# EDGAR Filing Document

**Accession Number:** 0001959172
**File Stem:** 0001193125-26-241020
**Filing Date:** 2026-5
**Character Count:** 203859
**Document Hash:** f44e593b99689e871812f1d6bbcf429c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-241020.hdr.sgml**: 20260527

**ACCESSION NUMBER**: 0001193125-26-241020

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260527

**DATE AS OF CHANGE**: 20260527

**PERIOD START**: 20261231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23846
- **FILM NUMBER:** 261023841

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

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

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

## Nport-Ex

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate<br> (%) | Maturity | Fair Value |
|  | **Commercial Real Estate — 151.9%<sup>1,2</sup>** |  |  |  |  |
|  | **Participation Notes — 54.6%** |  |  |  |  |
|  | **Condominium Development — 8.0%** |  |  |  |  |
| 15045843 | 3391 - ZDJ W 37<sup>3</sup> | SOFR1M + 5.50%; floor 9.25% | 9.17 | 03/04/27 | $15045843 |
| 2525581 | 3398 - 305 Briny<sup>3</sup> | SOFR1M + 5.25%; floor 10.00% | 10.00 | 09/27/26 | 2525581 |
| 5446536 | 3399 – BH3 Malibu<sup>3</sup> | SOFR1M + 5.00%; floor 9.00% | 8.67 | 10/30/26 | 5446536 |
| 8496505 | 3454 - 2nd & Steele<sup>3</sup> | SOFR1M + 5.00%; floor 8.50% | 9.33 | 07/15/28 | 8496505 |
| 454067 | 3487 - 54 W 22nd<sup>3</sup> | SOFR1M + 5.00%; floor 9.00% | 8.67 | 01/29/28 | 454067 |
| 3224216 | TL Mosaika<sup>3</sup> | SOFR1M + 9.69% | 13.34 | 04/30/26 | 3224216 |
|  |  |  |  |  | **35192748** |
|  | **Hospitality — 4.2%** |  |  |  |  |
| 12500000 | 3333 - McRopp New York Royal44<sup>3</sup> | SOFR1M + 5.25%; floor 10.50% | 10.50 | 08/30/26 | 12500000 |
| 5989965 | 3356 - GK West 47th<sup>3</sup> | SOFR1M + 5.67%; floor 11.00% | 11.00 | 06/07/26 | 5989965 |
|  |  |  |  |  | **18489965** |
|  | **Industrial — 5.0%** |  |  |  |  |
| 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% | 8.67 | 09/17/27 | 6000000 |
| 14400000 | The Mall at Johnson City<sup>3</sup> | SOFR1M + 7.32% | 10.98 | 11/24/28 | 14400000 |
|  |  |  |  |  | **21700000** |
|  | **Mixed Use Development — 17.3%** |  |  |  |  |
| 3200000 | 3340 - San Antonio Palo Alto<sup>3</sup> | SOFR1M + 6.20%; floor 11.50% | 11.50 | 06/15/26 | 3200000 |
| 6590000 | 3349 - Hillcrest Cedar Property Owner<sup>3</sup> | SOFR1M + 5.75%; floor 10.75% | 10.75 | 07/09/26 | 6590000 |
| 3975697 | 3358-01 - 123 Speer Owner<sup>3</sup> | SOFR1M + 5.25%; floor 10.25% | 10.25 | 09/19/26 | 3975697 |
| 54100067 | 3368-04 - Carlisle New York Apartments<sup>3</sup> | SOFR1M + 6.20%; floor 10.25% | 6.04 | 05/08/26 | 54100067 |
| 2500000 | 3372 - 3151 NF Owner<sup>3</sup> | SOFR1M + 5.25%; floor 10.57% | 10.57 | 06/05/26 | 2500000 |
| 5601780 | TL Pepperell Mill<sup>3</sup> | SOFR1M + 15.83% | 19.06 | 12/23/26 | 5601780 |
|  |  |  |  |  | **75967544** |
|  | **Multifamily — 9.0%** |  |  |  |  |
| 3470000 | 3303 - 150 Lefferts<sup>3</sup> | SOFR1M + 5.20%; floor 10.00% | 10.00 | 04/30/26 | 3470000 |
| 12400000 | 3344 - 1600 North 11<sup>3</sup> | SOFR1M + 5.50%; floor 10.75% | 10.75 | 04/26/26 | 12400000 |
| 4791853 | 3359-01 - Nalskihouse MT | N/A | 11.00 | 11/01/26 | 4791852 |
| 3500000 | 3360-01 - JC Roxy<sup>3</sup> | SOFR1M + 5.25%; floor 10.58% | 10.58 | 03/22/27 | 3500000 |
| 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 | 03/04/27 | 3500000 |
|  |  |  |  |  | **39161852** |
|  | **Office — 0.9%** |  |  |  |  |
| 4000000 | 3341 - Ferncroft<sup>3</sup> | SOFR1M + 5.25%; floor 10.50% | 10.50 | 12/18/26 | 4000000 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate<br> (%) | Maturity | Fair Value |
|  | **Participation Notes <br> (Continued)** |  |  |  |  |
|  | **Predevelopment — 5.9%** |  |  |  |  |
| 2900000 | 3397 - 33 Alhambra Circle<sup>3</sup> | SOFR1M + 5.20%; floor 10.54% | 10.54 | 04/20/26 | $2900000 |
| 3986864 | 3403 – Rosslyn Senior Participation<sup>3</sup> | SOFR1M + 5.00%; floor 10.00% | 10.00 | 12/10/26 | 3986864 |
| 4631540 | 3413 - MTP - Paseo Phase III Land<sup>3</sup> | SOFR1M + 5.90%; floor 10.00% | 9.57 | 03/21/27 | 4631540 |
| 4400000 | 3422 - Wynwood<sup>3</sup> | SOFR1M + 6.00%; floor 10.00% | 9.67 | 03/21/27 | 4400000 |
| 3500000 | 3434 - 1 Water Street<sup>3</sup> | SOFR1M + 5.76%; floor 10.06% | 10.06 | 04/29/27 | 3500000 |
| 1500000 | 3467 - 908 Gainesville Property Investors<sup>3</sup> | SOFR1M + 5.25%; floor 9.55% | 8.92 | 10/20/27 | 1500000 |
| 2135381 | 3474 - 3532 CPB<sup>3</sup> | SOFR1M + 5.00%; floor 9.00% | 8.67 | 10/28/27 | 2135381 |
| 1000000 | 3483 - Aventura Harbor Property<sup>3</sup> | SOFR1M + 5.00%; floor 9.00% | 8.67 | 12/16/26 | 1000000 |
| 1363636 | 3499 - Meta 1870<sup>3</sup> | SOFR1M + 4.45%; floor 7.95% | 8.12 | 03/13/27 | 1363637 |
| 500000 | 3504 - ST Sky<sup>3</sup> | SOFR1M + 5.34%; floor 9.00% | 9.01 | 03/30/27 | 500000 |
|  |  |  |  |  | **25917422** |
|  | **Single Family — 4.1%** |  |  |  |  |
| 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 |
| 1980162 | 3412-02 - Imagine WV<sup>3</sup> | SOFR1M + 6.25%; floor 10.62% | 10.62 | 07/24/26 | 1980162 |
| 3000000 | 3424 - Colony 29 Palm Springs<sup>3</sup> | SOFR1M + 5.70%; floor 10.00% | 10.00 | 04/07/27 | 3000000 |
| 3433517 | 3455J - 140 Hayground Cove Road Partners<sup>3</sup> | SOFR1M + 12.67%; floor 17.00% | 17.00 | 07/30/26 | 3433517 |
| 2452512 | 3455S - 140 Hayground Cove Senior Partners<sup>3</sup> | SOFR1M + 5.64%; floor 9.97% | 9.97 | 07/30/26 | 2452513 |
| 871008 | 3479 - Fisher Land<sup>3</sup> | SOFR1M + 5.00%; floor 8.50% | 8.67 | 11/25/27 | 871008 |
|  |  |  |  |  | **18062969** |
|  | **Single Family/Multifamily — 0.2%** |  |  |  |  |
| 884520 | 3314 - VM Equities<sup>3</sup> | SOFR1M + 5.25%; floor 9.75% | 9.75 | 08/31/26 | 884520 |
|  | Total Participation Notes<br> (Cost $239,377,020) |  |  |  | 239377020 |
|  | **Real Estate Mortgages — 97.3%** |  |  |  |  |
|  | **2 - 4 Units — 15.3%** |  |  |  |  |
| 4741821 | 104356 - RRCap - FA Shingletree<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4741821 |
| 4734004 | 104357 - RRCap - FA Shingletree<sup>4</sup> | N/A | 9.63 | 02/01/26 | 4734004 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate<br> (%) | Maturity | Fair Value |
|  | **Real Estate Mortgages <br> (Continued)** |  |  |  |  |
| 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>4</sup> | N/A | 9.13 | 03/01/26 | 780000 |
| 286148 | 106767 - Torre Projects<sup>4</sup> | N/A | 9.00 | 08/01/26 | 286148 |
| 3543000 | 112319 - 1120 Coronado CS<sup>4</sup> | N/A | 8.87 | 1/01/26 | 3543000 |
| 1488944 | 113734 - MF Real Estate Investment<sup>5</sup> | N/A | 9.10 | 07/01/26 | 1488944 |
| 1798509 | 113824 - Caterra Property 3<sup>4</sup> | N/A | 9.04 | 07/01/26 | 1798508 |
| 2390958 | 114221 - CF 4942 Topanga<sup>4</sup> | N/A | 8.92 | 09/01/26 | 2390958 |
| 1570986 | 123488 - IDS Construction Company<sup>4</sup> | N/A | 9.24 | 06/01/26 | 1570986 |
| 405000 | 125112 - Toussaint Ateliers Residences<sup>4</sup> | N/A | 9.21 | 07/01/27 | 405000 |
| 254970 | 125124 - 526 NW 15th Terr<sup>5</sup> | N/A | 8.74 | 01/01/27 | 254970 |
| 316338 | 125125 - 634 NW 12th Ave<sup>5</sup> | N/A | 8.74 | 01/01/27 | 316338 |
| 1240000 | 131914 - Hallmark Building Corporation<sup>4</sup> | N/A | 8.00 | 10/01/26 | 1240000 |
| 1312920 | 133284 - Beachside Dev Holdings<sup>5</sup> | N/A | 8.35 | 05/01/27 | 1312920 |
| 142171 | 133837 - Nuharbor Enterprises<sup>4</sup> | N/A | 8.33 | 01/01/27 | 142171 |
| 2430000 | 134271 - OVB Encanto<sup>4</sup> | N/A | 7.96 | 01/01/27 | 2430000 |
| 1177712 | 135023 - R&R Casitas<sup>5</sup> | N/A | 8.26 | 12/01/26 | 1177712 |
| 864500 | 135184 - MK Real Estate Advisors<sup>4</sup> | N/A | 7.91 | 01/01/27 | 864500 |
| 1087873 | 135513 - Beachside Dev Holdings<sup>4</sup> | N/A | 8.14 | 03/01/27 | 1087873 |
| 1418750 | 135587 - Fenix-Orion<sup>4</sup> | N/A | 8.00 | 12/01/26 | 1418750 |
| 601335 | 136236 - Grupo Monarca<sup>4</sup> | N/A | 8.33 | 01/01/27 | 601335 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate<br> (%) | Maturity | Fair Value |
|  | **Real Estate Mortgages <br> (Continued)** |  |  |  |  |
| 589380 | 138070 - Lot 14 Gulf Blvd 2025<sup>4</sup> | N/A | 8.33 | 03/01/28 | $589380 |
| 589380 | 138082 - Lot 15 Gulf Blvd 2025<sup>4</sup> | N/A | 8.33 | 03/01/28 | 589380 |
| 720000 | 138912 - Drama Rose<sup>4</sup> | N/A | 0.00 | 03/01/27 | 720000 |
|  |  |  |  |  | **66861056** |
|  | **Condominium Development — 9.7%** |  |  |  |  |
| 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 |
| 1385000 | 108203 - Kirkland 7<sup>4</sup> | N/A | 8.92 | 06/01/26 | 1385000 |
| 3000000 | 110003 - 791 Crandon Holding 707<sup>5</sup> | N/A | 8.90 | 10/01/26 | 3000000 |
| 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 |
| 1604256 | 116028 - 12 Geneva St<sup>4</sup> | N/A | 9.17 | 07/01/26 | 1604256 |
| 3194728 | 117241 - 1813-60 Binyan<sup>4</sup> | N/A | 8.92 | 06/03/26 | 3194728 |
| 2239888 | 118912 - North Fitzhugh LP<sup>5</sup> | N/A | 8.92 | 10/01/26 | 2239888 |
| 1674360 | 120373 - 46 Fayette<sup>4</sup> | N/A | 8.73 | 04/01/27 | 1674360 |
| 684000 | 121664 - Platinum Enterprise<sup>4</sup> | N/A | 8.84 | 08/01/26 | 684000 |
| 2109325 | 123554 - Malo Development Company - Lakota<sup>4</sup> | N/A | 8.96 | 01/01/27 | 2109325 |
| 1903592 | 124118 - Mia Residences<sup>5</sup> | N/A | 8.86 | 12/01/26 | 1903592 |
| 1843730 | 124121 - Mia Residences<sup>5</sup> | N/A | 8.86 | 12/01/26 | 1843730 |
| 735276 | 125229 - La Sabana<sup>4</sup> | N/A | 8.93 | 07/01/27 | 735276 |
| 260250 | 125300 - Andyvale<sup>4</sup> | N/A | 8.74 | 01/01/27 | 260250 |
| 1821145 | 125337 - Schurman Cottages<sup>5</sup> | N/A | 9.05 | 01/01/27 | 1821145 |
| 1667865 | 126273 - 859 Beacon<sup>5</sup> | N/A | 8.50 | 01/01/27 | 1667865 |
| 815473 | 132384 - Humble Pride Lovedale LP<sup>4</sup> | N/A | 8.39 | 06/01/27 | 815473 |
| 1820000 | 133131 - The Brooks<sup>4</sup> | N/A | 0.00 | 03/01/27 | 1820000 |
| 562500 | 138375 - NAAKEF Sagecliffe<sup>4</sup> | N/A | 0.00 | 08/01/26 | 562500 |
| 744702 | 138700 - Burien 10<sup>4</sup> | N/A | 0.00 | 03/01/27 | 744702 |
| 1412387 | 138701 - Burien 10<sup>4</sup> | N/A | 0.00 | 03/01/27 | 1412387 |
| 1006897 | 138702 - Burien 10<sup>4</sup> | N/A | 0.00 | 03/01/27 | 1006897 |
| 1103533 | 138706 - Burien 10<sup>4</sup> | N/A | 0.00 | 03/01/27 | 1103533 |
| 3057872 | 98803 - Moon Equities<sup>5</sup> | N/A | 10.00 | 5/01/26 | 3057872 |
|  |  |  |  |  | **42285503** |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate<br> (%) | Maturity | Fair Value |
|  | **Real Estate Mortgages <br> (Continued)** |  |  |  |  |
|  | **Multifamily — 11.8%** |  |  |  |  |
| 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 |
| 2090000 | 118242 - Ramsgate Property<sup>4</sup> | N/A | 9.16 | 04/01/26 | 2090000 |
| 2865000 | 121026 - Sweet Home Advisors<sup>4</sup> | N/A | 8.90 | 05/01/26 | 2865000 |
| 6700000 | 123392 - 429 13th St. NE<sup>4</sup> | N/A | 9.70 | 05/01/26 | 6700000 |
| 3514000 | 123469 - 5601 Fishburn<sup>4</sup> | N/A | 9.30 | 06/01/26 | 3514000 |
| 1724623 | 123913 - 30 NW 59 Street Investment<sup>4</sup> | N/A | 9.49 | 01/01/27 | 1724623 |
| 4416000 | 125100 - 8717 S. Central<sup>5</sup> | N/A | 9.15 | 10/01/26 | 4416000 |
| 3078129 | 125679 - Dara 1 Holdings<sup>4</sup> | N/A | 9.15 | 10/01/26 | 3078129 |
| 3619868 | 125848 - Highland Park 21<sup>4</sup> | N/A | 9.39 | 01/01/27 | 3619868 |
| 1802736 | 130333 - Sunpacific Partners<sup>4</sup> | N/A | 8.60 | 11/01/26 | 1802736 |
| 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 |
| 1693682 | 83824 - 2511 NW 25 Ave.<sup>4</sup> | N/A | 10.82 | 05/01/26 | 1693682 |
| 2341675 | 96483 - Affordable Housing Group LTD<sup>4</sup> | N/A | 10.00 | 06/01/26 | 2341675 |
| 1665039 | 98767 - 426 E. 17th St.<sup>5</sup> | N/A | 10.13 | 05/01/26 | 1665039 |
| 1437192 | 98769 - 1292 Beauregard<sup>4</sup> | N/A | 10.00 | 06/01/25 | 1437192 |
| 1400383 | 98771 - 1292 Beauregard<sup>4</sup> | N/A | 10.00 | 06/01/25 | 1400383 |
|  |  |  |  |  | **51867807** |
|  | **Single Family — 55.6%** |  |  |  |  |
| 560540 | 100356 - NRM Group<sup>4</sup> | N/A | 10.00 | 05/01/26 | 560540 |
| 1424743 | 100357 - NRM Group<sup>4</sup> | N/A | 10.00 | 05/01/26 | 1424743 |
| 1408324 | 100359 - NRM Group<sup>4</sup> | N/A | 10.00 | 05/01/26 | 1408324 |
| 595000 | 100937 - indiePlanet Global Series 4<sup>4</sup> | N/A | 9.50 | 02/01/26 | 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 |
| 1399659 | 102093 - Danva Prosper Fontanarosa Homes<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1399659 |
| 1723026 | 102094 - Danva Prosper Fontanarosa Homes<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1723026 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate<br> (%) | Maturity | Fair Value |
|  | **Real Estate Mortgages <br> (Continued)** |  |  |  |  |
| 1714260 | 102095 - Danva Prosper Fontanarosa Homes<sup>4</sup> | N/A | 10.00 | 06/01/26 | $1714260 |
| 1041208 | 102096 - Danva Prosper Fontanarosa Homes<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1041208 |
| 1727640 | 102097 - Danva Prosper Fontanarosa Homes<sup>4</sup> | N/A | 10.00 | 06/01/26 | 1727640 |
| 250000 | 102696 - 4798 NE 2nd Ave.<sup>4</sup> | N/A | 9.56 | 07/01/26 | 250000 |
| 250000 | 102697 - 4798 NE 2nd Ave.<sup>4</sup> | N/A | 10.00 | 07/01/26 | 250000 |
| 250000 | 102698 - 4798 NE 2nd Ave.<sup>4</sup> | N/A | 10.00 | 07/01/26 | 250000 |
| 1616126 | 103771 - Rhino Homes<sup>5</sup> | N/A | 10.07 | 07/01/26 | 1616126 |
| 1378773 | 103772 - Rhino Homes<sup>5</sup> | N/A | 10.07 | 03/01/26 | 1378773 |
| 495498 | 103980 - KPI Equity Holdings I<sup>5</sup> | N/A | 9.69 | 02/01/26 | 495498 |
| 2896108 | 104480 - Elmer Avenue<sup>5</sup> | N/A | 9.81 | 02/01/26 | 2896108 |
| 1259913 | 105003 - 43 Westwood<sup>4</sup> | N/A | 9.81 | 08/01/26 | 1259913 |
| 1615571 | 105004 - 43 Westwood<sup>4</sup> | N/A | 9.81 | 08/01/26 | 1615571 |
| 1505497 | 105005 - 43 Westwood<sup>4</sup> | N/A | 9.81 | 08/01/26 | 1505497 |
| 1499603 | 105006 - 43 Westwood<sup>4</sup> | N/A | 9.81 | 08/01/26 | 1499603 |
| 2102571 | 105261 - SeaScape Homes<sup>5</sup> | N/A | 9.00 | 04/01/26 | 2102571 |
| 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 |
| 834592 | 107094 - Grande Vita Homes<sup>4</sup> | N/A | 9.43 | 05/01/26 | 834592 |
| 358000 | 107180 - 902 8th St<sup>4</sup> | N/A | 9.50 | 02/01/26 | 358000 |
| 1399000 | 107836 - Mahi Mahi 935<sup>5</sup> | N/A | 9.50 | 03/01/26 | 1399000 |
| 102850 | 107997 - Mercado Rodriguez<sup>4</sup> | N/A | 9.38 | 03/01/26 | 102850 |
| 1855533 | 108167 - Lime Builders<sup>5</sup> | N/A | 9.00 | 10/01/26 | 1855533 |
| 2605504 | 108184 - Osprey Ocean<sup>4</sup> | N/A | 9.18 | 06/01/26 | 2605504 |
| 818214 | 108299 - WTM Construction<sup>5</sup> | N/A | 8.90 | 04/01/26 | 818214 |
| 1622950 | 108301 - WTM Construction<sup>5</sup> | N/A | 9.00 | 04/01/26 | 1622950 |
| 2593750 | 108872 - Addison Hesby<sup>4</sup> | N/A | 8.87 | 03/01/26 | 2593750 |
| 234763 | 109030 - VLC Construction & Design<sup>5</sup> | N/A | 9.19 | 04/01/26 | 234763 |
| 413496 | 109339 - Scott Springs Assets<sup>5</sup> | N/A | 9.19 | 05/01/26 | 413496 |
| 1649489 | 109398 - 1515 Blake<sup>5</sup> | N/A | 9.00 | 05/01/26 | 1649489 |
| 1648694 | 109399 - 1515 Blake<sup>5</sup> | N/A | 9.00 | 05/01/26 | 1648694 |
| 566000 | 109448 - Kent 9<sup>4</sup> | N/A | 8.98 | 09/01/26 | 566000 |
| 566000 | 109450 - Kent 9<sup>4</sup> | N/A | 8.98 | 09/01/26 | 566000 |
| 478148 | 109696 - Loma Alta 10<sup>4</sup> | N/A | 9.68 | 06/01/26 | 478148 |
| 478148 | 109697 - Loma Alta 10<sup>4</sup> | N/A | 9.68 | 06/01/26 | 478148 |
| 478148 | 109703 - Loma Alta 10<sup>4</sup> | N/A | 9.68 | 06/01/26 | 478148 |
| 478148 | 109704 - Loma Alta 10<sup>4</sup> | N/A | 9.68 | 06/01/26 | 478148 |
| 4312337 | 110150 - Black Marlin Group<sup>5</sup> | N/A | 8.90 | 04/01/26 | 4312337 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate<br> (%) | Maturity | Fair Value |
|  | **Real Estate Mortgages <br> (Continued)** |  |  |  |  |
| 2177483 | 110234 - Mcdonie Properties<sup>4</sup> | N/A | 8.92 | 04/01/26 | $2177483 |
| 2640654 | 110342 - Bravo Builders Enterprises<sup>5</sup> | N/A | 9.29 | 08/01/26 | 2640654 |
| 1618281 | 110465 - TJR Development Inc.<sup>4</sup> | N/A | 9.06 | 06/01/26 | 1618281 |
| 2311106 | 110811 - 8935 Froude Ave<sup>4</sup> | N/A | 9.12 | 12/01/26 | 2311106 |
| 1381044 | 110815 - DaVinci Development<sup>4</sup> | N/A | 9.56 | 05/01/26 | 1381044 |
| 2000000 | 110820 - JT Real Estate Capital Group<sup>4</sup> | N/A | 8.98 | 05/01/26 | 2000000 |
| 1792835 | 111076 - Twenty<sup>4</sup> | N/A | 9.06 | 05/01/26 | 1792835 |
| 766448 | 111792 - 88th Street Homes<sup>4</sup> | N/A | 9.48 | 07/01/26 | 766448 |
| 1054794 | 111834 - Red Cedar Development<sup>4</sup> | N/A | 8.87 | 11/01/26 | 1054794 |
| 3221605 | 111866 - Colfax District<sup>4</sup> | N/A | 8.87 | 06/01/26 | 3221605 |
| 216128 | 111894 - Up Ruiz Investments<sup>4</sup> | N/A | 9.29 | 07/01/26 | 216128 |
| 4561130 | 112068 - Dwell LA<sup>5</sup> | N/A | 8.79 | 07/01/26 | 4561130 |
| 1063852 | 112135 - Twenty<sup>4</sup> | N/A | 9.06 | 05/01/26 | 1063852 |
| 2388717 | 112430 - 31 Edward<sup>4</sup> | N/A | 8.73 | 02/01/27 | 2388717 |
| 1063852 | 112549 - Twenty<sup>4</sup> | N/A | 9.06 | 05/01/26 | 1063852 |
| 1569021 | 112558 - 44th Ave Developers<sup>4</sup> | N/A | 8.87 | 05/01/26 | 1569021 |
| 1793071 | 112559 - 44th Ave Developers<sup>4</sup> | N/A | 8.87 | 05/01/26 | 1793071 |
| 2457657 | 112598 - Villa Bello At Zona<sup>4</sup> | N/A | 9.12 | 12/01/26 | 2457657 |
| 2249289 | 112599 - Villa Bello At Zona<sup>4</sup> | N/A | 9.12 | 12/01/26 | 2249289 |
| 1999263 | 114043 - 5913 Lubao Ave<sup>4</sup> | N/A | 8.73 | 07/01/26 | 1999263 |
| 1670733 | 114069 - 4940 Cherry<sup>4</sup> | N/A | 9.04 | 06/01/26 | 1670733 |
| 2407225 | 114071 - 3144 Elizabeth<sup>4</sup> | N/A | 8.85 | 07/01/26 | 2407225 |
| 1063886 | 114193 - 541 Normandy 2024<sup>4</sup> | N/A | 8.79 | 06/01/26 | 1063886 |
| 1128639 | 114521 - 599 Bayshore 2024<sup>4</sup> | N/A | 8.73 | 07/01/26 | 1128639 |
| 188123 | 114902 - Torre Projects<sup>4</sup> | N/A | 8.97 | 07/01/26 | 188123 |
| 879114 | 114909 - Loitzk Batim 930<sup>4</sup> | N/A | 8.92 | 07/01/26 | 879114 |
| 879114 | 114913 - Loitzk Batim 930<sup>4</sup> | N/A | 8.92 | 01/01/27 | 879114 |
| 1505289 | 114914 - Loitzk Batim 930<sup>4</sup> | N/A | 8.92 | 07/01/26 | 1505289 |
| 789014 | 114920 - Loitzk Batim 930<sup>4</sup> | N/A | 8.92 | 01/01/27 | 789014 |
| 3569412 | 115004 - 2k Development<sup>4</sup> | N/A | 9.17 | 08/01/26 | 3569412 |
| 2812500 | 115011 - 4115 Shadyglade<sup>5</sup> | N/A | 8.68 | 07/01/26 | 2812500 |
| 1882593 | 115231 - Shoreline 940<sup>4</sup> | N/A | 9.04 | 01/01/27 | 1882593 |
| 1997520 | 115697 - Grey Collective<sup>5</sup> | N/A | 8.98 | 07/01/26 | 1997520 |
| 194756 | 116301 - Halona Development Group<sup>4</sup> | N/A | 9.17 | 08/01/26 | 194756 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate<br> (%) | Maturity | Fair Value |
|  | **Real Estate Mortgages <br> (Continued)** |  |  |  |  |
| 922678 | 117396 - Cygnus Construction<sup>4</sup> | N/A | 9.04 | 09/01/26 | $922678 |
| 2475000 | 117420 - BJB 1321 Management<sup>4</sup> | N/A | 8.38 | 03/01/26 | 2475000 |
| 131250 | 117664 - Retail Bee<sup>4</sup> | N/A | 8.92 | 03/01/26 | 131250 |
| 2144720 | 117679 - Vault Money Investments<sup>4</sup> | N/A | 8.86 | 03/01/26 | 2144720 |
| 1618016 | 117712 - RR 2710 Development Group<sup>4</sup> | N/A | 9.17 | 09/01/26 | 1618016 |
| 211720 | 117729 - Built Full Homes<sup>4</sup> | N/A | 9.40 | 10/01/26 | 211720 |
| 211926 | 117775 - Solid Residences<sup>4</sup> | N/A | 9.67 | 08/01/26 | 211926 |
| 975800 | 118026 - Holliday Homes<sup>5</sup> | N/A | 8.97 | 04/01/26 | 975800 |
| 1215000 | 118590 - Carolinas Builders<sup>4</sup> | N/A | 8.68 | 04/01/26 | 1215000 |
| 1215000 | 118591 - Carolinas Builders<sup>4</sup> | N/A | 8.68 | 04/01/26 | 1215000 |
| 1855750 | 118708 - O. Rhyan Capital Management<sup>4</sup> | N/A | 8.84 | 04/01/26 | 1855750 |
| 4638235 | 118766 - Hazen Grp.<sup>4</sup> | N/A | 8.25 | 07/01/26 | 4638235 |
| 1259318 | 118929 - 842 Meadow Creek<sup>4</sup> | N/A | 8.92 | 07/01/26 | 1259318 |
| 2669487 | 119564 - R.I USA Multiservices<sup>4</sup> | N/A | 9.15 | 09/01/26 | 2669487 |
| 2099823 | 119622 - Parkside Homes<sup>5</sup> | N/A | 8.91 | 07/01/26 | 2099823 |
| 197274 | 119640 - Valvera Investments<sup>4</sup> | N/A | 9.30 | 10/01/26 | 197274 |
| 1578660 | 120177 - Grey Collective<sup>4</sup> | N/A | 8.98 | 10/01/26 | 1578660 |
| 2043558 | 120181 - 75 NW 41 St. Holdings<sup>4</sup> | N/A | 8.97 | 10/01/26 | 2043558 |
| 170720 | 120265 - N&B Real Estate Investment Group<sup>4</sup> | N/A | 8.73 | 07/01/26 | 170720 |
| 3060876 | 120798 - Basad<sup>5</sup> | N/A | 8.72 | 10/01/26 | 3060876 |
| 1838040 | 120806 - 4848 Fulton<sup>4</sup> | N/A | 8.97 | 11/01/26 | 1838040 |
| 2604825 | 121021 - Black Marlin Group<sup>4</sup> | N/A | 8.00 | 10/01/26 | 2604825 |
| 814977 | 121256 - Corenest Development<sup>4</sup> | N/A | 9.14 | 06/01/26 | 814977 |
| 120220 | 121261 - Watson Recovery Enterprises<sup>4</sup> | N/A | 9.14 | 05/01/26 | 120220 |
| 488910 | 121262 - LLG Enterprises<sup>4</sup> | N/A | 9.14 | 06/01/26 | 488910 |
| 922250 | 121264 - Ground-up Customz / Empower Estates Customs<sup>4</sup> | N/A | 9.14 | 06/01/26 | 922250 |
| 297300 | 121265 - Pelican Equity Partnership Inc.<sup>4</sup> | N/A | 9.14 | 02/01/26 | 297300 |
| 520267 | 121266 - Vertex Custom Homes<sup>4</sup> | N/A | 9.14 | 05/01/26 | 520267 |
| 970228 | 121268 - Hibernia Investment<sup>4</sup> | N/A | 9.14 | 05/01/26 | 970228 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate<br> (%) | Maturity | Fair Value |
|  | **Real Estate Mortgages <br> (Continued)** |  |  |  |  |
| 2520000 | 121644 - BJB 1321 Management<sup>5</sup> | N/A | 8.50 | 05/01/26 | $2520000 |
| 1204900 | 121917 - Bidwell Commons Townhomes<sup>4</sup> | N/A | 8.84 | 10/01/26 | 1204900 |
| 1875732 | 122126 - Oak View Development<sup>4</sup> | N/A | 8.86 | 06/01/26 | 1875732 |
| 834600 | 122718 - Dommus Construction Corp.<sup>5</sup> | N/A | 8.98 | 12/01/26 | 834600 |
| 275000 | 122723 - 3302 Park<sup>4</sup> | N/A | 14.70 | 04/03/26 | 275000 |
| 275000 | 122724 - 151 S St. NW<sup>4</sup> | N/A | 14.70 | 04/03/26 | 275000 |
| 280000 | 123304 - Logos Homes<sup>4</sup> | N/A | 9.21 | 02/01/27 | 280000 |
| 286461 | 123411 - RKAI Properties & Baruj Hashem<sup>4</sup> | N/A | 8.25 | 01/01/27 | 286461 |
| 1849589 | 123412 - Thirty Seven Sunrise<sup>4</sup> | N/A | 9.24 | 12/01/26 | 1849589 |
| 141239 | 123565 - Duran USA Group<sup>4</sup> | N/A | 9.30 | 12/01/26 | 141239 |
| 326663 | 123689 - VIP Homes<sup>4</sup> | N/A | 9.11 | 08/01/26 | 326663 |
| 945508 | 123892 - 36 Cyril<sup>4</sup> | N/A | 9.05 | 06/01/27 | 945508 |
| 1023017 | 123893 - 36 Cyril<sup>4</sup> | N/A | 9.05 | 06/01/27 | 1023017 |
| 2655980 | 124038 - Virginia Ct Campbell<sup>5</sup> | N/A | 8.96 | 10/01/26 | 2655980 |
| 3008095 | 124588 - 4200 Chase<sup>4</sup> | N/A | 8.84 | 07/01/27 | 3008095 |
| 348500 | 124986 - Maas Rehab & Mary Ellen And Mary Lee<sup>5</sup> | N/A | 9.24 | 07/01/26 | 348500 |
| 4412186 | 125221 - Taku Construction<sup>4</sup> | N/A | 9.09 | 10/01/26 | 4412186 |
| 54823 | 125273 - Solida I Real Estate<sup>4</sup> | N/A | 9.17 | 12/01/26 | 54823 |
| 2348776 | 125357 - 412 Woodcrest<sup>4</sup> | N/A | 8.48 | 04/01/27 | 2348776 |
| 1667102 | 125565 - M&J Pham Development<sup>5</sup> | N/A | 8.92 | 07/01/27 | 1667102 |
| 3571750 | 125570 - M&J Pham Development<sup>5</sup> | N/A | 8.50 | 07/01/26 | 3571750 |
| 1545492 | 125623 - Willa Mae Investments<sup>5</sup> | N/A | 9.05 | 10/01/26 | 1545492 |
| 1560000 | 125774 - One Star Development<sup>5</sup> | N/A | 8.99 | 07/01/26 | 1560000 |
| 1287000 | 126105 - B Life Capital 26<sup>4</sup> | N/A | 8.99 | 07/01/27 | 1287000 |
| 2402947 | 126221 - JP&C Properties<sup>5</sup> | N/A | 8.77 | 08/01/26 | 2402947 |
| 208536 | 126255 - Duran USA Group<sup>4</sup> | N/A | 9.21 | 01/01/27 | 208536 |
| 2170379 | 126281 - Douglas 10<sup>4</sup> | N/A | 8.00 | 07/01/26 | 2170379 |
| 169167 | 126291 - Multipropiedades Investments<sup>4</sup> | N/A | 9.34 | 01/01/27 | 169167 |
| 2590000 | 126387 - 321 North Lucerne<sup>5</sup> | N/A | 8.00 | 08/01/26 | 2590000 |
| 525000 | 126394 - FlipWave Investments<sup>5</sup> | N/A | 8.71 | 07/01/26 | 525000 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate<br> (%) | Maturity | Fair Value |
|  | **Real Estate Mortgages <br> (Continued)** |  |  |  |  |
| 957454 | 127039 - Blue Sky Builders<sup>5</sup> | N/A | 8.65 | 08/01/26 | $957454 |
| 930000 | 127275 - Taku Construction<sup>4</sup> | N/A | 9.02 | 07/01/26 | 930000 |
| 192685 | 127319 - Open Water Realty<sup>5</sup> | N/A | 8.84 | 01/01/27 | 192685 |
| 244885 | 127729 - J&K Rise Home Services<sup>5</sup> | N/A | 8.50 | 11/01/26 | 244885 |
| 293002 | 129766 - 608 Walker Road<sup>4</sup> | N/A | 8.73 | 05/01/27 | 293002 |
| 335000 | 130467 - AAA Milano House Luxury Oceanfront Developer<sup>4</sup> | N/A | 8.64 | 06/01/27 | 335000 |
| 335000 | 130468 - AAA Milano House Luxury Oceanfront Developer<sup>4</sup> | N/A | 8.64 | 06/01/27 | 335000 |
| 335000 | 130469 - AAA Milano House Luxury Oceanfront Developer<sup>4</sup> | N/A | 8.64 | 06/01/27 | 335000 |
| 1623500 | 131434 - The OG Group<sup>4</sup> | N/A | 8.73 | 04/01/27 | 1623500 |
| 757647 | 132990 - D&G Luxury Management<sup>4</sup> | N/A | 8.48 | 04/01/27 | 757647 |
| 2034434 | 133115 - Amagansett South Holdings<sup>4</sup> | N/A | 8.39 | 06/01/27 | 2034434 |
| 1020216 | 133819 - Sanctuary Parcel 1<sup>4</sup> | N/A | 8.33 | 04/01/27 | 1020216 |
| 1009091 | 133822 - Sanctuary Parcel 1<sup>4</sup> | N/A | 8.39 | 03/01/27 | 1009091 |
| 1127432 | 133823 - Sanctuary Parcel 1<sup>4</sup> | N/A | 8.39 | 03/01/27 | 1127432 |
| 1124526 | 133824 - Sanctuary Parcel 1<sup>4</sup> | N/A | 8.39 | 03/01/27 | 1124526 |
| 1083434 | 133825 - Sanctuary Parcel 1<sup>4</sup> | N/A | 8.33 | 04/01/27 | 1083434 |
| 1140443 | 133826 - Sanctuary Parcel 1<sup>4</sup> | N/A | 8.39 | 03/01/27 | 1140443 |
| 1144780 | 133827 - Sanctuary Parcel 1<sup>4</sup> | N/A | 8.39 | 03/01/27 | 1144780 |
| 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 |
| 450615 | 134772 - Seither & Associates Investment Group and Ezyres<sup>4</sup> | N/A | 8.39 | 06/01/27 | 450615 |
| 210000 | 134960 - Sole Manage Homes<sup>5</sup> | N/A | 8.21 | 01/01/27 | 210000 |
| 424732 | 134970 - 2421 Webber<sup>5</sup> | N/A | 8.08 | 07/01/27 | 424732 |
| 809887 | 134998 - 3A BC Homes<sup>4</sup> | N/A | 8.39 | 06/01/27 | 809887 |
| 1067865 | 134999 - 3A BC Homes<sup>4</sup> | N/A | 8.39 | 06/01/27 | 1067865 |
| 2339315 | 135354 - 3216 Butler Bay<sup>4</sup> | N/A | 8.26 | 03/01/27 | 2339315 |
| 102708 | 135442 - Treweek Construction<sup>5</sup> | N/A | 8.14 | 12/01/26 | 102708 |
| 485750 | 135718 - MHD Real Estate<sup>4</sup> | N/A | 8.14 | 12/01/26 | 485750 |
| 636775 | 135978 - JM Partnership<sup>5</sup> | N/A | 8.58 | 04/01/27 | 636775 |
| 1300000 | 136341 - 12420 Killion St.<sup>5</sup> | N/A | 8.08 | 04/01/27 | 1300000 |
| 170000 | 136820 - PJG Corporation<sup>4</sup> | N/A | 8.21 | 02/01/27 | 170000 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate<br> (%) | Maturity | Fair Value |
|  | **Real Estate Mortgages <br> (Continued)** |  |  |  |  |
| 1200000 | 137167 - Laso Homes<sup>4</sup> | N/A | 8.21 | 06/01/27 | $1200000 |
| 32428 | 137649 - Druther Home Investments<sup>5</sup> | N/A | 8.08 | 06/01/27 | 32428 |
| 285475 | 137736 - Ava Properties Investment<sup>5</sup> | N/A | 7.91 | 03/01/27 | 285475 |
| 31143 | 137802 - Spire Builders<sup>4</sup> | N/A | 8.27 | 05/01/27 | 31143 |
| 211400 | 138127 - Casa De Kai<sup>5</sup> | N/A | 8.21 | 03/01/27 | 211400 |
| 376800 | 138136 - Sitton Pretty<sup>4</sup> | N/A | 0.00 | 09/01/27 | 376800 |
| 51800 | 139043 - VP Developers<sup>4</sup> | N/A | 0.00 | 03/01/28 | 51800 |
| 5013129 | 91530 - RRCAP-FA Blume Road<sup>4</sup> | N/A | 10.55 | 01/01/26 | 5013129 |
| 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 |
| 2997718 | 97931 - 2316 PCDEV<sup>4</sup> | N/A | 10.00 | 01/01/26 | 2997718 |
| 1880164 | 98104 - Desert Modern Development<sup>5</sup> | N/A | 10.13 | 03/01/26 | 1880164 |
| 4514831 | 98258 - 1740 PCDEV<sup>4</sup> | N/A | 10.00 | 11/01/25 | 4514831 |
| 2235321 | 99269 - 1688 Sunset Plaza Drive Partners<sup>4</sup> | N/A | 10.07 | 12/01/25 | 2235321 |
|  |  |  |  |  | **243904558** |
|  | **Townhouse — 4.9%** |  |  |  |  |
| 3023630 | 102607 - 158 & 160 Eckerson<sup>5</sup> | N/A | 9.06 | 04/01/26 | 3023630 |
| 2216766 | 102608 - 158 & 160 Eckerson<sup>5</sup> | N/A | 9.06 | 04/01/26 | 2216766 |

---

**Redwood Private Real Estate Debt Fund**

**CONSOLIDATED SCHEDULE OF INVESTMENTS - Continued**

**As of March 31, 2026 (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Principal<br> Amount<br> ($) |  | Spread | Coupon<br> Rate<br> (%) | Maturity | Fair Value |
|  | **Real Estate Mortgages <br> (Continued)** |  |  |  |  |
| 1656684 | 107982 - Nextgen Eaglerock 13<sup>4</sup> | N/A | 9.00 | 04/01/26 | $1656684 |
| 1684816 | 107983 - Nextgen Eaglerock 13<sup>4</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 |
| 2157631 | 108402 - Eagle Rock 17<sup>5</sup> | N/A | 9.57 | 05/01/26 | 2157631 |
| 2292936 | 108405 - Eagle Rock 17<sup>5</sup> | N/A | 9.57 | 05/01/26 | 2292936 |
| 1282239 | 108408 - Eagle Rock 17<sup>5</sup> | N/A | 9.57 | 05/01/26 | 1282239 |
| 1215000 | 118588 - Carolinas Builders<sup>4</sup> | N/A | 8.68 | 04/01/26 | 1215000 |
| 193500 | 119487 - CAP Housing<sup>5</sup> | N/A | 8.50 | 07/01/26 | 193500 |
| 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 |
|  |  |  |  |  | **21615352** |
|  | Total Real Estate Mortgages<br> (Cost $426,534,276) |  |  |  | 426534276 |
|  | Total Commercial Real Estate<br> (Cost $665,911,296) |  |  |  | 665911296 |

---

---

| | | |
|:---|:---|:---|
| Shares |  |  |
|  | **Short-Term Investments — 5.7%** |  |
|  | **Money Market Funds — 5.7%** |  |
| 25235882 | Fidelity US Government Fund, 3.47% | $25235882 |
|  | Total Short-Term Investments<br> (Cost $25,235,882) | 25235882 |
|  | Total Investments — 157.6%<br> (Cost $691,147,178) | 691147178 |
|  | Liabilities In Excess Of Other Assets – (57.6)% | (252606819) |
|  | **Total Net Assets – 100.0%** | **438540359** |

---

LP – Limited Partnership

US – United States

---

| | |
|:---|:---|
| 1 | All Commercial Real Estate investments are restricted securities. The total value of these securities is $665,911,296, which represents 151.9% 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 March 31, 2026.

\* 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.

**Redwood Private Real Estate Debt Fund**

**Notes to the Schedule of Investments**

**March 31, 2026 (Unaudited)**

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

Additional information on each restricted security held by the Fund on March 31, 2026 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Security** | **Initial Acquisition Date** | **Principal Amount** | **Cost** | **Fair Value** | **% of Net 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 | 2.9% |
| 3335 - Cromwell Inwood | November 27, 2023 | 1300000 | 1300000 | 1300000 | 0.3% |
| 3340 - San Antonio Palo Alto | December 15, 2023 | 3200000 | 3200000 | 3200000 | 0.7% |
| 3341 - Ferncroft | December 19, 2023 | 4000000 | 4000000 | 4000000 | 0.9% |
| 3344 - 1600 North 11 | February 27, 2024 | 12400000 | 12400000 | 12400000 | 2.8% |
| 3349 - Hillcrest Cedar Property Owner | January 5, 2024 | 6590000 | 6590000 | 6590000 | 1.5% |
| 3356 - GK West 47th | March 7, 2024 | 5989965 | 5989965 | 5989965 | 1.4% |
| 3358-01 - 123 Speer Owner | May 22, 2025 | 3975697 | 3975697 | 3975697 | 0.9% |
| 3359-01 - Nalskihouse MT | September 30, 2025 | 4791853 | 4791853 | 4791853 | 1.1% |
| 3360-01 - JC Roxy | April 1, 2024 | 3500000 | 3500000 | 3500000 | 0.8% |
| 3368-04 - Carlisle New York Apartments | December 11, 2025 | 54100067 | 54100067 | 54100067 | 12.2% |
| 3371-01 - Greyhawk SSOF Ruckus Lender | May 10, 2024 | 11500000 | 11500000 | 11500000 | 2.6% |
| 3372 - 3151 NF Owner | June 5, 2024 | 2500000 | 2500000 | 2500000 | 0.6% |
| 3391 - ZDJ W 37 | September 4, 2024 | 15045843 | 15045843 | 15045843 | 3.4% |
| 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 | 2525581 | 2525581 | 2525581 | 0.6% |
| 3399 - BH3 Malibu | October 31, 2024 | 5446536 | 5446536 | 5446536 | 1.2% |
| 3403 – Rosslyn Senior Participation | December 11, 2024 | 3986864 | 3986864 | 3986864 | 0.9% |
| 3412 - Imagine WV | January 27, 2025 | 6095000 | 6095000 | 6095000 | 1.4% |
| 3412-02 - Imagine WV | October 10, 2025 | 1980162 | 1980162 | 1980162 | 0.5% |
| 3413 - MTP - Paseo Phase III Land | March 24, 2025 | 4631540 | 4631540 | 4631540 | 1.1% |
| 3422 - Wynwood | March 24, 2025 | 4400000 | 4400000 | 4400000 | 1.0% |
| 3424 - Colony 29 Palm Springs | April 4, 2025 | 3000000 | 3000000 | 3000000 | 0.7% |
| 3434 - 1 Water Street | May 6, 2025 | 3500000 | 3500000 | 3500000 | 0.8% |
| 3454 - 2nd & Steele | August 15, 2025 | 8496505 | 8496505 | 8496505 | 1.9% |
| 3455J - 140 Hayground Cove Road Partners | August 12, 2025 | 3433517 | 3433517 | 3433517 | 0.8% |
| 3455S - 140 Hayground Cove Senior Partners | August 12, 2025 | 2452512 | 2452512 | 2452512 | 0.6% |
| 3461 - Skyline Apartments | September 5, 2025 | 3500000 | 3500000 | 3500000 | 0.8% |
| 3467 - 908 Gainesville Property Investors | October 16, 2025 | 1500000 | 1500000 | 1500000 | 0.3% |
| 3474 - 3532 CPB | October 27, 2025 | 2135381 | 2135381 | 2135381 | 0.5% |
| 3479 - Fisher Land | November 25, 2025 | 871008 | 871008 | 871008 | 0.2% |
| 3483 - Aventura Harbor Property | December 16, 2025 | 1000000 | 1000000 | 1000000 | 0.2% |
| 3487 - 54 W 22nd | January 9, 2026 | 454067 | 454067 | 454067 | 0.1% |
| 3499 - Meta 1870 | March 12, 2026 | 1363636 | 1363636 | 1363636 | 0.3% |
| 3504 - ST Sky | March 27, 2026 | 500000 | 500000 | 500000 | 0.1% |
| 83824 - 2511 NW 25 Ave. | May 16, 2024 | 1693682 | 1693682 | 1693682 | 0.4% |
| 91530 - RRCAP-FA Blume Road | April 23, 2024 | 5013129 | 5013129 | 5013129 | 1.1% |
| 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 | 2341675 | 2341675 | 2341675 | 0.5% |
| 97931 - 2316 PCDEV | June 21, 2024 | 2997718 | 2997718 | 2997718 | 0.7% |
| 98104 - Desert Modern Development | June 3, 2024 | 1880164 | 1880164 | 1880164 | 0.4% |
| 98258 - 1740 PCDEV | June 3, 2024 | 4514831 | 4514831 | 4514831 | 1.0% |
| 98767 - 426 E. 17th 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% |
| 99269 - 1688 Sunset Plaza Drive Partners | June 3, 2024 | 2235321 | 2235321 | 2235321 | 0.5% |
| 100356 - NRM Group | June 3, 2024 | 560540 | 560540 | 560540 | 0.1% |
| 100357 - NRM Group | June 3, 2024 | 1424743 | 1424743 | 1424743 | 0.3% |
| 100359 - NRM Group | June 3, 2024 | 1408324 | 1408324 | 1408324 | 0.3% |
| 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% |
| 102044 - Lian 166 Washington | October 7, 2024 | 1857724 | 1857724 | 1857724 | 0.4% |
| 102093 - Danva Prosper Fontanarosa Homes | June 10, 2024 | 1399659 | 1399659 | 1399659 | 0.3% |
| 102094 - Danva Prosper Fontanarosa Homes | June 10, 2024 | 1723026 | 1723026 | 1723026 | 0.4% |
| 102095 - Danva Prosper Fontanarosa Homes | June 10, 2024 | 1714260 | 1714260 | 1714260 | 0.4% |
| 102096 - Danva Prosper Fontanarosa Homes | June 10, 2024 | 1041208 | 1041208 | 1041208 | 0.2% |
| 102097 - Danva Prosper Fontanarosa Homes | June 10, 2024 | 1727640 | 1727640 | 1727640 | 0.4% |
| 102111 - Westlake Mountainview | June 10, 2024 | 3048193 | 3048193 | 3048193 | 0.7% |
| 102607 - 158 & 160 Eckerson | October 7, 2024 | 3023630 | 3023630 | 3023630 | 0.7% |
| 102608 - 158 & 160 Eckerson | October 7, 2024 | 2216766 | 2216766 | 2216766 | 0.5% |
| 102696 - 4798 NE 2nd Ave. | August 2, 2024 | 250000 | 250000 | 250000 | 0.1% |
| 102697 - 4798 NE 2nd Ave. | June 10, 2024 | 250000 | 250000 | 250000 | 0.1% |
| 102698 - 4798 NE 2nd Ave. | June 10, 2024 | 250000 | 250000 | 250000 | 0.1% |
| 103771 - Rhino Homes | July 23, 2024 | 1616126 | 1616126 | 1616126 | 0.4% |
| 103772 - Rhino Homes | July 23, 2024 | 1378773 | 1378773 | 1378773 | 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 | 4734004 | 4734004 | 4734004 | 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 | 1.0% |
| 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 | 1.0% |
| 104364 - RRCap - FA Shingletree | July 5, 2024 | 4369483 | 4369483 | 4369483 | 1.0% |
| 104480 - Elmer Avenue | July 23, 2024 | 2896108 | 2896108 | 2896108 | 0.7% |
| 104677 - Daest | July 23, 2024 | 785000 | 785000 | 785000 | 0.2% |
| 105003 - 43 Westwood | August 30, 2024 | 1259913 | 1259913 | 1259913 | 0.3% |
| 105004 - 43 Westwood | August 30, 2024 | 1615571 | 1615571 | 1615571 | 0.4% |
| 105005 - 43 Westwood | August 30, 2024 | 1505497 | 1505497 | 1505497 | 0.3% |
| 105006 - 43 Westwood | August 30, 2024 | 1499603 | 1499603 | 1499603 | 0.3% |
| 105261 - SeaScape Homes | October 7, 2024 | 2102571 | 2102571 | 2102571 | 0.5% |
| 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% |
| 107094 - Grande Vita Homes | December 11, 2024 | 834592 | 834592 | 834592 | 0.2% |
| 107180 - 902 8th St | August 30, 2024 | 358000 | 358000 | 358000 | 0.1% |
| 107836 - Mahi Mahi 935 | August 30, 2024 | 1399000 | 1399000 | 1399000 | 0.3% |
| 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 | 0.5% |
| 107997 - Mercado Rodriguez | September 12, 2024 | 102850 | 102850 | 102850 | 0.0% |
| 108167 - Lime Builders | October 7, 2024 | 1855533 | 1855533 | 1855533 | 0.4% |
| 108184 - Osprey Ocean | December 11, 2024 | 2605504 | 2605504 | 2605504 | 0.6% |
| 108203 - Kirkland 7 | January 24, 2025 | 1385000 | 1385000 | 1385000 | 0.3% |
| 108299 - WTM Construction | October 7, 2024 | 818214 | 818214 | 818214 | 0.2% |
| 108301 - WTM Construction | October 7, 2024 | 1622950 | 1622950 | 1622950 | 0.4% |
| 108402 - Eagle Rock 17 | November 5, 2024 | 2157631 | 2157631 | 2157631 | 0.5% |
| 108405 - Eagle Rock 17 | November 5, 2024 | 2292936 | 2292936 | 2292936 | 0.5% |
| 108408 - Eagle Rock 17 | November 5, 2024 | 1282239 | 1282239 | 1282239 | 0.3% |
| 108872 - Addison Hesby | December 11, 2024 | 2593750 | 2593750 | 2593750 | 0.6% |
| 109030 - VLC Construction & Design | October 7, 2024 | 234763 | 234763 | 234763 | 0.0% |
| 109339 - Scott Springs Assets | November 5, 2024 | 413496 | 413496 | 413496 | 0.1% |
| 109398 - 1515 Blake | November 5, 2024 | 1649489 | 1649489 | 1649489 | 0.4% |
| 109399 - 1515 Blake | November 5, 2024 | 1648694 | 1648694 | 1648694 | 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 | 478148 | 478148 | 478148 | 0.1% |
| 109697 - Loma Alta 10 | December 11, 2024 | 478148 | 478148 | 478148 | 0.1% |
| 109703 - Loma Alta 10 | December 11, 2024 | 478148 | 478148 | 478148 | 0.1% |
| 109704 - Loma Alta 10 | December 11, 2024 | 478148 | 478148 | 478148 | 0.1% |
| 110003 - 791 Crandon Holding 707 | October 7, 2024 | 3000000 | 3000000 | 3000000 | 0.7% |
| 110150 - Black Marlin Group | October 7, 2024 | 4312337 | 4312337 | 4312337 | 1.0% |
| 110234 - Mcdonie Properties | January 10, 2025 | 2177483 | 2177483 | 2177483 | 0.5% |
| 110342 - Bravo Builders Enterprises | January 24, 2025 | 2640654 | 2640654 | 2640654 | 0.6% |
| 110465 - TJR Development Inc. | December 11, 2024 | 1618281 | 1618281 | 1618281 | 0.4% |
| 110811 - 8935 Froude Ave | December 11, 2024 | 2311106 | 2311106 | 2311106 | 0.5% |
| 110815 - DaVinci Development | December 11, 2024 | 1381044 | 1381044 | 1381044 | 0.3% |
| 110820 - JT Real Estate Capital Group | January 10, 2025 | 2000000 | 2000000 | 2000000 | 0.5% |
| 111076 - Twenty | November 5, 2024 | 1792835 | 1792835 | 1792835 | 0.4% |
| 111792 - 88th Street Homes | January 24, 2025 | 766448 | 766448 | 766448 | 0.2% |
| 111834 - Red Cedar Development | December 11, 2024 | 1054794 | 1054794 | 1054794 | 0.2% |
| 111866 - Colfax District | December 11, 2024 | 3221605 | 3221605 | 3221605 | 0.7% |
| 111894 - Up Ruiz Investments | January 10, 2025 | 216128 | 216128 | 216128 | 0.0% |
| 112068 - Dwell LA | January 24, 2025 | 4561130 | 4561130 | 4561130 | 0.9% |
| 112135 - Twenty | November 5, 2024 | 1063852 | 1063852 | 1063852 | 0.2% |
| 112319 - 1120 Coronado CS | December 11, 2024 | 3543000 | 3543000 | 3543000 | 0.7% |
| 112430 - 31 Edward | January 24, 2025 | 2388717 | 2388717 | 2388717 | 0.5% |
| 112549 - Twenty | November 5, 2024 | 1063852 | 1063852 | 1063852 | 0.2% |
| 112558 - 44th Ave Developers | December 11, 2024 | 1569021 | 1569021 | 1569021 | 0.4% |
| 112559 - 44th Ave Developers | December 11, 2024 | 1793071 | 1793071 | 1793071 | 0.4% |
| 112598 - Villa Bello At Zona | December 11, 2024 | 2457657 | 2457657 | 2457657 | 0.6% |
| 112599 - Villa Bello At Zona | December 11, 2024 | 2249289 | 2249289 | 2249289 | 0.5% |
| 112961 - Veluva | December 11, 2024 | 420000 | 420000 | 420000 | 0.1% |
| 113734 - MF Real Estate Investment | January 10, 2025 | 1488944 | 1488944 | 1488944 | 0.3% |
| 113824 - Caterra Property 3 | January 10, 2025 | 1798509 | 1798509 | 1798509 | 0.4% |
| 114043 - 5913 Lubao Ave | January 10, 2025 | 1999263 | 1999263 | 1999263 | 0.5% |
| 114069 - 4940 Cherry | January 10, 2025 | 1670733 | 1670733 | 1670733 | 0.4% |
| 114071 - 3144 Elizabeth | January 10, 2025 | 2407225 | 2407225 | 2407225 | 0.6% |
| 114193 - 541 Normandy 2024 | January 24, 2025 | 1063886 | 1063886 | 1063886 | 0.2% |
| 114221 - CF 4942 Topanga | March 21, 2025 | 2390958 | 2390958 | 2390958 | 0.6% |
| 114521 - 599 Bayshore 2024 | January 10, 2025 | 1128639 | 1128639 | 1128639 | 0.3% |
| 114902 - Torre Projects | January 24, 2025 | 188123 | 188123 | 188123 | 0.0% |
| 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 | 1505289 | 1505289 | 1505289 | 0.3% |
| 114920 - Loitzk Batim 930 | January 10, 2025 | 789014 | 789014 | 789014 | 0.2% |
| 115004 - 2k Development | January 24, 2025 | 3569412 | 3569412 | 3569412 | 0.8% |
| 115011 - 4115 Shadyglade | April 17, 2025 | 2812500 | 2812500 | 2812500 | 0.6% |
| 115231 - Shoreline 940 | January 10, 2025 | 1882593 | 1882593 | 1882593 | 0.4% |
| 115378 - Buza Family Trust | January 10, 2025 | 1111000 | 1111000 | 1111000 | 0.3% |
| 115697 - Grey Collective | January 10, 2025 | 1997520 | 1997520 | 1997520 | 0.5% |
| 116028 - 12 Geneva St | January 10, 2025 | 1604256 | 1604256 | 1604256 | 0.4% |
| 116301 - Halona Development Group | January 24, 2025 | 194756 | 194756 | 194756 | 0.0% |
| 117241 - 1813-60 Binyan | March 21, 2025 | 3194728 | 3194728 | 3194728 | 0.7% |
| 117396 - Cygnus Construction | February 27, 2025 | 922678 | 922678 | 922678 | 0.2% |
| 117420 - BJB 1321 Management | February 27, 2025 | 2475000 | 2475000 | 2475000 | 0.6% |
| 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 | 1618016 | 1618016 | 1618016 | 0.4% |
| 117729 - Built Full Homes | April 17, 2025 | 211720 | 211720 | 211720 | 0.1% |
| 117775 - Solid Residences | February 27, 2025 | 211926 | 211926 | 211926 | 0.1% |
| 118026 - Holliday Homes | April 2, 2025 | 975800 | 975800 | 975800 | 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 | 4638235 | 4638235 | 4638235 | 1.0% |
| 118912 - North Fitzhugh LP | March 21, 2025 | 2239888 | 2239888 | 2239888 | 0.5% |
| 118929 - 842 Meadow Creek | March 21, 2025 | 1259318 | 1259318 | 1259318 | 0.3% |
| 119487 - CAP Housing | March 21, 2025 | 193500 | 193500 | 193500 | 0.0% |
| 119564 - R.I USA Multiservices | April 17, 2025 | 2669487 | 2669487 | 2669487 | 0.6% |
| 119622 - Parkside Homes | April 2, 2025 | 2099823 | 2099823 | 2099823 | 0.5% |
| 119640 - Valvera Investments | March 21, 2025 | 197274 | 197274 | 197274 | 0.0% |
| 120177 - Grey Collective | March 21, 2025 | 1578660 | 1578660 | 1578660 | 0.4% |
| 120181 - 75 NW 41 St. Holdings | April 2, 2025 | 2043558 | 2043558 | 2043558 | 0.5% |
| 120265 - N&B Real Estate Investment Group | March 21, 2025 | 170720 | 170720 | 170720 | 0.0% |
| 120373 - 46 Fayette | March 21, 2025 | 1674360 | 1674360 | 1674360 | 0.4% |
| 120798 - Basad | April 2, 2025 | 3060876 | 3060876 | 3060876 | 0.7% |
| 120806 - 4848 Fulton | April 17, 2025 | 1838040 | 1838040 | 1838040 | 0.4% |
| 121021 - Black Marlin Group | April 2, 2025 | 2604825 | 2604825 | 2604825 | 0.6% |
| 121026 - Sweet Home Advisors | April 17, 2025 | 2865000 | 2865000 | 2865000 | 0.7% |
| 121256 - Corenest Development | April 17, 2025 | 814977 | 814977 | 814977 | 0.2% |
| 121261 - Watson Recovery Enterprises | April 17, 2025 | 120220 | 120220 | 120220 | 0.0% |
| 121262 - LLG Enterprises | April 17, 2025 | 488910 | 488910 | 488910 | 0.1% |
| 121264 - Ground-up Customz / Empower Estates Customs | April 17, 2025 | 922250 | 922250 | 922250 | 0.2% |
| 121265 - Pelican Equity Partnership Inc. | April 17, 2025 | 297300 | 297300 | 297300 | 0.1% |
| 121266 - Vertex Custom Homes | April 17, 2025 | 520267 | 520267 | 520267 | 0.1% |
| 121268 - Hibernia Investment | April 17, 2025 | 970228 | 970228 | 970228 | 0.2% |
| 121644 - BJB 1321 Management | April 17, 2025 | 2520000 | 2520000 | 2520000 | 0.6% |
| 121664 - Platinum Enterprise | April 17, 2025 | 684000 | 684000 | 684000 | 0.2% |
| 121917 - Bidwell Commons Townhomes | April 17, 2025 | 1204900 | 1204900 | 1204900 | 0.3% |
| 122126 - Oak View Development | June 20, 2025 | 1875732 | 1875732 | 1875732 | 0.4% |
| 122718 - Dommus Construction Corp. | June 27, 2025 | 834600 | 834600 | 834600 | 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% |
| 123304 - Logos Homes | July 18, 2025 | 280000 | 280000 | 280000 | 0.1% |
| 123392 - 429 13th St. NE | May 2, 2025 | 6700000 | 6700000 | 6700000 | 1.4% |
| 123411 - RKAI Properties & Baruj Hashem | June 20, 2025 | 286461 | 286461 | 286461 | 0.1% |
| 123412 - Thirty Seven Sunrise | June 27, 2025 | 1849589 | 1849589 | 1849589 | 0.4% |
| 123469 - 5601 Fishburn | June 27, 2025 | 3514000 | 3514000 | 3514000 | 0.8% |
| 123488 - IDS Construction Company | June 20, 2025 | 1570986 | 1570986 | 1570986 | 0.4% |
| 123554 - Malo Development Company - Lakota | July 18, 2025 | 2109325 | 2109325 | 2109325 | 0.5% |
| 123565 - Duran USA Group | June 20, 2025 | 141239 | 141239 | 141239 | 0.0% |
| 123689 - VIP Homes | June 20, 2025 | 326663 | 326663 | 326663 | 0.1% |
| 123892 - 36 Cyril | June 27, 2025 | 945508 | 945508 | 945508 | 0.2% |
| 123893 - 36 Cyril | June 20, 2025 | 1023017 | 1023017 | 1023017 | 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 | 2655980 | 2655980 | 2655980 | 0.6% |
| 124118 - Mia Residences | June 27, 2025 | 1903592 | 1903592 | 1903592 | 0.4% |
| 124121 - Mia Residences | June 27, 2025 | 1843730 | 1843730 | 1843730 | 0.4% |
| 124588 - 4200 Chase | July 18, 2025 | 3008095 | 3008095 | 3008095 | 0.7% |
| 124779 - Bliss Fort Pierce | July 18, 2025 | 882928 | 882928 | 882928 | 0.2% |
| 124986 - Maas Rehab & Mary Ellen And Mary Lee | June 27, 2025 | 348500 | 348500 | 348500 | 0.1% |
| 125100 - 8717 S. Central | July 18, 2025 | 4416000 | 4416000 | 4416000 | 1.0% |
| 125112 - Toussaint Ateliers Residences | July 18, 2025 | 405000 | 405000 | 405000 | 0.1% |
| 125124 - 526 NW 15th Terr | June 27, 2025 | 254970 | 254970 | 254970 | 0.1% |
| 125125 - 634 NW 12th Ave | June 27, 2025 | 316338 | 316338 | 316338 | 0.1% |
| 125221 - Taku Construction | July 18, 2025 | 4412186 | 4412186 | 4412186 | 1.0% |
| 125229 - La Sabana | June 27, 2025 | 735276 | 735276 | 735276 | 0.2% |
| 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 | 1821145 | 1821145 | 1821145 | 0.4% |
| 125357 - 412 Woodcrest | October 24, 2025 | 2348776 | 2348776 | 2348776 | 0.5% |
| 125565 - M&J Pham Development | June 27, 2025 | 1667102 | 1667102 | 1667102 | 0.4% |
| 125570 - M&J Pham Development | June 27, 2025 | 3571750 | 3571750 | 3571750 | 0.8% |
| 125623 - Willa Mae Investments | June 27, 2025 | 1545492 | 1545492 | 1545492 | 0.4% |
| 125679 - Dara 1 Holdings | July 18, 2025 | 3078129 | 3078129 | 3078129 | 0.6% |
| 125774 - One Star Development | June 20, 2025 | 1560000 | 1560000 | 1560000 | 0.4% |
| 125848 - Highland Park 21 | July 18, 2025 | 3619868 | 3619868 | 3619868 | 0.7% |
| 126105 - B Life Capital 26 | June 20, 2025 | 1287000 | 1287000 | 1287000 | 0.3% |
| 126221 - JP&C Properties | July 18, 2025 | 2402947 | 2402947 | 2402947 | 0.6% |
| 126255 - Duran USA Group | July 18, 2025 | 208536 | 208536 | 208536 | 0.1% |
| 126273 - 859 Beacon | July 18, 2025 | 1667865 | 1667865 | 1667865 | 0.4% |
| 126281 - Douglas 10 | July 18, 2025 | 2170379 | 2170379 | 2170379 | 0.5% |
| 126291 - Multipropiedades Investments | July 18, 2025 | 169167 | 169167 | 169167 | 0.0% |
| 126387 - 321 North Lucerne | July 18, 2025 | 2590000 | 2590000 | 2590000 | 0.6% |
| 126394 - FlipWave Investments | July 18, 2025 | 525000 | 525000 | 525000 | 0.1% |
| 127039 - Blue Sky Builders | July 18, 2025 | 957454 | 957454 | 957454 | 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 | 244885 | 244885 | 244885 | 0.1% |
| 129766 - 608 Walker Road | October 24, 2025 | 293002 | 293002 | 293002 | 0.1% |
| 130333 - Sunpacific Partners | October 24, 2025 | 1802736 | 1802736 | 1802736 | 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 | 1240000 | 1240000 | 1240000 | 0.3% |
| 132384 - Humble Pride Lovedale LP | December 5, 2025 | 815473 | 815473 | 815473 | 0.2% |
| 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 | 757647 | 757647 | 757647 | 0.2% |
| 133115 - Amagansett South Holdings | December 5, 2025 | 2034434 | 2034434 | 2034434 | 0.5% |
| 133131 - The Brooks | March 4, 2026 | 1820000 | 1820000 | 1820000 | 0.4% |
| 133284 - Beachside Dev Holdings | October 24, 2025 | 1312920 | 1312920 | 1312920 | 0.3% |
| 133332 - Probiz Estate Investment HOL2 | October 24, 2025 | 3160000 | 3160000 | 3160000 | 0.6% |
| 133819 - Sanctuary Parcel 1 | February 20, 2026 | 1020216 | 1020216 | 1020216 | 0.2% |
| 133822 - Sanctuary Parcel 1 | December 5, 2025 | 1009091 | 1009091 | 1009091 | 0.2% |
| 133823 - Sanctuary Parcel 1 | December 5, 2025 | 1127432 | 1127432 | 1127432 | 0.3% |
| 133824 - Sanctuary Parcel 1 | December 5, 2025 | 1124526 | 1124526 | 1124526 | 0.3% |
| 133825 - Sanctuary Parcel 1 | February 20, 2026 | 1083434 | 1083434 | 1083434 | 0.3% |
| 133826 - Sanctuary Parcel 1 | December 5, 2025 | 1140443 | 1140443 | 1140443 | 0.3% |
| 133827 - Sanctuary Parcel 1 | December 5, 2025 | 1144780 | 1144780 | 1144780 | 0.3% |
| 133837 - Nuharbor Enterprises | February 20, 2026 | 142171 | 142171 | 142171 | 0.0% |
| 133874 - Magnolia PDI | December 5, 2025 | 1600754 | 1600754 | 1600754 | 0.4% |
| 134271 - OVB Encanto | February 20, 2026 | 2430000 | 2430000 | 2430000 | 0.6% |
| 134546 - Stocks and Investments | December 5, 2025 | 220500 | 220500 | 220500 | 0.1% |
| 134743 - Crestar Homes Corp | December 5, 2025 | 606000 | 606000 | 606000 | 0.1% |
| 134771 - XGlobal3 Investments | December 5, 2025 | 920000 | 920000 | 920000 | 0.2% |
| 134772 - Seither & Associates Investment Group and Ezyres | December 5, 2025 | 450615 | 450615 | 450615 | 0.1% |
| 134960 - Sole Manage Homes | March 19, 2026 | 210000 | 210000 | 210000 | 0.1% |
| 134970 - 2421 Webber | March 19, 2026 | 424732 | 424732 | 424732 | 0.1% |
| 134998 - 3A BC Homes | December 5, 2025 | 809887 | 809887 | 809887 | 0.2% |
| 134999 - 3A BC Homes | December 5, 2025 | 1067865 | 1067865 | 1067865 | 0.2% |
| 135023 - R&R Casitas | December 5, 2025 | 1177712 | 1177712 | 1177712 | 0.3% |
| 135184 - MK Real Estate Advisors | February 20, 2026 | 864500 | 864500 | 864500 | 0.2% |
| 135354 - 3216 Butler Bay | December 5, 2025 | 2339315 | 2339315 | 2339315 | 0.5% |
| 135442 - Treweek Construction | December 5, 2025 | 102708 | 102708 | 102708 | 0.0% |
| 135513 - Beachside Dev Holdings | December 5, 2025 | 1087873 | 1087873 | 1087873 | 0.3% |
| 135587 - Fenix-Orion | December 5, 2025 | 1418750 | 1418750 | 1418750 | 0.3% |
| 135718 - MHD Real Estate | December 5, 2025 | 485750 | 485750 | 485750 | 0.1% |
| 135978 - JM Partnership | March 19, 2026 | 636775 | 636775 | 636775 | 0.2% |
| 136236 - Grupo Monarca | February 20, 2026 | 601335 | 601335 | 601335 | 0.1% |
| 136341 - 12420 Killion St. | March 19, 2026 | 1300000 | 1300000 | 1300000 | 0.3% |
| 136820 - PJG Corporation | February 20, 2026 | 170000 | 170000 | 170000 | 0.0% |
| 137167 - Laso Homes | February 20, 2026 | 1200000 | 1200000 | 1200000 | 0.3% |
| 137649 - Druther Home Investments | March 19, 2026 | 32428 | 32428 | 32428 | 0.0% |
| 137736 - Ava Properties Investment | March 19, 2026 | 285475 | 285475 | 285475 | 0.1% |
| 137802 - Spire Builders | February 20, 2026 | 31143 | 31143 | 31143 | 0.0% |
| 138070 - Lot 14 Gulf Blvd 2025 | February 20, 2026 | 589380 | 589380 | 589380 | 0.1% |
| 138082 - Lot 15 Gulf Blvd 2025 | February 20, 2026 | 589380 | 589380 | 589380 | 0.1% |
| 138127 - Casa De Kai | March 19, 2026 | 211400 | 211400 | 211400 | 0.1% |
| 138136 - Sitton Pretty | March 4, 2026 | 376800 | 376800 | 376800 | 0.1% |
| 138375 - NAAKEF Sagecliffe | March 4, 2026 | 562500 | 562500 | 562500 | 0.1% |
| 138700 - Burien 10 | March 4, 2026 | 744702 | 744702 | 744702 | 0.2% |
| 138701 - Burien 10 | March 4, 2026 | 1412387 | 1412387 | 1412387 | 0.3% |
| 138702 - Burien 10 | March 4, 2026 | 1006897 | 1006897 | 1006897 | 0.2% |
| 138706 - Burien 10 | March 4, 2026 | 1103533 | 1103533 | 1103533 | 0.3% |
| 138912 - Drama Rose | March 4, 2026 | 720000 | 720000 | 720000 | 0.2% |
| 139043 - VP Developers | March 6, 2026 | 51800 | 51800 | 51800 | 0.0% |
| The Mall at Johnson City | November 24, 2025 | 14400000 | 14400000 | 14400000 | 3.3% |
| TL Mosaika | April 17, 2025 | 3224216 | 3224216 | 3224216 | 0.7% |
| TL Pepperell Mill | December 23, 2024 | 5601780 | 5601780 | 5601780 | 1.3% |
|  |  |  | $665911296 | $665911296 |  |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53212

  - **Telephone number:** 4142992270

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

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

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

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $739721302.84

**Total Liabilities:** $302980788.40

**Net Assets:** $436740514.44

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.68%                | 0.64%                | 0.55%                |

**Monthly Gains & Losses**

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

**Designated Index Information**

- **Index Name:** 0

- **Index Identifier:** 0

### Schedule of Portfolio Investments

| Name                                                      | Title                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 3412-02 - Imagine WV                                      | 3412-02 - Imagine WV                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1980162 | PA      | $1980162.14   | 0.45%             | 2026-07-24      | Variable      | 10.62%                | Yes           |                  3 | On Loan: No      |
| 3413 - MTP - Paseo Phase III Land                         | 3413 - MTP - Paseo Phase III Land                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4631540 | PA      | $4631540.16   | 1.06%             | 2027-03-21      | Variable      | 9.57%                 | Yes           |                  3 | On Loan: No      |
| 3422 - Wynwood                                            | 3422 - Wynwood                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4400000 | PA      | $4400000.00   | 1.01%             | 2027-03-21      | Variable      | 9.67%                 | Yes           |                  3 | On Loan: No      |
| 3424 - Colony 29 Palm Springs                             | 3424 - Colony 29 Palm Springs                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3000000.00   | 0.69%             | 2027-04-07      | Variable      | 10.00%                | Yes           |                  3 | On Loan: No      |
| 3434 - 1 Water Street                                     | 3434 - 1 Water Street                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3499999.98   | 0.80%             | 2027-04-29      | Variable      | 10.06%                | Yes           |                  3 | On Loan: No      |
| 3454 - 2nd & Steele                                       | 3454 - 2nd & Steele                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8496505 | PA      | $8496505.04   | 1.95%             | 2028-07-15      | Variable      | 9.33%                 | Yes           |                  3 | On Loan: No      |
| 3455J - 140 Hayground Cove Road Partners                  | 3455J - 140 Hayground Cove Road Partners                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3433517 | PA      | $3433517.34   | 0.79%             | 2026-07-30      | Variable      | 17.00%                | Yes           |                  3 | On Loan: No      |
| 3455S - 140 Hayground Cove Senior Partners                | 3455S - 140 Hayground Cove Senior Partners                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2452512 | PA      | $2452512.43   | 0.56%             | 2026-07-30      | Variable      | 9.97%                 | Yes           |                  3 | On Loan: No      |
| 3461 - Skyline Apartments                                 | 3461 - Skyline Apartments                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3500000.00   | 0.80%             | 2027-03-04      | Variable      | 9.47%                 | Yes           |                  3 | On Loan: No      |
| 3467 - 908 Gainesville Property Investors                 | 3467 - 908 Gainesville Property Investors                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1500000.00   | 0.34%             | 2027-10-20      | Variable      | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 3474 - 3532 CPB                                           | 3474 - 3532 CPB                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2135381 | PA      | $2135381.11   | 0.49%             | 2027-10-28      | Variable      | 8.67%                 | Yes           |                  3 | On Loan: No      |
| 3479 - Fisher Land                                        | 3479 - Fisher Land                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    871008 | PA      | $871007.53    | 0.20%             | 2027-11-25      | Variable      | 8.67%                 | Yes           |                  3 | On Loan: No      |
| 3483 - Aventura Harbor Property                           | 3483 - Aventura Harbor Property                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.23%             | 2026-12-16      | Variable      | 8.67%                 | Yes           |                  3 | On Loan: No      |
| 3487 - 54 W 22nd                                          | 3487 - 54 W 22nd                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    454067 | PA      | $454067.40    | 0.10%             | 2028-01-29      | Variable      | 8.67%                 | Yes           |                  3 | On Loan: No      |
| 3499 - Meta 1870                                          | 3499 - Meta 1870                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1363636 | PA      | $1363636.36   | 0.31%             | 2027-03-13      | Variable      | 8.12%                 | Yes           |                  3 | On Loan: No      |
| 3504 - ST Sky                                             | 3504 - ST Sky                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $500000.00    | 0.11%             | 2027-03-30      | Variable      | 9.01%                 | Yes           |                  3 | On Loan: No      |
| TL Pepperell Mill                                         | TL Pepperell Mill                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5601780 | PA      | $5601779.78   | 1.28%             | 2026-12-23      | Variable      | 19.06%                | Yes           |                  3 | On Loan: No      |
| Fidelity Government Portfolio                             | Fidelity Government Portfolio, Class Institutional        | CUSIP: 316175108<br>LEI: 549300FQDFZGLUOCWN51 | Long             | STIV             | RF                | US        |  25372748 | PA      | $25372748.20  | 5.81%             |  |  |  | No            |                  1 | On Loan: No      |
| The Mall at Johnson City                                  | The Mall at Johnson City                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  14400000 | PA      | $14400000.00  | 3.30%             | 2028-11-24      | Variable      | 10.98%                | Yes           |                  3 | On Loan: No      |
| TL Mosaika                                                | TL Mosaika                                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3224216 | PA      | $3224216.35   | 0.74%             | 2026-04-30      | Variable      | 13.34%                | Yes           |                  3 | On Loan: No      |
| 3303 - 150 Lefferts                                       | 3303 - 150 Lefferts                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3470000 | PA      | $3470000.00   | 0.79%             | 2026-04-30      | Variable      | 10.00%                | Yes           |                  3 | On Loan: No      |
| 3314 - VM Equities                                        | 3314 - VM Equities                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    884520 | PA      | $884520.00    | 0.20%             | 2026-08-31      | Variable      | 9.75%                 | Yes           |                  3 | On Loan: No      |
| 3326 - Elgny                                              | 3326 - Elgny                                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230769 | PA      | $230769.24    | 0.05%             | 2026-04-07      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| 3333 - McRopp New York Royal44                            | 3333 - McRopp New York Royal44                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12500000 | PA      | $12500000.00  | 2.86%             | 2026-08-30      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| 3335 - Cromwell Inwood                                    | 3335 - Cromwell Inwood                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1300000.00   | 0.30%             | 2026-05-27      | Fixed         | 10.83%                | Yes           |                  3 | On Loan: No      |
| 3340 - San Antonio Palo Alto                              | 3340 - San Antonio Palo Alto                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3200000 | PA      | $3199999.95   | 0.73%             | 2026-06-15      | Fixed         | 11.50%                | Yes           |                  3 | On Loan: No      |
| 3341 - Ferncroft                                          | 3341 - Ferncroft                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4000000 | PA      | $4000000.00   | 0.92%             | 2026-12-18      | Fixed         | 10.50%                | Yes           |                  3 | On Loan: No      |
| 3344 - 1600 North 11                                      | 3344 - 1600 North 11                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12400000 | PA      | $12400000.00  | 2.84%             | 2026-04-26      | Fixed         | 10.75%                | Yes           |                  3 | On Loan: No      |
| 3349 - Hillcrest Cedar Property Owner                     | 3349 - Hillcrest Cedar Property Owner                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6590000 | PA      | $6590000.00   | 1.51%             | 2026-07-09      | Variable      | 10.75%                | Yes           |                  3 | On Loan: No      |
| 3356 - GK West 47th                                       | 3356 - GK West 47th                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5989965 | PA      | $5989965.25   | 1.37%             | 2026-06-07      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| 3358-01 - 123 Speer Owner                                 | 3358-01 - 123 Speer Owner                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3975697 | PA      | $3975696.76   | 0.91%             | 2026-09-19      | Variable      | 10.25%                | Yes           |                  3 | On Loan: No      |
| 3359-01 - Nalskihouse MT                                  | 3359-01 - Nalskihouse MT                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4791853 | PA      | $4791852.56   | 1.10%             | 2026-11-01      | Fixed         | 11.00%                | Yes           |                  3 | On Loan: No      |
| 3360-01 - JC Roxy                                         | 3360-01 - JC Roxy                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3500000.00   | 0.80%             | 2027-03-22      | Fixed         | 10.58%                | Yes           |                  3 | On Loan: No      |
| 3368-04 - Carlisle New York Apartments                    | 3368-04 - Carlisle New York Apartments                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  54100067 | PA      | $54100067.37  | 12.39%            | 2026-05-08      | Variable      | 6.04%                 | Yes           |                  3 | On Loan: No      |
| 3371-01 - Greyhawk SSOF Ruckus Lender                     | 3371-01 - Greyhawk SSOF Ruckus Lender                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11500000 | PA      | $11500000.00  | 2.63%             | 2026-05-10      | Variable      | 9.50%                 | Yes           |                  3 | On Loan: No      |
| 3372 - 3151 NF Owner                                      | 3372 - 3151 NF Owner                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2500000.00   | 0.57%             | 2026-06-05      | Variable      | 10.57%                | Yes           |                  3 | On Loan: No      |
| 3391 - ZDJ W 37                                           | 3391 - ZDJ W 37                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15045843 | PA      | $15045843.01  | 3.45%             | 2027-03-04      | Variable      | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 3394 - Sunnyvale Park Place                               | 3394 - Sunnyvale Park Place                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $6000000.00   | 1.37%             | 2027-09-17      | Variable      | 8.67%                 | Yes           |                  3 | On Loan: No      |
| 3397 - 33 Alhambra Circle                                 | 3397 - 33 Alhambra Circle                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2900000 | PA      | $2900000.00   | 0.66%             | 2026-04-20      | Variable      | 10.54%                | Yes           |                  3 | On Loan: No      |
| 3398 - 305 Briny                                          | 3398 - 305 Briny                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2525581 | PA      | $2525580.74   | 0.58%             | 2026-09-27      | Variable      | 10.00%                | Yes           |                  3 | On Loan: No      |
| 3399 - BH3 Malibu                                         | 3399 - BH3 Malibu                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5446536 | PA      | $5446535.80   | 1.25%             | 2026-10-30      | Variable      | 8.67%                 | Yes           |                  3 | On Loan: No      |
| 3403 - Rosslyn Senior Participation                       | 3403 - Rosslyn Senior Participation                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3986864 | PA      | $3986864.23   | 0.91%             | 2026-12-10      | Variable      | 10.00%                | Yes           |                  3 | On Loan: No      |
| 3412 - Imagine WV                                         | 3412 - Imagine WV                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6095000 | PA      | $6094999.90   | 1.40%             | 2026-07-24      | Variable      | 10.62%                | Yes           |                  3 | On Loan: No      |
| 98258 - 1740 PCDEV                                        | 98258 - 1740 PCDEV                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4514831 | PA      | $4514830.51   | 1.03%             | 2025-11-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 98767 - 426 E. 17th St.                                   | 98767 - 426 E. 17th St.                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1665039 | PA      | $1665039.42   | 0.38%             | 2026-05-01      | Fixed         | 10.12%                | Yes           |                  3 | On Loan: No      |
| 98769 - 1292 Beauregard                                   | 98769 - 1292 Beauregard                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1437192 | PA      | $1437192.13   | 0.33%             | 2025-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 98771 - 1292 Beauregard                                   | 98771 - 1292 Beauregard                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1400383 | PA      | $1400382.94   | 0.32%             | 2025-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 102044 - Lian 166 Washington                              | 102044 - Lian 166 Washington                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1857724 | PA      | $1857724.33   | 0.43%             | 2026-04-01      | Fixed         | 9.25%                 | Yes           |                  3 | On Loan: No      |
| 102093 - Danva Prosper Fontanarosa Homes                  | 102093 - Danva Prosper Fontanarosa Homes                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1399659 | PA      | $1399658.63   | 0.32%             | 2026-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 117679 - Vault Money Investments                          | 117679 - Vault Money Investments                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2144720 | PA      | $2144720.00   | 0.49%             | 2026-03-01      | Fixed         | 8.86%                 | Yes           |                  3 | On Loan: No      |
| 117712 - RR 2710 Development Group                        | 117712 - RR 2710 Development Group                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1618016 | PA      | $1618016.45   | 0.37%             | 2026-09-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 120798 - Basad                                            | 120798 - Basad                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3060876 | PA      | $3060876.33   | 0.70%             | 2026-10-01      | Fixed         | 8.72%                 | Yes           |                  3 | On Loan: No      |
| 120806 - 4848 Fulton                                      | 120806 - 4848 Fulton                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1838040 | PA      | $1838040.47   | 0.42%             | 2026-11-01      | Fixed         | 8.97%                 | Yes           |                  3 | On Loan: No      |
| 121256 - Corenest Development                             | 121256 - Corenest Development                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    814977 | PA      | $814977.00    | 0.19%             | 2026-06-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121021 - Black Marlin Group                               | 121021 - Black Marlin Group                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2604825 | PA      | $2604825.00   | 0.60%             | 2026-10-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 123488 - IDS Construction Company                         | 123488 - IDS Construction Company                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1570986 | PA      | $1570986.13   | 0.36%             | 2026-06-01      | Fixed         | 9.24%                 | Yes           |                  3 | On Loan: No      |
| 123554 - Malo Development Company - Lakota                | 123554 - Malo Development Company - Lakota                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2109325 | PA      | $2109325.46   | 0.48%             | 2027-01-01      | Fixed         | 8.96%                 | Yes           |                  3 | On Loan: No      |
| 123565 - Duran USA Group                                  | 123565 - Duran USA Group                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    141239 | PA      | $141239.44    | 0.03%             | 2026-12-01      | Fixed         | 9.30%                 | Yes           |                  3 | On Loan: No      |
| 123689 - VIP Homes                                        | 123689 - VIP Homes                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    326663 | PA      | $326662.76    | 0.07%             | 2026-08-01      | Fixed         | 9.11%                 | Yes           |                  3 | On Loan: No      |
| 135442 - Treweek Construction                             | 135442 - Treweek Construction                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102708 | PA      | $102708.18    | 0.02%             | 2026-12-01      | Fixed         | 8.14%                 | Yes           |                  3 | On Loan: No      |
| 135513 - Beachside Dev Holdings                           | 135513 - Beachside Dev Holdings                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1087873 | PA      | $1087872.79   | 0.25%             | 2027-03-01      | Fixed         | 8.14%                 | Yes           |                  3 | On Loan: No      |
| 135587 - Fenix-Orion                                      | 135587 - Fenix-Orion                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1418750 | PA      | $1418750.00   | 0.32%             | 2026-12-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 135718 - MHD Real Estate                                  | 135718 - MHD Real Estate                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    485750 | PA      | $485750.00    | 0.11%             | 2026-12-01      | Fixed         | 8.14%                 | Yes           |                  3 | On Loan: No      |
| 135978 - JM Partnership                                   | 135978 - JM Partnership                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    636775 | PA      | $636774.62    | 0.15%             | 2027-04-01      | Fixed         | 8.58%                 | Yes           |                  3 | On Loan: No      |
| 136236 - Grupo Monarca                                    | 136236 - Grupo Monarca                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    601335 | PA      | $601335.15    | 0.14%             | 2027-01-01      | Fixed         | 8.33%                 | Yes           |                  3 | On Loan: No      |
| 136341 - 12420 Killion St.                                | 136341 - 12420 Killion St.                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1300000 | PA      | $1300000.00   | 0.30%             | 2027-04-01      | Fixed         | 8.08%                 | Yes           |                  3 | On Loan: No      |
| 136820 - PJG Corporation                                  | 136820 - PJG Corporation                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170000 | PA      | $170000.00    | 0.04%             | 2027-02-01      | Fixed         | 8.21%                 | Yes           |                  3 | On Loan: No      |
| 137167 - Laso Homes                                       | 137167 - Laso Homes                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1200000 | PA      | $1200000.00   | 0.27%             | 2027-06-01      | Fixed         | 8.21%                 | Yes           |                  3 | On Loan: No      |
| 137649 - Druther Home Investments                         | 137649 - Druther Home Investments                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32428 | PA      | $32428.00     | 0.01%             | 2027-06-01      | Fixed         | 8.08%                 | Yes           |                  3 | On Loan: No      |
| 137736 - Ava Properties Investment                        | 137736 - Ava Properties Investment                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    285475 | PA      | $285475.00    | 0.07%             | 2027-03-01      | Fixed         | 7.91%                 | Yes           |                  3 | On Loan: No      |
| 137802 - Spire Builders                                   | 137802 - Spire Builders                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     31143 | PA      | $31143.00     | 0.01%             | 2027-05-01      | Fixed         | 8.27%                 | Yes           |                  3 | On Loan: No      |
| 138070 - Lot 14 Gulf Blvd 2025                            | 138070 - Lot 14 Gulf Blvd 2025                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    589380 | PA      | $589379.96    | 0.13%             | 2028-03-01      | Fixed         | 8.33%                 | Yes           |                  3 | On Loan: No      |
| 138082 - Lot 15 Gulf Blvd 2025                            | 138082 - Lot 15 Gulf Blvd 2025                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    589380 | PA      | $589379.96    | 0.13%             | 2028-03-01      | Fixed         | 8.33%                 | Yes           |                  3 | On Loan: No      |
| 138701 - Burien 10                                        | 138701 - Burien 10                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1412387 | PA      | $1412386.69   | 0.32%             | 2027-03-01      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| 138702 - Burien 10                                        | 138702 - Burien 10                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1006897 | PA      | $1006896.95   | 0.23%             | 2027-03-01      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| 138706 - Burien 10                                        | 138706 - Burien 10                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1103533 | PA      | $1103533.01   | 0.25%             | 2027-03-01      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| 138127 - Casa De Kai                                      | 138127 - Casa De Kai                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    211400 | PA      | $211400.00    | 0.05%             | 2027-03-01      | Fixed         | 8.21%                 | Yes           |                  3 | On Loan: No      |
| 138136 - Sitton Pretty                                    | 138136 - Sitton Pretty                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    376800 | PA      | $376800.00    | 0.09%             | 2027-09-01      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| 102094 - Danva Prosper Fontanarosa Homes                  | 102094 - Danva Prosper Fontanarosa Homes                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1723026 | PA      | $1723025.66   | 0.39%             | 2026-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 102095 - Danva Prosper Fontanarosa Homes                  | 102095 - Danva Prosper Fontanarosa Homes                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1714260 | PA      | $1714259.56   | 0.39%             | 2026-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 102096 - Danva Prosper Fontanarosa Homes                  | 102096 - Danva Prosper Fontanarosa Homes                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1041208 | PA      | $1041207.56   | 0.24%             | 2026-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 102097 - Danva Prosper Fontanarosa Homes                  | 102097 - Danva Prosper Fontanarosa Homes                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1727640 | PA      | $1727640.30   | 0.40%             | 2026-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 102111 - Westlake Mountainview                            | 102111 - Westlake Mountainview                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3048193 | PA      | $3048192.54   | 0.70%             | 2026-01-01      | Fixed         | 10.12%                | Yes           |                  3 | On Loan: No      |
| 102607 - 158 & 160 Eckerson                               | 102607 - 158 & 160 Eckerson                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3023630 | PA      | $3023630.00   | 0.69%             | 2026-04-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 102608 - 158 & 160 Eckerson                               | 102608 - 158 & 160 Eckerson                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2216766 | PA      | $2216765.90   | 0.51%             | 2026-04-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 102696 - 4798 NE 2nd Ave.                                 | 102696 - 4798 NE 2nd Ave.                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250000.00    | 0.06%             | 2026-07-01      | Fixed         | 9.56%                 | Yes           |                  3 | On Loan: No      |
| 102697 - 4798 NE 2nd Ave.                                 | 102697 - 4798 NE 2nd Ave.                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250000.00    | 0.06%             | 2026-07-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 102698 - 4798 NE 2nd Ave.                                 | 102698 - 4798 NE 2nd Ave.                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250000.00    | 0.06%             | 2026-07-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 103771 - Rhino Homes                                      | 103771 - Rhino Homes                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1616126 | PA      | $1616126.16   | 0.37%             | 2026-07-01      | Fixed         | 10.06%                | Yes           |                  3 | On Loan: No      |
| 103772 - Rhino Homes                                      | 103772 - Rhino Homes                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1378773 | PA      | $1378773.02   | 0.32%             | 2026-03-01      | Fixed         | 10.06%                | Yes           |                  3 | On Loan: No      |
| 103980 - KPI Equity Holdings I                            | 103980 - KPI Equity Holdings I                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    495498 | PA      | $495498.42    | 0.11%             | 2026-02-01      | Fixed         | 9.69%                 | Yes           |                  3 | On Loan: No      |
| 104356 - RRCap - FA Shingletree                           | 104356 - RRCap - FA Shingletree                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4741821 | PA      | $4741821.00   | 1.09%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104357 - RRCap - FA Shingletree                           | 104357 - RRCap - FA Shingletree                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4734004 | PA      | $4734003.82   | 1.08%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104358 - RRCap - FA Shingletree                           | 104358 - RRCap - FA Shingletree                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4741821 | PA      | $4741821.00   | 1.09%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104359 - RRCap - FA Shingletree                           | 104359 - RRCap - FA Shingletree                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4197917 | PA      | $4197917.00   | 0.96%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104360 - RRCap - FA Shingletree                           | 104360 - RRCap - FA Shingletree                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4570253 | PA      | $4570253.00   | 1.05%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104361 - RRCap - FA Shingletree                           | 104361 - RRCap - FA Shingletree                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4741821 | PA      | $4741821.00   | 1.09%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 105006 - 43 Westwood                                      | 105006 - 43 Westwood                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1499603 | PA      | $1499603.19   | 0.34%             | 2026-08-01      | Fixed         | 9.81%                 | Yes           |                  3 | On Loan: No      |
| 105261 - SeaScape Homes                                   | 105261 - SeaScape Homes                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2102571 | PA      | $2102570.67   | 0.48%             | 2026-04-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 104480 - Elmer Avenue                                     | 104480 - Elmer Avenue                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2896108 | PA      | $2896108.25   | 0.66%             | 2026-02-01      | Fixed         | 9.81%                 | Yes           |                  3 | On Loan: No      |
| 104677 - Daest                                            | 104677 - Daest                                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    785000 | PA      | $785000.00    | 0.18%             | 2026-07-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| 105003 - 43 Westwood                                      | 105003 - 43 Westwood                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1259913 | PA      | $1259913.23   | 0.29%             | 2026-08-01      | Fixed         | 9.81%                 | Yes           |                  3 | On Loan: No      |
| 105004 - 43 Westwood                                      | 105004 - 43 Westwood                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1615571 | PA      | $1615571.18   | 0.37%             | 2026-08-01      | Fixed         | 9.81%                 | Yes           |                  3 | On Loan: No      |
| 105366 - Rhino Homes                                      | 105366 - Rhino Homes                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1235000 | PA      | $1235000.00   | 0.28%             | 2026-02-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| 105459 - Oleduga                                          | 105459 - Oleduga                                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    259000 | PA      | $259000.00    | 0.06%             | 2026-08-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 105880 - B Cove Investments                               | 105880 - B Cove Investments                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2100000 | PA      | $2100000.00   | 0.48%             | 2026-03-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 106533 - Eagle OZB I                                      | 106533 - Eagle OZB I                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $780000.00    | 0.18%             | 2026-03-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 106536 - Eagle OZB I                                      | 106536 - Eagle OZB I                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $780000.00    | 0.18%             | 2026-03-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 106538 - Eagle OZB I                                      | 106538 - Eagle OZB I                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    780000 | PA      | $780000.00    | 0.18%             | 2026-03-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 106767 - Torre Projects                                   | 106767 - Torre Projects                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    286148 | PA      | $286147.91    | 0.07%             | 2026-08-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 107094 - Grande Vita Homes                                | 107094 - Grande Vita Homes                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    834592 | PA      | $834591.54    | 0.19%             | 2026-05-01      | Fixed         | 9.43%                 | Yes           |                  3 | On Loan: No      |
| 107180 - 902 8th St                                       | 107180 - 902 8th St                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    358000 | PA      | $358000.00    | 0.08%             | 2026-02-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| 107836 - Mahi Mahi 935                                    | 107836 - Mahi Mahi 935                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1399000 | PA      | $1399000.00   | 0.32%             | 2026-03-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| 107982 - Nextgen Eaglerock 13                             | 107982 - Nextgen Eaglerock 13                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1656684 | PA      | $1656684.00   | 0.38%             | 2026-04-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 107983 - Nextgen Eaglerock 13                             | 107983 - Nextgen Eaglerock 13                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1684816 | PA      | $1684816.00   | 0.39%             | 2026-04-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 107986 - Nextgen Eaglerock 13                             | 107986 - Nextgen Eaglerock 13                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2429722 | PA      | $2429722.00   | 0.56%             | 2026-04-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 108299 - WTM Construction                                 | 108299 - WTM Construction                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    818214 | PA      | $818213.55    | 0.19%             | 2026-04-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 108301 - WTM Construction                                 | 108301 - WTM Construction                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1622950 | PA      | $1622950.27   | 0.37%             | 2026-04-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 108402 - Eagle Rock 17                                    | 108402 - Eagle Rock 17                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2157631 | PA      | $2157631.08   | 0.49%             | 2026-05-01      | Fixed         | 9.56%                 | Yes           |                  3 | On Loan: No      |
| 108405 - Eagle Rock 17                                    | 108405 - Eagle Rock 17                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2292936 | PA      | $2292935.68   | 0.53%             | 2026-05-01      | Fixed         | 9.56%                 | Yes           |                  3 | On Loan: No      |
| 108408 - Eagle Rock 17                                    | 108408 - Eagle Rock 17                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1282239 | PA      | $1282239.43   | 0.29%             | 2026-05-01      | Fixed         | 9.56%                 | Yes           |                  3 | On Loan: No      |
| 108872 - Addison Hesby                                    | 108872 - Addison Hesby                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2593750 | PA      | $2593750.12   | 0.59%             | 2026-03-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 109030 - VLC Construction & Design                        | 109030 - VLC Construction & Design                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    234763 | PA      | $234762.86    | 0.05%             | 2026-04-01      | Fixed         | 9.19%                 | Yes           |                  3 | On Loan: No      |
| 109697 - Loma Alta 10                                     | 109697 - Loma Alta 10                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    478148 | PA      | $478147.97    | 0.11%             | 2026-06-01      | Fixed         | 9.68%                 | Yes           |                  3 | On Loan: No      |
| 109450 - Kent 9                                           | 109450 - Kent 9                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    566000 | PA      | $566000.00    | 0.13%             | 2026-09-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 109696 - Loma Alta 10                                     | 109696 - Loma Alta 10                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    478148 | PA      | $478147.97    | 0.11%             | 2026-06-01      | Fixed         | 9.68%                 | Yes           |                  3 | On Loan: No      |
| 109339 - Scott Springs Assets                             | 109339 - Scott Springs Assets                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    413496 | PA      | $413496.10    | 0.09%             | 2026-05-01      | Fixed         | 9.19%                 | Yes           |                  3 | On Loan: No      |
| 109398 - 1515 Blake                                       | 109398 - 1515 Blake                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1649489 | PA      | $1649489.20   | 0.38%             | 2026-05-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 109399 - 1515 Blake                                       | 109399 - 1515 Blake                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1648694 | PA      | $1648693.60   | 0.38%             | 2026-05-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 109448 - Kent 9                                           | 109448 - Kent 9                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    566000 | PA      | $566000.00    | 0.13%             | 2026-09-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 109703 - Loma Alta 10                                     | 109703 - Loma Alta 10                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    478148 | PA      | $478147.97    | 0.11%             | 2026-06-01      | Fixed         | 9.68%                 | Yes           |                  3 | On Loan: No      |
| 109704 - Loma Alta 10                                     | 109704 - Loma Alta 10                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    478148 | PA      | $478147.97    | 0.11%             | 2026-06-01      | Fixed         | 9.68%                 | Yes           |                  3 | On Loan: No      |
| 110003 - 791 Crandon Holding 707                          | 110003 - 791 Crandon Holding 707                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3000000.00   | 0.69%             | 2026-10-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 110150 - Black Marlin Group                               | 110150 - Black Marlin Group                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4312337 | PA      | $4312337.49   | 0.99%             | 2026-04-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 110234 - Mcdonie Properties                               | 110234 - Mcdonie Properties                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2177483 | PA      | $2177483.00   | 0.50%             | 2026-04-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 110820 - JT Real Estate Capital Group                     | 110820 - JT Real Estate Capital Group                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2000000.00   | 0.46%             | 2026-05-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 111076 - Twenty                                           | 111076 - Twenty                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1792834 | PA      | $1792834.50   | 0.41%             | 2026-05-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 111792 - 88th Street Homes                                | 111792 - 88th Street Homes                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    766448 | PA      | $766448.04    | 0.18%             | 2026-07-01      | Fixed         | 9.48%                 | Yes           |                  3 | On Loan: No      |
| 111834 - Red Cedar Development                            | 111834 - Red Cedar Development                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1054794 | PA      | $1054794.00   | 0.24%             | 2026-11-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 111866 - Colfax District                                  | 111866 - Colfax District                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3221605 | PA      | $3221605.00   | 0.74%             | 2026-06-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 111894 - Up Ruiz Investments                              | 111894 - Up Ruiz Investments                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    216128 | PA      | $216128.23    | 0.05%             | 2026-07-01      | Fixed         | 9.29%                 | Yes           |                  3 | On Loan: No      |
| 112068 - Dwell LA                                         | 112068 - Dwell LA                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4561130 | PA      | $4561129.70   | 1.04%             | 2026-07-01      | Fixed         | 8.79%                 | Yes           |                  3 | On Loan: No      |
| 112135 - Twenty                                           | 112135 - Twenty                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1063852 | PA      | $1063852.43   | 0.24%             | 2026-05-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 112319 - 1120 Coronado CS                                 | 112319 - 1120 Coronado CS                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3543000 | PA      | $3543000.00   | 0.81%             | 2026-01-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 112430 - 31 Edward                                        | 112430 - 31 Edward                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2388717 | PA      | $2388717.25   | 0.55%             | 2027-02-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 112549 - Twenty                                           | 112549 - Twenty                                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1063852 | PA      | $1063852.44   | 0.24%             | 2026-05-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 112558 - 44th Ave Developers                              | 112558 - 44th Ave Developers                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1569021 | PA      | $1569021.32   | 0.36%             | 2026-05-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 112559 - 44th Ave Developers                              | 112559 - 44th Ave Developers                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1793071 | PA      | $1793070.64   | 0.41%             | 2026-05-01      | Fixed         | 8.87%                 | Yes           |                  3 | On Loan: No      |
| 112598 - Villa Bello At Zona                              | 112598 - Villa Bello At Zona                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2457657 | PA      | $2457657.00   | 0.56%             | 2026-12-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 112599 - Villa Bello At Zona                              | 112599 - Villa Bello At Zona                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2249289 | PA      | $2249289.14   | 0.52%             | 2026-12-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 114193 - 541 Normandy 2024                                | 114193 - 541 Normandy 2024                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1063886 | PA      | $1063885.50   | 0.24%             | 2026-06-01      | Fixed         | 8.79%                 | Yes           |                  3 | On Loan: No      |
| 114069 - 4940 Cherry                                      | 114069 - 4940 Cherry                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1670733 | PA      | $1670733.11   | 0.38%             | 2026-06-01      | Fixed         | 9.04%                 | Yes           |                  3 | On Loan: No      |
| 114071 - 3144 Elizabeth                                   | 114071 - 3144 Elizabeth                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2407225 | PA      | $2407225.44   | 0.55%             | 2026-07-01      | Fixed         | 8.85%                 | Yes           |                  3 | On Loan: No      |
| 112961 Veluva                                             | 112961 Veluva                                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    420000 | PA      | $420000.00    | 0.10%             | 2026-12-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 123892 - 36 Cyril                                         | 123892 - 36 Cyril                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    945508 | PA      | $945508.38    | 0.22%             | 2027-06-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 123893 - 36 Cyril                                         | 123893 - 36 Cyril                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1023017 | PA      | $1023016.55   | 0.23%             | 2027-06-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 123904 - Habitus Coconut Grove F1-C                       | 123904 - Habitus Coconut Grove F1-C                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2579500 | PA      | $2579500.00   | 0.59%             | 2026-07-01      | Fixed         | 8.99%                 | Yes           |                  3 | On Loan: No      |
| 123913 - 30 NW 59 Street Investment                       | 123913 - 30 NW 59 Street Investment                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1724623 | PA      | $1724623.43   | 0.39%             | 2027-01-01      | Fixed         | 9.49%                 | Yes           |                  3 | On Loan: No      |
| 124038 - Virginia Ct Campbell                             | 124038 - Virginia Ct Campbell                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2655980 | PA      | $2655979.62   | 0.61%             | 2026-10-01      | Fixed         | 8.96%                 | Yes           |                  3 | On Loan: No      |
| 133824 - Sanctuary Parcel 1                               | 133824 - Sanctuary Parcel 1                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1124526 | PA      | $1124526.47   | 0.26%             | 2027-03-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| 133827 - Sanctuary Parcel 1                               | 133827 - Sanctuary Parcel 1                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1144780 | PA      | $1144780.39   | 0.26%             | 2027-03-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| 133825 - Sanctuary Parcel 1                               | 133825 - Sanctuary Parcel 1                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1083434 | PA      | $1083433.52   | 0.25%             | 2027-04-01      | Fixed         | 8.33%                 | Yes           |                  3 | On Loan: No      |
| 133826 - Sanctuary Parcel 1                               | 133826 - Sanctuary Parcel 1                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1140443 | PA      | $1140443.17   | 0.26%             | 2027-03-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| 133837 - Nuharbor Enterprises                             | 133837 - Nuharbor Enterprises                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    142171 | PA      | $142170.73    | 0.03%             | 2027-01-01      | Fixed         | 8.33%                 | Yes           |                  3 | On Loan: No      |
| 133874 - Magnolia PDI                                     | 133874 - Magnolia PDI                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1600754 | PA      | $1600753.82   | 0.37%             | 2027-03-01      | Fixed         | 8.64%                 | Yes           |                  3 | On Loan: No      |
| 134271 - OVB Encanto                                      | 134271 - OVB Encanto                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2430000 | PA      | $2430000.00   | 0.56%             | 2027-01-01      | Fixed         | 7.96%                 | Yes           |                  3 | On Loan: No      |
| 134546 - Stocks and Investments                           | 134546 - Stocks and Investments                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    220500 | PA      | $220500.00    | 0.05%             | 2027-03-01      | Fixed         | 8.26%                 | Yes           |                  3 | On Loan: No      |
| 134743 - Crestar Homes Corp                               | 134743 - Crestar Homes Corp                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    606000 | PA      | $606000.00    | 0.14%             | 2027-12-01      | Fixed         | 8.64%                 | Yes           |                  3 | On Loan: No      |
| 134771 - XGlobal3 Investments                             | 134771 - XGlobal3 Investments                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    920000 | PA      | $920000.00    | 0.21%             | 2027-06-01      | Fixed         | 8.51%                 | Yes           |                  3 | On Loan: No      |
| 134772 - Seither & Associates Investment Group and Ezyres | 134772 - Seither & Associates Investment Group and Ezyres | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    450615 | PA      | $450614.77    | 0.10%             | 2027-06-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| 134960 - Sole Manage Homes                                | 134960 - Sole Manage Homes                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    210000 | PA      | $210000.00    | 0.05%             | 2027-01-01      | Fixed         | 8.21%                 | Yes           |                  3 | On Loan: No      |
| 134970 - 2421 Webber                                      | 134970 - 2421 Webber                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    424732 | PA      | $424731.71    | 0.10%             | 2027-07-01      | Fixed         | 8.08%                 | Yes           |                  3 | On Loan: No      |
| 134998 - 3A BC Homes                                      | 134998 - 3A BC Homes                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    809887 | PA      | $809886.65    | 0.19%             | 2027-06-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| 83824 - 2511 NW 25 Ave.                                   | 83824 - 2511 NW 25 Ave.                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1693682 | PA      | $1693682.22   | 0.39%             | 2026-05-01      | Fixed         | 10.81%                | Yes           |                  3 | On Loan: No      |
| 91530 - RRCAP-FA Blume Road                               | 91530 - RRCAP-FA Blume Road                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5013129 | PA      | $5013128.66   | 1.15%             | 2026-01-01      | Fixed         | 10.54%                | Yes           |                  3 | On Loan: No      |
| 91574 - A5 International Properties                       | 91574 - A5 International Properties                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    184597 | PA      | $184596.92    | 0.04%             | 2025-10-01      | Fixed         | 10.31%                | Yes           |                  3 | On Loan: No      |
| 91575 - A5 International Properties                       | 91575 - A5 International Properties                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    184923 | PA      | $184923.46    | 0.04%             | 2025-10-01      | Fixed         | 10.31%                | Yes           |                  3 | On Loan: No      |
| 91576 - A5 International Properties                       | 91576 - A5 International Properties                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    180925 | PA      | $180924.67    | 0.04%             | 2025-10-01      | Fixed         | 10.31%                | Yes           |                  3 | On Loan: No      |
| 91577 - A5 International Properties                       | 91577 - A5 International Properties                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    158583 | PA      | $158582.79    | 0.04%             | 2025-12-01      | Fixed         | 10.31%                | Yes           |                  3 | On Loan: No      |
| 91578 - A5 International Properties                       | 91578 - A5 International Properties                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    126435 | PA      | $126434.59    | 0.03%             | 2025-12-01      | Fixed         | 10.31%                | Yes           |                  3 | On Loan: No      |
| 94110 - A5 International Properties                       | 94110 - A5 International Properties                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     39283 | PA      | $39282.93     | 0.01%             | 2025-12-17      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 94111 - A5 International Properties                       | 94111 - A5 International Properties                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155398 | PA      | $155398.41    | 0.04%             | 2026-01-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 94112 - A5 International Properties                       | 94112 - A5 International Properties                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    163164 | PA      | $163164.22    | 0.04%             | 2026-01-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 94113 - A5 International Properties                       | 94113 - A5 International Properties                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    122053 | PA      | $122052.69    | 0.03%             | 2026-01-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 94114 - A5 International Properties                       | 94114 - A5 International Properties                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     33811 | PA      | $33810.92     | 0.01%             | 2026-02-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 96483 - Affordable Housing Group LTD                      | 96483 - Affordable Housing Group LTD                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2341675 | PA      | $2341674.85   | 0.54%             | 2026-06-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 97931 - 2316 PCDEV                                        | 97931 - 2316 PCDEV                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2997718 | PA      | $2997718.13   | 0.69%             | 2026-01-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 98104 - Desert Modern Development                         | 98104 - Desert Modern Development                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1880164 | PA      | $1880164.47   | 0.43%             | 2026-03-01      | Fixed         | 10.12%                | Yes           |                  3 | On Loan: No      |
| 98803 - Moon Equities                                     | 98803 - Moon Equities                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3057872 | PA      | $3057872.08   | 0.70%             | 2026-05-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 99269 - 1688 Sunset Plaza Drive Partners                  | 99269 - 1688 Sunset Plaza Drive Partners                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2235321 | PA      | $2235321.18   | 0.51%             | 2025-12-01      | Fixed         | 10.06%                | Yes           |                  3 | On Loan: No      |
| 100356 - NRM Group                                        | 100356 - NRM Group                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    560540 | PA      | $560539.50    | 0.13%             | 2026-05-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 100357 - NRM Group                                        | 100357 - NRM Group                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1424743 | PA      | $1424743.18   | 0.33%             | 2026-05-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 100359 - NRM Group                                        | 100359 - NRM Group                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1408324 | PA      | $1408324.48   | 0.32%             | 2026-05-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 100597 - 2303 Delancey                                    | 100597 - 2303 Delancey                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3465000 | PA      | $3465000.00   | 0.79%             | 2026-07-01      | Fixed         | 10.62%                | Yes           |                  3 | On Loan: No      |
| 100937 - indiePlanet Global Series 4                      | 100937 - indiePlanet Global Series 4                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    595000 | PA      | $595000.00    | 0.14%             | 2026-02-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| 101221 - USA Luxury Developer II                          | 101221 - USA Luxury Developer II                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2973209 | PA      | $2973208.52   | 0.68%             | 2025-12-01      | Fixed         | 10.00%                | Yes           |                  3 | On Loan: No      |
| 101246 - White Sand Real Estate Solutions                 | 101246 - White Sand Real Estate Solutions                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    588050 | PA      | $588050.00    | 0.13%             | 2026-02-01      | Fixed         | 10.25%                | Yes           |                  3 | On Loan: No      |
| 101296 - 5700 Clemson                                     | 101296 - 5700 Clemson                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4698133 | PA      | $4698132.69   | 1.08%             | 2026-04-01      | Fixed         | 10.12%                | Yes           |                  3 | On Loan: No      |
| 117729 - Built Full Homes                                 | 117729 - Built Full Homes                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    211720 | PA      | $211720.33    | 0.05%             | 2026-10-01      | Fixed         | 9.40%                 | Yes           |                  3 | On Loan: No      |
| 117775 - Solid Residences                                 | 117775 - Solid Residences                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    211926 | PA      | $211925.60    | 0.05%             | 2026-08-01      | Fixed         | 9.67%                 | Yes           |                  3 | On Loan: No      |
| 118026 - Holliday Homes                                   | 118026 - Holliday Homes                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    975800 | PA      | $975800.00    | 0.22%             | 2026-04-01      | Fixed         | 8.97%                 | Yes           |                  3 | On Loan: No      |
| 118242 - Ramsgate Property                                | 118242 - Ramsgate Property                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2090000 | PA      | $2090000.00   | 0.48%             | 2026-04-01      | Fixed         | 9.16%                 | Yes           |                  3 | On Loan: No      |
| 118588 - Carolinas Builders                               | 118588 - Carolinas Builders                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1215000.00   | 0.28%             | 2026-04-01      | Fixed         | 8.68%                 | Yes           |                  3 | On Loan: No      |
| 118590 - Carolinas Builders                               | 118590 - Carolinas Builders                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1215000.00   | 0.28%             | 2026-04-01      | Fixed         | 8.68%                 | Yes           |                  3 | On Loan: No      |
| 118591 - Carolinas Builders                               | 118591 - Carolinas Builders                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1215000 | PA      | $1215000.00   | 0.28%             | 2026-04-01      | Fixed         | 8.68%                 | Yes           |                  3 | On Loan: No      |
| 118708 - O. Rhyan Capital Management                      | 118708 - O. Rhyan Capital Management                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1855750 | PA      | $1855750.00   | 0.42%             | 2026-04-01      | Fixed         | 8.84%                 | Yes           |                  3 | On Loan: No      |
| 118766 - Hazen Grp.                                       | 118766 - Hazen Grp.                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4638235 | PA      | $4638235.35   | 1.06%             | 2026-07-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 118912 - North Fitzhugh LP                                | 118912 - North Fitzhugh LP                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2239888 | PA      | $2239887.65   | 0.51%             | 2026-10-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 118929 - 842 Meadow Creek                                 | 118929 - 842 Meadow Creek                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1259318 | PA      | $1259318.26   | 0.29%             | 2026-07-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 119487 - CAP Housing                                      | 119487 - CAP Housing                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    193500 | PA      | $193500.00    | 0.04%             | 2026-07-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 119564 - R.I USA Multiservices                            | 119564 - R.I USA Multiservices                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2669487 | PA      | $2669487.35   | 0.61%             | 2026-09-01      | Fixed         | 9.15%                 | Yes           |                  3 | On Loan: No      |
| 119622 - Parkside Homes                                   | 119622 - Parkside Homes                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2099823 | PA      | $2099822.53   | 0.48%             | 2026-07-01      | Fixed         | 8.91%                 | Yes           |                  3 | On Loan: No      |
| 119640 - Valvera Investments                              | 119640 - Valvera Investments                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    197274 | PA      | $197273.83    | 0.05%             | 2026-10-01      | Fixed         | 9.30%                 | Yes           |                  3 | On Loan: No      |
| 120177 - Grey Collective                                  | 120177 - Grey Collective                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1578660 | PA      | $1578660.07   | 0.36%             | 2026-10-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 120181 - 75 NW 41 St. Holdings                            | 120181 - 75 NW 41 St. Holdings                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2043558 | PA      | $2043558.00   | 0.47%             | 2026-10-01      | Fixed         | 8.97%                 | Yes           |                  3 | On Loan: No      |
| 120265 - N&B Real Estate Investment Group                 | 120265 - N&B Real Estate Investment Group                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    170720 | PA      | $170720.00    | 0.04%             | 2026-07-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 120373 - 46 Fayette                                       | 120373 - 46 Fayette                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1674360 | PA      | $1674360.00   | 0.38%             | 2027-04-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 121026 - Sweet Home Advisors                              | 121026 - Sweet Home Advisors                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2865000 | PA      | $2865000.00   | 0.66%             | 2026-05-01      | Fixed         | 8.90%                 | Yes           |                  3 | On Loan: No      |
| 121261 - Watson Recovery Enterprises                      | 121261 - Watson Recovery Enterprises                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120220 | PA      | $120220.00    | 0.03%             | 2026-05-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121262 - LLG Enterprises                                  | 121262 - LLG Enterprises                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    488910 | PA      | $488910.00    | 0.11%             | 2026-06-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121264 - Ground-up Customz/Empower Estates Customs        | 121264 - Ground-up Customz/Empower Estates Customs        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    922250 | PA      | $922250.00    | 0.21%             | 2026-06-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121265 - Pelican Equity Partnership Inc.                  | 121265 - Pelican Equity Partnership Inc.                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    297300 | PA      | $297300.00    | 0.07%             | 2026-02-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121266 - Vertex Custom Homes                              | 121266 - Vertex Custom Homes                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    520267 | PA      | $520267.00    | 0.12%             | 2026-05-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121268 - Hibernia Investment                              | 121268 - Hibernia Investment                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    970228 | PA      | $970228.00    | 0.22%             | 2026-05-01      | Fixed         | 9.14%                 | Yes           |                  3 | On Loan: No      |
| 121644 - BJB 1321 Management                              | 121644 - BJB 1321 Management                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2520000 | PA      | $2520000.00   | 0.58%             | 2026-05-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 121664 - Platinum Enterprise                              | 121664 - Platinum Enterprise                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    684000 | PA      | $684000.00    | 0.16%             | 2026-08-01      | Fixed         | 8.84%                 | Yes           |                  3 | On Loan: No      |
| 121917 - Bidwell Commons Townhomes                        | 121917 - Bidwell Commons Townhomes                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1204900 | PA      | $1204900.00   | 0.28%             | 2026-10-01      | Fixed         | 8.84%                 | Yes           |                  3 | On Loan: No      |
| 122126 - Oak View Development                             | 122126 - Oak View Development                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1875732 | PA      | $1875731.52   | 0.43%             | 2026-06-01      | Fixed         | 8.86%                 | Yes           |                  3 | On Loan: No      |
| 122718 - Dommus Construction Corp.                        | 122718 - Dommus Construction Corp.                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    834600 | PA      | $834600.00    | 0.19%             | 2026-12-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 122723 - 3302 Park                                        | 122723 - 3302 Park                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $275000.00    | 0.06%             | 2026-04-03      | Fixed         | 14.70%                | Yes           |                  3 | On Loan: No      |
| 122724 - 151 S St. NW                                     | 122724 - 151 S St. NW                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $275000.00    | 0.06%             | 2026-04-03      | Fixed         | 14.70%                | Yes           |                  3 | On Loan: No      |
| 123304 - Logos Homes                                      | 123304 - Logos Homes                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    280000 | PA      | $280000.00    | 0.06%             | 2027-02-01      | Fixed         | 9.21%                 | Yes           |                  3 | On Loan: No      |
| 123392 - 429 13th St. NE                                  | 123392 - 429 13th St. NE                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6700000 | PA      | $6700000.00   | 1.53%             | 2026-05-01      | Fixed         | 9.70%                 | Yes           |                  3 | On Loan: No      |
| 123411 - RKAI Properties & Baruj Hashem                   | 123411 - RKAI Properties & Baruj Hashem                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    286461 | PA      | $286461.00    | 0.07%             | 2027-01-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 123412 - Thirty Seven Sunrise                             | 123412 - Thirty Seven Sunrise                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1849589 | PA      | $1849588.98   | 0.42%             | 2026-12-01      | Fixed         | 9.24%                 | Yes           |                  3 | On Loan: No      |
| 123469 - 5601 Fishburn                                    | 123469 - 5601 Fishburn                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3514000 | PA      | $3514000.00   | 0.80%             | 2026-06-01      | Fixed         | 9.30%                 | Yes           |                  3 | On Loan: No      |
| 113734 - MF Real Estate Investment                        | 113734 - MF Real Estate Investment                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1488944 | PA      | $1488944.00   | 0.34%             | 2026-07-01      | Fixed         | 9.10%                 | Yes           |                  3 | On Loan: No      |
| 113824 - Caterra Property 3                               | 113824 - Caterra Property 3                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1798508 | PA      | $1798508.50   | 0.41%             | 2026-07-01      | Fixed         | 9.04%                 | Yes           |                  3 | On Loan: No      |
| 114043 - 5913 Lubao Ave                                   | 114043 - 5913 Lubao Ave                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1999263 | PA      | $1999263.43   | 0.46%             | 2026-07-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 114221 - CF 4942 Topanga                                  | 114221 - CF 4942 Topanga                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2390958 | PA      | $2390958.01   | 0.55%             | 2026-09-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 124588 - 4200 Chase                                       | 124588 - 4200 Chase                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3008095 | PA      | $3008095.32   | 0.69%             | 2027-07-01      | Fixed         | 8.84%                 | Yes           |                  3 | On Loan: No      |
| 124779 - Bliss Fort Pierce                                | 124779 - Bliss Fort Pierce                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    882928 | PA      | $882927.53    | 0.20%             | 2027-01-01      | Fixed         | 8.96%                 | Yes           |                  3 | On Loan: No      |
| 124986 - MAAS Rehab & Mary Ellen and Mary Lee             | 124986 - MAAS Rehab & Mary Ellen and Mary Lee             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    348500 | PA      | $348500.00    | 0.08%             | 2026-07-01      | Fixed         | 9.24%                 | Yes           |                  3 | On Loan: No      |
| 125100 - 8717 S Central                                   | 125100 - 8717 S Central                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4416000 | PA      | $4416000.00   | 1.01%             | 2026-10-01      | Fixed         | 9.15%                 | Yes           |                  3 | On Loan: No      |
| 126281 - Douglas 10                                       | 126281 - Douglas 10                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2170379 | PA      | $2170379.09   | 0.50%             | 2026-07-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 126291 - Multipropiedades Investments                     | 126291 - Multipropiedades Investments                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    169167 | PA      | $169166.83    | 0.04%             | 2027-01-01      | Fixed         | 9.34%                 | Yes           |                  3 | On Loan: No      |
| 126387 - 321 North Lucerne                                | 126387 - 321 North Lucerne                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2590000 | PA      | $2590000.00   | 0.59%             | 2026-08-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 126394 - FlipWave Investments                             | 126394 - FlipWave Investments                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    525000 | PA      | $525000.00    | 0.12%             | 2026-07-01      | Fixed         | 8.71%                 | Yes           |                  3 | On Loan: No      |
| 132620 - Evol Holdings                                    | 132620 - Evol Holdings                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    350000 | PA      | $350000.00    | 0.08%             | 2026-12-01      | Fixed         | 8.76%                 | Yes           |                  3 | On Loan: No      |
| 132990 - D&G Luxury Management                            | 132990 - D&G Luxury Management                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    757647 | PA      | $757646.64    | 0.17%             | 2027-04-01      | Fixed         | 8.48%                 | Yes           |                  3 | On Loan: No      |
| 133115 - Amagansett South Holdings                        | 133115 - Amagansett South Holdings                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2034434 | PA      | $2034434.09   | 0.47%             | 2027-06-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| 134999 - 3A BC Homes                                      | 134999 - 3A BC Homes                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1067865 | PA      | $1067865.28   | 0.24%             | 2027-06-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| 135023 - R&R Casitas                                      | 135023 - R&R Casitas                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1177712 | PA      | $1177712.00   | 0.27%             | 2026-12-01      | Fixed         | 8.26%                 | Yes           |                  3 | On Loan: No      |
| 135184 - MK Real Estate Advisors                          | 135184 - MK Real Estate Advisors                          | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    864500 | PA      | $864500.00    | 0.20%             | 2027-01-01      | Fixed         | 7.91%                 | Yes           |                  3 | On Loan: No      |
| 135354 - 3216 Butler Bay                                  | 135354 - 3216 Butler Bay                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2339315 | PA      | $2339314.92   | 0.54%             | 2027-03-01      | Fixed         | 8.26%                 | Yes           |                  3 | On Loan: No      |
| 138375 - NAAKEF Sagecliffe                                | 138375 - NAAKEF Sagecliffe                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    562500 | PA      | $562500.00    | 0.13%             | 2026-08-01      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| 138700 - Burien 10                                        | 138700 - Burien 10                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    744702 | PA      | $744702.23    | 0.17%             | 2027-03-01      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| 138912 - Drama Rose                                       | 138912 - Drama Rose                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    720000 | PA      | $720000.00    | 0.16%             | 2027-03-01      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| 139043 - VP Developers                                    | 139043 - VP Developers                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     51800 | PA      | $51800.00     | 0.01%             | 2028-03-01      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| 104362 - RRCap - FA Shingletree                           | 104362 - RRCap - FA Shingletree                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3825580 | PA      | $3825580.00   | 0.88%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104363 - RRCap - FA Shingletree                           | 104363 - RRCap - FA Shingletree                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4369483 | PA      | $4369483.00   | 1.00%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 104364 - RRCap - FA Shingletree                           | 104364 - RRCap - FA Shingletree                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4369483 | PA      | $4369483.00   | 1.00%             | 2026-02-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| 105005 - 43 Westwood                                      | 105005 - 43 Westwood                                      | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1505497 | PA      | $1505497.46   | 0.34%             | 2026-08-01      | Fixed         | 9.81%                 | Yes           |                  3 | On Loan: No      |
| 107997 - Mercado Rodriguez                                | 107997 - Mercado Rodriguez                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    102850 | PA      | $102850.00    | 0.02%             | 2026-03-01      | Fixed         | 9.38%                 | Yes           |                  3 | On Loan: No      |
| 108167 - Lime Builders                                    | 108167 - Lime Builders                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1855533 | PA      | $1855532.78   | 0.42%             | 2026-10-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 108184 - Osprey Ocean                                     | 108184 - Osprey Ocean                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2605504 | PA      | $2605504.17   | 0.60%             | 2026-06-01      | Fixed         | 9.18%                 | Yes           |                  3 | On Loan: No      |
| 108203 - Kirkland 7                                       | 108203 - Kirkland 7                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1385000 | PA      | $1385000.00   | 0.32%             | 2026-06-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 110342 - Bravo Builders Enterprises                       | 110342 - Bravo Builders Enterprises                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2640654 | PA      | $2640653.75   | 0.60%             | 2026-08-01      | Fixed         | 9.29%                 | Yes           |                  3 | On Loan: No      |
| 110465 - TJR Development Inc.                             | 110465 - TJR Development Inc.                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1618281 | PA      | $1618281.22   | 0.37%             | 2026-06-01      | Fixed         | 9.06%                 | Yes           |                  3 | On Loan: No      |
| 110811 - 8935 Froude Ave                                  | 110811 - 8935 Froude Ave                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2311106 | PA      | $2311105.50   | 0.53%             | 2026-12-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 110815 - DaVinci Development                              | 110815 - DaVinci Development                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1381044 | PA      | $1381043.73   | 0.32%             | 2026-05-01      | Fixed         | 9.56%                 | Yes           |                  3 | On Loan: No      |
| 114521 - 599 Bayshore 2024                                | 114521 - 599 Bayshore 2024                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1128639 | PA      | $1128638.95   | 0.26%             | 2026-07-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 114902 - Torre Projects                                   | 114902 - Torre Projects                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    188123 | PA      | $188122.87    | 0.04%             | 2026-07-01      | Fixed         | 8.97%                 | Yes           |                  3 | On Loan: No      |
| 114909 - Loitzk Batim 930                                 | 114909 - Loitzk Batim 930                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    879114 | PA      | $879114.18    | 0.20%             | 2026-07-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 114913 - Loitzk Batim 930                                 | 114913 - Loitzk Batim 930                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    879114 | PA      | $879114.18    | 0.20%             | 2027-01-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 114914 - Loitzk Batim 930                                 | 114914 - Loitzk Batim 930                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1505289 | PA      | $1505289.17   | 0.34%             | 2026-07-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 114920 - Loitzk Batim 930                                 | 114920 - Loitzk Batim 930                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    789014 | PA      | $789014.18    | 0.18%             | 2027-01-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 115004 - 2k Development                                   | 115004 - 2k Development                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3569412 | PA      | $3569412.20   | 0.82%             | 2026-08-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 115011 - 4115 Shadyglade                                  | 115011 - 4115 Shadyglade                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2812500 | PA      | $2812500.00   | 0.64%             | 2026-07-01      | Fixed         | 8.68%                 | Yes           |                  3 | On Loan: No      |
| 115231 - Shoreline 940                                    | 115231 - Shoreline 940                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1882593 | PA      | $1882592.94   | 0.43%             | 2027-01-01      | Fixed         | 9.04%                 | Yes           |                  3 | On Loan: No      |
| 115378 - Buza Family Trust                                | 115378 - Buza Family Trust                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1111000 | PA      | $1111000.00   | 0.25%             | 2026-07-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 115697 - Grey Collective                                  | 115697 - Grey Collective                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1997520 | PA      | $1997519.89   | 0.46%             | 2026-07-01      | Fixed         | 8.98%                 | Yes           |                  3 | On Loan: No      |
| 116028 - 12 Geneva St                                     | 116028 - 12 Geneva St                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1604256 | PA      | $1604255.99   | 0.37%             | 2026-07-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 116301 - Halona Development Group                         | 116301 - Halona Development Group                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    194756 | PA      | $194756.00    | 0.04%             | 2026-08-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 117241 - 1813-60 Binyan                                   | 117241 - 1813-60 Binyan                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3194728 | PA      | $3194728.24   | 0.73%             | 2026-06-03      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 117396 - Cygnus Construction                              | 117396 - Cygnus Construction                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    922678 | PA      | $922678.00    | 0.21%             | 2026-09-01      | Fixed         | 9.04%                 | Yes           |                  3 | On Loan: No      |
| 117420 - BJB 1321 Management                              | 117420 - BJB 1321 Management                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2475000 | PA      | $2475000.00   | 0.57%             | 2026-03-01      | Fixed         | 8.38%                 | Yes           |                  3 | On Loan: No      |
| 117664 - Retail Bee                                       | 117664 - Retail Bee                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    131250 | PA      | $131250.00    | 0.03%             | 2026-03-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 124118 - MIA Residences                                   | 124118 - MIA Residences                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1903592 | PA      | $1903591.71   | 0.44%             | 2026-12-01      | Fixed         | 8.86%                 | Yes           |                  3 | On Loan: No      |
| 124121 - MIA Residences                                   | 124121 - MIA Residences                                   | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1843730 | PA      | $1843729.71   | 0.42%             | 2026-12-01      | Fixed         | 8.86%                 | Yes           |                  3 | On Loan: No      |
| 125357 - 412 Woodcrest                                    | 125357 - 412 Woodcrest                                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2348776 | PA      | $2348775.73   | 0.54%             | 2027-04-01      | Fixed         | 8.48%                 | Yes           |                  3 | On Loan: No      |
| 125565 - M & J Pham Development                           | 125565 - M & J Pham Development                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1667102 | PA      | $1667101.83   | 0.38%             | 2027-07-01      | Fixed         | 8.92%                 | Yes           |                  3 | On Loan: No      |
| 125570 - M & J Pham Development                           | 125570 - M & J Pham Development                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3571750 | PA      | $3571750.00   | 0.82%             | 2026-07-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 125623 - Willa Mae Investments                            | 125623 - Willa Mae Investments                            | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1545492 | PA      | $1545491.88   | 0.35%             | 2026-10-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 125679 - Dara 1 Holdings                                  | 125679 - Dara 1 Holdings                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3078129 | PA      | $3078129.00   | 0.70%             | 2026-10-01      | Fixed         | 9.15%                 | Yes           |                  3 | On Loan: No      |
| 125774 - One Star Development                             | 125774 - One Star Development                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1560000 | PA      | $1560000.00   | 0.36%             | 2026-07-01      | Fixed         | 8.99%                 | Yes           |                  3 | On Loan: No      |
| 125848 - Highland Park 21                                 | 125848 - Highland Park 21                                 | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3619868 | PA      | $3619867.51   | 0.83%             | 2027-01-01      | Fixed         | 9.39%                 | Yes           |                  3 | On Loan: No      |
| 125112 - Toussaint Ateliers Residences                    | 125112 - Toussaint Ateliers Residences                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $405000.00    | 0.09%             | 2027-07-01      | Fixed         | 9.21%                 | Yes           |                  3 | On Loan: No      |
| 125124 - 526 NW 15th Terr.                                | 125124 - 526 NW 15th Terr.                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    254970 | PA      | $254970.00    | 0.06%             | 2027-01-01      | Fixed         | 8.74%                 | Yes           |                  3 | On Loan: No      |
| 125125 - 634 NW 12th Ave                                  | 125125 - 634 NW 12th Ave                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    316338 | PA      | $316338.30    | 0.07%             | 2027-01-01      | Fixed         | 8.74%                 | Yes           |                  3 | On Loan: No      |
| 125221 - Taku Construction                                | 125221 - Taku Construction                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4412186 | PA      | $4412186.40   | 1.01%             | 2026-10-01      | Fixed         | 9.09%                 | Yes           |                  3 | On Loan: No      |
| 125229 - La Sabana                                        | 125229 - La Sabana                                        | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    735276 | PA      | $735276.06    | 0.17%             | 2027-07-01      | Fixed         | 8.93%                 | Yes           |                  3 | On Loan: No      |
| 125273 - Solida I Real Estate                             | 125273 - Solida I Real Estate                             | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     54823 | PA      | $54822.94     | 0.01%             | 2026-12-01      | Fixed         | 9.17%                 | Yes           |                  3 | On Loan: No      |
| 125300 - Andyvale                                         | 125300 - Andyvale                                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    260250 | PA      | $260250.00    | 0.06%             | 2027-01-01      | Fixed         | 8.74%                 | Yes           |                  3 | On Loan: No      |
| 125337 - Schurman Cottages                                | 125337 - Schurman Cottages                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1821145 | PA      | $1821145.07   | 0.42%             | 2027-01-01      | Fixed         | 9.05%                 | Yes           |                  3 | On Loan: No      |
| 126105 - B Life Capital 26                                | 126105 - B Life Capital 26                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1287000 | PA      | $1287000.00   | 0.29%             | 2027-07-01      | Fixed         | 8.99%                 | Yes           |                  3 | On Loan: No      |
| 126221 - JP&C Properties                                  | 126221 - JP&C Properties                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2402947 | PA      | $2402947.00   | 0.55%             | 2026-08-01      | Fixed         | 8.77%                 | Yes           |                  3 | On Loan: No      |
| 126255 - Duran USA Group                                  | 126255 - Duran USA Group                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    208536 | PA      | $208536.31    | 0.05%             | 2027-01-01      | Fixed         | 9.21%                 | Yes           |                  3 | On Loan: No      |
| 126273 - 859 Beacon                                       | 126273 - 859 Beacon                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1667865 | PA      | $1667864.55   | 0.38%             | 2027-01-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 127039 - Blue Sky Builders                                | 127039 - Blue Sky Builders                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    957454 | PA      | $957453.50    | 0.22%             | 2026-08-01      | Fixed         | 8.65%                 | Yes           |                  3 | On Loan: No      |
| 127275 - Taku Construction                                | 127275 - Taku Construction                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    930000 | PA      | $930000.00    | 0.21%             | 2026-07-01      | Fixed         | 9.02%                 | Yes           |                  3 | On Loan: No      |
| 127319 - Open Water Realty                                | 127319 - Open Water Realty                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    192685 | PA      | $192685.00    | 0.04%             | 2027-01-01      | Fixed         | 8.84%                 | Yes           |                  3 | On Loan: No      |
| 127729 - J&K Rise Home Services                           | 127729 - J&K Rise Home Services                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    244885 | PA      | $244885.00    | 0.06%             | 2026-11-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| 129766 - 608 Walker Road                                  | 129766 - 608 Walker Road                                  | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    293002 | PA      | $293002.23    | 0.07%             | 2027-05-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 130333 - Sunpacific Partners                              | 130333 - Sunpacific Partners                              | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1802736 | PA      | $1802736.00   | 0.41%             | 2026-11-01      | Fixed         | 8.60%                 | Yes           |                  3 | On Loan: No      |
| 130467 - AAA Milano House Luxury Oceanfront Developer     | 130467 - AAA Milano House Luxury Oceanfront Developer     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $335000.00    | 0.08%             | 2027-06-01      | Fixed         | 8.64%                 | Yes           |                  3 | On Loan: No      |
| 130468 - AAA Milano House Luxury Oceanfront Developer     | 130468 - AAA Milano House Luxury Oceanfront Developer     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $335000.00    | 0.08%             | 2027-06-01      | Fixed         | 8.64%                 | Yes           |                  3 | On Loan: No      |
| 133131 - The Brooks                                       | 133131 - The Brooks                                       | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1820000 | PA      | $1820000.00   | 0.42%             | 2027-03-01      | Fixed         | 0.00%                 | Yes           |                  3 | On Loan: No      |
| 133284 - Beachside Dev Holdings                           | 133284 - Beachside Dev Holdings                           | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1312920 | PA      | $1312920.14   | 0.30%             | 2027-05-01      | Fixed         | 8.35%                 | Yes           |                  3 | On Loan: No      |
| 133332 - Probiz Estate Investment HOL2                    | 133332 - Probiz Estate Investment HOL2                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3160000 | PA      | $3160000.00   | 0.72%             | 2027-05-01      | Fixed         | 8.60%                 | Yes           |                  3 | On Loan: No      |
| 133823 - Sanctuary Parcel 1                               | 133823 - Sanctuary Parcel 1                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1127432 | PA      | $1127431.52   | 0.26%             | 2027-03-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| 133819 - Sanctuary Parcel 1                               | 133819 - Sanctuary Parcel 1                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1020216 | PA      | $1020216.06   | 0.23%             | 2027-04-01      | Fixed         | 8.33%                 | Yes           |                  3 | On Loan: No      |
| 133822 - Sanctuary Parcel 1                               | 133822 - Sanctuary Parcel 1                               | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1009091 | PA      | $1009090.96   | 0.23%             | 2027-03-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| 130469 - AAA Milano House Luxury Oceanfront Developer     | 130469 - AAA Milano House Luxury Oceanfront Developer     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    335000 | PA      | $335000.00    | 0.08%             | 2027-06-01      | Fixed         | 8.64%                 | Yes           |                  3 | On Loan: No      |
| 131434 - The OG Group                                     | 131434 - The OG Group                                     | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1623500 | PA      | $1623500.00   | 0.37%             | 2027-04-01      | Fixed         | 8.73%                 | Yes           |                  3 | On Loan: No      |
| 131914 - Hallmark Building Corporation                    | 131914 - Hallmark Building Corporation                    | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1240000 | PA      | $1240000.00   | 0.28%             | 2026-10-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 132384 - Humble Pride Lovedale LP                         | 132384 - Humble Pride Lovedale LP                         | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    815473 | PA      | $815473.36    | 0.19%             | 2027-06-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| 132561 - 950 NW Apartments                                | 132561 - 950 NW Apartments                                | CUSIP: 999999999<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    662400 | PA      | $662400.00    | 0.15%             | 2027-03-01      | Fixed         | 8.76%                 | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-25

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

**Signature:** /s/ Richard Duff

**Name of Signer:** Richard Duff

**Title:** Treasurer