# EDGAR Filing Document

**Accession Number:** 0001959172
**File Stem:** 0001213900-26-025187
**Filing Date:** 2026-3
**Character Count:** 226362
**Document Hash:** 0d35de2996ab40914098c20cf2559a0b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-025187.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001213900-26-025187

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260309

**EFFECTIVENESS DATE**: 20260309

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23846
- **FILM NUMBER:** 26735056

**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)

Timothy M. Bonin

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

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

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

Date of reporting period: <u>December 31, 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.

![](tcov_001.jpg)

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  [Shareholder Letter](#T200) | 1 |
|  [Fund Performance](#T201) | 2 |
|  [Consolidated Schedule of Investments](#T202) | 3 |
|  [Consolidated Summary of Investments](#T203) | 14 |
|  [Consolidated Statement of Assets and Liabilities](#T204) | 15 |
|  [Consolidated Statement of Operations](#T205) | 16 |
|  [Consolidated Statements of Changes in Net Assets](#T206) | 17 |
|  [Consolidated Statement of Cash Flows](#T207) | 18 |
|  [Consolidated Financial Highlights](#T208) | 19 |
|  [Notes to the Consolidated Financial Statements](#T209) | 20 |
|  [Report of Independent Registered Public Accounting Firm](#T210) | 51 |
|  [Other Information](#T211) | 52 |
|  [Fund Management](#T212) | 53 |
|  [Privacy Notice](#T213) | 56 |

---

------

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Shareholder Letter<br> December 31, 2025 (Unaudited)<br>

Dear Shareholders,

We are pleased to provide you with the 2025 annual report for the Redwood Private Real Estate Debt Fund (CREMX or the Fund). CREMX is a continuously offered, closed-end, interval fund registered under the Investment Company Act of 1940, as amended. The Fund primarily invests in short duration, low loan to value (LTV) private bridge loans backed by commercial real estate assets in the top 30 metropolitan statistical areas (MSAs) in the United States.

The Fund's innovative structure allows it to directly invest in private real estate debt rather than in private funds of other managers, thereby avoiding multiple layers of fees. Through valued relationships of the officers of the Fund, the Fund seeks to provide investors with exposure to proprietary transactions, alongside other large, sophisticated institutional investors, that otherwise may not be available to retail investors that do not meet higher investment minimums or other investor requirements such as accreditation or qualified purchaser status.

The Fund returned 7.72% (Class I) for fiscal year 2025 (Source: UMB Fund Services). Fund performance during such period has outperformed compared to its benchmark at 4.29% for the Bloomberg U.S. Treasury Bills: 1-3 Months Index\*\* (Source: Bloomberg); and compares favorably to other public fixed income indices such as the Bloomberg U.S. Aggregate Index\*\*\* which returned 7.30% (Source: Bloomberg).

In 2025, regional banks have continued to face headwinds that limit their ability to expand lending which creates an incremental opportunity for private lenders and for the types of loans CREMX makes and participates in. Given that banks were once a significant source of commercial real estate financing, this shift has allowed private lenders like CREMX to deploy more capital in new investments. Thank you for your investment in CREMX. If you have any questions, please contact the Redwood Team at 1.888.570.0805. We look forward to continuing our relationship for years to come.

Sincerely,

Michael T. Messinger

President

Richard M. Duff

Treasurer

____________

\*\* Bloomberg U.S. Treasury Bills: 1-3 Months index which includes U.S. Treasury securities with maturities of one to three months. The index is produced by Bloomberg. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commissions or other expenses of investing.

\*\*\* The Bloomberg US Aggregate Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate pass-throughs), ABS and CMBS (agency and non-agency).

Past Performance is not indicative of future results.

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Fund Performance<br> December 31, 2025 (Unaudited)<br>

**Performance of a $10,000 Investment**

![](tlinechart_001.jpg)

____________

\* The Bloomberg U.S. Treasury Bills 1-3 Months Index (the "Index") is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than or equal to 1 month and less than 3 months. The Index includes all publicly issued U.S. Treasury Bills that have a remaining maturity of less than 3 months and at least 1 month, and are rated investment-grade. In addition, the securities must be denominated in U.S. dollars and must have a fixed rate. The Index is market capitalization weighted, with securities held in the Federal Reserve System Open Market Account deducted from the total amount outstanding. Index return does not reflect the effects of fees, transaction costs or expenses, which would lower performance. It is not possible to invest directly in an index.

This graph compares a hypothetical $10,000 investment in the Fund's shares, made at its inception, June 26, 2023, with the same hypothetical investment in the Index. Results include the reinvestment of all dividends and capital gains.

---

| | | |
|:---|:---|:---|
|  **Total Returns as of December 31, 2025** | One Year | Annualized<br>Since<br>Inception |
|  Redwood Private Real Estate Debt Fund (Inception Date 6/26/2023) | 7.72% | 7.30% |
|  Bloomberg U.S. Treasury Bills 1-3 Months Index | 4.29% | 4.95% |

---

____________

\* Index return is from inception date of the Fund only and is not the inception date of the Index itself.

**The performance data quoted here represents past performance and past performance is not a guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. The most recent quarter end performance may be obtained by calling 888-988-9882.**

Returns reflect the reinvestment of distributions made by the Fund, if any. The graph and the performance table above do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

For the Fund's current expense ratio, please refer to the Consolidated Financial Highlights Section of this report.

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Schedule of Investments <br> December 31, 2025<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Principal <br>Amount<br>($) |  | Spread | Coupon<br>Rate<br>(%) | Maturity | Fair Value |
|  | **Commercial Real Estate — 171.9%**<sup>1,2</sup> |  |  |  |  |
|  | **Participation Notes — 55.0%** |  |  |  |  |
|  | **Condominium Development — 7.9%** |  |  |  |  |
| 13850125 | 3391 – ZDJ W 37<sup>3</sup> | SOFR1M + 5.50%; floor 9.25% | 9.25 | 03/04/27 | $13850125 |
| 2010830 | 3398 – 305 Briny<sup>3</sup> | SOFR1M + 5.25%; floor 10.00% | 10.00 | 09/27/26 | 2010830 |
| 5112795 | 3399 – BH3 Malibu<sup>3</sup> | SOFR1M + 5.00%; floor 9.00% | 9.00 | 10/30/26 | 5112795 |
| 8502949 | 3454 – 2<sup>nd</sup> & Steele<sup>3</sup> | SOFR1M + 5.00%; floor 8.50% | 8.72 | 07/14/28 | 8502949 |
| 3330984 | TL Mosaika<sup>3</sup> | SOFR1M + 9.69% | 13.49 | 04/30/26 | 3330984 |
|  |  |  |  |  | **32807683** |
|  | **Hospitality — 4.4%** |  |  |  |  |
| 12500000 | 3333 – McRopp New York Royal44<sup>3</sup> | SOFR1M + 5.25%; floor 10.50% | 10.50 | 08/30/26 | 12500000 |
| 5804630 | 3356 – GK West 47<sup>th</sup><sup>3</sup> | SOFR1M + 5.67%; floor 11.00% | 11.00 | 03/07/26 | 5804630 |
|  |  |  |  |  | **18304630** |
|  | **Industrial — 5.2%** |  |  |  |  |
| 1300000 | 3335 – Cromwell Inwood<sup>3</sup> | SOFR1M + 5.50%; floor 10.83% | 10.83 | 05/27/26 | 1300000 |
| 6000000 | 3394 – Sunnyvale Park Place<sup>3</sup> | SOFR1M + 5.00%; floor 9.00% | 9.00 | 09/17/27 | 6000000 |
| 14400000 | The Mall at Johnson City<sup>3</sup> | SOFR1M + 7.32% | 11.13 | 11/24/28 | 14400000 |
|  |  |  |  |  | **21700000** |
|  | **Mixed Use Development — 17.0%** |  |  |  |  |
| 2978985 | 3340 – San Antonio Palo Alto<sup>3</sup> | SOFR1M + 6.20%; floor 11.50% | 11.50 | 06/15/26 | 2978985 |
| 6590000 | 3349 – Hillcrest Cedar Property Owner<sup>3</sup> | SOFR1M + 5.75%; floor 10.75% | 10.75 | 01/09/26 | 6590000 |
| 3806482 | 3358 – 01 – 123 Speer Owner<sup>3</sup> | SOFR1M + 5.25%; floor 10.25% | 10.25 | 03/19/26 | 3806482 |
| 49100067 | 3368 – 04 – Carlisle New York Apartments<sup>3</sup> | SOFR1M + 6.20%; floor 10.25% | 10.25 | 05/08/26 | 49100067 |
| 2500000 | 3372 – 3151 NF Owner<sup>3</sup> | SOFR1M + 5.25%; floor 10.57% | 10.57 | 06/05/26 | 2500000 |
| 5777760 | TL Pepperell Mill<sup>3</sup> | SOFR1M + 15.83% | 19.11 | 12/23/26 | 5777760 |
|  |  |  |  |  | **70753294** |
|  | **Multifamily — 9.4%** |  |  |  |  |
| 3470000 | 3303 – 150 Lefferts<sup>3</sup> | SOFR1M + 5.20%; floor 10.00% | 10.00 | 01/31/26 | 3470000 |
| 12400000 | 3344 – 1600 North 11<sup>3</sup> | SOFR1M + 5.50%; floor 10.75% | 10.75 | 04/26/26 | 12400000 |
| 4791852 | 3359 – 01 – Nalskihouse MT | N/A | 12.95 | 10/01/26 | 4791852 |
| 3500000 | 3360 – 01 – JC Roxy<sup>3</sup> | SOFR1M + 5.25%; floor 10.58% | 10.58 | 03/22/26 | 3500000 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD PRIVATE REAL ESTATE DEBT FUND**<br>Consolidated Schedule of Investments (Continued)<br> December 31, 2025<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Principal <br>Amount<br>($) |  | Spread | Coupon<br>Rate<br>(%) | Maturity | Fair Value |
| 11500000 | 3371 – 01 – Greyhawk SSOF Ruckus Lender<sup>3</sup> | SOFR1M + 5.00%; floor 9.50% | 9.50 | 05/10/26 | $11500000 |
| 3500000 | 3461 – Skyline Apartments<sup>3</sup> | SOFR1M + 5.14%; floor 9.44% | 9.47 | 03/05/27 | 3500000 |
|  |  |  |  |  | **39161852** |
|  | **Office — 1.0%** |  |  |  |  |
| 4000000 | 3341 – Ferncroft<sup>3</sup> | SOFR1M + 5.25%; floor 10.50% | 10.50 | 12/18/26 | 4000000 |
|  | **Predevelopment — 5.7%** |  |  |  |  |
| 2900000 | 3397 – 33 Alhambra Circle<sup>3</sup> | SOFR1M + 5.20%; floor 10.54% | 10.54 | 03/20/26 | 2900000 |
| 3986865 | 3403 – Rosslyn Senior Participation<sup>3</sup> | SOFR1M + 5.00%; floor 10.00% | 10.00 | 01/01/27 | 3986865 |
| 4631540 | 3413 – MTP – Paseo Phase III Land<sup>3</sup> | SOFR1M + 5.90%; floor 10.00% | 10.00 | 03/21/27 | 4631540 |
| 4400000 | 3422 – Wynwood<sup>3</sup> | SOFR1M + 6.00%; floor 10.00% | 10.00 | 03/21/27 | 4400000 |
| 3426184 | 3434 – 1 Water Street<sup>3</sup> | SOFR1M + 5.76%; floor 10.06% | 10.06 | 04/29/27 | 3426184 |
| 1500000 | 3467 – 908 Gainesville Property Investors<sup>3</sup> | SOFR1M + 5.25%; floor 9.55% | 9.55 | 10/20/27 | 1500000 |
| 2088047 | 3474 – 3532 CPB<sup>3</sup> | SOFR1M + 5.00%; floor 9.00% | 9.00 | 10/28/27 | 2088047 |
| 1000000 | 3483 – Aventura Harbor Property<sup>3</sup> | SOFR1M + 5.00%; floor 9.00% | 9.00 | 12/16/26 | 1000000 |
|  |  |  |  |  | **23932636** |
|  | **Single Family — 4.2%** |  |  |  |  |
| 230769 | 3326 – Elgny<sup>3</sup> | SOFR1M + 5.00%; floor 10.25% | 10.25 | 04/07/26 | 230769 |
| 6095000 | 3412 – Imagine WV<sup>3</sup> | SOFR1M + 6.25%; floor 10.62% | 10.62 | 07/24/26 | 6095000 |
| 1351272 | 3412 – 02 – Imagine WV<sup>3</sup> | SOFR1M + 6.25%; floor 10.62% | 10.62 | 07/24/26 | 1351272 |
| 3000000 | 3424 – Colony 29 Palm Springs<sup>3</sup> | SOFR1M + 5.70%; floor 10.00% | 10.00 | 04/07/27 | 3000000 |
| 3182532 | 3455J – 140 Hayground Cove Road Partners<sup>3</sup> | SOFR1M + 12.67%; <br>floor 17.00% | 17.00 | 07/30/26 | 3182532 |
| 2239349 | 3455S – 140 Hayground Cove Senior Partners<sup>3</sup> | SOFR1M + 5.64%; floor 9.97% | 9.97 | 07/30/26 | 2239349 |
| 800000 | 3463 – 18 2<sup>nd</sup> Ave<sup>3</sup> | SOFR1M + 6.00%; floor 10.25% | 10.25 | 03/26/27 | 800000 |
| 852047 | 3479 – Fisher Land<sup>3</sup> | SOFR1M + 5.00%; floor 8.50% | 8.72 | 11/25/27 | 852047 |
|  |  |  |  |  | **17750969** |
|  | **Single Family/Multifamily — 0.2%** |  |  |  |  |
| 884520 | 3314 – VM Equities<sup>3</sup> | SOFR1M + 5.25%; floor 9.75% | 9.75 | 01/28/26 | 884520 |
|  | Total Participation Notes<br>(Cost $229,295,584) |  |  |  | 229295584 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Consolidated Schedule of Investments (Continued)<br> December 31, 2025<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Principal <br>Amount<br>($) |  | Spread | Coupon<br>Rate<br>(%) | Maturity | Fair Value |
|  | **Real Estate Mortgages — 116.9%** |  |  |  |  |
|  | **2 – 4 Units — 17.3%** |  |  |  |  |
| 4741821 | 104356 – RRCap-FA Shingletree<sup>4</sup> | N/A | 9.63 | 02/01/26 | $4741821 |
| 4741821 | 104357 – RRCap-FA Shingletree<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4741821 |
| 4741821 | 104358 – RRCap-FA Shingletree<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4741821 |
| 4197917 | 104359 – RRCap-FA Shingletree<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4197917 |
| 4570253 | 104360 – RRCap-FA Shingletree<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4570253 |
| 4741821 | 104361 – RRCap-FA Shingletree<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4741821 |
| 3825580 | 104362 – RRCap-FA Shingletree<sup>4</sup> | N/A | 9.63 | 02/01/26 | 3825580 |
| 4369483 | 104363 – RRCap-FA Shingletree<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4369483 |
| 4369483 | 104364 – RRCap-FA Shingletree<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4369483 |
| 780000 | 106533 – Eagle OZB I<sup>4</sup> | N/A | 9.13 | 03/01/26 | 780000 |
| 780000 | 106536 – Eagle OZB I<sup>4</sup> | N/A | 9.13 | 03/01/26 | 780000 |
| 780000 | 106538 – Eagle OZB I<sup>5</sup> | N/A | 9.13 | 03/01/26 | 780000 |
| 286148 | 106767 – Torre Projects<sup>4</sup> | N/A | 9.00 | 08/01/26 | 286148 |
| 1397600 | 111089 – 317 – 319 Laurel Avenue<sup>4</sup> | N/A | 9.43 | 02/12/26 | 1397600 |
| 3543000 | 112319 – 1120 Coronado CS<sup>4</sup> | N/A | 8.87 | 12/01/25 | 3543000 |
| 2196185 | 112351 – BV Homes<sup>4</sup> | N/A | 9.17 | 01/01/26 | 2196185 |
| 1488944 | 113734 – MF Real Estate Investment<sup>5</sup> | N/A | 9.10 | 07/01/26 | 1488944 |
| 1722884 | 113824 – Caterra Property 3<sup>4</sup> | N/A | 9.04 | 07/01/26 | 1722884 |
| 1980975 | 114221 – CF 4942 Topanga<sup>4</sup> | N/A | 8.92 | 09/01/26 | 1980975 |
| 1003791 | 117318 – 662 Granada St<sup>4</sup> | N/A | 8.50 | 08/01/26 | 1003791 |
| 226587 | 118866 – BV Homes<sup>4</sup> | N/A | 8.50 | 03/01/26 | 226587 |
| 463000 | 120294 – IVCM Holdings<sup>4</sup> | N/A | 8.13 | 04/01/26 | 463000 |
| 1267467 | 123488 – IDS Construction Company<sup>4</sup> | N/A | 9.24 | 06/01/26 | 1267467 |
| 3300000 | 124922 – GS West Coast Investments<sup>4</sup> | N/A | 8.86 | 04/01/26 | 3300000 |
| 30000 | 125008 – Maxo Developments<sup>4</sup> | N/A | 8.77 | 07/01/26 | 30000 |
| 405000 | 125112 – Toussaint Ateliers Residences<sup>4</sup> | N/A | 9.21 | 07/01/27 | 405000 |
| 254970 | 125124 – 526 NW 15<sup>th</sup> Terr<sup>5</sup> | N/A | 8.74 | 01/01/27 | 254970 |
| 316338 | 125125 – 634 NW 12<sup>th</sup> Ave<sup>5</sup> | N/A | 8.74 | 01/01/27 | 316338 |
| 60000 | 126032 – Charleston Affordable Development Group<sup>4</sup> | N/A | 8.92 | 01/01/27 | 60000 |
| 446250 | 126258 – 1124 NW 2<sup>nd</sup> St<sup>5</sup> | N/A | 8.74 | 10/01/26 | 446250 |
| 3100000 | 131914 – Hallmark Building Corporation<sup>4</sup> | N/A | 8.00 | 10/01/26 | 3100000 |
| 1063899 | 133284 – Beachside Dev Holdings<sup>4</sup> | N/A | 8.35 | 05/01/27 | 1063899 |
| 1177712 | 135023 – R&R Casitas<sup>4</sup> | N/A | 8.26 | 12/01/26 | 1177712 |
| 946000 | 135513 – Beachside Dev Holdings<sup>4</sup> | N/A | 8.14 | 03/01/27 | 946000 |
| 1390000 | 135587 – Fenix-Orion<sup>4</sup> | N/A | 8.00 | 12/01/26 | 1390000 |
| 1425000 | 99183 – 331 N. Olive St. Holding<sup>5</sup> | N/A | 10.00 | 11/01/25 | 1425000 |
|  |  |  |  |  | **72131750** |
|  | **Condominium Development — 11.5%** |  |  |  |  |
| 3465000 | 100597 – 2303 Delancey<sup>5</sup> | N/A | 10.63 | 07/01/26 | 3465000 |
| 1857724 | 102044 – Lian 166 Washington<sup>5</sup> | N/A | 9.25 | 04/01/26 | 1857724 |
| 785000 | 104677 – Daest<sup>5</sup> | N/A | 9.50 | 07/01/26 | 785000 |
| 1286190 | 107595 – Dolphin Shores Investments<sup>4</sup> | N/A | 9.00 | 02/01/26 | 1286190 |
| 46805 | 107891 – 10225 Investments<sup>4</sup> | N/A | 9.12 | 06/01/26 | 46805 |
| 1385000 | 108203 – Kirkland 7<sup>4</sup> | N/A | 8.92 | 06/01/26 | 1385000 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Consolidated Schedule of Investments (Continued)<br> December 31, 2025<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Principal <br>Amount<br>($) |  | Spread | Coupon<br>Rate<br>(%) | Maturity | Fair Value |
| 3000000 | 110003 – 791 Crandon Holding 707<sup>5</sup> | N/A | 8.90 | 10/01/26 | $3000000 |
| 1538130 | 110011 – Dolphin Shores Investments<sup>4</sup> | N/A | 9.00 | 02/01/26 | 1538130 |
| 420000 | 112961 – Veluva<sup>4</sup> | N/A | 9.06 | 12/01/26 | 420000 |
| 1111000 | 115378 – Buza Family Trust<sup>4</sup> | N/A | 8.73 | 07/01/26 | 1111000 |
| 2219970 | 116028 – 12 Geneva St<sup>4</sup> | N/A | 9.17 | 07/01/26 | 2219970 |
| 3194728 | 117241 – 1813 – 60 Binyan<sup>4</sup> | N/A | 8.92 | 03/03/26 | 3194728 |
| 1995224 | 118912 – North Fitzhugh LP<sup>4</sup> | N/A | 8.92 | 10/01/26 | 1995224 |
| 1299420 | 119128 – Burien 10<sup>4</sup> | N/A | 9.05 | 09/01/26 | 1299420 |
| 858714 | 119132 – Burien 10<sup>4</sup> | N/A | 9.05 | 09/01/26 | 858714 |
| 849509 | 119137 – Burien 10<sup>4</sup> | N/A | 9.05 | 09/01/26 | 849509 |
| 1462460 | 120373 – 46 Fayette<sup>4</sup> | N/A | 8.73 | 04/01/27 | 1462460 |
| 2307965 | 120964 – 4 – 8 E. Springfield<sup>5</sup> | N/A | 8.50 | 07/01/26 | 2307965 |
| 684000 | 121664 – Platinum Enterprise<sup>5</sup> | N/A | 8.84 | 08/01/26 | 684000 |
| 1501500 | 123264 – Trailside Oaks Austin<sup>4</sup> | N/A | 8.77 | 07/01/27 | 1501500 |
| 1241023 | 123554 – Malo Development Company-Lakota<sup>4</sup> | N/A | 8.96 | 01/01/27 | 1241023 |
| 1726628 | 124118 – Mia Residences<sup>5</sup> | N/A | 8.86 | 12/01/26 | 1726628 |
| 1629839 | 124121 – Mia Residences<sup>5</sup> | N/A | 8.86 | 12/01/26 | 1629839 |
| 586497 | 125229 – La Sabana<sup>4</sup> | N/A | 8.93 | 07/01/27 | 586497 |
| 260250 | 125300 – Andyvale<sup>4</sup> | N/A | 8.74 | 01/01/27 | 260250 |
| 1123608 | 125337 – Schurman Cottages<sup>5</sup> | N/A | 9.05 | 01/01/27 | 1123608 |
| 1781250 | 125692 – Damai Resort Investments<sup>4</sup> | N/A | 8.00 | 07/01/26 | 1781250 |
| 1762500 | 125693 – Damai Resort Investments<sup>4</sup> | N/A | 8.00 | 07/01/26 | 1762500 |
| 1811250 | 125694 – Damai Resort Investments<sup>4</sup> | N/A | 8.00 | 07/01/26 | 1811250 |
| 1638859 | 126273 – 859 Beacon<sup>4</sup> | N/A | 8.50 | 01/01/27 | 1638859 |
| 308000 | 132384 – Humble Pride Lovedale LP<sup>4</sup> | N/A | 8.39 | 06/01/27 | 308000 |
| 3057872 | 98803 – Moon Equities<sup>5</sup> | N/A | 10.00 | 05/01/26 | 3057872 |
|  |  |  |  |  | **48195915** |
|  | **Multifamily — 15.2%** |  |  |  |  |
| 3920000 | 100388 – Nash Bami<sup>4</sup> | N/A | 9.75 | 12/01/25 | 3920000 |
| 4698133 | 101296 – 5700 Clemson<sup>4</sup> | N/A | 10.13 | 04/01/26 | 4698133 |
| 3048193 | 102111 – Westlake Mountainview<sup>4</sup> | N/A | 10.13 | 01/01/26 | 3048193 |
| 1387000 | 107081 – Abode Multifamily Opportunity Fund I<sup>5</sup> | N/A | 9.88 | 12/01/25 | 1387000 |
| 3609000 | 108769 – TRG Inglewood<sup>5</sup> | N/A | 9.00 | 04/01/26 | 3609000 |
| 1548124 | 117205 – Axon Real Estate Investments<sup>4</sup> | N/A | 8.98 | 07/01/26 | 1548124 |
| 2090000 | 118242 – Ramsgate Property<sup>4</sup> | N/A | 9.16 | 04/01/26 | 2090000 |
| 484252 | 120680 – 907 Morton St.<sup>4</sup> | N/A | 9.91 | 04/01/26 | 484252 |
| 2865000 | 121026 – Sweet Home Advisors<sup>4</sup> | N/A | 8.90 | 05/01/26 | 2865000 |
| 368373 | 121154 – W. Baker St. Apts<sup>4</sup> | N/A | 8.84 | 10/01/26 | 368373 |
| 1650000 | 121620 – 2305 Tamarind Drive<sup>4</sup> | N/A | 9.22 | 11/01/26 | 1650000 |
| 6700000 | 123392 – 429 13<sup>th</sup> St. NE<sup>4</sup> | N/A | 9.70 | 05/01/26 | 6700000 |
| 3245000 | 123469 – 5601 Fishburn<sup>4</sup> | N/A | 9.30 | 06/01/26 | 3245000 |
| 1724623 | 123913 – 30 NW 59 Street Investment<sup>4</sup> | N/A | 9.49 | 01/01/27 | 1724623 |
| 4305419 | 125100 – 8717 S. Central<sup>5</sup> | N/A | 9.15 | 10/01/26 | 4305419 |
| 2788629 | 125679 – Dara 1 Holdings<sup>4</sup> | N/A | 9.15 | 10/01/26 | 2788629 |
| 3090838 | 125848 – Highland Park 21<sup>4</sup> | N/A | 9.39 | 01/01/27 | 3090838 |
| 1728900 | 130333 – Sunpacific Partners<sup>4</sup> | N/A | 8.60 | 11/01/26 | 1728900 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Consolidated Schedule of Investments (Continued)<br> December 31, 2025<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Principal <br>Amount<br>($) |  | Spread | Coupon<br>Rate<br>(%) | Maturity | Fair Value |
| 662400 | 132561 – 950 NW Apartments<sup>4</sup> | N/A | 8.76 | 03/01/27 | $662400 |
| 350000 | 132620 – Evol Holdings<sup>4</sup> | N/A | 8.76 | 12/01/26 | 350000 |
| 3160000 | 133332 – Probiz Estate Investment HOL2<sup>4</sup> | N/A | 8.60 | 05/01/27 | 3160000 |
| 1600754 | 133874 – Magnolia PDI<sup>4</sup> | N/A | 8.64 | 03/01/27 | 1600754 |
| 1684051 | 83824 – 2511 NW 25 Ave.<sup>4</sup> | N/A | 10.82 | 05/01/26 | 1684051 |
| 2209545 | 96483 – Affordable Housing Group LTD<sup>4</sup> | N/A | 10.00 | 06/01/26 | 2209545 |
| 1665039 | 98767 – 426 E. 17<sup>th</sup> St.<sup>5</sup> | N/A | 10.13 | 11/01/25 | 1665039 |
| 1437192 | 98769 – 1292 Beauregard<sup>4</sup> | N/A | 10.00 | 11/01/25 | 1437192 |
| 1400383 | 98771 – 1292 Beauregard<sup>4</sup> | N/A | 10.00 | 11/01/25 | 1400383 |
|  |  |  |  |  | **63420848** |
|  | **Single Family — 67.5%** |  |  |  |  |
| 2245565 | 100356 – NRM Group<sup>4</sup> | N/A | 10.00 | 05/01/26 | 2245565 |
| 1354632 | 100357 – NRM Group<sup>4</sup> | N/A | 10.00 | 05/01/26 | 1354632 |
| 462303 | 100358 – NRM Group<sup>4</sup> | N/A | 10.00 | 05/01/26 | 462303 |
| 1240584 | 100359 – NRM Group4 | N/A | 10.00 | 05/01/26 | 1240584 |
| 595000 | 100937 – indiePlanet Global Series 4<sup>5</sup> | N/A | 9.50 | 09/01/25 | 595000 |
| 2973209 | 101221 – USA Luxury Developer II<sup>5</sup> | N/A | 10.00 | 12/01/25 | 2973209 |
| 588050 | 101246 – White Sand Real Estate Solutions<sup>5</sup> | N/A | 10.25 | 02/01/26 | 588050 |
| 2138942 | 101808 – Educate Capital<sup>5</sup> | N/A | 10.00 | 03/01/26 | 2138942 |
| 666291 | 101873 – Valentin Construction & Development<sup>5</sup> | N/A | 9.94 | 07/01/26 | 666291 |
| 1375970 | 102093 – Danva Prosper Fontanarosa Homes<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1375970 |
| 1623458 | 102094 – Danva Prosper Fontanarosa Homes<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1623458 |
| 1624428 | 102095 – Danva Prosper Fontanarosa Homes<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1624428 |
| 1030893 | 102096 – Danva Prosper Fontanarosa Homes<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1030893 |
| 1613336 | 102097 – Danva Prosper Fontanarosa Homes<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1613336 |
| 748000 | 102137 – Gill Development<sup>5</sup> | N/A | 9.75 | 04/01/26 | 748000 |
| 51375 | 102535 – TRMF & Associates<sup>4</sup> | N/A | 10.13 | 12/01/25 | 51375 |
| 250000 | 102696 – 4798 NE 2<sup>nd</sup> Ave.<sup>4</sup> | N/A | 9.56 | 07/01/26 | 250000 |
| 250000 | 102697 – 4798 NE 2<sup>nd</sup> Ave.<sup>4</sup> | N/A | 10.00 | 07/01/26 | 250000 |
| 250000 | 102698 – 4798 NE 2<sup>nd</sup> Ave.<sup>4</sup> | N/A | 10.00 | 07/01/26 | 250000 |
| 206318 | 103728 – Barcel<sup>4</sup> | N/A | 9.88 | 01/01/26 | 206318 |
| 1491421 | 103771 – Rhino Homes<sup>5</sup> | N/A | 10.07 | 01/01/26 | 1491421 |
| 1114719 | 103772 – Rhino Homes<sup>5</sup> | N/A | 10.07 | 01/01/26 | 1114719 |
| 495498 | 103980 – KPI Equity Holdings I<sup>5</sup> | N/A | 9.69 | 02/01/26 | 495498 |
| 2739872 | 104480 – Elmer Avenue<sup>5</sup> | N/A | 9.81 | 02/01/26 | 2739872 |
| 1225159 | 105003 – 43 Westwood<sup>4</sup> | N/A | 9.81 | 08/01/26 | 1225159 |
| 1532946 | 105004 – 43 Westwood<sup>4</sup> | N/A | 9.81 | 08/01/26 | 1532946 |
| 1435156 | 105005 – 43 Westwood<sup>4</sup> | N/A | 9.81 | 08/01/26 | 1435156 |
| 1443783 | 105006 – 43 Westwood<sup>4</sup> | N/A | 9.81 | 08/01/26 | 1443783 |
| 1574068 | 105178 – Efrain Hendy Zaga and Denisse Esquenazi Opatowski<sup>5</sup> | N/A | 9.25 | 08/01/26 | 1574068 |
| 2775743 | 105243 – GT Three<sup>4</sup> | N/A | 9.62 | 02/01/26 | 2775743 |
| 1719307 | 105261 – SeaScape Homes<sup>5</sup> | N/A | 9.00 | 04/01/26 | 1719307 |
| 1235000 | 105366 – Rhino Homes<sup>5</sup> | N/A | 9.50 | 02/01/26 | 1235000 |
| 259000 | 105459 – Oleduga<sup>5</sup> | N/A | 9.63 | 08/01/26 | 259000 |
| 2100000 | 105880 – B Cove Investments<sup>5</sup> | N/A | 9.13 | 03/01/26 | 2100000 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Consolidated Schedule of Investments (Continued)<br> December 31, 2025<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Principal <br>Amount<br>($) | Spread | Coupon<br>Rate<br>(%) | Maturity | Fair Value |
| 834592<br> 107094 – Grande Vita Homes<sup>4</sup> | N/A | 9.43 | 02/01/26 | $834592 |
| 358000<br> 107180 – 902 8<sup>th</sup> St<sup>4</sup> | N/A | 9.50 | 02/01/26 | 358000 |
| 1399000<br> 107836 – Mahi Mahi 935<sup>5</sup> | N/A | 9.50 | 03/01/26 | 1399000 |
| 102850<br> 107997 – Mercado Rodriguez<sup>4</sup> | N/A | 9.38 | 03/01/26 | 102850 |
| 1820000<br> 108077 – Fifth Avenue Wyn<sup>4</sup> | N/A | 8.98 | 03/01/26 | 1820000 |
| 1809405<br> 108167 – Lime Builders<sup>5</sup> | N/A | 9.00 | 10/01/26 | 1809405 |
| 2277628<br> 108184 – Osprey Ocean<sup>4</sup> | N/A | 9.18 | 06/01/26 | 2277628 |
| 1522411<br> 108252 – Hurricane Construction<sup>5</sup> | N/A | 9.00 | 02/01/26 | 1522411 |
| 576317<br> 108299 – WTM Construction<sup>5</sup> | N/A | 8.90 | 04/01/26 | 576317 |
| 1347184<br> 108301 – WTM Construction<sup>5</sup> | N/A | 9.00 | 04/01/26 | 1347184 |
| 2380261<br> 108767 – 2717 NE 29<sup>th</sup> Street<sup>4</sup> | N/A | 8.90 | 04/01/26 | 2380261 |
| 2593750<br> 108872 – Addison Hesby<sup>4</sup> | N/A | 8.87 | 03/01/26 | 2593750 |
| 234763<br> 109030 – VLC Construction & Design<sup>5</sup> | N/A | 9.19 | 04/01/26 | 234763 |
| 406161<br> 109339 – Scott Springs Assets<sup>5</sup> | N/A | 9.19 | 05/01/26 | 406161 |
| 1607355<br> 109398 – 1515 Blake<sup>5</sup> | N/A | 9.00 | 05/01/26 | 1607355 |
| 1603795<br> 109399 – 1515 Blake<sup>5</sup> | N/A | 9.00 | 05/01/26 | 1603795 |
| 566000<br> 109448 – Kent 9<sup>4</sup> | N/A | 8.98 | 09/01/26 | 566000 |
| 566000<br> 109450 – Kent 9<sup>4</sup> | N/A | 8.98 | 09/01/26 | 566000 |
| 422301<br> 109696 – Loma Alta 10<sup>4</sup> | N/A | 9.68 | 06/01/26 | 422301 |
| 422301<br> 109697 – Loma Alta 10<sup>4</sup> | N/A | 9.68 | 06/01/26 | 422301 |
| 422301<br> 109703 – Loma Alta 10<sup>4</sup> | N/A | 9.68 | 06/01/26 | 422301 |
| 422301<br> 109704 – Loma Alta 10<sup>4</sup> | N/A | 9.68 | 06/01/26 | 422301 |
| 3979344<br> 110150 – Black Marlin Group<sup>4</sup> | N/A | 8.90 | 04/01/26 | 3979344 |
| 2177483<br> 110234 – Mcdonie Properties<sup>4</sup> | N/A | 8.92 | 04/01/26 | 2177483 |
| 2619627<br> 110342 – Bravo Builders Enterprises<sup>4</sup> | N/A | 9.29 | 08/01/26 | 2619627 |
| 1578715<br> 110465 – TJR Development Inc.<sup>4</sup> | N/A | 9.06 | 06/01/26 | 1578715 |
| 2010605<br> 110811 – 8935 Froude Ave<sup>4</sup> | N/A | 9.12 | 12/01/26 | 2010605 |
| 1305487<br> 110815 – DaVinci Development<sup>4</sup> | N/A | 9.56 | 05/01/26 | 1305487 |
| 2000000<br> 110820 – JT Real Estate Capital Group<sup>4</sup> | N/A | 8.98 | 05/01/26 | 2000000 |
| 1538284<br> 111076 – Twenty<sup>4</sup> | N/A | 9.06 | 05/01/26 | 1538284 |
| 1980703<br> 111108 – Vesta Investments<sup>5</sup> | N/A | 9.00 | 05/01/26 | 1980703 |
| 617865<br> 111792 – 88<sup>th</sup> Street Homes<sup>4</sup> | N/A | 9.48 | 07/01/26 | 617865 |
| 216450<br> 111801 – Ronpache Investments and Trade<sup>4</sup> | N/A | 9.18 | 06/01/26 | 216450 |
| 1054794<br> 111834 – Red Cedar Development<sup>4</sup> | N/A | 8.87 | 11/01/26 | 1054794 |
| 3020160<br> 111866 – Colfax District<sup>4</sup> | N/A | 8.87 | 06/01/26 | 3020160 |
| 216128<br> 111894 – Up Ruiz Investments<sup>4</sup> | N/A | 9.29 | 07/01/26 | 216128 |
| 1534527<br> 111941 – 2k Development<sup>4</sup> | N/A | 9.25 | 06/01/26 | 1534527 |
| 4128419<br> 112068 – Dwell LA<sup>4</sup> | N/A | 8.79 | 07/01/26 | 4128419 |
| 898497<br> 112135 – Twenty<sup>4</sup> | N/A | 9.06 | 05/01/26 | 898497 |
| 1545161<br> 112430 – 31 Edward<sup>4</sup> | N/A | 8.73 | 01/16/26 | 1545161 |
| 898497<br> 112549 – Twenty<sup>4</sup> | N/A | 9.06 | 05/01/26 | 898497 |
| 1493761<br> 112558 – 44<sup>th</sup> Ave Developers<sup>4</sup> | N/A | 8.87 | 05/01/26 | 1493761 |
| 1707070<br> 112559 – 44<sup>th</sup> Ave Developers<sup>4</sup> | N/A | 8.87 | 05/01/26 | 1707070 |
| 2244285<br> 112598 – Villa Bello At Zona<sup>4</sup> | N/A | 9.12 | 12/01/26 | 2244285 |
| 1990076<br> 112599 – Villa Bello At Zona<sup>4</sup> | N/A | 9.12 | 12/01/26 | 1990076 |
| 390000<br> 113395 – Del Invest BC2<sup>4</sup> | N/A | 9.17 | 07/01/26 | 390000 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Consolidated Schedule of Investments (Continued)<br> December 31, 2025<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Principal <br>Amount<br>($) | Spread | Coupon<br>Rate<br>(%) | Maturity | Fair Value |
| 3643139<br> 113656 – Har Carmel<sup>4</sup> | N/A | 8.71 | 07/01/26 | $3643139 |
| 3225327<br> 113965 – JulianMore<sup>4</sup> | N/A | 8.73 | 08/01/26 | 3225327 |
| 1999263<br> 114043 – 5913 Lubao Ave<sup>4</sup> | N/A | 8.73 | 07/01/26 | 1999263 |
| 1525969<br> 114069 – 4940 Cherry<sup>4</sup> | N/A | 9.04 | 06/01/26 | 1525969 |
| 2339950<br> 114071 – 3144 Elizabeth<sup>4</sup> | N/A | 8.85 | 07/01/26 | 2339950 |
| 840953<br> 114193 – 541 Normandy 2024<sup>4</sup> | N/A | 8.79 | 06/01/26 | 840953 |
| 1311964<br> 114305 – 15440 Dickens<sup>4</sup> | N/A | 8.50 | 07/01/26 | 1311964 |
| 905082<br> 114521 – 599 Bayshore 2024<sup>4</sup> | N/A | 8.73 | 07/01/26 | 905082 |
| 1403623<br> 114694 – BH Magic Investments<sup>4</sup> | N/A | 8.71 | 07/01/26 | 1403623 |
| 198375<br> 114901 – Torre Projects<sup>4</sup> | N/A | 8.97 | 07/01/26 | 198375 |
| 188123<br> 114902 – Torre Projects<sup>4</sup> | N/A | 8.97 | 07/01/26 | 188123 |
| 879114<br> 114909 – Loitzk Batim 930<sup>4</sup> | N/A | 8.92 | 07/01/26 | 879114 |
| 879114<br> 114913 – Loitzk Batim 930<sup>4</sup> | N/A | 8.92 | 01/01/27 | 879114 |
| 1460167<br> 114914 – Loitzk Batim 930<sup>4</sup> | N/A | 8.92 | 07/01/26 | 1460167 |
| 789014<br> 114920 – Loitzk Batim 930<sup>4</sup> | N/A | 8.92 | 01/01/27 | 789014 |
| 829960<br> 114921 – Mayar International<sup>4</sup> | N/A | 8.71 | 06/01/26 | 829960 |
| 2712030<br> 115004 – 2k Development<sup>4</sup> | N/A | 9.17 | 08/01/26 | 2712030 |
| 2812500<br> 115011 – 4115 Shadyglade<sup>5</sup> | N/A | 8.68 | 07/01/26 | 2812500 |
| 362304<br> 115081 – Macedo Property Development<sup>4</sup> | N/A | 8.85 | 07/01/26 | 362304 |
| 73500<br> 115108 – Pronghorn Development<sup>4</sup> | N/A | 9.67 | 02/01/26 | 73500 |
| 83500<br> 115109 – Pronghorn Development<sup>4</sup> | N/A | 9.67 | 02/01/26 | 83500 |
| 732536<br> 115205 – Westchester Avenue<sup>4</sup> | N/A | 8.86 | 07/01/26 | 732536 |
| 1573398<br> 115231 – Shoreline 940<sup>4</sup> | N/A | 9.04 | 01/01/27 | 1573398 |
| 924000<br> 115414 – Gallery Terra Lago<sup>4</sup> | N/A | 8.25 | 04/01/26 | 924000 |
| 462000<br> 115415 – Gallery Terra Lago<sup>4</sup> | N/A | 8.25 | 04/01/26 | 462000 |
| 1239909<br> 115697 – Grey Collective<sup>5</sup> | N/A | 8.98 | 07/01/26 | 1239909 |
| 382790<br> 115864 – TVR 2<sup>4</sup> | N/A | 8.71 | 08/01/26 | 382790 |
| 194756<br> 116301 – Halona Development Group<sup>4</sup> | N/A | 9.17 | 08/01/26 | 194756 |
| 909030<br> 117082 – Wilton JT<sup>4</sup> | N/A | 9.17 | 06/01/26 | 909030 |
| 789518<br> 117396 – Cygnus Construction<sup>4</sup> | N/A | 9.04 | 09/01/26 | 789518 |
| 2475000<br> 117420 – BJB 1321 Management<sup>4</sup> | N/A | 8.38 | 03/01/26 | 2475000 |
| 100007<br> 117421 – Royal Management Group<sup>4</sup> | N/A | 8.79 | 03/01/26 | 100007 |
| 131250<br> 117664 – Retail Bee<sup>4</sup> | N/A | 8.92 | 03/01/26 | 131250 |
| 2144720<br> 117679 – Vault Money Investments<sup>4</sup> | N/A | 8.86 | 03/01/26 | 2144720 |
| 1548585<br> 117712 – RR 2710 Development Group<sup>4</sup> | N/A | 9.17 | 09/01/26 | 1548585 |
| 123458<br> 117729 – Built Full Homes<sup>4</sup> | N/A | 9.40 | 10/01/26 | 123458 |
| 200716<br> 117767 – S&B Building Your Home<sup>4</sup> | N/A | 9.67 | 09/01/26 | 200716 |
| 198606<br> 117770 – G3 Gomes<sup>4</sup> | N/A | 9.67 | 08/01/26 | 198606 |
| 211926<br> 117775 – Solid Residences<sup>4</sup> | N/A | 9.67 | 08/01/26 | 211926 |
| 902096<br> 118026 – Holliday Homes<sup>4</sup> | N/A | 8.97 | 04/01/26 | 902096 |
| 1215000<br> 118590 – Carolinas Builders<sup>4</sup> | N/A | 8.68 | 04/01/26 | 1215000 |
| 1215000<br> 118591 – Carolinas Builders<sup>4</sup> | N/A | 8.68 | 04/01/26 | 1215000 |
| 1855750<br> 118708 – O. Rhyan Capital Management<sup>4</sup> | N/A | 8.84 | 04/01/26 | 1855750 |
| 4506376<br> 118766 – Hazen Grp.<sup>4</sup> | N/A | 8.25 | 07/01/26 | 4506376 |
| 1180431<br> 118929 – 842 Meadow Creek<sup>4</sup> | N/A | 8.92 | 07/01/26 | 1180431 |
| 2038403<br> 119537 – AJ15305<sup>4</sup> | N/A | 8.86 | 09/01/26 | 2038403 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Consolidated Schedule of Investments (Continued)<br> December 31, 2025<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Principal <br>Amount<br>($) | Spread | Coupon<br>Rate<br>(%) | Maturity | Fair Value |
| 2252000<br> 119564 – R.I USA Multiservices<sup>4</sup> | N/A | 9.15 | 09/01/26 | $2252000 |
| 1741131<br> 119622 – Parkside Homes<sup>4</sup> | N/A | 8.91 | 07/01/26 | 1741131 |
| 197274<br> 119640 – Valvera Investments<sup>4</sup> | N/A | 9.30 | 10/01/26 | 197274 |
| 333000<br> 119721 – Fortune Investment Group<sup>4</sup> | N/A | 9.03 | 04/01/26 | 333000 |
| 1232500<br> 120177 – Grey Collective<sup>4</sup> | N/A | 8.98 | 10/01/26 | 1232500 |
| 1727416<br> 120181 – 75 NW 41 St. Holdings<sup>4</sup> | N/A | 8.97 | 10/01/26 | 1727416 |
| 170720<br> 120265 – N&B Real Estate Investment Group<sup>4</sup> | N/A | 8.73 | 07/01/26 | 170720 |
| 1666000<br> 120293 – 1812 Hunters Glen<sup>4</sup> | N/A | 9.03 | 04/01/26 | 1666000 |
| 557978<br> 120604 – GP Ocala VI<sup>4</sup> | N/A | 8.25 | 10/01/26 | 557978 |
| 2613577<br> 120798 – Basad<sup>4</sup> | N/A | 8.72 | 10/01/26 | 2613577 |
| 1279204<br> 120806 – 4848 Fulton<sup>4</sup> | N/A | 8.97 | 11/01/26 | 1279204 |
| 2604825<br> 121021 – Black Marlin Group<sup>4</sup> | N/A | 8.00 | 10/01/26 | 2604825 |
| 689479<br> 121256 – Corenest Development<sup>4</sup> | N/A | 9.14 | 03/01/26 | 689479 |
| 103484<br> 121258 – AD Customs<sup>4</sup> | N/A | 9.14 | 02/01/26 | 103484 |
| 46720<br> 121261 – Watson Recovery Enterprises<sup>4</sup> | N/A | 9.14 | 02/01/26 | 46720 |
| 279010<br> 121262 – LLG Enterprises<sup>4</sup> | N/A | 9.14 | 03/01/26 | 279010 |
| 763016<br> 121264 – Ground-up Customz/Empower Estates Customs<sup>4</sup> | N/A | 9.14 | 03/01/26 | 763016 |
| 297300<br> 121265 – Pelican Equity Partnership Inc.<sup>4</sup> | N/A | 9.14 | 02/01/26 | 297300 |
| 391392<br> 121266 – Vertex Custom Homes<sup>4</sup> | N/A | 9.14 | 02/01/26 | 391392 |
| 133155<br> 121267 – Manzaba Property Investments<sup>4</sup> | N/A | 9.14 | 03/01/26 | 133155 |
| 849753<br> 121268 – Hibernia Investment<sup>4</sup> | N/A | 9.14 | 05/01/26 | 849753 |
| 49991<br> 121270 – MZRCO<sup>4</sup> | N/A | 9.14 | 02/01/26 | 49991 |
| 2520000<br> 121644 – BJB 1321 Management<sup>5</sup> | N/A | 8.50 | 05/01/26 | 2520000 |
| 1422000<br> 121901 – Black Star Development<sup>4</sup> | N/A | 8.50 | 05/01/26 | 1422000 |
| 1204900<br> 121917 – Bidwell Commons Townhomes<sup>4</sup> | N/A | 8.84 | 10/01/26 | 1204900 |
| 1875732<br> 122126 – Oak View Development<sup>4</sup> | N/A | 8.86 | 06/01/26 | 1875732 |
| 743919<br> 122295 – Wolf Contracting<sup>4</sup> | N/A | 9.05 | 12/01/26 | 743919 |
| 1500000<br> 122563 – Black Star Development<sup>4</sup> | N/A | 8.50 | 05/01/26 | 1500000 |
| 1500000<br> 122571 – Black Star Development<sup>4</sup> | N/A | 8.50 | 05/01/26 | 1500000 |
| 756400<br> 122718 – Dommus Construction Corp.<sup>5</sup> | N/A | 8.98 | 12/01/26 | 756400 |
| 275000<br> 122723 – 3302 Park<sup>4</sup> | N/A | 14.70 | 04/03/26 | 275000 |
| 275000<br> 122724 – 151 S St. NW<sup>4</sup> | N/A | 14.70 | 04/03/26 | 275000 |
| 217338<br> 122840 – HHH Rentals<sup>4</sup> | N/A | 9.36 | 07/01/26 | 217338 |
| 365583<br> 122841 – HHH Rentals<sup>5</sup> | N/A | 9.36 | 07/01/26 | 365583 |
| 1750000<br> 123234 – 5225 Connecticut Owner & WE 5225 Connecticut Ave<sup>4</sup> | N/A | 14.70 | 07/28/26 | 1750000 |
| 12960<br> 123238 – Prada Home Ventures<sup>4</sup> | N/A | 9.05 | 12/01/26 | 12960 |
| 280000<br> 123304 – Logos Homes<sup>4</sup> | N/A | 9.21 | 02/01/27 | 280000 |
| 286461<br> 123411 – RKAI Properties & Baruj Hashem<sup>4</sup> | N/A | 8.25 | 01/01/27 | 286461 |
| 1450001<br> 123412 – Thirty Seven Sunrise<sup>4</sup> | N/A | 9.24 | 12/01/26 | 1450001 |
| 186417<br> 123424 – S&P Construction & Development<sup>4</sup> | N/A | 8.99 | 06/01/26 | 186417 |
| 93485<br> 123565 – Duran USA Group<sup>4</sup> | N/A | 9.30 | 12/01/26 | 93485 |
| 214108<br> 123689 – VIP Homes<sup>4</sup> | N/A | 9.11 | 08/01/26 | 214108 |
| 89287<br> 123842 – VIP Homes<sup>4</sup> | N/A | 9.17 | 08/01/26 | 89287 |
| 709831<br> 123892 – 36 Cyril<sup>4</sup> | N/A | 9.05 | 06/01/27 | 709831 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Consolidated Schedule of Investments (Continued)<br> December 31, 2025<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Principal <br>Amount<br>($) | Spread | Coupon<br>Rate<br>(%) | Maturity | Fair Value |
| 773162<br> 123893 – 36 Cyril<sup>4</sup> | N/A | 9.05 | 06/01/27 | $773162 |
| 2521700<br> 124038 – Virginia Ct Campbell<sup>5</sup> | N/A | 8.96 | 10/01/26 | 2521700 |
| 1500000<br> 124383 – 7700 Investment Group<sup>4</sup> | N/A | 8.50 | 10/01/26 | 1500000 |
| 3008095<br> 124588 – 4200 Chase<sup>4</sup> | N/A | 8.84 | 07/01/27 | 3008095 |
| 327212<br> 124687 – Manico Investment<sup>4</sup> | N/A | 8.65 | 01/01/27 | 327212 |
| 464546<br> 124951 – Robert Eric Epps<sup>4</sup> | N/A | 9.11 | 01/01/27 | 464546 |
| 268050<br> 124986 – Maas Rehab & Mary Ellen And Mary Lee<sup>5</sup> | N/A | 9.24 | 07/01/26 | 268050 |
| 4375937<br> 125221 – Taku Construction<sup>4</sup> | N/A | 9.09 | 10/01/26 | 4375937 |
| 134913<br> 125272 – Solida I Real Estate<sup>5</sup> | N/A | 9.17 | 12/01/26 | 134913 |
| 54823<br> 125273 – Solida I Real Estate<sup>4</sup> | N/A | 9.17 | 12/01/26 | 54823 |
| 2348776<br> 125357 – 412 Woodcrest<sup>4</sup> | N/A | 8.48 | 04/01/27 | 2348776 |
| 680000<br> 125515 – Homes Instyle<sup>4</sup> | N/A | 8.55 | 01/01/27 | 680000 |
| 1505000<br> 125565 – M & J Pham Development<sup>5</sup> | N/A | 8.92 | 07/01/27 | 1505000 |
| 3571750<br> 125570 – M&J Pham Development<sup>5</sup> | N/A | 8.50 | 07/01/26 | 3571750 |
| 170935<br> 125583 – Open Water Realty<sup>4</sup> | N/A | 9.05 | 01/01/27 | 170935 |
| 1203535<br> 125611 – LTC BC3 Real Estate Fund<sup>4</sup> | N/A | 8.96 | 07/01/27 | 1203535 |
| 461415<br> 125614 – LTC BC3 Real Estate Fund<sup>4</sup> | N/A | 8.96 | 07/01/27 | 461415 |
| 1545492<br> 125623 – Willa Mae Investments<sup>5</sup> | N/A | 9.05 | 10/01/26 | 1545492 |
| 354000<br> 125690 – 625 Worthington<sup>4</sup> | N/A | 8.92 | 07/01/27 | 354000 |
| 1560000<br> 125774 – One Star Development<sup>5</sup> | N/A | 8.99 | 07/01/26 | 1560000 |
| 39000<br> 126022 – Charleston Affordable Development Group<sup>4</sup> | N/A | 8.92 | 01/01/27 | 39000 |
| 1287000<br> 126105 – B Life Capital 26<sup>4</sup> | N/A | 8.99 | 07/01/27 | 1287000 |
| 2182467<br> 126221 – JP&C Properties<sup>5</sup> | N/A | 8.77 | 08/01/26 | 2182467 |
| 145640<br> 126255 – Duran USA Group<sup>4</sup> | N/A | 9.21 | 01/01/27 | 145640 |
| 2170379<br> 126281 – Douglas 10<sup>4</sup> | N/A | 8.00 | 07/01/26 | 2170379 |
| 132522<br> 126291 – Multipropiedades Investments<sup>4</sup> | N/A | 9.34 | 01/01/27 | 132522 |
| 2381494<br> 126387 – 321 North Lucerne<sup>5</sup> | N/A | 8.00 | 08/01/26 | 2381494 |
| 525000<br> 126394 – FlipWave Investments<sup>5</sup> | N/A | 8.71 | 07/01/26 | 525000 |
| 639358<br> 127039 – Blue Sky Builders<sup>5</sup> | N/A | 8.65 | 08/01/26 | 639358 |
| 930000<br> 127275 – Taku Construction<sup>4</sup> | N/A | 9.02 | 07/01/26 | 930000 |
| 192685<br> 127319 – Open Water Realty<sup>5</sup> | N/A | 8.84 | 01/01/27 | 192685 |
| 225575<br> 127729 – J&K Rise Home Services<sup>5</sup> | N/A | 8.50 | 11/01/26 | 225575 |
| 293002<br> 129766 – 608 Walker Road<sup>4</sup> | N/A | 8.73 | 05/01/27 | 293002 |
| 335000<br> 130467 – AAA Milano House Luxury Oceanfront Developer<sup>4</sup> | N/A | 8.64 | 06/01/27 | 335000 |
| 335000<br> 130468 – AAA Milano House Luxury Oceanfront Developer<sup>4</sup> | N/A | 8.64 | 06/01/27 | 335000 |
| 335000<br> 130469 – AAA Milano House Luxury Oceanfront Developer<sup>4</sup> | N/A | 8.64 | 06/01/27 | 335000 |
| 1623500<br> 131434 – The OG Group<sup>4</sup> | N/A | 8.73 | 04/01/27 | 1623500 |
| 585000<br> 132990 – D&G Luxury Management<sup>4</sup> | N/A | 8.48 | 04/01/27 | 585000 |
| 141000<br> 133030 – Lake Development<sup>4</sup> | N/A | 8.48 | 05/01/27 | 141000 |
| 1649758<br> 133115 – Amagansett South Holdings<sup>4</sup> | N/A | 8.39 | 06/01/27 | 1649758 |
| 568000<br> 133276 – 2 Mellow Street<sup>4</sup> | N/A | 8.48 | 11/01/26 | 568000 |
| 59061<br> 133721 – JBN Property Investments<sup>4</sup> | N/A | 8.48 | 02/01/27 | 59061 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Consolidated Schedule of Investments (Continued)<br> December 31, 2025<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Principal <br>Amount<br>($) |  | Spread | Coupon<br>Rate<br>(%) | Maturity | Fair Value |
| 955000 | 133822 – Sanctuary Parcel 1<sup>4</sup> | N/A | 8.39 | 03/01/27 | $955000 |
| 1055000 | 133823 – Sanctuary Parcel 1<sup>4</sup> | N/A | 8.39 | 03/01/27 | 1055000 |
| 1025000 | 133824 – Sanctuary Parcel 1<sup>4</sup> | N/A | 8.39 | 03/01/27 | 1025000 |
| 1055000 | 133826 – Sanctuary Parcel 1<sup>4</sup> | N/A | 8.39 | 03/01/27 | 1055000 |
| 1055000 | 133827 – Sanctuary Parcel 1<sup>4</sup> | N/A | 8.39 | 03/01/27 | 1055000 |
| 220500 | 134546 – Stocks and Investments<sup>4</sup> | N/A | 8.26 | 03/01/27 | 220500 |
| 606000 | 134743 – Crestar Homes Corp<sup>4</sup> | N/A | 8.64 | 12/01/27 | 606000 |
| 920000 | 134771 – XGlobal3 Investments<sup>4</sup> | N/A | 8.51 | 06/01/27 | 920000 |
| 344535 | 134772 – Seither & Associates Investment Group and Ezyres<sup>4</sup> | N/A | 8.39 | 06/01/27 | 344535 |
| 415000 | 134998 – 3A BC Homes<sup>4</sup> | N/A | 8.39 | 06/01/27 | 415000 |
| 580000 | 134999 – 3A BC Homes<sup>4</sup> | N/A | 8.39 | 07/01/27 | 580000 |
| 2061957 | 135354 – 3216 Butler Bay<sup>4</sup> | N/A | 8.26 | 03/01/27 | 2061957 |
| 35730 | 135442 – Treweek Construction<sup>4</sup> | N/A | 8.14 | 12/01/26 | 35730 |
| 485750 | 135718 – MHD Real Estate<sup>4</sup> | N/A | 8.14 | 12/01/26 | 485750 |
| 4888828 | 91530 – RRCAP-FA Blume Road<sup>4</sup> | N/A | 10.55 | 01/01/26 | 4888828 |
| 184597 | 91574 – A5 International Properties<sup>4</sup> | N/A | 10.31 | 10/01/25 | 184597 |
| 184923 | 91575 – A5 International Properties<sup>4</sup> | N/A | 10.31 | 10/01/25 | 184923 |
| 180925 | 91576 – A5 International Properties<sup>4</sup> | N/A | 10.31 | 10/01/25 | 180925 |
| 158583 | 91577 – A5 International Properties<sup>4</sup> | N/A | 10.31 | 12/01/25 | 158583 |
| 126435 | 91578 – A5 International Properties<sup>4</sup> | N/A | 10.31 | 12/01/25 | 126435 |
| 39283 | 94110 – A5 International Properties<sup>4</sup> | N/A | 10.00 | 12/17/25 | 39283 |
| 155398 | 94111 – A5 International Properties<sup>4</sup> | N/A | 10.00 | 01/01/26 | 155398 |
| 163164 | 94112 – A5 International Properties<sup>4</sup> | N/A | 10.00 | 01/01/26 | 163164 |
| 122053 | 94113 – A5 International Properties<sup>4</sup> | N/A | 10.00 | 01/01/26 | 122053 |
| 33811 | 94114 – A5 International Properties<sup>4</sup> | N/A | 10.00 | 02/01/26 | 33811 |
| 3097718 | 97931 – 2316 PCDEV<sup>4</sup> | N/A | 10.00 | 01/01/26 | 3097718 |
| 1880164 | 98104 – Desert Modern Development<sup>5</sup> | N/A | 10.13 | 03/01/26 | 1880164 |
| 4614831 | 98258 – 1740 PCDEV<sup>4</sup> | N/A | 10.00 | 11/01/25 | 4614831 |
| 1114151 | 98617 – Lakeview Real Estate Fund<sup>4</sup> | N/A | 9.75 | 05/01/26 | 1114151 |
| 1056790 | 98618 – Lakeview Real Estate Fund<sup>4</sup> | N/A | 9.75 | 05/01/26 | 1056790 |
| 1157429 | 98619 – Lakeview Real Estate Fund<sup>4</sup> | N/A | 9.75 | 05/01/26 | 1157429 |
| 1124221 | 98620 – Lakeview Real Estate Fund<sup>4</sup> | N/A | 9.75 | 05/01/26 | 1124221 |
| 3997500 | 98834 – 1770 Bay Blvd.<sup>5</sup> | N/A | 10.13 | 01/01/26 | 3997500 |
| 2235321 | 99269 – 1688 Sunset Plaza Drive Partners<sup>4</sup> | N/A | 10.07 | 12/01/25 | 2235321 |
|  |  |  |  |  | **281631598** |
|  | **Townhouse — 5.4%** |  |  |  |  |
| 2820356 | 102607 – 158 & 160 Eckerson<sup>5</sup> | N/A | 9.06 | 04/01/26 | 2820356 |
| 2009170 | 102608 – 158 & 160 Eckerson<sup>5</sup> | N/A | 9.06 | 04/01/26 | 2009170 |
| 1643377 | 104447 – Watermark Homes<sup>5</sup> | N/A | 9.25 | 01/01/26 | 1643377 |
| 1656684 | 107982 – Nextgen Eaglerock 13<sup>5</sup> | N/A | 9.00 | 04/01/26 | 1656684 |
| 1684816 | 107983 – Nextgen Eaglerock 13<sup>5</sup> | N/A | 9.00 | 04/01/26 | 1684816 |
| 2429722 | 107986 – Nextgen Eaglerock 13<sup>5</sup> | N/A | 9.00 | 04/01/26 | 2429722 |
| 2001642 | 108402 – Eagle Rock 17<sup>5</sup> | N/A | 9.57 | 05/01/26 | 2001642 |
| 2136301 | 108405 – Eagle Rock 17<sup>5</sup> | N/A | 9.57 | 05/01/26 | 2136301 |
| 1148927 | 108408 – Eagle Rock 17<sup>5</sup> | N/A | 9.57 | 05/01/26 | 1148927 |
| 1215000 | 118588 – Carolinas Builders<sup>5</sup> | N/A | 8.68 | 04/01/26 | 1215000 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Consolidated Schedule of Investments (Continued)<br> December 31, 2025<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Principal <br>Amount<br>($) |  | Spread | Coupon<br>Rate<br>(%) | Maturity | Fair Value |
| 193500 | 119487 – CAP Housing<sup>5</sup> | N/A | 8.50 | 07/01/26 | $193500 |
| 143950 | 123471 – Rental Shop Development<sup>4</sup> | N/A | 8.50 | 07/01/26 | 143950 |
| 2579500 | 123904 – Habitus Coconut Grove F1-C<sup>5</sup> | N/A | 8.99 | 07/01/26 | 2579500 |
| 882928 | 124779 – Bliss Fort Pierce<sup>4</sup> | N/A | 8.96 | 01/01/27 | 882928 |
|  |  |  |  |  | **22545873** |
|  | Total Real Estate Mortgages<br>(Cost $487,925,984) |  |  |  | 487925984 |
|  | Total Commercial Real Estate<br>(Cost $717,221,568) |  |  |  | 717221568 |

---

---

| | | |
|:---|:---|:---|
|  Shares |  |  |
|  | **Short-Term Investments — 1.0%** |  |
|  | **Money Market Funds — 1.0%** |  |
| 4156676 | Fidelity US Government Fund, 3.61%<sup>6</sup> | $4156676 |
|  | Total Short-Term Investments<br>(Cost $4,156,676) | 4156676 |
|  | Total Investments — 172.9%<br>(Cost $721,378,244) | 721378244 |
|  | Liabilities In Excess Of Other Assets — (72.9)% | (304054977) |
|  | **Total Net Assets — 100.0%** | $**417323267** |

---

LP — Limited Partnership

US — United States

1 All Commercial Real Estate investments are restricted securities. The total value of these securities is $717,221,568, which represents 171.9% 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 December 31, 2025.

\* The Fund's investments are primarily first-lien, but certain investments may be subordinate in right of payment (including second-lien or mezzanine positions), which may affect recoveries.

*See accompanying Notes to the Consolidated Financial Statements.*

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Consolidated Summary of Investments (Unaudited)<br> December 31, 2025<br>

---

| | |
|:---|:---|
|  Security Type | Percent of<br>Total<br>Net Assets |
|  **Commercial Real Estate** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Participation Notes | 55.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Mortgages | 116.9% |
|  **Total Commercial Real Estate** | 171.9% |
|  **Short-term Investments** | 1.0% |
|  **Total Investments** | 172.9% |
|  **Liabilities in excess of assets** | -72.9% |
|  **Net Assets** | **100.0%** |

---

---

| | |
|:---|:---|
|  Property Type | Percent of<br>Total<br>Net Assets |
|  **Participation Notes** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Condominium Development | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospitality | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Mixed Use Development | 17.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Multifamily | 9.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Office | 1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Predevelopment | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Single Family | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Single Family/Multifamily | 0.2% |
|  **Total Participation Notes** | 55.0% |
|  **Real Estate Mortgages** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2-4 Units | 17.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Condominium Development | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Multifamily | 15.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Single Family | 67.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Townhouse | 5.4% |
|  **Total Real Estate Mortgages** | 116.9% |
|  **Total Short-term Investments** | 1.0% |
|  **Total Investments** | 172.9% |
|  **Liabilities in excess of assets** | -72.9% |
|  **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 December 31, 2025<br>

---

| | |
|:---|:---|
|  **Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments, at fair value (cost $717,221,568) | $717221568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term investments, at fair value (cost $4,156,676) | 4156676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 6070788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restricted cash held for CLO note | 26744281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 944215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest | 14313741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 351983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses master repurchase agreement | 15594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 769818846 |
|  **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Master repurchase agreement (Note 11) | 224003363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for CLO note (Note 12) | 125000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for interest expense on master repurchase agreement | 1287926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investment management fees | 1105594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for interest expense on CLO note | 741704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for audit and tax fees | 181250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for fund accounting and administration fees | 54750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for other accrued expenses | 38114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for legal fees | 31128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for transfer agent fees | 28500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Trustees' fees | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for custody fees | 11250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 352495579 |
|  Commitments and contingencies (Note 9) |  |
|  **Net Assets** | $**417323267** |
|  **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital (unlimited shares authorized, no par value) | $417207084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings | 116183 |
|  **Net Assets** | $**417323267** |
|  **Shares of beneficial interest issued and outstanding** | 16630589 |
|  **Net asset value per share** | $25.09 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD Private Real Estate Debt Fund**<br>Consolidated Statement of Operations<br> For the Year Ended December 31, 2025<br>

---

| | |
|:---|:---|
|  **Investment income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $64515193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 64515193 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense on master repurchase agreement (Note 11) | 13217298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advisory fees (Note 4) | 11791942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense on CLO note (Note 12) | 8783659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brokerage fees | 625103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 470881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 319138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | 302284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loan origination fees | 254325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fees | 207999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 164753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees (Note 5) | 99454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees | 76480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 53851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance & Financial Officer fees | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 48000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance fees | 19998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 36485165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reductions (Note 5) | (15877) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 36469288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net investment income** | 28045905 |
|  **Net realized gain on investments** | 28006 |
|  **Net increase in net assets from operations** | $**28073911** |

---

*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>Year Ended <br>December 31, <br>2025** | **For the <br>Year Ended <br>December 31, <br>2024** |
|  **Increase (decrease) in net assets from:** |  |  |
|  **Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $28045905 | $19667257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 28006 |  |
| &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** | 28073911 | 19664437 |
|  **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (27932736) | (19692967) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (27932736) | (19692967) |
|  **Capital transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 159648473 | 152635160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinvestment of distributions | 10310843 | 6352569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (76964021) | (32726143) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets from capital transactions** | 92995295 | 126261586 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets** | 93136470 | 126233056 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 324186797 | 197953741 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $417323267 | $324186797 |
|  **Capital share transactions:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6351485 | 6071918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares reinvested | 411373 | 253523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3063054) | (1302800) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net increase in capital share transactions** | 3699804 | 5022641 |

---

*See accompanying Notes to the Consolidated Financial Statements.*

**REDWOOD Private Real Estate Debt Fund**<br>Consolidated Statement of Cash Flows<br> For the Year Ended December 31, 2025<br>

---

| | |
|:---|:---|
|  **Cash flows from operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets used in operations | $28073911 |
|  **Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of investments | (484213268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of investments | 237894246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from investments | (28006) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in short-term investments, net | 28586069 |
|  **Change in assets and liabilities:** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**(Increase) in assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | (6751174) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | (96716) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses master repurchase agreement | (15594) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase/(decrease) in liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment management fees | 304209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees | (13750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 3650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 3600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund accounting and administration fees | 5157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 12000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses | 5022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees | (23872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest master repurchase agreement | 812820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest CLO note | (88443) |
|  **Net cash used in operating activities** | (195530139) |
|  **Cash flows provided by financing activities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold, net of receivable for fund shares sold | 159429418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares repurchased, net of redemption fees | (76964021) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions paid to shareholders, net of reinvestments | (17621893) |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds due to master repurchase agreement | 141664961 |
|  **Net cash provided by financing activities** | 206508465 |
|  **Net increase in cash** | 10978326 |
|  Cash and restricted cash, beginning of year | 21836743 |
|  Cash and restricted cash, end of year | $32815069 |
|  **Supplemental disclosure of non-cash financing activity:** |  |
|  Reinvestment of distributions | $10310843 |
|  **Supplemental disclosure of cash activity:** |  |
|  Interest paid on borrowings | $21276580 |

---

*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>Year Ended <br>December 31, <br>2025** | **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> | 1.87 | 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 | 1.87 | 1.96 | 0.64 |
|  **Less Distributions:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From net investment income | (1.85) | (1.92) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (1.85) | (1.92) | (0.61) |
|  **Net asset value, end of period** | $25.09 | $25.07 | $25.03 |
|  **Total return**<sup>(4)</sup> | 7.72% | 8.09% | 2.60%<sup>(5)</sup> |
|  **Ratios and Supplemental Data:** |  |  |  |
|  Net assets, end of period (in thousands) | $417323 | $324187 | $197954 |
|  Ratio of expenses to average net assets before expense reductions | 9.67% | 5.14% | 2.43%<sup>(6)</sup> |
|  Ratio of expenses to average net assets after expense reductions | 9.67% | 5.14% | 2.42%<sup>(6)</sup> |
|  Ratio of net investment income to average net assets before expense reductions | 7.43% | 7.76% | 5.64%<sup>(6)</sup> |
|  Ratio of net investment income to average net assets after expense reductions | 7.44% | 7.76% | 5.64%<sup>(6)</sup> |
|  Portfolio turnover rate | 38% | 50% | 18%<sup>(5)</sup> |
|  **Senior Securities:** |  |  |  |
|  Total Borrowings (000s) | $125000 | $125000 | $— |
|  Asset coverage per $1,000 unit of senior indebtedness<sup>(7)</sup> | 4339 | 3593 |  |
|  Asset ratio coverage of senior securities | 434% | 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> December 31, 2025<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 November 17, 2025, Shunen, LLC was formed as a Delaware limited liability company and is a wholly-owned subsidiary of the Fund.

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 December 31, 2025, total assets of SPV 1 were $367,340,382, or approximately 88.0% of the Fund's total net assets.

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| 2. **Significant accounting policies** – (Continued) |

---

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 (the "Indenture"), 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 December 31, 2025, total assets of SPV 2 Depositor and SPV 2 Issuer were $153,400,671, representing approximately 36.8% 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 of the Fund's assets that

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) December 31, 2025 </u> <br> <u> 2. Significant accounting policies – (Continued) </u>

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 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 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,

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) December 31, 2025 </u> <br> <u> 2. Significant accounting policies – (Continued) </u>

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. For regulatory purposes, the Fund treats reverse repurchase agreements under the Master Repurchase Agreement as derivatives transactions under Rule 18f-4 rather than borrowings or senior securities, as reflected in the Financial Highlights.

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) December 31, 2025 </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 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

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **3. Fair value disclosures** – (Continued) |

---

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.

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 assets and liabilities as of December 31, 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** | |
|  **Assets** | **Level 1<br>Quoted<br>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 | $— | $— | $229295584 | $229295584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Mortgages |  |  | 487925984 | 487925984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments | 4156676 |  |  | 4156676 |
|  Total | $4156676 | $— | $717221568 | $721378244 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Liabilities** | **Level 1<br>Quoted<br>Prices** | **Level 2<br>Other<br>Significant<br>Observable<br>Inputs** | **Level 3<br>Significant<br>Unobservable<br>Inputs** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp; CLO Note | $— | $— | $125000000 | $125000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Repurchase Agreement |  |  | 224003363 | 224003363 |
|  Total | $— | $— | $349003363 | $349003363 |

---

The following table presents the changes in assets and liabilites and transfers in and out which are classified in Level 3 of the fair value hierarchy for the year ended December 31, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Assets** | **Beginning<br>Balance<br>as of<br>December 31,<br>2024** | **Transfers<br>into<br>Level 3<br>during<br>the<br>year** | **Transfers<br>out of<br>Level 3<br>during<br>the<br>year** | **Purchases or<br>Conversions** | **Sales or<br>Distributions** | **Net<br>Realized<br>Gain<br>(Loss)** | **Return<br>of <br>Capital** | **Distributions** | **Change in <br>net<br>unrealized<br>appreciation<br>(depreciation)** | **Ending<br>Balance<br>as of <br>December 31,<br>2025** |
|  Participation Notes | $216782749 | $— | $— | $111696468 | $(99211639) | $28006 | $— | $— | $— | $229295584 |
|  Real Estate Mortgages | 254091791 |  |  | 372516800 | (138682607) |  |  |  |  | 487925984 |
|  | $470874540 | $— | $— | $484213268 | $(237894246) | $28006 | $— | $— | $— | $717221568 |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **3. Fair value disclosures** – (Continued) |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Liabilities** | **Beginning<br>Balance<br>as of<br>December 31,<br>2024** | **Transfers<br>into<br>Level 3<br>during<br>the<br>year** | **Transfers<br>out of<br>Level 3<br>during<br>the<br>year** | **Purchases or<br>Conversions** | **Sales or<br>Distributions** | **Net<br>Realized<br>Gain<br>(Loss)** | **Return<br>of <br>Capital** | **Distributions** | **Change in <br>net<br>unrealized<br>appreciation<br>(depreciation)** | **Ending<br>Balance<br>as of <br>December 31,<br>2025** |
|  CLO Note | $125000000 | $— | $— | $— | $— | $— | $— | $— | $— | $125000000 |
|  Master Repurchase Agreement | 82338402 |  |  | 141664961 |  |  |  |  |  | 224003363 |
|  | $207338402 | $— | $— | $141664961 | $— | $— | $— | $— | $— | $349003363 |

---

During the year ended December 31, 2025, changes in net unrealized appreciation (depreciation) and<br>realized gains or (losses) included in the Consolidated Statement of Operations attributable to Level 3<br>investments were $0 and $28,006, respectively.

The following table summarizes the valuation techniques and significant unobservable inputs used for the Fund's assets and liabilities that are categorized in Level 3 of the fair value hierarchy as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Type of Level 3 Asset\*** | **Fair Value as of<br>December 31, <br>2025** | **Valuation<br>Technique\*\*** | **Unobservable<br>Inputs** | **Range of Inputs/<br>(weighted average)** | **Impact to Valuation<br>from an Increase<br>in Input** |
| &nbsp;&nbsp;&nbsp;&nbsp; Participation Notes | $229295584 | Market Comparable | Price (% of Par) | 99.75% – 100.00%/(100%) | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Mortgages | 487925984 | Market Comparable | Price (% of Par) | 99.63% – 100.00%/(100%) | Increase |
|  Total Level 3 Assets | $717221568 |  |  |  |  |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Type of Level 3 Liability** | **Fair Value as of<br>December 31, <br>2025** | **Valuation<br>Technique\*\*** | **Unobservable<br>Inputs** | **Range of Inputs/<br>(weighted average)** | **Impact to Valuation<br>from an Increase<br>in Input** |
| &nbsp;&nbsp;&nbsp;&nbsp; CLO Note | $125000000 | Market Comparable | Price (% of Par) | 100% | Increase |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Repurchase Agreement | 224003363 | Market Comparable | Price (% of Par) | 100% | Increase |
|  Total Level 3 Liabilities | $349003363 |  |  |  |  |

---

____________

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

\*\* The Fund values certain Level 3 investments and liabilities using a market approach that considers available pricing indications for comparable instruments. Fair value is expressed as a price (% of par/face amount) applied to the related UPB or principal amount.

*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) December 31, 2025 </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 year ended December 31, 2025, fees in the amount of $11,791,942 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, $15,877 of custodian fees were paid by credits for cash balances during the year ended December 31, 2025. Without the offset arrangement, the Fund would have paid custody fees in cash and earned interest income on those cash balances.

**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.

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **6. Capital share transactions** – (Continued) |

---

During the year ended December 31, 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 of <br>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 |
|  July 8, 2025 | August 12, 2025 | August 12, 2025 | 5.0% | 7.0% | 1130721 |
|  October 14, 2025 | November 10, 2025 | November 10, 2025 | 5.0% | 5.3% | 880626 |

---

**7. Investment transactions**

Purchases and sales of investments, excluding short-term investments, for the year ended December 31, 2025 were $484,213,268 and $237,894,246, 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 December 31, 2025 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial<br>Acquisition Date** | **Principal<br>Amount** | **Cost** | **Fair Value** | **% of<br>Net<br>Assets** |
|  3303 – 150 Lefferts | July 28, 2023 | $3470000 | $3470000 | $3470000 | 0.8% |
|  3314 – VM Equities | July 28, 2023 | 884520 | 884520 | 884520 | 0.2% |
|  3326 – Elgny | October 6, 2023 | 230769 | 230769 | 230769 | 0.1% |
|  3333 – McRopp New York Royal44 | November 17, 2023 | 12500000 | 12500000 | 12500000 | 3.0% |
|  3335 – Cromwell Inwood | November 27, 2023 | 1300000 | 1300000 | 1300000 | 0.3% |
|  3340 – San Antonio Palo Alto | December 15, 2023 | 2978985 | 2978985 | 2978985 | 0.7% |
|  3341 – Ferncroft | December 19, 2023 | 4000000 | 4000000 | 4000000 | 1.0% |
|  3344 – 1600 North 11 | February 27, 2024 | 12400000 | 12400000 | 12400000 | 3.0% |
|  3349 – Hillcrest Cedar Property<br>Owner | January 5, 2024 | 6590000 | 6590000 | 6590000 | 1.6% |
|  3356 – GK West 47<sup>th</sup> | March 7, 2024 | 5804630 | 5804630 | 5804630 | 1.4% |
|  3358-01 – 123 Speer Owner | May 22, 2025 | 3806482 | 3806482 | 3806482 | 0.9% |
|  3359-01 – Nalskihouse MT | September 30, 2025 | 4791852 | 4791852 | 4791852 | 1.2% |
|  3360-01 – JC Roxy | April 1, 2024 | 3500000 | 3500000 | 3500000 | 0.8% |
|  3368-04 – Carlisle New York Apartments | December 11, 2025 | 49100067 | 49100067 | 49100067 | 11.7% |
|  3371-01 – Greyhawk SSOF Ruckus Lender  | May 10, 2024 | 11500000 | 11500000 | 11500000 | 2.8% |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **8. Restricted securities** – (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial<br>Acquisition Date** | **Principal<br>Amount** | **Cost** | **Fair Value** | **% of<br>Net<br>Assets** |
|  3372 – 3151 NF Owner | June 5, 2024 | $2500000 | $2500000 | $2500000 | 0.6% |
|  3391 – ZDJ W 37 | September 4, 2024 | 13850125 | 13850125 | 13850125 | 3.3% |
|  3394 – Sunnyvale Park Place | September 17, 2024 | 6000000 | 6000000 | 6000000 | 1.4% |
|  3397 – 33 Alhambra Circle | September 20, 2024 | 2900000 | 2900000 | 2900000 | 0.7% |
|  3398 – 305 Briny | September 27, 2024 | 2010830 | 2010830 | 2010830 | 0.5% |
|  3399 – BH3 Malibu | October 31, 2024 | 5112795 | 5112795 | 5112795 | 1.2% |
|  3403 – Rosslyn Senior Participation | December 11, 2024 | 3986865 | 3986865 | 3986865 | 1.0% |
|  3412 – Imagine WV | January 27, 2025 | 6095000 | 6095000 | 6095000 | 1.5% |
|  3412-02 – Imagine WV | October 10, 2025 | 1351272 | 1351272 | 1351272 | 0.3% |
|  3413 – MTP – Paseo Phase III Land | March 24, 2025 | 4631540 | 4631540 | 4631540 | 1.1% |
|  3422 – Wynwood | March 24, 2025 | 4400000 | 4400000 | 4400000 | 1.1% |
|  3424 – Colony 29 Palm Springs | April 4, 2025 | 3000000 | 3000000 | 3000000 | 0.7% |
|  3434 – 1 Water Street | May 6, 2025 | 3426184 | 3426184 | 3426184 | 0.8% |
|  3454 – 2<sup>nd</sup> & Steele | August 15, 2025 | 8502949 | 8502949 | 8502949 | 2.0% |
|  3455J – 140 Hayground Cove Road Partners | August 12, 2025 | 3182532 | 3182532 | 3182532 | 0.8% |
|  3455S – 140 Hayground Cove Senior Partners | August 12, 2025 | 2239349 | 2239349 | 2239349 | 0.5% |
|  3461 – Skyline Apartments | September 5, 2025 | 3500000 | 3500000 | 3500000 | 0.8% |
|  3463 – 18 2<sup>nd</sup> Ave | September 29, 2025 | 800000 | 800000 | 800000 | 0.2% |
|  3467 – 908 Gainesville Property Investors | October 16, 2025 | 1500000 | 1500000 | 1500000 | 0.4% |
|  3474 – 3532 CPB | October 27, 2025 | 2088047 | 2088047 | 2088047 | 0.5% |
|  3479 – Fisher Land | November 25, 2025 | 852047 | 852047 | 852047 | 0.2% |
|  3483 – Aventura Harbor Property | December 16, 2025 | 1000000 | 1000000 | 1000000 | 0.2% |
|  83824 – 2511 NW 25 Ave. | May 16, 2024 | 1684051 | 1684051 | 1684051 | 0.4% |
|  91530 – RRCAP-FA Blume Road | April 23, 2024 | 4888828 | 4888828 | 4888828 | 1.2% |
|  91574 – A5 International Properties | May 9, 2024 | 184597 | 184597 | 184597 | 0.0% |
|  91575 – A5 International Properties | May 9, 2024 | 184923 | 184923 | 184923 | 0.0% |
|  91576 – A5 International Properties | May 9, 2024 | 180925 | 180925 | 180925 | 0.0% |
|  91577 – A5 International Properties | May 9, 2024 | 158583 | 158583 | 158583 | 0.0% |
|  91578 – A5 International Properties | May 9, 2024 | 126435 | 126435 | 126435 | 0.0% |
|  94110 – A5 International Properties | May 9, 2024 | 39283 | 39283 | 39283 | 0.0% |
|  94111 – A5 International Properties | May 9, 2024 | 155398 | 155398 | 155398 | 0.0% |
|  94112 – A5 International Properties | May 9, 2024 | 163164 | 163164 | 163164 | 0.0% |
|  94113 – A5 International Properties | May 9, 2024 | 122053 | 122053 | 122053 | 0.0% |
|  94114 – A5 International Properties | May 9, 2024 | 33811 | 33811 | 33811 | 0.0% |
|  96483 – Affordable Housing Group LTD | June 3, 2024 | 2209545 | 2209545 | 2209545 | 0.5% |
|  97931 – 2316 PCDEV | June 21, 2024 | 3097718 | 3097718 | 3097718 | 0.7% |
|  98104 – Desert Modern Development | June 3, 2024 | 1880164 | 1880164 | 1880164 | 0.4% |
|  98258 – 1740 PCDEV | June 3, 2024 | 4614831 | 4614831 | 4614831 | 1.1% |
|  98617 – Lakeview Real Estate Fund | June 10, 2024 | 1114151 | 1114151 | 1114151 | 0.3% |
|  98618 – Lakeview Real Estate Fund | June 10, 2024 | 1056790 | 1056790 | 1056790 | 0.2% |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **8. Restricted securities** – (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial<br>Acquisition Date** | **Principal<br>Amount** | **Cost** | **Fair Value** | **% of<br>Net<br>Assets** |
|  98619 – Lakeview Real Estate Fund | June 10, 2024 | $1157429 | $1157429 | $1157429 | 0.3% |
|  98620 – Lakeview Real Estate Fund | June 10, 2024 | 1124221 | 1124221 | 1124221 | 0.3% |
|  98767 – 426 E. 17<sup>th</sup> St. | April 23, 2024 | 1665039 | 1665039 | 1665039 | 0.4% |
|  98769 – 1292 Beauregard | June 10, 2024 | 1437192 | 1437192 | 1437192 | 0.3% |
|  98771 – 1292 Beauregard | June 3, 2024 | 1400383 | 1400383 | 1400383 | 0.3% |
|  98803 – Moon Equities | April 23, 2024 | 3057872 | 3057872 | 3057872 | 0.7% |
|  98834 – 1770 Bay Blvd. | June 10, 2024 | 3997500 | 3997500 | 3997500 | 1.0% |
|  99183 – 331 N. Olive St. Holding | May 9, 2024 | 1425000 | 1425000 | 1425000 | 0.3% |
|  99269 – 1688 Sunset Plaza Drive Partners | June 3, 2024 | 2235321 | 2235321 | 2235321 | 0.5% |
|  100356 – NRM Group | June 3, 2024 | 2245565 | 2245565 | 2245565 | 0.5% |
|  100357 – NRM Group | June 3, 2024 | 1354632 | 1354632 | 1354632 | 0.3% |
|  100358 – NRM Group | June 3, 2024 | 462303 | 462303 | 462303 | 0.1% |
|  100359 – NRM Group | June 3, 2024 | 1240584 | 1240584 | 1240584 | 0.3% |
|  100388 – Nash Bami | June 10, 2024 | 3920000 | 3920000 | 3920000 | 0.9% |
|  100597 – 2303 Delancey | June 3, 2024 | 3465000 | 3465000 | 3465000 | 0.8% |
|  100937 – indiePlanet Global Series 4 | August 2, 2024 | 595000 | 595000 | 595000 | 0.1% |
|  101221 – USA Luxury Developer II | June 21, 2024 | 2973209 | 2973209 | 2973209 | 0.7% |
|  101246 – White Sand Real Estate Solutions | July 23, 2024 | 588050 | 588050 | 588050 | 0.1% |
|  101296 – 5700 Clemson | June 21, 2024 | 4698133 | 4698133 | 4698133 | 1.1% |
|  101808 – Educate Capital | June 21, 2024 | 2138942 | 2138942 | 2138942 | 0.5% |
|  101873 – Valentin Construction & Development | July 23, 2024 | 666291 | 666291 | 666291 | 0.2% |
|  102044 – Lian 166 Washington | October 7, 2024 | 1857724 | 1857724 | 1857724 | 0.5% |
|  102093 – Danva Prosper Fontanarosa Homes | June 10, 2024 | 1375970 | 1375970 | 1375970 | 0.3% |
|  102094 – Danva Prosper Fontanarosa Homes | June 10, 2024 | 1623458 | 1623458 | 1623458 | 0.4% |
|  102095 – Danva Prosper Fontanarosa Homes | June 10, 2024 | 1624428 | 1624428 | 1624428 | 0.4% |
|  102096 – Danva Prosper Fontanarosa Homes | June 10, 2024 | 1030893 | 1030893 | 1030893 | 0.3% |
|  102097 – Danva Prosper Fontanarosa Homes | June 10, 2024 | 1613336 | 1613336 | 1613336 | 0.4% |
|  102111 – Westlake Mountainview | June 10, 2024 | 3048193 | 3048193 | 3048193 | 0.7% |
|  102137 – Gill Development | June 10, 2024 | 748000 | 748000 | 748000 | 0.2% |
|  102535 – TRMF & Associates | June 10, 2024 | 51375 | 51375 | 51375 | 0.0% |
|  102607 – 158 & 160 Eckerson | October 7, 2024 | 2820356 | 2820356 | 2820356 | 0.7% |
|  102608 – 158 & 160 Eckerson | October 7, 2024 | 2009170 | 2009170 | 2009170 | 0.5% |
|  102696 – 4798 NE 2<sup>nd</sup> Ave. | August 2, 2024 | 250000 | 250000 | 250000 | 0.1% |
|  102697 – 4798 NE 2<sup>nd</sup> Ave. | June 10, 2024 | 250000 | 250000 | 250000 | 0.1% |
|  102698 – 4798 NE 2<sup>nd</sup> Ave. | June 10, 2024 | 250000 | 250000 | 250000 | 0.1% |
|  103728 – Barcel | July 23, 2024 | 206318 | 206318 | 206318 | 0.0% |
|  103771 – Rhino Homes | July 23, 2024 | 1491421 | 1491421 | 1491421 | 0.4% |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **8. Restricted securities** – (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial<br>Acquisition Date** | **Principal<br>Amount** | **Cost** | **Fair Value** | **% of<br>Net<br>Assets** |
|  103772 – Rhino Homes | July 23, 2024 | $1114719 | $1114719 | $1114719 | 0.3% |
|  103980 – KPI Equity Holdings I | August 2, 2024 | 495498 | 495498 | 495498 | 0.1% |
|  104356 – RRCap – FA Shingletree | July 5, 2024 | 4741821 | 4741821 | 4741821 | 1.1% |
|  104357 – RRCap – FA Shingletree | July 5, 2024 | 4741821 | 4741821 | 4741821 | 1.1% |
|  104358 – RRCap – FA Shingletree | July 5, 2024 | 4741821 | 4741821 | 4741821 | 1.1% |
|  104359 – RRCap – FA Shingletree | July 5, 2024 | 4197917 | 4197917 | 4197917 | 1.0% |
|  104360 – RRCap – FA Shingletree | July 5, 2024 | 4570253 | 4570253 | 4570253 | 1.1% |
|  104361 – RRCap – FA Shingletree | July 5, 2024 | 4741821 | 4741821 | 4741821 | 1.1% |
|  104362 – RRCap – FA Shingletree | July 5, 2024 | 3825580 | 3825580 | 3825580 | 0.9% |
|  104363 – RRCap – FA Shingletree | July 5, 2024 | 4369483 | 4369483 | 4369483 | 1.1% |
|  104364 – RRCap – FA Shingletree | July 5, 2024 | 4369483 | 4369483 | 4369483 | 1.1% |
|  104447 – Watermark Homes | October 7, 2024 | 1643377 | 1643377 | 1643377 | 0.4% |
|  104480 – Elmer Avenue | July 23, 2024 | 2739872 | 2739872 | 2739872 | 0.7% |
|  104677 – Daest | July 23, 2024 | 785000 | 785000 | 785000 | 0.2% |
|  105003 – 43 Westwood | August 30, 2024 | 1225159 | 1225159 | 1225159 | 0.3% |
|  105004 – 43 Westwood | August 30, 2024 | 1532946 | 1532946 | 1532946 | 0.4% |
|  105005 – 43 Westwood | August 30, 2024 | 1435156 | 1435156 | 1435156 | 0.3% |
|  105006 – 43 Westwood | August 30, 2024 | 1443783 | 1443783 | 1443783 | 0.3% |
|  105178 – Efrain Hendy Zaga and Denisse Esquenazi Opatowski | July 23, 2024 | 1574068 | 1574068 | 1574068 | 0.4% |
|  105243 – GT Three | December 11, 2024 | 2775743 | 2775743 | 2775743 | 0.7% |
|  105261 – SeaScape Homes | October 7, 2024 | 1719307 | 1719307 | 1719307 | 0.4% |
|  105366 – Rhino Homes | July 23, 2024 | 1235000 | 1235000 | 1235000 | 0.3% |
|  105459 – Oleduga | August 2, 2024 | 259000 | 259000 | 259000 | 0.1% |
|  105880 – B Cove Investments | September 12, 2024 | 2100000 | 2100000 | 2100000 | 0.5% |
|  106533 – Eagle OZB I | September 12, 2024 | 780000 | 780000 | 780000 | 0.2% |
|  106536 – Eagle OZB I | September 12, 2024 | 780000 | 780000 | 780000 | 0.2% |
|  106538 – Eagle OZB I | September 12, 2024 | 780000 | 780000 | 780000 | 0.2% |
|  106767 – Torre Projects | August 2, 2024 | 286148 | 286148 | 286148 | 0.1% |
|  107081 – Abode Multifamily Opportunity Fund I | August 30, 2024 | 1387000 | 1387000 | 1387000 | 0.3% |
|  107094 – Grande Vita Homes | December 11, 2024 | 834592 | 834592 | 834592 | 0.2% |
|  107180 – 902 8<sup>th</sup> St | August 30, 2024 | 358000 | 358000 | 358000 | 0.1% |
|  107595 – Dolphin Shores Investments | November 5, 2024 | 1286190 | 1286190 | 1286190 | 0.3% |
|  107836 – Mahi Mahi 935 | August 30, 2024 | 1399000 | 1399000 | 1399000 | 0.3% |
|  107891 – 10225 Investments | December 11, 2024 | 46805 | 46805 | 46805 | 0.0% |
|  107982 – Nextgen Eaglerock 13 | October 7, 2024 | 1656684 | 1656684 | 1656684 | 0.4% |
|  107983 – Nextgen Eaglerock 13 | October 7, 2024 | 1684816 | 1684816 | 1684816 | 0.4% |
|  107986 – Nextgen Eaglerock 13 | October 7, 2024 | 2429722 | 2429722 | 2429722 | 0.6% |
|  107997 – Mercado Rodriguez | September 12, 2024 | 102850 | 102850 | 102850 | 0.0% |
|  108077 – Fifth Avenue Wyn | January 24, 2025 | 1820000 | 1820000 | 1820000 | 0.4% |
|  108167 – Lime Builders | October 7, 2024 | 1809405 | 1809405 | 1809405 | 0.4% |
|  108184 – Osprey Ocean | December 11, 2024 | 2277628 | 2277628 | 2277628 | 0.5% |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **8. Restricted securities** – (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial<br>Acquisition Date** | **Principal<br>Amount** | **Cost** | **Fair Value** | **% of<br>Net<br>Assets** |
|  108203 – Kirkland 7 | January 24, 2025 | $1385000 | $1385000 | $1385000 | 0.3% |
|  108252 – Hurricane Construction | November 5, 2024 | 1522411 | 1522411 | 1522411 | 0.4% |
|  108299 – WTM Construction | October 7, 2024 | 576317 | 576317 | 576317 | 0.1% |
|  108301 – WTM Construction | October 7, 2024 | 1347184 | 1347184 | 1347184 | 0.3% |
|  108402 – Eagle Rock 17 | November 5, 2024 | 2001642 | 2001642 | 2001642 | 0.5% |
|  108405 – Eagle Rock 17 | November 5, 2024 | 2136301 | 2136301 | 2136301 | 0.5% |
|  108408 – Eagle Rock 17 | November 5, 2024 | 1148927 | 1148927 | 1148927 | 0.3% |
|  108767 – 2717 NE 29<sup>th</sup> Street | October 7, 2024 | 2380261 | 2380261 | 2380261 | 0.6% |
|  108769 – TRG Inglewood | October 7, 2024 | 3609000 | 3609000 | 3609000 | 0.9% |
|  108872 – Addison Hesby | December 11, 2024 | 2593750 | 2593750 | 2593750 | 0.6% |
|  109030 – VLC Construction & Design | October 7, 2024 | 234763 | 234763 | 234763 | 0.1% |
|  109339 – Scott Springs Assets | November 5, 2024 | 406161 | 406161 | 406161 | 0.1% |
|  109398 – 1515 Blake | November 5, 2024 | 1607355 | 1607355 | 1607355 | 0.4% |
|  109399 – 1515 Blake | November 5, 2024 | 1603795 | 1603795 | 1603795 | 0.4% |
|  109448 – Kent 9 | February 27, 2025 | 566000 | 566000 | 566000 | 0.1% |
|  109450 – Kent 9 | February 27, 2025 | 566000 | 566000 | 566000 | 0.1% |
|  109696 – Loma Alta 10 | December 11, 2024 | 422301 | 422301 | 422301 | 0.1% |
|  109697 – Loma Alta 10 | December 11, 2024 | 422301 | 422301 | 422301 | 0.1% |
|  109703 – Loma Alta 10 | December 11, 2024 | 422301 | 422301 | 422301 | 0.1% |
|  109704 – Loma Alta 10 | December 11, 2024 | 422301 | 422301 | 422301 | 0.1% |
|  110003 – 791 Crandon Holding 707 | October 7, 2024 | 3000000 | 3000000 | 3000000 | 0.7% |
|  110011 – Dolphin Shores Investments | November 5, 2024 | 1538130 | 1538130 | 1538130 | 0.4% |
|  110150 – Black Marlin Group | October 7, 2024 | 3979344 | 3979344 | 3979344 | 1.0% |
|  110234 – Mcdonie Properties | January 10, 2025 | 2177483 | 2177483 | 2177483 | 0.5% |
|  110342 – Bravo Builders Enterprises | January 24, 2025 | 2619627 | 2619627 | 2619627 | 0.6% |
|  110465 – TJR Development Inc. | December 11, 2024 | 1578715 | 1578715 | 1578715 | 0.4% |
|  110811 – 8935 Froude Ave | December 11, 2024 | 2010605 | 2010605 | 2010605 | 0.5% |
|  110815 – DaVinci Development | December 11, 2024 | 1305487 | 1305487 | 1305487 | 0.3% |
|  110820 – JT Real Estate Capital Group | January 10, 2025 | 2000000 | 2000000 | 2000000 | 0.5% |
|  111076 – Twenty | November 5, 2024 | 1538284 | 1538284 | 1538284 | 0.4% |
|  111089 – 317-319 Laurel Avenue | December 11, 2024 | 1397600 | 1397600 | 1397600 | 0.3% |
|  111108 – Vesta Investments | November 5, 2024 | 1980703 | 1980703 | 1980703 | 0.5% |
|  111792 – 88<sup>th</sup> Street Homes | January 24, 2025 | 617865 | 617865 | 617865 | 0.1% |
|  111801 – Ronpache Investments and Trade | December 11, 2024 | 216450 | 216450 | 216450 | 0.1% |
|  111834 – Red Cedar Development | December 11, 2024 | 1054794 | 1054794 | 1054794 | 0.3% |
|  111866 – Colfax District | December 11, 2024 | 3020160 | 3020160 | 3020160 | 0.6% |
|  111894 – Up Ruiz Investments | January 10, 2025 | 216128 | 216128 | 216128 | 0.1% |
|  111941 – 2k Development | December 11, 2024 | 1534527 | 1534527 | 1534527 | 0.4% |
|  112068 – Dwell LA | January 24, 2025 | 4128419 | 4128419 | 4128419 | 1.0% |
|  112135 – Twenty | November 5, 2024 | 898497 | 898497 | 898497 | 0.2% |
|  112319 – 1120 Coronado CS | December 11, 2024 | 3543000 | 3543000 | 3543000 | 0.9% |
|  112351 – BV Homes | January 10, 2025 | 2196185 | 2196185 | 2196185 | 0.5% |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **8. Restricted securities** – (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial<br>Acquisition Date** | **Principal<br>Amount** | **Cost** | **Fair Value** | **% of<br>Net<br>Assets** |
|  112430 – 31 Edward | January 24, 2025 | $1545161 | $1545161 | $1545161 | 0.4% |
|  112549 – Twenty | November 5, 2024 | 898497 | 898497 | 898497 | 0.2% |
|  112558 – 44<sup>th</sup> Ave Developers | December 11, 2024 | 1493761 | 1493761 | 1493761 | 0.4% |
|  112559 – 44<sup>th</sup> Ave Developers | December 11, 2024 | 1707070 | 1707070 | 1707070 | 0.4% |
|  112598 – Villa Bello At Zona | December 11, 2024 | 2244285 | 2244285 | 2244285 | 0.5% |
|  112599 – Villa Bello At Zona | December 11, 2024 | 1990076 | 1990076 | 1990076 | 0.5% |
|  112961 – Veluva | December 11, 2024 | 420000 | 420000 | 420000 | 0.1% |
|  113395 – Del Invest BC2 | January 10, 2025 | 390000 | 390000 | 390000 | 0.1% |
|  113656 – Har Carmel | January 10, 2025 | 3643139 | 3643139 | 3643139 | 0.9% |
|  113734 – MF Real Estate Investment | January 10, 2025 | 1488944 | 1488944 | 1488944 | 0.4% |
|  113824 – Caterra Property 3 | January 10, 2025 | 1722884 | 1722884 | 1722884 | 0.4% |
|  113965 – JulianMore | January 24, 2025 | 3225327 | 3225327 | 3225327 | 0.8% |
|  114043 – 5913 Lubao Ave | January 10, 2025 | 1999263 | 1999263 | 1999263 | 0.5% |
|  114069 – 4940 Cherry | January 10, 2025 | 1525969 | 1525969 | 1525969 | 0.4% |
|  114071 – 3144 Elizabeth | January 10, 2025 | 2339950 | 2339950 | 2339950 | 0.6% |
|  114193 – 541 Normandy 2024 | January 24, 2025 | 840953 | 840953 | 840953 | 0.2% |
|  114221 – CF 4942 Topanga | March 21, 2025 | 1980975 | 1980975 | 1980975 | 0.5% |
|  114305 – 15440 Dickens | January 24, 2025 | 1311964 | 1311964 | 1311964 | 0.3% |
|  114521 – 599 Bayshore 2024 | January 10, 2025 | 905082 | 905082 | 905082 | 0.2% |
|  114694 – BH Magic Investments | January 24, 2025 | 1403623 | 1403623 | 1403623 | 0.3% |
|  114901 – Torre Projects | January 24, 2025 | 198375 | 198375 | 198375 | 0.1% |
|  114902 – Torre Projects | January 24, 2025 | 188123 | 188123 | 188123 | 0.1% |
|  114909 – Loitzk Batim 930 | January 24, 2025 | 879114 | 879114 | 879114 | 0.2% |
|  114913 – Loitzk Batim 930 | January 10, 2025 | 879114 | 879114 | 879114 | 0.2% |
|  114914 – Loitzk Batim 930 | January 10, 2025 | 1460167 | 1460167 | 1460167 | 0.4% |
|  114920 – Loitzk Batim 930 | January 10, 2025 | 789014 | 789014 | 789014 | 0.2% |
|  114921 – Mayar International | January 10, 2025 | 829960 | 829960 | 829960 | 0.2% |
|  115004 – 2k Development | January 24, 2025 | 2712030 | 2712030 | 2712030 | 0.7% |
|  115011 – 4115 Shadyglade | April 17, 2025 | 2812500 | 2812500 | 2812500 | 0.7% |
|  115081 – Macedo Property Development | January 24, 2025 | 362304 | 362304 | 362304 | 0.1% |
|  115108 – Pronghorn Development | January 24, 2025 | 73500 | 73500 | 73500 | 0.0% |
|  115109 – Pronghorn Development | January 24, 2025 | 83500 | 83500 | 83500 | 0.0% |
|  115205 – Westchester Avenue | February 27, 2025 | 732536 | 732536 | 732536 | 0.2% |
|  115231 – Shoreline 940 | January 10, 2025 | 1573398 | 1573398 | 1573398 | 0.4% |
|  115378 – Buza Family Trust | January 10, 2025 | 1111000 | 1111000 | 1111000 | 0.3% |
|  115414 – Gallery Terra Lago | January 24, 2025 | 924000 | 924000 | 924000 | 0.2% |
|  115415 – Gallery Terra Lago | January 24, 2025 | 462000 | 462000 | 462000 | 0.1% |
|  115697 – Grey Collective | January 10, 2025 | 1239909 | 1239909 | 1239909 | 0.3% |
|  115864 – TVR 2 | January 24, 2025 | 382790 | 382790 | 382790 | 0.1% |
|  116028 – 12 Geneva St | January 10, 2025 | 2219970 | 2219970 | 2219970 | 0.5% |
|  116301 – Halona Development Group | January 24, 2025 | 194756 | 194756 | 194756 | 0.1% |
|  117082 – Wilton JT | February 27, 2025 | 909030 | 909030 | 909030 | 0.2% |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **8. Restricted securities** – (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial<br>Acquisition Date** | **Principal<br>Amount** | **Cost** | **Fair Value** | **% of<br>Net<br>Assets** |
|  117205 – Axon Real Estate Investments | March 21, 2025 | $1548124 | $1548124 | $1548124 | 0.4% |
|  117241 – 1813-60 Binyan | March 21, 2025 | 3194728 | 3194728 | 3194728 | 0.8% |
|  117318 – 662 Granada St | January 24, 2025 | 1003791 | 1003791 | 1003791 | 0.2% |
|  117396 – Cygnus Construction | February 27, 2025 | 789518 | 789518 | 789518 | 0.2% |
|  117420 – BJB 1321 Management | February 27, 2025 | 2475000 | 2475000 | 2475000 | 0.6% |
|  117421 – Royal Management Group | February 27, 2025 | 100007 | 100007 | 100007 | 0.0% |
|  117664 – Retail Bee | February 27, 2025 | 131250 | 131250 | 131250 | 0.0% |
|  117679 – Vault Money Investments | February 27, 2025 | 2144720 | 2144720 | 2144720 | 0.5% |
|  117712 – RR 2710 Development Group | February 27, 2025 | 1548585 | 1548585 | 1548585 | 0.4% |
|  117729 – Built Full Homes | April 17, 2025 | 123458 | 123458 | 123458 | 0.0% |
|  117767 – S&B Building Your Home | February 27, 2025 | 200716 | 200716 | 200716 | 0.0% |
|  117770 – G3 Gomes | February 27, 2025 | 198606 | 198606 | 198606 | 0.0% |
|  117775 – Solid Residences | February 27, 2025 | 211926 | 211926 | 211926 | 0.0% |
|  118026 – Holliday Homes | April 2, 2025 | 902096 | 902096 | 902096 | 0.2% |
|  118242 – Ramsgate Property | April 2, 2025 | 2090000 | 2090000 | 2090000 | 0.5% |
|  118588 – Carolinas Builders | April 17, 2025 | 1215000 | 1215000 | 1215000 | 0.3% |
|  118590 – Carolinas Builders | April 17, 2025 | 1215000 | 1215000 | 1215000 | 0.3% |
|  118591 – Carolinas Builders | April 17, 2025 | 1215000 | 1215000 | 1215000 | 0.3% |
|  118708 – O. Rhyan Capital Management | April 2, 2025 | 1855750 | 1855750 | 1855750 | 0.4% |
|  118766 – Hazen Grp. | April 2, 2025 | 4506376 | 4506376 | 4506376 | 1.1% |
|  118866 – BV Homes | February 27, 2025 | 226587 | 226587 | 226587 | 0.1% |
|  118912 – North Fitzhugh LP | March 21, 2025 | 1995224 | 1995224 | 1995224 | 0.5% |
|  118929 – 842 Meadow Creek | March 21, 2025 | 1180431 | 1180431 | 1180431 | 0.3% |
|  119128 – Burien 10 | March 21, 2025 | 1299420 | 1299420 | 1299420 | 0.3% |
|  119132 – Burien 10 | March 21, 2025 | 858714 | 858714 | 858714 | 0.2% |
|  119137 – Burien 10 | March 21, 2025 | 849509 | 849509 | 849509 | 0.2% |
|  119487 – CAP Housing | March 21, 2025 | 193500 | 193500 | 193500 | 0.1% |
|  119537 – AJ15305 | March 21, 2025 | 2038403 | 2038403 | 2038403 | 0.5% |
|  119564 – R.I USA Multiservices | April 17, 2025 | 2252000 | 2252000 | 2252000 | 0.5% |
|  119622 – Parkside Homes | April 2, 2025 | 1741131 | 1741131 | 1741131 | 0.4% |
|  119640 – Valvera Investments | March 21, 2025 | 197274 | 197274 | 197274 | 0.1% |
|  119721 – Fortune Investment Group | April 2, 2025 | 333000 | 333000 | 333000 | 0.1% |
|  120177 – Grey Collective | March 21, 2025 | 1232500 | 1232500 | 1232500 | 0.3% |
|  120181 – 75 NW 41 St. Holdings | April 2, 2025 | 1727416 | 1727416 | 1727416 | 0.4% |
|  120265 – N&B Real Estate Investment Group | March 21, 2025 | 170720 | 170720 | 170720 | 0.0% |
|  120293 – 1812 Hunters Glen | April 2, 2025 | 1666000 | 1666000 | 1666000 | 0.4% |
|  120294 – IVCM Holdings | April 2, 2025 | 463000 | 463000 | 463000 | 0.1% |
|  120373 – 46 Fayette | March 21, 2025 | 1462460 | 1462460 | 1462460 | 0.4% |
|  120604 – GP Ocala VI | March 21, 2025 | 557978 | 557978 | 557978 | 0.1% |
|  120680 – 907 Morton St. | April 2, 2025 | 484252 | 484252 | 484252 | 0.1% |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **8. Restricted securities** – (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial<br>Acquisition Date** | **Principal<br>Amount** | **Cost** | **Fair Value** | **% of<br>Net<br>Assets** |
|  120798 – Basad | April 2, 2025 | $2613577 | $2613577 | $2613577 | 0.6% |
|  120806 – 4848 Fulton | April 17, 2025 | 1279204 | 1279204 | 1279204 | 0.3% |
|  120964 – 4-8 E. Springfield | April 17, 2025 | 2307965 | 2307965 | 2307965 | 0.6% |
|  121021 – Black Marlin Group | April 2, 2025 | 2604825 | 2604825 | 2604825 | 0.6% |
|  121026 – Sweet Home Advisors | April 17, 2025 | 2865000 | 2865000 | 2865000 | 0.7% |
|  121154 – W. Baker St. Apts | April 17, 2025 | 368373 | 368373 | 368373 | 0.1% |
|  121256 – Corenest Development | April 17, 2025 | 689479 | 689479 | 689479 | 0.2% |
|  121258 – AD Customs | April 17, 2025 | 103484 | 103484 | 103484 | 0.0% |
|  121261 – Watson Recovery Enterprises | April 17, 2025 | 46720 | 46720 | 46720 | 0.0% |
|  121262 – LLG Enterprises | April 17, 2025 | 279010 | 279010 | 279010 | 0.1% |
|  121264 – Ground-up Customz/Empower Estates Customs | April 17, 2025 | 763016 | 763016 | 763016 | 0.2% |
|  121265 – Pelican Equity Partnership Inc. | April 17, 2025 | 297300 | 297300 | 297300 | 0.1% |
|  121266 – Vertex Custom Homes | April 17, 2025 | 391392 | 391392 | 391392 | 0.1% |
|  121267 – Manzaba Property Investments | April 17, 2025 | 133155 | 133155 | 133155 | 0.0% |
|  121268 – Hibernia Investment | April 17, 2025 | 849753 | 849753 | 849753 | 0.2% |
|  121270 – MZRCO | April 17, 2025 | 49991 | 49991 | 49991 | 0.0% |
|  121620 – 2305 Tamarind Drive | April 17, 2025 | 1650000 | 1650000 | 1650000 | 0.4% |
|  121644 – BJB 1321 Management | April 17, 2025 | 2520000 | 2520000 | 2520000 | 0.6% |
|  121664 – Platinum Enterprise | April 17, 2025 | 684000 | 684000 | 684000 | 0.2% |
|  121901 – Black Star Development | April 17, 2025 | 1422000 | 1422000 | 1422000 | 0.3% |
|  121917 – Bidwell Commons Townhomes | April 17, 2025 | 1204900 | 1204900 | 1204900 | 0.3% |
|  122126 – Oak View Development | June 20, 2025 | 1875732 | 1875732 | 1875732 | 0.5% |
|  122295 – Wolf Contracting | June 20, 2025 | 743919 | 743919 | 743919 | 0.2% |
|  122563 – Black Star Development | April 17, 2025 | 1500000 | 1500000 | 1500000 | 0.4% |
|  122571 – Black Star Development | April 17, 2025 | 1500000 | 1500000 | 1500000 | 0.4% |
|  122718 – Dommus Construction Corp. | June 27, 2025 | 756400 | 756400 | 756400 | 0.2% |
|  122723 – 3302 Park | April 4, 2025 | 275000 | 275000 | 275000 | 0.1% |
|  122724 – 151 S St. NW | April 4, 2025 | 275000 | 275000 | 275000 | 0.1% |
|  122840 – HHH Rentals | June 20, 2025 | 217338 | 217338 | 217338 | 0.1% |
|  122841 – HHH Rentals | June 20, 2025 | 365583 | 365583 | 365583 | 0.1% |
|  123234 – 5225 Connecticut Owner & WE 5225 Connecticut Ave | April 4, 2025 | 1750000 | 1750000 | 1750000 | 0.4% |
|  123238 – Prada Home Ventures | June 27, 2025 | 12960 | 12960 | 12960 | 0.0% |
|  123264 – Trailside Oaks Austin | July 18, 2025 | 1501500 | 1501500 | 1501500 | 0.4% |
|  123304 – Logos Homes | July 18, 2025 | 280000 | 280000 | 280000 | 0.1% |
|  123392 – 429 13<sup>th</sup> St. NE | May 2, 2025 | 6700000 | 6700000 | 6700000 | 1.6% |
|  123411 – RKAI Properties & Baruj Hashem | June 20, 2025 | 286461 | 286461 | 286461 | 0.1% |
|  123412 – Thirty Seven Sunrise | June 27, 2025 | 1450001 | 1450001 | 1450001 | 0.4% |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **8. Restricted securities** – (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial<br>Acquisition Date** | **Principal<br>Amount** | **Cost** | **Fair Value** | **% of<br>Net<br>Assets** |
|  123424 – S&P Construction & Development | June 20, 2025 | $186417 | $186417 | $186417 | 0.0% |
|  123469 – 5601 Fishburn | June 27, 2025 | 3245000 | 3245000 | 3245000 | 0.8% |
|  123471 – Rental Shop Development | June 20, 2025 | 143950 | 143950 | 143950 | 0.0% |
|  123488 – IDS Construction Company | June 20, 2025 | 1267467 | 1267467 | 1267467 | 0.3% |
|  123554 – Malo Development Company – Lakota | July 18, 2025 | 1241023 | 1241023 | 1241023 | 0.3% |
|  123565 – Duran USA Group | June 20, 2025 | 93485 | 93485 | 93485 | 0.0% |
|  123689 – VIP Homes | June 20, 2025 | 214108 | 214108 | 214108 | 0.1% |
|  123842 – VIP Homes | June 20, 2025 | 89287 | 89287 | 89287 | 0.0% |
|  123892 – 36 Cyril | June 27, 2025 | 709831 | 709831 | 709831 | 0.2% |
|  123893 – 36 Cyril | June 20, 2025 | 773162 | 773162 | 773162 | 0.2% |
|  123904 – Habitus Coconut Grove F1-C | June 27, 2025 | 2579500 | 2579500 | 2579500 | 0.6% |
|  123913 – 30 NW 59 Street Investment | June 20, 2025 | 1724623 | 1724623 | 1724623 | 0.4% |
|  124038 – Virginia Ct Campbell | July 18, 2025 | 2521700 | 2521700 | 2521700 | 0.6% |
|  124118 – Mia Residences | June 27, 2025 | 1726628 | 1726628 | 1726628 | 0.4% |
|  124121 – Mia Residences | June 27, 2025 | 1629839 | 1629839 | 1629839 | 0.4% |
|  124383 – 7700 Investment Group | July 18, 2025 | 1500000 | 1500000 | 1500000 | 0.4% |
|  124588 – 4200 Chase | July 18, 2025 | 3008095 | 3008095 | 3008095 | 0.7% |
|  124687 – Manico Investment | July 18, 2025 | 327212 | 327212 | 327212 | 0.1% |
|  124779 – Bliss Fort Pierce | July 18, 2025 | 882928 | 882928 | 882928 | 0.2% |
|  124922 – GS West Coast Investments | June 27, 2025 | 3300000 | 3300000 | 3300000 | 0.8% |
|  124951 – Robert Eric Epps | June 20, 2025 | 464546 | 464546 | 464546 | 0.1% |
|  124986 – Maas Rehab & Mary Ellen And Mary Lee | June 27, 2025 | 268050 | 268050 | 268050 | 0.1% |
|  125008 – Maxo Developments | July 18, 2025 | 30000 | 30000 | 30000 | 0.0% |
|  125100 – 8717 S. Central | July 18, 2025 | 4305419 | 4305419 | 4305419 | 1.0% |
|  125112 – Toussaint Ateliers Residences | July 18, 2025 | 405000 | 405000 | 405000 | 0.1% |
|  125124 – 526 NW 15<sup>th</sup> Terr | June 27, 2025 | 254970 | 254970 | 254970 | 0.1% |
|  125125 – 634 NW 12<sup>th</sup> Ave | June 27, 2025 | 316338 | 316338 | 316338 | 0.1% |
|  125221 – Taku Construction | July 18, 2025 | 4375937 | 4375937 | 4375937 | 1.1% |
|  125229 – La Sabana | June 27, 2025 | 586497 | 586497 | 586497 | 0.1% |
|  125272 – Solida I Real Estate | June 27, 2025 | 134913 | 134913 | 134913 | 0.0% |
|  125273 – Solida I Real Estate | June 27, 2025 | 54823 | 54823 | 54823 | 0.0% |
|  125300 – Andyvale | June 27, 2025 | 260250 | 260250 | 260250 | 0.1% |
|  125337 – Schurman Cottages | June 27, 2025 | 1123608 | 1123608 | 1123608 | 0.3% |
|  125357 – 412 Woodcrest | October 24, 2025 | 2348776 | 2348776 | 2348776 | 0.6% |
|  125515 – Homes Instyle | July 18, 2025 | 680000 | 680000 | 680000 | 0.2% |
|  125565 – M & J Pham Development | June 27, 2025 | 1505000 | 1505000 | 1505000 | 0.4% |
|  125570 – M&J Pham Development | June 27, 2025 | 3571750 | 3571750 | 3571750 | 0.9% |
|  125583 – Open Water Realty | June 27, 2025 | 170935 | 170935 | 170935 | 0.0% |
|  125611 – LTC BC3 Real Estate Fund | July 18, 2025 | 1203535 | 1203535 | 1203535 | 0.3% |
|  125614 – LTC BC3 Real Estate Fund | July 18, 2025 | 461415 | 461415 | 461415 | 0.1% |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **8. Restricted securities** – (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial<br>Acquisition Date** | **Principal<br>Amount** | **Cost** | **Fair Value** | **% of<br>Net<br>Assets** |
|  125623 – Willa Mae Investments | June 27, 2025 | $1545492 | $1545492 | $1545492 | 0.4% |
|  125679 – Dara 1 Holdings | July 18, 2025 | 2788629 | 2788629 | 2788629 | 0.7% |
|  125690 – 625 Worthington | June 27, 2025 | 354000 | 354000 | 354000 | 0.1% |
|  125692 – Damai Resort Investments | July 18, 2025 | 1781250 | 1781250 | 1781250 | 0.4% |
|  125693 – Damai Resort Investments | July 18, 2025 | 1762500 | 1762500 | 1762500 | 0.4% |
|  125694 – Damai Resort Investments | June 27, 2025 | 1811250 | 1811250 | 1811250 | 0.4% |
|  125774 – One Star Development | June 20, 2025 | 1560000 | 1560000 | 1560000 | 0.4% |
|  125848 – Highland Park 21 | July 18, 2025 | 3090838 | 3090838 | 3090838 | 0.7% |
|  126022 – Charleston Affordable Development Group | June 27, 2025 | 39000 | 39000 | 39000 | 0.0% |
|  126032 – Charleston Affordable Development Group | June 20, 2025 | 60000 | 60000 | 60000 | 0.0% |
|  126105 – B Life Capital 26 | June 20, 2025 | 1287000 | 1287000 | 1287000 | 0.3% |
|  126221 – JP&C Properties | July 18, 2025 | 2182467 | 2182467 | 2182467 | 0.5% |
|  126255 – Duran USA Group | July 18, 2025 | 145640 | 145640 | 145640 | 0.0% |
|  126258 – 1124 NW 2<sup>nd</sup> St | June 20, 2025 | 446250 | 446250 | 446250 | 0.1% |
|  126273 – 859 Beacon | July 18, 2025 | 1638859 | 1638859 | 1638859 | 0.4% |
|  126281 – Douglas 10 | July 18, 2025 | 2170379 | 2170379 | 2170379 | 0.5% |
|  126291 – Multipropiedades Investments | July 18, 2025 | 132522 | 132522 | 132522 | 0.0% |
|  126387 – 321 North Lucerne | July 18, 2025 | 2381494 | 2381494 | 2381494 | 0.6% |
|  126394 – FlipWave Investments | July 18, 2025 | 525000 | 525000 | 525000 | 0.1% |
|  127039 – Blue Sky Builders | July 18, 2025 | 639358 | 639358 | 639358 | 0.2% |
|  127275 – Taku Construction | July 18, 2025 | 930000 | 930000 | 930000 | 0.2% |
|  127319 – Open Water Realty | July 18, 2025 | 192685 | 192685 | 192685 | 0.0% |
|  127729 – J&K Rise Home Services | July 18, 2025 | 225575 | 225575 | 225575 | 0.0% |
|  129766 – 608 Walker Road | October 24, 2025 | 293002 | 293002 | 293002 | 0.1% |
|  130333 – Sunpacific Partners | October 24, 2025 | 1728900 | 1728900 | 1728900 | 0.4% |
|  130467 – AAA Milano House Luxury Oceanfront Developer | December 5, 2025 | 335000 | 335000 | 335000 | 0.1% |
|  130468 – AAA Milano House Luxury Oceanfront Developer | December 5, 2025 | 335000 | 335000 | 335000 | 0.1% |
|  130469 – AAA Milano House Luxury Oceanfront Developer | December 5, 2025 | 335000 | 335000 | 335000 | 0.1% |
|  131434 – The OG Group | October 24, 2025 | 1623500 | 1623500 | 1623500 | 0.4% |
|  131914 – Hallmark Building Corporation | October 24, 2025 | 3100000 | 3100000 | 3100000 | 0.7% |
|  132384 – Humble Pride Lovedale LP | December 5, 2025 | 308000 | 308000 | 308000 | 0.1% |
|  132561 – 950 NW Apartments | December 5, 2025 | 662400 | 662400 | 662400 | 0.2% |
|  132620 – Evol Holdings | December 5, 2025 | 350000 | 350000 | 350000 | 0.1% |
|  132990 – D&G Luxury Management | October 24, 2025 | 585000 | 585000 | 585000 | 0.1% |
|  133030 – Lake Development | October 24, 2025 | 141000 | 141000 | 141000 | 0.0% |
|  133115 – Amagansett South Holdings | December 5, 2025 | 1649758 | 1649758 | 1649758 | 0.4% |
|  133276 – 2 Mellow Street | October 24, 2025 | 568000 | 568000 | 568000 | 0.1% |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **8. Restricted securities** – (Continued) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Security** | **Initial<br>Acquisition Date** | **Principal<br>Amount** | **Cost** | **Fair Value** | **% of<br>Net<br>Assets** |
|  133284 – Beachside Dev Holdings | October 24, 2025 | $1063899 | $1063899 | $1063899 | 0.2% |
|  133332 – Probiz Estate Investment HOL2 | October 24, 2025 | 3160000 | 3160000 | 3160000 | 0.7% |
|  133721 – JBN Property Investments | October 24, 2025 | 59061 | 59061 | 59061 | 0.0% |
|  133822 – Sanctuary Parcel 1 | December 5, 2025 | 955000 | 955000 | 955000 | 0.2% |
|  133823 – Sanctuary Parcel 1 | December 5, 2025 | 1055000 | 1055000 | 1055000 | 0.2% |
|  133824 – Sanctuary Parcel 1 | December 5, 2025 | 1025000 | 1025000 | 1025000 | 0.2% |
|  133826 – Sanctuary Parcel 1 | December 5, 2025 | 1055000 | 1055000 | 1055000 | 0.2% |
|  133827 – Sanctuary Parcel 1 | December 5, 2025 | 1055000 | 1055000 | 1055000 | 0.2% |
|  133874 – Magnolia PDI | December 5, 2025 | 1600754 | 1600754 | 1600754 | 0.4% |
|  134546 – Stocks and Investments | December 5, 2025 | 220500 | 220500 | 220500 | 0.1% |
|  134743 – Crestar Homes Corp | December 5, 2025 | 606000 | 606000 | 606000 | 0.2% |
|  134771 – XGlobal3 Investments | December 5, 2025 | 920000 | 920000 | 920000 | 0.2% |
|  134772 – Seither & Associates Investment Group and Ezyres | December 5, 2025 | 344535 | 344535 | 344535 | 0.1% |
|  134998 – 3A BC Homes | December 5, 2025 | 415000 | 415000 | 415000 | 0.1% |
|  134999 – 3A BC Homes | December 5, 2025 | 580000 | 580000 | 580000 | 0.1% |
|  135023 – R&R Casitas | December 5, 2025 | 1177712 | 1177712 | 1177712 | 0.3% |
|  135354 – 3216 Butler Bay | December 5, 2025 | 2061957 | 2061957 | 2061957 | 0.5% |
|  135442 – Treweek Construction | December 5, 2025 | 35730 | 35730 | 35730 | 0.0% |
|  135513 – Beachside Dev Holdings | December 5, 2025 | 946000 | 946000 | 946000 | 0.2% |
|  135587 – Fenix-Orion | December 5, 2025 | 1390000 | 1390000 | 1390000 | 0.3% |
|  135718 – MHD Real Estate | December 5, 2025 | 485750 | 485750 | 485750 | 0.1% |
|  The Mall at Johnson City | November 24, 2025 | 14400000 | 14400000 | 14400000 | 3.5% |
|  TL Mosaika | April 17, 2025 | 3330984 | 3330984 | 3330984 | 0.8% |
|  TL Pepperell Mill | December 23, 2024 | 5777760 | 5777760 | 5777760 | 1.4% |
|  |  |  | $717221568 | $717221568 |  |

---

**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.

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **9. Contingencies and commitments** – (Continued) |

---

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 December 31, 2025, the Fund reasonably believes its assets will provide adequate cover to satisfy all its unfunded commitments. The Fund's unfunded commitments as of December 31, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  **Participation Notes & Real Estate Mortgages** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments <br>Fair Value** |
|  3340 – San Antonio Palo Alto | $221015 | $221015 |
|  3356 – GK West 47<sup>th</sup> | 195370 | 195370 |
|  3358-01 – 123 Speer Owner | 743098 | 743098 |
|  3391 – ZDJ W 37 | 16149875 | 16149875 |
|  3398 – 305 Briny | 1989170 | 1989170 |
|  3399 – BH3 Malibu | 887205 | 887205 |
|  3403 – Rosslyn Senior Participation | 1513136 | 1513136 |
|  3412-02 – Imagine WV | 40286 | 40286 |
|  3413 – MTP – Paseo Phase III Land | 368460 | 368460 |
|  3434 – 1 Water Street | 73816 | 73816 |
|  3454 – 2<sup>nd</sup> & Steele | 21497051 | 21497051 |
|  3455J – 140 Hayground Cove Road Partners | 157454 | 157454 |
|  3455S – 140 Hayground Cove Senior Partners | 220436 | 220436 |
|  3474 – 3532 CPB | 411953 | 411953 |
|  3479 – Fisher Land 22 | 2147953 | 2147953 |
|  83824 – 2511 NW 25 Ave. | 30292 | 30292 |
|  91530 – RRCAP-FA Blume Road | 174504 | 174504 |
|  91574 – A5 International Properties | 2451 | 2451 |
|  91575 – A5 International Properties | 2125 | 2125 |
|  91576 – A5 International Properties | 3871 | 3871 |
|  91577 – A5 International Properties | 28390 | 28390 |
|  91578 – A5 International Properties | 57575 | 57575 |
|  94110 – A5 International Properties | 145140 | 145140 |
|  94111 – A5 International Properties | 27150 | 27150 |
|  94112 – A5 International Properties | 19384 | 19384 |
|  94113 – A5 International Properties | 57495 | 57495 |
|  94114 – A5 International Properties | 146234 | 146234 |
|  96483 – Affordable Housing Group LTD | 2790455 | 2790455 |
|  97931 – 2316 PCDEV | 1877282 | 1877282 |
|  98104 – Desert Modern Development | 409836 | 409836 |
|  98258 – 1740 PCDEV | 385169 | 385169 |
|  98617 – Lakeview Real Estate Fund | 3459849 | 3459849 |
|  98618 – Lakeview Real Estate Fund | 3941075 | 3941075 |
|  98619 – Lakeview Real Estate Fund | 3675571 | 3675571 |
|  98620 – Lakeview Real Estate Fund | 3513780 | 3513780 |
|  98767 – 426 E. 17<sup>th</sup> St. | 2961 | 2961 |
|  98769 – 1292 Beauregard | 92808 | 92808 |
|  98771 – 1292 Beauregard | 129617 | 129617 |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **9. Contingencies and commitments** – (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Participation Notes & Real Estate Mortgages** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments <br>Fair Value** |
|  98803 – Moon Equities | $452128 | $452128 |
|  99269 – 1688 Sunset Plaza Drive Partners | 2176679 | 2176679 |
|  100356 – NRM Group | 288330 | 288330 |
|  100357 – NRM Group | 1494571 | 1494571 |
|  100358 – NRM Group | 132557 | 132557 |
|  100359 – NRM Group | 1554416 | 1554416 |
|  101221 – USA Luxury Developer II | 26791 | 26791 |
|  101296 – 5700 Clemson | 301867 | 301867 |
|  101808 – Educate Capital | 666058 | 666058 |
|  101873 – Valentin Construction & Development | 2131746 | 2131746 |
|  102044 – Lian 166 Washington | 23950 | 23950 |
|  102093 – Danva Prosper Fontanarosa Homes | 77530 | 77530 |
|  102094 – Danva Prosper Fontanarosa Homes | 193417 | 193417 |
|  102095 – Danva Prosper Fontanarosa Homes | 192447 | 192447 |
|  102096 – Danva Prosper Fontanarosa Homes | 59232 | 59232 |
|  102097 – Danva Prosper Fontanarosa Homes | 203539 | 203539 |
|  102111 – Westlake Mountainview | 1144307 | 1144307 |
|  102137 – Gill Development | 1429000 | 1429000 |
|  102535 – TRMF & Associates | 750005 | 750005 |
|  102607 – 158 & 160 Eckerson | 1794644 | 1794644 |
|  102608 – 158 & 160 Eckerson | 590830 | 590830 |
|  102696 – 4798 NE 2<sup>nd</sup> Ave. | 1250000 | 1250000 |
|  102697 – 4798 NE 2<sup>nd</sup> Ave. | 1250000 | 1250000 |
|  102698 – 4798 NE 2<sup>nd</sup> Ave. | 1250000 | 1250000 |
|  103728 – Barcel | 994072 | 994072 |
|  103771 – Rhino Homes | 833579 | 833579 |
|  103772 – Rhino Homes | 1783281 | 1783281 |
|  103980 – KPI Equity Holdings I | 21353 | 21353 |
|  104447 – Watermark Homes | 786606 | 786606 |
|  104480 – Elmer Avenue | 260128 | 260128 |
|  105003 – 43 Westwood | 1394486 | 1394486 |
|  105004 – 43 Westwood | 2270394 | 2270394 |
|  105005 – 43 Westwood | 1975036 | 1975036 |
|  105006 – 43 Westwood | 1966409 | 1966409 |
|  105243 – GT Three | 209550 | 209550 |
|  105261 – SeaScape Homes | 980693 | 980693 |
|  106767 – Torre Projects | 102352 | 102352 |
|  107094 – Grande Vita Homes | 349408 | 349408 |
|  107180 – 902 8<sup>th</sup> St | 7500 | 7500 |
|  107891 – 10225 Investments | 492195 | 492195 |
|  107982 – Nextgen Eaglerock 13 | 347029 | 347029 |
|  107983 – Nextgen Eaglerock 13 | 328184 | 328184 |
|  107986 – Nextgen Eaglerock 13 | 569686 | 569686 |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **9. Contingencies and commitments** – (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Participation Notes & Real Estate Mortgages** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments <br>Fair Value** |
|  107997 – Mercado Rodriguez | $55102 | $55102 |
|  108167 – Lime Builders | 825595 | 825595 |
|  108184 – Osprey Ocean | 405271 | 405271 |
|  108203 – Kirkland 7 | 1923000 | 1923000 |
|  108252 – Hurricane Construction | 24539 | 24539 |
|  108299 – WTM Construction | 309193 | 309193 |
|  108301 – WTM Construction | 613142 | 613142 |
|  108402 – Eagle Rock 17 | 923358 | 923358 |
|  108405 – Eagle Rock 17 | 788699 | 788699 |
|  108408 – Eagle Rock 17 | 1071073 | 1071073 |
|  108767 – 2717 NE 29<sup>th</sup> Street | 478466 | 478466 |
|  108872 – Addison Hesby | 2250 | 2250 |
|  109030 – VLC Construction & Design | 5237 | 5237 |
|  109339 – Scott Springs Assets | 7335 | 7335 |
|  109398 – 1515 Blake | 64645 | 64645 |
|  109399 – 1515 Blake | 68205 | 68205 |
|  109448 – Kent 9 | 984000 | 984000 |
|  109450 – Kent 9 | 984000 | 984000 |
|  109696 – Loma Alta 10 | 872667 | 872667 |
|  109697 – Loma Alta 10 | 872667 | 872667 |
|  109703 – Loma Alta 10 | 872667 | 872667 |
|  109704 – Loma Alta 10 | 872667 | 872667 |
|  110150 – Black Marlin Group | 776971 | 776971 |
|  110234 – Mcdonie Properties | 367517 | 367517 |
|  110342 – Bravo Builders Enterprises | 98123 | 98123 |
|  110465 – TJR Development Inc. | 1421285 | 1421285 |
|  110811 – 8935 Froude Ave | 525618 | 525618 |
|  110815 – DaVinci Development | 205113 | 205113 |
|  111076 – Twenty | 421716 | 421716 |
|  111089 – 317-319 Laurel Avenue | 168700 | 168700 |
|  111108 – Vesta Investments | 26896 | 26896 |
|  111792 – 88<sup>th</sup> Street Homes | 1709135 | 1709135 |
|  111866 – Colfax District | 211840 | 211840 |
|  111894 – Up Ruiz Investments | 17872 | 17872 |
|  111941 – 2k Development | 310473 | 310473 |
|  112068 – Dwell LA | 871581 | 871581 |
|  112135 – Twenty | 807368 | 807368 |
|  112351 – BV Homes | 1025437 | 1025437 |
|  112430 – 31 Edward | 2448925 | 2448925 |
|  112549 – Twenty | 807368 | 807368 |
|  112558 – 44<sup>th</sup> Ave Developers | 1935580 | 1935580 |
|  112559 – 44<sup>th</sup> Ave Developers | 2212176 | 2212176 |
|  112598 – Villa Bello At Zona | 705715 | 705715 |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **9. Contingencies and commitments** – (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Participation Notes & Real Estate Mortgages** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments <br>Fair Value** |
|  112599 – Villa Bello At Zona | $1209924 | $1209924 |
|  113395 – Del Invest BC2 | 1570000 | 1570000 |
|  113656 – Har Carmel | 276861 | 276861 |
|  113734 – MF Real Estate Investment | 746056 | 746056 |
|  113824 – Caterra Property 3 | 167117 | 167117 |
|  113965 – JulianMore | 728258 | 728258 |
|  114043 – 5913 Lubao Ave | 1170737 | 1170737 |
|  114069 – 4940 Cherry | 1006827 | 1006827 |
|  114071 – 3144 Elizabeth | 160050 | 160050 |
|  114193 – 541 Normandy 2024 | 789047 | 789047 |
|  114221 – CF 4942 Topanga | 738025 | 738025 |
|  114521 – 599 Bayshore 2024 | 989918 | 989918 |
|  114694 – BH Magic Investments | 546377 | 546377 |
|  114901 – Torre Projects | 67625 | 67625 |
|  114902 – Torre Projects | 75777 | 75777 |
|  114909 – Loitzk Batim 930 | 1025234 | 1025234 |
|  114913 – Loitzk Batim 930 | 1025234 | 1025234 |
|  114914 – Loitzk Batim 930 | 354081 | 354081 |
|  114920 – Loitzk Batim 930 | 1025234 | 1025234 |
|  114921 – Mayar International | 7020 | 7020 |
|  115004 – 2k Development | 1128470 | 1128470 |
|  115011 – 4115 Shadyglade | 1047500 | 1047500 |
|  115081 – Macedo Property Development | 114240 | 114240 |
|  115108 – Pronghorn Development | 619500 | 619500 |
|  115109 – Pronghorn Development | 630500 | 630500 |
|  115205 – Westchester Avenue | 1227163 | 1227163 |
|  115231 – Shoreline 940 | 1426602 | 1426602 |
|  115697 – Grey Collective | 1881515 | 1881515 |
|  116028 – 12 Geneva St | 20030 | 20030 |
|  117082 – Wilton JT | 74970 | 74970 |
|  117205 – Axon Real Estate Investments | 254376 | 254376 |
|  117241 – 1813-60 Binyan | 124022 | 124022 |
|  117396 – Cygnus Construction | 190847 | 190847 |
|  117421 – Royal Management Group | 46993 | 46993 |
|  117679 – Vault Money Investments | 75280 | 75280 |
|  117712 – RR 2710 Development Group | 91415 | 91415 |
|  117729 – Built Full Homes | 112142 | 112142 |
|  117767 – S&B Building Your Home | 33190 | 33190 |
|  117770 – G3 Gomes | 35141 | 35141 |
|  117775 – Solid Residences | 22074 | 22074 |
|  118026 – Holliday Homes | 73704 | 73704 |
|  118708 – O. Rhyan Capital Management | 247000 | 247000 |
|  118766 – Hazen Grp. | 493624 | 493624 |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **9. Contingencies and commitments** – (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Participation Notes & Real Estate Mortgages** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments <br>Fair Value** |
|  118866 – BV Homes | $123798 | $123798 |
|  118912 – North Fitzhugh LP | 870876 | 870876 |
|  118929 – 842 Meadow Creek | 818069 | 818069 |
|  119128 – Burien 10 | 128609 | 128609 |
|  119132 – Burien 10 | 569315 | 569315 |
|  119137 – Burien 10 | 578520 | 578520 |
|  119537 – AJ15305 | 320347 | 320347 |
|  119564 – R.I USA Multiservices | 1024000 | 1024000 |
|  119622 – Parkside Homes | 1282491 | 1282491 |
|  119640 – Valvera Investments | 3326 | 3326 |
|  119721 – Fortune Investment Group | 42900 | 42900 |
|  120177 – Grey Collective | 2058378 | 2058378 |
|  120181 – 75 NW 41 St. Holdings | 1060218 | 1060218 |
|  120294 – IVCM Holdings | 20000 | 20000 |
|  120373 – 46 Fayette | 875000 | 875000 |
|  120680 – 907 Morton St. | 459748 | 459748 |
|  120798 – Basad | 531423 | 531423 |
|  120806 – 4848 Fulton | 970796 | 970796 |
|  120964 – 4-8 E. Springfield | 742035 | 742035 |
|  121154 – W. Baker St. Apts | 31547 | 31547 |
|  121256 – Corenest Development | 233749 | 233749 |
|  121258 – AD Customs | 501610 | 501610 |
|  121261 – Watson Recovery Enterprises | 212780 | 212780 |
|  121262 – LLG Enterprises | 523730 | 523730 |
|  121264 – Ground-up Customz/Empower Estates Customs | 159234 | 159234 |
|  121265 – Pelican Equity Partnership Inc. | 8700 | 8700 |
|  121266 – Vertex Custom Homes | 252908 | 252908 |
|  121267 – Manzaba Property Investments | 19095 | 19095 |
|  121268 – Hibernia Investment | 1825247 | 1825247 |
|  121270 – MZRCO | 18009 | 18009 |
|  121917 – Bidwell Commons Townhomes | 3755100 | 3755100 |
|  122126 – Oak View Development | 299268 | 299268 |
|  122295 – Wolf Contracting | 124431 | 124431 |
|  122718 – Dommus Construction Corp. | 139500 | 139500 |
|  122840 – HHH Rentals | 20010 | 20010 |
|  122841 – HHH Rentals | 8120 | 8120 |
|  123238 – Prada Home Ventures | 184697 | 184697 |
|  123304 – Logos Homes | 1069999 | 1069999 |
|  123411 – RKAI Properties & Baruj Hashem | 564 | 564 |
|  123412 – Thirty Seven Sunrise | 2389999 | 2389999 |
|  123424 – S&P Construction & Development | 11833 | 11833 |
|  123469 – 5601 Fishburn | 1269800 | 1269800 |
|  123488 – IDS Construction Company | 2227533 | 2227533 |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **9. Contingencies and commitments** – (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Participation Notes & Real Estate Mortgages** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments <br>Fair Value** |
|  123554 – Malo Development Company – Lakota | $2629977 | $2629977 |
|  123565 – Duran USA Group | 135644 | 135644 |
|  123689 – VIP Homes | 137155 | 137155 |
|  123842 – VIP Homes | 297561 | 297561 |
|  123892 – 36 Cyril | 2634518 | 2634518 |
|  123893 – 36 Cyril | 2921202 | 2921202 |
|  123913 – 30 NW 59 Street Investment | 370143 | 370143 |
|  124038 – Virginia Ct Campbell | 155800 | 155800 |
|  124118 – Mia Residences | 193373 | 193373 |
|  124121 – Mia Residences | 235161 | 235161 |
|  124588 – 4200 Chase | 1991905 | 1991905 |
|  124687 – Manico Investment LLC | 52569 | 52569 |
|  124779 – Bliss Fort Pierce | 3641197 | 3641197 |
|  124951 – Robert Eric Epps | 1161404 | 1161404 |
|  124986 – Maas Rehab & Mary Ellen And Mary Lee | 80450 | 80450 |
|  125008 – Maxo Developments | 1535829 | 1535829 |
|  125100 – 8717 S. Central | 110581 | 110581 |
|  125112 – Toussaint Ateliers Residences | 1092000 | 1092000 |
|  125124 – 526 NW 15<sup>th</sup> Terr | 15500 | 15500 |
|  125125 – 634 NW 12<sup>th</sup> Ave | 6162 | 6162 |
|  125221 – Taku Construction | 624063 | 624063 |
|  125229 – La Sabana | 363503 | 363503 |
|  125272 – Solida I Real Estate | 69087 | 69087 |
|  125273 – Solida I Real Estate | 155977 | 155977 |
|  125337 – Schurman Cottages | 1134175 | 1134175 |
|  125357 – 412 Woodcrest LLC | 1960966 | 1960966 |
|  125515 – Homes Instyle | 1275013 | 1275013 |
|  125565 – M & J Pham Development | 1895000 | 1895000 |
|  125611 – LTC BC3 Real Estate Fund | 565182 | 565182 |
|  125614 – LTC BC3 Real Estate Fund | 319294 | 319294 |
|  125623 – Willa Mae Investments | 184508 | 184508 |
|  125679 – Dara 1 Holdings | 991371 | 991371 |
|  125690 – 625 Worthington | 1275000 | 1275000 |
|  125848 – Highland Park 21 | 909162 | 909162 |
|  126022 – Charleston Affordable Development Group | 268658 | 268658 |
|  126032 – Charleston Affordable Development Group | 690000 | 690000 |
|  126221 – JP&C Properties | 231813 | 231813 |
|  126255 – Duran USA Group | 107060 | 107060 |
|  126258 – 1124 NW 2<sup>nd</sup> St | 37500 | 37500 |
|  126273 – 859 Beacon | 2547135 | 2547135 |
|  126281 – Douglas 10 | 4769 | 4769 |
|  126291 – Multipropiedades Investments | 59978 | 59978 |
|  126387 – 321 North Lucerne | 208506 | 208506 |

---

---

| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **9. Contingencies and commitments** – (Continued) |

---

---

| | | |
|:---|:---|:---|
|  **Participation Notes & Real Estate Mortgages** | **Unfunded <br>Commitments** | **Unfunded <br>Commitments <br>Fair Value** |
|  127039 – Blue Sky Builders | $593100 | $593100 |
|  127275 – Taku Construction | 667117 | 667117 |
|  127319 – Open Water Realty | 265 | 265 |
|  127729 – J&K Rise Home Services | 19310 | 19310 |
|  129766 – 608 Walker Road | 2556998 | 2556998 |
|  130333 – Sunpacific Partners | 475100 | 475100 |
|  130467 – AAA Milano House Luxury Oceanfront Developer | 1450000 | 1450000 |
|  130468 – AAA Milano House Luxury Oceanfront Developer | 1450000 | 1450000 |
|  130469 – AAA Milano House Luxury Oceanfront Developer | 1450000 | 1450000 |
|  131434 – The OG Group | 961500 | 961500 |
|  132384 – Humble Pride Lovedale LP | 1128500 | 1128500 |
|  132561 – 950 NW Apartments | 240000 | 240000 |
|  132620 – Evol Holdings | 125000 | 125000 |
|  132990 – D&G Luxury Management | 1772566 | 1772566 |
|  133030 – Lake Development | 766587 | 766587 |
|  133115 – Amagansett South Holdings | 3013341 | 3013341 |
|  133284 – Beachside Dev Holdings | 1014101 | 1014101 |
|  133721 – JBN Property Investments | 286258 | 286258 |
|  133822 – Sanctuary Parcel 1 | 937500 | 937500 |
|  133823 – Sanctuary Parcel 1 | 1537500 | 1537500 |
|  133824 – Sanctuary Parcel 1 | 1859000 | 1859000 |
|  133826 – Sanctuary Parcel 1 | 1537500 | 1537500 |
|  133827 – Sanctuary Parcel 1 | 1537500 | 1537500 |
|  133874 – Magnolia PDI | 1596746 | 1596746 |
|  134743 – Crestar Homes Corp | 1399375 | 1399375 |
|  134771 – XGlobal3 Investments | 1723956 | 1723956 |
|  134772 – Seither & Associates Investment Group and Ezyres | 985465 | 985465 |
|  134998 – 3A BC Homes | 1866981 | 1866981 |
|  134999 – 3A BC Homes | 2143362 | 2143362 |
|  135023 – R&R Casitas | 150000 | 150000 |
|  135354 – 3216 Butler Bay | 918657 | 918657 |
|  135442 – Treweek Construction | 190300 | 190300 |
|  135513 – Beachside Dev Holdings | 907000 | 907000 |
|  135587 – Fenix-Orion | 50500 | 50500 |
|  135718 – MHD Real Estate | 283500 | 283500 |
|  | $257081912 | $257081912 |

---

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued) December 31, 2025 </u> <br>  

**10. Federal Tax Information**

For the tax year ended December 31, 2025, gross unrealized appreciation/(depreciation) of investments, based on cost for federal income tax purposes were as follows:

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| | |
|:---|:---|
|  Cost of investments | $721378244 |
|  Gross unrealized appreciation |  |
|  Gross unrealized depreciation |  |
|  Net unrealized appreciation (depreciation) | $**—** |

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For the tax year ended December 31, 2025, there were no permanent book to tax reclassifications.

The tax character of distributions paid during the tax year ended December 31, 2025 were as follows:

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| | |
|:---|:---|
|  Distributions paid from: |  |
|  Ordinary income | $27932736 |
|  Total distributions paid | $**27932736** |

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For the tax year ended December 31, 2025, the components of accumulated earnings on a tax basis for the Fund were as follows:

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| | |
|:---|:---|
|  Undistributed Ordinary Income | $151183 |
|  Undistributed Long-Term Capital Gains |  |
|  Accumulated Capital and Other Losses |  |
|  Unrealized Appreciation (Depreciation) |  |
|  Total | $**151183** |

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In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances income tax disclosure requirements, including expanded rate reconciliation disclosures and additional income taxes paid and pre-tax income disaggregation. ASU 2023-09 requires companies to disclose, on an annual basis, specific categories in the effective tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The Company adopted ASU 2023-09 and applied the disclosure requirement on a prospective basis effective for the year ended December 31, 2025. The ASU 2023-09 adoption did not have a material impact on the Company's consolidated financial position, results of operations, or cash flows.

**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 December 31, 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 2.50% 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.

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| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **11. Master Repurchase Agreement** – (Continued) |

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At December 31, 2025, the total amount outstanding under the Repurchase Agreement was $224,003,363. The collateral pledged to Churchill at December 31, 2025 was 278 real estate mortgage loans that had an aggregate market value of $367,340,382. The interest accrued at December 31, 2025 was $1,287,926. For the year ended December 31, 2025, the effective rate charged under the Repurchase Agreement was 6.35% and interest incurred was $13,217,298.

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| | |
|:---|:---|
|  | **December 31, <br>2025** |
|  | **Real Estate <br>Mortgage <br>Loans** |
|  Overnight | $— |
|  Up to 30 Days | $— |
|  30 to 90 Days | $— |
|  Over 90 Days | $224003363 |
|  On Demand | $— |
|  **Total** | $**224003363** |

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**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.

A Reserve Account, maintained with UMB Bank, National Association, holds liquidity reserves to support interest and principal payments to noteholders. As of December 31, 2025, the total outstanding balance of the Notes was $125,000,000, with collateral pledged to the Indenture Trustee totaling $153,400,671.

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. For the year ended December 31, 2025 interest incurred totaled $8,783,659.

**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.

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| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **13. Risk factors** – (Continued) |

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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. The Investment Manager conducts ongoing monitoring of borrower and collateral performance and may increase oversight if indicators of stress emerge (including payment delays or other adverse developments). These efforts may not prevent delinquencies or losses.

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.

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.

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| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **13. Risk factors** – (Continued) |

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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 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.

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| |
|:---|
| REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Notes to the Consolidated Financial Statements (Continued)<br> December 31, 2025 |
| **13. Risk factors** – (Continued) |

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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.

Subsequent to year end, on January 5, 2026, Shunen, LLC, a wholly-owned subsidiary of the Fund, acquired title to two real properties located in California through foreclosure sales conducted by auction related to certain loan investments. The Fund expects to classify these properties as real estate owned ("REO") and to record them in accordance with the Fund's valuation procedures.

<u> REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Report of Independent Registered Public Accounting Firm December 31, 2025 </u> <br>  

Board of Trustees and Shareholders

Redwood Private Real Estate Debt Fund

Opinion on the financial statements

We have audited the accompanying consolidated statement of assets and liabilities of Redwood Private Real Estate Debt Fund and subsidiaries (the "Fund"), including the consolidated schedule of investments, as of December 31, 2025, the related consolidated statements of operations and cash flows for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, and the related notes (collectively referred to as the "consolidated financial statements"), and the consolidated financial highlights for each of the two years in the period then ended, and for the period from June 26, 2023 (commencement of operations) through December 31, 2023. In our opinion, the consolidated financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations and its cash flows for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the two years in the period then ended, and for the period from June 26, 2023 (commencement of operations) through December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

Basis for opinion

These consolidated financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's consolidated financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of investments owned as of December 31 2025, by correspondence with the custodian and loan servicers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

/s/ GRANT THORNTON LLP

We have served as the Fund's auditor since 2023.

Chicago, Illinois

February 27, 2026

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Other Information<br> December 31, 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.

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Fund Management<br> December 31, 2025 (Unaudited)<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **NAME, ADDRESS AND <br>YEAR OF BIRTH** | **POSITION(S)<br>HELD WITH<br>THE FUND** | **LENGTH OF<br>TIME<br>SERVED** | **PRINCIPAL<br>OCCUPATION(S) DURING<br>PAST 5 YEARS** | **NUMBER OF<br>PORTFOLIOS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR\*** | **OTHER<br>DIRECTORSHIPS<br>HELD BY TRUSTEES** |
|  J. Michael Fields<br>Year of Birth: 1973<br> c/o UMB Fund Services, Inc.<br>235 W. Galena St.<br>Milwaukee, WI 53212 | Trustee | Since Inception | Independent Consultant, (June 2023 – present); Chief Operating Officer, The Strategic Group (2017 – May 2023) | 5 | Independent Board Member, Constitution Capital Access Fund, LLC (2022 – Present); Constitution Capital Evergreen Partnership Fund, LLC (2025 – Present); Sound Point Alternative Income Fund, (2025 – Present); Tap US Private Equity Fund of Funds (2025 – Present); RoboStrategy Inc. (2025 – Present) |
|  Stephen A. Mace<br>Year of Birth: 1957<br> c/o UMB Fund Services, Inc.<br>235 W. Galena St. Milwaukee, WI 53212 | Trustee | Since Inception | Special General Counsel, American Life Financial Partners, LLC (a Delaware insurance holding company), and its subsidiaries (2020 – present) President, Admiralty Advisors, LLC (2020 – Present); President, ACR Alpine Capital Research, LLC (an SEC-registered investment adviser) (2016 – 2020) | 5 |  |
|  Stacy Roode<br>Year of Birth: 1968<br> c/o UMB Fund Services, Inc.<br>235 W. Galena St. Milwaukee, WI 53212 | Trustee | Since Inception | Senior Vice President, Fidelity Investments (2018 – 2020); Global Transfer Agent Manager, Shareholder Services Inc. (financial services firm) (2009 – 2018); President, Oppenheimer Funds (financial services firm) (1992 – 2018) | 5 | Independent Board of Trustee, XD Fund Trust (2023 – Present) |

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REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Fund Management (Continued)<br> December 31, 2025 (Unaudited)<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **NAME, ADDRESS AND <br>YEAR OF BIRTH** | **POSITION(S)<br>HELD WITH<br>THE FUND** | **LENGTH OF<br>TIME<br>SERVED** | **PRINCIPAL<br>OCCUPATION(S) DURING<br>PAST 5 YEARS** | **NUMBER OF<br>PORTFOLIOS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR\*** | **OTHER<br>DIRECTORSHIPS<br>HELD BY TRUSTEES** |
|  Amy Small\*\*<br>Year of Birth: 1982<br> c/o UMB Fund Services, Inc.<br>235 W. Galena St. Milwaukee, WI 53212 | Trustee | Since Inception | Executive Vice President, Executive Director — Institutional Custody Business Line, Director of Institutional Banking Operations, UMB Bank, n.a; (2018 – present); Director of Finance (2016 – 2018), Director of Financial Control, Operations, and Business Development, DST Systems, Inc. (2000 – 2018) | 5 |  |
|  Michael T. Messinger<br>Year of Birth: 1978<br> c/o UMB Fund Services, Inc.<br>235 W. Galena St. Milwaukee, WI 53212 | President | Since Inception | Founding Partner & Money Manager, Redwood Investment Management, LLC (2010 – present) | N/A | N/A |
|  Ann Maurer<br>Year of Birth: 1972<br> c/o UMB Fund Services, Inc.<br>235 W. Galena St. Milwaukee, WI 53212 | Secretary | Since Inception | Senior Vice President, Client Services (2017 – Present); Vice President, Senior Client Service Manager (2013 – 2017); Assistant Vice President, Client Relations Manager (2002 – 2013), each with UMB Fund Services, Inc. | N/A | N/A |
|  Richard M. Duff<br>Year of Birth: 1966<br> c/o UMB Fund Services, Inc.<br>235 W. Galena St. Milwaukee, WI 53212 | Treasurer | Since Inception | Managing Partner & Portfolio Manager & Money Manager, Redwood Investment Management, LLC (2015 – present) | N/A | N/A |

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REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Fund Management (Continued)<br> December 31, 2025 (Unaudited)<br>

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **NAME, ADDRESS AND <br>YEAR OF BIRTH** | **POSITION(S)<br>HELD WITH<br>THE FUND** | **LENGTH OF<br>TIME<br>SERVED** | **PRINCIPAL<br>OCCUPATION(S) DURING<br>PAST 5 YEARS** | **NUMBER OF<br>PORTFOLIOS<br>IN FUND<br>COMPLEX<br>OVERSEEN BY<br>DIRECTOR\*** | **OTHER<br>DIRECTORSHIPS<br>HELD BY TRUSTEES** |
|  Amy E. Siefer<br>Year of Birth: 1977<br> c/o UMB Fund Services, Inc.<br>235 W. Galena St. Milwaukee, WI 53212 | Chief Compliance Officer | Since June 2024 | Director of Fund CCO Services, PINE Advisor Solutions (2024 – present); Vice President, Citi Fund Services Ohio, Inc. (2015 – 2024). | N/A | N/A |

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____________

\* The fund complex consists of the Fund, Pursuit Asset-Based Income Fund, Megacorn Fund, CIBC Private Lending Strategies, and the Callodine Specialty Income Fund.

\*\* Ms. Small is deemed an Interested Trustee because of her affiliation with the Fund's Custodian

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Privacy Notice (Unaudited)<br>

The Redwood Private Real Estate Debt Fund (the "Fund", "we", "our", "us") respects your right to privacy. We are committed to maintaining the confidentiality and integrity of nonpublic personal information. We want our investors and prospective investors to understand what information we collect and how we use it. "Nonpublic personal information" is defined as personally identifiable information about you. We do not sell your personal information, and we do not disclose it to anyone except as permitted or required by law or as described in this notice.

<u>**<u>CONFIDENTIALITY</u> <u>& SECURITY</u>**</u>

We take our responsibility to protect the privacy and confidentiality of investors' and prospective investors' information very seriously. We maintain appropriate physical, electronic, and procedural safeguards to guard nonpublic personal information. Our network is protected by firewall barriers, encryption techniques, and authentication procedures, among other safeguards, to maintain the security of your information. We provide this Privacy Notice to investors at the start of new relationships and annually after that. We continue to adhere to the practices described herein after investors' accounts close. Furthermore, vendors with access to nonpublic personal information undergo an annual due diligence verification process to ensure their informational safeguards adhere to our strict standards.

<u>**<u>WHY WE COLLECT YOUR INFORMATION</u>**</u>

The Redwood Private Real Estate Debt Fund gathers information about our investors and their accounts to (1) know investors' identities and thereby prevent unauthorized access to confidential information; (2) design and improve the products and services we offer to investors; and (3) comply with the laws and regulations that govern us.

<u>**<u>HOW WE</u> <u>PROTECT YOUR INFORMATION</u>**</u>

To fulfill our privacy commitment for prospective, current, and former investors, the Redwood Private Real Estate Debt Fund has safeguards in place to protect nonpublic personal information. Safeguards include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Policies and procedures to protect your nonpublic information and comply with federal and state regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Contractual agreements with third-party service providers to protect your nonpublic personal information.

<u>**<u>INFORMATION WE COLLECT</u>**</u>

The Redwood Private Real Estate Debt Fund is required by industry guidelines to obtain personal information about you in providing investment management services to you. We use this information to manage your account, direct your financial transactions, and provide you with valuable information about the assets we manage for you. We gather information from documents you provide to us, forms that you complete, and personal interviews. This information may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Your name, address, and social security number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Proprietary information regarding your beneficiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information regarding your earned wages and other sources of income;

REDWOOD PRIVATE REAL ESTATE DEBT FUND<br>Privacy Notice (Unaudited) (Continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The composition and value of your managed portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Historical information we receive and maintain relating to transactions made on your behalf by the Redwood Private Real Estate Debt Fund, your custodian, or others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information we receive from your institutional financial advisor, investment consultant, or other financial institutions with whom the Redwood Private Real Estate Debt Fund has a relationship and/or with whom you may be authorized us to gather and maintain such information.

<u>**<u>SHARING INFORMATION WITH</u> <u>NON-AFFILIATED</u> <u>THIRD PARTIES</u>**</u>

We only disclose nonpublic investor information to non-affiliated third parties (e.g. investor's custodian or broker) without prior investor consent when we believe it necessary to conduct our business or as required or permitted by law such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If you request or authorize the disclosure of the information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To provide investor account services or account maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To respond to regulatory authorities, a subpoena or court order, judicial process, or law enforcement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To perform services for the Fund, or on its behalf, to maintain business operations and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To help us to prevent fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With attorneys, accountants, and auditors of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To comply with federal, state, or local laws, rules, and other applicable legal requirements.

We do not sell your information and do not make any disclosure of investor nonpublic personal information to other companies who may want to sell their products or services to you.

<u>**<u>OPT-OUT</u> <u>NOTICE</u>**</u>

If, at any time in the future, it is necessary to disclose any investor personal information in a way that is inconsistent with this notice, the Redwood Private Real Estate Debt Fund will provide you with proper advanced notice of the proposed disclosure so that you will have the opportunity to either opt-in or opt-out of such disclosure, as required by applicable law.

If you have any questions about this Privacy Notice, please contact the Redwood Private Real Estate Debt Fund at 888-988-9882

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| | |
|:---|:---|
|  **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 |

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

**Item 2. Code of Ethics.**

The Redwood Private Real Estate Debt Fund (the "Registrant") has a code of ethics (the "Code") that applies to the Registrant's principal executive officer and principal financial officer. During the period covered by this report, there were no material amendments to the provisions of the Code, nor were there any implicit or explicit waivers to the provisions of the Code. The Code is included as Exhibit 19(a)(1).

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

As of the end of the period covered by the report, the Registrant's Board of Trustees (the "Board") has determined that J. Michael Fields and Stephen Mace are qualified to serve as the audit committee financial experts serving on its audit committee (the "Audit Committee") and that they are "independent," as defined by Item 3 of Form N-CSR.

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

(a) Audit Fees.

The aggregate fees for professional services by the principal accountant for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements during the fiscal year ended December 31, 2025 and December 31, 2024 were as follows:

---

| | |
|:---|:---|
| Fiscal year ended December 31, 2025: | $252250 |
| Fiscal year ended December 31, 2024: | $203700 |

---

(b) Audit-Related Fees. These are fees by the Registrant's independent auditors for assurance and related services that were reasonably related to the performance of the audit of the Registrant's financial statements that are not reported under "Audit Fees."

---

| | |
|:---|:---|
| Fiscal year ended December 31, 2025: | $0 |
| Fiscal year ended December 31, 2024: | $0 |

---

(c) Tax Fees. These are fees billed for professional services rendered by the Registrant's independent auditors for tax compliance, tax advice, and tax planning.

---

| | |
|:---|:---|
| Fiscal year ended December 31, 2025: | $0 |
| Fiscal year ended December 31, 2024: | $0 |

---

(d) All Other Fees. These are aggregate fees billed for the period for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item.

---

| | |
|:---|:---|
| Fiscal year ended December 31, 2025: | $0 |
| Fiscal year ended December 31, 2024: | $0 |

---

(e) Audit Committee's pre-approval policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Audit Committee has adopted pre-approval policies and procedures that require the Audit Committee to pre-approve all audit and non-audit services of the Registrant, including services provided to the Registrant's investment adviser or any entity controlling, controlled by or under common control with the Registrant's investment adviser that provides ongoing services to the Registrant with respect to any engagement that directly relates to the operations and financial reporting of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 0%

(f) The percentage of hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the fiscal year ended December 31, 2025 that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant for the year ended December 31, 2025, of the Registrant was $0.

(h) The Registrant's Audit Committee of the Board has considered whether the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**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 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.** 

Not applicable.

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

**Proxy Voting Policy and Procedures:**

The Redwood Private Real Estate Debt Fund (the "Fund") has adopted the following Proxy Voting Policy and Procedures (the "Fund's Policy"), as set forth below, in recognition of the fact that proxy voting is an important component of investment management and must be performed in a dutiful and purposeful fashion in order to advance the best interests of the Fund's shareholders.

Shareholders of the Fund expect the Fund to vote proxies received from issuers whose voting securities are held by the Fund. The Fund exercises its voting responsibilities as a fiduciary, with the goal of maximizing the value of the Fund and its shareholder's investments. Redwood Investment Management, LLC (the "Adviser") will seek to ensure that proxies are voted in the best interests of the Fund and its shareholders except where the Fund may be required by law to vote proxies in the same proportion as the vote of all other shareholders (i.e., "echo vote").

**Delegation of Proxy Voting to the Adviser**

The Adviser shall vote all proxies relating to securities held by the Fund and, in that connection subject to any further policies and procedures contained herein, shall use proxy voting policies and procedures ("Proxy Policy") adopted by the Adviser conformance with Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended ("Advisers Act").

**Disclosure of Proxy Voting Policy and Procedure in the Fund's Statement of Additional Information ("SAI") and Annual Report to Shareholders**

The Fund shall include in the annual report to shareholders on Form N-CSR filed with the Securities and Exchange Commission ("SEC") a summary of the Proxy Policies and Procedures used to determine how proxies are voted relating to securities in the portfolio. In lieu of including a summary of policy, the Fund may include the policies and procedures in full.

**Material Conflicts of Interest**

If (i) the Adviser knows that a vote presents a material conflict between the interests of: (a) shareholders of the Fund, and (b) the Adviser or any of its affiliated persons; and (ii) the Adviser proposes to vote on the particular issue in the manner not prescribed by its Proxy Policy, then the Adviser will follow the material conflict of interest procedures set forth in the Adviser's Proxy Policy when voting such proxies.

**Adviser and Fund CCO Responsibilities**

The Fund has delegated proxy voting authority with respect to the Fund's portfolio securities to the Adviser, as set forth above. Consistent with this delegation, the Adviser is responsible for the following:

● The Adviser must implement written policies and procedures, in compliance with Rule 206(4)-6 under the Advisers Act, reasonably designed to ensure that the voting of portfolio securities is in the best interest of shareholders of the Fund.

● At least annually, the Adviser will provide a summary of the material changes made to their Proxy Policies. These changes, and a redlined copy of such Proxy Policies, as applicable, shall be provided to the Board and to the Fund CCO.

● At least annually, the Adviser will present to the Board a record of each proxy voted by the Adviser on behalf of the Fund, including a report on the resolution of all proxies identified by the Adviser involving a conflict of interest.

● The Adviser CCO shall review all Proxy Policies at least annually to ensure that they are in compliance with Rule 206(4)-6 under the Advisers Act and confirm that it appears reasonably designed to ensure that the Adviser votes portfolio securities in the best interest of shareholders of the Funds owning the portfolio securities voted.

● Quarterly, the Fund CCO will request confirmation from the Adviser that any proxy votes for the Fund were handled in compliance with the Proxy Policies.

**Review Responsibilities**

The Adviser may retain a proxy-voting service to coordinate, collect, and maintain all proxy-related information.

If the Adviser retains a third-party proxy-voting service, the Adviser will inquire with the service provider, to confirm, at least annually, that any proxy votes for the Fund were voted in compliance with the Proxy Policies.

**Preparation and Filing of Proxy Voting Record on Form N-PX**

The Fund will file its complete proxy voting record with the SEC on Form N-PX annually by August 31 of each year.

The Fund's Administrator will be responsible for the oversight and completion of the filing of Form N-PX with the SEC.

The Fund's Administrator will file Form N-PX for each twelve-month period ended June 30, and the filing for each year will be made with the SEC on or before August 31 of that year.

The Fund shall make available to shareholders, on its website and upon request, the record of how the Fund voted proxies relating to portfolio securities held by the Fund.

**Recordkeeping**

Documentation of all votes for the Fund will be maintained by the Adviser and may be retained through a third-party proxy voting service, if applicable.

Adopted: 4/14/2023

Updated: 12/9/2024

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

(a)(1) Identification of Portfolio Manager(s) and Description of Role of Portfolio Manager(s)

All information included in this item is as of December 31, 2025, unless otherwise noted. As of December 31, 2025, Michael T. Messinger, Michael T. Cheung, and Richard M. Duff serve as the portfolio managers (the "Portfolio Managers") for, and are primarily responsible for the day-to-day portfolio management of the Registrant. Each of Messrs. Messinger, Cheung and Duff has served as a Portfolio Manager of the Fund since the Fund's inception.

Michael T. Messinger

Mr. Messinger is a Portfolio Manager and Managing Partner at Redwood with eighteen years of experience in financial services. Mr. Messinger is responsible for overseeing the development, implementation, and live risk management of Redwood's investment strategies. Prior to launching Redwood in 2010, he served as a Regional Vice President for RiverSource Investments (now known as Columbia Management) from 2007 to 2010. Mr. Messinger also worked as a marketer with ING's investment management and insurance divisions from 2003 to 2007. Mr. Messinger began his career with UBS Wealth Management in 2000. Mr. Messinger holds a Bachelor's degree in Finance from the University of Arizona.

Michael T. Cheung

Mr. Cheung is a Portfolio Manager and Managing Partner at Redwood. He has been with Redwood since 2013 and conducts research and macro analysis on current and prospective investments. His primary focus is on research, development, and testing of systematic investment strategies. He is also responsible for proprietary research software design and development, having experience working with a variety of programming languages and database structures. Mr. Cheung brings several years of quantitative investing experience, previously positioned as a head trader at a proprietary equity trading desk, responsible for overseeing both automated and discretionary trading systems. Prior to joining Redwood, Mr. Cheung was a quantitative trader at Coastal Trade Securities, LLC from 2010 to 2012 and at Agoge Capital, LLC from 2012 to 2013. Mr. Cheung studied quantitative economics and mathematics at the University of California, Irvine.

Richard M. Duff

Mr. Duff is a Portfolio Manager and Managing Partner of Redwood Investment Management, responsible for overseeing Redwood's investment solutions from initial ideation to final implementation. Mr. Duff has been with Redwood since 2015. Mr. Duff began his career in 1994 as a member of the equity portfolio management committee at Pacific Income Advisers, that used a proprietary quantitative screening process combined with a team based qualitative overlay to manage U.S. core equity portfolios. Later he was a Managing Director at BlackRock, where he was Co-Head of the Private Client Group and a member of the Equity Operating Committee. Under his leadership, BlackRock launched its first quantitative factor-based suite of equity focused closed end funds. Immediately prior to joining Redwood, Mr. Duff was a partner and member of the investment committee at OMT Capital Management from 2010 to 2015, the general partner for Hawthorne Capital Partners, a long-short equity hedge fund focused on small cap U.S. equities. Mr. Duff received his Bachelor's degree from the University of California, Berkeley, and received his Juris Doctorate from University of San Francisco, School of Law.

(a)(2) Other Accounts Managed by Portfolio Manager and Potential Conflicts of Interest

The table below includes details about the type, number, and assets under management for the various types of other accounts, managed by the Portfolio Managers and total assets in the accounts with respect to which the advisory fee is based on the performance of the accounts. The information is as of December 31, 2025.

 <u>Michael T. Messinger</u>

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account**<br> **Type** | **Number of<br> Accounts by<br> Account Type** | **Total Assets By<br> Account Type**<br> **(in millions)** | **Number of<br> Accounts by<br> Account<br> Type Subject to a<br> Performance Fee** | **Total Assets By<br> Account Type<br> Subject to a<br> Performance Fee**<br> **(in millions)** |
| Registered Investment Companies | 8 | $1040 | 0 | 0 |
| Other Pooled Investment Vehicles | 0 | 0 | 0 | 0 |
| Other Accounts | 5581 | $1087 | 0 | 0 |

---

 ****

<u>Richard M. Duff</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account**<br> **Type** | **Number of<br> Accounts by<br> Account Type** | **Total Assets By<br> Account Type**<br> **(in millions)** | **Number of<br> Accounts by<br> Account<br> Type Subject to a<br> Performance Fee** | **Total Assets By<br> Account Type<br> Subject to a<br> Performance Fee**<br> **(in millions)** |
| Registered Investment Companies | 5 | $822 | 0 | 0 |
| Other Pooled Investment Vehicles | 0 | 0 | 0 | 0 |
| Other Accounts | 5581 | $1087 | 0 | 0 |

---

<u>Michael T. Cheung</u>

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Account**<br> **Type** | **Number of<br> Accounts by<br> Account Type** | **Total Assets By<br> Account Type**<br> **(in millions)** | **Number of<br> Accounts by<br> Account<br> Type Subject to a<br> Performance Fee** | **Total Assets By<br> Account Type<br> Subject to a<br> Performance Fee**<br> **(in millions)** |
| Registered Investment Companies | 8 | $1040 | 0 | 0 |
| Other Pooled Investment Vehicles | 0 | 0 | 0 | 0 |
| Other Accounts | 5581 | $1087 | 0 | 0 |

---

Conflicts of Interest: The Adviser is controlled by Michael T. Messinger. Many of the Adviser's clients participate in investment programs that have investment objectives, policies and strategies that are substantially similar to the Fund. Other clients of the Adviser may have differing investment programs, objectives, policies and strategies. In general, when a portfolio manager has responsibility for managing more than one account, potential conflicts of interest may arise. Those conflicts could include preferential treatment of one account over others in terms of allocation of resources or of investment opportunities. For instance, the Adviser may receive fees from certain accounts that are higher than the fees it receives from the Fund, or the Adviser could receive performance-based fees on certain accounts. The procedures to address conflicts of interest, if any, are described below.

The Adviser attempts to avoid conflicts of interest that may arise as a result of the management of multiple client accounts. From time to time, a portfolio manager may recommend or cause a client to invest in a security or other instrument in which another client of the Adviser has an ownership position. The Adviser has adopted certain procedures intended to treat all client accounts in a fair and equitable manner. To the extent that a portfolio manager seeks to purchase or sell the same security or other instrument for multiple client accounts, the Adviser may aggregate, or bunch, these orders where a portfolio manager deems this to be appropriate and consistent with applicable regulatory requirements. When a bunched order is filled in its entirety, each participating client account will participate at the average share prices for the bunched order. When a bunched order is only partially filled, the securities or other instruments purchased will be allocated on a pro-rata basis to each account participating in the bunched order based upon the initial amount requested for the account, subject to certain exceptions. Each participating account will receive the average share price for the bunched order on the same business day.

(a)(3) Compensation Structure of Portfolio Manager

As of December 31, 2025, due to Mr. Messinger's, Mr. Duff's and Mr. Cheung's ownership interest in the Adviser, they may receive compensation through their ownership interest to the extent that the Adviser distributes any profits or the value of ownership interests increase. Messrs. Messinger, Cheung and Duff receive a salary and a discretionary bonus based on the Fund and Redwood performance.

(a)(4) Disclosure of Securities Ownership

The following table shows the dollar range of equity securities beneficially owned by the Portfolio Managers in the Funds as of December 31, 2025.

---

| | |
|:---|:---|
| **Name of Portfolio Manager** | Redwood Private Real Estate Debt Fund |
| Michael Messinger | Over $1,000,000 |
| Michael Cheung | $0 |
| Richard Duff | $0 |

---

(b) Not applicable

**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 Securities Exchange Act of 1934, as amended (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, 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 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 Exchange Act. 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 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.](ea0274237-01_ex99codeeth.htm) *[Filed herewith.](ea0274237-01_ex99codeeth.htm)* |
| (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.<br>|
|  | *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*.](ea0274237-01_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*.](ea0274237-01_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 |
| March 9, 2026 |

---

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 |
| March 9, 2026 |

---

---

| |
|:---|
| /s/ Richard M. Duff |
| By: Richard M. Duff |
| Treasurer & Principal Financial Officer |
| March 9, 2026 |

---

## Ex-99.Code

**Exhibit 99.CODEETH**

Sarbanes-Oxley Code of Ethics for Chief Executive & Senior Financial Officers

Redwood Private Real Estate Debt Fund (the "Fund") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate financial disclosure in compliance with applicable law. This Code of Ethics, applicable to the Fund's Principal Executive Officer, Principal Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers"), sets forth specific policies to guide such individuals in the performance of their duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner; and you have leadership responsibilities that include creating a culture of high ethical standards and commitment to compliance, maintaining a work environment that encourages employees to raise concerns, and promptly addressing employee compliance concerns.

The Code of Ethics of the Fund pursuant to Rule 17j-1(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (the "1940 Act Code of Ethics"), which this Code of Ethics is intended to supplement, sets forth the fundamental principles and key policies and procedures that govern the conduct of all of us in our business as registered investment companies.

**Compliance with Laws, Rules and Regulations** 

You are required to comply with the laws, rules and regulations that govern the conduct of our business and to report any suspected violations in accordance with the section below entitled "Violations".

**Reporting and Accountability** 

All Covered Officers will be held accountable for adherence to the Code. Each Covered Officer must, upon the Trust's adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read and understands this Code by signing the Acknowledgement Form attached hereto as Appendix A. Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.

**Conflicts of Interest** 

Senior Officers are expected to dedicate their best efforts to advancing the Fund's interests and to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that you are subject to inherent conflicts of interest because certain officers are also officers of Redwood Investment Management, LLC (the "Adviser") as well as the Fund. Your obligation to conduct the Fund's business in an honest and ethical manner includes the ethical handling of actual or apparent conflicts of interest between personal and business relationships. A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of the Fund. The 1940 Act Code of Ethics, the Adviser's and the Fund's allocation procedures and the other policies of the Fund are designed to ensure the ethical handling of such conflicts. As a result, it is incumbent on you to be familiar with the 1940 Act Code of Ethics, the Adviser's and Fund's allocations procedures and other rules and regulations under the 1940 Act as well as the policies of the Fund. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest where you are receiving a personal benefit, you should act in accordance with the letter and the spirit of the 1940 Act Code of Ethics and/or the Fund's or the Adviser's other applicable policies and procedures. If you are in doubt as to the application or interpretation of any of these, you should make full disclosure of all facts and circumstances and obtain the prior written approval of the Secretary of the Fund.

**Disclosures**

It is the policy of the Fund to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in all other public communications made by the Fund. As a Senior Officer, you are required to promote compliance with this policy by all employees and to abide by the Fund's standards, policies and procedures designed to promote compliance with this Code of Ethics.

**Violations** 

If you know of or suspect a violation of applicable laws, regulations, policies, procedures or this Code of Ethics, you must immediately report that information to the Chairman of the Audit Committee of the Fund verbally, in writing or by other means necessary. No one will be subject to retaliation when making any such report in good faith report of an actual or suspected violation.

Violations of this Code of Ethics may result in disciplinary action, up to and including discharge. The Board of Trustees shall determine, or shall designate appropriate persons to determine, appropriate action in response to violations of this Code.

**Waivers of Code of Ethics** 

Any waiver of this Code, including an implicit waiver, granted to a Senior Officer may be made only by the Board of Trustees or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Fund in the manner prescribed by law.

**No Rights Created** 

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Fund's Senior Officers in the conduct of the Fund's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

**Waivers of Code of Ethics**

Any waiver of this Code, including an implicit waiver, granted to a Senior Officer may be made only by the Board of Trustees or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Fund in the manner prescribed by law.

**No Rights Created** 

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Fund's Senior Officers in the conduct of the Fund's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

Adopted: 4/14/2023

## 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 <br> 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;<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: March 9, 2026

---

| |
|:---|
| /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: March 9, 2026

---

| |
|:---|
| /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 <br> 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 fiscal
 year ended December 31, 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: March 9, 2026 |

---

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 fiscal year ended December
31, 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: March 9, 2026 |

---

These certifications are being furnished to the Securities and Exchange Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, 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.