# EDGAR Filing Document

**Accession Number:** 0002073653
**File Stem:** 0001104659-25-087510
**Filing Date:** 2025-9
**Character Count:** 342165
**Document Hash:** 518884d0c132ef790e94562990e9f36b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-087510.hdr.sgml**: 20250904

**ACCESSION NUMBER**: 0001104659-25-087510

**CONFORMED SUBMISSION TYPE**: 10-12G/A

**PUBLIC DOCUMENT COUNT**: 9

**FILED AS OF DATE**: 20250904

**DATE AS OF CHANGE**: 20250904

**FILER**: 

**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

**FILING VALUES:**
- **FORM TYPE:** 10-12G/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56765
- **FILM NUMBER:** 251294314

**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

**As filed with the Securities and Exchange Commission on September 4, 2025**

 **File No. 000-56765**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **Amendment No. 1**

 **to**

**FORM 10**

**GENERAL FORM FOR REGISTRATION OF SECURITIES**

**PURSUANT TO SECTION 12(b) OR 12(g)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**FBRED-C Feeder REIT Trust**

**(Exact name of registrant as specified in charter)**

---

| | |
|:---|:---|
| **Maryland** | **33-4962406** |
| **(State or other jurisdiction of<br> incorporation or registration)** | **(I.R.S. Employer<br> Identification No.)** |
| **One Madison Avenue, Suite 1600 <br> New York, New York** | **10010** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**(212) 588-6770**

**(Registrant's telephone number, including area code)**

***with copies to:***

**Michael E. McTiernan**

**Tifarah R. Allen**

**Hogan Lovells US LLP**

**555 Thirteenth Street, NW**

**Washington, DC 20004**

Securities to be registered pursuant to Section 12(b) of the Act:

**None**

Securities to be registered pursuant to Section 12(g) of the Act:

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

(Title of class)

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," or "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ◻ | Accelerated filer | ◻ |
| Non-accelerated filer | ⌧ | Smaller reporting company | ⌧ |
|  |  | Emerging growth company | ⌧ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| [Explanatory Note](#a_001) | [Explanatory Note](#a_001) | [3](#a_001) |
| [Forward-Looking Statements](#a_002) | [Forward-Looking Statements](#a_002) | [3](#a_002) |
| [Summary Risk Factors](#a_003) | [Summary Risk Factors](#a_003) | [3](#a_003) |
| [Item 1.](#a_004) | [Business](#a_004) | [4](#a_004) |
| [Item 1A.](#a_005) | [Risk Factors](#a_005) | [9](#a_005) |
| [Item 2.](#a_006) | [Financial Information](#a_006) | [11](#a_006) |
| [Item 3.](#a_007) | [Properties](#a_007) | [13](#a_007) |
| [Item 4.](#a_008) | [Security Ownership of Certain Beneficial Owners and Management](#a_008) | [13](#a_008) |
| [Item 5.](#a_009) | [Directors and Executive Officers](#a_009) | [13](#a_009) |
| [Item 6.](#a_010) | [Executive Compensation](#a_010) | [15](#a_010) |
| [Item 7.](#a_011) | [Certain Relationships and Related Transactions, and Director Independence](#a_011) | [16](#a_011) |
| [Item 8.](#a_012) | [Legal Proceedings](#a_012) | [18](#a_012) |
| [Item 9.](#a_013) | [Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters](#a_013) | [19](#a_013) |
| [Item 10.](#a_014) | [Recent Sales of Unregistered Securities](#a_014) | [19](#a_014) |
| [Item 11.](#a_015) | [Description of Registrant's Securities to be Registered](#a_015) | [19](#a_015) |
| [Item 12.](#a_016) | [Indemnification of Directors and Officers](#a_016) | [22](#a_016) |
| [Item 13.](#a_017) | [Financial Statements and Supplementary Data](#a_017) | [23](#a_017) |
| [Item 14.](#a_018) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#a_018) | [23](#a_018) |
| [Item 15.](#a_019) | [Financial Statements and Exhibits](#a_019) | [23](#a_019) |

---

**Explanatory Note**

FBRED-C Feeder REIT Trust (the "Company") is filing this Amended Registration Statement on Form 10 (the "Registration Statement") with the Securities and Exchange Commission (the "SEC") under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), to register its Class I Common Shares under Section 12(g) of the Exchange Act and comply with applicable requirements thereunder.

We have filed this Registration Statement with the SEC under the Exchange Act on a voluntary basis to provide current information to holders of our common shares. The Company has been formed to act as an investment vehicle through which certain non-U.S. investors can indirectly invest in the common stock of Franklin BSP Real Estate Debt, Inc. ("FBRED"), an affiliated company that is subject to the reporting requirements of Section 13(a) of the Exchange Act. Accordingly, this Registration Statement incorporates by reference extensively to Exchange Act reports filed by FBRED.

The Company expects all of its common shares to be indirectly owned by Franklin BSP Real Estate Debt Cayman Access Fund (FBRED-C), L.P., a Cayman Islands exempted limited partnership (the "Indirect Parent"), through FBRED-C Feeder Subsidiary Fund, L.P., a wholly-owned subsidiary of the Indirect Parent (the "Cayman Feeder Sub"). The Company intends to invest in various classes of the common stock of FBRED and expects to authorize, offer and sell its common shares to the Cayman Feeder Sub on a one-for-one ratio corresponding to its investment in FBRED.

The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). As a result, the Company is eligible to take advantage of certain reduced disclosure and other requirements that are otherwise applicable to public companies including, but not limited to, not being subject to the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act of 2002.

This Registration Statement does not constitute an offer of securities of the Company. Once this Registration Statement has been deemed effective, we will be subject to the requirements of Section 13(a) of the Exchange Act, including the rules and regulations promulgated thereunder, which will require us, among other things, to file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, and we will be required to comply with all other obligations of the Exchange Act applicable to issuers filing registration statements pursuant to Section 12(g) of the Exchange Act. Additionally, we will be subject to the proxy rules in Section 14 of the Exchange Act and the Company, trustees, executive officers, and principal shareholders will be subject to the reporting requirements of Sections 13 and 16 of the Exchange Act.

**Forward-Looking Statements**

Certain information contained in this Registration Statement constitutes "forward-looking statements," which can be identified by the use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "project," "estimate," "intend," "continue" or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and uncertainties, including those set forth under Item 1A. "*Risk Factors*" actual events or results or the actual performance of the Company may differ materially from those reflected or contemplated in such forward-looking statements. As a result, prospective investors should not rely on such forward-looking statements in making their investment decisions. In addition, certain statements reflect estimates, predictions or opinions of the Company, Benefit Street Partners L.L.C. or their affiliates, which cannot be independently verified and may change. There is no guarantee that these estimates, predictions or opinions will be ultimately realized.

You should carefully review the section entitled "Risk Factors" for a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects and financial condition. Except as otherwise required by federal securities laws, we do not undertake to publicly update or revise any forward-looking statements, including (but not limited to), as a result of new information and future events.

**Summary Risk Factors**

The following is only a summary of the principal risks that may adversely affect our business, financial condition and results of operations and cash flows. The following should be read in conjunction with the complete discussion of risk factors we face, which are set forth below under Item 1A. "*Risk Factors*."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We have no operating history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We expect to have a significant amount of indebtedness to the Indirect Parent and may need to incur more in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our failure to qualify as a REIT could have significant adverse consequences to us and the value of our common shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Even if we qualify as a REIT, we may be subject to tax liabilities that reduce our cash flow for distribution to our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes in tax laws may adversely affect our taxation as a REIT and taxation of our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fees and expenses associated with administering the Company, Indirect Parent and Cayman Feeder Sub, will reduce distributions we make on our common shares, which means that our shareholder is expected to receive less distributions than if it invested directly in FBRED common stock.

See "[*Risk Factor Summary*](https://www.sec.gov/Archives/edgar/data/2035428/000110465925029919/tm2510676d1_10k.htm)" of FBRED's Form 10-K filed with the SEC on March 31, 2025, incorporated herein by reference for information related to our investments in FBRED common stock.

**Item 1. Business.**

FBRED-C Feeder REIT Trust ("we," "us" and the "Company") is a newly formed company that intends to elect to be treated for U.S. federal income tax purposes, and to qualify annually thereafter, as a real estate investment trust (a "REIT"). We were formed as a Maryland statutory trust on March 5, 2025. As a REIT, we must comply with certain regulatory requirements. See "—Governmental Regulations" and Item 1A. "Risk Factors — Risks Related to Taxation."

We are externally managed by our adviser, Benefit Street Partners L.L.C. (the "Adviser" or "Benefit Street Partners"), pursuant to an advisory agreement to be dated the date of the first closing of the issuance and sale of our common shares (the "Advisory Agreement"). Our Adviser is a limited liability company that is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). Our Adviser oversees the management of our activities and is responsible for making investment decisions with respect to our portfolio.

The Company has been formed to act as an investment vehicle through which certain non-U.S. investors can indirectly invest in FBRED's common stock via the Indirect Parent, which in turn invests in the Company and the Cayman Feeder Sub, which in turn invests in the Company. The purpose of the structure is, among other things, to address tax considerations for investments by non-U.S. investors, taking into account the particular circumstances of such investors. The Company intends to invest in various classes of the common stock of FBRED and expects to authorize, offer and sell its common shares to the Cayman Feeder Sub on a one-for-one ratio corresponding to its investment in common stock of FBRED. Accordingly, the Company's investment objectives are the same as the investment objectives of FBRED. FBRED is also managed by the Adviser.

At the time of our initial investment in common stock of FBRED, we expect we will be issued Series A Preferred Stock of FBRED that will provide us the right to appoint 50% of the members of FBRED's board of directors.

Refer to [Item 1. "*Business*"](https://www.sec.gov/Archives/edgar/data/2035428/000110465925029919/tm2510676d1_10k.htm) of FBRED's Form 10-K filed with the SEC on March 31, 2025, which is incorporated herein by reference, for information on the business and investment objectives of FBRED.

 ***Ownership Structure***

The following chart shows our anticipated ownership structure upon the completion of our initial offering and our initial investment in common stock of FBRED:

![](tm2521474d3_1012gaimg001.gif)

 ***Private Offering and Investments in FBRED Common Stock***

The Company was formed to facilitate indirect investments in FBRED common stock by certain non-U.S. investors. The following hypothetical example illustrates how investments will be made:

&nbsp;&nbsp;&nbsp;&nbsp;· A
 non-U.S. investor that wants to indirectly invest in one share of FBRED Class G-D common
 stock would invest in one Class G-D unit of the Indirect Parent. The purchase price
 for the unit would be equal to the FBRED Class G-D common stock NAV per share for the
 preceding month plus any upfront commission charged by and paid to the selling broker (unaffiliated
 with the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;· The Indirect Parent would invest all the proceeds (net of any amount
paid to the broker) in the Company. A portion of the amount would be in the form of a loan to the Company and the remaining portion would
be an equity investment in the Cayman Feeder Sub, which in turn would make an equivalent investment in a Company Class G-D common
share. The split between the amount loaned and the equity investment would be based on a yet to be determined allocation percentage that
will be established by the Company in connection with the initial closing based on the advice and analysis of its outside tax advisors.
The purchase price of a Company Class G-D common share would be the same as the price of the applicable FBRED Class G-D common
stock minus the loan amount.

&nbsp;&nbsp;&nbsp;&nbsp;· The
 Company would use the proceeds from the loan and the equity investment to acquire one share
 of FBRED Class G-D common stock.

&nbsp;&nbsp;&nbsp;&nbsp;· There
 would be no offering-related fees charged by the Indirect Parent, Cayman Feeder Sub, Company
 or FBRED with respect to the investment.

The following table reflects the monthly NAV for classes of outstanding FBRED common stock since the closing of its initial offering:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class G | Class G-D | Class G-S | Class E |
| July 31, 2025 | $25.25 | $25.09 | $25.07 | $25.00 |
| June 30, 2025 | $25.22 | $25.08 | $24.95 | N/A |
| May 31, 2025 | $25.36 | $25.18 | $25.14 | N/A |
| April 30, 2025 | $25.24 | $25.24 | $25.00 | N/A |
| March 31, 2025 | $25.00 | $25.00 | N/A | N/A |

---

 ***Fees and Expenses***

We will not pay the Adviser any fees pursuant to the Advisory Agreement. The Adviser will receive fees from FBRED pursuant to its advisory agreement with FBRED. The general partner of the Cayman Feeder Sub and the Indirect Parent will not be paid fees.

We will incur offering, organization and operating costs. The Adviser will agree to advance all organization and offering expenses (other than any upfront selling commissions, which will be paid directly by investors in the Indirect Parent to the applicable broker) and may advance certain of our operating expenses on our behalf through the first anniversary of the initial closing of our private offering. We expect to reimburse the Adviser for all such advanced costs and expenses ratably over the 60 months following the first anniversary of the initial closing of our private offering. As of July 31, 2025, the Adviser has advanced approximately $0.4 million of organization and offering expenses on our behalf.

We intend to pay our offering, organization and operating (such as legal and accounting) costs with a portion of the distributions we receive from our investments in FBRED common stock. Consequently, the distributions we expect to make to the Cayman Feeder Sub will be reduced by such expenses. The amounts of these expenses will be disclosed in our periodic reports filed with the SEC. We also expect that the Cayman Feeder Sub and the Indirect Parent will use a portion of the distributions they receive to pay their own expenses. Moreover, distributions may be reduced by applicable withholding taxes.

 ***FBRED Series A Preferred Share and Stockholder Agreement***

In connection with the initial closing of our private offering and our investment in FBRED common stock, we expect that FBRED will issue a share of FBRED Series A Preferred Stock which will give us the right to appoint 50% of the FBRED board of directors. In connection with such issuance, we intend to enter into a stockholder agreement with FBRED that will provide (i) that we agree that all but two of the directors on the FBRED board of directors at any given time that are appointed or designated by us pursuant to our rights as the holder of the Series A Preferred Stock will satisfy the definition of "Independent Director" as set forth in FBRED's charter, (ii) that FBRED agrees that the size of the FBRED board of directors shall be six, unless otherwise agreed to with us, and (iii) that we agree that in connection with any vote of holders of FBRED common stock on nominees for election to the FBRED board of directors, we will vote any FBRED common stock we own for director nominees in the same proportion as votes submitted (including via proxy) by other FBRED stockholders.

***Investment Company Act Considerations***

We are not registered, and do not intend to register, as an investment company under the Investment Company Act of 1940, as amended (the "Investment Company Act"). We expect to conduct our operations such that we are not required to register under the Investment Company Act for the reasons summarized below.

Under the Investment Company Act, in relevant part, a company is an "investment company" if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· under Section 3(a)(1)(A), it is, or holds itself out as being, engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting or trading in securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· under Section 3(a)(1)(C), it is engaged, or proposes to engage in, the business of investing, reinvesting, owning, holding or trading in securities and owns, or proposes to acquire, "investment securities" having a value exceeding 40% of the value of its total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis (the "40% test"). The term "investment securities" generally includes all securities except U.S. government securities, securities issued by employees' securities companies and securities of majority-owned subsidiaries that are not themselves investment companies and are not relying on the exemption from the definition of investment company under Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act.

With respect to Section 3(a)(1)(A) of the Investment Company Act, we do not intend to engage primarily or hold our self out as being engaged primarily in the business of investing, reinvesting or trading in securities. Rather, we will be a holding company primarily engaged in the non-investment company businesses of our direct and indirect subsidiaries.

With respect to Section 3(a)(1)(C), on an unconsolidated basis we expect that more than 60% of our assets, exclusive of cash and U.S. government securities, will consist of ownership interests in a majority-owned subsidiary that is not itself an investment company and is not relying on the exceptions from the definition of investment company under Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act. Our only direct investments are expected to be in the common stock and Series A Preferred Stock of FBRED, and our investment in FBRED's Series A Preferred Stock gives us the right to appoint 50% of the members of FBRED's board of directors. In light of these investments, FBRED is our majority-owned subsidiary. FBRED (including its wholly owned and majority-owned subsidiaries) are not required to register as an investment company under the Investment Company Act and do not rely on Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act (and are not investment companies under Section 3(a)(1)(A) or Section 3(a)(1(C), or alternatively may rely on Section 3(c)(5) or Section 3(c)(6) of the Investment Company Act as further described in Section Item 1. "Business—Investment Company Act Considerations" of FBRED's Form 10-K filed with the SEC on March 31, 2025). As a result, we do not expect that more than 40% of our assets, exclusive of cash and U.S. government securities, will be "investment securities," as that term is used under the Investment Company Act.

If we are unable to satisfy the 40% limitation on investment securities or to maintain any applicable exception or exemption from registration as an investment company under the Investment Company Act either because of changes in SEC guidance or otherwise, we could be required to, among other things, seek to: (i) substantially change the composition of the assets that we own to avoid being required to register as an investment company under the Investment Company Act; or (ii) register as an investment company. Either of (i) or (ii) could have a material adverse effect on us. If we are required to register as an investment company under the Investment Company Act, we would become subject to substantial and costly regulation with respect to our capital structure, management, operations, transactions with affiliated persons (as defined in the Investment Company Act), portfolio composition, including restrictions with respect to diversification and industry concentration, and other matters.

***Emerging Growth Company***

We will be and we will remain an "emerging growth company" as defined in the JOBS Act until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the date of an initial public offering pursuant to an effective registration statement under the Securities Act, (ii) in which we have total annual gross revenue of at least $1.235 billion, or (iii) in which we are deemed to be a large accelerated filer, which means the market value of our shares that is held by non-affiliates exceeds $700 million as of the date of our most recently completed second fiscal quarter, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year period. For so long as we remain an "emerging growth company" we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002 ("Sarbanes-Oxley Act"). Also, because we are not a large accelerated filer or an accelerated filer under Section 12b-2 of the Exchange Act, and will not be for so long as our common shares are not traded on a securities exchange, we will not be subject to auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act even once we are no longer an emerging growth company.

***Status as a Real Estate Investment Trust***

We and FBRED currently intend to qualify as REITs for U.S. federal income tax purposes beginning with the taxable year ending December 31, 2025.

In general, a REIT is a company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· combines the capital of many investors to acquire or provide financing for real estate assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· satisfies the various requirements of the Internal Revenue Code of 1986, as amended (the "Code"), including a requirement to distribute to shareholders at least 90% of its REIT taxable income (determined without regard to the dividends-paid deduction and excluding net capital gain) each year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is generally not subject to U.S. federal corporate income taxes on its net taxable income that it currently distributes to its shareholders, which substantially eliminates the "double taxation" (i.e., taxation at both the corporate and shareholder levels) that generally results from investments in an entity that is taxed as a corporation for U.S. federal income tax purposes.

Qualification as a REIT involves the application of highly technical and complex Code provisions for which only a limited number of judicial and administrative interpretations exist. See Item 1A. "Risk Factors--Our failure to qualify as a REIT could have significant adverse consequences to us and the value of our common shares." Refer to [Item 1A. "*Risk Factors*"](https://www.sec.gov/Archives/edgar/data/2035428/000110465925029919/tm2510676d1_10k.htm) of FBRED's Form 10-K filed with the SEC on March 31, 2025, which is incorporated herein by reference, for information on risks related to FBRED's qualification as a REIT.

***Governmental Regulations***

Our operations and FBRED's operations are subject, in certain instances, to supervision and regulation by U.S. and other governmental authorities, and may be subject to various laws and judicial and administrative decisions imposing various requirements and restrictions. We do not expect that these laws and regulations will have a material adverse effect on our business. Refer to [Item 1. "*Business*"](https://www.sec.gov/Archives/edgar/data/2035428/000110465925029919/tm2510676d1_10k.htm) of FBRED's Form 10-K filed with the SEC on March 31, 2025, which is incorporated herein by reference, for information on government regulation of FBRED.

***Human Capital Management***

We have no employees. Services necessary for our business are provided by individuals who are employees of the Adviser or its affiliates, pursuant to the terms of the Advisory Agreement.

***Available Information***

We will file our annual reports containing audited financial statements, quarterly reports, and such other periodic reports as we determine to be appropriate or as may be required by law. We are filing this Registration Statement with the SEC under the Exchange Act to register under Section 12(g) of the Exchange Act and comply with applicable requirements thereunder.

We intend to make available on our website, when available, our annual reports on Form 10-K, quarterly reports on Form 10-Q and our current reports on Form 8-K. The SEC also maintains a website (www.sec.gov) that contains such information. Our website will contain additional information about our business, but the contents of the website are not incorporated by reference in or otherwise a part of this Registration Statement. We will provide electronic copies of our filings free upon request.

**Item 1A. Risk Factors.**

**RISKS ASSOCIATED WITH OUR STRUCTURE**

***We have no operating history and there is no assurance that we will be able to successfully achieve our investment objectives.***

We are a newly formed entity and will begin operations upon the initial closing. The Adviser currently manages a number of private funds, accounts, and co-investment vehicles and affiliates of the Adviser have in the past managed other private funds, client accounts and proprietary accounts with similar strategies to that of the Company. There can be no assurance that the results achieved by the Adviser or its affiliates' past investments will be achieved for the Company. Past performance should not be relied upon as an indication of future results. As a result, an investment in our common shares may entail more risk than an investment in a REIT with a substantial operating history.

***Fees and expenses associated with administering the Company, Indirect Parent and Cayman Feeder Sub, will reduce distributions we make on our common shares, which means that our shareholder is expected to receive less distributions than if it invested directly in FBRED common stock.***

Although we were formed to provide certain non-U.S. investors the opportunity to indirectly invest in shares of common stock of FBRED, the fees and expenses associated with administering the Company, Indirect Parent and Cayman Feeder Sub, including legal and accounting expense, will reduce cash flows available for distributions on our common shares. As a result, we expect that our shareholder will receive lower distributions on our common shares than it would if it invested directly in FBRED common stock.

***We expect to have a significant amount of indebtedness to the Indirect Parent and may need to incur more in the future.***

Once we commence operations, we expect to generate cash primarily from the net proceeds of our continuous private offering (or any future offerings of equity securities), cash flows from our operations, and loans from the Indirect Parent (the "Shareholder Loans"), which we expect to be significant. Our governing documents do not limit the amount of debt we may incur. The amount of such indebtedness could have material adverse consequences, including limiting amounts that are available for distribution to our shareholder and the amount of cash flow available for future operations.

***The loss of our Investment Company Act exclusion could require us to register as an investment company or substantially change the way we conduct our business, either of which may have an adverse effect on us and the value of our common shares.***

We intend to conduct our operations so that we will not be an investment company under the Investment Company Act. However, there can be no assurance that we or our subsidiaries will be able to successfully avoid registering as an investment company. See Item 1 "*Business—Investment Company Act Considerations*." If it were established that we or our subsidiaries were inadvertently operating as an unregistered investment company, there would be a risk of substantial adverse consequences. In such a scenario we would be potentially subject to monetary penalties and injunctive relief in an action brought by the SEC. Additionally, we would potentially be unable to enforce contracts with third parties and third parties could potentially seek to obtain rescission of transactions undertaken during the period it was established that we were an unregistered investment company. If we fail to maintain an exclusion from registration as an investment company, either because of changes in SEC guidance or otherwise, we could, among other things, be required either: (i) to substantially change the manner in which we conduct our operations and the composition of the assets we own to avoid being required to register as an investment company; or (ii) to register as an investment company, either of which could have an adverse effect on us and the value of our common shares. If we are required to register as an investment company under the Investment Company Act, we would become subject to substantial regulation with respect to our capital structure (including our ability to use leverage), management, operations, transactions with affiliated persons (as defined in the Investment Company Act), portfolio composition, including restrictions with respect to diversification and industry concentration and other matters.

**RISKS RELATED TO TAXATION**

***Our failure to qualify as a REIT could have significant adverse consequences to us and the value of our common shares.***

We expect to qualify as a REIT for U.S. federal income tax purposes commencing with our taxable year ending December 31, 2025. We intend to continue to meet the requirements for qualification and taxation as a REIT, but we cannot assure shareholders that we qualify as a REIT. Qualification as a REIT involves the application of highly technical and complex Code provisions for which only a limited number of judicial and administrative interpretations exist. Moreover, new tax legislation, administrative guidance or court decisions, in each instance potentially with retroactive effect, could make it more difficult or impossible for us to qualify as a REIT. Even an inadvertent or technical mistake could jeopardize our REIT status.

Our qualification as a REIT depends on our satisfaction of certain asset, income, organizational, distribution, shareholder ownership and other requirements on a continuing basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Our compliance depends
 upon the characterization of our assets and income for REIT purposes, as well as the relative values of our assets, some of which
 are not susceptible to a precise determination and for which we typically do not obtain independent appraisals. If the Internal Revenue
 Service ("IRS") or any other arm of the government challenged our treatment of investments for purposes of the REIT asset
 and income tests, and if such a challenge were sustained, we could fail to qualify as a REIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We expect that all of
 our investments will be in common stock of FBRED (other than our investment in the Series A Preferred Stock of FBRED) and we
 may in the future own direct or indirect interests in other subsidiaries that will elect to be taxed as a REIT under the Code (together
 with FBRED, "Subsidiary REITs"), which will further complicate the application of the REIT requirements for us. A Subsidiary
 REIT is subject to the various REIT qualification requirements that are applicable to us. Moreover, our Subsidiary REITs currently
 invest (or may in the future invest) in certain assets with respect to which the rules applicable to REITs may be particularly
 difficult to interpret or to apply, including the rules applicable to: financing arrangements that are structured as sale and
 repurchase agreements; mezzanine loans; and investments in real estate mortgage loans that are acquired at a discount, subject to
 work-outs or modifications, or reasonably expected to be in default at the time of acquisition. If a Subsidiary REIT were to fail
 to qualify as a REIT, then (i) it would become subject to regular U.S. federal corporate income tax, (ii) our interest
 in such Subsidiary REIT would cease to be a qualifying asset for purposes of the REIT asset tests, and (iii) we would fail certain
 of the REIT asset tests, in which event we also would fail to qualify as a REIT unless we could avail ourselves of relief provisions.

If we were to fail to qualify as a REIT in any taxable year and are unable to avail ourselves of certain savings provisions set forth in the Code, we would be subject to U.S. federal and applicable state and local income tax on our taxable income at regular corporate rates. In addition, we would possibly also be subject to certain taxes that are applicable to non-REIT corporations, including the nondeductible 1% excise tax on certain stock repurchases. Losing our REIT status would reduce our net income available for investment or distribution to shareholders because of the additional tax liability. In addition, distributions to shareholders would no longer qualify for the dividends-paid deduction, and we would no longer be required to make distributions. If this occurs, we might be required to borrow or liquidate some investments in order to pay the applicable tax. We would not be able to elect to be taxed as a REIT for four years following the year we first failed to qualify unless the IRS were to grant us relief under certain statutory provisions.

***Even if we qualify as a REIT, we may be subject to tax liabilities that reduce our cash flow for distribution to our shareholders.***

Even if we qualify as a REIT, we may be subject to some U.S. federal, state and local taxes on our income or property. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In order to qualify as a REIT, we must distribute annually at least 90% of our "REIT taxable income" (determined before the deduction of dividends paid and excluding net capital gains) to our shareholders. To the extent that we satisfy the distribution requirement but distribute less than 100% of our REIT taxable income, we will be subject to U.S. federal corporate income tax on our undistributed income. These requirements could cause us to distribute amounts that otherwise would be spent on investments in real estate assets, and it is possible that we might be required to borrow funds or sell assets to fund these distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We will be subject to a 4% nondeductible excise tax on the amount, if any, by which distributions we pay in any calendar year are less than the sum of (i) 85% of our ordinary income, (ii) 95% of our capital gain net income and (iii) 100% of our undistributed income from prior years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· We could, in certain circumstances, be required to pay an excise or penalty tax (which could be significant in amount) in order to utilize one or more relief provisions under the Code to maintain our qualification as a REIT.

Any of these taxes would decrease cash available for distribution to our shareholders.

***Changes in tax laws may adversely affect our taxation as a REIT and taxation of our shareholders.***

The IRS, the United States Treasury Department and Congress frequently review U.S. federal income tax legislation, regulations and other guidance. We cannot predict whether, when or to what extent new U.S. federal tax laws, regulations, interpretations or rulings will be adopted. Further, from time to time, changes in state and local tax laws or regulations are enacted, which may result in an increase in our tax liability. Any legislative action may prospectively or retroactively modify our tax treatment and, therefore, may adversely affect our taxation or taxation of our shareholders. We urge you to consult with your tax adviser with respect to the status of legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our common shares.

**RISKS ASSOCIATED WITH OUR INVESTMENT IN FBRED**

We expect that all of our investments will be in common stock of FBRED (other than our investment in the Series A Preferred Stock of FBRED). Refer to [Item 1A. "*Risk Factors*"](https://www.sec.gov/Archives/edgar/data/2035428/000110465925029919/tm2510676d1_10k.htm) of FBRED's Form 10-K filed with the SEC on March 31, 2025, which is incorporated herein by reference, for information on the risks of investing in FBRED common stock.

**Item 2. Financial Information.**

**Management's Discussion and Analysis of Financial Condition and Results of Operations**

***Overview***

We are a Maryland statutory trust that was formed on March 6, 2025. We currently intend to qualify as a REIT for U.S. federal income tax purposes beginning with the taxable year ending December 31, 2025. We are externally managed by the Adviser.

We were formed to act as an investment vehicle through which certain non-U.S. investors can indirectly invest in the common stock of FBRED. We expect that all of our common shares will be indirectly owned by Franklin BSP Real Estate Debt Cayman Access Fund (FBRED-C), L.P., a Cayman Islands exempted limited partnership (the "Indirect Parent"), through FBRED-C Feeder Subsidiary Fund, L.P., a wholly-owned subsidiary of the Indirect Parent (the "Cayman Feeder Sub"). The Indirect Parent is conducting a continuous private offering of units of the Indirect Parent to certain non-U.S. investors pursuant to an exemption from the registration requirements of the Securities Act for an indefinite period. The Indirect Parent will indirectly invest the net proceeds of such offering as follows: (i) indirect investments, through the Cayman Feeder Sub, in various classes of our common shares; and (ii) Shareholder Loans to us. We intend to invest proceeds received directly and indirectly from the Indirect Parent in shares of common stock of FBRED.

We intend to indirectly achieve the same investment objectives as FBRED. We will enter into a stockholder agreement with FBRED pursuant to which we will invest in its Series A Preferred Stock in exchange for certain rights, including to appoint directors to FBRED's board of directors.

As of September 4, 2025, we have not commenced operations and have nominal assets and no liabilities.

For financial information regarding FBRED, refer to [Item 7. "*Management's Discussion and Analysis of Financial Condition and Results of Operations*"](https://www.sec.gov/Archives/edgar/data/2035428/000110465925029919/tm2510676d1_10k.htm) and [Item 8. "*Financial Statements and Supplementary Data*"](https://www.sec.gov/Archives/edgar/data/2035428/000110465925029919/tm2510676d1_10k.htm) of FBRED's Form 10-K filed with the SEC on March 31, 2025, and [FBRED's Form 10-Q for the quarter ended March 31, 2025 filed May 12, 2025](https://www.sec.gov/ix?doc=/Archives/edgar/data/2035428/000203542825000004/fbred-20250331.htm) which is incorporated herein by reference.

***Basis of Presentation***

Our financial statements are prepared in accordance with U.S. GAAP, which requires the use of estimates, assumptions and the exercise of subjective judgment as to future uncertainties.

***Revenues***

We were capitalized through the purchase by the Initial Investor (as defined below) of 40 common shares for an aggregate purchase price of $1,000 on July 31, 2025. As of September 4, 2025, we have not engaged in principal operations nor generated any revenues. Our entire activity since inception to September 4, 2025, was preparation for our proposed fundraising through our private offering.

***Expenses***

Organization and Offering Expenses

For a discussion of the organization and offering expense reimbursement to the Adviser, see Item 7. "*Certain Relationships and Related Transactions, and Director Independence—Advisory Agreement*."

***Financial Condition, Liquidity and Capital Resources***

As of September 4, 2025, we are in our organizational period and have not yet commenced principal operations or generated any revenues. We expect that principal operations will commence when we issue common shares in the initial closing of our private offering. As of September 4, 2025, the Initial Investor (as defined below) has made an initial capital contribution of $1,000 in cash.

We currently expect that the initial closing of our private offering of common shares will occur in the fourth quarter of 2025 and that concurrent with that closing we will commence operations. Following our initial closing, we expect to have subsequent closings of common shares through our private offering on a monthly basis. We intend to promptly invest the net proceeds from each closing in FBRED common stock.

Once we commence operations, we expect to generate cash primarily from (i) the net proceeds of our continuous private offering, (ii) cash flows from our operations, (iii) the Shareholder Loans, and (iv) any future offerings of our equity securities. We expect that during our first 12 months of operations our primary sources of capital will be net proceeds from monthly closings on our continuous private offering and distributions on shares of common stock we intend to hold in FBRED. We expect longer term capital sources to include these same sources.

Our primary use of cash will be for (i) investment in FBRED, (ii) operating costs (including legal and accounting fees), (iii) periodic share repurchases, and (iv) cash distributions (if any) to the holders of our shares to the extent declared by our board of trustees (the "Board").

We intend to elect to be taxed and to operate in a manner that will allow us to qualify as a REIT for U.S. federal income tax purposes under Sections 856 through 860 of the Code commencing with our taxable year ending December 31, 2025. Under the Code, to qualify as a REIT, we must distribute at least 90% of our taxable income subject to certain adjustments and excluding capital gain, and we must distribute 100% of our taxable income to avoid federal income tax payment obligations. These requirements will restrict our ability to retain cash flow to fund future liquidity needs.

Our Adviser will agree to several support measures that will enhance our liquidity. Our Adviser will agree to advance all organization and offering expenses (other than any upfront selling commissions, which will be paid directly by investors in the Indirect Parent, and any dealer manager fees and shareholder servicing fees which will be paid by FBRED with respect to our purchase of FBRED common stock) and may advance certain of our operating expenses on our behalf through the first anniversary of the initial closing of our private offering. We expect to reimburse the Adviser for all such advanced costs and expenses ratably over the 60 months following the first anniversary of the initial closing of our private offering. As of July 31, 2025, the Adviser has advanced approximately $0.4 million of organization and offering expenses on our behalf.

***Critical Accounting Estimates***

Our financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Critical accounting estimates are those that require the application of management's most difficult, subjective or complex judgments on matters that are inherently uncertain and that may change in subsequent periods. In preparing the financial statements, management has made estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from these estimates. In addition, other companies may utilize different estimates, which may impact the comparability of our results of operations to those of companies in similar businesses.

**Item 3. Properties.**

Our principal office is located at One Madison Avenue, Suite 1600, New York, NY 10010. As part of the Advisory Agreement, the Adviser is responsible for providing office space and office services required in rendering services to us. We consider these facilities to be suitable and adequate for the management and operations of our business.

**Item 4. Security Ownership of Certain Beneficial Owners and Management.**

We have not yet commenced commercial activities. BSP Fund Holdco (Debt Strategy) LP (the "Initial Investor") made an initial capital contribution of $1,000 in cash, in exchange for 40 common shares. The Initial Investor currently holds all of the outstanding common shares issued by the Company, and, as of September 4, 2025, the Initial Investor was our only stockholder.

The Initial Investor is wholly owned, directly and indirectly, by Franklin Resources, Inc. The address for the Initial Investor is in care of our principal executive offices at One Madison Avenue, Suite 1600, New York, New York 10010.

We expect that after the initial closing of the sale of our common shares, Cayman Feeder Sub will be our sole shareholder. BSP Ultimate GP LTD, a Cayman Islands exempted limited partnership (the "Cayman GP"), is the general partner of Cayman Feeder Sub. The Cayman GP is wholly owned, directly and indirectly, by Franklin Resources, Inc. The address for Cayman Feeder Sub and the Cayman GP is in care of our principal executive offices at One Madison Avenue, Suite 1600, New York, New York 10010.

**Item 5. Directors and Executive Officers.**

**The Board of Trustees** 

The Company operates under the direction of the Board. The Board has retained the Adviser to administer the operations of the Company.

As set forth in our amended and restated bylaws (the "bylaws"), our trustees will serve until resignation, removal, death, dissolution, termination of legal existence, adjudication of legal incompetence or the election and qualification of his, her or its successor. A trustee may resign at any time or, except as provided in the terms of any class of common shares, may be removed by the shareholders at any time for any reason upon the affirmative vote of shareholders entitled to cast a majority of all the votes entitled to be cast generally in the election of trustees. If a vacancy on the Board is the result of a trustee's removal by the shareholders, the successor to the trustee shall be elected by the shareholders.

The Board will generally meet annually or more frequently if necessary. A trustee is not required to devote all of his or her time to our business and is only required to devote the time to our business as his or her duties may require. Consequently, in the exercise of their duties as trustees, our trustees will rely heavily on the Adviser and on information provided by the Adviser. The Board will oversee and supervise the relationship between us and the Adviser.

**Our Trustee**

Upon the initial closing of the sale of common shares in our private offering, the Board will consist of the following trustee:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Richard J. Byrne | 63 | Sole Trustee |

---

**Richard J. Byrne**

Richard J. Byrne has served as President of Benefit Street Partners since 2013. Mr. Byrne has served as Chairman of FBRED and of its Board of Directors since 2025. Mr. Byrne has served as Chairman of the Board of Directors and Chief Executive Officer of FBRT since September 2016. Prior to joining the Adviser, Mr. Byrne was Chief Executive Officer of Deutsche Bank Securities, Inc. He was also the Co-Head of Global Capital Markets at Deutsche Bank. Before joining Deutsche Bank, Mr. Byrne was Global Co-Head of the Leveraged Finance Group and Global Head of Credit Research at Merrill Lynch & Co. He was also a perennially top-ranked credit analyst. Mr. Byrne earned an M.B.A. from the Kellogg School of Management at Northwestern University and a B.A. from Binghamton University. In addition to his position as Chairman of FBRT, Mr. Byrne is a member of the Board of Directors of Wynn Resorts, Limited (NASDAQ: WYNN).

**Our Executive Officers**

The following table presents certain information, as of the initial closing of the sale of common shares in our private offering, concerning each of our executive officers serving in such capacity:

---

| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position(s)** |
| Michael Comparato | 47 | Chief Executive Officer and President |
| Jerome S. Baglien | 47 | Chief Financial Officer, Chief Operating Officer and Treasurer |

---

**Michael Comparato**

Michael Comparato serves as Chief Executive Officer and director of the Company. Mr. Comparato has also served as the Chief Executive Officer and President of FBRED since 2025. Mr. Comparato is a Senior Managing Director, Head of Real Estate and Senior Portfolio Management of Benefit Street Partners, a member of the Benefit Street Partners' Executive Committee and a member of the commercial real estate Investment Committee of Benefit Street Partners. Mr. Comparato has served as President of FBRT since March 2024 and has overseen FBRT loan originations since 2016. Prior to joining Benefit Street Partners in 2015, Mr. Comparato was head of U.S. Equity Investments at Ladder Capital, where he led Ladder's largest team that actively originated CMBS loans, structured/balance sheet loans, mezzanine loans and acquired strategic assets for the firm. Prior to joining Ladder, Mr. Comparato was president of BankAtlantic Commercial Mortgage Capital (BACMC), the CMBS affiliate of BankAtlantic, where he was responsible for managing all day-to-day operations. Mr. Comparato also previously ran Compson Holding Corporation, which made equity investments in a variety of commercial real estate assets and publicly traded REITs. Mr. Comparato received a Bachelor of Science, Summa Cum Laude, from Babson College.

**Jerome S. Baglien**

Jerome S. Baglien serves as Chief Financial Officer, Chief Operating Officer and Treasurer of the Company. Mr. Baglien has also served as the Chief Financial Officer, Chief Operating Officer and Treasurer of FBRED since 2025. Mr. Baglien is a Managing Director of Benefit Street Partners, the Chief Financial Officer and Chief Operating Officer of the Benefit Street Partners' commercial real estate business and a member of Benefit Street Partners' Operating Committee. Mr. Baglien has served as Chief Financial Officer of FBRT since 2016 and as Chief Operating Officer since 2021. Prior to joining Benefit Street Partners in 2016, Mr. Baglien was director of fund finance for GTIS Partners LP ("GTIS"), where he oversaw all finance and operations for GTIS funds. Previously, he was an accounting manager at iStar Inc. with oversight of loans and special investments. Mr. Baglien received a Masters of Business Administration from Kellstadt Graduate School of Business at DePaul University and a Bachelor of Science in Accounting from the University of Oregon.

**Item 6. Executive Compensation.**

**Compensation of Executive Officers**

The Company currently has no employees. The day-to-day management of the Company's operations will be overseen by the Chief Executive Officer of the Company. The Chief Executive Officer is an employee of the Adviser and not the Company. We do not reimburse the Adviser for compensation it pays to our executive officers. The Advisory Agreement does not require our executive officers to dedicate a specific amount of time to fulfilling the Adviser's obligations to us under the Advisory Agreement. We do not have employment agreements with our executive officers, we do not provide pension or retirement benefits, perquisites or other personal benefits to our executive officers, our executive officers have not received any nonqualified deferred compensation and we do not have arrangements to make payments to our executive officers upon their termination or in the event of a change in control of us.

A description of the Advisory Agreement is found in Item 7. "*Certain Relationships and Related Transactions, and Director Independence*" below.

**Compensation of Trustees**

We do not currently pay any compensation to our trustees.

**Compensation Committee Interlocks and Insider Participation**

We currently do not have a compensation committee of our Board because we do not directly compensate our executive officers or reimburse the Adviser for their compensation. There are no interlocks or insider participation as to compensation decisions required to be disclosed pursuant to SEC regulations.

**Item 7. Certain Relationships and Related Transactions, and Director Independence**

The Adviser and its affiliates engage in a broad range of activities, including investment activities for their own account and for the account of other investment funds or accounts, including acting as the investment adviser for FBRED. In the ordinary course of conducting its activities, the interests of the Company may conflict with the interests of the Adviser, or other companies or funds now or in the future advised by the Adviser or its affiliates ("Other Funds"), including FBRED, and there is no guarantee that such conflicts will ultimately be resolved in favor of the Company.

For more information on FBRED's relationship with the Adviser, see [Item 13. "*Certain Relationships and Related Transactions, and Director Independence*"](https://www.sec.gov/Archives/edgar/data/2035428/000110465925029919/tm2510676d1_10k.htm) in FBRED's Form 10-K filed with the SEC on March 31, 2025, which is incorporated herein by reference.

**Advisory Affiliates**

The Adviser is a subsidiary of Franklin Resources, Inc., a global investment management organization (together with its affiliated advisers (but excluding the Adviser), referred to in this section as "Franklin Templeton"). Clients of the Adviser and/or Franklin Templeton may invest in the same portfolio investments, including in the same security or other instrument or in different securities of or instruments issued by such a portfolio investment and Franklin Templeton has no obligation to inform the Adviser or the Company of any such investments or offer such investments to the Company. In the ordinary course of conducting the Company's activities, interests of the Company may therefore conflict with the interests of other clients of the Adviser and/or Franklin Templeton. In addition, as a diversified financial services organization, Franklin Templeton and its affiliates engage in a broad spectrum of activities including financial, advisory, investment and other activities where their interests may conflict with the interests of the Company.

Franklin Templeton may provide investment advisory services and other services to clients and receive fees for such services in connection with transactions in which those clients may have interests that conflict with those of the Company or its investment's. Franklin Templeton may also give advice to clients that may cause them to take actions adverse to the Company's or FBRED's investments. In addition, Franklin Templeton may have relationships with clients seeking to invest in an existing portfolio investment of the Company or clients that compete with an existing portfolio investment of the Company. Further, it is possible that Franklin Templeton could create additional investment vehicles in the future that may compete with the Company or FBRED for investment opportunities. Franklin Templeton will have no obligation to forego or share such investment opportunities with the Company, except as described below with respect to the allocation policy, and investments made by Franklin Templeton in such opportunities could preclude the Company or FBRED from investing in such opportunities.

Franklin Templeton is permitted to provide certain services that are eligible expenses of the Company. The Company is permitted to enter into service agreements with Franklin Templeton and cause the Company to pay or reimburse Franklin Templeton for fees and expenses charged related to such services, which amounts do not reduce the compensation paid to the Adviser and are borne by the Company.

In connection with its advisory business, Franklin Templeton may come into possession of information that could potentially limit the ability of the Company to engage in potential transactions. In order to avoid such limitation, the Adviser intends to control the flow of such information, such as by erecting information barriers to restrict the transfer of such information between the Adviser and Franklin Templeton. In the event that an information barrier designed to protect the Company is breached (including inadvertently), changed or removed, the Company will likely face the same restrictions on its investment activities as it would have faced had the information barrier not been established in the first place or face restrictions resulting from such changes to the information barrier, as the case may be. The Adviser will generally not rely on the expertise of Franklin Templeton and its investment professionals and will not share such investment professionals in managing and/or advising the Company.

**Advisory Agreement**

The Company, Indirect Parent, Cayman Feeder Sub and the Adviser will enter into the Advisory Agreement pursuant to which the Board will delegate to the Adviser the authority to administer the day-to-day affairs of the Company. The following summarizes the key provisions of the Advisory Agreement.

***Services***

Pursuant to the terms of the Advisory Agreement, the Adviser is responsible for, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· serving as an adviser to the Company with respect to our investments and operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· assist in the preparation of all documentation in connection with the Company's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· perform the day to-day investment operations of the Company and supervise the management of the Company's business and affairs, including distributions to the shareholders, provision of information to the shareholders, opening bank and brokerage accounts and matters incidental thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· furnish such office space, office supplies and equipment, and such bookkeeping, recordkeeping and clerical services to the Company as the Company may require for its reasonable needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· authorize and permit any of its respective officers, directors and employees to serve in any capacities relating to the Company to which they are elected or appointed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· to the fullest extent permitted by law, delegate any of the services to be provided hereunder to an Affiliate of the Adviser.

The Adviser's services under the Advisory Agreement are not exclusive, and it is free to furnish similar services to other entities, and it intends to do so, so long as its services to us are not impaired. For the avoidance of doubt, and subject to the oversight of the Board and in accordance with the Company's amended and restated declaration of trust, as amended (the "declaration of trust"), the bylaws and the Advisory Agreement, the Adviser will have plenary authority with respect to the management of our business and affairs and will be responsible for implementing our investment strategy.

***Expenses***

To the fullest extent permitted by law, the Adviser shall assume and pay all expenses on account of rent, utilities, insurance, office supplies, office equipment, travel, entertainment, and compensation and expenses of the Adviser's officers, directors and employees and other normal and routine administrative expenses that relate to the services and facilities provided to the Company. The Adviser shall not be obligated to pay any expenses of or for the Company not contemplated to be paid by the Adviser by the Advisory Agreement.

***Management Fee***

The Adviser also serves as the external adviser of FBRED and is compensated in such capacity. The Adviser shall not be entitled to additional compensation for services provided pursuant to the Advisory Agreement with the Company.

 ***Organization and Offering Expenses***

The Adviser will agree to advance all of the Company's organization and offering expenses on its behalf (including all costs and expenses in connection with the formation of the Company, and the marketing and distribution of its common shares) through the first anniversary of the initial closing. The Company will reimburse the Adviser for all such advanced expenses ratably over the 60 months following the first anniversary of the initial closing, or over an alternative time period agreed to by the Board and the Adviser. After the first anniversary of the initial closing, we will reimburse the Adviser for any organization and offering expenses that it incurs on our behalf as and when incurred.

***Operating Expense Reimbursement***

The Adviser may advance certain of the Company's operating expenses on its behalf through the first anniversary of the initial closing. We will reimburse the Adviser for such advanced expenses ratably over the 60 months following the first anniversary of the initial closing of our private offering. Operating expenses incurred after the first anniversary of the initial closing of our private offering are paid by the Company as incurred. If the Adviser pays our operating expenses after the first anniversary of the initial closing, we will reimburse the Adviser at the end of each fiscal quarter for total operating expenses paid by the Adviser.

***Term***

The Advisory Agreement shall terminate upon the liquidation of the Company (or upon the earlier removal of the general partner of the Indirect Parent or Cayman Feeder Sub); provided that the Company, Indirect Parent, Cayman Feeder Sub or the Adviser may terminate the Advisory Agreement upon 60 days' notice to the other party.

 **Sale of Shares to the Initial Investor**

We were capitalized through the purchase by the Initial Investor of 40 common shares for an aggregate purchase price of $1,000 on July 31, 2025. These shares were issued and sold in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act. The Initial Investor is wholly owned, directly and indirectly, by Franklin Resources, Inc., which also wholly owns the Adviser.

**Transactions with Affiliates**

The Adviser and its affiliates received an exemptive order from the SEC on May 1, 2018 (the "Order") that permits certain affiliates of the Adviser that are regulated under the Investment Company Act, among other things, to co-invest with certain other persons affiliated with the Adviser and certain funds managed and controlled by the Adviser and its affiliates, including us, subject to certain terms and conditions. Therefore, any co-investments we make with affiliates of the Adviser that are subject to the Order will have to comply with such terms and conditions.

**Promoters and Certain Control Persons**

The Adviser may be deemed a promoter of the Company. We have entered into the Advisory Agreement with the Adviser. In addition, under the Advisory Agreement and our organizational documents, we expect, to the extent permitted by applicable law, to indemnify the Adviser and certain of its affiliates.

**Certain Business Relationships**

All of our current trustees and officers are directors, officers or employees of the Adviser.

We expect that all our investments will be in securities of FBRED, which is managed by the Adviser.

**Item 8. Legal Proceedings.**

Neither we nor the Adviser are currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us or the Adviser. From time to time, we or the Adviser may be a party to certain legal and regulatory proceedings in the ordinary course of business.

**Item 9. Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters.**

**Market Information**

Our shares are currently not traded on any public market and we do not intend to list our common shares on an exchange. As of the date of this Registration Statement, management has not undertaken any discussions, preliminary or otherwise, with any prospective market maker concerning the participation of such market maker in the aftermarket for our securities.

We have and will continue to offer our common shares in transactions exempt from registration under the Securities Act under Section 4(a)(2). See Item 10. "*Recent Sales of Unregistered Securities*" for more information.

**Holders**

As of September 4, 2025, we had 40 common shares outstanding and one holder.

**Distribution Policy**

We intend to declare distributions to all classes of our common shares based on distributions received from our investment in FBRED common stock, net of expenses, including interest expense paid to the Indirect Parent. FBRED expects to pay such distributions on a monthly basis, at the discretion of FBRED's board of directors, considering factors such as earnings, cash flow, capital needs, stability of the monthly distribution rate and general financial condition and the requirements of Maryland law. Distribution rates and payment frequency may vary from time to time.

Upon receipt of distributions from FBRED, we intend to make distributions, after setting aside amounts determined necessary, in the Board's reasonable judgment, for reserves, operations, liabilities (including taxes and contingent liabilities) and interest expense related to the Shareholder Loans, to the holders of each class of common shares in proportion to the distribution on the corresponding class of FBRED common stock.

The Board's discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause us to comply with the REIT requirements. To qualify as a REIT, we are required to pay distributions sufficient to satisfy the requirements for qualification as a REIT for tax purposes. We intend to distribute sufficient income so that we satisfy the requirements for qualification as a REIT. Generally, income distributed to shareholders will not be taxable to us under the Code if we qualify to be taxed as a REIT. See Item 11. *"Description of Registrant's Securities to be Registered—Distributions."*

For more information on how distributions will be determined by FBRED, see [Item 5. "*Market for Registrant's Common Equity, Related Stockholder Matters, And Issuer Purchases of Equity Securities* "](https://www.sec.gov/Archives/edgar/data/2035428/000110465925029919/tm2510676d1_10k.htm) in FBRED's Form 10-K filed with the SEC on March 31, 2025, which is incorporated herein by reference.

**Item 10. Recent Sales of Unregistered Securities.**

We were capitalized through the purchase by the Initial Investor of 40 common shares for an aggregate purchase price of $1,000 on July 31, 2025. These shares were issued and sold in reliance upon the available exemptions from registration requirements of Section 4(a)(2) of the Securities Act.

We are engaging in a continuous private offering of different classes of common shares to "accredited investors" (as defined in Rule 501 promulgated pursuant to the Securities Act) made pursuant to exemptions provided by Section 4(a)(2) of the Securities Act and applicable state securities laws. As of the date of the Registration Statement, there have been no purchases under the continuous private offering and the Initial Investor is the only shareholder.

Refer to Item 1. "*Business – Private Offering and Investments in FBRED Common Stock*" for an illustration of the offering process.

**Item 11. Description of Registrant's Securities to be Registered**

We were formed to act as an investment vehicle through which certain non-U.S. investors can indirectly invest in the common stock of FBRED. We expect that all of our common shares will be indirectly owned by the Indirect Parent through the Cayman Feeder Sub. The Indirect Parent is conducting a continuous private offering of units of the Indirect Parent to certain non-U.S. investors pursuant to an exemption from the registration requirements of the Securities Act for an indefinite period. The Indirect Parent will indirectly invest the net proceeds of such offering as follows: (i) indirect investments, through the Cayman Feeder Sub, in various classes of our common shares; and (ii) in the Shareholder Loans. We intend to invest proceeds received directly and indirectly from the Indirect Parent in shares of common stock of FBRED.

Under our current declaration of trust, we have authority to issue a total of 100,000 common shares with a par value of $0.001 per share. Prior to the initial closing of the private offering of our common shares, we intend to amend and restate our declaration of trust such that we will have authority to issue an unlimited number of common shares of beneficial interest ("common shares") with a par value of $0.001 per share, and 1,000 preferred shares of beneficial interest, par value $0.001 per share ("preferred shares"). The Board may amend our declaration of trust from time to time, without shareholder approval, to increase or decrease the aggregate number of shares or the number of shares of any class or series of common shares, including to create any class of common share to be issued in our private offering.

**Common Shares**

The classes and terms of our common shares will be designed to mirror the classes and terms of the FBRED common stock we acquire using the net proceeds we receive directly and indirectly from the Indirect Parent. For more information on FBRED's common stock, see [Item 11. "*Description of Registrant's Securities to be Registered*"](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm#a_015) in FBRED's Form 10-12G/A filed with the SEC on December 20, 2024, incorporated herein by reference.

Subject to the restrictions on ownership and transfer of our common shares set forth in our declaration of trust and except as may otherwise be specified in our declaration of trust, holders of common shares are entitled to one vote per share on all matters voted on by shareholders. Subject to any preferential rights of any outstanding class or series of shares of beneficial interest and to the provisions in our declaration of trust regarding the restriction on ownership and transfer of our common shares, shareholders are entitled to such distributions as may be authorized from time to time by our Board and declared by us out of legally available funds and, upon liquidation, are entitled to receive all assets available for distribution to our shareholders. Upon issuance for full payment in accordance with the terms of our private offering, all common shares issued in our private offering will be fully paid and non-assessable. Shareholders will not have preemptive rights, which means that shareholders will not have an automatic option to purchase any new common shares that we issue.

We will generally not issue certificates for our common shares. Common shares will be held in "uncertificated" form, which will eliminate the physical handling and safekeeping responsibilities inherent in owning transferable share certificates and eliminate the need to return a duly executed share certificate to effect a transfer. We expect to engage a third-party service provider to act as our registrar and as the transfer agent for our common shares.

**Preferred Stock**

Our declaration of trust will authorize the Board to designate and issue one or more classes or series of preferred stock without shareholder approval, and to establish the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications and terms or conditions of redemption of each class or series of preferred shares so issued. Because the Board has the power to establish the preferences and rights of each class or series of preferred shares, it may afford the holders of any series or class of preferred share preferences, powers and rights senior to the rights of holders of the common shares.

**Meetings and Special Voting Requirements**

There is no requirement to hold an annual meeting of the shareholders in any year. An annual meeting of shareholders may be called by the Board and will be held each year on the date specified by the Board. Special meetings of shareholders may be called only upon the request of the President or any trustee, and must be called by our secretary to act on any matter that may properly be considered at a meeting of shareholders upon the written request of shareholders entitled to cast not less than twenty-five percent of all the votes entitled to be cast on such matter at the meeting. Upon receipt of a written request stating the purpose of any such special meeting and the matters proposed to be acted on at such meeting and the satisfaction of certain procedural requirements set forth in the bylaws, our secretary will provide a written notice to each shareholder entitled to vote at such meeting not less than ten and not more than 90 days before the meeting. Unless requested by shareholders entitled to cast a majority of all the votes entitled to be cast at such meeting, a special meeting need not be called to consider any matter which is substantially the same as a matter voted on at any meeting of shareholders held during the preceding twelve months. The presence either in person or by proxy of shareholders entitled to cast a majority of all the votes entitled to be cast at the meeting on any matter will constitute a quorum, except where required by law or the declaration of trust. Generally, the affirmative vote of a majority of all votes entitled to be cast is necessary to take shareholder action.

Under our declaration of trust, except as provided in the term of any common shares, shareholders are generally entitled to vote only on the following matters: (a) the removal and selection of a successor trustee; (b) the appointment of a successor trustee if there are no remaining trustees, (c) amendment of the declaration of trust; (d) termination of the Company; (e) merger or consolidation of the Company, or the sale or disposition of substantially all of the property of the Company; (f) any actions set forth in the bylaws or the declaration of trust which expressly require approval by a vote of the shareholders; and (g) such other matters with respect to which the Board has adopted a resolution declaring that a proposed action is advisable and directing that the matter be submitted to the shareholders for approval or ratification.

Shareholders are not entitled to exercise any appraisal rights or of the rights of an objecting shareholder.

Pursuant to our declaration of trust, shareholders may, during usual business hours, inspect and copy our declaration of trust and bylaws and all amendments thereto, minutes of the proceedings of the shareholders, the annual statement of affairs of the Company and any voting trust agreements on file at our principal office to the extent permitted by applicable Maryland law, but only if, and to the extent, such inspection is approved by our Board.

**Restrictions on Ownership and Transfer**

Our declaration of trust contains substantially the same restrictions on the number of shares that a person or group may own as are contained in the FBRED charter. For more information, see [Item 11. "*Description of Registrant's Securities to be Registered – Restrictions on Ownership and Transfer*"](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm#a_015) in FBRED's Form 10-12G/A filed with the SEC on December 20, 2024, incorporated herein by reference.

**Distributions**

We intend to declare distributions to all outstanding classes of our common shares based on the corresponding receipt of dividends on our shares of FBRED common stock, less applicable expenses. Any distributions we make are at the discretion of the Board, considering factors such as earnings, cash flow, capital needs, stability of the monthly distribution rate and general financial condition and the requirements of Maryland law. Distribution rates and payment frequency may vary from time to time. If necessary for REIT compliance purposes, we may declare special distributions on at least an annual basis representing additional net income (if any) accrued by us that the Board determines is available for distribution after setting aside reserves for other liabilities, obligations and investment activities of ours.

The Board's discretion as to the payment of distributions will be directed, in substantial part, by its determination to cause us to comply with the REIT requirements. To qualify as a REIT, we are required to pay distributions sufficient to satisfy the requirements for qualification as a REIT for tax purposes. We intend to distribute sufficient income so that we satisfy the requirements for qualification as a REIT. To qualify as a REIT, we are required to distribute 90% of our annual REIT taxable income, determined without regard to the dividends-paid deduction and excluding net capital gains, to our shareholders. Generally, income distributed to shareholders will not be taxable to us under the Code if we qualify to be taxed as a REIT.

The per share amount of distributions on our classes of common shares may differ because of different class-specific distributions from FBRED. In addition, the per share amount of distributions on our classes of common shares may differ from the equivalent FBRED distributions due to the payment of Company administrative expenses and applicable withholding taxes.

There is no assurance that we will pay distributions in any particular amount, if at all. We may fund any distributions from sources other than cash flow from operations, including, without limitation, loan repayments, borrowings, return of capital or offering proceeds (including from sales of common shares), and we have no limits on the amounts we may pay from such sources. The extent to which we pay distributions from sources other than cash flow from operations will depend on various factors. Funding distributions from borrowings, return of capital or proceeds of our private offering will result in us having less funds available to acquire investments. As a result, the return our shareholder will realize on its investment may be reduced. Doing so may also negatively impact our ability to generate cash flows.

**Transfer Agent**

Our transfer agent is SS&C GIDS, Inc., whose phone number (833) 834-4924.

**Item 12. Indemnification of Directors and Officers.**

Under our declaration of trust, we shall, to the maximum extent permitted by Maryland law with respect to directors of Maryland corporations and to such further extent as shall not be inconsistent with Maryland law, indemnify, and pay or reimburse reasonable expenses in advance of final disposition of a proceeding to, each shareholder, trustee or officer, including any person who, while a trustee or officer of the Company, is or was serving at the request of the Company as a director, officer, partner, member, manager, trustee, employee or agent of another foreign or domestic corporation, partnership, limited liability company, joint venture, trust, real estate investment trust, other enterprise or employee benefit plan, from all claims and liabilities to which such person may become subject by reason of his being or having been a shareholder, trustee, officer, employee or agent. The Company shall have the power, with the approval of the Board, to provide such indemnification and advancement of expenses to a person who served as predecessor of the Company in any of the capacities described above or to any employee or agent of the Company or a predecessor of the Company.

**Item 13. Financial Statements and Supplementary Data**

The information required by this Item 13 is hereby incorporated by reference to our financial statement beginning on page F-1 of this Registration Statement.

**Item 14. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.**

There are not and have not been any disagreements between the Company and its accountant on any matter of accounting principles, practices, or financial statement disclosure.

**Item 15. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *(a) Financial statements*

The financial statement attached to this Registration Statement is listed under Item 13 *"Financial Statements and Supplementary Data."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Exhibits*

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [3.1\*](https://www.sec.gov/Archives/edgar/data/2073653/000110465925070821/tm2521474d1_ex3-1.htm) | [Certificate of Trust of the Company](https://www.sec.gov/Archives/edgar/data/2073653/000110465925070821/tm2521474d1_ex3-1.htm) |
| [3.2\*](https://www.sec.gov/Archives/edgar/data/2073653/000110465925070821/tm2521474d1_ex3-2.htm) | [Declaration of Trust of the Company](https://www.sec.gov/Archives/edgar/data/2073653/000110465925070821/tm2521474d1_ex3-2.htm) |
| [3.3\*\*](tm2521474d3_ex3-3.htm) | [Form of Amended and Restated Declaration of Trust of the Company](tm2521474d3_ex3-3.htm) |
| [3.4\*\*](tm2521474d3_ex3-4.htm) | [Form of Amended and Restated Bylaws of the Company](tm2521474d3_ex3-4.htm) |
| [10.1\*\*](tm2521474d3_ex10-1.htm) | [Form of Advisory Agreement among the Company, Franklin BSP Real Estate Debt Cayman Access Fund (FBRED-C), L.P., FBRED-C Feeder Subsidiary Fund, L.P. and Benefit Street Partners L.L.C.](tm2521474d3_ex10-1.htm) |
| [10.2\*\*](tm2521474d3_ex10-2.htm) | [Form of Shareholder Loan Agreement between the Company and Franklin BSP Real Estate Debt Cayman Access Fund (FBRED-C), L.P.](tm2521474d3_ex10-2.htm) |
| [10.3\*\*](tm2521474d3_ex10-3.htm) | [Form of Stockholder Agreement between the Company and Franklin BSP Real Estate Debt, Inc.](tm2521474d3_ex10-3.htm) |
| [10.4\*\*](tm2521474d3_ex10-4.htm) | [Form of Indemnification Agreement by and between the Company and each of its trustees and officers](tm2521474d3_ex10-4.htm) |

---

\* Previously filed.

\*\* Filed herewith

**SIGNATURES**

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **FBRED-C Feeder REIT Trust** | **FBRED-C Feeder REIT Trust** |
| By: | /s/ Richard J. Byrne |
| Name: | Richard J. Byrne |
| Title: | Trustee |

---

Date: September 4, 2025

 **FBRED-C Feeder REIT Trust**

 **INDEX TO FINANCIAL STATEMENT**

---

| | |
|:---|:---|
|  | **Page** |
| **[Report of Independent Registered Public Accounting Firm](#a_101)** | **[F-1](#a_101)** |
| **[Balance Sheet as of July 31, 2025](#a_102)** | **[F-2](#a_102)** |
| **[Notes to Financial Statement](#a_103)** | **[F-3](#a_103)** |

---

![](image_002.jpg)

 **Report of Independent Registered Public Accounting Firm**

To the Board of Trustees and Shareholder of FBRED-C Feeder REIT Trust

 ***Opinion on the Financial Statement***

  ****

We have audited the accompanying balance sheet of FBRED-C Feeder REIT Trust (the "Company") as of July 31, 2025, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Company as of July 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

 ***Basis for Opinion***

  ****

The financial statement is the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of this financial statement in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

&nbsp;&nbsp;&nbsp;&nbsp;/s/ PricewaterhouseCoopers LLP

Atlanta, Georgia

September 3, 2025

We have served as the Company's auditor since 2025.

www.pwc.com PricewaterhouseCoopers LLP, 1075 Peachtree Street, Suite 2600, Atlanta, GA 30309 +1 (678) 419 1000

 **FBRED-C Feeder REIT Trust**

**BALANCE SHEET**

---

| | |
|:---|:---|
|  | **July 31, 2025** |
| **Assets** |  |
| Cash | $1000 |
| **Total assets** | $**1000** |
| **Liability and Equity** |  |
| **Total liabilities** | $**‒** |
| **Commitments and Contingencies (See Note 5)** |  |
| **Equity** |  |
| Common Stock, $0.001 par value per share, 100,000 shares authorized, 40 shares issued and outstanding | 1 |
| Additional paid-in capital | 999 |
| **Total equity** | **1000** |
| **Total liabilities and equity** | $1000 |

---

 *The accompanying notes are an integral part of this financial statement.*

 **FBRED-C Feeder REIT Trust**

 **NOTES TO FINANCIAL STATEMENT**

 **As of July 31, 2025**

 **Note 1 – Organization**

FBRED-C Feeder REIT Trust (the "Company") was formed on March 5, 2025, as a Maryland statutory trust and intends to qualify as a real estate investment trust ("REIT") for U.S. federal income tax purposes. The Company has been formed to invest in common stock of Franklin BSP Real Estate Debt, Inc. ("FBRED").

The Company will be externally managed by Benefit Street Partners, L.L.C. (the "Adviser"). The Adviser is a limited liability company that is registered as an investment adviser with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Adviser oversees the management of the Company's activities and is responsible for making investment decisions with respect to the Company's portfolio.

The Company has been formed to act as an investment vehicle through which certain non-U.S. investors can indirectly invest in FBRED's common stock via Franklin BSP Real Estate Debt Cayman Access Fund L.P. (the "Indirect Parent"). The Indirect Parent invests in the Company directly and also indirectly through FBRED-C Feeder Subsidiary Fund, L.P. ("Cayman Feeder Sub"). The Company intends to invest in various classes of the common stock of FBRED and expects to authorize, offer and sell its common shares to the Cayman Feeder Sub on a one-for-one ratio corresponding to its investment in common stock of FBRED. Accordingly, the Company's investment objectives are the same as the investment objectives of FBRED.

 **Note 2 – Capitalization**

As of March 6, 2025, the Company was authorized to issue 100,000 shares of common stock, par value $0.001 per share ("common shares"). The Company intends to undertake a continuous private offering, pursuant to which it will offer and sell its common shares to Cayman Feeder Sub. The classes of common shares may have different upfront selling commissions, dealer manager fees and ongoing shareholder servicing fees, as well as different management fees and performance participation allocations. The initial per share purchase price for shares of the Company's common shares in the offering will be equal to the most recently determined net asset value ("NAV") per share for the applicable class plus applicable upfront selling commissions and dealer manager fees. Thereafter, the purchase price per share for each class of our common shares will vary and will generally equal the prior month's NAV per share for each applicable class, as calculated monthly, plus applicable upfront selling commissions and dealer manager fees.

 **Note 3 – Summary of Significant Accounting Policies**

 *Basis of Presentation*

The following is a summary of significant accounting policies consistently followed by the Company in the preparation of its financial statement. The financial statement has been prepared in accordance with U.S. GAAP. Separate statements of operations, shareholders' equity and cash flows have not been presented because the Company has not commenced operations.

 *Use of Estimates*

The preparation of the financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in this financial statement. Actual results could differ from those estimates.

 *Cash and Cash Equivalents*

Cash and cash equivalents include cash held in banks and short-term, liquid investments in a money market deposit account that have original or remaining maturity dates of three months or less when purchased. Cash and cash equivalents are carried at cost which approximates fair value. The Company did not hold cash equivalents as of July 31, 2025.

 **FBRED-C Feeder REIT Trust**

 **NOTES TO FINANCIAL STATEMENT**

 **As of July 31, 2025**

 *Income Taxes*

The Company intends to elect to be treated as a REIT under the Internal Revenue Code (the "Code") beginning with the taxable year ending December 31, 2025. If the Company qualifies for taxation as a REIT, the Company generally will not be subject to federal corporate income tax to the extent it distributes 90% of its taxable income to its shareholders. REITs are subject to a number of other organizational and operational requirements. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income.

The Company evaluates tax positions taken or expected to be taken in the course of preparing the Company's tax returns to determine whether it is "more-likely-than-not" (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Company did not record any tax provision in the current period. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities on-going analysis of and changes to tax laws, regulations and interpretations thereof.

 *Organization and Offering Costs*

Organization costs consist of costs incurred to establish the Company and enable it legally to do business. Organization costs are expensed as incurred. Offering costs consist of costs incurred in connection with the offering. Offering costs will be recorded as a reduction to paid-in capital when the offering is completed, which has not yet occurred.

The Company will bear the organization and offering expenses incurred in connection with the formation of the Company and the offering. In addition, the Company will reimburse the Adviser for the organization and offering costs and operating expenses it incurs on the Company's behalf when such costs become the obligation of the Company.

As of July 31, 2025, the Adviser and its affiliates have incurred organization and offering expenses on the Company's behalf of approximately $0.4 million. These organization and offering expenses are not recorded in the accompanying balance sheet because such costs are not the obligation of the Company until the Company and the Adviser enter an advisory agreement. If and when such events are probable the Company will record organizational expenses as incurred, and offering expenses will be charged to shareholders' equity. Any amount due to the Adviser but not paid will be recognized as a liability on the balance sheet.

 *Segment Reporting*

In accordance with FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, the Company operates through a single operating and reporting segment with an investment objective to provide high current income while maintaining downside protection on its investments. The chief operating decision maker ("CODM") is comprised of the Company's Chief Executive Officer/President and the Chief Financial Officer/Chief Operating Officer, and assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company's net income under GAAP. The CODM uses net income as a key metric in determining the amount of dividends to be distributed to the Company's stockholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected in total assets on the accompanying Balance Sheet.

 **FBRED-C Feeder REIT Trust**

 **NOTES TO FINANCIAL STATEMENT**

 **As of July 31, 2025**

 *New Accounting Pronouncements*

Management does not believe any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statement.

 **Note 4 – Related Party Transactions**

 *Advisory Agreement*

The Company intends to enter into an advisory agreement with the Adviser in which the Adviser, subject to the overall supervision of the Company's Board of Directors, manages the day-to-day operations of, and provides investment advisory services to the Company.

The Adviser also serves as the external adviser of FBRED and is compensated in such capacity. The Adviser shall not be entitled to additional compensation for services provided pursuant to the Advisory Agreement with the Company.

 **Note 5 – Commitments and Contingencies**

 *Litigation and Regulatory Matters*

In the ordinary course of business, the Company may become subject to litigation, claims, and regulatory matters. The Company has no knowledge of material legal or regulatory proceedings pending or known to be contemplated against the Company at this time.

 *Indemnifications*

In the ordinary course of its business, the Company may enter into contracts or agreements that contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Company. Based on its history and experience, management feels that the likelihood of such an event is remote. Accordingly, the Company has not entered into any contracts and not accrued any liability in conjunction with such indemnifications.

 **Note 6 – Segment Reporting**

The Company operates through a single operating and reporting segment with an investment objective to provide high current income while maintaining downside protection on its investments. The CODM is comprised of the Company's Chief Executive Officer/President and the Chief Financial Officer/Chief Operating Officer, and assesses the performance and makes operating decisions of the Company primarily based on the Company's "net income." The CODM uses net income as a key metric in determining the amount of dividends to be distributed to the Company's shareholders. As the Company's operations comprise of a single reporting segment, the segment assets are reflected in total assets on the accompanying Balance Sheet.

 **Note 7 – Dependency**

The Company will be dependent on the Adviser and its affiliates for certain services that are essential to it, including the sale of the Company's common shares and other administrative duties. In the event that the Adviser and its affiliates are unable to provide such services, the Company would be required to find alternative service providers.

 **Note 8 – Subsequent Events**

The Company has evaluated subsequent events through September 3, 2025, the date the financial statement was available to be issued.

## Exhibit 3.3

**Exhibit 3.3**

**FBRED-C FEEDER REIT TRUST**

**AMENDED AND RESTATED DECLARATION OF TRUST**

Dated [·], 2025

This AMENDED AND RESTATED DECLARATION OF TRUST is made as of the date set forth above by the undersigned Trustee (as defined below) of FBRED-C Feeder REIT Trust.

**ARTICLE I**

**FORMATION MATTERS**

Section 1.1 <u>Name</u>. The name of the trust is FBRED-C Feeder REIT Trust (the "**Trust**"). Under circumstances in which the Board of Trustees (as defined below) of the Trust determines that the use of the name of the Trust is not practicable, the Trust may use any other designation or name for the Trust as determined by the Board of Trustees.

Section 1.2 <u>Formation</u>. The Trust is a statutory trust within the meaning of Title 12 of the Corporations and Associations Article of the Annotated Code of Maryland, as amended from time to time ("**Title 12**"). The Trust shall not be deemed to be a general partnership, limited partnership, joint venture, joint stock company or a corporation but nothing herein shall preclude the Trust from being treated for tax purposes as an association under the Internal Revenue Code of 1986, as amended (the "**Code**"). The undersigned Trustees have formed the Trust by filing a Certificate of Trust with the State Department of Assessments and Taxation of Maryland ("**SDAT**") (as amended, restated or corrected from time to time, the "**Certificate**"). The governing instrument of the Trust, as that term is defined in the Act, shall be this Amended and Restated Declaration of Trust, as it may hereafter be further amended or restated (the "**Declaration of Trust**"), together with any bylaws adopted in accordance herewith for the regulation and management of the affairs of the Trust (the "**Bylaws**").

Section 1.3 <u>Purposes</u>. The purposes for which the Trust is formed to engage in are any lawful act or activity for which a statutory trust may be organized under the general laws of the State of Maryland as now or hereafter in force, including, without limitation or obligation, engaging in business as a real estate investment trust under Section 856 the Code (a **"REIT"**) and investing in, by acquiring common and preferred stock of, Franklin BSP Real Estate Debt, Inc ("**FBRED**").

Section 1.4 <u>Powers</u>. The Trust shall have all of the powers granted to statutory trusts by Title 12 and all other powers that are not inconsistent with law and are appropriate to promote and attain the purposes set forth in this Declaration of Trust.

Section 1.5 <u>Resident Agent</u>. The name and address of the resident agent of the Trust in the State of Maryland is CSC-Lawyers Incorporating Service Company, 7 St. Paul Street, Suite 820, Baltimore, Maryland 21202. The Trust may have such offices or places of business within or outside the State of Maryland as the Board of Trustees may from time to time determine.

**ARTICLE II**

**BOARD OF TRUSTEES**

Section 2.1 <u>Powers</u>. Subject to any express limitations contained in this Declaration of Trust or in the Bylaws: (a) the business and affairs of the Trust shall be managed under the direction of the Board of Trustees of the Trust (the "**Board of Trustees**" or "**Board**") and (b) the Board shall have full, exclusive and absolute power, control and authority over any and all property of the Trust, including all decisions as more fully outlined in the Bylaws.

The Board may take any action as in its sole judgment and discretion is necessary or appropriate to conduct the business and affairs of the Trust. The Certificate, this Declaration of Trust and the Bylaws shall be construed with the presumption in favor of the grant of power and authority to the Board. Any construction of the Certificate, this Declaration of Trust or the Bylaws or determination made in good faith by the Board concerning its powers and authority hereunder shall be conclusive. The enumeration and definition of particular powers of the Trustees included in this Declaration of Trust or in the Bylaws shall in no way be construed or deemed by inference or otherwise in any manner to exclude or limit the powers conferred upon the Board or the Trustees under the general laws of the State of Maryland or any other applicable law.

The Board, without any action by Shareholders, shall have and may exercise, on behalf of the Trust, without limitation, the power to cause the Trust to elect to qualify as a REIT and to terminate the status of the Trust as a REIT; to determine that compliance with any restriction or limitations on ownership and transfers of shares of the Trust's beneficial interest set forth in Article IV of this Declaration of Trust is no longer required in order for the Trust to qualify as a REIT; to adopt, amend and repeal Bylaws in the manner provided for in the Bylaws; to elect officers in the manner prescribed in the Bylaws; and to do any other acts and deliver any other documents relating to the business and affairs of the Trust or required or permitted by applicable law, this Declaration of Trust or the Bylaws, subject to the restrictions or limitations, if any, set forth in the Certificate, this Declaration of Trust or the Bylaws.

Section 2.2 <u>Number and Classification</u>. The initial number of trustees on the Board (the "**Trustees**") shall be one (1), which number may thereafter be increased only by the Board pursuant to the Bylaws. Each Trustee shall serve until his, her or its resignation, removal, death, dissolution, termination of legal existence, adjudication of legal incompetence or the election and qualification of his, her or its successor. If for any reason a Trustee ceases to serve as a Trustee as provided in this Section 2.2, the Board shall appoint his, her or its successor; provided, that if there is no remaining Trustee, his, her or its successor shall be elected by the holders of beneficial interests in the Trust (the "**Shareholders**") in the manner set forth in Article V; provided further, however, that, if the Trustee is removed as set forth in Section 2.3 hereof, the successor to the Trustee shall be elected by the Shareholders in the manner set forth in Article V. The name of the initial Trustee who shall serve until his successor is elected and qualifies is as follows:

<u>Name</u>:

Richard J. Byrne

It shall not be necessary to list in this Declaration of Trust the names and addresses of any Trustees hereinafter elected.

Section 2.3 <u>Resignation or Removal</u>. Any Trustee may resign by written notice to the Board, effective upon execution and delivery to the Trust of such written notice or upon any future date specified in the notice. A Trustee may be removed at any time for any reason by the Shareholders or as otherwise required by applicable law.

Section 2.4 <u>Action by Trustees without a Meeting</u>. The Bylaws may provide that any action required or permitted to be taken by the Board of Trustees or any committee thereof may be taken without a meeting by the consent, in writing or by electronic transmission, of a majority of the Trustees or committee members, as applicable; provided, however, that if the concurrence of a greater proportion is required for such action by applicable law, the Declaration of Trust or the Bylaws, any such consent shall be given by such proportion of the Board of Trustees or members of such committee, as the case may be.

**ARTICLE III**

**SHARES OF BENEFICIAL INTEREST**

Section 3.1 <u>Authorized Shares</u>. The beneficial interest in the Trust shall be divided into shares of beneficial interest (the "**Shares**"). The Trust has authority to issue an unlimited number of common shares of beneficial interest in the Trust, $0.001 par value per share (the "**Common Shares**"), 500,000,000 of which are classified as Class I common shares of beneficial interest (the "**Class I Common Shares**"), 100,000,000 of which are classified as Class H common shares of beneficial interest (the "**Class H Common Shares**"), 400,000,000 of which are classified as Class H-D common shares of beneficial interest (the "**Class H-D Common Shares**"), and 400,000,000 of which are classified as Class H-S common shares of beneficial interest (the "**Class H-S Common Shares**"), and 1,000 preferred shares of beneficial interest, par value $0.001 per share (the "**Preferred Shares**"). Subject to the provisions of Article IV and the terms of any class or series of Shares at the time outstanding, the Board may, by amendment to this Article III and without any action by the Shareholders, classify or reclassify any unissued Shares from time to time and set or change the number, par value, designations, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications or terms or conditions of redemption of the class or series of Shares; provided that, the additional class or series of Common Shares are issued in connection with an issuance of shares of stock, $0.001 par value per share, of FBRED to the Trust, which shares have designations, preferences and other rights substantially similar to the designations, preferences and other rights of the Common Shares issued to the Shareholders by the Trust in accordance with this section. If Shares of one class or series are classified or reclassified into Shares of another class or series of Shares pursuant to this Article III, then except to the extent that the Trust is authorized to issue an unlimited number of Shares of any such class or series, the number of authorized Shares of the former class or series shall be automatically decreased and the number of Shares of the latter class or series shall be automatically increased, in each case by the number of Shares so classified or reclassified. Subject to Section 5.2, the Board of Trustees may, by adopting a resolution, amend this Declaration of Trust from time to time to increase or decrease the aggregate number of Shares or the number of Shares of any class or series that the Trust has authority to issue.

Section 3.2 <u>Common Shares</u>. The following is a description of the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends or distributions, qualifications, and terms and conditions of redemption of the Common Shares of the Trust.

Section 3.2.1 <u>Voting Rights</u>. Subject to the provisions of Article IV, each Common Share shall entitle the holder thereof to one vote on each matter upon which holders of Common Shares are entitled to vote. Except as otherwise provided in respect of any class of shares at any time classified or reclassified, the exclusive voting power for all purposes of the Trust shall be vested in the holders of the Common Shares and all references herein to votes of the Shareholders shall mean a vote of the holders of the Common Shares only. The holders of Common Shares shall vote together as a single class on all actions to be taken by the Shareholders; provided, however, that with respect to (a) and subject to Section 7.3, any amendment of this Declaration of Trust that would materially and adversely affect the rights, preferences and privileges of only a particular class of Common Shares, (b) any matter submitted to Shareholders that relates solely to a particular class of Common Shares or (c) any matter submitted to Shareholders in which the interests of a particular class of Common Shares differ from the interests of all other classes of Common Shares, only the affirmative vote of the holders of a majority of such affected class of Common Shares, with no other class of Common Shares voting except such affected class of Common Shares voting as a separate class, shall be required.

Section 3.2.2 <u>Dividends</u>. Subject to the provisions of law, dividends, including dividends payable in shares of another class of the Trust's Shares, may be paid on the Common Shares of the Trust at such time and in such amounts as the Board of Trustees may deem advisable and the holders of each class or series of Common Shares shall share ratably in any dividends to such class or series of Common Shares, in proportion to the number of Common Shares of such class or series held by them respectively, on a share for share basis. Subject to Section 3.6, prior to the time set forth in clause (A) of the definition of Restriction Termination Date, the Board of Trustees shall endeavor to declare and pay such dividends and distributions as shall be necessary for the Trust to qualify as a REIT under the Code.

Section 3.2.3 <u>Liquidation Rights</u>. In the event of any voluntary or involuntary liquidation, dissolution or winding up, or any distribution of the assets of the Trust, the aggregate assets of the Trust available for distribution to holders of the Common Shares shall be determined in accordance with applicable law. The aggregate assets of the Trust available for Distribution to holders of Common Shares, or the proceeds therefrom, shall be distributed to the holders of Common Shares, except as may be set forth in the terms associated with any future class of Common Shares that provides for other rights upon liquidation.

Section 3.2.4 <u>Class I Common Shares</u>. In addition to the rights and limitations described above with respect to Common Shares, the additional preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends or distributions, qualifications, and terms and conditions set forth in Exhibit A hereto shall apply to the Class I Common Shares.

Section 3.2.5 <u>Class H Common Shares</u>. In addition to the rights and limitations described above with respect to Common Shares, the additional preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends or distributions, qualifications, and terms and conditions set forth in Exhibit B hereto shall apply to the Class H Common Shares.

Section 3.2.6 <u>Class H-D Common Shares</u>. In addition to the rights and limitations described above with respect to Common Shares, the additional preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends or distributions, qualifications, and terms and conditions set forth in Exhibit C hereto shall apply to the Class H-D Common Shares.

Section 3.2.7 <u>Class H-S Common Shares</u>. In addition to the rights and limitations described above with respect to Common Shares, the additional preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends or distributions, qualifications, and terms and conditions set forth in Exhibit D hereto shall apply to the Class H-S Common Shares.

Section 3.3 <u>Preferred Shares</u>. Subject to Section 5.2, the Board of Trustees shall have the authority to classify any unissued Preferred Shares and reclassify any previously classified but unissued Preferred Shares of any series from time to time, in one or more series of Shares, by setting or changing in any one or more respects the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends, qualifications or terms or conditions of redemption of such Preferred Shares.

Section 3.4 <u>Classified or Reclassified Shares</u>. Prior to issuance of classified or reclassified Shares of any class or series, the Board of Trustees by resolution shall: (a) designate that class or series to distinguish it from all other classes and series of Shares; (b) specify the number of Shares, which may be unlimited with respect to Common Shares, to be included in the class or series; and (c) set, subject to the provisions of Article IV and subject to the express terms of any class or series of Shares outstanding at the time, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each class or series. Any of the terms of any class or series of Shares set pursuant to clause (c) of the first sentence of this Section 3.4 may be made dependent upon facts ascertainable outside this Declaration of Trust (including the occurrence of any event, including a determination or action by the Trust or any other person or body) and may vary among holders thereof, provided that the manner in which such facts or variations shall operate upon the terms of such class or series of Shares is clearly and expressly set forth in the terms of such Shares.

Section 3.5 <u>Authorization by Board of Share Issuance</u>. The Board of Trustees may authorize the issuance from time to time of Shares of any class or series, whether now or hereafter authorized, or securities or rights convertible into Shares of any class or series, whether now or hereafter authorized, for such consideration (whether in cash, property, past or future services, obligation for future payment or otherwise) as the Board of Trustees may deem advisable (or without consideration in the case of a Share split or Share dividend), subject to such restrictions or limitations, if any, as may be set forth in this Declaration of Trust or the Bylaws of the Trust.

Section 3.6 <u>Dividends and Distributions</u>. The Trust may pay any dividend or make any other distribution to the Shareholders as authorized in this Declaration of Trust or by the Board of Trustees if, after giving effect to the dividend or distribution, the Trust would be able to pay its debts as they become due in the usual course of its business. The Board of Trustees may from time to time authorize the Trust to pay to the Shareholders such dividends or distributions in cash or other assets of the Trust or in securities of the Trust or from any other source as the Board of Trustees in its discretion shall determine, including following the receipt of a distribution received from entities in which it invests. The Board of Trustees shall endeavor to authorize the Trust to pay such dividends and distributions as shall be necessary for the Trust to qualify as a REIT; provided, however, that Shareholders shall have no right to any dividend or distribution unless and until authorized by the Board of Trustees and declared by the Trust. The exercise of the powers and rights of the Board of Trustees pursuant to this Section 3.6 shall be subject to the provisions of any class or series of Shares at the time outstanding. The receipt by any person in whose name any Shares are registered on the records of the Trust or by his or her duly authorized agent shall be a sufficient discharge for all dividends or other distributions payable or deliverable in respect of such Shares and from all liability to see to the application thereof.

Section 3.7 <u>General Nature of Shares</u>. All Shares shall be personal property entitling Shareholders only to those rights provided in this Declaration of Trust. The Shareholders shall have no interest in the property of the Trust and shall have no right to compel any partition, division, dividend or distribution of the Trust or of the property of the Trust. The death of a Shareholder shall not terminate the Trust. The Trust is entitled to treat as Shareholders only those persons in whose names Shares are registered as Shareholders on the beneficial interest ledger of the Trust.

Section 3.8 <u>Fractional Shares</u>. The Trust may, without the consent or approval of any Shareholder, issue fractional Shares, eliminate a fraction of a Share by rounding up or down to a full Share, arrange for the disposition of a fraction of a Share by the person entitled to it, or pay cash for the fair value of a fraction of a Share.

Section 3.9 <u>Declaration of Trust and Bylaws</u>. All Shareholders are subject to the provisions of this Declaration of Trust and the Bylaws.

Section 3.10 <u>No Certificates</u>. Unless otherwise provided by the Board of Trustees, all Shares shall be issued strictly in uncertificated form. A Shareholder's investment shall be recorded on the books of the Trust.

**ARTICLE IV**

**RESTRICTION ON TRANSFER AND OWNERSHIP OF SHARES**

Section 4.1 <u>Definitions</u>. The following terms shall have the following meanings:

"<u>Aggregate Share Ownership Limit</u>" shall mean 9.8%, in value or number of shares, whichever is more restrictive, of the aggregate of the outstanding Shares, or such other percentage determined by the Board of Trustees in accordance with Section 4.2.8.

"<u>Beneficial Ownership</u>" shall mean ownership of Shares by a Person, whether the interest in Shares is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 544 of the Code, as modified by Section 856(h)(1)(B) of the Code. The terms "<u>Beneficial Owner</u>," "<u>Beneficially Owns</u>" and "<u>Beneficially Owned</u>" shall have the correlative meanings.

"<u>Business Day</u>" shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York, New York are authorized or required by law, regulation or executive order to close.

"<u>Charitable Beneficiary</u>" shall mean one or more beneficiaries of the Charitable Trust as determined pursuant to Section 4.3.6, provided that each such organization must be described in Sections 501(c)(3), 170(b)(1)(A), and 170(c)(2) of the Code.

"<u>Charitable Trust</u>" shall mean any trust provided for in Section 4.3.

"<u>Charitable Trustee</u>" shall mean the Person unaffiliated with both the Trust and the relevant Prohibited Owner, that is appointed by the Trust to serve as trustee of the Charitable Trust.

"<u>Common Share Ownership Limit</u>" shall mean 9.8% (in value or in number of Common Shares, whichever is more restrictive) of the aggregate of the outstanding Common Shares, or such other percentage determined by the Board of Trustees in accordance with Section 4.2.8.

"<u>Constructive Ownership</u>" shall mean ownership of Shares by a Person, whether the interest in Shares is held directly or indirectly (including by a nominee), and shall include interests that would be treated as owned through the application of Section 318(a) of the Code, as modified by Section 856(d)(5) of the Code. The terms "<u>Constructive Owner</u>," "<u>Constructively Owns</u>" and "<u>Constructively Owned</u>" shall have the correlative meanings.

"<u>Excepted Holder Limit</u>" shall mean, provided that the affected Excepted Holder agrees to comply with the requirements established by the Board of Trustees pursuant to Section 4.2.7 and subject to adjustment pursuant to Section 4.2.8, the percentage limit established by the Board of Trustees pursuant to Section 4.2.7.

"<u>Fair Market Value</u>" on any date shall mean, with respect to any class or series of outstanding Shares, the fair market value for such Shares on such date, as determined in good faith by the Board of Trustees, which determination shall be conclusive for all purposes hereof.

"<u>Person</u>" shall mean an individual, corporation, partnership, limited liability company, estate, trust (including, without limitation, a trust qualified under Sections 401(a) or 501(c)(17) of the Code), a portion of a trust permanently set aside for or to be used exclusively for the purposes described in Section 642(c) of the Code, association, private foundation within the meaning of Section 509(a) of the Code, joint stock company or other entity and also includes a group as that term is used for purposes of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

"<u>Prohibited Owner</u>" shall mean, with respect to any purported Transfer, any Person who, but for the provisions of Section 4.2.1, would Beneficially Own Shares in violation of the provisions of Section 4.2.1(a) and, if appropriate in the context, shall also mean any Person who would have been the record owner of Shares that the Prohibited Owner would have so owned.

"<u>Restriction Termination Date</u>" shall mean the date as of which the Board of Trustees determines that it is no longer in the best interests of the Trust to attempt to, or continue to, qualify as a REIT.

"<u>Transfer</u>" shall mean any issuance, sale, transfer, gift, assignment, devise or other disposition, as well as any other event that causes any Person to acquire or have Beneficial Ownership, or any agreement to take any such actions or cause any such events, of Shares or the right to vote or receive dividends or distributions on Shares, including (i) a change in the capital structure of the Trust (other than an issuance or redemption of Shares by the Trust that the Board of Trustees determines is not a Transfer), (ii) a change in the relationship of two or more Persons which causes a change in ownership of Shares by application of Section 544 of the Code, (iii) the granting or exercise of any option or warrant (or any disposition of any option or warrant), pledge, security interest, or similar right to acquire Shares, (iv) any disposition of any securities or rights convertible into or exchangeable for Shares or any interest in Shares or any exercise of any such conversion or exchange right and (v) transfers of interests in other entities that result in changes in Beneficial Ownership of Shares; in each case, whether voluntary or involuntary, whether owned of record, Beneficially Owned and whether by operation of law or otherwise. The terms "<u>Transferring</u>" and "<u>Transferred</u>" shall have the correlative meanings.

Section 4.2 <u>Shares</u>.

Section 4.2.1 <u>Ownership Limitations.</u> Prior to the Restriction Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Basic Restrictions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (1) No Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Shares in excess of the Aggregate Share Ownership Limit, (2) no Person, other than an Excepted Holder, shall Beneficially Own or Constructively Own Common Shares in excess of the Common Share Ownership Limit and (3) no Excepted Holder shall Beneficially Own or Constructively Own Shares in excess of the Excepted Holder Limit for such Excepted Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) No Person shall Beneficially Own or Constructively Own Shares to the extent that such Beneficial Ownership or Constructive Ownership of Shares would result in the Trust being "closely held" within the meaning of Section 856(h) of the Code (without regard to whether the ownership interest is held during the last half of a taxable year), or otherwise failing to qualify as a REIT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any Transfer of Shares that, if effective, would result in Shares being beneficially owned by fewer than 100 Persons (determined under the principles of Section 856(a)(5) of the Code) at any time after January 30, 2026 shall be void <u>ab initio</u>, and the intended transferee shall acquire no rights in such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Transfer in Trust</u>. If any Transfer of Shares occurs which, if effective, would result in any Person Beneficially Owning or Constructively Owning Shares in violation of <u>Section 4.2.1(a)(i)</u> or <u>(ii)</u>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) then that number of Shares the Beneficial Ownership or Constructive Ownership of which otherwise would cause such Person to violate Section 4.2.1(a)(i) or (ii) (rounded up to the nearest whole share) shall be automatically Transferred to a Charitable Trust for the benefit of a Charitable Beneficiary, as described in Section 4.3, effective as of the close of business on the Business Day prior to the date of such Transfer, and such Person shall acquire no rights in such Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if the Transfer to the Charitable Trust described in clause (i) of this sentence would not be effective for any reason to prevent the violation of Section 4.2.1(a)(i) or (ii), then the Transfer of that number of Shares that otherwise would cause any Person to violate Section 4.2.1(a)(i) or (ii) shall be void ab initio, and the intended transferee shall acquire no rights in such Shares.

To the extent that, upon a transfer of Shares pursuant to this Section 4.2.1(b), a violation of any provision of this Article IV would nonetheless be continuing (for example, where the ownership of Shares by a single Charitable Trust would violate the 100 stockholder requirement applicable to REITs), then Shares shall be transferred to that number of Charitable Trusts, each having a distinct Charitable Trustee and a Charitable Beneficiary or Beneficiaries that are distinct from those of each other Charitable Trust, such that there is no violation of any provision of this Article IV.

Section 4.2.2 <u>Remedies for Breach</u>. If the Board of Trustees or its designee (including any duly authorized committee of the Board) shall at any time determine that a Transfer or other event has taken place that results in a violation of Section 4.2.1 or that a Person intends to acquire or has attempted to acquire Beneficial Ownership or Constructive Ownership of any Shares in violation of Section 4.2.1 (whether or not such violation is intended), the Board of Trustees or its designee shall take such action as it deems advisable to refuse to give effect to or to prevent such Transfer or other event, including, without limitation, causing the Trust to redeem Shares, refusing to give effect to such Transfer on the books of the Trust or instituting proceedings to enjoin such Transfer or other event; provided, however, that any Transfers or attempted Transfers or other events in violation of Section 4.2.1 shall automatically result in the Transfer to the Charitable Trust described above, and, where applicable, such Transfer (or other event) shall be void ab initio as provided above irrespective of any action (or non-action) by the Board of Trustees or its designee.

Section 4.2.3 <u>Notice of Restricted Transfer</u>. Any Person who acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership of Shares that will or may violate Section 4.2.1(a), or any Person who would have owned Shares that resulted in a Transfer to the Charitable Trust pursuant to the provisions of Section 4.2.1(b), shall immediately give written notice to the Trust of such event, or in the case of such a proposed or attempted transaction, give at least 15 days prior written notice, and shall provide to the Trust such other information as the Trust may request in order to determine the effect, if any, of such Transfer on the Trust's status as a REIT.

Section 4.2.4 <u>Owners Required To Provide Information</u>. Prior to the Restriction Termination Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) every owner of more than five percent (5%) (or such lower percentage as required by the Code or the Treasury Regulations promulgated thereunder or as otherwise required by the Board of Trustees) of the outstanding Shares, within 30 days after the end of each taxable year, shall give written notice to the Trust stating the name and address of such owner, the number of Shares Beneficially Owned and a description of the manner in which such Shares are held. Each such owner shall provide to the Trust such additional information as the Trust may request in order to determine the effect, if any, of such Beneficial Ownership on the Trust's status as a REIT and to ensure compliance with the Aggregate Share Ownership Limit, the Common Share Ownership Limit and the other restrictions set forth herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each Person who is a Beneficial or Constructive Owner of Shares and each Person (including the Shareholder of record) who is holding Shares for a Beneficial or Constructive Owner shall provide to the Trust such information as the Trust may request, in order to determine the Trust's status as a REIT and to comply with requirements of any taxing authority or governmental authority or to determine such compliance.

Section 4.2.5 <u>Remedies Not Limited</u>. Subject to Section 2.1, nothing contained in this Section 4.2 shall limit the authority of the Board of Trustees to take such other action as it deems necessary or advisable to protect the Trust and the interests of its Shareholders in preserving the Trust's status as a REIT.

Section 4.2.6 <u>Ambiguity</u>. In the case of an ambiguity in the application of any of the provisions of this Section 4.2, Section 4.3 or any definition contained in Article IV, the Board of Trustees may determine the application of the provisions of this Section 4.2 or Section 4.3 with respect to any situation based on the facts known to it. In the event Section 4.2 or 4.3 requires an action by the Board of Trustees and the Declaration of Trust fails to provide specific guidance with respect to such action, the Board of Trustees may determine the action to be taken so long as such action is not contrary to the provisions of Article II or Sections 4.2 or 4.3. Absent a decision to the contrary by the Board of Trustees (which the Board may make in its sole and absolute discretion), if a Person would have (but for the remedies set forth in Section 4.2.2) acquired Beneficial Ownership or Constructive Ownership of Shares in violation of Section 4.2.1, such remedies (as applicable) shall apply first to the Shares which, but for such remedies, would have been Beneficially Owned or Constructively Owned (but not actually owned) by such Person, pro rata among the Persons who actually own such Shares based upon the relative number of the Shares held by each such Person.

Section 4.2.7 <u>Exceptions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 4.2.1(a)(ii), the Board of Trustees may exempt (prospectively or retroactively) a Person from the Aggregate Share Ownership Limit and the Common Share Ownership Limit, as the case may be, and may establish or increase an Excepted Holder Limit for such Person if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Board of Trustees obtains such representations and undertakings from such Person as are reasonably necessary for the Board to ascertain that no individual's Beneficial Ownership or Constructive Ownership of such Shares will violate Section 4.2.1(a)(i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such Person does not and represents that it will not own, actually or Constructively, an interest in a tenant of the Trust (or a tenant of any entity owned or controlled by the Trust) that would cause the Trust to own, actually or Constructively, more than a 9.9% interest (as set forth in Section 856(d)(2)(B) of the Code) in such tenant and the Board of Trustees obtains such representations and undertakings from such Person as are reasonably necessary to ascertain this fact (for this purpose, a tenant from whom the Trust (or an entity owned or controlled by the Trust) derives (and is expected to continue to derive) a sufficiently small amount of revenue such that, in the judgment of the Board of Trustees, rent from such tenant would not adversely affect the Trust's ability to qualify as a REIT, shall not be treated as a tenant of the Trust); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such Person agrees that any violation or attempted violation of such representations or undertakings (or other action which is contrary to the restrictions contained in Sections 4.2.1 through 4.2.6) will result in such Shares being automatically Transferred to a Charitable Trust in accordance with Sections 4.2.1(b) and 4.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to granting any exception pursuant to <u>Section 4.2.7(a)</u>, the Board of Trustees may require a ruling from the Internal Revenue Service, or an opinion of counsel, in either case in form and substance satisfactory to the Board of Trustees in its sole discretion, as it may deem necessary or advisable in order to determine or ensure the Trust's status as a REIT. Notwithstanding the receipt of any ruling or opinion, the Board of Trustees may impose such conditions or restrictions as it deems appropriate in connection with granting such exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 4.2.1(a)(ii), an underwriter which participates in a public offering or private placement of Shares (or securities convertible into or exchangeable for Shares) may Beneficially Own or Constructively Own Shares (or securities convertible into or exchangeable for Shares) in excess of the Aggregate Share Ownership Limit, the Common Share Ownership Limit or both such limits, but only to the extent necessary to facilitate such public offering or private placement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Trustees may only reduce the Excepted Holder Limit for an Excepted Holder: (i) with the written consent of such Excepted Holder at any time, (ii) unless the terms and conditions of the agreements and undertakings entered into with such Excepted Holder in connection with the establishment of the Excepted Holder Limit for that Excepted Holder provide otherwise, at any time after the Excepted Holder no longer Beneficially Owns or Constructively Owns Shares in excess of the Aggregate Share Ownership Limit or the Common Share Ownership Limit or (iii) pursuant to the terms and conditions of the agreements and undertakings entered into with such Excepted Holder in connection with the establishment of the Excepted Holder Limit for that Excepted Holder. No Excepted Holder Limit shall be reduced to a percentage that is less than the Common Share Ownership Limit.

Notwithstanding any other provision in the Declaration of Trust, the restrictions set forth in this Section 4.2 shall not apply to Shares Beneficially Owned or Constructively Owned by FBRED-C Feeder Subsidiary Fund, L.P., Franklin BSP Real Estate Debt Cayman Access Fund (FBRED-C), L.P. or any of its Affiliates.

Section 4.2.8 <u>Increase or Decrease in Aggregate Share Ownership and Common Share Ownership Limits</u>. Subject to Section 4.2.1(a)(ii), the Board of Trustees may from time to time increase or decrease the Common Share Ownership Limit and the Aggregate Share Ownership Limit for one or more Persons and increase or decrease the Common Share Ownership Limit and the Aggregate Share Ownership Limit for all other Persons. No decreased Common Share Ownership Limit and/or Aggregate Share Ownership Limit will be effective for any Person whose percentage of ownership in Shares is in excess of such decreased Common Share Ownership Limit and/or Aggregate Share Ownership Limit, as applicable, until such time as such Person's percentage of ownership in Shares equals or falls below the decreased Common Share Ownership Limit and/or Aggregate Share Ownership Limit, but any further acquisition of Shares in excess of such percentage ownership of Shares will be in violation of the Common Share Ownership Limit and/or Aggregate Share Ownership Limit and, provided further, that the new Common Share Ownership Limit and/or Aggregate Share Ownership Limit would not allow five or fewer Persons to Beneficially Own more than 49.9% in value of the outstanding Shares.

Section 4.2.9 <u>Legend</u>. If Shares are certificated, then each certificate for Shares issued shall bear a legend setting forth a summary of the restrictions set forth in this Article or refer to the restrictions in this Declaration of Trust.

Section 4.3 <u>Transfer of Shares in Trust</u>.

Section 4.3.1 <u>Ownership in Trust</u>. Upon any purported Transfer or other event described in Section 4.2.1(b) that would result in a Transfer of Shares to a Charitable Trust, such Shares shall be deemed to have been Transferred to the Charitable Trustee as trustee of a Charitable Trust for the exclusive benefit of one or more Charitable Beneficiaries. Such Transfer to the Charitable Trustee shall be deemed to be effective as of the close of business on the Business Day prior to the purported Transfer or other event that results in the Transfer to the Charitable Trust pursuant to Section 4.2.1(b). The Charitable Trustee shall be appointed by the Trust and shall be a Person unaffiliated with the Trust and any Prohibited Owner. Each Charitable Beneficiary shall be designated by the Trust as provided in Section 4.3.6.

Section 4.3.2 <u>Status of Shares Held by the Charitable Trustee</u>. Shares held by the Charitable Trustee shall continue to be issued and outstanding Shares. The Prohibited Owner shall have no rights in the Shares held by the Charitable Trustee. The Prohibited Owner shall not benefit economically from ownership of any Shares held in trust by the Charitable Trustee, shall have no rights to dividends or other distributions and shall not possess any rights to vote or other rights attributable to the Shares held in the Charitable Trust.

Section 4.3.3 <u>Dividend and Voting Rights</u>. The Charitable Trustee shall have all voting rights and rights to dividends or other distributions with respect to Shares held in the Charitable Trust, which rights shall be exercised for the exclusive benefit of the Charitable Beneficiary. Any dividend or other distribution paid prior to the discovery by the Trust that Shares have been Transferred to the Charitable Trustee shall be paid by the recipient of such dividend or other distribution to the Charitable Trustee upon demand and any dividend or other distribution authorized but unpaid shall be paid when due to the Charitable Trustee. Any dividends or other distributions so paid over to the Charitable Trustee shall be held in trust for the Charitable Beneficiary. The Prohibited Owner shall have no voting rights with respect to Shares held in the Charitable Trust and, subject to Maryland law, effective as of the date that Shares have been Transferred to the Charitable Trustee, the Charitable Trustee shall have the authority (at the Charitable Trustee's sole discretion) (a) to rescind as void any vote cast by a Prohibited Owner prior to the discovery by the Trust that Shares have been Transferred to the Charitable Trustee and (b) to recast such vote in accordance with the desires of the Charitable Trustee acting for the benefit of the Charitable Beneficiary; provided, however, that if the Trust has already taken irreversible action, then the Charitable Trustee shall not have the authority to rescind and recast such vote. Notwithstanding the provisions of this Article IV, until the Trust has received notification that Shares have been Transferred into a Charitable Trust, the Trust shall be entitled to rely on its share transfer and other Shareholder records for purposes of preparing lists of Shareholders entitled to vote at meetings, determining the validity and authority of proxies and otherwise conducting votes and determining the other rights of Shareholders.

Section 4.3.4 <u>Sale of Shares by Charitable Trustee</u>. Within 20 days of receiving notice from the Trust that Shares have been Transferred to the Charitable Trust, the Charitable Trustee shall sell the Shares held in the Charitable Trust to a Person, designated by the Charitable Trustee, whose ownership of the Shares will not violate the ownership limitations set forth in Section 4.2.1(a). Upon such sale, the interest of the Charitable Beneficiary in the Shares sold shall terminate and the Charitable Trustee shall distribute the net proceeds of the sale to the Prohibited Owner and to the Charitable Beneficiary as provided in this Section 4.3.4. The Prohibited Owner shall receive the lesser of (a) the price paid by the Prohibited Owner for the Shares or, if the Prohibited Owner did not give value for the Shares in connection with the event causing the Shares to be held in the Charitable Trust (e.g., in the case of a gift, devise or other such transaction), the Market Price of the Shares on the day of the event causing the Shares to be held in the Charitable Trust and (b) the price per share received by the Charitable Trustee (net of any commissions and other expenses of sale) from the sale or other disposition of the Shares held in the Charitable Trust. The Charitable Trustee may reduce the amount payable to the Prohibited Owner by the amount of dividends and other distributions which have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Charitable Trustee pursuant to Section 4.3.3 of this Article IV. Any net sales proceeds in excess of the amount payable to the Prohibited Owner shall be immediately paid to the Charitable Beneficiary. If, prior to the discovery by the Trust that Shares have been Transferred to the Charitable Trustee, such Shares are sold by a Prohibited Owner, then (i) such Shares shall be deemed to have been sold on behalf of the Charitable Trust and (ii) to the extent that the Prohibited Owner received an amount for such Shares that exceeds the amount that such Prohibited Owner was entitled to receive pursuant to this Section 4.3.4, such excess shall be paid to the Charitable Trustee upon demand.

Section 4.3.5 <u>Purchase Right in Shares Transferred to the Charitable Trustee</u>. Shares Transferred to the Charitable Trustee shall be deemed to have been offered for sale to the Trust, or its designee, at a price per Share equal to the lesser of (a) the price per Share in the transaction that resulted in such Transfer to the Charitable Trust (or, in the case of a devise or gift, the Market Price at the time of such devise or gift) and (b) the Market Price on the date the Trust, or its designee, accepts such offer. The Trust shall have the right to accept such offer until the Charitable Trustee has sold the Shares held in the Charitable Trust pursuant to Section 4.3.4. Upon such a sale to the Trust, the interest of the Charitable Beneficiary in the Shares sold shall terminate and the Charitable Trustee shall distribute the net proceeds of the sale to the Prohibited Owner. The Trust may reduce the amount payable to the Prohibited Owner by the amount of dividends and other distributions which have been paid to the Prohibited Owner and are owed by the Prohibited Owner to the Charitable Trustee pursuant to Section 4.3.3. The Trust may pay the amount of such reduction to the Charitable Trustee for the benefit of the Charitable Beneficiary.

Section 4.3.6 <u>Designation of Charitable Beneficiaries</u>. By written notice to the Charitable Trustee, the Trust shall designate one or more nonprofit organizations to be the Charitable Beneficiary of the interest in the Charitable Trust such that (a) Shares held in the Charitable Trust would not violate the restrictions set forth in Section 4.2.1(a) in the hands of such Charitable Beneficiary and (b) each such organization must be described in Section 501(c)(3) of the Code and contributions to each such organization must be eligible for deduction under each of Sections 170(b)(1)(A), 2055 and 2522 of the Code. Neither the failure of the Trust to make such designation nor the failure of the Trust to appoint the Charitable Trustee before the automatic transfer provided in Section 4.2.1(b) shall make such transfer ineffective, provided that the Trust thereafter makes such designation and appointment.

Section 4.4 <u>Enforcement</u>. The Trust is authorized specifically to seek equitable relief, including injunctive relief, to enforce the provisions of this Article IV.

Section 4.5 <u>Transferability of Shares</u>. Prior to the Restriction Termination Date, no determination shall be made and no transaction shall be entered into by the Board of Trustees or otherwise by the Trust that would cause any Shares or other beneficial interest in the Trust not to be "transferable" for purposes of Section 856(a)(2).

Section 4.6 <u>Non-Waiver</u>. No delay or failure on the part of the Trust or the Board of Trustees in exercising any right hereunder shall operate as a waiver of any right of the Trust or the Board of Trustees, as the case may be, except to the extent specifically waived in writing.

**ARTICLE V**

**SHAREHOLDERS**

Section 5.1 <u>Meetings</u>. There shall be no requirement to hold an annual meeting each year or to elect Trustees annually. The failure to hold an annual meeting does not invalidate the Trust's existence or affect any otherwise valid acts of the Trust. Except as otherwise provided in this Declaration of Trust, special meetings of the Shareholders may be called in the manner provided in the Bylaws.

Section 5.2 <u>Voting Rights</u>. Subject to the provisions of any class or series of Shares then outstanding, the Shareholders shall be entitled to vote only on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the removal and selection of a successor Trustees as provided in Section 2.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the appointment of a successor Trustee if there is no remaining Trustee, as provided in Section 2.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) amendment of this Declaration of Trust as provided in Article VII;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) termination of the Trust as provided in Section 9.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) merger or consolidation of the Trust, or the sale or disposition of substantially all of the property of the Trust, as provided in Article VIII;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) those actions set forth in the Bylaws and this Declaration of Trust which expressly require approval by a vote of the Shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) such other matters with respect to which the Board of Trustees has adopted a resolution declaring that a proposed action is advisable and directing that the matter be submitted to the Shareholders for approval or ratification.

The Trust will not take action with respect to any of the foregoing matters without the approval of the Shareholders. Except with respect to the foregoing matters and as provided in the Bylaws, no action taken by the Shareholders at any meeting shall in any way bind the Board of Trustees.

Section 5.3 <u>Preemptive and Dissenter Rights</u>. Except as may be provided by the Board of Trustees in setting the terms of classified or reclassified Shares pursuant to Section 3.4, or as may otherwise be provided by contract, no Shareholder shall, as such holder, have any preemptive right to purchase or subscribe for any additional Shares or any other security of the Trust which it may issue or sell, or to exercise any rights of a dissenting or objecting shareholder such as may be available to a stockholder of a Maryland corporation.

Section 5.4 <u>Majority Vote</u>. Except as specifically provided in the Bylaws, notwithstanding any provision of law permitting or requiring any action to be taken or authorized by the affirmative vote of the holders of a greater number of votes, any action required or permitted to be taken by the Shareholders shall be effective and valid if taken or approved by the affirmative vote of Shareholders entitled to cast a majority of all the votes entitled to be cast on the matter.

Section 5.5 <u>Board Approval</u>. The submission of any action to the Shareholders (other than the removal of a Trustee pursuant to Section 2.3) for their consideration shall first be approved by the Board of Trustees.

Section 5.6 <u>Action By Shareholders without a Meeting</u>. Any action by Shareholders required or permitted to be taken at a meeting of Shareholders may be taken without a meeting, if Shareholders holding a majority of all the votes entitled to be cast on the matter (or such larger proportion of votes as shall be required to take such action) consent to the action in writing and the written consents are filed with the records of the meetings of Shareholders.

**ARTICLE VI**

**LIABILITY LIMITATION AND TRANSACTIONS WITH THE TRUST**

Section 6.1 <u>Limitation of Shareholder Liability</u>. No Shareholder shall be liable for any debt, claim, demand, judgment or obligation of any kind of, against or with respect to the Trust by reason of his, her or it being a Shareholder, nor shall any Shareholder be subject to any personal liability whatsoever, in tort, contract or otherwise, to any person in connection with the property or the affairs of the Trust by reason of his, her or it being a Shareholder.

Section 6.2 <u>Limitation of Trustee and Officer Liability</u>. To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of trustees and officers of a statutory trust (and without regard to any limitations imposed under the Maryland General Corporation Law (Titles 2 and 3 of the Corporations and Associations Article of the Annotated Code of Maryland) or the Maryland REIT Law (Title 8 of the Corporations and Associations Article of the Annotated Code of Maryland), no Trustee or officer of the Trust shall be liable to the Trust or to any Shareholder for money damages. Neither the amendment nor repeal of this Section, nor the adoption or amendment of any other provision of this Declaration of Trust inconsistent with this Section, shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act that occurred prior to such amendment, repeal or adoption.

Section 6.3 <u>Indemnification</u>. The Trust shall, to the maximum extent permitted by Maryland law with respect to directors of Maryland corporations and to such further extent as shall not be inconsistent with Maryland law, indemnify, and pay or reimburse reasonable expenses in advance of final disposition of a proceeding to, each Shareholder, Trustee or officer, including any person who, while a Trustee or officer of the Trust, is or was serving at the request of the Trust as a director, officer, partner, member, manager, trustee, employee or agent of another foreign or domestic corporation, partnership, limited liability company, joint venture, trust, real estate investment trust, other enterprise or employee benefit plan, from all claims and liabilities to which such person may become subject by reason of his being or having been a Shareholder, Trustee, officer, employee or agent. The Trust shall have the power, with the approval of its Board of Trustees, to provide such indemnification and advancement of expenses to a person who served as predecessor of the Trust in any of the capacities described above or to any employee or agent of the Trust or a predecessor of the Trust.

Section 6.4. <u>Transactions Between the Trust and its Trustees, Officers, Employees and Agents</u>. Subject to any express restrictions in this Declaration of Trust or in the Bylaws or by resolution of the Board of Trustees, the Trust may enter into any contract or transaction of any kind with any person, including any Trustee, officer, employee or agent of the Trust or any person affiliated with a Trustee, officer, employee or agent of the Trust, whether or not any of them has a financial interest in such transaction.

Section 6.5. <u>Express Exculpatory Clauses in Instruments</u>. The Board may cause to be inserted in every written agreement, undertaking or obligation made or issued on behalf of the Trust, an appropriate provision to the effect that neither the Shareholders nor the Trustees, officers, employees or agents of the Trust shall be liable under any written instrument creating an obligation of the Trust, and all Persons shall look solely to the property of the Trust for the payment of any claim under or for the performance of that instrument. The omission of the foregoing exculpatory language from any instrument shall not affect the validity or enforceability of such instrument and shall not render any Shareholder, Trustee, officer, employee or agent liable thereunder to any third party nor shall the Trustees or any officer, employee or agent of the Trust be liable to anyone for such omission.

**ARTICLE VII**

**AMENDMENTS**

Section 7.1 <u>General</u>. The Trust reserves the right from time to time to make any amendment to the Certificate or this Declaration of Trust, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in this Declaration of Trust, of any Shares. All rights and powers conferred by this Declaration of Trust on Shareholders, Trustees and officers are granted subject to this reservation.

Section 7.2 <u>By Trustees</u>. Except as expressly provided in the Certificate, Section 7.3 or in the terms of any class or series of Shares, this Declaration of Trust may be amended by the Board, without any action by the Shareholders. Except as may otherwise be expressly provided in the Certificate, the Certificate may be amended only by the Board, without any action or approval by the Shareholders, including, but not limited to, amendments for clarity, that cure any ambiguity, or cure, correct or supplement any defective provision contained herein, or add or change any other provisions with respect to matters or questions arising under this Declaration of Trust as the Board may deem necessary or desirable.

Section 7.3 <u>By Shareholders</u>. Amendments to this Declaration of Trust that the Board determines would, viewed as a whole, materially and adversely affect the contract rights of outstanding Shares, but excluding amendments of the type specified in (a) Section 3.1 of this Declaration of Trust or (b) Section 2-605 of the Maryland General Corporation law ("**MGCL**") (both of which shall not require approval of any Shareholder), must be approved by the Board and Shareholders entitled to cast a majority of the votes entitled to be cast on the matter.

**ARTICLE VIII**

**MERGER, CONSOLIDATION OR SALE OF TRUST PROPERTY**

Subject to the provisions of any class or series of Shares at the time outstanding, the Trust may (a) merge the Trust with or into another entity or merge another entity into the Trust, (b) consolidate the Trust with one or more other entities into a new entity or (c) sell, lease, exchange or otherwise transfer all or substantially all of the property of the Trust. Subject to the terms of any series or class of Shares at the time outstanding, any such action must be approved by the Board and, unless such action could be taken by a Maryland corporation without the approval of its Shareholders pursuant to Subtitle 1 of Title 3 of the MGCL, Shareholders entitled to cast a majority of all of the votes entitled to be cast on the matter.

**ARTICLE IX**

**DURATION AND TERMINATION OF TRUST**

Section 9.1 <u>Duration</u>. The Trust shall continue unless terminated pursuant to Section 9.2 or pursuant to any applicable provision of Title 12.

Section 9.2 <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the provisions of any class or series of Shares at the time outstanding and to the approval of the Shareholders, after approval by the Board of Trustees, the Trust may be terminated at any meeting of Shareholders, with the approval of Shareholders entitled to cast a majority of all votes entitled to be cast on the matter. Upon the termination of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall carry on no business except for the purpose of winding up its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration of Trust shall continue, including the powers to fulfill or discharge the Trust's contracts, collect its assets, sell, convey, assign, exchange, transfer or otherwise dispose of all or any part of the remaining property of the Trust to one or more persons at public or private sale for consideration which may consist in whole or in part of cash, securities or other property of any kind, discharge or pay its liabilities and do all other acts appropriate to liquidate its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and agreements as they deem necessary for their protection, the Trust promptly shall distribute the remaining property of the Trust among the Shareholders so that after payment in full or the setting apart for payment of such preferential amounts, if any, to which the holders of any Shares at the time outstanding shall be entitled, the remaining property of the Trust shall, subject to any participating or similar rights of Shares at the time outstanding and the terms of each class or series of Common Shares, be distributed among the holders of Common Shares at the time outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After termination of the Trust, the liquidation of its business and the distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and file with the Trust's records a document certifying that the Trust has been duly terminated, and the Trustees shall be discharged from all liabilities and duties hereunder, and the rights and interests of all Shareholders shall cease.

**ARTICLE X**

**MISCELLANEOUS**

Section 10.1 <u>Certificate of Trust</u>. In the event of any conflict between the provisions of the Certificate and this Declaration of Trust, the provisions of the Certificate shall control.

Section 10.2 <u>Inspection</u>. Any Shareholder shall be entitled to examine the Trust's books and records to the extent permitted by Section 12-305(a) of the Act, but only if, and to the extent, approved by the Board.

Section 10.3 <u>Governing Law</u>. This Declaration of Trust is executed by the undersigned Trustees and delivered in the State of Maryland with reference to the laws thereof, and the rights of all parties and the validity, construction and effect of every provision hereof shall be subject to and construed according to the laws of the State of Maryland without regard to conflicts of law provisions thereof.

Section 10.4 <u>Venue</u>. Any action or proceeding arising out of or relating to this Declaration of Trust shall be heard and determined in any state or federal court sitting in Maryland and no action or proceeding arising out of or relating to this Agreement shall be brought in any other court.

Section 10.5 <u>Reliance by Third Parties</u>. Any certificate shall be final and conclusive as to any person dealing with the Trust if executed by the Secretary or an Assistant Secretary of the Trust, or any executive officer of the Trust, or a Trustee, and if certifying to: (a) the number or identity of Trustees, officers of the Trust or Shareholders; (b) the due authorization of the execution of any document; (c) the action or vote taken, and the existence of a quorum, at a meeting of the Board of Trustees or Shareholders; (d) a copy of this Declaration of Trust or of the Bylaws as a true and complete copy as then in force; (e) an amendment to this Declaration of Trust; (f) the termination of the Trust; or (g) the existence of any fact relating to the affairs of the Trust. No purchaser, lender, transfer agent or other person shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trust on its behalf or by any officer, employee or agent of the Trust.

Section 10.6 <u>Severability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration of Trust are severable, and if the Board of Trustees determines, with the advice of counsel, that any one or more of such provisions (the "**Conflicting Provisions**") are in conflict with the Code, Title 12 or other applicable federal or state laws, the Conflicting Provisions, to the extent of the conflict, shall be deemed never to have constituted a part of this Declaration of Trust, even without any amendment of this Declaration of Trust pursuant to Article X and without affecting or impairing any of the remaining provisions of this Declaration of Trust or rendering invalid or improper any action taken or omitted prior to such determination. No Trustee shall be liable for making or failing to make such a determination. In the event of any such determination by the Board of Trustees, the Board shall amend this Declaration of Trust in the manner provided in Article VII.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration of Trust is held invalid or unenforceable in any jurisdiction, such holding shall apply only to the extent of any such invalidity or unenforceability and shall not in any manner affect, impair or render invalid or unenforceable such provision in any other jurisdiction or any other provision of this Declaration of Trust in any jurisdiction.

Section 10.7 <u>Construction</u>. In this Declaration of Trust, unless the context otherwise requires, words used in the singular or in the plural include both the plural and singular and words denoting any gender include all genders. The title and headings of different parts are inserted for convenience and shall not affect the meaning, construction or effect of this Declaration of Trust.

***[SIGNATURES APPEAR ON THE FOLLOWING PAGE]***

IN WITNESS WHEREOF, this Amended and Restated Declaration of Trust has been executed as of the [·] day of [·], 2025 by the undersigned Trustee, who acknowledge that this document is their act, that to the best of their knowledge, information and belief, the matters and facts set forth herein are true in all material respects and that this statement is made under the penalties for perjury.

 <br> Name: Richard J. Byrne

*[Signature Page to Declaration of Trust of FBRED-C Feeder REIT, Inc.]*

**Exhibit A**

**<u>Other Terms and Conditions of Class I Common Shares</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 <u>Designation</u>**. The Trust is authorized to issue a separate class of Common Shares designated as Class I Common Shares (each a "<u>Class I Common Shares</u>" and collectively the "<u>Class I Common Shares</u>"). Any Class I Common Shares that shall at any time have been repurchased or otherwise acquired by the Trust shall, after such repurchase or acquisition, have the status of authorized but unissued Common Shares, without designation as to series until such shares are once more designated as part of a particular series by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 <u>Rank</u>**. The Class I Common Shares shall, with respect to distribution and redemption rights and rights upon liquidation, dissolution or winding up of the Trust, rank (a) *pari passu* with all other classes or series of Common Shares; and (b) junior to all other Shares issued by the Trust the terms of which provide that such Shares rank senior to Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3. <u>Conversion</u>.** The Class I Common Shares are not convertible into or exchangeable for any other property or securities of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 <u>Voting</u>**. In addition to the voting rights set forth in the Declaration of Trust, any amendment to this Exhibit A in a manner that adversely affects the Shareholders holding Class I Common Shares shall require the approval of Shareholders representing a majority of the outstanding Class I Common Shares. Notwithstanding Sections 3.2.1 and Section 5.2 of the Declaration of Trust, the holders of Class I Common Shares shall not have the right to vote on the removal or election of a Trustee.

**Exhibit B**

**<u>Other Terms and Conditions of Class H Common Shares</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 <u>Designation</u>**. The Trust is authorized to issue a separate class of Common Shares designated as Class H Common Shares (each a "<u>Class H Common Share</u>" and collectively the "<u>Class H Common Shares</u>"). Any Class H Common Shares that shall at any time have been repurchased or otherwise acquired by the Trust, or converted into Class I Common Shares, shall, after such repurchase, acquisition or conversion have the status of authorized but unissued Common Shares, without designation as to series until such shares are once more designated as part of a particular series by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 <u>Rank</u>**. Except as set forth in Section 1.3 of this Exhibit B, the Class H Common Shares shall, with respect to distribution and redemption rights and rights upon liquidation, dissolution or winding up of the Trust, rank (a) *pari passu* with all other classes or series of Common Shares; and (b) junior to all other Shares and equity securities issued by the Trust the terms of which provide that such Shares or equity interests rank senior to Common Shares. The terms "shares" and "equity securities" shall not include convertible debt securities unless and until such securities are converted into equity securities of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 <u>Rights Upon Liquidation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.1** If the shares of FBRED designated
 as Class H Common Stock (" <u>FBRED Class H Shares</u> ") held by the
 Trust are converted into shares of FBRED designated as Class I Common Stock (" <u>FBRED Class I Shares</u> ") pursuant to Section 1.4 of the Articles Supplementary
 designating the FBRED Class H Shares, then the Class H Common Shares will automatically
 convert into a number of Class I Common Shares equal to the number of Class H Common
 Shares held by such holder multiplied by the conversion rate applicable to the conversion
 of an FBRED Class H Share into FBRED Class I Shares (" <u>Class H Conversion Rate</u> "). At such time, each unissued Class H Common Share shall automatically
 be reclassified into Class I Common Shares at the Class H Conversion Rate. Following
 such conversion, the aggregate assets of the Trust available for distribution to holders
 of the Common Shares, or the proceeds therefrom, shall be distributed to each holder of Class I
 Common Shares, ratably with each other holder of Class I Common Shares (which will include
 all converted Class H Common Shares), in such proportion as the number of outstanding
 Class I Common Shares held by such holder bears to the total number of outstanding Class I
 Common Shares then outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.2** Immediately before any liquidation,
 dissolution or winding up, or any distribution of the assets of the Trust pursuant to a plan
 of liquidation, dissolution or winding up, Class H Common Shares will automatically
 convert into a number of Class I Common Shares equal to the number of Class H Common
 Shares held by such holder multiplied by the Class H Conversion Rate. At such time,
 each unissued Class H Common Share shall automatically be reclassified into Class I
 Common Shares at the Class H Conversion Rate. Following such conversion, the aggregate
 assets of the Trust available for distribution to holders of the Common Shares, or the proceeds
 therefrom, shall be distributed to each holder of Class I Common Shares, ratably with
 each other holder of Class I Common Shares (which will include all converted Class H
 Common Shares), in such proportion as the number of outstanding Class I Common Shares
 held by such holder bears to the total number of outstanding Class I Common Shares then
 outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 <u>Conversion</u>.** If the FBRED Class H Shares held by the Trust are converted into FBRED Class I Shares pursuant to Section 1.5 of the Articles Supplementary designating the FBRED Class H Shares, then the Class H Common Shares shall automatically and without any action on the part of the holder thereof convert into a number of Class I Common Shares equal to the number of Class H Common Shares held by such holder multiplied by the Class H Conversion Rate. At such time, each unissued Class H Common Share shall have the status of authorized but unissued Common Shares, without designation as to series until such shares are once more designated as part of a particular series by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5 <u>Voting</u>**. In addition to the voting rights set forth in the Declaration of Trust, any amendment to this Exhibit B in a manner that adversely affects the Shareholders holding Class H Common Shares shall require the approval of Shareholders representing a majority of the outstanding Class H Common Shares. Notwithstanding Sections 3.2.1 and Section 5.2 of the Declaration of Trust, the holders of Class H Common Shares shall not have the right to vote on the removal or election of a Trustee, except as set forth in Section 5.2(b) of the Declaration of Trust.

**Exhibit C**

**<u>Other Terms and Conditions of Class H-D Common Shares</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 <u>Designation</u>**. The Trust is authorized to issue a separate class of Common Shares designated as Class H-D Common Shares (each a "<u>Class H-D Common Share</u>" and collectively the "<u>Class H-D Common Shares</u>"). Any Class H-D Common Shares that shall at any time have been repurchased or otherwise acquired by the Trust, or converted into Class I Common Shares, shall, after such repurchase, acquisition or conversion have the status of authorized but unissued Common Shares, without designation as to series until such shares are once more designated as part of a particular series by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 <u>Rank</u>**. Except as set forth in Section 1.3 of this Exhibit C, the Class H-D Common Shares shall, with respect to distribution and redemption rights and rights upon liquidation, dissolution or winding up of the Trust, rank (a) *pari passu* with all other classes or series of Common Shares; and (b) junior to all other Shares and equity securities issued by the Trust the terms of which provide that such Shares or equity interests rank senior to Common Shares. The terms "shares" and "equity securities" shall not include convertible debt securities unless and until such securities are converted into equity securities of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 <u>Rights Upon Liquidation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.1** If the shares of FBRED designated
 as Class H-D Common Stock (" <u>FBRED Class H-D Shares</u> ") held by
 the Trust are converted into shares of FBRED designated as Class I Common Stock (" <u>FBRED Class I Shares</u> ") pursuant to Section 1.4 of the Articles Supplementary
 designating the FBRED Class H-D Shares, then the Class H-D Common Shares will automatically
 convert into a number of Class I Common Shares equal to the number of Class H-D
 Common Shares held by such holder multiplied by the conversion rate applicable to the conversion
 of an FBRED Class H-D Share into FBRED Class I Shares (" <u>Class H-D Conversion Rate</u> "). At such time, each unissued Class H-D Common Share shall
 automatically be reclassified into Class I Common Shares at the Class H-D Conversion
 Rate. Following such conversion, the aggregate assets of the Trust available for distribution
 to holders of the Common Shares, or the proceeds therefrom, shall be distributed to each
 holder of Class I Common Shares, ratably with each other holder of Class I Common
 Shares (which will include all converted Class H-D Common Shares), in such proportion
 as the number of outstanding Class I Common Shares held by such holder bears to the
 total number of outstanding Class I Common Shares then outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.2** Immediately before any liquidation,
 dissolution or winding up, or any distribution of the assets of the Trust pursuant to a plan
 of liquidation, dissolution or winding up, Class H-D Common Shares will automatically
 convert into a number of Class I Common Shares equal to the number of Class H-D
 Common Shares held by such holder multiplied by the Class H-D Conversion Rate. At such
 time, each unissued Class H-D Common Share shall automatically be reclassified into
 Class I Common Shares at the Class H-D Conversion Rate. Following such conversion,
 the aggregate assets of the Trust available for distribution to holders of the Common Shares,
 or the proceeds therefrom, shall be distributed to each holder of Class I Common Shares,
 ratably with each other holder of Class I Common Shares (which will include all converted
 Class H-D Common Shares), in such proportion as the number of outstanding Class I
 Common Shares held by such holder bears to the total number of outstanding Class I Common
 Shares then outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 <u>Conversion</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 If the FBRED Class H-D Shares held by the Trust are converted into FBRED Class I Shares pursuant to Section 1.5.1 of the Articles Supplementary designating the FBRED Class H-D Shares, then the Class H-D Common Shares shall automatically and without any action on the part of the holder thereof convert into a number of Class I Common Shares equal to the number of Class H-D Common Shares held by such holder multiplied by the Class H Conversion Rate. At such time, each unissued Class H-D Common Share shall have the status of authorized but unissued Common Shares, without designation as to series until such shares are once more designated as part of a particular series by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.2 If an FBRED Class H-D Share held by the Trust is converted into shares of FBRED designated as Class H Common Stock ("<u>FBRED Class H Shares</u>") pursuant to Section 1.5.2 of the Articles Supplementary designating the FBRED Class H-D Shares, then the corresponding Class H-D Common Share shall automatically and without any action on the part of the holder thereof convert into a number of Class H Common Shares equal to such number of Class H-D Common Shares held by such holder multiplied by the conversion rate applicable to the conversion of an FBRED Class H-D Share into FBRED Class H Shares. Upon conversion of a Class H-D Common Share into Class H Common Shares, such Class H-D Common Share shall automatically be reclassified into a number of Class H Common Shares with an equivalent net asset value as the net asset value allocable to such Class H-D Shares as of the date of conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5 <u>Voting</u>**. In addition to the voting rights set forth in the Declaration of Trust, any amendment to this Exhibit C in a manner that adversely affects the Shareholders holding Class H-D Common Shares shall require the approval of Shareholders representing a majority of the outstanding Class H-D Common Shares. Notwithstanding Sections 3.2.1 and Section 5.2 of the Declaration of Trust, the holders of Class H-D Common Shares shall not have the right to vote on the removal or election of a Trustee, except as set forth in Section 5.2(b) of the Declaration of Trust.

**Exhibit D**

**<u>Other Terms and Conditions of Class H-S Common Shares</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 <u>Designation</u>**. The Trust is authorized to issue a separate class of Common Shares designated as Class H-S Common Shares (each a "<u>Class H-S Common Share</u>" and collectively the "<u>Class H-S Common Shares</u>"). Any Class H-S Common Shares that shall at any time have been repurchased or otherwise acquired by the Trust, or converted into Class I Common Shares, shall, after such repurchase or, acquisition or conversion have the status of authorized but unissued Common Shares, without designation as to series until such shares are once more designated as part of a particular series by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 <u>Rank</u>**. Except as set forth in Section 1.3 of this Exhibit D, the Class H-S Common Shares shall, with respect to distribution and redemption rights and rights upon liquidation, dissolution or winding up of the Trust, rank (a) *pari passu* with all other classes or series of Common Shares; and (b) junior to all other Shares and equity securities issued by the Trust the terms of which provide that such Shares or equity interests rank senior to Common Shares. The terms "shares" and "equity securities" shall not include convertible debt securities unless and until such securities are converted into equity securities of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 <u>Rights Upon Liquidation</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.1** If the shares of FBRED designated
 as Class H-S Common Stock (" <u>FBRED Class H-S Shares</u> ") held by
 the Trust are converted into shares of FBRED designated as Class I Common Stock (" <u>FBRED Class I Shares</u> ") pursuant to Section 1.4 of the Articles Supplementary
 designating the FBRED Class H-S Shares, then the Class H-S Common Shares will automatically
 convert into a number of Class I Common Shares equal to the number of Class H-S
 Common Shares held by such holder multiplied by the conversion rate applicable to the conversion
 of an FBRED Class H-S Share into FBRED Class I Shares (" <u>Class H-S Conversion Rate</u> "). At such time, each unissued Class H-S Common Share shall
 automatically be reclassified into Class I Common Shares at the Class H-S Conversion
 Rate. Following such conversion, the aggregate assets of the Trust available for distribution
 to holders of the Common Shares, or the proceeds therefrom, shall be distributed to each
 holder of Class I Common Shares, ratably with each other holder of Class I Common
 Shares (which will include all converted Class H-S Common Shares), in such proportion
 as the number of outstanding Class I Common Shares held by such holder bears to the
 total number of outstanding Class I Common Shares then outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3.2** Immediately before any liquidation,
 dissolution or winding up, or any distribution of the assets of the Trust pursuant to a plan
 of liquidation, dissolution or winding up, Class H-S Common Shares will automatically
 convert into a number of Class I Common Shares equal to the number of Class H-S
 Common Shares held by such holder multiplied by the Class H Conversion Rate. At such
 time, each unissued Class H Common Share shall automatically be reclassified into Class I
 Common Shares at the Class H-S Conversion Rate. Following such conversion, the aggregate
 assets of the Trust available for distribution to holders of the Common Shares, or the proceeds
 therefrom, shall be distributed to each holder of Class I Common Shares, ratably with
 each other holder of Class I Common Shares (which will include all converted Class H-S
 Common Shares), in such proportion as the number of outstanding Class I Common Shares
 held by such holder bears to the total number of outstanding Class I Common Shares then
 outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 <u>Conversion</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1 If the FBRED Class H-S Shares held by the Trust are converted into FBRED Class I Shares pursuant to Section 1.5.1 of the Articles Supplementary designating the FBRED Class H-S Shares, then the Class H-S Common Shares shall automatically and without any action on the part of the holder thereof convert into a number of Class I Common Shares equal to the number of Class H-S Common Shares held by such holder multiplied by the Class H-S Conversion Rate. At such time, each unissued Class H-S Common Share shall have the status of authorized but unissued Common Shares, without designation as to series until such shares are once more designated as part of a particular series by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.2 If an FBRED Class H-S Share held by the Trust is converted into shares of FBRED designated as Class H Common Stock ("<u>FBRED Class H Shares</u>") pursuant to Section 1.5.2 of the Articles Supplementary designating the FBRED Class H-S Shares, then the corresponding Class H-S Common Share shall automatically and without any action on the part of the holder thereof convert into a number of Class H Common Shares equal to such number of Class H-S Common Shares held by such holder multiplied by the conversion rate applicable to the conversion of an FBRED Class H-S Share into FBRED Class H Shares. Upon conversion of a Class H-S Common Share into Class H Common Shares, such Class H-S Common Share shall automatically be reclassified into a number of Class H Common Shares with an equivalent net asset value as the net asset value allocable to such Class H-S Shares as of the date of conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5 <u>Voting</u>**. In addition to the voting rights set forth in the Declaration of Trust, any amendment to this Exhibit D in a manner that adversely affects the Shareholders holding Class H-S Common Shares shall require the approval of Shareholders representing a majority of the outstanding Class H-S Common Shares. Notwithstanding Sections 3.2.1 and Section 5.2 of the Declaration of Trust, the holders of Class H-S Common Shares shall not have the right to vote on the removal or election of a Trustee, except as set forth in Section 5.2(b) of the Declaration of Trust.

## Exhibit 3.4

**Exhibit 3.4**

**FBRED-C FEEDER REIT TRUST**

**AMENDED AND RESTATED BYLAWS**

**Article I<br> OFFICES**

Section 1.1 <u>Principal Office</u>. The principal office of FBRED-C Feeder REIT Trust (the "**Trust**") shall be located at such place or places as the board of trustees of the Trust (the "**Board**") may designate.

Section 1.2 <u>Additional Offices</u>. The Trust may have additional offices at such places both within and without the State of Maryland as the Board may from time to time determine or the business of the Trust may require.

**Article II<br> MEETINGS OF SHAREHOLDERS**

Section 2.1 <u>Place</u>. All meetings of shareholders of the Trust ("**Shareholders**") shall be held at the principal office of the Trust or at such other place within the United States as may be designated by the Board may determine and shall be stated in the notice of the meeting.

Section 2.2 <u>Annual Meeting</u>. There shall be no requirement to hold an annual meeting of the Shareholders in any year. The Board may cause the Trust to call an annual meeting of Shareholders for the transaction of any business within the powers of the Trust, which shall be held on the date and at the time and place set by the Board.

Section 2.3 <u>Special Meetings</u>. The President or any Trustee may call special meetings of the Shareholders. Special meetings of Shareholders shall also be called by the Secretary upon the written request of the Shareholders entitled to cast not less than twenty-five percent (25%) of all the votes entitled to be cast at such meeting. Such request shall state the purpose of such meeting and the matters proposed to be acted on at such meeting. The Secretary shall inform such Shareholders of the reasonably estimated cost of preparing and mailing notice of the meeting and, upon payment by such Shareholders to the Trust of such costs, the Secretary shall give notice to each Shareholder entitled to notice of the meeting. Unless requested by Shareholders entitled to cast a majority of all the votes entitled to be cast at such meeting, a special meeting need not be called to consider any matter which is substantially the same as a matter voted on at any meeting of the Shareholders held during the preceding twelve (12) months. The Board shall have the sole power to fix the record date for determining Shareholders entitled to request a special meeting of the Shareholders and the record date for determining the Shareholders entitled to notice of and to vote at the special meeting and to set the date, time and place of the special meeting.

Section 2.4 <u>Telephone Meetings</u>. Any Shareholder may participate in a meeting by means of a conference telephone or similar communications equipment if all persons participating in the meeting can hear each other at the same time. Participation in a meeting by these means shall constitute presence in person at the meeting.

Section 2.5 <u>Notice</u>. Not less than ten (10) nor more than ninety (90) days before each meeting of Shareholders, the Secretary shall give to each Shareholder entitled to vote at such meeting and to each Shareholder not entitled to vote who is entitled to notice of the meeting, written or printed notice stating the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by any statute, the purpose for which the meeting is called, either by mail or by presenting it to such Shareholder personally or by leaving it at his/her residence or usual place of business or via overnight courier or electronic mail. If mailed, such notice shall be deemed to be given three (3) days following the deposit thereof in the United States mail addressed to the Shareholder at his/her post office address as it appears on the records of the Trust, with postage thereon prepaid. Electronic mail notice shall be deemed given upon transmission of the message to the e-mail address given to the Trust by the Shareholder and "read" receipt notification has been received by the person sending the Notice, or the recipient has otherwise confirmed receipt of the notice. No notice of the time, place, or purpose of any meeting of Shareholders need be given to any Shareholder entitled to such notice who is present at the meeting in person or by proxy, or who, either before or after the meeting, executes a written waiver of notice which is filed by the Secretary with the records of meetings of Shareholders.

Section 2.6 <u>Scope of Notice</u>. Any business of the Trust may be transacted at an annual meeting of Shareholders without being specifically designated in the notice, except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special meeting of Shareholders except as specifically designated in the notice.

Section 2.7 <u>Organization</u>. At every meeting of the Shareholders, the Chairman of the Board, if there be one, shall conduct the meeting or, in the case of vacancy in office or absence of the Chairman of the Board, one of the Trustees present shall conduct the meeting.

Section 2.8 <u>Quorum of Shareholders</u>. At any meeting of Shareholders, except where a larger quorum is required by law, by the Declaration of Trust of the Trust (as may be amended from time to time, the "**Declaration of Trust**"), or by these Bylaws, the presence in person or by proxy of Shareholders entitled to cast a majority of all the votes entitled to be cast at such meeting shall constitute a quorum; for the avoidance of doubt, this section shall not affect any requirement under any law, the Declaration of Trust or these Bylaws, for the vote necessary for the adoption of any measure. If, however, such quorum shall not be present at any meeting of the Shareholders, the Shareholders entitled to vote at such meeting, present in person or by proxy, shall have the power to adjourn the meeting from time to time to a date not more than one hundred twenty (120) days after the original record date without notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified. The Shareholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding any absence or withdrawal of any Shareholder or Shareholders during the meeting that has or have the effect of reducing the number of Shareholders remaining in attendance at the meeting to less than a quorum.

Section 2.9 <u>Voting</u>. A majority of the votes entitled to be cast at a meeting of Shareholders duly called and at which a quorum is present shall be sufficient to approve any matter which may properly come before the meeting, unless more than a majority of the votes cast is required by law, by the Declaration of Trust, or by these Bylaws. Where a separate vote by class or classes is required, the affirmative vote of the holders of a majority of the outstanding shares of such class or classes shall be the act of such class or classes, except as otherwise provided by law or by the Declaration of Trust or these Bylaws. No ballot shall be required for any election unless requested by a Shareholder present or represented at the meeting and entitled to vote in the election.

Section 2.10 <u>Proxies</u>. A Shareholder may cast the votes entitled to be cast by the shares owned of record by him or her either in person or by proxy executed by the Shareholder or by his or her duly authorized agent in any manner allowed by law. Such proxy shall be filed with the Secretary before or at the time of the meeting. No proxy shall be valid after eleven (11) months from the date of its execution, unless otherwise provided in the proxy.

Section 2.11 <u>Voting of Shares by Certain Holders</u>. Shares of the Trust registered in the name of a corporation, partnership, limited liability company, trust or other entity, if entitled to be voted, may be voted by the President or a vice president, a general partner, managing member or trustee thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such shares pursuant to a bylaw or a resolution of the governing board of such corporation or other entity or agreement of the partners of the partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such shares. Any trustee or other fiduciary may vote shares registered in his or her name as such fiduciary, either in person or by proxy.

Shares of the Trust directly or indirectly owned by it shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.

The Board may adopt by resolution a procedure by which a Shareholder may certify in writing to the Trust that any shares registered in the name of the Shareholder are held for the account of a specified person other than the Shareholder. The resolution shall set forth the class of Shareholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date or closing of the share transfer books, the time after the record date or closing of the share transfer books within which the certification must be received by the Trust; and any other provisions with respect to the procedure which the Board considers necessary or desirable. On receipt of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the Shareholder of record of the specified shares in place of the Shareholder who makes the certification.

Section 2.12 <u>Inspectors</u>. At any meeting of Shareholders, the chairman of the meeting may appoint one (1) or more persons as inspectors for such meeting. Such inspectors shall ascertain and report the number of shares represented at the meeting based upon their determination of the validity and effect of proxies, count all votes, report the results and perform such other acts as are proper to conduct the election and voting with impartiality and fairness to all the Shareholders.

Each report of an inspector shall be in writing and signed by him or her or by a majority of them if there is more than one (1) inspector acting at such meeting. If there is more than one (1) inspector, the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be prima facie evidence thereof.

Section 2.13 <u>Proposals by Shareholders.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Meetings of Shareholders</u>. If the Board determines to hold an annual meeting of Shareholders, the proposal of business to be considered by the Shareholders may be made at such annual meeting of Shareholders only (i) pursuant to the Trust's notice of meeting, (ii) by or at the direction of the Board, or (iii) by any holder of Common Shares who was a Shareholder of record both at the time of giving of notice provided for in this Section 2.13(a) and at the time of the meeting, who is entitled to vote at the meeting on such business and who has complied with this Section 2.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Special Meetings of Shareholders</u>. Only such business shall be conducted at a special meeting of Shareholders as shall have been brought before the meeting pursuant to the Trust's notice of meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Only such business shall be conducted at a meeting of Shareholders as shall have been brought before the meeting in accordance with the procedures set forth in this Section 2.13. The chairman of the meeting shall have the power and duty to determine whether a nomination or any business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with the procedures set forth in this Section 2.13 and, if any proposed nomination or business is not in compliance with this Section 2.13, to declare that such nomination or proposal shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A Shareholder must also comply with applicable requirements of state law with respect to matters set forth in this Section 2.13.

Section 2.14 <u>Informal Action by Shareholders.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Action Taken Without a Meeting</u>. Any action required or permitted to be taken at any meeting of Shareholders (including the holding of any annual meeting) may be taken without a meeting, without prior notice and without a vote, if a written consent in lieu of such meeting, which consent sets forth the action so taken, is signed before or after such action by Shareholders holding a majority of all Shares entitled to vote on the matter (or such larger proportion of Shares as shall be required to take such action) and is filed with the records of the meetings of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Record Date</u>. In order that the Trust may determine the Shareholders entitled to consent to action in writing without a meeting, the Board may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board, and which date shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted by the Board. Any Shareholder of record seeking to have the Shareholders authorize or take action by written consent shall, by written notice to the Secretary of the Trust, request the Board to fix a record date. The Board shall promptly, but in all events within ten (10) days of the date on which such a request is received, adopt a resolution fixing the record date. If no record date has been fixed by the Board within ten (10) days of the date on which such a request is received and no prior action by the Board is required by applicable law, the record date for determining Shareholders entitled to consent to action in writing without a meeting shall be the first (1st) date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Trust by delivery to its registered office in the State of Maryland, its principal place of business, or an officer or agent of the Trust having custody of the book in which proceedings of Shareholders meetings are recorded, in each case to the attention of the Secretary of the Trust. Delivery shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the Board within ten (10) days of the date on which such a request is received and prior action by the Board is required by applicable law, the record date for determining Shareholders entitled to consent to action in writing without a meeting shall be at the close of business on the date on which the Board adopts the resolution taking such prior action.

Section 2.15 <u>Voting by Ballot</u>. Voting on any question or in any election may be viva voce unless the presiding officer shall order or any Shareholder shall demand that voting be by ballot.

**Article III<br> TRUSTEES**

Section 3.1 <u>General Powers; Qualifications; Term</u>. Subject to the limitations set forth in the Declaration of Trust, the business and affairs of the Trust shall be managed under the direction of its Board. Each Trustee shall serve until his, her or its resignation, removal, death, dissolution, termination of legal existence or adjudication of legal incompetence.

Section 3.2 <u>Number</u>. At any regular meeting or at any special meeting called for that purpose, a majority of the Board may establish, increase or decrease the number of Trustees. The initial number of Trustees shall be one (1), as set forth in the Declaration of Trust.

Section 3.3 <u>Annual and Regular Meetings</u>. An annual meeting of the Board shall be held at any place, either within or without the State of Maryland, and at such time that the Board may from time to time determine or specify in the notice of the meeting. The Board may provide, by resolution, the time and place, either within or without the State of Maryland, for the holding of regular meetings of the Board without other notice than such resolution.

Section 3.4 <u>Special Meetings</u>. Special meetings of the Board may be called by or at the request of the Chairman of the Board or the President or by any member of the Board then in office. The person or persons authorized to call special meetings of the Board may fix any place, either within or without the State of Maryland, as the place for holding any special meeting of the Board called by them.

Section 3.5 <u>Place of Meetings</u>. Board meetings may be held at any place in or out of the State of Maryland designated in the notice of the meeting or at such place as may be approved by the Board except as otherwise shall be approved by the Trustees (either in advance of or at such meeting); provided, however, in the case of meetings held by telephone conference or similar means pursuant to Section 3.9, participation in a meeting in such a manner constitutes presence in person at such meeting. In the absence of any such designation, meetings of the Board shall be held at the Trust's principal office.

Section 3.6 <u>Notice</u>. Notice of each meeting shall be given to each Trustee, including the time, place and purpose of such meeting. Notice of each such meeting shall be sent by personal delivery, overnight courier, telephone, facsimile or electronic mail to each Trustee, addressed to him or her at the last address provided by the Trustee for such purpose, at least one (1) day before the day on which such meeting is to be held, except as otherwise provided herein. Such notice need not be given to any Trustee who in fact attends such meeting. A waiver of notice, whether before or after the time of the meeting stated therein, shall be deemed equivalent to notice. Facsimile-transmission notice shall be deemed given upon completion of the transmission of the message to the number given to the Trust by the Trustee and receipt of a completed transmission report confirming delivery. Electronic mail notice shall be deemed given upon transmission of the message to the e-mail address given to the Trust by the Trustee and "read" receipt notification has been received by the person sending the Notice, or the recipient has otherwise confirmed receipt of the notice. Notice delivered by personal delivery or overnight courier shall be deemed given upon receipt. A notice need not specify the purpose of any meeting. Notice of a meeting need not be given to any member of the Board who signs a waiver of notice or a consent to hold the meeting (which waiver or consent need not specify the purpose of the meeting), whether before or after the meeting, or who attends the meeting without protesting such lack of notice prior to commencement of such meeting. A majority of the Trustees participating in any meeting may adjourn any meeting to another time or place. If the meeting is adjourned for more than twenty-four (24) hours, notice of any adjournment shall be given prior to the time of the adjourned meeting to the members of the Board who are not present at the time of adjournment.

Section 3.7 <u>Quorum</u>. At all meetings of the Board, "Quorum" means the presence of a majority of the Trustees. The Trustees present at a meeting which has been duly called and convened may continue to transact business until adjournment, notwithstanding the withdrawal of enough Trustees to leave less than a Quorum.

Section 3.8 <u>Voting</u>. The action of the majority of the Trustees present at a meeting at which a Quorum is present shall be the action of the Board, unless the concurrence of a greater proportion or of specified Trustees is required for such action by applicable statute, any provision of these Bylaws, or by the Declaration of Trust.

Section 3.9 <u>Telephone Meetings</u>. Any member of the Board may participate in a meeting of the Board by means of conference telephone or similar communications equipment by means of which all persons participating in the meeting may talk with and hear one another. Participation by such means will constitute presence at the meeting.

Section 3.10 <u>Informal Actions by Trustees</u>. Any action of the Board may be taken without a meeting of the Board, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, shall be signed by each Trustee and such written consent is filed with the minutes of proceedings of the Board.

Section 3.11 <u>Vacancies</u>. If for any reason any or all the Trustees cease to be Trustees, such event shall not terminate the Trust or affect these Bylaws or the powers of the remaining Trustees hereunder. Any vacancy on the Board for any or no cause, including an increase in the number of Trustees, shall promptly be filled by the affirmative vote of a majority of the remaining Trustees, although less than a quorum; provided, that if there is no remaining Trustee, such vacancy shall be filled by the affirmative vote of the Shareholders entitled to cast a majority of the votes entitled to be cast on the matter; provided further, however, that, if the Trustee is removed by the Shareholders as set forth in Section 2.3 of the Declaration of Trust, the successor to the Trustee shall be elected by the Shareholders in accordance with the Declaration of Trust. Any Trustee or the entire Board may be removed or replaced as provided in the Declaration of Trust.

Section 3.12 <u>Compensation</u>. Trustees shall not receive any salary or compensation for their services as Trustees. Trustees may be reimbursed for expenses of attendance, if any, at each annual, regular or special meeting of the Trustees or any committee thereof; but nothing herein contained shall be construed to preclude any Trustee from serving the Trust in any other capacity and receiving compensation therefor.

Section 3.13 <u>Removal of Trustees</u>. The Shareholders entitled to vote thereon may, at any time, remove and replace any Trustee in accordance with Section 2.3 of the Declaration of Trust.

Section 3.14 <u>Loss of Deposits</u>. No Trustee shall be liable for any loss which may occur by reason of the failure of the bank, trust company, savings and loan association, or other institution with whom moneys or shares have been deposited.

Section 3.15 <u>Surety Bonds</u>. Unless required by law, no Trustee shall be obligated to give any bond or surety or other security for the performance of any of his or her duties.

Section 3.16 <u>Reliance</u>. Each Trustee, officer, employee and agent of the Trust shall, in the performance of his or her duties with respect to the Trust, be fully justified and protected with regard to any act or failure to act in reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel or upon reports made to the Trust by any of its officers or employees or by the adviser, accountants, appraisers or other experts or consultants selected by the Board or officers of the Trust, regardless of whether such counsel or expert may also be a Trustee.

Section 3.17 <u>Certain Rights of Trustees, Officers, Employees and Agents</u>. The Trustees shall have no responsibility to devote their full time to the affairs of the Trust. Any Trustee or officer, employee or agent of the Trust (other than a full-time officer, employee or agent of the Trust), in his or her personal capacity or in a capacity as an affiliate, employee, or agent of any other person, or otherwise, may have business interests and engage in business activities similar or in addition to those of or relating to the Trust. The provisions of this Section 3.17 shall in no way limit or modify any covenant or contractual obligation of any Trustee or any direct or indirect constituent of any Shareholder under any other agreement, all of which shall control over this Section 3.17.

**Article IV<br> COMMITTEES**

Section 4.1 <u>Number, Tenure and Qualifications</u>**.** The Board may appoint committees from among its members. Each committee shall be composed of one (1) or more Trustees and shall serve at the pleasure of the Board.

Section 4.2 <u>Powers</u>. The Board may delegate to committees appointed under Section 4.1 any of the powers of the Board, except as prohibited by law, and except for any matter requiring the votes of specified Trustees or a specified number of Trustees.

Section 4.3 <u>Meetings</u>. Subject to Section 4.1, in the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another Trustee to act in the place of such absent member. Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board.

A majority of the members of any committee must be present in person at any meeting of such committee in order to constitute a quorum for the transaction of business at such meeting, and the act of a majority present shall be the act of such committee. The Board may designate a chairman of any committee, and such chairman may fix the time and place of its meetings unless the Board shall otherwise provide. In the absence or disqualification of any member of any such committee, the members thereof present at any meeting and not disqualified from voting, whether or not they constitute a quorum, may unanimously appoint another Trustee to act at the meeting in the place of such absent or disqualified members.

Each committee shall keep minutes of its proceedings and shall report the same to the Board at the next succeeding meeting, and any action by the committee shall be subject to revision and alteration by the Board, provided that no vested or contractual rights of third persons shall be affected by any such revision or alteration.

Section 4.4 <u>Telephone Meetings</u>. Members of a committee of the Board may participate in a meeting by means of a conference telephone or similar communications equipment if all persons participating in the meeting can hear each other at the same time. Participation in a meeting by these means shall constitute presence in person at the meeting.

Section 4.5 <u>Informal Action by Committees</u>. Any action required or permitted to be taken at any meeting of a committee of the Board may be taken without a meeting, if a consent in writing to such action is signed by each member of the committee and such written consent is filed with the minutes of proceedings of such committee.

Section 4.6 <u>Vacancies</u>. Subject to the provisions hereof, the Board shall have the power at any time to change the membership of any committee, to fill all vacancies, to designate alternate members to replace any absent or disqualified member or to dissolve any such committee.

**Article V<br> OFFICERS**

Section 5.1 <u>General Provisions</u>. The officers of the Trust may include one or more presidents, a chief executive officer, a chief operating officer, a chief financial officer, one or more vice presidents (which may be designated as executive vice presidents or senior vice presidents), one or more secretaries or assistant secretaries, one or more treasurers or assistant treasurers, and such other officers as the Board may appoint. In addition, the Board may from time to time appoint such other officers with such powers and duties as they shall deem necessary or desirable. The chief executive officer or president may from time to time appoint one or more vice presidents or other subordinate officers. Notwithstanding any general power or authority of any officer specified or described in this Article V, each such officer: (a) shall, except as otherwise directed by the Board, report to, and be subject to the direction and control of, the Board, (b) shall not cause or permit the Trust or any subsidiary to take any action which requires the approval of the Board without such approval, (c) shall not cause or permit the Trust or any subsidiary to take any action which requires the approval of any or all Shareholders without such approval, and (d) shall, subject to the direction and control of the Board and to the provisions of the preceding clauses (b) and (c) and the other provisions of these Bylaws, have the authority to perform only such duties relating to the Trust and the subsidiaries as are designated by the Board. Each officer shall hold office until his or her successor, if any, is elected and qualifies or until his or her death, resignation or removal in the manner hereinafter provided. Any two (2) or more officers except president and vice president may be held by the same person. In their discretion, the Board may leave unfilled any office except that of president and secretary. Election of an officer or agent shall not of itself create contract rights between the Trust and such officer or agent.

Section 5.2 <u>Removal and Resignation</u>. Any officer or agent of the Trust may be removed at any time by the Board if in its judgment the best interests of the Trust would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Trust may resign at any time by giving written notice of his or her resignation to the Board, the Chairman of the Board, the President or the Secretary. Any resignation shall take effect at any time subsequent to the time specified therein or, if the time when it shall become effective is not specified therein, immediately upon its receipt. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Trust.

Section 5.3 <u>Vacancies</u>. A vacancy in any office may be filled by Board for the balance of the term of the office.

Section 5.4 <u>Chairman of the Board</u>. The Board may from time to time appoint a Chairman of the Board. The Chairman of the Board shall be a Trustee and shall preside over the meetings of the Board and of the Shareholders at which he or she shall be present and shall in general oversee all of the business and affairs of the Trust.

Section 5.5 <u>Chief Executive Officer</u>. The Board may designate a chief executive officer from among the elected officers. The chief executive officer shall have responsibility for implementation of the policies of the Trust, as determined by the Board, and for the administration of the business affairs of the Trust. In the absence of the Chairman of the Board, the chief executive officer shall preside over the meetings of the Board and of the Shareholders at which he or she shall be present.

Section 5.6 <u>President</u>. In the absence of the Chairman of the Board and the chief executive officer, the President shall preside over the meetings of the Board and of the Shareholders at which he or she shall be present. In the absence of a designation of a chief executive officer by the Trustees, the President shall be the chief executive officer and shall be *ex officio* a member of all committees that may, from time to time, be constituted by the Board. The President in general shall perform all duties incident to the office of president and such other duties as may be prescribed by the Board from time to time.

Section 5.7 <u>Vice Presidents</u>. In the absence of the President or in the event of a vacancy in such office, the vice president (or in the event there be more than one vice president, the vice presidents in the order designated at the time of their election or, in the absence of any designation, then in the order of their election) shall perform the duties of the President and when so acting shall have all the powers of and be subject to all the restrictions upon the President; and shall perform such other duties as from time to time may be assigned to him or her by the President or by the Board. The Board may designate one or more executive officers for particular areas of responsibility.

Section 5.8 <u>Secretary</u>. One or more secretaries may (a) keep the minutes of the proceedings of the Shareholders, the Board and committees of the Board in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the trust records and of the seal of the Trust; (d) keep a register of the post office address of each Shareholder which shall be furnished to the Secretary by such Shareholder; (e) have general charge of the share transfer books of the Trust; and (f) in general perform such other duties as from time to time may be assigned to him or her by the chief executive officer, the President or by the Board.

Section 5.9 <u>Treasurer</u>. One or more treasurers may have the custody of the funds and securities of the Trust and keep full and accurate accounts of receipts and disbursements in books belonging to the Trust and deposit all moneys and other valuable effects in the name and to the credit of the Trust in such depositories as may be designated by the Board.

He or she shall disburse the funds of the Trust in accordance with the authority granted by the Board, taking proper vouchers for such disbursements, and render to the President and Board, whenever they may require it, an account of all his or her transactions as treasurer and of the financial condition of the Trust.

If required by the Board, he or she shall give the Trust a bond in such sum and with such surety or sureties as shall be satisfactory to the Board for the faithful performance of the duties of his or her office and for the restoration to the Trust, in case of his or her death, resignation, retirement or removal from office, of all books, papers, vouchers, moneys and other property of whatever kind in his or her possession or under his or her control belonging to the Trust.

Section 5.10 <u>Assistant Secretaries and Assistant Treasurers</u>. The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the Secretary or Treasurer, respectively, or by the President or the Board. The assistant treasurers shall, if required by the Board, give bonds for the faithful performance of their duties in such sums and with such surety or sureties as shall be satisfactory to the Board.

Section 5.11 <u>Salaries</u>. Officers shall not receive any compensation or reimbursement for their services as officers without the consent of the Board, as provided in Section 3.8.

Section 5.12 <u>No Contract Rights</u>. Neither the naming of any individual in these Bylaws nor the appointment of an individual as a Trustee or an officer shall give any such individual any contract or other rights.

**Article VI<br> CONTRACTS, LOANS, CHECKS AND DEPOSITS**

Section 6.1 <u>Contracts</u>. Subject to Section 3.8, the Board may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Trust and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document executed by one or more members of the Board or by an authorized person shall be valid and binding upon the Board and upon the Trust when authorized or ratified by action of the Board.

Section 6.2 <u>Checks and Drafts</u>. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Trust shall be signed by such officer or agent of the Trust in such manner as shall from time to time be determined by the Board.

Section 6.3 <u>Deposits</u>. All funds of the Trust not otherwise employed shall be deposited from time to time to the credit of the Trust in such banks, trust companies or other depositories as the Board may designate. If the Board fails to designate a depository, the chief executive officer may do so.

**Article VII<br> SHARES**

Section 7.1 <u>Certificates</u>. Except as may be otherwise provided by the Board, Shareholders are not entitled to certificates evidencing shares of beneficial interest of the Trust. If issued, each certificate shall be signed by the Chairman of the Board, the President or an executive officer and countersigned by the Secretary or an assistant secretary or the Treasurer or an assistant treasurer and may be sealed with the seal, if any, of the Trust. The signatures may be either manual or facsimile/electronic transmission. Certificates shall be consecutively numbered; and if the Trust shall, from time to time, issue several classes of shares, each class may have its own number series. A certificate is valid and may be issued whether or not an officer who signed it is still an officer when it is issued. Each certificate representing shares which are restricted as to their transferability or voting powers, which are preferred or limited as to their dividends or as to their allocable portion of the assets upon liquidation or which are redeemable at the option of the Trust, shall have a statement of such restriction, limitation, preference or redemption provision, or a summary thereof, plainly stated on the certificate. In lieu of such statement or summary, the Trust may set forth upon the face or back of the certificate a statement that the Trust will furnish to any Shareholder, upon request and without charge, a full statement of such information.

Section 7.2 <u>Transfers</u>. All transfers of shares shall be made on the books of the Trust, by the holder of the shares, in person or by his or her attorney, in such matter as the Board or any officer of the Trust may prescribe. If such shares are certificated, certificates shall be treated as negotiable and title thereto and to the shares they represent shall be transferred by delivery thereof to the same extent as those of a Maryland stock corporation. Upon surrender to the Trust or the transfer agent of the Trust of a share certificate duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, the Trust shall issue a new certificate to the person entitled thereto, cancel the old certificate and record the transaction upon its books.

The Trust shall be entitled to treat the holder of record of any share or shares as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Maryland.

Notwithstanding the foregoing, transfers of shares of beneficial interest of the Trust will be subject in all respects to the Declaration of Trust and all of the terms and conditions contained therein.

Section 7.3 <u>Replacement Certificate</u>. Any officer designated by the Board may direct a new certificate to be issued in place of any certificate previously issued by the Trust alleged to have been lost, stolen or destroyed upon the making of an affidavit of that fact by the person claiming the certificate to be lost, stolen or destroyed. When authorizing the issuance of a new certificate, an officer designated by the Board may, in his or her discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate or the owner's legal representative to advertise the same in such manner as he or she shall require and/or to give bond, with sufficient surety, to the Trust to indemnify it against any loss or claim which may arise as a result of the issuance of a new certificate.

Section 7.4 <u>Closing of Transfer Books or Fixing of Record Date</u>. The Board may set, in advance, a record date for the purpose of determining Shareholders entitled to notice of or to vote at any meeting of Shareholders or determining Shareholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of Shareholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than ninety (90) days and, in the case of a meeting of Shareholders not less than ten (10) days, before the date on which the meeting or particular action requiring such determination of Shareholders of record is to be held or taken.

In lieu of fixing a record date, the Board may provide that the share transfer books shall be closed for a stated period but not longer than twenty (20) days. If the share transfer books are closed for the purpose of determining Shareholders entitled to notice of or to vote at a meeting of Shareholders, such books shall be closed for at least ten (10) days before the date of such meeting.

If no record date is fixed and the share transfer books are not closed for the determination of Shareholders, (a) the record date for the determination of Shareholders entitled to notice of or to vote at a meeting of Shareholders shall be at the close of business on the day on which the notice of meeting is mailed or the thirtieth (30<sup>th</sup>) day before the meeting, whichever is the closer date to the meeting; and (b) the record date for the determination of Shareholders entitled to receive payment of a dividend or an allotment of any other rights shall be the close of business on the day on which the resolution of the Board, declaring the dividend or allotment of rights, is adopted.

When a determination of Shareholders entitled to vote at any meeting of Shareholders has been made as provided in this section, such determination shall apply to any adjournment thereof, except when (i) the determination has been made through the closing of the transfer books and the stated period of closing has expired or (ii) the meeting is adjourned to a date more than one hundred twenty (120) days after the record date fixed for the original meeting, in either of which case a new record date shall be determined as set forth herein.

Section 7.5 <u>Share Ledger</u>. The Trust shall maintain at its principal office or at the office of its counsel, accountants or transfer agent, an original or duplicate share ledger containing the name and address of each Shareholder and the number of shares of each class held by such Shareholder.

Section 7.6 <u>Fractional Shares</u>. The Board may issue fractional shares or provide for the issuance of scrip, all on such terms and under such conditions as they may determine. Notwithstanding any other provision of the Declaration of Trust or these Bylaws, the Board may issue units consisting of different securities of the Trust. Any security issued in a unit shall have the same characteristics as any identical securities issued by the Trust, except that the Board may provide that for a specified period securities of the Trust issued in such unit may be transferred on the books of the Trust only in such unit.

**Article VIII<br> ACCOUNTING YEAR**

The fiscal year of the Trust shall be the calendar year unless otherwise approved by the Board.

**Article IX<br> DISTRIBUTIONS**

Section 9.1 <u>Authorization</u>. Dividends and other distributions upon the shares of beneficial interest of the Trust may be authorized and declared by the Board, subject to the provisions of law, the Declaration of Trust, and these Bylaws. Dividends and other distributions may be paid in cash, property or shares of the Trust, subject to the provisions of law, the Declaration of Trust, and these Bylaws.

Section 9.2 <u>Contingencies</u>. Before payment of any dividends or other distributions, there may be set aside out of any funds of the Trust available for dividends or other distributions such sum or sums as the Board may from time to time, in its absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends or other distributions, for repairing or maintaining any property of the Trust or for such other purpose as the Board shall determine to be in the best interest of the Trust, and the Board may modify or abolish any such reserve in the manner in which it was created.

**Article X<br> INVESTMENT POLICY**

Subject to the provisions of the Declaration of Trust and Section 3.8 of these Bylaws, the Board may from time to time adopt, amend, revise or terminate any policy or policies with respect to investments by the Trust as it shall deem appropriate in its sole discretion.

**Article XI<br> SEAL**

Section 11.1 <u>Seal</u>. The Board may authorize the adoption of a seal by the Trust. The seal, if any, shall have inscribed thereon the name of the Trust and the year of its formation. The Board may authorize one or more duplicate seals and provide for the custody thereof.

Section 11.2 <u>Affixing Seal</u>. Whenever the Trust is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word "(SEAL)" adjacent to the signature of the person authorized to execute the document on behalf of the Trust.

**Article XII<br> INDEMNIFICATION AND ADVANCE OF EXPENSES**

Section 12.1 <u>Indemnification</u>. The Trust, to the fullest extent permitted by Maryland law, shall indemnify and hold harmless, each individual who is a present or former shareholder, Trustee or officer of the Trust and any individual who, while a Trustee or officer of the Trust and at the request of the Trust, serves or has served as a director, officer, partner, member, manager, trustee, employee or agent of another foreign or domestic corporation, partnership, limited liability company, joint venture, trust, real estate investment trust, employee benefit plan or any other enterprise (each an "Indemnitee") from and against any loss, liability, expense, judgment, settlement cost, fees and related expenses (including reasonable attorneys' fees and expenses), costs or damages arising from any and all claims, demands, actions, suits or proceedings, whether civil, criminal, administrative or investigative, in which the Indemnitee may be involved or threatened to be involved as a party or otherwise, arising out of or incidental or relating to the business or activities of the Trust or relating to the Declaration of Trust, unless it is established by a final determination of a court of competent jurisdiction that: (i) an act or omission of the Indemnitee was material to the matter giving rise to the proceeding and either was committed in bad faith or was the result of active and deliberate dishonesty, (ii) the Indemnitee actually received an improper personal benefit in money, property or services or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. The termination of any action, suit or proceeding by settlement shall not, of itself, create a presumption that an Indemnitee did not meet the relevant standard of conduct.

Section 12.2 <u>General</u>. Any indemnification or payment or reimbursement of the expenses permitted by these Bylaws shall be furnished in accordance with the procedures provided for indemnification or payment or reimbursement of expenses, as the case may be, under Section 2-418 of the Maryland General Corporation Law ("**MGCL**") for directors of Maryland corporations. Subject to Section 12.1 hereof, the Trust may provide to Trustees, officers and Shareholders such other and further indemnification or payment or reimbursement of expenses, as the case may be, to the fullest extent permitted by the MGCL, as in effect from time to time, for directors of Maryland corporations.

**Article XIII<br> WAIVER OF NOTICE**

Whenever any notice is required to be given pursuant to the Declaration of Trust or these Bylaws or pursuant to applicable law, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice, unless specifically required by statute. The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

**Article XIV<br> AMENDMENT OF BYLAWS**

Section 14.1 <u>Amendment by Shareholders</u>. Any provision of these Bylaws may be adopted, altered or repealed by the Shareholders by the affirmative vote of holders of not less than two-thirds of the Common Shares of the Trust then outstanding and entitled to vote.

Section 14.2 <u>Amendment by Trustees</u>. Except as otherwise provided in any Bylaw adopted pursuant to Section 14.1, any provision of these Bylaws may be adopted, altered or repealed by the Board, provided that the Board may not repeal Section 14.1 or increase the Shareholder vote required thereunder.

**Article XV<br> REIT REQUIREMENTS**

Section 15.1 <u>REIT Formation</u>. The Board and the Trust intend that the Trust will qualify, and be treated, as a real estate investment trust for U.S. federal income tax purposes within the meaning of Section 856 of the Code et seq. and the related rules and regulations. The Trustees shall cause the Trust to (i) make a timely election to treat the Trust as a real estate investment trust in its U.S. federal income tax return in accordance with Treasury Regulation Section 1.856-2(b) for its taxable year ending December 31, 2024; (ii) obtain and maintain the requisite number of equity holders necessary for the Trust to qualify as a REIT (such requirement to be satisfied through the issuance of up to 125 shares of commercially customary non-voting preferred shares); (iii) form one or more subsidiary of the Trust (as necessary for the conduct of the business of the Trust), which will jointly elect with the Trust to be a "taxable REIT subsidiary" of the Trust as defined in Code Section 856(l); and (iv) take all other actions necessary to qualify the Trust as a REIT.

Section 15.2 <u>Operation in Accordance With REIT Requirements</u>. The Trustees shall use reasonable best efforts to cause the Trust to comply with the requirements, as set forth in Code Section 856 et seq. and the related rules and regulations, for the Trust to (i) qualify for REIT status, (ii) maintain REIT status, and (iii) avoid the imposition of any U.S. federal income tax or penalty on the Trust (collectively, the "**REIT Requirements**"), and any duly appointed officer of the Trust (subject to Section 5.1) shall be entitled to take such actions on behalf of the Trust that are consistent with the intent and purposes of this Article XV. In furtherance of the foregoing, the Trustees acknowledge and agree that no Shares of the Trust shall be issued or transferred if it would create a material risk of causing the Trust to fail to qualify as a REIT, and no decision shall be made to terminate the status of the Trust as a REIT, or to dispose of all or substantially all of the assets of the Trust or any subsidiary, except as expressly provided by the Declaration of Trust and these Bylaws.

## Exhibit 10.1

**Exhibit 10.1** 

<u>INVESTMENT ADVISORY AGREEMENT</u>

This Investment Advisory Agreement ("Agreement") is made this [__] day of [___], 2025 (the "Effective Date"), between Franklin BSP Real Estate Debt Cayman Access Fund (FBRED-C), L.P., an exempted limited partnership formed and registered under the laws of the Cayman Islands (the "Partnership"), and FBRED-C Feeder Subsidiary Fund, L.P., an exempted limited partnership formed and registered under the laws of the Cayman Islands ("Feeder Subsidiary"), in each case acting by its general partner, BSP Ultimate GP Ltd, a Cayman Islands exempted company, FBRED-C Feeder REIT Trust ("Feeder REIT"), a statutory trust formed and organized under the laws of the State of Maryland, and Benefit Street Partners L.L.C., a limited liability company organized under the laws of the State of Delaware (the "Investment Adviser").

The parties hereto hereby agree as follows:

1. <u>Definitions</u>. Terms used and not defined herein have the meaning set forth in the Amended and Restated Agreement of Exempted Limited Partnership of the Partnership dated [___], 2025. References in this Agreement to the Partnership, Feeder Subsidiary or Feeder REIT taking any action shall be to the Partnership, Feeder Subsidiary, or Feeder REIT, as applicable, acting by its general partner or board of trustees, as applicable.

2. <u>Services to be Rendered by the Investment Adviser to the Partnership, Feeder Subsidiary and Feeder REIT</u>. Subject to the supervision of the general partner of the Partnership and Feeder Subsidiary (the "General Partner") and the board of trustees of Feeder REIT, the Investment Adviser shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) manage the Partnership's, Feeder Subsidiary's and Feeder REIT's investments (indirect and direct, as applicable) in Franklin BSP Real Estate Debt, Inc. ("FBRED") and shall have the power and authority to determine the purchase, retention, management and disposition thereof and to execute agreements relating thereto, as contemplated by the Amended and Restated Exempted Limited Partnership Agreements of each of the Partnership and Feeder Subsidiary (as each from time to time in effect, a "Partnership Agreement" and, collectively, the "Partnership Agreements"), the organizational documents of Feeder REIT and the Confidential Private Placement Memorandum of the Partnership, as amended or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) assist in the preparation of all documentation in connection with investments described in paragraph (a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) perform the day-to-day investment operations of the Partnership, Feeder Subsidiary and Feeder REIT and supervise the management of the Partnership's, Feeder Subsidiary's and Feeder REIT's business and affairs, including distributions to the partners and shareholders, as applicable, as declared or determined by the General Partner or board of trustees, as applicable, provision of information to the partners and shareholders, as applicable, and opening bank and brokerage accounts and matters incidental thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) furnish such office space, office supplies and equipment, and such bookkeeping, recordkeeping and clerical services to the Partnership, Feeder Subsidiary and Feeder REIT as each may require for its respective reasonable needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) authorize and permit any of its respective officers, directors and employees to serve in any capacities relating to the Partnership, Feeder Subsidiary and Feeder REIT to which they are elected or appointed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) to the fullest extent permitted by law, delegate any of the services to be provided hereunder to an Affiliate of the Investment Adviser.

3. <u>Independent Contractor</u>. To the fullest extent permitted by law, the Investment Adviser shall at all times be an independent contractor and nothing in this Agreement shall be construed to constitute the Investment Adviser an agent or a partner of the Partnership, Feeder Subsidiary or Feeder REIT.

4. <u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the Investment Adviser shall assume and pay all expenses on account of rent, utilities, insurance, office supplies, office equipment, travel, entertainment, and compensation and expenses of the Investment Adviser's officers, directors and employees and other normal and routine administrative expenses that relate to the services and facilities provided to the Partnership, Feeder Subsidiary and Feeder REIT pursuant to Section 2; provided, however, that the Investment Adviser shall not be required to pay (and if paid by the Investment Adviser, the Investment Adviser shall be reimbursed by the Partnership, Feeder Subsidiary or Feeder REIT, as applicable, for payments of) fees and expenses that are Partnership Expenses to be borne by the Partnership or Feeder Subsidiary in accordance with the Partnership Agreements, or similar expenses of Feeder REIT. The Investment Adviser shall not be obligated to pay any expenses of or for the Partnership, Feeder Subsidiary or Feeder REIT not contemplated to be paid by the Investment Adviser by this Section 4 or the Partnership Agreements, except as provided in Sections 4(b) and (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, the Investment Adviser shall pay for all Organization Expenses of the Partnership and Feeder Subsidiary, and similar expenses of Feeder REIT (other than any upfront selling commission, dealer manager fee or other similar placement fees paid with respect to sales of interests in the Partnership, Feeder Subsidiary, Feeder REIT or FBRED, or any shareholder servicing fee payable to the dealer manager engaged by FBRED and reallowable to soliciting dealers with respect to sales of common stock in FBRED, as applicable) incurred prior to the first anniversary of the Effective Date. All Organization Expenses paid by the Investment Adviser pursuant to this Section 4(b) shall be reimbursed by the Partnership, Feeder Subsidiary or Feeder REIT, as applicable, to the Investment Adviser in 60 equal monthly installments commencing with the first anniversary of the Effective Date or over an alternative time period agreed to by the Partnership, Feeder Subsidiary or Feeder REIT, as applicable, and the Investment Adviser. After the first anniversary of the Effective Date, the Partnership, Feeder Subsidiary and Feeder REIT, as applicable, will reimburse the Investment Adviser for any Organization Expenses that it incurs on their behalf as and when incurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing, the Investment Adviser may pay for certain Partnership Expenses of the Partnership and Feeder Subsidiary and similar expenses of Feeder REIT contemplated by Section 4(a) above (excluding Organization Expenses) (collectively, "Operating Expenses") prior to the first anniversary of the Effective Date. All Operating Expenses paid by the Investment Adviser pursuant to this Section 4(c) shall be reimbursed by the Partnership, Feeder Subsidiary and Feeder REIT, as applicable, to the Investment Adviser in 60 equal monthly installments commencing with the first anniversary of the Effective Date or over an alternative time period agreed to by the Partnership, Feeder Subsidiary or Feeder REIT, as applicable, and the Investment Adviser. If the Investment Adviser pays any Operating Expenses after the first anniversary of the Effective Date, the Partnership, Feeder Subsidiary and Feeder REIT, as applicable, will reimburse the Investment Adviser at the end of each fiscal quarter for total Operating Expenses paid by the Investment Adviser during such quarter.

5. <u>Management Fee</u>. As compensation for the services rendered, the facilities furnished and the expenses borne by the Investment Adviser pursuant to the terms of this Agreement, the Investment Adviser shall receive the compensation as set forth in the Advisory Agreement between FBRED and the Investment Adviser, dated as of April 1, 2025, as amended from time to time.

6. <u>Other Interests of Partners, Shareholders and Investment Adviser</u>. It is understood that (a) any partner of the Partnership or Feeder Subsidiary or shareholder of Feeder REIT, and any Affiliate, officer, partner or employee of the General Partner or their Affiliates may be a member, director, officer or employee of, or be otherwise interested in, the Investment Adviser or its Affiliates, any organization in which the Investment Adviser or its Affiliates may have an interest or any organization which may have an interest in the Investment Adviser or its Affiliates, (b) the Investment Adviser and any Affiliate, officer, partner or employee of the Investment Adviser or its Affiliates and any such organization may have an interest in the Partnership, Feeder Subsidiary or Feeder REIT, (c) the respective Affiliates, officers, partners and employees of the Investment Adviser and its Affiliates may act as directors of or provide consulting, investment management or other services to one or more of the entities in which the Partnership, Feeder Subsidiary or Feeder REIT has made or proposes to make an investment and (d) the Investment Adviser and its Affiliates and their Affiliates, officers, partners, and employees render, and in the future will render, investment advice and other services to entities other than the Partnership, Feeder Subsidiary or Feeder REIT.

7. <u>Effective Period</u>. This Agreement shall become effective upon its execution on the Effective Date, and shall remain in effect until the earlier of (i) with respect to the Partnership, the removal of the General Partner as general partner of the Partnership pursuant to Section 9.6(b) of the Partnership Agreement of the Partnership or with respect to Feeder Subsidiary, the removal of the General Partner as general partner of Feeder Subsidiary pursuant to Section 9.6(b) of the Partnership Agreement of Feeder Subsidiary and (ii) with respect to the Partnership, the winding up of the Partnership or with respect to Feeder Subsidiary, the winding up of Feeder Subsidiary, provided that any party may terminate this Agreement upon 60 days' notice to the other party.

8. <u>Amendments; Waivers</u>. This Agreement may be altered or amended, and any provisions hereof may be waived, only upon the written approval of the Investment Adviser, the Partnership, Feeder Subsidiary and Feeder REIT.

9. <u>Representations</u>. Each party represents and warrants that this Agreement is the valid and binding obligation of such party, and that such party has the power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The Investment Adviser represents and warrants that it is registered as an investment adviser under the Advisers Act.

10. <u>Notices</u>. Any notice or other communication given under this Agreement shall be deemed to have been given if given in writing (including electronic transmission) addressed, or sent by electronic transmission, as provided below (or to the addressee at such other address as the addressee shall have specified by notice actually received by the addressor), and if either (a) actually delivered in fully legible form to such address (evidenced in the case of an electronic transmission, on confirmation of receipt, and in the case of delivery by same day or overnight courier, by confirmation of delivery from the courier service making such delivery) or (b) in the case of a letter, five days shall have elapsed after the same shall have been deposited in the United States mails, with first-class postage prepaid and registered or certified.

If to the Investment Adviser, to it at:

Benefit Street Partners L.L.C.

One Madison Avenue, Suite 1600

New York, New York 10010

Attn: Jerome Baglien and Micah Goodman

If to the Partnership or Feeder Subsidiary, to it care of the General Partner at:

One Madison Avenue, Suite 1600

New York, New York 10010

Attn: Jerome Baglien and Micah Goodman

If to Feeder REIT to it at:

One Madison Avenue, Suite 1600

New York, New York 10010

Attn: Jerome Baglien and Micah Goodman

11. <u>Successors; Third Party Beneficiaries</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, successors and assigns. Notwithstanding any provision of this Agreement to the contrary, no assignment, as that term is defined in the Advisers Act, of this Agreement shall be made by the Investment Adviser without the written consent of (i) the Partnership and Feeder Subsidiary which consent may be granted by the General Partner to the fullest extent permitted by law and the Partnership Agreements and (ii) Feeder REIT.

12. <u>Headings</u>. The headings in this Agreement are inserted for convenience of reference only and shall not be a part of or control or affect the meaning hereof.

13. <u>Entire Agreement</u>. This Agreement and the Partnership Agreements supersede any and all oral or written agreements heretofore made relating to the subject matter hereof and constitute the entire agreement of the parties relating to the subject matter hereof.

14. <u>Liability and Indemnification</u>. The parties acknowledge and agree that the Investment Adviser is an intended beneficiary of the Partnership Agreements and is entitled to enforce the provisions of Section 6.6 thereof. The provisions of this Section 14 shall survive any termination of this Agreement.

15. <u>Firm Name</u>. The parties acknowledge and agree that the Investment Adviser is an intended beneficiary of the Partnership Agreements, including but not limited to with respect to Section 2.3 thereof, and is entitled to enforce the provisions of Section 2.3 thereof. The provisions of this Section 15 shall survive any termination of this Agreement.

16. <u>Arm's-Length Agreement</u>. The Partnership, Feeder Subsidiary, Feeder REIT and the Investment Adviser agree that this Agreement constitutes an arm's-length agreement among the parties. The Partnership, Feeder Subsidiary, Feeder REIT and the Investment Adviser have approved this Agreement and reviewed the compensation arrangement and its risks. Based on the foregoing, the Partnership, Feeder Subsidiary, Feeder REIT and the Investment Adviser represent that they understand the method of compensation provided for herein and its risks.

17. <u>AML/CFT; Data Protection</u>. It is agreed that the Investment Adviser shall discharge its obligations in accordance with all applicable laws, including without limitation applicable anti-money laundering, countering of terrorist and proliferation financing, and sanctions laws. It is further acknowledged and agreed that the Investment Adviser shall have control and authority to determine the purposes and conditions for, and manner in, which personal data received by the Investment Adviser in connection with the services to be provided pursuant to this Agreement, may be processed.

18. <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware (without regard to conflict of laws principles). Each of the parties hereto agrees (a) that this Agreement involves at least $100,000.00, and (b) that this Agreement has been entered into by the parties hereto in express reliance upon 6 Del. C. § 2708. Each of the parties hereto hereby irrevocably and unconditionally confirms and agrees that it is and shall continue (i) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (ii)(1) to the extent such party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such party's agent for acceptance of legal process and to notify the other party or parties hereto of the name and address of such agent, and (2) that service of process may, to the fullest extent permitted by law, also be made on such party and/or its agent in the State of Delaware by prepaid certified mail with a proof of mailing receipt validated by the United States Postal Service constituting evidence of valid service, and that service made in accordance with clauses (ii)(1) or (2) above shall, to the fullest extent permitted by law, have the same legal force and effect as if served upon such party personally within the State of Delaware.

19. <u>Consent to Jurisdiction</u>. Each party to this Agreement, to the fullest extent permitted by law, unless otherwise agreed to in writing by the Investment Adviser, (i) hereby irrevocably submits exclusively to the jurisdiction of the state courts of the States of New York, New York County, and Delaware, and the United States District Courts located in the States of New York, New York County, and Delaware, for the purpose of any action arising in whole or in part under or in connection with this Agreement, (ii) hereby waives and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the state courts of the States of New York, New York County, and Delaware, and the United States District Courts located in the States of New York, New York County, and Delaware, that its property is exempt or immune from attachment or execution, that any such action brought in one of such courts should be dismissed on grounds of forum non conveniens, should be transferred to any court other than one of such courts, or should be stayed by reason of the pendency of some other proceeding in any other court other than one of such courts, or that this Agreement or the subject matter hereof may not be enforced in or by such court, and (iii) hereby agrees not to commence any action arising out of or based upon this Agreement or relating to the subject matter hereof other than before one of such courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action to any court other than one of such courts whether on the grounds of inconvenient forum or otherwise. Unless otherwise agreed to in writing by the Investment Adviser, each party to this Agreement hereby, to the fullest extent permitted by applicable law, (x) consents to service of process in any such action in any manner permitted by New York or Delaware law; (y) agrees that service of process made in accordance with clause (x) or made by registered or certified mail, return receipt requested, at its address specified pursuant to Section 10 shall, to the fullest extent permitted by law, constitute good and valid service of process in any such action; and (z) waives and agrees, to the fullest extent permitted by law, not to assert (by way of motion, as a defense, or otherwise) in any such action any claim that service of process made in accordance with clause (x) or clause (y) does not constitute good and valid service of process.

20. <u>WAIVER OF JURY TRIAL.</u> TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, UNLESS OTHERWISE AGREED TO IN WRITING BY THE INVESTMENT ADVISER, EACH OF THE PARTIES HERETO HEREBY WAIVES, AND COVENANTS THAT IT WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE IN ANY ACTION ARISING IN WHOLE OR IN PART UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE SUBJECT MATTER HEREOF. ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 20 WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF EACH SUCH PARTY TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY.

*[The rest of this page intentionally left blank.]*

IN WITNESS WHEREOF, each of the undersigned has caused this Agreement to be duly executed and delivered, in one or more counterparts, as an agreement under seal on the date first above written.

---

| | |
|:---|:---|
| **Franklin BSP Real Estate Debt Cayman Access Fund (FBRED-C), L.P.** | **Franklin BSP Real Estate Debt Cayman Access Fund (FBRED-C), L.P.** |
| By: BSP Ultimate GP Ltd, its general partner | By: BSP Ultimate GP Ltd, its general partner |
| By: |  |
| Name: | Bryan R. Martoken |
| Title: | Authorized Signatory |
| **FBRED-C Feeder Subsidiary Fund, L.P.** | **FBRED-C Feeder Subsidiary Fund, L.P.** |
| By: BSP Ultimate GP Ltd, its general partner | By: BSP Ultimate GP Ltd, its general partner |
| By: |  |
| Name: | Bryan R. Martoken |
| Title: | Authorized Signatory |
| **FBRED-C Feeder REIT Trust** | **FBRED-C Feeder REIT Trust** |
| By: |  |
| Name: | Jerome Baglien |
| Title: | Chief Financial Officer, Chief Operating Officer and Treasurer |
| **Benefit Street Partners L.L.C.** | **Benefit Street Partners L.L.C.** |
| By: |  |
| Name: | Bryan R. Martoken |
| Title: | Chief Financial Officer |

---

Signature Page for the Investment Advisory Agreement

## Exhibit 10.2

**Exhibit 10.2**

**REVOLVING INTERCOMPANY NOTE**

**UP TO $[●]**

[·], 2025

FOR VALUE RECEIVED, FBRED-C Feeder REIT Trust, a Maryland statutory trust (the "<u>Borrower</u>"), hereby promises to pay to the order of Franklin BSP Real Estate Debt Cayman Access Fund (FBRED-C), L.P., a Cayman exempted limited partnership, or its permitted assigns (the "<u>Lender</u>"), on the Maturity Date (or earlier upon acceleration pursuant to <u>Section 6</u> or as provided in <u>Section 4</u>), the amount as shall have been advanced and shall be outstanding hereunder, together with interest thereon pursuant to <u>Section 3</u>.

1. <u>Definitions</u>. Except as the context otherwise requires, the following capitalized terms are used in this Revolving Intercompany Note (this "<u>Note</u>") with the meanings set forth in this <u>Section 1</u>:

"<u>Advance</u>" is defined in <u>Section 2</u>.

"<u>Borrower</u>" is defined in the preamble to this Note.

"<u>Borrowing Notice</u>" is defined in <u>Section 2</u>.

"<u>Code</u>" means the United States Internal Revenue Code of 1986, as amended.

"<u>Event of Default</u>" is defined in <u>Section 6</u>.

"<u>Lender</u>" is defined in the preamble to this Note.

"<u>Maturity Date</u>" means [·], 2030 as such date may be extended pursuant to <u>Section 11.1</u>.

"<u>Note</u>" is defined in <u>Section 1</u>.

"<u>Register</u>" is defined in <u>Section 11.3</u>.

"<u>Revolving Credit Rate</u>" means a rate equal to nine percent (9%).

"<u>Senior Indebtedness</u>" means all payment obligations (whether now outstanding or hereafter incurred) of the Borrower in respect of (a) indebtedness of the Borrower (including, without limitation, in respect of any guaranty of any indebtedness of any of its subsidiaries) under any credit facility or other debt security of the Borrower or any of its subsidiaries, (b) interest (including default interest) and premium on the indebtedness referred to in clause (a) above, (c) fees and commissions (including commitment, agency and letter of credit fees and commissions) payable pursuant to any agreements governing the indebtedness referred to in clause (a) above, (d) all other payment obligations (including costs, expenses, penalties, indemnifications, damages, liabilities and other obligations of the Borrower or any of its subsidiaries) owing under or arising pursuant to any agreements governing the indebtedness referred to in clause (a) above and (e) post-petition interest on the indebtedness referred to in clauses (a) through (d) above accruing subsequent to the commencement of a proceeding under the United States Bankruptcy Code (whether or not such interest is allowed as a claim in such proceeding).

"<u>Senior Indebtedness Payment Event</u>" is defined in <u>Section 9.1.3</u>.

Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Amended and Restated Agreement of Exempted Limited Partnership of the Lender, dated as of [·], 2025.

2. <u>Principal Provisions</u>. The Borrower may request advances (each, an "<u>Advance</u>") from the Lender hereunder from time to time, provided that in no event shall the Lender provide an Advance to the Borrower if, immediately after giving pro forma effect to the borrowing thereof, (i) the ratio of total debt of the Borrower to total capital of the Borrower exceeds seventy and seven-tenths percent (70.7%). The Borrower shall make such requests by submitting to the Lender a notice of borrowing substantially in the form of <u>Exhibit A</u> hereto (a "<u>Borrowing Notice</u>"). The making of Advances shall be at the sole discretion of the Lender. All Advances made by the Lender and all repayments of the principal thereof shall be recorded by the Lender, and, prior to any transfer hereof, appropriate notations to evidence the foregoing information with respect to each loan then outstanding shall be endorsed by the Lender, on the schedule attached hereto or on a continuation of such schedule attached to and made a part hereof; <u>provided</u>, <u>however</u>, that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower under this Note.

3. <u>Interest Provisions</u>. Interest shall accrue from and after the date of each Advance to the date of repayment and shall be computed on the basis of the actual number of days elapsed and a year consisting of 365 days. Interest on the aggregate principal balance hereunder outstanding from time to time shall be payable monthly, beginning with the calendar month immediately following the month in which the initial Advance is made, at a rate equal to the Revolving Credit Rate.

4. <u>Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The total amount of unpaid principal and accrued interest hereunder shall be due and payable on the Maturity Date (or upon the earlier acceleration thereof pursuant to <u>Section 6</u> or as provided in this <u>Section 4</u>). The Borrower shall have the right, at any time and from time to time, to prepay all or a portion of the unpaid principal amount or accrued interest hereunder, in each case, without premium or penalty. All payments under this Note shall be made in immediately available United States dollars at such location within the United States of America as the Lender may from time to time designate, without offset, counterclaim or deduction of any kind. If any payment hereunder becomes due and payable on a day other than a Business Day, the due date for such payment shall be extended to the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 If any portion of a payment required under this Note is ten (10) days or more past due, other than the payment of the balance due at Maturity, the Borrower shall pay a late charge of five percent (5%) of the amount which is past due, and any and all amounts ten (10) days or more past due shall accrue interest at a rate which is the lesser of: (i) the maximum rate permissible under law, or (ii) four percent (4%) over the rate otherwise specified in Section 3 of this Note, non-compounding simple interest, prorated for any partial year and computed on a 365-day per year basis and in each case such additional payments shall be immediately due and payable without notice or demand.

5. <u>Representations and Warranties</u>. The Borrower hereby represents and warrants to the Lender that this Note has been duly executed and delivered by the Borrower and is the legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforceability of creditors rights generally and to general principles of equity. No consent of any other party, and no consent, license, approval or authorization of, or registration or declaration with, any governmental authority, bureau or agency, is required in connection with the execution, delivery or performance by the Borrower, or the validity or enforceability, of this Note, other than such as have been met or obtained or as will not have a material adverse effect by not being met or obtained. The execution, delivery and performance of this Note and all other agreements and instruments executed and delivered or to be executed and delivered pursuant hereto will not violate in any material respect (a) any provision of any existing law or regulation; (b) any order or decree of any court, regulatory body or administrative agency of competent jurisdiction; (c) the constitutive or governing documents of the Borrower or (d) any material mortgage, indenture, contract or other agreement to which the Borrower is a party or by which the Borrower or any property or assets of the Borrower may be bound.

6. <u>Events of Default</u>. The occurrence of any of the following shall constitute an "<u>Event of Default</u>" under this Note:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The Borrower shall fail to pay (a) any principal on the applicable due date hereunder or (b) any interest or other amount payable hereunder within five days of the applicable due date hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Any representation or warranty made by the Borrower in this Note or any Borrowing Notice delivered pursuant hereto shall be false or misleading in any material respect when made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 This Note shall at any time cease to be valid and binding or in full force and effect (other than upon full satisfaction or repayment in accordance with the terms hereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 The Borrower shall (a) apply for or consent to the appointment of a receiver, trustee, liquidator or custodian of itself or of all or a substantial part of its property, (b) admit in writing its inability to pay its debts generally as they mature, (c) make a general assignment for the benefit of itself or any of its creditors, (d) be dissolved or liquidated, (e) commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or consent to any such relief or to the appointment of or taking possession of its property by any official in an involuntary case or other proceeding commenced against it or (f) take any action for the purpose of effecting any of the foregoing; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 Proceedings for the appointment of a receiver, trustee, liquidator or custodian of the Borrower, or of all or a substantial part of the property thereof, or an involuntary case or other proceedings seeking liquidation, reorganization or other relief with respect to the Borrower or the debts thereof under any bankruptcy, insolvency or other similar law now or hereafter in effect shall be commenced, or an order for relief shall be entered in any such proceeding, or any such proceeding shall not be dismissed or discharged within 45 days of commencement.

Upon the occurrence of any Event of Default (other than an Event of Default under <u>Section 6.4</u> or <u>Section 6.5</u>) and at any time thereafter during the continuance of such Event of Default, the Lender, by written notice to the Borrower, may declare the unpaid principal amount hereunder, and any accrued and unpaid interest thereon, immediately due and payable. Upon the occurrence of any Event of Default described in <u>Section 6.4</u> or <u>Section 6.5</u>, immediately and without notice, the unpaid principal amount hereunder, and any accrued and unpaid interest thereon, shall automatically become immediately due and payable.

7. <u>Waivers</u>. The Borrower hereby waives presentment, demand, protest and notice of any kind in connection with this Note.

8. <u>Maximum Interest Rate</u>. Neither the Borrower nor any other party hereafter becoming liable for payment of this Note shall ever be required to pay interest on this Note at a rate in excess of the maximum interest that may be lawfully charged under applicable law, and the provisions of this <u>Section 8</u> shall control over all provisions of this Note which may be in apparent conflict herewith. In the event that the Lender shall collect monies which are deemed to constitute interest and which would increase the effective rate of this Note to a rate in excess of that permitted by applicable law to be charged, all such sums deemed to constitute interest in excess of the lawful rate shall, upon such determination, at the option of the Lender, be either immediately returned to the Borrower or credited against the principal balance of this Note then outstanding, in which event any and all penalties of any kind under applicable law as a result of such excess interest shall be applicable.

9. <u>Subordination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Anything contained in this Note to the contrary notwithstanding, the indebtedness and other obligations evidenced by this Note shall be subordinate in right of payment to all Senior Indebtedness, to the extent and in the manner set forth in this <u>Section 9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1 In the event of any insolvency, bankruptcy, liquidation, reorganization or other similar proceedings, or any receivership proceedings in connection therewith, relative to the Borrower, or in the event of any proceedings for voluntary liquidation, dissolution or other winding up of the Borrower, whether or not involving insolvency or bankruptcy proceedings, then all Senior Indebtedness shall first be paid in full before any payment on account of principal or interest is made under this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 In any of the proceedings referred to in <u>Section 9.1.1</u>, any payment or distribution of any kind or character, whether in cash, property, stock or obligations, which may be payable or deliverable in respect of this Note shall be paid or delivered directly to the holders of Senior Indebtedness for application in payment thereof unless and until all Senior Indebtedness shall have been paid in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.3 No payment shall be made, directly or indirectly, on account of this Note following the final maturity of any Senior Indebtedness, whether by lapse of time, acceleration (unless waived) or otherwise (such event, a "<u>Senior Indebtedness Payment Event</u>"), unless and until such Senior Indebtedness shall have been paid in full; <u>provided</u> that, notwithstanding anything in this <u>Section 9.1.3</u> to the contrary, an Event of Default pursuant to <u>Section 6.1</u> shall exist if the total amount of unpaid principal and accrued interest hereunder is not paid on the Maturity Date (after giving effect to the cure period set forth in <u>clause (b</u>) of <u>Section 6.1</u>), regardless of the existence of a Senior Indebtedness Payment Event on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 If any payment or distribution shall have been received by the Lender in contravention of <u>Section 9.1</u>, such payment or distribution shall be held by the Lender in trust for the benefit of, and shall be paid over or delivered to, the holders of any Senior Indebtedness at the time outstanding in accordance with the priorities then existing among such holders for application to the payment of all Senior Indebtedness remaining unpaid, to the extent necessary to pay all such Senior Indebtedness in full.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Subject to the payment in full of all Senior Indebtedness in accordance with this <u>Section 9</u>, the Lender shall be subrogated to the rights of the holders of any Senior Indebtedness to receive payments or distributions of any kind or character, whether in cash, property, stock or obligations, which may be payable or deliverable to such holders until the principal of, and interest on, this Note shall be paid in full, and, as between the Borrower, its creditors, other than the holders of any Senior Indebtedness, and the Lender, no such payment or distribution made to the holders of any Senior Indebtedness by virtue of this <u>Section 9</u> which would otherwise have been made to the Lender shall be deemed a payment by the Borrower on account of such Senior Indebtedness, it being understood that the provisions of this <u>Section 9</u> are and are intended solely for the purpose of defining the relative rights of the Lender, on the one hand, and the holders of the Senior Indebtedness, on the other hand. Subject to the rights under this <u>Section 9</u>, if any, of any holders of Senior Indebtedness to receive cash, property, stock or obligations otherwise payable or deliverable to the Lender, nothing herein shall either impair, as between the Borrower and the Lender, the obligation of the Borrower, which is unconditional and absolute, to pay the Lender the principal and accrued interest hereunder in accordance with the terms and provisions of this Note or prevent the Lender from exercising all remedies otherwise permitted by applicable law or upon default hereunder.

10. <u>Portfolio Interest Exemption</u>. Lender represents to Borrower, and Borrower agrees to rely upon such representation, that, as of the date hereof, amounts treated as interest for U.S. federal income tax purposes under the Note are intended to qualify as "portfolio interest" under Sections 871(h) and 881(c) of the Code, provided that sufficient documentation and certifications are provided to support such treatment. Lender shall provide, upon the reasonable request of Borrower, any form, certificate, affidavit, document, or declaration required to establish a right to the benefit of an applicable tax treaty or an exemption from or reduced rate of withholding, income or similar taxes, or in connection with an application for a refund of withholding, income or other taxes, including, without limitation, under Section 871, 881, 897, 1441-1442, 1445-1446, or 1471-1474 of the Code.

11. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Extension or Modification</u>. This Note may be extended or modified only by written agreement between the Borrower and the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Successors and Assigns</u>. This Note shall be binding upon and inure to the benefit of the successors and permitted assigns of the Borrower and the Lender.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Register</u>. The Borrower shall maintain, at its principal place of business, a register for the recordation of the name and address of the Lender and its successors and permitted assigns and the total amount of unpaid principal and accrued interest hereunder from time to time (the "<u>Register</u>"). In the event of an assignment of this Note in whole or in part, upon its receipt of a written notification from the Lender setting forth the name and address of the assignee and the amount of this Note so assigned (and delivering together therewith the note issued to the Lender), the Borrower shall record the information contained therein in the Register. Failure to make any such recordation, or any error in any such recordation, shall not affect the Borrower's obligations in respect of this Note. The entries in the Register shall be conclusive, absent manifest error, and the Borrower and the Lender shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a lender hereunder for all purposes of this Note. The Register shall be available for inspection by the Lender at any reasonable time and from time to time upon reasonable prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Third Party Beneficiaries</u>. Nothing in this Note shall be deemed or construed to give any Person, other than the Borrower and the Lender and their respective successors and permitted assigns, any legal or equitable rights hereunder; <u>provided</u> that the holders of any Senior Indebtedness are intended third party beneficiaries of the provisions of <u>Section 9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Severability</u>. Wherever possible, each provision of this Note shall be interpreted in such a manner as to be effective and valid under applicable law, but, if any provision of this Note shall be prohibited by or be invalid under applicable law, such provision shall be severable and ineffective to the extent of such prohibition or invalidity without invalidating the remaining provisions of this Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Notices</u>. Unless otherwise expressly provided herein, all notices and other communications provided for hereunder shall be in writing (including by facsimile or electronic (e.g., .pdf) transmission). All such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or electronic mail address specified below or to such other address, facsimile number or electronic mail address as shall be designated by the applicable party hereto in a notice to the other party hereto:

If to the Borrower,

FBRED-C Feeder REIT Trust

c/o Benefit Street Partners L.L.C.

One Madison Avenue, Suite 1600

New York, New York 10010

Facsimile: 212-588-6770

Email:

Attn: Jerome Baglien

If to the Lender,

Franklin BSP Real Estate Debt Cayman Access Fund (FBRED-C), L.P.

c/o Benefit Street Partners L.L.C.

One Madison Avenue, Suite 1600

New York, New York 10010

Facsimile: 212-588-6770

Email:

Attn: Jerome Baglien

All notices and other communications hereunder shall be deemed to be given or made upon the earlier to occur of (a) actual receipt by the relevant party hereto and (b) (i) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (ii) if delivered by mail, three Business Days after deposit in the mails, postage prepaid; (iii) if delivered by facsimile, when sent and receipt has been confirmed by telephone and (iv) if delivered by electronic mail, when delivered, unless any such notice or communication is not so received by the Lender during the normal business hours of the Lender, in which case such notice or communication shall be deemed delivered at the opening of business on the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Governing Law</u>. This Note shall be governed by and construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8.1 The rights, powers and remedies given to the Lender hereunder shall be cumulative and not alternative and shall be in addition to all rights, powers and remedies given to the Lender by law or in equity against the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8.2 Any forbearance of or failure or delay in exercising any right, power or remedy by the Lender hereunder shall not be deemed a waiver thereof.

*[Signature page follows]*

The Borrower has caused this Note to be executed in its name by its duly authorized officer as of the date first written above.

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| |
|:---|
| FBRED-C FEEDER REIT TRUST |
| By: |
| Name: |
| Title: |

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*[Signature Page to Revolving Intercompany <br> Note of FBRED-C Feeder REIT Trust]*

REVOLVING INTERCOMPANY NOTE SCHEDULE

Loan Advances and Payments

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Date | &nbsp;&nbsp;Amount of<br> Advance | &nbsp;&nbsp;Principal <br> Paid or <br> Prepaid | &nbsp;&nbsp;Amount of <br> Interest Paid | &nbsp;&nbsp;Amount<br> of Unpaid <br> Principal | &nbsp;&nbsp;Notation <br> Made By |

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<u>Exhibit A</u>

<u>Form of Borrowing Notice</u>

To: [ ]

[Date]

Ladies and Gentlemen:

Reference is made to the Revolving Intercompany Note, dated as of [____], 2025 (as amended, supplemented, restated and/or otherwise modified from time to time, the "<u>Note</u>"), made by FBRED-C Feeder REIT Trust (the "<u>Borrower</u>") in favor of Franklin BSP Real Estate Debt Cayman Access Fund (FBRED-C), L.P. (the "<u>Lender</u>"). Capitalized terms used but not defined herein shall have the respective meanings ascribed thereto in the Note.

The Borrower hereby requests an Advance under the Note to be made on the terms set forth below:

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| | |
|:---|:---|
| (A) | Date of Borrowing |
|  | (which is a Business Day): |
| (B) | Principal amount: |

---

The Borrower hereby represents and warrants to the Lender that, on the date of this Borrowing Notice and on the date the related Advance is made, (a) no Event of Default has occurred and is continuing or will result from the making of such Advance and (b) all representations and warranties in the Note are true and correct in all material respects.

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| |
|:---|
| FBRED-C Feeder REIT Trust |
| By: |
| Name: |
| Title: |

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## Exhibit 10.3

**Exhibit 10.3**

**STOCKHOLDER AGREEMENT**

This STOCKHolder Agreement (this "<u>Agreement</u>"), dated as of [·], 2025, is made by and between FRANKLIN BSP REAL ESTATE DEBT, INC. (the "<u>Company</u>") and FBRED-C FEEDER REIT TRUST (the "<u>Stockholder</u>").

WHEREAS, the Stockholder has invested in shares of one or more classes of the Company's common stock (the "<u>Common Stock</u>") and is the holder of the sole share of the Company's Series A Preferred Stock (the "<u>Preferred Stock</u>");

WHEREAS, in accordance with the terms of the Preferred Stock, the Stockholder has certain rights to appoint directors to the Company's board of directors (the "<u>Board</u>"); and

WHEREAS, the Stockholder and the Company desire to enter into this Agreement in connection with the Stockholder's investment in Common Stock and the issuance of the Preferred Stock in order to establish certain arrangements with respect to the exercise of such appointment right.

NOW, THEREFORE, the parties hereto, in consideration of the foregoing, the mutual covenants and agreements hereinafter set forth, and other good and valuable consideration, the receipt and sufficiency of which are acknowledged, hereby agree as follows:

SECTION 1.1 <u>Appointment of Directors</u>. The Stockholder agrees that all but two of the directors on the Board at any given time that are appointed or designated by the Stockholder pursuant to its rights as holder of the Preferred Stock will satisfy the definition of Independent Director set forth in the Company's amended and restated articles of incorporation.

SECTION 1.2 <u>Size of Board</u>. The Company agrees that the size of the Board shall be six, unless otherwise agreed to with the Stockholder.

SECTION 1.3 <u>Voting</u>. The Stockholder agrees that in connection with any vote of holders of Common Stock on nominees for election to the Board, the Stockholder will vote any Common Stock it owns for director nominees in the same proportion as votes submitted (including via proxy) by Company stockholders other than the Stockholder.

SECTION 1.4 <u>Term</u>. The provisions of this Agreement shall apply when the Stockholder holds the Preferred Stock.

SECTION 1.5 <u>Governing Law</u>. This Agreement is governed by and should be construed in accordance with Maryland law.

**[Signature Page Follows]**

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.

---

| |
|:---|
| <u>STOCKHOLDER</u>: |
| FBRED-C FEEDER REIT TRUST |
| By: |
| Name: |
| Title: |
| <u>COMPANY</u>: |
| FRANKLIN BSP REAL ESTATE DEBT, INC. |
| By: |
| Name: |
| Title: |

---

## Exhibit 10.4

**Exhibit 10.4**

**<u>INDEMNIFICATION AGREEMENT</u>**

THIS INDEMNIFICATION AGREEMENT ("Agreement") is made and entered into as of the [•] day of [•], 202[•], by and between FBRED-C Feeder REIT Trust, a Maryland statutory trust (the "Trust"), and ___________ (the "Indemnitee").

WHEREAS, at the request of the Trust, Indemnitee currently serves as a trustee, officer or service provider of the Trust and may, therefore, be subjected to claims, suits or proceedings arising as a result of his or her service; and

WHEREAS, as an inducement to Indemnitee to continue to serve as such trustee, officer or service provider, the Trust has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings; and

WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses;

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Trust and Indemnitee do hereby covenant and agree as follows:

Section 1. <u>Definitions</u>. For purposes of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Applicable Legal Rate" means a fixed rate of interest equal to the applicable federal rate for mid-term debt instruments as of the day that it is determined that Indemnitee must repay any advanced expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Change in Control" means a change in control of the Trust occurring after the Effective Date of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), whether or not the Trust is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any "person" (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Trust representing 15% or more of the combined voting power of all of the Trust's then-outstanding securities entitled to vote generally in the election of trustees without the prior approval of at least two-thirds of the members of the Board of Trustees of the Trust (collectively, the "Board of Trustees") in office immediately prior to such person's attaining such percentage interest; (ii) the Trust is a party to a merger, consolidation, sale of assets, plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Trustees then in office, as a consequence of which members of the Board of Trustees in office immediately prior to such transaction or event constitute less than a majority of the Board of Trustees thereafter; or (iii) at any time, a majority of the members of the Board of Trustees are not individuals whose election by the Board of Trustees was approved by the affirmative vote of at least two-thirds of the trustees then in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Corporate Status" means the status of a person as a present or former trustee, officer, employee or agent of the Trust or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Trust. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the request of the Trust, service by Indemnitee shall be deemed to be at the request of the Trust if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise (i) of which a majority of the voting power or equity interest is owned directly or indirectly by the Trust or (ii) the management of which is controlled directly or indirectly by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Disinterested Trustee" means a trustee of the Trust who is not and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Effective Date" means the date set forth in the first paragraph of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Expenses" means any and all reasonable and out-of-pocket attorneys' fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium for, security for and other costs relating to any cost bond supersedeas bond or other appeal bond or its equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Independent Counsel" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Trust or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Trust or Indemnitee in an action to determine Indemnitee's rights under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "Proceeding" means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other proceeding, whether brought by or in the right of the Trust or otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Trust and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a Proceeding.

Section 2. <u>Services by Indemnitee</u>. Indemnitee will serve as a trustee, officer or service provider of the Trust. However, this Agreement shall not impose any independent obligation on Indemnitee or the Trust to continue Indemnitee's service to the Trust. This Agreement shall not be deemed an employment contract between the Trust (or any other entity) and Indemnitee.

Section 3. <u>General</u>. Subject to the limitations in Section 5, the Trust shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) as otherwise permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date. Subject to the limitations in Section 5, the rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 12-403 of the Maryland Statutory Trust Act and Section 2-418(g) of the Maryland General Corporation Law (the "MGCL").

Section 4. <u>Standard for Indemnification</u>. Subject to the limitations in Section 5, if, by reason of Indemnitee's Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Trust shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with any such Proceeding unless it is established by clear and convincing evidence that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

Section 5. <u>Certain Limits on Indemnification</u>. Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) indemnification for any loss or liability unless all of the following conditions are met: (i) Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Trust; (ii) Indemnitee was acting on behalf for performing services for the Trust; (iii) such loss or liability was not the result of (A) gross negligence or willful misconduct, in the case that the Indemnitee is an independent trustee of the Trust or (B) negligence or misconduct, in the case that the Indemnitee is not an independent trustee of the Trust; and (iv) such indemnification is recoverable only out of the Trust's net assets and not from the Trust's stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) indemnification for any loss or liability arising from an alleged violation of federal or state securities laws unless one or more of the following conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Trust were offered or sold as to indemnification for violations of securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) indemnification hereunder if the Proceeding was one by or in the right of the Trust and Indemnitee is adjudged to be liable to the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) indemnification hereunder if Indemnitee is adjudged to be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in the Indemnitee's Corporate Status; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Trust's charter or bylaws, a resolution of the stockholders entitled to vote generally in the election of trustees or of the Board of Trustees or an agreement approved by the Board of Trustees to which the Trust is a party expressly provide otherwise.

Section 6. <u>Court-Ordered Indemnification</u>. Subject to the limitations in Section 5(a) and (b), a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Trust in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such court determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Trust or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.

Section 7. <u>Indemnification for Expenses of an Indemnitee Who is Wholly or Partly Successful</u>. Subject to the limitations in Section 5, to the extent that Indemnitee was or is, by reason of his or her Corporate Status, made a party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, Indemnitee shall be indemnified for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Trust shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with each such claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 7, and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

Section 8. <u>Advance of Expenses for an Indemnitee</u>. If, by reason of Indemnitee's Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Trust shall, without requiring a preliminary determination of Indemnitee's ultimate entitlement to indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with (a) such Proceeding which is initiated by a third party who is not a stockholder of the Trust, or (b) such Proceeding which is initiated by a stockholder of the Trust acting in his or her capacity as such and for which a court of competent jurisdiction specifically approves such advancement, and which relates to acts or omissions with respect to the performance of duties or services for the Trust, within ten days after the receipt by the Trust of a statement or statements requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee's good faith belief that the standard of conduct necessary for indemnification by the Trust as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as <u>Exhibit A</u> or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee, together with the Applicable Legal Rate of interest thereon, relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established, by clear and convincing evidence, that the standard of conduct has not been met by Indemnitee and which have not been successfully resolved as described in Section 7 of this Agreement. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee's financial ability to repay such advanced Expenses and without any requirement to post security therefor.

Section 9. <u>Indemnification and Advance of Expenses as a Witness or Other Participant</u>. Subject to the limitations in Section 5, to the extent that Indemnitee is or may be, by reason of Indemnitee's Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Trust or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith within ten days after the receipt by the Trust of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee.

Section 10. <u>Procedure for Determination of Entitlement to Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Trust a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee's sole discretion. The officer of the Trust receiving any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Trustees in writing that Indemnitee has requested indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee's entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel, in a written opinion to the Board of Trustees, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Trustees in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control shall not have occurred, (A) by the Board of Trustees by a majority vote of a quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Trustees consisting solely of one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Trustees in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably withheld, by Independent Counsel, in a written opinion to the Board of Trustees, a copy of which shall be delivered to Indemnitee or (C) if so directed by a majority of the members of the Board of Trustees, by the stockholders of the Trust. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination in the discretion of the Board of Trustees or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Trust (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Trust shall indemnify and hold Indemnitee harmless therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.

Section 11. <u>Presumptions and Effect of Certain Proceedings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Trust shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea of <u>nolo contendere</u> or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The knowledge and/or actions, or failure to act, of any other trustee, officer, employee or agent of the Trust or any other trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement.

Section 12. <u>Remedies of Indemnitee</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Trust of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within ten days after receipt by the Trust of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the charter or bylaws of the Trust is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, of Indemnitee's entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at Indemnitee's option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his or her rights under Section 7 of this Agreement. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The Trust shall not oppose Indemnitee's right to seek any such adjudication or award in arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Trust shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Trust for any advances pursuant to Section 8 of this Agreement until a final determination is made with respect to Indemnitee's entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Trust shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Trust is bound by all of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Trust shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration to enforce Indemnitee's rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Trust, and shall be indemnified by the Trust for, any and all Expenses actually and reasonably incurred by him or her in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Interest shall be paid by the Trust to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial Proceedings Article of the Annotated Code of Maryland for amounts which the Trust pays or is obligated to pay for the period (i) commencing with either the tenth day after the date on which the Trust was requested to advance Expenses in accordance with Sections 8 or 9 of this Agreement or the 60<sup>th</sup> day after the date on which the Trust was requested to make the determination of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) and ending on the date such payment is made to Indemnitee by the Trust.

Section 13. <u>Defense of the Underlying Proceeding</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indemnitee shall notify the Trust promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Trust's ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Trust is thereby actually so prejudiced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Trust shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Trust shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under Section 13(a) above. The Trust shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee, or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee's Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Trust, which approval shall not be unreasonably withheld, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Trust, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Trust, or (iii) if the Trust fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee's choice, subject to the prior approval of the Trust, which approval shall not be unreasonably withheld, at the expense of the Trust. In addition, if the Trust fails to comply with any of its obligations under this Agreement or in the event that the Trust or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee's choice, subject to the prior approval of the Trust, which approval shall not be unreasonably withheld, at the expense of the Trust (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.

Section 14. <u>Non-Exclusivity; Survival of Rights; Subrogation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the charter or bylaws of the Trust, or otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any payment under this Agreement, the Trust shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Trust to bring suit to enforce such rights.

Section 15. <u>Insurance</u>. The Trust will use its reasonable best efforts to acquire trustees and officers liability insurance, on terms and conditions deemed appropriate by the Board of Trustees, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of his or her Corporate Status and covering the Trust for any indemnification or advance of Expenses made by the Trust to Indemnitee for any claims made against Indemnitee by reason of his or her Corporate Status. Without in any way limiting any other obligation under this Agreement, the Trust shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Trust or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Trust and Indemnitee shall not in any way limit or affect the rights or obligations of the Trust under any such insurance policies. If, at the time the Trust receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise), the Trust has director and officer liability insurance in effect, the Trust shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.

Section 16. <u>Coordination of Payments</u>. The Trust shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

Section 17. <u>Reports to Stockholders</u>. To the extent required by the MGCL, the Trust shall report in writing to its stockholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Trust with the notice of the meeting of stockholders of the Trust next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting.

Section 18. <u>Duration of Agreement; Binding Effect</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a trustee, officer, employee or agent of the Trust or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Trust and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Trust), shall continue as to an Indemnitee who has ceased to be a trustee, officer, employee or agent of the Trust or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Trust, and shall inure to the benefit of Indemnitee and Indemnitee's spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Trust, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Trust would be required to perform if no such succession had taken place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Trust acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Trust hereby waives any such requirement of such a bond or undertaking.

Section 19. <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section 20. <u>Identical Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

Section 21. <u>Headings</u>. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

Section 22. <u>Modification and Waiver</u>. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

Section 23. <u>Notices</u>. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to Indemnitee, to the address set forth on the signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Trust, to:

FBRED-C Feeder REIT Trust

c/o Benefit Street Partners L.L.C.

One Madison Ave. Suite 1600

New York, NY 10010 Attn: Micah Goodman

or to such other address as may have been furnished in writing to Indemnitee by the Trust or to the Trust by Indemnitee, as the case may be.

Section 24. <u>Governing Law</u>. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts of laws rules.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

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| | |
|:---|:---|
| FBRED-C FEEDER REIT TRUST | FBRED-C FEEDER REIT TRUST |
| By: |  |
|  | Name: |
|  | Title: |
| INDEMNITEE | INDEMNITEE |
|  | Name: |

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**EXHIBIT A**

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED

To: The Board of Trustees of FBRED-C Feeder REIT Trust

Re: Affirmation and Undertaking

Ladies and Gentlemen:

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement, dated the [•] day of [•], 202[•], by and between FBRED-C Feeder REIT Trust, a Maryland statutory trust (the "Company"), and the undersigned Indemnitee (the "Indemnification Agreement"), pursuant to which I am entitled to advance of Expenses in connection with **[Description of Proceeding]** (the "Proceeding").

Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.

I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief that at all times, insofar as I was involved as a trustee or officer of the Trust, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful.

In consideration of the advance of Expenses by the Trust for reasonable attorneys' fees and related Expenses incurred by me in connection with the Proceeding (the "Advanced Expenses"), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses, together with the Applicable Legal Rate of interest thereon, relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.

IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this day of ________________, 20 ____.

Name: