# EDGAR Filing Document

**Accession Number:** 0002073653
**File Stem:** 0002073653-26-000004
**Filing Date:** 2026-3
**Character Count:** 188983
**Document Hash:** 4df0a92b26111ba7559fe56df6c2eb6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002073653-26-000004.hdr.sgml**: 20260316

**ACCESSION NUMBER**: 0002073653-26-000004

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 41

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260316

**DATE AS OF CHANGE**: 20260316

**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-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56765
- **FILM NUMBER:** 26756680

**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

?xml version='1.0' encoding='ASCII'? fbredc-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

(Mark One) <br> ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to _____

Commission file number – 000-56765

**FBRED-C Feeder REIT Trust**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **Maryland** | **33-4962406** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |

---

---

| | |
|:---|:---|
| **One Madison Avenue, Suite 1600**<br>**New York, New York** | **10010** |
| (Address of principal executive offices) | (Zip Code) |

---

(Registrant's telephone number, including area code) **212-588-6770**

Securities registered pursuant to Section 12(b) of the Act: None

Securities registered pursuant to Section 12(g) of the Act: **Class I Common Shares, par value $0.001 per share**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ◻ No ⌧

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ◻ No ⌧

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ⌧ No ◻

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 the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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

---

If 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 financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the Registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ◻No ⌧

The aggregate net asset value of the common stock held by non-affiliates of the registrant: There is currently no established public market for the registrant's common shares of beneficial interest, $0.001 par value per share ("Common Shares"), and no shares are held by non-affiliates.

As of March 16, 2026, there were 40 common shares of beneficial interest, $0.001 par value, outstanding.

DOCUMENTS INCORPORATED BY REFERENCE: None

------

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| | **Page** |
| **PART I** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1. Business](#i64e922bc650b4a06ba911727a2501b93_397)</u> | <u>[2](#i64e922bc650b4a06ba911727a2501b93_397)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1A. Risk Factors](#i64e922bc650b4a06ba911727a2501b93_420)</u> | <u>[7](#i64e922bc650b4a06ba911727a2501b93_420)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1B. Unresolved Staff Comments](#i64e922bc650b4a06ba911727a2501b93_1150)</u> | <u>[10](#i64e922bc650b4a06ba911727a2501b93_1150)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1C. Cybersecurity](#i64e922bc650b4a06ba911727a2501b93_1171)</u> | <u>[10](#i64e922bc650b4a06ba911727a2501b93_1171)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2. Properties](#i64e922bc650b4a06ba911727a2501b93_441)</u> | <u>[11](#i64e922bc650b4a06ba911727a2501b93_441)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 3. Legal Proceedings](#i64e922bc650b4a06ba911727a2501b93_462)</u> | <u>[13](#i64e922bc650b4a06ba911727a2501b93_462)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 4. Mine Safety Disclosures](#i64e922bc650b4a06ba911727a2501b93_483)</u> | <u>[13](#i64e922bc650b4a06ba911727a2501b93_483)</u> |
| **PART II** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i64e922bc650b4a06ba911727a2501b93_504)</u> | <u>[13](#i64e922bc650b4a06ba911727a2501b93_504)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 6. \[Reserved\]](#i64e922bc650b4a06ba911727a2501b93_526)</u> | <u>[15](#i64e922bc650b4a06ba911727a2501b93_526)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i64e922bc650b4a06ba911727a2501b93_547)</u> | <u>[15](#i64e922bc650b4a06ba911727a2501b93_547)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 7A. Quantitative and Qualitative Disclosures About Market Risk](#i64e922bc650b4a06ba911727a2501b93_568)</u> | <u>[17](#i64e922bc650b4a06ba911727a2501b93_568)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 8. Financial Statements and Supplementary Data](#i64e922bc650b4a06ba911727a2501b93_589)</u> | <u>[17](#i64e922bc650b4a06ba911727a2501b93_589)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i64e922bc650b4a06ba911727a2501b93_610)</u> | <u>[17](#i64e922bc650b4a06ba911727a2501b93_610)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 9A. Controls and Procedures](#i64e922bc650b4a06ba911727a2501b93_631)</u> | <u>[17](#i64e922bc650b4a06ba911727a2501b93_631)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 9B. Other Information](#i64e922bc650b4a06ba911727a2501b93_652)</u> | <u>[18](#i64e922bc650b4a06ba911727a2501b93_652)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i64e922bc650b4a06ba911727a2501b93_673)</u> | <u>[18](#i64e922bc650b4a06ba911727a2501b93_673)</u> |
| **PART III** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 10. Directors, Executive Officers and Corporate Governance](#i64e922bc650b4a06ba911727a2501b93_694)</u> | <u>[19](#i64e922bc650b4a06ba911727a2501b93_694)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 11. Executive Compensation](#i64e922bc650b4a06ba911727a2501b93_716)</u> | <u>[20](#i64e922bc650b4a06ba911727a2501b93_716)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i64e922bc650b4a06ba911727a2501b93_737)</u> | <u>[21](#i64e922bc650b4a06ba911727a2501b93_737)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 13. Certain Relationships and Related Transactions, and Director Independence](#i64e922bc650b4a06ba911727a2501b93_758)</u> | <u>[21](#i64e922bc650b4a06ba911727a2501b93_758)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 14. Principal Accountant Fees and Services](#i64e922bc650b4a06ba911727a2501b93_779)</u> | <u>[23](#i64e922bc650b4a06ba911727a2501b93_779)</u> |
| **PART IV** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 15. Exhibits and Financial Statement Schedules](#i64e922bc650b4a06ba911727a2501b93_800)</u> | <u>[25](#i64e922bc650b4a06ba911727a2501b93_800)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 16. Form 10-K Summary](#i64e922bc650b4a06ba911727a2501b93_822)</u> | <u>[25](#i64e922bc650b4a06ba911727a2501b93_822)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Signatures](#i64e922bc650b4a06ba911727a2501b93_307)</u> | <u>[26](#i64e922bc650b4a06ba911727a2501b93_307)</u> |

---

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**Forward-Looking Statements**

Certain information contained in this Annual Report on Form 10-K 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 FBRED-C Feeder REIT Trust (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 Franklin BSP Real Estate Debt Cayman Access Fund (FBRED-C), L.P., a Cayman Islands exempted limited partnership (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 real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended ("Code"), 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 FBRED-C Feeder Subsidiary Fund, L.P., a wholly-owned subsidiary of the Indirect Parent (the "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 Franklin BSP Real Estate Debt, Inc. ("FBRED") common stock.

See "*Risk Factor Summary*" of FBRED's Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 12, 2026, incorporated herein by reference for information related to our investments in FBRED common stock.

------

**PART I**

**ITEM 1. BUSINESS**

FBRED-C Feeder REIT Trust ("we," "us" and the "Company") is a newly formed company that intends to elect to qualify to be taxed for U.S. federal income tax purposes, and to qualify annually thereafter, as a REIT. We were formed as a Maryland statutory trust on March 6, 2025. As a REIT, we must comply with certain regulatory requirements. See "—Governmental Regulations" and<u>[Item 1A. "Risk Factors — Risks Related to Taxation."](#i64e922bc650b4a06ba911727a2501b93_420)</u>

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 investment considerations for 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*" of FBRED's Form 10-K filed with the SEC on March 12, 2026, which is incorporated herein by reference, for information on the business and investment objectives of FBRED.

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**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:

![Feeder REIT Org Chart.jpg](fbredc-20251231_g1.jpg)

*Note 1*: The relative ownership of FBRED common stock by the Company as compared to other investors will change monthly depending on amounts invested in FBRED's private offering of common stock and any share redemptions by FBRED.

*Note 2*: As of the date of this Form 10-K and for the period prior to the Company's initial closing of common shares, BSP Fund Holdco (Debt Strategy) LP holds and will hold all of the outstanding common shares of the Company. Refer to Item 12 "Security Ownership of Certain Beneficial Owners and Management."

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**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;&nbsp;&nbsp;&nbsp;&nbsp;• A non-U.S. investor that wants to indirectly invest in one share of FBRED Class H-D common stock would invest in one Class H-D unit of the Indirect Parent. The purchase price for the unit would be equal to the FBRED Class H-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;&nbsp;&nbsp;&nbsp;&nbsp;• The Indirect Parent would invest all the proceeds (net of any amount paid to the broker) in the Company. In order to address certain anticipated investment considerations of the types of investors we expect will invest in the Indirect Parent, a portion of the amount the Indirect Parent invests in the Company 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 H-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 H-D common share would be the same as the price of the applicable FBRED Class H-D common stock minus the loan amount.

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

&nbsp;&nbsp;&nbsp;&nbsp;&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.

***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 December 31, 2025, the Adviser has advanced approximately $0.8 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.

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**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 ourself 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" (as defined in the Investment Company Act) 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. Section 2(a)(24) of the Investment Company Act defines a "majority-owned subsidiary" of a person as "a company 50 per centum or more of the outstanding voting securities of which are owned by such person, or by a company which, within the meaning of this paragraph, is a majority-owned subsidiary of such person." Section 2(a)(42) defines a "voting security'' as:

any security presently entitling the owner or holder thereof to vote for the election of directors of a company. A specified percentage of the outstanding voting securities of a company means such amount of its outstanding voting securities as entitles the holder or holders thereof to cast said specified percentage of the aggregate votes which the holders of all the outstanding voting securities of such company are entitled to cast. The vote of a majority of the outstanding voting securities of a company means the vote, at the annual or a special meeting of the security holders of such company duly called, (A) of 67 per centum or more of the voting securities present at such meeting, if the holders of more than 50 per centum of the outstanding voting securities of such company are present or represented by proxy; or (B) of more than 50 per centum of the outstanding voting securities of such company, whichever is the less.

Our only direct investments are expected to be in the common stock and Series A Preferred Stock of FBRED. Pursuant to the terms of the FBRED Series A Preferred Stock, so long as the we own shares of FBRED common stock, we will have the right to appoint 50% of the members of FBRED's board of directors. As we will hold a security, the FBRED Preferred Stock, that will give us the right to appoint directors of FBRED, the FBRED Preferred Stock is a "voting security" of FBRED. Although we may not own 50% of the total number of outstanding shares of voting securities of all classes of FBRED, our ownership of the FBRED Series A Preferred Stock will give us the voting right equivalent to owning such number of shares. As a result, as of the initial closing of our private offering, because we will own voting securities of FBRED (FBRED Preferred Stock) that will allow us to designate 50% of the FBRED directors, as if we held 50% of the number of outstanding voting securities of FBRED, FBRED will be our majority-owned subsidiary for purposes of the Investment Company Act.

Furthermore, given that we have been formed to facilitate investment in FBRED by certain non-U.S. investors, we will have an active interest and our directors will have a fiduciary duty to exercise voting control of FBRED for the benefit of our shareholders. Our equity investment in FBRED is our only investment, which is our sole revenue-generating activity. Therefore, we will exercise control rather than treat this investment as a passive investment that may be considered an "investment security" for purposes of Section 3(a)(1)(C) of the Investment Company Act.

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

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Section 3(c)(6) of the Investment Company Act as further described in Section <u>Item 1.</u> <u>"Business—Investment Company Act Considerations"</u> of FBRED's Form 10-K filed with the SEC on March 12, 2026), which is incorporated herein by reference. 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 intend to qualify as a REIT for U.S. federal income tax purposes beginning with the taxable year ending December 31, 2026. 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 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* — *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*." Refer to Item 1A. "*Risk Factors*" of FBRED's Form 10-K filed with the SEC on March 12, 2026, 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*" of FBRED's Form 10-K filed with the SEC on March 12, 2026, which is incorporated herein by reference, for information on government regulation of FBRED.

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**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**

Stockholders may obtain copies of our filings with the SEC, free of charge from the website maintained by the SEC at www.sec.gov.

**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.

In addition, 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, borrowings, 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.

***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 <u>[Item 1 "](#i64e922bc650b4a06ba911727a2501b93_397)</u>*<u>[Business—Investment Company Act Considerations](#i64e922bc650b4a06ba911727a2501b93_397)</u>*<u>[.](#i64e922bc650b4a06ba911727a2501b93_397)</u>" 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

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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 believe we will qualify to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ending December 31, 2026. We intend to meet the requirements for qualification and taxation as a REIT, but we cannot assure shareholders that we will 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 would 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 and certain other requirements. Moreover, FBRED currently invests (or a Subsidiary REIT 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:

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&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.

**General Risks Related to an Investment in Our Common Stock**

***Our business could suffer in the event our Adviser or any other party that provides us with services essential to our operations experiences system failures or cyber-incidents or a deficiency in cybersecurity.***

Despite system redundancy, the implementation of security measures and the existence of a disaster recovery plan for the internal information technology systems of the Adviser and other parties that provide us with services essential to our operations, these systems are vulnerable to damage from any number of sources, including computer viruses, unauthorized access, energy blackouts, natural disasters, terrorism, war and telecommunication failures. Any system failure or accident that causes interruptions in our operations could result in a material disruption to our business.

As reliance on technology in our industry has increased, so have the risks posed to the systems of the Adviser and other parties that provide us with services essential to our operations, both internal and outsourced. In addition, the risk of a cyber-incident, including by computer hackers, foreign governments and cyber terrorists, has generally increased as the number, intensity and sophistication of attempted attacks and intrusions from around the world have increased. Even the most well protected information, networks, systems and facilities remain potentially vulnerable because the techniques used in such attempted attacks and intrusions evolve and generally are not recognized until launched against a target, and in some cases are designed not to be detected and, in fact, may not be detected.

The remediation costs and lost revenues experienced by a victim of a cyber-incident may be significant and significant resources may be required to repair system damage, protect against the threat of future security breaches or to alleviate problems, including reputational harm, loss of revenues and litigation, caused by any breaches.

Although the Adviser and other parties that provide us with services essential to our operations intend to continue to implement industry-standard security measures, there can be no assurance that those measures will be sufficient, and any material adverse effect experienced by the Adviser and other parties that provide us with services essential to our operations could, in turn, have an adverse impact on us.

**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 <u>Item 1A. "</u>*<u>Risk Factors</u>*<u>"</u> of FBRED's Form 10-K filed with the SEC on March 12, 2026, which is incorporated herein by reference, for information on the risks of investing in FBRED common stock.

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**ITEM 1B. UNRESOLVED STAFF COMMENTS**

None.

**ITEM 1C. CYBERSECURITY**

***Management and Board of Trustees Oversight***

Our Board of Trustees oversees risk management for the Company, including through its approval of the investment policy and other policies of the Company and its oversight of the Adviser. Cybersecurity risk management is integrated into this broader risk management framework.

*Information Technology and Cybersecurity Risks*

We have no employees and rely on the Adviser, a wholly-owned subsidiary of Franklin Templeton, to manage our day-to-day operations pursuant to the Advisory Agreement, including our information technology infrastructure and cybersecurity. Therefore, we rely heavily on Franklin Templeton's information systems and their program for defending against and responding to cybersecurity threats and incidents. Franklin Templeton maintains a robust cybersecurity defense program, including a dedicated cybersecurity team led by its Chief Security Officer ("CISO"). The CISO, who reports directly to the Franklin Templeton Executive Vice President, Chief Risk and Transformation Officer, has over 31 years of experience in the information technology and cybersecurity field and has been at Franklin Templeton for 14 years. The CISO provides regular briefings for our Board of Trustees and senior officers of the Company on cybersecurity matters, including threats, events, and program enhancements.

In the event of an incident which jeopardizes the confidentiality, integrity, or availability of the information technology systems the Adviser uses to provide services to us pursuant to the Advisory Agreement, Franklin Templeton's cybersecurity team utilizes a regularly updated cybersecurity incident response plan that was developed based on, and is periodically benchmarked to, applicable third-party cybersecurity standards and frameworks. Pursuant to that plan and its escalation protocols, designated personnel are responsible for assessing the severity of the incident and associated threat, containing the threat, remediating the threat, including recovery of data and access to systems, analyzing the reporting obligations associated with the incident and performing post-incident analysis and program improvements. While the particular personnel assigned to an incident response team will depend on the particular facts and circumstances, the response team is led by the CISO or his delegee.

The Board of Trustees oversees, the Company's privacy, information technology and security and cybersecurity risk exposures, including (i) the potential impact of those exposures on the Company's business, financial results, operations and reputation, (ii) the programs and steps implemented by management to monitor and mitigate any exposures, (iii) the Company's information governance and information security policies and programs, and (iv) major legislative and regulatory developments that could materially impact the Company's privacy, data security and cybersecurity risk exposure. On a quarterly basis, the CISO or its delegee report to our Board of Trustees on information technology and cybersecurity matters, including a detailed threat assessment relating to information technology risks.

***Processes for Assessing, Identifying and Managing Material Risks from Cybersecurity Threats***

The Franklin Templeton cybersecurity program focuses on (1) preventing and preparing for cybersecurity incidents, (2) detecting and analyzing cybersecurity incidents, and (3) containing, eradicating, recovering from and reporting cybersecurity events. The Company has a policy that supplements the Franklin Templeton cybersecurity incident response plan and addresses reporting and disclosure considerations related to a cybersecurity incident.

*Prevention and Preparation*

Franklin Templeton undertakes regular internal and external security audits and vulnerability assessments to reduce the risk of a cybersecurity incident and they implement business continuity, contingency and recovery plans to mitigate the impact of an incident. As part of these efforts, Franklin Templeton periodically engages consultants to conduct external reviews of its vulnerabilities, including penetration testing and compromise assessments. Franklin Templeton employs identity and access management including broad adoption of multifactor authentication, geo-location blocking, behavior analytics and controls aligned to a zero trust model.

Franklin Templeton and the Adviser recognize that threat actors frequently target employees to gain unauthorized access to information systems. Therefore, a key element of their prevention efforts is employee training on their data privacy and cyber

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security procedures. For example, new hires receive mandatory privacy and information security training. In addition, current employees of the Adviser must complete mandatory annual cybersecurity and data trainings, which are supplemented by regular phishing and other cyber-related awareness activities and trainings that we conduct throughout the year.

We recognize that third parties that provide information systems used by the Adviser to provide services to the Company can be subject to cybersecurity incidents that could impact the Company. To mitigate third party risk, Franklin Templeton requires third party vendors to comply with our confidentiality, security, and privacy requirements. Third-party IT vendors are also subject to additional diligence such as questionnaires and inquiries.

As discussed above, to support its preparedness Franklin Templeton has an incident response plan that it periodically updates. In addition, Franklin Templeton performs regularly scheduled tabletop exercises and periodic drills at least once a year to test its incident response procedures, identify improvement opportunities and exercise team preparedness. Franklin Templeton also maintains cybersecurity insurance providing coverage for certain costs related to security failures and specified cybersecurity-related incidents that interrupt our network or networks of our vendors, in all cases up to specified limits and subject to certain exclusions.

*Detection and Analysis*

Cybersecurity incidents may be detected through a variety of means, which may include, but are not limited to, automated event-detection notifications or similar technologies which are monitored by the Franklin Templeton cyber defense team, notifications from employees, borrowers or service providers, and notifications from third party information technology system providers. Franklin Templeton also has a threat intelligence program that performs proactive analyses leveraging internal, government and third party provided intelligence to identify and mitigate risks to the firm. Once a potential cybersecurity incident is identified, including a third party cybersecurity event, the incident response team designated pursuant to the Franklin Templeton incident response plan follows the procedures set forth in the plan to investigate the potential incident, including determining the nature of the event and assessing the severity of the event.

*Containment, Eradication, Recovery, and Reporting*

In the event of a cybersecurity incident, the Franklin Templeton incident response team is responsible for deciding on a containment strategy to respond to the cybersecurity incident consistent with the procedures in the incident response plan.

Once a cybersecurity incident is contained the focus shifts to remediation. Eradication and recovery activities depend on the nature of the cybersecurity incident and may include rebuilding systems and/or hosts, replacing compromised files with clean versions or validation of files or data that may have been affected.

Franklin Templeton has relationships with a number of third party service providers to assist with cybersecurity containment and remediation efforts.

Following the conclusion of an incident, the Franklin Templeton incident response team will generally reassess the effectiveness of the cybersecurity program and incident response plan, identify potential adjustments as appropriate and report to our senior management and Board of Trustees on these matters.

***Cybersecurity Risks***

As of December 31, 2025, we have not had any known instances of material cybersecurity incidents, including third-party incidents, that impacted the Company since its inception. We and our Adviser routinely face risks of potential incidents, whether through cyber-attacks or cyber intrusions over the Internet, ransomware and other forms of malware, computer viruses, attachment to emails, phishing attempts, extortion or other scams; however, we have been able to prevent or sufficiently mitigate harm from such risks. See "*<u>Item 1A–Risk Factors</u>– General Risks Related to an Investment in Our Common Stock–Our business could suffer in the event our Adviser or any other party that provides us with services essential to our operations experiences system failures or cyber-incidents or a deficiency in cybersecurity*" in FBRED's Form 10-K filed with the SEC on March 12, 2026, which is incorporated herein by reference.

**ITEM 2. 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.

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**ITEM 3. 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 4. MINE SAFETY DISCLOSURES**

None.

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**PART II**

**ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

**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 Annual Report on Form 10-K, management has not undertaken any discussions, preliminary or otherwise, with any prospective market maker concerning the participation of such market maker in the after market for our securities.

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 (the "declaration of trusts") 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 <u>[Item 11.](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)["](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)</u>*<u>[Description](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)[of](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)[Registrant's Securities to be Registered](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)</u>*<u>["](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)</u> in FBRED's Form 10-12G/A filed with the SEC on December 20, 2024, which is 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 amended and restated bylaws ("bylaws"), our secretary will provide a written notice to

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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 <u>[Item 11. "](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)</u>*<u>[Description](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)[of](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)[Registrant's Securities to be Registered – Restrictions on Ownership and Tran](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)[sf](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)[er](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)</u>*<u>["](https://www.sec.gov/Archives/edgar/data/2035428/000110465924130816/tm2427506d2_1012ga.htm)</u> in FBRED's Form 10-12G/A filed with the SEC on December 20, 2024, incorporated herein by reference.

**Holders**

As of March 16, 2026, 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.

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.

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*" in FBRED's Form 10-K filed with the SEC on March 12, 2026, which is incorporated herein by reference.

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**Unregistered Sales of Equity Securities**

We were capitalized through the purchase by BSP Fund Holdco (Debt Strategy) LP ("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 this Annual Report on Form 10-K, 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 6. [RESERVED]**

**ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this Annual Report on Form 10-K.*

**Overview**

We are a Maryland statutory trust that was formed on March 6, 2025. We intend to elect to qualify to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ending December 31, 2026. We are externally managed by our Adviser.

We have 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 (FBRED-C), L.P. (the "Indirect Parent"). The Indirect Parent invests in us directly and also indirectly through FBRED-C Feeder Subsidiary Fund, L.P. ("Cayman Feeder Sub"). We intend to invest in various classes of the common stock of FBRED and expect to authorize, offer and sell our common shares to the Cayman Feeder Sub on a one-for-one ratio corresponding to our investment in common stock of FBRED. Accordingly, our investment objectives are the same as the investment objectives of FBRED.

FBRED's business focuses on originating senior floating-rate mortgage loans, and also investing in other real estate-related assets, including subordinated mortgage loans, mezzanine loans, and participations in such loans, commercial real estate securities, including commercial mortgage-backed securities ("CMBS"), equity or equity-linked securities in real estate operating companies, and net leased properties. FBRED primarily targets middle market companies, and invests across a mix of asset classes, but intends to focus on lending in the multifamily space. FBRED may also invest in, or originate, other real-estate related debt and equity investments, which may include subordinated debt, CMBS and collateralized loan obligations.

We are not aware of any material trends or uncertainties, favorable or unfavorable, other than national economic conditions affecting real estate generally, that may be reasonably anticipated to have a material impact on either capital resources or the revenues or income to be derived from our business, other than those referred to in this Annual Report on Form 10-K.

As of December 31, 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" and Item 8. "Financial Statements and Supplementary Data" of FBRED's Form 10-K filed with the SEC on March 12, 2026, 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.

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**Key Components of our Results of Operations**

***Income***

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.

As of December 31, 2025, we have not engaged in principal operations. Interest earned on cash held in banks of $13 was recorded to Interest Income on the Statements of Operations.

***Expenses***

We did not have any expenses for the year ended December 31, 2025.

***Organizational 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 expenses that it incurs on our behalf, as the expenses are incurred. As of December 31, 2025 the Adviser has advanced approximately $0.8 million of organization and offering expenses on our behalf.

**Financial Condition, Liquidity and Capital Resources**

As of December 31, 2025, we are in our organizational period and have not yet commenced principal operations. We expect that principal operations will commence when we issue common shares in the initial closing of our private offering. As of December 31, 2025, the Initial Investor has made an initial capital contribution of $1,000 in cash and we have earned $13 of interest on cash held in banks.

We currently expect that the initial closing of our private offering of common shares will occur in the second quarter of 2026 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 qualify 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, 2026. 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 December 31, 2025, the Adviser has advanced approximately $0.8 million of organization and offering expenses on our behalf.

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**Critical Accounting Estimates**

Our financial statements are prepared in conformity with accounting principles generally accepted in the United States of America ("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.

**Related Party Transactions**

We intend to enter into an advisory agreement with the Adviser in connection with the initial closing of our private offering.

**ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not required for small reporting company.

**ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

Our financial statements are annexed to this Annual Report beginning on page F-1.

**ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**

None.

**ITEM 9A. CONTROLS AND PROCEDURES**

**Evaluation of Disclosure Controls and Procedures**

An evaluation of the effectiveness of the design and operation of our "disclosure controls and procedures" (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")), as of the end of the period covered by this Annual Report on Form 10-K was made under the supervision and with the participation of our management, including our principal executive officer and principal financial officer. Based upon this evaluation, such officers have concluded that as of the end of the period covered by this report our disclosure controls and procedures (a) were effective to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified by SEC rules and forms and (b) included, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including such officers, as appropriate, to allow timely decisions regarding required disclosure.

**Management's Report on Internal Control over Financial Reporting**

This Annual Report on Form 10-K does not include a report of management's assessment regarding internal control over financial reporting or an attestation report of the Company's independent registered public accounting firm due to a transition period established by rules of the SEC for newly public companies.

**Changes in Internal Control Over Financial Reporting**

During the quarter ended December 31, 2025, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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**ITEM 9B. OTHER INFORMATION**

(a) New Tax Legislation

Effective July 4, 2025, certain changes to U.S. tax law were approved that impact us and our shareholders. Among other changes, this legislation (i) permanently extended the 20% deduction for "qualified REIT dividends" for individuals and other non-corporate taxpayers under Section 199A of the Code, (ii) increased the percentage limit under the REIT asset test applicable to taxable REIT subsidiaries from 20% to 25% for taxable years beginning after December 31, 2025, and (iii) increases the base on which the 30% interest deduction limit under Section 163(j) of the Code applies by excluding depreciation, amortization and depletion from the definition of "adjusted taxable income" (i.e. based on EBITDA rather than EBIT) for taxable years beginning after December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the quarter ended December 31, 2025, none of the Company's trustees or officers informed it of the adoption, modification or termination of a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Regulation S-K, Item 408.

**ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**

None.

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**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

**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 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.

The Company does not have a designated audit committee, but rather the sole trustee serves the function of the audit committee.

The Board also has not adopted a code of ethics or insider trading policy. The Board has determined to not adopt these policies because the Company has been formed to act as an investment vehicle for certain investors to invest in FBRED common stock, its only shareholder is Cayman Feeder Sub, the Company has no employees, the officers and trustee of the Company are also officers and one of the directors of FBRED, and as a result, such officers and trustee must comply with the code of ethics and insider trading policy of FBRED.

**Our Trustee**

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

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **&nbsp;&nbsp;&nbsp;&nbsp; Position** |
| Richard J. Byrne | 64 | &nbsp;&nbsp;&nbsp;Sole Trustee |

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**Richard J. Byrne**

Richard J. Byrne has served as President of Benefit Street Partners since 2013 and 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. In February 2026, Mr. Byrne resigned as Chief Executive Officer of FBRT, while continuing in his role as Chairman of the Board. Prior to joining the Adviser, Mr. Byrne was Chief Executive Officer of Deutsche Bank Securities, Inc. He was also the 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:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | &nbsp;&nbsp;&nbsp;**Position(s)** |
| Michael Comparato | 48 | &nbsp;&nbsp;&nbsp;Chief Executive Officer and President |
| Jerome S. Baglien | 48 | &nbsp;&nbsp;&nbsp;Chief Financial Officer, Chief Operating Officer and Treasurer |

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**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 (since 2017) and Portfolio Manager with Benefit Street Partners, and serves on the Adviser's US Executive Committee. Mr. Comparato served as President of FBRT from March 2023 to February 2026 and has overseen FBRT loan originations since 2016. In February 2026, Mr. Comparato was appointed Chief Executive Officer of FBRT. 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 various equity investments in multiple different 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 11. 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 13. "*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.

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**ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT OF RELATED STOCKHOLDER MATTERS**

We have not yet commenced commercial activities. 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 December 31, 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 13. 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 <u>Item 13. "</u>*<u>Certain Relationships and Related Transactions, and Director Independence</u>*<u>"</u> in FBRED's Form 10-K filed with the SEC on March 12, 2026, 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

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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 expenses that it incurs on our behalf, as incurred.

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***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.

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**ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES**

**Audit and Non-Audit Fees**

Aggregate fees that were for the period ended December 31, 2025 by our independent registered public accounting firm, PricewaterhouseCoopers LLP ("PwC"), were as follows:

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| | |
|:---|:---|
| | **For the Period Ended March 6, 2025 (Date of Inception) through December 31, 2025** |
| Audit fees <sup>(1)</sup> | $192000 |
| Audit-related fees |  |
| Tax fees |  |
| All other fees |  |
| Total | $192000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup>Audit fees include amounts related to annual financial statements audit work, quarterly financial statements reviews, and reviews of SEC registration statements.

------

**PART IV**

**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

The following exhibits are included, or incorporated by reference, in this Annual Report on Form 10-K for the year ended December 31, 2025 (and are numbered in accordance with Item 601 of Regulation S-K.

**a.Financial Statements**

See the Index to the Financial Statements at page F-1 on this report.

**b.Exhibits** 

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 3.1 | <u>[Certificate of the Trust of the Company](https://www.sec.gov/Archives/edgar/data/2073653/000110465925070821/tm2521474d1_ex3-1.htm)[(incorporated by reference to Exhibit 3.1 to the Company's](https://www.sec.gov/Archives/edgar/data/2073653/000110465925070821/tm2521474d1_ex3-1.htm)[Form 10 filed on July 25, 2025)](https://www.sec.gov/Archives/edgar/data/2073653/000110465925070821/tm2521474d1_ex3-1.htm)</u> |
| 3.2 | <u>[Declaration of Trust of the Company](https://www.sec.gov/Archives/edgar/data/2073653/000110465925070821/tm2521474d1_ex3-2.htm)[(incorporated by reference to Exhibit 3.2 to the Company's Form 10 filed on July 25, 2025)](https://www.sec.gov/Archives/edgar/data/2073653/000110465925070821/tm2521474d1_ex3-2.htm)</u> |
| 3.3\* | <u>[Bylaws of the Company (filed herewith)](exhibit33fbred-feedermdrei.htm)</u> |
| 3.4 | <u>[Form of Amended and Restated Declaration of Trust (incorporated by reference to Exhibit 3.](https://www.sec.gov/Archives/edgar/data/2073653/000110465925087510/tm2521474d3_ex3-3.htm)[3](https://www.sec.gov/Archives/edgar/data/2073653/000110465925087510/tm2521474d3_ex3-3.htm)[to the Company's Amendment No. 1 to Form 10 filed on September 4, 2025)](https://www.sec.gov/Archives/edgar/data/2073653/000110465925087510/tm2521474d3_ex3-3.htm)</u> |
| 3.5 | <u>[Form of Amended and Restated Bylaws of the Company (incorporated by reference to Exhibit 3.](https://www.sec.gov/Archives/edgar/data/2073653/000110465925087510/tm2521474d3_ex3-4.htm)[4](https://www.sec.gov/Archives/edgar/data/2073653/000110465925087510/tm2521474d3_ex3-4.htm)[to the Company's Amendment No. 1 to Form 10 filed on September 4, 2025)](https://www.sec.gov/Archives/edgar/data/2073653/000110465925087510/tm2521474d3_ex3-4.htm)</u> |
| 4.1 \* | <u>[Description of Securities of the Registrant (filed herewith)](exhibit41descriptionofsecu.htm)</u> |
| 24.1 | Power of Attorney (included on signature page) |
| 31.1\* | <u>[Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)](exhibit311fbred-c302cert_mc.htm)</u> |
| 31.2\* | <u>[Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith)](exhibit312fbred-c302cert_jb.htm)</u> |
| 32\* | <u>[Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith)](exhibit32fbred-c906cert.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) (filed herewith) |

---

\* Filed herewith.

**ITEM 16. FORM 10-K SUMMARY**

None.

------

**SIGNATURES**

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

<u>FBRED-C Feeder REIT Trust</u>

Registrant

---

| | | |
|:---|:---|:---|
| Dated: | March 16, 2026 | <u>/s/ Michael Comparato</u> <br>Michael Comparato<br>Chief Executive Officer and President |

---

**POWER OF ATTORNEY**

We, the undersigned officers and trustee of FBRED-C Feeder REIT Trust, hereby severally constitute Jerome Baglien, our true and lawful attorney with full power to sign for us and in our names in the capacities indicated below, the Annual Report on Form 10-K filed herewith and any and all amendments to said Annual Report, and generally to do all such things in our names and in our capacities as officers and trustee to enable FBRED-C Feeder REIT Trust to comply with the provisions of the Securities Exchange Act of 1934, as amended, and all requirements of the SEC, hereby ratifying and confirming our signatures as they may be signed by our said attorney to said Annual Report and any and all amendments thereto.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report was signed below by the following persons on behalf of the registrant on March 16, 2026 in the capacities indicated.

---

| | |
|:---|:---|
| <u>Signature</u> | <u>Title</u> |
| /s/ Michael Comparato | Chief Executive Officer and President |
| Michael Comparato | (Principal Executive Officer) |
| /s/ Jerome S. Baglien | Chief Financial Officer, Chief Operating Officer and Treasurer |
| Jerome S. Baglien | (Principal Financial Officer and Principal Accounting Officer) |
| /s/ Richard J. Byrne | Trustee |
| Richard J. Byrne | |

---

------

**FBRED-C FEEDER REIT TRUST**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| | **Page** |
| <u>[Report of Independent Registered Public Accounting Firm, PricewaterhouseCoopers LLP](#i64e922bc650b4a06ba911727a2501b93_329)</u> (PCAOB 238) | <u>[F-2](#i64e922bc650b4a06ba911727a2501b93_329)</u> |
| Audited Financial Statements |  |
| <u>[Balance Sheet as of December 31, 2025](#i64e922bc650b4a06ba911727a2501b93_51)</u> | <u>[F-3](#i64e922bc650b4a06ba911727a2501b93_51)</u> |
| <u>[Statement of Operations for the period](#i64e922bc650b4a06ba911727a2501b93_352)[f](#i64e922bc650b4a06ba911727a2501b93_352)[rom](#i64e922bc650b4a06ba911727a2501b93_352)[March 6, 2025 (date of inception)](#i64e922bc650b4a06ba911727a2501b93_352)[through](#i64e922bc650b4a06ba911727a2501b93_352)[December 31, 2025](#i64e922bc650b4a06ba911727a2501b93_352)</u> | <u>[F-4](#i64e922bc650b4a06ba911727a2501b93_352)</u> |
| <u>[Statement of Changes in Equity for the period](#i64e922bc650b4a06ba911727a2501b93_54)[from](#i64e922bc650b4a06ba911727a2501b93_54)[March 6, 2025 (date of inception)](#i64e922bc650b4a06ba911727a2501b93_54)[through](#i64e922bc650b4a06ba911727a2501b93_54)[December 31, 2025](#i64e922bc650b4a06ba911727a2501b93_54)</u> | <u>[F-5](#i64e922bc650b4a06ba911727a2501b93_54)</u> |
| <u>[Statement of Cash Flows for the period](#i64e922bc650b4a06ba911727a2501b93_57)[from](#i64e922bc650b4a06ba911727a2501b93_57)[March 6, 2025 (date of inception) t](#i64e922bc650b4a06ba911727a2501b93_57)[hrough](#i64e922bc650b4a06ba911727a2501b93_57)[December 31, 2025](#i64e922bc650b4a06ba911727a2501b93_57)</u> | <u>[F-6](#i64e922bc650b4a06ba911727a2501b93_57)</u> |
| <u>[Notes to Financial Statements](#i64e922bc650b4a06ba911727a2501b93_60)</u> | <u>[F-7](#i64e922bc650b4a06ba911727a2501b93_60)</u> |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Trustee and Shareholder of FBRED-C Feeder REIT Trust

***Opinion on the Financial Statements***

We have audited the accompanying balance sheet of FBRED-C Feeder REIT Trust (the "Company") as of December 31, 2025, and the related statements of operations, of changes in equity and of cash flows for the period from March 6, 2025 (Date of Inception) through December 31, 2025, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025, and the results of its operations and its cash flows for the period from March 6, 2025 (Date of Inception) through December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements 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 these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are 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 statements, 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 statements. 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 statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Atlanta, Georgia

March 16, 2026

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

------

**FBRED-C Feeder REIT Trust**

**BALANCE SHEET**

---

| | |
|:---|:---|
| | **As of <br>December 31, 2025** |
| Assets |  |
| Cash | $1010 |
| Other receivables | 3 |
| Total assets | $1013 |
| Liability and Equity |  |
| Total liabilities | $— |
| Commitments and Contingencies (See Note 5) |  |
| Equity |  |
| Common Shares, $0.001 par value per share, 100,000 shares authorized, <br>&nbsp;&nbsp;&nbsp;&nbsp;40 shares issued and outstanding | 1 |
| Additional paid-in capital | 999 |
| Accumulated earnings | 13 |
| Total equity | 1013 |
| Total liabilities and equity | $1013 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**FBRED-C Feeder REIT Trust**

**STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
| | **For the Period From March 6, 2025 <br>(Date of Inception) through <br>December 31, 2025** |
| Interest Income | $13 |
| Total Interest Income | $13 |
| Expenses | $— |
| Total Expenses | $— |
| Net Income | $13 |
| Net income (loss) per common share, basic and diluted | $0.32 |
| Weighted average common shares outstanding, basic and diluted | 40 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**FBRED-C Feeder REIT Trust**

**STATEMENT OF CHANGES IN EQUITY**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Common Shares | Common Shares | | | |
| | Shares | Par Value | Additional Paid<br>in Capital | Accumulated<br>Earnings |<br>Total Equity |
| Balance at March 6, 2025 (Date of Inception) |  | $— | $— | $— | $— |
| Net income |  |  |  | 13 | 13 |
| Common shares of beneficial interest | 40 | 1 | 999 |  | 1000 |
| Balance at December 31, 2025 | 40 | $1 | $999 | $13 | $1013 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**FBRED-C Feeder REIT Trust**

**STATEMENT OF CASH FLOWS**

---

| | |
|:---|:---|
| | **For the Period From March 6, 2025 (Date of Inception) through December 31, 2025** |
| Net income | $13 |
| Adjustments to reconcile net income to net cash flow provided by operating activities |  |
| Changes in assets and liabilities |  |
| Increase in other receivables | (3) |
| Net cash provided by operating activities | $10 |
| Cash flow from investing activities |  |
| Net cash from investing activities | $— |
| Cash flow from financing activities |  |
| Proceeds from issuance of common shares | $1000 |
| Net cash provided by financing activities | $1000 |
| Net increase in cash | $1010 |
| Cash at beginning of the period | $— |
| Cash at the end of the period | $1010 |

---

*The accompanying notes are an integral part of these financial statements.*

------

**FBRED-C Feeder REIT Trust**

**NOTES TO FINANCIAL STATEMENTS**

**For the period ended December 31, 2025**

**Note 1 – Organization**

FBRED-C Feeder REIT Trust (the "Company") was formed on March 6, 2025 as a Maryland statutory trust and intends to elect to qualify to be taxed 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 (FBRED-C), L.P. (the "Indirect Parent"). The Indirect Parent invests in the Company directly (the "Shareholder Loan") 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.

------

**FBRED-C Feeder REIT Trust**

**NOTES TO FINANCIAL STATEMENTS**

**For the period ended December 31, 2025**

**Note 2 – Capitalization**

As of March 6, 2025, the Company was authorized to issue 100,000 common shares of beneficial interest, 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 of FBRED 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 of FBRED 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 statements. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and pursuant to the requirements for reporting on Form 10-K and Article 8 of Regulation S-X.

*Use of Estimates*

The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in these financial statements. 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 December 31, 2025.

*Interest Income*

Interest earned on cash held in banks is recorded as earned to Interest Income within the accompanying Statement of Operations.

*Income Taxes*

The Company intends to elect to qualify to be taxed as a REIT under the Internal Revenue Code of 1986 (the "Code") beginning with the taxable year ending December 31, 2026. 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 that do not meet the more-likely-than-not threshold are disclosed as uncertain tax positions in the current year. The Company's accounting policy is to classify interest and penalties related to uncertain tax positions as a provision for income taxes. 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.

------

**FBRED-C Feeder REIT Trust**

**NOTES TO FINANCIAL STATEMENTS**

**For the period ended December 31, 2025**

*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 December 31, 2025, the Adviser and its affiliates have incurred organization and offering expenses on the Company's behalf of approximately $0.8 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.

*New Accounting Pronouncements*

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," or ASU 2023-09. ASU 2023-09 requires additional disaggregated disclosures on the entity's effective tax rate reconciliation and additional details on income taxes paid. ASU 2023-09 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2025 and early adoption is permitted. The Company does not expect the adoption of ASU 2023-09 to have a material impact on our financial statements.

In November 2024, the FASB issued ASU 2024-03 "Income statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures," or ASU 2024-03. ASU 2024-03 requires additional disclosures about specific expenses categories in the notes to the financial statements. ASU 2024-03 is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and early adoption is permitted. We do not expect the adoption of ASU 2024-03 to have a material impact on our financial statements.

**Note 4 – Related Party Transactions**

*Advisory Agreement&nbsp;&nbsp;&nbsp;&nbsp;*

The Company intends to enter into an advisory agreement (the "Advisory Agreement") with the Adviser in which the Adviser, subject to the overall supervision of the Company's Board, 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.

------

**FBRED-C Feeder REIT Trust**

**NOTES TO FINANCIAL STATEMENTS**

**For the period ended December 31, 2025**

**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 under GAAP. 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 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 the filing of this Annual Report on Form 10-K and has determined that there have been no events that have occurred that would require adjustments to the Company's disclosure in the financial statements.

## Exhibit 3.3

Exhibit 3.3

**BYLAWS**

**OF**

**FBRED-C FEEDER REIT TRUST**

**ARTICLE I** 

**OFFICES**

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;Principal Office**

The principal office of FBRED-C Feeder REIT Trust, a Maryland statutory trust (the "Trust"), in the State of Maryland shall be as designated by the Board of Trustees from time to time. The name of the resident agent of the Trust in the State of Maryland is CSC-Lawyers Incorporating Service Company, and the post office address of such resident agent is 7 St. Paul Street, Suite 820, Baltimore, MD 21202. The name and address of the resident agent of the Trust in the State of Maryland may be changed by the Board of Trustees from time to time.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;Other Offices**

The Trust may also have other offices at such locations both within and without the State of Maryland as the Board of Trustees may determine or as the business of the Trust may require.

**ARTICLE II** 

**MEETINGS OF SHAREHOLDERS**

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp; Place of Meetings**

All meetings of the shareholders of the Trust shall be held at such place in the United States as may be designated by the Board of Trustees and stated in the notice of the meeting or in a duly executed waiver of notice thereof.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;Annual Meetings**

The annual meeting of shareholders of the Trust for the election of trustees and the transaction of such other business as may properly come be brought before such meeting shall be held at such time on such date of each year as may be set forth from time to time by the Board of Trustees, commencing with the year 2026. Any business of the Trust may be

------

transacted at the annual meeting without being specified in the notice thereof; except as otherwise provided by law.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;Special Meetings**

Special meetings of shareholders of the Trust for any purpose or purposes may be called at any time by the Chief Executive Officer or any trustee, and shall be called by the Secretary upon the written request of shareholders entitled to cast at least a majority of all votes entitled to be cast at any such meeting. Such request shall state the purpose or purposes of the meeting and the matters proposed to be acted on thereat. Upon receipt of such request, the Secretary shall inform such shareholders of the reasonably estimated cost of preparing and mailing a notice of the meeting and, upon payment of such costs to the Trust, the Secretary shall give notice to each shareholder entitled to notice of such meeting. No special meeting need be called upon the request of shareholders entitled to cast less than a majority of all votes entitled to be cast at such a meeting to consider any matter which is substantially the same as a matter voted on at any special meeting of shareholders held during the preceding 12 months. The Board of Trustees shall have the sole power to fix the record date for determining shareholders entitled to request a special meeting of shareholders and the date, time and place of the special meeting.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;Notice of Meetings; Waiver of Notice; Shareholder Proposals**

Written notice of the time and place of each meeting of shareholders, and the purpose of any special meeting, shall be given to each shareholder entitled to vote at or to notice of such meeting not less than 10 nor more than 90 days before the date of such meeting, either personally delivered to the shareholder, left at the shareholder's residence or usual place of business, mailed to the shareholder, postage prepaid, at the shareholder's address as it appears on the records of the Trust or transmitted to the shareholder by electronic mail to any electronic mail address of the shareholder or by any other electronic means. 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. Any shareholder proposing a nominee for election as a trustee or any other matter for consideration at a meeting of shareholders shall provide advance notice of the nomination or proposal to the Trust 90 days before the date of the meeting, or in the case of an annual meeting, 90 days before the first anniversary of the mailing date of the notice of the preceding year's annual meeting.

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;Record Date and Closing of Transfer Books**

For the purpose of determining the shareholders entitled to notice of or to vote at any meeting of shareholders, or any adjournment thereof, or entitled to receive dividends or be allotted any other right, or for any other proper purpose, the Board of Trustees may fix, in

------

advance, a record date, which shall be not more than 90 days before the date on which the action requiring the determination will be taken, or the Board of Trustees may direct that the share transfer books be closed for a stated period, not to exceed 20 days. In the case of a meeting of shareholders, the record date or the closing of the transfer books shall be at least 10 days before the date of the meeting. Except as otherwise provided by law, the record date may not be prior to the close of business on the day the record date is fixed. Shares of the Trust acquired by the Trust between the record date for any meeting of shareholders and the time of the meeting may be voted at the meeting by the holder of record as of the record date and shall be counted in determining the total number of outstanding shares entitled to be voted at the meeting.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;Quorum**

Unless otherwise provided by law or the Declaration of Trust of the Trust, the presence in person or by proxy of shareholders entitled to cast a majority of all votes entitled to be cast at a meeting shall constitute a quorum at all meetings of shareholders. The shareholders entitled to cast a majority of the votes so represented may adjourn the meeting from time to time without further notice other than announcement at the meeting to a date not more than 120 days after the original record date. At such adjourned meeting at which a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally noticed. 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 7.&nbsp;&nbsp;&nbsp;&nbsp;Proxies**

At all meetings of shareholders of the Trust, a shareholder may vote either in person or by proxy. A shareholder may sign a writing authorizing another person to act as proxy. Signing may be accomplished by the shareholder or the shareholder's authorized agent signing the writing or causing the shareholder's signature to be affixed to the writing by any reasonable means, including facsimile signature. A shareholder may authorize another person to act as proxy by transmitting, or authorizing the transmission of, an authorization by telegram, cablegram, datagram, electronic mail or any other electronic or telephonic means to the person authorized to act as proxy or to any other person authorized to receive the proxy authorization on behalf of the person authorized to act as the proxy, including a proxy solicitation firm or proxy support service organization. Unless a proxy provides otherwise, it is not valid more than 11 months after its date. A proxy is revocable by a shareholder at any time without condition or qualification unless the proxy states that it is irrevocable and the proxy is coupled with an interest. A proxy may be made irrevocable for so long as it is coupled with an interest. The interest in which a proxy may be coupled includes as interest in the share to be voted under the proxy or another general interest in the Trust or its assets or liabilities.

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**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;Voting**

Unless the Declaration of Trust of the Trust provides for a greater or lesser number of votes per share or limits or denies voting rights, each outstanding share, regardless of class, is entitled to one vote on each matter submitted to a vote at a meeting of shareholders. Unless otherwise provided by law or the Declaration of Trust of the Trust, a majority of all the votes cast at a meeting at which a quorum is present is sufficient to approve any matter that properly comes before the meeting. Candidates for election as members of the Board of Trustees who receive the highest number of votes at a meeting at which a quorum is present, up to the number of trustees to be chosen, shall stand elected by a plurality of the votes cast, and an absolute majority of the votes cast shall not be a prerequisite to the election of any candidate to the Board of Trustees.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;Informal Action**

Any action required or permitted to be taken at a meeting of shareholders may be taken without a meeting if a unanimous written consent which sets forth the action and is signed by each shareholder entitled to vote on the matter is filed with the records of shareholder meetings. Unless the Declaration of Trust of the Trust requires otherwise, the holders of any class of the Trust's shares other than common shares, entitled to vote generally in the election of trustees, may take action or consent to any action by the written consent of shareholders entitled to cast not less than the minimum number of votes that would be necessary to authorize or take the action at a meeting of shareholders if the Trust gives notice of the action so taken to each shareholder not later than ten days after the effective time of the action.

**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;Meeting by Conference Telephone**

Shareholders 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 by these means constitutes presence in person at the meeting.

**ARTICLE III** 

**BOARD OF TRUSTEES**

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;Function of Trustees**

The business and affairs of the Trust shall be managed under the direction of the Board of Trustees, which shall have and exercise all powers of the Trust, except as conferred upon or reserved to the shareholders by law, the Declaration of Trust of the Trust or these Bylaws.

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**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;Number of Trustees**

The Board of Trustees of the Trust shall consist of one (1) trustee, or such other number not more than fifteen (15), as a majority of the entire Board of Trustees shall determine from time to time, but any action changing the number of trustees shall not affect the tenure of any trustee.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;Qualification of Trustees**

Unless otherwise provided by law, the Declaration of Trust of the Trust, or these Bylaws, trustees need not be shareholders of the Trust.

**Section 4. &nbsp;&nbsp;&nbsp;&nbsp;Election and Tenure of Trustees**

&nbsp;&nbsp;&nbsp;&nbsp;Trustees shall be elected at the annual meeting of shareholders and shall hold office until the next annual meeting of shareholders and until their successors are elected and qualified.

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;Regular Meetings**

The regular annual meeting of the Board of Trustees shall be held without notice immediately after and at the same place as the annual meeting of shareholders. Other regular meetings of the Board of Trustees may be held without notice at such time and place as shall from time to time be determined by resolution of trustees.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;Special Meetings**

Special meetings of the Board of Trustees may be called by the Chairman of the Board or Chief Executive Officer and shall be called by the Secretary upon the written request of a majority of the trustees. Special meetings of the Board of Trustees shall be held at any place in or out of the State of Maryland as the Board of Trustees may from time to time determine by resolution or as shall be specified in any notice or waiver of notice of such meeting.

**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;Notice; Waiver of Notice**

Written notice of the time and place of any special meeting of the Board of Trustees shall be given to each trustee at least one day prior thereto either by personal delivery, facsimile transmission (directed to the facsimile transmission number at which the trustee has consented to receive notice), electronic mail (directed to the electronic mail address at which the trustee has consented to receive notice) or other form of electronic transmission pursuant to which the trustee has consented to receive notice, or at least five days prior thereto by mail, addressed to such trustee at his address as it appears in the records of the Trust. Such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage

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thereon prepaid. Any trustee may waive notice of any meeting, either before or after such meeting, by signing or submitting by electronic transmission a waiver of notice that is filed with the records of the meeting. Attendance of a trustee at a meeting shall constitute a waiver of notice of such meeting, except where the trustee attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Neither the business to be transacted at nor the purpose of any meeting of the Board of Trustees need be specified in the notice or waiver of notice of such meeting.

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;Quorum; Manner of Acting**

A majority of the entire Board of Trustees shall constitute a quorum for transaction of business at any meeting of the Board of Trustees. If a quorum is not present at any meeting, the trustees present may adjourn the meeting. Notice of any adjourned meeting shall be given in the same manner as prescribed by Section 7 of this Article III. Unless a greater proportion is required by law, the Declaration of Trust of the Trust or these Bylaws, the action of a majority of the trustees present at a meeting at which a quorum is present shall be the action of the Board of Trustees.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;Action Without a Meeting; Telephone Meeting**

Any action required or permitted to be taken at a meeting of the Board of Trustees, or any committee thereof, may be taken without a meeting if a consent in writing or by electronic transmission, setting forth the action so taken, is signed or submitted by electronic transmission by each member of the Board of Trustees or committee and filed with the minutes of proceedings of the Board of Trustees or committee. Members of the Board of Trustees, or any committee thereof, may participate in meetings by means of a conference telephone or similar communications equipment by which all persons participating in the meeting can hear each other at the same time. Such participation shall constitute presence in person at the meeting.

**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;Resignation and Removal**

Any trustee may resign at any time by giving written notice of such resignation to the Chief Executive Officer or the Secretary at the principal office of the Trust. Unless otherwise specified therein, such resignation shall take effect upon receipt thereof. Unless otherwise provided by law or the Declaration of Trust of the Trust, the shareholders of the Trust may remove any trustee, with or without cause, by the affirmative vote of a majority of all votes entitled to be cast generally for the election of trustees.

**Section 11.&nbsp;&nbsp;&nbsp;&nbsp;Vacancies**

The shareholders may elect a successor to fill a vacancy on the Board of Trustees which results from the removal of a trustee. A vacancy occurring on the Board of Trustees other

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than by reason of an increase in the number of trustees may be filled by the affirmative vote of a majority of the remaining trustees, although less than a quorum. Any trusteeship to be filled by reason of an increase in the number of trustees may be filled by a majority of the entire Board of Trustees. A trustee elected by the Board of Trustees to fill a vacancy shall serve until the next annual meeting of shareholders and until his successor is elected and qualifies. A trustee elected by the shareholders to fill a vacancy which results from the removal of a trustee shall serve for the balance of the term of the removed trustee.

**Section 12.&nbsp;&nbsp;&nbsp;&nbsp;Presumption of Assent**

A trustee of the Trust who is present at a meeting of the Board of Trustees at which action on any corporate matter is taken shall be assumed to have assented to such action unless such trustee announces his dissent at the meeting and (a) such trustee's dissent is entered in the minutes of the meeting, (b) such trustee files his written dissent to such action with the secretary of the meeting before the adjournment thereof, or (c) such trustee forwards his written dissent, by certified mail, return receipt requested, bearing a postmark from the United States Postal Service, to the secretary of the meeting or the Secretary of the Trust within 24 hours after the meeting is adjourned. Such right to dissent shall not apply to a trustee who voted in favor of such action or failed to make his dissent known at the meeting.

**Section 13.&nbsp;&nbsp;&nbsp;&nbsp;Compensation of Trustees**

Trustees shall not receive any salary or compensation for their services as trustees. By resolution of the Board of Trustees, the trustees may be paid their expenses of attendance at each meeting of the Board of Trustees and may be paid a fixed sum for attendance at each meeting of the Board of Trustees or a stated salary as trustee. No such payment shall preclude any trustee from serving the Trust in any other capacity and receiving compensation therefor. By resolution of the Board of Trustees, members of special or standing committees may be paid like compensation for attending committee meetings.

**ARTICLE IV** 

**COMMITTEES**

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;Appointment**

The Board of Trustees may appoint from among its members an Executive Committee and other committees composed of one or more trustees for such purposes and with such powers as the Board of Trustees may determine, subject to Section 2 of this Article IV. The members of any committee present at any meeting of the committee, whether or not they constitute a quorum, may appoint another trustee to act in the place of an absent member of the committee. The Board of Trustees shall by majority vote appoint a chairman of each such committee. The appointment of any committee pursuant to this Article IV, the delegation of

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authority thereto, or any action by a committee pursuant to this Article IV shall not constitute, of itself, compliance by any trustee, not a member of the committee, with the standard of care established by law for the performance of duties of trustees.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;Executive Committee; Authority**

The Board of Trustees may, by resolution adopted by a majority of the trustees present at any meeting, establish an Executive Committee to consist of one or more trustees. When the Board of Trustees is not in session, the Executive Committee shall have and may exercise all of the powers of the Board of Trustees, except to the extent, if any, that such authority shall be limited by resolution of the entire Board of Trustees; <u>provided</u>, <u>however</u>, that neither the Executive Committee nor any other committee shall have the power to amend the Bylaws of the Trust, to declare dividends or distributions on shares, to issue shares (except as permitted by law pursuant to a duly authorized share option or similar plan), to recommend to the shareholders any action which requires shareholder approval, or to approve any merger or share exchange which does not require shareholder approval.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;Tenure**

Subject to the provisions of Section 8 of this Article IV, each member of the Executive Committee or any other committee shall hold office until the next regular annual meeting of the Board of Trustees following his appointment and until his successor is designated by the Board of Trustees.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;Meetings and Notices**

Regular meetings of committees of the Board of Trustees may be held without notice at such times and places as such committees may determine from time to time by resolution. Special meetings of committees may be called by any member thereof upon not less than one day's notice stating the place, date, and hour of the meeting, which notice may be given by telephone or in writing by personal delivery, facsimile transmission (directed to the facsimile transmission number at which a member has consented to receive notice), electronic transmission (directed to the electronic mail address at which a member has consented to receive notice), other form of electronic transmission pursuant to which a member has consented to receive notice or, at least five days prior thereto by mail, addressed to a member at his address as it appears in the records of the Trust. Such notice shall be deemed to be delivered when deposited in the United States mail so addressed, with postage thereon prepaid. The notice of a meeting of a committee need not state the business proposed to be transacted at the meeting. Any member of a committee may waive notice of any meeting thereof, either before or after the meeting, by signing or submitting by electronic transmission a waiver of notice which shall be filed with the records of such meeting, or by attendance at such meeting.

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**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;Quorum**

Except as provided otherwise in Section 1 of this Article IV, a majority of the members of a committee shall constitute a quorum for the transaction of business at any meeting thereof. The vote of a majority of the members of a committee present at a meeting at which a quorum is present shall constitute action of the committee.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;Action Without a Meeting; Telephone Meetings**

Any action required or permitted to be taken at a meeting of a committee may be taken without a meeting if a consent in writing or by electronic transmission, setting forth the action so taken, is signed or submitted by electronic transmission by all of the members of the committee and filed with the minutes of proceedings of the committee. Members of committees may participate in meetings by means of a conference telephone or similar communications equipment by which all persons participating in the meeting can hear each other at the same time. Such participation shall constitute presence in person at the meeting.

**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;Vacancies**

Any vacancy on a committee may be filled by a resolution adopted by a majority of the Board of Trustees.

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;Removal and Resignations**

Any member of a committee may be removed at any time, with or without cause, by resolution of the Board of Trustees. Any member of a committee may resign from the committee at any time by giving written notice to the Chief Executive Officer or Secretary of the Trust. Unless otherwise specified therein, such resignation shall take effect upon receipt thereof.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;Procedure**

All committees established by the Board of Trustees shall keep correct and complete minutes of their proceedings which minutes shall be recorded in written form but may be maintained in the form of a reproduction, and the Chairman of each committee shall report any actions taken to the Board of Trustees at the next meeting thereof held after the committee meeting. The minutes of committee meetings shall be distributed to all members of the Board of Trustees.

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**ARTICLE V** 

**OFFICERS**

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;Positions** 

The officers of the Trust may include a President, a Secretary, and a Treasurer, and such other officers as the Board of Trustees may appoint, including a Chairman of the Board, Chief Executive Officer, Chief Financial Officer, one or more Chief Operating Officers and one or more Vice Presidents, Assistant Secretaries, and Assistant Treasurers, who shall exercise such powers and perform such duties as are provided in these Bylaws and as may be determined from time to time by resolution of the Board of Trustees. Any two or more offices may be held by the same person, except that (a) one person may not serve concurrently as both President and Vice President, and (b) any person who holds more than one office may not act in more than one capacity to execute, acknowledge, or verify any instrument required by law to be executed, acknowledged or verified by more than one officer. The Chairman of the Board, if one is appointed, shall be a trustee, and the other officers may be trustees.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer**

&nbsp;&nbsp;&nbsp;&nbsp;The Chief Executive Officer shall be the chief executive officer of the Trust, shall, unless otherwise provided by the Board of Trustees, preside at all meetings of the Board of Trustees and of the shareholders, shall have overall responsibility and authority for the management of the operations of the Trust (subject to the authority of the Board of Trustees) and shall ensure that all orders and resolutions of the Board of Trustees and shareholders are carried into effect. The Chief Executive Officer shall have authority to execute bonds, mortgages and other contracts requiring a seal, under the seal of the Trust, except where required by law to be otherwise signed and executed, and except where the execution thereof shall be expressly delegated by the Board of Trustees to some other officer or agent of the Trust.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;President**

&nbsp;&nbsp;&nbsp;&nbsp;The President shall have general and active supervision over the business and affairs of the Trust. The President shall have authority to execute bonds, mortgages and other contracts requiring a seal, under the seal of the Trust, except where required by law to be otherwise signed and executed, and except where the execution thereof shall be expressly delegated by the Board of Trustees to some other officer or agent of the Trust. In the absence of the Chief Executive Officer or in the event of the Chief Executive Officer's inability or refusal to act, the President shall perform the duties of the Chief Executive Officer, and when so acting shall have all the powers of, and be subject to all the restrictions upon, the Chief Executive Officer.

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**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;Chairman of the Board** 

If the trustees shall appoint a Chairman of the Board, the Chairman shall, when present, preside at all meetings of the Board of Trustees and shall perform such other duties and have such other powers as may be vested in the Chairman by the Board of Trustees.

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;Chief Operating Officer**

&nbsp;&nbsp;&nbsp;&nbsp;The Chief Operating Officer shall be the chief operating officer of the Trust and shall have full responsibility and authority for management of the day-to-day operations of the Trust. The Chief Operating Officer shall report to the Chief Executive Officer and shall carry out the directions of the Chief Executive Officer and the Board of Trustees. The Chief Operating Officer shall also perform such other duties as may from time to time be assigned to him by the Board of Trustees. The Chief Operating Officer shall have authority to execute bonds, mortgages and other contracts requiring a seal, under the seal of the Trust, if required, except where required by law to be otherwise signed and executed, and except where the execution thereof shall be expressly delegated by the Board of Trustees to some other officer or agent of the Trust.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer**

&nbsp;&nbsp;&nbsp;&nbsp;The Chief Financial Officer shall have general charge and supervision of the financial affairs of the Trust, including budgetary, accounting and statistical methods, and shall approve payment, or designate others serving under him to approve for payment, all vouchers and warrants for disbursements of funds, and, in general, shall perform all other duties incident to the office of Chief Financial Officer and such other duties as from time to time may be assigned to him or her by the Board of Trustees or the Chief Executive Officer, or as may be prescribed by these Bylaws.

**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;Vice President**

&nbsp;&nbsp;&nbsp;&nbsp;In the absence of the Chief Operating Officer or in the event of the Chief Operating Officer's inability or refusal to act, the Vice President (or in the event there be more than one Vice President, the Vice Presidents in the order designated, or in the absence of any designation, then in the order of their election) shall perform the duties of the Chief Operating Officer, and when so acting shall have all the powers of, and be subject to all the restrictions upon, the Chief Operating Officer. The Vice President shall perform such other duties as from time to time may be assigned to him or her by the Board of Trustees or the Chief Executive Officer and have such other powers as the Board of Trustees may from time to time prescribe.

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;Secretary**

The Secretary shall attend all meetings of the shareholders and the Board of Trustees, shall record or cause to be recorded all the proceedings of the meetings of the

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shareholders and of the Board of Trustees in a book or books to be kept for that purpose, and shall perform like duties for the Executive Committee or other committees, when required. The Secretary shall give, or cause to be given, such notices as are required to be given in accordance with the provisions of these Bylaws or as required by law or the Declaration of Trust of the Trust. The Secretary shall have custody of the seal of the Trust, and shall have the authority to affix the same to any instrument or document the execution of which in the name or on behalf of the Trust is duly authorized, and when so affixed it may be attested by the signature of the Secretary. The Secretary shall see that the books, records, and other documents required by law (including the share ledger and the records of the issue and transfer for common shares) are properly kept and filed. The Secretary shall perform all other duties incident to the office of Secretary and such other duties as from time to time may be prescribed by these Bylaws or may be assigned to him or her by the Board of Trustees or the Chief Executive Officer.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;Assistant Secretary**

The Assistant Secretary, or if there be more than one, the Assistant Secretaries in the order determined by the Board of Trustees (or if there shall have been no such determination, then in the order of their election), shall, in the absence of the Secretary or in the event of the Secretary's inability or refusal to act, perform the duties and have such other powers as the Board of Trustees may from time to time prescribe.

**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;Treasurer**

The Treasurer shall have the custody of the corporate funds and securities, and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Trust, and shall deposit all monies and valuable effects in the name and to the credit of the Trust in such depositories as may be designated by the Board of Trustees. The Treasurer shall disburse the funds of the Trust as directed by the Board of Trustees, taking proper vouchers for such disbursements, and shall render to the Chief Executive Officer, and to the Board of Trustees at its regular meetings, or when the Board of Trustees so requires, an account as to all transactions as Treasurer and of the financial condition of the Trust. The Treasurer shall also perform all other duties incident to the office of Treasurer and such other duties as from time to time may be assigned to him or her by the Board of Trustees or the Chief Executive Officer, or as may be prescribed by these Bylaws. If required by the Board of Trustees, the Treasurer shall give the Trust a bond in such sum and with such surety or sureties as shall be satisfactory to the Board of Trustees for the faithful performance of the duties of the Treasurer's office and for the restoration to the Trust, in case of the Treasurer's death, resignation, retirement or removal from office, of all books, papers, vouchers, money and other property of whatever kind, in the Treasurer's possession or under the Treasurer's control and belonging to the Trust.

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**Section 11.&nbsp;&nbsp;&nbsp;&nbsp;Assistant Treasurer**

The Assistant Treasurer, or if there shall be more than one, the Assistant Treasurers in the order determined by the Board of Trustees (or if there shall have been no such determination, then in the order of their election), shall, in the absence of the Treasurer or in the event of the Treasurer's inability or refusal to act, perform the duties and exercise the powers of the Treasurer, and shall perform such other duties and have such other powers as the Board of Trustees may from time to time prescribe.

**Section 12.&nbsp;&nbsp;&nbsp;&nbsp;Election and Term of Office**

Starting with the first regular annual meeting of the Trust, the officers of the Trust shall be elected at the regular annual meeting of the Board of Trustees, or as soon thereafter as possible, to hold office until the next regular annual meeting of the Board of Trustees and until their respective successors are elected and qualified, or until their earlier death, resignation, or removal.

**Section 13.&nbsp;&nbsp;&nbsp;&nbsp;Compensation**

The compensation of all officers of the Trust shall be fixed from time to time by the Board of Trustees.

**Section 14.&nbsp;&nbsp;&nbsp;&nbsp;Resignation and Removal**

Any officer may at any time resign in the same manner provided for trustees in Section 10 of Article III of these Bylaws. Any officer may be removed by the Board of Trustees whenever, in its judgment, the best interests of the Trust will be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed.

**Section 15.&nbsp;&nbsp;&nbsp;&nbsp;Vacancies**

A vacancy in any office because of death, resignation, removal, disqualification, or otherwise may be filled by the Board of Trustees for the unexpired portion of the term of such office and until a successor is elected by the Board of Trustees and qualifies.

**Section 16.&nbsp;&nbsp;&nbsp;&nbsp;Fidelity Bonds**

The Trust may secure the fidelity of any or all of its officers or agents by bond or otherwise.

**ARTICLE VI** 

**INDEMNIFICATION**

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The Trust shall indemnify, to the fullest extent permitted by the laws of the State of Maryland, and pay or reimburse reasonable expenses in advance of final disposition of a proceeding to, (i) any individual who is a present or former trustee or officer of the Trust or (ii) any individual who, while a trustee or officer of the Trust and at the request of the Trust, serves or has served as a trustee, officer, partner, member, manager or director, employee or agent of another corporation, real estate investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or any other enterprise at the request of the Trust who, by reason of such position, was, is, or is threatened to be made a party to any threatened, pending, or completed action, suit or proceeding, whether civil, criminal, administrative, or investigative.

The indemnification provided herein shall not be deemed to limit the right of the Trust to indemnify any other person for any such expenses to the fullest extent permitted by law, nor shall it be deemed exclusive of any other rights to which any person seeking indemnification from the Trust may be entitled under any agreement, vote of shareholders or disinterested trustees, or otherwise, both as to action in such persons official capacity and as to action in another capacity while holding such office.

**ARTICLE VII** 

**CAPITAL SHARES**

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;Transfer of Shares**

Transfer of shares of the Trust shall be made only on its share ledger. Authority for such transfer shall be given only by the holder of record thereof or by his legal representative, who shall furnish proper evidence of such authority, or by his attorney thereunto authorized by power of attorney duly executed and filed with the Trust.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;Issuance of Shares**

The Board of Trustees may from time to time authorize the issuance of additional shares or securities convertible into shares. Prior to each such issuance the Board of Trustees shall adopt a resolution which authorizes the issuance and sets the minimum consideration for which such shares or convertible securities are to be issued, or a formula or method pursuant to which the same is to be determined, including a fair description of any consideration other than money. In the absence of actual fraud in the transaction, the minimum consideration so fixed by the Board of Trustees shall be conclusive for all purposes. The actual value of consideration to be received by the Trust, as determined by the Board of Trustees, upon the issuance of additional common shares shall be not less than the par value thereof. For the purposes of this Section, the consideration for which shares are issued as a share dividend is the resulting capitalization of surplus, and at the time the dividend is paid, the Trust shall transfer from surplus to stated capital an amount at least equal to the aggregate par value of the shares to be issued. Unless otherwise

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required by law, no vote of the shareholders of the Trust shall be required for the issuance of additional shares or securities convertible into shares.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;Books and Records; Share Ledgers**

The Trust shall keep correct and complete books and records of its accounts and transactions and minutes of the proceedings of its shareholders and Board of Trustees and of any executive or other committee when exercising any of the powers of the Board of Trustees. The Trust shall maintain a share ledger containing the names and addresses of the shareholders of the Trust and the number of shares of each class held by each shareholder, and an original or duplicate of the share ledger shall be kept at the principal office of the Trust, or at such other place as the Board of Trustees may determine. The books and records of the Trust's accounts and transactions and the share ledger may be in written form or in any other form which can be converted within a reasonable time into written form for visual inspection.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;Dividends**

The Board of Trustees may declare dividends on the shares of the Trust, which may be paid in cash or the Trust's shares in accordance with applicable law. No dividend may be declared or paid if, after giving effect to the distribution, the Trust would not be able to pay its indebtedness as the indebtedness becomes due in the usual course of business or the Trust's total assets would be less than the sum of the Trust's total liabilities plus the amount that would be needed, if the Trust were dissolved at the time of the distribution, to satisfy all preferential rights upon dissolution superior to the preferential rights of those receiving the distribution.

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;Registered Shareholders**

The Trust shall be entitled to recognize the exclusive right of a person registered on its books as the owner of shares to receive dividends, to receive notifications, to vote as such owner, and to exercise the rights and powers of an owner. The Trust 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 expressly provided by the laws of the State of Maryland.

**ARTICLE VIII** 

**MISCELLANEOUS PROVISIONS**

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;Fiscal Year**

The fiscal year of the Trust shall be fixed by resolution of the Board of Trustees.

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**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements**

The Chief Executive Officer, Chief Financial Officer, President, Treasurer, or such other executive officer as may be designated in these Bylaws, shall prepare annually a full and correct statement of the affairs of the Trust, including a balance sheet and a financial statement of operations for the preceding fiscal year, which shall be filed at the principal office of the Trust.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;Seal**

The Board of Trustees may authorize the adoption of a seal by the Trust. The seal of the Trust shall have inscribed thereon the name of the Trust, the year of its organization, and the words "Seal" and "Maryland," and shall be in such form as shall be approved from time to time by the Board of Trustees. The seal may be used by causing it, or a facsimile thereof, to be impressed, affixed, or otherwise reproduced.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;Amendments**

These Bylaws may be altered, amended, or repealed, and new Bylaws may be adopted, by the vote of a majority of the entire Board of Trustees or by the affirmative vote of holders of shares of the Trust representing not less than a majority of all the votes entitled to be cast on the matter.

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The foregoing Bylaws were adopted by the Board of Trustees on March _<u>6</u><sup>th</sup>__, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;/s/ Michal Goodman&nbsp;&nbsp;&nbsp;&nbsp;</u>

Name: Micah Goodman

Title: Secretary

## Exhibit 4.1

**Exhibit 4.1**

**DESCRIPTION OF THE REGISTRANT'S SECURITIES**

**REGISTERED PURSUANT TO SECTION 12 OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

FBRED-C Feeder REIT Trust (the "Company," "we," "us" or "our") has registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), its Class I Common Shares, par value $0.001 per share ("Class I Shares"). We were 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").

The general terms and provisions of our Class I Shares, including relevant provisions of Maryland law, are summarized below. This summary does not purport to be complete and is subject to, and qualified in its entirety by reference to the amended and restated declaration of trust of the Company (our "declaration of trust") and amended and restated bylaws of the Company (our "bylaws") to be adopted prior to our initial investment in FBRED common stock, forms of which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.1 is a part. We encourage you to read our declaration and trust and bylaws and the applicable provisions thereof for additional information.

**Shares Authorized**

Pursuant to our declaration of trust, 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, 500,000,000 of which are classified as Class I Shares, among other classes that have been classified, and 1,000 preferred shares of beneficial interest, par value $0.001 per share ("preferred shares"). The Board of Trustees of the Company (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 shares to be issued in our private offering.

**Class I 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 from our private offering.

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 out of our assets or legally available funds and, upon liquidation, are entitled to receive all assets available for distribution to

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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.

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 Shares**

Our declaration of trust will authorize the Board to designate and issue one or more classes or series of preferred shares 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.

**Dividend Rights**

Subject to the preferential rights of any of our other classes our shares and to the provisions of our declaration of trust regarding the restriction on the transfer of common shares, holders of our common shares, including Class I Shares, are entitled to receive dividends on such shares if, as and when authorized by our Board, and declared by our Board out of assets or funds legally available therefor. The per share amount of distributions on our classes of common shares may differ because of different class-specific distributions from FBRED and different class-specific shareholder servicing fees that are deducted from the gross distributions for certain share classes.

Shareholders will not be entitled to receive a distribution if their common shares are repurchased prior to the applicable time of the record date. For any common shares ultimately held by investors that participate indirectly in FBRED's distribution reinvestment plan ("DRIP"), the cash distributions attributable to such common shares, less amounts withheld for ongoing operating expenses of the Company and its parent entities, will be automatically invested in common shares of the corresponding class. The board of directors of FBRED reserves the right to amend any aspect of the DRIP without the consent of its stockholders, including the Company, following our initial investment in FBRED, provided that notice of any material amendment is sent to participants at least ten (10) business days prior to the effective date of that amendment. In addition, FBRED may suspend or terminate the DRIP for any reason upon 10 business days' written notice to the participants.

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

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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.

**Conversion**

The Class I Shares are not convertible into or exchangeable for any other property or securities of the Company.

**Liquidation**

Following the conversation of common shares into Class I Shares in connection with a liquidation, our aggregate assets available for distribution to holders of our common shares, or the proceeds therefrom, will be distributed to each holder of Class I Shares (as the only then outstanding class of common shares), ratably with each other holder of Class I Shares, in such proportion as the number of outstanding Class I Shares held by such holder bears to the total number of outstanding Class I Shares then outstanding.

**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 our 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

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remaining trustees, (c) amendment of our 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 our 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. The holders of Class I Shares are not entitled to vote on the removal or election of a trustee.

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.

**Preemptive or Similar Rights** 

Subject to the terms of common shares to be classified in the future, 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, and shareholders are not entitled to exercise any appraisal rights or rights of an objecting shareholder.

**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*" in FBRED's Form 10-12G/A filed with the SEC on December 20, 2024, which is incorporated by reference. The Company's common share ownership limit and aggregate share ownership limit are 9.8%, in value or number of shares, whichever is more restrictive, of the aggregate of the outstanding common shares and shares, respectively, or such other percentage determined by the Board in accordance with our declaration of trust.

**Transfer Agent**

SS&C GIDS, Inc. acts as the transfer agent for our common stock.

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Michael A. Comparato, certify that:

 1. I have reviewed this Annual Report on Form 10-K of FBRED-C Feeder REIT Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) omitted;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: March 16, 2026 | By: | /s/ Michael A. Comparato |
|  |  | Michael A. Comparato |
|  |  | Chief Executive Officer and President |
|  |  | (Principal Executive Officer) |

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER UNDER SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Jerome S. Baglien, certify that:

 1. I have reviewed this Annual Report on Form 10-K of FBRED-C Feeder REIT Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 (b) omitted;

(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: March 16, 2026 | By: | /s/ Jerome S. Baglien |
|  |  | Jerome S. Baglien |
|  |  | Chief Financial Officer, Chief Operating Officer and Treasurer |
|  |  | (Principal Financial Officer and Principal Accounting Officer) |

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## Ex-32

**Exhibit 32**

**Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

In connection with the Annual Report on Form 10-K of FBRED-C Feeder REIT Trust (the "Company") for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Michael A. Comparato, as Chief Executive Officer and President, and Jerome S. Baglien, as Chief Financial Officer, Chief Operating Officer and Treasurer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his or her knowledge:

 1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | |
|:---|:---|
| Date: March 16, 2026 | /s/ Michael A. Comparato |
|  | Michael A. Comparato |
|  | Chief Executive Officer and President |
|  | (Principal Executive Officer) |
| Date: March 16, 2026 | /s/ Jerome S. Baglien |
|  | Jerome S. Baglien |
|  | Chief Financial Officer, Chief Operating Officer and Treasurer |
|  | (Principal Financial Officer and Principal Accounting Officer) |

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