Pender Real Estate Credit Fund
Data through 2026-06-30 · latest filing N-CSRS filed 2026-09-03
Sponsored by Pender Capital. Interval Fund structure focused on private real estate.
Interval FundPrivate Real Estate
- Net assets
- $478.0M
source
Semiannual shareholder report (Form N-CSRS) · filed 2026-09-03 · period 2026-06-30
Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)
“Consolidated Statement of Assets and Liabilities June 30, 2026 (Unaudited) Assets: Investments, at fair value (cost $600,129,852) $ 600,073,746 Cash 8,379,475 Interest receivable 2,180,284 Prepaid expenses 1,120,643 Due from loan participant 2,419 Other receivables 777,730 Fund shares sold receivable 978,443 Total Assets 613,512,740 Liabilities: Line of credit (Note 10) 131,681,250 Interest payable on lines of credit 702,793 Investment Management Fee 563,873 Incentive fee payable 314,177 Property tax and insurance reserves 894,273 Trustee fees payable 3,988 Other accrued liabilities 1,328,731 Total Liabilities 135,489,085 Commitments and contingencies (Note 8) Net Assets $ 478,023,655”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-06-30 - NAV / share
- $10.04
source
Semiannual shareholder report (Form N-CSRS) · filed 2026-09-03 · period 2026-06-30
S1_class_sectioned_row_labelled — class I1 Class; column For the Six Months Ended June 30, 2026; net asset value, end of period
“Net Asset Value, End of Period $ 10.04 $ 10.04 $ 10.05 $ 10.01”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
I1 Class · as of 2026-06-30 - Net flows, last qtr
- -0.3% qtr ended 2026-06-30
- Distribution coverage (NII)
- Not yet compiled Not yet compiled
- Leverage in use
- Not yet compiled Not yet compiled
- Total return, 12m
- +7.05% SEC-filed fiscal year return 2025-01-01 to 2025-12-31 · I1 Class · SEC source 0001213900-26-097073
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Redemption demand reached the fund's cap: cap use at 127% of the period limit (offer expired 2026-04-21).
Redemption demand reached the fund's cap: cap use at 127% of the period limit (offer expired 2026-04-21).
Why it matters and what changed
Redemption demand reached the fund's stated cap (or the offer was prorated). Whether it repeats decides how serious it is; see the repeated and severe versions of this rule.
current level $126.80 (no prior-period value stored)
Source: https://www.sec.gov/Archives/edgar/data/1929777/000121390026097073/ea0298712-01_ncsrs.htm | repurchase results note, notice_deadline shape (redemption_cap_utilization); repurchased 6.34 against an offer amount of 5, both printed on a percent of shares outstanding basis
Put to a shareholder vote: Approval of New Advisory Agreement. (2026-08-21)
Put to a shareholder vote: Approval of New Advisory Agreement.
Why it matters and what changed
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.
Occurrence event; see the filing text for terms vs the prior arrangement.
Source: https://www.sec.gov/Archives/edgar/data/1929777/000121390026092592/ea0302649-01_def14a.htm | DEF 14A Proposal 2
Redemptions rose 147% from the prior quarter (2.6% of net assets to 6.4% of net assets), and up 41% over the trailing year.
Redemptions rose 147% from the prior quarter (2.6% of net assets to 6.4% of net assets), and up 41% over the trailing year.
Why it matters and what changed
Redemptions up 25% or more over the trailing year, as a share of the fund.
6.4% of net assets in the period, from 2.6% the period before.
Source: NPORT-P mon1Flow.redemption | https://www.sec.gov/Archives/edgar/data/1929777/000119312526363132/xslFormNPORT-P_X01/primary_doc.xml
Historical findings (10)
7483 - TMF Normandy Holdings was newly flagged defaulted in the September 30, 2024 N-PORT: 1.16% of portfolio value ($4,382,625). (2024-09-30)
D1 crossed its monitoring threshold for the period ended 2024-09-30.
7420 - OKC1 Huntington Holdings LLC was newly flagged defaulted in the June 30, 2024 N-PORT: 3.95% of portfolio value ($14,160,312). (2024-06-30)
D1 crossed its monitoring threshold for the period ended 2024-06-30.
Redemption demand reached the fund's cap: cap use at 100% of the period limit (offer expired 2024-04-22).
Redemption demand reached the fund's cap: cap use at 120% of the period limit (offer expired 2024-01-22).
Redemption demand reached the fund's cap: cap use at 100% of the period limit (offer expired 2023-10-23).
Redemption demand reached the fund's cap: cap use at 100% of the period limit (offer expired 2023-07-21).
Redemption demand reached 83% of the fund's stated cap in the offer that expired 2025-07-21; pressure is building short of the gate.
Redemption demand reached 80% of the fund's stated cap in the offer that expired 2024-07-22; pressure is building short of the gate.
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance history
| Window | Class | Basis | Return | Source |
|---|---|---|---|---|
| 2026-01-01 to 2026-06-30 | I1 Class | basis not stated in the filed row | +3.70% | SEC source 0001213900-26-097073 |
| 2025-01-01 to 2025-12-31 | I1 Class | basis not stated in the filed row | +7.05% | SEC source 0001213900-26-097073 |
| 2025-01-01 to 2025-06-30 | I1 Class | basis not stated in the filed row | +3.55% | SEC source 0001213900-25-085427 |
| 2024-01-01 to 2024-12-31 | I1 Class | basis not stated in the filed row | +8.74% | SEC source 0001213900-26-097073 |
| 2024-01-01 to 2024-06-30 | I1 Class | basis not stated in the filed row | +4.22% | SEC source 0001213900-24-076532 |
| 2023-04-24 to 2023-12-31 | I1 Class | basis not stated in the filed row | +5.87% | SEC source 0001213900-26-097073 |
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2026-03-31 | New position 8963 - Eagles Manor MT LLC: 2.0% of portfolio value ($9,375,000) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2025-12-31 | 7620 - Brazos Thread Owner 3 LLC (4.4% of portfolio value in the 2025-09-30 report, $20,250,500) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | 7621 - Brazos Thread Owner 2 LLC (2.2% of portfolio value in the 2025-09-30 report, $10,275,625) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | 7622 - Brazos Thread Owner 1 LLC (2.4% of portfolio value in the 2025-09-30 report, $11,102,688) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | 7655 - MF Opp Fund I, LLC (9.0% of portfolio value in the 2025-09-30 report, $41,102,500) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | 8741 - CP NJ Short Hills Pender LLC (8.0% of portfolio value in the 2025-09-30 report, $36,390,750) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | 8753 - Midwest 288 LLC (3.4% of portfolio value in the 2025-09-30 report, $15,338,250) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | New position 8941 - Brazos Liberty Crossing, LLC: 1.4% of portfolio value ($6,500,000) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-12-31 | New position 8943 - Brazos Meadows, LLC: 3.9% of portfolio value ($18,050,000) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-12-31 | New position 8944 - Pebble Bay Apartments, LLC: 1.5% of portfolio value ($6,900,000) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-12-31 | New position 8945 - S Court Apts, LLC: 1.4% of portfolio value ($6,700,000) as of 2025-12-31; absent from the 2025-09-30 report. |
| 2025-12-31 | New position 8949 - Solamar Apts LLC & NAE Capital LLC: 3.6% of portfolio value ($17,000,000) as of 2025-12-31; absent from the 2025-09-30 report. |
Where exit demand met the cap.
Every one of the 7 disclosed periods was filled in full. 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.
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-01-20 | - | 100% | 52% | filled |
| 2025-10-20 | - | 100% | 64% | filled |
| 2025-07-21 | - | 100% | 83% | filled |
| 2025-04-22 | - | 100% | 46% | filled |
| 2025-01-22 | - | 100% | 43% | filled |
| 2024-10-23 | - | 100% | 60% | filled |
| 2024-07-22 | - | 100% | 80% | filled |
| 2024-04-22 | - | - | 100% | Not yet compiled |
| 2023-10-23 | - | - | 100% | Not yet compiled |
| 2023-07-21 | - | - | 100% | Not yet compiled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Not yet compiled
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Who can invest: No investor qualification is stated in the prospectus. 486BPOS filed 2026-04-30.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| A Class | Sales-load class for transactional brokerage distribution. | 5.75% | 25 bps | $2,500 | - |
| I1 Class | Servicing-fee class for brokerage or platform distribution. | 0.00% | 25 bps | $5,000,000 | - |
| I2 Class | No-load, high-minimum class; terms indicate advisory or large-account access. | 0.00% | 0 bps | $100,000,000 | - |
Management fee: 1.45% of average daily net assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001213900-26-049981.
Filed fee conditions
Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager a monthly Investment Management Fee equal to 1.45% on an annualized basis based on the Fund’s average daily net assets. The Investment Management Fee will be paid to the Investment Manager 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. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund; provided that for purposes of determining the Investment Management Fee payable to the Investment Manager for any month, net assets will be calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Investment Manager for that month. The Investment Management Fee will be computed as of the last business day of each month, and will be due and payable in arrears within ten (10) business days after the end of the month.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| I1 Class | 1.45% | 10% of income
*
Incentive Fee: 10.00% of realized pre-incentive fee net investment income; Payable monthly in arrears on realized pre-incentive fee net investment income. The prospectus prints no hurdle rate and no high water mark. SEC source 0001213900-26-049981 |
0.00% | 25 bps | - | - |
| Fee component | Rate | Basis / class | Condition |
|---|---|---|---|
| Performance · Incentive Fee | 10.00% | realized pre-incentive fee net investment income | Payable monthly in arrears on realized pre-incentive fee net investment income. The prospectus prints no hurdle rate and no high water mark. |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (7)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager a monthly Investment Management Fee equal to 1.45% on an annualized basis based on the Fund’s average daily net assets. The Investment Management Fee will be paid to the Investment Manager 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. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund; provided that for purposes of determining the Investment Management Fee payable to the Investment Manager for any month, net assets will be calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Investment Manager for that month. The Investment Management Fee will be computed as of the last business day of each month, and will be due and payable in arrears within ten (10) business days after the end of the month. | 1.45 pct annual of average daily net assets | - |
| expense_limitation | Expense Limitation and Expense Agreement. The Investment Manager has entered into an amended and restated expense limitation and reimbursement agreement (the “Expense Limitation and Reimbursement Agreement”) with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and or to assume expenses of the Fund (a “Waiver and/or Reimbursement”), if required to ensure the Total Annual Expenses (excluding any taxes, expenses incurred in connection with borrowings made by the Fund, brokerage commissions, loan servicing fees, Incentive Fees, dividend and interest expenses on short sales, acquired fund fees and expenses, expenses incurred in connection with any merger or reorganization after commencement of Fund operations, and extraordinary expenses, such as litigation expenses) do not exceed 2.75%, 2.50% and 2.75% of the average daily net assets of I1 Class Shares, I2 Class Shares and A Class Shares, respectively (the “Expense Limit”). Because of the exclusions from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 2.75%, 2.50% and 2.75% for the I1 Class Shares, I2 Class Shares and A Class Shares, respectively. The Expense Limitation and Reimbursement Agreement became effective on August 12, 2024 and will continue to automatically renew for consecutive one -year terms unless terminated by the Fund or Investment Manager. The Expense Limitation and Reimbursement Agreement will terminate in the event that the Investment Management Agreement is terminated. For a period not to exceed three years from the date on which a Waiver and/or Reimbursement is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund’s expense ratio (after recoupment) to exceed the lesser of (i) the expense limit in effect at the time of the waiver and/or reimbursement and (ii) the expense limit in effect at the time of the recoupment. | Text disclosure | 2024-08-12 |
| fund_inception_date | 2023-04-24 | Text disclosure | 2023-04-24 |
| incentive_fee_schedule | In addition, the Investment Manager (or, to the extent permitted by applicable law, an affiliate of the Investment Manager) will be entitled to receive an Incentive Fee calculated and payable monthly in arrears in amount equal to 10% of the Fund’s realized “pre -incentive fee net investment income” for the immediately preceding month. “Pre -incentive fee net investment income” is defined as interest income, dividend income and any other income accrued during the calendar month, minus the Fund’s operating expenses for the month (including the Investment Management Fee, expenses payable to the Administrator, any interest expense and dividends paid on any issued and outstanding preferred shares but excluding the Incentive Fee, any realized gains, realized capital losses or unrealized capital appreciation or depreciation). Example of Monthly Incentive Fee Calculation The Fund generates $1,000 of pre -incentive fee net investment income. Investor receives $900 (90% x $1,000). The Investment Manager receives $100 (10% x $1,000). | 10.0 pct of monthly realized pre incentive fee net investment income | - |
| leverage_ceiling | The Fund is subject to the Investment Company 19 Table of Contents Act requirement that an investment company satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the investment company incurs the indebtedness (the “Asset Coverage Requirement”). This means that at any given time the value of the Fund’s total indebtedness may not exceed one -third the value of its total assets (including such indebtedness). | 300.0 asset coverage | - |
| lockup_or_early_repurchase_fee | 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. | 1.0 pct of original purchase price | - |
| repurchase_program_terms | Interval Fund: The Fund has an interval fund structure pursuant to which the Fund, subject to applicable law, conducts quarterly repurchase offers for no less than 5% of the Fund’s Shares outstanding at NAV. While the quarterly repurchase offer is expected to be 5%, the amount of each quarterly repurchase offer may be 5% to 25% subject to approval of the Board of Trustees | 5.0 pct of shares outstanding per quarter | - |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-09-03 | N-CSRS | 0001213900-26-097073 |
| 2026-08-24 | NPORT-P | 0001193125-26-363132 |
| 2026-08-21 | DEF 14A | 0001213900-26-092592 |
| 2026-06-16 | N-23C3A | 0001213900-26-069071 |
| 2026-05-26 | NPORT-P | 0001193125-26-238514 |
| 2026-04-30 | 486BPOS | 0001213900-26-049981 |
| 2026-03-17 | N-23C3A | 0001213900-26-028804 |
| 2026-03-10 | N-CSR | 0001213900-26-025763 |
| 2026-03-02 | NPORT-P | 0000926877-26-000105 |
| 2025-12-16 | N-23C3A | 0001213900-25-122003 |
| 2025-11-20 | NPORT-P | 0001193125-25-289034 |
| 2025-09-15 | N-23C3A | 0001213900-25-087530 |
| 2025-09-08 | N-CSRS | 0001213900-25-085427 |
| 2025-08-27 | NPORT-P | 0001145549-25-054420 |
| 2025-06-16 | N-23C3A | 0001213900-25-054527 |