Issues 939,571 Class A shares at $21.2863 for $20M to anchor investors; sells 11,276 Class F-I shares for $230K

Principal Credit Real Estate Income Trust

On Sept 2, 2025, issued 939,571.46 Class A shares to Principal Life and an unaffiliated insurer at $21.2863/share, aggregate $20M.
Sale is part of prior $150M Anchor Investment commitment; exempt under Section 4(a)(2).
Also sold 11,276.22 Class F-I common shares for $230,000 in continuous private offering, exempt under Rule 506.

item 3.02

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