Wellings Real Estate Income Fund (WREIF) is a Delaware statutory trust operating as a Business Development Company (BDC), managed externally by Wellings Capital Management, focusing on investments in commercial real estate across various asset classes.

# Summary of Wellings Real Estate Income Fund (WREIF)

## Business Overview
- **Type of Entity:** Delaware statutory trust operating as a Business Development Company (BDC)
- **Management:** Externally managed by Wellings Capital Management, LLC (a registered investment adviser)
- **Core Activity:** Investment in commercial real estate through targeted assets

## Investment Strategy & Objectives
- **Primary Focus:**
  - Invest at least 80% of net assets (plus borrowings) in real estate and real estate-related assets
  - Indirectly invest via equity securities issued by entities owning the real estate
- **Targeted Asset Classes:**
  - Manufactured housing communities (“MHCs” or mobile home parks)
  - Self-storage facilities
  - Industrial real estate
  - Recreational vehicle (“RV”) parks
  - Multifamily residences (apartment communities, student housing, age-restricted communities)
  - Other commercial real estate assets throughout the U.S.
- **Investment Goals:**  
  - Preserve investors' capital  
  - Make regular distributions from investments  
  - Achieve income and capital appreciation

## Portfolio & Asset Details
- **Number of Shares Outstanding (as of June 15, 2025):** 79,551.95 shares
- **Investment Focus:**  
  - Equity securities issued by entities that own:
    - MHCs: 40,000 communities with approximately 4.2 million home sites
    - Self-storage facilities: demand driven by population growth, urbanization, and mobility needs
    - Industrial real estate: used for manufacturing, distribution, logistics, e-commerce support
    - RV parks: include campgrounds, transient parks, recreational and fishing camps
    - Multifamily residences: rental communities, including age-restricted housing and student housing

## Management & Operational Details
- **Adviser:** Wellings Capital Management, LLC (~$190 million assets under management as of Mar 31, 2025)
- **Key Executives:**
  - Paul Moore (CEO, controlling shareholder of Adviser)
  - Benjamin Kahle (COO, controlling shareholder of Adviser)
- **Staff:** Investment team of 7 professionals, plus support personnel
- **Investment Committee:** 3 members responsible for approving investments
- **Administrative Services:** Provided by UMB Fund Services Inc.

## Financial & Regulatory Highlights
- **Business Status:** Operates as a non-diversified closed-end management investment company, taxed as a partnership
- **Regulation:** Registered under the Investment Company Act of 1940; elected as a BDC
- **Seeking to provide:**
  - Regular distributions
  - Capital preservation
  - Income and appreciation from targeted assets

### No Specific Financial Data Provided
- **Revenue, net income, operating expenses, and profit figures are not specified in the provided document.**

Wellings Real Estate Income Fund is a Delaware statutory trust that primarily invests in real estate and real estate-related assets, aiming to provide consistent returns to its investors.

# Wellings Real Estate Income Fund Overview

## Company Structure and Compliance
- **Incorporation**: Wellings Real Estate Income Fund is a Delaware statutory trust structured as a closed-end management investment company.
- **Regulatory Compliance**: The Fund has elected to be treated as a Business Development Company (BDC) under the Investment Company Act of 1940 and elects to be taxed as a partnership under the Internal Revenue Code, allowing it to avoid corporate tax levels.

## Business Model
- **Investment Focus**: The Fund primarily invests at least 80% of its net assets in real estate and real estate-related investments. Its targeted asset classes include:
  - **Manufactured Housing Communities (MHCs)**
  - **Self-Storage Facilities**
  - **Industrial Real Estate**
  - **Recreational Vehicle Parks**
  - **Multifamily Residences**
  
- **Investments Strategy**: The Fund focuses on value-add opportunities to increase net operating income, which would ultimately generate cash flow for distributions to its investors.

## Financial Information
- **Initial Seed Capital** (March 30, 2022): $200,000.
- **Operations Commenced**: July 1, 2022.
- **Total Capital Raised**: Approximately $56.5 million as of March 31, 2024.
- **Revenue** for the fiscal year ended March 31, 2024: $3,519,865 from fees, interest, and dividends.
- **Net Income** for the fiscal year ended March 31, 2024: $1,211,588.
- **Net Assets**: $59,017,490 as of March 31, 2024.
- **Monthly Distributions**: Targeted annual distributions of 5-8% of net assets.

## Employees and Management
- **Management Team**: The Fund is externally managed by Wellings Capital Management, LLC. Key personnel include:
  - **Paul Moore**: Chief Executive Officer
  - **Benjamin Kahle**: Chief Operating Officer
- **Employees**: The Fund does not have any direct employees; all operational functions are managed through the Investment Adviser.

## Investment Portfolio
- **Portfolio Investments**: As of March 31, 2024, the Fund has invested in:
  - 21 investments across various asset classes.
  - Notable investments include:
    - Parkview Financial Fund 2015, L.P.
    - Great Escapes RV Fund IV, L.P.
    - Crystal View Capital Fund IV, L.P.
  
## Customer Base
- **Investor Base**: The Fund targets "accredited investors" as per the Securities Act of 1933 and Regulation D. Specific metrics on the number of investors are not disclosed but the capital raised indicates a significant investor interest.

## Key Metrics
- **Number of Shares Outstanding**: 57,585 shares as of March 31, 2024, with each share valued at $1,024.87.
- **Distribution History**: The Fund has initiated distributions since January 2023, increasing to a targeted annualized rate of approximately 5% starting in November 2023.
  
## Future Outlook
- The Fund plans to capitalize on further opportunities in the real estate sector and continue growing its investment portfolio while aiming to provide consistent returns to its investors.

Wellings Real Estate Income Fund

10-K / June 30, 2025

10-K / June 28, 2024

10-K / June 30, 2025

Summary of Wellings Real Estate Income Fund (WREIF)

Business Overview

Investment Strategy & Objectives

Portfolio & Asset Details

Management & Operational Details

Financial & Regulatory Highlights

No Specific Financial Data Provided