Thirdline Trust -Real Estate Income Fund
TREIX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
FRC
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in mil. unless spec.Growth Rates
FRC
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in mil. unless spec.Quarterly Revenue
FRC
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in mil. unless spec.Quarterly Earnings Per Share
FRC
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in mil. unless spec.Quarterly Dividends Per Share
FRC
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in mil. unless spec.- CEO
- Lawrence Scott Eiben
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 901 Marquette Avenue, Suite 2500 Minneapolis MN United States of America 55402-3211
- IPO Date
- Oct 19, 2021
- CIK
- 0000811869
- Similar Companies
- Business
- Thirdline Trust - Real Estate Income Fund (TREIX) is a perpetual closed-end investment fund registered under the Investment Company Act of 1940 that seeks to deliver quarterly dividends and limited liquidity through quarterly repurchase offers of up to 5% of shares at net asset value to investors pursuing real estate income. The Fund primarily invests directly in thoroughly vetted middle-market commercial real estate assets, including senior mortgage loans, mezzanine loans, preferred equity, and sponsor profits interests such as PDOFQ2 22 Livingston Side Car LLC (12.01% yield), Premier Lexington Park LLC (9.00%), Rhino Easton Owner LLC (14.50%), Riparian Housing Investors I LLC (15.00%), and SP 1001 Music Row Investors LLC; it complements this core allocation (approximately 75-80% of assets) with a smaller portion in proprietary hedged public real estate securities, including exchange-traded preferred equity, to manage liquidity and enhance returns. Headquartered in Richmond, Virginia, with principal executive offices at 1310 Roseneath Road Suite 200, the Fund targets accredited investors, financial advisors, and institutions focused on income generation from private commercial real estate debt and equity in the U.S. market, operating across sectors like office, multifamily, and mixed-use properties. In recent fiscal years, the Fund has expanded its sponsor network to source attractive private credit opportunities amid tight bank lending conditions, maintaining stable private investment values and consistent yields while navigating public market volatility in office real estate, which contributed to a fiscal year-end March 31, 2025 total return below its average annual return of 6.03% since inception. Portfolio turnover reflects active management of direct investments, with net asset growth supported by share sales and reinvested distributions despite repurchases totaling $13.5 million in the latest year; net investment income reached $5.77 million, underscoring reliable income from high-yield debt positions. No major acquisitions, funding rounds, or strategic partnerships were announced in 2024-2025, but the Fund continues to position itself for opportunities in underserved middle-market real estate lending as economic conditions evolve.