Firm Description Pender Capital Management, LLC is an independent investment advisory firm that acts as discretionary adviser to a continuously offered closed-end interval fund with limited liquidity registered under the Investment Company Act of 1940, focused on private CRE debt the Pender Real Estate Credit Fund (“the Fund”) and the PC ABL SMA 1, L.P. (the “SMA”) (each a “Client” and collectively the “Clients”). PCM personnel also participate in the origination and servicing of commercial mortgage loans as fully described in the Fund’s Form N-2 registration statement. PCM was formed as a limited liability company in the state of Delaware in May of 2015. Its principal owners are Pender Capital, Inc. and Zachary Murphy. Pender Capital, Inc. is the majority owner of PCM and is an entity that is wholly owned by Cory Johnson. PCM is an experienced fund manager that includes a team of investment professionals with more than 50 years of combined industry experience. PCM serves as the investment adviser to each of the Fund, and PC ABL SMA 1, LP including PC ABL SMA 1 GP, L.P. (the “General Partner”) General Partner. Types of Advisory Services We Offer The Fund is a continuously offered closed-end interval fund with limited liquidity, registered under the Investment Company Act of 1940, focused on private CRE debt and seeks to capitalize on factors such as the reduction in lending options, coupled with increased borrower demand for short-term loans, which as a result, has created a compelling investment opportunity for well-capitalized lenders. The SMA is a limited partnership established as a private fund established for the purpose of providing co- invest opportunities alongside the Fund. PCM specializes in managing a portfolio of real estate loans. The Clients are designed to provide investors with exposure to commercial real estate loans. PCM and its affiliates seek to identify real estate transactions that cannot be completed by traditional financing sources. Loan to Value (“LTV”) is a primary consideration for qualifying loans. In addition, PCM targets transactions with inherently strong borrower equity positions. PCM’s goal is to create a portfolio of loans that have attractive LTVs. Tailoring of Advisory Services PCM’s investment advice is tailored to the investment objectives, investment strategy and restrictions (if any) set forth in each

Client’s agreement of limited partnership (as applicable), private placement memorandum, in the case of the Fund, its publicly available prospectus1, and/or other agreements organized between PCM and Clients (collectively referred to as “Offering Documents”). PCM’s investment advice is not tailored to individual investors. The Clients have set forth the investment criteria in each respective Offering Document, which describes the types of qualified loans in which the Clients may invest, LTV restrictions, investment restrictions, and the allocation of investment opportunities. The SMA was established for the purpose of providing exposure to co-investment opportunities alongside the Fund in the portfolio of real estate loans managed by PCM. This relationship was separately negotiated between PCM and the SMA Client. Wrap Fee Programs 1 https://www.sec.gov/ix?doc=/Archives/edgar/data/1929777/000121390023019838/ea151295_424b3.htm ADV Part 2A-Firm Brochure 5 Pender Capital Management, LLC We do not offer wrap fee programs. Regulatory Assets Under Management The investment strategy includes providing exposure to short term (12-month standard term), senior position (no junior or mezzanine position), commercial real estate backed bridge loans to borrowers with significant equity participation (65% LTV target) of income producing commercial real estate assets (no land development, or heavy construction loans) via direct investments made by the Clients, together with its affiliates. The Fund, via its REIT subsidiary, strategically targets loans varying in size up to 10% of the total capital contributions of all partners and loans are geographically dispersed across the United States. The SMA co-invests in opportunities alongside the Fund, by purchasing a participating interest in each applicable loan invested by the Fund. The SMA participates in each such loan by co-investing the lesser of $2,000,000 and 20% of the principal balance of the loan originated. As of December 31, 2023, PCM manages $389,137,904 in discretionary regulatory assets under management. PCM does not manage assets on a non-discretionary basis.