Wed, Mar 26, 6:16 PM (32 days ago)
**Summary of Principal Credit Real Estate Income Trust (PFG) 2024 Annual Report** **Financial Performance:** - **Revenue:** $1.8 million, including $0.2 million from interest income and $1.6 million from origination fees. - **Expenses:** $0.4 million in professional fees, $0.7 million in organization costs, $0.3 million in interest expenses, and $0.8 million in financing fees. - **Net Income:** $0.5 million from operations, primarily from origination fee income. - **Offering Costs:** $1.4 million, advanced by the Adviser and to be reimbursed post-March 3, 2026. **Net Asset Value (NAV):** - **Total NAV:** $10.554 million as of December 31, 2024. - **NAV per Share:** $21.11 for Class A shares. **Investment Activity:** - **Loans Originated:** Six CRE loans totaling $140.6 million in principal, with a total commitment of $157.0 million. - **Financing:** $126 million through the JPM Subscription Line and $250 million through the GS Repurchase Agreement. **Market Position:** - **No Public Trading Market:** Shares are not listed on any national securities exchange. - **Shareholders:** As of March 26, 2025, there are two holders of Class A shares, two holders of Class F-I shares, one holder of Class I shares, and three holders of Class E shares. **Risk Factors:** - **Market Risks:** Exposure to real estate market fluctuations, interest rate changes, and economic conditions. - **Operational Risks:** Dependence on the Adviser, potential conflicts of interest, and regulatory compliance. - **Financial Risks:** Leverage, liquidity, and financing risks. **Strategic Overview:** - **Investment Strategy:** Focus on CRE debt investments, including senior mortgage loans and subordinated debt. - **Distribution Policy:** Monthly distributions based on record dates established by the board of trustees. **Future Outlook:** - **Growth Potential:** Continuous private offering of common shares to accredited investors. - **Regulatory Compliance:** Ongoing efforts to maintain REIT status and comply with regulatory requirements. **Amendments/Changes:** - **None Reported:** No significant amendments or changes reported in the 2024 annual report. **Ticker:** PFG