RE · REAL ESTATE

Principal Credit Real Estate Income Trust

Principal Financial Group · Non-Traded Commercial Real Estate Credit REIT

Program Overview

Non-Traded Commercial Real Estate Credit REIT

Peer Group Filters

Objectives: IncomeCapital PreservationDiversificationLow Volatility
Asset Class: Real Estate
Vehicle: REIT
Single / Multi Asset: Multi-Asset

Sponsor/Manager

Principal Financial Group

Asset Class

Real Estate

Issuer

Principal Credit Real Estate Income Trust

Issuer Legal Structure

Maryland Statutory Trust

Program Life Structure

Evergreen

Securities Offered

Equity - Class S Equity - Class T Equity - Class D Equity - Class I Equity - Class F-S Equity - Class F-I Equity - Class A

Target Leverage

Target 65–75% LTV Two SPV repurchase facilities, $500M max: Goldman ($142.9M drawn; term ends 12/17/2026, extension option) and Citibank ($115.6M; 6/28/2027). Blended 5.60%. 73.1% of asset FV and 2.20x NAV at 6/30/2026. Guaranty capped at 25%, may spring to full recourse.

Strategy Risk/Return Profile

Core Plus

Managing Broker-Dealer

Principal Funds Distributor, Inc.

Scale

9 Loans outstanding · 5,487,925 Common shares outstanding (all classes)

Strategy Overview

The Trust originates floating-rate senior mortgage loans on institutional-quality commercial real estate, holds them at fair value under an irrevocable ASC 825 election, and finances them through two bank repurchase facilities. Loans are interest-only with rate floors and price off one-month Term SOFR plus a spread. The target set spans eleven property types in the top 50 MSAs; the book holds nine first-mortgage loans in residential and industrial properties. CMBS and CRE CLOs may be held to a lesser extent for liquidity.

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