# EDGAR Filing Document

**Accession Number:** 0001959172
**File Stem:** 0001213900-25-084856
**Filing Date:** 2025-9
**Character Count:** 188649
**Document Hash:** 818165e22639d8bca603fe31b9e8d161
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-084856.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001213900-25-084856

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 4

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23846
- **FILM NUMBER:** 251295801

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

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

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

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

Investment Company Act File Number <u>811-23846</u>

Redwood Private Real Estate Debt Fund

(Exact name of registrant as specified in charter)

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

(Address of Principal Executive Offices)

Registrant's telephone number, including area code: <u>(414) 299-2270</u>

Ann Maurer

235 West Galena Street

Milwaukee, WI 53212

(Name and Address of Agent for Service)

Copies to:

Joshua B. Deringer, Esq.

Faegre Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103-6996

215-988-2700

Date of fiscal year end: <u>December 31</u>

Date of reporting period: <u>June 30, 2025</u>

**Item 1. Reports to Stockholders.**

(a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "1940 Act").

![](tcov_001.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [Consolidated Schedule of Investments](#T701) | 1 |
|  [Consolidated Summary of Investments](#T702) | 11 |
|  [Consolidated Statement of Assets and Liabilities](#T703) | 12 |
|  [Consolidated Statement of Operations](#T704) | 13 |
|  [Consolidated Statements of Changes in Net Assets](#T705) | 14 |
|  [Consolidated Statement of Cash Flows](#T706) | 15 |
|  [Consolidated Financial Highlights](#T707) | 16 |
|  [Notes to the Consolidated Financial Statements](#T708) | 17 |
|  [Other Information](#T709) | 46 |

---

------

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Schedule of Investments<br> June 30, 2025 (Unaudited)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Principal <br>Amount <br>($) |  | Spread | Coupon <br>Rate <br>(%) | Maturity | Fair Value |
|  | **Commercial Real Estate — 172.1%**<sup>1,2</sup> |  |  |  |  |
|  | **Participation Notes — 56.6%** |  |  |  |  |
|  | **Condominium Development — 5.6%** |  |  |  |  |
| 10956664 | 3391 – ZDJ W 37, LLC<sup>3</sup> | SOFR1M + 5.50%; floor 9.25% | 9.88 | 3/4/2027 | $10956664 |
| 934281 | 3398 – 305 Briny<sup>3</sup> | SOFR1M + 5.25%; floor 10.00% | 10.00 | 9/27/2026 | 934281 |
| 4471596 | 3399 – Malibu, LLC<sup>3</sup> | SOFR1M + 5.00%; floor 9.00% | 9.38 | 10/30/2026 | 4471596 |
| 5312590 | TL Mosaika, LLC<sup>3</sup> | SOFR1M + 9.69% | 14.00 | 4/30/2026 | 5312590 |
|  |  |  |  |  | 21675131 |
|  | **Hospitality — 7.2%** |  |  |  |  |
| 9918134 | 3330 – 3601 Parking, LLC & N Ocean Blvd, LLC<sup>3</sup> | SOFR1M + 5.10%; floor 10.25% | 10.25 | 10/31/2025 | 9918134 |
| 12500000 | 3333 – McRopp New York Royal44, LLC<sup>3</sup> | SOFR1M + 5.25%; floor 10.50% | 10.50 | 11/29/2025 | 12500000 |
| 5408271 | 3356 – GK West 47<sup>th</sup>, LLC<sup>3</sup> | SOFR1M + 5.67%; floor 11.00% | 11.00 | 3/7/2026 | 5408271 |
|  |  |  |  |  | 27826405 |
|  | **Industrial — 2.2%** |  |  |  |  |
| 1190293 | 3320 – Howell Lendco, LLC<sup>3</sup> | SOFR1M + 5.21%; floor 10.51% | 10.51 | 9/22/2025 | 1190293 |
| 1300000 | 3335 – Cromwell Inwood, LLC<sup>3</sup> | SOFR1M + 5.50%; floor 10.83% | 10.83 | 11/27/2025 | 1300000 |
| 6000000 | 3394 – Sunnyvale Park Place & Commons<sup>3</sup> | SOFR1M + 5.00%; floor 9.00% | 9.38 | 9/17/2027 | 6000000 |
|  |  |  |  |  | 8490293 |
|  | **Mixed Use Development — 20.3%** |  |  |  |  |
| 2942374 | 3340 – San Antonio Palo Alto, LLC<sup>3</sup> | SOFR1M + 6.20%; floor 11.50% | 11.50 | 12/15/2025 | 2942374 |
| 6590000 | 3349 – Hillcrest Cedar Property Owner, LLC<sup>3</sup> | SOFR1M + 5.75%; floor 10.75% | 10.75 | 1/9/2026 | 6590000 |
| 14500000 | 3354 – L Island City, LLC<sup>3</sup> | SOFR1M + 5.25%; floor 10.25% | 10.25 | 2/22/2026 | 14500000 |
| 3806482 | 3358 – 123 Speer Owner, LP<sup>3</sup> | SOFR1M + 5.25%; floor 10.25% | 10.25 | 3/19/2026 | 3806482 |
| 41000000 | 3368 – Carlisle New York Apartments, LLC<sup>3</sup> | SOFR1M + 6.20%; floor 10.25% | 10.63 | 5/8/2026 | 41000000 |
| 2500000 | 3372 – 3151 NF Owner, LLC<sup>3</sup> | SOFR1M + 5.25%; floor 10.57% | 10.57 | 6/5/2026 | 2500000 |
| 7359092 | TL Pepperell Mill, LLC | SOFR1M + 15.83% | 19.72 | 12/23/2026 | 7359092 |
|  |  |  |  |  | 78697948 |
|  | **Multifamily — 10.7%** |  |  |  |  |
| 3470000 | 3303 – 150 Lefferts Ave./55 East 21<sup>st</sup> Street<sup>3</sup> | SOFR1M + 5.20%; floor 10.00% | 10.00 | 5/1/2025 | 3470000 |
| 12400000 | 3344 – 1600 North 11, LLC<sup>3</sup> | SOFR1M + 5.50%; floor 10.75% | 10.75 | 7/26/2025 | 12400000 |
| 4000000 | 3359 – Nalskihouse MT, LLC<sup>3</sup> | SOFR1M + 5.68%; floor 11.00% | 11.00 | 3/22/2026 | 4000000 |
| 3500000 | 3360 – JC Roxy, LLC<sup>3</sup> | SOFR1M + 5.25%; floor 10.58% | 10.58 | 3/22/2026 | 3500000 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Schedule of Investments (Continued)<br> June 30, 2025 (Unaudited)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Principal <br>Amount <br>($) |  | Spread | Coupon <br>Rate <br>(%) | Maturity | Fair Value |
| 11500000 | 3371 – Greyhawk SSOF Ruckus Lend, LLC<sup>3</sup> | SOFR1M + 5.00%; floor 9.50% | 9.50 | 5/10/2026 | $11500000 |
| 6566202 | 3407 – 57 Canton Place<sup>3</sup> | SOFR1M + 5.39%; floor 10.00% | 10.00 | 12/23/2026 | 6566202 |
|  |  |  |  |  | 41436202 |
|  | **Office — 1.0%** |  |  |  |  |
| 4000000 | 3341 – Ferncroft, LLC<sup>3</sup> | SOFR1M + 5.25%; floor 10.50% | 10.50 | 12/18/2025 | 4000000 |
|  | **Predevelopment — 5.9%** |  |  |  |  |
| 1000000 | 3378 – Bancroft Cedar Property Owner, LLC<sup>3</sup> | SOFR1M + 5.75%; floor 10.74% | 10.74 | 7/3/2026 | 1000000 |
| 2900000 | 3397 – 33 Alhambra Circle<sup>3</sup> | SOFR1M + 5.20%; floor 10.54% | 10.54 | 9/20/2025 | 2900000 |
| 3827634 | 3403 – Nash Street Property Associates, LLC<sup>3</sup> | SOFR1M + 5.00%; floor 10.00% | 10.00 | 1/1/2027 | 3827634 |
| 3000000 | 3406 – 601 & 621 West Summit Ave. Spruce St.<sup>3</sup> | SOFR1M + 6.05%; floor 10.25% | 10.38 | 1/8/2027 | 3000000 |
| 4631540 | 3413 – 700, 706, & 710 Division Street & 714 8<sup>th</sup> Avenue South<sup>3</sup> | SOFR1M + 7.25%; floor 11.35% | 10.25 | 3/12/2027 | 4631540 |
| 4400000 | 3422 – 119, 131, & 137 NW 29<sup>th</sup> 112, 120, 130, & 138 NW<sup>3</sup> | SOFR1M + 6.50%; floor 10.50% | 10.38 | 3/21/2027 | 4400000 |
| 3239069 | 3434 – 1 Water Street<sup>3</sup> | SOFR1M + 6.75%; floor 11.05% | 10.13 | 4/29/2027 | 3239069 |
|  |  |  |  |  | 22998243 |
|  | **Single Family — 3.5%** |  |  |  |  |
| 1000000 | 3326 – Elgny, LLC<sup>3</sup> | SOFR1M + 5.00%; floor 10.25% | 10.25 | 10/6/2025 | 1000000 |
| 2900220 | 3383 – Textor Family Holdings, LLC<sup>3</sup> | SOFR1M + 5.25%; floor 10.57% | 10.57 | 11/1/2025 | 2900220 |
| 5792210 | 3412 – 105 – 107 Bank Street<sup>3</sup> | SOFR1M + 6.25%; floor 10.62% | 10.62 | 7/24/2026 | 5792210 |
| 905000 | 3412 – 01 – 105 – 107 Bank Street<sup>3</sup> | SOFR1M + 6.25%; floor 10.62% | 10.62 | 7/24/2026 | 905000 |
| 3000000 | 3424 – Colony 29 Palm Springs<sup>3</sup> | SOFR1M + 5.70%; floor 10.00% | 10.13 | 4/7/2027 | 3000000 |
|  |  |  |  |  | 13597430 |
|  | **Single Family/Multifamily — 0.2%** |  |  |  |  |
| 884520 | 3314 – VM Equities #3<sup>3</sup> | SOFR1M + 5.25%; floor 9.75% | 9.75 | 7/28/2025 | 884520 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total Participation Notes <br>(Cost $219,606,172) |  |  |  | 219606172 |
|  | **Real Estate Mortgages — 115.5%** |  |  |  |  |
|  | **2 – 4 Units — 17.0%** |  |  |  |  |
| 840000 | 98322 – 66 Line, LLC<sup>4</sup> | N/A | 10.75 | 10/1/2025 | 840000 |
| 1425000 | 99183 – 331 N. Olive St. Holding, LLC<sup>5</sup> | N/A | 10.00 | 11/1/2025 | 1425000 |
| 1522020 | 99191 – 2204 Conquista Ave. Holding, LLC<sup>5</sup> | N/A | 10.00 | 11/1/2025 | 1522020 |
| 1137000 | 101219 – ACE Jaynes, LLC<sup>5</sup> | N/A | 9.75 | 12/1/2025 | 1137000 |
| 4741822 | 104356 – RRCap-FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 2/1/2026 | 4741822 |
| 4741822 | 104357 – RRCap-FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 2/1/2026 | 4741822 |
| 4741822 | 104358 – RRCap-FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 2/1/2026 | 4741822 |
| 4197917 | 104359 – RRCap-FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 2/1/2026 | 4197917 |
| 4570253 | 104360 – RRCap-FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 2/1/2026 | 4570253 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Schedule of Investments (Continued)<br> June 30, 2025 (Unaudited)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Principal <br>Amount <br>($) |  | Spread | Coupon <br>Rate <br>(%) | Maturity | Fair Value |
| 4741821 | 104361 – RRCap-FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 2/1/2026 | $4741821 |
| 3825580 | 104362 – RRCap-FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 2/1/2026 | 3825580 |
| 4369483 | 104363 – RRCap-FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 2/1/2026 | 4369483 |
| 4369483 | 104364 – RRCap-FA Shingletree, LLC<sup>4</sup> | N/A | 9.63 | 2/1/2026 | 4369483 |
| 780000 | 106533 – Eagle OZB I, LP<sup>5</sup> | N/A | 9.13 | 3/1/2026 | 780000 |
| 780000 | 106536 – Eagle OZB I, LP<sup>5</sup> | N/A | 9.13 | 3/1/2026 | 780000 |
| 780000 | 106538 – Eagle OZB I, LP<sup>5</sup> | N/A | 9.13 | 3/1/2026 | 780000 |
| 286148 | 106767 – Torre Projects, LLC<sup>5</sup> | N/A | 9.00 | 8/1/2026 | 286148 |
| 913150 | 111089 – 317 – 319 Laurel Avenue, LLC<sup>4</sup> | N/A | 9.43 | 11/12/2025 | 913150 |
| 3543000 | 112319 – 1120 Coronado CS, LLC<sup>4</sup> | N/A | 8.87 | 12/1/2025 | 3543000 |
| 191675 | 112340 – Wivilmi Investments, LLC<sup>4</sup> | N/A | 9.10 | 5/1/2026 | 191675 |
| 1591169 | 112351 – BV Homes, LLC<sup>4</sup> | N/A | 9.17 | 1/1/2026 | 1591169 |
| 1280000 | 113734 – MF Real Estate Investment, LLC<sup>5</sup> | N/A | 9.10 | 7/1/2026 | 1280000 |
| 1344759 | 113824 – Caterra Property 3, LLC<sup>4</sup> | N/A | 9.04 | 7/1/2026 | 1344759 |
| 1572440 | 114221 – CF 4942 Topanga, LLC<sup>4</sup> | N/A | 8.92 | 9/1/2026 | 1572440 |
| 1003791 | 117318 – 662 Granada St., LLC<sup>4</sup> | N/A | 8.50 | 8/1/2026 | 1003791 |
| 226587 | 118866 – BV Homes LLC<sup>4</sup> | N/A | 8.50 | 3/1/2026 | 226587 |
| 463000 | 120294 – IVCM Holdings, LLC<sup>4</sup> | N/A | 8.13 | 4/1/2026 | 463000 |
| 221880 | 121271 – DK Advantage, LLC<sup>4</sup> | N/A | 9.14 | 11/1/2025 | 221880 |
| 1095000 | 123488 – IDS Construction Company, LLC<sup>4</sup> | N/A | 9.24 | 6/1/2026 | 1095000 |
| 3300000 | 124922 – GS West Coast Investments, LLC<sup>4</sup> | N/A | 8.86 | 4/1/2026 | 3300000 |
| 254970 | 125124 – 526 NW 15<sup>th</sup> Terr, LLC<sup>4</sup> | N/A | 8.74 | 1/1/2027 | 254970 |
| 314463 | 125125 – 634 NW 12<sup>th</sup> Ave, LLC<sup>4</sup> | N/A | 8.74 | 1/1/2027 | 314463 |
| 60000 | 126032 – Charleston Affordable Development Group, LLC<sup>4</sup> | N/A | 8.92 | 1/1/2027 | 60000 |
| 446250 | 126258 – 1124 NW 2<sup>nd</sup> St., LLC<sup>4</sup> | N/A | 8.74 | 10/1/2026 | 446250 |
| 313000 | 126260 – 805 NW 12<sup>th</sup> Ave, LLC<sup>4</sup> | N/A | 8.74 | 10/1/2026 | 313000 |
|  |  |  |  |  | 65985305 |
|  | **Condominium Development — 11.3%** |  |  |  |  |
| 2960000 | 98803 – Moon Equities, LLC<sup>5</sup> | N/A | 10.00 | 11/1/2025 | 2960000 |
| 3465000 | 100597 – 2303 Delancey, LLC<sup>5</sup> | N/A | 10.63 | 8/5/2025 | 3465000 |
| 3976050 | 102044 – Lian 166 Washington, LLC<sup>5</sup> | N/A | 9.25 | 4/1/2026 | 3976050 |
| 165270 | 104497 – RSBY Holdings, LLC<sup>4</sup> | N/A | 9.69 | 1/1/2026 | 165270 |
| 785000 | 104677 – Daest, LLC<sup>5</sup> | N/A | 9.50 | 7/1/2026 | 785000 |
| 1999729 | 106918 – HLPG 406 Midwood, LLC<sup>5</sup> | N/A | 8.90 | 10/1/2025 | 1999729 |
| 1286190 | 107595 – Dolphin Shores Investments, LLC<sup>5</sup> | N/A | 9.00 | 2/1/2026 | 1286190 |
| 46805 | 107891 – 10225 Investments, LLC<sup>4</sup> | N/A | 9.12 | 6/1/2026 | 46805 |
| 1385000 | 108203 – Kirkland 7, LLC<sup>4</sup> | N/A | 8.92 | 6/1/2026 | 1385000 |
| 2082217 | 109192 – BV Homes, LLC<sup>5</sup> | N/A | 8.90 | 10/1/2025 | 2082217 |
| 2308431 | 109322 – 3A Parc, LLC<sup>5</sup> | N/A | 8.90 | 4/1/2026 | 2308431 |
| 3000000 | 110003 – 791 Crandon Holding 707, LLC<sup>5</sup> | N/A | 8.90 | 10/1/2026 | 3000000 |
| 1538130 | 110011 – Dolphin Shores Investments, LLC<sup>5</sup> | N/A | 9.00 | 2/1/2026 | 1538130 |
| 287000 | 112735 – Hyde L303, LLC<sup>5</sup> | N/A | 9.00 | 5/1/2026 | 287000 |
| 420000 | 112961 – Veluva, LLC<sup>4</sup> | N/A | 9.06 | 12/1/2026 | 420000 |
| 602000 | 114713 – MG Property Group 2, LLC<sup>4</sup> | N/A | 8.98 | 7/1/2026 | 602000 |
| 1111000 | 115378 – Buza Family Trust, LLC<sup>4</sup> | N/A | 8.73 | 7/1/2026 | 1111000 |
| 1740976 | 116028 – 12 Geneva St, LLC<sup>4</sup> | N/A | 9.17 | 7/1/2026 | 1740976 |
| 2698746 | 117241 – 1813 – 60 Binyan, LLC<sup>4</sup> | N/A | 8.92 | 3/3/2026 | 2698746 |
| 734600 | 118912 – North Fitzhugh LP, LLC<sup>4</sup> | N/A | 8.92 | 10/1/2026 | 734600 |
| 647628 | 119128 – Burien 10, LLC<sup>4</sup> | N/A | 9.05 | 9/1/2026 | 647628 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Schedule of Investments (Continued)<br> June 30, 2025 (Unaudited)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Principal <br>Amount <br>($) |  | Spread | Coupon <br>Rate <br>(%) | Maturity | Fair Value |
| 610378 | 119132 – Burien 10, LLC<sup>4</sup> | N/A | 9.05 | 9/1/2026 | $610378 |
| 569104 | 119137 – Burien 10, LLC<sup>4</sup> | N/A | 9.05 | 9/1/2026 | 569104 |
| 1462460 | 120373 – 46 Fayette, LLC<sup>4</sup> | N/A | 8.73 | 4/1/2027 | 1462460 |
| 2230555 | 120964 – 4 – 8 E. Springfield, LLC<sup>5</sup> | N/A | 8.50 | 7/1/2026 | 2230555 |
| 684000 | 121664 – Platinum Enterprise, LLC<sup>5</sup> | N/A | 8.84 | 8/1/2026 | 684000 |
| 1197687 | 124118 – MIA Residences, LLC<sup>4</sup> | N/A | 8.86 | 12/1/2026 | 1197687 |
| 1152372 | 124121 – MIA Residences, LLC<sup>4</sup> | N/A | 8.86 | 12/1/2026 | 1152372 |
| 240000 | 125229 – La Sabana, LLC<sup>4</sup> | N/A | 8.93 | 7/1/2027 | 240000 |
| 260250 | 125300 – Andyvale, LLC<sup>4</sup> | N/A | 8.74 | 1/1/2027 | 260250 |
| 180000 | 125337 – Schurman Cottages, LLC<sup>4</sup> | N/A | 9.05 | 1/1/2027 | 180000 |
| 1811250 | 125694 – Damai Resort Investments, LLC<sup>4</sup> | N/A | 8.00 | 7/1/2026 | 1811250 |
|  |  |  |  |  | 43637828 |
|  | **Multifamily — 15.3%** |  |  |  |  |
| 1600199 | 83824 – 2511 NW 25 Ave., LLC<sup>4</sup> | N/A | 10.82 | 11/1/2025 | 1600199 |
| 1638800 | 92567 – BSD Drexel, LLC<sup>4</sup> | N/A | 10.06 | 3/1/2025 | 1638800 |
| 2097012 | 96228 – 10229 – 10233 Eton Avenue, LLC<sup>4</sup> | N/A | 10.00 | 10/1/2025 | 2097012 |
| 2083644 | 96229 – 10229 – 10233 Eton Avenue, LLC<sup>4</sup> | N/A | 10.00 | 10/1/2025 | 2083644 |
| 1704919 | 96483 – Affordable Housing Group LTD, LLC<sup>4</sup> | N/A | 10.00 | 6/1/2026 | 1704919 |
| 4078912 | 96921 – 514 LA Flor, LLC<sup>4</sup> | N/A | 10.13 | 11/1/2025 | 4078912 |
| 1665039 | 98767 – 426 E. 17<sup>th</sup> St., LLC<sup>5</sup> | N/A | 10.13 | 5/1/2025 | 1665039 |
| 1437192 | 98769 – 1292 Beauregard, LLC<sup>5</sup> | N/A | 10.00 | 6/1/2025 | 1437192 |
| 1400383 | 98771 – 1292 Beauregard, LLC<sup>5</sup> | N/A | 10.00 | 6/1/2025 | 1400383 |
| 3920000 | 100388 – Nash Bami, LLC<sup>4</sup> | N/A | 9.75 | 12/1/2025 | 3920000 |
| 4409437 | 101296 – 5700 Clemson, LLC<sup>4</sup> | N/A | 10.13 | 1/1/2026 | 4409437 |
| 3035308 | 102111 – Westlake Mountainview, LLC<sup>4</sup> | N/A | 10.13 | 1/1/2026 | 3035308 |
| 1387000 | 107081 – Abode Multifamily Opportunity Fund I, LLC<sup>5</sup> | N/A | 9.88 | 9/1/2025 | 1387000 |
| 3609000 | 108769 – TRG Inglewood, LLC<sup>5</sup> | N/A | 9.00 | 4/1/2026 | 3609000 |
| 1469569 | 117205 – Axon Real Estate Investments, LLC<sup>4</sup> | N/A | 8.98 | 7/1/2026 | 1469569 |
| 4445057 | 117439 – Valor Tower, Inc<sup>4</sup> | N/A | 9.23 | 9/1/2026 | 4445057 |
| 2072000 | 118242 – Ramsgate Property, LLC<sup>4</sup> | N/A | 9.16 | 4/1/2026 | 2072000 |
| 484253 | 120680 – 907 Morton St., LLC<sup>4</sup> | N/A | 9.91 | 4/1/2026 | 484253 |
| 2865000 | 121026 – Sweet Home Advisors, LLC<sup>4</sup> | N/A | 8.90 | 5/1/2026 | 2865000 |
| 338751 | 121154 – W Baker St. Apts., LLC<sup>4</sup> | N/A | 8.84 | 10/1/2026 | 338751 |
| 1650000 | 121620 – 2305 Tamarind Drive, LLC<sup>4</sup> | N/A | 9.22 | 11/1/2026 | 1650000 |
| 7200000 | 123392 – 429 13<sup>th</sup> St. NE, LLC<sup>4</sup> | N/A | 9.70 | 6/1/2026 | 7200000 |
| 3245000 | 123469 – 5601 Fishburn, LLC<sup>4</sup> | N/A | 9.30 | 6/1/2026 | 3245000 |
| 1512986 | 123913 – 30 NW 59 Street Investment, LLC<sup>4</sup> | N/A | 9.49 | 1/1/2027 | 1512986 |
|  |  |  |  |  | 59349461 |
|  | **Single Family — 65.5%** |  |  |  |  |
| 2957931 | 91530 – RRCAP-FA Blume Road, LLC<sup>4</sup> | N/A | 10.55 | 1/1/2026 | 2957931 |
| 184597 | 91574 – A5 International Properties, LLC<sup>4</sup> | N/A | 10.31 | 10/1/2025 | 184597 |
| 184923 | 91575 – A5 International Properties, LLC<sup>4</sup> | N/A | 10.31 | 10/1/2025 | 184923 |
| 180925 | 91576 – A5 International Properties, LLC<sup>4</sup> | N/A | 10.31 | 10/1/2025 | 180925 |
| 140052 | 91577 – A5 International Properties, LLC<sup>4</sup> | N/A | 10.31 | 10/1/2025 | 140052 |
| 126435 | 91578 – A5 International Properties, LLC<sup>4</sup> | N/A | 10.31 | 10/1/2025 | 126435 |
| 1688807 | 92804 – Dylan Mason Luxury Homes, LLC<sup>5</sup> | N/A | 10.12 | 11/1/2025 | 1688807 |
| 39283 | 94110 – A5 International Properties, LLC<sup>4</sup> | N/A | 10.00 | 12/17/2025 | 39283 |
| 143363 | 94111 – A5 International Properties, LLC<sup>4</sup> | N/A | 10.00 | 7/1/2025 | 143363 |
| 139699 | 94112 – A5 International Properties, LLC<sup>4</sup> | N/A | 10.00 | 7/1/2025 | 139699 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Schedule of Investments (Continued)<br> June 30, 2025 (Unaudited)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Principal <br>Amount <br>($) | Spread | Coupon <br>Rate <br>(%) | Maturity | Fair Value |
| 118305<br> 94113 – A5 International Properties, LLC<sup>4</sup> | N/A | 10.00 | 7/1/2025 | $118305 |
| 33811<br> 94114 – A5 International Properties, LLC<sup>4</sup> | N/A | 10.00 | 2/1/2026 | 33811 |
| 2616251<br> 96752 – Rhino Homes, LLC<sup>5</sup> | N/A | 9.82 | 8/1/2025 | 2616251 |
| 3097718<br> 97931 – 2316 PCDEV, LLC<sup>5</sup> | N/A | 10.00 | 1/1/2026 | 3097718 |
| 1514008<br> 98104 – Desert Modern Development, LLC<sup>5</sup> | N/A | 10.13 | 3/1/2026 | 1514008 |
| 4614831<br> 98258 – 1740 PCDEV, LLC<sup>5</sup> | N/A | 10.00 | 11/1/2025 | 4614831 |
| 1006436<br> 98617 – Lakeview Real Estate Fund, LLC<sup>4</sup> | N/A | 9.75 | 5/1/2026 | 1006436 |
| 850301<br> 98618 – Lakeview Real Estate Fund, LLC<sup>4</sup> | N/A | 9.75 | 5/1/2026 | 850301 |
| 1005436<br> 98619 – Lakeview Real Estate Fund, LLC<sup>4</sup> | N/A | 9.75 | 5/1/2026 | 1005436 |
| 1005436<br> 98620 – Lakeview Real Estate Fund, LLC<sup>4</sup> | N/A | 9.75 | 5/1/2026 | 1005436 |
| 3997500<br> 98834 – 1770 Bay Blvd., LLC<sup>5</sup> | N/A | 10.13 | 1/1/2026 | 3997500 |
| 2235321<br> 99269 – 1688 Sunset Plaza Drive Partners, LLC<sup>4</sup> | N/A | 10.07 | 12/1/2025 | 2235321 |
| 480000<br> 99956 – Mao Developers, LLC<sup>4</sup> | N/A | 10.44 | 11/1/2025 | 480000 |
| 1824899<br> 100356 – NRM Group, LLC<sup>4</sup> | N/A | 10.00 | 5/1/2026 | 1824899 |
| 1104698<br> 100357 – NRM Group, LLC<sup>4</sup> | N/A | 10.00 | 5/1/2026 | 1104698 |
| 2314457<br> 100358 – NRM Group, LLC<sup>4</sup> | N/A | 10.00 | 5/1/2026 | 2314457 |
| 975155<br> 100359 – NRM Group, LLC<sup>4</sup> | N/A | 10.00 | 5/1/2026 | 975155 |
| 250971<br> 100364 – Brilliant Funding, LLC<sup>4</sup> | N/A | 10.00 | 7/1/2025 | 250971 |
| 254371<br> 100369 – Brilliant Funding, LLC<sup>4</sup> | N/A | 10.00 | 7/1/2025 | 254371 |
| 252671<br> 100370 – Brilliant Funding, LLC<sup>4</sup> | N/A | 10.00 | 7/1/2025 | 252671 |
| 227678<br> 100371 – Brilliant Funding, LLC<sup>4</sup> | N/A | 10.00 | 7/1/2025 | 227678 |
| 1204000<br> 100408 – HARING57, LLC<sup>5</sup> | N/A | 10.00 | 6/1/2025 | 1204000 |
| 595000<br> 100937 – indiePlanet Global, LLC Series 4<sup>5</sup> | N/A | 9.50 | 8/1/2025 | 595000 |
| 631400<br> 100939 – indiePlanet Global, LLC Series 4<sup>5</sup> | N/A | 9.69 | 8/1/2025 | 631400 |
| 1579190<br> 101115 – MSR Starglide Canterbury Homes, LLC<sup>5</sup> | N/A | 9.19 | 8/1/2025 | 1579190 |
| 2858728<br> 101221 – USA Luxury Developer II, Inc.<sup>5</sup> | N/A | 10.00 | 12/1/2025 | 2858728 |
| 936046<br> 101227 – Rhoi Properties, Inc<sup>4</sup> | N/A | 10.00 | 1/1/2026 | 936046 |
| 540851<br> 101246 – White Sand Real Estate Solutions, LLC<sup>5</sup> | N/A | 10.25 | 2/1/2026 | 540851 |
| 539276<br> 101248 – White Sand Real Estate Solutions, LLC<sup>5</sup> | N/A | 10.25 | 2/1/2026 | 539276 |
| 1007750<br> 101753 – NRI Portfolios, LLC<sup>4</sup> | N/A | 10.00 | 12/1/2025 | 1007750 |
| 1716201<br> 101808 – Educate Capital, LLC<sup>5</sup> | N/A | 10.00 | 12/1/2025 | 1716201 |
| 666291<br> 101873 – Valentin Construction & Development, LLC<sup>5</sup> | N/A | 9.94 | 7/1/2026 | 666291 |
| 1155921<br> 102093 – Danva Prosper Fontanarosa Homes, LLC<sup>4</sup> | N/A | 10.00 | 6/1/2026 | 1155921 |
| 1308524<br> 102094 – Danva Prosper Fontanarosa Homes, LLC<sup>4</sup> | N/A | 10.00 | 6/1/2026 | 1308524 |
| 1418731<br> 102095 – Danva Prosper Fontanarosa Homes, LLC<sup>4</sup> | N/A | 10.00 | 6/1/2026 | 1418731 |
| 887330<br> 102096 – Danva Prosper Fontanarosa Homes, LLC<sup>4</sup> | N/A | 10.00 | 6/1/2026 | 887330 |
| 1332035<br> 102097 – Danva Prosper Fontanarosa Homes, LLC<sup>4</sup> | N/A | 10.00 | 6/1/2026 | 1332035 |
| 1748895<br> 102126 – 19142 Keswick St., LLC<sup>5</sup> | N/A | 10.06 | 1/1/2026 | 1748895 |
| 748000<br> 102137 – Gill Development, LLC<sup>5</sup> | N/A | 9.75 | 1/1/2026 | 748000 |
| 51375<br> 102535 – TRMF & Associates, LLC<sup>4</sup> | N/A | 10.13 | 12/1/2025 | 51375 |
| 250000<br> 102696 – 4798 NE 2<sup>nd</sup> Ave., LLC<sup>4</sup> | N/A | 9.56 | 7/1/2026 | 250000 |
| 250000<br> 102697 – 4798 NE 2<sup>nd</sup> Ave., LLC<sup>4</sup> | N/A | 10.00 | 7/1/2026 | 250000 |
| 250000<br> 102698 – 4798 NE 2<sup>nd</sup> Ave., LLC<sup>4</sup> | N/A | 10.00 | 7/1/2026 | 250000 |
| 206318<br> 103728 – Barcel LLC<sup>4</sup> | N/A | 9.88 | 1/1/2026 | 206318 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Schedule of Investments (Continued)<br> June 30, 2025 (Unaudited)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Principal <br>Amount <br>($) | Spread | Coupon <br>Rate <br>(%) | Maturity | Fair Value |
| 914328<br> 103771 – Rhino Homes, LLC<sup>5</sup> | N/A | 10.07 | 1/1/2026 | $914328 |
| 908427<br> 103772 – Rhino Homes, LLC<sup>5</sup> | N/A | 10.07 | 1/1/2026 | 908427 |
| 895900<br> 103778 – Erin Maher<sup>5</sup> | N/A | 10.13 | 1/1/2026 | 895900 |
| 301205<br> 103790 – Winner Participations, LLC<sup>4</sup> | N/A | 9.69 | 7/1/2026 | 301205 |
| 375840<br> 103980 – KPI Equity Holdings I, LLC<sup>5</sup> | N/A | 9.69 | 2/1/2026 | 375840 |
| 2297238<br> 104480 – Elmer Avenue, LLC<sup>5</sup> | N/A | 9.81 | 2/1/2026 | 2297238 |
| 1118347<br> 105003 – 43 Westwood, LLC<sup>4</sup> | N/A | 9.81 | 8/1/2026 | 1118347 |
| 1434256<br> 105004 – 43 Westwood, LLC<sup>4</sup> | N/A | 9.81 | 8/1/2026 | 1434256 |
| 1179685<br> 105005 – 43 Westwood, LLC<sup>4</sup> | N/A | 9.81 | 8/1/2026 | 1179685 |
| 1194601<br> 105006 – 43 Westwood, LLC<sup>4</sup> | N/A | 9.81 | 8/1/2026 | 1194601 |
| 1574068<br> 105178 – Efrain Hendy Zaga and Denisse Esquenazi Opatowski<sup>5</sup> | N/A | 9.25 | 8/1/2026 | 1574068 |
| 2046721<br> 105243 – GT Three, LLC<sup>4</sup> | N/A | 9.62 | 8/1/2025 | 2046721 |
| 2204439<br> 105247 – GT Three, LLC<sup>4</sup> | N/A | 9.54 | 11/1/2025 | 2204439 |
| 1314587<br> 105261 – SeaScape Homes, LLC<sup>5</sup> | N/A | 9.00 | 4/1/2026 | 1314587 |
| 1235000<br> 105366 – Rhino Homes, LLC<sup>5</sup> | N/A | 9.50 | 2/1/2026 | 1235000 |
| 259000<br> 105459 – Oleduga, LLC<sup>5</sup> | N/A | 9.63 | 8/1/2026 | 259000 |
| 2100000<br> 105880 – B Cove Investments, LLC<sup>5</sup> | N/A | 9.13 | 3/1/2026 | 2100000 |
| 299464<br> 106039 – Moonlighting Property Investment, LLC<sup>5</sup> | N/A | 9.94 | 2/1/2026 | 299464 |
| 624592<br> 107094 – Grande Vita Homes, LLC<sup>4</sup> | N/A | 9.43 | 2/1/2026 | 624592 |
| 358000<br> 107180 – 902 8<sup>th</sup> St., LLC<sup>4</sup> | N/A | 9.50 | 2/1/2026 | 358000 |
| 466506<br> 107654 – Cardinal Capital Investment Group, LLC<sup>5</sup> | N/A | 9.00 | 10/1/2025 | 466506 |
| 1399000<br> 107836 – Mahi Mahi 935, LLC<sup>5</sup> | N/A | 9.50 | 3/1/2026 | 1399000 |
| 179496<br> 107845 – Keys of Tomorrow, LLC<sup>5</sup> | N/A | 9.06 | 3/1/2026 | 179496 |
| 2410324<br> 107884 – Blake Development of the Palm Beaches, LLC<sup>4</sup> | N/A | 9.35 | 2/1/2027 | 2410324 |
| 102850<br> 107997 – Mercado Rodriguez, LLC<sup>4</sup> | N/A | 9.38 | 3/1/2026 | 102850 |
| 1820000<br> 108077 – Fifth Avenue Wyn, LLC<sup>4</sup> | N/A | 8.98 | 3/1/2026 | 1820000 |
| 1516381<br> 108167 – Lime Builders, LLC<sup>5</sup> | N/A | 9.00 | 10/1/2026 | 1516381 |
| 1607839<br> 108184 – Osprey Ocean, LLC<sup>4</sup> | N/A | 9.18 | 6/1/2026 | 1607839 |
| 2059711<br> 108252 – Hurricane Construction, Inc<sup>5</sup> | N/A | 9.00 | 11/1/2025 | 2059711 |
| 1371406<br> 108299 – WTM Construction Inc.<sup>5</sup> | N/A | 8.90 | 4/1/2026 | 1371406 |
| 1706058<br> 108301 – WTM Construction Inc.<sup>5</sup> | N/A | 9.00 | 4/1/2026 | 1706058 |
| 1731262<br> 108767 – 2717 NE 29<sup>th</sup> Street, LLC<sup>4</sup> | N/A | 8.90 | 4/1/2026 | 1731262 |
| 2413684<br> 108872 – Addison Hesby, LLC<sup>4</sup> | N/A | 8.87 | 3/1/2026 | 2413684 |
| 212722<br> 109030 – VLC Construction & Design, LLC<sup>5</sup> | N/A | 9.19 | 4/1/2026 | 212722 |
| 389270<br> 109196 – Nexo Investors, LLC<sup>5</sup> | N/A | 9.00 | 5/1/2026 | 389270 |
| 375164<br> 109339 – Scott Springs Assets, LLC<sup>5</sup> | N/A | 9.19 | 5/1/2026 | 375164 |
| 1079532<br> 109398 – 1515 Blake, LLC<sup>5</sup> | N/A | 9.00 | 5/1/2026 | 1079532 |
| 1078858<br> 109399 – 1515 Blake, LLC<sup>5</sup> | N/A | 9.00 | 5/1/2026 | 1078858 |
| 566000<br> 109448 – Kent 9, LLC<sup>4</sup> | N/A | 8.98 | 9/1/2026 | 566000 |
| 566000<br> 109450 – Kent 9, LLC<sup>4</sup> | N/A | 8.98 | 9/1/2026 | 566000 |
| 289107<br> 109696 – Loma Alta 10, LLC<sup>4</sup> | N/A | 9.68 | 6/1/2026 | 289107 |
| 289107<br> 109697 – Loma Alta 10, LLC<sup>4</sup> | N/A | 9.68 | 6/1/2026 | 289107 |
| 289107<br> 109703 – Loma Alta 10, LLC<sup>4</sup> | N/A | 9.68 | 6/1/2026 | 289107 |
| 289107<br> 109704 – Loma Alta 10, LLC<sup>4</sup> | N/A | 9.68 | 6/1/2026 | 289107 |
| 854354<br> 109798 – JH1 Realty Inc<sup>5</sup> | N/A | 8.90 | 10/1/2025 | 854354 |
| 312900<br> 109837 – Gramm Ventures, LLC<sup>5</sup> | N/A | 9.13 | 11/1/2025 | 312900 |
| 3176834<br> 110150 – Black Marlin Group, LLC<sup>4</sup> | N/A | 8.90 | 4/1/2026 | 3176834 |
| 1550056<br> 110234 – Mcdonie Properties, LLC<sup>4</sup> | N/A | 8.92 | 4/1/2026 | 1550056 |
| 2318508<br> 110342 – Bravo Builders Enterprises, LLC<sup>4</sup> | N/A | 9.29 | 8/1/2026 | 2318508 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Schedule of Investments (Continued)<br> June 30, 2025 (Unaudited)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Principal <br>Amount <br>($) | Spread | Coupon <br>Rate <br>(%) | Maturity | Fair Value |
| 1578715<br> 110465 – TJR Development Inc.<sup>4</sup> | N/A | 9.06 | 6/1/2026 | $1578715 |
| 1551965<br> 110811 – 8935 Froude Ave, LLC<sup>4</sup> | N/A | 9.12 | 12/1/2026 | 1551965 |
| 1235600<br> 110815 – DaVinci Development, LLC<sup>4</sup> | N/A | 9.56 | 5/1/2026 | 1235600 |
| 1426191<br> 110820 – JT Real Estate Capital Group, LLC<sup>4</sup> | N/A | 8.98 | 5/1/2026 | 1426191 |
| 1235117<br> 111076 – Twenty, LLC<sup>4</sup> | N/A | 9.06 | 5/1/2026 | 1235117 |
| 937760<br> 111108 – Vesta Investments, LLC<sup>5</sup> | N/A | 9.00 | 5/1/2026 | 937760 |
| 425161<br> 111141 – Estela Specs 7, LLC<sup>5</sup> | N/A | 9.19 | 5/1/2026 | 425161 |
| 617865<br> 111792 – 88<sup>th</sup> Street Homes, LLC<sup>4</sup> | N/A | 9.48 | 7/1/2026 | 617865 |
| 216450<br> 111801 – Ronpache Investments and Trade, LLC<sup>4</sup> | N/A | 9.18 | 6/1/2026 | 216450 |
| 1054794<br> 111834 – Red Cedar Development, LLC<sup>4</sup> | N/A | 8.87 | 11/1/2026 | 1054794 |
| 2516669<br> 111866 – Colfax District, LLC<sup>4</sup> | N/A | 8.87 | 6/1/2026 | 2516669 |
| 197300<br> 111894 – Up Ruiz Investments, LLC<sup>4</sup> | N/A | 9.29 | 7/1/2026 | 197300 |
| 888811<br> 111941 – 2k Development, LLC<sup>4</sup> | N/A | 9.25 | 6/1/2026 | 888811 |
| 3109545<br> 112068 – Dwell LA, LLC<sup>4</sup> | N/A | 8.79 | 7/1/2026 | 3109545 |
| 4975000<br> 112080 – IEG Pioche, LLC<sup>4</sup> | N/A | 8.72 | 3/1/2026 | 4975000 |
| 427399<br> 112135 – Twenty, LLC<sup>4</sup> | N/A | 9.06 | 5/1/2026 | 427399 |
| 2211464<br> 112350 – JH1 Realty Inc.<sup>5</sup> | N/A | 8.87 | 12/1/2025 | 2211464 |
| 1545161<br> 112430 – 31 Edward, LLC<sup>4</sup> | N/A | 8.73 | 1/16/2026 | 1545161 |
| 427399<br> 112549 – Twenty, LLC<sup>4</sup> | N/A | 9.06 | 5/1/2026 | 427399 |
| 942667<br> 112558 – 44<sup>th</sup> Ave Developers, LLC<sup>4</sup> | N/A | 8.87 | 5/1/2026 | 942667 |
| 1077333<br> 112559 – 44<sup>th</sup> Ave Developers, LLC<sup>4</sup> | N/A | 8.87 | 5/1/2026 | 1077333 |
| 2044952<br> 112598 – Villa Bello At Zona, LLC<sup>4</sup> | N/A | 9.12 | 12/1/2026 | 2044952 |
| 1219878<br> 112599 – Villa Bello At Zona, LLC<sup>4</sup> | N/A | 9.12 | 12/1/2026 | 1219878 |
| 280755<br> 112724 – Mosin Properties, LLC<sup>4</sup> | N/A | 9.25 | 12/1/2025 | 280755 |
| 390000<br> 113395 – Del Invest BC2, LLC<sup>4</sup> | N/A | 9.17 | 7/1/2026 | 390000 |
| 2986076<br> 113656 – HAR Carmel, LLC<sup>4</sup> | N/A | 8.71 | 7/1/2026 | 2986076 |
| 1408461<br> 113657 – Assemble Capital Manager, LLC<sup>4</sup> | N/A | 8.87 | 12/1/2025 | 1408461 |
| 3119060<br> 113965 – JulianMore, LLC<sup>4</sup> | N/A | 8.73 | 8/1/2026 | 3119060 |
| 1999263<br> 114043 – 5913 Lubao Ave, LLC<sup>4</sup> | N/A | 8.73 | 7/1/2026 | 1999263 |
| 1148181<br> 114069 – 4940 Cherry, LLC<sup>4</sup> | N/A | 9.04 | 6/1/2026 | 1148181 |
| 1326312<br> 114071 – 3144 Elizabeth, LLC<sup>4</sup> | N/A | 8.85 | 7/1/2026 | 1326312 |
| 564573<br> 114193 – 541 Normandy 2024, LLC<sup>4</sup> | N/A | 8.79 | 6/1/2026 | 564573 |
| 335197<br> 114219 – AMS Home Invest, LLC<sup>4</sup> | N/A | 8.73 | 7/1/2026 | 335197 |
| 1311964<br> 114305 – 15440 Dickens, LLC<sup>4</sup> | N/A | 8.50 | 7/1/2026 | 1311964 |
| 1552500<br> 114307 – BellaB Real Estate, LLC<sup>4</sup> | N/A | 8.00 | 1/1/2026 | 1552500 |
| 596613<br> 114521 – 599 Bayshore 2024, LLC<sup>4</sup> | N/A | 8.73 | 7/1/2026 | 596613 |
| 1403623<br> 114694 – BH Magic Investments, LLC<sup>4</sup> | N/A | 8.71 | 7/1/2026 | 1403623 |
| 198375<br> 114901 – Torre Projects, LLC<sup>4</sup> | N/A | 8.97 | 7/1/2026 | 198375 |
| 188123<br> 114902 – Torre Projects, LLC<sup>4</sup> | N/A | 8.97 | 7/1/2026 | 188123 |
| 879114<br> 114909 – Loitzk Batim 930, LLC<sup>4</sup> | N/A | 8.92 | 7/1/2026 | 879114 |
| 879114<br> 114913 – Loitzk Batim 930, LLC<sup>4</sup> | N/A | 8.92 | 1/1/2027 | 879114 |
| 1175289<br> 114914 – Loitzk Batim 930, LLC<sup>4</sup> | N/A | 8.92 | 7/1/2026 | 1175289 |
| 789014<br> 114920 – Loitzk Batim 930, LLC<sup>4</sup> | N/A | 8.92 | 1/1/2026 | 789014 |
| 829960<br> 114921 – Mayar International, LLC<sup>4</sup> | N/A | 8.71 | 6/1/2026 | 829960 |
| 1527690<br> 115004 – 2k Development, LLC<sup>4</sup> | N/A | 9.17 | 8/1/2026 | 1527690 |
| 4080000<br> 115005 – 125 Lee Street, LLC<sup>4</sup> | N/A | 9.11 | 3/1/2026 | 4080000 |
| 2812500<br> 115011 – 4115 Shadyglade, LLC<sup>5</sup> | N/A | 8.68 | 7/1/2026 | 2812500 |
| 680000<br> 115081 – Macedo Property Development, LLC<sup>4</sup> | N/A | 8.85 | 7/1/2026 | 680000 |
| 73500<br> 115108 – Pronghorn Development, LLC<sup>4</sup> | N/A | 9.67 | 2/1/2026 | 73500 |
| 83500<br> 115109 – Pronghorn Development, LLC<sup>4</sup> | N/A | 9.67 | 2/1/2026 | 83500 |
| 459000<br> 115205 – Westchester Avenue, LLC<sup>4</sup> | N/A | 8.86 | 7/1/2026 | 459000 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Schedule of Investments (Continued)<br> June 30, 2025 (Unaudited)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Principal <br>Amount <br>($) | Spread | Coupon <br>Rate <br>(%) | Maturity | Fair Value |
| 867298<br> 115231 – Shoreline 940, LLC<sup>4</sup> | N/A | 9.04 | 1/1/2027 | $867298 |
| 924000<br> 115414 – Gallery Terra Lago, LLC<sup>4</sup> | N/A | 8.25 | 4/1/2026 | 924000 |
| 462000<br> 115415 – Gallery Terra Lago, LLC<sup>4</sup> | N/A | 8.25 | 4/1/2026 | 462000 |
| 2696308<br> 115417 – Clamhor 2, LLC<sup>4</sup> | N/A | 8.92 | 4/1/2026 | 2696308 |
| 1063350<br> 115697 – Grey Collective, LLC<sup>5</sup> | N/A | 8.98 | 7/1/2026 | 1063350 |
| 382790<br> 115864 – TVR 2, LLC<sup>4</sup> | N/A | 8.71 | 8/1/2026 | 382790 |
| 164554<br> 116301 – Halona Development Group, LLC<sup>4</sup> | N/A | 9.17 | 8/1/2026 | 164554 |
| 377817<br> 117082 – Wilton JT, LLC<sup>4</sup> | N/A | 9.17 | 6/1/2026 | 377817 |
| 486025<br> 117396 – Cygnus Construction, LLC<sup>4</sup> | N/A | 9.04 | 9/1/2026 | 486025 |
| 2475000<br> 117420 – BJB 1321 Management, LLC<sup>4</sup> | N/A | 8.38 | 3/1/2026 | 2475000 |
| 100007<br> 117421 – Royal Management Group, LLC<sup>4</sup> | N/A | 8.79 | 3/1/2026 | 100007 |
| 131250<br> 117664 – Retail Bee, LLC<sup>4</sup> | N/A | 8.92 | 3/1/2026 | 131250 |
| 2144720<br> 117679 – Vault Money Investments, LLC<sup>4</sup> | N/A | 8.86 | 3/1/2026 | 2144720 |
| 1114650<br> 117712 – RR 2710 Development Group, LLC<sup>4</sup> | N/A | 9.17 | 9/1/2026 | 1114650 |
| 12000<br> 117729 – Built Full Homes, LLC<sup>4</sup> | N/A | 9.40 | 10/1/2026 | 12000 |
| 58620<br> 117767 – S&B Building Your Home, LLC<sup>4</sup> | N/A | 9.67 | 9/1/2026 | 58620 |
| 87264<br> 117770 – G3 Gomes, LLC<sup>4</sup> | N/A | 9.67 | 8/1/2026 | 87264 |
| 186766<br> 117775 – Solid Residences, LLC<sup>4</sup> | N/A | 9.67 | 8/1/2026 | 186766 |
| 390200<br> 118026 – Holliday Homes, LLC<sup>4</sup> | N/A | 8.97 | 4/1/2026 | 390200 |
| 1215000<br> 118590 – Carolinas Builders, LLC<sup>4</sup> | N/A | 8.68 | 4/1/2026 | 1215000 |
| 1215000<br> 118591 – Carolinas Builders, LLC<sup>4</sup> | N/A | 8.68 | 4/1/2026 | 1215000 |
| 1855750<br> 118708 – O.Rhyan Capital Management, LLC<sup>4</sup> | N/A | 8.84 | 4/1/2026 | 1855750 |
| 4250644<br> 118766 – Hazen Grp, LLC<sup>4</sup> | N/A | 8.25 | 7/1/2026 | 4250644 |
| 733099<br> 118929 – 842 Meadow Creek, LLC<sup>4</sup> | N/A | 8.92 | 7/1/2026 | 733099 |
| 1410000<br> 119374 – 1909 McMillan LLC<sup>5</sup> | N/A | 8.72 | 4/1/2026 | 1410000 |
| 1896827<br> 119537 – AJ15305, LLC<sup>4</sup> | N/A | 8.86 | 9/1/2026 | 1896827 |
| 185000<br> 119548 – 15 Carmela Terrace, LLC<sup>5</sup> | N/A | 8.50 | 3/1/2026 | 185000 |
| 1502301<br> 119564 – R.I USA Multiservices, LLC<sup>4</sup> | N/A | 9.15 | 9/1/2026 | 1502301 |
| 1299719<br> 119622 – Parkside Homes, LLC<sup>4</sup> | N/A | 8.91 | 7/1/2026 | 1299719 |
| 127014<br> 119640 – Valvera Investments, LLC<sup>4</sup> | N/A | 9.30 | 10/1/2026 | 127014 |
| 333000<br> 119721 – Fortune Investment Group LLC<sup>4</sup> | N/A | 9.03 | 4/1/2026 | 333000 |
| 1232500<br> 120177 – Grey Collective, LLC<sup>4</sup> | N/A | 8.98 | 10/1/2026 | 1232500 |
| 1181832<br> 120181 – 75 NW 41 St. Holdings, LLC<sup>4</sup> | N/A | 8.97 | 10/1/2026 | 1181832 |
| 167582<br> 120265 – N&B Real Estate Investment Group, LLC<sup>4</sup> | N/A | 8.73 | 7/1/2026 | 167582 |
| 1666000<br> 120293 – 1812 Hunters Glen, LLC<sup>4</sup> | N/A | 9.03 | 4/1/2026 | 1666000 |
| 557978<br> 120604 – GP Ocala VI, LLC<sup>4</sup> | N/A | 8.25 | 10/1/2026 | 557978 |
| 1742500<br> 120798 – Basad, LLC<sup>4</sup> | N/A | 8.72 | 10/1/2026 | 1742500 |
| 1000000<br> 120806 – 4848 Fulton, LLC<sup>4</sup> | N/A | 8.97 | 11/1/2026 | 1000000 |
| 2533104<br> 121021 – Black Marlin Group, LLC<sup>4</sup> | N/A | 8.00 | 10/1/2026 | 2533104 |
| 171208<br> 121256 – Cornest Development, LLC<sup>4</sup> | N/A | 9.14 | 3/1/2026 | 171208 |
| 98484<br> 121258 – AD Customs, LLC<sup>4</sup> | N/A | 9.14 | 2/1/2026 | 98484 |
| 737432<br> 121259 – GK Capital GP, LLC<sup>4</sup> | N/A | 9.14 | 12/1/2025 | 737432 |
| 17250<br> 121261 – Watson Recovery Enterprises, LLC<sup>4</sup> | N/A | 9.14 | 2/1/2026 | 17250 |
| 102740<br> 121262 – LLG Enterprises, LLC<sup>4</sup> | N/A | 9.14 | 3/1/2026 | 102740 |
| 306166<br> 121264 – Ground-Up Customz, LLC / Empower Estates Customs, LLC<sup>4</sup> | N/A | 9.14 | 3/1/2026 | 306166 |
| 297300<br> 121265 – Pelican Equity Partnership, Inc.<sup>4</sup> | N/A | 9.14 | 8/1/2025 | 297300 |
| 334789<br> 121266 – Vertex Custom Homes, LLC<sup>4</sup> | N/A | 9.14 | 11/1/2025 | 334789 |
| 96250<br> 121267 – Manzaba Property Investments, LLC<sup>4</sup> | N/A | 9.14 | 9/1/2025 | 96250 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Schedule of Investments (Continued)<br> June 30, 2025 (Unaudited)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Principal <br>Amount <br>($) | Spread | Coupon <br>Rate <br>(%) | Maturity | Fair Value |
| 354539<br> 121268 – Hibernia Investment, LLC<sup>4</sup> | N/A | 9.14 | 5/1/2026 | $354539 |
| 226150<br> 121269 – Aceluxvilla, LLC<sup>4</sup> | N/A | 9.14 | 3/1/2026 | 226150 |
| 46375<br> 121270 – MZRCO, LLC<sup>4</sup> | N/A | 9.14 | 8/1/2025 | 46375 |
| 189825<br> 121272 – Guatehome & Vas, LLC<sup>4</sup> | N/A | 9.14 | 9/1/2025 | 189825 |
| 619181<br> 121280 – Neighborhood Laundromat, LLC<sup>4</sup> | N/A | 9.14 | 7/1/2025 | 619181 |
| 317300<br> 121283 – Latin Flooring, LLC<sup>4</sup> | N/A | 9.14 | 3/1/2026 | 317300 |
| 2520000<br> 121644 – BJB 1321 Management, LLC<sup>5</sup> | N/A | 8.50 | 5/1/2026 | 2520000 |
| 1422000<br> 121901 – Black Star Development, LLC<sup>4</sup> | N/A | 8.50 | 5/1/2026 | 1422000 |
| 699500<br> 121917 – Bidwell Commons Townhomes, LLC<sup>4</sup> | N/A | 8.84 | 10/1/2026 | 699500 |
| 621566<br> 121927 – TwoRDZ Alpha Project, LLC<sup>4</sup> | N/A | 9.28 | 11/1/2026 | 621566 |
| 1848750<br> 122126 – Oak View Development, LLC<sup>4</sup> | N/A | 8.86 | 6/1/2026 | 1848750 |
| 141179<br> 122295 – Wolf Contracting, LLC<sup>4</sup> | N/A | 9.05 | 12/1/2026 | 141179 |
| 1500000<br> 122563 – Black Star Development, LLC<sup>4</sup> | N/A | 8.50 | 5/1/2026 | 1500000 |
| 1500000<br> 122571 – Black Star Development, LLC<sup>4</sup> | N/A | 8.50 | 5/1/2026 | 1500000 |
| 114000<br> 122718 – Dommus Construction Corp.<sup>4</sup> | N/A | 8.98 | 12/1/2026 | 114000 |
| 275000<br> 122723 – 3302 Park, LLC<sup>4</sup> | N/A | 14.70 | 4/3/2026 | 275000 |
| 275000<br> 122724 – 151 S St. NW, LLC<sup>4</sup> | N/A | 14.70 | 4/3/2026 | 275000 |
| 447550<br> 122840 – HHH Rentals, LLC<sup>4</sup> | N/A | 9.36 | 7/1/2026 | 447550 |
| 505050<br> 122841 – HHH Rentals, LLC<sup>4</sup> | N/A | 9.36 | 7/1/2026 | 505050 |
| 1750000<br> 123234 – 5225 Connecticut Owner, LLC & WE 5225 Connecticut Ave, LLC<sup>4</sup> | N/A | 14.70 | 7/28/2026 | 1750000 |
| 12960<br> 123238 – Prada Home Ventures, LLC<sup>4</sup> | N/A | 9.05 | 12/1/2026 | 12960 |
| 251625<br> 123411 – RKAI Properties, LLC & Baruj Hashem<sup>4</sup> | N/A | 8.25 | 1/1/2027 | 251625 |
| 1300001<br> 123412 – Thirty Seven Sunrise, LLC<sup>4</sup> | N/A | 9.24 | 12/1/2026 | 1300001 |
| 42240<br> 123424 – S&P Construction & Development, LLC<sup>4</sup> | N/A | 8.99 | 6/1/2026 | 42240 |
| 25200<br> 123565 – Duran USA Group, LLC<sup>4</sup> | N/A | 9.30 | 12/1/2026 | 25200 |
| 16950<br> 123689 – VIP Homes, LLC<sup>4</sup> | N/A | 9.11 | 8/1/2026 | 16950 |
| 21000<br> 123842 – VIP Homes, LLC<sup>4</sup> | N/A | 9.17 | 8/1/2026 | 21000 |
| 477506<br> 123892 – 36 Cyril, LLC<sup>4</sup> | N/A | 9.05 | 6/1/2027 | 477506 |
| 552198<br> 123893 – 36 Cyril, LLC<sup>4</sup> | N/A | 9.05 | 6/1/2027 | 552198 |
| 135000<br> 124951 – Robert Eric Epps, LLC<sup>4</sup> | N/A | 9.11 | 1/1/2027 | 135000 |
| 18500<br> 124986 – MAAS Rehab, LLC & Mary Ellen and Mary Lee, LLC<sup>4</sup> | N/A | 9.24 | 7/1/2026 | 18500 |
| 675000<br> 125266 – Bella Vida 3, LLC<sup>4</sup> | N/A | 8.72 | 7/1/2026 | 675000 |
| 81076<br> 125272 – Solida I Real Estate, L.P.<sup>4</sup> | N/A | 9.17 | 12/1/2026 | 81076 |
| 30000<br> 125273 – Solida I Real Estate, L.P.<sup>4</sup> | N/A | 9.17 | 12/1/2026 | 30000 |
| 1704500<br> 125328 – New Ace Properties, LLC<sup>4</sup> | N/A | 9.17 | 7/1/2026 | 1704500 |
| 469250<br> 125430 – Bravo Investments Of Florida, LLC<sup>4</sup> | N/A | 8.00 | 10/1/2026 | 469250 |
| 1400000<br> 125565 – M & J Pham Development, LLC<sup>4</sup> | N/A | 8.92 | 7/1/2027 | 1400000 |
| 3571750<br> 125570 – M & J Pham Development, LLC<sup>4</sup> | N/A | 8.50 | 7/1/2026 | 3571750 |
| 12600<br> 125583 – Open Water Realty, LLC<sup>4</sup> | N/A | 9.05 | 1/1/2027 | 12600 |
| 1412917<br> 125623 – Willa Mae Investments, LLC<sup>4</sup> | N/A | 9.05 | 10/1/2026 | 1412917 |
| 354000<br> 125690 – 625 Worthington, LLC<sup>4</sup> | N/A | 8.92 | 7/1/2027 | 354000 |
| 1560000<br> 125774 – One Star Development, LLC<sup>4</sup> | N/A | 8.99 | 7/1/2026 | 1560000 |
| 386100<br> 125941 – Bravo Investments Of Florida, LLC<sup>4</sup> | N/A | 8.00 | 10/1/2026 | 386100 |
| 39000<br> 126022 – Charleston Affordable Development Group, LLC<sup>4</sup> | N/A | 8.92 | 1/1/2027 | 39000 |
| 1287000<br> 126105 – B Life Capital 26, LLC<sup>4</sup> | N/A | 8.99 | 7/1/2027 | 1287000 |
| 1999500<br> 126347 – Lilikoi Two Development, LLC<sup>4</sup> | N/A | 8.74 | 7/1/2026 | 1999500 |
|  |  |  |  | 253045851 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Schedule of Investments (Continued)<br> June 30, 2025 (Unaudited)<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Principal <br>Amount <br>($) |  | Spread | Coupon <br>Rate <br>(%) | Maturity | Fair Value |
|  | **Townhouse — 6.4%** |  |  |  |  |
| 2342600 | 102607 – 158 & 160 Eckerson, LLC<sup>5</sup> | N/A | 9.06 | 4/1/2026 | $2342600 |
| 1593980 | 102608 – 158 & 160 Eckerson, LLC<sup>5</sup> | N/A | 9.06 | 4/1/2026 | 1593980 |
| 1349493 | 104447 – Watermark Homes, LLC<sup>5</sup> | N/A | 9.25 | 10/1/2025 | 1349493 |
| 546581 | 105238 – MSR 59 Ridge Homes, LLC<sup>5</sup> | N/A | 9.50 | 5/1/2025 | 546581 |
| 2021583 | 105241 – MSR 59 Ridge Homes, LLC<sup>5</sup> | N/A | 9.56 | 5/1/2025 | 2021583 |
| 427210 | 105242 – MSR 59 Ridge Homes, LLC<sup>5</sup> | N/A | 9.56 | 5/1/2025 | 427210 |
| 552000 | 105465 – NoHo 37, LLC<sup>5</sup> | N/A | 9.50 | 12/1/2025 | 552000 |
| 1656684 | 107982 – Nextgen Eaglerock 13, LLC<sup>5</sup> | N/A | 9.00 | 4/1/2026 | 1656684 |
| 1684816 | 107983 – Nextgen Eaglerock 13, LLC<sup>5</sup> | N/A | 9.00 | 4/1/2026 | 1684816 |
| 2429722 | 107986 – Nextgen Eaglerock 13, LLC<sup>5</sup> | N/A | 9.00 | 4/1/2026 | 2429722 |
| 1607153 | 108402 – Eagle Rock 17, LLC<sup>5</sup> | N/A | 9.57 | 5/1/2026 | 1607153 |
| 1615755 | 108405 – Eagle Rock 17, LLC<sup>5</sup> | N/A | 9.57 | 5/1/2026 | 1615755 |
| 1074368 | 108408 – Eagle Rock 17, LLC<sup>5</sup> | N/A | 9.57 | 5/1/2026 | 1074368 |
| 1627500 | 108411 – TruWest, LLC<sup>5</sup> | N/A | 9.00 | 11/1/2025 | 1627500 |
| 184500 | 114309 – Drenkorp, LLC<sup>4</sup> | N/A | 9.42 | 1/1/2027 | 184500 |
| 1215000 | 118588 – Carolinas Builders, LLC<sup>5</sup> | N/A | 8.68 | 4/1/2026 | 1215000 |
| 193500 | 119487 – CAP Housing, LLC<sup>5</sup> | N/A | 8.50 | 7/1/2026 | 193500 |
| 108000 | 123471 – Rental Shop Development, LLC<sup>4</sup> | N/A | 8.50 | 7/1/2026 | 108000 |
| 2579500 | 123904 – Habitus Coconut <br>Grove F1**-**C, LLC<sup>4</sup> | N/A | 8.99 | 7/1/2026 | 2579500 |
|  |  |  |  |  | 24809945 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate Mortgages <br>(Cost $446,828,390) |  |  |  | 446828390 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total Commercial Real Estate <br>(Cost $666,434,562) |  |  |  | 666434562 |
|  | **Short-term Investments — 7.1%** |  |  |  |  |
|  | **Money Market Funds — 7.1%** |  |  |  |  |
| 27384648 | Fidelity US Government Fund, 4.23%<sup>6</sup> |  |  |  | 27384648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total Short-term Investments <br>(Cost $27,384,648) |  |  |  | 27384648 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments <br>(Cost $693,819,210) — 179.2%** |  |  |  | $**693819210** |
|  | Liabilities in excess of other assets **—** (79.2%) |  |  |  | (306746214) |
|  | **Net Assets — 100%** |  |  |  | $**387072996** |

---

LLC — Limited Liability Company

LP — Limited Partnership

SOFR — 1-Month Term Secured Overnight Financing Rate

1 All Commercial Real Estate investments are restricted securities. The total value of these securities is $666,434,562, which represents 172.1% of total net assets of the Fund.

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

3 Floating rate security.

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

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

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

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Summary of Investments<br> June 30, 2025<br>

---

| | |
|:---|:---|
|  Security Type | Percent of <br>Total <br>Net Assets |
|  **Commercial Real Estate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Participation Notes | 56.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Mortgages | 115.5% |
|  **Total Commercial Real Estate** | 172.1% |
|  **Short-term Investments** | 7.1% |
|  **Total Investments** | 179.2% |
|  **Liabilities in excess of other assets** | -79.2% |
|  **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
|  Property Type | Percent of <br>Total <br>Net Assets |
|  **Participation Notes** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Condominium Development | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospitality | 7.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mixed Use Development | 20.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Multifamily | 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Office | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Predevelopment | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Single Family | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Single Family/Multifamily | 0.2% |
|  **Total Participation Notes** | 56.6% |
|  **Real Estate Mortgages** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-4 Units | 17.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Condominium Development | 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Multifamily | 15.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Single Family | 65.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Townhouse | 6.4% |
|  **Total Real Estate Mortgages** | 115.5% |
|  **Total Short-term Investments** | 7.1% |
|  **Total Investments** | 179.2% |
|  **Liabilities in excess of other assets** | -79.2% |
|  **Net Assets** | **100.0%** |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD Private Real Estate Debt Fund**<br>Consolidated Statement of Assets and Liabilities<br> As of June 30, 2025 (Unaudited)<br>

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at fair value (cost $666,434,562) | $666434562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term investments, at fair value (cost $27,384,648) | 27384648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 1997755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restricted cash held for CLO note | 19016258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 473225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 12418719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 416328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses master repurchase agreement | 40766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 728182261 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Master repurchase agreement (Note 11) | 213005878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for CLO note (Note 12) | 125000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for interest expense on master repurchase agreement | 1185452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investment management fees | 999245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for interest expense on CLO note | 719750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for audit and tax fees | 82676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund accounting and administration fees | 38575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for legal fees | 36242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for transfer agent fees | 23416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for custody fees | 10140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Trustees' fees | 6845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for other accrued expenses | 1046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 341109265 |
|  Commitments and contingencies (Note 9) |  |
|  **Net Assets** | $**387072996** |
|  **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital (unlimited number of shares authorized, no par value) | $387203660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | (130664) |
|  **Net Assets** | $**387072996** |
|  **Shares of beneficial interest issued and outstanding** | 15436987 |
|  **Net asset value per share** | $25.07 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD Private Real Estate Debt Fund**<br>Consolidated Statement of Operations<br> For the Six Months Ended June 30, 2025 (Unaudited)<br>

---

| | |
|:---|:---|
|  **Investment income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $29423601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 29423601 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense on master repurchase agreement (Note 11) | 5441897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees (Note 4) | 5358326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense on CLO note (Note 12) | 4383747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brokerage fees | 234031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 223972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 141042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 114349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan origination fees | 77958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 76706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees (Note 5) | 56974 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPV costs | 51925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fees | 28224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance & Financial Officer fees | 24129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 21845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 20520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 19983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 9917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 16287480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reductions (Note 5) | (8027) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 16279453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 13144148 |
|  **Net realized gain on investments** | 11985 |
|  **Net Increase in Net Assets from Operations** | $**13156133** |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD Private Real Estate Debt Fund**<br>Consolidated Statements of Changes in Net Assets<br>

---

| | | |
|:---|:---|:---|
|  | **For the <br>Six Months <br>Ended <br>June 30, <br>2025 <br>(Unaudited)** | **For the <br>Year Ended <br>December 31, <br>2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $13144148 | $19667257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 11985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments |  | (2820) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 13156133 | 19664437 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (13261805) | (19692967) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (13261805) | (19692967) |
|  **Capital Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 84817044 | 152635160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | 4593698 | 6352569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (26418871) | (32726143) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 62991871 | 126261586 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets** | 62886199 | 126233056 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 324186797 | 197953741 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $387072996 | $324186797 |
|  **Capital Share Transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3374598 | 6071918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 183311 | 253523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1051707) | (1302800) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in capital share transactions** | 2506202 | 5022641 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD Private Real Estate Debt Fund**<br>Consolidated Statement of Cash Flows<br> For the Six Months Ended June 30, 2025 (Unaudited)<br>

---

| | |
|:---|:---|
|  **Cash Flows from Operating Activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets from operations | $13156133 |
|  **Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | (307692375) |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 112144338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (11985) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in short-term investments, net | 5358098 |
|  **Change in assets and liabilities:** |  |
|  (Increase) in assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | (4856152) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | (161061) |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses master repurchase agreement | (40766) |
|  Increase/(Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 197860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | (112324) |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 2540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | (1484) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting and administration fees | (11018) |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 6845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | (32047) |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | (18758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest master repurchase agreement | 710346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest CLO note | (110397) |
|  **Net Cash Used in Operating Activities** | (181472207) |
|  **Cash flows provided by financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold, net of receivable for fund shares sold | 85068979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares repurchased, net of redemption fees | (26418871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid to shareholders, net of reinvestments | (8668107) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds due to master repurchase agreement | 130667476 |
|  **Net cash provided by financing activities** | 180649477 |
|  **Net Decrease in Cash** | (822730) |
|  Cash and restricted cash, beginning of period<sup>(1)</sup> | 21836743 |
|  Cash and restricted cash, end of period<sup>(2)</sup> | 21014013 |
|  **Supplemental disclosure of non-cash financing activity:** |  |
|  Reinvestment of distributions | 4593698 |
|  **Supplemental disclosure of cash activity:** |  |
|  Interest paid on borrowings | 9225695 |

---

____________

(1) Includes $17,796,946 of restricted cash held for the CLO note (Note 12).

(2) Includes $19,016,258 of restricted cash held for CLO note (Note 12).

*See accompanying Notes to the Consolidated Financial Statements.*

REDWOOD **Private Real Estate Debt Fund**<br>Consolidated Financial Highlights<br>

*Per share operating performance.*

*For a capital share outstanding throughout each period.*

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br>Six Months <br>Ended <br>June 30, <br>2025 <br>(Unaudited)** | **For the <br>Year Ended <br>December 31, <br>2024** | **For the <br>Period Ended <br>December 31, <br>2023**<sup>(1)</sup> |
|  **Net asset value, beginning of period** | $25.07 | $25.03 | $25.00<br><sup>(2)</sup> |
|  **Income from Investment Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>(3)</sup> | 0.93 | 1.95 | 0.73 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain |  | 0.01 | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.93 | 1.96 | 0.64 |
|  **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (0.93) | (1.92) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.93) | (1.92) | (0.61) |
|  **Net asset value, end of period** | $25.07 | $25.07 | $25.03 |
|  **Total return**<sup>(4)</sup> | 3.76%<sup>(5)</sup> | 8.09% | 2.60%<sup>(5)</sup> |
|  **Ratios and Supplemental Data:** |  |  |  |
|  Net assets, end of period (in thousands) | $387073 | $324187 | $197954 |
|  Ratio of expenses to average net assets before expense reductions | 9.23%<sup>(6)</sup> | 5.14% | 2.43%<sup>(6)</sup> |
|  Ratio of expenses to average net assets after expense reductions | 9.22%<sup>(6)</sup> | 5.14% | 2.42%<sup>(6)</sup> |
|  Ratio of net investment income to average net assets before expense reductions | 7.45%<sup>(6)</sup> | 7.76% | 5.64%<sup>(6)</sup> |
|  Ratio of net investment income to average net assets after expense reductions | 7.45%<sup>(6)</sup> | 7.76% | 5.64%<sup>(6)</sup> |
|  Portfolio turnover rate | 19%<sup>(5)</sup> | 50% | 18%<sup>(5)</sup> |
|  **Senior Securities:** |  |  |  |
|  Total Borrowings (000s) | $125000 | $125000 | $— |
|  Asset coverage per $1,000 unit of senior indebtedness<sup>(7)</sup> | 4097 | 3593 |  |
|  Asset ratio coverage of senior securities | 410% | 359% | 0% |

---

____________

(1) Reflects operations for the period from June 26, 2023 (commencement of operations) to December 31, 2023. Prior to the commencement of operations date, the Fund had been inactive except for matters related to the Fund's establishment, designation, and planned registration.

(2) Redwood Investment Management, LLC (the "Investment Manager") made the initial share purchase of $100,000 on April 21, 2023. The total initial share purchase of $100,000 included 4,000 shares which were purchased at $25.00 per share.

(3) Based on average shares outstanding for the period.

(4) Based on the net asset value as of period end. Assumes an investment at net asset value at the beginning of the period and reinvestment of all distributions during the period, if any.

(5) Not annualized.

(6) Annualized.

(7) Calculated by subtracting the Fund's total liabilities (not including borrowings) from the Fund's total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness.

*See accompanying Notes to the Consolidated Financial Statements.*

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements<br> June 30, 2025 (Unaudited)<br>

1. Organization

Redwood Private Real Estate Debt Fund (formerly, Redwood Real Estate Income Fund) (the "Fund") was established as a Delaware statutory trust (the "Trust") on December 19, 2022. The Fund is registered with the U.S. Securities and Exchange Commission (the "SEC") as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act").

The Fund operates as an interval fund pursuant to Rule 23c-3 of the 1940 Act, and has adopted a fundamental policy to conduct quarterly repurchase offers at net asset value ("NAV"). The Fund currently offers one share class, Class I Shares, and is authorized to offer an unlimited number of shares. On April 21, 2023, Redwood Investment Management, LLC (the "Investment Manager") made an initial purchase of 4,000 Shares for $100,000 at a $25.00 net asset value per Share. The Fund commenced investment operations on June 26, 2023.

The Fund's investment objective is to provide current income and preserve shareholders' capital. The Fund seeks to achieve its investment objective by investing, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in private U.S. commercial real estate-related debt investments. For this purpose, commercial real estate-related debt investments include U.S.-based (i.e., backed by real estate based in one of the fifty U.S. states): (i) real estate mortgages, (ii) participation notes of real estate mortgages, (iii) mezzanine debt, and (iv) lines of credit for commercial real estate-related investments and real estate-related investment entities, such as REITs. These investments may include but are not limited to senior mortgage loans, second lien mortgages, also known as junior or sub-ordinated debt, mezzanine loans, and participation interests in such mortgages or debt.

The Investment Manager serves as the Fund's investment adviser and is registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Fund's Board of Trustees (the "Board" or "Trustees") has the overall responsibility for the management and supervision of the business operations of the Fund.

2. Significant accounting policies

Basis of presentation

The following is a summary of significant accounting policies followed by the Fund in the preparation of the financial statement. The Fund is an investment company and follows the accounting and reporting guidance under Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

Consolidation of Subsidiaries

On February 8, 2024, Naikan I SPV, LLC ("SPV 1") was formed as a limited liability company, and is a wholly-owned subsidiary of the Fund. SPV 1 has entered into a Master Repurchase Agreement with Churchill MRA Funding I LLC (see Note 11) and the Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows and Consolidated Financial Highlights of the Fund include the accounts of SPV 1. All inter-company accounts and transactions have been eliminated in the consolidation for the Fund. As of June 30, 2025, total assets of SPV 1 were $313,701,968, or approximately 81.0% of the Fund's total net assets.

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 2. Significant accounting policies – (Continued) </u>

On November 4, 2024, CFIN 2024-1 Depositor LLC ("SPV 2 Depositor") and CFIN 2024-1 Issuer LLC ("SPV 2 Issuer") were formed as Delaware limited liability companies and are wholly-owned subsidiaries of the Fund. These special-purpose vehicles ("SPVs") were established to facilitate a securitization transaction in connection with the Fund's mortgage-backed investments.

SPV 2 Depositor serves as the transferor of assets into the securitization structure, acquiring mortgage-related assets and subsequently transferring them to SPV 2 Issuer. SPV 2 Issuer, in turn, issues structured debt securities under an Indenture dated November 27, 2024, between SPV 2 Issuer and UMB Bank, National Association, as indenture trustee. The issuance of these collateralized loan obligations ("CLOs") is designed to provide financing for the Fund's portfolio while optimizing borrowing costs. SPV 2 Issuer is structured as a bankruptcy-remote entity and operates in accordance with its governing transaction documents.

The Fund's Consolidated Schedule of Investments, Consolidated Statement of Assets and Liabilities, Consolidated Statement of Operations, Consolidated Statements of Changes in Net Assets, Consolidated Statement of Cash Flows, and Consolidated Financial Highlights include the accounts of both SPV 2 Depositor and SPV 2 Issuer. All inter-company accounts and transactions between the Fund and these subsidiaries have been eliminated in the consolidation.

As of June 30, 2025, total assets of SPV 2 Depositor and SPV 2 Issuer were $133,126,420, representing approximately 34.4% of the Fund's total net assets.

Use of estimates

The preparation of the financial statement in accordance with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

Income recognition and expenses

Interest income is recognized on an accrual basis as earned. Dividend income is recorded on the ex-dividend date. Expenses are recognized on an accrual basis as incurred. The Fund bears all expenses incurred in the course of its operations, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Fund's account; professional fees; costs of insurance; registration expenses; and expenses of meetings of the Board.

Investment transactions

Investment transactions are accounted for on a trade date basis. Cost of securities sold, and the related realized gains and losses are determined based on the specific identification method, generally using the highest cost basis, for financial reporting.

Federal income taxes

The Fund has elected to be taxed as a real estate investment trust ("REIT"). The Fund's qualification and taxation as a REIT depend upon the Fund's ability to meet on a continuing basis, through actual operating results, certain qualification tests set forth in the U.S. federal tax laws. Those qualification tests involve the percentage of income that the Fund earns from specified sources, the percentage

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 2. Significant accounting policies – (Continued) </u>

of the Fund's assets that falls within specified categories, the diversity of the ownership of the Fund's Shares, and the percentage of the Fund's taxable income that the Fund distributes. No assurance can be given that the Fund will in fact satisfy such requirements for any taxable year. Provided that the Fund qualifies as a REIT, generally the Fund will be entitled to a deduction for dividends that the Fund pays and therefore will not be subject to U.S. federal corporate income tax on the Fund's net taxable income that is currently distributed to the Fund's shareholders. In general, the income that the Fund generates, to the extent declared as a dividend and subsequently paid to its shareholders, is taxed only at the shareholder level.

Distribution to shareholders

Distributions from net investment income of the Fund, if any, are declared and paid on a monthly basis. Distributions of net realized gains, if any, are declared annually. Distributions to shareholders of the Fund are recorded on the ex-dividend date and are determined in accordance with income tax regulations, which may differ from GAAP. For tax purposes, a distribution that for purposes of GAAP is composed of return of capital and net investment income may be subsequently re-characterized to also include capital gains. Shareholders will be informed of the tax characteristics of the distributions after the close of the 2025 fiscal year.

Investment valuation

The Fund's net asset value ("NAV") is calculated following the close of regular trading on the NYSE, generally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading, which does not include weekends and customary holidays, and at such other times as the Board may determine, including in connection with repurchases of Shares, in accordance with the procedures described below or as may be determined from time to time in accordance with policies established by the Board. NAV per Share is calculated by dividing the value of all of the securities and other assets of the Fund, less the liabilities (including accrued expenses and indebtedness), and the aggregate liquidation value of any outstanding preferred stock, by the total number of common Shares outstanding.

The Fund's Board oversees the valuation of the Fund's investments on behalf of the Fund. The Board has approved valuation procedures for the Fund (the "Valuation Procedures") and designated the Fund's Investment Manager as its valuation designee ("Valuation Designee"). The Valuation Procedures provide that the Fund will value its investments at fair value.

The Valuation Procedures provide that the Fund will value its investments at fair value. The Board has delegated the day to day responsibility for determining these fair values in accordance with the policies it has approved to the Investment Manager. The Investment Manager's Valuation Committee (the "Valuation Committee") will oversee the valuation of the Fund's investments on behalf of the Fund. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly.

Short-term securities, including bonds, notes, debentures and other debt securities, and money market instruments such as certificates of deposit, commercial paper, bankers' acceptances and obligations of domestic and foreign banks, with maturities of 60 days or less, for which reliable market quotations are readily available shall each be valued at current market quotations as provided by an independent pricing service or principal market maker.

Fixed income securities (other than the short-term securities as described above) shall be valued by (a) using readily available market quotations based upon the last updated sale price or a market value from an approved pricing service generated by a pricing matrix based upon yield data for securities

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 2. Significant accounting policies – (Continued) </u>

with similar characteristics or (b) by obtaining a direct written broker-dealer quotation from a dealer who has made a market in the security. If no price is obtained for a security in accordance with the foregoing, because either an external price is not readily available or such external price is believed by the Valuation Designee not to reflect the market value, the Valuation Committee will make a determination in good faith of the fair value of the security in accordance with the Valuation Procedures. In general, fair value represents a good faith approximation of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. The fair values of one or more assets may not be the prices at which those assets are ultimately sold and the differences may be significant.

In circumstances in which market quotations are not readily available or are deemed unreliable, or in the case of the valuation of private, direct investments, such investments may be valued as determined in good faith using methodologies approved by the Board. In these circumstances, the Valuation Designee determines fair value in a manner that seeks to reflect the market value of the security on the valuation date based on consideration by the Valuation Committee of any information or factors deemed appropriate. The Valuation Committee may engage third party valuation consultants on an as-needed basis to assist in determining fair value.

Fair valuation involves subjective judgments, and there is no single standard for determining the fair value of an investment. The fair value determined for an investment may differ materially from the value that could be realized upon the sale of the investment. Fair values used to determine the Fund's NAV may differ from quoted or published prices, or from prices that are used by others, for the same investment. Thus, fair valuation may have an unintended dilutive or accretive effect on the value of shareholders' investments in the Fund. Non-material information that becomes known to the Fund or its agents after the NAV has been calculated on a particular day will not be used to retroactively adjust the price of a security or the NAV determined earlier.

Borrowing, Use of Leverage

The Fund currently utilizes leverage principally through reverse repurchase agreements and the issuance of mortgage-backed notes by its wholly-owned subsidiaries, as described in Note 11, Master Repurchase Agreement, and Note 12, Collateralized Loan Obligation Financing. The use of leverage can enhance return potential but also increases risks.

The Fund utilizes reverse repurchase agreements and similar financing transactions, which it elects to treat as derivatives transactions under Rule 18f-4 of the 1940 Act, as permitted. Specifically, the Fund has adopted a derivatives risk management program to oversee and mitigate risks associated with these transactions.

Separately, the Fund has issued collateralized loan obligations ("CLOs") through a structured financing vehicle, which are classified as indebtedness for financial reporting and regulatory purposes. Unlike derivatives-based financing, the CLO structure represents a direct form of leverage, with obligations secured by mortgage-related assets and subject to the terms of the Indenture.

While leverage can enhance returns, it also amplifies risks, including credit risk, market volatility, and increased expenses. A decline in the value of leveraged assets may result in disproportionate losses to the Fund's portfolio. Additionally, access to financing could be disrupted by market conditions, regulatory changes, or counterparty constraints, which may affect the Fund's ability to maintain optimal leverage levels. The Fund is further exposed to counterparty risk, as transactions involve agreements with third parties whose financial stability and creditworthiness may not be independently assessed in a regulated market.

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 2. Significant accounting policies – (Continued) </u>

Restricted cash

The Fund holds restricted cash as part of the Indenture for the CLO note. Restricted cash held is used as liquidity reserves to support interest and principal payments to noteholders (Note 12).

Segment Reporting

An operating segment is defined, in Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 280 — Segment Reporting, as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund's President and Chief Executive Officer acts as the Fund's CODM. The Fund represents a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's Consolidated Financial Statements. Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying Consolidated Statement of Operations.

3. Fair value disclosures

The Fund uses a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine 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 (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Fund is able to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 — Valuations based on inputs, other than quoted prices included in Level 1 that are observable either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, determining fair value requires more judgment. Because of the inherent uncertainly of valuation, estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Valuation Designee in determining fair value is greatest for investments categorized in Level 3.

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 3. Fair value disclosures – (Continued) </u>

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to determine fair value of the Fund's investments as of June 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Fair Value Measurements at the End of the <br>Reporting Period Using** | **Fair Value Measurements at the End of the <br>Reporting Period Using** | **Fair Value Measurements at the End of the <br>Reporting Period Using** | |
|  **Investments** | **Practical <br>Expedient** | **Level 1<br>Quoted Prices** | **Level 2<br>Other <br>Significant <br>Observable <br>Inputs** | **Level 3<br>Significant <br>Unobservable <br>Inputs** | **Total** |
|  Security Type |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Participation Notes | $— | $— | $— | $219606172 | $219606172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Mortgages |  |  |  | 446828390 | 446828390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  | 27384648 |  |  | 27384648 |
|  Total | $— | $27384648 | $— | $666434562 | $693819210 |

---

The following table presents the changes in assets and transfers in and out which are classified in Level 3 of the fair value hierarchy for the six months ended June 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Beginning <br>Balance <br>as of <br>December 31, <br>2024** | **Transfers <br>into <br>Level 3 <br>during <br>the <br>period** | **Transfers <br>out of <br>Level 3 <br>during <br>the <br>period** | **Purchases or <br>Conversions** | **Sales or <br>Distributions** | **Net <br>Realized <br>Gain <br>(Loss)** | **Return <br>of <br>Capital** | **Distributions** | **Change in net <br>unrealized <br>appreciation <br>(depreciation)** | **Ending <br>Balance as of <br>June 30, <br>2025** |
|  Participation Notes | $216782749 | $— | $— | $50750768 | $(47939330) | $11985 | $— | $— | $— | $219606172 |
|  Real Estate Mortgages | 254091791 |  |  | 256941607 | (64205008) |  |  |  |  | 446828390 |
|  | $470874540 | $— | $— | $307692375 | $(112144338) | $11985 | $— | $— | $— | $666434562 |

---

During the six months ended June 30, 2025, changes in net unrealized appreciation (depreciation) and realized gains or (losses) included in the Consolidated Statement of Operations attributable to Level 3 investments were $0 and $11,985, respectively.

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's investments that are categorized in Level 3 of the fair value hierarchy as of June 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Type of Level 3 Investment** | **Fair Value as of<br>June 30, 2025** | **Valuation <br>Technique** | **Unobservable <br>Inputs** | **Range of Inputs/ <br>(weighted average)** | **Impact to Valuation <br>from an Increase in <br>Input** |
|  Participation Notes | $219606172 | Cost | Transaction Price | Not Applicable | Not Applicable |
|  Real Estate Mortgages | 446828390 | Cost | Transaction Price | Not Applicable | Not Applicable |
|  Total Level 3 Investments\* | $666434562 |  |  |  |  |

---

____________

\* Refer to the Consolidated Schedule of Investments for industry classifications of individual securities.

*Financial instruments disclosed but not carried at fair value*

The carrying values of the master repurchase agreement (Note 11) and the payable for CLO notes (Note 12) generally approximate their respective fair values due to their short-term nature and variable interest rates. The fair value of the master repurchase agreement and CLO note would be categorized as Level 3 under the ASC 820-10 hierarchy.

The carrying value of other financial assets and liabilities approximates their fair value based on the short term nature of these items.

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br>  

4. Management and other agreements

The Fund has entered into an investment management agreement with the Investment Manager (the "Management Agreement"), pursuant to which the Investment Manager provides advisory and other services to the Fund. For its provision of advisory services to the Fund, the Fund pays the Investment Manager an investment management fee at an annual rate of 1.75% payable monthly in arrears, accrued daily based upon the Fund's average daily Managed Assets. "Managed Assets" means the total assets of the Fund, including leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding). For the six months ended June 30, 2025, fees in the amount of $5,358,326 were incurred pursuant to the terms of the Management Agreement.

Certain officers and Trustees of the Trust are also officers of the Investment Manager.

PINE Advisors LLC provides Chief Compliance Officer ("CCO") services to the Fund. Distribution Services, LLC serves as the Fund's distributor (also known as the principal underwriter); UMB Fund Services, Inc. ("UMBFS") serves as the Fund's fund accountant, transfer agent and administrator.

5. Custody credits

Under an agreement with the Fund's custodian bank, $8,027 of custodian fees were paid by credits for cash balances during the six months ended June 30, 2025. If not for the offset agreement, the assets could have been employed to produce income.

6. Capital share transactions

The Fund is authorized as a Delaware statutory trust to issue an unlimited number of shares ("Shares"). The minimum initial investment in Class I Shares by any investor is $1,000. However, the Fund, in its sole discretion, may accept investments below this minimum with respect to Class I Shares.

Class I Shares are not subject to a sales charge. Shares will generally be offered for purchase on each business day at NAV per Share, except that Shares may be offered more or less frequently as determined by the Board in its sole discretion. The Board may also suspend or terminate offerings of Shares at any time.

Pursuant to Rule 23c-3 under the 1940 Act, on a quarterly basis, the Fund will offer shareholders the option of redeeming Shares at NAV. The Board determines the quarterly repurchase offer amount ("Repurchase Offer Amount"), which can be no less than 5% and no more than 25% of all Shares outstanding on the repurchase request deadline. If shareholders tender more than the Repurchase Offer Amount, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2% of outstanding Shares of the Fund on the repurchase request deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the repurchase request deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by shareholders who own less than 100 Shares and who tender all of their Shares, before prorating other amounts tendered. In addition, the Fund may accept the total number of Shares tendered in connection with required minimum distributions from an IRA or other qualified retirement plan. It is the shareholder's obligation to both notify and provide the Fund supporting documentation of a required minimum distribution from an IRA or other qualified retirement plan.

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 6. Capital share transactions – (Continued) </u>

During the six months ended June 30, 2025, the Fund had the following repurchase offers:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Repurchase <br>Offer Notice | Repurchase Request <br>Deadline | Repurchase Pricing <br>Date | Repurchase <br>Offer Amount | % of Shares <br>Repurchased | Number <br>of Shares <br>Repurchased |
|  January 8, 2025 | February 7, 2025 | February 7, 2025 | 5.0% | 0.7% | 92860 |
|  April 4, 2025 | May 9, 2025 | May 9, 2025 | 5.0% | 6.3% | 958847 |

---

7. Investment transactions

Purchases and sales of investments, excluding short-term investments, for the six months ended June 30, 2025 were $307,692,375 and $112,144,338, respectively.

8. Restricted securities

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial <br>Acquisition Date** | **Principal <br>Amount** | **Cost** | **Fair Value** | **% of <br>Net <br>Assets** |
|  3303 – 150 Lefferts Ave./55 East 21<sup>st</sup> Street | July 28, 2023 | 3470000 | $3470000 | $3470000 | 0.9% |
|  3314 – VM Equities #3 | July 28, 2023 | 884520 | 884520 | 884520 | 0.2% |
|  3320 – Howell Lendco, LLC | September 19, 2023 | 1190293 | 1190293 | 1190293 | 0.3% |
|  3326 – Elgny, LLC | October 6, 2023 | 1000000 | 1000000 | 1000000 | 0.3% |
|  3330 – 3601 Parking, LLC & N Ocean Blvd, LLC | October 31, 2023 | 9918134 | 9918134 | 9918134 | 2.6% |
|  3333 – McRopp New York Royal44, LLC | November 17, 2023 | 12500000 | 12500000 | 12500000 | 3.2% |
|  3335 – Cromwell Inwood, LLC | November 27, 2023 | 1300000 | 1300000 | 1300000 | 0.3% |
|  3340 – San Antonio Palo Alto, LLC | December 15, 2023 | 2942374 | 2942374 | 2942374 | 0.8% |
|  3341 – Ferncroft, LLC | December 19, 2023 | 4000000 | 4000000 | 4000000 | 1.0% |
|  3344 – 1600 North 11, LLC | December 20, 2023 | 12400000 | 12400000 | 12400000 | 3.2% |
|  3349 – Hillcrest Cedar Property Owner, LLC | January 5, 2024 | 6590000 | 6590000 | 6590000 | 1.7% |
|  3354 – L Island City, LLC | February 14, 2024 | 14500000 | 14500000 | 14500000 | 3.8% |
|  3356 – GK West 47<sup>th</sup>, LLC | March 7, 2024 | 5408271 | 5408271 | 5408271 | 1.4% |
|  3358 – 123 Speer Owner, LP | March 21, 2024 | 3806482 | 3806482 | 3806482 | 1.0% |
|  3359 – Nalskihouse MT, LLC | April 1, 2024 | 4000000 | 4000000 | 4000000 | 1.0% |
|  3360 – JC Roxy, LLC | April 1, 2024 | 3500000 | 3500000 | 3500000 | 0.9% |
|  3368 – Carlisle New York Apartments, LLC | May 8, 2024 | 41000000 | 41000000 | 41000000 | 10.6% |
|  3371 – Greyhawk SSOF Ruckus Lend, LLC | May 10, 2024 | 11500000 | 11500000 | 11500000 | 3.0% |
|  3372 – 3151 NF Owner, LLC | June 5, 2024 | 2500000 | 2500000 | 2500000 | 0.7% |
|  3378 – Bancroft Cedar Property Owner, LLC | July 3, 2024 | 1000000 | 1000000 | 1000000 | 0.3% |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 8. Restricted securities – (Continued) </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial <br>Acquisition Date** | **Principal <br>Amount** | **Cost** | **Fair Value** | **% of <br>Net <br>Assets** |
|  3383 – Textor Family Holdings, LLC | July 29, 2024 | 2900220 | $2900220 | $2900220 | 0.8% |
|  3391 – ZDJ W 37, LLC | September 4, 2024 | 10956664 | 10956664 | 10956664 | 2.8% |
|  3394 – Sunnyvale Park Place & Commons | September 17, 2024 | 6000000 | 6000000 | 6000000 | 1.6% |
|  3397 – 33 Alhambra Circle | September 20, 2024 | 2900000 | 2900000 | 2900000 | 0.8% |
|  3398 – 305 Briny | September 27, 2024 | 934281 | 934281 | 934281 | 0.2% |
|  3399 – Malibu, LLC | October 31, 2024 | 4471596 | 4471596 | 4471596 | 1.2% |
|  3403 – Nash Street Property Associates, LLC | December 11, 2024 | 3827634 | 3827634 | 3827634 | 1.0% |
|  3406 – 601 & 621 West Summit Ave. Spruce St. | January 14, 2025 | 3000000 | 3000000 | 3000000 | 0.8% |
|  3407 – 57 Canton Place | December 23, 2024 | 6566202 | 6566202 | 6566202 | 1.7% |
|  3412 – 105 – 107 Bank Street | January 27, 2025 | 5792210 | 5792210 | 5792210 | 1.5% |
|  3412 – 01 – 105 – 107 Bank Street | February 14, 2025 | 905000 | 905000 | 905000 | 0.2% |
|  3413 – 700, 706, & 710 Division Street & 714 8<sup>th</sup> Avenue South | March 24, 2025 | 4631540 | 4631540 | 4631540 | 1.2% |
|  3422 – 119, 131, & 137 NW 29<sup>th</sup> 112, 120, 130, & 138 NW | March 24, 2025 | 4400000 | 4400000 | 4400000 | 1.1% |
|  3424 – Colony 29 Palm Springs | April 4, 2025 | 3000000 | 3000000 | 3000000 | 0.8% |
|  3434 – 1 Water Street | May 6, 2025 | 3239069 | 3239069 | 3239069 | 0.8% |
|  83824 – 2511 NW 25 Ave., LLC | May 16, 2024 | 1600199 | 1600199 | 1600199 | 0.4% |
|  91530 – RRCAP-FA Blume Road, LLC | April 23, 2024 | 2957931 | 2957931 | 2957931 | 0.8% |
|  91574 – A5 International Properties, LLC | May 9, 2024 | 184597 | 184597 | 184597 | 0.1% |
|  91575 – A5 International Properties, LLC | May 9, 2024 | 184923 | 184923 | 184923 | 0.1% |
|  91576 – A5 International Properties, LLC | May 9, 2024 | 180925 | 180925 | 180925 | 0.1% |
|  91577 – A5 International Properties, LLC | May 9, 2024 | 140052 | 140052 | 140052 | 0.0% |
|  91578 – A5 International Properties, LLC | May 9, 2024 | 126435 | 126435 | 126435 | 0.0% |
|  92567 – BSD Drexel, LLC | April 23, 2024 | 1638800 | 1638800 | 1638800 | 0.4% |
|  92804 – Dylan Mason Luxury Homes, LLC | June 3, 2024 | 1688807 | 1688807 | 1688807 | 0.4% |
|  94110 – A5 International Properties, LLC | May 9, 2024 | 39283 | 39283 | 39283 | 0.0% |
|  94111 – A5 International Properties, LLC | May 9, 2024 | 143363 | 143363 | 143363 | 0.0% |
|  94112 – A5 International Properties, LLC | May 9, 2024 | 139699 | 139699 | 139699 | 0.0% |
|  94113 – A5 International Properties, LLC | May 9, 2024 | 118305 | 118305 | 118305 | 0.0% |
|  94114 – A5 International Properties, LLC | May 9, 2024 | 33811 | 33811 | 33811 | 0.0% |
|  96228 – 10229 – 10233 Eton Avenue, LLC | April 23, 2024 | 2097012 | 2097012 | 2097012 | 0.5% |
|  96229 – 10229 – 10233 Eton Avenue, LLC | April 23, 2024 | 2083644 | 2083644 | 2083644 | 0.5% |
|  96483 – Affordable Housing Group LTD, LLC | June 3, 2024 | 1704919 | 1704919 | 1704919 | 0.4% |
|  96752 – Rhino Homes, LLC | August 30, 2024 | 2616251 | 2616251 | 2616251 | 0.7% |
|  96921 – 514 LA Flor, LLC | April 23, 2024 | 4078912 | 4078912 | 4078912 | 1.1% |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 8. Restricted securities – (Continued) </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial <br>Acquisition Date** | **Principal <br>Amount** | **Cost** | **Fair Value** | **% of <br>Net <br>Assets** |
|  97931 – 2316 PCDEV, LLC | June 21, 2024 | 3097718 | $3097718 | $3097718 | 0.8% |
|  98104 – Desert Modern Development, LLC | June 3, 2024 | 1514008 | 1514008 | 1514008 | 0.4% |
|  98258 – 1740 PCDEV, LLC | June 3, 2024 | 4614831 | 4614831 | 4614831 | 1.2% |
|  98322 – 66 Line, LLC | May 9, 2024 | 840000 | 840000 | 840000 | 0.2% |
|  98617 – Lakeview Real Estate Fund, LLC | June 10, 2024 | 1006436 | 1006436 | 1006436 | 0.3% |
|  98618 – Lakeview Real Estate Fund, LLC | June 10, 2024 | 850301 | 850301 | 850301 | 0.2% |
|  98619 – Lakeview Real Estate Fund, LLC | June 10, 2024 | 1005436 | 1005436 | 1005436 | 0.3% |
|  98620 – Lakeview Real Estate Fund, LLC | June 10, 2024 | 1005436 | 1005436 | 1005436 | 0.3% |
|  98767 – 426 E. 17<sup>th</sup> St., LLC | April 23, 2024 | 1665039 | 1665039 | 1665039 | 0.4% |
|  98769 – 1292 Beauregard, LLC | June 10, 2024 | 1437192 | 1437192 | 1437192 | 0.4% |
|  98771 – 1292 Beauregard, LLC | June 3, 2024 | 1400383 | 1400383 | 1400383 | 0.4% |
|  98803 – Moon Equities, LLC | April 23, 2024 | 2960000 | 2960000 | 2960000 | 0.8% |
|  98834 – 1770 Bay Blvd., LLC | May 9, 2024 | 3997500 | 3997500 | 3997500 | 0.0% |
|  99183 – 331 N. Olive St. Holding, <br>LLC | May 9, 2024 | 1425000 | 1425000 | 1425000 | 0.4% |
|  99191 – 2204 Conquista Ave. Holding, LLC | May 9, 2024 | 1522020 | 1522020 | 1522020 | 0.4% |
|  99269 – 1688 Sunset Plaza Drive Partners, LLC | June 3, 2024 | 2235321 | 2235321 | 2235321 | 0.6% |
|  99956 – Mao Developers, LLC | May 9, 2024 | 480000 | 480000 | 480000 | 0.1% |
|  100356 – NRM Group, LLC | June 3, 2024 | 1824899 | 1824899 | 1824899 | 0.5% |
|  100357 – NRM Group, LLC | June 3, 2024 | 1104698 | 1104698 | 1104698 | 0.3% |
|  100358 – NRM Group, LLC | June 3, 2024 | 2314457 | 2314457 | 2314457 | 0.6% |
|  100359 – NRM Group, LLC | June 3, 2024 | 975155 | 975155 | 975155 | 0.3% |
|  100364 – Brilliant Funding, LLC | June 21, 2024 | 250971 | 250971 | 250971 | 0.1% |
|  100369 – Brilliant Funding, LLC | June 21, 2024 | 254371 | 254371 | 254371 | 0.1% |
|  100370 – Brilliant Funding, LLC | June 21, 2024 | 252671 | 252671 | 252671 | 0.1% |
|  100371 – Brilliant Funding, LLC | June 21, 2024 | 227678 | 227678 | 227678 | 0.1% |
|  100388 – Nash Bami, LLC | June 10, 2024 | 3920000 | 3920000 | 3920000 | 1.0% |
|  100408 – HARING57, LLC | June 10, 2024 | 1204000 | 1204000 | 1204000 | 0.3% |
|  100597 – 2303 Delancey, LLC | June 3, 2024 | 3465000 | 3465000 | 3465000 | 0.9% |
|  100937 – indiePlanet Global, LLC Series 4 | August 2, 2024 | 595000 | 595000 | 595000 | 0.2% |
|  100939 – indiePlanet Global, LLC Series 4 | August 2, 2024 | 631400 | 631400 | 631400 | 0.2% |
|  101115 – MSR Starglide Canterbury Homes, LLC | November 5, 2024 | 1579190 | 1579190 | 1579190 | 0.4% |
|  101219 – ACE Jaynes, LLC | June 10, 2024 | 1137000 | 1137000 | 1137000 | 0.3% |
|  101221 – USA Luxury Developer II, Inc. | June 21, 2024 | 2858728 | 2858728 | 2858728 | 0.7% |
|  101227 – Rhoi Properties, Inc | July 23, 2024 | 936046 | 936046 | 936046 | 0.2% |
|  101246 – White Sand Real Estate Solutions, LLC | July 23, 2024 | 540851 | 540851 | 540851 | 0.1% |
|  101248 – White Sand Real Estate Solutions, LLC | July 23, 2024 | 539276 | 539276 | 539276 | 0.1% |
|  101296 – 5700 Clemson, LLC | June 21, 2024 | 4409437 | 4409437 | 4409437 | 1.1% |
|  101753 – NRI Portfolios, LLC | June 10, 2024 | 1007750 | 1007750 | 1007750 | 0.3% |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 8. Restricted securities – (Continued) </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial <br>Acquisition Date** | **Principal <br>Amount** | **Cost** | **Fair Value** | **% of <br>Net <br>Assets** |
|  101808 – Educate Capital, LLC | June 21, 2024 | 1716201 | $1716201 | $1716201 | 0.4% |
|  101873 – Valentin Construction & Development, LLC | July 23, 2024 | 666291 | 666291 | 666291 | 0.2% |
|  102044 – Lian 166 Washington, LLC | October 7, 2024 | 3976050 | 3976050 | 3976050 | 1.0% |
|  102093 – Danva Prosper Fontanarosa Homes, LLC | June 10, 2024 | 1155921 | 1155921 | 1155921 | 0.3% |
|  102094 – Danva Prosper Fontanarosa Homes, LLC | June 10, 2024 | 1308524 | 1308524 | 1308524 | 0.3% |
|  102095 – Danva Prosper Fontanarosa Homes, LLC | June 10, 2024 | 1418731 | 1418731 | 1418731 | 0.4% |
|  102096 – Danva Prosper Fontanarosa Homes, LLC | June 10, 2024 | 887330 | 887330 | 887330 | 0.2% |
|  102097 – Danva Prosper Fontanarosa Homes, LLC | June 10, 2024 | 1332035 | 1332035 | 1332035 | 0.3% |
|  102111 – Westlake Mountainview, <br>LLC | June 10, 2024 | 3035308 | 3035308 | 3035308 | 0.8% |
|  102126 – 19142 Keswick St., LLC | June 21, 2024 | 1748895 | 1748895 | 1748895 | 0.5% |
|  102137 – Gill Development, LLC | June 10, 2024 | 748000 | 748000 | 748000 | 0.2% |
|  102535 – TRMF & Associates, LLC | June 10, 2024 | 51375 | 51375 | 51375 | 0.0% |
|  102607 – 158 & 160 Eckerson, LLC | October 7, 2024 | 2342600 | 2342600 | 2342600 | 0.6% |
|  102608 – 158 & 160 Eckerson, LLC | October 7, 2024 | 1593980 | 1593980 | 1593980 | 0.4% |
|  102696 – 4798 NE 2<sup>nd</sup> Ave., LLC | August 2, 2024 | 250000 | 250000 | 250000 | 0.1% |
|  102697 – 4798 NE 2<sup>nd</sup> Ave., LLC | June 10, 2024 | 250000 | 250000 | 250000 | 0.1% |
|  102698 – 4798 NE 2<sup>nd</sup> Ave., LLC | June 10, 2024 | 250000 | 250000 | 250000 | 0.1% |
|  103728 – Barcel, LLC | July 23, 2024 | 206318 | 206318 | 206318 | 0.1% |
|  103771 – Rhino Homes, LLC | July 23, 2024 | 914328 | 914328 | 914328 | 0.2% |
|  103772 – Rhino Homes, LLC | July 23, 2024 | 908427 | 908427 | 908427 | 0.2% |
|  103778 – Erin Maher | June 21, 2024 | 895900 | 895900 | 895900 | 0.2% |
|  103790 – Winner Participations, LLC | August 2, 2024 | 301205 | 301205 | 301205 | 0.1% |
|  103980 – KPI Equity Holdings I, LLC | August 2, 2024 | 375840 | 375840 | 375840 | 0.1% |
|  104356 – RRCap – FA Shingletree, LLC | July 5, 2024 | 4741822 | 4741822 | 4741822 | 1.2% |
|  104357 – RRCap – FA Shingletree, LLC | July 5, 2024 | 4741822 | 4741822 | 4741822 | 1.2% |
|  104358 – RRCap – FA Shingletree, LLC | July 5, 2024 | 4741822 | 4741822 | 4741822 | 1.2% |
|  104359 – RRCap – FA Shingletree, LLC | July 5, 2024 | 4197917 | 4197917 | 4197917 | 1.1% |
|  104360 – RRCap – FA Shingletree, LLC | July 5, 2024 | 4570253 | 4570253 | 4570253 | 1.2% |
|  104361 – RRCap – FA Shingletree, LLC | July 5, 2024 | 4741821 | 4741821 | 4741821 | 1.2% |
|  104362 – RRCap – FA Shingletree, LLC | July 5, 2024 | 3825580 | 3825580 | 3825580 | 1.0% |
|  104363 – RRCap – FA Shingletree, LLC | July 5, 2024 | 4369483 | 4369483 | 4369483 | 1.1% |
|  104364 – RRCap – FA Shingletree, LLC | July 5, 2024 | 4369483 | 4369483 | 4369483 | 1.1% |
|  104447 – Watermark Homes, LLC | October 7, 2024 | 1349493 | 1349493 | 1349493 | 0.4% |
|  104480 – Elmer Avenue, LLC | July 23, 2024 | 2297238 | 2297238 | 2297238 | 0.6% |
|  104497 – RSBY Holdings, LLC | August 2, 2024 | 165270 | 165270 | 165270 | 0.0% |
|  104677 – Daest, LLC | July 23, 2024 | 785000 | 785000 | 785000 | 0.2% |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 8. Restricted securities – (Continued) </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial <br>Acquisition Date** | **Principal <br>Amount** | **Cost** | **Fair Value** | **% of <br>Net <br>Assets** |
|  105003 – 43 Westwood, LLC | August 30, 2024 | 1118347 | $1118347 | $1118347 | 0.3% |
|  105004 – 43 Westwood, LLC | August 30, 2024 | 1434256 | 1434256 | 1434256 | 0.4% |
|  105005 – 43 Westwood, LLC | August 30, 2024 | 1179685 | 1179685 | 1179685 | 0.3% |
|  105006 – 43 Westwood, LLC | August 30, 2024 | 1194601 | 1194601 | 1194601 | 0.3% |
|  105178 – Efrain Hendy Zaga and Denisse Esquenazi Opatowski | July 23, 2024 | 1574068 | 1574068 | 1574068 | 0.4% |
|  105238 – MSR 59 Ridge Homes, LLC | August 2, 2024 | 546581 | 546581 | 546581 | 0.1% |
|  105241 – MSR 59 Ridge Homes, LLC | August 2, 2024 | 2021583 | 2021583 | 2021583 | 0.5% |
|  105242 – MSR 59 Ridge Homes, LLC | August 2, 2024 | 427210 | 427210 | 427210 | 0.1% |
|  105243 – GT Three, LLC | December 11, 2024 | 2046721 | 2046721 | 2046721 | 0.5% |
|  105247 – GT Three, LLC | January 10, 2025 | 2204439 | 2204439 | 2204439 | 0.6% |
|  105261 – SeaScape Homes, LLC | October 7, 2024 | 1314587 | 1314587 | 1314587 | 0.3% |
|  105366 – Rhino Homes, LLC | July 23, 2024 | 1235000 | 1235000 | 1235000 | 0.3% |
|  105459 – Oleduga, LLC | August 2, 2024 | 259000 | 259000 | 259000 | 0.1% |
|  105465 – NoHo 37, LLC | August 30, 2024 | 552000 | 552000 | 552000 | 0.1% |
|  105880 – B Cove Investments, LLC | September 12, 2024 | 2100000 | 2100000 | 2100000 | 0.5% |
|  106039 – Moonlighting Property Investment, LLC | July 23, 2024 | 299464 | 299464 | 299464 | 0.1% |
|  106533 – Eagle OZB I, LP | September 12, 2024 | 780000 | 780000 | 780000 | 0.2% |
|  106536 – Eagle OZB I, LP | September 12, 2024 | 780000 | 780000 | 780000 | 0.2% |
|  106538 – Eagle OZB I, LP | September 12, 2024 | 780000 | 780000 | 780000 | 0.2% |
|  106767 – Torre Projects, LLC | August 2, 2024 | 286148 | 286148 | 286148 | 0.1% |
|  106918 – HLPG 406 Midwood, LLC | October 7, 2024 | 1999729 | 1999729 | 1999729 | 0.5% |
|  107081 – Abode Multifamily Opportunity Fund I LLC, | August 30, 2024 | 1387000 | 1387000 | 1387000 | 0.4% |
|  107094 – Grande Vita Homes, LLC | December 11, 2024 | 624592 | 624592 | 624592 | 0.2% |
|  107180 – 902 8<sup>th</sup> St., LLC | August 30, 2024 | 358000 | 358000 | 358000 | 0.1% |
|  107595 – Dolphin Shores Investments, LLC | November 5, 2024 | 1286190 | 1286190 | 1286190 | 0.3% |
|  107654 – Cardinal Capital Investment Group, LLC | November 5, 2024 | 466506 | 466506 | 466506 | 0.1% |
|  107836 – Mahi Mahi 935, LLC | August 30, 2024 | 1399000 | 1399000 | 1399000 | 0.4% |
|  107845 – Keys of Tomorrow, LLC | October 7, 2024 | 179496 | 179496 | 179496 | 0.1% |
|  107884 – Blake Development of the Palm Beaches, LLC | January 24, 2025 | 2410324 | 2410324 | 2410324 | 0.6% |
|  107891 – 10225 Investments, LLC | December 11, 2024 | 46805 | 46805 | 46805 | 0.0% |
|  107982 – Nextgen Eaglerock 13, LLC | October 7, 2024 | 1656684 | 1656684 | 1656684 | 0.4% |
|  107983 – Nextgen Eaglerock 13, LLC | October 7, 2024 | 1684816 | 1684816 | 1684816 | 0.4% |
|  107986 – Nextgen Eaglerock 13, LLC | October 7, 2024 | 2429722 | 2429722 | 2429722 | 0.6% |
|  107997 – Mercado Rodriguez, LLC | September 12, 2024 | 102850 | 102850 | 102850 | 0.0% |
|  108077 – Fifth Avenue Wyn, LLC | January 24, 2025 | 1820000 | 1820000 | 1820000 | 0.5% |
|  108167 – Lime Builders, LLC | October 7, 2024 | 1516381 | 1516381 | 1516381 | 0.4% |
|  108184 – Osprey Ocean, LLC | December 11, 2024 | 1607839 | 1607839 | 1607839 | 0.4% |
|  108203 – Kirkland 7, LLC | January 24, 2025 | 1385000 | 1385000 | 1385000 | 0.4% |
|  108252 – Hurricane Construction, Inc | November 5, 2024 | 2059711 | 2059711 | 2059711 | 0.5% |
|  108299 – WTM Construction Inc. | October 7, 2024 | 1371406 | 1371406 | 1371406 | 0.4% |
|  108301 – WTM Construction Inc. | October 7, 2024 | 1706058 | 1706058 | 1706058 | 0.4% |
|  108402 – Eagle Rock 17, LLC | November 5, 2024 | 1607153 | 1607153 | 1607153 | 0.4% |
|  108405 – Eagle Rock 17, LLC | November 5, 2024 | 1615755 | 1615755 | 1615755 | 0.4% |
|  108408 – Eagle Rock 17, LLC | November 5, 2024 | 1074368 | 1074368 | 1074368 | 0.3% |
|  108411 – TruWest, LLC | November 5, 2024 | 1627500 | 1627500 | 1627500 | 0.4% |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 8. Restricted securities – (Continued) </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial <br>Acquisition Date** | **Principal <br>Amount** | **Cost** | **Fair Value** | **% of <br>Net <br>Assets** |
|  108767 – 2717 NE 29<sup>th</sup> Street, LLC | October 7, 2024 | 1731262 | $1731262 | $1731262 | 0.5% |
|  108769 – TRG Inglewood, LLC | October 7, 2024 | 3609000 | 3609000 | 3609000 | 0.9% |
|  108872 – Addison Hesby, LLC | December 11, 2024 | 2413684 | 2413684 | 2413684 | 0.6% |
|  109030 – VLC Construction & Design, LLC | October 7, 2024 | 212722 | 212722 | 212722 | 0.1% |
|  109192 – BV Homes, LLC | October 7, 2024 | 2082217 | 2082217 | 2082217 | 0.5% |
|  109196 – Nexo Investors, LLC | November 5, 2024 | 389270 | 389270 | 389270 | 0.1% |
|  109322 – 3A Parc, LLC | October 7, 2024 | 2308431 | 2308431 | 2308431 | 0.6% |
|  109339 – Scott Springs Assets, LLC | November 5, 2024 | 375164 | 375164 | 375164 | 0.1% |
|  109398 – 1515 Blake, LLC | November 5, 2024 | 1079532 | 1079532 | 1079532 | 0.3% |
|  109399 – 1515 Blake, LLC | November 5, 2024 | 1078858 | 1078858 | 1078858 | 0.3% |
|  109448 – Kent 9, LLC | February 27, 2025 | 566000 | 566000 | 566000 | 0.2% |
|  109450 – Kent 9, LLC | February 27, 2025 | 566000 | 566000 | 566000 | 0.2% |
|  109696 – Loma Alta 10, LLC | December 11, 2024 | 289107 | 289107 | 289107 | 0.1% |
|  109697 – Loma Alta 10, LLC | December 11, 2024 | 289107 | 289107 | 289107 | 0.1% |
|  109703 – Loma Alta 10, LLC | December 11, 2024 | 289107 | 289107 | 289107 | 0.1% |
|  109704 – Loma Alta 10, LLC | December 11, 2024 | 289107 | 289107 | 289107 | 0.1% |
|  109798 – JH1 Realty Inc | October 7, 2024 | 854354 | 854354 | 854354 | 0.2% |
|  109837 – Gramm Ventures, LLC | November 5, 2024 | 312900 | 312900 | 312900 | 0.1% |
|  110003 – 791 Crandon Holding 707, LLC | October 7, 2024 | 3000000 | 3000000 | 3000000 | 0.8% |
|  110011 – Dolphin Shores Investments, LLC | November 5, 2024 | 1538130 | 1538130 | 1538130 | 0.4% |
|  110150 – Black Marlin Group, LLC | October 7, 2024 | 3176834 | 3176834 | 3176834 | 0.8% |
|  110234 – Mcdonie Properties, LLC | January 10, 2025 | 1550056 | 1550056 | 1550056 | 0.4% |
|  110342 – Bravo Builders Enterprises, LLC | January 24, 2025 | 2318508 | 2318508 | 2318508 | 0.6% |
|  110465 – TJR Development Inc. | December 11, 2024 | 1578715 | 1578715 | 1578715 | 0.4% |
|  110811 – 8935 Froude Ave, LLC | December 11, 2024 | 1551965 | 1551965 | 1551965 | 0.4% |
|  110815 – DaVinci Development, LLC | December 11, 2024 | 1235600 | 1235600 | 1235600 | 0.3% |
|  110820 – JT Real Estate Capital Group, LLC | January 10, 2025 | 1426191 | 1426191 | 1426191 | 0.4% |
|  111076 – Twenty, LLC | November 5, 2024 | 1235117 | 1235117 | 1235117 | 0.3% |
|  111089 – 317-319 Laurel Avenue, LLC | December 11, 2024 | 913150 | 913150 | 913150 | 0.2% |
|  111108 – Vesta Investments, LLC | November 5, 2024 | 937760 | 937760 | 937760 | 0.2% |
|  111141 – Estela Specs 7, LLC | November 5, 2024 | 425161 | 425161 | 425161 | 0.1% |
|  111792 – 88<sup>th</sup> Street Homes, LLC | January 24, 2025 | 617865 | 617865 | 617865 | 0.2% |
|  111801 – Ronpache Investments and Trade, LLC | December 11, 2024 | 216450 | 216450 | 216450 | 0.1% |
|  111834 – Red Cedar Development, LLC | December 11, 2024 | 1054794 | 1054794 | 1054794 | 0.3% |
|  111866 – Colfax District, LLC | December 11, 2024 | 2516669 | 2516669 | 2516669 | 0.7% |
|  111894 – Up Ruiz Investments, LLC | January 10, 2025 | 197300 | 197300 | 197300 | 0.1% |
|  111941 – 2k Development, LLC | December 11, 2024 | 888811 | 888811 | 888811 | 0.2% |
|  112068 – Dwell LA, LLC | January 24, 2025 | 3109545 | 3109545 | 3109545 | 0.8% |
|  112080 – IEG Pioche, LLC | March 21, 2025 | 4975000 | 4975000 | 4975000 | 1.3% |
|  112135 – Twenty, LLC | November 5, 2024 | 427399 | 427399 | 427399 | 0.1% |
|  112319 – 1120 Coronado CS, LLC | December 11, 2024 | 3543000 | 3543000 | 3543000 | 0.9% |
|  112340 – Wivilmi Investments, LLC | January 24, 2025 | 191675 | 191675 | 191675 | 0.1% |
|  112350 – JH1 Realty Inc. | December 11, 2024 | 2211464 | 2211464 | 2211464 | 0.6% |
|  112351 – BV Homes, LLC | January 10, 2025 | 1591169 | 1591169 | 1591169 | 0.4% |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 8. Restricted securities – (Continued) </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial <br>Acquisition Date** | **Principal <br>Amount** | **Cost** | **Fair Value** | **% of <br>Net <br>Assets** |
|  112430 – 31 Edward, LLC | January 24, 2025 | 1545161 | $1545161 | $1545161 | 0.4% |
|  112549 – Twenty, LLC | November 5, 2024 | 427399 | 427399 | 427399 | 0.1% |
|  112558 – 44<sup>th</sup> Ave Developers, LLC | December 11, 2024 | 942667 | 942667 | 942667 | 0.2% |
|  112559 – 44<sup>th</sup> Ave Developers, LLC | December 11, 2024 | 1077333 | 1077333 | 1077333 | 0.3% |
|  112598 – Villa Bello At Zona, LLC | December 11, 2024 | 2044952 | 2044952 | 2044952 | 0.5% |
|  112599 – Villa Bello At Zona, LLC | December 11, 2024 | 1219878 | 1219878 | 1219878 | 0.3% |
|  112724 – Mosin Properties, LLC | December 11, 2024 | 280755 | 280755 | 280755 | 0.1% |
|  112735 – Hyde L303, LLC | November 5, 2024 | 287000 | 287000 | 287000 | 0.1% |
|  112961 – Veluva, LLC | December 11, 2024 | 420000 | 420000 | 420000 | 0.1% |
|  113395 – Del Invest BC2, LLC | January 10, 2025 | 390000 | 390000 | 390000 | 0.1% |
|  113656 – HAR Carmel, LLC | January 10, 2025 | 2986076 | 2986076 | 2986076 | 0.8% |
|  113657 – Assemble Capital Manager, LLC | December 11, 2024 | 1408461 | 1408461 | 1408461 | 0.4% |
|  113734 – MF Real Estate Investment, LLC | January 10, 2025 | 1280000 | 1280000 | 1280000 | 0.3% |
|  113824 – Caterra Property 3, LLC | January 10, 2025 | 1344759 | 1344759 | 1344759 | 0.4% |
|  113965 – JulianMore, LLC | January 24, 2025 | 3119060 | 3119060 | 3119060 | 0.8% |
|  114043 – 5913 Lubao Ave, LLC | January 10, 2025 | 1999263 | 1999263 | 1999263 | 0.5% |
|  114069 – 4940 Cherry, LLC | January 10, 2025 | 1148181 | 1148181 | 1148181 | 0.3% |
|  114071 – 3144 Elizabeth, LLC | January 10, 2025 | 1326312 | 1326312 | 1326312 | 0.3% |
|  114193 – 541 Normandy 2024, LLC | January 24, 2025 | 564573 | 564573 | 564573 | 0.2% |
|  114219 – AMS Home Invest, LLC | January 24, 2025 | 335197 | 335197 | 335197 | 0.1% |
|  114221 – CF 4942 Topanga, LLC | March 21, 2025 | 1572440 | 1572440 | 1572440 | 0.4% |
|  114305 – 15440 Dickens, LLC | January 24, 2025 | 1311964 | 1311964 | 1311964 | 0.3% |
|  114307 – BellaB Real Estate, LLC | January 10, 2025 | 1552500 | 1552500 | 1552500 | 0.4% |
|  114309 – Drenkorp, LLC | June 20, 2025 | 184500 | 184500 | 184500 | 0.1% |
|  114521 – 599 Bayshore 2024, LLC | January 10, 2025 | 596613 | 596613 | 596613 | 0.2% |
|  114694 – BH Magic Investments, LLC | January 24, 2025 | 1403623 | 1403623 | 1403623 | 0.4% |
|  114713 – MG Property Group 2, LLC | January 10, 2025 | 602000 | 602000 | 602000 | 0.2% |
|  114901 – Torre Projects, LLC | January 24, 2025 | 198375 | 198375 | 198375 | 0.1% |
|  114902 – Torre Projects, LLC | January 24, 2025 | 188123 | 188123 | 188123 | 0.1% |
|  114909 – Loitzk Batim 930, LLC | January 24, 2025 | 879114 | 879114 | 879114 | 0.2% |
|  114913 – Loitzk Batim 930, LLC | January 10, 2025 | 879114 | 879114 | 879114 | 0.2% |
|  114914 – Loitzk Batim 930, LLC | January 10, 2025 | 1175289 | 1175289 | 1175289 | 0.3% |
|  114920 – Loitzk Batim 930, LLC | January 10, 2025 | 789014 | 789014 | 789014 | 0.2% |
|  114921 – Mayar International, LLC | January 10, 2025 | 829960 | 829960 | 829960 | 0.2% |
|  115004 – 2k Development, LLC | January 24, 2025 | 1527690 | 1527690 | 1527690 | 0.4% |
|  115005 – 125 Lee Street, LLC | February 27, 2025 | 4080000 | 4080000 | 4080000 | 1.1% |
|  115011 – 4115 Shadyglade, LLC | April 17, 2025 | 2812500 | 2812500 | 2812500 | 0.7% |
|  115081 – Macedo Property Development, LLC | January 24, 2025 | 680000 | 680000 | 680000 | 0.2% |
|  115108 – Pronghorn Development, LLC | January 24, 2025 | 73500 | 73500 | 73500 | 0.0% |
|  115109 – Pronghorn Development, LLC | January 24, 2025 | 83500 | 83500 | 83500 | 0.0% |
|  115205 – Westchester Avenue, LLC | February 27, 2025 | 459000 | 459000 | 459000 | 0.1% |
|  115231 – Shoreline 940, LLC | January 10, 2025 | 867298 | 867298 | 867298 | 0.2% |
|  115378 – Buza Family Trust, LLC | January 10, 2025 | 1111000 | 1111000 | 1111000 | 0.3% |
|  115414 – Gallery Terra Lago, LLC | January 24, 2025 | 924000 | 924000 | 924000 | 0.2% |
|  115415 – Gallery Terra Lago, LLC | January 24, 2025 | 462000 | 462000 | 462000 | 0.1% |
|  115417 – Clamhor 2, LLC | January 10, 2025 | 2696308 | 2696308 | 2696308 | 0.7% |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 8. Restricted securities – (Continued) </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial <br>Acquisition Date** | **Principal <br>Amount** | **Cost** | **Fair Value** | **% of <br>Net <br>Assets** |
|  115697 – Grey Collective, LLC | January 10, 2025 | 1063350 | $1063350 | $1063350 | 0.3% |
|  115864 – TVR 2, LLC | January 24, 2025 | 382790 | 382790 | 382790 | 0.1% |
|  116028 – 12 Geneva St, LLC | January 10, 2025 | 1740976 | 1740976 | 1740976 | 0.5% |
|  116301 – Halona Development Group, LLC | January 24, 2025 | 164554 | 164554 | 164554 | 0.0% |
|  117082 – Wilton JT, LLC | February 27, 2025 | 377817 | 377817 | 377817 | 0.1% |
|  117205 – Axon Real Estate Investments, LLC | March 21, 2025 | 1469569 | 1469569 | 1469569 | 0.4% |
|  117241 – 1813-60 Binyan, LLC | March 21, 2025 | 2698746 | 2698746 | 2698746 | 0.7% |
|  117318 – 662 Granada St., LLC | January 24, 2025 | 1003791 | 1003791 | 1003791 | 0.3% |
|  117396 – Cygnus Construction, LLC | February 27, 2025 | 486025 | 486025 | 486025 | 0.1% |
|  117420 – BJB 1321 Management, LLC | February 27, 2025 | 2475000 | 2475000 | 2475000 | 0.6% |
|  117421 – Royal Management Group, LLC | February 27, 2025 | 100007 | 100007 | 100007 | 0.0% |
|  117439 – Valor Tower, Inc | February 27, 2025 | 4445057 | 4445057 | 4445057 | 1.2% |
|  117664 – Retail Bee, LLC | February 27, 2025 | 131250 | 131250 | 131250 | 0.0% |
|  117679 – Vault Money Investments, LLC | February 27, 2025 | 2144720 | 2144720 | 2144720 | 0.5% |
|  117712 – RR 2710 Development Group, LLC | February 27, 2025 | 1114650 | 1114650 | 1114650 | 0.3% |
|  117729 – Built Full Homes, LLC | April 17, 2025 | 12000 | 12000 | 12000 | 0.0% |
|  117767 – S&B Building Your Home, LLC | February 27, 2025 | 58620 | 58620 | 58620 | 0.0% |
|  117770 – G3 Gomes, LLC | February 27, 2025 | 87264 | 87264 | 87264 | 0.0% |
|  117775 – Solid Residences, LLC | February 27, 2025 | 186766 | 186766 | 186766 | 0.1% |
|  118026 – Holliday Homes, LLC | April 2, 2025 | 390200 | 390200 | 390200 | 0.1% |
|  118242 – Ramsgate Property, LLC | April 2, 2025 | 2072000 | 2072000 | 2072000 | 0.5% |
|  118588 – Carolinas Builders, LLC | April 17, 2025 | 1215000 | 1215000 | 1215000 | 0.3% |
|  118590 – Carolinas Builders, LLC | April 17, 2025 | 1215000 | 1215000 | 1215000 | 0.3% |
|  118591 – Carolinas Builders, LLC | April 17, 2025 | 1215000 | 1215000 | 1215000 | 0.3% |
|  118708 – O.Rhyan Capital Management, LLC | April 2, 2025 | 1855750 | 1855750 | 1855750 | 0.5% |
|  118766 – Hazen Grp, LLC | April 2, 2025 | 4250644 | 4250644 | 4250644 | 1.1% |
|  118866 – BV Homes LLC | February 27, 2025 | 226587 | 226587 | 226587 | 0.1% |
|  118912 – North Fitzhugh LP, LLC | March 21, 2025 | 734600 | 734600 | 734600 | 0.2% |
|  118929 – 842 Meadow Creek, LLC | March 21, 2025 | 733099 | 733099 | 733099 | 0.2% |
|  119128 – Burien 10, LLC | March 21, 2025 | 647628 | 647628 | 647628 | 0.2% |
|  119132 – Burien 10, LLC | March 21, 2025 | 610378 | 610378 | 610378 | 0.2% |
|  119137 – Burien 10, LLC | March 21, 2025 | 569104 | 569104 | 569104 | 0.2% |
|  119374 – 1909 McMillan LLC | April 2, 2025 | 1410000 | 1410000 | 1410000 | 0.4% |
|  119487 – CAP Housing, LLC | March 21, 2025 | 193500 | 193500 | 193500 | 0.1% |
|  119537 – AJ15305, LLC | March 21, 2025 | 1896827 | 1896827 | 1896827 | 0.5% |
|  119548 – 15 Carmela Terrace, LLC | April 17, 2025 | 185000 | 185000 | 185000 | 0.1% |
|  119564 – R.I USA Multiservices, LLC | April 17, 2025 | 1502301 | 1502301 | 1502301 | 0.4% |
|  119622 – Parkside Homes, LLC | April 2, 2025 | 1299719 | 1299719 | 1299719 | 0.3% |
|  119640 – Valvera Investments, LLC | March 21, 2025 | 127014 | 127014 | 127014 | 0.0% |
|  119721 – Fortune Investment Group LLC | April 2, 2025 | 333000 | 333000 | 333000 | 0.1% |
|  120177 – Grey Collective, LLC | March 21, 2025 | 1232500 | 1232500 | 1232500 | 0.3% |
|  120181 – 75 NW 41 St. Holdings, LLC | April 2, 2025 | 1181832 | 1181832 | 1181832 | 0.3% |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 8. Restricted securities – (Continued) </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial <br>Acquisition Date** | **Principal <br>Amount** | **Cost** | **Fair Value** | **% of <br>Net <br>Assets** |
|  120265 – N&B Real Estate Investment Group, LLC | March 21, 2025 | 167582 | $167582 | $167582 | 0.0% |
|  120293 – 1812 Hunters Glen, LLC | April 2, 2025 | 1666000 | 1666000 | 1666000 | 0.4% |
|  120294 – IVCM Holdings, LLC | April 2, 2025 | 463000 | 463000 | 463000 | 0.1% |
|  120373 – 46 Fayette, LLC | March 21, 2025 | 1462460 | 1462460 | 1462460 | 0.4% |
|  120604 – GP Ocala VI, LLC | March 21, 2025 | 557978 | 557978 | 557978 | 0.1% |
|  120680 – 907 Morton St., LLC | April 2, 2025 | 484253 | 484253 | 484253 | 0.1% |
|  120798 – Basad, LLC | April 2, 2025 | 1742500 | 1742500 | 1742500 | 0.5% |
|  120806 – 4848 Fulton, LLC | April 17, 2025 | 1000000 | 1000000 | 1000000 | 0.3% |
|  120964 – 4-8 E. Springfield, LLC | April 17, 2025 | 2230555 | 2230555 | 2230555 | 0.6% |
|  121021 – Black Marlin Group, LLC | April 2, 2025 | 2533104 | 2533104 | 2533104 | 0.7% |
|  121026 – Sweet Home Advisors, LLC | April 17, 2025 | 2865000 | 2865000 | 2865000 | 0.7% |
|  121154 – W Baker St. Apts., LLC | April 17, 2025 | 338751 | 338751 | 338751 | 0.1% |
|  121256 – Cornest Development, LLC | April 17, 2025 | 171208 | 171208 | 171208 | 0.0% |
|  121258 – AD Customs, LLC | April 17, 2025 | 98484 | 98484 | 98484 | 0.0% |
|  121259 – GK Capital GP, LLC | April 17, 2025 | 737432 | 737432 | 737432 | 0.2% |
|  121261 – Watson Recovery Enterprises, LLC | April 17, 2025 | 17250 | 17250 | 17250 | 0.0% |
|  121262 – LLG Enterprises, LLC | April 17, 2025 | 102740 | 102740 | 102740 | 0.0% |
|  121264 – Ground-Up Customz, LLC/Empower Estates Customs, LLC | April 17, 2025 | 306166 | 306166 | 306166 | 0.1% |
|  121265 – Pelican Equity Partnership, Inc. | April 17, 2025 | 297300 | 297300 | 297300 | 0.1% |
|  121266 – Vertex Custom Homes, LLC | April 17, 2025 | 334789 | 334789 | 334789 | 0.1% |
|  121267 – Manzaba Property Investments, LLC | April 17, 2025 | 96250 | 96250 | 96250 | 0.0% |
|  121268 – Hibernia Investment, LLC | April 17, 2025 | 354539 | 354539 | 354539 | 0.1% |
|  121269 – Aceluxvilla, LLC | April 17, 2025 | 226150 | 226150 | 226150 | 0.1% |
|  121270 – MZRCO, LLC | April 17, 2025 | 46375 | 46375 | 46375 | 0.0% |
|  121271 – DK Advantage, LLC | April 17, 2025 | 221880 | 221880 | 221880 | 0.1% |
|  121272 – Guatehome & Vas, LLC | April 17, 2025 | 189825 | 189825 | 189825 | 0.0% |
|  121280 – Neighborhood Laundromat, LLC | April 17, 2025 | 619181 | 619181 | 619181 | 0.2% |
|  121283 – Latin Flooring, LLC | April 17, 2025 | 317300 | 317300 | 317300 | 0.1% |
|  121620 – 2305 Tamarind Drive, LLC | April 17, 2025 | 1650000 | 1650000 | 1650000 | 0.4% |
|  121644 – BJB 1321 Management, LLC | April 17, 2025 | 2520000 | 2520000 | 2520000 | 0.6% |
|  121664 – Platinum Enterprise, LLC | April 17, 2025 | 684000 | 684000 | 684000 | 0.2% |
|  121901 – Black Star Development, LLC | April 17, 2025 | 1422000 | 1422000 | 1422000 | 0.4% |
|  121917 – Bidwell Commons Townhomes, LLC | April 17, 2025 | 699500 | 699500 | 699500 | 0.2% |
|  121927 – TwoRDZ Alpha Project, LLC | April 17, 2025 | 621566 | 621566 | 621566 | 0.2% |
|  122126 – Oak View Development, LLC | June 20, 2025 | 1848750 | 1848750 | 1848750 | 0.5% |
|  122295 – Wolf Contracting, LLC | June 20, 2025 | 141179 | 141179 | 141179 | 0.0% |
|  122563 – Black Star Development, LLC | April 17, 2025 | 1500000 | 1500000 | 1500000 | 0.4% |
|  122571 – Black Star Development, LLC | April 17, 2025 | 1500000 | 1500000 | 1500000 | 0.4% |
|  122718 – Dommus Construction Corp. | June 27, 2025 | 114000 | 114000 | 114000 | 0.0% |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 8. Restricted securities – (Continued) </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial <br>Acquisition Date** | **Principal <br>Amount** | **Cost** | **Fair Value** | **% of <br>Net <br>Assets** |
|  122723 – 3302 Park, LLC |  | 275000 | $275000 | $275000 | 0.1% |
|  122724 – 151 S St. NW, LLC |  | 275000 | 275000 | 275000 | 0.1% |
|  122840 – HHH Rentals, LLC | June 20, 2025 | 447550 | 447550 | 447550 | 0.1% |
|  122841 – HHH Rentals, LLC | June 20, 2025 | 505050 | 505050 | 505050 | 0.1% |
|  123234 – 5225 Connecticut Owner, LLC & WE 5225 Connecticut Ave, LLC |  | 1750000 | 1750000 | 1750000 | 0.4% |
|  123238 – Prada Home Ventures, LLC | June 27, 2025 | 12960 | 12960 | 12960 | 0.0% |
|  123392 – 429 13<sup>th</sup> St. NE, LLC | May 2, 2025 | 7200000 | 7200000 | 7200000 | 1.9% |
|  123411 – RKAI Properties, LLC & Baruj Hashem | June 20, 2025 | 251625 | 251625 | 251625 | 0.1% |
|  123412 – Thirty Seven Sunrise, LLC | June 27, 2025 | 1300001 | 1300001 | 1300001 | 0.3% |
|  123424 – S&P Construction & Development, LLC | June 20, 2025 | 42240 | 42240 | 42240 | 0.0% |
|  123469 – 5601 Fishburn, LLC | June 27, 2025 | 3245000 | 3245000 | 3245000 | 0.8% |
|  123471 – Rental Shop Development, LLC | June 20, 2025 | 108000 | 108000 | 108000 | 0.0% |
|  123488 – IDS Construction Company, LLC | June 20, 2025 | 1095000 | 1095000 | 1095000 | 0.3% |
|  123565 – Duran USA Group, LLC | June 20, 2025 | 25200 | 25200 | 25200 | 0.0% |
|  123689 – VIP Homes, LLC | June 20, 2025 | 16950 | 16950 | 16950 | 0.0% |
|  123842 – VIP Homes, LLC | June 20, 2025 | 21000 | 21000 | 21000 | 0.0% |
|  123892 – 36 Cyril, LLC | June 27, 2025 | 477506 | 477506 | 477506 | 0.1% |
|  123893 – 36 Cyril, LLC | June 20, 2025 | 552198 | 552198 | 552198 | 0.1% |
|  123904 – Habitus Coconut Grove F1-C, LLC | June 27, 2025 | 2579500 | 2579500 | 2579500 | 0.7% |
|  123913 – 30 NW 59 Street Investment, LLC | June 20, 2025 | 1512986 | 1512986 | 1512986 | 0.4% |
|  124118 – MIA Residences, LLC | June 27, 2025 | 1197687 | 1197687 | 1197687 | 0.3% |
|  124121 – MIA Residences, LLC | June 27, 2025 | 1152372 | 1152372 | 1152372 | 0.3% |
|  124922 – GS West Coast Investments, LLC | June 27, 2025 | 3300000 | 3300000 | 3300000 | 0.9% |
|  124951 – Robert Eric Epps, LLC | June 20, 2025 | 135000 | 135000 | 135000 | 0.0% |
|  124986 – MAAS Rehab, LLC & Mary Ellen and Mary Lee, LLC | June 27, 2025 | 18500 | 18500 | 18500 | 0.0% |
|  125124 – 526 NW 15<sup>th</sup> Terr, LLC | June 27, 2025 | 254970 | 254970 | 254970 | 0.1% |
|  125125 – 634 NW 12<sup>th</sup> Ave, LLC | June 27, 2025 | 314463 | 314463 | 314463 | 0.1% |
|  125229 – La Sabana, LLC | June 27, 2025 | 240000 | 240000 | 240000 | 0.1% |
|  125266 – Bella Vida 3, LLC | June 27, 2025 | 675000 | 675000 | 675000 | 0.2% |
|  125272 – Solida I Real Estate, L.P. | June 27, 2025 | 81076 | 81076 | 81076 | 0.0% |
|  125273 – Solida I Real Estate, L.P. | June 27, 2025 | 30000 | 30000 | 30000 | 0.0% |
|  125300 – Andyvale, LLC | June 27, 2025 | 260250 | 260250 | 260250 | 0.1% |
|  125328 – New Ace Properties, LLC | June 20, 2025 | 1704500 | 1704500 | 1704500 | 0.4% |
|  125337 – Schurman Cottages, LLC | June 27, 2025 | 180000 | 180000 | 180000 | 0.0% |
|  125430 – Bravo Investments Of Florida, LLC | June 27, 2025 | 469250 | 469250 | 469250 | 0.1% |
|  125565 – M & J Pham Development, LLC | June 27, 2025 | 1400000 | 1400000 | 1400000 | 0.4% |
|  125570 – M & J Pham Development, LLC | June 27, 2025 | 3571750 | 3571750 | 3571750 | 0.9% |
|  125583 – Open Water Realty, LLC | June 27, 2025 | 12600 | 12600 | 12600 | 0.0% |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 8. Restricted securities – (Continued) </u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial <br>Acquisition Date** | **Principal <br>Amount** | **Cost** | **Fair Value** | **% of <br>Net <br>Assets** |
|  125623 – Willa Mae Investments, LLC | June 27, 2025 | 1412917 | $1412917 | $1412917 | 0.4% |
|  125690 – 625 Worthington, LLC | June 27, 2025 | 354000 | 354000 | 354000 | 0.1% |
|  125694 – Damai Resort Investments, LLC | June 27, 2025 | 1811250 | 1811250 | 1811250 | 0.5% |
|  125774 – One Star Development, LLC | June 20, 2025 | 1560000 | 1560000 | 1560000 | 0.4% |
|  125941 – Bravo Investments Of Florida, LLC | June 20, 2025 | 386100 | 386100 | 386100 | 0.1% |
|  126022 – Charleston Affordable Development Group, LLC | June 27, 2025 | 39000 | 39000 | 39000 | 0.0% |
|  126032 – Charleston Affordable Development Group, LLC | June 20, 2025 | 60000 | 60000 | 60000 | 0.0% |
|  126105 – B Life Capital 26, LLC | June 20, 2025 | 1287000 | 1287000 | 1287000 | 0.3% |
|  126258 – 1124 NW 2<sup>nd</sup> St., LLC | June 20, 2025 | 446250 | 446250 | 446250 | 0.1% |
|  126260 – 805 NW 12<sup>th</sup> Ave, LLC | June 20, 2025 | 313000 | 313000 | 313000 | 0.1% |
|  126347 – Lilikoi Two Development, LLC | June 27, 2025 | 1999500 | 1999500 | 1999500 | 0.5% |
|  TL Lone Peak Marketplace, LLC | January 31, 2024 | 5312590 | 5312590 | 5312590 | 1.4% |
|  TL Pepperell Mill, LLC | December 23, 2024 | 7359092 | 7359092 | 7359092 | 1.9% |
|  |  |  | $666434562 | $666434562 |  |

---

9. Contingencies and commitments

In the normal course of business, the Fund will enter into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

The Fund is required to provide financial support in the form of investment commitments to certain investees as part of the conditions for entering into such investments. At June 30, 2025, the Fund reasonably believes its assets will provide adequate cover to satisfy all its unfunded commitments. The Fund's unfunded commitments as of June 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  **Participation Notes** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments<br>Fair Value** |
|  3330 – 3601 Parking, LLC & N Ocean Blvd, LLC | $1081866 | $1081866 |
|  3340 – San Antonio Palo Alto, LLC | 257626 | 257626 |
|  3356 – GK West 47<sup>th</sup>, LLC | 591729 | 591729 |
|  3358 – 123 Speer Owner, LP | 743098 | 743098 |
|  3383 – Textor Family Holdings, LLC | 599780 | 599780 |
|  3391 – ZDJ W 37, LLC | 19043336 | 19043336 |
|  3398 – 305 Briny | 3065719 | 3065719 |
|  3399 – Malibu, LLC | 1528404 | 1528404 |
|  3403 – Nash Street Property Associates, LLC | 1672366 | 1672366 |
|  3407 – 57 Canton Place | 2433798 | 2433798 |
|  3412 – 105-107 Bank Street | 302790 | 302790 |
|  3413 – 700, 706, & 710 Division Street & 714 8<sup>th</sup> Avenue South | 368460 | 368460 |
|  3434 – 1 Water Street | 260931 | 260931 |
|  83824 – 2511 NW 25 Ave., LLC | 1114343 | 1114343 |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 9. Contingencies and commitments – (Continued) </u>

---

| | | |
|:---|:---|:---|
|  **Participation Notes** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments<br>Fair Value** |
|  91530 – RRCAP-FA Blume Road, LLC3 | $5063332 | $5063332 |
|  91574 – A5 International Properties, LLC | 187048 | 187048 |
|  91575 – A5 International Properties, LLC | 187048 | 187048 |
|  91576 – A5 International Properties, LLC | 184796 | 184796 |
|  91577 – A5 International Properties, LLC | 186973 | 186973 |
|  91578 – A5 International Properties, LLC | 184010 | 184010 |
|  92567 – BSD Drexel, LLC | 744800 | 744800 |
|  92804 – Dylan Mason Luxury Homes, LLC | 1832250 | 1832250 |
|  94110 – A5 International Properties, LLC | 184423 | 184423 |
|  94111 – A5 International Properties, LLC | 182548 | 182548 |
|  94112 – A5 International Properties, LLC | 182548 | 182548 |
|  94113 – A5 International Properties, LLC | 179548 | 179548 |
|  94114 – A5 International Properties, LLC | 180045 | 180045 |
|  96228 – 10229 – 10233 Eton Avenue, LLC | 2428000 | 2428000 |
|  96229 – 10229 – 10233 Eton Avenue, LLC | 2428000 | 2428000 |
|  96483 – Affordable Housing Group LTD, LLC | 4145000 | 4145000 |
|  96752 – Rhino Homes, LLC | 1942489 | 1942489 |
|  96921 – 514 LA Flor, LLC | 422400 | 422400 |
|  97931 – 2316 PCDEV, LLC | 2337500 | 2337500 |
|  98104 – Desert Modern Development, LLC | 1065000 | 1065000 |
|  98258 – 1740 PCDEV, LLC | 1250000 | 1250000 |
|  98617 – Lakeview Real Estate Fund, LLC | 4170000 | 4170000 |
|  98618 – Lakeview Real Estate Fund, LLC | 4750000 | 4750000 |
|  98619 – Lakeview Real Estate Fund, LLC | 4430000 | 4430000 |
|  98620 – Lakeview Real Estate Fund, LLC | 4235000 | 4235000 |
|  98767 – 426 E. 17<sup>th</sup> St., LLC | 228000 | 228000 |
|  98769 – 1292 Beauregard, LLC | 270000 | 270000 |
|  98771 – 1292 Beauregard, LLC | 266000 | 266000 |
|  98803 – Moon Equities, LLC | 550000 | 550000 |
|  99183 – 331 N. Olive St. Holding, LLC | 225000 | 225000 |
|  99191 – 2204 Conquista Ave. Holding, LLC | 1018000 | 1018000 |
|  99269 – 1688 Sunset Plaza Drive Partners, LLC | 2422000 | 2422000 |
|  99956 – Mao Developers, LLC | 58000 | 58000 |
|  100356 – NRM Group, LLC | 1813895 | 1813895 |
|  100357 – NRM Group, LLC | 2129204 | 2129204 |
|  100358 – NRM Group, LLC | 1911395 | 1911395 |
|  100359 – NRM Group, LLC | 2075000 | 2075000 |
|  100364 – Brilliant Funding, LLC | 250971 | 250971 |
|  100369 – Brilliant Funding, LLC | 254371 | 254371 |
|  100370 – Brilliant Funding, LLC | 252671 | 252671 |
|  100371 – Brilliant Funding, LLC | 252671 | 252671 |
|  100408 – HARING57, LLC | 1075794 | 1075794 |
|  101115 – MSR Starglide Canterbury Homes, LLC | 1723800 | 1723800 |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 9. Contingencies and commitments – (Continued) </u>

---

| | | |
|:---|:---|:---|
|  **Participation Notes** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments<br>Fair Value** |
|  101219 – ACE Jaynes, LLC | $660000 | $660000 |
|  101221 – USA Luxury Developer II, Inc. | 2000000 | 2000000 |
|  101227 – Rhoi Properties, Inc | 1060416 | 1060416 |
|  101246 – White Sand Real Estate Solutions, LLC | 450000 | 450000 |
|  101248 – White Sand Real Estate Solutions, LLC | 450000 | 450000 |
|  101296 – 5700 Clemson, LLC | 2400000 | 2400000 |
|  101753 – NRI Portfolios, LLC | 1400000 | 1400000 |
|  101808 – Educate Capital, LLC | 1615000 | 1615000 |
|  101873 – Valentin Construction & Development, LLC | 2200000 | 2200000 |
|  102044 – Lian 166 Washington, LLC | 1900000 | 1900000 |
|  102093 – Danva Prosper Fontanarosa Homes, LLC | 1201500 | 1201500 |
|  102094 – Danva Prosper Fontanarosa Homes, LLC | 1501875 | 1501875 |
|  102095 – Danva Prosper Fontanarosa Homes, LLC | 1501875 | 1501875 |
|  102096 – Danva Prosper Fontanarosa Homes, LLC | 901125 | 901125 |
|  102097 – Danva Prosper Fontanarosa Homes, LLC | 1501875 | 1501875 |
|  102111 – Westlake Mountainview, LLC | 1336500 | 1336500 |
|  102126 – 19142 Keswick St., LLC | 1075000 | 1075000 |
|  102137 – Gill Development, LLC | 1429000 | 1429000 |
|  102535 – TRMF & Associates, LLC | 771380 | 771380 |
|  102607 – 158 & 160 Eckerson, LLC | 3036000 | 3036000 |
|  102608 – 158 & 160 Eckerson, LLC | 1635000 | 1635000 |
|  102696 – 4798 NE 2<sup>nd</sup> Ave., LLC | 1250000 | 1250000 |
|  102697 – 4798 NE 2<sup>nd</sup> Ave., LLC | 1250000 | 1250000 |
|  102698 – 4798 NE 2<sup>nd</sup> Ave., LLC | 1250000 | 1250000 |
|  103728 – Barcel, LLC | 1020390 | 1020390 |
|  103771 – Rhino Homes, LLC | 1875000 | 1875000 |
|  103772 – Rhino Homes, LLC | 2448000 | 2448000 |
|  103778 – Erin Maher | 671287 | 671287 |
|  103790 – Winner Participations, LLC | 330000 | 330000 |
|  103980 – KPI Equity Holdings I, LLC | 480251 | 480251 |
|  104447 – Watermark Homes, LLC | 2271666 | 2271666 |
|  104480 – Elmer Avenue, LLC | 1550000 | 1550000 |
|  105003 – 43 Westwood, LLC | 1922145 | 1922145 |
|  105004 – 43 Westwood, LLC | 3105840 | 3105840 |
|  105005 – 43 Westwood, LLC | 2712962 | 2712962 |
|  105006 – 43 Westwood, LLC | 2712962 | 2712962 |
|  105238 – MSR 59 Ridge Homes, LLC | 671887 | 671887 |
|  105241 – MSR 59 Ridge Homes, LLC | 1288996 | 1288996 |
|  105242 – MSR 59 Ridge Homes, LLC | 1801802 | 1801802 |
|  105243 – GT Three, LLC | 2445293 | 2445293 |
|  105247 – GT Three, LLC | 2683025 | 2683025 |
|  105261 – SeaScape Homes, LLC | 1431111 | 1431111 |
|  106039 – Moonlighting Property Investment, LLC | 54340 | 54340 |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 9. Contingencies and commitments – (Continued) </u>

---

| | | |
|:---|:---|:---|
|  **Participation Notes** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments<br>Fair Value** |
|  106767 – Torre Projects, LLC | $374821 | $374821 |
|  107094 – Grande Vita Homes, LLC | 899176 | 899176 |
|  107180 – 902 8<sup>th</sup> St., LLC | 60000 | 60000 |
|  107654 – Cardinal Capital Investment Group, LLC | 494187 | 494187 |
|  107845 – Keys of Tomorrow, LLC | 188950 | 188950 |
|  107884 – Blake Development of the Palm Beaches, LLC | 1572739 | 1572739 |
|  107891 – 10225 Investments, LLC | 492195 | 492195 |
|  107982 – Nextgen Eaglerock 13, LLC | 624952 | 624952 |
|  107983 – Nextgen Eaglerock 13, LLC | 603000 | 603000 |
|  107986 – Nextgen Eaglerock 13, LLC | 970408 | 970408 |
|  107997 – Mercado Rodriguez, LLC | 55102 | 55102 |
|  108167 – Lime Builders, LLC | 1915000 | 1915000 |
|  108184 – Osprey Ocean, LLC | 1582899 | 1582899 |
|  108203 – Kirkland 7, LLC | 1923000 | 1923000 |
|  108252 – Hurricane Construction, Inc | 50000 | 50000 |
|  108299 – WTM Construction Inc. | 1869000 | 1869000 |
|  108301 – WTM Construction Inc. | 3163326 | 3163326 |
|  108402 – Eagle Rock 17, LLC | 1675000 | 1675000 |
|  108405 – Eagle Rock 17, LLC | 1675000 | 1675000 |
|  108408 – Eagle Rock 17, LLC | 1300000 | 1300000 |
|  108767 – 2717 NE 29<sup>th</sup> Street, LLC | 2500000 | 2500000 |
|  108872 – Addison Hesby, LLC | 620000 | 620000 |
|  109030 – VLC Construction & Design, LLC | 240000 | 240000 |
|  109192 – BV Homes, LLC | 1562539 | 1562539 |
|  109196 – Nexo Investors, LLC | 83270 | 83270 |
|  109322 – 3A Parc, LLC | 533000 | 533000 |
|  109339 – Scott Springs Assets, LLC | 374496 | 374496 |
|  109398 – 1515 Blake, LLC | 702000 | 702000 |
|  109399 – 1515 Blake, LLC | 702000 | 702000 |
|  109448 – Kent 9, LLC | 984000 | 984000 |
|  109450 – Kent 9, LLC | 984000 | 984000 |
|  109696 – Loma Alta 10, LLC | 1126968 | 1126968 |
|  109697 – Loma Alta 10, LLC | 1126968 | 1126968 |
|  109703 – Loma Alta 10, LLC | 1126968 | 1126968 |
|  109704 – Loma Alta 10, LLC | 1126968 | 1126968 |
|  109798 – JH1 Realty Inc | 276000 | 276000 |
|  110150 – Black Marlin Group, LLC | 2461315 | 2461315 |
|  110234 – Mcdonie Properties, LLC | 2260000 | 2260000 |
|  110342 – Bravo Builders Enterprises, LLC | 1401750 | 1401750 |
|  110465 – TJR Development Inc. | 1568000 | 1568000 |
|  110811 – 8935 Froude Ave, LLC | 1996223 | 1996223 |
|  110815 – DaVinci Development, LLC | 653347 | 653347 |
|  110820 – JT Real Estate Capital Group, LLC | 1354601 | 1354601 |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 9. Contingencies and commitments – (Continued) </u>

---

| | | |
|:---|:---|:---|
|  **Participation Notes** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments<br>Fair Value** |
|  111076 – Twenty, LLC | $1600000 | $1600000 |
|  111089 – 317-319 Laurel Avenue, LLC | 1150000 | 1150000 |
|  111108 – Vesta Investments, LLC | 1521881 | 1521881 |
|  111141 – Estela Specs 7, LLC | 1201605 | 1201605 |
|  111792 – 88<sup>th</sup> Street Homes, LLC | 1790000 | 1790000 |
|  111801 – Ronpache Investments and Trade, LLC | 63000 | 63000 |
|  111834 – Red Cedar Development, LLC | 200000 | 200000 |
|  111866 – Colfax District, LLC | 1039500 | 1039500 |
|  111894 – Up Ruiz Investments, LLC | 223200 | 223200 |
|  111941 – 2k Development, LLC | 1500000 | 1500000 |
|  112068 – Dwell LA, LLC | 2483000 | 2483000 |
|  112135 – Twenty, LLC | 1320865 | 1320865 |
|  112340 – Wivilmi Investments, LLC | 102349 | 102349 |
|  112350 – JH1 Realty Inc. | 450000 | 450000 |
|  112351 – BV Homes, LLC | 2446622 | 2446622 |
|  112430 – 31 Edward, LLC | 2448925 | 2448925 |
|  112549 – Twenty, LLC | 1320865 | 1320865 |
|  112558 – 44<sup>th</sup> Ave Developers, LLC | 2486674 | 2486674 |
|  112559 – 44<sup>th</sup> Ave Developers, LLC | 2841913 | 2841913 |
|  112598 – Villa Bello At Zona, LLC | 2200000 | 2200000 |
|  112599 – Villa Bello At Zona, LLC | 2450000 | 2450000 |
|  112724 – Mosin Properties, LLC | 238755 | 238755 |
|  113395 – Del Invest BC2, LLC | 1570000 | 1570000 |
|  113656 – HAR Carmel, LLC | 1640000 | 1640000 |
|  113657 – Assemble Capital Manager, LLC | 894188 | 894188 |
|  113734 – MF Real Estate Investment, LLC | 955000 | 955000 |
|  113824 – Caterra Property 3, LLC | 1210000 | 1210000 |
|  113965 – JulianMore, LLC | 1791981 | 1791981 |
|  114043 – 5913 Lubao Ave, LLC | 1641000 | 1641000 |
|  114069 – 4940 Cherry, LLC | 1944760 | 1944760 |
|  114071 – 3144 Elizabeth, LLC | 2400000 | 2400000 |
|  114193 – 541 Normandy 2024, LLC | 1105000 | 1105000 |
|  114219 – AMS Home Invest, LLC | 60000 | 60000 |
|  114221 – CF 4942 Topanga, LLC | 1685000 | 1685000 |
|  114307 – BellaB Real Estate, LLC | 50000 | 50000 |
|  114309 – Drenkorp, LLC | 1422096 | 1422096 |
|  114521 – 599 Bayshore 2024, LLC | 1365000 | 1365000 |
|  114694 – BH Magic Investments, LLC | 665000 | 665000 |
|  114901 – Torre Projects, LLC | 255050 | 255050 |
|  114902 – Torre Projects, LLC | 253117 | 253117 |
|  114909 – Loitzk Batim 930, LLC | 1334348 | 1334348 |
|  114913 – Loitzk Batim 930, LLC | 1334348 | 1334348 |
|  114914 – Loitzk Batim 930, LLC | 1334348 | 1334348 |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 9. Contingencies and commitments – (Continued) </u>

---

| | | |
|:---|:---|:---|
|  **Participation Notes** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments<br>Fair Value** |
|  114920 – Loitzk Batim 930, LLC | $1334348 | $1334348 |
|  114921 – Mayar International, LLC | 125000 | 125000 |
|  115004 – 2k Development, LLC | 2840500 | 2840500 |
|  115011 – 4115 Shadyglade, LLC | 1047500 | 1047500 |
|  115081 – Macedo Property Development, LLC | 114240 | 114240 |
|  115108 – Pronghorn Development, LLC | 620500 | 620500 |
|  115109 – Pronghorn Development, LLC | 631400 | 631400 |
|  115205 – Westchester Avenue, LLC | 1500699 | 1500699 |
|  115231 – Shoreline 940, LLC | 2340000 | 2340000 |
|  115417 – Clamhor 2, LLC | 791250 | 791250 |
|  115697 – Grey Collective, LLC | 2058074 | 2058074 |
|  116028 – 12 Geneva St, LLC | 1360000 | 1360000 |
|  116301 – Halona Development Group, LLC | 180656 | 180656 |
|  117082 – Wilton JT, LLC | 806000 | 806000 |
|  117205 – Axon Real Estate Investments, LLC | 1486063 | 1486063 |
|  117241 – 1813-60 Binyan, LLC | 1565000 | 1565000 |
|  117318 – 662 Granada St., LLC | 245930 | 245930 |
|  117396 – Cygnus Construction, LLC | 853375 | 853375 |
|  117421 – Royal Management Group, LLC | 46993 | 46993 |
|  117439 – Valor Tower, Inc | 1290014 | 1290014 |
|  117679 – Vault Money Investments, LLC | 170000 | 170000 |
|  117712 – RR 2710 Development Group, LLC | 1160000 | 1160000 |
|  117729 – Built Full Homes, LLC | 223600 | 223600 |
|  117767 – S&B Building Your Home, LLC | 223706 | 223706 |
|  117770 – G3 Gomes, LLC | 224146 | 224146 |
|  117775 – Solid Residences, LLC | 221400 | 221400 |
|  118026 – Holliday Homes, LLC | 813300 | 813300 |
|  118242 – Ramsgate Property, LLC | 100000 | 100000 |
|  118708 – O.Rhyan Capital Management, LLC | 252750 | 252750 |
|  118766 – Hazen Grp, LLC | 1055000 | 1055000 |
|  118866 – BV Homes LLC | 123798 | 123798 |
|  118912 – North Fitzhugh LP, LLC | 2131500 | 2131500 |
|  118929 – 842 Meadow Creek, LLC | 1533500 | 1533500 |
|  119128 – Burien 10, LLC | 1008257 | 1008257 |
|  119132 – Burien 10, LLC | 1008257 | 1008257 |
|  119137 – Burien 10, LLC | 1008257 | 1008257 |
|  119487 – CAP Housing, LLC | 27000 | 27000 |
|  119537 – AJ15305, LLC | 750000 | 750000 |
|  119548 – 15 Carmela Terrace, LLC | 60000 | 60000 |
|  119564 – R.I USA Multiservices, LLC | 2016000 | 2016000 |
|  119622 – Parkside Homes, LLC | 2003622 | 2003622 |
|  119640 – Valvera Investments, LLC | 193000 | 193000 |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 9. Contingencies and commitments – (Continued) </u>

---

| | | |
|:---|:---|:---|
|  **Participation Notes** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments<br>Fair Value** |
|  119721 – Fortune Investment Group LLC | $42900 | $42900 |
|  120177 – Grey Collective, LLC | 2058378 | 2058378 |
|  120181 – 75 NW 41 St. Holdings, LLC | 1605802 | 1605802 |
|  120265 – N&B Real Estate Investment Group, LLC | 46970 | 46970 |
|  120294 – IVCM Holdings, LLC | 20000 | 20000 |
|  120373 – 46 Fayette, LLC | 875000 | 875000 |
|  120680 – 907 Morton St., LLC | 531500 | 531500 |
|  120798 – Basad, LLC | 1402500 | 1402500 |
|  120806 – 4848 Fulton, LLC | 1250000 | 1250000 |
|  120964 – 4-8 E. Springfield, LLC | 1065000 | 1065000 |
|  121021 – Black Marlin Group, LLC | 489825 | 489825 |
|  121154 – W Baker St. Apts., LLC | 99900 | 99900 |
|  121256 – Cornest Development, LLC | 780000 | 780000 |
|  121258 – AD Customs, LLC | 511875 | 511875 |
|  121259 – GK Capital GP, LLC | 1169000 | 1169000 |
|  121261 – Watson Recovery Enterprises, LLC | 242250 | 242250 |
|  121262 – LLG Enterprises, LLC | 700000 | 700000 |
|  121264 – Ground-Up Customz, LLC / Empower Estates Customs, LLC | 700000 | 700000 |
|  121265 – Pelican Equity Partnership, Inc. | 77000 | 77000 |
|  121266 – Vertex Custom Homes, LLC | 500000 | 500000 |
|  121267 – Manzaba Property Investments, LLC | 85000 | 85000 |
|  121268 – Hibernia Investment, LLC | 2554000 | 2554000 |
|  121269 – Aceluxvilla, LLC | 220000 | 220000 |
|  121270 – MZRCO, LLC | 60000 | 60000 |
|  121271 – DK Advantage, LLC | 222000 | 222000 |
|  121272 – Guatehome & Vas, LLC | 40000 | 40000 |
|  121280 – Neighborhood Laundromat, LLC | 745784 | 745784 |
|  121283 – Latin Flooring, LLC | 220000 | 220000 |
|  121917 – Bidwell Commons Townhomes, LLC | 4400000 | 4400000 |
|  121927 – TwoRDZ Alpha Project, LLC | 975000 | 975000 |
|  122126 – Oak View Development, LLC | 326250 | 326250 |
|  122295 – Wolf Contracting, LLC | 775000 | 775000 |
|  122718 – Dommus Construction Corp. | 781900 | 781900 |
|  122840 – HHH Rentals, LLC | 150000 | 150000 |
|  122841 – HHH Rentals, LLC | 220000 | 220000 |
|  123238 – Prada Home Ventures, LLC | 184697 | 184697 |
|  123411 – RKAI Properties, LLC & Baruj Hashem | 35400 | 35400 |
|  123412 – Thirty Seven Sunrise, LLC | 2539999 | 2539999 |
|  123424 – S&P Construction & Development, LLC | 189000 | 189000 |
|  123469 – 5601 Fishburn, LLC | 1269800 | 1269800 |
|  123471 – Rental Shop Development, LLC | 35950 | 35950 |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 9. Contingencies and commitments – (Continued) </u>

---

| | | |
|:---|:---|:---|
|  **Participation Notes** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments<br>Fair Value** |
|  123488 – IDS Construction Company, LLC | $2400000 | $2400000 |
|  123565 – Duran USA Group, LLC | 203929 | 203929 |
|  123689 – VIP Homes, LLC | 334313 | 334313 |
|  123842 – VIP Homes, LLC | 349000 | 349000 |
|  123892 – 36 Cyril, LLC | 2866842 | 2866842 |
|  123893 – 36 Cyril, LLC | 3142166 | 3142166 |
|  123913 – 30 NW 59 Street Investment, LLC | 1158766 | 1158766 |
|  124118 – MIA Residences, LLC | 945000 | 945000 |
|  124121 – MIA Residences, LLC | 945000 | 945000 |
|  124951 – Robert Eric Epps, LLC | 1490950 | 1490950 |
|  124986 – MAAS Rehab, LLC & Mary Ellen and Mary Lee, LLC | 330000 | 330000 |
|  125124 – 526 NW 15<sup>th</sup> Terr, LLC | 15500 | 15500 |
|  125125 – 634 NW 12<sup>th</sup> Ave, LLC | 8037 | 8037 |
|  125229 – La Sabana, LLC | 710000 | 710000 |
|  125272 – Solida I Real Estate, L.P. | 174000 | 174000 |
|  125273 – Solida I Real Estate, L.P. | 180800 | 180800 |
|  125337 – Schurman Cottages, LLC | 2077783 | 2077783 |
|  125430 – Bravo Investments Of Florida, LLC | 88000 | 88000 |
|  125565 – M & J Pham Development, LLC | 2000000 | 2000000 |
|  125583 – Open Water Realty, LLC | 158335 | 158335 |
|  125623 – Willa Mae Investments, LLC | 388280 | 388280 |
|  125690 – 625 Worthington, LLC | 1275000 | 1275000 |
|  125941 – Bravo Investments Of Florida, LLC | 118000 | 118000 |
|  126022 – Charleston Affordable Development Group, LLC | 268658 | 268658 |
|  126032 – Charleston Affordable Development Group, LLC | 690000 | 690000 |
|  126258 – 1124 NW 2<sup>nd</sup> St., LLC | 37500 | 37500 |
|  126260 – 805 NW 12<sup>th</sup> Ave, LLC | 24500 | 24500 |
|  | $351542511 | $351542511 |

---

10. Federal Tax Information

For the tax year ended December 31, 2024, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

---

| | |
|:---|:---|
|  Cost of investments | $503617285 |
|  Gross unrealized appreciation |  |
|  Gross unrealized depreciation |  |
|  Net unrealized appreciation(depreciation) | $**—** |

---

For the tax year ended December 31, 2024, there were no permanent book to tax reclassifications.

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 10. Federal Tax Information – (Continued) </u>

The tax character of distributions paid during the tax year ended December 31, 2024 were as follows:

---

| | |
|:---|:---|
|  Distributions paid from: |  |
|  Ordinary income | $19692968 |
|  Total distributions paid | $**19692968** |

---

For the tax year ended December 31, 2024, the components of accumulated earnings on a tax basis for the Fund were as follows:

---

| | |
|:---|:---|
|  Undistributed Ordinary Income | $20009 |
|  Undistributed Long-Term Capital Gains |  |
|  Accumulated Capital and Other Losses |  |
|  Unrealized Appreciation (Depreciation) |  |
|  Total | $**20009** |

---

11. Master Repurchase Agreement

On April 23, 2024, Naikan I SPV, LLC ("SPV 1") entered into a Master Repurchase Agreement (the "Repurchase Agreement") with Churchill MRA Funding I LLC, a Delaware limited liability company ("Churchill"), pursuant to which Churchill has agreed, up to a maximum $300 million as of June 30, 2025 and subject to the terms and conditions of the Repurchase Agreement, that Churchill may from time to time enter into one or more transactions consisting of a purchase by Churchill from SPV 1 of certain mortgage loans and the subsequent repurchase by SPV 1 from Churchill of such purchased mortgage loans. The cost of capital under the Repurchase Agreement is equal to the sum of (a) a floating rate equal to the three-month CME Term SOFR plus a 2.65% applicable spread, unless the applicable spread is otherwise agreed to between Churchill and SPV 1 plus (b) 0.35% advance rate of the borrowing base plus (c) 0.08% of the advance outstanding payable on a monthly basis. The Fund is the guarantor of the Repurchase Agreement.

At June 30, 2025, the total amount outstanding under the Repurchase Agreement was $213,005,878. The collateral pledged to Churchill at June 30, 2025 was 266 real estate mortgage loans that had an aggregate market value of $313,701,968. For the six months ended June 30, 2025, the effective rate charged under the Repurchase Agreement was 7.03% and interest incurred was $5,441,897.

12. Collateralized Loan Obligation Financing

On November 27, 2024, CFIN 2024-1 Issuer LLC ("SPV 2 Issuer") entered into an Indenture with UMB Bank, National Association as Indenture Trustee and Paying Agent, in connection with the issuance of Mortgage-Backed Notes, Series 2024-1 (the "Notes"). The Notes were issued to institutional investors, including J.P. Morgan Investment Management Inc., in its capacity as noteholder representative, to provide financing for the Fund's mortgage-related investments.

The Class A Notes were issued with an initial principal balance of $125,000,000 and bear interest at a rate of 6.50% per annum, subject to step-up provisions based on the duration of the Notes and the occurrence of an event of default. The revolving period extends for two years from issuance, after which the Notes begin amortizing according to the Indenture's payment waterfall.

The Notes are secured by a funding base, which consists of mortgage loans.

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 12. Collateralized Loan Obligation Financing – (Continued) </u>

A Reserve Account, maintained with UMB Bank, National Association, holds liquidity reserves to support interest and principal payments to noteholders. As of June 30, 2025, the total outstanding balance of the Notes was $125,000,000, with collateral pledged to the Indenture Trustee totaling $133,126,420.

The Notes are structured as senior secured obligations of SPV 2 Issuer, which operates as a bankruptcy-remote SPV and is consolidated into the Fund's financial statements.

13. Risk factors

LIMITED OPERATING HISTORY. The Fund is a newly organized, non-diversified, closed-end management investment company that has limited operating history. Due to the uncertainty in all investments, there can be no assurance that the Fund will succeed in meeting its investment objectives. The Fund may not grow or maintain an economically viable size, which may result in increased Fund expenses or a determination by the Board to liquidate the Fund.

REPURCHASE OFFERS; LIMITED LIQUIDITY. Although the Fund intends to implement a quarterly Share repurchase program, there is no guarantee that an investor will be able to sell all of the Shares he or she desires to sell. Accordingly, the Fund should be considered an illiquid investment.

NON-DIVERSIFIED STATUS. The Fund is classified as "non-diversified" under the 1940 Act. As a result, it can invest a greater portion of its assets in obligations of a single issuer than a "diversified" fund. The Fund may therefore be more susceptible than a diversified fund to being adversely affected by a single corporate, economic, political or regulatory occurrence.

SOURCING INVESTMENT OPPORTUNITIES RISK. The Investment Manager may not be able to locate a sufficient number of suitable investment opportunities or finalize investments at a pace that allows the Fund to fully implement its investment strategy. Therefore, the Fund's operations will likely be materially adversely affected to the extent the Fund's capital is not fully deployed.

MORTGAGE LOAN RISK. The Fund will invest in commercial mortgage loans, which are subject to risks of delinquency, foreclosure, and risk of loss. In the event of a commercial borrower's default, the Fund's profitability will suffer a material adverse effect to the extent of any deficiency between the value of the collateral and the principal and accrued interest of the mortgage loan.

MORTGAGE PARTICIPATION RISK. The Fund's investments in commercial real estate loans will include holding a participation interest in such loans. The Fund generally will not have a right to enforce the borrower's compliance with the terms of any loan agreement, so any such enforcement would require cooperation of other participation interests' holders in the same underlying loan. The inability to enforce borrower's compliance could have a material adverse effect on the Fund's profitability.

MEZZANINE DEBT. Mezzanine investments share all of the risks of other high yield securities and are subject to greater risk of loss of principal and interest than higher-rated securities. High yield securities are below investment grade debt securities and are commonly referred to as "junk bonds." They are also generally considered to be subject to greater risk than securities with higher ratings in the case of deterioration of general economic conditions. Because investors generally perceive that there are greater risks associated with the lower-rated securities, the yields and prices of those securities may tend to fluctuate more than those for higher-rated securities.

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 13. Risk factors – (Continued) </u>

FIXED INCOME SECURITIES RISK. A rise in interest rates typically causes bond prices to fall. The longer the duration of bonds held by the Fund, the more sensitive it will likely be to interest fluctuations.

SECURED OVERNIGHT FINANCING RATE ("SOFR") RISK. SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from the London Inter-Bank Offered Rate ("LIBOR"), so there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR.

DEPENDENCE ON KEY PERSONNEL RISK. The Fund's performance may depend on the Investment Manager's ability to attract and retain certain key personnel in providing services with respect to the Fund's investments, as well as such key personnel's performance in selecting securities or investment techniques for the Fund's portfolio.

SECURED DEBT. Although secured debt in most circumstances is fully collateralized by the borrower's assets and holds a senior position in the borrower's capital structure, there is a risk that the collateral may decrease in value over time, and may be difficult to apprise or sell in a timely manner. Therefore, the Fund's ability to fully collect on the investment in the event of a default, is not guaranteed.

SECOND LIEN AND SUBORDINATED LOANS. The Fund may invest in secured subordinated loans, which rank below senior secured loans in the priority of collateral claims. Consequently, such loans involve a higher degree of overall risk than senior loans of the same borrower due to the possible unsecured or partially secured status. Further, certain actions to enforce the Fund's rights with respect to the collateral will be subject to senior loan holder's directions.

DEFAULT RISK. The ability of the Fund to generate income through its loan investments is dependent upon payments being made by the borrower underlying such loan investments. If a borrower is unable to make its payments on a loan, the Fund may be greatly limited in its ability to recover any outstanding principal and interest under such loan.

ILLIQUID PORTFOLIO INVESTMENTS. The Fund's investments may include loans that are not registered under the Securities Act, and are not listed on any securities exchange, and lack a reliable secondary market. As such, these investments should be considered illiquid. The Fund's overall returns may be adversely affected by the illiquid status of such investments.

LENDER LIABILITY CONSIDERATIONS AND EQUITABLE SUBORDINATION. The Fund may be subject to allegations of lender liability due to alleged duty violations (e.g. good faith, commercial reasonableness and fair dealing). In addition, under "equitable subordination," a court may elect to subordinate the Fund's claim as a lender, to the claims of other creditors, under certain common law principles.

VALUATION RISK. Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for many of the Fund's investments to trade. Due to the lack of centralized information and trading, the valuation of loans or fixed-income instruments may result in more risk than that of common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) June 30, 2025 (Unaudited) </u> <br> <u> 13. Risk factors – (Continued) </u>

inaccurate asset pricing. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when an instrument is sold in the market, the amount received by the Fund is less than the value of such loans or fixed-income instruments carried on the Fund's books.

Shareholders should recognize that valuations of illiquid assets involve various judgments and consideration of factors that may be subjective. As a result, the NAV of the Fund, as determined based on the fair value of its investments, may vary from the amount ultimately received by the Fund from its investments. This could adversely affect shareholders whose Shares are repurchased as well as new shareholders and remaining shareholders.

REAL ESTATE INDUSTRY CONCENTRATION. The Fund will concentrate (i.e., invest more than 25% of its assets) its investments in securities of real estate industry issuers. As such, its portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio.

CONFLICTS OF INTEREST. The Fund may be subject to a number of actual and potential conflicts of interest, resulting from the use of leverage, the Investment Manager's other financial advisory activities that are similar to (or different than) those of the Fund, and personal trading of the directors, partners, trustees, managers, members, officers and employees of the Investment Manager and its affiliates.

CASH CONCENTRATION RISK. The Fund may hold varying concentrations of cash and cash equivalents periodically which may consist primarily of cash, deposits in money market accounts and other short-term investments which are readily convertible into cash and have an original maturity of three months or less. Cash and cash equivalents are subject to credit risk to the extent those balances exceed applicable Securities Investor Protection Corporations or Federal Deposit Insurance Corporation limitations.

REVERSE REPURCHASE AGREEMENTS RISK. Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement by the Fund to repurchase the securities at a mutually agreed upon date and price (including interest). Reverse repurchase agreements involve leveraging. If the securities held by the Fund decline in value while these transactions are outstanding, the NAV of the Fund's outstanding Shares will decline in value proportionately more than the decline in value of the securities. In addition, reverse repurchase agreements involve the risk that the investment return earned by the Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by the Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the securities may not be returned to the Fund.

14. Subsequent events

Management of the Fund has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Other Information<br> June 30, 2025 (Unaudited)<br>

**Proxy Voting Record**

The Fund is required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31. The Fund's Form N-PX filing is available: (i) without charge, upon request, by calling the Fund c/o UMB Fund Services, by telephone at 1-888-988-9882 or (ii) by visiting the SEC's website at www.sec.gov.

**Proxy Voting Policies and Procedures**

**A description of the Fund's proxy voting policies and procedures related to portfolio securities is available without charge, upon request, by calling the Fund at (888) 988**-9882 **or on the SEC's website at www.sec.gov.**

**Availability of Quarterly Portfolio Schedules**

**The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N**-PORT**. The Fund's Form N**-PORT **filings are available, without charge and upon request, on the SEC's website at www.sec.gov.**

**Board Consideration of the Investment Management Agreement**

At a meeting of the Board held on March 13, 2025 (the "Meeting"), by a unanimous vote, the Board, including a majority of Trustees who are not "interested persons" within the meaning of Section 2(a)(19) of the 1940 Act (the "Independent Trustees"), approved the continuation of the investment management agreement (the "Investment Management Agreement") between the Investment Manager and the Fund.

In advance of the Meeting, the Independent Trustees requested and received materials from the Investment Manager to assist them in considering the renewal of the Investment Management Agreement. The Independent Trustees reviewed reports from third parties and Fund management about the factors described below. The Board members engaged in detailed discussion of the materials with management of the Investment Manager. The Independent Trustees also met separately with independent counsel to the Independent Trustees for further review of the materials. Following this session, the full Board reconvened and, after further discussion, determined that the information presented provided a sufficient basis upon which to approve the renewal of the Investment Management Agreement.

The Board did not consider any single factor as controlling in determining whether to approve the renewal of the Investment Management Agreement, and the items described below do not encompass all of the matters considered by the Board.

<u>**<u>NATURE, EXTENT AND QUALITY OF SERVICES</u>**</u>

The Board reviewed and considered the nature and extent of the investment advisory services provided by the Investment Manager to the Fund under the Investment Management Agreement, including the selection of Fund investments. The Board also reviewed and considered the nature and extent of the non-advisory, administrative services provided by the Investment Manager to the Fund, including, among other things, providing office facilities, equipment and personnel. The Board reviewed and considered the qualifications of the Fund's portfolio managers and other key personnel of the Investment Manager who provides investment advisory and administrative services to the Fund. The Board determined that the Investment Manager's key personnel was well-qualified by education and/or training and experience to perform the services for the Fund in an efficient and

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Other Information (Continued)<br> June 30, 2025 (Unaudited) <br>

professional manner. The Board also took into account the Investment Manager's compliance policies and procedures, including the procedures used to determine the value of the Fund's investments. The Board concluded that the overall quality of the advisory and administrative services provided to the Fund by the Investment Manager was satisfactory.

<u>**<u>PERFORMANCE</u>**</u>

The Board considered the investment performance of the Investment Manager with respect to the Fund. The Board considered the performance of the Fund as compared to the performance of several key indices for various periods, as well as the Fund's performance relative to performance information provided for comparable FUSE Peers, which was identified within the FUSE Report. The Board also considered the overall performance of the Fund, noting that the Investment Manager did not currently manage any other funds with similar investment objectives and strategies as the Fund. The Board concluded that, on the basis of the information provided within the FUSE Report, that the Fund's performance was satisfactory and within the range of comparable peer funds identified.

<u>**<u>FEES AND EXPENSES</u>**</u>

The Board reviewed and considered the advisory fee rate and total expense ratio of the Fund. The Board compared the advisory fees and total expense ratio of the Fund with various comparative data, including reports on the expenses of other comparable peer funds. The Board noted that the advisory fees and expenses of the Fund were comparable to the fees and expenses payable by the FUSE Peers. The Board considered that, unlike several of the comparable funds, the fee structure for the Fund did not include an incentive fee. The Board concluded that the advisory fees paid by the Fund and Fund's total expense ratio were within the range of comparable peer funds identified and reasonable and satisfactory in light of the services provided.

<u>**<u>BREAKPOINTS AND ECONOMIES OF SCALE</u>**</u>

The Board reviewed the structure of the Fund's investment management fee under the Investment Management Agreement, noting that there were no breakpoints. The Board considered the Fund's advisory fees and concluded that the fees were reasonable and satisfactory in light of the services provided. The Board also determined that, given the Fund's current size, economies of scale were not present at this time.

<u>**<u>PROFITABILITY OF INVESTMENT MANAGER</u>**</u>

The Board considered and reviewed information concerning the costs incurred and profits realized by the Investment Manager from its relationship with the Fund. The Board also reviewed the Investment Manager's financial condition and noted that its financial condition appeared stable. The Board determined that the advisory fees and the compensation payable to the Investment Manager was reasonable and that the financial condition of the Investment Manager was adequate.

<u>**<u>ANCILLARY BENEFITS AND OTHER FACTORS</u>**</u>

The Board also discussed other benefits to be received by the Investment Manager from its relationships with the Fund including, without limitation, the ability to market advisory services for similar products in the future. The Board noted that the Investment Manager did not have affiliations with the Fund's transfer agent, fund accountant, custodian or distributor and, therefore, did not derive any benefits from the relationships these parties may have with the Fund. The Board concluded that the advisory fees were reasonable in light of the fall-out benefits.

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Other Information (Continued)<br> June 30, 2025 (Unaudited) <br>

<u>**<u>GENERAL CONCLUSION</u>**</u>

Based on its consideration of all factors that it deemed material, and assisted by the advice of its counsel, the Board concluded it would be in the best interest of the Fund and its shareholders to approve the continuation of the Investment Management Agreement.

---

| | |
|:---|:---|
|  **Investment Manager**<br> Redwood Investment Management, LLC<br>4110 N. Scottsdale Rd, Suite 125<br>Scottsdale, AZ 85251 | **Transfer Agent/Administrator**<br> UMB Fund Services, Inc.<br>235 West Galena Street<br>Milwaukee, WI 53212 |
|  **Custodian Bank**<br> UMB Bank, N.A.<br>1010 Grand Boulevard<br>Kansas City, MO 64106 | **Distributor**<br> Distribution Services, LLC<br>190 Middle Street, Suite 301<br>Portland, ME 04101 |
|  **Independent Registered Public Accounting Firm**<br> Grant Thornton LLP<br>171 N. Clark Street, Suite 200<br>Chicago, IL 60601 | **Fund Counsel**<br>Faegre Drinker Biddle & Reath LLP<br>One Logan Square, Suite 2000<br>Philadelphia, PA 19103-6996 |

---

------

(b) There were no notices transmitted to stockholders in reliance on Rule 30e-3 under the 1940 Act, that contained disclosures specified by paragraph (c)(3) of that rule.

**Item 2. Code of Ethics.**

Not applicable to semi-annual reports.

**Item 3. Audit Committee Financial Expert.**

Not applicable to semi-annual reports.

**Item 4. Principal Accountant Fees and Services.**

Not applicable to semi-annual reports.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable.

**Item 6. Schedule of Investments.**

(a) Included as part of the report to shareholders filed under Item 1(a) of this Form N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

Statement Regarding Basis for Approval of Investment Management Agreement is included as part of the report to shareholders filed under Item 1(a) of this Form.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to semi-annual reports.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

(a) Not applicable to semi-annual reports.

(b) There has been no change, as of the date of this filing, in any of the portfolio managers identified in response to paragraph (a) of this Item in the registrant's most recently filed annual report on Form N-CSR.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

There were no purchases made by or on behalf of the registrant or any "affiliated purchaser," as defined in Rule 10b-18(a)(3) under the Exchange Act(17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781).

There were no purchases that do not satisfy the conditions of the safe harbor of Rule 10b-18 under the Exchange Act (17 CFR 240.10b-18), made in the period covered by this report.

**Item 15. Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16. Controls and Procedures.**

(a) The registrant's principal executive officer
 and principal financial officer have reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940, as amended, (the "1940 Act")) as of a date within 90 days of the filing of
 this report, as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of
 1934. Based on their review, such officers have concluded that the disclosure controls and procedures were effective in ensuring
 that information required to be disclosed in this report was appropriately recorded, processed, summarized and reported and made
 known to them by others within the registrant and by the registrant's service providers.

(b) There were no changes in the registrant's internal
 control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant's
 period covered by this report that materially affected, or were reasonably likely to materially affect, the registrant's internal
 control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies**

The Fund has not engaged in security lending activities.

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a) Not applicable

(b) Not applicable

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a) (1) | Code of ethics. *Not applicable to semi-annual reports.* |
| (a) (2) | Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. *Not applicable.* |
| (a) (3) | [Certifications required pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002. *Filed herewith.*](ea025024601_ex99cert.htm) |
| (a) (4) | Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. *Not applicable*. |
| (a) (5) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| (b) | [Certification pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002. *Filed herewith.*](ea025024601_ex99906cert.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

<u>Redwood Private Real Estate Debt Fund</u>

---

| |
|:---|
| /s/ Michael T. Messinger |
| By: Michael T. Messinger |
| President & Principal Executive Officer |
| September 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| |
|:---|
| /s/ Michael T. Messinger |
| By: Michael T. Messinger |
| President & Principal Executive Officer |
| September 5, 2025 |

---

---

| |
|:---|
| /s/ Richard M. Duff |
| By: Richard M. Duff |
| Treasurer & Principal Financial Officer |
| September 5, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

**Redwood Private Real Estate Debt Fund**

**Exhibit 19(a)(3) to Form N-CSR**

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael T. Messinger, certify that:

1. I have reviewed this report on Form N-CSR
 of the Redwood Private Real Estate Debt Fund;

2. Based on my knowledge, this report does not
 contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were
 made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements,
 and other financial information included in this report, fairly present in all material respects
 the financial condition, results of operations, changes in net assets and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s)
 and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
 over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated
 subsidiaries, is made known to us by others within those entities, particularly during the
 period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial
 reporting, or caused such internal control over financial reporting to be designed under
 our supervision, to provide reasonable assurance regarding the reliability of financial reporting
 and the preparation of financial statements for external purposes in accordance with generally
 accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's
 disclosure controls and procedures and presented in this report our conclusions about the
 effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
 to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in
 the registrant's internal control over financial reporting that occurred during the
 period covered by this report that has materially affected, or is reasonably likely to materially
 affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s)
 and I have disclosed to the registrant's auditors and the audit committee of the registrant's
 board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material
 weaknesses in the design or operation of internal control over financial reporting which
 are reasonably likely to adversely affect the registrant's ability to record, process,
 summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that
 involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

Date: September 5, 2025

/s/ Michael T. Messinger

Michael T. Messinger

President & Principal Executive Officer

I, Richard M. Duff, certify that:

1. I have reviewed this report on Form N-CSR
 of the Redwood Private Real Estate Debt Fund;

2. Based on my knowledge, this report does not
 contain any untrue statement of a material fact or omit to state a material fact necessary
 to make the statements made, in light of the circumstances under which such statements were
 made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements,
 and other financial information included in this report, fairly present in all material respects
 the financial condition, results of operations, changes in net assets and cash flows (if
 the financial statements are required to include a statement of cash flows) of the registrant
 as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s)
 and I are responsible for establishing and maintaining disclosure controls and procedures
 (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
 over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under our supervision,
 to ensure that material information relating to the registrant, including its consolidated
 subsidiaries, is made known to us by others within those entities, particularly during the
 period in which this report is being prepared;<br>

&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial
 reporting, or caused such internal control over financial reporting to be designed under
 our supervision, to provide reasonable assurance regarding the reliability of financial reporting
 and the preparation of financial statements for external purposes in accordance with generally
 accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's
 disclosure controls and procedures and presented in this report our conclusions about the
 effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
 to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in
 the registrant's internal control over financial reporting that occurred during the
 period covered by this report that has materially affected, or is reasonably likely to materially
 affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s)
 and I have disclosed to the registrant's auditors and the audit committee of the registrant's
 board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material
 weaknesses in the design or operation of internal control over financial reporting which
 are reasonably likely to adversely affect the registrant's ability to record, process,
 summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that
 involves management or other employees who have a significant role in the registrant's
 internal control over financial reporting.

Date: September 5, 2025

/s/ Richard M. Duff

Richard M. Duff

Treasurer & Principal Financial Officer

## Exhibit 99.906

**Exhibit 99.906CERT**

**Redwood Private Real Estate Debt Fund**

**Exhibit 19(b) to Form N-CSR**

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael T. Messinger, President & Principal Executive Officer of the Redwood Private Real Estate Debt Fund, certify to my knowledge that:

1. The N-CSR of the registrant for the period
 ended June 30, 2025 (the "**Report**") fully complies with the requirements
 of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Report fairly
 presents, in all material respects, the financial condition and results of operations of
 the registrant for the stated period.

/s/ Michael T. Messinger

By: Michael T. Messinger

President & Principal Executive Officer

Date: September 5, 2025

I, Richard M. Duff, Treasurer & Principal Financial Officer of the Redwood Private Real Estate Debt Fund, certify to my knowledge that:

1. The N-CSR of the registrant for the period ended June 30, 2025
(the "**Report**") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934,
as applicable; and

2. The information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the registrant for the stated period.

/s/ Richard M. Duff

Richard M. Duff

Treasurer & Principal Financial Officer

Date: September 5, 2025

These certifications are being furnished to the Securities and Exchange Commission solely pursuant to Rule 30a-2(b) under the 1940 Act, and 18 U.S.C. (S) 1350 and are not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

A signed original of this written statement required by Section 906 has been provided to the Redwood Private Real Estate Debt Fund and will be retained by the Redwood Private Real Estate Debt Fund and furnished to the Securities and Exchange Commission or its staff upon request.