# EDGAR Filing Document

**Accession Number:** 0001896329
**File Stem:** 0001099263-25-004586
**Filing Date:** 2025-11
**Character Count:** 127439
**Document Hash:** e6b1520d81c4e1eea492c43cb9562b3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001099263-25-004586.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0001099263-25-004586

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Flexible Real Estate Income Fund
- **CENTRAL INDEX KEY:** 0001896329

**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:** 811-23779
- **FILM NUMBER:** 251528635

**BUSINESS ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** (888) 877-4626

**MAIL ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

## Nport-Ex

<br> Consolidated Schedule of Investments PIMCO Closed End - Flexible Real Estate Income Fund September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** | **(AMOUNTS IN THOUSANDS\*, EXCEPT NUMBER OF SHARES, CONTRACTS, UNITS AND OUNCES, IF ANY)** |
|  | PRINCIPAL<br>AMOUNT<br>(000s) | MARKET<br>VALUE<br>(000s) |
| **INVESTMENTS IN SECURITIES 126.8% ¤** |  |  |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 42.9%**  |  |  |
| **Aligned Data Centers International LP**<br>TBD% due 12/18/2029 «~µ | $10000 | $10007 |
| **Binghamton NY Title Holder LLC**<br>7.117% (TSFR1M + 2.900%) due 11/09/2026 «~(d) | 15000 | 15000 |
| **Bridge I 5 Seattle GID**<br>TBD% due 08/31/2029 « | 26750 | 26729 |
| **East Argent**<br>TBD% due 02/07/2028 « | 27489 | 27077 |
| **EXR Bridge Lending**  |  |  |
| TBD% - 7.650% (TSFR1M + 3.500%) due 08/05/2029 «~µ | 9200 | 9078 |
| TBD% - 7.723% due 06/30/2029 «~(d) | 25480 | 25345 |
| TBD% - 7.986% due 05/04/2030 «~µ | 7040 | 6998 |
| **HC Humble 1 LLC**<br>TBD% due 12/12/2026 « | 12262 | 12259 |
| **New Boston Real Estate LLC**<br>TBD% due 07/07/2027 «(d) | 12875 | 12890 |
| **Project Summit**<br>5.967% due 05/09/2026 «~ | 14513 | 14325 |
| **Pure Industrial MTV2**<br>5.195% (CDOR01 + 2.150%) due 09/09/2026 «~ | 20128 | 13981 |
| **Sodo House**<br>TBD% due 11/01/2025 « | $7351 | 7351 |
| **TESLA SHWRM AND SRVCE CNTR LAN**<br>3.250% due 10/07/2028 | 13800 | 13637 |
| Total Loan Participations and Assignments (Cost $196,001) |  | 194677 |
| **U.S. GOVERNMENT AGENCIES 3.1%**  |  |  |
| **Federal Home Loan Mortgage Corp. Seasoned Credit Risk Transfer Trust**<br>12.632% due 11/25/2060 ~ | 10961 | 8245 |
| **Federal Home Loan Mortgage Corp. STACR REMICS Trust**  |  |  |
| 11.456% due 01/25/2042 •  | 2000 | 2123 |
| 11.856% due 10/25/2041 •  | 1700 | 1785 |
| 12.156% due 11/25/2041 •  | 1500 | 1591 |
| **Federal National Mortgage Association Connecticut Avenue Securities Trust**<br>10.356% due 10/25/2041 •  | 300 | 311 |
| Total U.S. Government Agencies (Cost $14,024) |  | 14055 |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 52.1%**  |  |  |
| **AG Trust** <br>1.131% due 08/15/2026 ~(a) | 67040 | 620 |
| **Benchmark Mortgage Trust** <br>3.555% due 08/15/2052 ~ | 4954 | 4909 |
| **BX Commercial Mortgage Trust**  |  |  |
| 6.164% due 02/15/2038 •  | 5644 | 5500 |
| 6.614% due 02/15/2038 •  | 3763 | 3634 |
| 7.190% due 01/17/2039 •  | 175 | 175 |
| 8.256% due 02/15/2039 •  | 70 | 70 |
| **BX Trust**  |  |  |
| 5.651% due 09/15/2034 •  | 2645 | 2634 |
| 6.201% due 09/15/2034 •  | 9280 | 9250 |
| **CD Mortgage Trust** <br>5.688% due 10/15/2048 | 3705 | 3503 |
| **Citigroup Mortgage Loan Trust, Inc.**  |  |  |
| 4.800% due 07/25/2036 ~  | 2747 | 1529 |
| 4.977% due 03/25/2036 •  | 9121 | 8259 |
| **COMM Mortgage Trust** <br>5.631% due 06/10/2044 ~ | 101 | 94 |
| **Countrywide Alternative Loan Trust**  |  |  |
| 4.972% due 05/25/2036 •  | 1933 | 787 |
| 6.250% due 08/25/2047  | 3186 | 1709 |
| **CSMC Trust** <br>6.385% due 04/25/2061 ~ | 492 | 322 |
| **Extended Stay America Trust** <br>7.964% due 07/15/2038 •  | 8011 | 8030 |
| **GreenPoint Mortgage Funding Trust**  |  |  |
| 4.812% due 10/25/2045 •  | 8499 | 5652 |
| 4.992% due 10/25/2045 •  | 272 | 235 |
| 5.553% due 10/25/2045 •  | 6835 | 5461 |
| **GSR Mortgage Loan Trust** <br>6.500% due 07/25/2036 | 13999 | 6373 |

---

------

<br> Consolidated Schedule of Investments PIMCO Closed End - Flexible Real Estate Income Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **JP** **Morgan Alternative Loan Trust** <br>4.672% due 06/25/2037 •  | 4789 | 1764 |
| **JP Morgan Chase Commercial Mortgage Securities Trust**  |  |  |
| 5.748% due 02/15/2035 •  | 1646 | 1610 |
| 6.498% due 02/15/2035 •  | 2468 | 2390 |
| 6.930% due 11/15/2038 •  | 387 | 388 |
| 7.930% due 11/15/2038 •  | 2400 | 2405 |
| **Lehman Mortgage Trust**  |  |  |
| 6.000% due 12/25/2037  | 9831 | 2324 |
| 6.500% due 10/25/2037  | 5740 | 1385 |
| **LUX** <br>8.089% due 08/15/2040 •  | 2860 | 2859 |
| **MASTR Adjustable Rate Mortgages Trust** <br>5.372% due 09/25/2037 •  | 4446 | 1758 |
| **MHC Trust** <br>6.664% due 05/15/2038 •  | 800 | 801 |
| **Morgan Stanley Capital I Trust** <br>5.444% due 11/14/2042 ~ | 9 | 9 |
| **Natixis Commercial Mortgage Securities Trust** <br>9.343% due 03/15/2035 •  | 608 | 605 |
| **Nomura Asset Acceptance Corp. Alternative Loan Trust**  |  |  |
| 4.652% due 08/25/2036 •  | 17839 | 2617 |
| 4.672% due 04/25/2036 •  | 10518 | 2144 |
| 5.755% due 06/25/2036 ~  | 2062 | 534 |
| **RALI Trust**  |  |  |
| 4.632% due 06/25/2046 •  | 6066 | 1274 |
| 4.732% due 06/25/2046 •  | 4497 | 967 |
| 6.000% due 05/25/2037  | 5190 | 4348 |
| **RF Real Holdings Trust I** <br>0.000% due 01/28/2055 «(c) | 122121 | 122333 |
| **SMRT Commercial Mortgage Trust** <br>6.101% due 01/15/2039 •  | 4450 | 4431 |
| **Starwood Mortgage Trust**  |  |  |
| 6.665% due 04/15/2034 •  | 1000 | 996 |
| 7.415% due 04/15/2034 •  | 4000 | 3972 |
| **Washington Mutual Mortgage Pass-Through Certificates WMALT Trust** <br>5.113% due 08/25/2046 •  | 2428 | 1403 |
| **Wells Fargo Mortgage-Backed Securities Trust** <br>6.108% due 05/25/2035 ~ | 1603 | 1323 |
| **WSTN Trust** <br>10.174% due 07/05/2037 ~ | 3000 | 3045 |
| Total Non-Agency Mortgage-Backed Securities (Cost $235,795) |  | 236431 |
| **ASSET-BACKED SECURITIES 11.4%**  |  |  |
| **HOME EQUITY OTHER 4.1%**  |  |  |
| **Home Equity Mortgage Loan Asset-Backed Trust** <br>4.722% due 04/25/2037 •  | 10000 | 4112 |
| **JP Morgan Mortgage Acquisition Trust**  |  |  |
| 6.500% due 07/25/2036 þ  | 2026 | 536 |
| 6.910% due 07/25/2036 þ  | 546 | 144 |
| **Merrill Lynch Mortgage Investors Trust** <br>4.107% due 11/25/2037 •  | 2590 | 823 |
| **Morgan Stanley ABS Capital I, Inc. Trust**  |  |  |
| 4.372% due 10/25/2036 •  | 6622 | 2912 |
| 4.412% due 10/25/2036 •  | 1617 | 711 |
| **NovaStar Mortgage Funding Trust** <br>4.592% due 10/25/2036 •  | 594 | 275 |
| **Renaissance Home Equity Loan Trust** <br>5.909% due 04/25/2037 þ | 9702 | 2620 |
| **Terwin Mortgage Trust** <br>4.892% due 04/25/2037 •  | 23587 | 6517 |
|  |  | 18650 |
| **OTHER ABS 7.3%**  |  |  |
| **1 Research Park Dr.** <br>0.000% due 12/31/2099 «~(d) | 16394 | 16394 |
| **Aviara Lake Worth** <br>0.000% due 12/31/2099 «~(d) | 6325 | 6325 |

---

------

<br> Consolidated Schedule of Investments PIMCO Closed End - Flexible Real Estate Income Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | |
|:---|:---|:---|
| **Luxe** **& Legends** <br>0.000% due 12/31/2049 «~(d) | 10146 | 10146 |
|  |  | 32865 |
| Total Asset-Backed Securities (Cost $51,429) |  | 51515 |
|  | SHARES |  |
| **REAL ESTATE INVESTMENT TRUSTS 7.8%**  |  |  |
| **REAL ESTATE 7.8%**  |  |  |
| **AvalonBay Communities, Inc.** | 56822 | 10976 |
| **Camden Property Trust** | 32171 | 3435 |
| **Equity Residential** | 111633 | 7226 |
| **Essex Property Trust, Inc.** | 13611 | 3643 |
| **Mid-America Apartment Communities, Inc.** | 24765 | 3461 |
| **UDR, Inc.** | 180719 | 6734 |
| Total Real Estate Investment Trusts (Cost $35,092) |  | 35475 |
|  | PRINCIPAL<br>AMOUNT<br>(000s) |  |
| **SHORT-TERM INSTRUMENTS 9.5%**  |  |  |
| **U.S. TREASURY BILLS 9.5%**  |  |  |
| 4.002% due 10/28/2025 - 12/26/2025 (b)(c) | $43400 | 43058 |
| Total Short-Term Instruments (Cost $43,057) |  | 43058 |
| Total Investments in Securities (Cost $575,398) |  | 575211 |
| Total Investments 126.8% (Cost $575,398) |  | $575211 |
| Preferred Shares (0.0)% |  | (125) |
| **Financial Derivative Instruments (e) 0.0**%(Cost or Premiums, net $0) |  | 93 |
| Other Assets and Liabilities, net (26.8)% |  | (121641) |
| Net Assets Applicable to Common Shareholders 100.0% |  | $453538 |

---

------

<br> Consolidated Schedule of Investments PIMCO Closed End - Flexible Real Estate Income Fund (Cont.) September 30, 2025 (Unaudited)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  | **NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS:**  |
| **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** | **\* A zero balance may reflect actual amounts rounding to less than one thousand.** |
| **¤** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** | **The geographical classification of foreign (non-U.S.) securities in this report, if any, are classified by the country of incorporation of a holding. In certain instances, a security's country of incorporation may be different from its country of economic exposure.** |
| **«** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** | **Security valued using significant unobservable inputs (Level 3).** |
| **µ** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** | **All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding.** |
| **~** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** | **Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.** |
| **•** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** | **Rate shown is the rate in effect as of period end. The rate may be based on a fixed rate, a capped rate or a floor rate and may convert to a variable or floating rate in the future. These securities do not indicate a reference rate and spread in their description.** |
| **þ** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** | **Coupon represents a rate which changes periodically based on a predetermined schedule or event. Rate shown is the rate in effect as of period end.** |
| **(a)** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** | **Security is an Interest Only ("IO") or IO Strip.** |
| **(b)** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** | **Coupon represents a weighted average yield to maturity.** |
| **(c)** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** | **Zero coupon security.** |
| **(d)** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** | **RESTRICTED SECURITIES:** |
| Issuer Description | Issuer Description | Issuer Description | Issuer Description | Coupon | Maturity<br>Date | Acquisition<br>Date |  | Cost | Market<br>Value | Market<br>Value | Market Value<br> as Percentage<br> of Net Assets<br> Applicable<br> to Common<br> Shareholders |
| 1 Research Park Dr. | 1 Research Park Dr. | 1 Research Park Dr. | 1 Research Park Dr. | 0.000 | 12/31/2099 | 03/14/2025 | $ | 7167 | 7167 | 7167 | 1.58 |
| Aviara Lake Worth | Aviara Lake Worth | Aviara Lake Worth | Aviara Lake Worth | 0.000 | 12/31/2099 | 05/27/2025 |  | 6275 | 6275 | 6275 | 1.38 |
| Binghamton NY Title Holder LLC | Binghamton NY Title Holder LLC | Binghamton NY Title Holder LLC | Binghamton NY Title Holder LLC | 7.117 | 11/09/2026 | 01/29/2024 |  | 15018 | 15000 | 15000 | 3.31 |
| EXR Bridge Lending | EXR Bridge Lending | EXR Bridge Lending | EXR Bridge Lending | 0.000 | 06/30/2029 | 07/25/2024 |  | 25343 | 25345 | 25345 | 5.59 |
| Luxe & Legends | Luxe & Legends | Luxe & Legends | Luxe & Legends | 0.000 | 12/31/2049 | 04/16/2025 |  | 10146 | 10146 | 10146 | 2.23 |
| New Boston Real Estate LLC | New Boston Real Estate LLC | New Boston Real Estate LLC | New Boston Real Estate LLC | 0.000 | 07/07/2027 | 06/12/2024 - 09/15/2025 |  | 13506 | 13551 | 13551 | 2.99 |
|  |  |  |  |  |  | $ | $ | $ | 77484 | 17.08%  | 17.08%  |
| **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** | **BORROWINGS AND OTHER FINANCING TRANSACTIONS** |
| **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1219) at a weighted average interest rate of 4.563%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1219) at a weighted average interest rate of 4.563%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1219) at a weighted average interest rate of 4.563%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1219) at a weighted average interest rate of 4.563%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1219) at a weighted average interest rate of 4.563%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1219) at a weighted average interest rate of 4.563%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1219) at a weighted average interest rate of 4.563%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1219) at a weighted average interest rate of 4.563%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1219) at a weighted average interest rate of 4.563%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1219) at a weighted average interest rate of 4.563%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1219) at a weighted average interest rate of 4.563%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** | **The average amount of borrowings outstanding during the period ended September 30, 2025 was $(1219) at a weighted average interest rate of 4.563%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period.** |
| **(e)** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** | **FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** |
| **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** | **FORWARD FOREIGN CURRENCY CONTRACTS:** |
|  |  |  |  |  |  |  | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> | <u>Unrealized Appreciation/(Depreciation)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | &nbsp;&nbsp;&nbsp;&nbsp; Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Delivered | Currency to<br>be Received | Currency to<br>be Received | Asset | Asset | Liability | Liability |
| &nbsp;&nbsp;&nbsp;&nbsp; BOA | &nbsp;&nbsp;&nbsp;&nbsp; BOA | 10/2025  | $155 | 155 | 155 | 213 | 213 | 0 | 0 | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; CBK | &nbsp;&nbsp;&nbsp;&nbsp; CBK | 10/2025  | 8376 | 8376 | 8376 | 11673 | 11673 | 13 | 13 | 0 | 0 |
|  |  | 11/2025  | 11655 | 11655 | 11655 | 8376 | 8376 | 0 | 0 | (13) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp; CIB | &nbsp;&nbsp;&nbsp;&nbsp; CIB | 10/2025  | 20189 | 20189 | 20189 | 14603 | 14603 | 95 | 95 | 0 | 0 |
|  |  | 10/2025  | $69 | 69 | 69 | 95 | 95 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; SCX | &nbsp;&nbsp;&nbsp;&nbsp; SCX | 10/2025  | 14258 | 14258 | 14258 | 19881 | 19881 | 28 | 28 | 0 | 0 |
|  |  | 11/2025  | 19881 | 19881 | 19881 | 14281 | 14281 | 0 | 0 | (28) | (28) |
| **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **$** | **136** | **$** | **(43)** | **(43)** |
| **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** | **FAIR VALUE MEASUREMENTS** |
| **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: | **The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Fund's assets and liabilities**: |
| Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Category and Subcategory | Level 1 | Level 2 | Level 2 | Level 3 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 | Fair Value<br>at 09/30/2025 |

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------

<br> Consolidated Schedule of Investments PIMCO Closed End - Flexible Real Estate Income Fund (Cont.) September 30, 2025 (Unaudited)

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| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | **Investments** **in Securities, at Value** | | |
| Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | $0 | 0 | 0 | 0 | $13637 | 13637 | $181040 | 181040 | $ | 194677 |  |  |
| U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | 0 | 0 | 0 | 0 | 14055 | 14055 | 0 | 0 |  | 14055 |  |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 0 | 0 | 0 | 0 | 114098 | 114098 | 122333 | 122333 |  | 236431 |  |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |  |  |
| Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | Home Equity Other | 0 | 0 | 0 | 0 | 18650 | 18650 | 0 | 0 |  | 18650 |  |  |
| Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | Other ABS | 0 | 0 | 0 | 0 | 0 | 0 | 32865 | 32865 |  | 32865 |  |  |
| Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |  |  |
| Real Estate | Real Estate | Real Estate | Real Estate | Real Estate | Real Estate | 35475 | 35475 | 35475 | 35475 | 0 | 0 | 0 | 0 |  | 35475 |  |  |
| Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |  |  |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | 0 | 0 | 0 | 0 | 43058 | 43058 | 0 | 0 |  | 43058 |  |  |
| Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | Total Investments | $35475 | 35475 | 35475 | 35475 | $203498 | 203498 | $336238 | 336238 | $ | 575211 |  |  |
| **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** | **Financial Derivative Instruments - Assets** |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | $0 | 0 | 0 | 0 | $136 | 136 | $0 | 0 | $ | 136 |  |  |
| **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |  |  |
| Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | $0 | 0 | 0 | 0 | $(43) | (43) | $0 | 0 | $ | (43) |  |  |
| Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | Total Financial Derivative Instruments | $0 | 0 | 0 | 0 | $93 | 93 | $0 | 0 | $ | 93 |  |  |
| Totals | Totals | Totals | Totals | Totals | Totals | $35475 | 35475 | 35475 | 35475 | $203591 | 203591 | $336238 | 336238 | $ | 575304 |  |  |
| **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** | **The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Fund during the period ended September 30, 2025:** |
| Category and Subcategory | Beginning<br>Balance<br>at 12/31/2024 | Net<br>Purchases | Net<br>Sales/Settlements | Net<br>Sales/Settlements | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Accrued<br>Discounts/<br>(Premiums) | Realized<br>Gain/(Loss) | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup> | Transfers into<br>Level 3 | Transfers into<br>Level 3 | Transfers out<br>of Level 3 | Transfers out<br>of Level 3 | Ending<br>Balance<br>at 09/30/2025 | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> | Net Change in<br>Unrealized<br>Appreciation/<br>(Depreciation)<br>on Investments<br>Held at<br>09/30/2025<sup>(1)</sup> |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | 134631 | 74557 | $ | $(29412) | $ | 187 | $ | $350 | $ | 727 | $0 | 0 | $0 | 0 | 181040 | $ | 773 |
| Non-Agency Mortgage-Backed Securities | 22357 | 129851 |  | (30016) |  | 0 |  | 0 |  | 141 | 0 | 0 | 0 | 0 | 122333 |  | 169 |
| Asset-Backed Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Other ABS | 0 | 32865 |  | 0 |  | 0 |  | 0 |  | 0 | 0 | 0 | 0 | 0 | 32865 |  | 0 |
| Totals | 156988 | 237273 | $ | $(59428) | $ | 187 | $ | $350 | $ | 868 | $0 | 0 | $0 | 0 | 336238 | $ | 942 |
| <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** | <br>**The following is a summary of significant unobservable inputs used in the fair valuations of assets and liabilities categorized within Level 3 of the fair value hierarchy:** |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) | (% Unless Noted Otherwise) |
| Category and Subcategory | Category and Subcategory | Ending<br>Balance<br>at 09/30/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation Technique | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | &nbsp;&nbsp;&nbsp;&nbsp; Unobservable Inputs | Input Value(s) | Input Value(s) | Weighted Average | Weighted Average |
| **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** | **Investments in Securities, at Value** |
| Loan Participations and Assignments | Loan Participations and Assignments | $153963 | 153963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 6.460 - 12.290 | 6.460 - 12.290 | 7.720 | 7.720 |
|  |  | 27077 | 27077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 98.500 | 98.500 |  |  |
| Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | 122333 | 122333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discounted Cash Flow | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | &nbsp;&nbsp;&nbsp;&nbsp; Discount Rate | 9.400 | 9.400 |  |  |
| Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| Other ABS | Other ABS | 32865 | 32865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Recent Transaction | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | &nbsp;&nbsp;&nbsp;&nbsp; Purchase Price | 100.000 | 100.000 |  |  |
| Total | Total | $336238 | 336238 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. | Any difference between Net Change in Unrealized Appreciation/(Depreciation) and Net Change in Unrealized Appreciation/(Depreciation) on Investments Held at September 30, 2025 may be due to an investment no longer held or categorized as Level 3 at period end. |

---

------

Notes to Financial Statements

**1** **. BASIS FOR CONSOLIDATION**

The Fund's subsidiary was formed as a wholly owned subsidiary acting as an investment vehicle for the Fund in order to effect certain investments for the Fund consistent with the Fund's investment objectives and policies in effect from time to time. The Fund's investment portfolio has been consolidated and includes the portfolio holdings of the Fund and its subsidiary. Accordingly, the consolidated financial statements include the accounts of the Fund and its subsidiary. All intercompany transactions and balances have been eliminated. This structure was established so that certain investments could be held by a separate legal entity from the Fund. See the table below for details regarding the structure, incorporation and relationship of each subsidiary as of period end.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Subsidiary** | &nbsp;&nbsp; **Date of Formation** | &nbsp;&nbsp; **Subsidiary % of Consolidated Fund Net Assets**<sup>†</sup> |
| &nbsp;&nbsp;&nbsp; Flexible Real Estate Income<br> Operating Partnership LP | &nbsp;&nbsp;&nbsp; 06/29/2022 | &nbsp;&nbsp;&nbsp; 55.8% |

---

<sup>†</sup> A zero balance may reflect actual amounts rounding to less than 0.01%.

**2. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS**

**(a) Investment Valuation Policies** The net asset value ("NAV") of the Fund's shares, or each of its share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

On each day that the New York Stock Exchange ("NYSE") is open, the Fund's shares are ordinarily valued as of the close of regular trading (normally 4:00 p.m., Eastern time) ("NYSE Close"). Information that becomes known to the Fund or its agents after the time as of which NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of a security or the NAV determined earlier that day. If regular trading on the NYSE closes earlier than scheduled, the Fund may calculate its NAV as of the earlier closing time or calculate its NAV as of the normally scheduled close of regular trading on the NYSE for that day. The Fund generally does not calculate its NAV on days during which the NYSE is closed. However, if the NYSE is closed on a day it would normally be open for business, the Fund may calculate its NAV as of the normally scheduled NYSE Close for that day or such other time that the Fund may determine.

For purposes of calculating NAV, portfolio securities and other assets for which market quotations are readily available are valued at market value. A market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable. Market value is generally determined on the basis of official closing prices or the last reported sales prices. The Fund will normally use pricing data for domestic equity securities received shortly after the NYSE Close and do not normally take into account trading, clearances or settlements that take place after the NYSE Close. A foreign (non-U.S.) equity security traded on a foreign exchange or on more than one exchange is typically valued using pricing information from the exchange considered by Pacific Investment Management Company LLC ("PIMCO") to be the primary exchange. If market value pricing is used, a foreign (non-U.S.) equity security will be valued as of the close of trading on the foreign exchange, or the NYSE Close, if the NYSE Close occurs before the end of trading on the foreign exchange.

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the "Act"). As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board of Trustees has designated PIMCO as the valuation designee ("Valuation Designee") for the Fund to perform the fair value determination relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund portfolio investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using such data reflecting the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Common stocks, exchange-traded funds ("ETFs"), exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange, quotes obtained from a quotation reporting system, established market makers or pricing sources. Swap agreements and swaptions are valued on the basis of market-based prices supplied by Pricing services or quotes obtained from brokers and dealers.

Investments valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from Pricing Sources. As a result, the value of such investments and, in turn, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of investments traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the Fund is not open for business. As a result, to the extent that the Fund holds foreign (non-U.S.) investments, the value of those investments may change at times when shareholders are unable to buy or sell shares and the value of such investments will be reflected in the Fund's next calculated NAV. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which the Fund may transact.

Fair valuation may require subjective determinations about the value of a security. While the Fund's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Fund cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold.

**(b) Fair Value Hierarchy** U.S. GAAP describes fair value as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes a fair value hierarchy that prioritizes inputs to valuation methods and requires disclosure of the fair value hierarchy, separately for each major category of assets and liabilities, that segregates fair value measurements into levels (Level 1, 2 or 3). The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Levels 1, 2 and 3 of the fair value hierarchy are defined as follows:

• Level 1 — Quoted (unadjusted) prices in active markets or exchanges for identical assets and liabilities.

------

Notes to Financial Statements (Cont.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• Level 2 — Significant other observable inputs, which may include, but are not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs.

• Level 3 — Significant unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include assumptions made by the Valuation Designee that are used in determining the fair value of investments.

In accordance with the requirements of U.S. GAAP, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to Consolidated Schedule of Investments for the Fund.

For fair valuations using significant unobservable inputs, U.S. GAAP requires a reconciliation of the beginning to ending balances for reported fair values that presents changes attributable to realized gain (loss), unrealized appreciation (depreciation), purchases and sales, accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value Levels of the Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy and, if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Consolidated Schedule of Investments for the Fund.

**(c) Valuation Techniques and the Fair Value Hierarchy**

**Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value** The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1 provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis or as a repurchase commitment in a sale-buyback transaction are marked to market daily until settlement at the forward settlement date and are categorized as Level 2 of the fair value hierarchy.

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments. Securities using these valuation adjustments are categorized as Level 2 of the fair value hierarchy. Preferred securities and other equities traded on inactive markets or valued by reference to similar instruments are also categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain exchange traded futures and options to account for market movement between the exchange settlement and the NYSE Close. These securities are valued using quotes obtained from a quotation reporting system, established market makers or Pricing Sources. Financial derivatives using these valuation adjustments are categorized as Level 2 of the fair value hierarchy.

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and options contracts derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. These contracts are normally valued on the basis of quotes obtained from a quotation reporting system, established market makers or Pricing Sources (normally determined as of the NYSE Close). Depending on the product and the terms of the transaction, financial derivative instruments can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as quoted prices, issuer details, indexes, bid/ask spreads, interest rates, implied volatilities, yield curves, dividends and exchange rates. Financial derivative instruments that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indexes, reference rates and other inputs or a combination of these factors. They are valued using a broker-dealer bid quotation or on market-based prices provided by Pricing Sources (normally determined as of the NYSE Close). Centrally cleared swaps and over the counter swaps can be valued by Pricing Sources using a series of techniques, including simulation pricing models. The pricing models may use inputs that are observed from actively quoted markets such as the overnight index swap rate, interest rates, yield curves and credit spreads. These securities are categorized as Level 2 of the fair value hierarchy.

The Discounted Cash Flow model is based on future cash flows generated by the investment and may be normalized based on expected investment performance. Future cash flows are discounted to present value using an appropriate rate of return, typically calibrated to the initial transaction date and adjusted based on Capital Asset Pricing Model and/or other market-based inputs. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

------

Notes to Financial Statements (Cont.)

Securities may be valued based on purchase prices of privately negotiated transactions. Significant changes in the unobservable inputs would result in direct and proportional changes in the fair value of the security. These securities are categorized as Level 3 of the fair value hierarchy.

Short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) having a remaining maturity of 60 days or less may be valued at amortized cost, so long as the amortized cost value of such short-term debt instruments is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

When a fair valuation method is applied by PIMCO that uses significant unobservable inputs, investments will be priced by a method that the Valuation Designee or persons acting at their direction believe reflects fair value and are categorized as Level 3 of the fair value hierarchy.

**3. FEDERAL INCOME TAX MATTERS**

The Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

The Fund may be subject to local withholding taxes, including those imposed on realized capital gains. Any applicable foreign capital gains tax is accrued daily based upon net unrealized gains, and may be payable following the sale of any applicable investments.

In accordance with U.S. GAAP, the Manager has reviewed the Fund's tax positions for all open tax years. As of September 30, 2025, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

The Fund files U.S. federal, state and local tax returns as required. The Fund's tax returns are subject to examination by relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return but which can be extended to six years in certain circumstances. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** | **Glossary: (abbreviations that may be used in the preceding statements)** |  | (Unaudited) |
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** |  |  |  |  |
| **BOA** | Bank of America N.A. | **CIB** | Canadian Imperial Bank of Commerce | **SCX** | Standard Chartered Bank, London |
| **CBK** | Citibank N.A. |  |  |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |  |  |
| **CAD** | Canadian Dollar | **USD (or $)** | United States Dollar |  |  |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |  |  |
| **CDOR01** | 1 Month CDN Swap Rate | **TSFR1M** | Term SOFR 1-Month |  |  |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |  |  |
| **ABS** | Asset-Backed Security | **TBA** | To-Be-Announced | **TBD%** | Interest rate to be determined when loan settles or at the time of funding |
| **REMIC** | Real Estate Mortgage Investment Conduit | **TBD** | To-Be-Determined |  |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** PIMCO Flexible Real Estate Income Fund

- **b. Investment Company Act file number:** 811-23779

- **c. CIK number of Registrant:** 0001896329

- **d. LEI of Registrant:** 549300SFL5R6AT4FZ471

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

  - **Street Address 1:** 650 Newport Center Drive

  - **City:** Newport Beach

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 92660

  - **Telephone number:** (844) 312-2113

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

- **a. Name of Series:** N/A

- **c. LEI of Series:** N/A

**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:** $577151452.56

**Total Liabilities:** $129832322.32

**Net Assets:** $447319130.24

**Cash Not Reported:** $13743484.70

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 5126.427400 | **1-Year:** 746.202800 | **5-Year:** 653.536200 | **10-Year:** 0.000000 | **30-Year:** 0.000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 21034.292200 | **1-Year:** 36473.693000 | **5-Year:** 62595.469400 | **10-Year:** 9939.445500 | **30-Year:** 44.544400

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.34%                | 1.02%                | 0.31%                |
| Class ID N/A | 0.34%                | 1.02%                | 0.31%                |
| Class ID N/A | 0.41%                | 1.09%                | 0.37%                |
| Class ID N/A | 0.41%                | 1.09%                | 0.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $159826.10               | $-948728.25                                |
| Month 2  | $46578.50                | $2403535.19                                |
| Month 3  | $226477.91               | $-1028956.58                               |

**Designated Index Information**

- **Index Name:** Fund Securities Portfolio

- **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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| UNITED STATES GOVT                                             | TREASURY BILL 12/25 0.00000                               | CUSIP: 912797NU7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |  27800000 | PA      | $27544504.10  | 6.16%             | 2025-12-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HARBOR CAPITAL LLC                                             | HC HUMBLE 1 LLC TERM LOAN                                 | CUSIP: BA000CLP2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  12262450 | PA      | $12258771.27  | 2.74%             | 2026-12-12      | Fixed         | 9.00%                 | No            |                  3 | On Loan: No      |
| GREENPOINT MTGE FUNDING TR 2005-AR4                            | GREENPOINT MORTGAGE FUNDING TR GPMF 2005 AR4 2A1          | CUSIP: 39538WBU1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8498881 | PA      | $5652274.54   | 1.26%             | 2045-10-25      | Floating      | 4.81%                 | No            |                  2 | On Loan: No      |
| WASHINGTON MUTUAL MTGE P/T 2006-AR6                            | WASHINGTON MUTUAL MORTGAGE PAS WMALT 2006 AR6 2A          | CUSIP: 93935FAC5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2427873 | PA      | $1403104.56   | 0.31%             | 2046-08-25      | Floating      | 5.11%                 | No            |                  2 | On Loan: No      |
| BX-2021-SDMF                                                   | BX TRUST BX 2021 SDMF D 144A                              | CUSIP: 12434CAL8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2644732 | PA      | $2634357.72   | 0.59%             | 2034-09-15      | Floating      | 5.65%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-HTL5 | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2021 HTL5 D 144A     | CUSIP: 46654PAL0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    387000 | PA      | $387519.04    | 0.09%             | 2038-11-15      | Floating      | 6.93%                 | No            |                  2 | On Loan: No      |
| SREIT                                                          | PROJECT SUMMIT TERM LOAN                                  | CUSIP: 948DBQII0<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  14512527 | PA      | $14325314.92  | 3.20%             | 2026-05-09      | Floating      | 5.97%                 | No            |                  3 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2018-ASH8 | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2018 ASH8 D 144A     | CUSIP: 46649JAL2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2468354 | PA      | $2390292.73   | 0.53%             | 2035-02-15      | Floating      | 6.50%                 | No            |                  2 | On Loan: No      |
| GSR MORTGAGE LOAN TRUST 2006-6F                                | GSR MORTGAGE LOAN TRUST GSR 2006 6F 3A1                   | CUSIP: 36298BAA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  13999084 | PA      | $6373190.95   | 1.42%             | 2036-07-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| STWD 2021-HTS MORTGAGE TRUST 2021-HTS                          | STARWOOD COMMERCIAL MORTGAGE T STWD 2021 HTS D 144A       | CUSIP: 78486DAG5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1000000 | PA      | $996282.50    | 0.22%             | 2034-04-15      | Floating      | 6.67%                 | No            |                  2 | On Loan: No      |
| GID                                                            | BRIDGE I 5 SEATTLE GID DELAYED DRAW TERM LOAN             | CUSIP: BA000HV13<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  26750000 | PA      | $26729449.05  | 5.98%             | 2029-08-31      | Floating      | 4.67%                 | No            |                  3 | On Loan: No      |
| PURE INDUSTRIAL REAL ESTATE TRUST                              | PURE INDUSTRIAL MTV2 CAD TERM LOAN                        | CUSIP: BA0002R11<br>LEI: 549300PFFODDJTXXMD95 | Long             | LON              | CORP              | CA        |  21184908 | PA      | $14715420.31  | 3.29%             | 2026-09-09      | Floating      | 5.20%                 | No            |                  3 | On Loan: No      |
| TERWIN MORTGAGE TRUST 2006-3                                   | TERWIN MORTGAGE TRUST TMTS 2006 3 2A3 144A                | CUSIP: 881561W26<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  23587000 | PA      | $6517073.95   | 1.46%             | 2037-04-25      | Floating      | 4.89%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ACCREDIT LOANS 2007-QS7                            | RESIDENTIAL ACCREDIT LOANS, IN RALI 2007 QS7 1A1          | CUSIP: 74923WAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5189630 | PA      | $4348457.68   | 0.97%             | 2037-05-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ATAM HOSPITALITY                                               | EXR BRIDGE LENDING 2025 SUGAR LAND TX DDTL                | CUSIP: BA000LSV2<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7040000 | PA      | $6997939.52   | 1.56%             | 2030-05-04      | Floating      | 7.45%                 | No            |                  3 | On Loan: No      |
| WSTN TRUST 2023-MAUI                                           | WSTN TRUST WSTN 2023 MAUI E 144A                          | CUSIP: 92943AAJ3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3000000 | PA      | $3045135.00   | 0.68%             | 2037-07-05      | Variable      | 10.17%                | No            |                  2 | On Loan: No      |
| UDR INC                                                        | UDR INC REIT USD.01                                       | CUSIP: 902653104<br>LEI: P3CH2EG5X6Z1XWU1OO74 | Long             | EC               | CORP              | US        |    180719 | NS      | $6733589.94   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2021-IRON                         | BX TRUST BX 2021 IRON D 144A                              | CUSIP: 05608JAG8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5644267 | PA      | $5499594.52   | 1.23%             | 2038-02-15      | Floating      | 6.16%                 | No            |                  2 | On Loan: No      |
| PIF CREDIT FACILITY                                            | RTL FINANCING LOC   BARCLAY S   PIF002491                 | CUSIP: 955PNU009<br>LEI: N/A                  | Short            | LON              | CORP              | US        | -75400000 | PA      | $-75400000.00 | -16.86%           | 2026-03-28      | Floating      | -5.96%                | No            |                  2 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TRUST 2006-AR5                         | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2006 AR5 2A2A         | CUSIP: 17309FAU2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2747308 | PA      | $1529415.86   | 0.34%             | 2036-07-25      | Variable      | 4.80%                 | No            |                  2 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2021-HTL5 | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2021 HTL5 E 144A     | CUSIP: 46654PAN6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2400000 | PA      | $2405263.92   | 0.54%             | 2038-11-15      | Floating      | 7.93%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | SOLD CAD BOUGHT USD 20251002                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $95042.73     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| LEHMAN MORTGAGE TRUST 2007-10                                  | LEHMAN MORTGAGE TRUST LMT 2007 10 3A1                     | CUSIP: 52522QAM4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9831402 | PA      | $2323874.08   | 0.52%             | 2037-12-25      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CITIGROUP/DEUTSCHE BK COMM MTGE 2006-CD3                       | CD COMMERCIAL MORTGAGE TRUST CD 2006 CD3 AJ               | CUSIP: 14986DAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3705346 | PA      | $3502936.67   | 0.78%             | 2048-10-15      | Fixed         | 5.69%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | BOUGHT CAD SOLD USD 20251002                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $28243.11     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| NOMURA ASSET ACCEPT CORP 2006-AF2                              | NOMURA ASSET ACCEPTANCE CORPOR NAA 2006 AF2 5A1           | CUSIP: 65536XAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  17839161 | PA      | $2617406.25   | 0.59%             | 2036-08-25      | Floating      | 4.65%                 | No            |                  2 | On Loan: No      |
| AG TRUST 2024-NLP                                              | AG TRUST AG 2024 NLP XCP 144A                             | CUSIP: 00792MAL7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  67040000 | PA      | $619861.90    | 0.14%             | 2026-08-15      | Variable      | 1.13%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE ACQUIS CORP 2006-WF1                            | JP MORGAN MORTGAGE ACQUISITION JPMAC 2006 WF1 A5          | CUSIP: 46628SAH6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    545833 | PA      | $144256.99    | 0.03%             | 2036-07-25      | Variable      | 6.91%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA7                        | FREDDIE MAC   STACR STACR 2021 DNA7 B2 144A               | CUSIP: 35564KNE5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1500000 | PA      | $1590709.80   | 0.36%             | 2041-11-25      | Floating      | 12.16%                | No            |                  2 | On Loan: No      |
| ARROWMARK COLORADO HOLDINGS LLC (AKA: ARROWPOINT PARTNERS)     | WASTE MNGNT INDSTIAL PORTFOLIO DELAYED DRAW TERM LOAN     | CUSIP: BA0005724<br>LEI: IF16UMXNLJ3CKISVCS83 | Long             | LON              | CORP              | US        |  13535000 | PA      | $13550611.27  | 3.03%             | 2029-07-07      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| CSMC 2022-RPL1 TRUST                                           | CREDIT SUISSE MORTGAGE TRUST CSMC 2022 RPL1 B1A 144A      | CUSIP: 12661QAG2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    491849 | PA      | $321886.57    | 0.07%             | 2061-04-25      | Variable      | 6.39%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY ABS CAPITAL I 2006-HE8                          | MORGAN STANLEY CAPITAL INC MSAC 2006 HE8 A2C              | CUSIP: 61750SAE2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1616611 | PA      | $710998.87    | 0.16%             | 2036-10-25      | Floating      | 4.41%                 | No            |                  2 | On Loan: No      |
| EXR BRIDGE LENDING SCOTTSDALE                                  | EXR BRIDGE LENDING 2024 SCOTTSDALE SR DDTL                | CUSIP: BA0006QH8<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  25480000 | PA      | $25344956.00  | 5.67%             | 2029-06-30      | Floating      | 7.72%                 | Yes           |                  3 | On Loan: No      |
| MERRILL LYNCH MORTGAGE INVS 2006-HE6                           | MERRILL LYNCH MORTGAGE INVESTO MLMI 2006 HE6 A2C          | CUSIP: 59023XAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2589661 | PA      | $822982.89    | 0.18%             | 2037-11-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| SMRT 2022-MINI                                                 | SMRT SMRT 2022 MINI D 144A                                | CUSIP: 78457JAL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4450000 | PA      | $4430920.63   | 0.99%             | 2039-01-15      | Floating      | 6.10%                 | No            |                  2 | On Loan: No      |
| INDYMAC RESIDENTIAL ASSET BACKED 2007-A                        | INDYMAC RESIDENTIAL ASSET BACK INABS 2007 A 2A4B          | CUSIP: 43710BAS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10000000 | PA      | $4111660.00   | 0.92%             | 2037-04-25      | Floating      | 4.72%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | BOUGHT CAD SOLD USD 20251002                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $-1913.65     | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                             | TREASURY BILL 12/25 0.00000                               | CUSIP: 912797QZ3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   3300000 | PA      | $3272427.44   | 0.73%             | 2025-12-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NOVASTAR HOME EQUITY LOAN 2006-3                               | NOVASTAR HOME EQUITY LOAN NHEL 2006 3 A2C                 | CUSIP: 66988WAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    593564 | PA      | $274470.58    | 0.06%             | 2036-10-25      | Floating      | 4.59%                 | No            |                  2 | On Loan: No      |
| AVALONBAY COMMUNITIES INC                                      | AVALONBAY COMMUNITIES INC REIT USD.01                     | CUSIP: 053484101<br>LEI: K9G90K85RBWD2LAGQX17 | Long             | EC               | CORP              | US        |     56822 | NS      | $10976305.74  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| STWD 2021-HTS MORTGAGE TRUST 2021-HTS                          | STARWOOD COMMERCIAL MORTGAGE T STWD 2021 HTS E 144A       | CUSIP: 78486DAJ9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4000000 | PA      | $3971766.40   | 0.89%             | 2034-04-15      | Floating      | 7.42%                 | No            |                  2 | On Loan: No      |
| MID-AMERICA APARTMENT COMMUNITIES INC                          | MID AMERICA APARTMENT COMM REIT USD.01                    | CUSIP: 59522J103<br>LEI: 549300FQZKFR5YNSHZ21 | Long             | EC               | CORP              | US        |     24765 | NS      | $3460413.45   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| FREDDIE MAC STACR REMIC TRUST 2021-DNA6                        | FREDDIE MAC   STACR STACR 2021 DNA6 B2 144A               | CUSIP: 35564KLV9<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   1700000 | PA      | $1785625.94   | 0.40%             | 2041-10-25      | Floating      | 11.86%                | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2021-IRON                         | BX TRUST BX 2021 IRON E 144A                              | CUSIP: 05608JAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3762845 | PA      | $3634207.09   | 0.81%             | 2038-02-15      | Floating      | 6.61%                 | No            |                  2 | On Loan: No      |
| NATIXIS COMMERCIAL MORTGAGE SECURITIES TRUST 2022-RRI          | NATIXIS COMMERCIAL MORTGAGE SE NCMS 2022 RRI E 144A       | CUSIP: 63875JAN8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    607500 | PA      | $605264.64    | 0.14%             | 2035-03-15      | Floating      | 9.34%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | BOUGHT CAD SOLD USD 20251002                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $-283.32      | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| COMMERCIAL MTAGE PASSTHRU CERT 2005-C6                         | COMM MORTGAGE TRUST COMM 2005 C6 G 144A                   | CUSIP: 126171AS6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100513 | PA      | $94086.60     | 0.02%             | 2044-06-10      | Variable      | 5.63%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ACCREDIT LOANS 2006-QO6                            | RESIDENTIAL ACCREDIT LOANS, IN RALI 2006 QO6 A2           | CUSIP: 75114NAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4496586 | PA      | $967238.47    | 0.22%             | 2046-06-25      | Floating      | 4.73%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                             | TREASURY BILL 10/25 0.00000                               | CUSIP: 912797RE9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2700000 | PA      | $2691819.81   | 0.60%             | 2025-10-28      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RENAISSANCE HOME EQUITY LOAN TR 2007-1                         | RENAISSANCE HOME EQUITY LOAN T RAMC 2007 1 AF5            | CUSIP: 75970JAH9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9702301 | PA      | $2620156.71   | 0.59%             | 2037-04-25      | Variable      | 5.91%                 | No            |                  2 | On Loan: No      |
| NOMURA ASSET ACCEPTANCE CORP 2006-AR2                          | NOMURA ASSET ACCEPTANCE CORPOR NAA 2006 AR2 3A1           | CUSIP: 65535VUS5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10518484 | PA      | $2144141.32   | 0.48%             | 2036-04-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY CAPITAL I-2005-HQ7                              | MORGAN STANLEY CAPITAL I TRUST MSC 2005 HQ7 E             | CUSIP: 617451BW8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |      8946 | PA      | $8866.27      | 0.00%             | 2042-11-14      | Variable      | 5.44%                 | No            |                  2 | On Loan: No      |
| CAMDEN PROPERTY TRUST                                          | CAMDEN PROPERTY TRUST REIT USD.01                         | CUSIP: 133131102<br>LEI: 5493002MYX22OHYJBD89 | Long             | EC               | CORP              | US        |     32171 | NS      | $3435219.38   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| GREENPOINT MTGE FUNDING TR 2005-AR4                            | GREENPOINT MORTGAGE FUNDING TR GPMF 2005 AR4 3A1          | CUSIP: 39538WBW7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6835003 | PA      | $5460585.98   | 1.22%             | 2045-10-25      | Floating      | 5.55%                 | No            |                  2 | On Loan: No      |
| BOX EQUITIES                                                   | 1 RESEARCH PARK DR REALBX919                              | CUSIP: 955ZQTII9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   7167529 | PA      | $7167528.99   | 1.60%             | 2099-12-31      | None          | 0.00%                 | Yes           |                  3 | On Loan: No      |
| MHC COMMERCIAL MORTGAGE TRUST 2021 MHC2                        | MHC COMMERCIAL MORTGAGE TRUST MHC 2021 MHC2 F 144A        | CUSIP: 55293AAQ0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    800000 | PA      | $801031.68    | 0.18%             | 2038-05-15      | Floating      | 6.66%                 | No            |                  2 | On Loan: No      |
| UNITED STATES GOVT                                             | TREASURY BILL 11/25 0.00000                               | CUSIP: 912797QP5<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2100000 | PA      | $2091563.25   | 0.47%             | 2025-11-06      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SEASONED CREDIT RISK TRANSFER TRUST SERIES 2021-2              | FREDDIE MAC   SCRT SCRT 2021 2 BXS 144A                   | CUSIP: 35563P4Q9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  10960791 | PA      | $8244721.03   | 1.84%             | 2060-11-25      | Variable      | 12.63%                | No            |                  2 | On Loan: No      |
| LEHMAN MORTGAGE TRUST 2007-9                                   | LEHMAN MORTGAGE TRUST LMT 2007 9 2A2                      | CUSIP: 52522XAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   5739662 | PA      | $1384571.77   | 0.31%             | 2037-10-25      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FEDEX BINGHAMTON                                               | FEDEX BINGHAMTON TERM LOAN                                | CUSIP: BA0001BZ5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |  15000000 | PA      | $15000000.00  | 3.35%             | 2026-11-09      | Floating      | 7.12%                 | Yes           |                  3 | On Loan: No      |
| UNITED STATES GOVT                                             | TREASURY BILL 11/25 0.00000                               | CUSIP: 912797RP4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1000000 | PA      | $994686.67    | 0.22%             | 2025-11-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NOMURA ASSET ACCEPTANCE CORP 2006-WF1                          | NOMURA ASSET ACCEPTANCE CORPOR NAA 2006 WF1 A2            | CUSIP: 65537BAB6<br>LEI: N0RUIPD25XQCBR0TK507 | Long             | ABS-MBS          | CORP              | US        |   2062307 | PA      | $533714.14    | 0.12%             | 2036-06-25      | Variable      | 5.75%                 | No            |                  2 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2022-LP2                          | BX TRUST BX 2022 LP2 G 144A                               | CUSIP: 05610HAN3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     70000 | PA      | $69999.45     | 0.02%             | 2039-02-15      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | SOLD CAD BOUGHT USD 20251104                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $-12416.83    | -0.00%            |  |  |  | No            |                  2 | On Loan: No      |
| WELLS FARGO MTGE BACKED SEC TR 2005-AR7                        | WELLS FARGO MORTGAGE BACKED SE WFMBS 2005 AR7 B1          | CUSIP: 94982PAG4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1603414 | PA      | $1323095.82   | 0.30%             | 2035-05-25      | Floating      | 6.11%                 | No            |                  2 | On Loan: No      |
| ESSEX PROPERTY TRUST INC                                       | ESSEX PROPERTY TRUST INC REIT USD.0001                    | CUSIP: 297178105<br>LEI: 549300TR2H2VEFX0NC60 | Long             | EC               | CORP              | US        |     13611 | NS      | $3643120.26   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE COMMERCIAL MORTGAGE SECURITIES TRUST 2018-ASH8 | JP MORGAN CHASE COMMERCIAL MOR JPMCC 2018 ASH8 C 144A     | CUSIP: 46649JAJ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1645570 | PA      | $1609572.78   | 0.36%             | 2035-02-15      | Floating      | 5.75%                 | No            |                  2 | On Loan: No      |
| WHLN 2025-CV3-RF-FF4                                           | WHLN 2025CV3RFFF4 144A WHLNTY9Z4                          | CUSIP: 958RGAII6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  29649008 | PA      | $29700523.45  | 6.64%             | 2027-09-01      | Fixed         | 8.62%                 | No            |                  3 | On Loan: No      |
| UNITED STATES GOVT                                             | TREASURY BILL 11/25 0.00000                               | CUSIP: 912797RQ2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4000000 | PA      | $3975616.68   | 0.89%             | 2025-11-25      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MORGAN STANLEY ABS CAPITAL I 2006-HE8                          | MORGAN STANLEY CAPITAL INC MSAC 2006 HE8 A2B              | CUSIP: 61750SAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6621655 | PA      | $2912072.69   | 0.65%             | 2036-10-25      | Floating      | 4.37%                 | No            |                  2 | On Loan: No      |
| EQUITY RESIDENTIAL                                             | EQUITY RESIDENTIAL REIT USD.01                            | CUSIP: 29476L107<br>LEI: 5493008RACSH5EP3PI59 | Long             | EC               | CORP              | US        |    111633 | NS      | $7226004.09   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED STATES GOVT                                             | TREASURY BILL 12/25 0.00000                               | CUSIP: 912797RR0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $198660.11    | 0.04%             | 2025-12-02      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT AVENUE SECURITIES TRUST 2021-R01                   | FANNIE MAE   CAS CAS 2021 R01 1B2 144A                    | CUSIP: 20754RAJ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |    300000 | PA      | $311552.94    | 0.07%             | 2041-10-25      | Floating      | 10.36%                | No            |                  2 | On Loan: No      |
| CORINTHINA CAPITAL PARTNERS                                    | AVIARA LAKE WORTH REAL029P6                               | CUSIP: 957HZZII3<br>LEI: N/A                  | Long             | RE               | CORP              | US        |   6274619 | OU      | $6274619.06   | 1.40%             |  |  |  | Yes           |                  3 | On Loan: No      |
| GREENPOINT MTGE FUNDING TR 2005-AR4                            | GREENPOINT MORTGAGE FUNDING TR GPMF 2005 AR4 4A2          | CUSIP: 39538WCA4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    272081 | PA      | $234661.39    | 0.05%             | 2045-10-25      | Floating      | 4.99%                 | No            |                  2 | On Loan: No      |
| FREDDIE MAC STACR TRUST 2022-DNA1                              | FREDDIE MAC   STACR STACR 2022 DNA1 B2 144A               | CUSIP: 35564KQZ5<br>LEI: N/A                  | Long             | ABS-MBS          | USGSE             | US        |   2000000 | PA      | $2122694.00   | 0.47%             | 2042-01-25      | Floating      | 11.46%                | No            |                  2 | On Loan: No      |
| ALTERNATIVE LOAN TRUST 2007-20                                 | COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2007 20 A12          | CUSIP: 02151LAM8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3185524 | PA      | $1709310.16   | 0.38%             | 2047-08-25      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | BOUGHT CAD SOLD USD 20251002                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $12440.64     | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| JP MORGAN ALTERNATIVE LN TRUST 2007-A2                         | J.P. MORGAN ALTERNATIVE LOAN T JPALT 2007 A2 12A1         | CUSIP: 466278AC2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4788839 | PA      | $1763614.98   | 0.39%             | 2037-06-25      | Floating      | 4.67%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST 2019-B12                              | BENCHMARK MORTGAGE TRUST BMARK 2019 B12 TCB 144A          | CUSIP: 08162FAZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1807000 | PA      | $1785116.51   | 0.40%             | 2052-08-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| CENTENNIAL AMERICAN PROPERTIES LLC                             | EXR BRIDGE LENDING 2024 BROWNSVILLE DDTL                  | CUSIP: BA00094V5<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   9200000 | PA      | $9077563.18   | 2.03%             | 2029-08-05      | Floating      | 7.49%                 | No            |                  3 | On Loan: No      |
| BX COMMERCIAL MORTGAGE TRUST 2022-AHP                          | BX TRUST BX 2022 AHP E 144A                               | CUSIP: 05610FAF4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    175000 | PA      | $174563.13    | 0.04%             | 2039-01-17      | Floating      | 7.19%                 | No            |                  2 | On Loan: No      |
| EAST ARGENT                                                    | EAST ARGENT FIXED DELAYED DRAW TERM LOAN                  | CUSIP: BA000PTF7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  27489326 | PA      | $27076985.93  | 6.05%             | 2028-02-07      | Fixed         | 0.48%                 | No            |                  3 | On Loan: No      |
| LUXE AND LEGENDS                                               | LUXE AND LEGENDS REAL0B992                                | CUSIP: 955KREII4<br>LEI: N/A                  | Long             | RE               | CORP              | US        |  10146400 | OU      | $10146400.00  | 2.27%             |  |  |  | Yes           |                  3 | On Loan: No      |
| UNITED STATES GOVT                                             | TREASURY BILL 11/25 0.00000                               | CUSIP: 912797RN9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2300000 | PA      | $2289286.65   | 0.51%             | 2025-11-12      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BENCHMARK MORTGAGE TRUST 2019-B12                              | BENCHMARK MORTGAGE TRUST BMARK 2019 B12 TCA 144A          | CUSIP: 08162FAY9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   3147000 | PA      | $3124250.65   | 0.70%             | 2052-08-15      | Variable      | 3.55%                 | No            |                  2 | On Loan: No      |
| CITIGROUP MORTGAGE LOAN TRUST 2015-3                           | CITIGROUP MORTGAGE LOAN TRUST CMLTI 2015 3 1A3 144A       | CUSIP: 17323LAD9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9120828 | PA      | $8259501.09   | 1.85%             | 2036-03-25      | Floating      | 4.98%                 | No            |                  2 | On Loan: No      |
| RESIDENTIAL ACCREDIT LOANS 2006-QO6                            | RESIDENTIAL ACCREDIT LOANS, IN RALI 2006 QO6 A1           | CUSIP: 75114NAA2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   6065560 | PA      | $1273624.47   | 0.28%             | 2046-06-25      | Floating      | 4.63%                 | No            |                  2 | On Loan: No      |
| SODO HOUSE                                                     | SODO HOUSE FIXED TERM LOAN                                | CUSIP: BA00047Q4<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   7350895 | PA      | $7350895.37   | 1.64%             | 2025-11-01      | Fixed         | 11.99%                | No            |                  3 | On Loan: No      |
| BX-2021-SDMF                                                   | BX TRUST BX 2021 SDMF F 144A                              | CUSIP: 12434CAQ7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   9279761 | PA      | $9250108.67   | 2.07%             | 2034-09-15      | Floating      | 6.20%                 | No            |                  2 | On Loan: No      |
| LUX 2023-LION                                                  | LUX 2023 LION LUX 2023 LION C 144A                        | CUSIP: 55067LAE7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2860000 | PA      | $2858792.79   | 0.64%             | 2040-08-15      | Floating      | 8.09%                 | No            |                  2 | On Loan: No      |
| EXTENDED STAY AMERICA TRUST 2021-ESH                           | EXTENDED STAY AMERICA TRUST ESA 2021 ESH F 144A           | CUSIP: 30227FAN0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   8011122 | PA      | $8029510.84   | 1.80%             | 2038-07-15      | Floating      | 7.96%                 | No            |                  2 | On Loan: No      |
| JP MORGAN MTGE ACQUIS CORP 2006-WF1                            | JP MORGAN MORTGAGE ACQUISITION JPMAC 2006 WF1 A6          | CUSIP: 46628SAJ2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   2025784 | PA      | $536058.37    | 0.12%             | 2036-07-25      | Variable      | 6.50%                 | No            |                  2 | On Loan: No      |
| N/A                                                            | SOLD CAD BOUGHT USD 20251104                              | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DFE              |  | CA        |         1 | NC      | $-28194.85    | -0.01%            |  |  |  | No            |                  2 | On Loan: No      |
| MASTR ADJ RATE MTGE TRUST 2007-HF2                             | MASTR ADJUSTABLE RATE MORTGAGE MARM 2007 HF2 A2           | CUSIP: 57645TAB3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   4445666 | PA      | $1758000.49   | 0.39%             | 2037-09-25      | Floating      | 5.37%                 | No            |                  2 | On Loan: No      |
| COUNTRYWIDE ALTERNATIVE LN TR 2006-7CB                         | COUNTRYWIDE ALTERNATIVE LOAN T CWALT 2006 7CB 1A7         | CUSIP: 12668BXY4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1932793 | PA      | $786574.58    | 0.18%             | 2036-05-25      | Floating      | 4.97%                 | No            |                  2 | On Loan: No      |
| ALIGNED DATA CENTERS INTERNATIONAL LP                          | ALIGNED DATA CENTERS INTNL LP 2024 DELAYED DRAW TERM LOAN | CUSIP: BA000K3P4<br>LEI: 2549007PAQ06QVDCLR50 | Long             | LON              | CORP              | US        |  10000000 | PA      | $10006916.20  | 2.24%             | 2029-12-18      | Floating      | 2.03%                 | No            |                  3 | On Loan: No      |
| RF RL HOLDINGS TRUST 2024-1                                    | RF RL HOLDINGS TRUST RFLX 2024 1 A 144A                   | CUSIP: 74983QAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |  96369507 | PA      | $96536949.80  | 21.58%            | 2055-01-28      | Fixed         | 9.15%                 | No            |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-26

**Name of Applicant:** PIMCO Flexible Real Estate Income Fund

**Signature:** /s/ Bijal Parikh

**Name of Signer:** Bijal Parikh

**Title:** Treasurer