# EDGAR Filing Document

**Accession Number:** 0001959172
**File Stem:** 0001193125-26-273864
**Filing Date:** 2026-6
**Character Count:** 20218
**Document Hash:** 2ec46b2d40816f8c492f8f4743afe9d3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-273864.hdr.sgml**: 20260617

**ACCESSION NUMBER**: 0001193125-26-273864

**CONFORMED SUBMISSION TYPE**: N-CEN/A

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260617

**DATE AS OF CHANGE**: 20260617

**EFFECTIVENESS DATE**: 20260617

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CEN/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23846
- **FILM NUMBER:** 261097673

**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

## Internal

```

REPORT OF INDEPENDENT
REGISTERED PUBLIC
ACCOUNTING FIRM
Board of Trustees and
Shareholders
Redwood Private Real Estate Debt
Fund

In planning and performing our
audit of the financial statements of
Redwood Private Real Estate Debt
Fund (the  Fund ) as of and for the
year ended December 31, 2025, in
accordance with the standards of
the Public Company Accounting
Oversight Board (United States),
we considered the Fund s internal
control over financial reporting,
including controls over
safeguarding securities, as a basis
for designing audit procedures for
the purpose of expressing an
opinion on the financial
statements and to comply with the
requirements of Form N-CEN, but
not for the purpose of expressing
an opinion on the effectiveness of
the Fund s internal control over
financial reporting. Accordingly,
we express no such opinion.

Management of the Fund is
responsible for establishing and
maintaining effective internal
control over financial reporting. In
fulfilling this responsibility,
estimates and judgments by
management are required to
assess the expected benefits and
related costs of controls. A fund s
internal control over financial
reporting is a process designed to
provide reasonable assurance
regarding the reliability of financial
reporting and the preparation of
financial statements for external
purposes in accordance with
generally accepted accounting
principles. A fund s internal
control over financial reporting
includes those policies and
procedures that (1) pertain to the
maintenance of records that, in
reasonable detail, accurately and
fairly reflect the transactions and
dispositions of the assets of the
fund; (2) provide reasonable
assurance that transactions are
recorded as necessary to permit
preparation of financial
statements in accordance with
generally accepted accounting
principles, and that receipts and
expenditures of the fund are being
made only in accordance with
authorizations of management
and directors of the fund; and (3)
provide reasonable assurance
regarding prevention or timely
detection of unauthorized
acquisition, use, or disposition of
the fund s assets that could have a
material effect on the financial
statements.

Because of its inherent limitations,
internal control over financial
reporting may not prevent or
detect misstatements. Also
projections of any evaluation of
effectiveness to future periods are
subject to the risk that controls
may become inadequate because
of changes in conditions, or the
degree of compliance with policies
and procedures may deteriorate.

A deficiency in internal control
over financial reporting exists
when the design or operation of a
control does not allow
management or employees, in the
normal course of performing their
assigned functions, to prevent or
detect misstatements on a timely
basis. A material weakness is a
deficiency, or a combination of
deficiencies, in internal control
over financial reporting, such that
there is a reasonable possibility
that a material misstatement of
the Fund s annual or interim
financial statements will not be
prevented or detected on a timely
basis.

Our consideration of the Fund s
internal control over financial
reporting was for the
limited purpose described in the
first paragraph and would not
necessarily disclose all
deficiencies in internal control
over financial reporting that might
be material weaknesses under
standards established by the
Public Company Accounting
Oversight Board (United States).
However, we noted no deficiencies
in the Fund s internal control over
financial reporting and its
operation, including controls over
safeguarding securities, which we
consider to be material
weaknesses as defined above as
of December 31, 2025.

This report is intended solely for
the information and use of
management and the Board of
Trustees of Redwood Private Real
Estate Debt Fund and the U.S.
Securities and Exchange
Commission, and is not intended
to be and should not be used by
anyone other than these specified
parties.

/s/ Grant Thornton LLP
Chicago, Illinois
February 27, 2026

```

## Item

```

Section 16(a) Beneficial Ownership
Reporting Compliance

Section 16(a) of the 1934 Act and
Section 30(h) of the 1940 Act, and the
rules thereunder, require the Funds
officers and Trustees, Redwood
Investment Management, LLCs officers
and directors, affiliated persons of
Redwood Investment Management,
LLC, and persons who beneficially own
more than 10% of a registered class of
the Funds Class I Shares to file reports
of ownership and changes in ownership
with the SEC and the NYSE and to
furnish the Fund with copies of all
Section 16(a) forms they file. Based
solely on a review of the reports filed,
the Fund believes that during fiscal year
end on December 31, 2025, all Section
16(a) filing requirements applicable to
the Funds officers, Trustees, Redwood
Investment Management, LLCs officers
and directors, affiliated persons of
Redwood Investment Management, LLC
and persons who beneficially own more
than 10% of the Funds Class I Shares
were complied with, except for the
untimely filing of Form 4 that was filed
late for Mr. Michael Messinger, an
officer of Redwood Investment
Management, LLC. The late filing was
due to Mr. Messinger not realizing
investments through an LLC for which
the officer has investment control were
subject to reporting. In total, 1 filing
should have been made throughout the
year based on the date of the
transaction. The remedial action was
that Form 5 was filed with the SEC on
February 11, 2026.

/s/ Richard M. Duff
Richard M. Duff
Treasurer & Principal Financial Officer
June 17, 2026

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN/A
**CIK:** 0001959172

## N-CEN: Series/Class (Contract) Information

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2025-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** REDWOOD PRIVATE REAL ESTATE DEBT FUND

- **Item B.1.b - Investment Company Act file number:** 811-23846

- **Item B.1.c - CIK:** 0001959172

- **Item B.1.d - LEI:** 549300XIZ6J0ZXQMTV96

- **Item B.2.a - Street 1:** 235 WEST GALENA STREET

- **Item B.2.b - City:** MILWAUKEE

- **Item B.2.c - State:** WI

- **Item B.2.e - Zip Code:** 53212-3948

- **Item B.2.f - Telephone:** 4142992000

- **Item B.2.g - Public Website:** https://www.redwoodmutualfunds.com/

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** UMB FUND SERVICES, INC.

- **b. Street 1:** 235 WEST GALENA STREET

- **c. City:** MILWAUKEE

- **d. State, if applicable:** WI

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 53212-3948

- **g. Telephone number:** 4142992000

- **h. Briefly describe the books and records kept at this location:** TRANSFER AGENT, FUND ACCOUNTANT AND ADMINISTRATOR

**Location books Record: 2**

- **a. Name of person (e.g., a custodian of records):** REDWOOD INVESTMENT MANAGEMENT, LLC

- **b. Street 1:** 4110 N. SCOTTSDALE RD, STE 125

- **c. City:** SCOTTSDALE

- **d. State, if applicable:** AZ

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 85251

- **g. Telephone number:** 8886171444

- **h. Briefly describe the books and records kept at this location:** ADVISER

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [ ] a. Open-end management investment company registered under the Act on Form N-1A

- [x] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** —

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name              | Is Interested Person?   | Other Investment Company File Numbers                                                             |
|:---|:---|:---|
| J. Michael Fields | No                      | 811-24118, 811-24081, 811-23990, 811-24154, 811-23787, 811-24051, 811-24060, 811-24124, 811-23984 |
| Stephen A. Mace   | No                      | 811-24051, 811-24060, 811-24124, 811-23984                                                        |
| Stacy Roode       | No                      | 811-23914, 811-24051, 811-24060, 811-24124, 811-23984                                             |
| Amy Small         | Yes                     | 811-24051, 811-24060, 811-24124, 811-23984                                                        |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Amy Siefer

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 501 S. CHERRY ST.

- **d. City:** DENVER

- **e. State, if applicable:** CO

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 80246

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** DISTRIBUTION SERVICES, LLC

- **ii. SEC file number:** 8-42106

- **iii. CRD number:** 000025938

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** ME

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** No

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** GRANT THORNTON LLP

- **b. PCAOB Number:** 00248

- **c. LEI, if any:** 549300V6SBN782HF4N65

- **d. State, if applicable:** IL

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - REDWOOD PRIVATE REAL ESTATE DEBT FUND

**Item C.1. Background information.**

- **a. Full Name of the Fund:** REDWOOD PRIVATE REAL ESTATE DEBT FUND

- **c. LEI:** 549300XIZ6J0ZXQMTV96

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [x] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** Yes

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** —

- **g. Provide the net income from securities lending activities:** —

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 12d1-1 (17 CFR 270.12d1-1)

- Rule 32a-4 (17 CFR 270.32a-4)

- Rule 12d1-4 (17 CFR 270.12d1-4)

- Rule 18f-4 (17 CFR 270.18f-4)

- Rule 18f-4(d)(ii) (17 CFR 270.18f-4(d)(ii))

- Rule 18f-4(e) (17 CFR 270.18f-4(e))

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** REDWOOD INVESTMENT MANAGEMENT, LLC

- **ii. SEC file number:** 801-78563

- **iii. CRD number:** 000153139

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** AZ

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. SEC file number:** 084-05792

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** WI

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

No Pricing Services reported.

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** UMB BANK, NATIONAL ASSOCIATION

- **ii. LEI, if any:** VNOO6EITDJ2YUEBMSZ83

- **iii. State, if applicable:** MO

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. LEI, if any:** N/A

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** UMB FUND SERVICES, INC.

- **ii. LEI, if any, or other identifying number:** N/A

- **iii. State, if applicable:** WI

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

No Brokers reported.

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $376,669,580.00

- **Item C.19.b - Money market fund's daily average net assets:** $0.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** —

- **c. Did the Fund engage in interfund borrowing?** —

## Part E: Additional Questions for ETFs and ETMFs

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** REDWOOD PRIVATE REAL ESTATE DEBT FUND

**Date:** 2026-06-17

**Signature:** /s/ Michael Messinger

**Title:** President