Principal Credit Real Estate Income Trust

John T. Berg has served as our Chairman of the Board and Chief Executive Officer since our formation in May 2024. He is a Senior Managing Director and Global Head of Private Real Estate for Principal Asset Management. He is responsible for leadership of private real estate debt and equity activities in the United States and Europe. Mr. Berg joined the organization in 1994 and has been active in portfolio management, asset management, new business development and leadership positions in real estate. He received an MBA from the University of Iowa and a bachelor’s degree in economics and psychology from Georgetown University. Mr. Berg serves on the Principal Real Estate Investment Committee.

Rohit Vohra has served as our Global Head of Product Private Markets since December 2025 after serving since our formation in May 2024 as our Head of Global Wealth Alternatives. He has served as a trustee since November 2024. He is the Head of Global Product Private Markets at Principal Asset Management. Mr. Vohra is leading Principal’s efforts in delivering its institutional-quality private investing platform to high-net worth investors and their advisors globally. Prior to joining Principal in 2021, Mr. Vohra was COO at Invesco Private Capital focusing on private equity. In 2016 Oppenheimer Funds hired him to build the private market business, where he launched OC Private Capital (a joint venture between Oppenheimer Funds and The Carlyle Group). As COO of OC Private Capital, he launched the Carlyle Tactical Private Credit Fund, focused on mass affluent investors. Between 2013 and 2016, Mr. Vohra was at RBC Wealth Management, where he was responsible for its global alternative investment business. Over his more than two decades in the alternative investment industry he has built a deep expertise in engineering, originating, and executing global strategies for multi-billion-dollar alternative investment businesses. Mr. Vohra received his MBA from the University of Chicago Booth School of Business.

Christopher Duey has served as our President since our formation in May 2024. Mr. Duey is a Senior Managing Director, Head of Private Debt Portfolio Management for Principal Real Estate, the dedicated real estate group of Principal Asset Management. In this role, he is responsible for the oversight of the private debt portfolio management team, which handles all investment activities for the affiliated and nonaffiliated private debt capital clients. In addition, he is involved with new business development activities involving various private debt programs. Mr. Duey joined the firm in 1992 and has held various roles within Principal Real Estate, moving into his current position in 2017. He received an MBA from Drake University and a BBA in finance and marketing from the University of Iowa.

Brian Riley has served as our Chief Financial Officer since our formation in May 2024. Mr. Riley is the Chief Financial Officer for Principal Real Estate, the dedicated real estate unit of Principal Asset Management. His team is responsible for the preparation, review, and forecasting of financials for the real estate asset management businesses as well as financial statement accounting and reporting for debt clients and funds. Mr. Riley joined the firm in 2012, after working in the audit practice of KPMG. He received a bachelor’s degree in accounting and finance from Iowa State University. Mr. Riley has been a Certified Public Accountant since 2009.

Rajee Harris has served as our Chief Business Officer since December 2025. Mr. Harris is the Chief Business Officer & Senior Managing Director of Private Markets for Principal Asset Management, which includes the Adviser, its dedicated real estate group. He is responsible for the Commercial Mortgage Servicing & Closing Teams, the Commercial Mortgage Engineering (Environmental & Structural) Team, the Commercial Appraisal Services (Debt & Equity Valuation) Team, the Asset Management Operations & ESG Team, the Real Estate Risk Management Team, and the Real Estate Intelligence and Data Strategy Team. He also works closely with the Information Technology and Data Science Teams. Mr. Harris originally joined Principal Asset Management in 2012 in its legal department, serving as legal counsel for corporate mergers & acquisitions and private equity real estate. Prior to being elevated into his current role, Rajee was the Chief Operating Officer of the firm’s Real Estate Operating Company (“REOC”) Investments Team. From 2018 to 2021, he served as Managing Director at Partners Enterprise Capital, a Chicago-based private equity real estate firm that invests in and manages REOCs in the United States. Mr. Harris received a JD from Drake University Law School and an MBA and bachelor’s degree in entrepreneurial management and marketing from Drake University.

Kevin Catlett has served as our Head of Investment Production since our formation in May 2024. Mr. Catlett is a Senior Managing Director at Principal Real Estate, the dedicated real estate group of Principal Asset Management. He is responsible for the Private Debt Origination/Underwriting Operation. He joined the firm in 1995. Prior to his current role, Mr. Catlett managed the Western Region's commercial real estate debt production efforts. He is a member of Principal Real Estate Commercial Real Estate Committee. He received an MBA in management and finance and a bachelor’s degree in finance, both from the University of Iowa. He is a member of the Mortgage Bankers Association and serves on the Board of Directors for the Life Mortgage and Real Estate Officers Council.

Anne Cook has served as our Counsel and Secretary since our formation in May 2024. Ms. Cook is an Associate General Counsel at Principal Real Estate, the dedicated real estate unit of Principal Asset Management. Ms. Cook leads the real estate attorney team supporting Principal Real Estate. She provides legal advice and counsel to Principal Real Estate, focusing on private funds, product development and investment management agreements. Ms. Cook joined the firm in 2008. Prior to her current role, she served as an Associate Attorney at Bradshaw, Fowler, Proctor & Fairgrave, P.C. Ms. Cook received a JD in Law from University of Kansas School of Law and a bachelor’s degree in management and organization from the University of Iowa (Tippie College of Business).

Kirloes Gerges has served as our Portfolio Manager since our formation in May 2024. Mr. Gerges is a Managing Director of portfolio management at Principal Real Estate, the dedicated real estate unit of Principal Asset Management. He focuses on high yield debt investments. Prior to joining Principal, Mr. Gerges was the portfolio manager for Aon’s OCIO group where he was a four-quadrant investor with an emphasis on debt research and investments. Mr. Gerges holds a bachelor’s degree in economics from Rutgers University, and an MBA from Seton Hall University. He also holds a post graduate certificate in Real Estate Finance and Investment from New York University.

Troy W. Kort, CFA, has served as our Portfolio Manager since our formation in May 2024. Mr. Kort is a Managing Director of Portfolio Management at Principal Real Estate, the dedicated real estate group of Principal Asset Management. His focus is on the private real estate credit portfolios managed by the firm including the debt funds. Other prior experience includes subordinate debt, capital markets, bridge loans, special servicing, and core mortgages. Mr. Kort has been part of Principal Real Estate and its predecessors for over 26 years. He received an MBA with a concentration in finance and a bachelor’s degree in mathematics from the University of Nebraska. He has earned the right to use the Chartered Financial Analyst designation and is a member of the CFA Institute.

Andrea Balkan has served as a trustee since November 2024 and has decades of experience as a real estate finance executive. Ms. Balkan’s experience spans real estate debt and equity investments, portfolio construction and optimizing resolution of distressed real estate. Prior to her retirement in December 2024, she was a transition advisor at Brookfield Asset Management, where she previously held roles as a Managing Partner and a Partner. Prior to that, she was the Director, Large Loan Origination Group and Director, Co-Head of U.S. Conduit at Merrill Lynch. Ms. Balkan received a bachelor’s degree from Wesleyan University.

Jennifer Pedigo has served as a trustee since November 2024 and has decades of experience in global financial services and asset management firms. She brings tenure in business strategy, product management, and distribution roles spanning institutional, wealth management, insurance and retirement markets. Throughout her career, Ms. Pedigo has represented a breadth of investment capabilities, encompassing customized portfolios, traditional asset classes and alternative assets such as real estate, private credit, agriculture, timber, and infrastructure.

Ms. Pedigo is the President of Jesamm Partners, Inc, a consulting practice. Most recently, Ms. Pedigo served as a board member of Securian Asset Management and as Securian Asset Management Senior Vice President, Head of Strategy and Business Development. Additionally, she held distribution leadership roles at Polen Capital Management, TIAA Global Asset Management and BMO Global Asset Management.

Ms. Pedigo earned a Bachelor of Business Administration in Finance and a Master of Business Administration from the University of Iowa. She is a Chartered Financial Analyst Charter holder and a member of the CFA Institute, the CFA Society of Chicago, and the CFA Society of South Florida.

Richard Jones has served as a trustee since November 2024. Mr. Jones served as a Partner at Dechert LLP from 1996 to 2024, where he chaired the Finance and Real Estate practice. Mr. Jones received a bachelor’s degree from Washington and Lee University, a masters of laws from Boston University and a JD from the University of Virginia.

1. Represents the NAV per share of the applicable class of PCREDIT’s common shares. Repurchases under the share repurchase plan will be effected at a repurchase price equal to the transaction price on the applicable repurchase date (which will generally be equal to our prior month’s NAV per share), subject to any early repurchase deduction. The NAV per share presented is rounded to two decimal places. NAV is calculated in accordance with the valuation guidelines approved by our board of trustees. NAV is not a measure used under generally accepted accounting principles in the United States (“GAAP”), and the valuations of and certain adjustments made to our assets and liabilities used in the determination of NAV will differ from GAAP. You should not consider NAV to be equivalent to shareholders’ equity or any other GAAP measure.