# EDGAR Filing Document

**Accession Number:** 0001959172
**File Stem:** 0001193125-25-301378
**Filing Date:** 2025-11
**Character Count:** 258783
**Document Hash:** 86395dea948789082ba48f4ca5ff313d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-301378.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001193125-25-301378

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Redwood Private Real Estate Debt Fund
- **CENTRAL INDEX KEY:** 0001959172

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23846
- **FILM NUMBER:** 251532898

**BUSINESS ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212
- **BUSINESS PHONE:** 414-299-2200

**MAIL ADDRESS:**
- **STREET 1:** C/O UMB FUND SERVICES, INC.
- **STREET 2:** 235 W. GALENA STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53212

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Redwood Real Estate Income Fund
- **DATE OF NAME CHANGE:** 20221220

## Nport-Ex

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**As of September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
|  | **Commercial Real Estate — 177.8%<sup>1,2</sup>** |  |  |  |  |
|  | **Participation Notes — 57.6%** |  |  |  |  |
|  | **Condominium Development — 8.1%** |  |  |  |  |
| 12034157 | 3391 - ZDJ W 37, LLC<sup>3</sup> | SOFR1M + 5.50%; floor 9.25% | 9.66 | 03/04/27 | $12034157 |
| 1556655 | 3398 - 305 Briny<sup>3</sup> | SOFR1M + 5.25%; floor 10.00% | 10.00 | 09/27/26 | 1556655 |
| 4781746 | 3399 - Malibu, LLC<sup>3</sup> | SOFR1M + 5.00%; floor 9.00% | 9.16 | 10/30/26 | 4781746 |
| 8372093 | 3454 - 2nd & Steele, LLC<sup>3</sup> | SOFR1M + 5.00%; floor 8.50% | 9.33 | 07/14/28 | 8372093 |
| 5119264 | TL Mosaika, LLC<sup>3</sup> | SOFR1M + 9.69% | 14.00 | 04/30/26 | 5119264 |
|  |  |  |  |  | **31863915** |
|  | **Hospitality — 7.3%** |  |  |  |  |
| 10774717 | 3330-01 - 3601 Parking, LLC & N Ocean Blvd, LLC<sup>3</sup> | SOFR1M + 5.10%; floor 10.25% | 10.25 | 10/31/25 | 10774717 |
| 12500000 | 3333 - McRopp New York Royal44, LLC<sup>3</sup> | SOFR1M + 5.25%; floor 10.50% | 10.50 | 11/28/25 | 12500000 |
| 5712416 | 3356 - GK West 47th, LLC<sup>3</sup> | SOFR1M + 5.67%; floor 11.00% | 11.00 | 03/07/26 | 5712415 |
|  |  |  |  |  | **28987132** |
|  | **Industrial — 2.2%** |  |  |  |  |
| 1190293 | 3320-01 - Howell Lendco, LLC<sup>3</sup> | SOFR1M + 5.21%; floor 10.51% | 10.51 | 03/22/26 | 1190294 |
| 1300000 | 3335 - Cromwell Inwood, LLC<sup>3</sup> | SOFR1M + 5.50%; floor 10.83% | 10.83 | 11/27/25 | 1300000 |
| 6000000 | 3394 - Sunnyvale Park Place & Commons<sup>3</sup> | SOFR1M + 5.00%; floor 9.00% | 9.16 | 09/17/27 | 6000000 |
|  |  |  |  |  | **8490294** |
|  | **Mixed Use Development — 16.0%** |  |  |  |  |
| 2942374 | 3340 - San Antonio Palo Alto, LLC<sup>3</sup> | SOFR1M + 6.20%; floor 11.50% | 11.50 | 12/15/25 | 2942374 |
| 6590000 | 3349 - Hillcrest Cedar Property Owner , LLC<sup>3</sup> | SOFR1M + 5.75%; floor 10.75% | 10.75 | 01/09/26 | 6590000 |
| 3806482 | 3358-01 - 123 Speer Owner, LP<sup>3</sup> | SOFR1M + 5.25%; floor 10.25% | 10.25 | 03/19/26 | 3806482 |
| 41000000 | 3368-03 - Carlisle New York Apartments, LLC<sup>3</sup> | SOFR1M + 6.20%; floor 10.25% | 10.36 | 05/08/26 | 41000000 |
| 2500000 | 3372 - 3151 NF Owner, LLC<sup>3</sup> | SOFR1M + 5.25%; floor 10.57% | 10.57 | 06/05/26 | 2500000 |
| 6594906 | TL Pepperell Mill, LLC<sup>3</sup> | SOFR1M + 15.83% | 19.55 | 12/23/26 | 6594906 |
|  |  |  |  |  | **63433762** |
|  | **Multifamily — 11.6%** |  |  |  |  |
| 3470000 | 3303 - 150 Lefferts Ave./55 East 21st Street<sup>3</sup> | SOFR1M + 5.20%; floor 10.00% | 10.00 | 11/01/25 | 3470000 |
| 12400000 | 3344 - 1600 North 11, LLC<sup>3</sup> | SOFR1M + 5.50%; floor 10.75% | 10.75 | 10/26/25 | 12400000 |
| 4000000 | 3359-01 - Nalskihouse MT, LLC<sup>3</sup> | SOFR1M + 5.68%; floor 11.00% | 11.00 | 03/22/26 | 4000000 |
| 3500000 | 3360 - JC Roxy, LLC<sup>3</sup> | SOFR1M + 5.25%; floor 10.58% | 10.58 | 03/22/26 | 3500000 |
| 11500000 | 3371-01 - Greyhawk SSOF Ruckus Lend, LLC<sup>3</sup> | SOFR1M + 5.00%; floor 9.50% | 9.50 | 05/10/26 | 11500000 |
| 7534942 | 3407 - 57 Canton Place<sup>3</sup> | SOFR1M + 5.39%; floor 10.00% | 10.00 | 12/23/26 | 7534942 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued** 

**As of September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
| 3500000 | 3461 - Skyline Apartments<sup>3</sup> | SOFR1M + 5.14%; floor 9.44% | 9.47 | 03/05/27 | $3500000 |
|  |  |  |  |  | **45904942** |
|  | **Office — 1.0%** |  |  |  |  |
| 4000000 | 3341 - Ferncroft, LLC<sup>3</sup> | SOFR1M + 5.25%; floor 10.50% | 10.50 | 12/19/25 | 4000000 |
|  | **Predevelopment — 5.1%** |  |  |  |  |
| 1000000 | 3378 - Bancroft Cedar Property Owner, LLC<sup>3</sup> | SOFR1M + 5.75%; floor 10.74% | 10.74 | 07/03/26 | 1000000 |
| 2900000 | 3397 - 33 Alhambra Circle<sup>3</sup> | SOFR1M + 5.20%; floor 10.54% | 10.54 | 03/20/26 | 2900000 |
| 3986864 | 3403 - Nash Street Property Associates, LLC<sup>3</sup> | SOFR1M + 5.00%; floor 10.00% | 10.00 | 12/10/26 | 3986864 |
| 4631540 | 3413 - 700, 706, & 710 Division Street & 714 8th Avenue South<sup>3</sup> | SOFR1M + 7.25%; floor 11.35% | 10.06 | 03/21/27 | 4631540 |
| 4400000 | 3422 - 119, 131, & 137 NW 29th 112, 120, 130, & 138 NW<sup>3</sup> | SOFR1M + 6.50%; floor 10.50% | 10.16 | 03/21/27 | 4400000 |
| 3332033 | 3434 - 1 Water Street<sup>3</sup> | SOFR1M + 6.75%; floor 11.05% | 9.92 | 04/29/27 | 3332033 |
|  |  |  |  |  | **20250437** |
|  | **Single Family — 6.1%** |  |  |  |  |
| 230769 | 3326 - Elgny, LLC<sup>3</sup> | SOFR1M + 5.00%; floor 10.25% | 10.25 | 10/07/25 | 230769 |
| 3095867 | 3383 - Textor Family Holdings, LLC<sup>3</sup> | SOFR1M + 5.25%; floor 10.57% | 10.57 | 02/01/26 | 3095866 |
| 6087433 | 3412 - 105-107 Bank Street<sup>3</sup> | SOFR1M + 6.25%; floor 10.62% | 10.41 | 07/24/26 | 6087433 |
| 905000 | 3412-01 - 105-107 Bank Street<sup>3</sup> | SOFR1M + 6.25%; floor 10.62% | 10.42 | 07/24/26 | 905000 |
| 3000000 | 3424 - Colony 29 Palm Springs<sup>3</sup> | SOFR1M + 5.70%; floor 10.00% | 9.83 | 04/07/27 | 3000000 |
| 2861993 | 3455J - 140 Hayground Cove Road Partners, LLC - Junior Loan<sup>3</sup> | SOFR1M + 12.67%; floor 17.00% | 16.83 | 07/30/26 | 2861993 |
| 2044088 | 3455S - 140 Hayground Cove Senior Partners, LLC - Senior Loan<sup>3</sup> | SOFR1M + 5.64%; floor 9.97% | 9.80 | 07/30/26 | 2044088 |
| 5000000 | 3459 - 355 N. Carolwood<sup>3</sup> | SOFR1M + 5.75%; floor 10.00% | 10.08 | 09/04/27 | 5000000 |
| 800000 | 3463 - 825 Old Sag Harbor Road<sup>3</sup> | SOFR1M + 6.00%; floor 10.25% | 10.13 | 03/26/27 | 800000 |
|  |  |  |  |  | **24025149** |
|  | **Single Family/Multifamily — 0.2%** |  |  |  |  |
| 884520 | 3314 - VM Equities #3<sup>3</sup> | SOFR1M + 5.25%; floor 9.75% | 9.75 | 01/28/26 | 884520 |
|  | Total Participation Notes |  |  |  |  |
|  | (Cost $227,840,151) |  |  |  | 227840151 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
|  | **Real Estate Mortgages — 120.2%** |  |  |  |  |
|  | **2 - 4 Units — 16.7%** |  |  |  |  |
| 1137000 | 101219 - ACE Jaynes, LLC<sup>5</sup> | N/A | 9.75 | 12/01/25 | $1137000 |
| 4741821 | 104356 - RRCap - FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4741821 |
| 4741821 | 104357 - RRCap - FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4741821 |
| 4741821 | 104358 - RRCap - FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4741821 |
| 4197917 | 104359 - RRCap - FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4197917 |
| 4570253 | 104360 - RRCap - FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4570253 |
| 4741821 | 104361 - RRCap - FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4741821 |
| 3825580 | 104362 - RRCap - FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 02/01/26 | 3825580 |
| 4369483 | 104363 - RRCap - FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4369483 |
| 4369483 | 104364 - RRCap - FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4369483 |
| 780000 | 106533 - Eagle OZB I, LP<sup>4</sup> | N/A | 9.13 | 03/01/26 | 780000 |
| 780000 | 106536 - Eagle OZB I, LP<sup>4</sup> | N/A | 9.13 | 03/01/26 | 780000 |
| 780000 | 106538 - Eagle OZB I, LP<sup>5</sup> | N/A | 9.13 | 03/01/26 | 780000 |
| 286148 | 106767 - Torre Projects, LLC<sup>4</sup> | N/A | 9.00 | 08/01/26 | 286148 |
| 1244200 | 111089 - 317-319 Laurel Avenue, LLC<sup>4</sup> | N/A | 9.43 | 11/12/25 | 1244200 |
| 3543000 | 112319 - 1120 Coronado CS, LLC<sup>4</sup> | N/A | 8.87 | 12/01/25 | 3543000 |
| 1929627 | 112351 - BV Homes, LLC<sup>4</sup> | N/A | 9.17 | 01/01/26 | 1929627 |
| 1488944 | 113734 - MF Real Estate Investment, LLC<sup>5</sup> | N/A | 9.10 | 07/01/26 | 1488944 |
| 1645479 | 113824 - Caterra Property 3, LLC<sup>4</sup> | N/A | 9.04 | 07/01/26 | 1645479 |
| 1846411 | 114221 - CF 4942 Topanga, LLC<sup>4</sup> | N/A | 8.92 | 09/01/26 | 1846411 |
| 1003791 | 117318 - 662 Granada St, LLC<sup>4</sup> | N/A | 8.50 | 08/01/26 | 1003790 |
| 226587 | 118866 - BV Homes, LLC<sup>4</sup> | N/A | 8.50 | 03/01/26 | 226587 |
| 463000 | 120294 - IVCM Holdings, LLC<sup>4</sup> | N/A | 8.13 | 04/01/26 | 463000 |
| 1095000 | 123488 - IDS Construction Company, LLC<sup>4</sup> | N/A | 9.24 | 06/01/26 | 1095000 |
| 3300000 | 124922 - GS West Coast Investments, LLC<sup>4</sup> | N/A | 8.86 | 04/01/26 | 3300000 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon <br> Rate (%) | Maturity | Fair Value |
| 30000 | 125008 - Maxo Developments, LLC<sup>4</sup> | N/A | 8.77 | 07/01/26 | $30000 |
| 405000 | 125112 - Toussaint Ateliers Residences, LLC<sup>4</sup> | N/A | 9.21 | 07/01/27 | 405000 |
| 254970 | 125124 - 526 NW 15th Terr., LLC<sup>5</sup> | N/A | 8.74 | 01/01/27 | 254970 |
| 316338 | 125125 - 634 NW 12th Ave, LLC<sup>5</sup> | N/A | 8.74 | 01/01/27 | 316338 |
| 60000 | 126032 - Charleston Affordable Development Group, LLC<sup>4</sup> | N/A | 8.92 | 01/01/27 | 60000 |
| 446250 | 126258 - 1124 NW 2nd St., LLC<sup>5</sup> | N/A | 8.74 | 10/01/26 | 446250 |
| 319500 | 126260 - 805 NW 12th Ave, LLC<sup>5</sup> | N/A | 8.74 | 10/01/26 | 319500 |
| 840000 | 98322 - 66 Line, LLC<sup>4</sup> | N/A | 10.75 | 10/01/25 | 840000 |
| 1425000 | 99183 - 331 N. Olive St. Holding, LLC<sup>5</sup> | N/A | 10.00 | 11/01/25 | 1425000 |
|  |  |  |  |  | **65946244** |
|  | **Condominium Development — 13.2%** |  |  |  |  |
| 3465000 | 100597 - 2303 Delancey, LLC<sup>5</sup> | N/A | 10.63 | 06/01/25 | 3465000 |
| 3170529 | 102044 - Lian 166 Washington, LLC<sup>5</sup> | N/A | 9.25 | 04/01/26 | 3170529 |
| 785000 | 104677 - Daest, LLC<sup>5</sup> | N/A | 9.50 | 07/01/26 | 785000 |
| 1099729 | 106918 - HLPG 406 Midwood, LLC<sup>5</sup> | N/A | 8.90 | 10/01/25 | 1099729 |
| 1286190 | 107595 - Dolphin Shores Investments LLC<sup>4</sup> | N/A | 9.00 | 02/01/26 | 1286190 |
| 46805 | 107891 - 10225 Investments, LLC<sup>4</sup> | N/A | 9.12 | 06/01/26 | 46805 |
| 1385000 | 108203 - Kirkland 7, LLC<sup>4</sup> | N/A | 8.92 | 06/01/26 | 1385000 |
| 2208473 | 109192 - BV Homes, LLC<sup>5</sup> | N/A | 8.90 | 10/01/25 | 2208473 |
| 2442020 | 109322 - 3A Parc, LLC<sup>5</sup> | N/A | 8.90 | 04/01/26 | 2442021 |
| 3000000 | 110003 - 791 Crandon Holding 707, LLC<sup>5</sup> | N/A | 8.90 | 10/01/26 | 3000000 |
| 1538130 | 110011 - Dolphin Shores Investments, LLC<sup>4</sup> | N/A | 9.00 | 02/01/26 | 1538130 |
| 287000 | 112735 - Hyde L303, LLC<sup>5</sup> | N/A | 9.00 | 05/01/26 | 287000 |
| 420000 | 112961 Veluva, LLC<sup>4</sup> | N/A | 9.06 | 12/01/26 | 420000 |
| 602000 | 114713 - MG Property Group 2, LLC<sup>4</sup> | N/A | 8.98 | 07/01/26 | 602000 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon <br> Rate (%) | Maturity | Fair Value |
| 1111000 | 115378 - Buza Family Trust, LLC<sup>4</sup> | N/A | 8.73 | 07/01/26 | $1111000 |
| 2033962 | 116028 - 12 Geneva St, LLC<sup>4</sup> | N/A | 9.17 | 07/01/26 | 2033962 |
| 3194728 | 117241 - 1813-60 Binyan, LLC<sup>4</sup> | N/A | 8.92 | 03/03/26 | 3194728 |
| 950797 | 118912 - North Fitzhugh LP, LLC<sup>4</sup> | N/A | 8.92 | 10/01/26 | 950797 |
| 955804 | 119128 - Burien 10, LLC<sup>4</sup> | N/A | 9.05 | 09/01/26 | 955804 |
| 663713 | 119132 - Burien 10, LLC<sup>4</sup> | N/A | 9.05 | 09/01/26 | 663713 |
| 617004 | 119137 - Burien 10, LLC<sup>4</sup> | N/A | 9.05 | 09/01/26 | 617004 |
| 1462460 | 120373 - 46 Fayette, LLC<sup>4</sup> | N/A | 8.73 | 04/01/27 | 1462460 |
| 2307965 | 120964 - 4-8 E. Springfiled, LLC<sup>5</sup> | N/A | 8.50 | 07/01/26 | 2307965 |
| 684000 | 121664 - Platinum Enterprise, LLC<sup>5</sup> | N/A | 8.84 | 08/01/26 | 684000 |
| 1501500 | 123264 - Trailside Oaks Austin, LLC<sup>4</sup> | N/A | 8.77 | 07/01/27 | 1501500 |
| 817606 | 123554 - Malo Development Company - Lakota, LLC<sup>4</sup> | N/A | 8.96 | 01/01/27 | 817606 |
| 1410133 | 124118 - MIA Residences, LLC<sup>5</sup> | N/A | 8.86 | 12/01/26 | 1410133 |
| 1336195 | 124121 - MIA Residences, LLC<sup>5</sup> | N/A | 8.86 | 12/01/26 | 1336195 |
| 544472 | 125229 - La Sabana, LLC<sup>4</sup> | N/A | 8.93 | 07/01/27 | 544472 |
| 260250 | 125300 - Andyvale, LLC<sup>4</sup> | N/A | 8.74 | 01/01/27 | 260250 |
| 763540 | 125337 - Schurman Cottages, LLC<sup>5</sup> | N/A | 9.05 | 01/01/27 | 763540 |
| 1781250 | 125692 - Damai Resort Investments, LLC<sup>4</sup> | N/A | 8.00 | 07/01/26 | 1781250 |
| 1762500 | 125693 - Damai Resort Investments, LLC<sup>4</sup> | N/A | 8.00 | 07/01/26 | 1762500 |
| 1811250 | 125694 - Damai Resort Investments, LLC<sup>4</sup> | N/A | 8.00 | 07/01/26 | 1811250 |
| 1554005 | 126273 - 859 Beacon, LLC<sup>4</sup> | N/A | 8.50 | 01/01/27 | 1554005 |
| 2960000 | 98803 - Moon Equities, LLC<sup>5</sup> | N/A | 10.00 | 11/01/25 | 2960000 |
|  |  |  |  |  | **52220011** |
|  | **Multifamily — 14.9%** |  |  |  |  |
| 3920000 | 100388 - Nash Bami, LLC<sup>4</sup> | N/A | 9.75 | 12/01/25 | 3920000 |
| 4698133 | 101296 - 5700 Clemson, LLC<sup>4</sup> | N/A | 10.13 | 01/01/26 | 4698133 |
| 3048193 | 102111 - Westlake Mountainview, LLC<sup>4</sup> | N/A | 10.13 | 01/01/26 | 3048193 |
| 1387000 | 107081 - Abode Multifamily Opportunity Fund I, LLC<sup>5</sup> | N/A | 9.88 | 09/01/25 | 1387000 |
| 3609000 | 108769 - TRG Inglewood, LLC<sup>5</sup> | N/A | 9.00 | 04/01/26 | 3609000 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
| 1469569 | 117205 - Axon Real Estate Investments, LLC<sup>4</sup> | N/A | 8.98 | 07/01/26 | $1469569 |
| 2090000 | 118242 - Ramsgate Property, LLC<sup>4</sup> | N/A | 9.16 | 04/01/26 | 2090000 |
| 484253 | 120680 - 907 Morton St., LLC<sup>4</sup> | N/A | 9.91 | 04/01/26 | 484252 |
| 2865000 | 121026 - Sweet Home Advisors, LLC<sup>4</sup> | N/A | 8.90 | 05/01/26 | 2865000 |
| 368373 | 121154 - W. Baker St. Apts, LLC<sup>4</sup> | N/A | 8.84 | 10/01/26 | 368373 |
| 1650000 | 121620 - 2305 Tamarind Drive, LLC<sup>4</sup> | N/A | 9.22 | 11/01/26 | 1650000 |
| 6700000 | 123392 - 429 13th St. NE, LLC<sup>4</sup> | N/A | 9.70 | 06/01/26 | 6700000 |
| 3245000 | 123469 - 5601 Fishburn, LLC<sup>4</sup> | N/A | 9.30 | 06/01/26 | 3245000 |
| 1620053 | 123913 - 30 NW 59 Street Investment, LLC<sup>4</sup> | N/A | 9.49 | 01/01/27 | 1620053 |
| 3262036 | 125100 - 8717 S Central, LLC<sup>5</sup> | N/A | 9.15 | 10/01/26 | 3262036 |
| 1779990 | 125679 - Dara 1 Holdings, LLC<sup>4</sup> | N/A | 9.15 | 10/01/26 | 1779990 |
| 2896467 | 125848 - Highland Park 21, LLC<sup>4</sup> | N/A | 9.39 | 01/01/27 | 2896467 |
| 1647131 | 83824 - 2511 NW 25 Ave., LLC<sup>4</sup> | N/A | 10.82 | 11/01/25 | 1647131 |
| 1638800 | 92567 - BSD Drexel, LLC<sup>4</sup> | N/A | 10.06 | 03/01/25 | 1638800 |
| 2097012 | 96228 - 10229 - 10233 Eton Avenue, LLC<sup>4</sup> | N/A | 10.00 | 10/01/25 | 2097012 |
| 2209367 | 96229 - 10229 - 10233 Eton Avenue, LLC<sup>4</sup> | N/A | 10.00 | 10/01/25 | 2209367 |
| 1896049 | 96483 - Affordable Housing Group LTD, LLC<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1896049 |
| 1665039 | 98767 - 426 E. 17th St., LLC<sup>5</sup> | N/A | 10.13 | 05/01/25 | 1665039 |
| 1437192 | 98769 - 1292 Beauregard, LLC<sup>4</sup> | N/A | 10.00 | 06/01/25 | 1437192 |
| 1400383 | 98771 - 1292 Beauregard, LLC<sup>4</sup> | N/A | 10.00 | 06/01/25 | 1400383 |
|  |  |  |  |  | **59084039** |
|  | **Single Family — 69.5%** |  |  |  |  |
| 1991523 | 100356 - NRM Group, LLC<sup>4</sup> | N/A | 10.00 | 05/01/26 | 1991523 |
| 1256678 | 100357 - NRM Group, LLC<sup>4</sup> | N/A | 10.00 | 05/01/26 | 1256678 |
| 2487027 | 100358 - NRM Group, LLC<sup>4</sup> | N/A | 10.00 | 05/01/26 | 2487027 |
| 1080397 | 100359 - NRM Group, LLC<sup>4</sup> | N/A | 10.00 | 05/01/26 | 1080397 |
| 595000 | 100937 - indiePlanet Global, LLC Series 4<sup>5</sup> | N/A | 9.50 | 08/01/25 | 595000 |
| 631400 | 100939 - indiePlanet Global, LLC Series 4<sup>5</sup> | N/A | 9.69 | 08/01/25 | 631400 |
| 2973209 | 101221 - USA Luxury Developer II, Inc.<sup>5</sup> | N/A | 10.00 | 12/01/25 | 2973209 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) | Spread | Coupon <br> Rate (%) | Maturity | Fair Value |
| 1162728 101227 - Rhoi Properties, Inc<sup>4</sup> | N/A | 10.00 | 01/01/26 | $1162728 |
| 588050 101246 - White Sand Real Estate Solutions, LLC<sup>5</sup> | N/A | 10.25 | 02/01/26 | 588050 |
| 588050 101248 - White Sand Real Estate Solutions, LLC<sup>5</sup> | N/A | 10.25 | 02/01/26 | 588050 |
| 1132360 101753 - NRI Portfolios, LLC<sup>4</sup> | N/A | 10.00 | 12/01/25 | 1132360 |
| 2103351 101808 - Educate Capital, LLC<sup>5</sup> | N/A | 10.00 | 12/01/25 | 2103351 |
| 666291 101873 - Valentin Construction & Development, LLC<sup>5</sup> | N/A | 9.94 | 07/01/26 | 666291 |
| 1239147 102093 - Danva Prosper Fontanarosa Homes, LLC<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1239147 |
| 1498794 102094 - Danva Prosper Fontanarosa Homes, LLC<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1498794 |
| 1521411 102095 - Danva Prosper Fontanarosa Homes, LLC<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1521411 |
| 963696 102096 - Danva Prosper Fontanarosa Homes, LLC<sup>4</sup> | N/A | 10.00 | 06/01/26 | 963696 |
| 1461104 102097 - Danva Prosper Fontanarosa Homes, LLC<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1461104 |
| 748000 102137 - Gill Development, LLC<sup>5</sup> | N/A | 9.75 | 01/01/26 | 748000 |
| 51375 102535 - TRMF & Associates, LLC<sup>4</sup> | N/A | 10.13 | 12/01/25 | 51375 |
| 250000 102696 - 4798 NE 2nd Ave., LLC<sup>4</sup> | N/A | 9.56 | 07/01/26 | 250000 |
| 250000 102697 - 4798 NE 2nd Ave., LLC<sup>4</sup> | N/A | 10.00 | 07/01/26 | 250000 |
| 250000 102698 - 4798 NE 2nd Ave., LLC<sup>4</sup> | N/A | 10.00 | 07/01/26 | 250000 |
| 206318 103728 - Barcel, LLC<sup>4</sup> | N/A | 9.88 | 01/01/26 | 206318 |
| 980660 103771 - Rhino Homes, LLC<sup>5</sup> | N/A | 10.07 | 01/01/26 | 980660 |
| 1045955 103772 - Rhino Homes, LLC<sup>5</sup> | N/A | 10.07 | 01/01/26 | 1045955 |
| 895900 103778 - Erin Maher<sup>5</sup> | N/A | 10.13 | 01/01/26 | 895900 |
| 495498 103980 - KPI Equity Holdings I, LLC<sup>5</sup> | N/A | 9.69 | 02/01/26 | 495498 |
| 2647665 104480 - Elmer Avenue, LLC<sup>5</sup> | N/A | 9.81 | 02/01/26 | 2647665 |
| 1179367 105003 - 43 Westwood, LLC<sup>4</sup> | N/A | 9.81 | 08/01/26 | 1179367 |
| 1464722 105004 - 43 Westwood, LLC<sup>4</sup> | N/A | 9.81 | 08/01/26 | 1464722 |
| 1367401 105005 - 43 Westwood, LLC<sup>4</sup> | N/A | 9.81 | 08/01/26 | 1367401 |
| 1380276 105006 - 43 Westwood, LLC<sup>4</sup> | N/A | 9.81 | 08/01/26 | 1380276 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) | Spread | Coupon <br> Rate (%) | Maturity | Fair Value |
| 1574068 105178 - Efrain Hendy Zaga and Denisse Esquenazi Opatowski<sup>5</sup> | N/A | 9.25 | 08/01/26 | $1574068 |
| 2422050 105243 - GT Three, LLC<sup>4</sup> | N/A | 9.62 | 08/01/25 | 2422050 |
| 2572943 105247 - GT Three, LLC<sup>4</sup> | N/A | 9.54 | 11/01/25 | 2572943 |
| 1406998 105261 - SeaScape Homes, LLC<sup>5</sup> | N/A | 9.00 | 04/01/26 | 1406998 |
| 1235000 105366 - Rhino Homes, LLC<sup>5</sup> | N/A | 9.50 | 02/01/26 | 1235000 |
| 259000 105459 - Oleduga, LLC<sup>5</sup> | N/A | 9.63 | 08/01/26 | 259000 |
| 2100000 105880 - B Cove Investments, LLC<sup>5</sup> | N/A | 9.13 | 03/01/26 | 2100000 |
| 734592 107094 - Grande Vita Homes, LLC<sup>4</sup> | N/A | 9.43 | 02/01/26 | 734592 |
| 358000 107180 - 902 8th St, LLC<sup>4</sup> | N/A | 9.50 | 02/01/26 | 358000 |
| 1399000 107836 - Mahi Mahi 935, LLC<sup>5</sup> | N/A | 9.50 | 03/01/26 | 1399000 |
| 2740472 107884 - Blake Development of the Palm Beaches, LLC<sup>4</sup> | N/A | 9.35 | 02/01/27 | 2740472 |
| 179496 107845 - Keys of Tomorrow, LLC<sup>5</sup> | N/A | 9.06 | 03/01/26 | 179496 |
| 102850 107997 - Mercado Rodriguez, LLC<sup>4</sup> | N/A | 9.38 | 03/01/26 | 102850 |
| 1820000 108077 - Fifth Avenue Wyn, LLC<sup>4</sup> | N/A | 8.98 | 03/01/26 | 1820000 |
| 1781044 108167 - Lime Builders, LLC<sup>5</sup> | N/A | 9.00 | 10/01/26 | 1781044 |
| 1857757 108184 - Osprey Ocean, LLC<sup>4</sup> | N/A | 9.18 | 06/01/26 | 1857757 |
| 2059711 108252 - Hurricane Construction, Inc<sup>5</sup> | N/A | 9.00 | 11/01/25 | 2059711 |
| 1633338 108299 - WTM Construction, Inc.<sup>5</sup> | N/A | 8.90 | 04/01/26 | 1633338 |
| 2487318 108301 - WTM Construction, Inc.<sup>5</sup> | N/A | 9.00 | 04/01/26 | 2487318 |
| 2210396 108767 - 2717 NE 29th Street, LLC<sup>4</sup> | N/A | 8.90 | 04/01/26 | 2210396 |
| 2514254 108872 - Addison Hesby, LLC<sup>4</sup> | N/A | 8.87 | 03/01/26 | 2514254 |
| 234763 109030 - VLC Construction & Design, LLC<sup>5</sup> | N/A | 9.19 | 04/01/26 | 234763 |
| 389270 109196 - Nexo Investors, LLC<sup>5</sup> | N/A | 9.00 | 05/01/26 | 389270 |
| 406161 109339 - Scott Springs Assets, LLC<sup>5</sup> | N/A | 9.19 | 05/01/26 | 406161 |
| 1384852 109398 - 1515 Blake, LLC<sup>5</sup> | N/A | 9.00 | 05/01/26 | 1384852 |
| 1397341 109399 - 1515 Blake, LLC<sup>5</sup> | N/A | 9.00 | 05/01/26 | 1397341 |
| 566000 109448 - Kent 9, LLC<sup>4</sup> | N/A | 8.98 | 09/01/26 | 566000 |
| 566000 109450 - Kent 9, LLC<sup>4</sup> | N/A | 8.98 | 09/01/26 | 566000 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued** 

**As of September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
| 324187 &nbsp;&nbsp;&nbsp;109696 - Loma Alta 10, LLC<sup>4</sup> | N/A | 9.68 | 06/01/26 | $324187 |
| 324187 &nbsp;&nbsp;&nbsp;109697 - Loma Alta 10, LLC<sup>4</sup> | N/A | 9.68 | 06/01/26 | 324187 |
| 324187 &nbsp;&nbsp;&nbsp;109703 - Loma Alta 10, LLC<sup>4</sup> | N/A | 9.68 | 06/01/26 | 324187 |
| 324187 &nbsp;&nbsp;&nbsp;109704 - Loma Alta 10, LLC<sup>4</sup> | N/A | 9.68 | 06/01/26 | 324187 |
| 854354 &nbsp;&nbsp;&nbsp;109798 - JH1 Realty, Inc.<sup>5</sup> | N/A | 8.90 | 10/01/25 | 854354 |
| 312900 &nbsp;&nbsp;&nbsp;109837 - Gramm Ventures, LLC<sup>5</sup> | N/A | 9.13 | 11/01/25 | 312900 |
| 3560194 &nbsp;&nbsp;&nbsp;110150 - Black Marlin Group, LLC<sup>4</sup> | N/A | 8.90 | 04/01/26 | 3560194 |
| 1864318 &nbsp;&nbsp;&nbsp;110234 - Mcdonie Properties, LLC<sup>4</sup> | N/A | 8.92 | 04/01/26 | 1864318 |
| 2556549 &nbsp;&nbsp;&nbsp;110342 - Bravo Builders Enterprises, LLC<sup>4</sup> | N/A | 9.29 | 08/01/26 | 2556549 |
| 1578715 &nbsp;&nbsp;&nbsp;110465 - TJR Development Inc.<sup>4</sup> | N/A | 9.06 | 06/01/26 | 1578715 |
| 1811758 &nbsp;&nbsp;&nbsp;110811 - 8935 Froude Ave, LLC<sup>4</sup> | N/A | 9.12 | 12/01/26 | 1811758 |
| 1305488 &nbsp;&nbsp;&nbsp;110815 - DaVinci Development, LLC<sup>4</sup> | N/A | 9.56 | 05/01/26 | 1305487 |
| 1903801 &nbsp;&nbsp;&nbsp;110820 - JT Real Estate Capital Group, LLC<sup>4</sup> | N/A | 8.98 | 05/01/26 | 1903801 |
| 1341820 &nbsp;&nbsp;&nbsp;111076 - Twenty, LLC<sup>4</sup> | N/A | 9.06 | 05/01/26 | 1341820 |
| 1584728 &nbsp;&nbsp;&nbsp;111108 - Vesta Investments, LLC<sup>5</sup> | N/A | 9.00 | 05/01/26 | 1584728 |
| 103352 &nbsp;&nbsp;&nbsp;111141 - Estela Specs 7, LLC<sup>5</sup> | N/A | 9.19 | 05/01/26 | 103352 |
| 617865 &nbsp;&nbsp;&nbsp;111792 - 88th Street Homes, LLC<sup>4</sup> | N/A | 9.48 | 07/01/26 | 617865 |
| 216450 &nbsp;&nbsp;&nbsp;111801 - Ronpache Investments and Trade, LLC<sup>4</sup> | N/A | 9.18 | 06/01/26 | 216450 |
| 1054794 &nbsp;&nbsp;&nbsp;111834 - Red Cedar Development, LLC<sup>4</sup> | N/A | 8.87 | 11/01/26 | 1054794 |
| 2875110 &nbsp;&nbsp;&nbsp;111866 - Colfax District, LLC<sup>4</sup> | N/A | 8.87 | 06/01/26 | 2875110 |
| 216128 &nbsp;&nbsp;&nbsp;111894 - Up Ruiz Investments, LLC<sup>4</sup> | N/A | 9.29 | 07/01/26 | 216128 |
| 1307323 &nbsp;&nbsp;&nbsp;111941 - 2k Development, LLC<sup>4</sup> | N/A | 9.25 | 06/01/26 | 1307323 |
| 3720830 &nbsp;&nbsp;&nbsp;112068 - Dwell LA, LLC<sup>4</sup> | N/A | 8.79 | 07/01/26 | 3720830 |
| 4975000 &nbsp;&nbsp;&nbsp;112080 - IEG Pioche, LLC<sup>4</sup> | N/A | 8.72 | 03/01/26 | 4975000 |
| 684616 &nbsp;&nbsp;&nbsp;112135 - Twenty, LLC<sup>4</sup> | N/A | 9.06 | 05/01/26 | 684616 |
| 2211464 &nbsp;&nbsp;&nbsp;112350 - JH1 Realty Inc.<sup>5</sup> | N/A | 8.87 | 12/01/25 | 2211464 |
| 1545161 &nbsp;&nbsp;&nbsp;112430 - 31 Edward Lane<sup>4</sup> | N/A | 8.73 | 01/16/26 | 1545161 |
| 684616 &nbsp;&nbsp;&nbsp;112549 - Twenty, LLC<sup>4</sup> | N/A | 9.06 | 05/01/26 | 684616 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued** 

**As of September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
| 1253916 112558 - 44th Ave Developers, LLC<sup>4</sup> | N/A | 8.87 | 05/01/26 | $1253916 |
| 1432999 112559 - 44th Ave Developers, LLC<sup>4</sup> | N/A | 8.87 | 05/01/26 | 1432999 |
| 2232758 112598 - Villa Bello At Zona, LLC<sup>4</sup> | N/A | 9.12 | 12/01/26 | 2232758 |
| 1364226 112599 - Villa Bello At Zona, LLC<sup>4</sup> | N/A | 9.12 | 12/01/26 | 1364226 |
| 390000 113395 - Del Invest BC2, LLC<sup>4</sup> | N/A | 9.17 | 07/01/26 | 390000 |
| 3354503 113656 - Har Carmel, LLC<sup>4</sup> | N/A | 8.71 | 07/01/26 | 3354503 |
| 1524429 113657 - Assemble Capital Manager, LLC<sup>4</sup> | N/A | 8.87 | 12/01/25 | 1524429 |
| 3225327 113965 - JulianMore, LLC<sup>4</sup> | N/A | 8.73 | 08/01/26 | 3225327 |
| 1999263 114043 - 5913 Lubao Ave, LLC<sup>4</sup> | N/A | 8.73 | 07/01/26 | 1999263 |
| 1352260 114069 - 4940 Cherry, LLC<sup>4</sup> | N/A | 9.04 | 06/01/26 | 1352260 |
| 1818604 114071 - 3144 Elizabeth, LLC<sup>4</sup> | N/A | 8.85 | 07/01/26 | 1818604 |
| 649270 114193 - 541 Normandy 2024, LLC<sup>4</sup> | N/A | 8.79 | 06/01/26 | 649270 |
| 335197 114219 - AMS Home Invest, LLC<sup>4</sup> | N/A | 8.73 | 07/01/26 | 335197 |
| 1311964 114305 - 15440 Dickens, LLC<sup>4</sup> | N/A | 8.50 | 07/01/26 | 1311964 |
| 1601336 114307 - BellaB Real Estate, LLC<sup>4</sup> | N/A | 8.00 | 01/01/26 | 1601336 |
| 681376 114521 - 599 Bayshore 2024, LLC<sup>4</sup> | N/A | 8.73 | 07/01/26 | 681376 |
| 1403623 114694 - BH Magic Investments, LLC<sup>4</sup> | N/A | 8.71 | 07/01/26 | 1403623 |
| 198375 114901 - Torre Projects, LLC<sup>4</sup> | N/A | 8.97 | 07/01/26 | 198375 |
| 188123 114902 - Torre Projects, LLC<sup>4</sup> | N/A | 8.97 | 07/01/26 | 188123 |
| 879114 114909 - Loitzk Batim 930, LLC<sup>4</sup> | N/A | 8.92 | 07/01/26 | 879114 |
| 879114 114913 - Loitzk Batim 930, LLC<sup>4</sup> | N/A | 8.92 | 01/01/27 | 879114 |
| 1388795 114914 - Loitzk Batim 930, LLC<sup>4</sup> | N/A | 8.92 | 07/01/26 | 1388795 |
| 789014 114920 - Loitzk Batim 930, LLC<sup>4</sup> | N/A | 8.92 | 01/01/26 | 789014 |
| 829960 114921 - Mayar International, LLC<sup>4</sup> | N/A | 8.71 | 06/01/26 | 829960 |
| 2188518 115004 - 2k Development, LLC<sup>4</sup> | N/A | 9.17 | 08/01/26 | 2188518 |
| 2812500 115011 - 4115 Shadyglade, LLC<sup>5</sup> | N/A | 8.68 | 07/01/26 | 2812500 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
| 362304 115081 - Macedo Property Development, LLC<sup>4</sup> | N/A | 8.85 | 07/01/26 | $362304 |
| 73500 115108 - Pronghorn Development, LLC<sup>4</sup> | N/A | 9.67 | 02/01/26 | 73500 |
| 83500 115109 - Pronghorn Development, LLC<sup>4</sup> | N/A | 9.67 | 02/01/26 | 83500 |
| 459000 115205 - Westchester Avenue, LLC<sup>4</sup> | N/A | 8.86 | 07/01/26 | 459000 |
| 1240339 115231 - Shoreline 940, LLC<sup>4</sup> | N/A | 9.04 | 01/01/27 | 1240339 |
| 924000 115414 - Gallery Terra Lago, LLC<sup>4</sup> | N/A | 8.25 | 04/01/26 | 924000 |
| 462000 115415 - Gallery Terra Lago, LLC<sup>4</sup> | N/A | 8.25 | 04/01/26 | 462000 |
| 1063350 115697 - Grey Collective, LLC<sup>5</sup> | N/A | 8.98 | 07/01/26 | 1063350 |
| 382790 115864 - TVR 2, LLC<sup>4</sup> | N/A | 8.71 | 08/01/26 | 382790 |
| 194756 116301 - Halona Development Group, LLC<sup>4</sup> | N/A | 9.17 | 08/01/26 | 194756 |
| 530283 117082 - Wilton JT, LLC<sup>4</sup> | N/A | 9.17 | 06/01/26 | 530283 |
| 552372 117396 - Cygnus Construction, LLC<sup>4</sup> | N/A | 9.04 | 09/01/26 | 552372 |
| 2475000 117420 - BJB 1321 Management, LLC<sup>4</sup> | N/A | 8.38 | 03/01/26 | 2475000 |
| 100007 117421 - Royal Management Group, LLC<sup>4</sup> | N/A | 8.79 | 03/01/26 | 100007 |
| 131250 117664 - Retail Bee, LLC<sup>4</sup> | N/A | 8.92 | 03/01/26 | 131250 |
| 2144720 117679 - Vault Money Investments, LLC<sup>4</sup> | N/A | 8.86 | 03/01/26 | 2144720 |
| 1427973 117712 - RR 2710 Development Group, LLC<sup>4</sup> | N/A | 9.17 | 09/01/26 | 1427973 |
| 12000 117729 - Built Full Homes, LLC<sup>4</sup> | N/A | 9.40 | 10/01/26 | 12000 |
| 200716 117767 - S&B Building Your Home, LLC<sup>4</sup> | N/A | 9.67 | 09/01/26 | 200716 |
| 198606 117770 - G3 Gomes, LLC<sup>4</sup> | N/A | 9.67 | 08/01/26 | 198606 |
| 198517 117775 - Solid Residences, LLC<sup>4</sup> | N/A | 9.67 | 08/01/26 | 198517 |
| 537334 118026 - Holliday Homes, LLC<sup>4</sup> | N/A | 8.97 | 04/01/26 | 537334 |
| 1215000 118590 - Carolinas Builders, LLC<sup>4</sup> | N/A | 8.68 | 04/01/26 | 1215000 |
| 1215000 118591 - Carolinas Builders, LLC<sup>4</sup> | N/A | 8.68 | 04/01/26 | 1215000 |
| 1855750 118708 - O. Rhyan Capital Management, LLC<sup>4</sup> | N/A | 8.84 | 04/01/26 | 1855750 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
| 4275602 118766 - Hazen Grp., LLC<sup>4</sup> | N/A | 8.25 | 07/01/26 | $4275602 |
| 1083404 118929 - 842 Meadow Creek, LLC<sup>4</sup> | N/A | 8.92 | 07/01/26 | 1083404 |
| 2038403 119537 - AJ15305, LLC<sup>4</sup> | N/A | 8.86 | 09/01/26 | 2038403 |
| 1989234 119564 - R.I USA Multiservices, LLC<sup>4</sup> | N/A | 9.15 | 09/01/26 | 1989234 |
| 1476787 119622 - Parkside Homes, LLC<sup>4</sup> | N/A | 8.91 | 07/01/26 | 1476787 |
| 174730 119640 - Valvera Investments, LLC<sup>4</sup> | N/A | 9.30 | 10/01/26 | 174730 |
| 333000 119721 - Fortune Investment Group, LLC<sup>4</sup> | N/A | 9.03 | 04/01/26 | 333000 |
| 1232500 120177 - Grey Collective, LLC<sup>4</sup> | N/A | 8.98 | 10/01/26 | 1232500 |
| 1433854 120181 - 75 NW 41 St. Holdings, LLC<sup>4</sup> | N/A | 8.97 | 10/01/26 | 1433854 |
| 170720 120265 - N&B Real Estate Investment Group, LLC<sup>4</sup> | N/A | 8.73 | 07/01/26 | 170720 |
| 1666000 120293 - 1812 Hunters Glen, LLC<sup>4</sup> | N/A | 9.03 | 04/01/26 | 1666000 |
| 557978 120604 - GP Ocala VI, LLC<sup>4</sup> | N/A | 8.25 | 10/01/26 | 557978 |
| 2060488 120798 - Basad, LLC<sup>4</sup> | N/A | 8.72 | 10/01/26 | 2060488 |
| 1000000 120806 - 4848 Fulton, LLC<sup>4</sup> | N/A | 8.97 | 11/01/26 | 1000000 |
| 2595734 121021 - Black Marlin Group, LLC<sup>4</sup> | N/A | 8.00 | 10/01/26 | 2595734 |
| 438959 121256 - Corenest Development, LLC<sup>4</sup> | N/A | 9.14 | 03/01/26 | 438959 |
| 98484 121258 - AD Customs, LLC<sup>4</sup> | N/A | 9.14 | 02/01/26 | 98484 |
| 799197 121259 - GK Capital GP, LLC<sup>4</sup> | N/A | 9.14 | 12/01/25 | 799197 |
| 17250 121261 - Watson Recovery Enterprises, LLC<sup>4</sup> | N/A | 9.14 | 02/01/26 | 17250 |
| 140910 121262 - LLG Enterprises, LLC<sup>4</sup> | N/A | 9.14 | 03/01/26 | 140910 |
| 521341 121264 - Ground-up Customz, LLC / Empower Estates Customs, LLC<sup>4</sup> | N/A | 9.14 | 03/01/26 | 521341 |
| 297300 121265 - Pelican Equity Partnership Inc.<sup>4</sup> | N/A | 9.14 | 08/01/25 | 297300 |
| 391392 121266 - Vertex Custom Homes, LLC<sup>4</sup> | N/A | 9.14 | 11/01/25 | 391392 |
| 133155 121267 - Manzaba Property Investments, LLC<sup>4</sup> | N/A | 9.14 | 09/01/25 | 133155 |
| 625619 121268 - Hibernia Investment, LLC<sup>4</sup> | N/A | 9.14 | 05/01/26 | 625619 |
| 242352 121269 - Aceluxvilla, LLC<sup>4</sup> | N/A | 9.14 | 03/01/26 | 242352 |
| 46375 121270 - MZRCO, LLC<sup>4</sup> | N/A | 9.14 | 08/01/25 | 46375 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
| 738400 121280 - Neighborhood Laundromat, LLC<sup>4</sup> | N/A | 9.14 | 07/01/25 | $738400 |
| 2520000 121644 - BJB 1321 Management, LLC<sup>5</sup> | N/A | 8.50 | 05/01/26 | 2520000 |
| 1422000 121901 - Black Star Development, LLC<sup>4</sup> | N/A | 8.50 | 05/01/26 | 1422000 |
| 880350 121917 - Bidwell Commons Townhomes, LLC<sup>4</sup> | N/A | 8.84 | 10/01/26 | 880350 |
| 876831 121927 - TwoRDZ Alpha Project, LLC<sup>4</sup> | N/A | 9.28 | 11/01/26 | 876831 |
| 1848750 122126 - Oak View Development, LLC<sup>4</sup> | N/A | 8.86 | 06/01/26 | 1848750 |
| 517847 122295 - Wolf Contracting, LLC<sup>4</sup> | N/A | 9.05 | 12/01/26 | 517847 |
| 1500000 122563 - Black Star Development, LLC<sup>4</sup> | N/A | 8.50 | 05/01/26 | 1500000 |
| 1500000 122571 - Black Star Development, LLC<sup>4</sup> | N/A | 8.50 | 05/01/26 | 1500000 |
| 531450 122718 - Dommus Construction Corp.<sup>5</sup> | N/A | 8.98 | 12/01/26 | 531450 |
| 275000 122723 - 3302 Park, LLC<sup>4</sup> | N/A | 14.70 | 04/03/26 | 275000 |
| 275000 122724 - 151 S St. NW, LLC<sup>4</sup> | N/A | 14.70 | 04/03/26 | 275000 |
| 532540 122840 - HHH Rentals, LLC<sup>4</sup> | N/A | 9.36 | 07/01/26 | 532540 |
| 675050 122841 - HHH Rentals, LLC<sup>5</sup> | N/A | 9.36 | 07/01/26 | 675050 |
| 1750000 123234 - 5225 Connecticut Owner, LLC & WE 5225 Connecticut Ave, LLC<sup>4</sup> | N/A | 14.70 | 07/28/26 | 1750000 |
| 12960 123238 - Prada Home Ventures, LLC<sup>4</sup> | N/A | 9.05 | 12/01/26 | 12960 |
| 280000 123304 - Logos Homes, Inc.<sup>4</sup> | N/A | 9.21 | 02/01/27 | 280000 |
| 251625 123411 - RKAI Properties, LLC & Baruj Hashem<sup>4</sup> | N/A | 8.25 | 01/01/27 | 251625 |
| 1300001 123412 - Thirty Seven Sunrise, LLC<sup>4</sup> | N/A | 9.24 | 12/01/26 | 1300001 |
| 173917 123424 - S&P Construction & Development, LLC<sup>4</sup> | N/A | 8.99 | 06/01/26 | 173917 |
| 57030 123565 - Duran USA Group, LLC<sup>4</sup> | N/A | 9.30 | 12/01/26 | 57030 |
| 125424 123689 - VIP Homes, LLC<sup>4</sup> | N/A | 9.11 | 08/01/26 | 125424 |
| 72439 123842 - VIP Homes, LLC<sup>4</sup> | N/A | 9.17 | 08/01/26 | 72439 |
| 575339 123892 - 36 Cyril, LLC<sup>4</sup> | N/A | 9.05 | 06/01/27 | 575339 |
| 654253 123893 - 36 Cyril, LLC<sup>4</sup> | N/A | 9.05 | 06/01/27 | 654253 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
| 2025300 124038 - Virginia Ct Campbell, LLC<sup>5</sup> | N/A | 8.96 | 10/01/26 | $2025300 |
| 1500000 124383 - 7700 Investment Group, LLC<sup>4</sup> | N/A | 8.50 | 10/01/26 | 1500000 |
| 2851766 124588 - 4200 Chase, LLC<sup>4</sup> | N/A | 8.84 | 07/01/27 | 2851766 |
| 327212 124687 - Manico Investment LLC<sup>4</sup> | N/A | 8.65 | 01/01/27 | 327211 |
| 197673 124951 - Robert Eric Epps, LLC<sup>4</sup> | N/A | 9.11 | 01/01/27 | 197673 |
| 25682 124986 - MAAS Rehab, LLC & Mary Ellen and Mary Lee, LLC<sup>5</sup> | N/A | 9.24 | 07/01/26 | 25682 |
| 3875888 125221 - Taku Construction, LLC<sup>4</sup> | N/A | 9.09 | 10/01/26 | 3875888 |
| 675000 125266 - Bella Vida 3, LLC<sup>5</sup> | N/A | 8.72 | 07/01/26 | 675000 |
| 134913 125272 - Solida I Real Estate, L.P.<sup>5</sup> | N/A | 9.17 | 12/01/26 | 134913 |
| 54823 125273 - Solida I Real Estate, L.P.<sup>4</sup> | N/A | 9.17 | 12/01/26 | 54823 |
| 1704500 125328 - New Ace Properties, LLC<sup>5</sup> | N/A | 9.17 | 07/01/26 | 1704500 |
| 680000 125515 - Homes Instyle, LLC<sup>4</sup> | N/A | 8.55 | 01/01/27 | 680000 |
| 1505000 125565 - M & J Pham Development, LLC<sup>5</sup> | N/A | 8.92 | 07/01/27 | 1505000 |
| 3571750 125570 - M & J Pham Development, LLC<sup>5</sup> | N/A | 8.50 | 07/01/26 | 3571750 |
| 170935 125583 - Open Water Realty, LLC<sup>4</sup> | N/A | 9.05 | 01/01/27 | 170935 |
| 616173 125611 - LTC BC3 Real Estate Fund, LLC<sup>4</sup> | N/A | 8.96 | 07/01/27 | 616173 |
| 102228 125614 - LTC BC3 Real Estate Fund, LLC<sup>4</sup> | N/A | 8.96 | 07/01/27 | 102228 |
| 1522493 125623 - Willa Mae Investments, LLC<sup>5</sup> | N/A | 9.05 | 10/01/26 | 1522493 |
| 354000 125690 - 625 Worthington, LLC<sup>4</sup> | N/A | 8.92 | 07/01/27 | 354000 |
| 1560000 125774 - One Star Development, LLC<sup>5</sup> | N/A | 8.99 | 07/01/26 | 1560000 |
| 504100 125941 - Bravo Investments Of Florida, LLC<sup>4</sup> | N/A | 8.00 | 10/01/26 | 504100 |
| 39000 126022 - Charleston Affordable Development Group, LLC<sup>4</sup> | N/A | 8.92 | 01/01/27 | 39000 |
| 1287000 126105 - B Life Capital 26, LLC<sup>4</sup> | N/A | 8.99 | 07/01/27 | 1287000 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
| 1865280 126221 - JP&C Properties, LLC<sup>5</sup> | N/A | 8.77 | 08/01/26 | $1865280 |
| 99491 126255 - Duran USA Group, LLC<sup>4</sup> | N/A | 9.21 | 01/01/27 | 99491 |
| 2165499 126281 - Douglas 10, LLC<sup>4</sup> | N/A | 8.00 | 07/01/26 | 2165499 |
| 126751 126291 - Multipropiedades Investments, LLC<sup>4</sup> | N/A | 9.34 | 01/01/27 | 126751 |
| 2187929 126387 - 321 North Lucerne, LLC<sup>5</sup> | N/A | 8.00 | 08/01/26 | 2187929 |
| 525000 126394 - Flipwave Investments, LLC<sup>5</sup> | N/A | 8.71 | 07/01/26 | 525000 |
| 509250 126618 - Valdivia-Conroy, LLC<sup>4</sup> | N/A | 8.50 | 01/01/27 | 509250 |
| 419356 127039 - Blue Sky Builders, LLC<sup>5</sup> | N/A | 8.65 | 08/01/26 | 419355 |
| 930000 127275 - Taku Construction, LLC<sup>4</sup> | N/A | 9.02 | 07/01/26 | 930000 |
| 181323 127319 - Open Water Realty, LLC<sup>5</sup> | N/A | 8.84 | 01/01/27 | 181323 |
| 203035 127729 - J&K Rise Home Services, LLC<sup>5</sup> | N/A | 8.50 | 11/01/26 | 203035 |
| 3355868 91530 - RRCAP-FA Blume Road, LLC<sup>4</sup> | N/A | 10.55 | 01/01/26 | 3355868 |
| 184597 91574 - A5 International Properties, LLC<sup>4</sup> | N/A | 10.31 | 10/01/25 | 184597 |
| 184923 91575 - A5 International Properties, LLC<sup>4</sup> | N/A | 10.31 | 10/01/25 | 184923 |
| 180925 91576 - A5 International Properties, LLC<sup>4</sup> | N/A | 10.31 | 10/01/25 | 180925 |
| 158583 91577 - A5 International Properties, LLC<sup>4</sup> | N/A | 10.31 | 10/01/25 | 158583 |
| 126435 91578 - A5 International Properties, LLC<sup>4</sup> | N/A | 10.31 | 10/01/25 | 126435 |
| 39283 94110 - A5 International Properties, LLC<sup>4</sup> | N/A | 10.00 | 06/17/25 | 39283 |
| 155398 94111 - A5 International Properties, LLC<sup>4</sup> | N/A | 10.00 | 07/01/25 | 155398 |
| 163164 94112 - A5 International Properties, LLC<sup>4</sup> | N/A | 10.00 | 07/01/25 | 163164 |
| 122053 94113 - A5 International Properties, LLC<sup>4</sup> | N/A | 10.00 | 07/01/25 | 122053 |
| 33811 94114 - A5 International Properties, LLC<sup>4</sup> | N/A | 10.00 | 02/01/25 | 33811 |
| 3097718 97931 - 2316 PCDEV, LLC<sup>4</sup> | N/A | 10.00 | 01/01/26 | 3097718 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
| 1774620 | 98104 - Desert Modern Development, LLC<sup>5</sup> | N/A | 10.13 | 03/01/26 | $1774620 |
| 4614831 | 98258 - 1740 PCDEV, LLC<sup>4</sup> | N/A | 10.00 | 11/01/25 | 4614830 |
| 1103309 | 98617 - Lakeview Real Estate Fund, LLC<sup>4</sup> | N/A | 9.75 | 05/01/26 | 1103309 |
| 971789 | 98618 - Lakeview Real Estate Fund, LLC<sup>4</sup> | N/A | 9.75 | 05/01/26 | 971789 |
| 1126925 | 98619 - Lakeview Real Estate Fund, LLC<sup>4</sup> | N/A | 9.75 | 05/01/26 | 1126925 |
| 1113210 | 98620 - Lakeview Real Estate Fund, LLC<sup>4</sup> | N/A | 9.75 | 05/01/26 | 1113209 |
| 3997500 | 98834 - 1770 Bay Blvd., LLC<sup>5</sup> | N/A | 10.13 | 01/01/26 | 3997500 |
| 2235321 | 99269 - 1688 Sunset Plaza Drive Partners, LLC<sup>4</sup> | N/A | 10.07 | 12/01/25 | 2235321 |
| 480000 | 99956 - Mao Developers, LLC<sup>4</sup> | N/A | 10.44 | 11/01/25 | 480000 |
|  |  |  |  |  | **274760322** |
|  | **Townhouse — 5.9%** |  |  |  |  |
| 2602960 | 102607 - 158 & 160 Eckerson, LLC<sup>5</sup> | N/A | 9.06 | 04/01/26 | 2602960 |
| 1900666 | 102608 - 158 & 160 Eckerson, LLC<sup>5</sup> | N/A | 9.06 | 04/01/26 | 1900666 |
| 1643377 | 104447 - Watermark Homes, LLC<sup>5</sup> | N/A | 9.25 | 10/01/25 | 1643377 |
| 1656684 | 107982 - Nextgen Eaglerock 13, LLC<sup>5</sup> | N/A | 9.00 | 04/01/26 | 1656684 |
| 1684816 | 107983 - Nextgen Eaglerock 13, LLC<sup>5</sup> | N/A | 9.00 | 04/01/26 | 1684816 |
| 2429722 | 107986 - Nextgen Eaglerock 13, LLC<sup>5</sup> | N/A | 9.00 | 04/01/26 | 2429722 |
| 1807596 | 108402 - Eagle Rock 17, LLC<sup>5</sup> | N/A | 9.57 | 05/01/26 | 1807596 |
| 1840667 | 108405 - Eagle Rock 17, LLC<sup>5</sup> | N/A | 9.57 | 05/01/26 | 1840667 |
| 1101378 | 108408 - Eagle Rock 17, LLC<sup>5</sup> | N/A | 9.57 | 05/01/26 | 1101379 |
| 1627500 | 108411 - TruWest, LLC<sup>5</sup> | N/A | 9.00 | 11/01/25 | 1627500 |
| 184500 | 114309 - Drenkorp, LLC<sup>4</sup> | N/A | 9.42 | 01/01/27 | 184500 |
| 1215000 | 118588 - Carolinas Builders, LLC<sup>5</sup> | N/A | 8.68 | 04/01/26 | 1215000 |
| 193500 | 119487 - CAP Housing, LLC<sup>5</sup> | N/A | 8.50 | 07/01/26 | 193500 |
| 136850 | 123471 - Rental Shop Development, LLC<sup>4</sup> | N/A | 8.50 | 07/01/26 | 136850 |
| 2579500 | 123904 - Habitus Coconut Grove F1-C, LLC<sup>5</sup> | N/A | 8.99 | 07/01/26 | 2579500 |

---

**Redwood Private Real Estate Debt Fund** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of September 30, 2025 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate (%) | Maturity | Fair Value |
| 732357 | 124779 - Bliss Fort Pierce, LLC4 | N/A | 8.96 | 01/01/27 | $732357 |
|  |  |  |  |  | **23337074** |
|  | Total Real Estate Mortgages |  |  |  |  |
|  | (Cost $475,347,690) |  |  |  | 475347690 |
|  | Total Commercial Real Estate |  |  |  |  |
|  | (Cost $703,187,841) |  |  |  | 703187841 |
| Shares |  |  |  |  |  |
|  | **Short-Term Investments — 2.6%** |  |  |  |  |
|  | **Money Market Funds — 2.6%** |  |  |  |  |
| 10052734 | Fidelity US Government Fund, 3.97%<sup>6</sup> |  |  |  | $10052734 |
|  | Total Short-Term Investments |  |  |  |  |
|  | (Cost $10,052,734) |  |  |  | 10052734 |
|  | Total Investments — 180.4% |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $713,240,575) |  |  |  | 713240575 |
|  | Liabilities In Excess Of Other Assets – (80.4)% |  |  |  | (317864071) |
|  | **Total Net Assets – 100.0%** |  |  |  | **395376504** |

---

LLC – Limited Liability Company <br> LP – Limited Partnership <br> SOFR – 1-Month Term Secured Overnight Financing Rate

---

| | |
|:---|:---|
| 1 | All Commercial Real Estate investments are restricted securities. The total value of these securities is $703,187,841, which represents 177.8% of total net assets of the Fund. |

---

2 All Commercial Real Estate investments are Level 3 securities fair valued using significant unobservable inputs.

3 Floating rate security.

4 These investments have been pledged as collateral according to a master repurchase facility.

5 These investments have been pledged as collateral according to a collateralized loan obligation.

6 Represents the 7-day effective yield as of September 30, 2025.

*See accompanying Notes to the Consolidated Schedule of Investments*

**Redwood Private Real Estate Debt Fund**

**Notes to the Schedule of Investments**

**September 30, 2025 (Unaudited)**

**Investments in Restricted Securities -** Restricted securities include securities that have not been registered under the Securities Act of 1933, as amended, and securities that are subject to restrictions on resale. The Fund may invest in restricted securities that are consistent with the Fund's investment objectives and investment strategies. Investments in restricted securities are valued at fair value as determined in good faith in accordance with procedures adopted by the Board of Trustees. It is possible that the estimated value may differ significantly from the amount that might ultimately be realized in the near term, and the difference could be material.

Additional information on each restricted security held by the Fund on September 30, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Initial Acquisition Date** | **Principal Amount** | **Cost** | **Fair Value** | **% of Net Assets** |
| 3303 - 150 Lefferts Ave./55 East 21st Street | July 28, 2023 | 3470000 | $3470000 | $3470000 | 0.9% |
| 3314 - VM Equities #3 | July 28, 2023 | 884520 | 884520 | 884520 | 0.2% |
| 3320-01 - Howell Lendco, LLC | September 19, 2023 | 1190293 | 1190293 | 1190293 | 0.3% |
| 3326 - Elgny, LLC | October 6, 2023 | 230769 | 230769 | 230769 | 0.1% |
| 3330-01 - 3601 Parking, LLC & N Ocean Blvd, LLC | October 31, 2023 | 10774717 | 10774717 | 10774717 | 2.7% |
| 3333 - McRopp New York Royal44, LLC | November 17, 2023 | 12500000 | 12500000 | 12500000 | 3.2% |
| 3335 - Cromwell Inwood, LLC | November 27, 2023 | 1300000 | 1300000 | 1300000 | 0.3% |
| 3340 - San Antonio Palo Alto, LLC | December 15, 2023 | 2942374 | 2942374 | 2942374 | 0.7% |
| 3341 - Ferncroft, LLC | December 19, 2023 | 4000000 | 4000000 | 4000000 | 1.0% |
| 3344 - 1600 North 11, LLC | December 20, 2023 | 12400000 | 12400000 | 12400000 | 3.1% |
| 3349 - Hillcrest Cedar Property Owner , LLC | January 5, 2024 | 6590000 | 6590000 | 6590000 | 1.7% |
| 3356 - GK West 47th, LLC | March 7, 2024 | 5712416 | 5712416 | 5712416 | 1.4% |
| 3358-01 - 123 Speer Owner, LP | March 21, 2024 | 3806482 | 3806482 | 3806482 | 1.0% |
| 3359-01 - Nalskihouse MT, LLC | April 1, 2024 | 4000000 | 4000000 | 4000000 | 1.0% |
| 3360 - JC Roxy, LLC | April 1, 2024 | 3500000 | 3500000 | 3500000 | 0.9% |
| 3368-03 - Carlisle New York Apartments, LLC | May 8, 2024 | 41000000 | 41000000 | 41000000 | 10.4% |
| 3371-01 - Greyhawk SSOF Ruckus Lend, LLC | May 10, 2024 | 11500000 | 11500000 | 11500000 | 2.9% |
| 3372 - 3151 NF Owner, LLC | June 5, 2024 | 2500000 | 2500000 | 2500000 | 0.6% |
| 3378 - Bancroft Cedar Property Owner, LLC | July 3, 2024 | 1000000 | 1000000 | 1000000 | 0.4% |
| 3383 - Textor Family Holdings, LLC | July 29, 2024 | 3095867 | 3095867 | 3095867 | 0.8% |
| 3391- ZDJ W 37, LLC | September 4, 2024 | 12034157 | 12034157 | 12034157 | 3.0% |
| 3394 - Sunnyvale Park Place & Commons | September 17, 2024 | 6000000 | 6000000 | 6000000 | 1.5% |
| 3397 - 33 Alhambra Circle | September 20, 2024 | 2900000 | 2900000 | 2900000 | 0.7% |
| 3398 - 305 Briny | September 27, 2024 | 1556655 | 1556655 | 1556655 | 0.4% |
| 3399 - Malibu, LLC | October 31, 2024 | 4781746 | 4781746 | 4781746 | 1.2% |
| 3403 - Nash Street Property Associates, LLC | December 11, 2024 | 3986864 | 3986864 | 3986864 | 1.0% |
| 3407 - 57 Canton Place | December 23, 2024 | 7534942 | 7534942 | 7534942 | 1.9% |
| 3412 - 105-107 Bank Street | January 27, 2025 | 6087433 | 6087433 | 6087433 | 1.5% |
| 3412-01 - 105-107 Bank Street | February 14, 2025 | 905000 | 905000 | 905000 | 0.2% |
| 3413 - 700, 706, & 710 Division Street & 714 8th Avenue South | March 24, 2025 | 4631540 | 4631540 | 4631540 | 1.2% |
| 3422 - 119, 131, & 137 NW 29th 112, 120, 130, & 138 NW | March 24, 2025 | 4400000 | 4400000 | 4400000 | 1.1% |
| 3424 - Colony 29 Palm Springs | April 4, 2025 | 3000000 | 3000000 | 3000000 | 0.8% |
| 3434 - 1 Water Street | May 6, 2025 | 3332033 | 3332033 | 3332033 | 0.8% |
| 3454 - 2nd & Steele, LLC | August 18, 2025 | 8372093 | 8372093 | 8372093 | 2.1% |
| 3455J - 140 Hayground Cove Road Partners, LLC - Junior Loan | August 12, 2025 | 2861993 | 2861993 | 2861993 | 0.7% |
| 3455S - 140 Hayground Cove Senior Partners, LLC - Senior Loan | August 12, 2025 | 2044088 | 2044088 | 2044088 | 0.5% |
| 3459 - 355 N. Carolwood | September 4, 2025 | 5000000 | 5000000 | 5000000 | 1.3% |
| 3461 - Skyline Apartments | September 5, 2025 | 3500000 | 3500000 | 3500000 | 0.9% |
| 3463 - 825 Old Sag Harbor Road | September 29, 2025 | 800000 | 800000 | 800000 | 0.2% |
| 83824 - 2511 NW 25 Ave., LLC | May 16, 2024 | 1647131 | 1647131 | 1647131 | 0.4% |
| 91530 - RRCAP-FA Blume Road, LLC | April 23, 2024 | 3355868 | 3355868 | 3355868 | 0.9% |
| 91574 - A5 International Properties, LLC | May 9, 2024 | 184597 | 184597 | 184597 | 0.0% |
| 91575 - A5 International Properties, LLC | May 9, 2024 | 184923 | 184923 | 184923 | 0.0% |
| 91576 - A5 International Properties, LLC | May 9, 2024 | 180925 | 180925 | 180925 | 0.0% |
| 91577 - A5 International Properties, LLC | May 9, 2024 | 158583 | 158583 | 158583 | 0.0% |
| 91578 - A5 International Properties, LLC | May 9, 2024 | 126435 | 126435 | 126435 | 0.0% |
| 92567 - BSD Drexel, LLC | April 23, 2024 | 1638800 | 1638800 | 1638800 | 0.4% |
| 94110 - A5 International Properties, LLC | May 9, 2024 | 39283 | 39283 | 39283 | 0.0% |
| 94111 - A5 International Properties, LLC | May 9, 2024 | 155398 | 155398 | 155398 | 0.0% |
| 94112 - A5 International Properties, LLC | May 9, 2024 | 163164 | 163164 | 163164 | 0.0% |
| 94113 - A5 International Properties, LLC | May 9, 2024 | 122053 | 122053 | 122053 | 0.0% |
| 94114 - A5 International Properties, LLC | May 9, 2024 | 33811 | 33811 | 33811 | 0.0% |
| 96228 - 10229 - 10233 Eton Avenue, LLC | April 23, 2024 | 2097012 | 2097012 | 2097012 | 0.5% |
| 96229 - 10229 - 10233 Eton Avenue, LLC | April 23, 2024 | 2209367 | 2209367 | 2209367 | 0.6% |
| 96483 - Affordable Housing Group LTD, LLC | June 3, 2024 | 1896049 | 1896049 | 1896049 | 0.5% |
| 97931 - 2316 PCDEV, LLC | June 21, 2024 | 3097718 | 3097718 | 3097718 | 0.8% |
| 98104 - Desert Modern Development, LLC | June 3, 2024 | 1774620 | 1774620 | 1774620 | 0.4% |
| 98258 - 1740 PCDEV, LLC | June 3, 2024 | 4614831 | 4614831 | 4614831 | 1.1% |
| 98322 - 66 Line, LLC | May 9, 2024 | 840000 | 840000 | 840000 | 0.2% |
| 98617 - Lakeview Real Estate Fund, LLC | June 10, 2024 | 1103309 | 1103309 | 1103309 | 0.3% |
| 98618 - Lakeview Real Estate Fund, LLC | June 10, 2024 | 971789 | 971789 | 971789 | 0.2% |
| 98619 - Lakeview Real Estate Fund, LLC | June 10, 2024 | 1126925 | 1126925 | 1126925 | 0.3% |
| 98620 - Lakeview Real Estate Fund, LLC | June 10, 2024 | 1113210 | 1113210 | 1113210 | 0.3% |
| 98767 - 426 E. 17th St., LLC | April 23, 2024 | 1665039 | 1665039 | 1665039 | 0.4% |
| 98769 - 1292 Beauregard, LLC | June 10, 2024 | 1437192 | 1437192 | 1437192 | 0.4% |
| 98771 - 1292 Beauregard, LLC | June 3, 2024 | 1400383 | 1400383 | 1400383 | 0.3% |
| 98803 - Moon Equities, LLC | April 23, 2024 | 2960000 | 2960000 | 2960000 | 0.8% |
| 98834 - 1770 Bay Blvd., LLC | May 9, 2024 | 3997500 | 3997500 | 3997500 | 1.0% |
| 99183 - 331 N. Olive St. Holding, LLC | May 9, 2024 | 1425000 | 1425000 | 1425000 | 0.4% |
| 99269 - 1688 Sunset Plaza Drive Partners, LLC | June 3, 2024 | 2235321 | 2235321 | 2235321 | 0.6% |
| 99956 - Mao Developers, LLC | May 9, 2024 | 480000 | 480000 | 480000 | 0.1% |
| 100356 - NRM Group, LLC | June 3, 2024 | 1991523 | 1991523 | 1991523 | 0.5% |
| 100357 - NRM Group, LLC | June 3, 2024 | 1256678 | 1256678 | 1256678 | 0.3% |
| 100358 - NRM Group, LLC | June 3, 2024 | 2487027 | 2487027 | 2487027 | 0.6% |
| 100359 - NRM Group, LLC | June 3, 2024 | 1080397 | 1080397 | 1080397 | 0.3% |
| 100388 - Nash Bami, LLC | June 10, 2024 | 3920000 | 3920000 | 3920000 | 1.0% |
| 100597 - 2303 Delancey, LLC | June 3, 2024 | 3465000 | 3465000 | 3465000 | 0.9% |
| 100937 - indiePlanet Global, LLC Series 4 | August 2, 2024 | 595000 | 595000 | 595000 | 0.2% |
| 100939 - indiePlanet Global, LLC Series 4 | August 2, 2024 | 631400 | 631400 | 631400 | 0.2% |
| 101219 - ACE Jaynes, LLC | June 10, 2024 | 1137000 | 1137000 | 1137000 | 0.3% |
| 101221 - USA Luxury Developer II, Inc. | June 21, 2024 | 2973209 | 2973209 | 2973209 | 0.8% |
| 101227 - Rhoi Properties, Inc | July 23, 2024 | 1162728 | 1162728 | 1162728 | 0.3% |
| 101246 - White Sand Real Estate Solutions, LLC | July 23, 2024 | 588050 | 588050 | 588050 | 0.2% |
| 101248 - White Sand Real Estate Solutions, LLC | July 23, 2024 | 588050 | 588050 | 588050 | 0.2% |
| 101296 - 5700 Clemson, LLC | June 21, 2024 | 4698133 | 4698133 | 4698133 | 1.1% |
| 101753 - NRI Portfolios, LLC | June 10, 2024 | 1132360 | 1132360 | 1132360 | 0.3% |
| 101808 - Educate Capital, LLC | June 21, 2024 | 2103351 | 2103351 | 2103351 | 0.5% |
| 101873 - Valentin Construction & Development, LLC | July 23, 2024 | 666291 | 666291 | 666291 | 0.2% |
| 102044 - Lian 166 Washington, LLC | October 7, 2024 | 3170529 | 3170529 | 3170529 | 0.8% |
| 102093 - Danva Prosper Fontanarosa Homes, LLC | June 10, 2024 | 1239147 | 1239147 | 1239147 | 0.3% |
| 102094 - Danva Prosper Fontanarosa Homes, LLC | June 10, 2024 | 1498794 | 1498794 | 1498794 | 0.4% |
| 102095 - Danva Prosper Fontanarosa Homes, LLC | June 10, 2024 | 1521411 | 1521411 | 1521411 | 0.4% |
| 102096 - Danva Prosper Fontanarosa Homes, LLC | June 10, 2024 | 963696 | 963696 | 963696 | 0.2% |
| 102097 - Danva Prosper Fontanarosa Homes, LLC | June 10, 2024 | 1461104 | 1461104 | 1461104 | 0.4% |
| 102111 - Westlake Mountainview, LLC | June 10, 2024 | 3048193 | 3048193 | 3048193 | 0.8% |
| 102137 - Gill Development, LLC | June 10, 2024 | 748000 | 748000 | 748000 | 0.2% |
| 102535 - TRMF & Associates, LLC | June 10, 2024 | 51375 | 51375 | 51375 | 0.0% |
| 102607 - 158 & 160 Eckerson, LLC | October 7, 2024 | 2602960 | 2602960 | 2602960 | 0.7% |
| 102608 - 158 & 160 Eckerson, LLC | October 7, 2024 | 1900666 | 1900666 | 1900666 | 0.5% |
| 102696 - 4798 NE 2nd Ave., LLC | August 2, 2024 | 250000 | 250000 | 250000 | 0.1% |
| 102697 - 4798 NE 2nd Ave., LLC | June 10, 2024 | 250000 | 250000 | 250000 | 0.1% |
| 102698 - 4798 NE 2nd Ave., LLC | June 10, 2024 | 250000 | 250000 | 250000 | 0.1% |
| 103728 - Barcel, LLC | July 23, 2024 | 206318 | 206318 | 206318 | 0.1% |
| 103771 - Rhino Homes, LLC | July 23, 2024 | 980660 | 980660 | 980660 | 0.3% |
| 103772 - Rhino Homes, LLC | July 23, 2024 | 1045955 | 1045955 | 1045955 | 0.3% |
| 103778 - Erin Maher | June 21, 2024 | 895900 | 895900 | 895900 | 0.2% |
| 103980 - KPI Equity Holdings I, LLC | August 2, 2024 | 495498 | 495498 | 495498 | 0.1% |
| 104356 - RRCap - FA Shingletree, LLC | July 5, 2024 | 4741821 | 4741821 | 4741821 | 1.1% |
| 104357 - RRCap - FA Shingletree, LLC | July 5, 2024 | 4741821 | 4741821 | 4741821 | 1.1% |
| 104358 - RRCap - FA Shingletree, LLC | July 5, 2024 | 4741821 | 4741821 | 4741821 | 1.1% |
| 104359 - RRCap - FA Shingletree, LLC | July 5, 2024 | 4197917 | 4197917 | 4197917 | 1.0% |
| 104360 - RRCap - FA Shingletree, LLC | July 5, 2024 | 4570253 | 4570253 | 4570253 | 1.1% |
| 104361 - RRCap - FA Shingletree, LLC | July 5, 2024 | 4741821 | 4741821 | 4741821 | 1.1% |
| 104362 - RRCap - FA Shingletree, LLC | July 5, 2024 | 3825580 | 3825580 | 3825580 | 1.0% |
| 104363 - RRCap - FA Shingletree, LLC | July 5, 2024 | 4369483 | 4369483 | 4369483 | 1.0% |
| 104364 - RRCap - FA Shingletree, LLC | July 5, 2024 | 4369483 | 4369483 | 4369483 | 1.0% |
| 104447 - Watermark Homes, LLC | October 7, 2024 | 1643377 | 1643377 | 1643377 | 0.4% |
| 104480 - Elmer Avenue, LLC | July 23, 2024 | 2647665 | 2647665 | 2647665 | 0.7% |
| 104677 - Daest, LLC | July 23, 2024 | 785000 | 785000 | 785000 | 0.2% |
| 105003 - 43 Westwood, LLC | August 30, 2024 | 1179367 | 1179367 | 1179367 | 0.3% |
| 105004 - 43 Westwood, LLC | August 30, 2024 | 1464722 | 1464722 | 1464722 | 0.4% |
| 105005 - 43 Westwood, LLC | August 30, 2024 | 1367401 | 1367401 | 1367401 | 0.4% |
| 105006 - 43 Westwood, LLC | August 30, 2024 | 1380276 | 1380276 | 1380276 | 0.4% |
| 105178 - Efrain Hendy Zaga and Denisse Esquenazi Opatowski | July 23, 2024 | 1574068 | 1574068 | 1574068 | 0.4% |
| 105243 - GT Three, LLC | December 11, 2024 | 2422050 | 2422050 | 2422050 | 0.6% |
| 105247 - GT Three, LLC | January 10, 2025 | 2572943 | 2572943 | 2572943 | 0.7% |
| 105261 - SeaScape Homes, LLC | October 7, 2024 | 1406998 | 1406998 | 1406998 | 0.4% |
| 105366 - Rhino Homes, LLC | July 23, 2024 | 1235000 | 1235000 | 1235000 | 0.3% |
| 105459 - Oleduga, LLC | August 2, 2024 | 259000 | 259000 | 259000 | 0.1% |
| 105880 - B Cove Investments, LLC | September 12, 2024 | 2100000 | 2100000 | 2100000 | 0.5% |
| 106533 - Eagle OZB I, LP | September 12, 2024 | 780000 | 780000 | 780000 | 0.2% |
| 106536 - Eagle OZB I, LP | September 12, 2024 | 780000 | 780000 | 780000 | 0.2% |
| 106538 - Eagle OZB I, LP | September 12, 2024 | 780000 | 780000 | 780000 | 0.2% |
| 106767 - Torre Projects, LLC | August 2, 2024 | 286148 | 286148 | 286148 | 0.1% |
| 106918 - HLPG 406 Midwood, LLC | October 7, 2024 | 1099729 | 1099729 | 1099729 | 0.3% |
| 107081 - Abode Multifamily Opportunity Fund I, LLC | August 30, 2024 | 1387000 | 1387000 | 1387000 | 0.3% |
| 107094 - Grande Vita Homes, LLC | December 11, 2024 | 734592 | 734592 | 734592 | 0.2% |
| 107180 - 902 8th St, LLC | August 30, 2024 | 358000 | 358000 | 358000 | 0.1% |
| 107595 - Dolphin Shores Investments LLC | November 5, 2024 | 1286190 | 1286190 | 1286190 | 0.3% |
| 107836 - Mahi Mahi 935, LLC | August 30, 2024 | 1399000 | 1399000 | 1399000 | 0.3% |
| 107845 - Keys of Tomorrow, LLC | October 7, 2024 | 179496 | 179496 | 179496 | 0.1% |
| 107884 - Blake Development of the Palm Beaches, LLC | January 24, 2025 | 2740472 | 2740472 | 2740472 | 0.7% |
| 107891 - 10225 Investments, LLC | December 11, 2024 | 46805 | 46805 | 46805 | 0.0% |
| 107982 - Nextgen Eaglerock 13, LLC | October 7, 2024 | 1656684 | 1656684 | 1656684 | 0.4% |
| 107983 - Nextgen Eaglerock 13, LLC | October 7, 2024 | 1684816 | 1684816 | 1684816 | 0.4% |
| 107986 - Nextgen Eaglerock 13, LLC | October 7, 2024 | 2429722 | 2429722 | 2429722 | 0.6% |
| 107997 - Mercado Rodriguez, LLC | September 12, 2024 | 102850 | 102850 | 102850 | 0.0% |
| 108077 - Fifth Avenue Wyn, LLC | January 24, 2025 | 1820000 | 1820000 | 1820000 | 0.5% |
| 108167 - Lime Builders, LLC | October 7, 2024 | 1781044 | 1781044 | 1781044 | 0.5% |
| 108184 - Osprey Ocean, LLC | December 11, 2024 | 1857757 | 1857757 | 1857757 | 0.5% |
| 108203 - Kirkland 7, LLC | January 24, 2025 | 1385000 | 1385000 | 1385000 | 0.4% |
| 108252 - Hurricane Construction, Inc | November 5, 2024 | 2059711 | 2059711 | 2059711 | 0.5% |
| 108299 - WTM Construction, Inc. | October 7, 2024 | 1633338 | 1633338 | 1633338 | 0.4% |
| 108301 - WTM Construction, Inc. | October 7, 2024 | 2487318 | 2487318 | 2487318 | 0.6% |
| 108402 - Eagle Rock 17, LLC | November 5, 2024 | 1807596 | 1807596 | 1807596 | 0.5% |
| 108405 - Eagle Rock 17, LLC | November 5, 2024 | 1840667 | 1840667 | 1840667 | 0.5% |
| 108408 - Eagle Rock 17, LLC | November 5, 2024 | 1101378 | 1101378 | 1101378 | 0.3% |
| 108411 - TruWest, LLC | November 5, 2024 | 1627500 | 1627500 | 1627500 | 0.4% |
| 108767 - 2717 NE 29th Street, LLC | October 7, 2024 | 2210396 | 2210396 | 2210396 | 0.6% |
| 108769 - TRG Inglewood, LLC | October 7, 2024 | 3609000 | 3609000 | 3609000 | 0.9% |
| 108872 - Addison Hesby, LLC | December 11, 2024 | 2514254 | 2514254 | 2514254 | 0.6% |
| 109030 - VLC Construction & Design, LLC | October 7, 2024 | 234763 | 234763 | 234763 | 0.1% |
| 109192 - BV Homes, LLC | October 7, 2024 | 2208473 | 2208473 | 2208473 | 0.6% |
| 109196 - Nexo Investors, LLC | November 5, 2024 | 389270 | 389270 | 389270 | 0.1% |
| 109322 - 3A Parc, LLC | October 7, 2024 | 2442020 | 2442020 | 2442020 | 0.6% |
| 109339 - Scott Springs Assets, LLC | November 5, 2024 | 406161 | 406161 | 406161 | 0.1% |
| 109398 - 1515 Blake, LLC | November 5, 2024 | 1384852 | 1384852 | 1384852 | 0.4% |
| 109399 - 1515 Blake, LLC | November 5, 2024 | 1397341 | 1397341 | 1397341 | 0.4% |
| 109448 - Kent 9, LLC | February 27, 2025 | 566000 | 566000 | 566000 | 0.1% |
| 109450 - Kent 9, LLC | February 27, 2025 | 566000 | 566000 | 566000 | 0.1% |
| 109696 - Loma Alta 10, LLC | December 11, 2024 | 324187 | 324187 | 324187 | 0.1% |
| 109697 - Loma Alta 10, LLC | December 11, 2024 | 324187 | 324187 | 324187 | 0.1% |
| 109703 - Loma Alta 10, LLC | December 11, 2024 | 324187 | 324187 | 324187 | 0.1% |
| 109704 - Loma Alta 10, LLC | December 11, 2024 | 324187 | 324187 | 324187 | 0.1% |
| 109798 - JH1 Realty, Inc. | October 7, 2024 | 854354 | 854354 | 854354 | 0.2% |
| 109837 - Gramm Ventures, LLC | November 5, 2024 | 312900 | 312900 | 312900 | 0.1% |
| 110003 - 791 Crandon Holding 707, LLC | October 7, 2024 | 3000000 | 3000000 | 3000000 | 0.8% |
| 110011 - Dolphin Shores Investments, LLC | November 5, 2024 | 1538130 | 1538130 | 1538130 | 0.4% |
| 110150 - Black Marlin Group, LLC | October 7, 2024 | 3560194 | 3560194 | 3560194 | 0.9% |
| 110234 - Mcdonie Properties, LLC | January 10, 2025 | 1864318 | 1864318 | 1864318 | 0.5% |
| 110342 - Bravo Builders Enterprises, LLC | January 24, 2025 | 2556549 | 2556549 | 2556549 | 0.7% |
| 110465 - TJR Development Inc. | December 11, 2024 | 1578715 | 1578715 | 1578715 | 0.4% |
| 110811 - 8935 Froude Ave, LLC | December 11, 2024 | 1811758 | 1811758 | 1811758 | 0.5% |
| 110815 - DaVinci Development, LLC | December 11, 2024 | 1305488 | 1305488 | 1305488 | 0.3% |
| 110820 - JT Real Estate Capital Group, LLC | January 10, 2025 | 1903801 | 1903801 | 1903801 | 0.5% |
| 111076 - Twenty, LLC | November 5, 2024 | 1341820 | 1341820 | 1341820 | 0.3% |
| 111089 - 317-319 Laurel Avenue, LLC | December 11, 2024 | 1244200 | 1244200 | 1244200 | 0.3% |
| 111108 - Vesta Investments, LLC | November 5, 2024 | 1584728 | 1584728 | 1584728 | 0.4% |
| 111141 - Estela Specs 7, LLC | November 5, 2024 | 103352 | 103352 | 103352 | 0.0% |
| 111792 - 88th Street Homes, LLC | January 24, 2025 | 617865 | 617865 | 617865 | 0.2% |
| 111801 - Ronpache Investments and Trade, LLC | December 11, 2024 | 216450 | 216450 | 216450 | 0.1% |
| 111834 - Red Cedar Development, LLC | December 11, 2024 | 1054794 | 1054794 | 1054794 | 0.3% |
| 111866 - Colfax District, LLC | December 11, 2024 | 2875110 | 2875110 | 2875110 | 0.7% |
| 111894 - Up Ruiz Investments, LLC | January 10, 2025 | 216128 | 216128 | 216128 | 0.1% |
| 111941 - 2k Development, LLC | December 11, 2024 | 1307323 | 1307323 | 1307323 | 0.3% |
| 112068 - Dwell LA, LLC | January 24, 2025 | 3720830 | 3720830 | 3720830 | 0.9% |
| 112080 - IEG Pioche, LLC | March 21, 2025 | 4975000 | 4975000 | 4975000 | 1.2% |
| 112135 - Twenty, LLC | November 5, 2024 | 684616 | 684616 | 684616 | 0.2% |
| 112319 - 1120 Coronado CS, LLC | December 11, 2024 | 3543000 | 3543000 | 3543000 | 0.9% |
| 112350 - JH1 Realty Inc. | December 11, 2024 | 2211464 | 2211464 | 2211464 | 0.6% |
| 112351 - BV Homes, LLC | January 10, 2025 | 1929627 | 1929627 | 1929627 | 0.5% |
| 112430 - 31 Edward Lane | January 24, 2025 | 1545161 | 1545161 | 1545161 | 0.4% |
| 112549 - Twenty, LLC | November 5, 2024 | 684616 | 684616 | 684616 | 0.2% |
| 112558 - 44th Ave Developers, LLC | December 11, 2024 | 1253916 | 1253916 | 1253916 | 0.3% |
| 112559 - 44th Ave Developers, LLC | December 11, 2024 | 1432999 | 1432999 | 1432999 | 0.4% |
| 112598 - Villa Bello At Zona, LLC | December 11, 2024 | 2232758 | 2232758 | 2232758 | 0.6% |
| 112599 - Villa Bello At Zona, LLC | December 11, 2024 | 1364226 | 1364226 | 1364226 | 0.3% |
| 112735 - Hyde L303, LLC | November 5, 2024 | 287000 | 287000 | 287000 | 0.1% |
| 112961 Veluva, LLC | December 11, 2024 | 420000 | 420000 | 420000 | 0.1% |
| 113395 - Del Invest BC2, LLC | January 10, 2025 | 390000 | 390000 | 390000 | 0.1% |
| 113656 - Har Carmel, LLC | January 10, 2025 | 3354503 | 3354503 | 3354503 | 0.9% |
| 113657 - Assemble Capital Manager, LLC | December 11, 2024 | 1524429 | 1524429 | 1524429 | 0.4% |
| 113734 - MF Real Estate Investment, LLC | January 10, 2025 | 1488944 | 1488944 | 1488944 | 0.4% |
| 113824 - Caterra Property 3, LLC | January 10, 2025 | 1645479 | 1645479 | 1645479 | 0.4% |
| 113965 - JulianMore, LLC | January 24, 2025 | 3225327 | 3225327 | 3225327 | 0.8% |
| 114043 - 5913 Lubao Ave, LLC | January 10, 2025 | 1999263 | 1999263 | 1999263 | 0.5% |
| 114069 - 4940 Cherry, LLC | January 10, 2025 | 1352260 | 1352260 | 1352260 | 0.3% |
| 114071 - 3144 Elizabeth, LLC | January 10, 2025 | 1818604 | 1818604 | 1818604 | 0.5% |
| 114193 - 541 Normandy 2024, LLC | January 24, 2025 | 649270 | 649270 | 649270 | 0.2% |
| 114219 - AMS Home Invest, LLC | January 24, 2025 | 335197 | 335197 | 335197 | 0.1% |
| 114221 - CF 4942 Topanga, LLC | March 21, 2025 | 1846411 | 1846411 | 1846411 | 0.5% |
| 114305 - 15440 Dickens, LLC | January 24, 2025 | 1311964 | 1311964 | 1311964 | 0.3% |
| 114307 - BellaB Real Estate, LLC | January 10, 2025 | 1601336 | 1601336 | 1601336 | 0.4% |
| 114309 - Drenkorp, LLC | June 20, 2025 | 184500 | 184500 | 184500 | 0.1% |
| 114521 - 599 Bayshore 2024, LLC | January 10, 2025 | 681376 | 681376 | 681376 | 0.2% |
| 114694 - BH Magic Investments, LLC | January 24, 2025 | 1403623 | 1403623 | 1403623 | 0.4% |
| 114713 - MG Property Group 2, LLC | January 10, 2025 | 602000 | 602000 | 602000 | 0.2% |
| 114901 - Torre Projects, LLC | January 24, 2025 | 198375 | 198375 | 198375 | 0.1% |
| 114902 - Torre Projects, LLC | January 24, 2025 | 188123 | 188123 | 188123 | 0.1% |
| 114909 - Loitzk Batim 930, LLC | January 24, 2025 | 879114 | 879114 | 879114 | 0.2% |
| 114913 - Loitzk Batim 930, LLC | January 10, 2025 | 879114 | 879114 | 879114 | 0.2% |
| 114914 - Loitzk Batim 930, LLC | January 10, 2025 | 1388795 | 1388795 | 1388795 | 0.3% |
| 114920 - Loitzk Batim 930, LLC | January 10, 2025 | 789014 | 789014 | 789014 | 0.2% |
| 114921 - Mayar International, LLC | January 10, 2025 | 829960 | 829960 | 829960 | 0.2% |
| 115004 - 2k Development, LLC | January 24, 2025 | 2188518 | 2188518 | 2188518 | 0.5% |
| 115011 - 4115 Shadyglade, LLC | April 17, 2025 | 2812500 | 2812500 | 2812500 | 0.7% |
| 115081 - Macedo Property Development, LLC | January 24, 2025 | 362304 | 362304 | 362304 | 0.1% |
| 115108 - Pronghorn Development, LLC | January 24, 2025 | 73500 | 73500 | 73500 | 0.0% |
| 115109 - Pronghorn Development, LLC | January 24, 2025 | 83500 | 83500 | 83500 | 0.0% |
| 115205 - Westchester Avenue, LLC | February 27, 2025 | 459000 | 459000 | 459000 | 0.1% |
| 115231 - Shoreline 940, LLC | January 10, 2025 | 1240339 | 1240339 | 1240339 | 0.3% |
| 115378 - Buza Family Trust, LLC | January 10, 2025 | 1111000 | 1111000 | 1111000 | 0.3% |
| 115414 - Gallery Terra Lago, LLC | January 24, 2025 | 924000 | 924000 | 924000 | 0.2% |
| 115415 - Gallery Terra Lago, LLC | January 24, 2025 | 462000 | 462000 | 462000 | 0.1% |
| 115697 - Grey Collective, LLC | January 10, 2025 | 1063350 | 1063350 | 1063350 | 0.3% |
| 115864 - TVR 2, LLC | January 24, 2025 | 382790 | 382790 | 382790 | 0.1% |
| 116028 - 12 Geneva St, LLC | January 10, 2025 | 2033962 | 2033962 | 2033962 | 0.5% |
| 116301 - Halona Development Group, LLC | January 24, 2025 | 194756 | 194756 | 194756 | 0.1% |
| 117082 - Wilton JT, LLC | February 27, 2025 | 530283 | 530283 | 530283 | 0.1% |
| 117205 - Axon Real Estate Investments, LLC | March 21, 2025 | 1469569 | 1469569 | 1469569 | 0.4% |
| 117241 - 1813-60 Binyan, LLC | March 21, 2025 | 3194728 | 3194728 | 3194728 | 0.8% |
| 117318 - 662 Granada St, LLC | January 24, 2025 | 1003791 | 1003791 | 1003791 | 0.2% |
| 117396 - Cygnus Construction, LLC | February 27, 2025 | 552372 | 552372 | 552372 | 0.1% |
| 117420 - BJB 1321 Management, LLC | February 27, 2025 | 2475000 | 2475000 | 2475000 | 0.6% |
| 117421 - Royal Management Group, LLC | February 27, 2025 | 100007 | 100007 | 100007 | 0.0% |
| 117664 - Retail Bee, LLC | February 27, 2025 | 131250 | 131250 | 131250 | 0.0% |
| 117679 - Vault Money Investments, LLC | February 27, 2025 | 2144720 | 2144720 | 2144720 | 0.5% |
| 117712 - RR 2710 Development Group, LLC | February 27, 2025 | 1427973 | 1427973 | 1427973 | 0.4% |
| 117729 - Built Full Homes, LLC | April 17, 2025 | 12000 | 12000 | 12000 | 0.0% |
| 117767 - S&B Building Your Home, LLC | February 27, 2025 | 200716 | 200716 | 200716 | 0.1% |
| 117770 - G3 Gomes, LLC | February 27, 2025 | 198606 | 198606 | 198606 | 0.1% |
| 117775 - Solid Residences, LLC | February 27, 2025 | 198517 | 198517 | 198517 | 0.1% |
| 118026 - Holliday Homes, LLC | April 2, 2025 | 537334 | 537334 | 537334 | 0.1% |
| 118242 - Ramsgate Property, LLC | April 2, 2025 | 2090000 | 2090000 | 2090000 | 0.5% |
| 118588 - Carolinas Builders, LLC | April 17, 2025 | 1215000 | 1215000 | 1215000 | 0.3% |
| 118590 - Carolinas Builders, LLC | April 17, 2025 | 1215000 | 1215000 | 1215000 | 0.3% |
| 118591 - Carolinas Builders, LLC | April 17, 2025 | 1215000 | 1215000 | 1215000 | 0.3% |
| 118708 - O. Rhyan Capital Management, LLC | April 2, 2025 | 1855750 | 1855750 | 1855750 | 0.5% |
| 118766 - Hazen Grp., LLC | April 2, 2025 | 4275602 | 4275602 | 4275602 | 1.1% |
| 118866 - BV Homes, LLC | February 27, 2025 | 226587 | 226587 | 226587 | 0.1% |
| 118912 - North Fitzhugh LP, LLC | March 21, 2025 | 950797 | 950797 | 950797 | 0.2% |
| 118929 - 842 Meadow Creek, LLC | March 21, 2025 | 1083404 | 1083404 | 1083404 | 0.3% |
| 119128 - Burien 10, LLC | March 21, 2025 | 955804 | 955804 | 955804 | 0.2% |
| 119132 - Burien 10, LLC | March 21, 2025 | 663713 | 663713 | 663713 | 0.2% |
| 119137 - Burien 10, LLC | March 21, 2025 | 617004 | 617004 | 617004 | 0.2% |
| 119487 - CAP Housing, LLC | March 21, 2025 | 193500 | 193500 | 193500 | 0.1% |
| 119537 - AJ15305, LLC | March 21, 2025 | 2038403 | 2038403 | 2038403 | 0.5% |
| 119564 - R.I USA Multiservices, LLC | April 17, 2025 | 1989234 | 1989234 | 1989234 | 0.5% |
| 119622 - Parkside Homes, LLC | April 2, 2025 | 1476787 | 1476787 | 1476787 | 0.4% |
| 119640 - Valvera Investments, LLC | March 21, 2025 | 174730 | 174730 | 174730 | 0.0% |
| 119721 - Fortune Investment Group, LLC | April 2, 2025 | 333000 | 333000 | 333000 | 0.1% |
| 120177 - Grey Collective, LLC | March 21, 2025 | 1232500 | 1232500 | 1232500 | 0.3% |
| 120181 - 75 NW 41 St. Holdings, LLC | April 2, 2025 | 1433854 | 1433854 | 1433854 | 0.4% |
| 120265 - N&B Real Estate Investment Group, LLC | March 21, 2025 | 170720 | 170720 | 170720 | 0.0% |
| 120293 - 1812 Hunters Glen, LLC | April 2, 2025 | 1666000 | 1666000 | 1666000 | 0.4% |
| 120294 - IVCM Holdings, LLC | April 2, 2025 | 463000 | 463000 | 463000 | 0.1% |
| 120373 - 46 Fayette, LLC | March 21, 2025 | 1462460 | 1462460 | 1462460 | 0.4% |
| 120604 - GP Ocala VI, LLC | March 21, 2025 | 557978 | 557978 | 557978 | 0.1% |
| 120680 - 907 Morton St., LLC | April 2, 2025 | 484253 | 484253 | 484253 | 0.1% |
| 120798 - Basad, LLC | April 2, 2025 | 2060488 | 2060488 | 2060488 | 0.5% |
| 120806 - 4848 Fulton, LLC | April 17, 2025 | 1000000 | 1000000 | 1000000 | 0.2% |
| 120964 - 4-8 E. Springfiled, LLC | April 17, 2025 | 2307965 | 2307965 | 2307965 | 0.6% |
| 121021 - Black Marlin Group, LLC | April 2, 2025 | 2595734 | 2595734 | 2595734 | 0.7% |
| 121026 - Sweet Home Advisors, LLC | April 17, 2025 | 2865000 | 2865000 | 2865000 | 0.7% |
| 121154 - W. Baker St. Apts, LLC | April 17, 2025 | 368373 | 368373 | 368373 | 0.1% |
| 121256 - Corenest Development, LLC | April 17, 2025 | 438959 | 438959 | 438959 | 0.1% |
| 121258 - AD Customs, LLC | April 17, 2025 | 98484 | 98484 | 98484 | 0.0% |
| 121259 - GK Capital GP, LLC | April 17, 2025 | 799197 | 799197 | 799197 | 0.2% |
| 121261 - Watson Recovery Enterprises, LLC | April 17, 2025 | 17250 | 17250 | 17250 | 0.0% |
| 121262 - LLG Enterprises, LLC | April 17, 2025 | 140910 | 140910 | 140910 | 0.0% |
| 121264 - Ground-up Customz, LLC / Empower Estates Customs, LLC | April 17, 2025 | 521341 | 521341 | 521341 | 0.1% |
| 121265 - Pelican Equity Partnership Inc. | April 17, 2025 | 297300 | 297300 | 297300 | 0.1% |
| 121266 - Vertex Custom Homes, LLC | April 17, 2025 | 391392 | 391392 | 391392 | 0.1% |
| 121267 - Manzaba Property Investments, LLC | April 17, 2025 | 133155 | 133155 | 133155 | 0.0% |
| 121268 - Hibernia Investment, LLC | April 17, 2025 | 625619 | 625619 | 625619 | 0.2% |
| 121269 - Aceluxvilla, LLC | April 17, 2025 | 242352 | 242352 | 242352 | 0.1% |
| 121270 - MZRCO, LLC | April 17, 2025 | 46375 | 46375 | 46375 | 0.0% |
| 121280 - Neighborhood Laundromat, LLC | April 17, 2025 | 738400 | 738400 | 738400 | 0.2% |
| 121620 - 2305 Tamarind Drive, LLC | April 17, 2025 | 1650000 | 1650000 | 1650000 | 0.4% |
| 121644 - BJB 1321 Management, LLC | April 17, 2025 | 2520000 | 2520000 | 2520000 | 0.6% |
| 121664 - Platinum Enterprise, LLC | April 17, 2025 | 684000 | 684000 | 684000 | 0.2% |
| 121901 - Black Star Development, LLC | April 17, 2025 | 1422000 | 1422000 | 1422000 | 0.4% |
| 121917 - Bidwell Commons Townhomes, LLC | April 17, 2025 | 880350 | 880350 | 880350 | 0.2% |
| 121927 - TwoRDZ Alpha Project, LLC | April 17, 2025 | 876831 | 876831 | 876831 | 0.2% |
| 122126 - Oak View Development, LLC | June 20, 2025 | 1848750 | 1848750 | 1848750 | 0.5% |
| 122295 - Wolf Contracting, LLC | June 20, 2025 | 517847 | 517847 | 517847 | 0.1% |
| 122563 - Black Star Development, LLC | April 17, 2025 | 1500000 | 1500000 | 1500000 | 0.4% |
| 122571 - Black Star Development, LLC | April 17, 2025 | 1500000 | 1500000 | 1500000 | 0.4% |
| 122718 - Dommus Construction Corp. | June 27, 2025 | 531450 | 531450 | 531450 | 0.1% |
| 122723 - 3302 Park, LLC | June 20, 2025 | 275000 | 275000 | 275000 | 0.1% |
| 122724 - 151 S St. NW, LLC | June 20, 2025 | 275000 | 275000 | 275000 | 0.1% |
| 122840 - HHH Rentals, LLC | June 20, 2025 | 532540 | 532540 | 532540 | 0.1% |
| 122841 - HHH Rentals, LLC | June 20, 2025 | 675050 | 675050 | 675050 | 0.2% |
| 123234 - 5225 Connecticut Owner, LLC & WE 5225 Connecticut Ave, LLC | June 20, 2025 | 1750000 | 1750000 | 1750000 | 0.4% |
| 123238 - Prada Home Ventures, LLC | June 27, 2025 | 12960 | 12960 | 12960 | 0.0% |
| 123264 - Trailside Oaks Austin, LLC | July 18, 2025 | 1501500 | 1501500 | 1501500 | 0.4% |
| 123304 - Logos Homes, Inc. | July 18, 2025 | 280000 | 280000 | 280000 | 0.1% |
| 123392 - 429 13th St. NE, LLC | May 2, 2025 | 6700000 | 6700000 | 6700000 | 1.7% |
| 123411 - RKAI Properties, LLC & Baruj Hashem | June 20, 2025 | 251625 | 251625 | 251625 | 0.1% |
| 123412 - Thirty Seven Sunrise, LLC | June 27, 2025 | 1300001 | 1300001 | 1300001 | 0.3% |
| 123424 - S&P Construction & Development, LLC | June 20, 2025 | 173917 | 173917 | 173917 | 0.0% |
| 123469 - 5601 Fishburn, LLC | June 27, 2025 | 3245000 | 3245000 | 3245000 | 0.8% |
| 123471 - Rental Shop Development, LLC | June 20, 2025 | 136850 | 136850 | 136850 | 0.0% |
| 123488 - IDS Construction Company, LLC | June 20, 2025 | 1095000 | 1095000 | 1095000 | 0.3% |
| 123554 - Malo Development Company - Lakota, LLC | July 18, 2025 | 817606 | 817606 | 817606 | 0.2% |
| 123565 - Duran USA Group, LLC | June 20, 2025 | 57030 | 57030 | 57030 | 0.0% |
| 123689 - VIP Homes, LLC | June 20, 2025 | 125424 | 125424 | 125424 | 0.0% |
| 123842 - VIP Homes, LLC | June 20, 2025 | 72439 | 72439 | 72439 | 0.0% |
| 123892 - 36 Cyril, LLC | June 27, 2025 | 575339 | 575339 | 575339 | 0.1% |
| 123893 - 36 Cyril, LLC | June 20, 2025 | 654253 | 654253 | 654253 | 0.2% |
| 123904 - Habitus Coconut Grove F1-C, LLC | June 27, 2025 | 2579500 | 2579500 | 2579500 | 0.6% |
| 123913 - 30 NW 59 Street Investment, LLC | June 20, 2025 | 1620053 | 1620053 | 1620053 | 0.4% |
| 124038 - Virginia Ct Campbell, LLC | July 18, 2025 | 2025300 | 2025300 | 2025300 | 0.5% |
| 124118 - MIA Residences, LLC | June 27, 2025 | 1410133 | 1410133 | 1410133 | 0.4% |
| 124121 - MIA Residences, LLC | June 27, 2025 | 1336195 | 1336195 | 1336195 | 0.3% |
| 124383 - 7700 Investment Group, LLC | July 18, 2025 | 1500000 | 1500000 | 1500000 | 0.4% |
| 124588 - 4200 Chase, LLC | July 18, 2025 | 2851766 | 2851766 | 2851766 | 0.7% |
| 124687 - Manico Investment LLC | July 18, 2025 | 327212 | 327212 | 327212 | 0.1% |
| 124779 - Bliss Fort Pierce, LLC | July 18, 2025 | 732357 | 732357 | 732357 | 0.2% |
| 124922 - GS West Coast Investments, LLC | June 27, 2025 | 3300000 | 3300000 | 3300000 | 0.8% |
| 124951 - Robert Eric Epps, LLC | June 20, 2025 | 197673 | 197673 | 197673 | 0.1% |
| 124986 - MAAS Rehab, LLC & Mary Ellen and Mary Lee, LLC | June 27, 2025 | 25682 | 25682 | 25682 | 0.0% |
| 125008 - Maxo Developments, LLC | July 18, 2025 | 30000 | 30000 | 30000 | 0.0% |
| 125100 - 8717 S Central, LLC | July 18, 2025 | 3262036 | 3262036 | 3262036 | 0.8% |
| 125112 - Toussaint Ateliers Residences, LLC | July 18, 2025 | 405000 | 405000 | 405000 | 0.1% |
| 125124 - 526 NW 15th Terr., LLC | June 27, 2025 | 254970 | 254970 | 254970 | 0.1% |
| 125125 - 634 NW 12th Ave, LLC | June 27, 2025 | 316338 | 316338 | 316338 | 0.1% |
| 125221 - Taku Construction, LLC | July 18, 2025 | 3875888 | 3875888 | 3875888 | 1.0% |
| 125229 - La Sabana, LLC | June 27, 2025 | 544472 | 544472 | 544472 | 0.1% |
| 125266 - Bella Vida 3, LLC | June 27, 2025 | 675000 | 675000 | 675000 | 0.2% |
| 125272 - Solida I Real Estate, L.P. | June 27, 2025 | 134913 | 134913 | 134913 | 0.0% |
| 125273 - Solida I Real Estate, L.P. | June 27, 2025 | 54823 | 54823 | 54823 | 0.0% |
| 125300 - Andyvale, LLC | June 27, 2025 | 260250 | 260250 | 260250 | 0.1% |
| 125328 - New Ace Properties, LLC | June 20, 2025 | 1704500 | 1704500 | 1704500 | 0.4% |
| 125337 - Schurman Cottages, LLC | June 27, 2025 | 763540 | 763540 | 763540 | 0.2% |
| 125515 - Homes Instyle, LLC | July 18, 2025 | 680000 | 680000 | 680000 | 0.2% |
| 125565 - M & J Pham Development, LLC | June 27, 2025 | 1505000 | 1505000 | 1505000 | 0.4% |
| 125570 - M & J Pham Development, LLC | June 27, 2025 | 3571750 | 3571750 | 3571750 | 0.9% |
| 125583 - Open Water Realty, LLC | June 27, 2025 | 170935 | 170935 | 170935 | 0.0% |
| 125611 - LTC BC3 Real Estate Fund, LLC | July 18, 2025 | 616173 | 616173 | 616173 | 0.2% |
| 125614 - LTC BC3 Real Estate Fund, LLC | July 18, 2025 | 102228 | 102228 | 102228 | 0.0% |
| 125623 - Willa Mae Investments, LLC | June 27, 2025 | 1522493 | 1522493 | 1522493 | 0.4% |
| 125679 - Dara 1 Holdings, LLC | July 18, 2025 | 1779990 | 1779990 | 1779990 | 0.4% |
| 125690 - 625 Worthington, LLC | June 27, 2025 | 354000 | 354000 | 354000 | 0.1% |
| 125692 - Damai Resort Investments, LLC | July 18, 2025 | 1781250 | 1781250 | 1781250 | 0.5% |
| 125693 - Damai Resort Investments, LLC | July 18, 2025 | 1762500 | 1762500 | 1762500 | 0.5% |
| 125694 - Damai Resort Investments, LLC | June 27, 2025 | 1811250 | 1811250 | 1811250 | 0.5% |
| 125774 - One Star Development, LLC | June 20, 2025 | 1560000 | 1560000 | 1560000 | 0.4% |
| 125848 - Highland Park 21, LLC | July 18, 2025 | 2896467 | 2896467 | 2896467 | 0.7% |
| 125941 - Bravo Investments Of Florida, LLC | June 20, 2025 | 504100 | 504100 | 504100 | 0.1% |
| 126022 - Charleston Affordable Development Group, LLC | June 27, 2025 | 39000 | 39000 | 39000 | 0.0% |
| 126032 - Charleston Affordable Development Group, LLC | June 20, 2025 | 60000 | 60000 | 60000 | 0.0% |
| 126105 - B Life Capital 26, LLC | June 20, 2025 | 1287000 | 1287000 | 1287000 | 0.3% |
| 126221 - JP&C Properties, LLC | July 18, 2025 | 1865280 | 1865280 | 1865280 | 0.5% |
| 126255 - Duran USA Group, LLC | July 18, 2025 | 99491 | 99491 | 99491 | 0.0% |
| 126258 - 1124 NW 2nd St., LLC | June 20, 2025 | 446250 | 446250 | 446250 | 0.1% |
| 126260 - 805 NW 12th Ave, LLC | June 20, 2025 | 319500 | 319500 | 319500 | 0.1% |
| 126273 - 859 Beacon, LLC | July 18, 2025 | 1554005 | 1554005 | 1554005 | 0.4% |
| 126281 - Douglas 10, LLC | July 18, 2025 | 2165499 | 2165499 | 2165499 | 0.5% |
| 126291 - Multipropiedades Investments, LLC | July 18, 2025 | 126751 | 126751 | 126751 | 0.0% |
| 126387 - 321 North Lucerne, LLC | July 18, 2025 | 2187929 | 2187929 | 2187929 | 0.5% |
| 126394 - Flipwave Investments, LLC | July 18, 2025 | 525000 | 525000 | 525000 | 0.1% |
| 126618 - Valdivia-Conroy, LLC | July 18, 2025 | 509250 | 509250 | 509250 | 0.1% |
| 127039 - Blue Sky Builders, LLC | July 18, 2025 | 419356 | 419356 | 419356 | 0.1% |
| 127275 - Taku Construction, LLC | July 18, 2025 | 930000 | 930000 | 930000 | 0.2% |
| 127319 - Open Water Realty, LLC | July 18, 2025 | 181323 | 181323 | 181323 | 0.1% |
| 127729 - J&K Rise Home Services, LLC | July 18, 2025 | 203035 | 203035 | 203035 | 0.1% |
| TL Mosaika, LLC | January 31, 2024 | 5119264 | 5119264 | 5119264 | 1.3% |
| TL Pepperell Mill, LLC | December 23, 2024 | 6594906 | 6594906 | 6594906 | 1.7% |
|  |  |  | $703187841 | $703187841 |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Redwood Private Real Estate Debt Fund

- **b. Investment Company Act file number:** 811-23846

- **c. CIK number of Registrant:** 0001959172

- **d. LEI of Registrant:** 549300XIZ6J0ZXQMTV96

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 235 West Galena Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 4142992270

**Item A.2. Information about the Series.**

- **a. Name of Series:** Redwood Private Real Estate Debt Fund

- **c. LEI of Series:** 549300XIZ6J0ZXQMTV96

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $754127596.06

**Total Liabilities:** $359391406.31

**Net Assets:** $394736189.75

**Cash Not Reported:** $333279.93

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.61%                | 0.60%                | 0.64%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4135.22                 | $0.00                                      |
| Month 2  | $4655.63                 | $0.00                                      |
| Month 3  | $0.00                    | $0.00                                      |

**Designated Index Information**

- **Index Name:** 0

- **Index Identifier:** 0

### Schedule of Portfolio Investments

| Name                                                                | Title                                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 3394 - Sunnyvale Park Place & Commons                               | 3394 - Sunnyvale Park Place & Commons                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6000000.00   | 1.52%             | 2027-09-17      | Variable      | 9.16%                 | Yes           |                  3 | On Loan: No      |
| 3397 - 33 Alhambra Circle                                           | 3397 - 33 Alhambra Circle                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2900000.00   | 0.73%             | 2026-03-20      | Variable      | 10.54%                | Yes           |                  3 | On Loan: No      |
| 3398 - 305 Briny                                                    | 3398 - 305 Briny                                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1556655 | PA      | $1556655.16   | 0.39%             | 2026-09-27      | Variable      | 10.00%                | Yes           |                  3 | On Loan: No      |
| 3399 - Malibu, LLC                                                  | 3399 - Malibu, LLC                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4781746 | PA      | $4781745.61   | 1.21%             | 2026-10-30      | Variable      | 9.16%                 | Yes           |                  3 | On Loan: No      |
| 3403 - Nash Street Property Associates, LLC                         | 3403 - Nash Street Property Associates, LLC                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3986864 | PA      | $3986864.23   | 1.01%             | 2026-12-10      | Variable      | 10.00%                | Yes           |                  3 | On Loan: No      |
| 3407 - 57 Canton Place                                              | 3407 - 57 Canton Place                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7534942 | PA      | $7534942.11   | 1.91%             | 2026-12-23      | Variable      | 10.00%                | Yes           |                  3 | On Loan: No      |
| 3412 - 105-107 Bank Street                                          | 3412 - 105-107 Bank Street                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6087433 | PA      | $6087432.86   | 1.54%             | 2026-07-24      | Variable      | 10.41%                | Yes           |                  3 | On Loan: No      |
| 3412-01 - 105-107 Bank Street                                       | 3412-01 - 105-107 Bank Street                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    905000 | PA      | $905000.00    | 0.23%             | 2026-07-24      | Variable      | 10.42%                | Yes           |                  3 | On Loan: No      |
| 3413 - 700, 706, & 710 Division Street & 714 8th Avenue South       | 3413 - 700, 706, & 710 Division Street & 714 8th Avenue South       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4631540 | PA      | $4631540.16   | 1.17%             | 2027-03-21      | Variable      | 10.06%                | Yes           |                  3 | On Loan: No      |
| 3422 - 119, 131, & 137 NW 29th 112, 120, 130, & 138 NW              | 3422 - 119, 131, & 137 NW 29th 112, 120, 130, & 138 NW              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4400000 | PA      | $4400000.00   | 1.11%             | 2027-03-21      | Variable      | 10.16%                | Yes           |                  3 | On Loan: No      |
| 3424 - Colony 29 Palm Springs                                       | 3424 - Colony 29 Palm Springs                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3000000.00   | 0.76%             | 2027-04-07      | Variable      | 9.83%                 | Yes           |                  3 | On Loan: No      |
| 3434 - 1 Water Street                                               | 3434 - 1 Water Street                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3332033 | PA      | $3332032.58   | 0.84%             | 2027-04-29      | Variable      | 9.92%                 | Yes           |                  3 | On Loan: No      |
| 3454 - 2nd & Steele, LLC                                            | 3454 - 2nd & Steele, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8372093 | PA      | $8372093.02   | 2.12%             | 2028-07-14      | Variable      | 9.33%                 | Yes           |                  3 | On Loan: No      |
| 3455J - 140 Hayground Cove Road Partners, LLC -  Junior Loan        | 3455J - 140 Hayground Cove Road Partners, LLC -  Junior Loan        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2861993 | PA      | $2861992.79   | 0.73%             | 2026-07-30      | Variable      | 16.83%                | Yes           |                  3 | On Loan: No      |
| 3455S - 140 Hayground Cove Senior Partners, LLC - Senior Loan       | 3455S - 140 Hayground Cove Senior Partners, LLC - Senior Loan       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2044088 | PA      | $2044087.71   | 0.52%             | 2026-07-30      | Variable      | 9.80%                 | Yes           |                  3 | On Loan: No      |
| 3459 - 355 N. Carolwood                                             | 3459 - 355 N. Carolwood                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5000000.00   | 1.27%             | 2027-09-04      | Variable      | 10.08%                | Yes           |                  3 | On Loan: No      |
| 3461 - Skyline Apartments                                           | 3461 - Skyline Apartments                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3500000.00   | 0.89%             | 2027-03-05      | Variable      | 9.47%                 | Yes           |                  3 | On Loan: No      |
| 3463 - 825 Old Sag Harbor Road                                      | 3463 - 825 Old Sag Harbor Road                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    800000 | PA      | $800000.00    | 0.20%             | 2027-03-26      | Variable      | 10.13%                | Yes           |                  3 | On Loan: No      |
| TL Pepperell Mill, LLC                                              | TL Pepperell Mill, LLC                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6594906 | PA      | $6594905.66   | 1.67%             | 2026-12-23      | Variable      | 19.55%                | Yes           |                  3 | On Loan: No      |
| 3344 - 1600 North 11, LLC                                           | 3344 - 1600 North 11, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12400000 | PA      | $12400000.00  | 3.14%             | 2025-10-26      | Fixed         | 10.75%                | Yes           |                  3 | On Loan: No      |
| 3349 - Hillcrest Cedar Property Owner , LLC                         | 3349 - Hillcrest Cedar Property Owner , LLC                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6590000 | PA      | $6590000.00   | 1.67%             | 2026-01-09      | Variable      | 10.75%                | Yes           |                  3 | On Loan: No      |
| 3356 - GK West 47th, LLC                                            | 3356 - GK West 47th, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5712416 | PA      | $5712415.51   | 1.45%             | 2026-03-07      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| 3358 - 123 Speer Owner, LP                                          | 3358 - 123 Speer Owner, LP                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3806482 | PA      | $3806482.20   | 0.96%             | 2026-03-19      | Variable      | 10.25%                | Yes           |                  3 | On Loan: No      |
| 3359 - Nalskihouse MT, LLC                                          | 3359 - Nalskihouse MT, LLC                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4000000.00   | 1.01%             | 2026-03-22      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| 3360 - JC Roxy, LLC                                                 | 3360 - JC Roxy, LLC                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3500000.00   | 0.89%             | 2026-03-22      | Fixed         | 10.58%                | Yes           |                  3 | On Loan: No      |
| 3368 - Carlisle New York Apartments, LLC                            | 3368 - Carlisle New York Apartments, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  41000000 | PA      | $41000000.00  | 10.39%            | 2026-05-08      | Variable      | 10.36%                | Yes           |                  3 | On Loan: No      |
| 3371 - Greyhawk SSOF Ruckus Lend, LLC                               | 3371 - Greyhawk SSOF Ruckus Lend, LLC                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11500000 | PA      | $11500000.00  | 2.91%             | 2026-05-10      | Variable      | 9.50%                 | Yes           |                  3 | On Loan: No      |
| 3372 - 3151 NF Owner, LLC                                           | 3372 - 3151 NF Owner, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2500000.00   | 0.63%             | 2026-06-05      | Variable      | 10.57%                | Yes           |                  3 | On Loan: No      |
| 3378 - Bancroft Cedar Property Owner, LLC                           | 3378 - Bancroft Cedar Property Owner, LLC                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000000.01   | 0.25%             | 2026-07-03      | Fixed         | 10.74%                | Yes           |                  3 | On Loan: No      |
| 3383 - Textor Family Holdings, LLC                                  | 3383 - Textor Family Holdings, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3095867 | PA      | $3095866.52   | 0.78%             | 2026-02-01      | Fixed         | 10.57%                | Yes           |                  3 | On Loan: No      |
| 3391- ZDJ W 37, LLC                                                 | 3391- ZDJ W 37, LLC                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12034157 | PA      | $12034157.32  | 3.05%             | 2027-03-04      | Variable      | 9.66%                 | Yes           |                  3 | On Loan: No      |
| Fidelity Government Portfolio                                       | Fidelity Government Portfolio, Class Institutional                  | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  10068655 | PA      | $10068655.21  | 2.55%             |  |  |  | No            |                  1 | On Loan: No      |
| TL Mosaika, LLC                                                     | TL Mosaika, LLC                                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5119264 | PA      | $5119263.58   | 1.30%             | 2026-04-30      | Variable      | 14.00%                | Yes           |                  3 | On Loan: No      |
| 3303 - 150 Lefferts Ave./55 East 21st Street                        | 3303 - 150 Lefferts Ave./55 East 21st Street                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3470000 | PA      | $3470000.00   | 0.88%             | 2025-11-01      | Variable      | 10.00%                | Yes           |                  3 | On Loan: No      |
| 3314 - VM Equities #3                                               | 3314 - VM Equities #3                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    884520 | PA      | $884520.00    | 0.22%             | 2026-01-28      | Variable      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 3320 - Howell Lendco, LLC                                           | 3320 - Howell Lendco, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1190293 | PA      | $1190293.49   | 0.30%             | 2026-03-22      | Fixed         | 10.51%                | Yes           |                  3 | On Loan: No      |
| 3326 - Elgny, LLC                                                   | 3326 - Elgny, LLC                                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230769 | PA      | $230769.24    | 0.06%             | 2025-10-07      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| 3330 - 3601 Parking, LLC & N Ocean Blvd, LLC                        | 3330 - 3601 Parking, LLC & N Ocean Blvd, LLC                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10774717 | PA      | $10774716.85  | 2.73%             | 2025-10-31      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| 3333 - McRopp New York Royal44, LLC                                 | 3333 - McRopp New York Royal44, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12500000.00  | 3.17%             | 2025-11-28      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| 3335 - Cromwell Inwood, LLC                                         | 3335 - Cromwell Inwood, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1300000.00   | 0.33%             | 2025-11-27      | Fixed         | 10.83%                | Yes           |                  3 | On Loan: No      |
| 3340 - San Antonio Palo Alto, LLC                                   | 3340 - San Antonio Palo Alto, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2942374 | PA      | $2942374.08   | 0.75%             | 2025-12-15      | Fixed         | 11.50%                | Yes           |                  3 | On Loan: No      |
| 3341 - Ferncroft, LLC                                               | 3341 - Ferncroft, LLC                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4000000.00   | 1.01%             | 2025-12-19      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| 98803 - Moon Equities, LLC                                          | 98803 - Moon Equities, LLC                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2960000 | PA      | $2960000.00   | 0.75%             | 2025-11-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 98834 - 1770 Bay Blvd., LLC                                         | 98834 - 1770 Bay Blvd., LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3997500 | PA      | $3997500.00   | 1.01%             | 2026-01-01      | Fixed         | 10.12%                | Yes           |                  3 | On Loan: No      |
| 99183 - 331 N. Olive St. Holding, LLC                               | 99183 - 331 N. Olive St. Holding, LLC                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1425000 | PA      | $1424999.99   | 0.36%             | 2025-11-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 99269 - 1688 Sunset Plaza Drive Partners, LLC                       | 99269 - 1688 Sunset Plaza Drive Partners, LLC                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2235321 | PA      | $2235321.18   | 0.57%             | 2025-12-01      | Fixed         | 10.06%                | Yes           |                  3 | On Loan: No      |
| 99956 - Mao Developers, LLC                                         | 99956 - Mao Developers, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    480000 | PA      | $480000.00    | 0.12%             | 2025-11-01      | Fixed         | 10.44%                | Yes           |                  3 | On Loan: No      |
| 100356 - NRM Group, LLC                                             | 100356 - NRM Group, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1991523 | PA      | $1991522.99   | 0.50%             | 2026-05-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 100357 - NRM Group, LLC                                             | 100357 - NRM Group, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1256678 | PA      | $1256677.53   | 0.32%             | 2026-05-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 100358 - NRM Group, LLC                                             | 100358 - NRM Group, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2487027 | PA      | $2487026.81   | 0.63%             | 2026-05-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 100359 - NRM Group, LLC                                             | 100359 - NRM Group, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1080397 | PA      | $1080396.64   | 0.27%             | 2026-05-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 100388 - Nash Bami, LLC                                             | 100388 - Nash Bami, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3920000 | PA      | $3920000.00   | 0.99%             | 2025-12-01      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 100597 - 2303 Delancey, LLC                                         | 100597 - 2303 Delancey, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3465000 | PA      | $3465000.00   | 0.88%             | 2025-06-01      | Fixed         | 10.62%                | Yes           |                  3 | On Loan: No      |
| 100937 - indiePlanet Global, LLC Series 4                           | 100937 - indiePlanet Global, LLC Series 4                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    595000 | PA      | $595000.00    | 0.15%             | 2025-08-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| 100939 - indiePlanet Global, LLC Series 4                           | 100939 - indiePlanet Global, LLC Series 4                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    631400 | PA      | $631400.00    | 0.16%             | 2025-08-01      | Fixed         | 9.69%                 | Yes           |                  3 | On Loan: No      |
| 101219 - ACE Jaynes, LLC                                            | 101219 - ACE Jaynes, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1137000 | PA      | $1137000.00   | 0.29%             | 2025-12-01      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 101221 - USA Luxury Developer II, Inc.                              | 101221 - USA Luxury Developer II, Inc.                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2973209 | PA      | $2973208.52   | 0.75%             | 2025-12-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 101227 - Rhoi Properties, Inc                                       | 101227 - Rhoi Properties, Inc                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1162728 | PA      | $1162728.44   | 0.29%             | 2026-01-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 101246 - White Sand Real Estate Solutions, LLC                      | 101246 - White Sand Real Estate Solutions, LLC                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    588050 | PA      | $588050.00    | 0.15%             | 2026-02-01      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| 101248 - White Sand Real Estate Solutions, LLC                      | 101248 - White Sand Real Estate Solutions, LLC                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    588050 | PA      | $588050.00    | 0.15%             | 2026-02-01      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| 101296 - 5700 Clemson, LLC                                          | 101296 - 5700 Clemson, LLC                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4698133 | PA      | $4698132.69   | 1.19%             | 2026-01-01      | Fixed         | 10.12%                | Yes           |                  3 | On Loan: No      |
| 112961 Veluva, LLC                                                  | 112961 Veluva, LLC                                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $420000.00    | 0.11%             | 2026-12-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 113395 - Del Invest BC2, LLC                                        | 113395 - Del Invest BC2, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    390000 | PA      | $390000.00    | 0.10%             | 2026-07-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 113656 - Har Carmel, LLC                                            | 113656 - Har Carmel, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3354503 | PA      | $3354503.08   | 0.85%             | 2026-07-01      | Fixed         | 8.71%                 | Yes           |                  3 | On Loan: No      |
| 113657 - Assemble Capital Manager, LLC                              | 113657 - Assemble Capital Manager, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1524429 | PA      | $1524428.97   | 0.39%             | 2025-12-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 125008 - Maxo Developments, LLC                                     | 125008 - Maxo Developments, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     30000 | PA      | $30000.00     | 0.01%             | 2026-07-01      | Fixed         | 8.77%                 | Yes           |                  3 | On Loan: No      |
| 125100 - 8717 S Central, LLC                                        | 125100 - 8717 S Central, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3262036 | PA      | $3262036.36   | 0.83%             | 2026-10-01      | Fixed         | 9.15%                 | Yes           |                  3 | On Loan: No      |
| 125112 - Toussaint Ateliers Residences, LLC                         | 125112 - Toussaint Ateliers Residences, LLC                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $405000.00    | 0.10%             | 2027-07-01      | Fixed         | 9.21%                 | Yes           |                  3 | On Loan: No      |
| 125124 - 526 NW 15th Terr., LLC                                     | 125124 - 526 NW 15th Terr., LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    254970 | PA      | $254970.00    | 0.06%             | 2027-01-01      | Fixed         | 8.74%                 | Yes           |                  3 | On Loan: No      |
| 125941 - Bravo Investments Of Florida, LLC                          | 125941 - Bravo Investments Of Florida, LLC                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    504100 | PA      | $504100.00    | 0.13%             | 2026-10-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 126022 - Charleston Affordable Development Group, LLC               | 126022 - Charleston Affordable Development Group, LLC               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     39000 | PA      | $39000.00     | 0.01%             | 2027-01-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 126032 - Charleston Affordable Development Group, LLC               | 126032 - Charleston Affordable Development Group, LLC               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $60000.00     | 0.02%             | 2027-01-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 126105 - B Life Capital 26, LLC                                     | 126105 - B Life Capital 26, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1287000 | PA      | $1287000.00   | 0.33%             | 2027-07-01      | Fixed         | 8.99%                 | Yes           |                  3 | On Loan: No      |
| 102044 - Lian 166 Washington, LLC                                   | 102044 - Lian 166 Washington, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3170529 | PA      | $3170528.91   | 0.80%             | 2026-04-01      | Fixed         | 9.25%                 | Yes           |                  3 | On Loan: No      |
| 102093 - Danva Prosper Fontanarosa Homes, LLC                       | 102093 - Danva Prosper Fontanarosa Homes, LLC                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1239147 | PA      | $1239146.75   | 0.31%             | 2026-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 102094 - Danva Prosper Fontanarosa Homes, LLC                       | 102094 - Danva Prosper Fontanarosa Homes, LLC                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1498794 | PA      | $1498794.20   | 0.38%             | 2026-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 102095 - Danva Prosper Fontanarosa Homes, LLC                       | 102095 - Danva Prosper Fontanarosa Homes, LLC                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1521411 | PA      | $1521410.70   | 0.39%             | 2026-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 102096 - Danva Prosper Fontanarosa Homes, LLC                       | 102096 - Danva Prosper Fontanarosa Homes, LLC                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    963696 | PA      | $963695.57    | 0.24%             | 2026-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 102097 - Danva Prosper Fontanarosa Homes, LLC                       | 102097 - Danva Prosper Fontanarosa Homes, LLC                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1461104 | PA      | $1461104.02   | 0.37%             | 2026-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 102111 - Westlake Mountainview, LLC                                 | 102111 - Westlake Mountainview, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3048193 | PA      | $3048192.54   | 0.77%             | 2026-01-01      | Fixed         | 10.12%                | Yes           |                  3 | On Loan: No      |
| 102137 - Gill Development, LLC                                      | 102137 - Gill Development, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    748000 | PA      | $748000.00    | 0.19%             | 2026-01-01      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 102535 - TRMF & Associates, LLC                                     | 102535 - TRMF & Associates, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51375 | PA      | $51375.38     | 0.01%             | 2025-12-01      | Fixed         | 10.12%                | Yes           |                  3 | On Loan: No      |
| 102607 - 158 & 160 Eckerson, LLC                                    | 102607 - 158 & 160 Eckerson, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2602960 | PA      | $2602960.00   | 0.66%             | 2026-04-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 102608 - 158 & 160 Eckerson, LLC                                    | 102608 - 158 & 160 Eckerson, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1900666 | PA      | $1900665.90   | 0.48%             | 2026-04-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 102696 - 4798 NE 2nd Ave., LLC                                      | 102696 - 4798 NE 2nd Ave., LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250000.00    | 0.06%             | 2026-07-01      | Fixed         | 9.56%                 | Yes           |                  3 | On Loan: No      |
| 102697 - 4798 NE 2nd Ave., LLC                                      | 102697 - 4798 NE 2nd Ave., LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250000.00    | 0.06%             | 2026-07-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 102698 - 4798 NE 2nd Ave., LLC                                      | 102698 - 4798 NE 2nd Ave., LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250000.00    | 0.06%             | 2026-07-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 103728 - Barcel, LLC                                                | 103728 - Barcel, LLC                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    206318 | PA      | $206317.65    | 0.05%             | 2026-01-01      | Fixed         | 9.88%                 | Yes           |                  3 | On Loan: No      |
| 103771 - Rhino Homes, LLC                                           | 103771 - Rhino Homes, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    980660 | PA      | $980660.38    | 0.25%             | 2026-01-01      | Fixed         | 10.06%                | Yes           |                  3 | On Loan: No      |
| 103772 - Rhino Homes, LLC                                           | 103772 - Rhino Homes, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1045955 | PA      | $1045955.04   | 0.26%             | 2026-01-01      | Fixed         | 10.06%                | Yes           |                  3 | On Loan: No      |
| 103778 - Erin Maher                                                 | 103778 - Erin Maher                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    895900 | PA      | $895899.65    | 0.23%             | 2026-01-01      | Fixed         | 10.12%                | Yes           |                  3 | On Loan: No      |
| 103980 - KPI Equity Holdings I, LLC                                 | 103980 - KPI Equity Holdings I, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    495498 | PA      | $495498.42    | 0.13%             | 2026-02-01      | Fixed         | 9.69%                 | Yes           |                  3 | On Loan: No      |
| 106533 - Eagle OZB I, LP                                            | 106533 - Eagle OZB I, LP                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $780000.00    | 0.20%             | 2026-03-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 106536 - Eagle OZB I, LP                                            | 106536 - Eagle OZB I, LP                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $780000.00    | 0.20%             | 2026-03-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 106538 - Eagle OZB I, LP                                            | 106538 - Eagle OZB I, LP                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $780000.00    | 0.20%             | 2026-03-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 106767 - Torre Projects, LLC                                        | 106767 - Torre Projects, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    286148 | PA      | $286147.91    | 0.07%             | 2026-08-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 106918 - HLPG 406 Midwood, LLC                                      | 106918 - HLPG 406 Midwood, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1099729 | PA      | $1099728.83   | 0.28%             | 2025-10-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 107081 - Abode Multifamily Opportunity Fund I, LLC                  | 107081 - Abode Multifamily Opportunity Fund I, LLC                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1387000 | PA      | $1387000.00   | 0.35%             | 2025-09-01      | Fixed         | 9.88%                 | Yes           |                  3 | On Loan: No      |
| 107094 - Grande Vita Homes, LLC                                     | 107094 - Grande Vita Homes, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    734592 | PA      | $734591.54    | 0.19%             | 2026-02-01      | Fixed         | 9.43%                 | Yes           |                  3 | On Loan: No      |
| 107180 - 902 8th St, LLC                                            | 107180 - 902 8th St, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    358000 | PA      | $358000.00    | 0.09%             | 2026-02-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| 107595 - Dolphin Shores Investments LLC                             | 107595 - Dolphin Shores Investments LLC                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1286190 | PA      | $1286190.00   | 0.33%             | 2026-02-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 107836 - Mahi Mahi 935, LLC                                         | 107836 - Mahi Mahi 935, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1399000 | PA      | $1399000.00   | 0.35%             | 2026-03-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| 107845 - Keys of Tomorrow, LLC                                      | 107845 - Keys of Tomorrow, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    179496 | PA      | $179496.00    | 0.05%             | 2026-03-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 107884 - Blake Development of the Palm Beaches, LLC                 | 107884 - Blake Development of the Palm Beaches, LLC                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2740472 | PA      | $2740472.02   | 0.69%             | 2027-02-01      | Fixed         | 9.35%                 | Yes           |                  3 | On Loan: No      |
| 107891 - 10225 Investments, LLC                                     | 107891 - 10225 Investments, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     46805 | PA      | $46805.00     | 0.01%             | 2026-06-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 107982 - Nextgen Eaglerock 13, LLC                                  | 107982 - Nextgen Eaglerock 13, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1656684 | PA      | $1656684.00   | 0.42%             | 2026-04-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 107983 - Nextgen Eaglerock 13, LLC                                  | 107983 - Nextgen Eaglerock 13, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1684816 | PA      | $1684816.00   | 0.43%             | 2026-04-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 107986 - Nextgen Eaglerock 13, LLC                                  | 107986 - Nextgen Eaglerock 13, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2429722 | PA      | $2429722.00   | 0.62%             | 2026-04-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 107997 - Mercado Rodriguez, LLC                                     | 107997 - Mercado Rodriguez, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102850 | PA      | $102850.00    | 0.03%             | 2026-03-01      | Fixed         | 9.38%                 | Yes           |                  3 | On Loan: No      |
| 108077 - Fifth Avenue Wyn, LLC                                      | 108077 - Fifth Avenue Wyn, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1820000 | PA      | $1820000.00   | 0.46%             | 2026-03-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 108167 - Lime Builders, LLC                                         | 108167 - Lime Builders, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1781044 | PA      | $1781044.07   | 0.45%             | 2026-10-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 110003 - 791 Crandon Holding 707, LLC                               | 110003 - 791 Crandon Holding 707, LLC                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3000000.00   | 0.76%             | 2026-10-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 110011 - Dolphin Shores Investments, LLC                            | 110011 - Dolphin Shores Investments, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1538130 | PA      | $1538130.00   | 0.39%             | 2026-02-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 110150 - Black Marlin Group, LLC                                    | 110150 - Black Marlin Group, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3560194 | PA      | $3560193.71   | 0.90%             | 2026-04-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 110234 - Mcdonie Properties, LLC                                    | 110234 - Mcdonie Properties, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1864318 | PA      | $1864318.21   | 0.47%             | 2026-04-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 110342 - Bravo Builders Enterprises, LLC                            | 110342 - Bravo Builders Enterprises, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2556549 | PA      | $2556548.75   | 0.65%             | 2026-08-01      | Fixed         | 9.29%                 | Yes           |                  3 | On Loan: No      |
| 110465 - TJR Development Inc.                                       | 110465 - TJR Development Inc.                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1578715 | PA      | $1578715.09   | 0.40%             | 2026-06-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 110811 - 8935 Froude Ave, LLC                                       | 110811 - 8935 Froude Ave, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1811758 | PA      | $1811757.51   | 0.46%             | 2026-12-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 110815 - DaVinci Development, LLC                                   | 110815 - DaVinci Development, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1305488 | PA      | $1305487.50   | 0.33%             | 2026-05-01      | Fixed         | 9.56%                 | Yes           |                  3 | On Loan: No      |
| 110820 - JT Real Estate Capital Group, LLC                          | 110820 - JT Real Estate Capital Group, LLC                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1903801 | PA      | $1903801.12   | 0.48%             | 2026-05-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 111076 - Twenty, LLC                                                | 111076 - Twenty, LLC                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1341820 | PA      | $1341820.45   | 0.34%             | 2026-05-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 111089 - 317-319 Laurel Avenue, LLC                                 | 111089 - 317-319 Laurel Avenue, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1244200 | PA      | $1244200.00   | 0.32%             | 2025-11-12      | Fixed         | 9.43%                 | Yes           |                  3 | On Loan: No      |
| 111108 - Vesta Investments, LLC                                     | 111108 - Vesta Investments, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1584728 | PA      | $1584728.17   | 0.40%             | 2026-05-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 115108 - Pronghorn Development, LLC                                 | 115108 - Pronghorn Development, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     73500 | PA      | $73500.00     | 0.02%             | 2026-02-01      | Fixed         | 9.67%                 | Yes           |                  3 | On Loan: No      |
| 115109 - Pronghorn Development, LLC                                 | 115109 - Pronghorn Development, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     83500 | PA      | $83500.00     | 0.02%             | 2026-02-01      | Fixed         | 9.67%                 | Yes           |                  3 | On Loan: No      |
| 115205 - Westchester Avenue, LLC                                    | 115205 - Westchester Avenue, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    459000 | PA      | $459000.00    | 0.12%             | 2026-07-01      | Fixed         | 8.86%                 | Yes           |                  3 | On Loan: No      |
| 115231 - Shoreline 940, LLC                                         | 115231 - Shoreline 940, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1240339 | PA      | $1240338.99   | 0.31%             | 2027-01-01      | Fixed         | 9.04%                 | Yes           |                  3 | On Loan: No      |
| 115378 - Buza Family Trust, LLC                                     | 115378 - Buza Family Trust, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1111000 | PA      | $1111000.00   | 0.28%             | 2026-07-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 115414 - Gallery Terra Lago, LLC                                    | 115414 - Gallery Terra Lago, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    924000 | PA      | $924000.00    | 0.23%             | 2026-04-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 115415 - Gallery Terra Lago, LLC                                    | 115415 - Gallery Terra Lago, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    462000 | PA      | $462000.00    | 0.12%             | 2026-04-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 118708 - O. Rhyan Capital Management, LLC                           | 118708 - O. Rhyan Capital Management, LLC                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1855750 | PA      | $1855750.00   | 0.47%             | 2026-04-01      | Fixed         | 8.84%                 | Yes           |                  3 | On Loan: No      |
| 118766 - Hazen Grp., LLC                                            | 118766 - Hazen Grp., LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4275602 | PA      | $4275602.03   | 1.08%             | 2026-07-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 118866 - BV Homes, LLC                                              | 118866 - BV Homes, LLC                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    226587 | PA      | $226587.08    | 0.06%             | 2026-03-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 118912 - North Fitzhugh LP, LLC                                     | 118912 - North Fitzhugh LP, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    950797 | PA      | $950797.34    | 0.24%             | 2026-10-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 121927 - TwoRDZ Alpha Project, LLC                                  | 121927 - TwoRDZ Alpha Project, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    876831 | PA      | $876830.79    | 0.22%             | 2026-11-01      | Fixed         | 9.28%                 | Yes           |                  3 | On Loan: No      |
| 122126 - Oak View Development, LLC                                  | 122126 - Oak View Development, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1848750 | PA      | $1848750.00   | 0.47%             | 2026-06-01      | Fixed         | 8.86%                 | Yes           |                  3 | On Loan: No      |
| 122295 - Wolf Contracting, LLC                                      | 122295 - Wolf Contracting, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    517847 | PA      | $517847.02    | 0.13%             | 2026-12-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 122563 - Black Star Development, LLC                                | 122563 - Black Star Development, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.38%             | 2026-05-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 126281 - Douglas 10, LLC                                            | 126281 - Douglas 10, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2165499 | PA      | $2165499.37   | 0.55%             | 2026-07-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 126291 - Multipropiedades Investments, LLC                          | 126291 - Multipropiedades Investments, LLC                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    126751 | PA      | $126751.29    | 0.03%             | 2027-01-01      | Fixed         | 9.34%                 | Yes           |                  3 | On Loan: No      |
| 126387 - 321 North Lucerne, LLC                                     | 126387 - 321 North Lucerne, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2187929 | PA      | $2187928.86   | 0.55%             | 2026-08-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 126394 - FlipWave Investments, LLC                                  | 126394 - FlipWave Investments, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $525000.00    | 0.13%             | 2026-07-01      | Fixed         | 8.71%                 | Yes           |                  3 | On Loan: No      |
| 126618 - Valdivia-Conroy, LLC                                       | 126618 - Valdivia-Conroy, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    509250 | PA      | $509250.00    | 0.13%             | 2027-01-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 127039 - Blue Sky Builders, LLC                                     | 127039 - Blue Sky Builders, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    419356 | PA      | $419355.50    | 0.11%             | 2026-08-01      | Fixed         | 8.65%                 | Yes           |                  3 | On Loan: No      |
| 127275 - Taku Construction, LLC                                     | 127275 - Taku Construction, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    930000 | PA      | $930000.00    | 0.24%             | 2026-07-01      | Fixed         | 9.02%                 | Yes           |                  3 | On Loan: No      |
| 127319 - Open Water Realty, LLC                                     | 127319 - Open Water Realty, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    181323 | PA      | $181323.26    | 0.05%             | 2027-01-01      | Fixed         | 8.84%                 | Yes           |                  3 | On Loan: No      |
| 127729 - J&K Rise Home Services, LLC                                | 127729 - J&K Rise Home Services, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    203035 | PA      | $203035.00    | 0.05%             | 2026-11-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 83824 - 2511 NW 25 Ave., LLC                                        | 83824 - 2511 NW 25 Ave., LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1647131 | PA      | $1647130.75   | 0.42%             | 2025-11-01      | Fixed         | 10.81%                | Yes           |                  3 | On Loan: No      |
| 91530 - RRCAP-FA Blume Road, LLC                                    | 91530 - RRCAP-FA Blume Road, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3355868 | PA      | $3355868.02   | 0.85%             | 2026-01-01      | Fixed         | 10.54%                | Yes           |                  3 | On Loan: No      |
| 91574 - A5 International Properties, LLC                            | 91574 - A5 International Properties, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    184597 | PA      | $184596.92    | 0.05%             | 2025-10-01      | Fixed         | 10.31%                | Yes           |                  3 | On Loan: No      |
| 91575 - A5 International Properties, LLC                            | 91575 - A5 International Properties, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    184923 | PA      | $184923.46    | 0.05%             | 2025-10-01      | Fixed         | 10.31%                | Yes           |                  3 | On Loan: No      |
| 91576 - A5 International Properties, LLC                            | 91576 - A5 International Properties, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180925 | PA      | $180924.67    | 0.05%             | 2025-10-01      | Fixed         | 10.31%                | Yes           |                  3 | On Loan: No      |
| 91577 - A5 International Properties, LLC                            | 91577 - A5 International Properties, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    158583 | PA      | $158582.79    | 0.04%             | 2025-10-01      | Fixed         | 10.31%                | Yes           |                  3 | On Loan: No      |
| 91578 - A5 International Properties, LLC                            | 91578 - A5 International Properties, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    126435 | PA      | $126434.59    | 0.03%             | 2025-10-01      | Fixed         | 10.31%                | Yes           |                  3 | On Loan: No      |
| 92567 - BSD Drexel, LLC                                             | 92567 - BSD Drexel, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1638800 | PA      | $1638800.00   | 0.42%             | 2025-03-01      | Fixed         | 10.06%                | Yes           |                  3 | On Loan: No      |
| 94110 - A5 International Properties, LLC                            | 94110 - A5 International Properties, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     39283 | PA      | $39282.93     | 0.01%             | 2025-06-17      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 94111 - A5 International Properties, LLC                            | 94111 - A5 International Properties, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155398 | PA      | $155398.41    | 0.04%             | 2025-07-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 94112 - A5 International Properties, LLC                            | 94112 - A5 International Properties, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    163164 | PA      | $163164.22    | 0.04%             | 2025-07-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 94113 - A5 International Properties, LLC                            | 94113 - A5 International Properties, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    122053 | PA      | $122052.69    | 0.03%             | 2025-07-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 94114 - A5 International Properties, LLC                            | 94114 - A5 International Properties, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     33811 | PA      | $33810.92     | 0.01%             | 2025-02-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 96228 - 10229 -  10233 Eton Avenue, LLC                             | 96228 - 10229 -  10233 Eton Avenue, LLC                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2097012 | PA      | $2097012.02   | 0.53%             | 2025-10-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 96229 - 10229 - 10233 Eton Avenue, LLC                              | 96229 - 10229 - 10233 Eton Avenue, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2209367 | PA      | $2209367.39   | 0.56%             | 2025-10-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 96483 - Affordable Housing Group LTD, LLC                           | 96483 - Affordable Housing Group LTD, LLC                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1896049 | PA      | $1896048.79   | 0.48%             | 2026-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 97931 - 2316 PCDEV, LLC                                             | 97931 - 2316 PCDEV, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3097718 | PA      | $3097718.13   | 0.78%             | 2026-01-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 98104 - Desert Modern Development, LLC                              | 98104 - Desert Modern Development, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1774620 | PA      | $1774620.46   | 0.45%             | 2026-03-01      | Fixed         | 10.12%                | Yes           |                  3 | On Loan: No      |
| 98258 - 1740 PCDEV, LLC                                             | 98258 - 1740 PCDEV, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4614831 | PA      | $4614830.51   | 1.17%             | 2025-11-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 98322 - 66 Line, LLC                                                | 98322 - 66 Line, LLC                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    840000 | PA      | $840000.00    | 0.21%             | 2025-10-01      | Fixed         | 10.75%                | Yes           |                  3 | On Loan: No      |
| 98617 - Lakeview Real Estate Fund, LLC                              | 98617 - Lakeview Real Estate Fund, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1103309 | PA      | $1103309.00   | 0.28%             | 2026-05-01      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 98618 - Lakeview Real Estate Fund, LLC                              | 98618 - Lakeview Real Estate Fund, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    971789 | PA      | $971789.30    | 0.25%             | 2026-05-01      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 98619 - Lakeview Real Estate Fund, LLC                              | 98619 - Lakeview Real Estate Fund, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1126925 | PA      | $1126924.72   | 0.29%             | 2026-05-01      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 98620 - Lakeview Real Estate Fund, LLC                              | 98620 - Lakeview Real Estate Fund, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1113210 | PA      | $1113209.50   | 0.28%             | 2026-05-01      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 98767 - 426 E. 17th St., LLC                                        | 98767 - 426 E. 17th St., LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1665039 | PA      | $1665039.42   | 0.42%             | 2025-05-01      | Fixed         | 10.12%                | Yes           |                  3 | On Loan: No      |
| 98769 - 1292 Beauregard, LLC                                        | 98769 - 1292 Beauregard, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1437192 | PA      | $1437192.13   | 0.36%             | 2025-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 98771 - 1292 Beauregard, LLC                                        | 98771 - 1292 Beauregard, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1400383 | PA      | $1400382.94   | 0.35%             | 2025-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 101753 - NRI Portfolios, LLC                                        | 101753 - NRI Portfolios, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1132360 | PA      | $1132360.00   | 0.29%             | 2025-12-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 101808 - Educate Capital, LLC                                       | 101808 - Educate Capital, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2103351 | PA      | $2103350.52   | 0.53%             | 2025-12-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 101873 - Valentin Construction & Development, LLC                   | 101873 - Valentin Construction & Development, LLC                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    666291 | PA      | $666290.78    | 0.17%             | 2026-07-01      | Fixed         | 9.94%                 | Yes           |                  3 | On Loan: No      |
| 111141 - Estela Specs 7, LLC                                        | 111141 - Estela Specs 7, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    103352 | PA      | $103351.98    | 0.03%             | 2026-05-01      | Fixed         | 9.19%                 | Yes           |                  3 | On Loan: No      |
| 111792 - 88th Street Homes, LLC                                     | 111792 - 88th Street Homes, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    617865 | PA      | $617865.26    | 0.16%             | 2026-07-01      | Fixed         | 9.48%                 | Yes           |                  3 | On Loan: No      |
| 111801 - Ronpache Investments and Trade, LLC                        | 111801 - Ronpache Investments and Trade, LLC                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    216450 | PA      | $216450.00    | 0.05%             | 2026-06-01      | Fixed         | 9.18%                 | Yes           |                  3 | On Loan: No      |
| 111834 - Red Cedar Development, LLC                                 | 111834 - Red Cedar Development, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1054794 | PA      | $1054794.00   | 0.27%             | 2026-11-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 111866 - Colfax District, LLC                                       | 111866 - Colfax District, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2875110 | PA      | $2875110.39   | 0.73%             | 2026-06-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 111894 - Up Ruiz Investments, LLC                                   | 111894 - Up Ruiz Investments, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    216128 | PA      | $216128.23    | 0.05%             | 2026-07-01      | Fixed         | 9.29%                 | Yes           |                  3 | On Loan: No      |
| 111941 - 2k Development, LLC                                        | 111941 - 2k Development, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1307323 | PA      | $1307323.29   | 0.33%             | 2026-06-01      | Fixed         | 9.25%                 | Yes           |                  3 | On Loan: No      |
| 112068 - Dwell LA, LLC                                              | 112068 - Dwell LA, LLC                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3720830 | PA      | $3720829.86   | 0.94%             | 2026-07-01      | Fixed         | 8.79%                 | Yes           |                  3 | On Loan: No      |
| 112080 - IEG Pioche, LLC                                            | 112080 - IEG Pioche, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4975000 | PA      | $4975000.00   | 1.26%             | 2026-03-01      | Fixed         | 8.72%                 | Yes           |                  3 | On Loan: No      |
| 112135 - Twenty, LLC                                                | 112135 - Twenty, LLC                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    684616 | PA      | $684615.60    | 0.17%             | 2026-05-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 112319 - 1120 Coronado CS, LLC                                      | 112319 - 1120 Coronado CS, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3543000 | PA      | $3543000.00   | 0.90%             | 2025-12-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 112350 - JH1 Realty Inc.                                            | 112350 - JH1 Realty Inc.                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2211464 | PA      | $2211464.00   | 0.56%             | 2025-12-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 112351 - BV Homes, LLC                                              | 112351 - BV Homes, LLC                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1929627 | PA      | $1929626.77   | 0.49%             | 2026-01-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 112430 - 31 Edward, LLC                                             | 112430 - 31 Edward, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1545161 | PA      | $1545161.25   | 0.39%             | 2026-01-16      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 112549 - Twenty, LLC                                                | 112549 - Twenty, LLC                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    684616 | PA      | $684615.60    | 0.17%             | 2026-05-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 112558 - 44th Ave Developers, LLC                                   | 112558 - 44th Ave Developers, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1253916 | PA      | $1253916.32   | 0.32%             | 2026-05-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 112559 - 44th Ave Developers, LLC                                   | 112559 - 44th Ave Developers, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1432999 | PA      | $1432998.87   | 0.36%             | 2026-05-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 112598 - Villa Bello At Zona, LLC                                   | 112598 - Villa Bello At Zona, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2232758 | PA      | $2232758.44   | 0.57%             | 2026-12-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 112599 - Villa Bello At Zona, LLC                                   | 112599 - Villa Bello At Zona, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1364226 | PA      | $1364225.76   | 0.35%             | 2026-12-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 112735 - Hyde L303, LLC                                             | 112735 - Hyde L303, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    287000 | PA      | $287000.00    | 0.07%             | 2026-05-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 113734 - MF Real Estate Investment, LLC                             | 113734 - MF Real Estate Investment, LLC                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1488944 | PA      | $1488944.00   | 0.38%             | 2026-07-01      | Fixed         | 9.10%                 | Yes           |                  3 | On Loan: No      |
| 113824 - Caterra Property 3, LLC                                    | 113824 - Caterra Property 3, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1645479 | PA      | $1645479.09   | 0.42%             | 2026-07-01      | Fixed         | 9.04%                 | Yes           |                  3 | On Loan: No      |
| 113965 - JulianMore, LLC                                            | 113965 - JulianMore, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3225327 | PA      | $3225327.20   | 0.82%             | 2026-08-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 114043 - 5913 Lubao Ave, LLC                                        | 114043 - 5913 Lubao Ave, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1999263 | PA      | $1999263.43   | 0.51%             | 2026-07-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 114069 - 4940 Cherry, LLC                                           | 114069 - 4940 Cherry, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1352260 | PA      | $1352260.11   | 0.34%             | 2026-06-01      | Fixed         | 9.04%                 | Yes           |                  3 | On Loan: No      |
| 114071 - 3144 Elizabeth, LLC                                        | 114071 - 3144 Elizabeth, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1818604 | PA      | $1818603.57   | 0.46%             | 2026-07-01      | Fixed         | 8.85%                 | Yes           |                  3 | On Loan: No      |
| 114193 - 541 Normandy 2024, LLC                                     | 114193 - 541 Normandy 2024, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    649270 | PA      | $649269.65    | 0.16%             | 2026-06-01      | Fixed         | 8.79%                 | Yes           |                  3 | On Loan: No      |
| 114219 - AMS Home Invest, LLC                                       | 114219 - AMS Home Invest, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335197 | PA      | $335197.00    | 0.08%             | 2026-07-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 114221 - CF 4942 Topanga, LLC                                       | 114221 - CF 4942 Topanga, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1846411 | PA      | $1846410.72   | 0.47%             | 2026-09-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 114305 - 15440 Dickens, LLC                                         | 114305 - 15440 Dickens, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1311964 | PA      | $1311964.00   | 0.33%             | 2026-07-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 114307 - BellaB Real Estate, LLC                                    | 114307 - BellaB Real Estate, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1601336 | PA      | $1601336.05   | 0.41%             | 2026-01-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 114309 - Drenkorp, LLC                                              | 114309 - Drenkorp, LLC                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    184500 | PA      | $184500.00    | 0.05%             | 2027-01-01      | Fixed         | 9.42%                 | Yes           |                  3 | On Loan: No      |
| 114521 - 599 Bayshore 2024, LLC                                     | 114521 - 599 Bayshore 2024, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    681376 | PA      | $681375.71    | 0.17%             | 2026-07-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 114694 - BH Magic Investments, LLC                                  | 114694 - BH Magic Investments, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1403623 | PA      | $1403622.70   | 0.36%             | 2026-07-01      | Fixed         | 8.71%                 | Yes           |                  3 | On Loan: No      |
| 114713 - MG Property Group 2, LLC                                   | 114713 - MG Property Group 2, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    602000 | PA      | $602000.00    | 0.15%             | 2026-07-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 114901 - Torre Projects, LLC                                        | 114901 - Torre Projects, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    198375 | PA      | $198375.29    | 0.05%             | 2026-07-01      | Fixed         | 8.97%                 | Yes           |                  3 | On Loan: No      |
| 114902 - Torre Projects, LLC                                        | 114902 - Torre Projects, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    188123 | PA      | $188122.87    | 0.05%             | 2026-07-01      | Fixed         | 8.97%                 | Yes           |                  3 | On Loan: No      |
| 114909 - Loitzk Batim 930, LLC                                      | 114909 - Loitzk Batim 930, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    879114 | PA      | $879114.18    | 0.22%             | 2026-07-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 114913 - Loitzk Batim 930, LLC                                      | 114913 - Loitzk Batim 930, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    879114 | PA      | $879114.18    | 0.22%             | 2027-01-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 114914 - Loitzk Batim 930, LLC                                      | 114914 - Loitzk Batim 930, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1388795 | PA      | $1388794.57   | 0.35%             | 2026-07-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 114920 - Loitzk Batim 930, LLC                                      | 114920 - Loitzk Batim 930, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    789014 | PA      | $789014.18    | 0.20%             | 2026-01-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 114921 - Mayar International, LLC                                   | 114921 - Mayar International, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    829960 | PA      | $829959.86    | 0.21%             | 2026-06-01      | Fixed         | 8.71%                 | Yes           |                  3 | On Loan: No      |
| 115004 - 2k Development, LLC                                        | 115004 - 2k Development, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2188518 | PA      | $2188517.65   | 0.55%             | 2026-08-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 115011 - 4115 Shadyglade, LLC                                       | 115011 - 4115 Shadyglade, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2812500 | PA      | $2812500.00   | 0.71%             | 2026-07-01      | Fixed         | 8.68%                 | Yes           |                  3 | On Loan: No      |
| 115081 - Macedo Property Development, LLC                           | 115081 - Macedo Property Development, LLC                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    362304 | PA      | $362304.00    | 0.09%             | 2026-07-01      | Fixed         | 8.85%                 | Yes           |                  3 | On Loan: No      |
| 123565 - Duran USA Group, LLC                                       | 123565 - Duran USA Group, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     57030 | PA      | $57029.67     | 0.01%             | 2026-12-01      | Fixed         | 9.30%                 | Yes           |                  3 | On Loan: No      |
| 123689 - VIP Homes, LLC                                             | 123689 - VIP Homes, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125424 | PA      | $125423.71    | 0.03%             | 2026-08-01      | Fixed         | 9.11%                 | Yes           |                  3 | On Loan: No      |
| 123842 - VIP Homes, LLC                                             | 123842 - VIP Homes, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     72439 | PA      | $72438.92     | 0.02%             | 2026-08-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 123892 - 36 Cyril, LLC                                              | 123892 - 36 Cyril, LLC                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    575339 | PA      | $575338.93    | 0.15%             | 2027-06-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 123893 - 36 Cyril, LLC                                              | 123893 - 36 Cyril, LLC                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    654253 | PA      | $654253.11    | 0.17%             | 2027-06-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 123904 - Habitus Coconut Grove F1-C, LLC                            | 123904 - Habitus Coconut Grove F1-C, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2579500 | PA      | $2579500.00   | 0.65%             | 2026-07-01      | Fixed         | 8.99%                 | Yes           |                  3 | On Loan: No      |
| 123913 - 30 NW 59 Street Investment, LLC                            | 123913 - 30 NW 59 Street Investment, LLC                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1620053 | PA      | $1620052.91   | 0.41%             | 2027-01-01      | Fixed         | 9.49%                 | Yes           |                  3 | On Loan: No      |
| 124038 - Virginia Ct Campbell, LLC                                  | 124038 - Virginia Ct Campbell, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2025300 | PA      | $2025299.62   | 0.51%             | 2026-10-01      | Fixed         | 8.96%                 | Yes           |                  3 | On Loan: No      |
| 124118 - MIA Residences, LLC                                        | 124118 - MIA Residences, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1410133 | PA      | $1410132.80   | 0.36%             | 2026-12-01      | Fixed         | 8.86%                 | Yes           |                  3 | On Loan: No      |
| 124121 - MIA Residences, LLC                                        | 124121 - MIA Residences, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1336195 | PA      | $1336194.60   | 0.34%             | 2026-12-01      | Fixed         | 8.86%                 | Yes           |                  3 | On Loan: No      |
| 124383 - 7700 Investment Group, LLC                                 | 124383 - 7700 Investment Group, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.38%             | 2026-10-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 124588 - 4200 Chase, LLC                                            | 124588 - 4200 Chase, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2851766 | PA      | $2851765.56   | 0.72%             | 2027-07-01      | Fixed         | 8.84%                 | Yes           |                  3 | On Loan: No      |
| 124687 - Manico Investment, LLC                                     | 124687 - Manico Investment, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    327212 | PA      | $327211.50    | 0.08%             | 2027-01-01      | Fixed         | 8.65%                 | Yes           |                  3 | On Loan: No      |
| 124779 - Bliss Fort Pierce, LLC                                     | 124779 - Bliss Fort Pierce, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    732357 | PA      | $732356.62    | 0.19%             | 2027-01-01      | Fixed         | 8.96%                 | Yes           |                  3 | On Loan: No      |
| 124922 - GS West Coast Investments, LLC                             | 124922 - GS West Coast Investments, LLC                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3300000 | PA      | $3300000.00   | 0.84%             | 2026-04-01      | Fixed         | 8.86%                 | Yes           |                  3 | On Loan: No      |
| 124951 - Robert Eric Epps, LLC                                      | 124951 - Robert Eric Epps, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    197673 | PA      | $197673.21    | 0.05%             | 2027-01-01      | Fixed         | 9.11%                 | Yes           |                  3 | On Loan: No      |
| 124986 - MAAS Rehab, LLC & Mary Ellen and Mary Lee, LLC             | 124986 - MAAS Rehab, LLC & Mary Ellen and Mary Lee, LLC             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     25682 | PA      | $25681.73     | 0.01%             | 2026-07-01      | Fixed         | 9.24%                 | Yes           |                  3 | On Loan: No      |
| 125125 - 634 NW 12th Ave, LLC                                       | 125125 - 634 NW 12th Ave, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    316338 | PA      | $316338.30    | 0.08%             | 2027-01-01      | Fixed         | 8.74%                 | Yes           |                  3 | On Loan: No      |
| 125221 - Taku Construction, LLC                                     | 125221 - Taku Construction, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3875888 | PA      | $3875888.25   | 0.98%             | 2026-10-01      | Fixed         | 9.09%                 | Yes           |                  3 | On Loan: No      |
| 125229 - La Sabana, LLC                                             | 125229 - La Sabana, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    544472 | PA      | $544472.31    | 0.14%             | 2027-07-01      | Fixed         | 8.93%                 | Yes           |                  3 | On Loan: No      |
| 125266 - Bella Vida 3, LLC                                          | 125266 - Bella Vida 3, LLC                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    675000 | PA      | $675000.00    | 0.17%             | 2026-07-01      | Fixed         | 8.72%                 | Yes           |                  3 | On Loan: No      |
| 125272 - Solida I Real Estate, L.P.                                 | 125272 - Solida I Real Estate, L.P.                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    134913 | PA      | $134912.84    | 0.03%             | 2026-12-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 125273 - Solida I Real Estate, L.P.                                 | 125273 - Solida I Real Estate, L.P.                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     54823 | PA      | $54822.94     | 0.01%             | 2026-12-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 125300 - Andyvale, LLC                                              | 125300 - Andyvale, LLC                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260250 | PA      | $260250.00    | 0.07%             | 2027-01-01      | Fixed         | 8.74%                 | Yes           |                  3 | On Loan: No      |
| 125328 - New Ace Properties, LLC                                    | 125328 - New Ace Properties, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1704500 | PA      | $1704500.00   | 0.43%             | 2026-07-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 125337 - Schurman Cottages, LLC                                     | 125337 - Schurman Cottages, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    763540 | PA      | $763539.74    | 0.19%             | 2027-01-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 125515 - Homes Instyle, LLC                                         | 125515 - Homes Instyle, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    680000 | PA      | $680000.00    | 0.17%             | 2027-01-01      | Fixed         | 8.55%                 | Yes           |                  3 | On Loan: No      |
| 125565 - M & J Pham Development, LLC                                | 125565 - M & J Pham Development, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1505000 | PA      | $1505000.00   | 0.38%             | 2027-07-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 125570 - M & J Pham Development, LLC                                | 125570 - M & J Pham Development, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3571750 | PA      | $3571750.00   | 0.90%             | 2026-07-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 125583 - Open Water Realty, LLC                                     | 125583 - Open Water Realty, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170935 | PA      | $170935.00    | 0.04%             | 2027-01-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 125611 - LTC BC3 Real Estate Fund, LLC                              | 125611 - LTC BC3 Real Estate Fund, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    616173 | PA      | $616173.21    | 0.16%             | 2027-07-01      | Fixed         | 8.96%                 | Yes           |                  3 | On Loan: No      |
| 125614 - LTC BC3 Real Estate Fund, LLC                              | 125614 - LTC BC3 Real Estate Fund, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102228 | PA      | $102228.00    | 0.03%             | 2027-07-01      | Fixed         | 8.96%                 | Yes           |                  3 | On Loan: No      |
| 125623 - Willa Mae Investments, LLC                                 | 125623 - Willa Mae Investments, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1522493 | PA      | $1522493.48   | 0.39%             | 2026-10-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 125679 - Dara 1 Holdings, LLC                                       | 125679 - Dara 1 Holdings, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1779990 | PA      | $1779990.00   | 0.45%             | 2026-10-01      | Fixed         | 9.15%                 | Yes           |                  3 | On Loan: No      |
| 125690 - 625 Worthington, LLC                                       | 125690 - 625 Worthington, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    354000 | PA      | $354000.00    | 0.09%             | 2027-07-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 125692 - Damai Resort Investments, LLC                              | 125692 - Damai Resort Investments, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1781250 | PA      | $1781250.00   | 0.45%             | 2026-07-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 125693 - Damai Resort Investments, LLC                              | 125693 - Damai Resort Investments, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1762500 | PA      | $1762500.00   | 0.45%             | 2026-07-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 125694 - Damai Resort Investments, LLC                              | 125694 - Damai Resort Investments, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1811250 | PA      | $1811250.00   | 0.46%             | 2026-07-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 125774 - One Star Development, LLC                                  | 125774 - One Star Development, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1560000.00   | 0.40%             | 2026-07-01      | Fixed         | 8.99%                 | Yes           |                  3 | On Loan: No      |
| 125848 - Highland Park 21, LLC                                      | 125848 - Highland Park 21, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2896467 | PA      | $2896467.18   | 0.73%             | 2027-01-01      | Fixed         | 9.39%                 | Yes           |                  3 | On Loan: No      |
| 104356 - RRCap - FA Shingletree, LLC                                | 104356 - RRCap - FA Shingletree, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4741821 | PA      | $4741821.00   | 1.20%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104357 - RRCap - FA Shingletree, LLC                                | 104357 - RRCap - FA Shingletree, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4741821 | PA      | $4741821.00   | 1.20%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104358 - RRCap - FA Shingletree, LLC                                | 104358 - RRCap - FA Shingletree, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4741821 | PA      | $4741821.00   | 1.20%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104359 - RRCap - FA Shingletree, LLC                                | 104359 - RRCap - FA Shingletree, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4197917 | PA      | $4197917.00   | 1.06%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104360 - RRCap - FA Shingletree, LLC                                | 104360 - RRCap - FA Shingletree, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4570253 | PA      | $4570253.00   | 1.16%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104361 - RRCap - FA Shingletree, LLC                                | 104361 - RRCap - FA Shingletree, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4741821 | PA      | $4741821.00   | 1.20%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104362 - RRCap - FA Shingletree, LLC                                | 104362 - RRCap - FA Shingletree, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3825580 | PA      | $3825580.00   | 0.97%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104363 - RRCap - FA Shingletree, LLC                                | 104363 - RRCap - FA Shingletree, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4369483 | PA      | $4369483.00   | 1.11%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104364 - RRCap - FA Shingletree, LLC                                | 104364 - RRCap - FA Shingletree, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4369483 | PA      | $4369483.00   | 1.11%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104447 - Watermark Homes, LLC                                       | 104447 - Watermark Homes, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1643377 | PA      | $1643377.04   | 0.42%             | 2025-10-01      | Fixed         | 9.25%                 | Yes           |                  3 | On Loan: No      |
| 104480 - Elmer Avenue, LLC                                          | 104480 - Elmer Avenue, LLC                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2647665 | PA      | $2647665.24   | 0.67%             | 2026-02-01      | Fixed         | 9.81%                 | Yes           |                  3 | On Loan: No      |
| 104677 - Daest, LLC                                                 | 104677 - Daest, LLC                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    785000 | PA      | $785000.00    | 0.20%             | 2026-07-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| 105003 - 43 Westwood, LLC                                           | 105003 - 43 Westwood, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1179367 | PA      | $1179366.76   | 0.30%             | 2026-08-01      | Fixed         | 9.81%                 | Yes           |                  3 | On Loan: No      |
| 105004 - 43 Westwood, LLC                                           | 105004 - 43 Westwood, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1464722 | PA      | $1464721.66   | 0.37%             | 2026-08-01      | Fixed         | 9.81%                 | Yes           |                  3 | On Loan: No      |
| 105005 - 43 Westwood, LLC                                           | 105005 - 43 Westwood, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1367401 | PA      | $1367400.69   | 0.35%             | 2026-08-01      | Fixed         | 9.81%                 | Yes           |                  3 | On Loan: No      |
| 105006 - 43 Westwood, LLC                                           | 105006 - 43 Westwood, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1380276 | PA      | $1380276.35   | 0.35%             | 2026-08-01      | Fixed         | 9.81%                 | Yes           |                  3 | On Loan: No      |
| 105178 - Efrain Hendy Zaga and Denisse Esquenazi Opatowski          | 105178 - Efrain Hendy Zaga and Denisse Esquenazi Opatowski          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1574068 | PA      | $1574067.70   | 0.40%             | 2026-08-01      | Fixed         | 9.25%                 | Yes           |                  3 | On Loan: No      |
| 105243 - GT Three, LLC                                              | 105243 - GT Three, LLC                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2422050 | PA      | $2422049.95   | 0.61%             | 2025-08-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 105247 - GT Three, LLC                                              | 105247 - GT Three, LLC                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2572943 | PA      | $2572942.88   | 0.65%             | 2025-11-01      | Fixed         | 9.54%                 | Yes           |                  3 | On Loan: No      |
| 105261 - SeaScape Homes, LLC                                        | 105261 - SeaScape Homes, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1406998 | PA      | $1406997.79   | 0.36%             | 2026-04-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 105366 - Rhino Homes, LLC                                           | 105366 - Rhino Homes, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1235000.00   | 0.31%             | 2026-02-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| 105459 - Oleduga, LLC                                               | 105459 - Oleduga, LLC                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    259000 | PA      | $259000.00    | 0.07%             | 2026-08-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 105880 - B Cove Investments, LLC                                    | 105880 - B Cove Investments, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2100000.00   | 0.53%             | 2026-03-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 108184 - Osprey Ocean, LLC                                          | 108184 - Osprey Ocean, LLC                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1857757 | PA      | $1857757.32   | 0.47%             | 2026-06-01      | Fixed         | 9.18%                 | Yes           |                  3 | On Loan: No      |
| 108203 - Kirkland 7, LLC                                            | 108203 - Kirkland 7, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1385000.00   | 0.35%             | 2026-06-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 108252 - Hurricane Construction, Inc                                | 108252 - Hurricane Construction, Inc                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2059711 | PA      | $2059710.56   | 0.52%             | 2025-11-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 108299 - WTM Construction, Inc.                                     | 108299 - WTM Construction, Inc.                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1633338 | PA      | $1633337.61   | 0.41%             | 2026-04-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 108301 - WTM Construction, Inc.                                     | 108301 - WTM Construction, Inc.                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2487318 | PA      | $2487318.06   | 0.63%             | 2026-04-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 108402 - Eagle Rock 17, LLC                                         | 108402 - Eagle Rock 17, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1807596 | PA      | $1807596.24   | 0.46%             | 2026-05-01      | Fixed         | 9.56%                 | Yes           |                  3 | On Loan: No      |
| 108405 - Eagle Rock 17, LLC                                         | 108405 - Eagle Rock 17, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1840667 | PA      | $1840667.35   | 0.47%             | 2026-05-01      | Fixed         | 9.56%                 | Yes           |                  3 | On Loan: No      |
| 108408 - Eagle Rock 17, LLC                                         | 108408 - Eagle Rock 17, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1101378 | PA      | $1101378.43   | 0.28%             | 2026-05-01      | Fixed         | 9.56%                 | Yes           |                  3 | On Loan: No      |
| 108411 - TruWest, LLC                                               | 108411 - TruWest, LLC                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1627500 | PA      | $1627500.00   | 0.41%             | 2025-11-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 108767 - 2717 NE 29th Street, LLC                                   | 108767 - 2717 NE 29th Street, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2210396 | PA      | $2210395.60   | 0.56%             | 2026-04-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 108769 - TRG Inglewood, LLC                                         | 108769 - TRG Inglewood, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3609000 | PA      | $3609000.00   | 0.91%             | 2026-04-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 108872 - Addison Hesby, LLC                                         | 108872 - Addison Hesby, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2514254 | PA      | $2514254.22   | 0.64%             | 2026-03-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 109030 - VLC Construction & Design, LLC                             | 109030 - VLC Construction & Design, LLC                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    234763 | PA      | $234762.86    | 0.06%             | 2026-04-01      | Fixed         | 9.19%                 | Yes           |                  3 | On Loan: No      |
| 109192 - BV Homes, LLC                                              | 109192 - BV Homes, LLC                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2208473 | PA      | $2208472.92   | 0.56%             | 2025-10-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 109196 - Nexo Investors, LLC                                        | 109196 - Nexo Investors, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    389270 | PA      | $389270.00    | 0.10%             | 2026-05-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 109322 - 3A Parc, LLC                                               | 109322 - 3A Parc, LLC                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2442020 | PA      | $2442020.49   | 0.62%             | 2026-04-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 109339 - Scott Springs Assets, LLC                                  | 109339 - Scott Springs Assets, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    406161 | PA      | $406161.39    | 0.10%             | 2026-05-01      | Fixed         | 9.19%                 | Yes           |                  3 | On Loan: No      |
| 109398 - 1515 Blake, LLC                                            | 109398 - 1515 Blake, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1384852 | PA      | $1384851.98   | 0.35%             | 2026-05-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 109399 - 1515 Blake, LLC                                            | 109399 - 1515 Blake, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1397341 | PA      | $1397340.63   | 0.35%             | 2026-05-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 109448 - Kent 9, LLC                                                | 109448 - Kent 9, LLC                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    566000 | PA      | $566000.00    | 0.14%             | 2026-09-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 109450 - Kent 9, LLC                                                | 109450 - Kent 9, LLC                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    566000 | PA      | $566000.00    | 0.14%             | 2026-09-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 109696 - Loma Alta 10, LLC                                          | 109696 - Loma Alta 10, LLC                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    324187 | PA      | $324187.01    | 0.08%             | 2026-06-01      | Fixed         | 9.68%                 | Yes           |                  3 | On Loan: No      |
| 109697 - Loma Alta 10, LLC                                          | 109697 - Loma Alta 10, LLC                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    324187 | PA      | $324187.01    | 0.08%             | 2026-06-01      | Fixed         | 9.68%                 | Yes           |                  3 | On Loan: No      |
| 115697 - Grey Collective, LLC                                       | 115697 - Grey Collective, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1063350 | PA      | $1063350.00   | 0.27%             | 2026-07-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 115864 - TVR 2, LLC                                                 | 115864 - TVR 2, LLC                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    382790 | PA      | $382790.40    | 0.10%             | 2026-08-01      | Fixed         | 8.71%                 | Yes           |                  3 | On Loan: No      |
| 116028 - 12 Geneva St, LLC                                          | 116028 - 12 Geneva St, LLC                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2033962 | PA      | $2033962.06   | 0.52%             | 2026-07-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 116301 - Halona Development Group, LLC                              | 116301 - Halona Development Group, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    194756 | PA      | $194756.00    | 0.05%             | 2026-08-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 117082 - Wilton JT, LLC                                             | 117082 - Wilton JT, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    530283 | PA      | $530283.02    | 0.13%             | 2026-06-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 117205 - Axon Real Estate Investments, LLC                          | 117205 - Axon Real Estate Investments, LLC                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1469569 | PA      | $1469568.62   | 0.37%             | 2026-07-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 117241 - 1813-60 Binyan, LLC                                        | 117241 - 1813-60 Binyan, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3194728 | PA      | $3194728.24   | 0.81%             | 2026-03-03      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 117318 - 662 Granada St, LLC                                        | 117318 - 662 Granada St, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1003790 | PA      | $1003790.50   | 0.25%             | 2026-08-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 117396 - Cygnus Construction, LLC                                   | 117396 - Cygnus Construction, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    552372 | PA      | $552372.00    | 0.14%             | 2026-09-01      | Fixed         | 9.04%                 | Yes           |                  3 | On Loan: No      |
| 117420 - BJB 1321 Management, LLC                                   | 117420 - BJB 1321 Management, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2475000 | PA      | $2475000.00   | 0.63%             | 2026-03-01      | Fixed         | 8.38%                 | Yes           |                  3 | On Loan: No      |
| 117421 - Royal Management Group, LLC                                | 117421 - Royal Management Group, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100007 | PA      | $100007.00    | 0.03%             | 2026-03-01      | Fixed         | 8.79%                 | Yes           |                  3 | On Loan: No      |
| 117664 - Retail Bee, LLC                                            | 117664 - Retail Bee, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    131250 | PA      | $131250.00    | 0.03%             | 2026-03-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 117679 - Vault Money Investments, LLC                               | 117679 - Vault Money Investments, LLC                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2144720 | PA      | $2144720.00   | 0.54%             | 2026-03-01      | Fixed         | 8.86%                 | Yes           |                  3 | On Loan: No      |
| 117712 - RR 2710 Development Group, LLC                             | 117712 - RR 2710 Development Group, LLC                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1427973 | PA      | $1427972.75   | 0.36%             | 2026-09-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 117729 - Built Full Homes, LLC                                      | 117729 - Built Full Homes, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12000 | PA      | $12000.00     | 0.00%             | 2026-10-01      | Fixed         | 9.40%                 | Yes           |                  3 | On Loan: No      |
| 117767 - S&B Building Your Home, LLC                                | 117767 - S&B Building Your Home, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200716 | PA      | $200716.36    | 0.05%             | 2026-09-01      | Fixed         | 9.67%                 | Yes           |                  3 | On Loan: No      |
| 117770 - G3 Gomes, LLC                                              | 117770 - G3 Gomes, LLC                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    198606 | PA      | $198605.69    | 0.05%             | 2026-08-01      | Fixed         | 9.67%                 | Yes           |                  3 | On Loan: No      |
| 117775 - Solid Residences, LLC                                      | 117775 - Solid Residences, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    198517 | PA      | $198516.73    | 0.05%             | 2026-08-01      | Fixed         | 9.67%                 | Yes           |                  3 | On Loan: No      |
| 118026 - Holliday Homes, LLC                                        | 118026 - Holliday Homes, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    537334 | PA      | $537334.47    | 0.14%             | 2026-04-01      | Fixed         | 8.97%                 | Yes           |                  3 | On Loan: No      |
| 118242 - Ramsgate Property, LLC                                     | 118242 - Ramsgate Property, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2090000 | PA      | $2090000.00   | 0.53%             | 2026-04-01      | Fixed         | 9.16%                 | Yes           |                  3 | On Loan: No      |
| 118588 - Carolinas Builders, LLC                                    | 118588 - Carolinas Builders, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1215000.00   | 0.31%             | 2026-04-01      | Fixed         | 8.68%                 | Yes           |                  3 | On Loan: No      |
| 118590 - Carolinas Builders, LLC                                    | 118590 - Carolinas Builders, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1215000.00   | 0.31%             | 2026-04-01      | Fixed         | 8.68%                 | Yes           |                  3 | On Loan: No      |
| 118591 - Carolinas Builders, LLC                                    | 118591 - Carolinas Builders, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1215000.00   | 0.31%             | 2026-04-01      | Fixed         | 8.68%                 | Yes           |                  3 | On Loan: No      |
| 118929 - 842 Meadow Creek, LLC                                      | 118929 - 842 Meadow Creek, LLC                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1083404 | PA      | $1083404.41   | 0.27%             | 2026-07-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 119128 - Burien 10, LLC                                             | 119128 - Burien 10, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    955804 | PA      | $955804.27    | 0.24%             | 2026-09-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 119132 - Burien 10, LLC                                             | 119132 - Burien 10, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    663713 | PA      | $663713.15    | 0.17%             | 2026-09-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 119137 - Burien 10, LLC                                             | 119137 - Burien 10, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    617004 | PA      | $617004.32    | 0.16%             | 2026-09-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 119487 - CAP Housing, LLC                                           | 119487 - CAP Housing, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    193500 | PA      | $193500.00    | 0.05%             | 2026-07-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 119537 - AJ15305, LLC                                               | 119537 - AJ15305, LLC                                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2038403 | PA      | $2038403.02   | 0.52%             | 2026-09-01      | Fixed         | 8.86%                 | Yes           |                  3 | On Loan: No      |
| 119564 - R.I USA Multiservices, LLC                                 | 119564 - R.I USA Multiservices, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1989234 | PA      | $1989234.38   | 0.50%             | 2026-09-01      | Fixed         | 9.15%                 | Yes           |                  3 | On Loan: No      |
| 119622 - Parkside Homes, LLC                                        | 119622 - Parkside Homes, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1476787 | PA      | $1476787.38   | 0.37%             | 2026-07-01      | Fixed         | 8.91%                 | Yes           |                  3 | On Loan: No      |
| 119640 - Valvera Investments, LLC                                   | 119640 - Valvera Investments, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    174730 | PA      | $174729.79    | 0.04%             | 2026-10-01      | Fixed         | 9.30%                 | Yes           |                  3 | On Loan: No      |
| 119721 - Fortune Investment Group, LLC                              | 119721 - Fortune Investment Group, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    333000 | PA      | $333000.00    | 0.08%             | 2026-04-01      | Fixed         | 9.03%                 | Yes           |                  3 | On Loan: No      |
| 120177 - Grey Collective, LLC                                       | 120177 - Grey Collective, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1232500 | PA      | $1232500.00   | 0.31%             | 2026-10-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 120181 - 75 NW 41 St. Holdings, LLC                                 | 120181 - 75 NW 41 St. Holdings, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1433854 | PA      | $1433854.00   | 0.36%             | 2026-10-01      | Fixed         | 8.97%                 | Yes           |                  3 | On Loan: No      |
| 120265 - N&B Real Estate Investment Group, LLC                      | 120265 - N&B Real Estate Investment Group, LLC                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170720 | PA      | $170720.00    | 0.04%             | 2026-07-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 120293 - 1812 Hunters Glen, LLC                                     | 120293 - 1812 Hunters Glen, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1666000 | PA      | $1666000.00   | 0.42%             | 2026-04-01      | Fixed         | 9.03%                 | Yes           |                  3 | On Loan: No      |
| 120294 - IVCM Holdings, LLC                                         | 120294 - IVCM Holdings, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    463000 | PA      | $463000.00    | 0.12%             | 2026-04-01      | Fixed         | 8.12%                 | Yes           |                  3 | On Loan: No      |
| 120373 - 46 Fayette, LLC                                            | 120373 - 46 Fayette, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1462460 | PA      | $1462460.00   | 0.37%             | 2027-04-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 120604 - GP Ocala VI, LLC                                           | 120604 - GP Ocala VI, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    557978 | PA      | $557978.00    | 0.14%             | 2026-10-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 120680 - 907 Morton St., LLC                                        | 120680 - 907 Morton St., LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    484252 | PA      | $484252.50    | 0.12%             | 2026-04-01      | Fixed         | 9.91%                 | Yes           |                  3 | On Loan: No      |
| 120798 - Basad, LLC                                                 | 120798 - Basad, LLC                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2060488 | PA      | $2060488.00   | 0.52%             | 2026-10-01      | Fixed         | 8.72%                 | Yes           |                  3 | On Loan: No      |
| 120806 - 4848 Fulton, LLC                                           | 120806 - 4848 Fulton, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.25%             | 2026-11-01      | Fixed         | 8.97%                 | Yes           |                  3 | On Loan: No      |
| 120964 - 4-8 E. Springfiled, LLC                                    | 120964 - 4-8 E. Springfiled, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2307965 | PA      | $2307965.00   | 0.58%             | 2026-07-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 121021 - Black Marlin Group, LLC                                    | 121021 - Black Marlin Group, LLC                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2595734 | PA      | $2595734.10   | 0.66%             | 2026-10-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 121026 - Sweet Home Advisors, LLC                                   | 121026 - Sweet Home Advisors, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2865000 | PA      | $2865000.00   | 0.73%             | 2026-05-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 122571 - Black Star Development, LLC                                | 122571 - Black Star Development, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.38%             | 2026-05-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 122718 - Dommus Construction Corp.                                  | 122718 - Dommus Construction Corp.                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    531450 | PA      | $531450.00    | 0.13%             | 2026-12-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 122723 - 3302 Park, LLC                                             | 122723 - 3302 Park, LLC                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $275000.00    | 0.07%             | 2026-04-03      | Fixed         | 14.70%                | Yes           |                  3 | On Loan: No      |
| 122724 - 151 S St. NW, LLC                                          | 122724 - 151 S St. NW, LLC                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $275000.00    | 0.07%             | 2026-04-03      | Fixed         | 14.70%                | Yes           |                  3 | On Loan: No      |
| 122840 - HHH Rentals, LLC                                           | 122840 - HHH Rentals, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    532540 | PA      | $532540.00    | 0.13%             | 2026-07-01      | Fixed         | 9.36%                 | Yes           |                  3 | On Loan: No      |
| 122841 - HHH Rentals, LLC                                           | 122841 - HHH Rentals, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    675050 | PA      | $675050.00    | 0.17%             | 2026-07-01      | Fixed         | 9.36%                 | Yes           |                  3 | On Loan: No      |
| 123234 - 5225 Connecticut Owner, LLC & WE 5225 Connecticut Ave, LLC | 123234 - 5225 Connecticut Owner, LLC & WE 5225 Connecticut Ave, LLC | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1750000.00   | 0.44%             | 2026-07-28      | Fixed         | 14.70%                | Yes           |                  3 | On Loan: No      |
| 123238 - Prada Home Ventures, LLC                                   | 123238 - Prada Home Ventures, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     12960 | PA      | $12960.00     | 0.00%             | 2026-12-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 123264 - Trailside Oaks Austin, LLC                                 | 123264 - Trailside Oaks Austin, LLC                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1501500 | PA      | $1501500.04   | 0.38%             | 2027-07-01      | Fixed         | 8.77%                 | Yes           |                  3 | On Loan: No      |
| 123304 - Logos Homes, Inc.                                          | 123304 - Logos Homes, Inc.                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $280000.00    | 0.07%             | 2027-02-01      | Fixed         | 9.21%                 | Yes           |                  3 | On Loan: No      |
| 123392 - 429 13th St. NE, LLC                                       | 123392 - 429 13th St. NE, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6700000 | PA      | $6700000.00   | 1.70%             | 2026-06-01      | Fixed         | 9.70%                 | Yes           |                  3 | On Loan: No      |
| 123411 - RKAI Properties, LLC & Baruj Hashem                        | 123411 - RKAI Properties, LLC & Baruj Hashem                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    251625 | PA      | $251625.00    | 0.06%             | 2027-01-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 123412 - Thirty Seven Sunrise, LLC                                  | 123412 - Thirty Seven Sunrise, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300001 | PA      | $1300001.00   | 0.33%             | 2026-12-01      | Fixed         | 9.24%                 | Yes           |                  3 | On Loan: No      |
| 123424 - S&P Construction & Development, LLC                        | 123424 - S&P Construction & Development, LLC                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    173917 | PA      | $173917.24    | 0.04%             | 2026-06-01      | Fixed         | 8.99%                 | Yes           |                  3 | On Loan: No      |
| 123469 - 5601 Fishburn, LLC                                         | 123469 - 5601 Fishburn, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3245000 | PA      | $3245000.00   | 0.82%             | 2026-06-01      | Fixed         | 9.30%                 | Yes           |                  3 | On Loan: No      |
| 123471 - Rental Shop Development, LLC                               | 123471 - Rental Shop Development, LLC                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    136850 | PA      | $136850.00    | 0.03%             | 2026-07-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 123488 - IDS Construction Company, LLC                              | 123488 - IDS Construction Company, LLC                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1095000 | PA      | $1095000.00   | 0.28%             | 2026-06-01      | Fixed         | 9.24%                 | Yes           |                  3 | On Loan: No      |
| 123554 - Malo Development Company - Lakota, LLC                     | 123554 - Malo Development Company - Lakota, LLC                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    817606 | PA      | $817606.00    | 0.21%             | 2027-01-01      | Fixed         | 8.96%                 | Yes           |                  3 | On Loan: No      |
| 126221 - JP&C Properties, LLC                                       | 126221 - JP&C Properties, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1865280 | PA      | $1865280.00   | 0.47%             | 2026-08-01      | Fixed         | 8.77%                 | Yes           |                  3 | On Loan: No      |
| 126255 - Duran USA Group, LLC                                       | 126255 - Duran USA Group, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     99491 | PA      | $99490.87     | 0.03%             | 2027-01-01      | Fixed         | 9.21%                 | Yes           |                  3 | On Loan: No      |
| 126258 - 1124 NW 2nd St., LLC                                       | 126258 - 1124 NW 2nd St., LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    446250 | PA      | $446250.00    | 0.11%             | 2026-10-01      | Fixed         | 8.74%                 | Yes           |                  3 | On Loan: No      |
| 126260 - 805 NW 12th Ave, LLC                                       | 126260 - 805 NW 12th Ave, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    319500 | PA      | $319500.00    | 0.08%             | 2026-10-01      | Fixed         | 8.74%                 | Yes           |                  3 | On Loan: No      |
| 126273 - 859 Beacon, LLC                                            | 126273 - 859 Beacon, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1554005 | PA      | $1554005.22   | 0.39%             | 2027-01-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 109703 - Loma Alta 10, LLC                                          | 109703 - Loma Alta 10, LLC                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    324187 | PA      | $324187.01    | 0.08%             | 2026-06-01      | Fixed         | 9.68%                 | Yes           |                  3 | On Loan: No      |
| 109704 - Loma Alta 10, LLC                                          | 109704 - Loma Alta 10, LLC                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    324187 | PA      | $324187.01    | 0.08%             | 2026-06-01      | Fixed         | 9.68%                 | Yes           |                  3 | On Loan: No      |
| 109798 - JH1 Realty, Inc.                                           | 109798 - JH1 Realty, Inc.                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    854354 | PA      | $854353.77    | 0.22%             | 2025-10-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 109837 - Gramm Ventures, LLC                                        | 109837 - Gramm Ventures, LLC                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    312900 | PA      | $312900.00    | 0.08%             | 2025-11-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 121154 - W. Baker St. Apts, LLC                                     | 121154 - W. Baker St. Apts, LLC                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    368373 | PA      | $368372.57    | 0.09%             | 2026-10-01      | Fixed         | 8.84%                 | Yes           |                  3 | On Loan: No      |
| 121256 - Corenest Development, LLC                                  | 121256 - Corenest Development, LLC                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    438959 | PA      | $438959.00    | 0.11%             | 2026-03-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121258 - AD Customs, LLC                                            | 121258 - AD Customs, LLC                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     98484 | PA      | $98484.00     | 0.02%             | 2026-02-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121259 - GK Capital GP, LLC                                         | 121259 - GK Capital GP, LLC                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    799197 | PA      | $799197.28    | 0.20%             | 2025-12-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121261 - Watson Recovery Enterprises, LLC                           | 121261 - Watson Recovery Enterprises, LLC                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     17250 | PA      | $17250.00     | 0.00%             | 2026-02-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121262 - LLG Enterprises, LLC                                       | 121262 - LLG Enterprises, LLC                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140910 | PA      | $140910.00    | 0.04%             | 2026-03-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121264 - Ground-up Customz, LLC /  Empower Estates Customs, LLC     | 121264 - Ground-up Customz, LLC /  Empower Estates Customs, LLC     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    521341 | PA      | $521341.00    | 0.13%             | 2026-03-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121265 - Pelican Equity Partnership Inc.                            | 121265 - Pelican Equity Partnership Inc.                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    297300 | PA      | $297300.00    | 0.08%             | 2025-08-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121266 - Vertex Custom Homes, LLC                                   | 121266 - Vertex Custom Homes, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    391392 | PA      | $391392.00    | 0.10%             | 2025-11-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121267 - Manzaba Property Investments, LLC                          | 121267 - Manzaba Property Investments, LLC                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    133155 | PA      | $133155.00    | 0.03%             | 2025-09-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121268 - Hibernia Investment, LLC                                   | 121268 - Hibernia Investment, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    625619 | PA      | $625619.00    | 0.16%             | 2026-05-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121269 - Aceluxvilla, LLC                                           | 121269 - Aceluxvilla, LLC                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    242352 | PA      | $242352.00    | 0.06%             | 2026-03-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121270 - MZRCO, LLC                                                 | 121270 - MZRCO, LLC                                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     46375 | PA      | $46375.00     | 0.01%             | 2025-08-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121280 - Neighborhood Laundromat, LLC                               | 121280 - Neighborhood Laundromat, LLC                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    738400 | PA      | $738400.00    | 0.19%             | 2025-07-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121620 - 2305 Tamarind Drive, LLC                                   | 121620 - 2305 Tamarind Drive, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1650000 | PA      | $1650000.00   | 0.42%             | 2026-11-01      | Fixed         | 9.22%                 | Yes           |                  3 | On Loan: No      |
| 121644 - BJB 1321 Management, LLC                                   | 121644 - BJB 1321 Management, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2520000 | PA      | $2520000.00   | 0.64%             | 2026-05-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 121664 - Platinum Enterprise, LLC                                   | 121664 - Platinum Enterprise, LLC                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    684000 | PA      | $684000.00    | 0.17%             | 2026-08-01      | Fixed         | 8.84%                 | Yes           |                  3 | On Loan: No      |
| 121901 - Black Star Development, LLC                                | 121901 - Black Star Development, LLC                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1422000 | PA      | $1422000.00   | 0.36%             | 2026-05-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 121917 - Bidwell Commons Townhomes, LLC                             | 121917 - Bidwell Commons Townhomes, LLC                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    880350 | PA      | $880350.00    | 0.22%             | 2026-10-01      | Fixed         | 8.84%                 | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-20

**Name of Applicant:** Redwood Private Real Estate Debt Fund

**Signature:** /s/ Richard Duff

**Name of Signer:** Richard Duff

**Title:** Treasurer