Pender Real Estate Credit Fund (PNDRX)

Data through 2026-07-31 · latest filing N-23C3A filed 2026-09-15

Sponsored by Pender Capital. Interval Fund structure focused on private real estate.

Interval FundPrivate Real Estate

Sponsor: Pender Capital
CIK: 0001929777
Liquidity: Periodic repurchase offers at NAV
Inception: 04/24/2023

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Net assets

June 30, 2026

source

Semiannual shareholder report (Form N-CSRS) · filed 2026-09-03 · period 2026-06-30

Available to signed-in readers.

Method Read from the filing's standard wording

Full observation history

NAV per share

I1 Class, June 30, 2026

source

Semiannual shareholder report (Form N-CSRS) · filed 2026-09-03 · period 2026-06-30

Available to signed-in readers.

Method Read from the filing's standard wording

Full observation history

Total return, 12m

2025-07-01 to 2026-06-30

Source. SEC-derived from filed sub-periods, 2025-07-01 to 2026-06-30

Trailing 12-month distribution rate

trailing 12 months, manager-reported · I1 Class · as of 2026-07-31

Net flows, last quarter

qtr ended 2026-06-30 · our calculation

Debt per dollar

Of shareholders' money, June 30, 2026

01What changed

What changed

Red and yellow flags from the fund's latest filings.

Yellow flag

Available to signed-in readers.

Event dated August 21, 2026 · filing filed August 21, 2026 · flagged September 11, 2026

Why it matters

The contract between the fund and its manager changed. Advisory agreements set the economics and the duty of care shareholders actually get; even technical amendments deserve a read for fee or termination-provision drift.

Available to signed-in readers.

02Returns

Returns

What has it actually returned?

Filed performance history

Complete direct filed history for the audited canonical class, newest window first. Repeated windows use the newest filing. Standardized table values preserve their filed annualization; no displayed value is re-estimated. Where the fund filed both shareholder-transaction and GAAP-FH bases, the transactional value is preferred and both remain visible. Figures remain separate from the calculated NAV-plus-distributions index and manager-source monthly returns.

03Distributions

Distributions

Is the distribution earned?

Return stream: Built for income: distributions at least monthly.

04Holdings

Holdings

What does it own?

05Liquidity

Liquidity

Can holders get out?

A Class Shareholders who tender for repurchase of A Class Shares that were purchased in amounts of $1,000,000 or more that have been held, as of the time of repurchase, less than 365 days from the purchase date will be subject to an early repurchase fee of 1.00% of the original purchase price. The Fund may waive the imposition of the early repurchase fee in the following situations: (1) Shareholder death or (2) Shareholder disability. Any such waiver does not imply that the early repurchase fee will be waived at any time in the future or that such early repurchase fee will be waived for any other shareholder. A Class Share purchases of less than $1,000,000 are not subject to an early repurchase fee.

Available to signed-in readers.

06Leverage

Leverage

How much is borrowed?

Available to signed-in readers.

07Fees

Fees

What does it really cost?

Filed fee conditions

Available to signed-in readers.

Canonical-class fee profile

Class	Management	Incentive	Load	Servicing	Gross expenses	Net expenses
I1 Class		Available to signed-in readers. *		bps	* Filed label: not structured; period 2025-12-31. Shown exactly as filed; components may differ across issuers.	* Filed label: not structured; period 2025-12-31. After waiver: not separately stated; interest: not separately stated; tax: not separately stated; incentive compensation: not separately stated; acquired-fund expenses: not separately stated.

Expense-ratio caution. These are the issuer’s filed figures for the designated analysis class. They are not placed in a fee ranking because denominators and included expenses are not yet normalized across funds. Hover or click * for the filed label, period, components, and SEC source.

08Sources

Where every figure comes from.

Its source, one click away.

Also in the filing: every headline figure, with its date

Net assets: source

Semiannual shareholder report (Form N-CSRS) · filed 2026-09-03 · period 2026-06-30

Available to signed-in readers.

Method Read from the filing's standard wording

Full observation history
NAV / share: source

Semiannual shareholder report (Form N-CSRS) · filed 2026-09-03 · period 2026-06-30

Available to signed-in readers.

Method Read from the filing's standard wording

Full observation history
Net flows, last qtr
Trailing 12-month distribution rate
Asset coverage: 463%
Total return, 12m

Who can invest: No investor qualification is stated in the prospectus.

Recent filings

Filed	Form	Accession
Available to signed-in readers.