Forum Investment Group today announced that its Forum Real Estate Income Fund (“FREIF” or “the Fund,” Ticker: FORAX) has surpassed $500 million in net assets under management (AUM) as of July 7, 2026 — growth of approximately 73% over the trailing twelve months, more than doubling the Fund’s net AUM over the past 18 months.
FORAX seeks high income with low volatility and an emphasis on capital preservation, investing across private real estate credit and public real estate debt, a market that has historically been utilized by institutional investors. The Fund employs a diversified credit strategy, dynamically allocating across commercial mortgage-backed securities, private real estate loans, and other real estate-backed debt instruments. As advisors evaluate different credit strategies as a possible source of durable income within client portfolios, real estate credit backed by hard assets has drawn growing interest. Structured as an interval fund, FORAX provides periodic liquidity through quarterly redemption windows, allowing access to less liquid, higher-yielding investments within a structured framework.
“Milestones like this aren’t the goal — they’re the byproduct of doing disciplined work over a long period of time,” said Darren Fisk, Forum’s Founder & CEO. “We’re grateful to the advisors and clients who have trusted us along the way, and we intend to keep earning that trust.”
Since its launch on October 30, 2019, the Fund has patiently and diligently applied the same disciplined investment strategy. Portfolio Managers Jason Brooks, Pat Brophy, and Neil Shah average more than 20 years of real estate debt experience. That experience and consistency of approach have been central to FORAX’s ability to maintain consistent underwriting standards through a range of market environments — from the near-zero rate era of the Fund’s launch, through the rapid tightening cycle of 2022–2023, to the volatility of the past year. Through those environments, the Fund has delivered an annualized net return of 8.60% since inception (F Shares, through June 30, 2026).
Forum’s real estate debt platform is led by Jason Brooks, Head of Debt and Portfolio Manager, alongside fund Portfolio Managers Pat Brophy and Neil Shah.
“Having managed real estate credit through several full market cycles, the Portfolio Management team has learned the importance of sticking to our research-driven process, staying nimble, and maintaining underwriting discipline. Reaching $500 million doesn’t change how we invest, but the larger asset base does open up new opportunities, further enhancing the optionality of our intentionally flexible mandate,” said Pat Brophy, Fund Portfolio Manager.
Looking ahead, Forum believes the opportunity in real estate credit remains compelling, as banks continue to scale back commercial real estate lending and non-bank lenders like FORAX continue to capture market share and are well-positioned with flexible capital and the ability to work closely with borrowers to create tailored financing solutions and ultimately deliver attractive risk-adjusted returns to their shareholders.
Advisors interested in learning more about FORAX can contact Forum’s Investor Relations team at InvestorRelations@ForumIG.com or 303.501.8804. View the fund’s website for the most recent performance, important Fund information, and definitions and descriptions of benchmarks.
About Forum: Forum Investment Group (“Forum”) is a Denver-based boutique investment management firm dedicated to empowering individual investors by investing through real estate cycles. With assets in 25 strategic states, Forum built its foundation in development and evolved into acquisition and financing, providing access to a range of real estate investments. For more information, please visit ForumIG.com.
The Fund’s performance may be volatile, and the investment may involve a high degree of risk. There is no assurance that the investment process will consistently lead to successful investing. Returns shown are net of fees and expenses and assume reinvestment of distributions. Past performance does not guarantee future results. Forum Real Estate Income Fund is a diversified, closed-end management investment company that continuously offers its shares of common stock (the “Shares”), and is operated as an “interval fund.” There is currently no secondary market for its shares, and the Fund does not expect any secondary market to develop for its shares. Accordingly, you may not be able to sell shares when and/or in the amount that you desire. Investors should consider shares of the Fund to be an illiquid investment. An investment in FREIF involves risk, including possible loss of principal. Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. Investors should read the prospectus and summary of additional information carefully with this and other information about the Fund. Distributor: Foreside Fund Services, LLC
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