Unexpected things:

Dumping under the name bootstrap-emacs.pdmp
dumping fingerprint: 2d6b0b41b332e60fca44efc80358845a5516e552d909e0c752185284c5c43268
Dump complete
Byte counts: header=80 hot=7843920 discardable=129360 cold=4484888
Reloc counts: hot=420352 discardable=4896
  ELC      ../lisp/replace.elc
Can't find D:\Devel\emacs\repo\trunk\src\bootstrap-emacs.exe to refresh preloaded Lisp files

the build follows, and then

Loading leim/leim-list.el (source)...
Waiting for git...
Error running git rev-parse: (file-error "Searching for program" "Permission denied" "git")
Waiting for git...
Error running git rev-parse --abbrev-ref: (file-error "Searching for program" "Permission denied" "git")