Redwood Private Real Estate Debt Fund
Data through 2026-06-30 · latest filing N-CSRS filed 2026-09-08
Sponsored by Redwood. Interval Fund structure focused on private real estate.
Interval FundPrivate Real Estate
- Net assets
- $458.3M
source
Semiannual shareholder report (Form N-CSRS) · filed 2026-09-08 · period 2026-06-30
Statement of Assets and Liabilities fund-level identity (Total assets - Total liabilities [- Preferred Shares] = Net Assets; no per-class breakdown template matched this filer agent)
“Consolidated Statement of Assets and Liabilities As of June 30, 2026 (Unaudited) Assets: Unaffiliated investments, at fair value (cost $630,579,599) $ 630,579,599 Short-term investments, at fair value (cost $21,011,039) 21,011,039 Cash 7,906,930 Restricted cash held for CLO note 33,709,100 Receivables: Investment securities sold 25,142,710 Fund shares sold 1,489,111 Interest 19,790,513 Prepaid expenses 204,450 Total assets 739,833,452 Liabilities: Master repurchase agreement (Note 11) 152,291,988 Payable for CLO note (Note 12) 125,000,000 Distributions to shareholders 1,411,448 Payable for investment management fees 1,120,488 Payable for interest expense on master repurchase agreement 719,092 Payable for interest expense on CLO note 716,269 Payable for audit and tax fees 98,609 Payable for fund accounting and administration fees 54,002 Payable for legal fees 46,796 Payable for other accrued expenses 22,165 Payable for transfer agent fees 18,904 Payable for custody fees 10,587 Payable for investment securities purchased 10,035 Total liabilities 281,520,383 Commitments and contingencies (Note 9) Net Assets $ 458,313,069”
Method Matched text template against the filing
Open the filing on SEC.gov · Full observation history
Technical locator
as of 2026-06-30 - NAV / share
- Not yet compiled Not yet compiled
- Net flows, last qtr
- +4.6% qtr ended 2026-03-31
- Distribution coverage (NII)
- Not yet compiled Not yet compiled
- Leverage in use
- Not yet compiled Not yet compiled
- Total return, 12m
- Not yet compiled Not yet compiled
What changed in the latest filings.
Current findings ordered by severity. Each observation remains traceable to its filed source.
Redemptions rose 7% from the prior quarter (5.6% of net assets to 6.0% of net assets), and up 131% over the trailing year.
Redemptions rose 7% from the prior quarter (5.6% of net assets to 6.0% of net assets), and up 131% over the trailing year.
Why it matters and what changed
Redemptions up 100% or more over the trailing year, as a share of the fund: demand to leave has doubled.
6.0% of net assets in the period, from 5.6% the period before.
Source: NPORT-P mon2Flow.redemption | https://www.sec.gov/Archives/edgar/data/1959172/000119312526241020/xslFormNPORT-P_X01/primary_doc.xml
Redemption requests exceeded the offer's stated cap for the second consecutive offer; the fund filled them in full (offer expired 2026-02-09).
Redemption requests exceeded the offer's stated cap for the second consecutive offer; the fund filled them in full (offer expired 2026-02-09).
Why it matters and what changed
Two consecutive oversubscribed repurchase offers. Persistent unmet redemption demand is the classic precursor to pro-ration and, in stressed cases, gating.
current level $114.00 (no prior-period value stored); breach persisted 4 consecutive periods (escalated per the two-stage ladder)
Source: https://www.sec.gov/Archives/edgar/data/1959172/000121390026098011/ea0299568-01_ncsrs.htm | repurchase results note, notice_deadline shape (redemption_cap_utilization); repurchased 5.7 against an offer amount of 5, both printed on a percent of shares outstanding basis
Redemption requests exceeded the offer's stated cap for the second consecutive offer; the fund filled them in full (offer expired 2025-11-10).
Redemption requests exceeded the offer's stated cap for the second consecutive offer; the fund filled them in full (offer expired 2025-11-10).
Why it matters and what changed
Two consecutive oversubscribed repurchase offers. Persistent unmet redemption demand is the classic precursor to pro-ration and, in stressed cases, gating.
current level $106.00 (no prior-period value stored); breach persisted 3 consecutive periods (escalated per the two-stage ladder)
Source: https://www.sec.gov/Archives/edgar/data/1959172/000121390026025187/ea0274237-01_ncsr.htm | repurchase results note, notice_deadline shape (redemption_cap_utilization); repurchased 5.3 against an offer amount of 5, both printed on a percent of shares outstanding basis
Redemption demand reached 84% of the fund's stated cap in the offer that expired 2026-05-12; pressure is building short of the gate.
Redemption demand reached 84% of the fund's stated cap in the offer that expired 2026-05-12; pressure is building short of the gate.
Why it matters and what changed
Redemption demand at 70% to 95% of the fund's stated cap. Pressure is building before the gate is reached; most investors only learn about it when they cannot get out.
current level $84.00 (no prior-period value stored)
Source: https://www.sec.gov/Archives/edgar/data/1959172/000121390026098011/ea0299568-01_ncsrs.htm | repurchase results note, notice_deadline shape (redemption_cap_utilization); repurchased 4.2 against an offer amount of 5, both printed on a percent of shares outstanding basis
New share sales rose 43% from the prior month (2.5% of net assets to 3.6% of net assets), and down 31% over the trailing year.
New share sales rose 43% from the prior month (2.5% of net assets to 3.6% of net assets), and down 31% over the trailing year.
Why it matters and what changed
New share sales down 30% or more over the trailing year, as a share of the fund: inflows that used to fund redemptions are thinning.
3.6% of net assets in the period, from 2.5% the period before.
Source: NPORT-P mon3Flow.sales | https://www.sec.gov/Archives/edgar/data/1959172/000119312526241020/xslFormNPORT-P_X01/primary_doc.xml
Historical findings (6)
Redemption requests exceeded the offer's stated cap for the second consecutive offer; the fund filled them in full (offer expired 2025-08-12).
Redemption requests exceeded the offer's stated cap for the second consecutive offer; the fund filled them in full (offer expired 2025-05-09).
Redemption demand reached the fund's cap: cap use at 112% of the period limit (offer expired 2024-08-12).
Redemption demand reached 78% of the fund's stated cap in the offer that expired 2024-02-07; pressure is building short of the gate.
Redemption demand reached 87% of the fund's stated cap in the offer that expired 2023-11-13; pressure is building short of the gate.
New share sales fell 100% from the prior period ($50.08 -> $0.00, period ended 2023-08-31).
How the fund has moved.
Net asset value, total return, capital flows, and distribution coverage across the filing record.
Filed performance history
Not yet compiled. no cached SEC filing yielded a return with an exact window, basis label, and the audited class scope
What moved inside the book.
Filed portfolio-health facts and position changes. Missing disclosures stay visibly missing.
| Date | Position change |
|---|---|
| 2026-03-31 | 3371-01 - Greyhawk SSOF Ruckus Lend (2.8% of portfolio value in the 2025-12-31 report, $11,500,000) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | 3413 - MTP Paseo Phase III Land (1.1% of portfolio value in the 2025-12-31 report, $4,631,540) is absent from the 2026-03-31 report -- realized, sold, or restructured under a different name. |
| 2026-03-31 | New position 3371-01 - Greyhawk SSOF Ruckus Lender: 2.6% of portfolio value ($11,500,000) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2026-03-31 | New position 3413 - MTP - Paseo Phase III Land: 1.1% of portfolio value ($4,631,540) as of 2026-03-31; absent from the 2025-12-31 report. |
| 2025-12-31 | 101296 - 5700 Clemson, LLC (1.2% of portfolio value in the 2025-09-30 report, $4,698,133) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | 104356 - RRCap - FA Shingletree, LLC (1.2% of portfolio value in the 2025-09-30 report, $4,741,821) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | 104357 - RRCap - FA Shingletree, LLC (1.2% of portfolio value in the 2025-09-30 report, $4,741,821) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | 104358 - RRCap - FA Shingletree, LLC (1.2% of portfolio value in the 2025-09-30 report, $4,741,821) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | 104359 - RRCap - FA Shingletree, LLC (1.1% of portfolio value in the 2025-09-30 report, $4,197,917) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | 104360 - RRCap - FA Shingletree, LLC (1.2% of portfolio value in the 2025-09-30 report, $4,570,253) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | 104361 - RRCap - FA Shingletree, LLC (1.2% of portfolio value in the 2025-09-30 report, $4,741,821) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
| 2025-12-31 | 104363 - RRCap - FA Shingletree, LLC (1.1% of portfolio value in the 2025-09-30 report, $4,369,483) is absent from the 2025-12-31 report -- realized, sold, or restructured under a different name. |
Where exit demand met the cap.
Every one of the 6 disclosed periods was filled in full. SHAREHOLDER TRANSACTION EXPENSES Class I Shares Class S Shares Maximum Early Repurchase Fee ( as a percentage of repurchased amount ) None None ANNUAL EXPENSES (as a percentage of net assets attributable to common shares) Investment Management Fee (1) 3.13 % 3.13 % Distribution and/or Shareholder Servicing Fees (2) 0.00 % 0.30 % Other Expenses (3) 4.21 % 4.21 % Interest Expense on Borrowing (3) 2.33 % 2.33 % Acquired Fund Fees and Expenses (3)(4) 0.01 % 0.01 % Total Annual Expenses 9.68 % 9.98 %
| Period | Requested | Filled | Cap used | Status |
|---|---|---|---|---|
| 2026-05-12 | - | 100% | 84% | filled |
| 2025-02-07 | - | 100% | 14% | filled |
| 2024-11-12 | - | 100% | 22% | filled |
| 2024-05-10 | - | 100% | 50% | filled |
| 2024-02-07 | - | 100% | 78% | filled |
| 2023-11-13 | - | 100% | 87% | filled |
How the balance sheet is funded.
Borrowings, unused capacity, and synthetic exposure are separated so unlike risks do not collapse into one ratio.
Not yet compiled
How the offering is divided.
A filed share-class breakdown and terms-based role descriptions. This is not an estimate of who owns the fund.
Who can invest: No investor qualification is stated in the prospectus. 486BPOS filed 2026-04-29.
Not attributed 100.0%
| Class | Terms-based role description | Load | Servicing | Minimum | Assets |
|---|---|---|---|---|---|
| Class I | - | 0.00% | 0 bps | $0 | - |
| Class S | Servicing-fee class for brokerage or platform distribution. | 0.00% | 30 bps | $1,000 | - |
Management fee: 1.75% of average daily managed assets per year, current as of latest filed disclosure. Research only: not used in a fee distribution. SEC source 0001213900-26-049386.
Filed fee conditions
Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager a monthly Investment Management Fee equal to 1.75% on an annualized basis based on the Fund’s average daily Managed Assets, subject to certain adjustments. The Investment Management Fee will be paid to the Investment Manager before giving effect to any repurchase of Shares in the Fund effective as of that date, and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. “Managed Assets” means the total assets of the Fund, including leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding). As a result, the Investment Manager is paid more if the Fund uses leverage, which creates a conflict of interest for the Investment Manager. The Investment Manager will seek to manage that potential conflict by utilizing leverage only when they determine such action is in the best interests of the Fund. The Investment Management Fee will be computed as of the last business day of each month, and will be due and payable in arrears within ten (10) business days after the end of the month.
Canonical-class fee profile
| Class | Management | Incentive | Load | Servicing | Gross expenses | Net expenses |
|---|---|---|---|---|---|---|
| Class I | 1.75% | None
*
None. The standardized prospectus fee table contains no incentive/performance-fee line. SEC source 0001213900-26-049386 |
0.00% | 0 bps | - | - |
The evidence beneath the page.
Filed terms and recent documents remain available without crowding the primary research flow.
Term register (5)
| Term | Description | Value | Effective |
|---|---|---|---|
| advisory_fee_schedule | Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager a monthly Investment Management Fee equal to 1.75% on an annualized basis based on the Fund’s average daily Managed Assets, subject to certain adjustments. The Investment Management Fee will be paid to the Investment Manager before giving effect to any repurchase of Shares in the Fund effective as of that date, and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. “Managed Assets” means the total assets of the Fund, including leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding). As a result, the Investment Manager is paid more if the Fund uses leverage, which creates a conflict of interest for the Investment Manager. The Investment Manager will seek to manage that potential conflict by utilizing leverage only when they determine such action is in the best interests of the Fund. The Investment Management Fee will be computed as of the last business day of each month, and will be due and payable in arrears within ten (10) business days after the end of the month. | 1.75 pct annual of average daily managed assets | - |
| fund_inception_date | 2023-06-26 | Text disclosure | 2023-06-26 |
| leverage_ceiling | Under the Investment Company Act, the Fund is not permitted to borrow for any purposes if, immediately after such borrowing, the Fund would have asset coverage (as defined in the Investment Company Act) of less than 300% with respect to indebtedness or less than 200% with respect to the issuance of preferred shares, each as measured at the time the investment company incurs the indebtedness. This means that at any given time the value of the Fund’s total indebtedness may not exceed one -third the value of its total assets (including such indebtedness) and it may not issue preferred stock unless immediately after such issuance the value of the Fund’s total assets is at least 200% of the liquidation value of the outstanding preferred stock (i.e., the liquidation value may not exceed 50% of the Fund | 300.0 asset coverage | - |
| lockup_or_early_repurchase_fee | SHAREHOLDER TRANSACTION EXPENSES Class I Shares Class S Shares Maximum Early Repurchase Fee ( as a percentage of repurchased amount ) None None ANNUAL EXPENSES (as a percentage of net assets attributable to common shares) Investment Management Fee (1) 3.13 % 3.13 % Distribution and/or Shareholder Servicing Fees (2) 0.00 % 0.30 % Other Expenses (3) 4.21 % 4.21 % Interest Expense on Borrowing (3) 2.33 % 2.33 % Acquired Fund Fees and Expenses (3)(4) 0.01 % 0.01 % Total Annual Expenses 9.68 % 9.98 % | 0.0 pct of repurchased amount | - |
| repurchase_program_terms | Interval Fund: The Fund has an interval fund structure and has adopted a fundamental policy to conduct quarterly repurchase offers at NAV, subject to applicable law, for no less than 5% of the Fund’s Shares outstanding at NAV. While the quarterly repurchase offer is expected to be 5%, the amount of each quarterly repurchase offer may be 5% to 25% subject to approval of the Board of Trustees | 5.0 pct of shares outstanding per quarter | - |
Recent filings
| Filed | Form | Accession |
|---|---|---|
| 2026-09-08 | N-CSRS | 0001213900-26-098011 |
| 2026-07-08 | N-23C3A | 0001213900-26-076240 |
| 2026-05-27 | NPORT-P | 0001193125-26-241020 |
| 2026-04-29 | 486BPOS | 0001213900-26-049386 |
| 2026-04-07 | N-23C3A | 0001213900-26-040800 |
| 2026-03-09 | N-CSR | 0001213900-26-025187 |
| 2026-02-24 | NPORT-P | 0001193125-26-066342 |
| 2026-01-05 | N-23C3A | 0001213900-26-000836 |
| 2025-11-28 | NPORT-P | 0001193125-25-301378 |
| 2025-10-14 | N-23C3A | 0001213900-25-098683 |
| 2025-09-05 | N-CSRS | 0001213900-25-084856 |
| 2025-08-27 | NPORT-P | 0001145549-25-054130 |
| 2025-07-08 | N-23C3A | 0001213900-25-062053 |
| 2025-05-28 | NPORT-P | 0001145549-25-033424 |
| 2025-04-04 | N-23C3A | 0001213900-25-028816 |