Overview
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Financial statements
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Selling, general and admin | $38.0K4 | |||
| Operating expenses | $877.4K4 | |||
| Operating income | $117.1K4 | |||
| Interest | $75.0K4 | |||
| Net income | -$277.5K2 | $4.0M2 | $6.0M2 | |
| Earnings per share | -$22.052 | $88.082 | $89.272 | |
| Earnings per share (diluted) | -$22.052 | $88.082 | $89.272 | |
| Shares (weighted, basic) | 12.6K shares2 | 45.3K shares2 | 70.3K shares2 | |
| Shares (weighted, diluted) | 12.6K shares2 | 45.3K shares2 | 70.3K shares2 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Compare Wellings Real Estate Income Fund with another company
What it owns
What Wellings Real Estate Income Fund reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Marketable securities, current | $18.4M2 Mar 31, 2025 | $9.3M2 Mar 31, 2024 | +97.5% |
Properties, in its own words
The Investment Adviser does not own any real estate or other physical properties materially important to our operation. Our headquarters are located at 14805 Forest Road Suite 203, Forest, VA 24551. Our headquarters are provided to us by the Adviser. We believe that our office facilities are suitable and adequate for our business as we conduct it.
Item 2 of the 10-K filed Jun 30, 2025.9
Leadership
Who has led Wellings Real Estate Income Fund, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerPaul Thomas Moore May 4, 2022 to May 4, 202210
- Chief financial officerFrederick Teufel Jr. May 4, 2022 to May 4, 202211
- Chief operating officerBenjamin Patrick Kahle May 4, 2022 to May 4, 202212
Board members and other officers (4)
- Chief Compliance OfficerAdrienne Yost Hart May 31, 2023 to May 31, 202313
- Board memberAaron Moatz Nov 8, 2023 to Nov 8, 202314
- Board memberNathan Daniel Goad May 4, 2022 to May 4, 202215
- Board memberNorman John Cerk May 4, 2022 to May 4, 202216
Timeline
- May 5, 20258-K Entered a material agreement17
- Apr 30, 20258-K Other events18
- May 6, 20248-K Entered a material agreement19
- Oct 6, 20238-K Executive or director change20
- Jan 30, 20238-K Executive or director change21
- Jan 10, 20238-K Executive or director change22
- Dec 12, 20228-K Executive or director change23
- May 4, 2022New chief executive Paul Thomas Moore becomes CEO10
Filings
45 filings to the SEC since October 2021: 3 annual reports, 9 quarterly reports, 7 major events, 7 insider forms, 3 private raises, 16 other. The latest 20:
- Jul 25, 2025N-54C EDGAR
- Jul 8, 2025DEF 14A EDGAR
- Jul 7, 2025CORRESP EDGAR
- Jun 30, 202510-K EDGAR
- May 23, 2025PRE 14A EDGAR
- May 5, 20258-K EDGAR
- Apr 30, 20258-K EDGAR
- Apr 30, 202515-12G EDGAR
- Apr 11, 202540-17G EDGAR
- Feb 18, 202510-Q EDGAR
- Nov 14, 202410-Q EDGAR
- Aug 12, 2024D/A EDGAR
- Aug 12, 202410-Q EDGAR
- Jun 28, 202410-K EDGAR
- May 6, 20248-K EDGAR
- Apr 12, 202440-17G EDGAR
- Feb 13, 202410-Q EDGAR
- Nov 13, 202310-Q EDGAR
- Nov 8, 20233 PRIMARY DOCUMENT EDGAR
- Oct 6, 20238-K EDGAR
The 45 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Funding
Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.
- Private raises (Form D) $68.4M
Figures by year
| Year | Private raises (Form D) | Total |
|---|---|---|
| 2022 | $68.4M | $68.4M |
Private raises
Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.
SEC filer profile
How Wellings Real Estate Income Fund is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARWellings Real Estate Income Fund1
- CIK0001922947
- Employer ID (EIN)88-61631679
- Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company9
- Incorporated inDelaware9
- Fiscal year endsMarch 311
- Business address14805 Forest Road, Suite 203, Forest, VA 245511
- Phone800-844-21881
- Shares outstanding79,552 shares as of Jun 15, 20259
- Public float$0 as of Sep 30, 20242
- AuditorRSM US LLP, Chicago, Illinois PCAOB ID 49; no auditor attestation of internal control over financial reporting9
- On EDGAR sinceApr 12, 20221
- Filings45 in all: 10-Q (9), 3 (7), 8-K (7), 40-17G (4), 10-K (3), CORRESP (3), 10-12G/A (2), D/A (2)1
All 16 form types
10-12G (1), 15-12G (1), D (1), DEF 14A (1), N-54A (1), N-54C (1), N-6F (1), PRE 14A (1)
- Latest filingsAnnual report (10-K) Jun 30, 2025
Quarterly report (10-Q) Feb 18, 2025
Proxy statement (DEF 14A) Jul 8, 2025
Latest 8-K (8-K) May 5, 2025
Risk factors and legal proceedings
The risks Wellings Real Estate Income Fund names in Item 1A of its 10-K filed Jun 30, 2025: 41 risks under these headings, as written.9
- Risks Relating to the Fund’s Business and Structure
- Lack of Operating History
- Inability to Meet Investment Objective or Investment Strategy
- Dependence Upon Key Personnel of the Investment Adviser
- Dependence on Strong Referral Relationships
- No Guarantee to Replicate Historical Results Achieved by Investment Adviser
- Expedited Investment Decisions
- Potential Limited Ability to Execute Investment Decisions
- Ability to Manage the Fund’s Business Effectively
- Potential Conflicts of Interest
- Conflicts Related to Obligations of Investment Adviser or the Members of the Investment Committee
- Third Party Involvement
The other 35 risks
- Incentive Fee Structure Relating to the Investment Adviser
- Management Fee Payable Regardless of Performance
- Conflict of Interest Created by Valuation Process for Certain Portfolio Holdings
- Negotiation of the Investment Advisory Agreement with the Investment Adviser
- Limited Liability and Indemnification of the Investment Adviser
- Restricted Ability to Enter Into Transactions with Affiliates
- Operation in a Highly Competitive Market for Investment Opportunities
- Insufficient Capital Raise from the Private Offering
- Possibility of the Need to Raise Additional Capital
- Lack of Cash for Distributions
- Failure to Achieve Targeted Returns
- Regulations Governing Operation as a BDC
- Operation as an Exchange Act Reporting Company
- Potential Limited Ability To Invest in Public Companies
- Financing Investments With Borrowed Money
- Changes in Interest Rates May Affect The Fund’s Cost of Capital and Net Investment Income
- Investing a Sufficient Portion of Assets in Qualifying Assets
- Uncertainty as to the Value of Certain Portfolio Investments
- Potential Fluctuations in Quarterly Operating Results
- Potential Fluctuations in Net Asset Value
- Potential Adverse Effects of New or Modified Laws or Regulations
- Potential Changes in Investment Objective, Operating Policies or Strategies Without Prior Notice or Shareholder Approval
- Potential Resignation of the Investment Adviser and/or Administrator
- Dependence on Information Systems and Potential Systems Failures
- Risks Related to the Fund’s Investments—General Risks
- Potential Impact of Economic Recessions or Downturns
- Political, Social and Economic Uncertainty Creates and Exacerbates Investment Risks
- Potential Material and Adverse Effects of Market Conditions on Debt and Equity Capital Markets
- Investments in Leveraged Portfolio Companies
- Lack of Liquidity in Investments
- Potential Adverse Effects of Price Declines and Illiquidity
- Equity Securities
- Highly Volatile Instruments
- Failure of Due Diligence Process
- Geographic Concentration
- Industry Concentration
- Third Party Litigation
- Proportion of Assets that May Be Invested in Securities of a Single Issuer
- Potential Failure to Make Follow-On Investments in Portfolio Companies
- Potential Impact of Not Holding Controlling Equity Interests in Portfolio Companies
- Risks Related to the Fund’s Investments—Manufactured Housing Communities Risks
- Competition in MHC Industry
- Single Family Property Risks
- Cyclical and Seasonal Nature of MHC Industry
- Market forces and Declining Housing Demand
- Failure to Secure Zoning Ordinances
- Warranty and Construction Defect Claims on Manufactured Housing
- Risks Related to the Fund’s Investments—Self-Storage Facilities
- Market and Economic Conditions on Property Operations
- Market and Economic Conditions May Impact a Property Value on Resale
- Competition Could Impact Occupancy or Market Rental Rates
- Vacancies and Tenant Defaults
- Reliance on Local Property Managers and Contractors
- Risks Related to the Fund’s Investments—Industrial Real Estate
- Competition, Occupancy, and Market Rental Rates
- General Risks of Industrial Properties
- Labor Disputes at Industrial Properties
- Risks Related to the Fund’s Investments—Recreational Vehicle Parks
- Adverse Economic Conditions.
- Seasonality and Cyclicality
- Market and Economic Conditions and Resale
- Occupancy or Market Rental Rates
- Construction or Development of Associated Property
- Risks Related to the Fund’s Investments—Multifamily Residences
- General Risks of Real Estate Investing
- Uninsured and Underinsured Losses; Availability and Cost of Insurance
- Liability for Environmental Issues
- Federal, State and Local Regulations May Change
Legal proceedings
As of March 31, 2025, there were no material legal proceedings against the Fund or any of its officers or directors.
The opening of Item 3, Legal Proceedings.9
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARAaron Moatz, Board member
- 15SEC EDGARNathan Daniel Goad, Board member
- 16SEC EDGARNorman John Cerk, Board member
- 17SEC EDGAREntered a material agreement
- 18SEC EDGAROther events
- 19SEC EDGAREntered a material agreement
- 20SEC EDGARExecutive or director change
- 21SEC EDGARExecutive or director change
- 22SEC EDGARExecutive or director change
- 23SEC EDGARExecutive or director change
- 24