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Private company

Principal Credit Real Estate Income Trust

American real estate investment trust based in Des Moines1

In its 2026 annual report the company says: “We are a Maryland statutory trust formed on May 22, 2024. We are managed by Principal Real Estate Investors, LLC, a Delaware limited liability company (the “Adviser” and, together with Principal Real Estate Europe Limited, “Principal Real Estate”).”9

Last updated Oct 21, 2026.

Overview

$24.5MRevenue, fiscal 20252
$4.0MNet income, fiscal 20252
  • IndustryReal Estate Investment Trusts1
  • HeadquartersDes Moines, Iowa1
  • Incorporated inMD3
  • Business address711 High Street, Des Moines, Ia 503923
  • Filer category, Emerging growth company3
  • Legal formOther
  • Kind of organizationReal estate investment trust1

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

16.1%Net margin2
130.0%Return on equity2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs84¢$20.5M
  • Income tax0¢$7.0K
  • Profit16¢$4.0M

Out of $24.5M in revenue.2

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid100¢$5.2M

Out of $3.8M of cash from operations. Spending exceeded cash from operations; the rest came from savings or borrowing.2

Financial statements

Fiscal year202320242025
Revenue$24.5M2
Operating expenses$20.8M2
Income before tax$3.9M2
Income tax-$7.0K2
Net income$4.0M2
Earnings per share$11.597$1.252
Earnings per share (diluted)$11.597$1.252
Shares (weighted, basic)47.1K shares73.2M shares2
Shares (weighted, diluted)47.1K shares73.2M shares2

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What it owns

What Principal Credit Real Estate Income Trust reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$10.5M2 Dec 31, 2025$11.9M2 Dec 31, 2024−11.3%
Deposits held (banks)$8.3M2 Dec 31, 2025$4.2M2 Dec 31, 2024+95.6%

Properties, in its own words

Our principal office is located at 711 High Street, Des Moines, Iowa 50392. As part of the Advisory Agreement, the Adviser is responsible for providing office space and office services required in rendering services to us. We consider these facilities to be suitable and adequate for the management and operations of our business.

Item 2 of the 10-K filed Mar 26, 2026.9

Leadership

Who has led Principal Credit Real Estate Income Trust, and when. Pick a name to see everywhere that person has worked.

President

  1. Christopher Duey2024–now

Chief operating officer

  1. Patricia Bailey2024–now
2025
Board members and other officers (8)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Counsel and SecretaryAnne T. Cook named Jan 23, 2026 to Jan 29, 202619
  • Chief Financial OfficerBrian T. Riley named Jan 23, 2026 to Jan 29, 202619
  • Portfolio ManagerKirloes T. Gerges named Jan 23, 2026 to Jan 29, 202619
  • Portfolio ManagerTroy W. Kort named Jan 23, 2026 to Jan 29, 202619
  • Independent TrusteeRichard W. Jones named Jan 23, 2026 to Jan 29, 202619

Timeline

  1. Oct 6, 20268-K Unregistered sale of shares20
  2. Sep 30, 20268-K Regulation FD disclosure21
  3. Sep 3, 20268-K Unregistered sale of shares22
  4. Aug 31, 20268-K Regulation FD disclosure23
  5. Aug 6, 20268-K Unregistered sale of shares24
  6. Jul 31, 20268-K Regulation FD disclosure25
  7. Jul 6, 20268-K Unregistered sale of shares26
  8. Jun 30, 20268-K Regulation FD disclosure27
  9. Jun 4, 20268-K Unregistered sale of shares28
  10. May 29, 20268-K Regulation FD disclosure29
  11. May 6, 20268-K Unregistered sale of shares30
  12. Apr 30, 20268-K Regulation FD disclosure31

Filings

93 filings to the SEC since October 2021: 2 annual reports, 6 quarterly reports, 46 major events, 19 insider forms, 3 private raises, 17 other. The latest 20:

  1. Oct 6, 20268-K EDGAR
  2. Sep 30, 20268-K EDGAR
  3. Sep 3, 20268-K EDGAR
  4. Aug 31, 20268-K EDGAR
  5. Aug 7, 202610-Q 2026 PCREDIT Q2 10-Q EDGAR
  6. Aug 6, 20268-K EDGAR
  7. Jul 31, 20268-K EDGAR
  8. Jul 6, 20268-K EDGAR
  9. Jun 30, 20268-K EDGAR
  10. Jun 4, 20268-K EDGAR
  11. May 29, 20268-K EDGAR
  12. May 13, 202610-Q 2026 PCREDIT Q1 10Q EDGAR
  13. May 6, 20268-K EDGAR
  14. Apr 30, 20268-K EDGAR
  15. Apr 7, 20268-K EDGAR
  16. Mar 31, 20268-K EDGAR
  17. Mar 26, 202610-K EDGAR
  18. Mar 9, 20263 EDGAR
  19. Mar 6, 20268-K EDGAR
  20. Feb 27, 20268-K EDGAR

The 93 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jan 2, 2026Duey ChristopherPresidentBuy4,666$21.43$100.0KForm 4
Dec 1, 2025Vohra RohitSee RemarksBuy2,333$21.43$50.0KForm 4

From Forms 4 filed with the SEC.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$110.7M 2025–2026
Money received by yearMoney received by year, 2025–2026: $110.7M in all. Private raises (Form D) $110.7M.$0$50M$100M$150M2025 · Private raises (Form D): $110.6M20252026 · Private raises (Form D): $74.0K2026
Figures by year
YearPrivate raises (Form D)Total
2026$74.0K$74.0K
2025$110.6M$110.6M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Jan 27, 2026Raised $74,000 in a private offering of equity19 Form D: $75,000 offered in all Form D
  2. Mar 3, 2025Raised $110.6 million in a private offering of equity32 Form D: 99 investors so far Form D

SEC filer profile

How Principal Credit Real Estate Income Trust is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARPrincipal Credit Real Estate Income Trust1
  • CIK0002026448
  • Employer ID (EIN)99-33133289
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company9
  • Incorporated inMaryland9
  • Fiscal year endsDecember 311
  • Industry code (SIC)6798 Real Estate Investment Trusts1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address711 High Street, Des Moines, IA 503921
  • Phone515-247-51111
  • Shares outstanding44,380 Common Class I shares; 34,273 Common Class FS shares; 524,467 Common Class FI shares; 25,480 Common Class E shares; 4,748,759 Common Class A shares as of Mar 26, 20269
  • Public float$0 as of Jun 30, 20252
  • AuditorDeloitte & Touche LLP, Des Moines, Iowa PCAOB ID 34; no auditor attestation of internal control over financial reporting9
  • On EDGAR sinceJul 26, 20241
  • Filings93 in all: 8-K (45), 3 (11), 4 (8), 10-Q (6), UPLOAD (6), CORRESP (5), 10-12G/A (3), 10-K (2)1
    All 13 form types

    8-A12G (2), D (2), 10-12G (1), 8-K/A (1), D/A (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Aug 7, 2026
    Latest 8-K (8-K) Oct 6, 2026

Risk factors and legal proceedings

The risks Principal Credit Real Estate Income Trust names in Item 1A of its 10-K filed Mar 26, 2026: 77 risks under these headings, as written.9

  • Risks Related to Our Private Offering and Our Organizational Structure
  • We have a limited operating history and there is no assurance that we will be able to successfully achieve our investment objectives.
  • There are no assurances that our private offering will raise substantial capital, which may materially adversely affect our ability to achieve our investment objectives.
  • We are dependent on the Adviser and its affiliates and their key personnel who provide services to us through the Advisory Agreement, and we may not find a suitable replacement for the Adviser if the Advisory Agreement is terminated, or for these key personnel if they leave Principal Real Estate or otherwise become unavailable to us.
  • The Adviser manages our portfolio pursuant to very broad investment guidelines and generally is not required to seek the approval of our board of trustees for each investment, financing or asset allocation decision made by it, which may result in our making riskier investments and, in turn, may materially adversely affect our results of operations and financial condition.
  • We may make changes to our business, investment, leverage and financing strategies without shareholder approval.
  • There is no public trading market for our common shares; therefore, your ability to dispose of your common shares will likely be limited to repurchase by us. If you do sell your common shares to us, you may receive less than the price you paid.
  • Economic events that may cause our shareholders to request that we repurchase their common shares may materially adversely affect our cash flows and our results of operations and financial condition.
  • We face risks associated with the deployment of our capital.
  • The amount and source of distributions we may make to our shareholders are uncertain, and we may be unable to generate sufficient cash flows from our operations to make distributions to our shareholders at any time in the future.
  • We may pay distributions from sources other than our cash flows from operations, including, without limitation, borrowings, return of capital, offering net proceeds, the sale of or repayments under our CRE Debt Investments, and advances on the deferral of fees and expenses, and we have no limits on the amounts we may fund from such sources.
  • Payments to the Adviser in the form of common shares, which the Adviser may elect to receive in lieu of cash in respect of management fees or performance fees or certain expense reimbursements, will dilute future cash available for distribution to our shareholders.
The other 66 risks
  • Purchases and repurchases of our common shares will not be made based on the current NAV per share as of the date of the purchase or repurchase.
  • Valuations of our investments may reflect estimates of fair value and may not necessarily correspond to realizable value, which could adversely affect the value of your investment.
  • Our NAV per share may change materially if the values of our investments materially change, if the actual operating results for a particular month differ from what we originally budgeted for that month or if there are fluctuations in interest rates.
  • The NAV per share that we publish may not necessarily reflect changes in our NAV that are not immediately quantifiable.
  • NAV calculations are not governed by governmental or independent securities, financial or accounting rules or standards.
  • Our shareholders generally have limited voting rights.
  • Our Declaration of Trust permits our board of trustees to authorize us to issue preferred shares on terms that may be senior to the rights of the holders of our current common shares or discourage a third party from acquiring us.
  • Our Declaration of Trust does not provide for the annual election of trustees by our shareholders, and contains provisions that could make removal of our trustees difficult, which could make it difficult for our shareholders to effect changes to our management.
  • Your interest in us will be diluted if we issue additional shares.
  • Maryland law and our Declaration of Trust limit our rights and the rights of our shareholders to recover claims against Covered Persons (as defined below), which could reduce your and our recovery against them if they cause us to incur losses.
  • We will not be required to comply with certain reporting requirements, including those relating to auditor’s attestation reports on the effectiveness of our system of internal control over financial reporting, accounting standards and disclosure about our executive compensation, that apply to other public companies.
  • Your investment return may be reduced if we are required to register as an investment company under the Investment Company Act.
  • We depend on the Adviser and its affiliates to develop appropriate systems and procedures to control operational risks.
  • Operational risks, including the risk of cyberattacks, may disrupt our businesses, result in losses or limit our growth.
  • The recent advancements in and increased use of artificial intelligence present risks and challenges that may adversely impact our business.
  • Uncertainty with respect to the financial stability of the United States could have a significant adverse effect on our business, financial condition and results of operations.
  • Misconduct of employees of the Adviser, its affiliates or third-party service providers could cause significant losses to us.
  • We may face limits on our ability to leverage the Adviser’s knowledge base.
  • Risks Related to Our Investments
  • Our loans and other investments expose us to risks associated with debt-oriented real estate investments generally.
  • The lack of liquidity in our investments may adversely affect our business.
  • Prepayment rates may adversely affect the value of our investment portfolio.
  • Difficulty in redeploying the proceeds from repayments of our loans and investments may cause our financial performance and returns to investors to suffer.
  • The mortgage loans in which we may invest and the mortgage loans underlying the mortgage securities in which we may invest are subject to delinquency, foreclosure and loss, which could result in losses to us.
  • Multifamily residential investments may subject us to additional risk.
  • We may need to foreclose on certain of the loans we originate or acquire, which could result in losses that harm our results of operations and financial condition.
  • Delays in liquidating defaulted CRE Debt Investments could reduce our investment returns.
  • Interest rate fluctuations could reduce our ability to generate income on our investments and may cause losses.
  • The due diligence process that the Adviser undertakes in regard to investment opportunities may not reveal all facts that may be relevant in connection with an investment and if the Adviser incorrectly evaluates the risks of our investments we may experience losses.
  • The properties securing our CRE Debt Investments may be subject to unknown liabilities, including liabilities resulting from environmental hazards, that could affect the value of these properties and as a result, our investments.
  • If the Adviser overestimates the yields or incorrectly prices the risks of our investments, we may experience losses.
  • Inflation risks may have an adverse impact on our returns.
  • Real estate valuation is inherently subjective and uncertain.
  • Trade negotiations and related government actions may create regulatory uncertainty for us and our tenants and adversely affect the profitability of investments.
  • Loans on properties in transition will involve a greater risk of loss than conventional mortgage loans.
  • Risks of cost overruns and noncompletion of renovations of properties in transition may result in significant losses.
  • Investment ratings that we may use are relative and subjective.
  • Investments in non-conforming and non-investment grade rated loans or securities involve increased risk of loss.
  • Any credit ratings assigned to our investments are subject to ongoing evaluations and revisions and we cannot assure you that those ratings will not be downgraded.
  • Our investments may be concentrated and are subject to risk of default.
  • Difficult conditions in the mortgage and CRE markets may cause us to experience market losses related to our holdings.
  • We operate in a highly competitive market for investment opportunities and competition may limit our ability to originate and/or acquire desirable investments in our target assets and could also affect the pricing of these assets.
  • If we are unable to successfully integrate new assets or businesses and manage our growth, our results of operations and financial condition may suffer.
  • The “B Notes” that we originate or acquire are subject to additional risks related to the privately negotiated structure and terms of the transaction, which may result in losses to us.
  • We may not be able to sell the A Notes that we originate or acquire, which may result in losses to us.
  • Mezzanine loans involve greater risks of loss than senior loans secured by income-producing properties.
  • A substantial portion of our portfolio investments are recorded at fair value and, as a result, there is uncertainty as to the value of these investments.
  • We may experience a decline in the fair value of our assets.
  • Investments outside the U.S. that are denominated in foreign currencies subject us to foreign currency risks and to the uncertainty of foreign laws and markets, which may adversely affect our distributions and our REIT status.
  • Any distressed loans or investments we make, or loans and investments that later become distressed, may subject us to losses and other risks relating to bankruptcy proceedings.
  • There are increased risks involved with our construction lending activities.
  • Our investments in CMBS are generally subject to losses.
  • We may not control the special servicing of the mortgage loans included in the CMBS in which we invest, and, in such cases, the special servicer may take actions that could adversely affect our interests.
  • With respect to certain mortgage loans included in our CMBS investments, the properties that secure the mortgage loans backing the securitized pool may also secure one or more related mortgage loans that are not in the CMBS, which may conflict with our interests.
  • The Company’s claims may be subordinated to those of other creditors, which may have an adverse effect on the Company’s performance.
  • Dislocations, illiquidity and volatility in the market for commercial real estate as well as the broader financial markets could adversely affect the performance and value of commercial mortgage loans, the demand for CMBS and the value of CMBS investments.
  • The CMBS in which we invest is subject to the risks of the mortgage securities market as a whole and risks of the securitization process.
  • We are subject to the risks relating to increases in prepayment rates of debt underlying CMBS.
  • We may sponsor, and purchase the more junior securities of, CLOs and such instruments involve significant risks, including that these securities receive distributions from the CLO only if the CLO generates enough income to first pay all the investors holding senior tranches and all CLO expenses.
  • Joint venture investments could be adversely affected by our lack of sole decision-making authority, our reliance on joint venture partners’ financial condition and liquidity and disputes between us and our joint venture partners.
  • We may invest in derivatives for hedging purposes, which involve numerous risks.
  • We may be subject to contingent liabilities.
  • The Company may be liable to meet the capital calls of certain of its borrowers, and as a result, the Company will need to manage its liquidity in anticipation of funding such capital calls.
  • Various jurisdictional licensing requirements will cause us to incur expenses and our failure to be properly licensed may have a material adverse effect on us and our operations.
  • Risks Related to Debt Financing
  • We incur significant leverage.
  • We may use repurchase agreements to finance our investments, which may expose us to risks that could result in losses, including due to cross-defaults and cross-collateralization under warehouse repurchase and credit facilities.
  • For our borrowed money, the potential for gain or loss on amounts invested in us will be magnified and may increase the risk of investing in us.

Legal proceedings

Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceedings threatened against us or the Adviser. From time to time, we or the Adviser may be a party to certain legal and regulatory proceedings in the ordinary course of business.

The opening of Item 3, Legal Proceedings.9

Sources

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