange and are freely transferrable, such as interests in public REITS or certain short-term investments, are Level 1 securities and valued at the closing price on the principal exchange on which the investment is listed or traded. Other investments for which market quotations are readily available will be valued using end-of-day pricing quotes obtained from an independent third-party fixed income pricing service on a daily basis.

Certain investments, such as CMBS, that are publicly traded but for which no readily available market quotations exist, are generally valued on the basis of information furnished by an independent pricing service that uses a valuation matrix which incorporates both dealer-supplied valuations and electronic data processing techniques. To assess the continuing appropriateness of pricing sources and methodologies, the Valuation Designee regularly performs price verification procedures and issues challenges as necessary to independent pricing services, and any differences are reviewed in accordance with the valuation procedures. The Valuation Designee will utilize a number of factors to determine if the quotations are representative of fair value, including through comparison of prices to multiple sources and monitoring of significant valuation events. The Sub-Adviser may also provide relevant information to the Adviser in its capacity as Valuation Designee.

Securities that are not publicly traded or whose market prices are not readily available, as will be the case for a substantial portion of CRE Debt Investments and direct real estate investments, will initially be valued at acquisition cost until a fair value is determined by the Valuation Designee in good faith pursuant to the Valuation Procedures adopted by the Adviser and approved by the Board, based on, among other things, the input of the Adviser and independent valuation firm(s) engaged to review the Fund's investments. The Valuation Designee and independent valuation firm(s) will use a variety of approaches to establish the fair value of these investments in good faith. The approaches used will generally include widely recognized and utilized valuation approaches and methodologies, including an analysis of discounted cash flows, comparable credit spreads, publicly traded comparable companies and comparable transactions and will also consider recent transaction prices and other factors in the valuation. An independent, third-party valuation firm will generally review all of the Fund's Level 3 investments on a semi-annual basis. In the interim between third-party evaluations, the Adviser monitors these investments on a daily basis and the Valuation Committee reviews each Level 3 investment on a monthly basis as set forth in the Valuation Procedures adopted by Adviser and approved by the Board.

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **57** |

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The Valuation Designee provides the Board with reports on a quarterly basis, or more frequently if necessary, identifying valuation activity with respect to Level 1, Level 2, and Level 3 holdings in the Fund's portfolio. Fair value determinations are based upon all available inputs that the Valuation Designee deems relevant, which may include indicative dealer quotes, values of like securities, recent portfolio company financial statements and forecasts for the investment, and valuations prepared by independent valuation firms.

#### ALLOCATION OF INCOME AND CLASS EXPENSES
Expenses related to the distribution of a Class of Shares of the Fund or to the services provided to Shareholders of a Class shall be borne solely by such Class. The following expenses attributable to the Shares of a particular Class will be borne solely by the Class to which they are attributable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Account maintenance, shareholder servicing, and distribution and services (12b-1) fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Extraordinary non-recurring expenses, including litigation and other legal expenses relating to a particular class; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Such other expenses as the Board determines were incurred by a specific class and are appropriately paid by that class.

Income, realized and unrealized capital gains and losses, and expenses that are not allocated to a specific Class shall be allocated to each Class of the Fund on the basis of NAV of that Class in relation to the NAV of the Fund. Investment advisory fees, including the management fee, custodial fees, and other expenses relating to the management of the Fund's assets shall not be allocated on a class-specific basis, but rather based upon relative net assets. Income shall be included to the date of calculation. Appropriate provision shall be made for federal income taxes if required.

While the valuation policy adopted by the Adviser and approved by the Board is intended to result in a calculation of the Fund's NAV that fairly reflects investment values as of the time of pricing, the Fund cannot ensure that fair values determined by the Valuation Designee would accurately reflect the price that the Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the investments were sold. The Fund periodically benchmarks the bid and ask prices received from independent valuation firms and/or dealers, as applicable, and valuations received from the independent valuation firms against the actual prices at which it purchases and sells its investments. The Fund believes that these prices will be reliable indicators of fair value.

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|  **58** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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<u> Quarterly Repurchase Offers</u> <br>      

The Fund is a closed-end interval fund that, to provide liquidity and the ability to receive NAV on a disposition of at least a portion of your Shares, makes quarterly offers to repurchase Shares. No Shareholder will have the right to require the Fund to repurchase its Shares, except as permitted by the Fund's interval structure. No public market for the Shares exists, and none is expected to develop in the future. Consequently, Shareholders generally will not be able to liquidate their investment other than as a result of repurchases of their Shares by the Fund, and then only on a limited basis.

The Fund has adopted, pursuant to Rule 23c-3 under the Investment Company Act, a fundamental policy, which cannot be changed without Shareholder approval, requiring the Fund to offer to repurchase with cash at least 5% and up to 25% of its Shares at the applicable NAV per Share on a regular schedule. Although the policy permits repurchase of between 5% and 25% of the Fund's outstanding Shares, for each quarterly repurchase offer, the Fund expects to offer to repurchase 5% of the Fund's outstanding Shares at the applicable NAV per Share, subject to approval of the Board.

#### REPURCHASE DATES
The Fund will make quarterly repurchase offers in March, June, September and December of each year. As discussed below, the date on which the repurchase price for Shares is determined will occur no later than the 14<sup>th</sup> day after the Repurchase Request Deadline (or the next business day, if the 14<sup>th</sup> day is not a business day).

#### REPURCHASE REQUEST DEADLINE
The date by which Shareholders wishing to tender Shares for repurchase must respond to the repurchase offer will be no more than 14 days before the Repurchase Pricing Date (defined below). When a repurchase offer commences, the Fund sends, at least 21 and no more than 42 days before the Repurchase Request Deadline, written notice to each Shareholder setting forth, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The percentage of outstanding Shares that the Fund is offering to repurchase and how the Fund will purchase Shares on a pro rata basis if the offer is oversubscribed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The date on which a Shareholder's repurchase request is due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The date that will be used to determine the NAV per Share of the respective Share Class applicable to the repurchase offer (the "***Repurchase Pricing Date***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The date by which the Fund will pay to Shareholders the proceeds from their Shares accepted for repurchase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The NAV of the Shares as of a date no more than seven (7) days before the date of the written notice and the means by which Shareholders may ascertain the NAV per Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The procedures by which Shareholders may tender their Shares and the right of Shareholders to withdraw or modify their tenders before the Repurchase Request Deadline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The circumstances in which the Fund may suspend or postpone the repurchase offer.

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This notice may be included with a Shareholder report or other Fund document. Shareholders that hold Shares through a Financial Intermediary will need to ask their Financial Intermediary to submit their repurchase requests and tender Shares on their behalf. ***The Repurchase Request Deadline will be strictly observed.*** If a Shareholder's repurchase request is not submitted to the Fund's transfer agent in properly completed form by the Repurchase Request Deadline, the Shareholder will be unable to sell his or her Shares to the Fund until a subsequent repurchase offer, and the Shareholder's request for that offer must be resubmitted. If a Shareholder's Financial Intermediary will submit his or her repurchase request, the Shareholder should submit his or her request to the Financial Intermediary in the form requested by the Financial Intermediary sufficiently in advance of the Repurchase Request Deadline to allow the Financial Intermediary to submit the request to the Fund. If a Shareholder's Financial Intermediary is unable or fails to submit the Shareholder's request to the Fund in a timely manner, or if the Shareholder fails to submit his or her request to the Shareholder's Financial Intermediary, the Shareholder will be unable to sell his or her Shares to the Fund until a subsequent repurchase offer, and the Shareholder's request for that offer must be resubmitted. Shareholders may withdraw or change a repurchase request with a proper instruction submitted in good form at any point before the Repurchase Request Deadline.

#### DETERMINATION OF REPURCHASE PRICE AND PAYMENT FOR SHARES
The Repurchase Pricing Date will occur no later than the 14<sup>th</sup> day after the Repurchase Request Deadline (or the next business day, if the 14<sup>th</sup> day is not a business day). The Fund expects to distribute payment to Shareholders between one (1) and three (3) business days after the Repurchase Pricing Date and will distribute such payment no later than seven (7) calendar days after such date. The Fund's NAV per Share may change materially between the date a repurchase offer is mailed and the Repurchase Request Deadline, and it may also change materially between the Repurchase Request Deadline and Repurchase Pricing Date. The method by which the Fund calculates NAV is discussed below under "Net Asset Value." During the period an offer to repurchase is open, Shareholders may obtain the current NAV by visiting the Fund's website (*www.freif.com*) or calling 888-267-1456 toll free.

#### SUSPENSION OR POSTPONEMENT OF REPURCHASE OFFERS
The Fund may suspend or postpone a repurchase offer in limited circumstances set forth in Rule 23c-3 under the Investment Company Act, as described below, but only with the approval of a majority of the Trustees, including a majority of Trustees who are not "interested persons" of the Fund, as defined in the Investment Company Act. The Fund may suspend or postpone a repurchase offer only: (1) if making or effecting the repurchase offer would cause the Fund to lose its status as a REIT under Subchapter M of the Internal Revenue Code; (2) for any period during which the NYSE or any other market in which the securities owned by the Fund are principally traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (3) for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or (4) for such other periods as the SEC may by order permit for the protection of Shareholders of the Fund. The Fund will provide notice to Shareholders of any suspension or postponement of a repurchase offer.

#### OVERSUBSCRIBED REPURCHASE OFFERS
There is no minimum number of Shares that must be tendered before the Fund will honor repurchase requests. However, the Fund's Trustees set for each repurchase offer a maximum percentage of Shares that may be repurchased by the Fund, which is currently expected to be 5% of the Fund's outstanding Shares. In the event a repurchase offer by the Fund is oversubscribed, certain officers of the Fund may, if authorized by the Board, determine to increase the amount repurchased by up to 2% of the Fund's outstanding Shares as of the date of the Repurchase Request Deadline in their discretion. If the repurchase amount is not so increased or if Shareholders tender more than the repurchase offer amount plus 2% of the Fund's outstanding Shares, the Fund will repurchase the Shares tendered on a pro rata basis, provided that the Fund may accept all shares tendered for repurchase by Shareholders who own less than 100 shares and who tender all of their Shares for repurchase, before prorating other amounts tendered.

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If any Shares that you wish to tender to the Fund are not repurchased because of proration, you will have to wait until the next repurchase offer and resubmit a new repurchase request, and your repurchase request will not be given any priority over other Shareholders' requests. Thus, there is a risk that the Fund may not purchase all of the Shares you wish to have repurchased in a given repurchase offer or in any subsequent repurchase offer. In anticipation of the possibility of proration, some Shareholders may tender more Shares than they wish to have repurchased in a particular quarter, increasing the likelihood of proration.

#### INVOLUNTARY REPURCHASES
Under certain circumstances, when consistent with the requirements of the Fund's Declaration of Trust and By-Laws and the provisions of the Investment Company Act and the rules thereunder, including Rule 23c-3, the Fund may, repurchase or redeem at NAV the Shares of a Shareholder, or any person acquiring Shares from or through a Shareholder, without consent or other action by the Shareholder or other person. Please see "*Repurchases and Transfers of Shares — Involuntary Repurchases*" in the SAI for additional information.

#### There is no assurance that you will be able to tender your Shares when or in the amount that you desire.

#### CONSEQUENCES OF REPURCHASE OFFERS
From the time the Fund distributes or publishes each repurchase offer notification until the Repurchase Pricing Date for that offer, the Fund must maintain liquid assets at least equal to the percentage of its Shares subject to the repurchase offer. For this purpose, "liquid assets" means assets that may be sold or otherwise disposed of in the ordinary course of business, at approximately the price at which the Fund values them, within the period between the Repurchase Request Deadline and the repurchase payment deadline, or which mature by the repurchase payment deadline. The Fund is also permitted to borrow up to the maximum extent permitted under the Investment Company Act to meet repurchase requests.

If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income. There is no assurance that the Fund will be able sell a significant amount of additional Shares so as to mitigate these effects.

These and other possible risks associated with the Fund's repurchase offers are described under "*Risk Factors — Repurchase Offers Risk*" above. In addition, the repurchase of Shares by the Fund will be a taxable event to the Shareholder tendering its Shares. For a discussion of these tax consequences, see "*U.S. Federal Income Tax Considerations*" below and in the SAI.

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<u> Distribution Policy</u> <br>      

#### MONTHLY DISTRIBUTION POLICY
The Fund intends to make a monthly dividend distribution of the net investment income of the Fund after payment of Fund operating expenses. In order to qualify as a REIT, the Fund is required to distribute dividends to its Shareholders with respect to each taxable year an amount at least equal to (a) the sum of (i) 90% of the Fund's "REIT taxable income" (computed without regard to its dividends-paid deduction and excluding net capital gains) and (ii) 90% of the Fund's net income, if any, (after tax) from foreclosure property, minus (b) the sum of specified items of non-cash income. To the extent that the Fund distributes less than 100% of its "REIT taxable income," as adjusted, the Fund will be subject to tax at the regular corporate tax rates on the retained portion. If the Fund fails to distribute during each calendar year at least the sum of: (i) 85% of the Fund's REIT ordinary income for such year; (ii) 95% of the Fund's REIT capital gain net income for such year; and (iii) any undistributed taxable income from prior periods, the Fund would be subject to a 4% excise tax on the excess of such required distribution over the sum of (a) the amounts actually distributed and (b) the amounts of income retained on which it has paid corporate income tax. The Fund intends to make timely distributions sufficient to satisfy the REIT qualification requirements and to avoid material income and excise taxes. Unless the registered owner of shares elects to receive cash, all dividends declared on shares will be automatically reinvested in additional shares of the Fund. See "*Dividend Reinvestment Policy*."

Section 19(a) of the Investment Company Act and Rule 19a-1 thereunder require the Fund to provide a written statement accompanying any such payment that adequately discloses its source or sources. Thus, if the source of the dividend or other distribution were the original capital contribution of the Shareholder, and the payment amounted to a return of capital, the Fund would be required to provide written disclosure to that effect. Nevertheless, persons who periodically receive the payment of a dividend or other distribution may be under the impression that they are receiving net profits when they are not. Shareholders should read any written disclosure provided pursuant to Section 19(a) and Rule 19a-1 carefully and should not assume that the source of any distribution from the Fund is net profit.

The Board reserves the right to change or suspend the monthly distribution policy at any time.

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<u> Dividend Reinvestment Policy</u> <br>      

The Fund operates under a DRIP administered by UMB Fund Services Inc. (the "***Agent***"). Pursuant to the policy, the Fund's distributions other than liquidating distributions and repurchases (each, a "***Distribution***" and collectively, "***Distributions***"), net of any applicable U.S. withholding tax, are reinvested in the same Class of Shares of the Fund.

Shareholders automatically participate in the DRIP, unless and until an election is made to withdraw from the DRIP on behalf of a participating Shareholder. Shareholders who do not wish to have Distributions automatically reinvested should so notify the Agent in writing at:

Forum Real Estate Income Fund

c/o UMB Fund Services Inc.

235 W Galena Street

Milwaukee, WI 53212-3948

Such written notice must be received by the Agent three (3) days prior to the record date of a Distribution or the Shareholder will receive such Distribution in Shares through the DRIP. With respect to Shares held by a Financial Intermediary on behalf of an investor, any written notices will be provided to the Financial Intermediary and Shares issued under the DRIP will be issued to the Financial Intermediary account. Under the DRIP, the Fund's Distributions to Shareholders are reinvested in full and fractional shares as described below. A Shareholder may designate all or a portion of his or her shares for inclusion in the policy, provided that Distributions will be reinvested only with respect to shares designated for reinvestment under the policy.

When the Fund declares a Distribution, the Agent, on a Shareholder's behalf, will receive additional authorized Shares from the Fund. The number of Shares to be received when Distributions are reinvested will be determined by dividing the amount of the Distribution by the Fund's NAV per share.

The Agent will maintain all Shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by Shareholders for personal and tax records. The Agent will hold Shares in the account of the Shareholder in the name of the participant, and each Shareholder's proxy, if any, will include those Shares purchased pursuant to the DRIP. The Agent will distribute all proxy solicitation materials, if any, to participating Shareholders. With respect to shares held by a Financial Intermediary on behalf of an investor, the Agent will distribute all information to the Financial Intermediary and any Shares issued under the DRIP will be issued to the Financial Intermediary account.

In the case of Shareholders, such as banks, brokers or nominees, that hold Shares for others who are beneficial owners participating under the DRIP, the Agent will administer the DRIP on the basis of the number of Shares certified from time to time by the record Shareholder as representing the total amount of Shares registered in the Shareholder's name and held for the account of beneficial owners participating under the DRIP.

Neither the Agent nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the DRIP, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant's account prior to receipt of written notice of his or her death or with respect to prices at which Shares are purchased or sold for the participant's account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws.

The automatic reinvestment of Distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Distributions. See "*U.S. Federal Income Tax Considerations*."

The Fund reserves the right to amend or terminate the DRIP at any time upon notice to Shareholders. There is no direct service charge to participants with regard to purchases under the DRIP; however, the Fund reserves the right to amend the DRIP to include a service charge payable by the participants.

All correspondence concerning the dividend reinvestment policy should be directed to the Agent at the addresses listed above. Certain transactions can be performed by sending an email to *investorrelations@forumig.com* or calling 888-267-1456 toll free.

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<u> U.S. Federal Income Tax Considerations</u> <br>      

The following discussion summarizes certain U.S. federal income tax considerations that may be relevant to U.S. investors (as defined below) with respect to the acquisition, ownership and disposition of Shares in the Fund. The following is based on laws, regulations, IRS pronouncements and court decisions in effect on the date of this prospectus. These laws and regulations are subject to change, possibly with retroactive effect. This discussion does not address all aspects of U.S. federal income taxation that may be relevant to you in light of your particular circumstances or to Shareholders who may be subject to special tax treatment under the Code, including, without limitation, non-U.S. and tax-exempt Shareholders, and Shareholders subject to the "alternative minimum tax," the application of which depends on the circumstances of a particular Shareholder. This discussion does not address any state, local, foreign or non-income tax considerations.

For purposes of the following discussion, a "U.S. Shareholder" generally refers to a Shareholder that is: (i) a citizen or resident of the United States; (ii) a corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States or of a political subdivision of the United States; (iii) an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or (iv) any trust if (1) a U.S. court is able to exercise primary supervision over the administration of such trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (2) it has a valid election in place to be treated as a U.S. person.

Shareholders should consult a tax professional for the U.S. FEDERAL INCOME tax consequences of investing in the Fund in light of their own circumstances, as well as for information on foreign, state and local taxes, which may apply.

#### DISTRIBUTIONS TO SHAREHOLDERS
The following discussion describes taxation of Shareholders on distributions from the Fund in years in which the Fund qualifies to be taxed as a REIT.

As long as the Fund qualifies as a REIT, distributions by the Fund made out of the Fund's current or accumulated earnings and profits, other than distributions designated as capital gain dividends or qualified dividend income, generally will be taxable as ordinary dividends. Ordinary dividends from REITs are generally taken into account as ordinary income, which is currently taxed at the maximum tax rate of 37%. However, Shareholders that are individuals or a pass-through entity are generally allowed to deduct 20% of the aggregate amount of ordinary dividends from REITs, subject to certain limitations, which would reduce the maximum marginal effective tax rate on the receipt of such ordinary dividends to 29.6%.

Generally, dividends paid by a REIT will not qualify for the reduced tax rate for "qualified dividend income." However, the reduced tax rate for qualified dividend income will apply to the Fund's ordinary dividends to the extent attributable: (i) to dividends received by the Fund from non-REIT corporations, such as TRSs; and (ii) to income upon which the Fund has paid corporate income tax (e.g., to the extent that the Fund distributes less than 100% of its taxable income). The Fund does not anticipate distributing a significant amount of qualified dividend income.

Distributions that are properly designated as capital gain dividends will be taxed as long-term capital gains (to the extent they do not exceed the Fund's actual net capital gain for the taxable year) without regard to the period for which the Shareholder has held its shares. A corporate U.S. Shareholder, however, may be required to treat up to 20% of certain capital gain dividends as ordinary income. The Fund is not required to distribute its long-term capital gain, and it may elect to retain and pay income tax on its net long-term capital gains received during the taxable year. If the Fund so elects for a taxable year, Shareholders would include in income their proportionate share of retained net long-term capital gain for the taxable year. The U.S. Shareholder would receive a credit for its proportionate share of the tax the Fund paid. The Shareholder's basis in its Shares would be increased by its proportionate share of undistributed long-term capital gains, less the capital gains tax paid by the Fund.

To the extent that the Fund makes a distribution in excess of its current and accumulated earnings and profits, such distribution will be treated first as a tax-free return of capital to the Shareholder to the extent of the adjusted tax basis of the Shareholder's Shares. This treatment will reduce the Shareholder's adjusted tax basis of such Shares. To the extent that the Fund makes a distribution in excess of both its current and accumulated earnings and profits and the Shareholder's adjusted tax basis in its Shares, such Shareholder will recognize long-term capital gain (or short-term capital gain if the Shares have been held for one year or less).

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Dividends declared by the Fund in October, November or December, and payable to a Shareholder of record on a specified date in any such month, shall be treated both as paid by the Fund and as received by the Shareholder on December 31 of the year, provided that the dividend is actually paid during January of the following calendar year.

If a Shareholder participates in the Fund's DRIP, such Shareholder will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in the Fund's Shares to the extent the amount reinvested was not a tax-free return of capital. Therefore, unless such Shareholder is a tax-exempt entity, such Shareholder may need to use funds from other sources to pay such Shareholder's tax liability on the reinvested dividends.

A statement that provides the U.S. federal income tax treatment of the Fund's distributions will be sent to Shareholders promptly after the end of each year.

#### GAIN OR LOSS ON SALE OR REPURCHASE OF SHARES OF THE FUND
***Dispositions Generally***.&nbsp;&nbsp;&nbsp;&nbsp;A Shareholder may recognize either a gain or loss when it sells shares of the Fund. The gain or loss is the difference between the proceeds from the sale of Shares and the Shareholder's adjusted tax basis in the Shares sold. Gain or loss on Shares of the Fund generally will be long-term capital gain or loss if the U.S. Shareholder has held the Shares for more than one year and, if not, as short-term capital gain or loss. However, if the sale of Shares results in a loss and the Shareholder held such shares for six months or less, such loss will be treated as a long-term capital loss to the extent the Fund distributed capital gain dividends on such shares. If a Shareholder sells shares of the Fund at a loss and purchases shares of the Fund within 30 days before or after the sale (a wash sale), a deduction for the loss is generally disallowed.

***Redemption or Repurchase by the Fund***.&nbsp;&nbsp;&nbsp;&nbsp;A repurchase of Shares of the Fund will be treated as a distribution under Section 302 of the Code (and taxable as a dividend to the extent of our current and accumulated earnings and profits) unless the repurchase satisfies one of the tests set forth in Section 302(b) of the Code enabling the repurchase to be treated as a sale or exchange. A repurchase generally will be treated as a sale or exchange if it (i) results in a complete termination of the Shareholder's interest in the Fund, (ii) results in a "substantially disproportionate" repurchase with respect to the Shareholder, or (iii) is not essentially equivalent to a dividend with respect to the Shareholder. In determining whether any of these tests has been met, Shares actually owned, as well as Shares considered to be owned by the Shareholder by reason of certain constructive ownership rules set forth in the Code, generally must be taken into account. The sale of Shares pursuant to a repurchase generally will result in a "substantially disproportionate" repurchase with respect to a Shareholder if the percentage of the then outstanding voting Shares of the Fund owned by the Shareholder immediately after the sale is less than 80% of the percentage of the voting Shares of the Fund owned by the Shareholder determined immediately before the sale. The sale of common Shares pursuant to a repurchase generally will be treated as not "essentially equivalent to a dividend" with respect to a Shareholder if the reduction in the Shareholder's proportionate interest in Shares of the Fund as a result of the repurchase constitutes a "meaningful reduction" of such Shareholder's interest. The tax consequences of a repurchase of Shares treated as a taxable sale or exchange are described above in "— Dispositions Generally."

If a repurchase of Shares is treated as a distribution, the tax consequences of such distribution are described above in "— Distributions to Shareholders." Additionally, a Shareholder's adjusted tax basis of the repurchased Shares generally will be transferred to the holder's remaining Shares, if any. If a Shareholder owns no other Shares, under certain circumstances, such basis may be transferred to a related person or it may be lost entirely.

Prospective investors are encouraged to consult with their tax advisors regarding the treatment of repurchases of Shares of the Fund.

#### TAX RISKS TO NON-U.S. HOLDERS
The term "non-U.S. Shareholder" means a Shareholder that is not a U.S. Shareholder, as defined above. The rules governing U.S. federal income taxation of non-U.S. Shareholders are complex, and no attempt is made herein to provide more than a brief summary of certain risks that will be applicable to non-U.S. Shareholders. Non-U.S. Shareholders are urged to consult their tax advisors to determine the impact of U.S. federal, state, local and non-U.S. income tax laws on the ownership and disposition of Shares of the Fund, including any reporting requirements.

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***Withholding on Dividends***.&nbsp;&nbsp;&nbsp;&nbsp;A non-U.S. Shareholder that receives an ordinary dividend (as discussed above, as distribution from earnings and profits that the Fund does not designate as a capital gain dividend or retained capital gain) will be subject to a withholding tax equal to 30% of the gross amount of the distribution unless an applicable tax treaty reduces or eliminates the tax. If a distribution is treated as effectively connected with the non-U.S. Shareholder's conduct of a U.S. trade or business, the non-U.S. Shareholder generally will be subject to U.S. federal income tax on the distribution at graduated rates, in the same manner as U.S. Shareholders are taxed with respect to such distribution, and a non-U.S. Shareholder that is a corporation also may be subject to the 30% branch profits tax with respect to the distribution. The Fund plans to withhold U.S. income tax at the rate of 30% on the gross amount of any such distribution paid to a non-U.S. Shareholder unless either (i) a lower treaty rate applies and the non-U.S. Shareholder furnishes to the Fund an appropriate IRS Form W-8BEN or W-8BEN-E evidencing eligibility for that reduced rate, or (ii) the non-U.S. Shareholder furnishes to the Fund an IRS Form W-8ECI claiming that the distribution is effectively connected income. Such withholding tax would reduce the number of Shares a non-U.S. Shareholder that participates in the Fund's DRIP would receive.

A non-U.S. Shareholder that receives a dividend that is designated as a capital gain dividend or retained capital gain, may incur tax under FIRPTA (as defined below) on distributions that are attributable to gain from sale or exchange of a USRPI under the Foreign Investment in Real Property Tax Act of 1980, or FIRPTA. A USRPI includes certain interests in real property and stock in "United States real property holding corporations" but does not include interests solely as a creditor and, accordingly, does not include a debt instrument that does not provide for contingent payments based on the value of, or income from, real property interests. Under FIRPTA, a non-U.S. Shareholder is taxed on distributions attributable to gain from sales of USRPIs as if such gain were effectively connected with a U.S. business of the non-U.S. Shareholder. A non-U.S. Shareholder thus would be taxed on such a distribution at the normal capital gains rates applicable to U.S. Shareholders, subject to applicable alternative minimum tax and a special alternative minimum tax in the case of a nonresident alien individual. The Fund is required to withhold 21% of any distributions to non-U.S. Shareholders attributable to the REIT's gains from dispositions of USRPIs. A non-U.S. corporate Shareholder not entitled to treaty relief or exemption also may be subject to the 30% branch profits tax on such a distribution. A non-U.S. Shareholder may receive a credit against its tax liability for the amount the Fund withholds.

***FIRPTA***.&nbsp;&nbsp;&nbsp;&nbsp;In addition to any potential withholding tax on ordinary dividends, a non-U.S. holder other than a "qualified Shareholder" or a "qualified foreign pension fund," as each is defined for purposes of the Code, that disposes of a "U.S. real property interest" ("***USRPI***") (which includes shares of stock of a U.S. corporation whose assets consist principally of USRPIs), is generally subject to U.S. federal income tax under the Foreign Investment in Real Property Tax Act of 1980, as amended ("***FIRPTA***"), on the gain from such disposition. FIRPTA gains must be reported on U.S. federal income tax returns and are taxable at regular U.S. federal income tax rates.

A non-U.S. Shareholder generally will not incur tax under FIRPTA with respect to gain realized upon a disposition of Shares of the Fund as long as the Fund: (i) is not a "United States real property holding corporation" or "USRPHC" during a specified testing period and certain procedural requirements are satisfied; or (ii) is a "domestically controlled qualified investment entity." A USRPHC is a U.S. corporation that at any time during the applicable testing period owned USRPIs that exceed in value 50% of the value of the corporation's assets. Depending on the nature of the Fund's investments, the Fund may be a USRPHC. However, the Fund believes that it is and will be a "domestically controlled qualified investment entity." A "domestically controlled qualified investment entity" includes a REIT in which at all times during a five-year testing period less than 50% in value of its stock is held directly or indirectly by non-United States persons, subject to certain ownership rules. The Fund cannot assure investors that it could substantiate that it is, has been and will be a domestically controlled qualified investment entity at any particular time.

Even if the Fund were a USRPHC and not a domestically controlled qualified investment entity, a non-U.S. Shareholder that owned, actually or constructively, 10% or less of the Fund's Shares at all times during a specified testing period would not incur tax under FIRPTA if Shares of the Fund are "regularly traded" on an established securities market. Shares of the Fund are currently not regularly traded on an established securities market in the United States, and there is no assurance that they ever will be.

If the gain on the sale of Shares of the Fund were taxed under FIRPTA, a non-U.S. Shareholder would be taxed in the same manner as U.S. Shareholders with respect to such gain, subject to applicable alternative minimum tax or a special alternative minimum tax in the case of nonresident alien individuals, and the purchaser of such Shares would be required

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to withhold 15% of the purchase price and remit such amount to the IRS. Furthermore, a non-U.S. Shareholder will incur tax on gain not subject to FIRPTA if: (i) the gain is effectively connected with the non-U.S. Shareholder's U.S. trade or business, in which case the non-U.S. Shareholder will be subject to the same treatment as U.S. Shareholders with respect to such gain; or (ii) the non-U.S. Shareholder is a nonresident alien individual who was present in the United States for 183 days or more during the taxable year and has a "tax home" in the United States, in which case the non-U.S. Shareholder will incur a 30% tax on his capital gains.

Special FIRPTA rules apply to "qualified shareholders" and "qualified foreign pension funds" as defined in the Code.

The Fund seeks to act in the best interests of the Fund as a whole and not in consideration of the particular tax consequences to any specific holder of Shares. Potential non-U.S. holders should inform themselves as to the U.S. tax consequences, and the tax consequences within the countries of their citizenship, residence, domicile, and place of business, with respect to the purchase, ownership and disposition of the Fund's Shares.

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<u> Description of Capital Structure and Shares</u> <br>      

The Fund is a statutory trust established under the laws of the State of Delaware upon the filing of a Certificate of Trust with the Secretary of State of Delaware on April 5, 2021. The Fund's Declaration of Trust provides that the Board may authorize separate classes of shares of beneficial interest. The Board has authorized an unlimited number of shares. The Fund does not intend to hold annual meetings of its Shareholders.

#### SHARES
The Declaration of Trust, which has been filed with the SEC, permits the Fund to issue an unlimited number of full and fractional shares of beneficial interest, no par value. Each Share of the Fund represents an equal proportionate interest in the assets of the Fund with each other Share in the Fund. Holders of shares will be entitled to the payment of dividends when, as and if declared by the Board. The Fund currently intends to make dividend distributions to its Shareholders after payment of Fund operating expenses, including interest, on outstanding borrowings, if any, no less frequently than monthly. Unless the registered owner of Shares elects to receive cash, all dividends declared on Shares will be automatically reinvested for Shareholders in additional shares of the Fund. See "*Dividend Reinvestment Policy*." The Investment Company Act may limit the payment of dividends to the holders of shares. Each whole share shall be entitled to one vote as to matters on which it is entitled to vote pursuant to the terms of the Declaration of Trust on file with the SEC. Upon liquidation of the Fund, after paying or adequately providing for the payment of all liabilities of the Fund, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Board may distribute the remaining assets of the Fund among its Shareholders. The shares are not liable to further calls or to assessment by the Fund. There are no pre-emptive rights associated with the shares. The Declaration of Trust provides that the Fund's Shareholders are not liable for any liabilities of the Fund. Although Shareholders of an unincorporated statutory trust established under Delaware law may, in certain limited circumstances, be held personally liable for the obligations of the Fund as though they were general partners, the provisions of the Declaration of Trust described in the foregoing sentence make the likelihood of such personal liability remote. The Fund will not issue share certificates.

The following table shows the amounts of the Fund's shares that have been authorized and are outstanding as of April 1, 2026:

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| **<br>(1)<br>Title of Class** | **(2)<br>Amount <br>Authorized** | **(3)<br>Amount Held by Registrant<br>or for its Account** | **(4)<br>Amount Outstanding Exclusive <br>of Amount Shown Under (3)** |
|  **FOUNDERS** | &nbsp;&nbsp;&nbsp;&nbsp; Unlimited |  | &nbsp;&nbsp;&nbsp;&nbsp; 15276536 |
|  **CLASS I** | &nbsp;&nbsp;&nbsp;&nbsp; Unlimited |  | &nbsp;&nbsp;&nbsp;&nbsp; 30385823 |
|  **CLASS K** | &nbsp;&nbsp;&nbsp;&nbsp; Unlimited |  | &nbsp;&nbsp;&nbsp;&nbsp; 45331 |
|  **CLASS M** | &nbsp;&nbsp;&nbsp;&nbsp; Unlimited |  |  |

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#### EXTRAORDINARY EVENTS
The Trustees, in order to change the form of organization and/or domicile of the Fund, may, without prior Shareholder approval: (i) cause the Fund to merge or consolidate with or into one or more trusts, partnerships, limited liability companies, associations or corporations which is or are formed, organized or existing under the laws of a state, commonwealth, possession or colony of the United States, or (ii) cause the Fund to incorporate under the laws of Delaware. Any agreement of merger or consolidation or certificate of merger may be signed by a majority of the Trustees. Any other merger or consolidation of the Fund shall, in addition to the approval of the Trustees, require a majority Shareholder vote, except as otherwise permitted by the Investment Company Act or other applicable laws and regulations.

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The Trustees may without Shareholder approval (unless required by the Investment Company Act) in dissolution of the Fund or an applicable series or class liquidate, reorganize or dissolve the Fund or an applicable series or class in any manner or fashion not inconsistent with applicable law. The assets of the Fund shall be allocated and distributed in accordance with the provisions of the Declaration of Trust. Upon completion of the distribution of the remaining proceeds or assets, the Fund shall terminate and shall be wound up in accordance with the provisions of the Declaration of Trust.

#### ANTI-TAKEOVER PROVISIONS IN THE DECLARATION OF TRUST
The Declaration of Trust includes provisions that could have the effect of limiting the ability of entities or other persons to acquire control of the Fund or to change the composition of the Board, and could have the effect of depriving the Fund's Shareholders of an opportunity to sell their shares at a premium over prevailing market prices, if any, by discouraging a third party from seeking to obtain control of the Fund. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund. Trustees are elected for indefinite terms and do not stand for reelection. A trustee may be removed from office without cause only by a written instrument signed or adopted by a majority of the remaining Trustees or by a vote of the Shareholders of at least two-thirds of the class of shares of the Fund that are entitled to elect a trustee and that are entitled to vote on the matter. The Declaration of Trust does not contain any other specific inhibiting provisions that would operate only with respect to an extraordinary transaction such as a merger, reorganization, tender offer, sale or transfer of substantially all of the Fund's asset, or liquidation. Reference should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.

#### LEGAL PROCEEDINGS
The Declaration of Trust imposes limits on the ability of both shareholders and non-shareholders to bring derivative action, suit, or other proceeding on behalf of with respect to shareholders. Specifically, no non-shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of or with respect to such shares. No shareholder may maintain a derivative action unless holders of at least 10% of the Shares of the affected Class or Classes join in the bringing of such action. These limitations do not apply to claims arising under the federal securities laws.

#### DERIVATIVE ACTIONS
A Shareholder may bring a derivative action only if (a) such Shareholder makes a pre-suit demand upon the Board to bring the subject action, (b) the Trustees are given a reasonable amount of time to consider and investigate the request, and (c) the Trustees may retain counsel or other advisers in considering the merits of the request and will require an undertaking by the Shareholder(s) making such request to reimburse the Fund for the expense of any such advisers in the event that the Trustees determine not to bring such action. The requirements that (i) 10% of the Shares of the affected Class or Classes join in the demand to bring the action and (ii) requesting Shareholders provide an undertaking to reimburse the Fund for the expense of any advisers retained by the Trustees, in the event that the Trustees determine not to bring such action, do not apply to claims arising under the federal securities laws.

#### INFORMATION REQUIREMENTS
Every owner of more than 5% of the outstanding shares during any taxable year, or such lower percentage as required by the Code or the regulations promulgated thereunder or as otherwise required by the Board, within 30 days after the end of each taxable year, is required to give the Fund written notice, stating his or her name and address, the number of Shares of each Class and series which he or she beneficially owns and a description of the manner in which the shares are held. Each such owner shall provide the Fund with such additional information as it may request in order to determine the effect, if any, of its beneficial ownership on the Fund's status as a REIT. In addition, each Shareholder shall, upon demand, be required to provide the Fund with such information as it may request in good faith in order to determine its status as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such compliance.

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<u> Plan of Distribution</u> <br>      

#### PURCHASING SHARES
Investors may purchase Founders Shares directly from the Fund in accordance with the instructions below. Investors will be assessed fees for returned checks and stop payment orders at prevailing rates charged by the Transfer Agent. Investors may buy and sell shares Class I Shares, Class K Shares, and Founders Shares of the Fund through certain Financial Intermediaries. Class M Shares are intended to be traded on a select global wealth management firm's platform only.

Financial Intermediaries may be authorized to designate other intermediaries to receive purchase or sale orders on the Fund's behalf. Customer orders will be priced at the Fund's NAV next computed after they are received by a Financial Intermediary or the Financial Intermediary's authorized designee. The Fund will be deemed to have received a purchase or sale order when a Financial Intermediary or, if applicable, the Financial Intermediary's authorized designee, receives the order. Orders placed with a Financial Intermediary or the Financial Intermediary's authorized designee before the close of regular trading (generally 4:00 p.m., Eastern Time) on a day that the NYSE is open for business, will be priced based on the Fund's NAV determined as of such day, while orders placed with a Financial Intermediary or the Financial Intermediary's authorized designee after the close of regular trading (generally after 4:00 p.m., Eastern Time) on a day that the NYSE is open for business will be priced based on the Fund's NAV determined on the day following the date upon which such order is received by the Financial Intermediary or the Financial Intermediary's authorized designee.

A Financial Intermediary may hold shares in an omnibus account in the Financial Intermediary's name or the Financial Intermediary may maintain individual ownership records. The Fund may pay the Financial Intermediary for maintaining individual ownership records as well as providing other shareholder services. Financial Intermediaries may charge fees for the services they provide in connection with processing your transaction order or maintaining an investor's account with them. Investors should check with their Financial Intermediary to determine if it is subject to these arrangements. Financial Intermediaries are responsible for placing orders correctly and promptly with the Fund and for forwarding payment promptly.

An investor also may complete and sign an account application for a specific dollar amount of Founders Shares equal to or greater than the minimum initial investment amount, and pay such amount at the time of subscription; provided, however, that for Founders Shares purchased through a Financial Intermediary, the value of Shares being purchased may be combined with the value of any Founders Shares of the same Class that were purchased or will be purchased within six months from the initial purchase through such Financial Intermediary, provided such Financial Intermediary enters into the requisite letter of intent with the Fund. The Fund reserves the right to accept subscriptions of less than the minimum initial investment for the applicable Share Class.

Subscriptions will be effective only upon the Fund's acceptance and it reserves the right to reject any subscription in whole or in part. Subscriptions will be priced based at the Fund's NAV next calculated after the date the subscription is accepted by the Fund. Subscriptions will be accepted or rejected by the Fund within ten (10) days of receipt and, if rejected, all funds will be returned to subscribers without deduction for any expenses without interest, unless otherwise required by applicable law. Pending acceptance of an investor's subscription, proceeds will be deposited into an account for his or her benefit. An investor does not have the option of rescinding a purchase order after the Shares have been issued to the investor.

In compliance with the USA Patriot Act of 2001, the Transfer Agent will verify certain information with respect to each purchase order, and investors will be required to supply their full name, date of birth, social security number and residential street address. If the Transfer Agent does not have a reasonable belief of the identity of a customer, the account will be rejected or the customer will not be allowed to perform a transaction on the account until such information is received. The Transfer Agent also may reserve the right to close the account within five (5) business days if clarifying information/documentation is not received. Investors may call 888-267-1456 toll free for additional assistance when completing a subscription agreement.

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#### BY MAIL
To make an initial purchase by mail, complete an account application and mail it, together with a check made payable to Forum Real Estate Income Fund, to:

Forum Real Estate Income Fund

c/o UMB Fund Services Inc.

235 W Galena Street

Milwaukee, WI 53212-3948

All checks must be in U.S. dollars drawn on a domestic bank. The Fund will not accept payment in cash or money orders. The Fund also does not accept cashier's checks in amounts of less than $10,000. To prevent check fraud, the Fund will neither accept third party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares, nor post-dated checks, post-dated on-line bill pay checks, or any conditional purchase order or payment. The Fund reserves the right to reject any account application.

#### BY WIRE — INITIAL INVESTMENT
To make an initial investment in the Fund, the Transfer Agent must receive a completed account application before an investor wires funds. Investors may mail or overnight deliver an account application to the Transfer Agent. Upon receipt of the completed account application in good order, the Transfer Agent will establish an account. The account number assigned will be required as part of the instruction that should be provided to an investor's bank to send the wire. An investor's bank must include both the name of the Fund, the account number, and the investor's name so that monies can be correctly applied. Any commercial bank can transfer same-day funds via wire. The Fund will normally accept wired funds for investment on the day received, if they are received by the Fund's designated bank before the close of regular trading on the NYSE. Your bank may charge you a fee for wiring same-day funds. Investors may call Investor Relations at 888-267-1456 to obtain wiring instructions for submitting payment to the Fund. If you place an order through a Financial Intermediary, a completed account application may not be required. Please contact your Financial Intermediary.

#### BY WIRE — SUBSEQUENT INVESTMENTS
Wired funds must be received prior to 4:00 p.m. Eastern Time to be eligible for same-day pricing. The Fund, and its agents, including the Transfer Agent and Custodian, are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

#### PURCHASE TERMS
The Fund's shares are distributed by the Distributor at NAV. The price of the shares during the offering will fluctuate over time with the NAV of the shares.

#### SHARE CLASS CONSIDERATIONS
When selecting a share class, you should consider the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; which share classes are available to you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; how much you intend to invest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; how long you expect to own the shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; total costs and expenses associated with a particular share class.

If you are investing through a Financial Intermediary and are eligible to invest in more than one class of shares, the Financial Intermediary may help determine which share class is appropriate for you. Each investor's financial considerations are different. You should speak with your financial adviser to help you decide which share class is best for you. Not all Financial Intermediaries offer all classes of shares. If your Financial Intermediary offers more than one class of shares, you should carefully consider which class of shares to purchase.

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **71** |

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#### CLASS K SHARES
Class K shares are sold at the then-current NAV per Class K share and are not subject to any upfront sales charge. Accordingly, the entire amount of your purchase is invested immediately. The minimum initial investment is $10,000, and the minimum subsequent investment is $1,000, except for purchases pursuant to the DRIP, which are not subject to a minimum. The Fund may permit a Financial Intermediary to waive the initial minimum per Shareholder for Class K shares in the following situations: broker-dealers purchasing Class K shares for clients in broker-sponsored discretionary fee-based advisory programs and certain other situations deemed appropriate by the Fund. The Fund reserves the right to waive investment minimums. Class K Shares are subject to a Distribution and Service Fee that will accrue at an annual rate of 0.75% of the average daily net assets of the Fund attributable to Class K shares and is payable on a monthly basis. The Distribution and Service Fee may be used to compensate Financial Intermediaries. Class K shares are subject to a Shareholder Servicing Fee that will accrue at an annual rate of 0.25% of the average daily net assets of the Fund attributable to Class K shares and is payable on a monthly basis.

#### CLASS I SHARES
Class I shares are sold at the then-current NAV per Class I Share and are not subject to an upfront sales load, so the entire amount of your purchase is invested immediately. The minimum initial investment is $10,000, and the minimum subsequent investment is $1,000, except for purchases pursuant to the DRIP, which are not subject to a minimum. The Fund reserves the right to waive investment minimums. The Fund may permit a Financial Intermediary to waive the initial minimum per Shareholder for Class I shares in the following situations: registered investment advisers purchasing Class I shares for clients in discretionary fee-based advisory programs and certain other situations deemed appropriate by the Fund. Class I shares are subject to a Shareholder Servicing Fee that will accrue at an annual rate of 0.10% of the average daily net assets of the Fund attributable to Class I shares and is payable on a monthly basis.

#### CLASS M SHARES
Class M Shares are available for purchase via the brokerage arm of a select global wealth management firm. Class M shares are sold at the then-current NAV per Class M share and are not subject to any upfront sales charge. Accordingly, the entire amount of your purchase is invested immediately. The minimum initial investment is $10,000, and the minimum subsequent investment is $1,000, except for purchases pursuant to the DRIP, which are not subject to a minimum. The Fund may permit such select global wealth management firm to waive the initial minimum per Shareholder for Class M shares in the following situations: broker-dealers purchasing Class M shares for clients in broker-sponsored discretionary fee-based advisory programs and situations deemed appropriate by the Fund. The Fund reserves the right to waive investment minimums. Class M Shares are subject to a Distribution and Service Fee that will accrue at an annual rate of 0.50% of the average daily net assets of the Fund attributable to Class M shares and is payable on a monthly basis. The Distribution and Service Fee may be used to compensate Financial Intermediaries. Class M shares are subject to a Shareholder Servicing Fee that will accrue at an annual rate of 0.25% of the average daily net assets of the Fund attributable to Class M shares and is payable on a monthly basis.

#### FOUNDERS SHARES
Founders Shares are sold at the then-current NAV per Founders Share without any upfront sales load, so the entire amount of your purchase is invested immediately. The minimum initial investment is $25,000,000 and the minimum subsequent investment is $5,000, except for purchases pursuant to the DRIP, which are not subject to a minimum. The Fund reserves the right to waive investment minimums. The Fund may permit a Financial Intermediary to waive the initial minimum per Shareholder for Founders Shares in the following situations: broker-dealers or registered investment advisers purchasing Founders Shares for clients in discretionary fee-based advisory programs with $25,000,000 in aggregated initial investments across multiple clients, and certain other situations deemed appropriate by the Fund.

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|  **72** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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<u> Summary of Declaration of Trust</u> <br>      

#### GENERAL SUMMARY
The Fund is a statutory trust established under the laws of State of Delaware by the Certificate of Trust dated April 5, 2021. The Fund's Declaration of Trust authorizes the issuance of an unlimited number of shares of beneficial interest, par value $0.001 per share. The Declaration of Trust provides that the Trustees may authorize separate series or classes of shares of beneficial interest of the Fund. All shares of a series or class have equal rights to the payment of dividends and other distributions and the distribution of assets upon liquidation. Shares are, when issued, fully paid and non-assessable by the Fund and have no pre-emptive or rights to cumulative voting. The Trustees have the authority to provide from time to time that the holders of shares of any series or class shall have the right to convert or exchange said shares for or into shares of one or more other series or classes. The Board may from time to time, without a vote of Shareholders or any class, divide or combine the shares (without thereby changing the proportionate beneficial interest of the shares or a series or class in the assets held with respect to the Fund or such series or class), or reclassify the shares or a series or class into shares of one or more series or classes (whether the shares to be classified or reclassified are issued and outstanding or unissued and whether such shares constitute part or all of the shares of the Fund or such series or class).

Shareholders of a series or class of shares are entitled to share in proportion to the number of shares of such class held in dividends declared by the Board payable to holders of such series or class of shares and in the net assets of the Fund available for distribution to holders of such class of shares upon liquidation after payment of the preferential amounts payable to holders of any outstanding preferred shares.

The Declaration of Trust provides for indemnification out of the assets belonging to the applicable series for all loss and expense of any Shareholder or former Shareholder of a series or class of shares held personally liable for the obligations of the Fund solely by reason of such person's status as a Shareholder or former Shareholder of such series or class. Thus, the risk of a Shareholder incurring financial loss by reason of being or having been a Shareholder is limited to circumstances in which the Fund would be unable to meet its obligations.

Shareholders have no pre-emptive rights. Upon liquidation of the Fund or an applicable series or class, after paying or adequately providing for the payment of all liabilities of the Fund or such series or class and the liquidation preference with respect to any outstanding preferred shares, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Shareholders of each class or series involved in such sale or conversion shall be entitled to receive, as a class, when and as declared by the Trustees, the excess of the assets belonging to that series that are allocated to such class over the liabilities belonging to that series that are allocated to such class. The assets so distributable to the Shareholders of any particular series or class shall be distributed among such Shareholders in proportion to the number of shares of that series or class held by them and recorded on the books of the Trust.

On any matters submitted to a vote of the Shareholders, all Shares of the Trust then entitled to vote shall be voted in aggregate, except: (a) when required by applicable law, Shares shall be voted by an individual Class (b) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Classes, then only the Shareholders of such Class or Classes shall be entitled to vote thereon. A Shareholder of each Class thereof shall be entitled to one vote for each Share of such Class on any matter on which such Shareholder is entitled to vote. A Shareholder of each Class shall be entitled to a proportionate fractional vote for each fractional Share of such Class on any matter on which such Shareholder is entitled to vote. There shall be no cumulative voting in the election of Trustees.

The Trustees may classify or reclassify any issued or unissued shares of the Fund into shares of any class by redesignating such shares or by setting or changing in any one or more respects, from time to time, the preferences, voting powers, rights and privileges of such shares. Any such classification or reclassification will comply with the provisions of the Declaration of Trust and the Investment Company Act.

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **73** |

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#### PROVISIONS RELATING TO EXTRAORDINARY CORPORATE TRANSACTIONS
The Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition of the Board by discouraging a third party from seeking to obtain control of the Fund. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund. The Trustees are elected for indefinite terms and do not stand for reelection. A Trustee may be removed from office without cause only by a written instrument signed or adopted by a majority of the remaining Trustees or by a vote of the holders of at least two-thirds of the class of shares of the Fund that are entitled to elect a Trustee and that are entitled to vote on the matter. The Declaration of Trust does not contain any other specific inhibiting provisions that would operate only with respect to an extraordinary transaction such as a merger, reorganization, tender offer, sale or transfer of substantially all of the Fund's assets or liquidation. Reference should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.

#### TRANSFER RESTRICTIONS
For the Fund to qualify as a REIT, no more than 50% in value of the outstanding shares of the Fund's stock may be owned, directly or indirectly (through the application of certain attribution rules under the Code), by five or fewer individuals (including certain entities treated as individuals under the Code) during the last half of any taxable year. In addition, the outstanding shares of the Fund's stock must be owned by 100 or more persons who are independent of us and each other for at least 335 days of a 12-month taxable year or during a proportionate part of a shorter taxable year.

To assist the Fund in preserving the Fund's status as a REIT, among other purposes, the Fund's Declaration of Trust contains limitations on the transfer and ownership of shares of the Fund's stock which prohibit (i) any person or entity from owning or acquiring, directly or indirectly, beneficially or constructively, more than 9.8% in value or in number of shares, whichever is more restrictive, of the outstanding Shares of the Fund, or of any class or series of Shares of the Fund, excluding any outstanding Shares not treated as outstanding for U.S. federal income tax purposes, or such other percentage determined from time to time by the Trustees (the "***Ownership Limit***"); (ii) any person or entity from owning or acquiring, directly or indirectly beneficially or constructively, shares of the Fund's stock to the extent such ownership would result in the Fund's being "closely held" within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year) or otherwise failing to qualify as a REIT; and (iii) any transfer of or other event or transaction with respect to shares of capital stock that would result in the beneficial ownership of the Fund's outstanding shares of capital stock by fewer than 100 persons (determined under the principles of Section 856(a)(5) of the Code). The Declaration of Trust provides that any transfer of shares of the Fund's capital stock that, if effective, would result in a violation of the above restrictions, shall be automatically void and the intended transferee shall acquire no rights in such shares of capital stock.

Any person who acquires or attempts or intends to acquire shares of the Fund's capital stock in violation of the foregoing restrictions, is required to give immediate written notice to us of such event, and any person who purports to transfer or receive shares of the Fund's capital stock subject to such limitations is required to give us 15 days prior written notice prior to such purported transaction. In both cases, such persons must provide to us such other information as we may request to determine the effect, if any, of such event on the Fund's status as a REIT.

The foregoing restrictions will continue to apply until the Board determines it is no longer in the Fund's best interest to attempt to, or to continue to, qualify as a REIT or that compliance with the restrictions is no longer required for us to qualify as a REIT.

The Ownership Limit does not apply to a person or persons that the Board exempts from the Ownership Limit upon appropriate assurances (including certain representations and undertakings from the intended transferee) that the Fund's qualification as a REIT is not jeopardized.

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|  **74** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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Every owner of more than half of 1% (or such lower percentage as required by the Code or the regulations promulgated thereunder) of the number or value of outstanding shares of the Fund is required, within 30 days after January 1 of each year, to give the Fund written notice stating his, her or its name and address, the number of shares of each class and series of the Fund's stock which the Shareholder beneficially owns and a description of the manner in which the shares are held. Each such owner shall provide the Fund with such additional information as the Fund may request in order to determine the effect, if any, of the Shareholder's beneficial ownership on the Fund's qualification as a REIT and to ensure compliance with the restrictions noted above. In addition, each Shareholder shall upon demand be required to provide the Fund with such information as the Fund may request in order to determine the Fund's qualification as a REIT and to comply with the requirements of any taxing authority or governmental authority or to determine such compliance.

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|  **FORUMIG.COM** | **PROSPECTUS DATED April 30, 2026** | **\|** | **75** |

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## Legal Matters
Morrison & Foerster LLP, 370 17<sup>th</sup> Street, Suite 4200, Denver, CO 80202, acts as counsel to the Fund.

## Reports to Shareholders
The Fund will send to its Shareholders unaudited semi-annual and audited annual reports, including a list of investments held.

## Independent Registered Public Accounting Firm
CohnReznick LLC is the independent registered public accounting firm for the Fund and has audited the Fund's financial statements. CohnReznick LLC is located at 1 South Wacker Drive, Chicago, IL 60606.

## Privacy Notice
This notice describes the Fund's privacy policy. The Fund is committed to protecting the personal information that it collects about individuals who are prospective, former or current investors. The Fund collects personal information ("***Personal Information***") for business purposes, such as to process requests and transactions, to maintain accounts, and to provide customer service. Personal Information is obtained from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Investor applications and other forms, which may include your name(s), address, social security number or tax identification number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Written and electronic correspondence, including telephone contacts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Transaction history, including information about the Fund's transactions and balances in your accounts with the Fund or its affiliates or other holdings of the Fund and any affiliation with the Adviser and its subsidiaries.

The Fund limits access to Personal Information to those employees and service providers who need to know that information for business purposes. Employees are required to maintain and protect the confidentiality of Personal Information. The Adviser, on behalf of the Fund, maintains written policies and procedures that address physical, electronic and administrative safeguards designed to protect Personal Information.

The Fund may share Personal Information described above with the Adviser and its various other affiliates or service providers for business purposes, such as to facilitate the servicing of accounts. The Fund may share the Personal Information described above for business purposes with a non-affiliated third party only as authorized by exceptions to Regulation S-P's opt-out requirements, for example, (i) if it is necessary to effect, administer, or enforce a transaction that an investor requests or authorizes; (ii) in connection with processing or servicing a financial product or service an investor requests or authorizes; and (iii) in connection with maintaining or servicing the investor's account with the Fund. The Fund also may disclose Personal Information to regulatory authorities or otherwise as permitted by law. The Fund endeavors to keep its customer files complete and accurate. The Fund should be notified if any information needs to be corrected or updated.

## Additional Information
The prospectus and the SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC (File No. 333-265566). The complete Registration Statement may be obtained from the SEC at *www.sec.gov*. See the cover page of this prospectus for information about how to obtain a paper copy of the Registration Statement or SAI without charge.

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|  **76** | **\|** | **PROSPECTUS DATED April 30, 2026** | **FORUMIG.COM** |

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![](tcover_back.jpg)

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### STATEMENT OF ADDITIONAL INFORMATION
SHARE CLASSES: Class K \| Class I \| Class M \| Founders

### Forum Real Estate Income Fund
Principal Executive Offices

240 Saint Paul Street, Suite 400

Denver, CO 80206

April 30, 2026

This Statement of Additional Information **("SAI")** is not a prospectus. This SAI should be read in conjunction with the prospectus of Forum Real Estate Income Fund **(the "Fund")** dated April 30, 2026. This SAI does not include all information that a prospective investor should consider before purchasing the Fund's securities.

You should obtain and read the prospectus prior to purchasing any of the Fund's securities. A copy of the prospectus may be obtained without charge by calling the Fund at 303-501-8804, by email to investorrelations@forumig.com or by visiting www.freif.com. Information on the website is not incorporated herein by reference. The Fund's filings with the SEC also are available to the public on the SEC's website at www.sec.gov. Copies of these filings may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov, or by writing the SEC's Public Reference Section, 100 F Street NE, Washington, D.C. 20549.

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-1** |
|  **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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## **TABLE OF CONTENTS**

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| | |
|:---|:---|
|  [General Information and History](#T501) | S-3 |
|  [Investment Objective and Policies](#T502) | S-4 |
|  [Repurchases and Transfers Of Shares](#T503) | S-8 |
|  [Management of The Fund](#T504) | S-12 |
|  [Code of Ethics](#T505) | S-18 |
|  [Control Persons and Principal Holders](#T506) | S-19 |
|  [Investment Advisory and Other Services](#T507) | S-20 |
|  [Administrator; Compliance Services](#T508) | S-23 |
|  [Portfolio Manager](#T509) | S-24 |
|  [Allocation of Brokerage](#T510) | S-26 |
|  [PROXY VOTING POLICIES](#T963) | S-27 |
|  [DISCLOSURE OF PORTFOLIO HOLDINGS POLICY](#T964) | S-28 |
|  [U.s. Federal Income Tax Considerations](#T511) | S-29 |
|  [Other Information](#T512) | S-51 |
|  [Independent Registered Public Accounting Firm](#T513) | S-51 |
|  [Financial Statements](#T514) | S-51 |
|  [Appendix A: Fund Proxy Voting Policies and Procedures](#T515) | A-1 |
|  [Appendix B: Sub-Adviser's Proxy Voting Policies and Procedures](#T516) | B-1 |

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-2** |
|  **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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### GENERAL INFORMATION AND HISTORY
The Fund was organized as a Delaware statutory trust on April 5, 2021. The Fund is registered under the Investment Company Act of 1940, as amended (the **"Investment Company Act"**) as a non-diversified closed-end investment management company that is operated as an interval fund. The Fund commenced operations on May 3, 2021 and has elected to be taxed as a REIT under the Internal Revenue Code of 1986 (the **"Code"**) commencing with the taxable year ending December 31, 2021.

The Fund offers four separate classes (each a **"Class"**) of shares of beneficial interest (**"Shares"**) designated as Class K Shares, Class I Shares, Class M Shares, and Founders Shares. Each Class of Shares is subject to different fees and expenses. The Fund may offer additional classes of Shares in the future.

The investment objective and principal investment strategies of the Fund, as well as the principal risks associated with the Fund's investment strategies, are set forth in the prospectus. Certain additional investment information is set forth below. Each Share is entitled to one vote on all matters as to which Shares are entitled to vote. In addition, each Share is entitled to participate, on a class-specific basis, equally with other Shares (i) in dividends and distributions declared by the Fund and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the Fund are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately the same rights, including voting rights, as are provided for a full Share.

Each Class of Shares represents an interest in the same assets of the Fund, has the same rights and is identical in all material respects except that (i) each Class of Shares may be subject to different (or no) sales loads, (ii) each Class of Shares may bear different (or no) distribution and shareholder servicing fees; (iii) each Class of Shares may have different shareholder features, such as minimum investment amounts; (iv) certain other class-specific expenses will be borne solely by the Class to which such expenses are attributable, including transfer agent fees attributable to a specific Class of Shares, printing and postage expenses related to preparing and distributing materials to current Shareholders of a specific Class, registration fees paid by a specific Class of Shares, the expenses of administrative personnel and services required to support the Shareholders of a specific Class, litigation or other legal expenses relating to a Class of Shares, trustees' fees or expenses paid as a result of issues relating to a specific Class of Shares and accounting fees and expenses relating to a specific Class of Shares; and (v) each Class has exclusive voting rights with respect to matters relating to its own distribution arrangements. The Board may classify and reclassify the Shares of the Fund into additional Classes of Shares at a future date.

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|  **SAI Dated April 30, 2026** | **S-3** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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### INVESTMENT OBJECTIVE AND POLICIES
The Fund's investment objective and principal investment strategies, as well as the principal investment risks associated with the Fund's investment strategies, are set forth in the Prospectus. The following discussion provides additional information about those principal investment strategies and related risks, as well as information about other investment strategies that the Fund may utilize and related risks that may apply to the Fund, even though they are not considered to be "principal" investment strategies or risks of the Fund. Accordingly, an investment strategy and related risk that is described below, but which is not described in the Prospectus, should not be considered to be a principal investment strategy or principal risk.

#### Investment Objectives
The Fund's primary objectives are to seek to maximize current income and preserve investor capital, with a secondary focus on long-term capital appreciation. There can be no assurance the Fund will meet its investment objectives. The Fund's investment objective is non-fundamental and may be changed by the Board without Shareholder approval. Shareholders will, however, receive at least 60 days' prior notice of any change to the Fund's investment objective.

#### Fundamental Policies
The Fund's stated fundamental policies, which may only be changed by the affirmative vote of a majority of the outstanding voting securities of the Fund (the Shares), are listed below. For the purposes of this SAI, "majority of the outstanding voting securities of the Fund" means the vote, at an annual or special meeting of Shareholders, duly called, (a) of 67% or more of the Shares present at such meeting, if the holders of more than 50% of the outstanding Shares are present or represented by proxy; or (b) of more than 50% of the outstanding Shares, whichever is less. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;borrow money, except to the extent permitted by the Investment Company Act (which currently limits borrowing to no more than 33⅓% of the value of the Fund's total assets, including the value of the assets purchased with the proceeds of its indebtedness, if any). The Fund may borrow for investment purposes, for temporary liquidity, or to finance repurchases of its Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;issue senior securities, except to the extent permitted by Section 18 of the Investment Company Act (which currently limits the issuance of a class of senior securities' that is indebtedness to no more than 33⅓% of the value of the Fund's total assets or, if the class of senior security is stock, to no more than 50% of the value of the Fund's total assets).

&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;purchase securities on margin, but may sell securities short and write call options.

&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under the Securities Act in connection with the disposition of its portfolio securities. The Fund may invest in restricted securities (those that must be registered under the Securities Act before they may be offered or sold to the public) to the extent permitted by the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;invest more than 25% of the value of its total assets in the securities of companies or entities engaged in any one industry, or group of industries, except the real estate industry. This limitation does not apply to investment in the securities of the U.S. Government, its agencies or instrumentalities. The Fund invests over 25% of its assets in the securities of companies or entities in the real estate industry.

&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;purchase or sell commodities, commodity contracts, including commodity futures contracts, unless acquired as a result of ownership of securities or other investments, except that the Fund may invest in securities or other instruments backed by or linked to commodities, and invest in companies that are engaged in a commodities business or have a significant portion of their assets in commodities, and may invest in commodity pools and other entities that purchase and sell commodities and commodity contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;lend money or other assets except to the extent permitted by (i) the Investment Company Act, or interpretations or modifications by the Securities and Exchange Commission ("SEC"), its staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority.

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|:---|:---|
|  **SAI Dated April 30, 2026** | **S-4** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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In addition, the Fund has adopted the following fundamental policies with respect to repurchase offers, which may not be changed without the approval of the holders of a majority of the Fund's outstanding voting securities:

&nbsp;&nbsp;&nbsp;&nbsp;a)&nbsp;&nbsp;&nbsp;&nbsp; The Fund will make quarterly repurchase offers pursuant to Rule 23c-3 under the Investment Company Act, as amended from time to time, subject to any regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such rule.

&nbsp;&nbsp;&nbsp;&nbsp;b)&nbsp;&nbsp;&nbsp;&nbsp; The Fund will repurchase Shares that are tendered by a specific date, which will be established by the Board of Trustees of the Fund in accordance with Rule 23c-3 under the Investment Company Act, as amended from time to time, subject to any regulatory guidance or interpretations of, or any exemptive order or other relief issued by the SEC or any successor organization or their staff under, such rule.

&nbsp;&nbsp;&nbsp;&nbsp;c)&nbsp;&nbsp;&nbsp;&nbsp; The date on which the NAV per Share applicable to a repurchase offer is calculated will occur no later than 14 days after the repurchase request deadline (or the next business day if the 14<sup>th</sup> calendar day is not a business day).

Consistent with its election to qualify as a REIT, the Fund may invest in real estate or interests in real estate, securities that are secured by or represent interests in real estate (e.g. mortgage loans evidenced by notes or other writings defined to be a type of security), mortgage-related securities, investment funds that invest in real estate through entities that may qualify as REITs, or in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including REITs).

#### Non-Fundamental Policies
The following is an additional investment limitation of the Fund and may be changed by the Board without Shareholder approval:

<u>80% Investment Policy</u>. The Fund has adopted a policy to, under normal circumstances, invest at least 80% of its assets (defined as net assets plus the amount of any borrowing for investment purposes) in a portfolio of commercial real estate loans and other real estate related investments located in the United States. "Real estate related investments" include, but are not limited to, agency and non-agency commercial mortgage-backed securities (**"CMBS"**), commercial real estate collateralized loan obligations (**"CRE CLOs"**), preferred equity issued by real estate investment trusts or companies that develop, own and operate commercial real estate assets, mezzanine loans backed by commercial real estate assets, and securities issued by publicly-traded real estate investment trusts. To a lesser extent, the Fund may invest directly in commercial real estate. The categories of commercial real estate underlying the Fund's investments include, but are not limited to, multifamily, industrial, mixed use, hospitality, office, and retail. The Fund may invest in securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. There are no limits on the Fund's investments in below investment grade securities.

The Fund's 80% policy may be changed by the Board without Shareholder approval. Shareholders of the Fund will, however, receive at least 60 days' prior notice of any change in the Fund's 80% investment policy. The notice will be provided in a separate written document containing the following, or similar, statement, in boldface type: "Important Notice Regarding Change in Investment Policy." The statement will also appear on the envelope in which the notice is delivered, unless the notice is delivered separately from other communications to the Shareholder.

If a restriction on the Fund's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund assets invested in certain securities or other instruments, or change in average duration of the Fund's investment portfolio, resulting from changes in the value of a Fund's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-5** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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#### Securities Lending
Although the Fund does not currently intend to engage in securities lending, it may do so in the future. Prior to engaging in securities lending, the Fund will enter into securities lending agreements. Once the Fund enters into such agreements, it may lend its portfolio securities in an amount not exceeding one-third of its total assets to financial institutions such as banks and brokers if the loan is collateralized in accordance with applicable regulations. Under the present regulatory requirements which govern loans of portfolio securities, the loan collateral must, on each business day, at least equal the value of the loaned securities and must consist of cash, letters of credit of domestic banks or domestic branches of foreign banks, or securities of the U.S. Government or its agencies. To be acceptable as collateral, letters of credit must obligate a bank to pay amounts demanded by the Fund if the demand meets the terms of the letter. Such terms and the issuing bank would have to be satisfactory to the Fund. Any loan might be secured by any one or more of the three types of collateral. The Fund's Board has a fiduciary obligation to recall a loan in time to vote proxies if it has knowledge that a vote concerning a material event regarding the securities will occur. As such, the terms of the Fund's loans must permit the Fund to reacquire loaned securities on five (5) days' notice or in time to vote on any material matter and must meet certain tests under the Code.

The primary risk in securities lending is a default by the borrower during a sharp rise in price of the borrowed security resulting in a deficiency in the collateral posted by the borrower. The Fund will seek to minimize this risk by requiring that the value of the securities loaned be computed each day and additional collateral be furnished each day if required. In addition, the Fund is exposed to the risk of delay in recovery of the loaned securities or possible loss of rights in the collateral should the borrower become insolvent. As well, all investments made with the collateral received are subject to the risks associated with such investments. If such investments lose value, the Fund will have to cover the loss when repaying the collateral.

The costs of securities lending do not appear in the Fund's fee table and the Fund bears the entire risk of loss on any reinvested collateral received in connection with securities lending.

#### Certain Portfolio Securities and Other Operating Policies
As discussed in the prospectus, under normal circumstances, the Fund intends to achieve its objectives by acquiring commercial real estate debt instruments, including, but not limited to, subordinated mortgages, mezzanine loans, senior mortgages and CMBS, as well as equity securities, preferred securities, loan and equity participations, REMICs, and directly in real estate.

Real estate-related debt investments may be held through wholly owned subsidiaries or joint ventures, or involve co-investment transactions, certain of which may be joint transactions with the Fund's affiliates. The Fund, the Fund's investment adviser, FREIF Advisors LLC (the **"Adviser"**), and certain other funds affiliated with the Adviser have been granted exemptive relief by the SEC that enables the Fund to engage in certain co-investment transactions with its affiliates, subject to certain conditions. As required by the exemptive order, the Fund has adopted, and the Board, including the "required majority" (as defined in Section 57(o) of the 1940 Act) of the Board, has approved, policies and procedures reasonably designed to ensure compliance with the terms of the exemptive order, and the Adviser and the Fund's Chief Compliance Officer will provide regular reporting to the Board.

No assurance can be given that any or all investment strategies, or the Fund's investment program, will be successful. Although the Fund is a "non-diversified" investment company within the meaning of the Investment Company Act, the Adviser believes the Fund will achieve diversification by investing across real estate asset classes, property types, positions in the capital stack and geographic locations. The real estate underlying the Fund's investments will be located in the United States.

The Adviser is a Delaware limited liability company and an investment adviser registered with the SEC under the Advisers Act. The Adviser has engaged Nuveen Asset Management, LLC to act as the Fund's non-discretionary sub-adviser (the **"Sub-Adviser"**), and the Fund's administrator is UMB Fund Services, Inc. (the **"Administrator"**). The Adviser is

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-6** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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responsible for overseeing the management of the Fund's activities, including investment strategies, investment goals, asset allocation, leverage limitations, reporting requirements and other guidelines in addition to the general monitoring of the Fund's portfolio, subject to the oversight of the Board. The Adviser has sole discretion to make all investments. The Sub-Adviser will assist the Adviser in identifying and evaluating potential investments for the Fund and participate in ongoing diligence and monitoring of the Fund's investments. See "Risk Factors — Risks Related to Conflicts of Interest" in the prospectus. The Sub-Adviser and any other sub-adviser retained by the Adviser will be paid by the Adviser. The Adviser is responsible for allocating the Fund's assets among various securities using its investment strategies, subject to policies adopted by the Board. Additional information regarding the types of securities and financial instruments is set forth below.

#### Money Market Instruments
The Fund may invest, for defensive or diversification purposes or otherwise, some or all of its assets in high quality fixed-income securities, money market instruments, and money market mutual funds, or hold cash or cash equivalents in such amounts as the Fund or the Adviser deem appropriate under the circumstances. Pending allocation of the proceeds of this offering and thereafter, from time to time, the Fund also may invest in these instruments and other investment vehicles. Money market instruments are high quality, short-term fixed-income obligations, which generally have remaining maturities of one year or less, and may include U.S. government securities, commercial paper, certificates of deposit and bankers' acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements.

#### Derivatives
Subject to the Fund's intent to generate real-estate related gross income that qualifies for purposes of the Code provisions applicable to REITs, the Fund may engage in transactions involving options and futures and other derivative financial instruments. Derivatives can be volatile and involve various types and degrees of risk. By using derivatives, the Fund may be permitted to increase or decrease the level of risk, or change the character of the risk, to which the portfolio is exposed.

A small investment in derivatives could have a substantial impact on the Fund's performance. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant and rapid changes in the prices for derivatives. If the Fund were to invest in derivatives at an inopportune time, or the Adviser evaluates market conditions incorrectly, the Fund's derivative investment could negatively impact the Fund's return, or result in a loss. In addition, the Fund could experience a loss if its derivatives were poorly correlated with its other investments, or if the Fund were unable to liquidate its position because of an illiquid secondary market.

#### Non-Diversified Status
Because the Fund is "non-diversified" under the Investment Company Act, it is subject only to certain U.S. federal income tax requirements applicable to REITs with respect to the composition of its assets.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-7** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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### REPURCHASES AND TRANSFERS OF SHARES

#### Repurchase Offers
The Board has adopted a resolution setting forth the Fund's fundamental policy that it will conduct quarterly repurchase offers (the **"Repurchase Offer Policy"**). The Repurchase Offer Policy sets the interval between each repurchase offer at one quarter and provides that the Fund shall conduct a repurchase offer each quarter (unless suspended or postponed in accordance with regulatory requirements). The Fund's Repurchase Offer Policy is fundamental and cannot be changed without Shareholder approval. The Fund may, for the purpose of paying for repurchased Shares, be required to liquidate portfolio holdings earlier than the Adviser would otherwise have liquidated these holdings. Such liquidations may result in losses and may increase the Fund's portfolio turnover.

#### Repurchase Offer Policy Summary of Terms
The Fund will make repurchase offers at periodic intervals pursuant to Rule 23c-3 under the Investment Company Act, as that Rule may be amended from time to time. Rule 23c-3 establishes requirements that closed-end funds must follow when making repurchase offers to their Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The repurchase offers will be made in March, June, September, and December of each year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The Fund will send a repurchase offer to Shareholders no less than 21 days and no more than 42 days before a date specified by the Fund in the repurchase offer by which Shareholders can tender their Shares in response to such repurchase offer (the **"Repurchase Request Deadline"**). The Fund must receive repurchase requests submitted by Shareholders in response to the Fund's repurchase offer on or before the Repurchase Request Deadline (or the preceding business day if the New York Stock Exchange is closed on that day).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The maximum time between the Repurchase Request Deadline and the next date on which the Fund determines the NAV applicable to the purchase of Shares (the **"Repurchase Pricing Date"**) is 14 calendar days (or the next business day if the 14<sup>th</sup> day is not a business day).

The Fund may not condition a repurchase offer upon the tender of any minimum amount of Shares. The Fund may deduct from the repurchase proceeds only a repurchase fee that is paid to the Fund and that is reasonably intended to compensate the Fund for expenses directly related to the repurchase. The repurchase fee may not exceed 2.00% of the proceeds. However, the Fund does not currently charge a repurchase fee. The Fund may rely on Rule 23c-3 only so long as the Board satisfies the governance standards defined in Rule 0-1(a)(7) under the Investment Company Act.

#### Procedures
All periodic repurchase offers must comply with the following procedures:

*Repurchase Offer Amount.* Each quarter, the Fund may offer to repurchase at least 5% and no more than 25% of the outstanding Shares of the Fund on the Repurchase Request Deadline (the **"Repurchase Offer Amount"**). The Board shall determine the quarterly Repurchase Offer Amount.

*Shareholder Notification.* No less than 21 days and no more than 42 days before each Repurchase Request Deadline, the Fund shall send to each Shareholder of record and to each beneficial owner of the Shares that are the subject of the repurchase offer a Shareholder Notification providing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; A statement that the Fund is offering to repurchase its Shares from Shareholders at NAV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Any fees applicable to such repurchase, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The Repurchase Offer Amount;

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-8** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The dates of the Repurchase Request Deadline, Repurchase Pricing Date, and the date by which the Fund must pay Shareholders for any Shares repurchased (which shall not be more than seven (7) days after the Repurchase Pricing Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The risk of fluctuation in NAV between the Repurchase Request Deadline and the Repurchase Pricing Date, and the possibility that the Fund may use an earlier Repurchase Pricing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The procedures for Shareholders to request repurchase of their Shares and the right of Shareholders to withdraw or modify their repurchase requests until the Repurchase Request Deadline;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The procedures under which the Fund may repurchase such Shares on a pro rata basis if Shareholders tender more than the Repurchase Offer Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The circumstances in which the Fund may suspend or postpone a repurchase offer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The NAV of the Shares computed no more than seven (7) days before the date of the notification and the process through which Shareholders may learn the NAV thereafter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The market price, if any, of the Shares on the date on which such NAV was computed, and the means by which Shareholders may ascertain the market price thereafter.

The Fund must file Form N-23c-3 (**"Notification of Repurchase Offer"**) and three copies of the Shareholder Notification with the SEC within three (3) business days after sending the notification to Shareholders.

*Notification of Beneficial Owners.* Where the Fund knows that Shares subject to a repurchase offer are held of record by a broker, dealer, voting trustee, bank, association or other entity that exercises fiduciary powers in nominee name or otherwise, the Fund must follow the procedures for transmitting materials to beneficial owners of securities that are set forth in Rule 14a-13 under the Securities Exchange Act of 1934.

*Repurchase Requests.* Repurchase requests must be submitted by Shareholders by the Repurchase Request Deadline. The Fund shall permit repurchase requests to be withdrawn or modified at any time until the Repurchase Request Deadline, but shall not permit repurchase requests to be withdrawn or modified after the Repurchase Request Deadline.

*Repurchase Requests in Excess of the Repurchase Offer Amount.* If Shareholders tender more than the Repurchase Offer Amount, the Fund may, but is not required to, repurchase an additional amount of Shares up to, but not to exceed, 2.00% of the outstanding Shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if Shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus the additional amount of Shares repurchased at the Fund's discretion (up to 2.00% of the outstanding Shares) on the Repurchase Request Deadline, the Fund shall repurchase the Shares tendered on a pro rata basis. This policy, however, does not prohibit the Fund from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Accepting all repurchase requests by persons who own, beneficially or of record, an aggregate of not more than 100 Shares and who tender all of their stock for repurchase, before prorating shares tendered by others; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Accepting by lot Shares tendered by Shareholders who request repurchase of all Shares held by them and who, when tendering their Shares, elect to have either (i) all or none or (ii) at least a minimum amount or none accepted, if the Fund first accepts all Shares tendered by Shareholders who do not make this election.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-9** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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*Suspension or Postponement of Repurchase Offers.* The Fund shall not suspend or postpone a repurchase offer except pursuant to a vote of a majority of the Board, including a majority of the Independent Directors (as defined below), and only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; If the repurchase would cause the Fund to lose its tax status as a REIT under Subchapter M of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; If the repurchase would cause the Shares that are the subject of the offer that are either listed on a national securities exchange or quoted in an inter-dealer quotation system of a national securities association to be neither listed on any national securities exchange nor quoted on any inter-dealer quotation system of a national securities association;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; For any period during which the New York Stock Exchange or any other market in which the securities owned by the Fund are principally traded is closed, other than customary week-end and holiday closings, or during which trading in such market is restricted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; For any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; For such other periods as the SEC may by order permit for the protection of Shareholders of the Fund.

If a repurchase offer is suspended or postponed, the Fund shall provide notice to Shareholders of such suspension or postponement. If the Fund renews the repurchase offer, the Fund shall send a new Shareholder Notification to Shareholders.

*Computing NAV.* The Fund's current NAV shall be computed no less frequently than weekly, and daily on the five (5) business days preceding a Repurchase Request Deadline, on such days and at such specific time or times during the day as set by the Board. Currently, the Board has determined that the Fund's NAV shall be determined daily following the close of the New York Stock Exchange. The Fund's NAV need not be calculated on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Days on which changes in the value of the Fund's portfolio securities will not materially affect the current NAV of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Days during which no order to purchase Shares is received, other than days when the NAV would otherwise be computed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Customary national, local, and regional business holidays described or listed in the Prospectus.

*Liquidity Requirements.* From the time the Fund sends a Shareholder Notification to Shareholders until the Repurchase Pricing Date, a percentage of the Fund's assets equal to at least 100% of the Repurchase Offer Amount (the **"Liquidity Amount"**) shall consist of access to a line of credit and/or assets that individually can be sold or disposed of in the ordinary course of business, at approximately the price at which the Fund has valued the investment, within a period equal to the period between a Repurchase Request Deadline and the Repurchase Payment Deadline, or of assets that mature by the next Repurchase Payment Deadline. This requirement means that individual assets must be salable under these circumstances. It does not require that the entire Liquidity Amount must be salable. In the event that the Fund's assets fail to comply with this requirement, the Board shall cause the Fund to take such action as it deems appropriate to ensure compliance. The Board has approved a policy and procedures that are reasonably designed to ensure that the Fund's portfolio assets are sufficiently liquid so that the Fund can comply with its fundamental policy on repurchases and comply with the liquidity requirements in the preceding paragraph.

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-10** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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*Registration Statement Disclosure.* The Fund's Registration Statement must disclose its intention to make or consider making such repurchase offers.

*Annual Report Disclosure.* The Fund shall include in its annual report to Shareholders the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Disclosure of its fundamental policy regarding periodic repurchase offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Disclosure regarding repurchase offers by the Fund during the period covered by the annual report, which disclosure shall include: (a) the number of repurchase offers, (b) the Repurchase Offer Amount and the amount tendered in each repurchase offer, and (c) the extent to which in any repurchase offer the Fund repurchased Shares pursuant to the procedures described above.

*Advertising.* The Fund, or any underwriter for the Fund, must comply, as if the Fund were an open-end investment company, with the provisions of Section 24(b) of the Investment Company Act and the rules thereunder with respect to any advertisement, pamphlet, circular, form letter, or other sales literature addressed to or intended for distribution to prospective investors.

#### Involuntary Repurchases
The Fund may, at any time, when consistent with the requirements of the Fund's Declaration of Trust and By-Laws and the provisions of the Investment Company Act and the rules thereunder, including Rule 23c-3, repurchase or redeem at NAV the Shares of a Shareholder, or any person acquiring Shares from or through a Shareholder, without consent or other action by the Shareholder or other person if the Fund determines that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; the Shares have been transferred in violation of the Fund's Declaration of Trust and By-Laws or have vested in any person by operation of law as the result of the death, dissolution, bankruptcy, incompetency or "qualifying disability" (as such term is defined in Section 72(m)(7) of the Code) of a Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; ownership of the Shares by a Shareholder or other person is likely to cause the Fund to be in violation of, require registration of any Shares under, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; continued ownership of the Shares by a Shareholder may be harmful or injurious to the business or reputation of the Fund, the Board, the Adviser or any of its affiliates, or may subject the Fund or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; any of the representations and warranties made by a Shareholder or other person in connection with the acquisition of the Shares was not true when made or has ceased to be true;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; the Shareholder owns Shares having an aggregate NAV less than an amount determined from time to time by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; the Shareholder is subject to special regulatory or compliance requirements, such as those imposed by the U.S. Bank Holding Company Act of 1956, as amended, certain Federal Communications Commission regulations, or Employee Retirement Income Security Act of 1974, as amended (collectively, **"Special Laws or Regulations"**), and the Fund determines that the Shareholder is likely to be subject to additional regulatory or compliance requirements under these Special Laws or Regulations by virtue of continuing to hold any Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; it would be in the best interests of the Fund for the Fund to repurchase the Shares.

The Adviser may tender for repurchase in connection with any repurchase offer made by the Fund for Shares that it holds in its capacity as a Shareholder.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-11** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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**MANAGEMENT OF THE FUND** 

#### Trustees and Officers
The Board is responsible for the overall management of the Fund, including supervision of the duties performed by the Adviser, adopting the investment and other policies of the Fund, electing and replacing officers and selecting and supervising the Adviser. The Board consists of four Trustees, including three Independent Trustees.

The name and business address of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five (5) years, as well as a description of the responsibilities of the various committees of the Board, are set forth below.

The Board has overall responsibility to manage and control the business affairs of the Fund, including the complete and exclusive authority to oversee and to establish policies regarding the management, conduct and operation of the Fund's business. The Board exercises the same powers, authority and responsibilities on behalf of the Fund as are customarily exercised by the board of trustees of a registered investment company. The business of the Fund is managed under the direction of the Board, in accordance with the Declaration of Trust and the Bylaws (together, the **"Governing Documents"**), each as amended from time to time, which have been filed with the SEC and are available upon request. Pursuant to the Governing Documents of the Fund, the Board shall elect officers including a President, a Vice-President, a Secretary, a Treasurer, an Assistant Treasurer, and a Chief Compliance Officer. The Board retains the power to conduct, operate and carry on the business of the Fund and has the power to incur and pay any expenses, which, in the opinion of the Board, are necessary or incidental to carry out any of the Fund's purposes.

***Board Leadership Structure.*** Darren Fisk is the Chairman of the Board. Under the Declaration of Trust and Bylaws, the Chairman of the Board is responsible for (a) presiding at Board meetings, (b) calling special meetings on an as-needed basis, (c) execution and administration of Fund policies, including (i) setting the agendas for Board meetings and (ii) providing information to Board members in advance of each Board meeting and between Board meetings. The Board has designated Brien Biondi as the Lead Independent Trustee. As Lead Independent Trustee, Mr. Biondi is responsible for coordinating the activities of the other Independent Trustees and for such other duties as are assigned, from time to time, by our Board. Additionally, under certain Investment Company Act governance guidelines that apply to the Fund, the Independent Trustees will meet in executive session at least quarterly.

Mr. Fisk has been deemed by the Board to be an interested person of the Fund by virtue of his ownership interests in and senior management roles at the Adviser and/or its affiliates. The Independent Trustees have also appointed a Lead Independent Trustee and believe that this leadership structure is appropriate in light of the potential conflicts of interest that could arise from these relationships. The Board has determined that an interested Chairman is appropriate and benefits Shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the Fund.

***Board Risk Oversight.*** The Board has a standing independent Audit Committee with a separate chair. The Board is responsible for overseeing risk management, and the full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight of risk management from its Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary. The Audit Committee considers financial and reporting risk within its area of responsibilities. Generally, the Board believes that its oversight of material risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related information.

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-12** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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#### Trustee and Officer Qualifications
Following is a list of the Trustees and executive officers of the Fund and their principal occupation over the last five (5) years. Unless otherwise noted, the address of each Trustee and Officer is: c/o FREIF Advisors LLC, 240 Saint Paul Street, Suite 400, Denver, Colorado 80206.

#### Independent Trustees

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Year of Birth** | **Position/Term <br>of Office\*** | **Principal <br>Occupation <br>During the Past <br>Five Years** | **Number of <br>Portfolios in <br>Fund <br>Complex\*\* <br>Overseen <br>by <br>Trustee** | **Other <br>Directorships <br>held <br>by Trustee <br>During <br>Last Five Years** |
| &nbsp;&nbsp; Brien Biondi (1962) | Independent Trustee (Since 2022); Lead <br>Independent Trustee (Since 2023) | Chief Executive Officer and Founder, The Biondi Group (2011 – Present); formerly, Chief Executive Officer, Campden Wealth, North America & The Institute for Private Investors (2016 – 2025). | 1 | Primark Meketa Private Equity Investments Fund; Meketa Infrastructure Fund; Forum Multifamily Real Estate Investment Trust, Inc. |
| &nbsp;&nbsp; Julie Cooling (1972) | Independent Trustee (Since 2022) | Founder and Chief Executive Officer, RIA Channel, LLC (2005 – present). | 1 | N/A |
| &nbsp;&nbsp; Jay Hummel (1979) | Independent Trustee (Since 2025) | Co-Founder and Chief Executive Officer of Wealth Advisor Growth Network (2019 – 2025); and AiK2 Insurance Services (2021 – 2025). | 1 | Forum Multifamily Real Estate Investment Trust, Inc.; Sealy Private Industrial Real Estate Trust; Compass CFO Solutions (2020 to 2021). |
| &nbsp;&nbsp; **Interested Trustee** |  |  |  |  |
| &nbsp;&nbsp; Darren Fisk (1974) | Chairman, Chief Executive Officer, and Interested Trustee (Since 2021) | Founder and Chief Executive Officer of Forum Capital Advisors LLC (2018 – Present); Founder and Chief Executive Officer of Forum Real Estate Group (2007 – Present). | 1 | N/A |

---

***Brien Biondi*** is a certified public accountant with a Masters of Business Administration. Mr. Biondi has served as Chief Executive Officer and Founder of The Biondi Group since 2011. From 2016 to 2025, he served as the Chief Executive Officer of Campden Wealth, North America, an independent family-owned business providing unrivaled knowledge, intelligence and connectivity for family businesses, family offices, and significant private investors worldwide. He also served as the Chief Executive Officer of The Institute for Private Investors, a membership network for families of substantial wealth that provides investment education to ultra-high-net-worth families running sophisticated family offices, from 2016 to 2025. From 2009 to 2011, Mr. Biondi was the Chief Operating Officer of League Asset Corp., a private REIT based in Canada. From 2004 to 2007, he was the Executive Trustee of the Chief Executives' Organization, and from 1997 to 2004 he was the Chief Executive Officer of Entrepreneurs Organization. From 1993 to 1997, he was the Trustee of Finance and Administration of World Presidents' Organization. He was the Controller of the Archdiocese of Washington from 1988 to 1993 and was a Senior Accountant at KPMG from 1985 to 1988. Mr. Biondi has served on

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-13** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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the board of trustees of Primark Meketa Private Equity Investments Fund, a registered closed-end investment company operating as an interval fund, since 2020. Mr. Biondi earned a Bachelor of Science in Business Administration from The American University in 1985 and a Masters of Business Administration from The College of William and Mary in 1997. We believe Mr. Biondi's experience in the financial services industry, including board experience, qualifies him to serve as a member of our Board.

***Julie Cooling*** has more than 25 years of experience in the financial services industry. She is the Founder and Chief Executive Officer of RIA Channel, LLC, a company she started as an extension of RIA Database (RIADatabase.com), a financial advisor data and software company she founded in 2005. Ms. Cooling began her career in 1994 as an Associate at SEI Investments. From 1996 to 1998, she was Vice President at Montgomery Asset Management. From 1998 to 2000, Ms. Cooling held multiple positions and was on the Board of Forward Funds (part of Webster Investment Management). Prior to launching RIA Database, she was with Amic Distribution Partners from 2001 to 2002. Julie graduated from Bucknell University with a degree in Economics and a minor in Finance in 1994. We believe Ms. Cooling's experience in the financial services industry qualifies her to serve as a member of our Board.

***Jay Hummel*** served as the Co-Founder and Chief Executive Officer of Wealth Advisor Growth Network and AiK2 Insurance Services from 2021 to 2025. Prior to this role, Mr. Hummel was Senior Vice President and Head of the Personal Financial Solutions Business at American Century Investments from 2016 to 2019, where he was responsible for strategic and operational leadership of the business unit, overseeing a stand-alone brokerage, direct mutual fund, private client and small business solutions, and the retail branch network. He also served as the Managing Director for Strategic Projects and Thought Leadership at Envestnet Inc. from 2014 to 2016. Previously, Mr. Hummel was the former President and Chief Operating Officer of Lenox Wealth Management, a Cincinnati-based multi-family office and started his career in accounting and consulting at Deloitte & Touche from 2000 to 2006. Mr. Hummel was a former board member at Alliance Business Lending from 2011 to 2013, where he was Chair of the audit committee. He was also a board member at Compass CFO Solutions from 2020 to 2021. Hummel holds a B.B.A. and M.S. in Accounting from the University of Cincinnati. Mr. Hummel is a member of the board of directors due to his extensive business and financial experience, as well as the skills he gained during his active board service to a number of diverse organizations.

***Darren Fisk****,* the Fund's Chairman and Chief Executive Officer, is also the founder and Chief Executive Officer of the Adviser and Forum Real Estate Group LLC ("FREG"). Mr. Fisk is responsible for the overall strategy and direction of both firms. He has over 20 years of experience in real estate and finance, with nearly 10 years at Johnson Capital Group prior to founding FREG. Mr. Fisk is a graduate of the University of Colorado-Boulder, where he received a Bachelor of Science degree in finance in 1997. We believe Mr. Fisk's experience in the financial services and commercial real estate industries qualifies him to serve as a member of our Board.

#### Officers

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name, Year of Birth** | **Position/Term <br>of Office\*** | **Principal Occupation <br>During the Past Five Years** |
| &nbsp;&nbsp; Edie Suhr (1970) | President (since 2025) | Chief Operating Officer and General Counsel, Forum Investment Group LLC (2022 – present); Founding Co-Partner and Attorney, Fisher & Suhr, P.C. (2012 – 2022) |
| &nbsp;&nbsp; Derek Mullins (1973) | Treasurer, Principal Financial Officer and Principal Accounting Officer (since 2021) | Managing Partner, PINE Advisors LLC ("PINE") (2018 – present) |
| &nbsp;&nbsp; John-Paul Nigro (1984) | Assistant Treasurer (since 2026) | Director of PFO Services, PINE (since 2024); Assistant Vice President, State Street Bank and Trust (2010 – 2024) |

---

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-14** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name, Year of Birth** | **Position/Term <br>of Office\*** | **Principal Occupation <br>During the Past Five Years** |
| &nbsp;&nbsp; Michelle Marcano – Johnson (1968) | Chief Compliance Officer (since 2025) | Director of Fund CCO Services, PINE (2025 – Present); Vice President Corporate Compliance, Empower (2022 – 2024); Head of Corporate Compliance, Janus Henderson Investors (2019 – 2022) |
| &nbsp;&nbsp; Elizabeth Ryan (1980) | Secretary (since 2022) | General Counsel and Chief Compliance Officer, Forum Capital Advisors LLC (2022 – present); General Counsel and Chief Compliance Officer, Intrinsic Edge Capital Management (2019 – 2022); Senior Compliance Consultant, Simon Compliance (2018 – 2019). |
| &nbsp;&nbsp; Pat Brophy (1965) | Vice President (Since 2025) | Managing Director – Portfolio Manager, Forum Real Estate Income Fund (since 2021); Portfolio Manager, Forum Capital Advisors LLC (since 2019) |
| &nbsp;&nbsp; Jason Brooks (1978) | Vice President (Since 2025) | Head of Debt – Portfolio Manager, Forum Real Estate Income Fund (2025 – present); Head of Debt, Forum Capital Advisors LLC (2025 – present); Portfolio Manager, Janus Henderson (2012 – 2025) |
| &nbsp;&nbsp; Neil Shah (1987) | Vice President (Since 2025) | Managing Director Capital Markets – Portfolio Manager, Forum Real Estate Income Fund (2023 – present); Director of Capital Markets & Trading, Systima Capital Management (2014 – 2020) |

---

____________

\*&nbsp;&nbsp;&nbsp;&nbsp; The term of office for each Trustee and officer listed above will continue indefinitely.

\*\*&nbsp;&nbsp;&nbsp;&nbsp;The term "Fund Complex" refers to all present and future funds advised by the Adviser or its affiliates.

#### Board Committees
In addition to serving on the Board, Trustees may also serve on the Audit Committee, which has been established by the Board to handle certain designated responsibilities. Subject to applicable laws, the Board may establish additional committees, change the membership of any committee, fill all vacancies and designate alternate members to replace any absent or disqualified member of any committee, or to dissolve any committee as it deems necessary and in the Fund's best interest.

#### Audit Committee
The Board has an Audit Committee that consists exclusively of Independent Trustees. The Audit Committee operates pursuant to a charter adopted by the Board and is responsible for selecting, engaging and discharging the Fund's independent registered public accounting firm, reviewing the plans, scope and results of the audit engagement with the Fund's independent registered public accounting firm, approving professional services provided by the Fund's independent registered public accounting firm (including compensation therefor), reviewing the independence of the Fund's independent registered public accounting firm and reviewing the adequacy of the Fund's internal control over financial reporting. Annually, the Audit Committee reviews and discusses the audited financial statements with the Fund's management. The Audit Committee is responsible for aiding the Board in fair value pricing of debt and equity securities that are not publicly traded or for which current market values are not readily available. On a quarterly basis, the Audit Committee reviews the valuation determinations made with respect to the Fund's investments during the preceding quarter and evaluates whether such determinations were made in a manner consistent with the Fund's valuation process. The members of the Audit Committee are Messrs. Hummel and Biondi and Ms. Cooling, each

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-15** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

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of whom is an Independent Trustee, with Mr. Hummel serving as the chairman. The Board has determined that Mr. Hummel is an "audit committee financial expert" as defined under SEC rules. During the last fiscal year, the Audit Committee held four (4) committee meetings.

#### Nominating and Corporate Governance Procedures
As of January 1, 2026, the Fund no longer has a separate Nominating and Corporate Governance Committee. A majority of the Independent Trustees will be responsible for nominating and selecting nominees for election by the Fund's Shareholders, selecting nominees to fill vacancies on the Board or a committee of the Board, and considering and evaluating the structure, composition and operation of the Board and its committees.

The Fund does not currently have a written policy with regard to the nomination process or shareholder recommendations. The absence of such a policy does not mean, however, that a shareholder recommendation would not be considered if one is received. The Fund's Independent Trustees will consider qualified trustee nominees recommended by Shareholders when such recommendations are submitted in accordance with any applicable law, rule or regulation regarding trustee nominations. When submitting a nomination for consideration, a Shareholder must provide certain information that would be required under applicable SEC rules, including the following minimum information for each trustee nominee: full name, age and address; principal occupation during the past five years; current directorships or trusteeships on publicly held companies and investment companies; number of Shares of the Fund owned, if any; and a written consent of the individual to stand for election if nominated by the Board and to serve if elected by the Shareholders.

#### Trustee Ownership
The following table indicates the dollar range of equity securities that each Trustee beneficially owns in the Fund as of December 31, 2025, unless otherwise stated.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name of Trustee** | **Dollar Range of <br>Equity Securities in <br>the Fund<sup>(1)</sup>** | **Aggregate Dollar Range of Equity <br>Securities in All Registered Investment <br>Companies Overseen by Trustee in <br>Family of Investment <br>Companies** |
| &nbsp;&nbsp; Darren Fisk | Over $100,000 | Over $100,000  |
| &nbsp;&nbsp; Brien Biondi | $10001 – $50000 | $10001 – $50000  |
| &nbsp;&nbsp; Julie Cooling |  |  |
| &nbsp;&nbsp; Jay Hummel |  |  |

---

____________

1) Beneficial ownership is determined in accordance with the rules of the SEC. Under SEC rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares "voting power," which includes the power to vote, or to direct the voting of, such security, or "investment power," which includes the right to dispose of or to direct the disposition of such security. A person also is deemed to be a beneficial owner of any securities which that person has a right to acquire within 60 days. Except as otherwise indicated by footnote, and subject to community property laws where applicable, the persons named in the table above have sole voting and investment power with respect to all Shares shown as beneficially owned by them.

As of December 31, 2025, none of the Independent Trustees (or their immediate family members) owned beneficially or of record securities of the Adviser, the Distributor, or any of their affiliates, or of any persons (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Adviser or the Distributor.

#### Compensation
The following table sets forth information regarding the compensation received by the Trustees of the Fund for the fiscal year ended December 31, 2025. No compensation is paid to the Interested Trustee or the Officers by the Fund. For their service as Trustee, each Independent Trustee receives from the Fund a retainer fee of $45,000(4) per year as well

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-16** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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as reimbursement for out-of-pocket expenses incurred in connection with attending each Board or committee meeting. In addition, the Lead Independent Trustee receives a retainer fee of $5,000 per year, and the Audit Committee Chair receives a retainer fee of $2,500 per year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name** | **Aggregate <br>Compensation <br>from Fund** | **Pension or <br>Retirement <br>Benefits <br>Accrued as Part of <br>Fund Expenses<sup>(1)</sup>** | **Estimated <br>Annual <br>Benefits Upon <br>Retirement** | **Total Compensation <br>from Fund and Fund <br>Complex Paid <br>to Trustees<sup>(2)</sup>** |
| &nbsp;&nbsp; **Interested Trustee** |  |  |  |  |
| &nbsp;&nbsp; Darren Fisk |  |  |  |  |
| &nbsp;&nbsp; **Independent Trustees** |  |  |  |  |
| &nbsp;&nbsp; Brien Biondi | $38750 |  |  | $38750  |
| &nbsp;&nbsp; Julie Cooling | $38750 |  |  | $38750  |
| &nbsp;&nbsp; Jay Hummel<sup>(3)</sup> | $16923 |  |  | $16923  |

---

____________

1) The Fund does not have a bonus, profit sharing or retirement plan.

2) "Fund Complex" refers to all present and future registered funds advised by the Adviser or its affiliates.

3) Mr. Hummel was appointed as an Independent Trustee effective April 29, 2025.

4) Prior to January 1, 2026, for their service as Trustee, each Independent Trustee received from the Fund a retainer fee of $40,000.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-17** |
|  **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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### CODE OF ETHICS
Each of the Fund, the Adviser and the Sub-Adviser has adopted a code of ethics pursuant to Rule 17j-1 under the Investment Company Act and the Fund has also approved the Adviser's and Sub-Adviser's codes of ethics that were adopted by the Adviser and Sub-Adviser under Rule 17j-1 under the Investment Company Act and Rule 204A-1 under the Advisers Act. These codes establish procedures for personal investments and restrict certain personal securities transactions. Personnel subject to these codes may invest in securities for their personal investment accounts, including securities that may be purchased or held by the Fund, so long as such investments are made in accordance with the applicable code's requirements. The codes of ethics are attached as exhibits to the registration statement of which this SAI is a part. The codes of ethics will be available on the EDGAR Database on the SEC's website at http://www.sec.gov. Shareholders may also obtain copies of each code of ethics, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-18** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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### CONTROL PERSONS AND PRINCIPAL HOLDERS
A principal Shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding Shares of any class of a fund. A control person is one who owns, either directly or indirectly, more than 25% of the voting securities of a company or acknowledges the existence of control. A control person may be able to determine the outcome of a matter put to a Shareholder vote. As of the date of this SAI, no Shareholder of record owned 25% or more of the outstanding Shares of the Fund, and no Shareholder could be presumed to control the Fund. As of April 1, 2026, the trustees and officers collectively owned 2.43% of the Fund and no individual trustee or officer owned 5% or more of the outstanding Shares of the Fund.

As of April 1, 2026, the following Shareholders were shown in the Fund's records as owning 5% or more of any Class of the Fund's Shares, and no person is reflected on the books and records of the Fund as owning beneficially 5% or more of the outstanding Shares of any Class of the Fund. Except as listed below, the Fund does not know of any other person who owns of record or beneficially 5% or more of any Class of the Fund's Shares.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Class** | **Name/Address** | **% of Class** |
| &nbsp;&nbsp; Class I | Charles Schwab & Co. Inc., 211 Main Street, San Francisco, CA 94105 | 60.55% |
| &nbsp;&nbsp; Founders | Charles Schwab & Co. Inc., 211 Main Street, San Francisco, CA 94105 | 46.30% |
| &nbsp;&nbsp; Class K | National Financial Services LLC, 499 Washington Blvd, Jersey City, NJ 07310 | 99.74% |

---

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-19** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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### INVESTMENT ADVISORY AND OTHER SERVICES

#### The Adviser
The Adviser is located at 240 Saint Paul Street, Suite 400, Denver, CO 80206. The Adviser is registered with the SEC as an investment adviser under the Advisers Act. The Adviser is organized as a Delaware limited liability company. The Adviser has sole discretion to make all investments for the Fund. The Sub-Adviser will assist the Adviser in identifying and evaluating potential investments for the Fund and participate in ongoing diligence and monitoring of the Fund's investments. See "Risk Factors — Risks Related to Conflicts of Interest" in the prospectus.

Under the general supervision of the Board, the Adviser will carry out the investment and reinvestment of the net assets of the Fund, will furnish continuously an investment program with respect to the Fund, and will determine which securities should be purchased, sold or exchanged. In addition, the Adviser will supervise and provide oversight of the Fund's service providers. The Adviser will furnish to the Fund office facilities, equipment and personnel for servicing the management of the Fund. The Adviser will compensate all of their personnel who provide services to the Fund. In return for these services, facilities and payments, the Fund has agreed to pay the Adviser as compensation under the Investment Management Agreement the management fee computed at the annual rate of 1.50% of the Fund's average daily net assets (the **"Management Fee"**). The Fund's fees and expenses, including the Management Fee, are accrued daily and deducted before payment of dividends to Shareholders. For the fiscal periods ending December 31, 2025, 2024 and 2023, the Fund paid the following Management Fees to the Adviser:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Fiscal Year** | **Advisory Fees <br>Earned<sup>(1)</sup>** | **Advisory Fees <br>Waived** | **Total Advisory Fees <br>Paid <br>(After Waiver)** |
| &nbsp;&nbsp; 2025 | $&nbsp;&nbsp;&nbsp; 4388041 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 947081 | $&nbsp;&nbsp;&nbsp; 3440960  |
| &nbsp;&nbsp; 2024 | $&nbsp;&nbsp;&nbsp; 2127732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1169161 | $&nbsp;&nbsp;&nbsp; 958571  |
| &nbsp;&nbsp; 2023 | $&nbsp;&nbsp;&nbsp; 1016398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016398 | $&nbsp;&nbsp;&nbsp; —  |

---

____________

1) Prior to May 1, 2026, Forum Capital Advisors LLC was the investment adviser to the Fund. The Adviser is a wholly-owned subsidiary of Forum Capital Advisors LLC.

The Adviser may employ research services and service providers to assist in the Adviser's market analysis and investment selection.

The Adviser and the Fund have entered into the Expense Limitation Agreement pursuant to which the Adviser has contractually agreed to waive its management fee and/or pay or reimburse the ordinary annual operating expenses of the Fund to the extent necessary to limit the Fund's operating expenses to 2.80% of the Class K Shares average daily net assets, 1.90% of the Class I Shares average daily net assets, 2.55% of the Class M Shares average daily net assets, and 1.80% of the Founders Shares average daily net assets. For these purposes, ordinary annual operating expenses include organization and offering costs, but exclude brokerage commissions and other similar transactional expenses, interest (including interest incurred on borrowed funds and interest incurred in connection with bank and custody overdrafts), other borrowing costs and fees (including commitment fees), taxes, litigation and indemnification expenses, judgments, and extraordinary expenses. The Adviser is entitled to seek reimbursement from the Fund of fees waived or expenses paid or reimbursed to the Fund for a period ending three (3) years after the date of the waiver, payment or reimbursement, subject to the limitation that a reimbursement will not cause a Class's operating expenses (after giving effect to the reimbursement) to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived or expenses paid or reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement. The Expense Limitation Agreement (the **"Expense Limitation Agreement"**) will continue in effect

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-20** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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through October 31, 2027 and will renew automatically for successive periods of one year thereafter, unless written notice of termination is provided by the Adviser to the Fund not less than 10 days prior to the end of the then-current term. No such termination shall affect the obligation (including the amount of the obligation) of the Fund to repay amounts of fees waived or expenses paid or reimbursed with respect to periods prior to the date of such termination. The Board may terminate the Expense Limitation Agreement at any time on not less than 10 days' prior notice to the Adviser, and the Expense Limitation Agreement may be amended at any time only with the consent of both the Adviser and the Board.

#### The Sub-Adviser
The Adviser has engaged the Sub-Adviser to act as the Fund's non-discretionary sub-adviser with respect to the Fund's investments in CMBS. The Sub-Adviser is located at 333 West Wacker Drive, Chicago, IL 60606, and is registered with the SEC as an investment adviser under the Advisers Act. See "Conflicts of Interest" in the prospectus. The Sub-Adviser is paid by the Adviser based on the portion of Fund assets allocated to the Sub-Adviser by the Adviser.

The basis for the Board's approval of the Investment Management Agreement will be provided in the Fund's semi-annual report for the period ending June 30, 2026. The basis for the Board's approval of the Sub-Advisory Agreement between the Adviser and the Sub-Adviser is provided in the Fund's semi-annual report for the period ended June 30, 2025.

#### Conflicts of Interest
The Adviser and the Sub-Adviser may provide investment advisory and other services, directly and through affiliates, to various entities and accounts other than the Fund (**"Adviser Accounts"**). The Fund has no interest in these activities. The Adviser, the Sub-Adviser, and the investment professionals, who on behalf of the Adviser or the Sub-Adviser, provide investment advisory services to the Fund, are engaged in substantial activities other than on behalf of the Fund, may have differing economic interests in respect of such activities, and may have conflicts of interest in allocating their time and activity between the Fund and the Adviser Accounts or other accounts of the Sub-Adviser. Such persons devote only so much time to the affairs of the Fund as in their judgment is necessary and appropriate. Set out below are practices that the Adviser follows.

In addition, the Adviser may earn additional fees or reimbursement of expenses from certain borrowers in connection with the structuring of certain investments negotiated by the Adviser or its affiliates. While such are not borne directly or indirectly by the Fund nor will its returns be directly or indirectly impacted by such payments, the receipt of such fees could create a conflict of interest with the Adviser.

The Adviser makes payments to certain financial intermediary firms that place the Fund on their platforms. The firms may also furnish marketing support and other specified services to the Fund. The payments made by the Adviser to such firms may be significant. To the extent such payments are made, they are made from the Adviser's own assets pursuant to agreements with financial intermediary firms and do not change the price paid by investors for the purchase of the Fund's Shares or the amount the Fund will receive as proceeds from such sales.

Potential and actual conflicts of interest may also arise as a result of the Adviser's other business activities and the Adviser's possession of material non-public information (**"*MNPI*"**) about an issuer. Other accounts managed by a portfolio manager might have similar investment objectives or strategies as the Fund or otherwise hold, purchase, or sell securities that are eligible to be held, purchased or sold by the Fund. The other accounts might also have different investment objectives or strategies than the Fund. Investors should be aware that investments made by the Fund and the results achieved by the Fund at any given time are not expected to be the same as those made by other accounts for which the Adviser acts as investment adviser, including accounts with names, investment objectives and policies, and/or portfolio management teams, similar to the Fund.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-21** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

The Adviser or its affiliates may act as arrangers of financing, including with respect to the Fund's Wholly Owned Entities, Joint Venture Entities, or Co-Investment Entities, and may receive fees in connection with providing such services. The Adviser or its affiliates may also receive fees associated with capital invested by unaffiliated co-investors relating to investments in which the Fund participates, in connection with joint ventures in which the Fund participates, or with respect to assets or other interests retained by a seller or other commercial counterparty to which the Adviser performs services. To the extent the Fund participates in a transaction involving the Adviser or its affiliates, such participation and the receipt or allocation of any related fees will be subject to the limitations of applicable law and regulations and the terms of SEC co-investment exemptive relief obtained by the Fund, the Adviser and certain of their affiliates. When such fees are received in connection with transactions in which the Fund does not participate, such fees are not required to be shared with the Fund or its shareholders, and the Management Fee paid generally will not be reduced by such amounts. These transactions and fees create a potential conflict of interest, and the Adviser has adopted policies and procedures intended to mitigate or otherwise manage such conflicts of interest with respect to the provision of such services.

The Adviser may, in its sole discretion, determine to provide, or engage or recommend an affiliate of the Adviser, including FREG, to provide property management or other services with respect to properties in which the Fund invests, instead of engaging or recommending one or more third parties to provide such services. Subject to applicable law and approval of the Independent Trustees, the Adviser or its affiliates, as applicable, will receive compensation in connection with the provision of such services. As a result, the Adviser faces a conflict of interest when selecting or recommending property management service providers for the Fund. Fees paid to FREG or another affiliated service provider will be determined in the Adviser's commercially reasonable discretion, taking into account the relevant facts and circumstances, and consistent with its responsibilities. Although the Adviser has adopted various policies and procedures intended to mitigate or otherwise manage conflicts of interest with respect to affiliated service providers, there can be no guarantee that such policies and procedures (which may be modified at any time in the Adviser's sole discretion) will be successful. In general, compensation received by FREG or other affiliates of the Adviser for providing these services will not be directly borne by the Fund and its returns will not be directly impacted by such payments.

#### Participation in Investment Opportunities
Directors, principals, officers, employees, agents, and affiliates of the Adviser may buy and sell securities or other investments for their own accounts and may have actual or potential conflicts of interest with respect to investments made on behalf of the Fund. As a result of differing trading and investment strategies or constraints, positions may be taken by Trustees, principals, officers, employees, agents, and affiliates of the Adviser, or by the Adviser for the Adviser Accounts or, with respect to the Sub-Adviser, other accounts of the Sub-Adviser, if any, that are the same as, different from or made at a different time than, positions taken for the Fund.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-22** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

### ADMINISTRATOR; COMPLIANCE SERVICES
UMB Fund Services Inc., 235 W Galena Street, Milwaukee, WI 53212-3948, provides certain administrative, accounting and transfer agency services to the Fund pursuant to an Administrative Services Agreement and a Transfer Agency Agreement between the Fund and the Administrator. For its services, the Fund pays the Administrator a fee and separate fixed fees to make certain filings. The Fund also reimburses the Administrator for certain out-of-pocket expenses incurred on the Fund's behalf. The fees are accrued and paid monthly by the Fund and are based on the average net assets for the prior month and subject to monthly minimums. For the fiscal year ended December 31, 2025, the Fund paid UMB Fund Services Inc., the Fund's Administrator and transfer agent, $264,177 in administration and accounting fees and $113,094 in transfer agency fees.

PINE, 501 S. Cherry Street, Suite 1090, Denver, CO 80246, provides certain finance and compliance services, including providing the Fund's Principal Financial Officer and Chief Compliance Officer, to the Fund pursuant to a Principal Financial Officer and Chief Compliance Officer Services Agreement. The Fund pays PINE a fee for supplying the Fund's Principal Financial Officer, Chief Compliance Officer and related finance and compliance services. The Fund also reimburses PINE for certain out-of-pocket expenses incurred on the Fund's behalf. The fees are accrued and paid monthly by the Fund. For the fiscal year ended December 31, 2025, the Fund paid PINE $141,389 in fees.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-23** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

### PORTFOLIO MANAGERS
Pat Brophy, Neil Shah, and Jason Brooks are the Fund's portfolio managers and are primarily responsibility for management of the Fund's investment portfolio. Mr. Brophy has served the Fund in this capacity since it commenced operations, Mr. Shah has served the Fund in this capacity since April 2023, and Mr. Brooks has served the Fund in this capacity since June 2025. Because a portfolio manager may manage assets for other pooled investment vehicles and/or other accounts (including institutional clients, pension plans and certain high net worth individuals) (collectively, **"Client Accounts"**), or may be affiliated with such Client Accounts, there may be an incentive to favor one Client Account over another, resulting in conflicts of interest. For example, affiliates of the Adviser may, directly or indirectly, receive fees from Client Accounts that are higher than the fee it receives from the Fund, or they may, directly or indirectly, receive a performance-based fee on a Client Account. In those instances, a portfolio manager may have an incentive to not favor the Fund over the Client Accounts. The Adviser has adopted trade allocation and other policies and procedures that it believes are reasonably designed to address these and other conflicts of interest.

The following table shows the Portfolio Managers' ownership of securities, including those beneficially owned, in the Fund as of December 31, 2025, unless otherwise noted:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Name of Portfolio Manager** | **Dollar Range of <br>Equity Securities <br>Beneficially Owned <br>by Portfolio Manager** |
| &nbsp;&nbsp; Pat Brophy | &nbsp;&nbsp;&nbsp;&nbsp; $100001 – $500000 |
| &nbsp;&nbsp; Neil Shah | &nbsp;&nbsp;&nbsp;&nbsp; $100001 – $500000 |
| &nbsp;&nbsp; Jason Brooks | &nbsp;&nbsp;&nbsp;&nbsp; $100001 – $500000 |

---

Each Portfolio Manager receives fixed annual base compensation. He also receives an annual discretionary bonus that varies based upon the achievement of specific goals, which are typically with respect to total firm growth, production of investment ideas/research, as well as delivery of quality client service.

For a biography of Mr. Brophy, Mr. Shah, or Mr. Brooks, see "Management of the Fund — Portfolio Managers" in the prospectus.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-24** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

As of December 31, 2025, each Portfolio Manager was responsible for the management of the following types of accounts in addition to the Fund:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Accounts By Type** | **Total<br>Number of <br>Accounts by <br>Account<br>Type** | **Total<br>Assets By <br>Account<br>Type** | **Number of <br>Accounts by <br>Type Subject <br>to a <br>Performance <br>Fee** | **Total Assets <br>By Account <br>Type Subject <br>to a <br>Performance <br>Fee** |
| &nbsp;&nbsp;&nbsp; Registered Investment Companies | 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Other Pooled Investment Vehicles | 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; Other Accounts | 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### Distributor
Foreside Fund Services, LLC, a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group), located at 190 Middle Street, Suite 301, Portland, Maine 04101, is serving as the distributor of the Fund's Shares on a best efforts basis, subject to various conditions.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-25** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

### ALLOCATION OF BROKERAGE
Specific decisions to purchase or sell securities for the Fund are made by a portfolio manager. The Adviser and the Sub-Adviser are each authorized by the Board to allocate orders placed on behalf of the Fund to brokers or dealers who may, but need not, provide research or statistical material or other services to the Fund or the Adviser or the Sub-Adviser for the Fund's use. Such allocation is to be in such amounts and proportions as the Adviser may determine.

In selecting a broker or dealer to execute each particular transaction, the Adviser or the Sub-Adviser will take the following into consideration: execution capability, trading expertise, accuracy of execution, commission rates, reputation and integrity, fairness in resolving disputes, financial responsibility and responsiveness.

Brokers or dealers executing a portfolio transaction on behalf of the Fund may receive a commission in excess of the amount of commission another broker or dealer would have charged for executing the transaction if the Adviser or the Sub-Adviser determines in good faith that such commission is reasonable in relation to the value of brokerage and research services provided to the Fund. In allocating portfolio brokerage, the Adviser and the Sub-Adviser may select brokers or dealers who also provide brokerage, research and other services to other accounts over which the Adviser, exercises investment discretion. Some of the services received as the result of Fund transactions may primarily benefit accounts other than the Fund, while services received as the result of portfolio transactions effected on behalf of those other accounts may primarily benefit the Fund.

The Fund paid $0 in brokerage commissions in the fiscal period ended December 31, 2025.

#### Affiliated Party Brokerage
The Adviser, the Sub-Adviser, and each of their respective affiliates will not purchase securities or other property from, or sell securities or other property to, the Fund, except that the Fund may in accordance with rules under the Investment Company Act engage in transactions with accounts that are affiliated with the Fund as a result of common officers, directors, advisers, members, managing general partners or common control. These transactions would be effected in circumstances in which the Adviser determined that it would be appropriate for the Fund to purchase and another client to sell, or the Fund to sell and another client to purchase, the same security or instrument each on the same day.

The Adviser places its trades under a policy adopted by the Board pursuant to Section 17(e) and Rule 17(e)(1) under the Investment Company Act, which places limitations on the securities transactions effected through any affiliated broker-dealer. The policy of the Fund with respect to brokerages is reviewed by the Board from time to time. Because of the possibility of further regulatory developments affecting the securities exchanges and brokerage practices generally, the foregoing practices may be modified.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-26** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

### PROXY VOTING POLICIES
The Fund's Board has delegated proxy voting discretion to the Adviser and/or the Sub-Adviser because proxy voting is a matter relating to the investment decision making process.

Given the nature of the Fund's investments, it is unlikely that there will be proxies in the ordinary course. The Adviser delegates the responsibility for voting proxies for the Fund to the Sub-Adviser through the Sub-Advisory Agreement for securities under its supervision. The Sub-Adviser uses its own proxy voting policies and procedures to vote proxies. The Sub-Adviser's proxy voting policy is attached as Appendix B hereto.

Given the nature of its business, it is unlikely the Adviser will vote proxies. Should the Adviser become responsible for voting proxies for any reason, including the inability of the Sub-Adviser to provide sub-advisory services, the Adviser shall utilize its proxy voting policy as follows: (i) stay apprised of developments that affect the securities in which the Fund invests; (ii) carefully review matters submitted to the Fund for a vote as a holder of fund interests or operating company securities; and (iii) vote on those matters on a case-by-case basis in a manner that the Adviser believes is in the best interests of the Fund.

The Adviser and the Sub-Adviser shall maintain records of all proxy votes in accordance with applicable securities laws and regulations, and shall be responsible for gathering relevant documents and records related to proxy voting and providing them to the Fund as required for the Fund to comply with applicable rules under the Investment Company Act.

The Fund's proxy voting policy is attached as Appendix A hereto and the Sub-Adviser's proxy voting policy is attached as Appendix B hereto. Information regarding how the Fund voted proxies (if any) relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, (1) by calling 888-267-1456, (2) on the Fund's website at www.freif.com and (3) on the SEC's website at http://www.sec.gov on Form N-PX.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-27** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

### DISCLOSURE OF PORTFOLIO HOLDINGS POLICY
The Fund has adopted a portfolio holdings disclosure policy which governs the dissemination of the Fund's portfolio holdings and to ensure that the disclosure of information is in the best interests of the Fund's Shareholders. In accordance with this policy, the Fund may provide portfolio holdings information to third parties no earlier than the time a report is filed with the SEC that is required to contain such information or one day after the information is posted on the Fund's publicly accessible website.

Daily access to the Fund's portfolio holdings with no lag time is permitted to personnel of the Adviser, the Sub-Adviser, the Distributor, the Administrator, the Custodian, the accountant and other agents or service providers of the Fund who have need of such information in connection with the ordinary course of their respective duties to the Fund. The Fund's Chief Compliance Officer may authorize disclosure of portfolio holdings.

The Fund may disclose its complete portfolio holdings or a portion of its portfolio holdings online at *http://www.freif.com/*. Online disclosure of such holdings is publicly available at no charge.

The Fund will disclose its complete portfolio holdings as of the end of its fiscal year December 31 and its second fiscal quarter June 30 in its reports to shareholders. The Fund files its complete monthly portfolio holdings as of the end of its first and third fiscal quarters (March and September) with the SEC on Form N-PORT no later than sixty (60) days after the relevant fiscal period.

The Adviser or the Sub-Adviser may also provide certain portfolio holdings information to broker-dealers from time to time in connection with the purchase or sale of securities or requests for price quotations or bids on one or more securities. In providing this information, reasonable precautions are taken in an effort to avoid potential misuse of the disclosed information, including limitations on the scope of the portfolio holdings information disclosed, when appropriate.

Non-public portfolio holdings information may be provided to other persons if approved by the Fund's Board upon a determination that there is a legitimate business purpose for doing so, the disclosure is consistent with the interests of the Fund, and the recipient is obligated to maintain the confidentiality of the information and not misuse it.

The Fund's Chief Compliance Officer and the Adviser's Chief Compliance Officer periodically monitor overall compliance with the policy to ascertain whether portfolio holdings information is disclosed in a manner that is consistent with the Fund's policy. Reports are made to the Fund's Board on an annual basis.

There is no assurance that the Fund's policies on portfolio holdings information will protect the Fund from the potential misuse of portfolio holdings information by individuals or firms in possession of such information.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-28** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

## U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following is a summary of certain material U.S. federal income tax considerations relating to the Fund's qualification and taxation as a REIT and the acquisition, ownership and disposition of the Fund's Shares that a potential Shareholder in the Fund may consider relevant. Because this section is a general summary, it does not address all of the potential tax issues that may be relevant to a potential investor in light of its particular circumstances. This summary is based on the Code; current, temporary and proposed Treasury Regulations promulgated thereunder; current administrative interpretations and practices of the IRS; and judicial decisions now in effect, all of which are subject to change (possibly with retroactive effect) or to different interpretations.

The Fund has not requested, and does not plan to request, any rulings from the IRS concerning the tax treatment with respect to matters contained in this discussion, and the statements in this prospectus are not binding on the IRS or any court. Thus, the Fund can provide no assurance that the tax considerations contained in this summary will not be challenged by the IRS or will be sustained by a court if challenged by the IRS. This summary is based upon the assumption that the Fund and its subsidiaries and affiliated entities will operate in accordance with their applicable organizational documents.

This summary of certain U.S. federal income tax consequences applies to only investors that acquire and hold the Fund's Shares as a capital asset within the meaning of Section 1221 of the Code, which generally means property held for investment. This summary does not consider all of the rules that may affect the U.S. tax treatment of a prospective investor in the Fund's Shares in light of the investor's particular circumstances. For example, except to the extent discussed under the headings "— Taxation of Shareholders — Taxation of Tax-Exempt Shareholders" and "— Taxation of Shareholders — Taxation of Non-U.S. Shareholders," this summary does not address special situations that may apply to an investor that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; a broker-dealer or a dealer in securities or currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; an S corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; a partnership or other pass-through entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; a bank, thrift or other financial institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; a regulated investment company or a REIT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; an insurance company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; a tax-exempt organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; subject to the alternative minimum tax provisions of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; holding the Fund's Shares as part of a "hedge," "straddle," "conversion transaction," "constructive ownership transaction," "synthetic security" or other integrated investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; holding the Fund's Shares through a partnership or other pass-through entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; a non-U.S. corporation, non-U.S. trust, non-U.S. estate, or an individual who is not a resident or citizen of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; a service provider who received the Fund's Shares through the exercise of employee stock options or otherwise as compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; a U.S. person whose "functional currency" is not the U.S. dollar; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; a U.S. expatriate.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-29** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

If a partnership, including any entity that is treated as a partnership for U.S. federal income tax purposes, holds Shares of the Fund, the U.S. federal income tax treatment of the partner in the partnership will generally depend on the status of the partner and the activities of the partnership. A partner in a partnership that will hold Shares of the Fund should consult its tax advisor regarding the U.S. federal income tax consequences of acquiring, holding and disposing of Shares of common stock by the partnership.

The rules dealing with U.S. federal income taxation are constantly under review. No assurance can be given as to whether, when or in what form the U.S. federal income tax laws applicable to the Fund and its Shareholders may be changed, possibly with retroactive effect. Changes to the U.S. federal tax laws and interpretations of U.S. federal tax laws could adversely affect an investment in Shares of the Fund.

This summary generally does not discuss state, local or non-U.S. tax considerations.

THIS SUMMARY OF CERTAIN MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS IS FOR GENERAL INFORMATION PURPOSES ONLY AND IS NOT TAX ADVICE. YOU ARE URGED TO CONSULT YOUR TAX ADVISOR REGARDING THE U.S. FEDERAL, STATE, LOCAL, INCOME AND NON-U.S. INCOME AND OTHER TAX CONSEQUENCES TO YOU, IN LIGHT OF YOUR PARTICULAR INVESTMENT OR TAX CIRCUMSTANCES, OF ACQUIRING, HOLDING, AND DISPOSING OF THE FUND'S SHARES.

#### Taxation of the Fund
The Fund has elected to be taxed as a REIT commencing with its taxable year ended December 31, 2021. Qualification and taxation as a REIT depends upon the Fund's ability to meet, on a continuing basis, various qualification requirements imposed upon REITs by the Code. The material qualification requirements are summarized below under "— Requirements for Qualification — General." The Fund believes that it has been organized and operated in conformity with the requirements for qualification and taxation as a REIT under the Code, and intends to operate in such a manner so as to continue to qualify for taxation as a REIT.

#### Taxation of REITs in General
Provided that the Fund qualifies as a REIT, it generally will not be subject to U.S. federal income tax on its REIT taxable income that is distributed to its Shareholders. This treatment substantially eliminates the "double taxation" at the corporate and shareholder levels that have historically resulted from investment in a corporation. Rather, income generated by a REIT generally is taxed only at the shareholder level upon a distribution of dividends by the REIT.

Net operating losses, foreign tax credits and other tax attributes of a REIT do not pass through to the Shareholders of the REIT, subject to special rules for certain items such as capital gains recognized by REITs.

Even if the Fund qualifies to be taxed as a REIT, it will be subject to U.S. federal income tax in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The Fund will pay U.S. federal income tax at regular corporate rates on any taxable income, including undistributed net capital gains, that it does not distribute to Shareholders during, or within a specified time period after, the calendar year in which the income is earned;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; If the Fund has net income from "prohibited transactions," which are, in general, sales or other dispositions of property held primarily for sale to customers in the ordinary course of business, other than foreclosure property, such income will be subject to a 100% tax. See "— Prohibited Transactions" and "— Foreclosure Property" below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; If the Fund elects to treat property that it acquires in connection with a foreclosure of a mortgage loan or from certain leasehold terminations as "foreclosure property," it may thereby avoid (a) the 100% tax on gain from a resale of that property (if the sale would otherwise constitute a prohibited transaction) and (b) the inclusion of any income from such property not qualifying for purposes of the REIT gross income tests discussed below, but the income or gain from the sale or operation of the property may be subject to U.S. corporate income tax at the highest applicable rate;

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-30** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; If the Fund fails to satisfy the 75% gross income test or the 95% gross income test, as discussed below, but nonetheless maintain its qualification as a REIT because other requirements are met, it will be subject to a 100% tax on an amount based upon the magnitude of the failure, as adjusted to reflect the profit margin associated with the Fund's gross income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; In the event the Fund fails any of the asset tests (other than certain de minimis failures), as described below under "— Asset Tests," but maintains its qualification as a REIT because the failure was due to reasonable cause and not to willful neglect, the Fund disposes of the assets or otherwise complies with such asset tests within six months after the last day of the quarter in which the Fund identifies such failure, and the Fund files a schedule with the IRS describing the assets that caused such failure, the Fund may be subject to an excise tax equal to the greater of $50,000 or 21% of the net income from the non-qualifying assets during the period in which the Fund failed to satisfy such asset tests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; In the event of a failure to satisfy one or more requirements for REIT qualification, other than the gross income tests and the asset tests, and that violation is due to reasonable cause and not willful neglect, the Fund will be required to pay a penalty of $50,000 for each such failure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; If the Fund fails to distribute (or be deemed to distribute) during each calendar year at least the sum of: (i) 85% of the Fund's REIT ordinary income for such year; (ii) 95% of the Fund's REIT capital gain net income for such year; and (iii) any undistributed taxable income from prior periods, the Fund will be subject to a 4% excise tax on the excess of the required distribution over the sum of (a) the amounts actually distributed, plus (b) retained amounts on which income tax is paid at the corporate level;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The Fund may be required to pay monetary penalties to the IRS in certain circumstances, including if the Fund fails to meet recordkeeping requirements intended to monitor the Fund's compliance with rules relating to the composition of its Shareholders, as described below in "— Requirements for Qualification — General";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; A 100% tax may be imposed on amounts received by the Fund from a taxable REIT subsidiary (a "TRS") if and to the extent that the IRS successfully adjusts the reported amounts of these items to conform to an arm's-length pricing standard;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; If the Fund acquires appreciated assets from a corporation that is not a REIT in a transaction in which the adjusted tax basis of the assets in its hands is determined by reference to the adjusted tax basis of the assets in the hands of the subchapter C corporation, the Fund will be subject to tax at the highest corporate income tax rate then applicable if the Fund subsequently recognizes the built-in gain on a disposition of any such assets during the five-year period following the acquisition from the subchapter C corporation, unless the subchapter C corporation elects to treat the transfer of the assets to the REIT as a deemed sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The Fund will generally be subject to tax on the portion of any "excess inclusion income" derived from an investment in residual interests in certain mortgage loan securitization structures (i.e., a taxable mortgage pool (a "TMP"), or a residual interest in a "real estate mortgage investment conduit", or a "REMIC") to the extent that our Shares are held by specified types of tax-exempt organizations known as "disqualified organizations" that are not subject to tax on "unrelated business taxable income," or "UBTI"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The earnings of any lower-tier entities of the Fund that are subchapter C corporations, if any, including domestic TRSs, are subject to U.S. federal corporate income tax.

In addition, the Fund and its subsidiaries may be subject to a variety of other taxes, including payroll taxes and state and local income, property and other taxes on assets and operations. The Fund could also be subject to tax in situations and on transactions not presently contemplated.

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-31** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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#### Requirements for Qualification — General
The Code defines a REIT as a corporation, trust or association:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;that is managed by one or more trustees or directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the beneficial ownership of which is evidenced by transferable Shares or by transferable certificates of beneficial interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;which would be taxable as a domestic corporation but for the special Code provisions applicable to REITs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;that is neither a financial institution nor an insurance company under the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;the beneficial ownership of which is held by 100 or more persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;in which, during the last half of each taxable year, not more than 50% in value of the outstanding stock is owned (subject to certain attribution rules), directly or indirectly, by five or fewer "individuals" (as defined in the Code to include specified entities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;that properly elects to be taxed as a REIT, such election having not been terminated or revoked; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8)&nbsp;&nbsp;&nbsp;&nbsp;which meets other tests described below regarding the nature of its income and assets, its distributions, and certain other matters.

Conditions (1) through (4) must be met during the entire taxable year, and condition (5) must be met during at least 335 days of a taxable year of 12 months, or during a proportionate part of a shorter taxable year. For purposes of condition (6), an "individual" generally includes a supplemental unemployment compensation benefit plan, a private foundation or a portion of a trust permanently set aside or used exclusively for charitable purposes, but does not include a qualified pension plan or profit sharing trust. The Fund is not required to satisfy conditions (5) and (6) for the first taxable year in which it elects to be taxed as a REIT. The Declaration of Trust contains certain transfer and ownership limitations intended to assist the Fund in continuing to satisfy the share ownership requirements that apply to REITs. However, the rules that apply to determine ownership of a REIT are complex. If the Fund were to fail to satisfy a share ownership requirement, it would fail to qualify as a REIT if the Fund were unable to avail itself of any available relief provisions, including the relief provision described in the next paragraph.

To monitor compliance with the share ownership requirements, the Fund generally is required to maintain records regarding the actual ownership of its Shares. To do so, the Fund must demand written statements each year from the record Shareholders of significant percentages of its Shares in which the record Shareholders are to disclose the actual owners of the Shares (i.e., the persons required to include in gross income the dividends paid by the Fund). A list of those persons failing or refusing to comply with this demand must be maintained as part of the Fund's records. Failure to comply with these recordkeeping requirements could subject the Fund to monetary penalties. If the Fund satisfies these requirements and has no reason to know that condition (6) is not satisfied, the Fund will be deemed to have satisfied such condition. A Shareholder that fails or refuses to comply with the demand is required by Treasury Regulations to submit a statement with its tax return disclosing the actual ownership of the Shares and other information.

In addition, a corporation generally may not elect to become a REIT unless its taxable year is the calendar year. The Fund satisfies this requirement.

The Code provides relief from violations of the REIT requirements in cases where a violation is due to reasonable cause and not willful neglect, and other requirements are met, including the payment of a penalty tax that is based upon the magnitude of the violation. If the Fund were to fail to satisfy any of the various REIT requirements, there can be no assurance that these relief provisions would be available to enable the Fund to maintain its qualification as a REIT. Even if such relief provisions were available, the amount of any resultant penalty tax could be substantial.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-32** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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Finally, at the end of any year, a REIT cannot have accumulated earnings and profits from a non-REIT corporation's taxable year. The Fund does not have any prior corporate earnings and profits and has not succeeded to any non-REIT earnings and profits (e.g., as a result of any merger or acquisition) of an entity taxable as a C corporation.

#### Effect of Subsidiary Entities
*Partnerships.* In the case of a REIT that is a partner in a partnership, the REIT is deemed to own its proportionate share of the partnership's assets and to earn its proportionate share of the partnership's income for purposes of the asset and gross income tests applicable to REITs. In addition, the assets and gross income of the partnership are deemed to retain the same character in the hands of the REIT. The Fund's proportionate share is generally determined, for these purposes, based upon the Fund's percentage interest in the partnership's equity capital; however, for purposes of the 10% value-based asset test described below, the percentage interest also takes into account certain debt securities issued by the partnership and held by the Fund. Consequently, to the extent that the Fund directly or indirectly holds any equity interest in a partnership, the partnership's assets and operations may affect the Fund's ability to qualify as a REIT, even if the Fund has no control, or only limited influence, over the partnership. Even if the partnership covenants to the Fund to operate in a REIT-compliant manner and to provide such information to the Fund as the Fund needed to determine and prove its REIT compliance, it is possible that the activities and investments of the partnerships in which the Fund might invest would prevent the Fund from satisfying the REIT qualification requirements.

*Disregarded Subsidiaries.* If a REIT owns a corporate subsidiary that is a "qualified REIT subsidiary," that subsidiary is disregarded for U.S. federal income tax purposes, and all assets, liabilities and items of income, deduction and credit of the subsidiary are treated as assets, liabilities and items of income, deduction and credit of the REIT itself, including for purposes of the gross income and asset tests applicable to REITs. A qualified REIT subsidiary is any corporation, other than a TRS (as described below), that is wholly owned by a REIT, or by other disregarded subsidiaries owned by the REIT, or by a combination of the two. Other entities that are wholly owned by the Fund, including single member limited liability companies, are also generally disregarded as separate entities for U.S. federal income tax purposes, including for purposes of the REIT income and asset tests.

In the event that one of the Fund's disregarded subsidiaries ceases to be wholly owned (for example, if any equity interest in the subsidiary is acquired by a person other than the Fund or another of its disregarded subsidiaries), the subsidiary's separate existence would no longer be disregarded for U.S. federal income tax purposes. Instead, it would have multiple owners and would be treated as either a partnership or a taxable corporation. Such an event could, depending on the circumstances, adversely affect the Fund's ability to satisfy the various asset and gross income requirements applicable to REITs, including the requirement that REITs generally may not own, directly or indirectly, more than 10% of the securities of another corporation. See "— Asset Tests" and "— Gross Income Tests."

*Taxable Corporate Subsidiaries.* A REIT may jointly elect with a subsidiary corporation, whether or not wholly owned, to treat the subsidiary corporation as a TRS. A corporation in which a TRS directly or indirectly owns more than 35% of its stock, by voting power or value, will automatically be treated as a "taxable REIT subsidiary" or a "TRS." A REIT is permitted to own up to 100% of the stock of one or more TRSs. A domestic TRS is a fully taxable corporation that may earn income that would not be qualifying income if earned directly by the parent REIT. A corporation that operates or manages, directly or indirectly, a lodging facility or a health care facility or directly or indirectly provides to another person rights to any brand name under which any lodging facility or health care facility is operated cannot be a TRS. The separate existence of a TRS or other taxable corporation, unlike a disregarded subsidiary as discussed above, is not ignored for U.S. federal income tax purposes. A TRS is subject to corporate income tax on its earnings, which may reduce the cash flow generated by the Fund and its subsidiaries in the aggregate and may reduce the Fund's ability to make distributions to its Shareholders.

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-33** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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A REIT is not treated as holding the assets of a taxable subsidiary corporation or as receiving any income that the taxable subsidiary earns. Rather, the stock issued by the taxable subsidiary is an asset in the hands of the REIT, and the REIT recognizes as income the dividends, if any, that it receives from the taxable subsidiary. The value of the TRS securities held by the REIT will be used to compute the REIT's compliance with the asset tests, as discussed in more detail below. The use of such entities may allow the REIT to indirectly undertake certain activities that the REIT rules might otherwise preclude it from doing directly (or through disregarded subsidiaries, along with partnerships in which the Fund holds an equity interest (sometimes referred to as "pass-through subsidiaries")), such as performing tenant services or activities that give rise to certain categories of income such as management fees.

*Investments in Other REITs.* A REIT is not treated as holding the assets of another REIT in which it holds stock or as receiving any income that the other REIT earns. Rather, the stock of the other REIT is an asset in the hands of the parent REIT, and the parent REIT recognizes as income the dividends, if any, that it receives from the subsidiary REIT. Stock of another REIT is a real estate asset for purposes of the REIT asset tests, and dividends from another REIT and gains from the sale of stock of another REIT are qualifying income for purposes of the REIT gross income tests. See "— Asset Tests" and "— Gross Income Tests."

*Taxable Mortgage Pools*. An entity, or a portion of an entity, may be classified as a TMP under the Code if: (i) substantially all of its assets consist of debt obligations or interests in debt obligations; (ii) more than 50% of those debt obligations are real estate mortgages or interests in real estate mortgages as of specified testing dates; (iii) the entity has issued debt obligations that have two or more maturities; and (iv) the payments required to be made by the entity on its debt obligations "bear a relationship" to the payments to be received by the entity on the debt obligations that it holds as assets.

Under applicable Treasury Regulations, if less than 80% of the assets of an entity (or a portion of an entity) consist of debt obligations, these debt obligations are considered not to comprise "substantially all" of its assets, and therefore the entity would not be treated as a TMP.

The Fund may enter into financing and securitization arrangements that give rise to TMPs. A TMP generally is treated as a corporation for U.S. federal income tax purposes. However, special rules apply to a REIT, a portion of a REIT, or a "qualified REIT subsidiary" that is a TMP. If a REIT owns directly, or indirectly through one or more qualified REIT subsidiaries or other entities that are disregarded entities for U.S. federal income tax purposes, 100% of the equity interests in the TMP, the TMP will be a qualified REIT subsidiary and, therefore, disregarded as an entity separate from the REIT for U.S. federal income tax purposes and would not generally affect the tax qualification of the REIT. However, there may be tax consequences of the TMP classification to certain Shareholders. See "— *Excess Inclusion Income.*"

#### Excess Inclusion Income
A portion of income from a TMP arrangement, which might be non-cash accrued income, could be treated as "excess inclusion income." A REIT's excess inclusion income, including any excess inclusion income from a residual interest in a REMIC, must be allocated among its shareholders in proportion to dividends paid. In the event the Fund generates excess inclusion income, it will be required to notify its shareholders of the amount of such income allocated to them. A Shareholder's share of excess inclusion income:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; cannot be offset by any net operating losses otherwise available to the shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; in the case of a Shareholder that is a REIT, a regulated investment company, or RIC, or a common trust fund or other pass through entity, is considered excess inclusion income of such entity;

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|:---|:---|
|  **SAI Dated April 30, 2026** | **S-34** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; is subject to tax as UBTI in the hands of most types of shareholders that are otherwise generally exempt from U.S. federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; results in the application of U.S. federal income tax withholding at the maximum rate (30%), without reduction for any otherwise applicable income tax treaty or other exemption, to the extent allocable to most types of non-U.S. Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; is taxable (at the regular U.S. federal corporate tax rate) to the REIT, rather than its shareholders, to the extent allocable to the REIT's shares held in record name by disqualified organizations (generally, tax-exempt entities not subject to unrelated business income tax, including governmental organizations).

The manner in which excess inclusion income is calculated, or would be allocated to our Shareholders, including allocations among shares of different classes of stock, is not clear under current law. As required by IRS guidance, the Fund intends to make such determinations using a reasonable method.

Tax-exempt investors, RIC or REIT investors, non-U.S. investors and taxpayers with net operating losses should carefully consider the tax consequences described above, and are urged to consult their tax advisors with respect to the U.S. federal income tax consequences of an investment in our capital stock.

If a subsidiary partnership of ours that we do not wholly own, directly or through one or more disregarded entities, were a TMP, the foregoing rules would not apply. Rather, the partnership that is a TMP would be treated as a corporation for U.S. federal income tax purposes, and potentially would be subject to U.S. federal corporate income tax or withholding tax. In addition, this characterization would alter our income and asset test calculations, and could adversely affect our compliance with those requirements. The Fund intends to monitor the structure of any TMPs in which we will have an interest to ensure that they will not adversely affect our qualification as a REIT.

#### Gross Income Tests
A REIT must satisfy two gross income requirements annually. First, at least 75% of the Fund's gross income for each taxable year, excluding gross income from sales of inventory or dealer property in "prohibited transactions" and certain hedging income and foreign currency gains, must be derived from investments relating to real property or mortgages on real property, including "rents from real property;" dividends received from other REITs; interest income derived from mortgage loans secured by real property; income derived from a real estate mortgage investment conduit ("REMIC") in proportion to the real estate assets held by the REMIC (unless at least 95% of the REMIC's assets are real estate assets, in which case all of the income derived from the REMIC is qualifying income); certain income from qualified temporary investments; and gains from the sale of real estate assets. Second, at least 95% of the Fund's gross income in each taxable year, excluding gross income from prohibited transactions and certain hedging income and foreign currency gains, must be derived from some combination of income that qualifies under the 75% income test described above, as well as other dividends, interest, and gain from the sale or disposition of stock or securities, which need not have any relation to real property.

*Rental Income.* Rent will qualify as "rents from real property," which is qualifying income for purposes of the 75% and 95% gross income tests, only if the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; First, the rent must not be based, in whole or in part, on the income or profits of any person, but may be based on a fixed percentage or percentages of receipts or sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Second, neither the Fund nor a direct or indirect owner of 10% or more of the Fund's Shares may own, actually or constructively, 10% or more of a tenant, other than with respect to certain leases of health care properties or lodging facilities to a TRS.

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-35** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Third, if the rent attributable to personal property leased in connection with a lease of real property is 15% or less of the total rent received under the lease, the rent attributable to personal property will qualify as rents from real property. However, if the 15% threshold is exceeded, the rent attributable to personal property will not qualify as rents from real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Fourth, the Fund generally must not operate or manage its real property or furnish or render services to its tenants, other than through an "independent contractor" who is adequately compensated and from whom the Fund does not derive revenue. However, the Fund may provide services directly to its tenants, if the services are "usually or customarily rendered" in connection with the rental of space for occupancy only and are not considered to be provided for the tenants' convenience. In addition, the Fund may directly provide a minimal amount of "non-customary" services to the tenants of a property, as long as the Fund's income from the services (valued at not less than 150% of the Fund's direct cost of performing such services) does not exceed 1% of the Fund's income from the property. Furthermore, the Fund may own up to 100% of the stock of a TRS, which may provide customary and non-customary services to the Fund's tenants without tainting the rental income.

In order for the rent to constitute "rents from real property," the leases must be respected as true leases for U.S. federal income tax purposes and not treated as service contracts, joint ventures or some other type of arrangement.

*Interest Income.* Interest income constitutes qualifying mortgage interest for purposes of the 75% gross income test (as described above) to the extent that the obligation is secured by a mortgage on real property or interests in real property and the highest principal amount of the loan outstanding during a taxable year exceeds the fair market value of the real property on the date that the Fund had a binding commitment to acquire the mortgage loan. If the Fund receives interest income with respect to a mortgage loan that is secured by both real property and other property, and the value of the personal property securing the loan exceeds 15% of the value of all of the property securing the loan, such interest income will qualify for purposes of the 75% gross income test only to the extent that the interest is allocable to the real property. Even if a loan is not secured by real property or is undersecured, interest on the loan may nonetheless qualify for purposes of the 95% gross income test.

To the extent that the terms of a loan provide for contingent interest that is based on the cash proceeds realized upon the sale of the property securing the loan, or a shared appreciation provision, income attributable to the participation feature will be treated as gain from sale of the underlying property, which generally will be qualifying income for purposes of both the 75% and 95% gross income provided that the property is not inventory or dealer property in the hands of the borrower or the REIT.

To the extent that a REIT derives interest income from a mortgage loan where all or a portion of the interest payable is contingent, such income generally will qualify for purposes of the gross income tests only if it is based upon the gross receipts or sales, and not the net income or profits, of the borrower. This limitation does not apply, however, where the borrower leases substantially all of its interest in the property to tenants or subtenants, to the extent that the rental income derived by the borrower would qualify as rents from real property had it been earned directly by a REIT. To the extent that the Fund invests in participating loans or loans with equity kickers, any contingent profits-based interest will not be qualifying income for purposes of either gross income test.

The Fund may hold mezzanine loans secured by equity interests in a pass-through entity that directly or indirectly owns real property, rather than a direct mortgage on the real property. The IRS has issued Revenue Procedure 2003-65, which provides a safe harbor pursuant to which a mezzanine loan will be treated by the IRS as a real estate asset for purposes of the REIT asset tests, and interest derived from it will be treated as qualifying mortgage interest for purposes of the 75% gross income test (described above). Although Revenue Procedure 2003-65 provides a safe harbor on

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-36** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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which taxpayers may rely, it does not prescribe rules of substantive tax law. The mezzanine loans that the Fund acquires may not meet all of the requirements of the safe harbor. Accordingly, there can be no assurance that the IRS will not challenge the qualification of such assets as real estate assets or the interest generated by these loans as qualifying income under the 75% gross income test (described above). If the Fund makes corporate mezzanine loans or acquires other CRE corporate debt, such loans will not qualify as real estate assets and interest income with respect to such loans will not be qualifying income for the 75% gross income test. To the extent that such non-qualification causes us to fail the 75% gross income test, the Fund could be required to pay a penalty tax or fail to qualify as a REIT.

The Fund may invest in construction loans, the interest from which will be qualifying income for purposes of the 75% and 95% gross income tests, provided that certain requirements are met and, in the case of the 75% gross income test, the loan is treated as adequately secured by real property. In some cases, we may be required to apportion our interest on the loan between interest on an obligation that is secured by real property (or by an interest in real property) and interest on an obligation that is not so secured. There can be no assurance that the IRS would not successfully challenge our estimate of the value of the real property and our treatment of the construction loans for purposes of the REIT income and assets tests, which may cause us to fail to qualify as a REIT.

The Fund may hold certain participation interests, or "B-Notes," in mortgage loans and mezzanine loans originated by other lenders. A B-Note is an interest created in an underlying loan by virtue of a participation or similar agreement, to which the originator of the loan is a party, along with one or more participants. The borrower on the underlying loan is typically not a party to the participation agreement. The performance of a participant's investment depends upon the performance of the underlying loan, and if the underlying borrower defaults, the participant typically has no recourse against the originator of the loan. The originator often retains a senior position in the underlying loan, and grants junior participations, which will be a first loss position in the event of a default by the borrower. The Fund may acquire participations in CRE debt and generally expects to treat such participation interest as a qualifying real estate asset for purposes of the REIT asset tests and generally expects to treat the interest derived from such investments as qualifying mortgage interest for purposes of the 75% gross income test. The appropriate treatment of participation interests for U.S. federal income tax purposes is not entirely certain, and no assurance can be given that the IRS will not challenge the Fund's treatment of participation interests. In the event of a determination that such participation interests do not qualify as real estate assets, or that the income that the Fund derives from such participation interests do not qualify as mortgage interest for purposes of the REIT tests, the Fund could be subject to a penalty tax, or could fail to qualify as a REIT.

The Fund may acquire CMBS and expects that the CMBS will be treated either as interests in a grantor trust or as regular interests in REMICs for U.S. federal income tax purposes and that all interest income, original issue discount and market discount from the Fund's CMBS will be qualifying income for the 95% gross income test. In the case of CMBS treated as interests in grantor trusts, the Fund would be treated as owning an undivided beneficial ownership interest in the mortgage loans held by the grantor trust. The interest, original issue discount and market discount on such mortgage loans would be qualifying income for purposes of the 75% gross income test to the extent that the obligation is secured by real property. In the case of CMBS treated as interests in a REMIC, income derived from REMIC interests will generally be treated as qualifying income for purposes of the 75% and 95% gross income tests. If less than 95% of the assets of the REMIC are real estate assets, however, then only a proportionate part of the Fund's interest in the REMIC and income derived from the interest will qualify for purposes of the 75% gross income test. In addition, some REMIC securitizations include embedded interest swap or cap contracts or other derivative instruments that potentially could produce non-qualifying income for the holder of the related REMIC securities.

The Fund believes that substantially all of its income from mortgage-related securities generally will be qualifying income for purposes of both the 75% and 95% REIT gross income tests. However, to the extent that the Fund owns non-REMIC collateralized mortgage obligations or other debt instruments secured by mortgage loans (rather than by real property),

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|:---|:---|
|  **SAI Dated April 30, 2026** | **S-37** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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or secured by non-real estate assets, or debt securities that are not secured by mortgages on real property or interests in real property, the interest income received with respect to such securities generally will be qualifying income for purposes of the 95% gross income test, but not the 75% gross income test.

*Dividend Income.* The Fund may receive distributions from TRSs or, subject to the Fund's obligation to satisfy certain asset tests, described below, other corporations that are not REITs. These distributions will be classified as dividend income to the extent of the earnings and profits of the distributing corporation. Such distributions will generally constitute qualifying income for purposes of the 95% gross income test but not the 75% gross income test. Any dividends the Fund receives from a REIT will be qualifying income for purposes of both the 75% and 95% gross income tests.

*Fee Income.* The Fund may receive various types of fee income. The fees generally will be qualifying income for purposes of both the 75% and 95% gross income tests if they are received in consideration for entering into an agreement to make a loan secured by real property or to purchase or lease real property and the fees are not determined by the borrower's income and profits. Other fees generally are not qualifying income for purposes of either gross income test. Any fees earned by a TRS are not included for purposes of the REIT gross income tests.

*Hedging Transactions.* Any income or gain the Fund derives from instruments that hedge the risk of changes in interest rates with respect to debt incurred to acquire or carry real estate assets, to hedge certain foreign currency risks or to hedge an existing hedging position after all or part of the hedged property or liability has been disposed of will not be treated as income for purposes of calculating the 75% or 95% gross income test, provided that specified requirements are met. Such requirements include proper identification of the instrument as a hedge, along with the risk that it hedges, within prescribed time periods.

If the Fund fails to satisfy one or both of the 75% or 95% gross income tests for any taxable year, it may still qualify as a REIT for the year if it is entitled to relief under applicable provisions of the Code. These relief provisions will be generally available if the failure to meet these tests was due to reasonable cause and not due to willful neglect, the Fund attaches to its tax return a schedule of the sources of its income, and any incorrect information on the schedule was not due to fraud with intent to evade tax. It is not possible to state whether the Fund would be entitled to the benefit of these relief provisions in all circumstances. If these relief provisions were inapplicable, the Fund would not qualify as a REIT. Even where these relief provisions apply, a tax would be imposed upon the amount by which the Fund fails to satisfy the particular gross income test, adjusted to reflect the profitability of such gross income.

#### Asset Tests
At the close of each calendar quarter, the Fund must satisfy multiple tests relating to the nature of its assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At least 75% of the value of the Fund's total assets must be represented by some combination of "real estate assets," cash, cash items and U.S. government securities. For this purpose, real estate assets include interests in real property, such as land, buildings, leasehold interests in real property, stock of other corporations that qualify as REITs, certain kinds of mortgage-backed securities and mortgage loans, debt instruments issued by "publicly offered REITs" and, under some circumstances, stock or debt instruments purchased with new capital. To the extent rent attributable to personal property leased with real property is treated as rents from real property (because the rent attributable to personal property does not exceed 15% of total rent), the personal property will be treated as a real estate asset for purposes of the 75% asset test. Similarly, a debt obligation secured by a mortgage on both real and personal property will be treated as a real estate asset for purposes of the 75% asset test, and interest thereon will be treated as interest on an obligation secured by real property, if the fair market value of the personal property does not exceed 15% of the fair market value of all property securing the debt. Thus, there would be no apportionment for purposes of the asset tests or the gross income tests if the fair market value of personal property securing the loan does not exceed 15% of the

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|  **SAI Dated April 30, 2026** | **S-38** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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fair market value of all property securing the loan. Assets that do not qualify for purposes of the 75% asset test are subject to the additional asset tests described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The aggregate value of all securities of TRSs may not exceed 25% of the value of the Fund's total assets (20% for taxable years beginning on or before December 31, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; No more than 25% of the value of the Fund's total assets may consist of securities, including securities of TRSs, that are not qualifying assets for purposes of the 75% test.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Not more than 25% of the value of a REIT's assets may consist of debt instruments that are issued by publicly offered REITs and would not be treated as real estate assets if not issued by a publicly offered REIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The value of any one issuer's securities owned by the Fund may not exceed 5% of the value of the Fund's total assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; The Fund may not own more than 10% of any one issuer's outstanding securities, as measured by either voting power or value.

The 5% and 10% asset tests do not apply to securities of TRSs, and the 10% value test does not apply to "straight debt" and certain other securities, as described below.

Notwithstanding the general rule that a REIT is treated as owning its share of the underlying assets of a subsidiary partnership for purposes of the REIT income and asset tests, if a REIT holds indebtedness issued by a partnership, the indebtedness will be subject to, and may cause a violation of, the asset tests, unless it is a qualifying mortgage asset or otherwise satisfies the rules for "straight debt" or one of the other exceptions to the 10% value test.

Certain securities will not cause a violation of the 10% value test. One such security is debt that constitutes "straight debt" which generally is a written unconditional promise to pay on demand or on a specified date a certain sum of money, the debt is not convertible, directly or indirectly, into stock, and the interest rate and the interest payment dates of the debt are not contingent on profits, the borrower's discretion, or similar factors. A security does not qualify as "straight debt" where a REIT (or a controlled TRS of the REIT) owns other securities of the issuer of that security, which do not qualify as straight debt, unless the value of those other securities constitute, in the aggregate, 1% or less of the total value of that issuer's outstanding securities. In addition to straight debt, the following securities also will not violate the 10% value test: (i) any loan made to an individual or an estate; (ii) certain rental agreements in which one or more payments are to be made in subsequent years (other than agreements between a REIT and certain persons related to the REIT); (iii) any obligation to pay rents from real property; (iv) securities issued by governmental entities that are not dependent in whole or in part on the profits of (or payments made by) a non-governmental entity; (v) any security issued by another REIT; and (vi) any debt instrument issued by a partnership if the partnership's income is such that the partnership would satisfy the 75% gross income test described above under "— Gross Income Tests." In applying the 10% value test, a debt security issued by a partnership is not taken into account to the extent, if any, of the REIT's proportionate interest in that partnership.

In the event that the Fund invests in a mortgage loan that is not fully secured by real property, Revenue Procedure 2014-51 provides a safe harbor under which the IRS has stated that it will not challenge a REIT's treatment of a loan as being, in part, a qualifying real estate asset in an amount equal to the lesser of: (1) the greater of (a) the fair market value of the real property securing the loan determined as of the date the REIT committed to acquire the loan or (b) the fair market value of the real property securing the loan on the relevant quarterly REIT asset testing date; or (2) the fair market value of the loan on the date of the relevant quarterly REIT asset testing date. The Fund intends to invest in mortgage loans in a manner consistent with satisfying the asset tests and maintaining our qualification as a REIT.

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|:---|:---|
|  **SAI Dated April 30, 2026** | **S-39** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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Any interests the Fund holds in a REMIC are generally treated as qualifying real estate assets. If less than 95% of the assets of a REMIC are real estate assets, however, then only a proportionate part of the Fund's interest in the REMIC, and the Fund's income derived from the interest, qualifies for purposes of the REIT asset and income tests.

After initially meeting the asset tests at the close of any quarter, the Fund will not lose its qualification as a REIT for failure to satisfy the asset tests at the end of a later quarter solely by reason of changes in asset values. If the Fund fails to satisfy the asset tests because it acquire assets during a quarter, it can cure this failure by disposing of sufficient non-qualifying assets within 30 days after the close of that quarter. If the Fund fails the 5% asset test, or the 10% vote or value asset tests at the end of any quarter and such failure is not cured within 30 days thereafter, the Fund may dispose of sufficient assets (generally within six months after the last day of the quarter in which the Fund's identification of the failure to satisfy these asset tests occurred) to cure such a violation that does not exceed the lesser of 1% of its assets at the end of the relevant quarter or $10 million. If the Fund fails any of the other asset tests or its failure of the 5% and 10% asset tests is in excess of the de minimis amount described above, as long as such failure was due to reasonable cause and not willful neglect, the Fund is permitted to avoid disqualification as a REIT, after the 30 day cure period, by taking steps including the disposition of sufficient assets to meet the asset test (generally within six months after the last day of the quarter in which the Fund's identification of the failure to satisfy the REIT asset test occurred) and paying a tax equal to the greater of $50,000 or the highest corporate income tax rate (currently 35%) of the net income generated by the non-qualifying assets during the period in which the Fund failed to satisfy the asset test.

The Fund intends to monitor compliance with the asset tests on an ongoing basis. However, values of some assets, including instruments issued in securitization transactions, may not be susceptible to a precise determination, and values are subject to change in the future. Furthermore, the proper classification of an instrument as debt or equity for U.S. federal income tax purposes may be uncertain in some circumstances, which could affect the application of the REIT asset requirements. Accordingly, there can be no assurance that the IRS will not contend that the Fund does not comply with one or more of the asset tests.

#### Annual Distribution Requirements
In order to qualify as a REIT, the Fund is required to distribute dividends, other than capital gain dividends, to its Shareholders in an amount at least equal to (a) the sum of (i) 90% of the Fund's "REIT taxable income" (computed without regard to its deduction for dividends paid and excluding net capital gains) and (ii) 90% of the Fund's after-tax net income, if any, from foreclosure property, minus (b) the excess of the sum of certain amounts of specified items of non-cash income over 5% of the Fund's REIT taxable income.

These distributions generally must be paid in the taxable year to which they relate, or in the following taxable year if declared before the Fund timely files its tax return for the year and if paid on or before the first regular dividend payment after such declaration. Distributions that the Fund declares in October, November or December of any year payable to a Shareholder of record on a specified date in any of these months will be treated as both paid by the Fund and received by the Shareholder on December 31 of the year, provided that the Fund actually pays the distribution during January of the following calendar year.

In order for distributions to be counted for this purpose and to give rise to a tax deduction by the Fund, they must not be "preferential dividends." A dividend is not a preferential dividend if it is pro rata among all outstanding Shares of stock within a particular class, and is in accordance with the preferences among different classes of stock as set forth in the Fund's organizational documents. The preferential dividend rules do not apply to "publicly offered REITs," i.e., REITs that are required to file annual and periodic reports with the SEC under the Exchange Act. The Fund would be a publicly offered REIT if it is required to file annual and periodic reports with the SEC under the Exchange Act. The Fund currently is not a publicly offered REIT, and there is no assurance that it ever will be.

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|:---|:---|
|  **SAI Dated April 30, 2026** | **S-40** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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Dividends that are reinvested pursuant to the Fund's DRIP will count towards satisfaction of these distribution requirements provided such reinvested dividends are not "preferential."

To the extent that the Fund qualifies as a REIT but distributes less than 100% of its "REIT taxable income," as adjusted, the Fund will be subject to tax at the regular corporate tax rates on the retained portion. The Fund may elect to retain, rather than distribute, its net long-term capital gains and pay tax on such gains. In this case, the Fund could elect to have its Shareholders include their proportionate share of such undistributed long-term capital gains in income and receive a corresponding credit for their share of the tax paid by the Fund. Shareholders would then increase the adjusted basis of their stock by the difference between the designated amounts included in their long-term capital gains and the tax deemed paid with respect to their Shares.

If the Fund fails to distribute during each calendar year at least the sum of: (i) 85% of the Fund's REIT ordinary income for such year; (ii) 95% of the Fund's REIT capital gain net income for such year; and (iii) any undistributed taxable income from prior periods, the Fund would be subject to a 4% excise tax on the excess of such required distribution over the sum of (a) the amounts actually distributed and (b) the amounts of income retained on which it has paid corporate income tax. The Fund intends to make timely distributions so that it is not impacted by the 4% excise tax.

*Phantom Income.* Due to the nature of the Fund's assets in which it may invest, from time to time, the Fund may be required to recognize taxable income from those assets in advance of the receipt of cash, and may be required to report taxable income in periods earlier than when the economic income is ultimately realized on such assets.

For example, if the Fund were to acquire debt instruments in the secondary market for less than their face amount, the amount of such discount generally would be treated as "market discount" for U.S. federal income tax purposes. Accrued market discount is reported as income when, and to the extent that, any payment of principal of the debt instrument is made or upon a gain on the disposition of the debt instrument, unless the Fund elects to include accrued market discount in income as it accrues. Principal payments on certain loans are made monthly, and consequently accrued market discount may have to be included in income each month as if the debt instrument were assured of ultimately being collected in full. If the Fund collects less on the debt instrument than the purchase price plus the market discount the Fund had previously reported as income, the Fund may not be able to benefit from any offsetting loss deductions in a subsequent taxable year.

Additionally, if the Fund were to acquire securities issued with OID, it would generally be required to accrue OID based on the constant yield to maturity of the securities, and to treat it as taxable income in accordance with applicable U.S. federal income tax rules even though smaller or no cash payments were received on such debt instrument. As in the case of the market discount discussed in the preceding paragraph, the constant yield in question would be determined and the Fund would be taxed based on the assumption that all future payments due on securities in question will be made, with consequences similar to those described in the previous paragraph if all payments on the securities are not made.

In addition, in the event that any debt instruments or other securities the Fund acquires are delinquent as to mandatory principal and interest payments, or in the event payments with respect to a particular debt instrument are not made when due, we may nonetheless be required to continue to recognize the unpaid interest as taxable income. Similarly, the Fund may be required to accrue interest income with respect to subordinate mortgage-backed securities at the stated rate regardless of whether corresponding cash payments are received.

Finally, the Fund is required to recognize certain items of income for U.S. federal income tax purposes no later than when it would report such items on its financial statements. However, under applicable Treasury Regulations, this requirement generally does not apply to an item of income if the timing of income inclusion for that item is determined using a special method of accounting (e.g., income subject to the timing rules for OID under the Code). Due to each of these potential timing differences between income recognition or expense deduction and the related cash receipts or

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|:---|:---|
|  **SAI Dated April 30, 2026** | **S-41** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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disbursements, there is a risk that we may have taxable income in excess of cash available for distribution. In that event, the Fund may need to borrow funds or take other action to satisfy the REIT distribution requirements for the taxable year in which this "phantom income" is recognized.

It is possible that, from time to time, the Fund may not have sufficient cash to meet the distribution requirements, e.g., due to timing differences between the actual receipt of cash and inclusion of items in income for U.S. federal income tax purposes, or failure of joint ventures to make distributions to the Fund. The Fund will depend on timely distributions from the joint ventures in which the Fund will invest but will not control. The Fund may also need to use substantial funds to satisfy its repurchase obligations which do not count towards satisfaction of its REIT distribution obligation.

The Fund may be able to cure a failure to meet the distribution requirements for a year attributable to adjustments to its REIT taxable income for such year by paying "deficiency dividends" to Shareholders in a later year, which may be included in the Fund's deduction for dividends paid for the earlier year. In this case, the Fund may be able to avoid losing its REIT status or being taxed on amounts distributed as deficiency dividends, but the Fund will be required to pay interest and possibly a penalty based on the amount of any deduction taken for deficiency dividends.

#### Failure to Qualify
If we discover a violation of a provision of the Code that would result in our failure to qualify as a REIT, certain specified cure provisions may be available to us. If the Fund fails to satisfy one or more requirements for REIT qualification, other than the gross income tests and the asset tests, it could avoid disqualification if its failure is due to reasonable cause and not to willful neglect and it pays a penalty of $50,000 for each such failure.

If the Fund fails to qualify for taxation as a REIT in any taxable year, and the relief provisions do not apply, then the Fund will be subject to tax on its taxable income at regular corporate rates. Distributions to Shareholders in any year in which the Fund is not a REIT would not be deductible by the Fund, nor will they be required to be made. In this situation, to the extent of current and accumulated earnings and profits, all distributions to Shareholders taxed as individuals may be eligible for a reduced rate applicable to "qualified dividends" and, subject to limitations of the Code, corporate Shareholders may be eligible for the dividends received deduction. Unless the Fund is entitled to relief under specific statutory provisions, it will be disqualified from re-electing to be taxed as a REIT for the four (4) taxable years following the year during which qualification was lost. It is not possible to state whether, in all circumstances, the Fund will be entitled to this statutory relief.

#### Prohibited Transactions
Net income derived from a prohibited transaction is subject to a 100% tax, unless certain safe harbor exceptions apply. The term "prohibited transaction" generally includes a sale or other disposition of property (other than foreclosure property) that is held primarily for sale to customers in the ordinary course of a trade or business by a REIT, by a lower-tier partnership in which the REIT holds an equity interest or by a borrower that has issued a shared appreciation mortgage or similar debt instrument to the REIT. Whether property is held "primarily for sale to customers in the ordinary course of a trade or business" depends on the particular facts and circumstances. No assurance can be given that any particular property in which the Fund holds a direct or indirect interest will not be treated as property held for sale to customers or that the Fund can comply with certain safe-harbor provisions of the Code that would prevent such treatment. The 100% tax will not apply to gains from the sale of property that is held through a TRS or other taxable corporation, although such income will be taxed to the corporation at regular U.S. federal corporate income tax rates.

#### Penalty Tax for Non-Arm's Length Transactions with TRSs
Any redetermined rents, redetermined deductions, excess interest or redetermined TRS service income the Fund generates will be subject to a 100% excise tax. In general, redetermined rents are rents from real property that are overstated as a result of any services furnished to tenants by a taxable REIT subsidiary, and redetermined deductions and excess interest represent any amounts that are deducted by a taxable REIT subsidiary for amounts paid to the Fund that are in excess of the

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|:---|:---|
|  **SAI Dated April 30, 2026** | **S-42** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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amounts that would have been deducted based on arm's length negotiations. Rents that the Fund receives will not constitute redetermined rents if they qualify for certain safe harbor provisions contained in the Code. Redetermined TRS service income is income earned by a taxable REIT subsidiary that is attributable to services provided to the Fund, or on the Fund's behalf to any of tenants, that is less than the amounts that would have been charged based upon arm's-length negotiations.

#### Foreclosure Property
Foreclosure property is real property (including interests in real property) and any personal property incident to such real property: (i) that is acquired by a REIT as the result of the REIT having bid on the property at foreclosure, or having otherwise reduced the property to ownership or possession by agreement or process of law, after there was a default (or default was imminent) on a lease of the property or on a mortgage loan held by the REIT and secured by the property; (ii) for which the related loan or lease was acquired by the REIT at a time when default was not imminent or anticipated; and (iii) for which such REIT makes a proper election to treat the property as foreclosure property. REITs generally are subject to tax at the maximum corporate rate (currently 21%) on any net income from foreclosure property, including any gain from the disposition of the foreclosure property, other than income that would otherwise be qualifying income for purposes of the 75% gross income test. Any gain from the sale of property for which a foreclosure property election has been made will not be subject to the 100% tax on gains from prohibited transactions described above, even if the property would otherwise constitute inventory or dealer property in the hands of the selling REIT.

#### Hedging Transactions
The Fund or underlying funds may enter into hedging transactions, from time-to-time, with respect to their assets or liabilities. Hedging activities may include entering into interest rate swaps, caps, and floors, options to purchase these items, and futures and forward contracts. In the case of an interest rate swap or cap contract, option, futures contract, forward rate agreement, or any similar financial instrument to hedge indebtedness incurred or to be incurred to acquire or carry "real estate assets," including mortgage loans, to hedge certain foreign currency risks, or to hedge an existing hedging position after a portion of the hedged indebtedness or property is disposed of, any periodic income or gain from the disposition of that contract is disregarded for purposes of the 75% and 95% gross income tests if such hedging transaction are clearly identified before the close of the day on which it was acquired or entered into and satisfy other identification requirements. In the case of hedges for other purposes or in other situations, the income from those transactions will likely be treated as non-qualifying income for purposes of both gross income tests.

#### Tax Aspects of Investments in Partnerships
The Fund may hold investments through entities that are classified as partnerships for U.S. federal income tax purposes. In general, partnerships are "pass-through" entities that are not subject to U.S. federal income tax. Rather, partners are allocated their proportionate Shares of the items of income, gain, loss, deduction and credit of a partnership, and are potentially subject to tax on these items, without regard to whether the partners receive a distribution from the partnership. The Fund will include in its income its proportionate share of these partnership items from subsidiary partnerships for purposes of the various REIT income tests and in the computation of its REIT taxable income. Moreover, for purposes of the REIT asset tests, the Fund will include its proportionate share of assets held by subsidiary partnerships. Consequently, to the extent that the Fund holds an equity interest in a partnership, the partnership's assets and operations may affect the Fund's ability to qualify as a REIT, even if the Fund may have no control, or only limited influence, over the partnership.

#### Entity Classification
Investment in partnerships involves special tax considerations, including the possibility of a challenge by the IRS of the status of any partnerships as a partnership, as opposed to an association taxable as a corporation, for U.S. federal income tax purposes. If any of these entities were treated as an association taxable as a corporation for U.S. federal income tax purposes, it would be taxable as a corporation and therefore could be subject to an entity-level tax on its income. In such a situation, the character of the Fund's assets and items of gross income would change and could

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|  **SAI Dated April 30, 2026** | **S-43** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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preclude the Fund from satisfying the REIT asset tests or the gross income tests, and in turn could prevent the Fund from qualifying as a REIT. In addition, any change in the status of any of these partnerships for tax purposes might be treated as a taxable event, in which case the Fund could have taxable income that is subject to the REIT distribution requirements without receiving any cash.

#### State, Local and Foreign Taxes
The Fund may be subject to state, local or foreign taxation in various jurisdictions, including those in which the Fund and its subsidiaries transact business, own property or reside. The state, local or foreign tax treatment of the Fund may not conform to the U.S. federal income tax treatment discussed above. Any foreign taxes incurred by the Fund would not pass through to Shareholders to be credited against their U.S. federal income tax liability. Prospective investors should consult their tax advisors regarding the application and effect of state, local and foreign income and other tax laws on an investment in the Fund.

#### Taxation of Shareholders
The following is a summary of certain additional U.S. federal income tax considerations with respect to purchasing, owning and disposing of Shares of the Fund. This discussion is limited to holders who hold Shares of the Fund as "capital assets" within the meaning of Section 1221 of the Code (generally, property held for investment). This discussion does not address all U.S. federal income tax consequences relevant to a Shareholder's particular circumstances, including the alternative minimum tax.

#### Taxation of Taxable U.S. Shareholders
As used herein, the term "U.S. shareholder" means a beneficial owner of Shares of the Fund that for U.S. federal income tax purposes is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; a citizen or resident of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; a corporation (including an entity treated as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the U.S., any of its states or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; an estate whose income is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; a trust if: (i) a U.S. court is able to exercise primary supervision over the administration of such trust and one or more U.S. persons have the authority to control all substantial decisions of the trust; or (ii) it has a valid election in place to be treated as a U.S. person.

For purposes of this discussion, a "non-U.S. shareholder" is any beneficial owner of our Shares that is neither a U.S. shareholder nor an entity treated as a partnership for U.S. federal income tax purposes.

If a partnership, entity or arrangement treated as a partnership for U.S. federal income tax purposes holds Shares of the Fund, the U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership. Partners in a partnership that will hold Shares of the Fund should consult their tax advisors regarding the tax consequences of the purchase, ownership and disposition of Shares by the partnership.

*Taxation of U.S. Shareholders on Distributions on Shares.* As long as the Fund qualifies as a REIT, distributions made out of the Fund's current or accumulated earnings and profits that the Fund does not designate as capital gain dividends or qualified dividend income will be taxable dividends to our U.S. Shareholders as ordinary income when received. U.S. Shareholders are treated as having received any dividends that are reinvested pursuant to the Fund's DRIP.

Dividends paid to corporate U.S. Shareholders will not qualify for the dividends-received deduction generally available to corporations. In addition, dividends paid to a non-corporate U.S. shareholder generally will not qualify for the 20% maximum tax rate currently applicable for "qualified dividend income." However, the reduced tax rate for qualified

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|:---|:---|
|  **SAI Dated April 30, 2026** | **S-44** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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dividend income will apply to the Fund's ordinary dividends to the extent attributable: (i) to dividends received by the Fund from non-REIT corporations, such as TRSs; and (ii) to income upon which the Fund has paid corporate income tax (e.g., to the extent that the Fund distributes less than 100% of its taxable income). In addition, non-corporate U.S. holders generally will be entitled to deduct up to 20% of "qualified REIT dividends" (i.e., dividends other than capital gain dividends and dividends attributable to "qualified dividend income" received by the Fund) they receive. The amount of the deduction may be up to 20% of the amount of the non-corporate U.S. holder's aggregate qualified dividend income, but may be less than 20% of the amount of the U.S. holder's qualified REIT dividends if the U.S. holder has losses from publicly traded partnerships or the U.S. holder's taxable income, not taking into account net capital gain, is less than the amount of the U.S. holder's qualified REIT dividends. Additionally, under Treasury Regulations, in order for a REIT dividend with respect to a share of REIT stock to be treated as a qualified REIT dividend, the U.S. holder (i) must have held the share for more than 45 days during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend and (ii) cannot have been under an obligation to make related payments with respect to positions in substantially similar or related property, e.g., pursuant to a short sale.

A U.S. Shareholder generally will take into account as long-term capital gain any distributions that the Fund designates as capital gain dividends without regard to the period for which the U.S. shareholder has held its Shares. See "— Capital Gains and Losses." A corporate U.S. shareholder, however, may be required to treat up to 20% of certain capital gain dividends as ordinary income.

The Fund may elect to retain and pay income tax on its net long-term capital gain. In that case, to the extent that the Fund designates such amount in a timely notice to such shareholder, a U.S. shareholder would be taxed on its proportionate share of its undistributed long-term capital gain. The U.S. Shareholder would receive a credit for its proportionate share of the tax the Fund paid. The U.S. Shareholder would increase the basis in its Shares by the amount of its proportionate share of the Fund's undistributed long-term capital gain, minus its share of the tax the Fund paid.

To the extent that the Fund makes a distribution in excess of its current and accumulated earnings and profits, such distribution will be treated first as a tax-free return of capital to the Shareholder to the extent of the adjusted tax basis of the U.S. Shareholder's Shares. This treatment will reduce the U.S. Shareholder's adjusted tax basis of such Shares. To the extent that the Fund makes a distribution in excess of both its current and accumulated earnings and profits and the U.S. Shareholder's adjusted tax basis in its Shares, such Shareholder will recognize long-term capital gain (or short-term capital gain if the Shares have been held for one year or less).

If the Fund declares a distribution in October, November, or December of any year that is payable to Shareholders of record on a specified date in any such month, such distribution shall be treated as both paid by the Fund and received by the U.S. Shareholder on December 31 of such year, provided that the Fund actually pays the distribution on or before January 31 of the following calendar year.

Shareholders may not include in their individual income tax returns any of a REIT's net operating losses or capital losses. Instead, the REIT carries over such losses for potential offset against its future income.

Dividends from the Fund and gain from the disposition of Shares of the Fund will not be treated as passive activity income, and, therefore, Shareholders generally will not be able to apply any "passive activity losses" to offset income they derive from Shares of the Fund. Similarly, dividends from the Fund and gains from the disposition of Shares of the Fund cannot be offset with "excess business losses." In addition, taxable distributions from the Fund and gain from the disposition of its Shares of generally may be treated as investment income for purposes of the investment interest limitations (although any capital gains so treated will not qualify for the lower 20% tax rate applicable to capital gains of U.S. Shareholders taxed at individual rates). The Fund will notify Shareholders after the close of its taxable year as to the portions of distributions attributable to that year that constitute ordinary income, return of capital and capital gain.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-45** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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#### Taxation of U.S. Shareholders on the Disposition of Shares
*Dispositions Generally.* In general, a U.S. Shareholder's gain or loss realized upon a taxable disposition of Shares of the Fund will be long-term capital gain or loss if the U.S. Shareholder has held the Shares for more than one year and, if not, as short-term capital gain or loss. However, any loss upon a sale or exchange of the Shares held by such Shareholder for six months or less will be treated as a long-term capital loss to the extent of any actual or deemed distributions from the Fund that such U.S. Shareholder previously has characterized as long-term capital gain. All or a portion of any loss that a U.S. Shareholder realizes upon a taxable disposition of the Shares may be disallowed if the U.S. Shareholder purchases other Shares within 30 days before or after the disposition.

*Redemption of Repurchase by the Fund.* A repurchase of Shares of the Fund will be treated as a distribution under Section 302 of the Code (and taxable as a dividend to the extent of our current and accumulated earnings and profits as described above under "— Taxation of U.S. Shareholders on Distributions of Shares") unless the repurchase satisfies one of the tests set forth in Section 302(b) of the Code enabling the repurchase to be treated as a sale or exchange. A repurchase will generally be treated as a sale or exchange if it (i) results in a complete termination of the Shareholder's interest in the Fund, (ii) results in a "substantially disproportionate" repurchase with respect to the Shareholder, or (iii) is not essentially equivalent to a dividend with respect to the Shareholder. In determining whether any of these tests has been met, Shares actually owned, as well as Shares considered to be owned by the Shareholder by reason of certain constructive ownership rules set forth in the Code, generally must be taken into account. The sale of Shares pursuant to a repurchase generally will result in a "substantially disproportionate" repurchase with respect to a Shareholder if the percentage of the then outstanding voting Shares of the Fund owned by the Shareholder immediately after the sale is less than 80% of the percentage of the voting Shares of the Fund owned by the Shareholder determined immediately before the sale. The sale of common Shares pursuant to a repurchase generally will be treated as not "essentially equivalent to a dividend" with respect to a Shareholder if the reduction in the Shareholder's proportionate interest in Shares of the Fund as a result of the repurchase constitutes a "meaningful reduction" of such Shareholder's interest. The tax consequences or a repurchase of Shares treated as a taxable sale or exchange are described above in "— Dispositions Generally."

If a repurchase of shares of our capital stock is treated as a distribution, the tax consequences of such distribution are described above in "— Taxation of U.S. Shareholders on Distributions of Shares." Additionally, a U.S. holder's adjusted tax basis of the repurchased shares generally will be transferred to the holder's remaining shares of our capital stock, if any. If a U.S. holder owns no other shares of our capital stock, under certain circumstances, such basis may be transferred to a related person or it may be lost entirely. Prospective investors are encouraged to consult with their tax advisors regarding the treatment of repurchases of Shares of the Fund.

*Capital Gains and Losses.* The maximum tax rate on long-term capital gain applicable to U.S. Shareholders taxed at individual rates currently is generally 20%. The maximum tax rate on long-term capital gain from the sale or exchange of "Section 1250 property," or depreciable real property, is 25% computed on the lesser of the total amount of the gain or the accumulated Section 1250 depreciation. With respect to distributions that the Fund designates as capital gain dividends and any retained capital gain that the Fund is deemed to distribute, the Fund generally may designate whether such a distribution is taxable to non-corporate Shareholders at a 20% or 25% rate. A U.S. Shareholder's ability to deduct capital losses is generally limited by the Code.

*Medicare Tax on Unearned Income.* High-income U.S. individuals, estates and trusts are subject to an additional 3.8% tax on net investment income. For these purposes, net investment income includes dividends and gains from sales of Shares. In the case of an individual, the tax will be 3.8% of the lesser of: (i) the individual's net investment income; or (ii) the excess of the individual's modified adjusted gross income over (a) $250,000 in the case of a married individual filing a joint return or a surviving spouse, (b) $125,000 in the case of a married individual filing a separate return or (c) $200,000 in the case of a single individual.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-46** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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#### Taxation of Tax-Exempt Shareholders
Dividend income from the Fund and gain arising upon a sale of the Fund's Shares generally will not be unrelated business taxable income ("***UBTI***") to a tax-exempt holder. However, this income will be UBTI to the extent a tax-exempt holder has held its Shares of the Fund as "debt-financed property" within the meaning of the Code or if we hold an asset that gives rise to "excess inclusion income." See "— Taxation of Our Company — Excess Inclusion Income."

Further, for a tax-exempt holder that is a social club, voluntary employee benefit association, supplemental unemployment benefit trust or qualified group legal services plan exempt from U.S. federal income taxation, or a tax-exempt single parent title-holding corporation the income of which is payable to any of the aforementioned tax-exempt organizations, income from an investment in our Shares will constitute UBTI unless the organization is able to properly claim a deduction for amounts set aside or placed in reserve for purposes specified in the Code. These tax-exempt holders should consult their own tax advisors concerning these "set aside" and reserve requirements.

Notwithstanding the above, however, a portion of the dividends paid by a "pension-held REIT" may be treated as UBTI as to any trust which is described in Section 401(a) of the Code, is tax-exempt under Section 501(a) of the Code, and holds more than 10%, by value, of the interests in the REIT. Tax-exempt pension funds that are described in Section 401(a) of the Code are referred to below as "pension trusts."

A REIT is a "pension-held REIT" if it meets the following two tests:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; it would not have qualified as a REIT but for Section 856(h)(3) of the Code, which provides that stock owned by pension trusts will be treated, for purposes of determining whether the REIT is closely held, as owned by the beneficiaries of the trust rather than by the trust itself; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; either (i) at least one pension trust holds more than 25% of the value of the interests in the REIT, or (ii) a group of pension trusts each individually holding more than 10% of the value of the REIT's stock, collectively owns more than 50% of the value of the REIT's stock.

The percentage of any REIT dividend from a "pension-held REIT" that is treated as UBTI is equal to the ratio of the UBTI earned by the REIT, treating the REIT as if it were a pension trust and therefore subject to tax on UBTI, to the total gross income of the REIT. An exception applies where the percentage is less than 5% for any year, in which case none of the dividends would be treated as UBTI. The provisions requiring pension trusts to treat a portion of REIT distributions as UBTI will not apply if the REIT is not a "pension-held REIT" (for example, if the REIT is able to satisfy the "not closely held requirement" without relying on the "look through" exception with respect to pension trusts).

#### Taxation of Non-U.S. Shareholders
The term "non-U.S. shareholder" means a holder of Shares of the Fund that is not a U.S. shareholder, as defined above. The rules governing U.S. federal income taxation of non-U.S. Shareholders are complex, and no attempt is made herein to provide more than a brief summary of such rules. Non-U.S. Shareholders are urged to consult their tax advisors to determine the impact of U.S. federal, state, local and non-U.S. income tax laws on the ownership and disposition of Shares of the Fund, including any reporting requirements.

*Ordinary Dividends*. A non-U.S. Shareholder that receives a distribution that is not attributable to gain from the Fund's sale or exchange of a "United States real property interest", or a USRPI, and that the Fund does not designate as a capital gain dividend or retained capital gain will be treated as dividends of ordinary income to the extent that the Fund pays such distribution out of its current or accumulated earnings and profits. Such distributions ordinarily will be subject to a withholding tax equal to 30% of the gross amount of the distribution unless an applicable tax treaty reduces or eliminates the tax. If a distribution is treated as effectively connected with the non-U.S. Shareholder's conduct of a U.S. trade or business, the non-U.S. Shareholder generally will be subject to U.S. federal income tax on the distribution at graduated rates, in the same manner as U.S. Shareholders are taxed with respect to such distribution, and a non-U.S. Shareholder

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-47** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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that is a corporation also may be subject to the 30% branch profits tax with respect to the distribution. The Fund plans to withhold U.S. income tax at the rate of 30% on the gross amount of any such distribution paid to a non-U.S. Shareholder unless either (i) a lower treaty rate applies and the non-U.S. Shareholder furnishes to the Fund an appropriate IRS Form W-8BEN or W-8BEN-E evidencing eligibility for that reduced rate, or (ii) the non-U.S. Shareholder furnishes to the Fund an IRS Form W-8ECI claiming that the distribution is effectively connected income. Such withholding tax would reduce the number of Shares a non-U.S. Shareholder that participates in the Fund's DRIP would receive.

*Capital Gain Dividends.* For any year in which the Fund qualifies as a REIT, a non-U.S. Shareholder will incur tax on distributions that are attributable to gain from sale or exchange of a USRPI under the Foreign Investment in Real Property Tax Act of 1980, or FIRPTA. A USRPI includes certain interests in real property and stock in "United States real property holding corporations" but does not include interests solely as a creditor and, accordingly, does not include a debt instrument that does not provide for contingent payments based on the value of, or income from, real property interests. Under FIRPTA, a non-U.S. shareholder is taxed on distributions attributable to gain from sales of USRPIs as if such gain were effectively connected with a U.S. business of the non-U.S. Shareholder. A non-U.S. Shareholder thus would be taxed on such a distribution at the normal capital gains rates applicable to U.S. Shareholders, subject to applicable alternative minimum tax and a special alternative minimum tax in the case of a nonresident alien individual. The Fund is required to withhold 21% of any distributions to non-U.S. Shareholders attributable to the REIT's gains from dispositions of USRPIs. A non-U.S. corporate Shareholder not entitled to treaty relief or exemption also may be subject to the 30% branch profits tax on such a distribution. A non-U.S. Shareholder may receive a credit against its tax liability for the amount the Fund withholds.

Capital gain dividends that are attributable to sales of USRPIs would be treated as ordinary dividends rather than as gain from the sale of a USRPI, if: (i) the Fund's Shares are "regularly traded" on an established securities market in the United States; and (ii) the non-U.S. Shareholder did not own more than 10% of the Fund's Shares at any time during the one-year period prior to the distribution. Such distributions would be subject to withholding tax on such capital gain distributions in the same manner as they are subject to withholding tax on ordinary dividends. The Fund's Shares are not regularly traded on an established securities market in the United States, and there is no assurance that they ever will be.

Capital gain dividends that are not attributable to sales of USRPIs, e.g., distributions of gains from sales of debt instruments that are not USRPIs, generally will not be taxable to non-U.S. Shareholders or subject to withholding tax.

Non-U.S. Shareholders should consult their tax advisors regarding the application of these rules.

*Non-Dividend Distributions.* A non-U.S. Shareholder will not incur tax on a distribution in excess of the Fund's current and accumulated earnings and profits if the excess portion of such distribution does not exceed the adjusted basis of its Shares. Instead, the excess portion of such distribution will reduce the adjusted basis of such Shares. To the extent that the Fund makes a distribution in excess of both its current and accumulated earnings and profits and the non-U.S. Shareholder's adjusted tax basis in its Shares, such Shareholder will be subject to tax as gain from the sale or disposition of its Shares, as described below "— Disposition of Shares." Because the Fund generally cannot determine at the time it makes a distribution whether the distribution will exceed its current and accumulated earnings and profits, it normally will withhold tax on the entire amount of any distribution at the same rate as it would withhold on an ordinary dividend. However, a non-U.S. Shareholder may claim a refund of amounts that the Fund withholds if the Fund later determine that a distribution in fact exceeded its current and accumulated earnings and profits.

*Dispositions of Shares.* A non-U.S. Shareholder generally will not incur tax under FIRPTA with respect to gain realized upon a disposition of Shares of the Fund as long as the Fund: (i) is not a "United States real property holding corporation", or USRPHC during a specified testing period and certain procedural requirements are satisfied; or (ii) is a domestically controlled qualified investment entity. A USRPHC is a U.S. corporation that at any time during the applicable testing period owned USRPIs that exceed in value 50% of the value of the corporation's assets. Depending on the nature of

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-48** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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the Fund's investments, the Fund may be a USRPHC. However, the Fund believes that it is and will be a "domestically controlled qualified investment entity." A "domestically controlled qualified investment entity" includes a REIT in which at all times during a five-year testing period less than 50% in value of its stock is held directly or indirectly by non-U.S. persons, subject to certain ownership rules. The Fund cannot assure investors that it could substantiate that it is, has been and will be a domestically controlled qualified investment entity at any particular time.

Even if the Fund were a USRPHC and not a domestically controlled qualified investment entity, a non-U.S. shareholder that owned, actually or constructively, 10% or less of the Fund's Shares at all times during a specified testing period would not incur tax under FIRPTA if Shares of the Fund are "regularly traded" on an established securities market. Shares of the Fund are currently not regularly traded on an established securities market in the United States, and there is no assurance that they ever will be.

If the gain on the sale of Shares of the Fund were taxed under FIRPTA, a non-U.S. Shareholder would be taxed in the same manner as U.S. Shareholders with respect to such gain, subject to applicable alternative minimum tax or, a special alternative minimum tax in the case of nonresident alien individuals, and the purchaser of such Shares would be required to withhold 15% of the purchase price and remit such amount to the IRS. Furthermore, a non-U.S. Shareholder will incur tax on gain not subject to FIRPTA if: (i) the gain is effectively connected with the non-U.S. Shareholder's U.S. trade or business, in which case the non-U.S. Shareholder will be subject to the same treatment as U.S. Shareholders with respect to such gain; or (ii) the non-U.S. Shareholder is a nonresident alien individual who was present in the United States for 183 days or more during the taxable year and has a "tax home" in the United States, in which case the non-U.S. Shareholder will incur a 30% tax on his capital gains.

Special FIRPTA rules apply to "qualified shareholders" and "qualified foreign pension funds" as defined in the Code.

A repurchase of Shares of the Fund that is not treated as a sale or exchange will be taxed in the same manner as distributions under the rules described above. See "— Taxation of U.S. Shareholders on the Disposition of Shares" for a discussion of when a repurchase will be treated as a sale or exchange and related matters. A repurchase of Shares of the Fund generally will be subject to tax under FIRPTA to the extent the distribution in the repurchase is attributable to gains from the Fund's dispositions of USRPIs. To the extent the distribution is not attributable to gains from the Fund's dispositions of USRPIs and is treated as a sale or exchange of Shares of the Fund, the excess of the amount of money received in the repurchase over the non-U.S. holder's basis in the repurchased Shares will be treated like a taxable disposition described in the previous paragraph. The IRS has released an official notice stating that repurchase payments may be attributable to gains from dispositions of USRPIs (except when the 10% publicly traded exception would apply), but has not provided any guidance to determine when and what portion of a repurchase payment is a distribution that is attributable to gains from the Fund's dispositions of USRPIs. Due to the uncertainty, the Fund may withhold at the 21% rate from all or a portion of repurchase payments to non-U.S. holders other than qualified Shares or qualified foreign pension funds. To the extent the amount of tax the Fund withholds exceeds the amount of a non-U.S. holder's U.S. federal income tax liability, the non-U.S. holder may file a U.S. federal income tax return and claim a refund.

#### Foreign Account Tax Compliance Act
Withholding taxes may be imposed under Sections 1471 to 1474 of the Code (such sections commonly referred to as the Foreign Account Tax Compliance Act, or FATCA) on certain types of payments made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, the Fund may be required to withhold 30% of dividends paid in respect of the Shares to certain "foreign financial institutions" or a "non-financial foreign entity" (each as defined in the Code), unless such institution enters into an agreement with the Secretary of the Treasury (or alternative procedures apply pursuant to

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|:---|:---|
|  **SAI Dated April 30, 2026** | **S-49** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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an applicable intergovernmental agreement between the United States and the relevant foreign government) to report, on an annual basis, information with respect to Shares in, and accounts maintained by, the institution to the extent such Shares or accounts are held by certain U.S. persons or by certain non-U.S. entities that are wholly or partially owned by U.S. persons. Accordingly, the entity through which the Fund's Shares are held may affect the determination of whether such withholding is required. Similarly, dividends paid in respect of the Fund's Shares to an investor that is a passive non-financial non-U.S. entity will be subject to withholding at a rate of 30%, unless such entity either (i) certifies to the Fund that such entity does not have any "substantial U.S. owners" or (ii) provides certain information regarding the entity's "substantial U.S. owners," which the Fund will in turn provide to the Secretary of the Treasury. While withholding under FATCA would also have applied to payments of gross proceeds from the disposition of stock after December 31, 2018, proposed Treasury Regulations eliminate FATCA withholding on gross proceeds payments. Taxpayers generally may rely on these proposed Treasury Regulations until final Treasury Regulations are issued.

*Information Reporting Requirements and Backup Withholding.* The Fund will report to Shareholders and to the IRS the amount of distributions the Fund pays during each calendar year and the amount of tax the Fund withholds, if any. Under the backup withholding rules, a Shareholder may be subject to backup withholding at the rate of 28% with respect to distributions, unless such Shareholder is a corporation or comes within certain other exempt categories and, when required, demonstrates this fact, or provides a taxpayer identification number, certifies as to no loss of exemption from backup withholding and otherwise complies with the applicable requirements of the backup withholding rules. A Shareholder who does not provide the Fund with its correct taxpayer identification number also may be subject to penalties imposed by the IRS. Any amount paid as backup withholding will be creditable against the Shareholder's income tax liability.

Brokers that are required to report the gross proceeds from a sale of Shares on Form 1099-B will also be required to report the customer's adjusted basis in the Shares and whether any gain or loss with respect to the Shares is long-term or short-term. In some cases, there may be alternative methods of determining the basis in Shares that are disposed of, in which case the shareholder's broker will apply a default method of its choosing if the shareholder does not indicate which method to apply. Shareholders should consult with their own tax advisor regarding the reporting requirements and their election options.

If the Fund takes an organizational action such as a stock split, merger or acquisition that affects the tax basis of Shares of covered stock or even make distributions that exceed its current or accumulated earning and profits, it will report to each shareholder and the IRS (or post on its website) a description of the action and the quantitative effect of that action on the tax basis of the applicable Shares.

Shareholders are encouraged to consult their tax advisors regarding the application of the information reporting rules discussed above, to their investment in Shares of the Fund.

#### Legislative or Other Actions Affecting REITs
The rules dealing with U.S. federal income taxation are constantly under review. No assurance can be given as to whether, when or in what form, the U.S. federal income tax laws applicable to the Fund and its Shareholders may be changed, possibly with retroactive effect. Changes to the federal tax laws and interpretations of federal tax laws could adversely affect an investment in Shares of the Fund.

**THE SUMMARY OF FEDERAL TAX CONSIDERATIONS SET FORTH ABOVE IS NOT INTENDED TO BE A COMPLETE SUMMARY OF THE TAX CONSEQUENCES OF AN INVESTMENT IN THE FUND. EACH PROSPECTIVE INVESTOR IS ADVISED TO CONSULT WITH HIS, HER OR ITS OWN TAX ADVISOR CONCERNING THE TAX CONSIDERATIONS OF AN INVESTMENT IN THE FUND.**

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-50** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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## OTHER INFORMATION
Each Share represents a proportional interest in the assets of the Fund. Each Share has one vote at Shareholder meetings, with fractional Shares voting proportionally, on matters submitted to the vote of Shareholders. There are no cumulative voting rights. Shares do not have pre-emptive or conversion or redemption provisions. In the event of a liquidation of the Fund, Shareholders are entitled to share pro rata in the net assets of the Fund available for distribution to Shareholders after all expenses and debts have been paid.

#### Transfer Agent
UMB Fund Services Inc., located at 235 W Galena Street, Milwaukee, WI 53212-3948, serves as transfer agent pursuant to a transfer agency agreement between it and the Fund.

#### Legal Counsel
Morrison & Foerster LLP, 370 17<sup>th</sup> Street, Suite 4200, Denver, CO 80218, acts as counsel to the Fund.

#### Custodian
UMB Bank, N.A. serves as the primary custodian of the Fund's assets, and may maintain custody of the Fund's assets with domestic and foreign subcustodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Board. Assets of the Fund are not held by the Adviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of a custodian in a securities depository, clearing agency or omnibus customer account of such custodian. The Custodian's principal business address is 928 Grand Boulevard, 10<sup>th</sup> Floor, Kansas City, MO 64106.

## INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
CohnReznick LLC is the independent registered public accounting firm for the Fund and has audited the Fund's financial statements. CohnReznick LLC is located at 1 South Wacker Drive, Chicago, IL 60606.

## FINANCIAL STATEMENTS
The audited financial statements, including the financial highlights, and related report of CohnReznick LLC, independent registered public accounting firm, appearing in the Fund's Annual Report to Shareholders for the fiscal year ended December 31, 2025, which are filed electronically with the SEC, are incorporated by reference and made part of this SAI. You may request a copy of the Fund's Annual Reports and Semi-Annual Reports at no charge by calling the Fund toll free at 888-267-1456.

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **S-51** |
|  **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP&nbsp;&nbsp;&nbsp;&nbsp;240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

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## APPENDIX A: PROXY VOTING POLICIES AND PROCEDURES Forum Real Estate Income Fund

#### Proxy Voting Policy and Procedures
The Forum Real Estate Income Fund (the "**Fund**") has adopted the following Proxy Voting Policy and Procedures (the "Fund's Policy"), as set forth below, in recognition of the fact that proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion in order to advance the best interests of the Fund's Shareholders.

Shareholders of the Fund expect the Fund to vote proxies received from issuers whose voting securities are held by the Fund. The Fund exercises its voting responsibilities as a fiduciary, with the goal of maximizing the value of the Fund and its shareholder's investments. FREIF Advisors LLC (the "**Adviser**") and whenever applicable Nuveen Asset Management LLC (the "**Sub-Adviser**") will seek to ensure that proxies are voted in the best interests of the Fund and its Shareholders except where the Fund may be required by law to vote proxies in the same proportion as the vote of all other Shareholders (i.e., "echo vote").

#### Delegation of Proxy Voting to the Adviser and Sub-Adviser
The Adviser and/or Sub-Adviser shall vote all proxies relating to securities held by the Fund and, in that connection subject to any further policies and procedures contained herein, shall use proxy voting policies and procedures ("**Proxy Policy**") adopted by the Adviser/Sub-Adviser in conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended ("**1940 Act**").

#### Disclosure of Proxy Voting Policy and Procedure in the Fund's Statement of Additional Information ("SAI") and Annual Report to Shareholders
The Fund shall include in its annual report to Shareholders on Form N-CSR, and in any SAI filed with the Securities and Exchange Commission ("**SEC**") in connection with a registration statement on Form N-2 a summary of the Proxy Policy. In lieu of including a summary of policy, the Fund may include the policy in full.

#### Material Conflicts of Interest
If (i) the Adviser/Sub-Adviser knows that a vote presents a material conflict between the interests of: (a) Shareholders of the Fund, and (b) the Adviser/Sub-Adviser or any of its affiliated persons; and (ii) the Adviser/Sub-Adviser proposes to vote on the particular issue in the manner not prescribed by its Proxy Policy, then the Adviser/Sub-Adviser will follow the material conflict of interest procedures set forth in the Adviser/Sub-Adviser's Proxy Policy when voting such proxies.

#### Adviser, Sub-Adviser and Fund CCO Responsibilities
The Fund has delegated proxy voting authority with respect to the Fund's portfolio securities to the Adviser and Sub-Adviser, as set forth above. Consistent with this delegation, the Adviser and Sub-Adviser are responsible for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Implementing written policies and procedures, in compliance with Rule 206(4)-6 under the 1940 Act, reasonably designed to ensure that the Adviser and/or Sub-Adviser votes portfolio securities in the best interest of Shareholders of the Fund owning the portfolio securities voted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Providing to the Fund's Chief Compliance Officer ("**CCO**") a summary of the material changes to a Proxy Policy during the period covered by the CCO's annual compliance report to the Board, and a redlined copy of such Proxy Policy as applicable.

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| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **A-1** |
|  **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

The CCO shall review all Proxy Policies at least annually to ensure that they are in compliance with Rule 206(4)-6 under the Advisers Act and appear reasonably designed to ensure that the Adviser and Sub-Adviser votes portfolio securities in the best interest of Shareholders of the Funds owning the portfolio securities voted.

#### Review Responsibilities
The Adviser or Sub-Adviser may retain a proxy-voting service to coordinate, collect, and maintain all proxy-related information.

If the Adviser or Sub-Adviser retains a proxy-voting service, the Adviser/Sub-Adviser will review the Fund's voting records maintained by the service provider, select a sample of proxy votes from those submitted, and examine them against the proxy voting service files for accuracy of the votes at least annually in regard to adhering to foregoing policy guidelines.

#### Preparation and Filing of Proxy Voting Record on Form N-PX
The Fund will file its complete proxy voting record with the SEC on Form N-PX annually by August 31 of each year.

The Fund's Administrator will be responsible for the oversight and completion of the filing of Form N-PX with the SEC. The Fund's Administrator will file Form N-PX for each twelve-month period ended June 30, and the filing for each year will be made with the SEC on or before August 31 of that year.

#### Recordkeeping
Documentation of all votes for the Fund will be maintained by the Adviser and/or through a third-party proxy voting service.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **A-2** |
|  **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

## APPENDIX B: SUB-ADVISER'S PROXY VOTING POLICIES AND PROCEDURES

## Nuveen Proxy Voting Policy

---

| | |
|:---|:---|
| **Policy Purpose and Statement** | **Applicability** |
| Proxy voting is the primary means by which shareholders may influence a publicly traded company's governance and operations and thus create the potential for value and positive long-term investment performance. In certain cases, the Advisers may engage with Portfolio Companies as part of their process to make informed vote decisions and generally consider various factors including insights gained through engagement where that occurs. While the Advisers may generally share their views on a particular topic, these are not for the purpose of changing control of the issuer. <br> When an SEC registered investment adviser has proxy voting authority, the adviser has a fiduciary duty to vote proxies in the best interests of its clients and must not subrogate its clients' interests to its own. In their capacity as fiduciaries and investment advisers, Advisers, vote proxies for the Portfolio Companies held by their respective clients, including investment companies and other pooled investment vehicles, institutional and retail separate accounts, and other clients as applicable. The Advisers have adopted this Policy, the Nuveen Proxy Voting Guidelines, and the Nuveen Proxy Voting Conflicts of Interest Policy for voting the proxies of the Portfolio Companies they manage. The Advisers leverage the expertise and services of an internal group referred to as Nuveen's Stewardship Group to administer the Advisers' proxy voting. The Stewardship Group adheres to the Advisers' Proxy Voting Guidelines which are reasonably designed to ensure that the Advisers vote client securities in the best interests of the Advisers' clients | This Policy applies to Nuveen associates acting on behalf of Nuveen Asset Management, LLC, ("NAM"), Teachers Advisors, LLC, ("TAL") and TIAA-CREF Investment Management, LLC ("TCIM"), each an "Adviser" and collectively referred to as the "Advisers" |
| &nbsp;&nbsp; **Policy Statement** |  |
| &nbsp;&nbsp; Proxy voting is a key component of a Portfolio Company's corporate governance program and is the primary method for exercising shareholder rights and articulating Nuveen's position on the Portfolio Company's behavior in an effort to enhance long-term shareholder value. Nuveen makes informed voting decisions in compliance with Rule 206(4)-6 (the "Rule") of the Investment Advisers Act of 1940, as amended (the "Advisers Act"), and applicable laws and regulations, (e.g., the Employee Retirement Income Security Act of 1974, "ERISA"). |  |

---

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **B-1** |
|  **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

#### Enforcement
As provided in the TIAA Code of Business Conduct, all associates are expected to comply with applicable laws and regulations, as well as the relevant policies, procedures and compliance manuals that apply to Nuveen's business activities. Violation of this Policy may result in disciplinary action up to and including termination of employment.

#### Terms and Definitions
***Advisory Personnel*** includes the Adviser's portfolio managers and research analysts.

***Proxy Voting Guidelines*** (the ''Guidelines'') are a set of pre-determined principles setting forth the manner in which the Advisers intend to vote on specific voting categories, and serve to assist clients, Portfolio Companies, and other interested parties in understanding how the Advisers generally intend to vote on proxy-related matters. The Guidelines are not exhaustive and do not necessarily dictate how the Advisers will ultimately vote with respect to any proposal or resolution. While the Guidelines are developed, maintained, and implemented by the Stewardship Group, and reviewed by the Nuveen Proxy Voting Committee, the portfolio managers of the Advisers maintain the ultimate authority with respect to how proxies will be voted and may determine to vote contrary to the Guidelines if such portfolio manager believes it is in the best interest of the respective Adviser's clients to do so.

***Portfolio Company*** refers to any publicly traded operating company held in an account that is managed by an Adviser or a Nuveen Affiliated Entity. For the avoidance of doubt, Portfolio Company excludes investment companies.

#### Policy Requirements
Investment advisers, in accordance with the Rule, are required to (i) adopt and implement written policies and procedures that are reasonably designed to ensure that proxies are voted in the best interest of clients, and address resolution of material conflicts that may arise, (ii) describe their proxy voting procedures to their clients and provide copies on request, and (iii) disclose to clients how they may obtain information on how the Advisers voted their proxies. Portfolio Companies may obtain information on how many shares the Advisers hold through regulatory filings and in public reports.

The Nuveen Proxy Voting Committee (the "Committee"), the Advisers, the Stewardship Group and Nuveen Compliance are subject to the respective requirements outlined below under Roles and Responsibilities.

Although it is the general policy to vote all applicable proxies received in a timely fashion with respect to securities selected by an Adviser for current clients, the Adviser may refrain from voting in certain circumstances where such voting would be disadvantageous, materially burdensome or impractical, or otherwise inconsistent with the overall best interest of clients.

#### Roles and Responsibilities
Nuveen Proxy Voting Committee

The purpose of the Committee is to establish a governance framework to oversee the proxy voting activities of the Advisers in accordance with the Policy. The Committee's voting members will be comprised from Research, the Advisers, and the Stewardship Group. Non-voting members will be comprised from Nuveen Legal, Nuveen Compliance, Nuveen Advisory Product, and Nuveen Investment Risk. The Committee may invite others on a standing, routine and/or an ad hoc basis to attend Committee meetings. The CCOs of the CREF Funds and the Nuveen Funds shall be standing, non-voting invitees. The Committee has delegated responsibility for the implementation and ongoing administration of the Policy to the Stewardship Group, subject to the Committee's ultimate oversight and responsibility as outlined in the Committee's Proxy Voting Charter.

Advisers

&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Advisory Personnel maintain the ultimate decision-making authority with respect to how proxies will be voted, unless otherwise instructed by a client, and may determine to vote contrary to the Guidelines and/or a vote recommendation of the Stewardship Group if such Advisory Personnel determines it is in the best interest of the Adviser's clients to do so. The rationale for all such contrary vote determinations will be documented and maintained.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **B-2** |
|  **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;When voting proxies for different groups of client accounts, Advisory Personnel may vote proxies held by the respective client accounts differently depending on the facts and circumstances specific to such client accounts. The rationale for all such vote determinations will be documented and maintained.

&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Advisory Personnel must comply with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.

Nuveen Stewardship Group

&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Performs day-to-day administration of the Advisers' proxy voting processes.

&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Seeks to vote proxies in adherence to the Guidelines, which have been constructed in a manner intended to align with the best interests of clients. In applying the Guidelines, the Stewardship Group, on behalf of the Advisers, takes into account several factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Input from Advisory Personnel

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Third party research

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Specific Portfolio Company context, including environmental, social and governance practices, and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Assists in the development of securities lending recall protocols in cooperation with the Securities Lending Committee.

&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Performs Form N-PX filings in accordance with regulatory requirements.

&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;Delivers copies of the Advisers' Policy to clients and prospective clients upon request in a timely manner, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;Assists with the disclosure of proxy votes as applicable on corporate websites and elsewhere as required by applicable regulations.

&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;Prepares reports of proxies voted on behalf of the Advisers' investment company clients to their Boards or committees thereof, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;Performs an annual vote reconciliation for review by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;Arranges the annual service provider due diligence of proxy voting vendors, including a review of the service provider's potential conflicts of interests, and presents the results to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;10. Facilitates quarterly Committee meetings, including agenda and meeting minute preparation.

&nbsp;&nbsp;&nbsp;&nbsp;11. Complies with the Nuveen Proxy Voting Conflicts of Interest Policy with respect to potential material conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;12. Creates and retains certain records in accordance with Nuveen's Record Management program.

&nbsp;&nbsp;&nbsp;&nbsp;13. Oversees the proxy voting service provider with respect to its responsibilities, including making and retaining certain records as required under applicable regulation.

Nuveen Compliance

&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Seeks to ensure proper disclosure of Advisers' Policy to clients as required by regulation or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;Seeks to ensure proper disclosure to clients of how they may obtain information on how the Advisers voted their proxies.

&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;Assists the Stewardship Group with arranging the annual service provider due diligence and presenting the results to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;Assesses regulatory developments, pronouncements and guidance notes in coordination with Legal partners to determine policy and process implications. Shares assessment results with the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;5. Monitors for compliance with this Policy and retains records relating to its monitoring activities pursuant to Nuveen's Records Management program.

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **B-3** |
|  **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

Nuveen Legal

&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;Provides legal guidance as requested.

#### Governance
Review and Approval

This Policy will be reviewed at least annually and will be updated sooner if substantive changes are necessary. The Policy Owner, the Committee and the NEFI Compliance Committee are responsible for the review and approval of this Policy.

Implementation

Nuveen has established the Committee to provide centralized management and oversight of the proxy voting process administered by the Stewardship Group for the Advisers in accordance with its Proxy Voting Committee Charter and this Policy.

Exceptions

Any request for a proposed exception or variation to this Policy will be submitted to the Committee for approval and reported to the appropriate governance committee(s), where appropriate.

#### Related Documents
&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Nuveen Proxy Voting Committee Charter

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Nuveen Proxy Voting Guidelines

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Nuveen Proxy Voting Conflicts of Interest Policy and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp; Nuveen Policy Statement on Responsible Investing

---

| | |
|:---|:---|
|  **SAI Dated April 30, 2026** | **B-4** |
|  **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** | **FORUM INVESTMENT GROUP 240 Saint Paul Street, Suite 400 \| Denver, CO 80206 \| P: 303.501.8860 \| F: 303.296.4212 \| FORUMIG.COM** |

---

------

#### FORUM REAL ESTATE INCOME FUND

#### PART C — OTHER INFORMATION

#### Item 25. &nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Exhibits

#### Financial Statements

---

| | |
|:---|:---|
|  Part A: | Financial Highlights. |
|  Part B: | Incorporated by reference to the Fund's [annual report](http://www.sec.gov/Archives/edgar/data/1857314/000121390026025569/ea0274003-01_ncsr.htm) for the period ended December 31, 2025, filed electronically pursuant to Rule 30b-2 under the Investment Company Act of 1940.<br> Incorporated by reference to the Fund's [semi-annual report](http://www.sec.gov/Archives/edgar/data/1857314/000121390025085514/ea0250325-01_ncsrs.htm) for the period ended June 30, 2025, filed electronically pursuant to Rule 30b-2 under the Investment Company Act of 1940. |

---

#### Exhibits

---

| | |
|:---|:---|
|  (a)(1) | [Certificate of Trust<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000182912621002927/forumcreif_ex99a1.htm) |
|  (a)(2) | [Agreement and Declaration of Trust<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000182912621002927/forumcreif_ex99a2.htm) |
|  (a)(3) | [Amended and Restated Agreement and Declaration of Trust of the Registrant, dated August 1, 2022<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390022055635/s142376_ex99-a3.htm) |
|  (a)(4) | [Amendment No. 1 to the Amended and Restated Agreement and Declaration of Trust<sup>(7)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390023033740/ea153668_ex99-a4.htm) |
|  (b)(1) | [Bylaws of Registrant<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000182912621002927/forumcreif_ex99b.htm) |
|  (b)(2) | [Amended and Restated Bylaws of Registrant<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390022055635/s142376_ex99-b2.htm) |
|  (b)(3) | [Second Amended and Restated Bylaws of the Registrant<sup>(11)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390026021253/ea0275176-01_ex99b3.htm) |
|  (c) | Not applicable |
|  (d)(1) | See portions of Amended and Restated Agreement and Declaration of Trust relating to shareholders' rights. |
|  (d)(2) | See portions of Second Amended and Restated Bylaws relating to shareholders' rights. |
|  (e) | Not applicable |
|  (f) | Not applicable |
|  (g)(1) | [Investment Management Agreement with Forum Capital Advisors LLC<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000182912621002927/forumcreif_ex99g1.htm) |
|  (g)(2) | [Amended and Restated Investment Management Agreement with Forum Capital Advisors LLC<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390022055635/s142376_ex99-g2.htm) |
|  (g)(3) | [Form of Transfer and Assumption Agreement between Forum Capital Advisors LLC and FREIF Advisors LLC<sup>(11)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390026021253/ea0275176-01_ex99g3.htm) |
|  (g)(4) | [Sub-Advisory Agreement with Nuveen Asset Management, LLC<sup>(11)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390026021253/ea0275176-01_ex99g4.htm) |
|  (g)(5) | [Amended and Restated Sub-Advisory Agreement with Nuveen Asset Management, LLC<sup>(11)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390026021253/ea0275176-01_ex99g5.htm) |
|  (h)(1) | [Distribution Agreement between the Registrant and Foreside Fund Services, LLC (the "Distributor")<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390022055635/s142376_ex99-h1.htm) |
|  (h)(2) | [Amendment No. 1 to Distribution Agreement between the Registrant and the Distributor<sup>(9)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390024070816/ea0211208-01_ex99h2.htm) |
|  (h)(3) | [Amendment No. 2 to Distribution Agreement between the Registrant and the Distributor<sup>(10)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390024088180/ea0216389-01_ex99h3.htm) |
|  (h)(4) | [Form of Dealer Agreement between the Registrant and the Distributor<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390022055635/s142376_ex99-h2.htm) |
|  (h)(5) | [Amended and Restated Shareholder Servicing Plan<sup>(10)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390024088180/ea0216389-01_ex99h5.htm) |
|  (h)(6) | [Amended and Restated Multiple Class Plan<sup>(10)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390024088180/ea0216389-01_ex99h6.htm) |
|  (h)(7) | [Amended and Restated Distribution and Shareholder Servicing (12b-1) Plan<sup>(10)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390024088180/ea0216389-01_ex99h7.htm) |
|  (i) | Not applicable |
|  (j) | [Custody Agreement between the Registrant and UMB Bank, N.A.<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000182912621002927/forumcreif_ex99j.htm) |
|  (k)(1) | [Fourth Amended and Restated Expense Limitation Agreement<sup>(10)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390024088180/ea0216389-01_ex99k1.htm) |
|  (k)(2) | [Principal Financial Officer and Chief Compliance Officer Services Agreement between the Registrant and PINE Advisor Solutions, LLC<sup>(8)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390024036502/ea0204174-01_ex99k2.htm) |
|  (k)(3) | [Transfer Agency Agreement with UMB Fund Services Inc.<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390022055635/s142376_ex99-k5.htm) |
|  (k)(4) | [Administration and Accounting Agreement with UMB Fund Services Inc.<sup>(5)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390022055635/s142376_ex99-k6.htm) |
|  (k)(5) | [Credit Agreement between the Registrant, each of the guarantors party thereto, each of the lenders party thereto, and CIBC Bank USA, dated March 30, 2026<sup>(2)</sup>](ea0283012-01_ex99k5.htm) |
|  (l)(1) | [Opinion and Consent of Morrison & Foerster LLP<sup>(6)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390022058882/s142674_ex99-l1.htm) |
|  (l)(2) | [Consent of Morrison & Foerster LLP<sup>(2)</sup>](ea0283012-01_ex99l2.htm) |

---

---

| | |
|:---|:---|
|  (m) | Not applicable |
|  (n) | [Consent of Registrant's independent registered public accounting firm<sup>(2)</sup>](ea0283012-01_ex99n.htm) |
|  (o) | Not applicable |
|  (p) | Not applicable |
|  (r)(1) | [Code of Ethics of the Registrant<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000182912621002927/forumcreif_ex99r1.htm) |
|  (r)(2) | [Code of Ethics of the Adviser<sup>(10)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390024088180/ea0216389-01_ex99r2.htm) |
|  (r)(3) | [Code of Ethics of the Sub-Adviser<sup>(11)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390026021253/ea0275176-01_ex99r3.htm) |
|  (s) | Not applicable |
|  (t) | [Powers of Attorney for Darren Fisk, Brien Biondi, Julie Cooling, and Jay Hummel<sup>(11)</sup>](http://www.sec.gov/Archives/edgar/data/1857314/000121390026021253/ea0275176-01_ex99t.htm) |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; Filed with Registrant's registration statement under the Investment Company Act on Form N-2 dated April 27, 2021 and incorporated herein by reference.

(2)&nbsp;&nbsp;&nbsp;&nbsp; Filed herewith.

(3)&nbsp;&nbsp;&nbsp;&nbsp; Filed with pre-effective amendment no. 1 to the Registrant's registration statement under the Securities Act of 1933, dated August 12, 2022 and incorporated herein by reference.

(4)&nbsp;&nbsp;&nbsp;&nbsp; Filed with Registrant's registration statement under the Securities Act of 1933 on Form N-2 dated June 14, 2022 and incorporated herein by reference.

(5)&nbsp;&nbsp;&nbsp;&nbsp; Filed with pre-effective amendment no. 2 to the Registrant's registration statement under the Securities Act of 1933, dated September 13, 2022 and incorporated herein by reference.

(6)&nbsp;&nbsp;&nbsp;&nbsp; Filed with pre-effective amendment no. 3 to the Registrant's registration statement under the Securities Act of 1933, dated September 26, 2022 and incorporated herein by reference.

(7)&nbsp;&nbsp;&nbsp;&nbsp; Filed with post-effective amendment no. 1 to the Registrant's registration statement under the Securities Act of 1933, dated April 28, 2023 and incorporated herein by reference.

(8)&nbsp;&nbsp;&nbsp;&nbsp; Filed with post-effective amendment no. 2 to the Registrant's registration statement under the Securities Act of 1933, dated April 26, 2024 and incorporated herein by reference.

(9)&nbsp;&nbsp;&nbsp;&nbsp; Filed with post-effective amendment no. 3 to the Registrant's registration statement under the Securities Act of 1933, dated August 19, 2024 and incorporated herein by reference.

(10)&nbsp;&nbsp;&nbsp;&nbsp;Filed with post-effective amendment no. 4 to the Registrant's registration statement under the Securities Act of 1933, dated October 16, 2024 and incorporated herein by reference.

(11)&nbsp;&nbsp;&nbsp;&nbsp;Filed with post-effective amendment no. 7 to the Registrant's registration statement under the Securities Act of 1933, dated February 27, 2026 and incorporated herein by reference.

#### Item 26. &nbsp;&nbsp;&nbsp;&nbsp; Marketing Arrangements
The information contained under the heading "Plan of Distribution" in the prospectus is incorporated herein by reference and any information concerning any underwriters for a particular offering will be contained in a prospectus supplement related to that offering.

#### Item 27. &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses of Issuance and Distribution
Not applicable.

#### Item 28. &nbsp;&nbsp;&nbsp;&nbsp; Persons Controlled by or Under Common Control with Registrant
No person is directly or indirectly under common control with the Registrant, except that the Registrant may be deemed to be controlled by FREIF Advisors LLC (the "***Adviser***"), the investment adviser to the Registrant. The Adviser was formed under the laws of the State of Delaware in 2026. Additional information regarding the Adviser is set out in its Form ADV, as filed with the Securities and Exchange Commission (SEC File No. 801-135467).

#### Item 29. &nbsp;&nbsp;&nbsp;&nbsp; Number of Holders of Securities
Set forth below is the number of record holders as of April 1, 2026, of each class of securities of the Fund.

---

| | |
|:---|:---|
|  **Title of Class** | **Number of<br> Record <br>Holders** |
|  Class K Shares | 4 |
|  Class I Shares | 2,142 |
|  Founders Shares | 741 |

---

#### Item 30. &nbsp;&nbsp;&nbsp;&nbsp; Indemnification
Reference is made to Article VIII Sections 8.1 through 8.4, of the Registrant's Amended and Restated Agreement and Declaration of Trust which is incorporated by reference herein.

The Registrant maintains insurance on behalf of any person who is or was an independent trustee, officer, employee, or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position. However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "***Securities Act***") may be permitted to directors, officers and controlling persons of the Registrant pursuant to the provisions described above, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

#### Item 31. &nbsp;&nbsp;&nbsp;&nbsp; Business and Other Connections of Adviser
A description of any other business, profession, vocation, or employment of a substantial nature in which the Adviser of the Registrant, and each member, director, executive officer, or partner of any such registered investment adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of member, trustee, officer, employee, partner or director, is set forth in Part B of this Registration Statement in the section entitled "Management of the Fund." Additional information as to each member, director, executive officer, or partner of the Adviser is included in its Form ADV as filed with the Securities and Exchange Commission (File No. 801-135467) and is incorporated herein by reference.

A description of any other business, profession, vocation, or employment of a substantial nature in which the Sub-Adviser of the Registrant, and each member, director, executive officer, or partner of any such registered investment adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of member, trustee, officer, employee, partner or director, is set forth in Part B of this Registration Statement in the section entitled "Management of the Fund." Additional information as to each member, director, executive officer, or partner of the Sub-Adviser is included in its Form ADV as filed with the Securities and Exchange Commission (File No. 801-71957), and is incorporated herein by reference.

#### Item 32. &nbsp;&nbsp;&nbsp;&nbsp; Location of Accounts and Records
UMB Fund Services Inc., the Fund's administrator, maintains certain required accounting related and financial books and records of the Registrant at 235 W Galena Street, Milwaukee, WI 53212-3948. Foreside Fund Services, LLC, the Fund's Distributor, maintains certain required distribution related books and records of the Registrant at 190 Middle Street, Suite 301, Portland, Maine 04101. UMB Bank, N.A., the Fund's custodian, maintains certain required accounting related and financial books and records of the Registrant at 928 Grand Boulevard, 10<sup>th</sup> Floor, Kansas City, MO 64106. The other required books and records are maintained by the Adviser at 240 Saint Paul Street, Suite 400, Denver, CO 80206.

#### Item 33. &nbsp;&nbsp;&nbsp;&nbsp; Management Services
Not Applicable.

#### Item 34. &nbsp;&nbsp;&nbsp;&nbsp; Undertakings
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp; to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;To include any prospectus required by Section 10(a)(3) of the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;To reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp; That, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp; To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.&nbsp;&nbsp;&nbsp;&nbsp; Each prospectus filed pursuant to Rule 424(b) under the 1933 Act as part of a registration statement relating to an offering, other than registration statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A under the 1933 Act, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. *Provided, however*, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.&nbsp;&nbsp;&nbsp;&nbsp; That for the purpose of determining liability of the Registrant under the 1933 Act to any purchaser in the initial distribution of securities:

The undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 424 under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the portion of any advertisement pursuant to Rule 482 under the 1933 Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt delivery, within two business days of receipt of a written or oral request, its prospectus or Statement of Additional Information.

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Denver, State of Colorado, on the 24<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
|  **Forum Real Estate Income Fund** | **Forum Real Estate Income Fund** |
|  By: | /s/ Darren Fisk |
|  | Darren Fisk |
|  | Trustee, Chairman, and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
|  **Signature** | **Title** | **Date** |
|  /s/ Edie Suhr | President, Principal Executive Officer | April 24, 2026 |
|  Edie Suhr |  |  |
|  /s/ Derek Mullins | Treasurer, Principal Financial Officer and | April 24, 2026 |
|  Derek Mullins | Principal Accounting Officer |  |
|  /s/ Darren Fisk | Trustee, Chairman, and Chief Executive Officer | April 24, 2026 |
|  Darren Fisk |  |  |
|  /s/ Brien Biondi\* | Trustee | April 24, 2026 |
|  Brien Biondi |  |  |
|  /s/ Julie Cooling\* | Trustee | April 24, 2026 |
|  Julie Cooling |  |  |
|  /s/ Jay Hummel\* | Trustee | April 24, 2026 |
|  Jay Hummel |  |  |

---

---

| | |
|:---|:---|
|  \*By: | /s/ Edie Suhr |
|  | Edie Suhr |

---

____________

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Messrs. Biondi and Hummel and Ms. Cooling pursuant to powers of attorney filed with Post-Effective Amendment No. 7 to the Registrant's registration statement on Form N-2 filed February 27, 2026.

#### Exhibit Index

---

| | |
|:---|:---|
|  (k)(5) | [Credit Agreement between the Registrant, each of the guarantors party thereto, each of the lenders party thereto, and CIBC Bank USA, dated March 30, 2026](ea0283012-01_ex99k5.htm) |
|  (l)(2) | [Consent of Morrison & Foerster LLP](ea0283012-01_ex99l2.htm) |
|  (n) | [Consent of Registrant's independent registered public accounting firm](ea0283012-01_ex99n.htm) |

---

## Ex-99.(K)(5)

**Exhibit (k)(5)**

---

| | |
|:---|:---|
| ![](ex99-k5_001.jpg) | **Execution Version** |

---

**CREDIT AGREEMENT**

**dated as of March 30, 2026**

**among**

**FORUM REAL ESTATE INCOME FUND, as Borrower, THE GUARANTORS FROM TIME TO TIME PARTY HERETO, THE VARIOUS FINANCIAL INSTITUTIONS PARTY HERETO, as Lenders, and**

**CIBC BANK USA, as Agent and Sole Lead Arranger**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| |  | **Page** |
| SECTION 1. | DEFINITIONS; PRINCIPLES OF CONSTRUCTION | 1 |
| 1.1 | Definitions | 1 |
| 1.2 | Other Interpretive Provisions | 17 |
| 1.3 | Accounting Terms; Changes in GAAP | 17 |
| 1.4 | Divisions | 18 |
| 1.5 | Rates | 18 |
| SECTION 2. | COMMITMENTS OF THE LENDERS; BORROWING AND CONVERSION PROCEDURES. | 18 |
| 2.1 | Commitments | 18 |
| 2.2 | Loan Procedures | 18 |
| 2.3 | [Reserved] | 22 |
| 2.4 | Commitments Several | 22 |
| 2.5 | Certain Conditions | 22 |
| 2.6 | Defaulting Lenders | 22 |
| 2.7 | [Reserved] | 24 |
| 2.8 | Extensions of Maturity Date | 24 |
| SECTION 3. | EVIDENCING OF LOANS | 25 |
| 3.1 | Notes | 25 |
| 3.2 | Recordkeeping | 25 |
| SECTION 4. | INTEREST | 25 |
| 4.1 | Interest Rates | 25 |
| 4.2 | Interest Payment Dates | 25 |
| 4.3 | Setting and Notice of Interest Rates | 25 |
| 4.4 | Computation of Interest | 26 |
| SECTION 5. | FEES | 26 |
| 5.1 | Non-Use Fee | 26 |
| 5.2 | Closing Fee | 26 |
| SECTION 6. | REDUCTION OR TERMINATION OF THE REVOLVING COMMITMENT; PREPAYMENTS | 26 |
| 6.1 | Voluntary Reduction or Termination of the Revolving Commitment | 26 |
| 6.2 | Prepayments | 26 |
| 6.3 | Manner of Prepayments | 27 |
| 6.4 | Repayments | 27 |
| SECTION 7. | MAKING AND PRORATION OF PAYMENTS; SETOFF; TAXES | 27 |
| 7.1 | Making of Payments | 27 |
| 7.2 | Application of Certain Payments | 27 |
| 7.3 | Due Date Extension | 28 |
| 7.4 | Setoff | 28 |
| 7.5 | Proration of Payments | 29 |
| 7.6 | Advances by Agent | 29 |
| 7.7 | Presumptions by Agent | 29 |
| 7.8 | Deductions by Agent | 29 |
| 7.9 | Taxes | 30 |

---

i

---

| | | |
|:---|:---|:---|
| SECTION 8. | FUNDING LOSSES; REPLACEMENT OF LENDERS | 32.0 |
| 8.1 | Increased Costs | 32.0 |
| 8.2 | Inability to Determine Rates | 33.0 |
| 8.3 | Illegality | 33.0 |
| 8.4 | Compensation for Losses | 33.0 |
| 8.5 | [Reserved] | 33.0 |
| 8.6 | [Reserved] | 33.0 |
| 8.7 | Mitigation of Circumstances; Replacement of Lenders | 34.0 |
| 8.8 | Conclusiveness of Statements; Survival of Provisions | 34.0 |
| SECTION 9. | REPRESENTATIONS AND WARRANTIES | 35.0 |
| 9.1 | Organization | 35.0 |
| 9.2 | Authorization; No Conflict | 35.0 |
| 9.3 | Validity and Binding Nature | 35.0 |
| 9.4 | Financial Condition | 35.0 |
| 9.5 | No Material Adverse Change | 35.0 |
| 9.6 | Litigation; Contingent Liabilities | 35.0 |
| 9.7 | Ownership of Properties; Liens | 35.0 |
| 9.8 | [Equity Ownership; Subsidiaries | 36.0 |
| 9.9 | Employee Benefit Plans | 36.0 |
| 9.10 | Investment Company Act | 36.0 |
| 9.11 | Investment Adviser | 36.0 |
| 9.12 | Compliance with Laws | 37.0 |
| 9.13 | Regulation U | 37.0 |
| 9.14 | Taxes | 37.0 |
| 9.15 | Solvency, etc. | 37.0 |
| 9.16 | Environmental Matters | 37.0 |
| 9.17 | Insurance | 38.0 |
| 9.18 | Information | 38.0 |
| 9.21 | [Reserved] | 38.0 |
| 9.22 | Patriot Act; Sanctions; Anti-Corruption; Beneficial Ownership | 38.0 |
| 9.23 | Eligible Investments and Eligible Cash | 39.0 |
| 9.24 | Permitted Manager Change of Control | 39.0 |
| SECTION 10. | AFFIRMATIVE COVENANTS | 39.0 |
| 10.1 | Reports, Certificates and Other Information | 39.0 |
| 10.2 | Books, Records and Inspections | 41.0 |
| 10.3 | Maintenance of Property; Insurance | 41.0 |
| 10.4 | Compliance with Laws; Payment of Taxes and Liabilities | 41.0 |
| 10.5 | Maintenance of Existence, etc. | 42.0 |
| 10.6 | Use of Proceeds | 42.0 |
| 10.7 | Employee Benefit Plans | 42.0 |
| 10.8 | Environmental Matters | 42.0 |
| 10.9 | Further Assurances | 43.0 |
| 10.10 | Permitted Replacement Adviser | 43.0 |
| 10.11 | Independent Valuation | 43.0 |

---

ii

---

| | | |
|:---|:---|:---|
| SECTION 11. | NEGATIVE COVENANTS | 43.0 |
| 11.1 | Debt | 43.0 |
| 11.2 | Liens | 44.0 |
| 11.3 | Access to Collateral Account | 45.0 |
| 11.4 | Restricted Payments | 45.0 |
| 11.5 | Mergers, Consolidations, Sales | 45.0 |
| 11.6 | Modification of Organizational Documents | 45.0 |
| 11.7 | Transactions with Affiliates | 46.0 |
| 11.8 | [Reserved] | 46.0 |
| 11.9 | Inconsistent Agreements | 46.0 |
| 11.10 | Business Activities | 46.0 |
| 11.11 | Investments | 46.0 |
| 11.12 | [Reserved] | 46.0 |
| 11.13 | Fiscal Year | 46.0 |
| 11.14 | Financial Covenants | 46.0 |
| 11.15 | Negative Pledge | 46.0 |
| SECTION 12. | EFFECTIVENESS; CONDITIONS OF LENDING, ETC. | 47.0 |
| 12.1 | Initial Credit Extension | 47.0 |
| 12.2 | Conditions | 48.0 |
| SECTION 13. | EVENTS OF DEFAULT AND THEIR EFFECT | 48.0 |
| 13.1 | Events of Default | 48.0 |
| 13.2 | Effect of Event of Default | 50.0 |
| SECTION 14. | THE AGENT | 51.0 |
| 14.1 | Appointment and Authorization | 51.0 |
| 14.2 | [Reserved] | 51.0 |
| 14.3 | Delegation of Duties | 51.0 |
| 14.4 | Exculpation of Agent | 51.0 |
| 14.5 | Reliance by Agent | 52.0 |
| 14.6 | Notice of Default | 52.0 |
| 14.7 | Credit Decision | 52.0 |
| 14.8 | Indemnification | 53.0 |
| 14.9 | Agent in Individual Capacity | 53.0 |
| 14.10 | Successor Agent | 53.0 |
| 14.11 | Other Matters | 54.0 |
| 14.12 | Restriction on Actions by Lenders | 54.0 |
| 14.13 | Agent May File Proofs of Claim | 54.0 |
| 14.14 | Other Agents; Arrangers and Managers | 55.0 |
| 14.15 | Payments Sent in Error | 55.0 |
| 14.16 | Certain ERISA Matters | 56.0 |
| SECTION 15. | GENERAL | 57.0 |
| 15.1 | Waiver; Amendments | 57.0 |
| 15.2 | Confirmations | 58.0 |

---

iii

---

| | | |
|:---|:---|:---|
| 15.3 | Notices | 58.0 |
| 15.4 | [Reserved] | 60.0 |
| 15.5 | Costs and Expenses | 60.0 |
| 15.6 | Assignments; Participations | 60.0 |
| 15.7 | Register | 62.0 |
| 15.8 | GOVERNING LAW | 62.0 |
| 15.9 | Confidentiality | 62.0 |
| 15.10 | Severability | 62.0 |
| 15.11 | Nature of Remedies | 63.0 |
| 15.12 | Entire Agreement | 63.0 |
| 15.13 | Counterparts | 63.0 |
| 15.14 | Successors and Assigns | 63.0 |
| 15.15 | Captions | 63.0 |
| 15.16 | Customer Identification - USA Patriot Act Notice | 63.0 |
| 15.17 | INDEMNIFICATION BY LOAN PARTIES | 64.0 |
| 15.18 | Nonliability of Lenders | 64.0 |
| 15.19 | Cashless Settlements | 65.0 |
| 15.20 | FORUM SELECTION AND CONSENT TO JURISDICTION | 65.0 |
| 15.21 | WAIVER OF JURY TRIAL | 65.0 |
| 15.22 | Acknowledgment and Consent to Bail-In of Affected Financial Institutions | 65.0 |
| 15.23 | Acknowledgment Regarding any Supported QFCs | 67.0 |
| 15.24 | Benchmark Replacement Setting; Benchmark Conforming Changes | 68.0 |
| 15.25 | Joint and Several Liability of Borrower | 71.0 |
| SECTION 16. | LOAN GUARANTY | 73.0 |
| 16.1 | Guaranty | 73.0 |
| 16.2 | Right of Contribution | 73.0 |
| 16.3 | No Subrogation | 73.0 |
| 16.4 | Amendments, etc. with respect to the Obligations | 74.0 |
| 16.5 | Waivers | 74.0 |
| 16.6 | Payments | 74.0 |

---

iv

**ANNEXES**

ANNEX A Lenders and Pro Rata Shares <br> ANNEX B Addresses for Notices

**SCHEDULES**

SCHEDULE 9.8 Subsidiaries

**EXHIBITS**

---

| | |
|:---|:---|
| EXHIBIT A | Form of Note (Section 3.1) |
| EXHIBIT B | Form of Compliance Certificate (Section 10.1(c)) |
| EXHIBIT C | Form of Borrowing Base Certificate (Section 1.1) |
| EXHIBIT D | Form of Assignment Agreement (Section 15.6(a)) |
| EXHIBIT E | Form of Notice of Borrowing (Section 2.2(b)) |
| EXHIBIT F | Form of Notice of Conversion/Continuation (Section 2.2(c)) |

---

v

**<u>CREDIT AGREEMENT</u>**

THIS CREDIT AGREEMENT dated as of March 30, 2026 (this "**<u>Agreement</u>**") is entered into among FORUM REAL ESTATE INCOME FUND, a Delaware statutory trust ("**<u>FREIF</u>**"; FRIEF, together with any direct wholly-owned Subsidiary of FREIF that may from time to time become party hereto as a borrower, individually and collectively (jointly and severally), as the context may require, "**<u>Borrower</u>**"), the parties that may from time to time become parties hereto as guarantors under <u>Section 16</u> (individually and collectively as the context may require, "**<u>Guarantor</u>**"), the financial institutions that are or may from time to time become parties hereto (together with their respective successors and assigns, the "**<u>Lenders</u>**") and CIBC BANK USA (in its individual capacity, "**<u>CIBC US</u>**"), as administrative agent for the Lenders and as sole lead arranger.

The Lenders have agreed to make available to Borrower a revolving credit facility upon the terms and conditions set forth herein.

In consideration of the mutual agreements herein contained, the parties hereto agree as follows:

**SECTION 1.**

**<u>DEFINITIONS; PRINCIPLES OF CONSTRUCTION.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.1</u> **<u>Definitions</u>**. When used herein the following terms shall have the following meanings:

"**<u>1940 Act</u>**" means the Investment Company Act of 1940, as amended.

"**<u>Acceleration Event</u>**" means the occurrence of an Event of Default **<u>(a)</u>** in respect of which all or any portion of the Obligations have become or been declared due and payable pursuant to <u>Section 13.2</u>, **<u>(b)</u>** in respect of which all or a portion of the Revolving Commitment has been suspended or terminated pursuant to <u>Section 13.2</u>, or **<u>(c)</u>** arising under <u>Section 13.1(a)</u> as a result of a failure to pay the Revolving Outstandings in full on the Termination Date.

"**<u>Adviser Guarantee</u>**" means a definitive guarantee agreement made by any Permitted Replacement Adviser in favor of the Lenders and Agent, on substantially the same terms and conditions as those in the FCA Guarantee and in form and substance satisfactory to Agent.

"**<u>Agent</u>**" means CIBC US in its capacity as administrative agent for the Lenders hereunder and any successor thereto in such capacity.

"**<u>Affiliate</u>**" of any Person means **<u>(a)</u>** any other Person which, directly or indirectly, controls or is controlled by or is under common control with such Person, **<u>(b)</u>** any officer or director of such Person and **<u>(c)</u>** with respect to any Lender, any entity administered or managed by such Lender or an Affiliate or investment advisor thereof and which is engaged in making, purchasing, holding or otherwise investing in commercial loans. A Person shall be deemed to be "controlled by" any other Person if such Person possesses, directly or indirectly, power to vote 5% or more of the securities (on a fully diluted basis) having ordinary voting power for the election of directors or managers or power to direct or cause the direction of the management and policies of such Person whether by contract or otherwise. Unless expressly stated otherwise herein, neither Agent nor any Lender shall be deemed an Affiliate of any Loan Party. For purposes of clarity, Canadian Imperial Bank of Commerce and each of its direct and indirect subsidiaries are "Affiliates" of CIBC US.

"**<u>Agent Parties</u>**" is defined in <u>Section 15.3(c)</u>.

"**<u>Agreement</u>**" is defined in the preamble of this Agreement.

"**<u>Applicable Advance Rate</u>**" means a rate equal to (a) in the case of Eligible Cash, seventy five percent (75%) and (b) in the case of Eligible Investments, ten percent (10%).

"**<u>Applicable Law</u>**" means any Law which is applicable to the Loan Parties, their businesses or properties, the Loan Documents or the Loans hereunder.

"**<u>Applicable Margin</u>**" means, for any day, the rate per annum set forth below, it being understood that the Applicable Margin for **<u>(a)</u>** SOFR Loans shall be the percentage set forth under the column "SOFR Margin" for the Term SOFR Interest Period and **<u>(b)</u>** Base Rate Loans shall be the percentage set forth under the column "Base Rate Margin":

---

| | |
|:---|:---|
| **1 Month <br> SOFR**<br> **<u>Margin</u>** | **Base <br> Rate<br> <u>Margin</u>** |
| 2.85% | 1.85% |

---

"**<u>Approved Fund</u>**" means any Fund that is administered, managed, advised or underwritten by **<u>(a)</u>** a Lender, **<u>(b)</u>** an Affiliate of a Lender or **<u>(c)</u>** an entity or an Affiliate of an entity that administers or manages a Lender.

"**<u>Asset Coverage Ratio</u>**" means, as of any date of determination, the result of Total Assets divided by Total Debt. As used herein, "Total Assets" means the total assets of FREIF as of such date of determination within the meaning of the 1940 Act and "Total Debt" means outstanding indebtedness of FREIF constituting a senior security within the meaning of the 1940 Act.

"**<u>Assignee</u>**" is defined in <u>Section 15.6(a)</u>.

"**<u>Assignment Agreement</u>**" is defined in <u>Section 15.6(a)</u>.

"**<u>Attorney Costs</u>**" means, with respect to any Person, all reasonable and documented fees and charges of any external legal counsel to such Person and all court costs and similar legal expenses.

"**<u>Bail-In Action</u>**" is defined in <u>Section 15.22</u>.

"**<u>Base Rate</u>**" means for any day, the greater of **<u>(a)</u>** the Federal Funds Rate for such day plus 0.5%, and **<u>(b)</u>** the Prime Rate for such day.

"**<u>Base Rate Loan</u>**" means any Loan which bears interest at or by reference to the Base Rate.

"**<u>Base Rate Margin</u>**" is defined in the definition of Applicable Margin.

"**<u>Benchmark</u>**" is defined in <u>Section 15.24.</u>

"**<u>Benchmark Conforming Changes</u>**" is defined in <u>Section 15.24.</u>

"**<u>Benchmark Replacement</u>**" is defined in <u>Section 15.24.</u>

"**<u>Beneficial Ownership Regulation</u>**" means 31 C.F.R. § 1010.230.

"**<u>Borrower</u>**" is defined in the preamble of this Agreement.

"**<u>Borrowing Base</u>**" means, as of any date of determination, an amount equal to the sum of (a) the Applicable Advance Rate multiplied by the aggregate amount of Eligible Cash <u>plus</u> (b) the Applicable Advance Rate multiplied by the Value of all Eligible Investments; provided that the Value of Eligible Investments attributable to any single Eligible Investment shall not exceed 5% of the total Value of all Eligible Investments at any time.

"**<u>Borrowing Base Certificate</u>**" means a certificate substantially in the form of <u>Exhibit C</u>.

"**<u>Borrowing Date</u>**" is defined in <u>Section 2.2(b)</u>.

"**<u>Business Day</u>**" means a day of the week (but not a Saturday, Sunday or holiday) on which the Chicago, Illinois offices of Agent are open to the public for carrying on substantially all of Agent's business functions, <u>provided</u>, <u>however</u>, that when used in the context of a SOFR Loan, the term "Business Day" shall also exclude any day that is not also a SOFR Business Day. Unless specifically referenced in this Agreement as a Business Day, all references to "days" shall be to calendar days.

"**<u>Capital Lease</u>**" means, with respect to any Person, any lease of (or other agreement conveying the right to use) any real or personal property by such Person that, in conformity with GAAP, is accounted for as a capital lease on the balance sheet of such Person.

"**<u>Capital Securities</u>**" means, with respect to any Person, all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of such Person's capital, whether now outstanding or issued or acquired after the Closing Date, including common shares, preferred shares, membership interests in a limited liability company, limited or general partnership interests in a partnership, interests in a Trust, interests in other unincorporated organizations or any other equivalent of such ownership interest.

"**<u>Cash Equivalent</u>**" means, at any time, **<u>(a)</u>** any evidence of Debt, maturing not more than one year from date of acquisition, issued or guaranteed by the United States Government or any agency thereof, **<u>(b)</u>** commercial paper, maturing not more than 270 days from the date of issue, or corporate demand notes, in each case (unless issued by a Lender or its holding company) rated at least A-1 by Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies, Inc. or P-1 by Moody's Investors Service, Inc., **<u>(c)</u>** any certificate of deposit, time deposit or banker's acceptance, maturing not more than 180 days after such time, or any overnight Federal Funds transaction that is issued or sold by any Lender or its holding company (or by a commercial banking institution organized under the laws of the United States of America or any State thereof and has a combined capital and surplus and undivided profits of not less than $500,000,000), **<u>(d)</u>** any repurchase agreement entered into with any Lender (or commercial banking institution of the nature referred to in <u>clause (c)</u>) which **<u>(i)</u>** is secured by a fully perfected security interest in any obligation of the type described in any of <u>clauses (a)</u> through <u>(c)</u> above and **<u>(ii)</u>** has a market value at the time such repurchase agreement is entered into of not less than 100% of the repurchase obligation of such Lender (or other commercial banking institution) thereunder and **<u>(e)</u>** money market accounts or mutual funds which invest exclusively in assets satisfying the foregoing requirements, and **<u>(f)</u>** other short term liquid investments approved in writing by Agent.

"**<u>Certificate of Beneficial Ownership</u>**" means a certificate regarding beneficial ownership delivered pursuant to <u>Section 12.1(a)</u>, as from time to time updated in accordance with the terms of this Agreement, as required by the Beneficial Ownership Regulation.

"**<u>CFC</u>**" means **<u>(a)</u>** a controlled foreign corporation within the meaning of Section 957 of the Code in which any Loan Party is a "United States shareholder" within the meaning of Section 951(b) of the Code; and **<u>(b)</u>** any Subsidiary whose sole assets (other than a *de minimis* amount) are equity of one or more entities described in <u>clause (a)</u> of this definition.

"**<u>Change</u>** <u>i**n Law**</u>" means the occurrence, after the date of this Agreement, of any of the following: **<u>(a)</u>** the adoption or taking effect of any law, rule, regulation or treaty, **<u>(b)</u>** any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or **<u>(c)</u>** the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Governmental Authority; <u>provided</u> that notwithstanding anything herein to the contrary, **<u>(x)</u>** the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and **<u>(y)</u>** all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "Change in Law", regardless of the date enacted, adopted or issued.

"**<u>Change of Control</u>**" means the occurrence of any of the following events: **<u>(a)</u>** FCA shall cease to act as the adviser to FREIF unless replaced within thirty (30) days thereof with **<u>(i)</u>** a third party reasonably acceptable to Agent or **<u>(ii)</u>** a Permitted Replacement Adviser, so long as such Permitted Replacement Adviser has executed and delivered to Agent an Adviser Guarantee and such Adviser Guarantee shall be in full force and effect as of the date that FCA is replaced with a Permitted Replacement Adviser (the foregoing in this clause (ii), a "**<u>Permitted Manager Change of Control</u>**") ; or **<u>(b)</u>** FREIF shall cease to own and control, directly or indirectly, 100% of the outstanding Capital Securities of any other Borrower.

"**<u>CIBC US</u>**" is defined in the preamble of this Agreement.

"**<u>Closing Date</u>**" is defined in <u>Section 12.1</u>.

"**<u>Code</u>**" means the Internal Revenue Code of 1986, as amended from time to time and any successor statute.

"**<u>Collateral</u>**" has the meaning assigned in the Pledge Agreement and any other collateral document executed in connection herewith.

"**<u>Collateral Account</u>**" means that certain securities account of FREIF maintained with UMB Bank, N.A. as account number 155522.4, which shall be subject to a Control Agreement.

"**<u>Commitment</u>**" means, as to any Lender, such Lender's commitment to make Loans under this Agreement. The initial amount of each Lender's Commitment is set forth on <u>Annex A</u>.

"**<u>Commodity Exchange Act</u>**" means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time and any successor statute.

"**<u>Compliance Certificate</u>**" means a Compliance Certificate in substantially the form of <u>Exhibit B</u>.

"**<u>Computation Period</u>**" means each period of four consecutive Fiscal Quarters ending on the last day of a Fiscal Quarter.

"**<u>Connection Income Taxes</u>**" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"**<u>Contingent Liability</u>**" means, with respect to any Person, each obligation and liability of such Person and all such obligations and liabilities of such Person incurred pursuant to any agreement, undertaking or arrangement by which such Person: **<u>(a)</u>** guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, dividend, obligation or other liability of any other Person in any manner, including any indebtedness, dividend or other obligation which may be issued or incurred at some future time; **<u>(b)</u>** guarantees the payment of dividends or other distributions upon the Capital Securities of any other Person; **<u>(c)</u>** undertakes or agrees (whether contingently or otherwise): **<u>(i)</u>** to purchase, repurchase, or otherwise acquire any indebtedness, obligation or liability of any other Person or any property or assets constituting security therefor, **<u>(ii)</u>** to advance or provide funds for the payment or discharge of any indebtedness, obligation or liability of any other Person (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain solvency, assets, level of income, working capital or other financial condition of any other Person, or **<u>(iii)</u>** to make payment to any other Person other than for value received; **<u>(d)</u>** agrees to lease property or to purchase securities, property or services from such other Person with the purpose or intent of assuring the owner of such indebtedness or obligation of the ability of such other Person to make payment of the indebtedness or obligation; **<u>(e)</u>** to induce the issuance of, or in connection with the issuance of, any letter of credit for the benefit of such other Person; or **<u>(f)</u>** undertakes or agrees otherwise to assure a creditor against loss; <u>provided</u> that the term "Contingent Liability" shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Contingent Liability shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Contingent Liability is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined in good faith by the Person incurring the Contingent Liability.

"**<u>Control Agreement</u>**" means any control agreement, in form and substance reasonably satisfactory to Agent, executed and delivered by Borrower or Guarantor, the Agent and the applicable bank or securities intermediary, as applicable, with respect to a deposit account or securities account.

"**<u>Controlled Group</u>**" means all members of a controlled group of corporations, all members of a controlled group of trades or businesses (whether or not incorporated) under common control and all members of an affiliated service group which, together with Borrower or any of its Subsidiaries, are treated as a single employer under Section 414 of the Code or Section 4001 of ERISA.

"**<u>Debt</u>**" of any Person means, without duplication, **<u>(a)</u>** all indebtedness of such Person for borrowed money, **<u>(b)</u>** all indebtedness evidenced by bonds, debentures, notes or similar instruments, **<u>(c)</u>** all obligations of such Person as lessee under Capital Leases which have been or should be recorded as liabilities on a balance sheet of such Person in accordance with GAAP, **<u>(d)</u>** all obligations of such Person to pay the deferred purchase price of property or services (excluding trade accounts payable in the ordinary course of business), **<u>(e)</u>** all indebtedness secured by a Lien on the property of such Person, whether or not such indebtedness shall have been assumed by such Person; <u>provided</u> that if such Person has not assumed or otherwise become liable for such indebtedness, such indebtedness shall be measured at the fair market value of such property securing such indebtedness at the time of determination, **<u>(f)</u>** all obligations, contingent or otherwise, with respect to the face amount of all letters of credit (whether or not drawn), bankers' acceptances and similar obligations issued for the account of such Person, **<u>(g)</u>** all Hedging Obligations of such Person,, **<u>(h)</u>** all Debt of any partnership of which such Person is a general partner unless such Debt is expressly made non-recourse to such Person, **<u>(i)</u>** any Capital Securities or other equity instrument, whether or not mandatorily redeemable, that under GAAP is characterized as debt, whether pursuant to financial accounting standards board issuance No. 150 or otherwise or **(j)** all Contingent Liabilities of such Person in respect of the foregoing.

"**<u>Debt Service</u>**" means, for any Computation Period, an amount equal to the payments of principal and interest that would have been payable under a hypothetical loan over the course of one (1) year, assuming (i) a loan balance equal to the Revolving Commitment as of the applicable date of determination and interest rate equal to the Notional Interest Rate, and (ii) amortization of such Loans over a thirty (30) year amortization period. As used herein, "**<u>Notional Interest Rate</u>**" means the interest rate that applies to the Loans outstanding hereunder as of the date of determination.

"**<u>Debt Service Coverage Ratio</u>**" means, for any Computation Period, the ratio of (a)(i) Net Investment Income <u>plus</u> (ii) consolidated interest expense of FREIF and its consolidated Subsidiaries for the applicable Computation Period reflected in the latest financial statements of FREIF delivered in accordance with the terms hereof ("**<u>Interest Expense</u>**") <u>divided by</u> (b)(i) Debt Service <u>plus</u> (ii) Interest Expense, but excluding, in each case, any interest expense attributable to the Facility for such Computation Period.

"**<u>Default</u>**" means any event or condition that, if it continues uncured, will, with lapse of time or notice or both, constitute an Event of Default.

"**<u>Defaulting Lender</u>**" means any Lender that **<u>(a)</u>** has failed to fund any portion of the Loans or participations in Swing Line Loans required to be funded by it hereunder within one Business Day of the date required to be funded by it hereunder unless such Lender notifies Agent and Borrower in writing that such failure is the result of such Lender's good faith determination that one or more conditions precedent to funding have not been satisfied (each of which failures shall be specifically identified in such notice), **<u>(b)</u>** has otherwise failed to pay over to Agent, Swing Line Lender or any other Lender any other amount required to be paid by it hereunder within one Business Day of the date when due, unless the subject of a good faith dispute, **<u>(c)</u>** has **<u>(i)</u>** been deemed or has a direct or indirect parent company that has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding, or had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such capacity or **<u>(ii)</u>** become the subject of a Bail-In Action; <u>provided</u> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts with the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender or such Governmental Authority to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender, **<u>(d)</u>** has notified Borrower, Agent, Swing Line Lender or any other Lender that it does not intend to comply with any of its funding obligations under this Agreement or has made a public statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements in which it commits to extend credit (unless such notice or public statement indicates that such intention is based on a good faith determination that one or more conditions precedent to funding have not been satisfied (which notice or public statement specifically identifies the conditions not satisfied and the basis therefor)) or **<u>(e)</u>** has failed to confirm within three Business Days of a request by Agent that it will comply with the terms of this Agreement relating to its obligations to fund prospective Revolving Loans and participations in then Swing Line Loans. Any determination by Agent that a Lender is a Defaulting Lender under any one or more of <u>clauses (a)</u> through <u>(e)</u> above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to <u>Section 2.6(d)</u>) upon delivery of written notice of such determination to Borrower, each Swing Line Lender, and each Lender.

"**<u>Dollar</u>**" and the sign "**<u>$</u>**" mean lawful money of the United States of America.

**"<u>Eligible Cash</u>"** means all unrestricted and unencumbered cash (other than under the Loan Documents), in each case, maintained in accounts in the name of Borrower.

"**<u>Eligible Investment</u>**" means any Permitted Investment that constitutes an unencumbered commercial real estate fixed income Investment made in accordance with the Fundamental Investment Policies as in effect on the date hereof or as amended pursuant to the terms of this Agreement with notice to Agent; provided that any Permitted Investment held by any Subsidiary of Borrower that is not a Borrower or Guarantor hereunder shall not be deemed an "Eligible Investment" for purposes hereof; provided further that any Eligible Investment shall cease to be an Eligible Investment at any time a Specified Obligor Event of Default has occurred with respect thereto.

"**<u>Environmental Claims</u>**" means all claims, contingent or otherwise, however asserted, by any Governmental Authority or other Person alleging potential liability or responsibility, directly or indirectly, for violation of any Environmental Law, or for release or injury to the environment.

"**<u>Environmental Laws</u>**" means all present or future federal, state local and foreign laws, statutes, common law duties, rules, regulations, ordinances and codes, together with all administrative or judicial orders, consent agreements, directed duties, requests, licenses, decrees, concessions, grants, franchises, authorizations and permits of, and agreements with, any Governmental Authority, in each case relating to any matter arising out of or relating to public health and safety, or pollution or protection of the environment or workplace, including those related to Hazardous Substances, air emissions, discharges to waste or public systems and health and safety matters.

"**<u>ERISA</u>**" means the Employee Retirement Income Security Act of 1974, as amended from time to time and any successor statute.

"**<u>EU Bail-In Legislation Schedule</u>**" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"**<u>Event of Default</u>**" means any of the events described in <u>Section 13.1</u>.

"**<u>Excluded Taxes</u>**" means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, **<u>(a)</u>** Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, **<u>(i)</u>** imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or **<u>(ii)</u>** that are Other Connection Taxes, **<u>(b)</u>** in the case of a Lender, U.S. federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to the Applicable Law in effect on the date on which **<u>(i)</u>** such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment made at the request of any Loan Party) or **<u>(ii)</u>** such Lender changes its lending office (other than change in lending office made at the request of any Loan Party), except in each case to the extent that, pursuant to <u>Section 7.9</u>, amounts with respect to such Taxes were payable either to such Lender's assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, **<u>(c)</u>** United States federal withholding Taxes that would not have been imposed but for such Recipient's failure to comply with <u>Section 7.9(d)</u> and **<u>(d)</u>** any U.S. federal withholding Taxes imposed under FATCA.

"**<u>FATCA</u>**" shall mean Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor or version that is substantially compatible and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into by the United States pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities entered into in connection with the implementation of the foregoing.

"**<u>FCA</u>**" means Forum Capital Advisors, LLC, a Delaware limited liability company.

"**<u>FCA Guarantee</u>**" means that certain Guarantee, dated as of the date hereof, made by FCA in favor of the Agent, as amended, restated supplemented and/or otherwise modified from time to time.

"**<u>FCPA</u>**" is defined in <u>Section 9.22(d)</u>.

"**<u>Federal Funds Rate</u>**" means, for any day, a fluctuating interest rate equal for each day during such period to the greater of **<u>(a)</u>** the rate calculated by the Federal Reserve Bank of New York based on such day's Federal funds transactions by depositary institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the Federal funds effective rate and **<u>(b)</u>** 0%, or, if such rate is not so published for any day which is a Business Day, the rate determined by Agent in its discretion. Agent's determination of such rate shall be binding and conclusive absent manifest error.

"**<u>First Extended Maturity Date</u>**" means March 30, 2028.

"**<u>Fiscal Quarter</u>**" means a fiscal quarter of a Fiscal Year.

"**<u>Fiscal Year</u>**" means the fiscal year of FREIF and its Subsidiaries, which period shall be the 12-month period ending on December 31 of each year.

"**<u>Floor</u>**" means a rate of interest equal to 3.00%.

"**<u>FRB</u>**" means the Board of Governors of the Federal Reserve System or any successor thereto.

"**<u>FREIF</u>**" is defined in the preamble of this Agreement.

"**<u>Fronting Exposure</u>**" means, at any time there is a Defaulting Lender, with respect to any Swing Line Lender, such Defaulting Lender's Pro Rata Share of outstanding Swing Line Loans made by such Swing Line Lender other than Swing Line Loans as to which such Defaulting Lender's participation obligation has been reallocated to other Lenders.

"**<u>Fund</u>**" means any Person (other than a natural Person) that is (or will be) primarily engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business.

"**<u>Fundamental Investment Policies</u>**" means, means, collectively, the policies and objectives for, and restrictions on, investing by the Borrower as set forth in the Registration Statement as in effect on the Closing Date and which may be changed only by a vote of majority of the Borrower's outstanding voting securities (as defined in Section 2(a)(42) of the 1940 Act).

"**<u>GAAP</u>**" means generally accepted accounting principles set forth from time to time in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within the U.S. accounting profession) , which are applicable to the circumstances as of the date of determination.

"**<u>Governmental Authority</u>**" means the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank).

"**<u>Group</u>**" is defined in <u>Section 2.2(a)</u>.

"**<u>Guarantor</u>**" is defined in the preamble of this Agreement. For the avoidance of doubt, FCA is not a Guarantor.

"**<u>Hazardous Substances</u>**" means hazardous waste, hazardous substance, pollutant, contaminant, toxic substance, oil, hazardous material, chemical or other substance regulated by or with respect to which liability or standards of conduct are imposed pursuant to any Environmental Law.

"**<u>Hedging Agreement</u>**" means any bank underwritten cash and/or derivative financial instrument including, but not limited to, any interest rate, currency or commodity swap agreement, cap agreement, collar agreement, spot foreign exchange, forward foreign exchange, foreign exchange option (or series of options) and any other agreement or arrangement designed to protect a Person against fluctuations in interest rates, currency exchange rates or commodity prices.

"**<u>Hedging Obligation</u>**" means, with respect to any Person, any liability of such Person under any Hedging Agreement.

"**<u>Indemnified Liabilities</u>**" is defined in <u>Section 15.17</u>.

"**<u>Indemnified Taxes</u>**" means **<u>(a)</u>** Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by, or on account of any obligation of, any Loan Party under any Loan Document and **<u>(b)</u>** to the extent not otherwise described in **<u>(a)</u>**, Other Taxes.

"**<u>Investment</u>**" means, with respect to any Person, any direct or indirect acquisition or investment in another Person, whether by acquisition of any debt or Capital Security, by making any loan or advance, by becoming obligated with respect to a Contingent Liability in respect of obligations of such other Person (other than travel and similar advances to employees in the ordinary course of business) or by making an acquisition.

"**<u>Investment Adviser</u>**" means FCA or any replacement thereof made in accordance with the definition of "Change of Control".

"**<u>Investment Advisory Agreement</u>**" means that certain Amended and Restated Investment Management Agreement, dated August 1, 2022, by and between the Borrower and FCA (or the Permitted Replacement Adviser, so long as the Investment Advisory Agreement was duly assigned in compliance with any requirements of the 1940 Act) and any equivalent agreement entered into by any other successor to FCA.

"**<u>Laws</u>**" means, collectively, all international, foreign, federal, state and local statutes, treaties, rules, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof, in each case whether or not having the force of law.

"**<u>Lender</u>**" is defined in the preamble of this Agreement.

"**<u>Lender Party</u>**" is defined in <u>Section 15.17</u>.

"**<u>Lien</u>**" means, with respect to any Person, any interest granted by such Person in any real or personal property, asset or other right owned or being purchased or acquired by such Person (including an interest in respect of a Capital Lease) which secures payment or performance of any obligation and shall include any mortgage, lien, encumbrance, title retention lien, charge or other security interest of any kind, whether arising by contract, as a matter of law, by judicial process or otherwise.

"**<u>Liquid Assets</u>**" means the aggregate amount of unrestricted and unencumbered cash and Cash Equivalents or other financial instruments that (i) are valued using Level 1 or Level 2 inputs within the meaning of ASC Topic 820 (Fair Value Measurement) under GAAP and (ii) are short-term, highly liquid investments that are readily marketable and capable of being converted to known amounts of cash within five (5) Business Days and that are subject to an insignificant risk of changes in value, and in each case of the foregoing, maintained in the Collateral Account.

"**<u>Loan Documents</u>**" means, collectively, this Agreement, the Pledge Agreement, the FCA Guarantee, the Notes, and all documents, instruments and agreements delivered in connection with the foregoing.

"**<u>Loan Party</u>**" means Borrower and any Guarantor; <u>provided however</u>, for the avoidance of doubt, no CFC shall be a guarantor of, or pledge any assets to support, an "obligation of a United States person" as defined for purposes of Section 956(c) of the Code.

"**<u>Loan or Loans</u>**" means, as the context may require, Revolving Loans or Swing Line Loans.

"**<u>Margin Stock</u>**" means any "margin stock" as defined in Regulation U.

"**<u>Material Adverse Effect</u>**" means **<u>(a)</u>** a material adverse change in, or a material adverse effect upon, the financial condition, operations, assets, business, or properties of FREIF, **<u>(b)</u>** a material impairment of the ability of any Loan Party to perform any of its Obligations under any Loan Document, **<u>(c)</u>** a material adverse effect upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan Document or **<u>(d)</u>** a material impairment of Agent's or any Lender's rights and remedies under this Agreement and the other Loan Documents.

"**<u>Maturity Date</u>**" means the following: (i) prior to the date on which the Original Maturity Date is extended to the First Extended Maturity Date pursuant to Section 2.8 of this Agreement, the Original Maturity Date, (ii) commencing on the date on which the Original Maturity Date is extended to the First Extended Maturity Date and prior to the date on which the First Extended Maturity Date is extended to the Second Extended Maturity Date, in each case, pursuant to Section 2.8 of this Agreement, the First Extended Maturity Date, and (iii) commencing on the date on which the First Extended Maturity Date is extended to the Second Extended Maturity Date pursuant to Section 2.8 of this Agreement, the Second Extended Maturity Date.

"**<u>Multiemployer Pension Plan</u>**" means a multiemployer plan, as defined in Section 4001(a)(3) of ERISA, to which Borrower or any other member of the Controlled Group **<u>(i)</u>** is or may be obligated to make contributions, **<u>(ii)</u>** during the preceding five plan years has made or been obligated to make contributions, or **<u>(iii)</u>** has any liability.

"**<u>Net Asset Value</u>**" means, with respect to any Person as of any date of determination, the total assets of such Person as of such date of determination, minus the total liabilities of such Person as of such date of determination, in each case determined in accordance with GAAP.

"**<u>Net Investment Income</u>**" means, for any Computation Period, the "Net Investment Income" reflected as a line item on the latest financial statements delivered by FREIF to Agent for such Computation Period.

"**<u>Non-Consenting Lender</u>**" is defined in <u>Section 15.1</u>.

"**<u>Non-Defaulting Lender</u>**" means, at any time, each Lender that is not a Defaulting Lender at such time.

"**<u>Non-U.S. Participant</u>**" is defined in <u>Section 7.9(d)</u>.

"**<u>Non-Use Fee Rate</u>**" means one quarter of one percent (0.25%) per annum.

"**<u>Note</u>**" means a promissory note substantially in the form of <u>Exhibit A</u>.

"**<u>Notice of Borrowing</u>**" is defined in <u>Section 2.2(b)</u>.

"**<u>Notice of Conversion/Continuation</u>**" is defined in <u>Section 2.2(c)</u>.

"**<u>Obligations</u>**" means all advances to, and debts, liabilities, obligations, covenants and duties

(monetary (including post-petition interest, allowed or not) or otherwise) of any Loan Party under this Agreement and any other Loan Document including Attorney Costs, all in each case howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due and including interest and fees that accrue after the commencement by or against Borrower or any Affiliate thereof of any proceeding under any debtor relief laws naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. Without limiting the foregoing, the Obligations include the obligation to pay principal, interest, charges, expenses, fees, indemnities and other amounts payable by Borrower under any Loan Document.

"**<u>Original Maturity Date</u>**" means March 30, 2027.

"**<u>OFAC</u>**" is defined in "Sanctions" below.

"**<u>Other Connection Taxes</u>**" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"**<u>Other Taxes</u>**" means all present or future stamp, court, transfer, value added, excise or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to <u>Section 8.7</u>).

"**<u>Participant</u>**" is defined in <u>Section 15.6(b)</u>.

"**<u>Participation Register</u>**" is defined in <u>Section 15.6(b)</u>.

"**<u>Patriot Act</u>**" is defined in <u>Section 15.16</u>.

"**<u>PBGC</u>**" means the Pension Benefit Guaranty Corporation and any entity succeeding to any or all of its functions under ERISA.

"**<u>Pension Plan</u>**" means a "pension plan", as such term is defined in Section 3(2) of ERISA, which is subject to Title IV of ERISA or the minimum funding standards of Section 302 of ERISA and Section 412 of the Code (other than a Multiemployer Pension Plan), and as to which Borrower or any member of the Controlled Group may have any liability, including any liability by reason of having been a substantial employer within the meaning of Section 4063 of ERISA at any time during the preceding five years, or by reason of being deemed to be a contributing sponsor under Section 4069 of ERISA.

"**<u>Permitted Investment</u>**" means Investments in securities that are consistent with, and not expressly prohibited by either the 1940 Act, or the investment strategy of Borrower as set forth in Borrower's then-current Registration Statement.

"**<u>Permitted Lien</u>**" means a Lien expressly permitted hereunder pursuant to <u>Section 11.2</u>.

"**<u>Permitted Replacement Adviser</u>**" means a wholly-owned Subsidiary of FCA that has complied with all applicable requirements of the 1940 Act.

"**<u>Person</u>**" means any natural person, corporation, partnership, trust, limited liability company, association, Governmental Authority, or any other entity, whether acting in an individual, fiduciary or other capacity.

"**<u>Plan</u>**" means an "employee benefit plan" within the meaning of Section 3(3) of ERISA, maintained for employees of Borrower or any Subsidiary, or any such plan to which any Loan Party has an obligation to make contributions on behalf of any of its employees or with respect to which Borrower or any Subsidiary has any liability.

"**<u>Platform</u>**" means Debt Domain, Intralinks, Syndtrack, DebtX or a substantially similar electronic transmission system.

"**<u>Pledge Agreement</u>**" means that certain Account Pledge Agreement, dated as of the date hereof, by and between FREIF and the Agent, as amended, restated, supplemented and/or otherwise modified from time to time.

"**<u>Prime Rate</u>**" means, for any day, the rate of interest in effect for such day as announced from time to time by Agent as its prime rate (whether or not such rate is actually charged by Agent), which is not intended to be Agent's lowest or most favorable rate of interest at any one time. Agent may make commercial loans or other loans at rates of interest at, above or below the Prime Rate. Any change in the Prime Rate announced by Agent shall take effect at the opening of business on the day specified in the public announcement of such change; <u>provided</u> that Agent shall not be obligated to give notice of any change in the Prime Rate.

"**<u>Pro Rata Share</u>**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** with respect to a Lender's obligation to make Revolving Loan, and receive payments of principal, interest, fees, costs, and expenses with respect thereto, **<u>(i)</u>** prior to the Revolving Commitment being terminated or reduced to zero, the percentage obtained by dividing **<u>(A)</u>** such Lender's Revolving Commitment, by **<u>(B)</u>** the aggregate Revolving Commitment of all Lenders and **<u>(ii)</u>** from and after the time the Revolving Commitment has been terminated or reduced to zero, the percentage obtained by dividing **<u>(A)</u>** the aggregate unpaid principal amount of such Lender's Revolving Outstandings (after settlement and repayment of all Swing Line Loans by the Lenders) by **<u>(B)</u>** the aggregate unpaid principal amount of all Revolving Outstandings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** with respect to all other matters as to a particular Lender, the percentage obtained by dividing **<u>(i)</u>** such Lender's Revolving Commitment by **<u>(ii)</u>** the aggregate amount of Revolving Commitment of all Lenders; <u>provided</u> that in the event the Commitments have been terminated or reduced to zero, Pro Rata Share shall be the percentage obtained by dividing **<u>(A)</u>** the principal amount of such Lender's Revolving Outstandings (after settlement and repayment of all Swing Line Loans by the Lenders) by **<u>(B)</u>** the principal amount of all outstanding Revolving Outstandings.

"**<u>Rebalancing Event</u>**" means the occurrence of any of the following: **<u>(a)</u>** the Revolving Outstandings plus the outstanding amount of the Swing Line Loan exceed the Borrowing Base or **<u>(b)</u>** the Borrower fails to be in compliance with any financial covenant set forth in <u>Section 11.14.</u>

"**<u>Recipient</u>**" means **<u>(a)</u>** Agent, **<u>(b)</u>** any Lender, and **<u>(c)</u>** any Swing Line Lender, as applicable.

"**<u>Refunded Swing Line Loan</u>**" is defined in <u>Section 2.2(d)(iii)</u>.

"**<u>Registration Statement</u>**" means the registration statement of the Borrower on Form N-2 as originally filed with the SEC and declared effective by the SEC on April 27, 2021, as amended from time to time, including without limitation, any such registration statement, and all supplements, amendments and modifications thereto as of the Closing Date, and as further supplemented, amended or modified in accordance with this Agreement and applicable law, including, without limitation, the Securities Act and the 1940 Act.

"**<u>Regulation D</u>**" means Regulation D of the FRB, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"**<u>Regulation U</u>**" means Regulation U of the FRB, as in effect from time to time and all official rulings and interpretations thereunder or thereof.

"**<u>Relevant Governmental Body</u>**" means the Federal Reserve Board, the Federal Reserve Bank of New York, a committee officially endorsed or convened by either thereof, or any successor thereto.

"**<u>Replacement Lender</u>**" is defined in <u>Section 8.7(b)</u>.

"**<u>Reportable Event</u>**" means a reportable event as defined in Section 4043 of ERISA and the regulations issued thereunder as to which the PBGC has not waived the notification requirement of Section 4043(a), or the failure of a Pension Plan to meet the minimum funding standards of Section 412 of the Code (without regard to whether the Pension Plan is a plan described in Section 4021(a)(2) of ERISA) or under Section 302 of ERISA.

"**<u>Required Lenders</u>**" means, at any time, Lenders whose Pro Rata Shares exceed 50% as determined pursuant to <u>clause (d)</u> of the definition of "Pro Rata Share"; <u>provided</u> that the Pro Rata Shares held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders; <u>provided</u>, that at any time that there are two (2) or more Lenders, "Required Lenders" must include at least two (2) Lenders (that are not Affiliates of one another).

"**<u>Responsible Officer</u>**" means, with respect to any Loan Party, (a) any of the chief executive officer, the chief financial officer, the controller, the chief operating officer, the chief compliance officer, the treasurer, the assistant treasurer, vice president, assistant vice president, secretary or assistant secretary of such Loan Party or (b) any other officer or employee of such Person designated in writing from time to time by one of the officers described in clause (a) by any of the foregoing.

"**<u>Revolving Commitment</u>**" means $20,000,000, as such amount may be adjusted from time to time in accordance with the terms hereof.

"**<u>Revolving Loan</u>**" is defined in <u>Section 2.1(a)</u>.

"**<u>Revolving Loan Availability</u>**" means the lesser of **<u>(a)</u>** the Revolving Commitment and **<u>(b)</u>** the Borrowing Base.

"**<u>Revolving Outstandings</u>**" means, at any time, the sum of **<u>(a)</u>** the aggregate principal amount of all outstanding Revolving Loans, plus **<u>(b)</u>** the aggregate principal amount of all outstanding Swing Line Loans.

"**<u>Sanctions</u>**" means individually and collectively, respectively, any and all economic sanctions, trade sanctions, financial sanctions, sectoral sanctions, secondary sanctions, trade embargoes anti-terrorism laws and other sanctions laws, regulations or embargoes, including those imposed by: (a) the United States of America, including those administered by the Office of Foreign Assets Control (OFAC) at the U.S. Department of Treasury, the U.S. Department of State, the U.S. Department of Commerce, or through any existing or future executive order, (b) the United Nations Security Council, (c) the European Union or any European Union member state, (d) His Majesty's Treasury of the United Kingdom, or (e) any other Governmental Authority with jurisdiction over any member of the Lender Group, any Loan Party, or any of their respective Subsidiaries or Affiliates.

"**<u>SEC</u>**" means the Securities and Exchange Commission or any other Governmental Authority succeeding to any of the principal functions thereof.

"**<u>Second Extended Maturity Date</u>**" means March 30, 2029.

"**<u>Securities Act</u>**" means the Securities Act of 1933, as amended.

"**<u>SOFR</u>**" means, with respect to any SOFR Business Day, a rate per annum equal to the secured overnight financing rate for such SOFR Business Day.

"**<u>SOFR Borrowing</u>**" means the SOFR Loans comprising a borrowing of Loans.

"**<u>SOFR Business Day</u>**" means any day other than a Saturday or Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**<u>SOFR Interest Rate</u>**" means, with respect to each day during which interest accrues on a Loan, the rate per annum (expressed as a percentage) equal to **<u>(a)</u>** Term SOFR for the applicable Term SOFR Interest Period for such day; or **<u>(b)</u>** if the then-current Benchmark has been replaced with a Benchmark Replacement pursuant to <u>Section 15.24</u>, such Benchmark Replacement for such day.

"**<u>SOFR Loan</u>**" means a Loan that bears interest at a rate based on Term SOFR.

"**<u>SOFR Margin</u>**" is defined in the definition of Applicable Margin.

"**<u>Specified Obligor Event of Default</u>**" means, with respect to any Eligible Investment, (a) the applicable obligor fails to make any principal payment required under any documentation governing such Permitted Investment when due or any other event of default has occurred under such documentation or (b) the applicable obligor shall apply for or become subject to an action or proceeding as a debtor under any bankruptcy, insolvency, reorganization, moratorium, creditor composition law, or any other law for the relief of or relating to debtors under any jurisdiction.

"**<u>Subsidiary</u>**" means, with respect to any Person, a corporation, partnership, limited liability company, association, joint venture or other business entity of which such Person owns, directly or indirectly through one or more intermediaries, such number of outstanding Capital Securities as have more than 50% of the ordinary voting power for the election of directors or other managers of such corporation, partnership, limited liability company or other entity (other than securities or interest having such power only by reason of the happening of a contingency). Unless the context otherwise requires, each reference to Subsidiaries herein shall be a reference to Subsidiaries of Borrower.

"**<u>Swap Obligation</u>**" means any obligation to pay or perform under any agreement, contract or transaction that constitutes a "swap" within the meaning of Section 1a(47) of the Commodity Exchange Act.

"**<u>Swing Line Availability</u>**" means the lesser of **<u>(a)</u>** the Swing Line Commitment Amount and **<u>(b)</u>** the amount by which the Revolving Loan Availability exceeds Revolving Outstandings at such time.

"**<u>Swing Line Commitment Amoun</u>**<u>t</u>" means $0, as adjusted from time to time pursuant to <u>Section 6.1</u>, which commitment constitutes a subfacility of the Revolving Commitment of the Swing Line Lender.

"**<u>Swing Line Lender</u>**" means CIBC US, in its capacity as lender of Swing Line Loans hereunder, or such other Lender as Borrower may from time to time select as the Swing Line Lender hereunder pursuant to <u>Section 2.2(d)</u>, <u>provided</u> that such Lender has agreed to be a Swing Line Lender.

"**<u>Swing Line Loan</u>**" is defined in <u>Section 2.2(d)</u>.

"**<u>Taxes</u>**" means any and all present and future taxes, duties, levies, imposts, deductions, assessments, charges or withholdings (including backup withholding), and any and all liabilities (including interest and penalties and other additions to taxes) with respect to the foregoing.

"**<u>Term SOFR</u>**" means, for any calculation with respect to any applicable SOFR Loan for any Term SOFR Interest Period, the greater of **<u>(a)</u>** the forward-looking term rate based on SOFR for a tenor comparable to such Term SOFR Interest Period that is published by the Term SOFR Administrator two (2) SOFR Business Days prior to the first day of such Term SOFR Interest Period; <u>provided</u>, <u>however</u>, that if as of 5:00 pm (New York City time) on any interest lookback day, Term SOFR for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respct to Term SOFR has not occurred, then Term SOFR will be Term SOFR as published by the Term SOFR Adminstrator on the first preceding SOFR Business Day for which Term SOFR for such tenor was published by the Term SOFR Administrator so long as such first preceding SOFR Business Day is not more than three (3) SOFR Business Days prior to such interest lookback day; and **<u>(b)</u>** the Floor. Unless otherwise specified in any amendment to this Agreement entered into in accordance with <u>Section 15.24</u>, in the event that a Benchmark Replacement with respect to Term SOFR is implemented, then all references herein to Term SOFR shall be deemed references to such Benchmark Replacement.

"**<u>Term SOFR Administrator</u>**" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of Term SOFR selected by Agent in its reasonable discretion).

"**<u>Term SOFR Interest Period</u>**" means with respect to that portion of the Loan bearing interest based on Term SOFR, a period of 1 month to the extent such tenor is an Available Tenor, commencing on a SOFR Business Day as selected by Borrower in accordance with this Agreement, or on such other SOFR Business Day as is acceptable to Agent and Borrower; <u>provided</u>, <u>however</u>, that **<u>(a)</u>** if any Term SOFR Interest Period would end on a day other than a Business Day, such Term SOFR Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Term SOFR Interest Period shall end on the next preceding Business Day, **<u>(b)</u>** any Term SOFR Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Term SOFR Interest Period) shall end on the last Business Day of the last calendar month of such Term SOFR Interest Period, **<u>(c)</u>** no Term SOFR Interest Period shall extend beyond the Maturity Date and **<u>(d)</u>** no tenor that has been removed from this definition pursuant to <u>Section 15.24</u> shall be available for specification in any borrowing request. For purposes hereof, the date of a Loan or SOFR Borrowing initially shall be the date on which such Loan or SOFR Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan or SOFR Borrowing.

"**<u>Termination Date</u>**" means the following: **<u>(a)</u>** prior to the date on which the Original Maturity Date is extended to the First Extended Maturity Date pursuant to <u>Section 2.8</u> of this Agreement, the Original Maturity Date; (ii) commencing on the date on which the Original Maturity Date is extended to the First Extended Maturity Date pursuant to <u>Section 2.8</u> of this Agreement, the First Extended Maturity Date; commencing on the date on which the First Extended Maturity Date is extended to the Second Extended Maturity Date pursuant to <u>Section 2.8</u> of this Agreement, the Second Extended Maturity Date; or **<u>(b)</u>** such other date on which the Commitments terminate pursuant to <u>SECTION 6</u>, <u>Section 11.6</u> or <u>SECTION 13</u>.

"**<u>Termination Event</u>**" means, with respect to a Pension Plan that is subject to Title IV of ERISA, **<u>(a)</u>** a Reportable Event, **<u>(b)</u>** the withdrawal of Borrower or any other member of the Controlled Group from such Pension Plan during a plan year in which Borrower or any other member of the Controlled Group was a "substantial employer" as defined in Section 4001(a)(2) of ERISA or was deemed such under Section 4068(f) of ERISA, **<u>(c)</u>** the termination of such Pension Plan, the filing of a notice of intent to terminate the Pension Plan or the treatment of an amendment of such Pension Plan as a termination under Section 4041 of ERISA, **<u>(d)</u>** the institution by the PBGC of proceedings to terminate such Pension Plan or **<u>(e)</u>** any event or condition that might constitute grounds under Section 4042 of ERISA for the termination of, or appointment of a trustee to administer, such Pension Plan.

"**<u>Total Plan Liability</u>**" means, at any time, the present value of all vested and unvested accrued benefits under all Pension Plans, determined as of the then most recent valuation date for each Pension Plan, using PBGC actuarial assumptions for single employer plan terminations.

"**<u>Type</u>**" is defined in <u>Section 2.2(a)</u>.

"**<u>Unfunded Liability</u>**" means the amount (if any) by which the present value of all vested and unvested accrued benefits under all Pension Plans exceeds the fair market value of all assets allocable to those benefits, all determined as of the then most recent valuation date for each Pension Plan, using PBGC actuarial assumptions for single employer plan terminations.

"**<u>U.S. Tax Compliance Certificate</u>**" is defined in <u>Section 7.9(d)</u>.

"**<u>Utilization Amount</u>**" is defined in <u>Section 5.1</u>.

"**<u>Value</u>**" means, with respect to any Permitted Investment, the lower of the cost or book value of the applicable Permitted Investment as reflected in the books and records of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.2</u> **<u>Other Interpretive Provisions</u>**. The following provisions shall apply to this Agreement and each other Loan Document, unless otherwise specified or the context otherwise requires: **<u>(a)</u>** Definitions of terms shall apply equally to the singular and plural forms of such terms; **<u>(b)</u>** Any pronoun shall include the corresponding masculine, feminine and neuter forms; **<u>(c)</u>** The words "<u>include</u>," "<u>includes</u>" and "<u>including</u>" shall be deemed followed by the phrase "<u>without limitation</u>"; **<u>(d)</u>** The word "<u>will</u>" shall have the same meaning and effect as the word "<u>shall</u>"; **<u>(e)</u>** Any definition of or reference to any agreement, instrument or other document (including any organization document) shall include all amendments, supplements, modifications, exhibits, schedules and attachments thereto in effect (subject to any restrictions set forth in any Loan Document); **<u>(f)</u>** Any reference to any Person shall include its successors and assigns; **<u>(g)</u>** The words "<u>herein</u>," "<u>hereof</u>" and "<u>hereunder</u>," and words of similar import shall refer to such Loan Document in its entirety and not to any particular provision thereof; **<u>(h)</u>** All references to Sections, Exhibits and Schedules shall refer to such Loan Document; **<u>(i)</u>** Any reference to any law or regulation shall include all statutory, regulatory and self-regulatory rules, regulations, requirements, or provisions, including those consolidating, amending, modifying, supplementing, implementing, replacing or interpreting such law or regulation from time to time; **<u>(j)</u>** The words "<u>asset</u>" and "<u>property</u>" shall have the same meaning and effect and refer to any and all real and personal property, tangible and intangible assets, cash, securities, accounts and contract rights; **<u>(k)</u>** Section headings are included for convenience of reference only and shall not affect the interpretation thereof; **<u>(l)</u>** In calculating periods of time, the word "<u>from</u>" means "<u>from and including</u>", the words "<u>to</u>" and "<u>until</u>" each mean "<u>to but excluding</u>", and the word "<u>through</u>" means "<u>to and including</u>"; **<u>(m)</u>** all references to times of day shall be references to Central time (daylight or standard, as applicable); **<u>(n)</u>** all limitations, tests or measurements in the Loan Documents shall be cumulative notwithstanding that they measure or regulate the same or similar matters; and **<u>(o)</u>** the Loan Documents have been reviewed, negotiated and produced by all parties hereto and their counsel and shall not be construed against Lender merely because of Lender's involvement in their drafting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.3</u> **<u>Accounting Terms; Changes in GAAP</u>**. Unless otherwise set forth herein, (a) all accounting terms not specifically or completely defined herein shall be construed in conformity with, and all financial data (including financial ratios and other financial calculations) required to be submitted hereunder shall be prepared in conformity with, GAAP, as in effect from time to time, applied on a consistent basis and in a manner consistent with that used in preparing the pre-Closing financial statements. Together with each compliance certificate, Borrower will provide a written summary of any changes in GAAP that materially impact the calculation of the financial covenants in this Agreement; (b) all financial statements delivered hereunder shall be prepared without giving effect to FASB ASC 825 and FASB ASC 470-20 (or any similar accounting principle) permitting a Person to value its financial liabilities at the fair value thereof; (c) if any change in GAAP would affect the calculation of any financial ratio or requirement set forth in any Loan Document, and Borrower, Agent or the Required Lenders request, Agent, Lenders and Borrower shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change (subject to the approval of the Required Lenders), provided that, until so amended, (i) such ratio or requirement shall continue to be calculated under GAAP prior to such change therein and (ii) Borrower shall provide to Agent and Lenders financial statements and other documents required hereunder or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP; (d) Any financial ratios required to be maintained by Borrower hereunder shall be calculated by dividing the appropriate component by the other component, carrying the result to one place more than the number of places by which such ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no nearest number); and (e) for the purposes of <u>Section 13</u>, a breach of a financial covenant in this Agreement shall be deemed to have occurred as of any date of determination by Agent and as of the last day of any specified measurement period regardless of whether or when the financial statements reflecting such breach are delivered to Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.4</u> **<u>Divisions</u>**. For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1.5</u> **<u>Rates</u>**. Agent does not warrant or accept responsibility for, and shall not have any liability with respect to, (a) the continuation, administration, submission or calculation of or any other matter related to the Benchmark, any component definition thereof or rates referenced in the definition thereof or any alternative, successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any such alternative, successor or replacement rate (including any Benchmark Replacement) will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Benchmark Conforming Changes. Agent and its affiliates or other related entities may engage in transactions that affect the calculation of the Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to Borrower. Agent may select information sources or services in its reasonable discretion to ascertain the Benchmark pursuant to the terms of this Agreement and shall have no liability to Borrower, any Lender or any other Person for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

**SECTION 2.**

**<u>COMMITMENTS OF THE LENDERS; BORROWING AND CONVERSION PROCEDURES.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.1</u> **<u>Commitments</u>**. On and subject to the terms and conditions of this Agreement, each of the Lenders, severally and for itself alone, agrees to make loans to for the account of, Borrower as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Revolving Loan Commitment. Each Lender with a Revolving Loan Commitment agrees to make loans on a revolving basis ("**<u>Revolving Loans</u>**") from time to time until the Termination Date in such Lender's Pro Rata Share of such aggregate amounts as Borrower may request from all Lenders; <u>provided</u> that the Revolving Outstandings will not at any time exceed Revolving Loan Availability (less the amount of any Swing Line Loans outstanding at such time). Within the foregoing limits and subject to the terms and conditions set forth herein, Borrower may borrow, prepay and reborrow Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** [Reserved**]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.2</u> <u>**Loan Procedures**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Various Types of Loans. Each Revolving Loan shall be, and each Term Loan may be, divided into tranches which are, either a Base Rate Loan or a SOFR Loan (each a "**<u>type</u>**" of Loan), as Borrower shall specify in the related Notice of Borrowing or Notice of Conversion/Continuation pursuant to <u>Section</u> 2.2(b) or <u>Section</u> 2.2(c). SOFR Loans having the same Term SOFR Interest Period which expire on the same day are sometimes called a "**<u>Group</u>**" or collectively "**<u>Groups</u>**". Base Rate Loans and SOFR Loans may be outstanding at the same time, <u>provided</u> that not more than three (3) different Groups of SOFR Loans shall be outstanding at any one time. All borrowings, conversions and repayments of Loans shall be effected so that each Lender will have a ratable share (according to its Pro Rata Share) of all types and Groups of Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>(b)</u>** Borrowing Procedures.

Borrower shall give written notice (each such written notice, a "**<u>Notice of Borrowing</u>**") substantially in the form of <u>Exhibit E</u> or telephonic notice (followed immediately by a Notice of Borrowing) to Agent of each proposed borrowing not later than **<u>(A)</u>** in the case of a Base Rate borrowing, 10:00 A.M., Chicago time, on the proposed date of such borrowing, and **<u>(B)</u>** in the case of a SOFR borrowing, 10:00 A.M., Chicago time, at least three (3) Business Days prior to the proposed date of such borrowing (each such date, a "**<u>Borrowing Date</u>**"). Each such notice shall be effective upon receipt by Agent, shall be irrevocable, and shall specify the date, amount and type of borrowing and, in the case of a borrowing of SOFR Loans bearing interest based on Term SOFR, the initial Term SOFR Interest Period therefor and any other matters set forth in any applicable Benchmark Conforming Changes. Notwithstanding the foregoing or the definition of Term SOFR Interest Period, Agent (in Agent's reasonable discretion and upon written notice to Borrower not less than three (3) Business Days prior to the date of such proposed borrowing) may cause the initial interest period for a SOFR Loan to be a period less than 1 month in duration commencing on the date of the making of such SOFR Loan and ending on the first day of the subsequent month and calculate Term SOFR for such initial interest period based on a 1 month Term SOFR Interest Period. Promptly upon receipt of such notice, Agent shall advise each Lender thereof. Not later than 1:00 P.M., Chicago time, on the date of a proposed borrowing, each Lender shall provide Agent at the office specified by Agent with immediately available funds covering such Lender's Pro Rata Share of such borrowing and, so long as Agent has not received written notice that the conditions precedent set forth in <u>Section 12</u> with respect to such borrowing have not been satisfied, Agent shall pay over the funds received by Agent to Borrower on the requested Borrowing Date. Each borrowing shall be on a Business Day. Each Base Rate borrowing shall be in an aggregate amount of at least $1,000,000, and an integral multiple of $50,000, and each SOFR borrowing shall be in an aggregate amount of at least $1,000,000 and an integral multiple of at least $500,000. Simultaneously with any Notice of Borrowing, Borrower shall deliver to Agent a Borrowing Base Certificate in form and substance acceptable to Agent dated as of the same date as the Notice of Borrowing and executed by a Responsible Officer of Borrower on behalf of Borrower. Notwithstanding anything to the contrary contained herein, there shall be no more than two (2) borrowings permitted to be requested or advanced in any single calendar month, including, without limitation, the first month any borrowing is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** Conversion and Continuation Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** Subject to <u>Section 2.2(a)</u>, Borrower may, upon irrevocable written notice to Agent in accordance with <u>clause (b)</u> below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(1)</u>** elect, as of any Business Day, to convert any Loans (or any part thereof in an aggregate amount not less than $1,000,000 a higher integral multiple of $500,000) into Loans of the other type; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(2)</u>** elect, as of the last day of the applicable Term SOFR Interest Period, to continue any SOFR Loans bearing interest based on Term SOFR having Term SOFR Interest Periods expiring on such day (or any part thereof in an aggregate amount not less than $1,000,000 or a higher integral multiple of $500,000) for a new Term SOFR Interest Period;

<u>provided</u> that after giving effect to any prepayment, conversion or continuation, the aggregate principal amount of each Group of SOFR Loans bearing interest based on Term SOFR shall be at least $1,000,000 and an integral multiple of $500,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** Borrower shall give written notice (each such written notice, a "**<u>Notice of Conversion/Continuation</u>**") substantially in the form of <u>Exhibit E</u> or telephonic notice (followed immediately by a Notice of Conversion/Continuation) to Agent of each proposed conversion or continuation not later than **<u>(i)</u>** in the case of conversion into Base Rate Loans, 10:00 A.M., Chicago time, on the proposed date of such conversion and **<u>(ii)</u>** in the case of conversion into or continuation of SOFR Loans, 10:00 A.M., Chicago time, at least three (3) Business Days prior to the proposed date of such conversion or continuation, specifying in each case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(1)</u>** the proposed date of conversion or continuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(2)</u>** the aggregate amount of Loans to be converted or continued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(3)</u>** the type of Loans resulting from the proposed conversion or continuation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(4)</u>** in the case of conversion into, or continuation of, SOFR Loans bearing interest based on Term SOFR, the duration of the requested Term SOFR Interest Period therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iii)</u>** Each notice of Continuation shall be irrevocable by and binding on Borrower once given. If upon the expiration of any Term SOFR Interest Period applicable to SOFR Loans, Borrower has failed to select timely a new Term SOFR Interest Period to be applicable to such SOFR Loans, Borrower shall be deemed to have elected to continue such SOFR Loan as a SOFR Loan with the Term SOFR Interest Period previously selected by Borrower for such Loan. If an Unmatured Default or Event of Default shall have occurred and be continuing, Agent may, or if directed by the Required Lenders shall, convert SOFR Loans on the last day of the current Term SOFR Interest Period therefor, to a Base Rate Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iv)</u>** Agent will promptly notify each Lender of its receipt of a notice of conversion or continuation pursuant to this <u>Section 2.2(c)</u> or, if no timely notice is provided by Borrower, of the details of any automatic conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(v)</u>** Any conversion of a SOFR Loan on a day other than the last day of a Term SOFR Interest Period therefor shall be subject to <u>Section 8.4</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** Swing Line Facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** Agent shall notify the Swing Line Lender upon Agent's receipt of any Notice of Borrowing. Subject to the terms and conditions hereof, the Swing Line Lender may, in its sole discretion, make available from time to time until the Termination Date advances (each, a "**<u>Swing Line Loan</u>**") in accordance with any such notice, notwithstanding that after making a requested Swing Line Loan, the sum of the Swing Line Lender's Pro Rata Share of the Revolving Outstandings and all outstanding Swing Line Loans, may exceed the Swing Line Lender's Pro Rata Share of the Revolving Commitment. The provisions of this <u>Section 2.2(d)</u> shall not relieve Lenders of their obligations to make Revolving Loans under <u>Section 2.1(a)</u>; <u>provided</u> that if the Swing Line Lender makes a Swing Line Loan pursuant to any such notice, such Swing Line Loan shall be in lieu of any Revolving Loan that otherwise may be made by the Lenders pursuant to such notice. The aggregate amount of Swing Line Loans outstanding shall not exceed at any time Swing Line Availability. Until the Termination Date, Borrower may from time to time borrow, repay and reborrow under this <u>Section 2.2(d)</u>. Each Swing Line Loan shall be made pursuant to a Notice of Borrowing delivered by Borrower to Agent in accordance with <u>Section 2.2(b)</u>. Any such notice must be given no later than 2:00 P.M., Chicago time, on the Business Day of the proposed Swing Line Loan. Unless the Swing Line Lender has received at least one Business Day's prior written notice from the Required Lenders instructing it not to make a Swing Line Loan, the Swing Line Lender shall, notwithstanding the failure of any condition precedent set forth in <u>Section 12.2</u>, be entitled to fund that Swing Line Loan, and to have such Lender make Revolving Loans in accordance with <u>Section 2.2(d)(iii)</u> or purchase participating interests in accordance with <u>Section 2.2(d)(iv)</u>. Notwithstanding any other provision of this Agreement or the other Loan Documents, each Swing Line Loan shall constitute a Base Rate Loan. Borrower shall repay the aggregate outstanding principal amount of each Swing Line Loan upon demand therefor by Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** The entire unpaid balance of each Swing Line Loan and all other noncontingent Obligations shall be immediately due and payable in full in immediately available funds on the Termination Date if not sooner paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iii)</u>** The Swing Line Lender, at any time and from time to time no less frequently than once weekly, shall on behalf of Borrower (and Borrower hereby irrevocably authorizes the Swing Line Lender to so act on its behalf) request in writing (with a copy of such request to be sent concurrently to Borrower) that each Lender with a Revolving Commitment (including the Swing Line Lender) to make a Revolving Loan to Borrower (which shall be a Base Rate Loan) in an amount equal to that Lender's Pro Rata Share of the principal amount of all Swing Line Loans (the "**<u>Refunded Swing Line Loan</u>**") outstanding on the date such notice is given. Unless any of the events described in <u>Section 13.1(c)</u> has occurred (in which event the procedures of <u>Section 2.2(d)(iv)</u> shall apply) and regardless of whether the conditions precedent set forth in this Agreement to the making of a Revolving Loan are then satisfied, each Lender shall disburse directly to Agent, its Pro Rata Share on behalf of the Swing Line Lender, prior to 2:00 P.M. Chicago time, in immediately available funds on the date that notice is given (<u>provided</u> that such notice is given by 12:00 p.m., Chicago time, on such date). The proceeds of those Revolving Loans shall be immediately paid to the Swing Line Lender and applied to repay the Refunded Swing Line Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iv)</u>** If, prior to refunding a Swing Line Loan with a Revolving Loan pursuant to <u>Section 2.2(d)(iii)</u>, the Loan Parties are not in compliance with Section 11.14, then, subject to the provisions of <u>Section 2.2(d)(v)</u> below, each Lender shall, on the date such Revolving Loan was to have been made for the benefit of Borrower, purchase from the Swing Line Lender an undivided participation interest in the Swing Line Loan in an amount equal to its Pro Rata Share of such Swing Line Loan. Upon request, each Lender shall promptly transfer to the Swing Line Lender, in immediately available funds, the amount of its participation interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(v)</u>** Each Lender's obligation to make Revolving Loans in accordance with <u>Section 2.2(c)</u> and to purchase participation interests in accordance with <u>Section 2.2(d)(iv)</u> shall be absolute and unconditional and shall not be affected by any circumstance, including **<u>(A)</u>** any setoff, counterclaim, recoupment, defense or other right that such Lender may have against the Swing Line Lender, Borrower or any other Person for any reason whatsoever; **<u>(B)</u>** the occurrence or continuance of any Default or Event of Default; **<u>(C)</u>** any inability of Borrower to satisfy the conditions precedent to borrowing set forth in this Agreement at any time or **<u>(D)</u>** any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. If and to the extent any Lender shall not have made such amount available to Agent or the Swing Line Lender, as applicable, by 2:00 P.M., Chicago time, the amount required pursuant to <u>Section 2.2(d)(iii) or Section 2.2(d)(iv)</u>, as the case may be, on the Business Day on which such Lender receives notice from Agent of such payment or disbursement (it being understood that any such notice received after noon, Chicago time, on any Business Day shall be deemed to have been received on the next following Business Day), such Lender agrees to pay interest on such amount to Agent for the Swing Line Lender's account forthwith on demand, for each day from the date such amount was to have been delivered to Agent to the date such amount is paid, at a rate per annum equal to **<u>(1)</u>** for the first three days after demand, the Federal Funds Rate from time to time in effect and **<u>(2)</u>** thereafter, the Base Rate from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.3</u> <u>[Reserved].</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.4</u> **<u>Commitments Several</u>**. The failure of any Lender to make a requested Loan on any date shall not relieve any other Lender of its obligation (if any) to make a Loan on such date, but no Lender shall be responsible for the failure of any other Lender to make any Loan to be made by such other Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.5</u> **<u>Certain Conditions</u>**. Except as otherwise provided in <u>Section</u> 2.2(d), no Lender shall have an obligation to make any Loan, or to permit the continuation of or any conversion into any SOFR Loan bearing interest based on Term SOFR if an Event of Default or Default exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.6</u> <u>Defaulting Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u> <u>Waivers and Amendments</u>**. Such Defaulting Lender's right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and <u>Section 15.1</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u> <u>Defaulting Lender Waterfall</u>**. Any payment of principal, interest, fees or other amounts received by Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to <u>SECTION 6</u>, <u>Section 11.6</u>, or <u>SECTION 13</u> or otherwise) or received by Agent from a Defaulting Lender pursuant to <u>Section 7.5</u> shall be applied at such time or times as may be determined by Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Swing Line Lender hereunder; third, [reserved]; fourth, as Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by Agent; fifth, if so determined by Agent and Borrower, to be held in a deposit account and released pro rata in order to satisfy such Defaulting Lender's potential future funding obligations with respect to Loans under this Agreement; sixth, to the payment of any amounts owing to the Lenders or Swing Line Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender or Swing Line Lenders against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender's breach of its obligations under this Agreement; and eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <u>provided</u> that if **<u>(x)</u>** such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and **<u>(y)</u>** such Loans were made at a time when the conditions set forth in <u>Section 12.2</u> were satisfied or waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans and funded and unfunded participations in Swing Line Loans are held by the Lenders pro rata in accordance with the Commitments without giving effect to <u>clause (iv)</u> below. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iii)</u>** Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(A)</u>** No Defaulting Lender shall be entitled to receive any fee described in <u>Section 5.1</u> for any period during which that Lender is a Defaulting Lender (and Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(B)</u>** With respect to any fees described in <u>Section 5.1</u> not required to be paid to any Defaulting Lender pursuant to <u>clause (A)</u> above, Borrower shall **<u>(x)</u>** pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender's participation in Swing Line Loans that has been reallocated to such Non-Defaulting Lender pursuant to <u>clause (iv)</u> below, **<u>(y)</u>** pay to each Swing Line Lender the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such or Swing Line Lender's Fronting Exposure to such Defaulting Lender, and **<u>(z)</u>** not be required to pay the remaining amount of any such fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iv)</u> <u>Reallocation of Participations to Reduce Fronting Exposure</u>**. All or any part of such Defaulting Lender's participation in Swing Line Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Pro Rata Shares (calculated without regard to such Defaulting Lender's Commitment) but only to the extent that such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such Non-Defaulting Lender's Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim of a Non-Defaulting Lender as a result of such Non-Defaulting Lender's increased exposure following such reallocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(v)</u> <u>Repayment of Swing Line Loans</u>**. If the reallocation described in <u>clause (d)</u> above cannot, or can only partially, be effected, Borrower shall, without prejudice to any right or remedy available to it hereunder or under law, prepay Swing Line Loans in an amount equal to the Swing Line Lenders' Fronting Exposure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Defaulting Lender Cure. If Borrower, Agent and each Swing Line Lender agree in writing that a Lender is no longer a Defaulting Lender, Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Swing Line Loans to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to <u>Section</u> 2.6(a)(iv) above), whereupon such Lender will cease to be a Defaulting Lender; <u>provided</u> that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while that Lender was a Defaulting Lender; and <u>provided</u>, <u>further</u>, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender's having been a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** New Swing Line Loans. So long as any Lender is a Defaulting Lender, no Swing Line Lender shall be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** Termination of Defaulting Lender. Borrower may terminate the unused amount of the Commitment of any Lender that is a Defaulting Lender upon not less than ten (10) Business Days' prior notice to Agent (which shall promptly notify the Lenders thereof), and in such event the provisions of <u>Section</u> 2.6(a)(ii) will apply to all amounts thereafter paid by Borrower for the account of such Defaulting Lender under this Agreement (whether on account of principal, interest, fees, indemnity or other amounts); <u>provided</u> that **<u>(i)</u>** no Event of Default shall have occurred and be continuing, and **<u>(ii)</u>** such termination shall not be deemed to be a waiver or release of any claim Borrower, Agent, the Swing Line Bank or any Lender may have against such Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.7</u> <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>2.8</u> **<u>Extensions of Maturity Date</u>**. Borrower may request that Agent and Lenders (i) extend the Original Maturity Date for a period of 12 months to the First Extended Maturity Date and (ii) extend the First Extended Maturity Date for a period of 12 months to the Second Extended Maturity Date. Borrower's right to request each such extension shall be exercised by a written extension notice of Borrower delivered to Agent not less than thirty (30) days prior to the applicable Maturity Date. Neither Agent nor any Lender shall be required to consider such an extension of the Original Maturity Date or the First Extended Maturity Date, as applicable unless all of the following conditions are satisfied:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Borrower must have made timely request for extension as provided above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Borrower must have paid a non-refundable extension fee in the amount equal to one quarter of one percent (0.25%) of the Revolving Commitment then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** As of the Original Maturity Date or as of the First Extended Maturity Date, as applicable, there must be no Default or Event of Default under this Agreement or any of the other Loan Documents that has occurred and is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** Without limitation on the generality of clause (b) of this paragraph, as of the Original Maturity Date or as of the First Extended Maturity Date, as applicable, there must be no existing failure to comply with any of the financial covenants set forth in Section 11.14 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(e)</u>** Borrower must have delivered to Agent an updated Borrowing Base Certificate as of the Original Maturity Date or the First Extended Maturity Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(f)</u>** Borrower must have delivered to Agent an updated Compliance Certificate as of the Original Maturity Date or the First Extended Maturity Date, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(g)</u>** Borrower must have entered into such documents as Agent shall reasonably request to evidence such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(h)</u>** Borrower must have paid all costs and expenses incurred by Agent in connection with such extension in accordance with Section 15.5, including the Agent's Attorney Costs, in each case, to the extent an invoice has been provided therefor.

**SECTION 3.**

**<u>EVIDENCING OF LOANS.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.1</u> **<u>Notes</u>**. At a Lender's request, the Loans of such Lender shall be evidenced by a Note, with appropriate insertions, payable to the order of such Lender in a face principal amount equal to the sum of such Lender's Revolving Loan Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3.2</u> **<u>Recordkeeping</u>**. Agent, on behalf of each Lender, shall record in its records, the date and amount of each Loan made by each Lender, each repayment or conversion thereof and, in the case of each SOFR Loan bearing interest based on Term SOFR, the dates on which each Term SOFR Interest Period for such Loan shall begin and end. The aggregate unpaid principal amount so recorded shall be rebuttably presumptive evidence of the principal amount of the Loans owing and unpaid. The failure to so record any such amount or any error in so recording any such amount shall not, however, limit or otherwise affect the Obligations of Borrower hereunder or under any Note to repay the principal amount of the Loans hereunder, together with all interest accruing thereon. In the event of any conflict between the records maintained by any Lender and the records maintained by Agent in such matters, the records of Agent shall control in the absence of manifest error.

**SECTION 4.**

**<u>INTEREST.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.1</u> **<u>Interest Rates</u>**. Borrower promises to pay interest on the unpaid principal amount of each Loan for the period commencing on the date of such Loan until such Loan is paid in full as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** at all times while such Loan is a Base Rate Loan, at a rate per annum equal to the sum of the Base Rate from time to time in effect plus the Base Rate Margin from time to time in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** at all times while such Loan is not a Base Rate Loan, at a rate per annum equal to the sum of the SOFR Interest Rate plus the SOFR Margin from time to time in effect; <u>provided</u> that at any time an Event of Default has occurred and is continuing, at the request of the Required Lenders, the interest rate applicable to each Loan shall be increased by 2% (and, in the case of Obligations not bearing interest, such Obligations shall bear interest at the Base Rate applicable to Revolving Loans plus 2%), <u>provided further</u> that such increase may thereafter be rescinded by the Required Lenders, notwithstanding <u>Section 15.1</u>. Notwithstanding the foregoing, upon the occurrence and during the continuance of an Event of Default under <u>Section 13.1(a)</u> or <u>Section 13.1(c)</u>, such increase shall occur automatically. In no event shall interest payable by Borrower to any Lender hereunder exceed the maximum rate permitted under Applicable Law, and if any such provision of this Agreement is in contravention of any such law, such provision shall be deemed modified to limit such interest to the maximum rate permitted under such law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.2</u> **<u>Interest Payment Dates</u>**. Accrued interest on each Base Rate Loan shall be payable in arrears on the first day of each calendar month and at maturity. Accrued interest on each SOFR Loan shall be payable on the last day of each Term SOFR Interest Period relating to such Loan, upon a prepayment of such Loan, and at maturity. After maturity, and at any time an Event of Default exists, accrued interest on all Loans shall be payable on demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.3</u> **<u>Setting and Notice of Interest Rates</u>**. The applicable Base Rate or SOFR rate shall be determined by Agent, and notice thereof shall be given by Agent promptly to Borrower and each Lender. Each determination of the applicable Base Rate or SOFR rate by Agent shall be conclusive and binding upon the parties hereto, in the absence of demonstrable error. Agent shall, upon written request of Borrower or any Lender, deliver to Borrower or such Lender a statement showing the computations used by Agent in determining any applicable SOFR rate hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>4.4</u> **<u>Computation of Interest</u>**. Interest on any applicable portion of the outstanding principal balance of a Loan shall be calculated by multiplying **<u>(a)</u>** the actual number of days elapsed in the period for which the calculation is being made by **<u>(b)</u>** a daily rate based on a three hundred sixty (360) day year (or 365/366 day year in the case of a Base Rate Loan) by **<u>(c)</u>** such portion of the outstanding principal balance of such Loan. Such interest shall be calculated on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. The applicable Base Rate or Term SOFR shall be determined by Agent, and such determination shall be conclusive absent manifest error.

**SECTION 5.**

**<u>FEES.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.1</u> **<u>Non-Use Fee</u>**. Borrower agrees to pay to Agent for the account of each Lender (except as provided in <u>Section</u> 2.6) a non-use fee, for the period from the Closing Date to the Termination Date, at the Non-Use Fee Rate in effect from time to time multiplied by such Lender's Pro Rata Share (as adjusted from time to time) of the difference between the Revolving Commitment (after giving effect to any reductions in the Revolving Commitment made pursuant to <u>Section 6.1</u>) and the average daily Revolving Outstandings during the period of calculation (the "**<u>Utilization Amount</u>**"). Such non-use fee shall be payable in arrears on the first day of each calendar quarter and on the Termination Date for any period then ending for which such non-use fee shall not have previously been paid. The non-use fee shall be computed for the actual number of days elapsed on the basis of a year of 360 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>5.2</u> **<u>Closing Fee</u>**. A non-refundable and fully earned closing fee shall be due and payable by Borrower to Agent in full on the Closing Date in an amount equal to $100,000.

**SECTION 6.**

**<u>REDUCTION OR TERMINATION OF THE REVOLVING COMMITMENT; PREPAYMENTS.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6.1</u> <u>Voluntary Reduction or Termination of the Revolving Commitment</u>.

Borrower may from time to time on at least three (3) Business Days' prior written notice received by Agent (which shall promptly advise each Lender thereof) permanently reduce the Revolving Commitment to an amount not less than the Revolving Outstandings <u>plus</u> the outstanding amount of all Swing Line Loans. Any such reduction shall be in an amount not less than $5,000,000 or a higher integral multiple of $1,000,000. Concurrently with any reduction of the Revolving Commitment to zero, Borrower shall pay all interest on the Revolving Loans and all non-use fees. All reductions of the Revolving Commitment shall reduce the Commitments ratably among the Lenders according to their respective Pro Rata Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6.2</u> <u>Prepayments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Voluntary Prepayments. Borrower may from time to time prepay the Loans in whole or in part without penalty; <u>provided</u> that Borrower shall give Agent (which shall promptly advise each Lender) notice thereof not later than 10:00 A.M., Chicago time, on the day of such prepayment (which shall be a Business Day), specifying the Loans to be prepaid and the date and amount of prepayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Mandatory Prepayments. Borrower shall make a prepayment of the Revolving Loans upon the occurrence of any of the following at the following times and in the following amounts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** If on any day, any Rebalancing Event occurs, prepay the Revolving Loans in an aggregate amount that is sufficient to eliminate any excess or cure such Rebalancing Event, as applicable, within thirty (30) days of the occurrence thereof and Borrower hereby agrees to provide Agent written notice of any such Rebalancing Event within two (2) Business Days of the occurrence thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** If on any day the Revolving Outstandings <u>plus</u> the outstanding amount of the Swing Line Loan exceeds the Revolving Commitment, Borrower shall immediately <u>p</u>repay Revolving Loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6.3</u> **<u>Manner of Prepayments</u>**. Each voluntary partial prepayment shall be in a principal amount of $100,000 or a higher integral multiple of $50,000. Any partial prepayment of a Group of SOFR Loans shall be subject to the proviso to <u>Section</u> 2.2(c)(i). Any prepayment of a SOFR Loan bearing interest based on Term SOFR on a day other than the last day of a Term SOFR Interest Period therefor shall include interest on the principal amount being repaid and shall be subject to <u>Section</u> 8.4. Except as otherwise provided by this Agreement, all principal payments in respect of the Loans (other than the Swing Line Loans) shall be applied first, to repay outstanding Base Rate Loans and then to repay outstanding SOFR Loans, in direct order of Term SOFR Interest Period maturities in the case of SOFR Loans bearing interest based on Term SOFR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>6.4</u> <u>**Repayments**</u>. (i) Prior to the Termination Date, each Revolving Loan shall be paid in full on the date that is ninety (90) days following the Borrowing Date of such Revolving Loan and (ii) on the Termination Date, the Revolving Loans of each Lender shall be paid in full and the Revolving Commitment shall terminate.

**SECTION 7.**

**<u>MAKING AND PRORATION OF PAYMENTS; SETOFF; TAXES.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.1</u> **<u>Making of Payments</u>**. All payments of principal or interest on the Note(s), and of all fees, shall be made by Borrower to Agent in immediately available funds at the office specified by Agent not later than noon, Chicago time, on the date due; and funds received after that hour shall be deemed to have been received by Agent on the following Business Day. Subject to <u>Section</u> 2.6, Agent shall promptly remit to each Lender its share of all such payments received in collected funds by Agent for the account of such Lender. All payments under <u>Section</u> 8.1 shall be made by Borrower directly to the Lender entitled thereto without setoff, counterclaim or other defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.2</u> <u>Application of Certain Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** So long as no Default or Event of Default has occurred and is continuing, (i) payments matching specific scheduled payments then due shall be applied to those scheduled payments and (ii) voluntary and mandatory prepayments shall be applied as set forth in Section 6.2 and Section 6.3. Concurrently with each remittance to any Lender of its share of any such payment, Agent shall advise such Lender as to the application of such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Notwithstanding anything to the contrary contained in this Agreement, if an Event of Default has occurred and is continuing Borrower hereby irrevocably waives the right to direct the application of payments received from or on behalf of Borrower, and Borrower hereby irrevocably agrees, as between Borrower on the one hand and Agent and Lenders on the other, that Agent shall have the continuing exclusive right to apply any and all such payments against the Obligations as Agent may deem advisable notwithstanding any previous entry by Agent in the loan account maintained by Agent with respect to the Loans or any other books and records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** Following the occurrence and during the continuance of an Event of Default, but absent the occurrence and continuance of an Acceleration Event, Agent shall apply any and all payments received by Agent in respect of the Obligations to the Obligations in such order as Agent may from time to time elect. In the absence of any specific election made by Agent pursuant to this clause (c), or if directed in writing by Required Lenders, payments and proceeds received by Agent pursuant to this clause (c) shall be applied in the following order: first, to all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to Agent with respect to this Agreement, the other Loan Documents; second, to all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to any Lender with respect to this Agreement or the other Loan Documents; third, to accrued and unpaid interest on all other Obligations; fourth, to the principal amount of all other Obligations then due and owing and payment of related fees; fifth, to all other outstanding Obligations (other than those described in clause sixth below); and sixth, to provide cash collateral to secure any contingent Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** Notwithstanding anything to the contrary contained in this Agreement, if an Acceleration Event shall have occurred, and so long as it continues, Agent shall apply any and all payments received by Agent in respect of the Obligations in the following order: first, to all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to Agent with respect to this Agreement or the other Loan Documents; second, to all fees, costs, indemnities, liabilities, obligations and expenses incurred by or owing to any Lender with respect to this Agreement or the other Loan Documents; third, to accrued and unpaid interest on all other Obligations (including any interest which, but for the provisions of the Bankruptcy Code, would have accrued on such amounts); fourth, ratably to the principal amount of all other Obligations outstanding; and fifth, to all other outstanding Obligations and contingent Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(e)</u>** Any balance remaining after giving effect to the applications set forth in this Section 7.2 shall be delivered to Borrower or to whoever may be lawfully entitled to receive such balance or as a court of competent jurisdiction may direct. In carrying out any of the applications set forth in this Section **7.2**, (i) amounts received shall be applied in the numerical order provided until exhausted prior to the application to the next succeeding category and (ii) each of the Persons entitled to receive a payment or cash collateral in any particular category shall receive an amount equal to its pro rata share of amounts available to be applied pursuant thereto for such category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(f)</u>** Agent is authorized (but not obligated) to, and at its sole election may, charge to the Revolving Loan balance on behalf of Borrower and cause to be paid all fees, expenses, costs (including insurance premiums in accordance with Section 10.3) and interest and principal, owing by Borrower under this Agreement or any of the other Loan Documents if and to the extent Borrower fails to promptly pay any such amounts as and when due, even if such charges would cause the balance of the aggregate Revolving Outstandings to exceed the Borrowing Base but not if such charges would cause the aggregate Advances to exceed the Revolving Commitment. Any charges so made shall, unless prohibited by Applicable Law, constitute part of the Revolving Loan hereunder and may be made regardless of whether the conditions set forth in Section **12.2** are then satisfied, including the existence of any Default or Event of Default either before or after giving effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.3</u> **<u>Due Date Extension</u>**. If any payment of principal or interest with respect to any of the Loans, or of any fees, falls due on a day which is not a Business Day, then such due date shall be extended to the immediately following Business Day (unless, in the case of a SOFR Loan bearing interest based on Term SOFR, such immediately following Business Day is the first Business Day of a calendar month, in which case such due date shall be the immediately preceding Business Day, subject to any applicable Benchmark Conforming Changes) and, in the case of principal, additional interest shall accrue and be payable for the period of any such extension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.4</u> **<u>Setoff</u>**. Borrower and each other Loan Party, agrees that Agent and each Lender have all rights of set-off and bankers' lien provided by Applicable Law, and in addition thereto, Borrower and each other Loan Party, agrees that at any time any Event of Default has occurred and is continuing, Agent and each Lender may apply to the payment of any Obligations of Borrower and each other Loan Party hereunder, whether or not then due, any and all balances, credits, deposits, accounts or moneys of Borrower and each other Loan Party then or thereafter with Agent or such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.5</u> **<u>Proration of Payments</u>**. Except as provided in <u>Section</u> 2.6, if any Lender shall obtain any payment or other recovery (whether voluntary, involuntary, by application of offset or otherwise), on account of principal of or interest on any Loan (but excluding **<u>(i)</u>** any payment pursuant to SECTION 8 or <u>Section</u> 15.6 and **<u>(ii)</u>** payments of interest on any Loan described in <u>Section</u> 8.3), then such Lender shall purchase from the other Lenders such participations in the Loans held by them as shall be necessary to cause such purchasing Lender to share the excess payment or other recovery ratably with each of them; <u>provided</u> that if all or any portion of the excess payment or other recovery is thereafter recovered from such purchasing Lender, the purchase shall be rescinded and the purchase price restored to the extent of such recovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.6</u> **<u>Advances by Agent</u>**. Each Lender shall make the amount of each borrowing to be made by it hereunder available to Agent in immediately available funds at Agent's office not later than 11:00 a.m. (Chicago time) on the proposed date thereof. Agent will make all such funds so received available to Borrower in like funds, by wire transfer of such funds in accordance with the instructions provided in the applicable borrowing request. Unless Agent shall have been notified by any Lender prior to the specified date of borrowing that such Lender does not intend to make available to Agent the Loan to be made by such Lender on such date, Agent may assume that such Lender will make the proceeds of such Loan available to Agent on the date of the requested borrowing and Agent may (but shall not be obligated to), in reliance upon such assumption, make available to Borrower the amount of such Loan to be provided by such Lender and such Lender shall be liable to Agent for the amount of such advance. If such Lender does not pay such corresponding amount upon Agent's demand therefor, Agent will promptly notify Borrower, and Borrower shall promptly pay such corresponding amount to Agent. Agent shall also be entitled to recover from the Lender or Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by Agent to Borrower to the date such corresponding amount is recovered by Agent at a per annum rate equal to **<u>(a)</u>** from Borrower at the applicable rate for such Loan as provided in <u>Section</u> 4.1 or **<u>(b)</u>** from a Lender at the Federal Funds Rate. Subject to the terms of this Agreement, Borrower does not waive any claim that it may have against a Defaulting Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.7</u> **<u>Presumptions by Agent</u>**. Unless Agent shall have received notice from Borrower prior to the date on which any payment is due hereunder to Agent for the account of the applicable Lender that Borrower will not make such payment, Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the applicable Lenders the amount due. In such event, if Borrower has not in fact made such payment, then each of the applicable Lenders severally agrees to repay to Agent forthwith on demand the amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to Agent, at the greater of the Federal Funds Rate and a rate determined by Agent in accordance with banking industry rules on interbank compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.8</u> **<u>Deductions by Agent</u>**. If any Lender shall fail to make any payment required to be made by it under this Agreement, then Agent may, in its discretion and notwithstanding any contrary provision hereof, **<u>(a)</u>** apply any amounts thereafter received by Agent for the account of such Lender for the benefit of Agent to satisfy such Lender's obligations to Agent, until all such unsatisfied obligations are fully paid or **<u>(b)</u>** hold any such amounts in a segregated account as cash collateral for, and for application to, any future funding obligations of such Lender under this Agreement, in the case of each of <u>clauses (a)</u> and <u>(b)</u> above, in any order as determined by Agent in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>7.9</u> **<u>Taxes</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** All payments made by a Loan Party hereunder or under any Loan Documents shall be made without setoff, counterclaim, or other defense. To the extent permitted by Applicable Law, all payments hereunder or under the Loan Documents (including any payment of principal, interest, or fees) to, or for the benefit, of any person shall be made by the Loan Party free and clear of and without deduction or withholding for, or account of, any Taxes now or hereinafter imposed by any taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** If a Loan Party shall be required by Applicable Law (as determined in the good faith discretion of an applicable Agent) to deduct any Taxes from or in respect of any sum payable to any Recipient hereunder or any other Loan Document: (i) such Loan Party shall make such deductions; (ii) such Loan Party shall pay the full amount deducted to the relevant taxing or other authority in accordance with Applicable Law; and (iii) if the Taxes are Indemnified Taxes, the sum payable shall be increased by the Loan Party as much as shall be necessary so that after making all the required deductions (including deductions applicable to additional sums payable under this Section 7.9), the Recipient receives an amount equal to the sum it should have received had no such deductions been made. In addition, the Loan Parties shall timely pay to the relevant Governmental Authority in accordance with Applicable Law, or at the option of Agent timely reimburse it for the payment of, any Other Taxes. As soon as practicable after any payment of Taxes by the Loan Parties to a Governmental Authority pursuant to this Section, Borrower shall deliver to Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** The Loan Parties shall jointly and severally indemnify, and within ten (10) days of demand therefor, pay Agent and each other Recipient for the full amount of Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) that are paid by, or imposed on, Agent or such other Recipient (and any of their respective affiliates), whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A demand as to the amount of such payment or liability delivered to the Loan Parties by a Lender (with a copy to Agent), or by Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u> (i)** To the extent permitted by Applicable Law, each Lender that is not a United States person within the meaning of Code Section 7701(a)(30) (a "Non-U.S. Participant") shall deliver to Borrower and Agent on or prior to the Closing Date (or in the case of a Lender that is an Assignee, on the date of such assignment to such Lender) two accurate and complete original signed copies of IRS Form W-8BEN, W-8BEN-E, W-8ECI, or W-8IMY (or any successor or other applicable form prescribed by the IRS) certifying to such Lender's entitlement to a complete exemption from, or a reduced rate in, United States federal withholding Tax on interest payments to be made hereunder or any Loan. If a Lender that is a Non-U.S. Participant is claiming exemption from withholding on interest pursuant to Code Sections 871(h) or 881(c), the Lender shall deliver (along with two accurate and complete original signed copies of IRS Form W-8BEN or W-8BEN-E, as applicable) a certificate in form and substance reasonably acceptable to Agent (any such certificate, a "U.S. Tax Compliance Certificate"). In addition, each Lender that is a Non-U.S. Participant agrees that from time to time after the Closing Date, (or in the case of a Lender that is an Assignee, after the date of the assignment to such Lender), when a lapse in time (or change in circumstances occurs) renders the prior certificates hereunder obsolete or inaccurate in any material respect, such Lender shall, to the extent permitted under Applicable Law, deliver to Borrower and Agent two new and accurate and complete original signed copies of an IRS Form W-8BEN, W-8BEN-E, W-8ECI, or W-8IMY (or any successor or other applicable forms prescribed by the IRS), and if applicable, a new U.S. Tax Compliance Certificate, to confirm or establish the entitlement of such Lender or Agent to an exemption from, or reduction in, United States withholding Tax on interest payments to be made hereunder or any Loan, or promptly notify Borrower and Agent in writing of its legal inability to do so. If a payment made to a Lender under this Agreement, whether made by any Loan Party or Agent, would be subject to United States federal withholding Taxes imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to Borrower and Agent, at the time or times prescribed by law and at such time or times reasonably requested by Borrower or Agent, such documentation prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Borrower or Agent as may be necessary for Borrower and Agent to comply with their applicable obligations under FATCA, to determine that such Lender has or has not complied with the such Recipient's obligations under FATCA, or to determine the amount to deduct and withhold from such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** Each Lender that is not a Non-U.S. Participant shall provide two properly completed and duly executed copies of IRS Form W-9 (or any successor or other applicable form) to Borrower and Agent certifying that such Lender is exempt from United States backup withholding Tax. To the extent that a form provided pursuant to this <u>Section 7.9(d)(ii)</u> is rendered obsolete or inaccurate in any material respect as result of change in circumstances with respect to the status of a Lender, such Lender shall, to the extent permitted by Applicable Law, deliver to Borrower and Agent revised forms necessary to confirm or establish the entitlement to such Lender's or Agent's exemption from United States backup withholding Tax or promptly notify Borrower and Agent in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(e)</u>** Each Lender agrees to severally indemnify Agent and hold Agent harmless for the full amount of any and all present or future Taxes and related liabilities (including penalties, interest, additions to tax and expenses, and any Taxes imposed by any jurisdiction on amounts payable to Agent under this Section 7.9) which are imposed on or with respect to principal, interest or fees payable to such Lender hereunder and which are not paid by a Loan Party pursuant to this Section 7.9, whether or not such Taxes or related liabilities were correctly or legally asserted. This indemnification shall be made within 10 days from the date Agent makes written demand therefor. A demand as to the amount of such payment or liability delivered to any Lender by Agent shall be conclusive absent manifest error. Each Lender hereby authorizes Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by Agent to the Lender from any other source against any amount due to Agent under this paragraph (e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(f)</u>** If any Recipient determines, in its sole discretion exercised in good faith, that it has received a refund of any Indemnified Taxes as to which it has been indemnified pursuant to this Section 7.9 (including by the payment of additional amounts pursuant to this Section 7.9), it shall, so long as no Event of Default is occurring, pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section with respect to the Indemnified Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this Section **7.9(f)** (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section **7.9(f)**, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section **7.9(f)** the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(g)</u>** Each party's obligations under this Section 7.9 shall survive the resignation or replacement of Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the Loan Documents, and the repayment, satisfaction or discharge of all other obligations under any Loan Document.

**SECTION 8.**

**<u>FUNDING LOSSES; REPLACEMENT OF LENDERS.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8.1</u> <u>Increased Costs</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** If any Change in Law shall: (i) impose, modify or deem applicable any reserve (including pursuant to regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency funding (currently referred to as "Eurocurrency liabilities" in Regulation D)), special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender, (ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses <u>(b)</u> through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or (iii) impose on any Lender any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender, and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to make any such Loan, or to increase the cost to such Lender, or to reduce the amount of any sum received or receivable by such Lender or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender or other Recipient, Borrower will pay to such Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or other Recipient, as the case may be, for such additional costs incurred or reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** If any Lender determines that any Change in Law affecting such Lender or any lending office of such Lender or such Lender's holding company, if any, regarding capital or liquidity requirements, has or would have the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender to a level below that which such Lender or such Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's holding company with respect to capital adequacy), then from time to time Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section and delivered to Borrower shall be conclusive absent manifest error. Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation; provided that Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs incurred or reductions suffered more than nine months prior to the date that such Lender notifies Borrower of the Change in Law giving rise to such increased costs or reductions, and of such Lender's intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine-month period referred to above shall be extended to include the period of retroactive effect thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8.2</u> **<u>Inability to Determine Rates</u>**. Subject to <u>Section</u> 15.24, <u>(**a)**</u> if Agent determines (which determination shall be conclusive and binding absent manifest error) that "Term SOFR" cannot be determined pursuant to the definition thereof on or prior to the first day of any Term SOFR Interest Period, or **<u>(b)</u>** Agent or Required Lenders (by notice to Agent) determine that for any reason in connection with any request for a SOFR Loan or a conversion thereto or a continuation thereof that the SOFR Interest Rate for any requested Term SOFR Interest Period does not adequately and fairly reflect the cost of funding such Loan, Agent will promptly so notify the Borrower and each Lender. Upon notice thereof by Agent to Borrower, any obligation of the Lenders to make or continue SOFR Loans shall be suspended (to the extent of the affected SOFR Loans or the affected Term SOFR Interest Periods) until Agent revokes such notice. Upon receipt of such notice, **<u>(i)</u>** Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans (to the extent of the affected SOFR Loans or the affected Term SOFR Interest Periods) or, failing that, Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans in the amount specified therein and **<u>(ii)</u>** any outstanding affected SOFR Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Term SOFR Interest Period. Upon any such conversion, Borrower shall also pay any additional amounts required pursuant to <u>Section</u> 8.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8.3</u> **<u>Illegality</u>**. If any Lender determines that any Law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its applicable lending office to make, maintain or fund Loans whose interest is determined by reference to SOFR, or to determine or charge interest rates based upon SOFR, then, upon notice thereof by such Lender to Borrower (through Agent), any obligation of such Lender to make or continue SOFR Loans or to convert Base Rate Loans to SOFR Loans shall be suspended, in each case until such Lender notifies Agent and Borrower that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice, Borrower shall, upon demand from such Lender (with a copy to Agent), prepay or, if applicable, convert all SOFR Loans of such Lender to Base Rate Loans. Upon any such prepayment or conversion, Borrower shall also pay any additional amounts required pursuant to <u>Section</u> 8.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8.4</u> **<u>Compensation for Losses</u>**. In the event of **<u>(a)</u>** the payment of any principal of any SOFR Loan or the conversion of any SOFR Loan other than on the payment date therefor (including as a result of an Event of Default) or the last day of the Term SOFR Interest Period applicable thereto (including as a result of an Event of Default), **<u>(b)</u>** the failure to borrow, convert, continue or prepay any SOFR Loan on the date specified in any notice delivered pursuant hereto, or **<u>(c)</u>** any acceleration of the maturity of the Loan by Agent (with the consent of the Required Lenders) in accordance with the terms of this Agreement or the Notes, then, in any such event, Borrower shall compensate each Lender for any loss, cost and expense attributable to such event, including any loss, cost or expense arising from the liquidation or redeployment of funds. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to Borrower and shall be conclusive absent manifest error. Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8.5</u> <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8.6</u> <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8.7</u> <u>Mitigation of Circumstances; Replacement of Lenders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Each Lender shall promptly notify Borrower and Agent of any event of which it has knowledge which will result in, and will use reasonable commercial efforts available to it (and not, in such Lender's sole judgment, otherwise disadvantageous to such Lender) to mitigate or avoid, (i) any obligation by Borrower to pay any amount pursuant to Section 7.9 or Section 8.1 or (ii) the occurrence of any circumstances described in Section 8.2 or Section 8.3 (and, if any Lender has given notice of any such event described in clause (i) or (ii) above and thereafter such event ceases to exist, such Lender shall promptly so notify Borrower and Agent). Without limiting the foregoing, each Lender will designate a different funding office if such designation will avoid (or reduce the cost to Borrower of) any event described in clause (i) or (ii) above and such designation will not, in such Lender's sole judgment, be otherwise disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** If (i) Borrower becomes obligated to pay additional amounts to any Lender pursuant to Section 7.9 or Section 8.1, or any Lender gives notice of the occurrence of any circumstances described in Section 8.2 or Section 8.3 and in each case, such Lender has declined or is unable to designate a different lending office in accordance with paragraph (a) of this Section 8.7, (ii) any Lender becomes a Defaulting Lender or (iii) any Lender becomes a Non-Consenting Lender pursuant to Section 15.1, then Borrower may, at its sole expense and effort, upon notice to such Lender and Agent, designate another bank which is acceptable to Agent in its reasonable discretion (such other bank being called a "Replacement Lender") to purchase the Loans of such Lender, such Lender's rights hereunder (other than its existing rights to payments pursuant to Section 7.9 or Section 8.1, and obligations under this Agreement and the related Loan Documents, without recourse to or warranty by, or expense to, such Lender, provided that: (A) the purchase price is equal to the outstanding principal amount of the Loans payable to such Lender plus any accrued but unpaid interest on such Loans and all accrued but unpaid fees owed to such Lender and any other amounts payable to such Lender under this Agreement (including any amounts under Section 8.4), and to assume all the obligations of such Lender hereunder, and, upon such purchase and assumption (pursuant to an Assignment Agreement), such Lender shall no longer be a party hereto or have any rights hereunder (other than rights with respect to indemnities and similar rights applicable to such Lender prior to the date of such purchase and assumption) and shall be relieved from all obligations to Borrower hereunder, and the Replacement Lender shall succeed to the rights and obligations of such Lender hereunder; (B) in the case of any such purchase resulting from a claim for compensation under Section 7.9 or Section 8.1, such purchase will result in a reduction in such compensation or payments thereafter; (C) such purchase does not conflict with Applicable Law; and (D) in the case of any purchase resulting from a Lender becoming a Non-Consenting Lender, the Replacement Lender shall have consented to the applicable amendment, waiver, or consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** A Lender shall not be required to make any such purchase or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling Borrower to require such purchase and delegation cease to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** Notwithstanding anything in this Section to the contrary, the Lender that acts as Agent may not be replaced hereunder except in accordance with the terms of Section 14.10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>8.8</u> **<u>Conclusiveness of Statements; Survival of Provisions</u>**. Determinations and statements of any Lender pursuant to the foregoing provisions of this <u>Section</u> 8 shall be conclusive absent demonstrable error. Lenders may use reasonable averaging and attribution methods in determining compensation under <u>Section</u> 8.1 and <u>Section</u> 8.4, and the provisions of such Sections shall survive repayment of the Obligations, cancellation of any Note(s) and termination of this Agreement.

**SECTION 9.**

**<u>REPRESENTATIONS AND WARRANTIES.</u>**

To induce Agent and the Lenders to enter into this Agreement and to induce the Lenders to make Loans, each Loan Party represents and warrants to Agent and the Lenders that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.1</u> **<u>Organization</u>**. Each Loan Party is validly existing and in good standing under the laws of its jurisdiction of organization; and each Loan Party is duly qualified to do business in each jurisdiction where, because of the nature of its activities or properties, such qualification is required, except for such jurisdictions where the failure to so qualify would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.2</u> **<u>Authorization; No Conflict</u>**. Each Loan Party is duly authorized to execute and deliver each Loan Document to which it is a party, Borrower is duly authorized to borrow monies hereunder and each Loan Party is duly authorized to perform its Obligations under each Loan Document to which it is a party. The execution, delivery and performance by each Loan Party of each Loan Document to which it is a party, and the borrowings by Borrower hereunder, do not and will not **<u>(a)</u>** require any consent or approval of any Governmental Authority (other than any consent or approval which has been obtained and is in full force and effect), **<u>(b)</u>** conflict with **<u>(i)</u>** any material provision of law, **<u>(ii)</u>** the charter, by-laws or other organizational documents of any Loan Party or **<u>(iii)</u>** any material agreement, indenture, instrument or other document, or any material judgment, order or decree, which is binding upon any Loan Party or any of their respective properties or **<u>(c)</u>** require, or result in, the creation or imposition of any Lien on any asset of any Loan Party (other than pursuant to the Loan Documents).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.3</u> **<u>Validity and Binding Nature</u>**. Each of this Agreement and each other Loan Document to which any Loan Party is a party is the legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its terms, subject to bankruptcy, insolvency and similar laws affecting the enforceability of creditors' rights generally and to general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.4</u> **<u>Financial Condition</u>**. The audited consolidated financial statements of FREIF and its Subsidiaries as at December 31, 2024 and the unaudited consolidated financial statements of Guarantor and its Subsidiaries as at September 30, 2025, were prepared in accordance with GAAP (subject, in the case of such unaudited statements, to the absence of footnotes and to normal year-end adjustments) and present fairly the consolidated financial condition of FREIF and its Subsidiaries as at such dates and the results of their operations for the periods then ended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.5</u> **<u>No Material Adverse Change</u>**. Since FREIF's most recent Fiscal Year end, there has been no material adverse change in the financial condition, operations, assets, business, or properties of the Loan Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.6</u> **<u>Litigation; Contingent Liabilities</u>**. No litigation (including derivative actions), arbitration proceeding or governmental investigation or proceeding is pending or, to any Loan Party's knowledge, threatened against any Loan Party which could reasonably be expected to have a Material Adverse Effect. Other than any liability incident to such litigation or proceedings, no Loan Party has any material contingent liabilities that have not been disclosed to the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.7</u> **<u>Ownership of Properties; Liens</u>**. Each Loan Party owns good and, in the case of real property, marketable title to all of its properties and assets, real and personal, tangible and intangible, of any nature whatsoever (including patents, trademarks, trade names, service marks and copyrights), free and clear of all Liens, charges and claims (including infringement claims with respect to patents, trademarks, service marks, copyrights and the like) except as permitted by <u>Section</u> 11.2 <u>or otherwise</u> where failure to comply could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.8</u> **<u>Equity Ownership; Subsidiaries</u>**. All issued and outstanding Capital Securities of each Loan Party are duly authorized and validly issued and free and clear of all Liens. Schedule 9.8 sets forth the issued authorized Capital Securities of each Subsidiary of FREIF as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.9</u> <u>Employee Benefit Plans</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Except as could not reasonably be expected to have a Material Adverse Effect, (i) each Plan complies with, and has been operated in accordance with, all Applicable Laws, including ERISA and the Code, and the terms of such Plan; (ii) any Plan intended by a Loan Party to be qualified under Section 401 of the Code is so qualified, and (iii) no Loan Party has any liability for damages, fines, penalties, excise taxes, or other similar amounts with respect to any Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** The Unfunded Liability of all Pension Plans does not in the aggregate exceed twenty percent of the Total Plan Liability for all such Pension Plans. Each Pension Plan complies in all material respects with all applicable requirements of law and regulations. No contribution failure under Section 412 of the Code, Section 302 of ERISA or the terms of any Pension Plan has occurred with respect to any Pension Plan, sufficient to give rise to a Lien under Section 303(k) of ERISA or Section 430(k) of the Code, or otherwise to have a Material Adverse Effect. There are no pending or, to the knowledge of any Loan Party, threatened, claims, actions, investigations or lawsuits against any Pension Plan, any fiduciary of any Pension Plan, or any Loan Party or other any member of the Controlled Group with respect to a Pension Plan or a Multiemployer Pension Plan which could reasonably be expected to have a Material Adverse Effect. Assuming the Lenders are in compliance with Section 14.16, no Loan Party nor any other member of the Controlled Group has engaged in any prohibited transaction (as defined in Section 4975 of the Code or Section 406 of ERISA) in connection with any Pension Plan or Multiemployer Pension Plan which would subject that Person to any material liability. Within the past five years, no Loan Party nor any other member of the Controlled Group has engaged in a transaction which resulted in a Pension Plan with an Unfunded Liability being transferred out of the Controlled Group, which could reasonably be expected to have a Material Adverse Effect. No Termination Event has occurred or is reasonably expected to occur with respect to any Pension Plan, which could reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** All contributions (if any) have been made to any Multiemployer Pension Plan that are required to be made by any Loan Party or any other member of the Controlled Group under the terms of the plan or of any collective bargaining agreement or by Applicable Law; no Loan Party nor any other member of the Controlled Group has withdrawn or partially withdrawn from any Multiemployer Pension Plan, incurred any withdrawal liability with respect to any such plan or received notice of any claim or demand for withdrawal liability or partial withdrawal liability from any such plan, and no condition has occurred which, if continued, could result in a withdrawal or partial withdrawal from any such plan; and no Loan Party nor any other member of the Controlled Group has received any notice that any Multiemployer Pension Plan is in reorganization, that increased contributions may be required to avoid a reduction in plan benefits or the imposition of any excise tax, that any such plan is or has been funded at a rate less than that required under Section 412 of the Code, that any such plan is or may be terminated, or that any such plan is or may become insolvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.10</u> **<u>Investment Company Act</u>**. The Borrower is a closed-end, non-diversified, management company, as such terms are used in the 1940 Act. The Borrower is duly registered as such with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.11</u> **<u>Investment Adviser</u>**. Under the Investment Advisory Agreement and subject to the supervision of the Board of Trustees of the Borrower, the Investment Adviser (a) is responsible for the day to day operations of the Borrower and oversees all investment decisions for the Borrower and (b) has the authority to act on behalf of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.12</u> **<u>Compliance with Laws</u>**. Each Loan Party is in compliance in all material respects with the requirements of all laws and all orders, writs, injunctions and decrees applicable to it or to its properties, except in such instances in which **<u>(a)</u>** such requirement of law or order, writ, injunction or decree is being contested in good faith by appropriate proceedings diligently conducted or **<u>(b)</u>** the failure to comply therewith, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.13</u> **<u>Regulation U</u>**. Borrower is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.14</u> **<u>Taxes</u>**. Each Loan Party has filed all Tax returns and reports required by law to have been filed by it and has paid all U.S. federal and other material Taxes and governmental charges due and payable with respect to such return or otherwise owing by a Loan Party, except any such Taxes which are being diligently contested in good faith by appropriate proceedings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.15</u> **<u>Solvency, etc</u>**. On the Closing Date, and immediately prior to and after giving effect to each borrowing hereunder and the use of the proceeds thereof, with respect to each Loan Party, individually , (a) the fair value of its assets is greater than the amount of its liabilities (including disputed, contingent and unliquidated liabilities) as such value is established and liabilities evaluated in accordance with GAAP, (b) the present fair saleable value of its assets is not less than the amount that will be required to pay the probable liability on its debts as they become absolute and matured, (c) it is able to realize upon its assets and pay its debts and other liabilities (including disputed, contingent and unliquidated liabilities) as they mature in the normal course of business, (d) it does not intend to, and does not believe that it will, incur debts or liabilities beyond its ability to pay as such debts and liabilities mature and (e) it is not engaged in business or a transaction, and is not about to engage in business or a transaction, for which its property would constitute unreasonably small capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.16</u> **<u>Environmental Matters</u>**. Each Loan Party is in compliance with all Environmental Laws, except such non-compliance which could not (if enforced in accordance with Applicable Law) reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect. Each Loan Party has obtained, and maintained in good standing, all licenses, permits, authorizations, registrations and other approvals required under any Environmental Law and required for their respective ordinary course operations, and for their reasonably anticipated future operations, and each Loan Party is in compliance with all terms and conditions thereof, except where the failure to do so could not reasonably be expected to result in material liability to any Loan Party and could not reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect. No Loan Party or any of its properties or operations is subject to, or reasonably anticipates the issuance of, any written order from or agreement with any Governmental Authority, nor subject to any judicial or docketed administrative or other proceeding, respecting any Environmental Law, Environmental Claim or Hazardous Substance that could reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect. There are no Hazardous Substances or other conditions or circumstances existing with respect to any property, arising from operations prior to the Closing Date, or relating to any waste disposal, of any Loan Party that would reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect. No Loan Party has any underground storage tanks that are not properly registered or permitted under applicable Environmental Laws or that at any time have released, leaked, disposed of or otherwise discharged Hazardous Substances that could reasonably be expected to result, either individually or in the aggregate, in a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.17</u> <u>Insurance</u>. Each Loan Party maintain insurance required by <u>Section 10.3(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.18</u> **<u>Information</u>**. All written information heretofore or contemporaneously herewith furnished in writing by any Loan Party to Agent or any Lender for purposes of or in connection with this Agreement and the transactions contemplated hereby is, true and accurate in every material respect on the date as of which such information is dated or certified, in each case as modified or supplemented from time to time by other information so furnished, and none of such information is or will be incomplete by omitting to state any material fact necessary to make such information not misleading in light of the circumstances under which made (it being recognized by Agent and the Lenders that any projections and forecasts provided by Borrower are based on good faith estimates and assumptions believed by Borrower to be reasonable as of the date of the applicable projections or assumptions and that actual results during the period or periods covered by any such projections and forecasts may differ from projected or forecasted results).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.19</u> **[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.20</u> **[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.21</u> <u>[Reserved]</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.22</u> <u>Patriot Act; Sanctions; Anti-Corruption; Beneficial Ownership</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Sanctions and Patriot Act. Each of Borrower and its Subsidiaries is in compliance with (i) Sanctions laws and regulations, including but not limited to the Trading with the Enemy Act, as amended, and each of OFAC regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended), and any other enabling legislation or executive order relating thereto, and (ii) the Patriot Act (to the extent applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Sanctioned Persons. None of Borrower, any of its Subsidiaries or, to the knowledge of Borrower, any director, officer, employee, agent or Affiliate of Borrower or any of its Subsidiaries is an individual or entity ("Person") that is, or is owned or controlled by Persons that are: (i) the subject or target of any sanctions administered or enforced by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC"), the U.S. Department of State, the United Nations Security Council, the European Union, His Majesty's Treasury , or other relevant Sanctions, or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions (including, currently, Cuba, Iran, North Korea, and occupied regions of Ukraine Crimea, Donetsk People's Republic (DNR) and Luhansk People's Republic).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** Dealings with Sanctioned Persons. For the past five years, neither Borrower nor any of Borrower's Subsidiaries have knowingly engaged in, or is now knowingly engaged in any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was, or whose government is or was, the subject of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** Anti-Corruption Laws. Borrower and its Subsidiaries, and to the knowledge of Borrower, their respective directors, officers, employees and agents, are in compliance with the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (the "FCPA") and any other applicable anti-corruption law in all material respects. Borrower and its Subsidiaries have instituted and maintain internal controls, training, policies, and procedures designed to ensure continued compliance with applicable Sanctions, the FCPA, and any other applicable anti-corruption laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(e)</u>** Certificate of Beneficial Ownership. As of Closing Date, the information contained in the Certificate of Beneficial Ownership is true, correct and complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.23</u> <u>**Eligible Investments and Eligible Cash**</u>. All investments and cash included in the Borrowing Base constitute Eligible Cash and Eligible Investments, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>9.24</u> **<u>Permitted Manager Change of Control</u>**. In connection with any Permitted Manager Change of Control, Borrower hereby represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** The Investment Advisory Agreement executed by FCA was or will be concurrently with the consummation thereof, duly assigned to the applicable Permitted Replacement Adviser and shall remain in full force and effect after giving effect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** The applicable Permitted Replacement Adviser is a wholly-owned Subsidiary of FCA that has complied with all applicable requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** A true and correct copy of each of (i) the pro forma organizational chart reflecting the Permitted Manager Change of Control and (ii) the resolutions authorizing the Permitted Manager Change of Control, in each case, have been delivered to the Agent on or prior to the consummation thereof and there have been no changes or modifications thereto since the date of such delivery (and the delivery thereof to Agent shall be deemed a representation and warranty with respect to the accuracy thereof).

**SECTION 10.**

**<u>AFFIRMATIVE COVENANTS.</u>**

Until the expiration or termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents (other than contingent indemnification obligations for which no claim has been made) are paid in full, each Loan Party agrees that, unless at any time the Required Lenders shall otherwise expressly consent in writing, it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.1</u> **<u>Reports, Certificates and Other Information</u>**. Furnish to Agent and each Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Annual Report. Promptly when available and in any event within ninety (90) days after the close of each Fiscal Year, a copy of the annual audit report of FREIF and its Subsidiaries for such Fiscal Year, including therein consolidated balance sheets and statements of earnings and cash flows of FREIF and its Subsidiaries as at the end of such Fiscal Year, certified without adverse reference to going concern value and without qualification by independent auditors of recognized standing selected by FREIF and reasonably acceptable to Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Interim Reports. Promptly when available and in any event within forty-five (45) days after the end of the first three (3) Fiscal Quarters of each Fiscal Year, consolidated balance sheets of FREIF and its Subsidiaries as of the end of such Fiscal Quarter, together with consolidated statements of earnings and cash flows for such Fiscal Quarter and for the period beginning with the first day of such Fiscal Year and ending on the last day of such Fiscal Quarter, together with a comparison with the corresponding period of the previous Fiscal Year, certified by a Responsible Officer of FREIF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** Compliance Certificates. Within thirty (30) days of the end of each calendar month or, in the case of any calendar month which is the last calendar month of a Fiscal Year or a Fiscal Quarter, simultaneously with the reports delivered pursuant to Section 10.1(a) and (b), a duly completed compliance certificate in the form of <u>Exhibit B</u>, with appropriate insertions, dated the last day of the applicable calendar month, and signed by a Responsible Officer of FREIF, containing a computation of the financial covenants set forth in <u>Section 11.14</u>, in each case, and a certification to the effect that such officer has not become aware of any Default or Event of Default that has occurred and is continuing or, if there is any such event, describing it and the steps, if any, being taken to cure it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** Borrowing Base Certificates. (i) Simultaneously with each Notice of Borrowing pursuant to <u>Section 12.2</u> and (ii) otherwise within thirty (30) days of the end of each calendar month, a Borrowing Base Certificate dated as of the end of such calendar month and executed by a Responsible Officer of Borrower (<u>provided</u> that **<u>(i)</u>** Borrower may deliver a Borrowing Base Certificate more frequently if it chooses and **<u>(ii)</u>** at any time an Event of Default exists, Agent may, in its reasonable discretion, require Borrower to deliver Borrowing Base Certificates more frequently).

**<u>(e</u>)** Notice of Default, Litigation, ERISA and other Matters. Promptly upon becoming aware of any of the following, written notice describing the same and the steps being taken by the applicable Loan Party or the Subsidiary affected thereby with respect thereto:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>(i)</u>** the occurrence of a Default or an Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** any litigation, arbitration or governmental investigation or proceeding not previously disclosed by any Loan Party to the Lenders which has been instituted against any Loan Party or, to the knowledge of any Loan Party, is threatened against any Loan Party or to which any of the properties of any thereof is subject which might reasonably be expected to have a Material Adverse Effect;

**<u>(iii</u>)** the institution of any steps by any member of the Controlled Group or any other Person to terminate any Pension Plan, or the failure of any member of the Controlled Group to make a required contribution to any Pension Plan (if such failure is sufficient to give rise to a Lien under Section 303(k) of ERISA or Section 430(k) of the Code) or to any Multiemployer Pension Plan, or the taking of any action with respect to a Pension Plan which could result in the requirement that a Loan Party furnish a bond or other security to the PBGC or such Pension Plan, or the occurrence of any event with respect to any Plan or Multiemployer Pension Plan which could result in the incurrence by any member of the Controlled Group of any material liability, fine or penalty (including any claim or demand for withdrawal liability or partial withdrawal from any Multiemployer Pension Plan), or any material increase in the contingent liability of a Loan Party with respect to any post-retirement welfare benefit plan or other Plan, any notice that any Multiemployer Pension Plan is in reorganization, that increased contributions may be required to avoid a reduction in plan benefits or the imposition of an excise tax, that any such plan is or has been funded at a rate less than that required under Section 412 of the Code, that any such plan is or may be terminated, or that any such plan is or may become insolvent the receipt of any notice from a Governmental Authority that any Plan intended to be qualified under Section 401 of the Code is not so qualified or that damages, fines, excise taxes, or penalties may be imposed on any Loan Party with respect to a Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iv)</u>** any other event (including (A) any violation of any Environmental Law by any Loan Party or the assertion of any Environmental Claim against any Loan Party which might reasonably be expected to have a Material Adverse Effect or (B) the enactment or effectiveness of any law, rule or regulation which might reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>(v)</u>** the occurrence of any Specified Obligor Event of Default; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(vi)</u>** (x) the dismissal, resignation or removal of FCA or its applicable replacement as the investment adviser of the Borrower or the fund administrator or (y) the delivery of notice by any party to terminate the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>(f)</u>** [Reserved**]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(g)</u>** Certificate of Beneficial Ownership. (i) Promptly after any change in the individual(s) identified as a beneficial owner in the Certificate of Beneficial Ownership that would result in a change to the list of beneficial owners identified therein and upon the written request of Agent, an updated Certificate of Beneficial Ownership in form and substance reasonably acceptable to Agent and, (ii) promptly from time to time, such other information and documentation related to compliance with applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation, as any Lender (through Agent) or Agent may reasonably request.

**<u>(h</u>)** Investor Reports. Promptly upon Agent's written request, copies of all publicly available financial statements, proxy statements, reports, and other materials filed by FREIF with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** Other Information. Promptly from time to time, such other information concerning the Loan Parties, their properties or business, as any Lender (through Agent) or Agent may reasonably request.

Documents required to be delivered pursuant to <u>Section 10.01(a)</u> or <u>(b)</u> or <u>Section 10.01(j)</u> (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which FRIEF posts such documents, or provides a link thereto on FREIF's website on the Internet; or (ii) on which such documents are posted on FREIF's behalf on an Internet or intranet website, if any, to which each Lender and Agent have access (whether a commercial, third-party website or whether sponsored by Agent); <u>provided</u> that: FREIF shall deliver paper copies of such documents to Agent if Agent or any Lender (through Agent) requests FREIF to deliver such paper copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.2</u> **<u>Books, Records and Inspections</u>**. Keep proper books and records sufficient to allow the preparation of financial statements in accordance with GAAP; permit Agent (who may be accompanied by any Lender) or any representative thereof to inspect the properties and operations of the Loan Parties; and permit any Lender or Agent or any representative thereof to visit any or all of its offices, to discuss its financial matters with its officers and, upon reasonable request of Agent, its independent auditors (and each Loan Party hereby authorizes such independent auditors to discuss such financial matters with any Lender or Agent or any representative thereof so long as a Loan Party is present during such discussion), and to examine (and, at the expense of the Loan Parties, photocopy extracts from) any of its books or other records; and permit Agent and its representatives to inspect the other tangible assets of the Loan Parties, to perform appraisals of the Assets, and to inspect, audit, check and make copies of and extracts from the books, records, computer data, computer programs, journals, orders, receipts, correspondence and other data relating to the Assets, in each case of the foregoing, once per calendar year at regular business hours and upon reasonable prior notice to such Loan Party; provided that upon the occurrence and during the continuance of an Event of Default, Agent may do any of the foregoing more frequenty; provided further that unless a Material Event of Default has occurred and is continuing, all expenses in connection with any such inspection during an Event of Default under this Section 10.2 shall be borne by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.3</u> <u>Maintenance of Property; Insurance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Keep all property owned by it that is useful and necessary in its business in good working order and condition, ordinary wear and tear excepted, except where failure to comply could not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Maintain, with responsible insurance companies, such insurance coverage to such extent and against such hazards and liabilities, as is customarily maintained by companies similarly situated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.4</u> **<u>Compliance with Laws; Payment of Taxes and Liabilities</u>**. **<u>(a)</u>** Comply in all material respects with all Applicable Laws, rules, regulations, decrees, orders, judgments, licenses and permits, except where failure to comply could not reasonably be expected to have a Material Adverse Effect; **<u>(b)</u>** without limiting <u>clause (a)</u> above, comply with all Sanctions, **<u>(c)</u>** comply with applicable anti-money laundering laws, including but not limited to the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq. and Patriot Act, and **<u>(d)</u>** pay, and cause each other Loan Party to pay, prior to delinquency, all U.S. federal and other material Taxes and other governmental charges against it or any of its property as well as claims of any kind which, if unpaid, could become a Lien on any of its property (except as permitted under <u>Section 11.2</u>); <u>provided</u> that the foregoing shall not require any Loan Party to pay any such Tax, charge or claim so long as it shall contest the validity thereof in good faith by appropriate proceedings and shall set aside on its books adequate reserves with respect thereto in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.5</u> <u>**Maintenance of Existence, etc**</u>. Maintain and preserve (subject to <u>Section</u> 11.5) **<u>(a)</u>** its existence and good standing in the jurisdiction of its organization; **<u>(b)</u>** its qualification to do business and good standing in each jurisdiction where the nature of its business makes such qualification necessary (other than such jurisdictions in which the failure to be qualified or in good standing could not reasonably be expected to have a Material Adverse Effect); and **<u>(c)</u>** maintain and operate the business of FREIF in accordance with the Registration Statement and its Fundamental Investment Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.6</u> **<u>Use of Proceeds</u>**. Use the proceeds of the Loans, solely to fund the purchase of Eligible Investments, for working capital purposes and for other general corporate purposes. No part of the proceeds of the Loan will be **<u>(a)</u>** used for the purpose of purchasing or acquiring any "margin stock" within the meaning of Regulations T, U or X of the Board of Governors of the Federal Reserve System, or to reduce or retire any obligation originally incurred to purchase any margin stock, or for any other purpose which would be inconsistent with such Regulations T, U or X or any other regulations of the Board of Governors; **<u>(b)</u>** used, lent, contributed or otherwise made available to any Person **<u>(i)</u>** to fund any activities of business of or with any Person, or in any country or territory, that at the time of such funding is the subject of Sanctions, or **<u>(ii)</u>** in any manner that would result in a violation of Sanctions by any Person or **<u>(iii)</u>** in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of the FCPA or any other applicable anti-corruption law or is a facilitation payment to any government official; or **<u>(c)</u>** used for any purposes prohibited by any Applicable Laws or by the terms and conditions of this Agreement or any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.7</u><u> </u> **<u>Employee Benefit Plans</u>**<u>.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Maintain, and cause each other member of the Controlled Group to maintain, each Plan in substantial compliance with all applicable requirements of law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Make, and cause each other member of the Controlled Group to make, on a timely basis, all required contributions to any Multiemployer Pension Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** Not, and not permit any other member of the Controlled Group to (i) seek a waiver of the minimum funding standards of ERISA, (ii) terminate or withdraw from any Pension Plan or Multiemployer Pension Plan or (iii) take any other action with respect to any Pension Plan that would reasonably be expected to entitle the PBGC to terminate, impose liability in respect of, or cause a trustee to be appointed to administer, any Pension Plan, unless the actions or events described in clauses (i), (ii) and (iii) individually or in the aggregate would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.8</u> <u>**Environmental Matters**</u>. If any release or threatened release or other disposal of Hazardous Substances shall occur or shall have occurred on any real property of any Loan Party, cause the prompt containment and removal of such Hazardous Substances and the remediation of such real property or other assets as necessary to comply with all Environmental Laws and to preserve the value of such real property or other assets, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect. Without limiting the generality of the foregoing, each Loan Party shall comply with any Federal or state judicial or administrative order requiring the performance at any real property of any Loan Party of activities in response to the release or threatened release of a Hazardous Substance, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.9</u> <u>**Further Assurances**</u>. Take such actions as are necessary or as Agent may reasonably request from time to time to ensure that the Obligations of each Loan Party under the Loan Documents are secured by a first priority perfected Lien in favor of Agent (subject to Permitted Liens) on all Collateral, in each case as Agent may in its reasonable discretion determine, including, as applicable, the execution and delivery of security agreements, pledge agreements, financing statements and other documents, and the filing or recording of any of the foregoing. In furtherance of the foregoing, in the event FREIF forms any Subsidiary after the Closing Date for purposes of acquiring any Eligible Investment to be included in the Borrowing Base, FREIF shall cause such Subsidiary to become a Borrower or Guarantor hereunder on terms and conditions to be agreed by Agent and FREIF within ninety (90) days of the formation thereof, it being understood and agreed that the assets of such Subsidiary shall not be included in the Borrowing Base unless and until such time such Subsidiary becomes a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>10.10</u> <u>**Permitted Replacement Adviser**</u>. In connection with any Permitted Manager Change of Control, the applicable Permitted Replacement Adviser shall promptly provide all information and documentation related to compliance with applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation, as any Lender (through Agent) or Agent may request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>10.11</u><u> </u> <u>**Independent Valuation**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** After the occurrence and during the continuance of an Event of Default, the Agent may in its sole discretion engage a third-party valuation adviser acceptable to the Agent (such advisor, the "**<u>Valuation Adviser</u>**") to value the Eligible Investments included in the Borrowing Base (the "**<u>Independent Valuation</u>**"). Borrower shall be responsible for the reasonable and documented out-of-pocket expenses with respect to each Independent Valuation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** If the value of the Eligible Investments determined by the Valuation Adviser pursuant to Section 10.11(a) is less than the value determined by the Loan Parties, then the value determined pursuant to Section 10.11(a) shall be used as the Value for purposes of the Borrowing Base until such time as Agent agrees to use a different value based on updated valuations provided by the Borrower.

**SECTION 11.**

**<u>NEGATIVE COVENANTS.</u>**

Until the expiration or termination of the Commitments and thereafter until all Obligations hereunder and under the other Loan Documents (other than contingent indemnification obligations for which no claim has been made) are paid in full, each Loan Party agrees that, unless at any time the Required Lenders shall otherwise expressly consent in writing, it will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.1</u> <u>**Debt**</u>. Not create, incur, assume or suffer to exist any Debt (excluding, for the avoidance of doubt, any Debt of any Subsidiary subject to the limitation of the 1940 Act), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>(a)</u>** Obligations under this Agreement and the other Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>(b)</u>** Hedging Obligations for bona fide hedging purposes and not for speculation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>(c)</u>** customary non-recourse carveout guarantees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** Debt in respect of performance bonds, bid bonds, appeal bonds, surety bonds and completion guarantees and similar obligations not in connection with money borrowed, in each case provided in the ordinary course of business, including those incurred to secure health, safety and environmental obligations in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(e)</u>** Debt (i) resulting from a bank or other financial institution honoring a check, draft or similar instrument in the ordinary course of business or (ii) arising under or in connection with cash management services in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>(f)</u>** Debt consisting of the financing of insurance premiums payable within one (1)

year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>(g)</u>** obligations for Taxes, assessments and municipal or other governmental charges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.2</u> <u>**Liens**</u>. Not create or permit to exist any Lien on any of its real or personal properties, assets or rights of whatsoever nature (whether now owned or hereafter acquired), except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>(a)</u>** Liens created under the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Liens for taxes, assessments and municipal or other governmental charges not at the time delinquent or thereafter payable without penalty or being diligently contested in good faith by appropriate proceedings and, in each case, for which it maintains adequate reserves in accordance with GAAP and the execution or other enforcement of which is effectively stayed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** carriers', warehousemen's, mechanic', materialmen's, repairmen's or other like Liens arising in the ordinary course of business that are not overdue for a period of more than sixty (60) days or that are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** deposits to secure the performance of bids, trade contracts and leases (other than Debt), statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(e)</u>** Liens securing judgments for the payment of money not constituting an Event of Default under <u>Section 13.01(g)</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(f)</u>** Liens (i) of a collecting bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection, and (ii) in favor of a banking institution arising as a matter of law encumbering deposits (including the right of setoff) that are customary in the banking industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(g)</u>** any interest or title of a lessor, sublessor, licensor or sublicensor under leases or licenses that are entered into in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(h)</u>** leases, licenses, subleases or sublicenses granted to others in the ordinary course of business that do not (i) interfere in any material respect with the ordinary conduct of the business of Borrower, or (ii) secure any Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** attachments, appeal bonds, judgments and other similar Liens, for sums not exceeding $500,000 arising in connection with court proceedings, provided the execution or other enforcement of such Liens is effectively stayed and the claims secured thereby are being actively contested in good faith and by appropriate proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(j)</u>** easements, rights of way, restrictions, minor defects or irregularities in title and other similar Liens, including any zoning or similar law or right reserved to or vested in any Governmental Authority, not interfering in any material respect with the ordinary conduct of the business of any Loan Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(k)</u>** Liens arising solely by virtue of any statutory, common law or contractual provision relating to banker's liens, rights of set-off or similar rights or remedies as to deposit accounts or securities accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(l)</u>** pledges or deposits in connection with workers' compensation, unemployment insurance and other social security legislation (other than any Lien imposed by ERISA) and deposits securing liability to insurance carriers under insurance or self-insurance arrangements or public utility services provided to Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.3</u> <u>**Access to Collateral Account**</u>. Not make any withdrawal or transfer of funds from the Collateral Account if a Rebalancing Event or an Event of Default has occurred and is continuing or would result therefrom, except for any withdrawals solely for the purposes of paying the Obligations. For the avoidance of doubt, unless and until a Rebalancing Event or an Event of Default has occurred and is continuing, Borrower shall have full access to the Collateral Account, and shall be permitted to direct the disposition of funds to and from the Deposit Account in its sole discretion without consent from or notice to Agent or any Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.4</u> <u>**Restricted Payments**</u>. Not **<u>(a)</u>** make any distribution to any holders of its Capital Securities, **<u>(b)</u>** purchase or redeem any of its Capital Securities, **<u>(c)</u>** pay any advisory fees, management fees or similar fees to any of its equity holders or any Affiliate, **<u>(d)</u>** make any redemption, prepayment (whether mandatory or optional), defeasance, repurchase or any other payment in respect of any Debt that is subordinated to the Obligations or **<u>(e)</u>** set aside funds for any of the foregoing (each, a "**<u>Restricted Payment</u>**"). Notwithstanding the foregoing, the Loan Parties shall be permitted to (a) make Restricted Payments (other than advisory fees, management fees or similar fees) so long as both before and after giving effect thereto, no Rebalancing Event or Event of Default has occurred and is continuing or would result therefrom and (b) pay advisory fees, management fees or similar fees so long as both before and after giving effect thereto, no Rebalancing Event or Event of Default under Sections 13.1(a), (c) or (h) (each, a "**<u>Material Event of Default</u>**") has occurred and is continuing or would result therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.5</u> **Mergers, Consolidations, Sales**. Not **<u>(a)</u>** be a party to any merger or consolidation or <u>(b)</u> sell, transfer, dispose of, convey or lease any of its assets or Capital Securities (including the sale of Capital Securities of any Subsidiary) which is part of the Collateral or credited to the Collateral Account unless no Rebalancing Event or Event of Default has occurred and is continuing or would result therefrom; provided that, during the continuance of an Event of Default, to the extent any Loan Party sells, transfers or otherwise disposes of any Collateral, the net cash proceeds received with respect thereto shall be applied to repay the Obligations within three (3) Business Days of receipt thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.6</u> <u>**Modification of Organizational Documents**</u>. Not (a) amend or modify its charter, by-laws or other organizational documents in any way which could reasonably be expected to materially adversely affect the interests of the Lenders without prior written consent from Agent; provided that notwithstanding the foregoing, Borrower may amend or modify its Fundamental Investment Policies so long as Borrower provides at least sixty (60) days' prior written notice (each, a "**Notice of Modification**") to Agent of such amendment or modification; provided further that if, within fifteen (15) Business Days of Agent's receipt of any Notice of Modification, the Required Lenders do not approve such amendment or modification, Agent may terminate this Agreement upon five (5) Business Days' prior written notice to the Borrower, after which time, all Commitments hereunder shall immediately terminate and the Loans and all other Obligations hereunder shall become immediately due and payable or (b) change its state of formation or its organizational form, without prior written consent from Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.7</u> <u>**Transactions with Affiliates**</u>. Not enter into, or cause, suffer or permit to exist any transaction, arrangement or contract with any of its other Affiliates (other than the Loan Parties), **<u>(a)</u>** which is prohibited by the 1940 Act or **<u>(b)</u>** which is on terms that are less favorable than are obtainable from any Person which is not one of its Affiliates, except as otherwise permitted under such Loan Party's organizational documents; provided that the foregoing shall not prohibit the payment of advisory fees, management fees or similar fees permitted to be paid by Section 11.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.8</u> **<u>[Reserved]</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.9</u> **<u>Inconsistent Agreements</u>**. Not enter into any agreement containing any provision which would be violated or breached by any borrowing by Borrower hereunder or by the performance by any Loan Party of any of its obligations hereunder or under any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.10</u> <u>**Business Activities**</u>. Engage at any time in any business other than as permitted by the Registration Statement, including making Investments permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.11</u> <u>**Investments**</u>. Not make or permit to exist any Investment in any other Person, except Permitted Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.12</u> **<u>[Reserved]</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.13</u>  **<u>Fiscal Year</u>**. Not change its Fiscal Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.14</u>  **<u>Financial Covenants</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Debt Service Coverage Ratio. Not permit the Debt Service Coverage Ratio for any Computation Period to be less than 3.00:1.00 for such Computation Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Net Asset Value. Not permit the Net Asset Value of Borrower at any time to be less than the greater of (a) $100,000,000 and (b) 50% of the sum of (i) the aggregate value of the issued and outstanding shares of the Borrower at such time and (ii) and any capital contributions received by Borrower from its shareholders at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** Minimum Liquidity. Not permit the value of the Liquid Assets of Borrower to be less than 3.00x the Revolving Commitment at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** Asset Coverage Ratio. Not permit the Asset Coverage Ratio to be less than 300% at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>11.15</u> <u>**Negative Pledge**</u>. No Loan Party shall create, incur, assume or suffer to exist any mortgage, deed of trust, pledge, lien, security interest, hypothecation, collateral assignment, charge or encumbrance of any nature, upon or with respect to such Loan Party or any of their respective assets or Investments, whether by voluntary action or operation of law, except for (i) Permitted Liens, (ii) customary liens on the equity interests of any Subsidiary of any Loan Party incurred in connection with a financing thereof and/or (iii) liens in favor of Agent

**SECTION 12.**

**<u>EFFECTIVENESS; CONDITIONS OF LENDING, ETC.</u>**

The obligation of each Lender to make its Loans is subject to the following conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>12.1</u> <u>**Initial Credit Extension**</u>. The effectiveness of this Agreement and the obligation of the Lenders to make any initial Loans is, in addition to the conditions precedent specified in <u>Section</u> 12.2, subject to the following conditions precedent, each of which must be satisfied in a manner satisfactory to Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Documentation. Agent shall have received all of the following, each duly executed and dated the Closing Date (or such earlier date as shall be satisfactory to Agent), in form and substance satisfactory to Agent (and the date on which all such conditions precedent have been satisfied or waived in writing by Agent and the Lenders is called the "**<u>Closing Date</u>**"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u> <u>Agreements and Notes</u>**. This Agreement, the Pledge Agreement, the FCA Guarantee, the Control Agreement with respect to the Collateral Account, and, to the extent requested by any Lender, a Note made payable to such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u> <u>Authorization Documents</u>**. For each Loan Party, such Person's **<u>(A)</u>** charter (or similar formation document), certified by the appropriate Governmental Authority; **<u>(B)</u>** good standing certificates in its state of incorporation (or formation) ; **<u>(C)</u>** bylaws (or similar governing document); **<u>(D)</u>** resolutions of its board of directors (or similar governing body) approving and authorizing such Person's execution, delivery and performance of the Loan Documents to which it is party and the transactions contemplated thereby; and **<u>(E)</u>** signature and incumbency certificates of its officers executing any of the Loan Documents (it being understood that Agent and each Lender may conclusively rely on each such certificate until formally advised by a like certificate of any changes therein), all certified by its secretary or an assistant secretary (or similar officer) as being in full force and effect without modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iii)</u> <u>Consents, etc</u>**. Certified copies of all documents evidencing any necessary corporate or partnership action, consents and governmental approvals (if any) required for the execution, delivery and performance by the Loan Parties of the documents referred to in this <u>Section 12</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iv)</u> <u>Opinions of Counsel</u>**. Customary opinions of counsel for each Loan Party, including local counsel reasonably requested by Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(v)</u> <u>Payment of Fees</u>**. Evidence of payment by Borrower of all accrued, documented and unpaid fees, costs and expenses to the extent then due and payable on the Closing Date, together with all Attorney Costs of Agent to the extent invoiced prior to the Closing Date, <u>plus</u> such additional amounts of Attorney Costs as shall constitute Agent's reasonable estimate of Attorney Costs incurred or to be incurred by Agent through the closing proceedings (<u>provided</u> that such estimate shall not thereafter preclude final settling of accounts between Borrower and Agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(vi)</u> <u>Solvency Certificate</u>**. A Solvency Certificate executed by a Responsible Officer of Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(vii)</u> <u>Compliance Certificate</u>**. An executed and duly completed Compliance Certificate demonstrating pro forma compliance with all financial covenants set forth in <u>Section 11.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(viii)</u> <u>Borrowing Base Certificate</u>**. A Borrowing Base Certificate dated as of the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ix)</u> <u>Search Results; Lien Terminations</u>**. Certified copies of Uniform Commercial Code search reports dated a date reasonably near to the Closing Date, listing all effective financing statements which name any Loan Party (under their present names and any previous names) as debtors, together with copies of Uniform Commercial Code termination statements and other payoff documentation as Agent may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(x)</u> <u>Certificate of Beneficial Ownership</u>**. At least three (3) days prior to the Closing Date, a Certificate of Beneficial Ownership containing information required by the Beneficial Ownership Regulation with respect to Borrower, addressed to Agent and to each Lender that so requests delivery of such certificate at least ten (10) Business Days prior to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(xi)</u> <u>Other</u>**. Such other documents as Agent or any Lender may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>12.2</u> <u>**Conditions**</u>. The obligation of each Lender to make each Loan is subject to the following further conditions precedent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Compliance with Warranties, No Default, etc. Both before and after giving effect to any borrowing, the following statements shall be true and correct:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** Borrower shall have delivered a duly completed Notice of Borrowing and Borrowing Base Certificate to Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** the representations and warranties of each Loan Party set forth in this Agreement and the other Loan Documents shall be true and correct in all material respects (without duplication of any materiality qualification contained therein) with the same effect as if then made (except to the extent stated to relate to a specific earlier date, in which case such representations and warranties shall be true and correct in all material respects (or all respects if already qualified by materiality) as of such earlier date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iii)</u>** no Default or Event of Default shall have then occurred and be continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>(iv)</u>** the Loan Parties are in compliance with the financial covenants set forth in <u>Section 11.14</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Confirmation. Each request by Borrower for the making of a Loan shall be deemed to constitute a representation and warranty by Borrower that the conditions precedent set forth in <u>Section</u> 12.2(a) will be satisfied at the time of the making of such Loan).

**SECTION 13.**

**<u>EVENTS OF DEFAULT AND THEIR EFFECT.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>13.1</u> <u>**Events of Default**</u>. Each of the following shall constitute an Event of Default under this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u> <u>Non-Payment of the Loans, etc</u>**. Default in the payment when due of the principal of any Loan; or default, and continuance thereof for three (3) days, in the payment when due of any interest, fee, or other amount payable by Borrower hereunder or under any other Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u> <u>Non-Payment of Other Debt</u>**. Any default shall occur under the terms applicable to any Debt of any Loan Party in an aggregate amount (for all such Debt so affected and including undrawn committed or available amounts and amounts owing to all creditors under any combined or syndicated credit arrangement) exceeding $2,000,000 and such default shall **<u>(i)</u>** consist of the failure to pay such Debt when due, whether by acceleration or otherwise, or **<u>(ii)</u>** accelerate the maturity of such Debt or permit the holder or holders thereof, or any trustee or agent for such holder or holders, to cause such Debt to become due and payable (or require any Loan Party to purchase or redeem such Debt or post cash collateral in respect thereof) prior to its expressed maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u> <u>Bankruptcy, Insolvency, etc</u>**. Any Loan Party, FCA or any other Investment Adviser (each, a "**<u>Specified Party</u>**") generally fails to pay, or admits in writing its inability to pay, debts as they become due; or any Specified Party applies for, consents to, or acquiesces in the appointment of a trustee, receiver or other custodian for such Specified Party or a substantial part of the property thereof, or makes a general assignment for the benefit of creditors; or, in the absence of such application, consent or acquiescence, a trustee, receiver or other custodian is appointed for any Specified Party or for a substantial part of the property of any thereof and is not discharged within sixty (60) days; or any bankruptcy, reorganization, debt arrangement, or other case or proceeding under any bankruptcy or insolvency law, or any dissolution or liquidation proceeding, is commenced in respect of any Specified Party, and if such case or proceeding is not commenced by such Specified Party, it is consented to or acquiesced in by such Specified Party, or remains for sixty (60) days undismissed or any Specified Party takes any corporate governance action to authorize any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u> <u>Non-Compliance with Loan Documents</u>**. **<u>(i)</u>** Failure by any Loan Party to comply with or to perform any covenant set forth in Sections 10.1(a), 10.1(b), 10.1(c), 10.1(d), 10.1(e)(i), 10.5, 10.6 or Section 11; **<u>(ii)</u>** failure by FCA to comply with or to perform any covenant set forth in the FCA Guarantee (other than any payment obligation thereunder) and continuance of such failure described in this <u>clause (ii)</u> for 30 days or **<u>(iii)</u>** failure by any Loan Party to comply with or to perform any other provision of this Agreement or any other Loan Document (and not constituting an Event of Default under any other provision of this <u>SECTION 13</u>) and continuance of such failure described in this <u>clause (iii)</u> for thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(e)</u> <u>Representations; Warranties</u>**. Any representation or warranty made by any Loan Party or FCA herein or any other Loan Document is breached or is false or misleading in any material respect, or any schedule, certificate, financial statement, report, notice or other writing furnished by any Loan Party to Agent or any Lender in connection herewith is false or misleading in any material respect on the date as of which the facts therein set forth are stated or certified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(f)</u> <u>Pension Plans; ERISA</u>**. **<u>(A)(i)</u>** Any Person institutes steps to terminate a Pension Plan if as a result of such termination any Loan Party or any member of the Controlled Group could be required to make a contribution to such Pension Plan, or could incur a liability or obligation to such Pension Plan, in excess of $2,000,000; **<u>(ii)</u>** a contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under Section 303(k) of ERISA or 430(i) of the Code; **<u>(iii)</u>** the Unfunded Liability exceeds twenty percent of the Total Plan Liability, or **<u>(iv)</u>** there shall occur any withdrawal or partial withdrawal from a Multiemployer Pension Plan and the withdrawal liability (without unaccrued interest) to Multiemployer Pension Plans as a result of such withdrawal (including any outstanding withdrawal liability that any Loan Party or any member of the Controlled Group have incurred on the date of such withdrawal) exceeds $2,000,000 or **<u>(B)</u>** the assets of Borrower constitute or become assets of a Multiemployer Pension Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(g)</u> <u>Judgments</u>**. Final judgments which exceed an aggregate of $2,000,000 shall be rendered against any Specified Party (to the extent not covered by independent third-party insurance as to which the insurer has not denied coverage) and shall not have been paid, discharged or vacated or had execution thereof stayed pending appeal within thirty (30) days after entry or filing of such judgments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(h)</u> <u>Change of Control</u>**. A Change of Control shall occur.

**<u>(i</u>) <u>1940 Act</u>**. Borrower shall fail to comply with the 1940 Act and such compliance failure, if left unresolved, could reasonably be expected to result in the Borrower ceasing to be registered as an "investment company" under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(j)</u> <u>Failure to Qualify as a REIT</u>**. The Borrower shall fail to qualify as a Real Estate Investment Trust as such is defined in Subchapter M of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>13.2</u> <u>**Effect of Event of Default**</u>. If any Event of Default described in <u>Section 13.1(c)</u> shall occur in respect of Borrower, the Commitments shall immediately terminate and the Loans and all other Obligations hereunder shall become immediately due and payable, all without presentment, demand, protest or notice of any kind; and, if any other Event of Default shall occur and be continuing, Agent may (and, upon the written request of the Required Lenders shall) declare the Commitments to be terminated in whole or in part and/or declare all or any part of the Loans and all other Obligations hereunder to be due and payable, whereupon the Commitments shall immediately terminate (or be reduced, as applicable) and/or the Loans and other Obligations hereunder shall become immediately due and payable (in whole or in part, as applicable), all without presentment, demand, protest or notice of any kind. Agent shall promptly advise Borrower of any such declaration, but failure to do so shall not impair the effect of such declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>13.3</u> **<u>Credit Bidding</u>**. The Loan Parties and the Lenders hereby irrevocably authorize (and by entering into a Bank Product Agreement, each Bank Product provider shall be deemed to authorize) Agent, based upon the instruction of the Required Lenders, to Credit Bid and purchase (either directly or through one or more acquisition vehicles) all or any portion of any collateral pledged pursuant to any Loan Document (and the Loan Parties shall approve Agent as a qualified bidder and such Credit Bid as qualified bid) at any sale thereof conducted by Agent, based upon the instruction of the Required Lenders, under any provisions of the Uniform Commercial Code, as part of any sale or investor solicitation process conducted by any Loan Party, any interim receiver, receiver, receiver and manager, administrative receiver, trustee, agent or other Person pursuant or under any insolvency laws; <u>provided</u>, <u>however</u>, that **<u>(a)</u>** the Required Lenders may not direct Agent in any manner that does not treat each of the Lenders equally, without preference or discrimination, in respect of consideration received as a result of the Credit Bid, **<u>(b)</u>** the acquisition documents shall be commercially reasonable and contain customary protections for minority holders, such as, among other things, anti-dilution and tag-along rights, **<u>(c)</u>** the exchanged debt or equity securities must be freely transferable, without restriction (subject to applicable securities laws) and **<u>(d)</u>** reasonable efforts shall be made to structure the acquisition in a manner that causes the governance documents pertaining thereto to not impose any obligations or liabilities upon the Lenders individually (such as indemnification obligations).

For purposes of the preceding sentence, the term "**<u>Credit Bid</u>**" shall mean, an offer submitted by Agent (on behalf of the Lender group), based upon the instruction of the Required Lenders, to acquire the property of any Loan Party or any portion thereof in exchange for and in full and final satisfaction of all or a portion (as determined by Agent, based upon the instruction of the Required Lenders) of the claims and Obligations under this Agreement and other Loan Documents

**SECTION 14.**

**<u>THE AGENT.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.1</u> **<u>Appointment and Authorization</u>**. Each Lender hereby irrevocably (subject to <u>Section</u> 14.10) appoints, designates and authorizes CIBC Bank USA to take such action on its behalf as Agent under the provisions of this Agreement and each other Loan Document and to exercise such powers and perform such duties as are expressly delegated to it by the terms of this Agreement or any other Loan Document, together with such powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other Loan Document, Agent shall not have any duty or responsibility except those expressly set forth herein, nor shall Agent have or be deemed to have any fiduciary relationship with any Lender or Participant, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan Document or otherwise exist against Agent. Without limiting the generality of the foregoing sentence, the use of the term "agent" herein and in other Loan Documents with reference to Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any Applicable Law regardless of whether a Default has occurred and is continuing. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. Except as otherwise provided in this <u>SECTION 14</u>, the provisions of this <u>SECTION 14</u> are solely for the benefit of Agent and the Lenders, and Borrower shall not have rights as a third-party beneficiary of any of such provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.2</u> **<u>[Reserved]</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.3</u> **<u>Delegation of Duties</u>**. Agent may execute any of its duties under this Agreement or any other Loan Document by or through agents, employees or attorneys-in-fact and shall be entitled to advice of counsel and other consultants or experts concerning all matters pertaining to such duties. Agent shall not be responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects in the absence of a finding by a court of competent jurisdiction in a final and nonappealable judgment that Agent acted with gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.4</u> **<u>Exculpation of Agent</u>**. None of Agent nor any of its directors, officers, employees or agents shall **<u>(a)</u>** be liable for any action taken or omitted to be taken by any of them under or in connection with this Agreement or any other Loan Document or the transactions contemplated hereby (except to the extent resulting from its own gross negligence or willful misconduct in connection with its duties expressly set forth herein as determined by a final, nonappealable judgment by a court of competent jurisdiction), **<u>(b)</u>** not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be expressly provided for herein or in the other Loan Documents); <u>provided</u> that Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose Agent to liability or that is contrary to any Loan Document or applicable Law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any debtor relief law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any debtor relief law or **<u>(c)</u>** be responsible in any manner to any Lender or Participant for any recital, statement, representation or warranty made by any Loan Party or Affiliate of Borrower, or any officer thereof, contained in this Agreement or in any other Loan Document, or in any certificate, report, statement or other document referred to or provided for in, or received by Agent under or in connection with, this Agreement or any other Loan Document, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Agreement or any other Loan Document (or the creation, perfection or priority of any Lien or security interest therein), or for any failure of Borrower or any other party to any Loan Document to perform its Obligations hereunder or thereunder. Agent shall not be under any obligation to any Lender to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of Borrower or any of Borrower's Subsidiaries or Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.5</u> **<u>Reliance by Agent</u>**. Agent shall be entitled to rely, and shall be fully protected in relying, upon any writing, communication, signature, resolution, representation, notice, consent, certificate, electronic mail message, affidavit, letter, telegram, facsimile, telex or telephone message, statement or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons, and upon advice and statements of legal counsel (including counsel to Borrower), independent accountants and other experts selected by Agent. Agent shall be fully justified in failing or refusing to take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate and, if it so requests, confirmation from the Lenders of their obligation to indemnify Agent against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Loan Document in accordance with a request or consent of the Required Lenders and such request and any action taken or failure to act pursuant thereto shall be binding upon each Lender. For purposes of determining compliance with the conditions specified in SECTION 12, each Lender that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless Agent shall have received written notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.6</u> **<u>Notice of Default</u>**. Agent shall not be deemed to have knowledge or notice of the occurrence of any Event of Default or Default except with respect to defaults in the payment of principal, interest and fees required to be paid to Agent for the account of the Lenders, unless Agent shall have received written notice from a Lender or Borrower referring to this Agreement, describing such Event of Default or Default and stating that such notice is a "notice of default". Agent will notify the Lenders of its receipt of any such notice. Agent shall take such action with respect to such Event of Default or Default as may be requested by the Required Lenders in accordance with <u>SECTION 13</u>; <u>provided</u> that unless and until Agent has received any such request, Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Event of Default or Default as it shall deem advisable or in the best interest of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.7</u> **<u>Credit Decision</u>**. Each Lender acknowledges that Agent has not made any representation or warranty to it, and that no act by Agent hereafter taken, including any consent and acceptance of any assignment or review of the affairs of the Loan Parties, shall be deemed to constitute any representation or warranty by Agent to any Lender as to any matter, including whether Agent has disclosed material information in its possession. Each Lender represents to Agent that it has, independently and without reliance upon Agent and based on such documents and information as it has deemed appropriate, made its own appraisal of, and investigation into, the business, prospects, operations, property, financial and other condition and creditworthiness of the Loan Parties, and made its own decision to enter into this Agreement and to extend credit to Borrower hereunder. Each Lender also represents that it will, independently and without reliance upon Agent and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigations as it deems necessary to inform itself as to the business, prospects, operations, property, financial and other condition and creditworthiness of Borrower. Except for notices, reports and other documents expressly herein required to be furnished to the Lenders by Agent, Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, prospects, operations, property, financial or other condition or creditworthiness of Borrower which may come into the possession of Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.8</u> **<u>Indemnification</u>**. Whether or not the transactions contemplated hereby are consummated, each Lender shall indemnify upon demand Agent and its directors, officers, employees and agents (to the extent not reimbursed by or on behalf of Borrower and without limiting the obligation of Borrower to do so), according to its applicable Pro Rata Share, from and against any and all Indemnified Liabilities (as hereinafter defined); <u>provided</u> that no Lender shall be liable for any payment to any such Person of any portion of the Indemnified Liabilities to the extent determined by a final, nonappealable judgment by a court of competent jurisdiction to have resulted from the applicable Person's own gross negligence or willful misconduct. No action taken in accordance with the directions of the Required Lenders shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section. Without limitation of the foregoing, each Lender shall reimburse Agent upon demand for its ratable share of any costs or out-of-pocket expenses (including Attorney Costs and Taxes) incurred by Agent in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, any other Loan Document, or any document contemplated by or referred to herein, to the extent that Agent is not reimbursed for such expenses by or on behalf of Borrower. The undertaking in this Section shall survive repayment of the Loans, cancellation of the Notes, any foreclosure under, or modification, termination of this Agreement or any other Loan Document and the resignation or replacement of Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.9</u> **<u>Agent in Individual Capacity</u>**. CIBC US and its Affiliates may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with the Loan Parties and Affiliates thereof as though CIBC US were not Agent hereunder and without notice to or consent of any Lender. Each Lender acknowledges that, pursuant to such activities, CIBC US or its Affiliates may receive information regarding Borrower or its Affiliates (including information that may be subject to confidentiality obligations in favor of Borrower or such Affiliate) and acknowledge that Agent shall be under no obligation to provide such information to them. With respect to their Loans (if any), CIBC US and its Affiliates shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though CIBC US were not Agent, and the terms "Lender" and "Lenders" include CIBC US and its Affiliates, to the extent applicable, in their individual capacities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.10</u> **<u>Successor Agent</u>**. Agent may resign as Agent upon 30 days' notice to the Lenders. If Agent resigns under this Agreement, the Required Lenders shall, with (so long as no Material Event of Default exists) the consent of Borrower (which shall not be unreasonably withheld or delayed), appoint from among the Lenders a successor agent for the Lenders. If no successor agent is appointed prior to the effective date of the resignation of Agent, Agent may appoint, after consulting with the Lenders and (so long as no Event of Default is then continuing) Borrower, a successor agent from among the Lenders. Upon the acceptance of its appointment as successor agent hereunder, such successor agent shall succeed to all the rights, powers and duties of the retiring Agent and the term "Agent" shall mean such successor agent, and the retiring Agent's appointment, powers and duties as Agent shall be terminated (except for any indemnity payments owed to the retiring or removed Agent). After any retiring Agent's resignation hereunder as Agent, the provisions of this <u>SECTION 14</u> and <u>Section 15.5</u> and <u>Section 15.17</u> shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this Agreement. If no successor agent has accepted appointment as Agent by the date which is 30 days following a retiring Agent's notice of resignation, the retiring Agent's resignation shall nevertheless thereupon become effective and the Lenders shall perform all of the duties of Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. If the Person serving as Agent is a Defaulting Lender pursuant to <u>clause (c)</u> of the definition thereof, the Required Lenders may, to the extent permitted by applicable Law, by notice in writing to Borrower and such Person remove such Person as Agent and, in consultation with Borrower, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days (or such earlier day as shall be agreed by the Required Lenders), then such removal shall nonetheless become effective in accordance with such notice on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.11</u> **<u>Other Matters</u>**. Each Lender authorizes and directs Agent to enter into the other Loan Documents for the benefit of Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by Required Lenders in accordance with the provisions of this Agreement or the other Loan Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.12</u> **<u>Restriction on Actions by Lenders</u>**. Each Lender agrees that it shall not, without the express written consent of Agent, and shall, upon the written request of Agent (to the extent it is lawfully entitled to do so), set off against the Obligations, any amounts owing by such Lender to a Loan Party or any deposit accounts of any Loan Party now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so in writing by Agent, take or cause to be taken, any action, including the commencement of any legal or equitable proceedings to foreclose any loan or to enforce all or any part of this Agreement or the other Loan Documents. All enforcement actions under this Agreement and the other Loan Documents against the Loan Parties or any third party with respect to the Obligations may only be taken by Agent (at the direction of the Required Lenders or as otherwise permitted in this Agreement) or by its agents at the direction of Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.13</u> **<u>Agent May File Proofs of Claim</u>**. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Loan Party, Agent (irrespective of whether the principal of any Loan shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether Agent shall have made any demand on Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of the Lenders and Agent and their respective agents and counsel and all other amounts due the Lenders and Agent under <u>Section 5</u>, <u>Section 15.5</u> and <u>Section 15.17</u>) allowed in such judicial proceedings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender to make such payments to Agent and, in the event that Agent shall consent to the making of such payments directly to the Lenders, to pay to Agent any amount due for the reasonable compensation, expenses, disbursements and advances of Agent and its agents and counsel, and any other amounts due Agent under <u>Section 5</u>, <u>Section 15.5</u> and <u>Section 15.17</u>.

Nothing contained herein shall be deemed to authorize Agent to authorize or consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or to authorize Agent to vote in respect of the claim of any Lender in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.14</u> **<u>Other Agents; Arrangers and Managers</u>**. None of the Lenders or other Persons identified on the facing page or signature pages of this Agreement as a "syndication agent," "documentation agent," "co-agent," "book manager," "lead manager," "arranger," "lead arranger" or "co-arranger", if any, shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than, in the case of such Lenders, those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders or other Persons so identified shall have or be deemed to have any fiduciary relationship with any Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders or other Persons so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.15</u> **<u>Payments Sent in Error</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** If Agent notifies a Lender, secured party, or any other Person that has received funds on such Person's behalf (each, a "**<u>Payment Recipient</u>**") that Agent has determined at any time in its sole discretion that any funds received by such Payment Recipient from Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient, whether or not known to such Payment Recipient (any such funds or portion thereof, however received or characterized, an "**<u>Erroneous Payment</u>**") and demands the return of such Erroneous Payment, such Erroneous Payment shall at all times remain the property of Agent, be segregated by the Payment Recipient and held in trust for the benefit of Agent, and such Payment Recipient shall (or shall cause any Payment Recipient on its behalf to) promptly, but in no event later than two Business Days thereafter, return to Agent the amount of any such Erroneous Payment, in same day funds (in the currency so received), together with interest thereon rom and including the date such Erroneous Payment was received by such Payment Recipient to the date such amount is repaid to Agent in same day funds at the greater of the Federal Funds Rate and a rate determined by Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of Agent to any Payment Recipient under this <u>clause (a)</u> shall be conclusive, absent manifest error

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** Without limiting immediately preceding <u>clause (a)</u>, each Payment Recipient hereby further agrees that if it receives a payment, prepayment or repayment (however received or characterized) from Agent (or any of its Affiliates) that **<u>(i)</u>** is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by Agent (or any of its Affiliates) relating thereto, **<u>(ii)</u>** was not preceded or accompanied by such a notice, or **<u>(iii)</u>** such Payment Recipient otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), in each case **<u>(A)</u>** an error shall be presumed to have been made absent written confirmation from Agent to the contrary and **<u>(B)</u>** such Payment Recipient shall (or shall cause any Payment Recipient on its behalf to) promptly, but in no event later than one Business Day of its knowledge of such error, notify Agent of its receipt of such payment, prepayment or repayment, the details thereof in reasonable detail and that it is so notifying Agent pursuant to this <u>Section 14.15(ii)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iii)</u>** Each Payment Recipient hereby authorizes Agent to set off, net and apply any and all amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by Agent to such Payment Recipient from any source, against any amount due to Agent under immediately preceding <u>clause (a)</u> or under the indemnification provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iv)</u>** In the event that any Erroneous Payment is not recovered by Agent from or on behalf of a Lender for any reason, after demand therefor in accordance with immediately preceding <u>clause (a)</u> (such unrecovered amount, an "**<u>Erroneous Payment Return Deficiency</u>**"), upon Agent's notice to such Lender at any time, **<u>(i)</u>** such Lender shall be deemed to have assigned its Loans (but not its Commitments) of the relevant Class with respect to which such Erroneous Payment was made in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as Agent may specify) (such assignment, the "**<u>Erroneous Payment Deficiency Assignment</u>**") at par plus any accrued and unpaid interest (with the assignment fee to be waived by Agent in such instance), and is hereby (together with Borrower) deemed to execute and deliver an Assignment and Assumption (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any Notes evidencing such Loans to Borrower or Agent, **<u>(ii)</u>** Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, **<u>(iii)</u>** upon such deemed acquisition, Agent as the assignee Lender shall become a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender and **<u>(iv)</u>** Agent may reflect in the Register its ownership interest in such Loans. Agent may, in its discretion, sell all or any portion of the Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by such net proceeds, and Agent shall retain all other rights, remedies and claims against any applicable Payment Recipient. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that Agent has sold a Loan (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether Agent may be equitably subrogated, Agent shall be contractually subrogated to all the rights and interests of the applicable Payment Recipient under the Loan Documents with respect to each Erroneous Payment Return Deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(v)</u>** The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by Borrower or any other Loan Party, except, in each case, solely to the extent such Erroneous Payment is comprised of funds received by Agent from Borrower or any other Loan Party for the purpose of making such Erroneous Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(vi)</u>** To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and each Payment Recipient hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by Agent for the return of any Erroneous Payment, including without limitation waiver of any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(vii)</u>** Each party's obligations, agreements and waivers under this <u>Section 14.15</u> shall survive the resignation or replacement of Agent, any transfer of rights or obligations by, or the replacement of, a Lender the termination of the Commitments and/or the repayment, satisfaction or discharge of any or all Obligations under any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>14.16</u> **<u>Certain ERISA Matters</u>**. For the benefit of Agent, the Borrower and any other Loan Party, each Lender **(x)** represents and warrants as of the date it became a Lender and **(y)** covenants from the date it became a Lender to the date it ceases being a Lender:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** that at least one of the following is and will be true: **<u>(i)</u>** such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more benefit plans for such Lender's entrance into, participation in, administration and performance of the Loans, Commitments or this Agreement; **<u>(ii)</u>** the transaction exemption set forth in one or more PTEs, such as PTE 84-14, PTE 95-60, PTE 90-1, PTE 91-38 or PTE 96-23, is applicable to such Lender's entrance into, participation in, administration and performance of the Loans, Commitments and this Agreement, **<u>(iii)</u>** such Lender is an investment fund managed by a "**<u>Qualified Professional Asset Manager</u>**" (within the meaning of Part VI of PTE 84-14) which made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, Commitments and this Agreement, and the entrance into, participation in, administration and performance of the Loans, Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and, to the best knowledge of such Lender, subsection (a) of Part I of PTE 84-14, or **<u>(iv)</u>** such other representation, warranty and covenant as may be agreed in writing between Agent, in its sole discretion, and such Lender; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** unless either (i) sub-clause 14.16(i)(i) is true with respect to such Lender or (ii) such Lender has provided another representation, warranty and covenant in accordance with sub-clause 14.16(i)(iv), that Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration and performance of the Loans, Commitments and this Agreement (including in connection with the reservation or exercise of any rights by Agent under this Agreement, any Loan Document or any documents related hereto or thereto).

**SECTION 15.**

**<u>GENERAL</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.1</u> **<u>Waiver; Amendments</u>**. No delay on the part of Agent or any Lender in the exercise of any right, power or remedy shall operate as a waiver thereof, nor shall any single or partial exercise by any of them of any right, power or remedy preclude other or further exercise thereof, or the exercise of any other right, power or remedy. No amendment, modification or waiver of, or consent with respect to, any provision of this Agreement or the other Loan Documents shall in any event be effective unless the same shall be in writing and acknowledged by Lenders having an aggregate Pro Rata Shares of not less than the aggregate Pro Rata Shares expressly designated herein with respect thereto or, in the absence of such designation as to any provision of this Agreement, by the Required Lenders, and then any such amendment, modification, waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No amendment, modification, waiver or consent shall **<u>(a)</u>** extend or increase the Commitment of any Lender without the written consent of such Lender, **<u>(b)</u>** extend the date scheduled for payment of any principal (excluding mandatory prepayments and extensions of the applicable Maturity Date otherwise permitted hereunder) of or interest on the Loans or any fees payable hereunder without the written consent of each Lender directly affected thereby, **<u>(c)</u>** reduce the principal amount of any Loan, the rate of interest thereon or any fees payable hereunder, without the consent of each Lender directly affected thereby (except for periodic adjustments of interest rates and fees resulting from a change in the Applicable Margin as provided for in this Agreement); or **<u>(d)</u>** release any guarantor from its obligations hereunder, other than as part of or in connection with any disposition permitted hereunder, or subordinate the obligations of any guarantor to any other indebtedness for borrowed money, change the definition of Required Lenders, any provision of <u>Section</u> 7.2, any provision of this <u>Section 15.1</u>, any provision of <u>Section 13.3</u> or reduce the aggregate Pro Rata Share required to effect an amendment, modification, waiver or consent, without, in each case set forth in this <u>clause (d)</u>, the written consent of all Lenders. No provision of <u>Section 6.2(b)</u> or <u>Section 6.3</u> with respect to the timing or application of mandatory prepayments of the Loans shall be amended, modified or waived without the consent of Lenders having a majority of the aggregate Pro Rata Shares of the Term Loans affected thereby. No provision of <u>SECTION 14</u> or other provision of this Agreement affecting Agent in its capacity as such shall be amended, modified or waived without the consent of Agent. No provision of this Agreement relating to the rights or duties of the Swing Line Lender in its capacity as such shall be amended, modified or waived without the consent of the Swing Line Lender.

Notwithstanding the foregoing, this Agreement may be amended (or amended and restated) with the written consent of the Required Lenders, Agent and Borrower **<u>(a)</u>** to add one or more additional credit facilities to this Agreement and to permit the extensions of credit from time to time outstanding thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Revolving Loans, the Revolving Commitments and the accrued interest and fees in respect thereof and **<u>(b)</u>** to include appropriately the Lenders holding such credit facilities in any determination of the Required Lenders.

If, in connection with any proposed amendment, modification, waiver or termination requiring the consent of all Lenders, the consent of the Required Lenders is obtained, but the consent of other Lenders whose consent is required is not obtained (any such Lender whose consent is not obtained being referred to as a "**<u>Non-Consenting Lender</u>**"), then, so long as Agent is not a Non-Consenting Lender, Borrower may appoint a Replacement Lender pursuant to <u>Section 8.7(b)</u>.

Notwithstanding anything herein to the contrary, no Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent that by its terms requires the consent of all the Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders, except that **<u>(x)</u>** the Commitment of any Defaulting Lender may not be increased or extended, or the maturity of any of its Loan may not be extended, the rate of interest on any of its Loans may not be reduced and the principal amount of any of its Loans may not be forgiven, in each case without the consent of such Defaulting Lender and **<u>(y)</u>** any amendment, waiver or consent requiring the consent of all the Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than the other affected Lenders shall require the consent of such Defaulting Lender.

In addition, notwithstanding anything in this Section to the contrary, if Agent and Borrower shall have jointly identified an obvious error or any error or omission of a technical nature, in each case, in any provision of the Loan Documents, then Agent and Borrower shall be permitted to amend such provision, and, in each case, such amendment shall become effective without any further action or consent of any other party to any Loan Document if the same is not objected to in writing by the Required Lenders to Agent within ten Business Days following receipt of notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.2</u> **<u>Confirmations</u>**. Borrower and each holder of a Note agree from time to time, upon written request received by it from the other, to confirm to the other in writing (with a copy of each such confirmation to Agent) the aggregate unpaid principal amount of the Loans then outstanding under such Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.3</u> **<u>Notices</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Generally. Except as otherwise provided in <u>Section 2.2(b)</u> and <u>Section 2.2(c)</u>, or clauses (b) and (c) below, all notices hereunder shall be in writing (including facsimile transmission and email) and shall be sent to the applicable party at its address shown on Annex B or at such other address as such party may, by written notice received by the other parties, have designated as its address for such purpose. Notices sent by facsimile transmission shall be deemed to have been given when sent; notices sent by mail shall be deemed to have been given three Business Days after the date when sent by registered or certified mail, postage prepaid; and notices sent by hand delivery or overnight courier service shall be deemed to have been given when received. For purposes of <u>Section 2.2(b)</u> and <u>Section 2.2(c)</u>, Agent shall be entitled to rely on telephonic instructions from any person that Agent in good faith believes is an authorized officer or employee of Borrower, and Borrower shall hold Agent and each other Lender harmless from any loss, cost or expense resulting from any such reliance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Electronic Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including email, and Internet or intranet websites) pursuant to procedures approved by Agent provided that the foregoing shall not apply to notices to any Lender pursuant to <u>Section 2</u> if such Lender has notified Agent that it is incapable of receiving notices under such Section by electronic communication. Agent or Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications.

Unless Agent otherwise prescribes, **<u>(i)</u>** notices and other communications sent to an email address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return email or other written acknowledgement), and **<u>(ii)</u>** notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient, at its email address as described in the foregoing <u>clause (i)</u>, of notification that such notice or communication is available and identifying the website address therefor; <u>provided</u> that, for both <u>clauses (i)</u> and <u>(ii)</u> above, if such notice, email or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u><u> </u>**Each Loan Party agrees that Agent may, but shall not be obligated to, make the Communications (as defined below) available to the Lenders by posting the Communications on the Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** The Platform is provided "as is" and "as available." Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform. In no event shall Agent or any of its Affiliates or the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of Agent or its Affiliates (collectively, the "**<u>Agent Parties</u>**") have any liability to Borrower or the other Loan Parties, any Lender or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of Borrower's, any Loan Party's or Agent's transmission of communications through the Platform. "**<u>Communications</u>**" means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed to Agent or any by means of electronic communications pursuant to this Section, including through the Platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** Public Information. Borrower hereby acknowledges that certain of the Lenders (each, a "Public Lender") may have personnel who do not wish to receive material non-public information with respect to Borrower or its Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons' securities. Borrower hereby agrees that it will use commercially reasonable efforts to identify that portion of the materials and information provided by or on behalf of Borrower hereunder and under the other Loan Documents (collectively, "Borrower Materials") that may be distributed to the Public Lenders and that (i) all such Borrower Materials shall be clearly and conspicuously marked "PUBLIC" which, at a minimum, shall mean that the word "PUBLIC" shall appear prominently on the first page thereof; (ii) by marking Borrower Materials "PUBLIC," Borrower shall be deemed to have authorized Agents and the Lenders to treat such Borrower Materials as not containing any material non-public information with respect to Borrower or its securities for purposes of U.S. Federal and state securities laws (provided, however, that to the extent that such Borrower Materials constitute Information, they shall be subject to <u>Section 15.9</u>); (iii) all Borrower Materials marked "PUBLIC" are permitted to be made available through a portion of the Platform designated "Public Side Information;" and (iv) Agents shall be entitled to treat any Borrower Materials that are not marked "PUBLIC" as being suitable only for posting on a portion of the Platform not designated "Public Side Information". Each Public Lender will designate one or more representatives that shall be permitted to receive information that is not designated as being available for Public Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.4</u> **<u>[Reserved]</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.5</u> **<u>Costs and Expenses</u>**. Each Loan Party, jointly and severally agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of Agent (including Attorney Costs) incurred in connection with the preparation, execution, syndication, delivery and administration (including the costs of Intralinks (or other similar service), if applicable) of this Agreement, the other Loan Documents and all other documents provided for herein or delivered or required to be delivered hereunder or in connection herewith (including any amendment, supplement or waiver to any Loan Document), whether or not the transactions contemplated hereby or thereby shall be consummated, and all reasonable and documented out-of-pocket costs and expenses (including Attorney Costs) incurred by Agent and each Lender after an Event of Default in connection with the collection of the Obligations or the enforcement of this Agreement the other Loan Documents or any such other documents or during any workout, restructuring or negotiations in respect thereof. In addition, each Loan Party agrees to pay, and to save Agent and the Lenders harmless from all liability for, any fees of Borrower's auditors in connection with any reasonable exercise by Agent and the Lenders of their rights pursuant to <u>Section 10.2</u>. All Obligations provided for in this <u>Section 15.5</u> shall survive repayment of the Loans, cancellation of the Notes and termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.6</u> <u>**Assignments; Participations**</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Assignments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** Any Lender may at any time assign to one or more Persons (any such Person, an "**<u>Assignee</u>**") all or any portion of such Lender's Loans and Commitments, with the prior written consent of (x) so long as no Material Event of Default has occurred and is continuing, Borrower and (y) Agent (which consent shall not be unreasonably withheld or delayed and shall not be required for an assignment by a Lender to a Lender (other than a Defaulting Lender) or an Affiliate of a Lender (other than an Affiliate of a Defaulting Lender)) or an Approved Fund (other than an Approved Fund of a Defaulting Lender). Except as Agent may otherwise agree, any such assignment shall be in a minimum aggregate amount equal to $5,000,000 or, if less, the remaining Commitment and Loans held by the assigning Lender (<u>provided</u> that an assignment to a Lender, an Affiliate of a Lender or an Approved Fund shall not be subject to the foregoing minimum assignment limitations). Borrower and Agent shall be entitled to continue to deal solely and directly with such Lender in connection with the interests so assigned to an Assignee until Agent shall have received and accepted an effective assignment agreement in substantially the form of <u>Exhibit D</u> hereto (an "**<u>Assignment Agreement</u>**") executed, delivered and fully completed by the applicable parties thereto and a processing fee of up to $10,000. Notwithstanding anything herein to the contrary, no assignment may be made to **<u>(A)</u>** Borrower, **<u>(B)</u>** any other Loan Party, **<u>(C)</u>** any equity holder of a Loan Party or any other Person that owns, directly or indirectly, five percent (5%) or more of any class of equity in Borrower, any Affiliate of Borrower or any other Loan Party, or (E) any Affiliate of any of the foregoing Persons without the prior written consent of Agent, which consent may be withheld in Agent's sole discretion and, in any event, if granted, may be conditioned on such terms and conditions as Agent shall require in its sole discretion, including, without limitation, a limitation on the aggregate amount of Loans and Commitments which may be held by such Person and/or its Affiliates and/or limitations on such Person's and/or its Affiliates' voting and consent rights and/or rights to attend Lender meetings or obtain information provided to other Lenders. Any attempted assignment not made in accordance with this <u>Section 15.6(a)</u> shall be treated as the sale of a participation under <u>Section 15.6(b)</u>. Borrower shall be deemed to have granted its consent to any assignment requiring its consent hereunder unless Borrower has expressly objected to such assignment within three Business Days after notice thereof. In no event shall any assignment be made to a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(ii)</u>** From and after the date on which the conditions described above have been met, **<u>(A)</u>** such Assignee shall be deemed automatically to have become a party hereto and, to the extent that rights and obligations hereunder have been assigned to such Assignee pursuant to such Assignment Agreement, shall have the rights and obligations of a Lender hereunder and **<u>(B)</u>** the assigning Lender, to the extent that rights and obligations hereunder have been assigned by it pursuant to such Assignment Agreement, shall be released from its rights (other than its indemnification rights) and obligations hereunder. Upon the request of the Assignee (and, as applicable, the assigning Lender) pursuant to an effective Assignment Agreement, Borrower shall execute and deliver to Agent for delivery to the Assignee (and, as applicable, the assigning Lender) a Note in the principal amount of the Assignee's Pro Rata Share of the Revolving Commitment (and, as applicable, a Note in the principal amount of the Pro Rata Share of the Revolving Commitment retained by the assigning Lender). Each such Note shall be dated the effective date of such assignment. Upon receipt by Agent of such Note(s), the assigning Lender shall return to Borrower any prior Note held by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(iii)</u>** Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; <u>provided</u> that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Participations. Any Lender may at any time sell to one or more Persons participating interests in its Loans, Commitments or other interests hereunder (any such Person, a "**<u>Participant</u>**"). In the event of a sale by a Lender of a participating interest to a Participant, **<u>(i)</u>** such Lender's obligations hereunder shall remain unchanged for all purposes, **<u>(ii)</u>** Borrower and Agent shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations hereunder, **<u>(iii)</u>** all amounts payable by Borrower shall be determined as if such Lender had not sold such participation and shall be paid directly to such Lender and **<u>(iv)</u>** each Lender granting a participation hereunder shall maintain, as a non-fiduciary agent of Borrower, a register (the "**<u>Participation Register</u>**") as to the participations granted and transferred under this <u>Section 15.6(b)</u> containing the same information specified in <u>Section 15.7</u> on the Register as if the each participant were a Lender, and no participation may be transferred except as recorded in such Participation Register. No Participant shall have any direct or indirect voting rights hereunder except with respect to any event described in <u>Section 15.1</u> expressly requiring the unanimous vote of all Lenders or, as applicable, all affected Lenders. Each Lender agrees to incorporate the requirements of the preceding sentence into each participation agreement which such Lender enters into with any Participant. Notwithstanding anything herein to the contrary, no participation may be sold to any equity holder of a Loan Party, any Affiliate of any equity holder of a Loan Party, any Loan Party or any Affiliate of any of the foregoing Persons without the prior written consent of Agent, which consent may be withheld in Agent's sole discretion and, in any event, if granted, may be conditioned on such terms and conditions as Agent shall require in its sole discretion, including, without limitation, a limitation on the aggregate amount of Loans and Commitments which may be participated such Person and/or its Affiliates and/or limitations on such Person's and/or its Affiliates' voting and consent rights and/or rights to attend Lender meetings or obtain information provided to other Lenders. Borrower agrees that if amounts outstanding under this Agreement are due and payable (as a result of acceleration or otherwise), each Participant shall be deemed to have the right of set-off in respect of its participating interest in amounts owing under this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement; <u>provided</u> that such right of set-off shall be subject to the obligation of each Participant to share with the Lenders, and the Lenders agree to share with each Participant, as provided in <u>Section 7.5</u>. Borrower also agrees that each Participant shall be entitled to the benefits of <u>Section 7.9</u> or <u>Section 8</u> as if it were a Lender (<u>provided</u> that on the date of the participation no Participant shall be entitled to any greater compensation pursuant to <u>Section 7.9</u> or <u>Section 8</u> than would have been paid to the participating Lender on such date if no participation had been sold and that each Participant complies with <u>Section 7.9(d)</u> as if it were a Lender).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.7</u> **<u>Register</u>**. Agent shall maintain as a non-fiduciary agent of Borrower, a copy of each Assignment Agreement delivered and accepted by it and register (the "**<u>Register</u>**") for the recordation of names and addresses of the Lenders and the Commitment of each Lender and principal and stated interest of each Loan owing to each Lender from time to time and whether such Lender is the original Lender or the Assignee. No assignment shall be effective unless and until the Assignment Agreement is accepted and registered in the Register. All records of transfer of a Lender's interest in the Register shall be conclusive, absent manifest error, as to the ownership of the interests in the Loans. The Register shall be available for inspection by Borrower and any Lender at any reasonable time and from time to time upon reasonable prior notice. Agent shall not incur any liability of any kind with respect to any Lender with respect to the maintenance of the Register. This Section and <u>Section 15.6(b)</u> shall be construed so that the Loans are at all times maintained in "registered form" for the purposes of the Code and any related regulations (and any successor provisions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.8</u> **<u>GOVERNING LAW</u>**. THIS AGREEMENT AND EACH NOTE SHALL BE A CONTRACT MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE, WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.9</u> **<u>Confidentiality</u>**. As required by federal law and Agent's policies and practices, Agent may need to obtain, verify, and record certain customer identification information and documentation in connection with opening or maintaining accounts, or establishing or continuing to provide services. Agent and each Lender agree to use commercially reasonable efforts (equivalent to the efforts Agent or such Lender applies to maintain the confidentiality of its own confidential information) to maintain as confidential all information provided to them by any Loan Party and designated as confidential, except that Agent and each Lender may disclose such information **<u>(a)</u>** to Persons employed or engaged by Agent or such Lender in evaluating, approving, structuring or administering the Loans and the Commitments; **<u>(b)</u>** to any assignee or participant or potential assignee or participant that has agreed to comply with the covenant contained in this <u>Section 15.9</u> (and any such assignee or participant or potential assignee or participant may disclose such information to Persons employed or engaged by them as described in <u>clause (a)</u> above); **<u>(c)</u>** as required or requested by any federal or state regulatory authority or examiner, or any insurance industry association, or as reasonably believed by Agent or such Lender to be compelled by any court decree, subpoena or legal or administrative order or process; **<u>(d)</u>** as, on the advice of Agent's or such Lender's counsel, is required by law; **<u>(e)</u>** in connection with the exercise of any right or remedy under the Loan Documents or in connection with any litigation to which Agent or such Lender is a party; **<u>(f)</u>** to any nationally recognized rating agency that requires access to information about a Lender's investment portfolio in connection with ratings issued with respect to such Lender; **<u>(g)</u>** [reserved]; **<u>(h)</u>** to Lender's independent auditors and other professional advisors as to which such information has been identified as confidential or **<u>(i)</u>** that ceases to be confidential through no fault of Agent or any Lender. If any provision of any confidentiality agreement, non-disclosure agreement or other similar agreement between Borrower and Lender conflicts with or contradicts this <u>Section 15.9</u> with respect to the treatment of confidential information, this section shall supersede all such prior or contemporaneous agreements and understandings between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.10</u> **<u>Severability</u>**. Whenever possible each provision of this Agreement shall be interpreted in such manner as to be effective and valid under Applicable Law, but if any provision of this Agreement shall be prohibited by or invalid under Applicable Law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. All obligations of the Loan Parties and rights of Agent and the Lenders expressed herein or in any other Loan Document shall be in addition to and not in limitation of those provided by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.11</u> **<u>Nature of Remedies</u>**. All Obligations of the Loan Parties and rights of Agent and the Lenders expressed herein or in any other Loan Document shall be in addition to and not in limitation of those provided by Applicable Law. No failure to exercise and no delay in exercising, on the part of Agent or any Lender, any right, remedy, power or privilege hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.12</u> **<u>Entire Agreement</u>**. This Agreement, together with the other Loan Documents, embodies the entire agreement and understanding among the parties hereto and supersedes all prior or contemporaneous agreements and understandings of such Persons, verbal or written, relating to the subject matter hereof and thereof and any prior arrangements made with respect to the payment by the Loan Parties of (or any indemnification for) any fees, costs or expenses payable to or incurred (or to be incurred) by or on behalf of Agent or the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.13</u> **<u>Counterparts</u>**. This Agreement may be executed in any number of counterparts and by the different parties hereto on separate counterparts and each such counterpart shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Agreement. Receipt of an executed signature page to this Agreement by facsimile or other electronic transmission shall constitute effective delivery thereof. The words "**<u>execution</u>**," "**<u>signed</u>**," "**<u>signature</u>**," and words of like import in this Agreement and the other Loan Documents shall be deemed to include electronic signatures or electronic records, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act or any other similar state laws governing this Agreement based on the Uniform Electronic Transactions Act or otherwise. Electronic records of executed Loan Documents maintained by Agent shall be deemed to be originals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.14</u> **<u>Successors and Assigns</u>**. This Agreement shall be binding upon Borrower, the other Loan Parties, the Lenders and Agent and their respective successors and assigns, and shall inure to the benefit of Borrower, the other Loan Parties, the Lenders and Agent and the successors and assigns of the Lenders and Agent. No other Person shall be a direct or indirect legal beneficiary of, or have any direct or indirect cause of action or claim in connection with, this Agreement or any of the other Loan Documents. No Loan Party may assign or transfer any of its rights or Obligations under this Agreement without the prior written consent of Agent and each Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.15</u> **<u>Captions</u>**. Section captions used in this Agreement are for convenience only and shall not affect the construction of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.16</u> **<u>Customer Identification - USA Patriot Act Notice</u>**. Each Lender subject to the Patriot Act and CIBC US (for itself and not on behalf of any other party) hereby notify the Loan Parties that, pursuant to the requirements of the USA Patriot Act, Title III of Pub. L. 107-56, signed into law October 26, 2001 (the "**<u>Patriot Act</u>**"), it may be required to obtain, verify and record information that identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will allow such Lender or CIBC US, as applicable, to identify the Loan Parties in accordance with the Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.17</u> **<u>INDEMNIFICATION BY LOAN PARTIES</u>**. IN CONSIDERATION OF THE EXECUTION AND DELIVERY OF THIS AGREEMENT BY AGENT AND THE LENDERS AND THE AGREEMENT TO EXTEND THE COMMITMENTS PROVIDED HEREUNDER, EACH LOAN PARTY HEREBY AGREES TO INDEMNIFY, EXONERATE AND HOLD AGENT, EACH LENDER AND EACH OF THE OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES AND AGENTS OF AGENT AND EACH LENDER (EACH A "<u>LENDER PARTY</u>") FREE AND HARMLESS FROM AND AGAINST ANY AND ALL ACTIONS, CAUSES OF ACTION, SUITS, LOSSES, LIABILITIES, DAMAGES AND EXPENSES, INCLUDING ATTORNEY COSTS (COLLECTIVELY, THE "<u>INDEMNIFIED LIABILITIES</u>"), INCURRED BY THE LENDER PARTIES OR ANY OF THEM AS A RESULT OF, OR ARISING OUT OF, OR RELATING TO <u>(A)</u> ANY TENDER OFFER, MERGER, PURCHASE OF CAPITAL SECURITIES, PURCHASE OF ASSETS OR OTHER SIMILAR TRANSACTION FINANCED OR PROPOSED TO BE FINANCED IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, WITH THE PROCEEDS OF ANY OF THE LOANS, <u>(B)</u> THE USE, HANDLING, RELEASE, EMISSION, DISCHARGE, TRANSPORTATION, STORAGE, TREATMENT OR DISPOSAL OF ANY HAZARDOUS SUBSTANCE AT ANY PROPERTY OWNED OR LEASED BY ANY LOAN PARTY, <u>(C)</u> ANY VIOLATION OF ANY ENVIRONMENTAL LAWS WITH RESPECT TO CONDITIONS AT ANY PROPERTY OWNED OR LEASED BY ANY LOAN PARTY OR THE OPERATIONS CONDUCTED THEREON, <u>(D)</u> THE INVESTIGATION, CLEANUP OR REMEDIATION OF OFFSITE LOCATIONS AT WHICH ANY LOAN PARTY OR THEIR RESPECTIVE PREDECESSORS ARE ALLEGED TO HAVE DIRECTLY OR INDIRECTLY DISPOSED OF HAZARDOUS SUBSTANCES OR <u>(E)</u> THE EXECUTION, DELIVERY, PERFORMANCE OR ENFORCEMENT OF THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT BY ANY OF THE LENDER PARTIES, EXCEPT FOR ANY SUCH INDEMNIFIED LIABILITIES ARISING ON ACCOUNT OF THE APPLICABLE LENDER PARTY'S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT AS DETERMINED BY A FINAL, NONAPPEALABLE JUDGMENT BY A COURT OF COMPETENT JURISDICTION. IF AND TO THE EXTENT THAT THE FOREGOING UNDERTAKING MAY BE UNENFORCEABLE FOR ANY REASON, EACH LOAN PARTY HEREBY AGREES TO MAKE THE MAXIMUM CONTRIBUTION TO THE PAYMENT AND SATISFACTION OF EACH OF THE INDEMNIFIED LIABILITIES WHICH IS PERMISSIBLE UNDER APPLICABLE LAW. ALL OBLIGATIONS PROVIDED FOR IN THIS <u>SECTION</u> 15.17 SHALL SURVIVE REPAYMENT OF THE LOANS, CANCELLATION OF THE NOTES, ANY FORECLOSURE UNDER AND TERMINATION OF THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.18</u> **<u>Nonliability of Lenders</u>**. The relationship between Borrower on the one hand and the Lenders and Agent on the other hand shall be solely that of borrower and lender. Neither Agent nor any Lender has any fiduciary relationship with or duty to any Loan Party arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between the Loan Parties, on the one hand, and Agent and the Lenders, on the other hand, in connection herewith or therewith is solely that of debtor and creditor. Neither Agent nor any Lender undertakes any responsibility to any Loan Party to review or inform any Loan Party of any matter in connection with any phase of any Loan Party's business or operations. Each Loan Party agrees that neither Agent nor any Lender shall have liability to any Loan Party (whether sounding in tort, contract or otherwise) for losses suffered by any Loan Party in connection with, arising out of, or in any way related to the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought. **TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, BORROWER SHALL NOT ASSERT, AND HEREBY WAIVES, ANY CLAIM AGAINST ANY LENDER PARTY, ON ANY THEORY OF LIABILITY, FOR SPECIAL, INDIRECT, CONSEQUENTIAL OR PUNITIVE DAMAGES (AS OPPOSED TO DIRECT OR ACTUAL DAMAGES) ARISING OUT OF, IN CONNECTION WITH, OR AS A RESULT OF, THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY AGREEMENT OR INSTRUMENT CONTEMPLATED HEREBY, THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, ANY LOAN, OR THE USE OF THE PROCEEDS THEREOF. NO LENDER PARTY SHALL BE LIABLE FOR ANY DAMAGES ARISING FROM THE USE BY OTHERS OF ANY INFORMATION OR OTHER MATERIALS OBTAINED THROUGH INTRALINKS OR OTHER SIMILAR INFORMATION TRANSMISSION SYSTEMS IN CONNECTION WITH THIS AGREEMENT, NOR SHALL ANY LENDER PARTY HAVE ANY LIABILITY WITH RESPECT TO, AND EACH LOAN PARTY HEREBY WAIVES, RELEASES AND AGREES NOT TO SUE FOR, ANY SPECIAL, PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ARISING OUT OF ITS ACTIVITIES IN CONNECTION HEREWITH OR THEREWITH (WHETHER BEFORE OR AFTER THE CLOSING DATE).** Each Loan Party acknowledges that it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents to which it is a party. No joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions contemplated hereby among the Lenders or among the Loan Parties and the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.19</u> **<u>Cashless Settlements</u>**. Notwithstanding anything to the contrary contained in this Agreement, any Lender may exchange, continue or rollover all or a portion of its Loans in connection with any refinancing, extension, loan modification or similar transaction permitted by the terms of this Agreement, pursuant to a cashless settlement mechanism approved by Borrower, Agent and such Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.20</u> **<u>FORUM SELECTION AND CONSENT TO JURISDICTION</u>**. ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, SHALL BE BROUGHT AND MAINTAINED EXCLUSIVELY IN THE COURTS OF THE STATE OF NEW YORK OR IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK; <u>PROVIDED</u> THAT NOTHING IN THIS AGREEMENT SHALL BE DEEMED OR OPERATE TO PRECLUDE AGENT FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION. EACH LOAN PARTY HEREBY EXPRESSLY AND IRREVOCABLY SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH ABOVE. EACH LOAN PARTY FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. EACH LOAN PARTY HEREBY EXPRESSLY AND IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.21</u> **<u>WAIVER OF JURY TRIAL</u>**. EACH LOAN PARTY, AGENT AND EACH LENDER HEREBY WAIVES, ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT, ANY NOTE, ANY OTHER LOAN DOCUMENT AND ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE DELIVERED IN CONNECTION HEREWITH OR THEREWITH OR ARISING FROM ANY LENDING RELATIONSHIP EXISTING IN CONNECTION WITH ANY OF THE FOREGOING, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.22</u> **<u>Acknowledgment and Consent to Bail-In of Affected Financial Institutions</u>**. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and (b) any effects of any Bail-in Action on any such liability.

The following terms shall have the following meanings:

"**<u>Affected Financial Institution</u>**" means **(a)** any EEA Financial Institution or **<u>(b)</u>** any UK Financial Institution.

"**<u>Bail-In Action</u>**" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"**<u>Bail-In Legislation</u>**" means **<u>(a)</u>** with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and **<u>(b)</u>** with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"**<u>EEA Financial Institution</u>**" means **<u>(a)</u>** any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, **<u>(b)</u>** any entity established in an EEA Member Country which is a parent of an institution described in <u>clause (a)</u> of this definition, or **<u>(c)</u>** any financial institution established in an EEA Member Country which is a subsidiary of an institution described in <u>clauses (a)</u> or <u>(b)</u> of this definition and is subject to consolidated supervision with its parent.

"**<u>EEA Member Country</u>**" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"**<u>EEA Resolution Authority</u>**" means any public administrative authority or any person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"**<u>EU Bail-In Legislation Schedule</u>**" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"**<u>Resolution Authority</u>**" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"**<u>UK Financial Institutions</u>**" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"**<u>UK Resolution Authority</u>**" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"**<u>Write-Down and Conversion Powers</u>**" means, **<u>(a)</u>** with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and **<u>(b)</u>** with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.23</u> **<u>Acknowledgment Regarding any Supported QFCs</u>**. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any QFC (such support, "QFC Credit Support" and each such QFC, a "Supported QFC"), the parties acknowledge and agree that (a) if a Covered Entity party to such Supported QFC becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation therein or thereunder, and any property rights relating thereto) from such Covered Entity will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime, and (b) if such Covered Entity or a BHC Act Affiliate thereof becomes subject to such a proceeding, Default Rights under the Loan Documents that might otherwise be exercised against such Covered Entity relating to such Supported QFC or any QFC Credit Support are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime.

The following terms shall have the following meanings:

"**<u>BHC Act Affiliate</u>**" of a party means an "**<u>affiliate</u>**" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"**<u>Covered Entity</u>**" means any of the following: **<u>(i)</u>** a "**<u>covered entity</u>**" as defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b), **<u>(ii)</u>** a "**<u>covered bank</u>**" as defined in, and interpreted in

accordance with, 12 C.F.R. § 47.3(b); or **<u>(iii)</u>** a "**<u>covered FSI</u>**" as defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"**<u>Default Right</u>**" has the meaning assigned to that term in, and interpreted in accordance with, 12 C.F.R. § § 252.81, 47.2 or 382.1 as applicable.

"**<u>QFC</u>**" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"**<u>U.S. Special Resolution Regimes</u>**" means the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.24</u> **<u>Benchmark Replacement Setting; Benchmark Conforming Changes</u>**. Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior any setting of the then-current Benchmark, then (a) if a Benchmark Replacement is determined in accordance with clause (a) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (b) if a Benchmark Replacement is determined in accordance with clause (b) of the definition of "Benchmark Replacement" for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document so long as Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders. If the Benchmark Replacement is Daily Simple SOFR, all interest payments will be payable on a monthly basis on the first day of the month. In connection with the use, administration, adoption or implementation of Term SOFR or a Benchmark Replacement, Agent will have the right to make Benchmark Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. Agent will promptly notify Borrower and the Lenders of the implementation of any Benchmark Replacement and the effectiveness of any Benchmark Conforming Changes. Agent will promptly notify Borrower of the removal or reinstatement of any tenor of a Benchmark pursuant to this Section. Any determination, decision or election that may be made by Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time, **<u>(i)</u>** if the then-current Benchmark is a term rate (including Term SOFR) and either **<u>(A)</u>** any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by Agent in its reasonable discretion or **<u>(B)</u>** the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor, and if such tenor is the only tenor specified in such definition, Agent may, in its sole discretion, add an Available Tenor to such definition and implement a Benchmark Replacement Adjustment with respect thereto, and **<u>(i)</u>** if a tenor that was removed pursuant to clause (a) above either **<u>(A)</u>** is subsequently displayed on a screen or information service for a Benchmark or **<u>(B)</u>** is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark, then Agent may modify the definition of "Interest Period" (or any similar or analogous definition) for all Benchmark settings at or after such time to reinstate such previously removed tenor. Upon Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, Borrower may revoke any pending request for a SOFR Borrowing of, conversion to or continuation of SOFR Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, Borrower will be deemed to have converted any such request into a request for a borrowing of or conversion to Base Rate Loans, and any outstanding affected SOFR Loans will be deemed to have been converted into Base Rate Loans at the end of the applicable Term SOFR Interest Period.

The following terms shall have the following meanings:

"**<u>Available Tenor</u>**" means, as of any date of determination with respect to the then-current Benchmark, **<u>(a)</u>** if such Benchmark is a term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an interest period pursuant to this Agreement or **<u>(b)</u>** otherwise, any payment period for interest calculated with reference to such Benchmark (or component thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark, pursuant to this Agreement, in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" or similar term pursuant to <u>Section 15.24</u>.

"**<u>Benchmark</u>**" means, initially, Term SOFR; <u>provided</u> that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Term SOFR or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 15.24</u>.

"**<u>Benchmark Conforming Changes</u>**" means, with respect to Term SOFR or any Benchmark Replacement, any modifications, supplements, amendments, technical, administrative or operational changes or other conforming changes that Agent decides may be appropriate to reflect the adoption and implementation of Term SOFR or such Benchmark Replacement and to permit the administration thereof by Agent in a manner substantially consistent with market practice (or, if Agent decides that adoption of any portion of such market practice is not administratively feasible or determines that no such market practice exists, in such other manner as Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).

"**<u>Benchmark Replacement</u>**" means, with respect to any Benchmark Transition Event, the first alternative set forth in the order below that can be determined by Agent for the applicable Benchmark Replacement Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Daily Simple SOFR; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** the sum of: **<u>(i)</u>** the alternate benchmark rate that has been selected by Agent giving due consideration to **<u>(A)</u>** any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or **<u>(B)</u>** any evolving or then-prevailing market convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities and **<u>(ii)</u>** the related Benchmark Replacement Adjustment.

If the Benchmark Replacement as determined pursuant to <u>clause (a)</u> or <u>(b)</u> above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of the Agreement and the other Loan Documents.

"**<u>Benchmark Replacement Adjustment</u>**" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Available Tenor, the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected by Agent giving due consideration to any selection or recommendation by the Relevant Governmental Body, or any evolving or then-prevailing market convention at such time, for determining a spread adjustment, or method for calculating or determining such spread adjustment, for such type of replacement for U.S. dollar-denominated syndicated credit facilities, at such time.

"**<u>Benchmark Replacement Date</u>**" means a date and time determined by Agent, which date shall be no later than the earlier to occur of the following events with respect to the then-current Benchmark: **<u>(a)</u>** in the case of clause (a) or (b) of the definition of "Benchmark Transition Event", the later of **<u>(i)</u>** the date of the public statement or publication of information referenced therein and **<u>(ii)</u>** the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** in the case of clause (c) of the definition of "Benchmark Transition Event", the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; <u>provided</u>, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (c) even if any Available Tenor of such Benchmark (or such component thereof) continues to be provided on such date. For the avoidance of doubt, the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or (b) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"**<u>Benchmark Transition Event</u>**" means the occurrence of one or more of the following events with respect to the then-current Benchmark: **<u>(a)</u>** a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); **<u>(b)</u>** a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official or resolution authority with jurisdiction over the administrator for such Benchmark (or such component), or a court or an entity with similar insolvency or resolution authority, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, <u>provided</u> that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or **<u>(c)</u>** a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative. For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"**<u>Benchmark Transition Start Date</u>**" means, in the case of a Benchmark Transition Event, the earlier of **<u>(a)</u>** the applicable Benchmark Replacement Date and **<u>(b)</u>** if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

"**<u>Benchmark Unavailability Period</u>**" means the period (if any) **<u>(a)</u>** beginning at the time that a Benchmark Replacement Date pursuant to clauses (a) or (b) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 15.24</u> and **<u>(b)</u>** ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with <u>Section 15.24</u>.

"**<u>Daily Simple SOFR</u>**" means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining "Daily Simple SOFR" for syndicated business loans; <u>provided</u> that if Agent decides that any such convention is not administratively feasible for Agent, then Agent may establish another convention in its reasonable discretion.

"**<u>Unadjusted Benchmark Replacement</u>**" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>15.25</u> **<u>Joint and Several Liability of Borrower</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Each Borrower is accepting joint and several liability hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by Agent, and the Lenders under this Agreement, for the mutual benefit, directly and indirectly, of each Borrower and in consideration of the undertakings of the other Borrower to accept joint and several liability for the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Each Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, and agrees that it has, not merely as a surety but also as a co-debtor, joint and several liability with the other Borrower, with respect to the payment and performance of all of the Obligations (including any Obligations arising under this <u>Section 15.25</u>), it being the agreement and intention of the parties hereto that all the Obligations shall be the joint and several obligations of each Borrower without preferences or distinction among them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** If and to the extent that any Borrower shall fail to make any payment with respect to any of the Obligations as and when due or to perform any of the Obligations in accordance with the terms thereof, then in each such event the other Borrower will make such payment with respect to, or perform, such Obligation until such time as all of the Obligations are paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** Obligations of each Borrower under the provisions of this <u>Section 15.25</u> constitute the absolute and unconditional, full recourse Obligations of each Borrower enforceable against each Borrower to the full extent of its properties and assets, irrespective of the validity, regularity or enforceability of the provisions of this Agreement (other than this <u>Section 15.25</u>) or any other circumstances whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(e)</u>** Except as otherwise expressly provided in this Agreement or any other Loan Document, each Borrower hereby waives notice of acceptance of its joint and several liability, notice of any advances of the Loans issued under or pursuant to this Agreement, notice of the occurrence of any Default, Event of Default, or of any demand for any payment under this Agreement, notice of any action at any time taken or omitted by Agent or Lenders under or in respect of any of the Obligations, any requirement of diligence or to mitigate damages and, generally, to the extent permitted by applicable law, all demands, notices and other formalities of every kind in connection with this Agreement (except as otherwise provided in this Agreement or any other Loan Document). Each Borrower's joint and several obligations hereunder shall be unconditional irrespective of any extension or postponement of the time for the payment of any of the Obligations, the acceptance of any partial payment of any of the Obligations, the acceptance of any partial payment thereon, any waiver, consent or other action or acquiescence by Agent or Lenders at any time or times in respect of any default by any Borrower in the performance or satisfaction of any term, covenant, condition or provision of this Agreement, any and all other indulgences whatsoever by Agent or Lenders in respect of any of the Obligations, and the taking, addition, substitution or release, in whole or in part, at any time or times, of any security for any of the Obligations, or the addition, substitution or release, in whole or in part, of any Borrower. Without limiting the generality of the foregoing, each Borrower's joint and several obligations hereunder shall be unconditional irrespective of any other action or delay in acting or failure to act on the part of any Agent or Lender with respect to the failure by any Borrower to comply with any of its respective Obligations, including, without limitation, any Agent's or Lender's failure strictly or diligently to assert any right or to pursue any remedy or to comply fully with applicable laws or regulations, which might, but for the provisions of this <u>Section 15.25</u> afford grounds for terminating, discharging or relieving any Borrower, in whole or in part, from any of its Obligations under this <u>Section 15.25</u>, it being the intention of each Borrower that, so long as any of the Obligations hereunder remain unsatisfied, the Obligations of each Borrower under this <u>Section 15.25</u> shall not be discharged except by performance and then only to the extent of such performance. The Obligations of each Borrower under this <u>Section 15.25</u> shall not be diminished or rendered unenforceable by any winding up, reorganization, arrangement, liquidation, reconstruction or similar proceeding with respect to any other Borrower or Agent or Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(f)</u>** Each Borrower represents and warrants to Agent and Lenders that such Borrower is currently informed of the financial condition of Borrowers and of all other circumstances which a diligent inquiry would reveal and which bear upon the risk of nonpayment of the Obligations. Each Borrower further represents and warrants to Agent and Lenders that such Borrower has read and understands the terms and conditions of the Loan Documents. Each Borrower hereby covenants that such Borrower will continue to keep informed of each Borrower's financial condition and of all other circumstances which bear upon the risk of nonpayment or nonperformance of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(g)</u>** The provisions of this <u>Section 15.25</u> are made for the benefit of Agent, and the Lenders, and their respective successors and assigns, and may be enforced by it or them from time to time against any or all Borrowers as often as occasion therefor may arise and without requirement on the part of Agent, the Lenders, or any of their successors or assigns first to marshal any of its or their claims or to exercise any of its or their rights against any Borrower or to exhaust any remedies available to it or them against any Borrower or to resort to any other source or means of obtaining payment of any of the Obligations hereunder or to elect any other remedy. The provisions of this <u>Section 15.25</u> shall remain in effect until all of the Obligations shall have been paid in full or otherwise fully satisfied. If at any time, any payment, or any part thereof, made in respect of any of the Obligations, is rescinded or must otherwise be restored or returned by Agent or any Lender upon the insolvency, bankruptcy or reorganization of any Borrower, or otherwise, the provisions of this <u>Section 15.25</u> will forthwith be reinstated in effect, as though such payment had not been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(h)</u>** Each Borrower hereby agrees that it will not enforce any of its rights of contribution, subrogation or other equitable rights against any other Borrower with respect to any liability incurred by it hereunder or under any of the other Loan Documents, or any payments made by it to Agent or Lenders with respect to any of the Obligations or any collateral security therefor, until such time as all of the Obligations have been paid in full in cash. Any claim which any Borrower may have against any other Borrower with respect to any payments to any Agent or the Lenders hereunder are hereby expressly made subordinate and junior in right of payment, without limitation as to any increases in the Obligations arising hereunder or thereunder, to the prior payment in full in cash of the Obligations and, in the event of any insolvency, bankruptcy, receivership, liquidation, reorganization or other similar proceeding under the laws of any jurisdiction relating to any Borrower, its debts or its assets, whether voluntary or involuntary, all such Obligations shall be paid in full in cash before any payment or distribution of any character, whether in cash, securities or other property, shall be made to any other Borrower therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(i)</u>** Each Borrower hereby agrees that after the occurrence and during the continuance of any Event of Default, such Borrower will not demand, sue for or otherwise attempt to collect any indebtedness of any other Borrower owing to such Borrower until the Obligations shall have been paid in full in cash. If, notwithstanding the foregoing sentence, such Borrower shall collect, enforce or receive any amounts in respect of such indebtedness, such amounts shall be collected, enforced and received by such Borrower as trustee for Agent, and such Borrower shall deliver any such amounts to Agent for application to the Obligations in accordance with <u>Section 7.2(c)</u>.

**SECTION 16.**

**<u>LOAN GUARANTY</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16.1</u> **<u>Guaranty</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(a)</u>** Guarantor hereby unconditionally and irrevocably, as a primary obligor and not only a surety, guaranties to Lender and its successors, endorsees, transferees and assigns, the prompt and complete payment and performance by Borrower when due (whether at the stated maturity, by acceleration or otherwise) of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(b)</u>** Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum liability of Guarantor hereunder and under the other Loan Documents shall in no event exceed the amount which can be guaranteed by such Loan guarantor under applicable federal and state laws relating to the insolvency of debtors (after giving effect to the right of contribution established in Section 16.2**)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(c)</u>** Guarantor agrees that the Obligations may at any time and from time to time exceed the amount of the liability of Guarantor hereunder without impairing the guaranty contained in this SECTION 16 or affecting the rights and remedies of Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(d)</u>** The guaranty contained in this <u>SECTION 16</u> shall remain in full force and effect until all of the Obligations shall have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>(e)</u>** No payment made by Borrower or any other guarantor or any other Person or received or collected by Lender from Borrower or any other guarantor or any other Person by virtue of any action or proceeding or any set-off or appropriation or application at any time or from time to time in reduction of or in payment of the Obligations shall be deemed to modify, reduce, release or otherwise affect the liability of Guarantor hereunder which shall, notwithstanding any such payment (other than any payment made by Guarantor in respect of the Obligations or any payment received or collected from Guarantor in respect of the Obligations), remain liable for the Obligations up to the maximum liability of Guarantor hereunder until the Obligations are paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16.2</u> **<u>Right of Contribution</u>**. Guarantor hereby agrees that to the extent that Guarantor shall have paid more than its proportionate share of any payment made hereunder, Guarantor shall be entitled to seek and receive contribution from and against Borrower and any other guarantor which has not paid its proportionate share of such payment. Guarantor's right of contribution shall be subject to the terms and conditions of <u>Section 16.3</u>. The provisions of this <u>Section 16.2</u> shall in no respect limit the obligations and liabilities of Guarantor to Lender, and Guarantor shall remain liable to Lender for the full amount guaranteed by Guarantor hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16.3</u> **<u>No Subrogation</u>**. Notwithstanding any payment made by Guarantor hereunder or any set-off or application of funds of Guarantor by Lender, no Guarantor shall not be entitled to be subrogated to any of the rights of Lender against Borrower or any other guarantor or any collateral security or guaranty or right of offset held by Lender for the payment of the Obligations, nor shall Guarantor seek or be entitled to seek any contribution or reimbursement from Borrower or any other guarantor in respect of payments made by Guarantor hereunder, until all of the Obligations are paid in full and the Commitments are terminated. If any amount shall be paid to Guarantor on account of such subrogation rights at any time when all of the Obligations shall not have been paid in full, such amount shall be held by Guarantor in trust for Agent, segregated from other funds of Guarantor, and shall, forthwith upon receipt by Guarantor, be turned over to Agent in the exact form received by Guarantor (duly indorsed by Guarantor, if required), to be applied against the Obligations, whether matured or unmatured, in accordance with Section 7 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16.4</u> **<u>Amendments, etc. with respect to the Obligations</u>**. Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights against Guarantor and without notice to or further assent by Guarantor, any demand for payment of any of the Obligations made by Agent may be rescinded by Agent and any of the Obligations continued, and the Obligations, or the liability of any other Person upon or for any part thereof, or any collateral security or guaranty therefor or right of offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended, amended, modified, accelerated, compromised, waived, surrendered or released by Agent, and this Agreement and the other Loan Documents and any other documents executed and delivered in connection herewith and therewith may be amended, modified, supplemented or terminated, in whole or in part, as Agent may deem advisable from time to time.

Guarantor acknowledges and agrees that Agent may, from time to time, at its sole discretion but subject to the terms and conditions of the Loan Documents and without notice to Guarantor, take any or all of the following actions without releasing or discharging the obligations of Guarantor described herein: **<u>(a)</u>** retain or obtain a security interest in any property to secure any of the Obligations or any obligation hereunder, **<u>(b)</u>** retain or obtain the primary or secondary obligation of any obligor or obligors, in addition to the undersigned, with respect to any of the Obligations, **<u>(c)</u>** extend or renew any of the Obligations for one or more periods (whether or not longer than the original period), alter or exchange any of the Obligations, or release or compromise any obligation of any of the undersigned hereunder or any obligation of any nature of any other obligor with respect to any of the Obligations, **<u>(d)</u>** release any guaranty or right of offset, or extend or renew for one or more periods (whether or not longer than the original period) or release, compromise, alter or exchange any obligations of any nature of any obligor with respect to any such property, and **<u>(e)</u>** resort to any other guarantor for payment of any of the Obligations when due or shall have proceeded against any other of the undersigned or any other obligor primarily or secondarily obligated with respect to any of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16.5</u> **<u>Waivers</u>**. Guarantor waives any and all notice of the creation, renewal, extension or accrual of any of the Obligations and notice of or proof of reliance by Agent upon the guaranty contained in this <u>SECTION 16</u> or acceptance of the guaranty contained in this <u>SECTION 16</u>; the Obligations, and any of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon the guaranty contained in this <u>SECTION 16</u>, and all dealings between Borrower and Guarantor, on the one hand, and Agent, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon the guaranty contained in this <u>SECTION 16</u>. Guarantor waives **<u>(a)</u>** diligence, presentment, protest, demand for payment and notice of default, dishonor or nonpayment and all other notices whatsoever to or upon Borrower or Guarantor with respect to the Obligations, **<u>(b)</u>** notice of the existence or creation or non-payment of all or any of the Obligations and **<u>(c)</u>** all diligence in collection or protection of or realization upon any Obligations or guaranty of any Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>16.6</u> **<u>Payments</u>**. Guarantor hereby guaranties that payments hereunder will be paid to Agent without set-off or counterclaim in Dollars at the office of Agent specified herein.

**[Signature pages follow]**

The parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized officers as of the date first set forth above.

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|:---|:---|
| **FORUM REAL ESTATE INCOME FUND**, | **FORUM REAL ESTATE INCOME FUND**, |
| a Delaware statutory trust | a Delaware statutory trust |
| By: | /s/ Neil Shah |
| Name: | Neil Shah |
| Title: | Vice President |

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Signature Page to Credit Agreement

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| | |
|:---|:---|
| **CIBC BANK USA**, as Agent and as a Lender | **CIBC BANK USA**, as Agent and as a Lender |
| By: | /s/ Elliot Gibson |
| Name: | Elliot Gibson |
| Title: | Managing Director |

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Signature Page to Credit Agreement

## Ex-99.(L)(2)

**Exhibit (l)(2)**

CONSENT OF COUNSEL

We hereby consent to the use of our name and the reference to our Firm under the caption "Legal Counsel" included in or made a part of the Registration Statement of Forum Real Estate Income Fund on Form N-2 under the Securities Act of 1933, as amended.

/s/ Morrison & Foerster LLP

Morrison & Foerster LLP

April 24, 2026

## Ex-99.(N)

**Exhibit (n)**

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| | |
|:---|:---|
| CohnReznick LLP<br> cohnreznick.com | ![](ex99n_001.jpg) |

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Consent of Independent Registered Public Accounting Firm

We consent to the incorporation by reference in this Registration Statement on Form N-2 of Forum Real Estate Income Fund of our report dated February 27, 2026, with respect to the financial statements and financial highlights of Forum Real Estate Income Fund, which appears in the December 31, 2025 Annual Report to Shareholders filed with the SEC on Form N-CSR on March 9, 2026. We also consent to the references to our firm under the captions "Financial Highlights" and "Independent Registered Public Accounting Firm" in the Prospectus and "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information included in such Registration Statement.

![](ex99n_002.jpg)

Chicago, Illinois

April 24, 2026