# EDGAR Filing Document

**Accession Number:** 0001761054
**File Stem:** 0001761054-25-000008
**Filing Date:** 2025-9
**Character Count:** 8666
**Document Hash:** 392ab6c898cae18b1f4d75dc6f536b6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001761054-25-000008.hdr.sgml**: 20250916

**ACCESSION NUMBER**: 0001761054-25-000008

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13D

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250916

**DATE AS OF CHANGE**: 20250916

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Franklin BSP Real Estate Debt BDC
- **CENTRAL INDEX KEY:** 0002018545

**ORGANIZATION NAME:**
- **EIN:** 991918767
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-94558
- **FILM NUMBER:** 251316024

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **STREET 2:** SUITE 1600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 212-588-6700

**MAIL ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE
- **STREET 2:** SUITE 1600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Franklin BSP Real Estate Credit BDC
- **DATE OF NAME CHANGE:** 20240405
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Treasurer of the State of North Carolina
- **CENTRAL INDEX KEY:** 0001761054

**ORGANIZATION NAME:**
- **EIN:** 561545517
- **STATE OF INCORPORATION:** NC
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 3200 ATLANTIC AVENUE
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27604
- **BUSINESS PHONE:** 9198144330

**MAIL ADDRESS:**
- **STREET 1:** 3200 ATLANTIC AVENUE
- **CITY:** RALEIGH
- **STATE:** NC
- **ZIP:** 27604

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**Franklin BSP Real Estate Debt BDC**

*(Name of Issuer)*

**Common Shares, par value $0.001 per share**

*(Title of Class of Securities)*

**000000000**

*(CUSIP Number)*

**Deana Moore-Solomon**<br>3200 Atlantic Avenue<br>Raleigh NC 27604<br>919-814-4330

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**09/10/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **000000000** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**Treasurer of the State of North Carolina** | Name of reporting person<br>**Treasurer of the State of North Carolina** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**NORTH CAROLINA** | Citizenship or place of organization<br>**NORTH CAROLINA** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**20167415.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**20167415.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**0.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**20167415.00** | Aggregate amount beneficially owned by each reporting person<br>**20167415.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**99.9%** | Percent of class represented by amount in Row (11)<br>**99.9%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**OO** | Type of Reporting Person (See Instructions)<br>**OO** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Shares, par value $0.001 per share

**(b) Name of Issuer:**
Franklin BSP Real Estate Debt BDC

**(c) Address of Issuer's Principal Executive Offices:**
ONE MADISON AVENUE, SUITE 1600, NEW YORK, NY, 10010

**Item 4. Purpose of Transaction**

The information set forth in Item 3 hereof is hereby incorporated by reference into this Item 4.
The Reporting Person acquired the Common Shares for investment purposes in the course of ordinary business. Depending on market conditions and other factors, the Reporting Person may from time to time acquire additional securities of the Issuer or dispose of all or a portion of its investment in the Issuer.
The Reporting Persons ownership as a percentage of the outstanding Common Shares may be deemed to have the resulting effect of changing or influencing the control of the Issuer, notwithstanding that the Common Shares of the Issuer beneficially owned by the Reporting Person were acquired in the ordinary course of its business and were not acquired for the purpose of changing or influencing the control of the Issuer. When permitted by applicable law, the Reporting Person may seek to acquire additional securities of the Issuer (which may include rights or securities exercisable, exchangeable or convertible into securities of the Issuer) and or may dispose of some or all of their Common Shares, from time to time, by tendering such Common Shares for repurchase by the Issuer, depending on price, market liquidity, developments affecting the Issuer, the Issuers business and prospects, other investment and business opportunities available to the Reporting Person, general stock market and economic conditions, tax considerations and other factors deemed relevant.
It is contemplated that, following the closing of the transfer of the Common Shares to the Reporting Person, the Reporting Person will engage with the Company in order for the Company to seek to redeem its outstanding preferred shares and subsequently withdraw its election to be regulated as a business development company under the Investment Company Act of 1940, as amended, and withdraw the registration of the Common Shares under the U.S. Securities Exchange Act of 1934, as amended.
Other than as disclosed in the preceding paragraph, the Reporting Person does not currently have any plans or proposals that relate to, or would result in, any of the matters listed in Items 4(a) to (j) of Schedule 13D. Although the foregoing reflects activities presently contemplated by the Reporting Person with respect to the Issuer, the foregoing is subject to change at any time.

**Item 5. Interest in Securities of the Issuer**

**(a)**
The information set forth on the cover page of this Schedule 13D is hereby incorporated by reference into this Item 5. Calculation of the percentage of Common Shares beneficially owned is based on 20,167,474 Common Shares outstanding as of August 12, 2025 as disclosed by the Issuer in its Quarterly Report on Form 10-Q filed with the SEC on August 12, 2025.

**(b)**
The information contained in rows 7 through 10 of the cover page of this Schedule 13D is hereby incorporated by reference into this Item 5(b).

**(c)**
Except as set forth in this Schedule 13D, the Reporting Person has not effected any transaction in Common Shares in the past 60 days

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

The information set forth in Items 3 and 4 hereof is hereby incorporated by reference into this Item 6.
Except as set forth herein, the Reporting Person does not have any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Issuer, including but not limited to any contracts, arrangements, understandings or relationships concerning the transfer or voting of such securities, finders fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** Treasurer of the State of North Carolina

**Signature:** Kevin SigRist

**Name/Title:** Chief Investment Officer

**Date:** 09/16/2025