January is typically a quiet month in Commercial Real Estate and so it proved in 2025, with minimal change to the Bedrock portfolio.

January ’25 did see the Bedrock fund maintain its consistent, predictable performance with another return of 11.25% annualised, extending its long run of delivering a return of 11.25% or higher.

The fund’s diversity metrics were maintained, with the portfolio comprised of investments in 25 loans to 18 borrowers, in 8 regions, 6 states, and in loans spanning the Industrial, Residential, Retail and Medical sectors. With aggregate investments of $65.2m, the average loan size is $2.6m.

The fund’s investment sectors are heavily weighted to Residential and Industrial, at 96% in aggregate. The predominant loan purposes is land or civil construction loans (77%), with 18% industrial built form loans, together the Manager’s favoured loan types in the current environment. The fund has no investments in residential built-form loans.

The outlook for the fund’s returns continues to be strong, noting all Bedrock’s investments are prepaid-interest loans, and minimum interest rates.