# EDGAR Filing Document

**Accession Number:** 0001970521
**File Stem:** 0001104659-25-096662
**Filing Date:** 2025-10
**Character Count:** 7322
**Document Hash:** 93f04a7ff9e3592cc1e2d0095af055a0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-096662.hdr.sgml**: 20251003

**ACCESSION NUMBER**: 0001104659-25-096662

**CONFORMED SUBMISSION TYPE**: 3

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250923

**FILED AS OF DATE**: 20251003

**DATE AS OF CHANGE**: 20251003

**REPORTING-OWNER**: 

**OWNER DATA:**
- **COMPANY CONFORMED NAME:** Comparato Michael
- **CENTRAL INDEX KEY:** 0001970521

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** 3
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56765
- **FILM NUMBER:** 251374040

**MAIL ADDRESS:**
- **STREET 1:** C/O FRANKLIN BSP REALTY TRUST, INC.
- **STREET 2:** ONE MADISON AVENUE, SUITE 1600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
**ISSUER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FBRED-C Feeder REIT Trust
- **CENTRAL INDEX KEY:** 0002073653
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**BUSINESS ADDRESS:**
- **STREET 1:** ONE MADISON AVENUE, SUITE 1600
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 212-588-6770

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

## Ex-24

**Exhibit 24**

**POWER OF ATTORNEY**

The undersigned hereby constitutes and appoints Micah Goodman, Jerome S. Baglien and Michael E. McTiernan the undersigned's true and lawful attorneys-in-fact to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) execute for and on behalf of the undersigned Forms 3, 4 and 5 in accordance with Section 16(a) of the Securities Exchange Act of 1934 and the rules thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) do and perform any and all acts for and on behalf of the undersigned which may be necessary or desirable to complete the execution of any such Form 3, 4, or 5 and the timely filing of such form with the United States Securities and Exchange Commission and any other authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) take any other action of any type whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit to, in the best interest of, or legally required by, the undersigned.

The undersigned hereby grants to each such attorney-in-fact full power and authority to do and perform all and every act and thing whatsoever requisite, necessary, and proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledges that each of the foregoing attorneys-in-fact, in serving in such capacity at the request of the undersigned, is not assuming any of the undersigned's responsibilities to comply with Section 16 of the Securities Exchange Act of 1934. This Power of Attorney can only be revoked by delivering a signed, original "Revocation of Power of Attorney" to the attorneys-in-fact.

In accordance with Item 302(b)(2) of Regulation S-T, my signature below confirms that, when I use an electronic signature as permitted by Item 302(b)(1) of Regulation S-T with respect to any registration statement, report or other document filed with the U.S. Securities and Exchange Commission (the "SEC"), whether in my capacity as an officer or director of FBRED-C Feeder REIT Trust (the "Company"), as an attorney-in-fact, or in my individual capacity, such electronic signature constitutes the legal equivalent of my manual signature for purposes of authenticating the signature to any filing for which it is provided.

I understand that the Company will retain this signature and furnish it to the SEC or its staff, upon their request.

**IN WITNESS WHEREOF**, the undersigned has caused this Power of Attorney to be executed as of this 30<sup>th</sup> day of September, 2025.

---

| |
|:---|
| /s/ Michael Comparato |
| Name: Michael Comparato |
| Title: Chief Executive Officer and President |

---

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

## FORM 3

### INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

---

| | | |
|:---|:---|:---|
| **1. Name and Address of Reporting Person**<sup>*</sup><br>Comparato Michael<br><sub>(Last) (First) (Middle)</sub><br>ONE MADISON AVE, SUITE 1600<br><sub>(Street)</sub><br>NEW YORK, NY 10010<br><sub>(City) (State) (Zip)</sub> | **3. Issuer Name and Ticker or Trading Symbol**<br>FBRED-C Feeder REIT Trust [ NONE ] | **5. If Amendment, Date of Original Filed (Month/Day/Year)**<br>  |
| **2. Date of Event Requiring Statement (Month/Day/Year)**<br>2025-09-23 | **4. Relationship of Reporting Person(s) to Issuer**<br>(Check all applicable)<br>[ ] Director   [ ] 10% Owner<br>[X] Officer (give title below)   [ ] Other (specify below)<br>_CEO and President_ | **6. Individual or Joint/Group Filing (Check Applicable Line)**<br>[X] Form filed by One Reporting Person<br>[ ] Form filed by More than One Reporting Person |

---

## Table I - Non-Derivative Securities Beneficially Owned

---

|  |  |  |  |
| --- | --- | --- | --- |
| 1. Title of Security | 2. Amount of Securities Beneficially Owned | 3. Ownership Form | 4. Nature of Indirect Beneficial Ownership |

---

## Table II - Derivative Securities Beneficially Owned

---

|  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- |
| 1. Title of Derivative Security | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 2. Date Exercisable and Expiration Date (Month/Day/Year) | 3. Title and Amount of Underlying Securities | 3. Title and Amount of Underlying Securities | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
| 1. Title of Derivative Security | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | 4. Conversion or Exercise Price | 5. Ownership Form | 6. Nature of Indirect Beneficial Ownership |
|  |  |  |  |  |  |  |  |

---

**Remarks:**
Exhibit 24 - Power of Attorney.

**Signature:** /s/ Micah Goodman, Attorney-in-Fact for Michael Comparato  
**Date:** 2025-10-03

### Remarks:

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

**Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.**