# EDGAR Filing Document

**Accession Number:** 0002006189
**File Stem:** 0002071691-25-007732
**Filing Date:** 2025-11
**Character Count:** 71124
**Document Hash:** 9ba06a7443f4dd9f3543f8f9d9ca4192
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-25-007732.hdr.sgml**: 20251126

**ACCESSION NUMBER**: 0002071691-25-007732

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251126

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** First Eagle Real Estate Debt Fund
- **CENTRAL INDEX KEY:** 0002006189

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23925
- **FILM NUMBER:** 251528199

**BUSINESS ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105
- **BUSINESS PHONE:** (212) 698-3300

**MAIL ADDRESS:**
- **STREET 1:** 1345 AVENUE OF AMERICAS
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Eagle Real Estate DebtFund
- **DATE OF NAME CHANGE:** 20241226

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** First Eagle Real Estate Lending Fund
- **DATE OF NAME CHANGE:** 20231227

## Nport-Ex

---

| | |
|:---|:---|
| **Date:** 11/21/2025 10:46 PM | **Project: Form Type:** |
| **Client:** __ | **File:** tm2529788d1_nportex.htm **Type: Pg:** 1 of 11 |

---

First Eagle Real Estate Debt Fund<br> Consolidated Schedule of Investments<br> September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **Residential Transitional Loans - 94.1%** |  |  |
| **Midwest 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;4 Pillars Properties LLC, 11509, 8.00%, 05/01/2026 ‡(a)(b) | 177900 | 177900 |
| &nbsp;&nbsp;&nbsp;Ashford Realty Group, 11496, 9.30%, 05/01/2026 ‡(a)(b) | 296200 | 296200 |
| &nbsp;&nbsp;&nbsp;Cap City Homebuyers, 11448, 10.10%, 04/01/2026 ‡(a)(b) | 192600 | 192600 |
| &nbsp;&nbsp;&nbsp;Freddy LLC, 11436, 12.34%, 04/01/2026 ‡(a)(b) | 243000 | 243000 |
| &nbsp;&nbsp;&nbsp;JAN Realty LLC, 11489, 9.00%, 05/01/2026 ‡(a)(b) | 196000 | 196000 |
| &nbsp;&nbsp;&nbsp;KTL Real Estate LLC, 11494, 10.04%, 05/01/2026 ‡(a)(b) | 164000 | 164000 |
| &nbsp;&nbsp;&nbsp;Strategic Realty, 11515, 8.30%, 05/01/2026 ‡(a)(b) | 120000 | 120000 |
|  |  | **1389700** |
| **Northeast 29.2%** |  |  |
| &nbsp;&nbsp;&nbsp;1018 Hancock Ave. LLC, 11485, 9.50%, 02/01/2026 ‡(a)(b) | 755998 | 755998 |
| &nbsp;&nbsp;&nbsp;1103 Hoe NY LLC, 11571, 9.75%, 11/01/2026 ‡(a)(b) | 1690550 | 1690550 |
| &nbsp;&nbsp;&nbsp;1202 Carroll LLC, 11551, 9.50%, 06/01/2026 ‡(a)(b) | 1660000 | 1660000 |
| &nbsp;&nbsp;&nbsp;205 Fairview Ave., 11552, 9.25%, 07/01/2026 ‡(a)(b) | 1643500 | 1643500 |
| &nbsp;&nbsp;&nbsp;3 Riverview MB, 11422, 9.50%, 03/01/2026 ‡(a)(b) | 742450 | 742450 |
| &nbsp;&nbsp;&nbsp;445 GK LLC, 11573, 9.63%, 07/01/2026 ‡(a)(b) | 1600000 | 1600000 |
| &nbsp;&nbsp;&nbsp;ABC Andover LLC, 11418, 9.00%, 03/01/2026 ‡(a)(b) | 1039900 | 1039900 |
| &nbsp;&nbsp;&nbsp;AmCan Consulting LLC, 11504, 9.00%, 05/01/2026 ‡(a)(b) | 199100 | 199100 |
| &nbsp;&nbsp;&nbsp;J&M Moore Enterprise, 11501, 7.80%, 05/01/2026 ‡(a)(b) | 241600 | 241600 |
| &nbsp;&nbsp;&nbsp;Le Roi Unique LLC, 11446, 10.34%, 04/01/2026 ‡(a)(b) | 107600 | 107600 |
| &nbsp;&nbsp;&nbsp;NJ Rios Group LLC, 11444, 9.60%, 04/01/2026 ‡(a)(b) | 336600 | 336600 |
| &nbsp;&nbsp;&nbsp;NYC Holding Group, 11426, 9.00%, 07/01/2026 ‡(a)(b) | 378000 | 378000 |
| &nbsp;&nbsp;&nbsp;PPP Properties, 11572, 8.63%, 09/01/2026 ‡(a)(b) | 148500 | 148500 |
|  |  | **10543798** |
| **Southeast 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;AJX Homes FL LLC, 11439, 7.85%, 04/01/2026 ‡(a)(b) | 295750 | 295750 |
| &nbsp;&nbsp;&nbsp;Ames Dream Homes, 11597, 9.13%, 03/18/2026 ‡(a)(b) | 149400 | 149400 |
| &nbsp;&nbsp;&nbsp;Bentley Investments, 11570, 9.12%, 02/22/2026 ‡(a)(b) | 214200 | 214200 |
| &nbsp;&nbsp;&nbsp;Cab Homez LLC, 11505, 9.29%, 05/01/2026 ‡(a)(b) | 170350 | 170350 |
| &nbsp;&nbsp;&nbsp;Canopy West LLC, 11490, 9.00%, 11/01/2026 ‡(a)(b) | 176000 | 176000 |
| &nbsp;&nbsp;&nbsp;GMS Property Investments, 11493, 10.04%, 05/01/2026 ‡(a)(b) | 150300 | 150300 |
| &nbsp;&nbsp;&nbsp;Gore Properties LLC, 11519, 8.00%, 05/01/2026 ‡(a)(b) | 224100 | 224100 |
| &nbsp;&nbsp;&nbsp;Henry Investment, 11443, 11.09%, 04/01/2026 ‡(a)(b) | 531200 | 531200 |
| &nbsp;&nbsp;&nbsp;HHM Properties LLC, 11497, 7.75%, 05/01/2026 ‡(a)(b) | 279750 | 279750 |
| &nbsp;&nbsp;&nbsp;J Harris Investments, 11520, 8.04%, 05/01/2026 ‡(a)(b) | 60000 | 60000 |
| &nbsp;&nbsp;&nbsp;JMHOMER'S LLC, 11438, 11.09%, 04/01/2026 ‡(a)(b) | 210000 | 210000 |
| &nbsp;&nbsp;&nbsp;Palm Tree Real Estate, 11512, 8.29%, 05/01/2026 ‡(a)(b) | 135000 | 135000 |
| &nbsp;&nbsp;&nbsp;Properties By T&M, 11441, 10.84%, 04/01/2026 ‡(a)(b) | 110200 | 110200 |
| &nbsp;&nbsp;&nbsp;Rayna Properties LLC, 11437, 7.30%, 04/01/2026 ‡(a)(b) | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;Simple Home Buyers, 11447, 10.34%, 04/01/2026 ‡(a)(b) | 209700 | 209700 |
| &nbsp;&nbsp;&nbsp;Verona Assets, Inc., 11548, 9.13%, 01/03/2026 ‡(a)(b) | 153000 | 153000 |
| &nbsp;&nbsp;&nbsp;Verona Assets, Inc., 11577, 9.13%, 03/01/2026 ‡(a)(b) | 193500 | 193500 |
| &nbsp;&nbsp;&nbsp;Verona Assets, Inc., 11596, 9.13%, 03/17/2026 ‡(a)(b) | 159800 | 159800 |
|  |  | **3722250** |
| **Southwest 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Cadous LLC, 11532, 9.13%, 01/01/2026 ‡(a)(b) | 411800 | 411800 |
| &nbsp;&nbsp;&nbsp;DMG Desert Estates, 11590, 9.13%, 03/10/2026 ‡(a)(b) | 285800 | 285800 |
| &nbsp;&nbsp;&nbsp;JRG III Real Estate, 11428, 9.13%, 09/26/2025 ‡(a)(b) | 373500 | 373500 |
| &nbsp;&nbsp;&nbsp;Two Friends One Goal, 11502, 8.20%, 05/01/2026 ‡(a)(b) | 289600 | 289600 |
|  |  | **1360700** |
| **West 47.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Allegiant Investment, 11516, 7.50%, 05/01/2026 ‡(a)(b) | 294300 | 294300 |
| &nbsp;&nbsp;&nbsp;Arlington Ave., Properties, 11506, 10.04%, 05/01/2026 ‡(a)(b) | 450000 | 450000 |

---

See Notes to Consolidated Schedule of Investments.<br> (Continued)

---

| | |
|:---|:---|
| **Date:** 11/21/2025 10:46 PM | **Project: Form Type:** |
| **Client:** __ | **File:** tm2529788d1_nportex.htm **Type: Pg:** 2 of 11 |

---

First Eagle Real Estate Debt Fund

Consolidated Schedule of Investments

September 30, 2025 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Blue Sky Investments, 11539, 9.13%, 12/16/2025 ‡(a)(b) | 148500 | 148500 |
| &nbsp;&nbsp;&nbsp;Blue Sky Investments LLC, 11547, 9.13%, 12/24/2025 ‡(a)(b) | 198900 | 198900 |
| &nbsp;&nbsp;&nbsp;Dez Development, 11560, 8.39%, 08/01/2026 ‡(a)(b) | 919166 | 919166 |
| &nbsp;&nbsp;&nbsp;Farmstead TH LLC, 11562, 8.39%, 01/01/2027 ‡(a)(b) | 4555000 | 4555000 |
| &nbsp;&nbsp;&nbsp;Heritage Construction Co., 11511, 7.30%, 05/01/2026 ‡(a)(b) | 693700 | 693700 |
| &nbsp;&nbsp;&nbsp;Homes By Burgess, 11592, 9.13%, 03/11/2026 ‡(a)(b) | 585000 | 585000 |
| &nbsp;&nbsp;&nbsp;Ironhorse Fund, 11559, 8.18%, 08/01/2026 ‡(a)(b) | 1327678 | 1327678 |
| &nbsp;&nbsp;&nbsp;Jands Enterprises, 11507, 9.30%, 05/01/2027 ‡(a)(b) | 540000 | 540000 |
| &nbsp;&nbsp;&nbsp;Leah Court LLC, 11541, 8.85%, 04/01/2026 ‡(a)(b) | 201897 | 201897 |
| &nbsp;&nbsp;&nbsp;Leah Court LLC, 11542, 8.85%, 04/01/2026 ‡(a)(b) | 196178 | 196178 |
| &nbsp;&nbsp;&nbsp;Leah Court LLC, 11543, 8.85%, 04/01/2026 ‡(a)(b) | 200585 | 200585 |
| &nbsp;&nbsp;&nbsp;Leah Court LLC, 11544, 8.85%, 04/01/2026 ‡(a)(b) | 196351 | 196351 |
| &nbsp;&nbsp;&nbsp;Neighborhood Home, 11518, 8.54%, 05/01/2026 ‡(a)(b) | 743100 | 743100 |
| &nbsp;&nbsp;&nbsp;Nelly Homes Corp., 11492, 9.50%, 05/01/2026 ‡(a)(b) | 313035 | 313035 |
| &nbsp;&nbsp;&nbsp;Patino Investments., 11578, 9.13%, 05/29/2026 ‡(a)(b) | 252000 | 252000 |
| &nbsp;&nbsp;&nbsp;Peaks Townhomes, 11557, 8.90%, 11/01/2026 ‡(a)(b) | 1065762 | 1065762 |
| &nbsp;&nbsp;&nbsp;Peaks Townhomes, 11558, 8.90%, 11/01/2026 ‡(a)(b) | 1256079 | 1256079 |
| &nbsp;&nbsp;&nbsp;Prima Homes Inc., 11563, 10.08%, 07/01/2026 ‡(a)(b) | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;Renovd Properties, 11531, 9.13%, 04/25/2026 ‡(a)(b) | 674000 | 674000 |
| &nbsp;&nbsp;&nbsp;RESI Real Estate, 11594, 9.13%, 09/15/2026 ‡(a)(b) | 589500 | 589500 |
| &nbsp;&nbsp;&nbsp;Starboard VA LLC, 11432, 9.75%, 01/01/2026 ‡(a)(b) | 672000 | 672000 |
| &nbsp;&nbsp;&nbsp;Taft Gardens LLC, 11561, 8.79%, 07/01/2026 ‡(a)(b) | 325239 | 325239 |
| &nbsp;&nbsp;&nbsp;TERO Build LLC, 11595, 9.13%, 09/09/2026 ‡(a)(b) | 585000 | 585000 |
|  |  | **17082970** |
| **Total Residential Transitional Loans<br> ($34099418)** |  | **34099418** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Residential Mortgage-Backed Securities - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;LHOME Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RTL3, Class M2, 8.73%, 08/25/2040 ‡(c)(d) | 1250000 | 1279736 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-6, Class B1, 6.87%, 07/25/2070 ‡(b)(c)(d) | 1250000 | 1261832 |
| **Total Residential Mortgage-Backed Securities<br> (Cost $2,499,950)** |  | **2541568** |
| **Investments** | **Shares** | **Value** **($)** |
| **Short-Term Investments - 3.1%** |  |  |
| **Investment Companies - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock FedFund - Institutional Shares, 4.03% (e) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,129,029) | 1129029 | 1129029 |
| **Total Investments - 104.2%<br> (Cost $37,728,397)** |  | **37770015** |
| **Reverse Repurchase Agreement - (4.5)%<br> (Proceeds $(1630000))** |  | **(1630000)** |
| **Other assets less liabilities - 0.3%** |  | **107906** |
| **Net Assets - 100.0%** |  | **36247921** |

---

See Notes to Consolidated Schedule of Investments.<br> (Continued)

---

| | |
|:---|:---|
| **Date:** 11/21/2025 10:46 PM | **Project: Form Type:** |
| **Client:** __ | **File:** tm2529788d1_nportex.htm **Type: Pg:** 3 of 11 |

---

First Eagle Real Estate Debt Fund<br> Consolidated Schedule of Investments<br> September 30, 2025 (unaudited)

‡ Value determined using significant
 unobservable inputs.

(a) Represents a security that is subject to legal or contractual
 restrictions on resale. The Fund generally acquires its investments in private transactions exempt from registration under the Securities
 Act of 1933, as amended, or the Securities Act. Its investments are therefore generally subject to certain limitations on resale,
 and may be deemed to be ''restricted securities'' under the Securities Act. Total value of all such securities at September 30,
 2025 amounted to $34,099,418, which represents approximately 94.07% of net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Restricted Securities** | <br>**Acqusition Date** |<br>**Cost** | **Carrying Value**<br>**Per**<br>**Share/Principal** |
| 1018 Hancock Ave. LLC, 11485 | 05/01/25 - 08/28/25 | $755998 | $100.00 |
| 1103 Hoe NY LLC, 11571 | 08/26/25 - 09/18/25 | 1690550 | 100.00 |
| 1202 Carroll LLC, 11551 | 08/07/25 - 09/11/25 | 1660000 | 100.00 |
| 205 Fairview Ave., 11552 | 08/07/25 - 09/30/25 | 1643500 | 100.00 |
| 3 Riverview MB, 11422 | 04/02/25 - 09/11/25 | 742450 | 100.00 |
| 4 Pillars Properties LLC, 11509 | 05/01/25 - 07/17/25 | 177900 | 100.00 |
| 445 GK LLC, 11573 | 08/26/25 | 1600000 | 100.00 |
| ABC Andover LLC, 11418 | 04/02/25 - 08/28/25 | 1039900 | 100.00 |
| AJX Homes FL LLC, 11439 | 04/04/25 | 295750 | 100.00 |
| Allegiant Investment, 11516 | 05/01/25 - 05/30/25 | 294300 | 100.00 |
| AmCan Consulting LLC, 11504 | 05/01/25 - 09/30/25 | 199100 | 100.00 |
| Ames Dream Homes, 11597 | 09/26/25 | 149400 | 100.00 |
| Arlington Ave., Properties, 11506 | 05/01/25 | 450000 | 100.00 |
| Ashford Realty Group, 11496 | 05/01/25 - 06/17/25 | 296200 | 100.00 |
| Bentley Investments, 11570 | 08/25/25 | 214200 | 100.00 |
| Blue Sky Investments, 11539 | 06/26/25 | 148500 | 100.00 |
| Blue Sky Investments LLC, 11547 | 07/09/25 | 198900 | 100.00 |
| Cab Homez LLC, 11505 | 05/01/25 - 08/29/25 | 170350 | 100.00 |
| Cadous LLC, 11532 | 05/15/25 | 411800 | 100.00 |
| Canopy West LLC, 11490 | 05/01/25 - 08/08/25 | 176000 | 100.00 |
| Cap City Homebuyers, 11448 | 04/04/25 - 05/27/25 | 192600 | 100.00 |
| Dez Development, 11560 | 08/07/25 | 919166 | 100.00 |
| DMG Desert Estates, 11590 | 09/15/25 | 285800 | 100.00 |
| Farmstead TH LLC, 11562 | 08/14/25 | 4555000 | 100.00 |
| Freddy LLC, 11436 | 04/04/25 | 243000 | 100.00 |
| GMS Property Investments, 11493 | 05/01/25 | 150300 | 100.00 |
| Gore Properties LLC, 11519 | 05/01/25 | 224100 | 100.00 |
| Henry Investment, 11443 | 04/04/25 - 06/10/25 | 531200 | 100.00 |
| Heritage Construction Co., 11511 | 05/01/25 - 09/03/25 | 693700 | 100.00 |
| HHM Properties LLC, 11497 | 05/01/25 - 08/15/25 | 279750 | 100.00 |
| Homes By Burgess, 11592 | 09/15/25 | 585000 | 100.00 |
| Ironhorse Fund, 11559 | 08/07/25 | 1327678 | 100.00 |
| J Harris Investments, 11520 | 05/01/25 | 60000 | 100.00 |
| J&M Moore Enterprise, 11501 | 05/01/25 - 08/15/25 | 241600 | 100.00 |
| JAN Realty LLC, 11489 | 05/01/25 | 196000 | 100.00 |
| Jands Enterprises, 11507 | 05/01/25 | 540000 | 100.00 |
| JMHOMER'S LLC, 11438 | 04/04/25 - 08/20/25 | 210000 | 100.00 |
| JRG III Real Estate, 11428 | 04/02/25 | 373500 | 100.00 |
| KTL Real Estate LLC, 11494 | 05/01/25 - 08/06/25 | 164000 | 100.00 |
| Le Roi Unique LLC, 11446 | 04/04/25 - 05/07/25 | 107600 | 100.00 |
| Leah Court LLC, 11541 | 07/03/25 - 09/25/25 | 201897 | 100.00 |
| Leah Court LLC, 11542 | 07/03/25 - 09/25/25 | 196178 | 100.00 |
| Leah Court LLC, 11543 | 07/03/25 - 09/25/25 | 200585 | 100.00 |
| Leah Court LLC, 11544 | 07/03/25 - 09/25/25 | 196351 | 100.00 |
| Neighborhood Home, 11518 | 05/01/25 - 08/28/25 | 743100 | 100.00 |
| Nelly Homes Corp., 11492 | 05/01/25 - 08/27/25 | 313035 | 100.00 |
| NJ Rios Group LLC, 11444 | 04/04/25 - 08/07/25 | 336600 | 100.00 |
| NYC Holding Group, 11426 | 04/02/25 | 378000 | 100.00 |
| Palm Tree Real Estate, 11512 | 05/01/25 | 135000 | 100.00 |
| Patino Investments., 11578 | 09/08/25 | 252000 | 100.00 |
| Peaks Townhomes, 11557 | 08/07/25 - 09/18/25 | 1065762 | 100.00 |
| Peaks Townhomes, 11558 | 08/07/25 - 09/18/25 | 1256079 | 100.00 |
| PPP Properties, 11572 | 08/26/25 | 148500 | 100.00 |
| Prima Homes Inc., 11563 | 08/14/25 | 100000 | 100.00 |
| Properties By T&M, 11441 | 04/04/25 | 110200 | 100.00 |
| Rayna Properties LLC, 11437 | 04/04/25 | 300000 | 100.00 |
| Renovd Properties, 11531 | 05/15/25 | 674000 | 100.00 |
| RESI Real Estate, 11594 | 09/25/25 | 589500 | 100.00 |
| Simple Home Buyers, 11447 | 04/04/25 - 08/12/25 | 209700 | 100.00 |
| Starboard VA LLC, 11432 | 04/02/25 | 672000 | 100.00 |
| Strategic Realty, 11515 | 05/01/25 - 07/10/25 | 120000 | 100.00 |
| Taft Gardens LLC, 11561 | 08/14/25 - 09/11/25 | 325239 | 100.00 |
| TERO Build LLC, 11595 | 09/25/25 | 585000 | 100.00 |
| Two Friends One Goal, 11502 | 05/01/25 - 08/26/25 | 289600 | 100.00 |
| Verona Assets, Inc., 11548 | 07/29/25 | 153000 | 100.00 |
| Verona Assets, Inc., 11577 | 09/08/25 | 193500 | 100.00 |
| Verona Assets, Inc., 11596 | 09/25/25 | 159800 | 100.00 |
|  |  | $**34099418** |  |

---

(b) A portion or all of the security is designated as collateral
 for reverse repurchase agreements.

(c) Securities exempt from registration under Rule 144A
 or Section 4(a)(2) of the Securities Act of 1933. Total value of all such securities at September 30, 2025 amounted
 to $2,541,568, which represents approximately 7.01% of net assets of the Fund.

(d) Variable or floating rate security, linked to the referenced
 benchmark. The interest rate shown is the rate in effect as of September 30, 2025.

(e) Represents 7-day effective yield as of September 30,
 2025.

See Notes to Consolidated Schedule of Investments.<br> (Continued)

---

| | |
|:---|:---|
| **Date:** 11/21/2025 10:46 PM | **Project: Form Type:** |
| **Client:** __ | **File:** tm2529788d1_nportex.htm **Type: Pg:** 4 of 11 |

---

First Eagle Real Estate Debt Fund<br> Consolidated Schedule of Investments<br> September 30, 2025 (unaudited)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **REVERSE REPURCHASE AGREEMENT** | **REVERSE REPURCHASE AGREEMENT** | **REVERSE REPURCHASE AGREEMENT** | **REVERSE REPURCHASE AGREEMENT** | **REVERSE REPURCHASE AGREEMENT** | **REVERSE REPURCHASE AGREEMENT** | **REVERSE REPURCHASE AGREEMENT** | **REVERSE REPURCHASE AGREEMENT** |
| **Counterparty** | **Interest Rate<br> (%)** | **Trade Date** | **Maturity Date** | **Face value<br> ($)** | **Face Value<br> Including<br> Accrued<br> Interest<br> ($)** | **Type of Non <br> Cash<br> Underlying<br> Collateral** | **Remaining<br> Contractual<br> Maturity of<br> Agreement** |
| RBC Capital Markets Corporation | 5.66 | 09/23/2025 | 10/24/2025 | (1000000) | (1001101) | Residential Transitional Loans | 23 |
| RBC Capital Markets Corporation | 5.50 | 07/14/2025 | 12/15/2025 | (630000) | (637508) | Residential Mortgage-Backed Securities | 75 |

---

---

| | |
|:---|:---|
| <br>**Region Diversification for Portfolio Holdings** | **Percent of**<br>**Net Assets** |
| Midwest | 3.8% |
| Northeast | 29.2 |
| Southeast | 10.3 |
| Southwest | 3.7 |
| West | 47.1 |
| Residential Mortgage-Backed Securities | 7.0 |
| Short-Term Investments | 3.1 |
| **Total Investments** | **104.2%** |

---

See Notes to Consolidated Schedule of Investments.<br> (Continued)

---

| | |
|:---|:---|
| **Date:** 11/21/2025 10:46 PM | **Project: Form Type:** |
| **Client:** __ | **File:** tm2529788d1_nportex.htm **Type: Pg:** 5 of 11 |

---

First Eagle Real Estate Debt Fund

Notes to Consolidated Schedule of investments (unaudited)

**Note 1 — Organization**

First Eagle Real Estate Debt Fund (the "Fund") is a newly-organized non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, that continuously offers its shares of beneficial interest (the "Common Shares"), and is operated as an "interval fund." The Fund is a statutory trust organized under the laws of Delaware pursuant to a Declaration of Trust governed by the laws of the State of Delaware as amended and restated by the Third Amended and Restated Declaration of Trust, dated as of December 6, 2024.

The Fund's investment objective is to provide attractive risk-adjusted returns and current income by investing in a portfolio of residential and residential-related real estate-related investments. The Fund will invest, under normal market conditions, at least 80% of its Managed Assets in a portfolio of public and private real estate-related debt investments. These investments will include: short-term mortgage loans of typically 12 to 36 months to real-estate builders and other investors to purchase, renovate and resell or rent residential single or multi-family properties ("Residential Transitional Loans") through one or more special purpose vehicles ("SPVs"), each a wholly-owned subsidiary of the Fund; homebuilder development financing ("Land Banking") either through one or more joint ventures with a local operating partner, each a majority-owned subsidiary of a taxable REIT subsidiary of the Fund through which the Fund and the operating partner will equally share voting control over the joint venture's operations, or in the form of loans to borrowers; mezzanine financing structured as subordinated debt backed by single or multi-family properties or loans ("Residential Mezzanine Loans"); and agency and non-agency residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS"), and credit risk transfer ("CRT") securities issued by the U.S. Federal National Mortgage Association and the U.S. Federal Home Loan Mortgage Corporation.

The Fund currently offers four classes of Common Shares: Class A-2 Shares, Class A-3 Shares, Class A-4 Shares and Class I Shares. The Fund has been granted exemptive relief (the "Exemptive Relief") from the Securities and Exchange Commission (the "SEC") that permits the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees. The Fund may offer additional classes of shares in the future.

First Eagle Investment Management, LLC (the "Adviser") is the investment adviser of the Fund. The Adviser is a subsidiary of First Eagle Holdings, Inc. ("First Eagle Holdings"). Prior to August 15, 2025, investment vehicles indirectly controlled by Blackstone, Inc. and Corsair Capital LLC and certain co-investors owned a majority economic interest in First Eagle Holdings and the Adviser through BCP CC Holdings L.P., a Delaware limited partnership.

On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held by funds indirectly controlled by Blackstone and Corsair and certain related co-investors in a transaction announced by First Eagle on March 3, 2025. Genstar Capital is a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries.

Napier Park Global Capital (US) LP ("Napier Park" or the "Subadviser" and together with the Adviser, the "Advisers") serves as the Fund's investment subadviser.

Napier Park is a global alternative investment adviser known for its management of collateralized loan obligations, separately managed accounts and commingled funds. The portfolio management team of the Subadviser, including at the Subadviser's predecessor firm, has been investing in public securities, including mortgage-backed securities, asset-backed securities, and consumer debt, since 2008, and has been investing in private real estate debt since 2015. The Subadviser is an indirect wholly-owned subsidiary of the Adviser.

---

| | |
|:---|:---|
| **Date:** 11/21/2025 10:46 PM | **Project: Form Type:** |
| **Client:** __ | **File:** tm2529788d1_nportex.htm **Type: Pg:** 6 of 11 |

---

The Adviser has agreed to pay all of the Fund's offering costs and organizational expenses until effectiveness of the Fund's registration statement. Offering costs and organizational expenses are not reimbursable to the Adviser by the Fund.

**Note 2 — Significant Accounting Policies**

The following is a summary of significant accounting policies that are adhered to by the Fund. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards (the "FASB") Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles ("GAAP").

**a) Investments in Subsidiaries** — An SPV, a wholly-owned subsidiary of the Fund, was established to invest in Residential Transitional Loans ("First Eagle Real Estate Debt Fund SPV"). The consolidated financial statements include the accounts of the Fund and the subsidiary. All intercompany transactions and balances have been eliminated. As of September 30, 2025, the SPV has $34,802,574 in net assets, representing 96.01% of the Fund's net assets. The assets and credit of the SPV are not available to satisfy the obligations of the Fund.

**b) Investment Valuation** — The Fund's net asset value ("NAV") per share is computed by dividing the total current value of the assets of the Fund, less its liabilities, by the total number of shares outstanding at the time of such computation. The Fund computes its NAV per share as of the close of trading on each day the New York Stock Exchange ("NYSE") is open for trading.

The Fund's securities are valued by various methods, as described below:

Portfolio securities and other assets for which market quotes are readily available are valued at market value. In circumstances where market quotes are not readily available, such holdings may be "fair valued" in accordance with procedures adopted by the Board (the "Fair Value Procedures"). The Board has delegated day-to-day responsibility for implementing the portfolio valuation process set forth in the Fund's valuation policy, as amended from time to time, to the Adviser and the Subadviser, and has authorized the use of independent third-party pricing and valuation services that have been approved by the Board.

Public real estate investments, which typically will be publicly traded debt securities, are valued primarily using prices provided by approved independent pricing services. If prices from approved independent pricing services are not available, broker prices will be used. If neither the price from the approved service providers nor the broker price is available, the security will be fair valued in accordance with the Fair Value Procedures. The Adviser and Subadviser will receive daily monitoring reports from the Fund's administrator, including information relevant to the pricing analysis for these investments.

Residential Transitional Loans may be valued at cost for a period following closing. Otherwise, these investments primarily are valued by the Fund's administrator using prices provided by approved independent pricing services, generally updated on a monthly basis and reflecting pricing models that include inputs like estimated cash flows and performance/delinquency adjustments and forecasts. These prices are reviewed by the Subadviser to confirm that the valuation provided is within a reasonable range. For Residential Transitional Loans, the Subadviser will receive monthly monitoring reports from the loan servicer, including information relevant to the pricing analysis for these investments (e.g., delinquency rates). Information from monitoring reports and from the Subadviser's proprietary due diligence review of these investments is provided to the Fund's administrator and/or the independent pricing service provider, which will incorporate relevant information in its pricing analysis.

Repurchase agreements and reverse repurchase agreements are valued at contract amount plus accrued interest.

Investment companies, including money market funds, are valued at their net asset value.

If a price is not available from an independent pricing service or broker, or if the price provided is believed to be unreliable, the security will be fair valued as described below. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. Fair value methods may include, but are not limited to, the use of market comparables and/or income approach methodologies. Using a fair value pricing methodology to value securities may result in a value that is different from a security's most recent sale price and from the prices used by other investment companies to calculate their NAV. Determination of fair value is uncertain because it involves subjective judgments and estimates. There can be no assurance that the Fund's valuation of a security will not differ from the amount that it realizes upon the sale of such security.

---

| | |
|:---|:---|
| **Date:** 11/21/2025 10:46 PM | **Project: Form Type:** |
| **Client:** __ | **File:** tm2529788d1_nportex.htm **Type: Pg:** 7 of 11 |

---

The Fund adopted provisions surrounding fair value measurements and disclosures that define fair value, establish a framework for measuring fair value in GAAP and expand disclosures about fair value measurements. This applies to fair value measurements that are already required or permitted by other accounting standards and is intended to increase consistency of those measurements and applies broadly to securities and other types of assets and liabilities.

The Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs or assumptions to valuation techniques used to measure fair value. These inputs are used in determining the value of the Fund's investments and are summarized in the following fair value hierarchy:

Level 1 — Quoted prices in active markets for identical securities;

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.);

Level 3 — Other significant unobservable inputs (including the Fund's own assumption in determining the fair value of investments).

The estimated fair value of the residential transitional loans is affected by, among others, interest rates, historical default rates of similar loans, value of the underlying property and the creditworthiness of the borrower. As a result, determining fair value involves assumptions, which may be subjective in nature. Further, the investments may be held for investment income generation and thus may not be presently held for sale. As a result, amounts ultimately realized from the investments may vary significantly from the estimates of fair value recorded and the differences could be material to the Fund's consolidated financial statements.

The Fund values its interests in private loans through an income approach whereby cash flows are discounted using an estimated market participant required yield to maturity, as applicable.

Fair valuation of securities, other financial instruments or other assets (collectively, "securities") held by the Fund are determined in good faith by the Adviser as "valuation designee" under the oversight of the Board. The Board Valuation, Liquidity and Allocations Committee (the "Committee") oversees the execution of the valuation procedures for the Fund. In accordance with Rule 2a-5 under the 1940 Act, the Board has designated the Adviser the "valuation designee" to perform the Fund's fair value determinations. The Adviser's fair valuation process is subject to Board oversight and certain reporting and other requirements.

The following table summarizes the valuation of the Fund's investments under the fair value hierarchy levels as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **First Eagle Real Estate Debt Fund**<br>**Description†** |<br>**Level 1** |<br>**Level 2** |<br>**Level 3<sup>‡</sup>** |<br>**Total** |
| **Assets:** | **Assets:** | **Assets:** | **Assets:** | **Assets:** |
| Residential Mortgage-Backed Securities | $– | $– | $2541568 | $2541568 |
| Residential Transitional Loans |  |  | 34099418 | 34099418 |
| Short-Term Investments | 1129029 | – | – | 1129029 |
| &nbsp;&nbsp;&nbsp;**Total** | $**1129029** | $**–** | $**36640986** | $**37770015** |
| **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** | **Liabilities:** |
| Reverse Repurchase Agreements (Sold Short) | $– | $(1630000) | $– | $(1630000) |
| &nbsp;&nbsp;&nbsp;**Total** | $**–** | $**(1630000)** | $**–** | $**(1630000)** |

---

† See Schedule
 of Investments for additional detailed categorizations.

‡ Value determined using
 significant unobservable inputs.

---

| | |
|:---|:---|
| **Date:** 11/21/2025 10:46 PM | **Project: Form Type:** |
| **Client:** __ | **File:** tm2529788d1_nportex.htm **Type: Pg:** 8 of 11 |

---

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | **Residential <br> Transitional<br> Loans** | **Residential<br> Mortgage-<br> Backed <br> Securities** | **Total** |
| Beginning Balance —market value | $— | $— | $— |
| Purchases<sup>(1)</sup> | 42435071 | 2499950 | 44935021 |
| Sales <sup>(2)</sup> | (8335653) |  | (8335653) |
| Transfer In — Level 3 |  |  |  |
| Transfer Out — Level 3 |  |  |  |
| Accrued discounts/ (premiums) |  |  |  |
| Realized Gains (Losses) |  |  |  |
| Change in Unrealized Appreciation (Depreciation) |  | 41618 | 41618 |
| Ending Balance — market value | $34099418 | $2541568 | $36640986 |
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $— | $41618 | $41618 |

---

(1) Purchases include all purchases of securities and securities received in corporate actions.

(2) Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The following is a summary of the Fund's valuation techniques and significant amounts of unobservable inputs used in the Fund's Level 3 securities as of September 30, 2025:

Disclosure on the Unobservable Inputs for First Eagle Real Estate Debt Fund as of September 30, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value as of September 30, 2025** | **Valuation Technique(s)** | **Unobservable Inputs** | **Range (Weighted Average)** | **Direction Change in Fair Value <br> Resulting from Increase in<br> Unobservable Inputs (a)** |
| Residential Transitional Loans | $34099418 | Discounted Cash Flow | Comparable Yield | 7.56% - 13.12% (9.42%) | Decrease |
| Residential Mortgage-Backed Securities | 2541568 | Broker Quotes | N/A | N/A | N/A |

---

*Notes:*

*(a) This column represents the direction change in the fair value of level 3 securities that would result from an increase to the corresponding unobservable inputs.*

*- A decrease to the unobservable input would have the opposite effect.* 

*- Significant increases and decreases of these inputs could result in significantly higher or lower fair value determination.*

---

| | |
|:---|:---|
| **Date:** 11/21/2025 10:46 PM | **Project: Form Type:** |
| **Client:** __ | **File:** tm2529788d1_nportex.htm **Type: Pg:** 9 of 11 |

---

**Note 3 — Securities and Other Investments**

**a) Residential Mortgage-Backed Securities** — Holders of Residential Mortgage-Backed Securities **("**RMBS") bear various risks, including credit, market, interest rate, structural and legal risks. RMBS represent interests in pools of residential mortgage loans secured by one to four family residential mortgage loans. Such loans may be prepaid at any time. Residential mortgage loans are obligations of the borrowers thereunder only and are not typically insured or guaranteed by any other person or entity, although such loans may be securitized by government agencies and the securities issued are guaranteed. The rate of defaults and losses on residential mortgage loans will be affected by a number of factors, including general economic conditions and those in the geographic area where the mortgaged property is located, the terms of the mortgage loan, the borrower's "equity" in the mortgaged property and the financial circumstances of the borrower. If a residential mortgage loan is in default, foreclosure of such residential mortgage loan may be a lengthy and difficult process and may involve significant expenses. Furthermore, the market for defaulted residential mortgage loans or foreclosed properties may be very limited.

**b) Short-term Mortgage Loans** — Short-term mortgage loans of typically 12 to 36 months to real-estate builders and other investors to purchase, renovate and resell or rent residential single or multi-family properties ("Residential Transitional Loans") through one or more SPVs.

**c) Repurchase Agreements and Reverse Repurchase Agreements** — The Fund may enter into repurchase agreements and reverse repurchase agreements. A repurchase agreement is a contract under which the Fund acquires a security for a relatively short period subject to the obligation of the seller to repurchase and the Fund to resell such security at a fixed time and price (representing the Fund's cost plus interest). Repurchase agreements may also be viewed as loans made by the Fund which are collateralized by the securities subject to repurchase. If the counterparty defaults, the Fund could realize a loss on the sale of the underlying security to the extent that the proceeds of sale including accrued interest are less than the resale price provided in the agreement including interest. In addition, if the seller should be involved in bankruptcy or insolvency proceedings, the Fund may incur delay and costs in selling the underlying security or may suffer a loss of principal and interest if the Fund is treated as an unsecured creditor and required to return the underlying collateral to the seller's estate.

A reverse repurchase agreement or dollar roll involves the sale of a security by the Fund and its agreement to repurchase the instrument at a specified time and price, and may be considered a form of borrowing for some purposes. The Fund may be subject to an increase in borrowing costs if the counterparty to a reverse repurchase agreement seeks to increase the rate of borrowing upon a roll of the repurchase agreement. In addition, the Fund could be subject to a "margin call," pursuant to which the Fund must either deposit additional collateral with the counterparty or suffer mandatory liquidation of the securities subject to repurchase to compensate for the decline in value.

Repurchase and reverse repurchase agreements can have effects similar to margin trading and other leveraging strategies.

The Fund pledged securities as collateral valued at $35,361,250 which have been identified on the Schedule of Investments.

For the period ended September 30, 2025, the average borrowings for the Fund was $719,744 over 78 days. The average borrowing rate for the Fund was 5.52%.

**d) Derivative Transactions** — Unless the Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with Rule 18f-4 with respect to its Derivatives Transactions (as defined below). Rule 18f-4, among other things, requires the Fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board. Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the "Limited Derivatives User Exception").

---

| | |
|:---|:---|
| **Date:** 11/21/2025 10:46 PM | **Project: Form Type:** |
| **Client:** __ | **File:** tm2529788d1_nportex.htm **Type: Pg:** 10 of 11 |

---

Under Rule 18f-4, "Derivatives Transactions" include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and nonrecourse tender option bonds, and borrowed bonds), if the Fund elects to treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and nonstandard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

---

| | |
|:---|:---|
| **Date:** 11/21/2025 10:46 PM | **Project: Form Type:** |
| **Client:** __ | **File:** tm2529788d1_nportex.htm **Type: Pg:** 11 of 11 |

---

**Note 4 — Unfunded Commitment**

As of September 30, 2025, the Fund had the following unfunded loan commitments outstanding, which could be extended at the option of the borrower:

---

| | | | |
|:---|:---|:---|:---|
| **Loan** | **Principal<br> Amount** | **Value** | **Net Unrealized<br> Appreciation<br> (Depreciation)** |
| 1018 Hancock Ave. LLC, 11485 | $29001 | $29001 | $- |
| 1103 Hoe NY LLC, 11571 | 284450 | 284450 |  |
| 205 Fairview Ave., 11552 | 279500 | 279500 |  |
| 3 Riverview MB, 11422 | 195500 | 195500 |  |
| 445 GK LLC, 11573 | 1400000 | 1400000 |  |
| ABC Andover LLC, 11418 | 190800 | 190800 |  |
| AJX Homes FL LLC, 11439 | 53000 | 53000 |  |
| AmCan Consulting LLC, 11504 | 28900 | 28900 |  |
| Arlington Ave., Properties, 11506 | 203000 | 203000 |  |
| Cab Homez LLC, 11505 | 22650 | 22650 |  |
| Canopy West LLC, 11490 | 53800 | 53800 |  |
| Dez Development, 11560 | 450000 | 450000 |  |
| Freddy LLC, 11436 | 89200 | 89200 |  |
| GMS Property Investments, 11493 | 35700 | 35700 |  |
| HHM Properties LLC, 11497 | 31450 | 31450 |  |
| Homes By Burgess, 11592 | 120000 | 120000 |  |
| Ironhorse Fund, 11559 | 520822 | 520822 |  |
| J Harris Investments, 11520 | 72200 | 72200 |  |
| J&M Moore Enterprise, 11501 | 5000 | 5000 |  |
| JAN Realty LLC, 11489 | 50900 | 50900 |  |
| Jands Enterprises, 11507 | 179500 | 179500 |  |
| Leah Court LLC, 11541 | 104507 | 104507 |  |
| Leah Court LLC, 11542 | 110226 | 110226 |  |
| Leah Court LLC, 11543 | 105819 | 105819 |  |
| Leah Court LLC, 11544 | 110053 | 110053 |  |
| Nelly Homes Corp., 11492 | 4065 | 4065 |  |
| NYC Holding Group, 11426 | 150000 | 150000 |  |
| Palm Tree Real Estate, 11512 | 70300 | 70300 |  |
| Peaks Townhomes, 11557 | 2462826 | 2462826 |  |
| Peaks Townhomes, 11558 | 1847457 | 1847457 |  |
| PPP Properties, 11572 | 42750 | 42750 |  |
| Properties By T&M, 11441 | 50200 | 50200 |  |
| Taft Gardens LLC, 11561 | 612761 | 612761 |  |
| TERO Build LLC, 11595 | 135000 | 135000 | - |
|  | $10101337 | $10101337 | $- |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** First Eagle Real Estate Debt Fund

- **b. Investment Company Act file number:** 811-23925

- **c. CIK number of Registrant:** 0002006189

- **d. LEI of Registrant:** 254900P954R92WUROE68

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1345 Avenue of the Americas

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10105

  - **Telephone number:** 800-334-2143

**Item A.2. Information about the Series.**

- **a. Name of Series:** First Eagle Real Estate Debt Fund

- **c. LEI of Series:** 254900P954R92WUROE68

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $38926771.97

**Total Liabilities:** $2759522.81

**Net Assets:** $36167249.16

**Cash Not Reported:** $1266858.91

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -687.93139589 | **1-Year:** -2224.73135371 | **5-Year:** -394.80662920 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.69%                | 0.77%                | 0.69%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-47.17                  | $-46.25                                    |
| Month 2  | $58.27                   | $50076.07                                  |
| Month 3  | $-17.28                  | $-8411.50                                  |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** Securities Portfolio

### Schedule of Portfolio Investments

| Name                                    | Title                                               | Identifiers                             | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| KTL_REAL_ESTATE_LLC                     | Residential Transitional Loan KTL_REAL_ESTATE_LLC   | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    164000 | PA      | $164000.00    | 0.45%             | 2026-05-01      | Fixed         | 10.04%                | Yes           |                  3 | On Loan: No      |
| IRONHORSE_FUND                          | Residential Transitional Loan IRONHORSE_FUND        | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |   1327678 | PA      | $1327678.00   | 3.67%             | 2026-08-01      | Fixed         | 8.18%                 | Yes           |                  3 | On Loan: No      |
| FARMSTEAD_TH_LLC                        | Residential Transitional Loan FARMSTEAD_TH_LLC      | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |   4555000 | PA      | $4555000.00   | 12.59%            | 2027-01-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| JRG_III_REALESTATE                      | Residential Transitional Loan JRG_III_REALESTATE    | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    373500 | PA      | $373500.00    | 1.03%             | 2025-09-26      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| HENRY_INVESTMENT                        | Residential Transitional Loan HENRY_INVESTMENT      | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    531200 | PA      | $531200.00    | 1.47%             | 2026-04-01      | Fixed         | 11.09%                | Yes           |                  3 | On Loan: No      |
| ABC_ANDOVER_LLC                         | Residential Transitional Loan ABC_ANDOVER_LLC       | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |   1039900 | PA      | $1039899.98   | 2.88%             | 2026-03-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| Royal Bank of Canada                    | Royal Bank of Canada                                | CUSIP: N/A<br>LEI: ES7IP3U3RHIGC71XBU11 | Short            | RA               | CORP              | US        |   -630000 | PA      | $-630000.00   | -1.74%            |  |  |  | No            |                  2 | On Loan: No      |
| 3_RIVERVIEW_MB                          | Residential Transitional Loan 3_RIVERVIEW_MB        | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    742450 | PA      | $742450.00    | 2.05%             | 2026-03-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| Royal Bank of Canada                    | Royal Bank of Canada                                | CUSIP: N/A<br>LEI: ES7IP3U3RHIGC71XBU11 | Short            | RA               | CORP              | US        |  -1000000 | PA      | $-1000000.00  | -2.76%            |  |  |  | No            |                  2 | On Loan: No      |
| LHOME Mortgage Trust                    | LHOME Mortgage Trust, Series 2025-RTL3, Class M2    | CUSIP: 50205YAD5<br>LEI: N/A            | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1279735.75   | 3.54%             | 2040-08-25      | Variable      | 8.73%                 | Yes           |                  3 | On Loan: No      |
| STRATEGIC_REALTY_REH                    | Residential Transitional Loan STRATEGIC_REALTY_REH  | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    120000 | PA      | $120000.00    | 0.33%             | 2026-05-01      | Fixed         | 8.30%                 | Yes           |                  3 | On Loan: No      |
| 1202_CARROLL_LLC                        | Residential Transitional Loan 1202_CARROLL_LLC      | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |   1660000 | PA      | $1660000.00   | 4.59%             | 2026-06-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| BENTLEY_INVESTS                         | Residential Transitional Loan BENTLEY_INVESTS       | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    214200 | PA      | $214200.00    | 0.59%             | 2026-02-22      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| 1018_HANCOCK_AVE_LLC                    | Residential Transitional Loan 1018_HANCOCK_AVE_LLC  | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    755998 | PA      | $755998.31    | 2.09%             | 2026-02-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| AMES_DREAM_HOMES                        | Residential Transitional Loan AMES_DREAM_HOMES      | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    149400 | PA      | $149400.00    | 0.41%             | 2026-03-18      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| GMS_PROPERTY_INVEST                     | Residential Transitional Loan GMS_PROPERTY_INVEST   | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    150300 | PA      | $150300.00    | 0.42%             | 2026-05-01      | Fixed         | 10.04%                | Yes           |                  3 | On Loan: No      |
| BlackRock FedFund- Institutional Shares | BlackRock FedFund- Institutional Shares             | CUSIP: N/A<br>LEI: N/A                  | Long             | STIV             | RF                | US        |   1129029 | NS      | $1129028.57   | 3.12%             |  |  |  | No            |                  1 | On Loan: No      |
| PATINO_INVESTMENTS                      | Residential Transitional Loan PATINO_INVESTMENTS    | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    252000 | PA      | $252000.00    | 0.70%             | 2026-05-29      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| NJ_RIOS_GROUP_LLC                       | Residential Transitional Loan NJ_RIOS_GROUP_LLC     | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    336600 | PA      | $336600.00    | 0.93%             | 2026-04-01      | Fixed         | 9.60%                 | Yes           |                  3 | On Loan: No      |
| 445_GK_LLC                              | Residential Transitional Loan 445_GK_LLC            | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |   1600000 | PA      | $1600000.00   | 4.42%             | 2026-07-01      | Fixed         | 9.62%                 | Yes           |                  3 | On Loan: No      |
| VERONA_ASSETS_INC                       | Residential Transitional Loan VERONA_ASSETS_INC     | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    153000 | PA      | $153000.00    | 0.42%             | 2026-01-03      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| TWO_FRIENDS_ONEGOAL                     | Residential Transitional Loan TWO_FRIENDS_ONEGOAL   | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    289600 | PA      | $289600.00    | 0.80%             | 2026-05-01      | Fixed         | 8.20%                 | Yes           |                  3 | On Loan: No      |
| ASHFORD_REALTY_GROUP                    | Residential Transitional Loan ASHFORD_REALTY_GROUP  | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    296200 | PA      | $296200.00    | 0.82%             | 2026-05-01      | Fixed         | 9.30%                 | Yes           |                  3 | On Loan: No      |
| PPP_PROPERTIES                          | Residential Transitional Loan PPP_PROPERTIES        | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    148500 | PA      | $148500.00    | 0.41%             | 2026-09-01      | Fixed         | 8.62%                 | Yes           |                  3 | On Loan: No      |
| TAFT_GARDENS_LLC                        | Residential Transitional Loan TAFT_GARDENS_LLC      | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    325239 | PA      | $325239.00    | 0.90%             | 2026-07-01      | Fixed         | 8.79%                 | Yes           |                  3 | On Loan: No      |
| LEAH_COURT_LLC                          | Residential Transitional Loan LEAH_COURT_LLC        | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    172494 | PA      | $172494.00    | 0.48%             | 2026-04-01      | Fixed         | 8.85%                 | Yes           |                  3 | On Loan: No      |
| HOMES_BY_BURGESS                        | Residential Transitional Loan HOMES_BY_BURGESS      | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    585000 | PA      | $585000.00    | 1.62%             | 2026-03-11      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| HHM_PROPERTIES_LLC                      | Residential Transitional Loan HHM_PROPERTIES_LLC    | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    279750 | PA      | $279750.00    | 0.77%             | 2026-05-01      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| GORE_PROPERTIES_LLC                     | Residential Transitional Loan GORE_PROPERTIES_LLC   | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    224100 | PA      | $224100.00    | 0.62%             | 2026-05-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| LE_ROI_UNIQUE_LLC                       | Residential Transitional Loan LE_ROI_UNIQUE_LLC     | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    107600 | PA      | $107600.00    | 0.30%             | 2026-04-01      | Fixed         | 10.34%                | Yes           |                  3 | On Loan: No      |
| CANOPY_WEST_LLC                         | Residential Transitional Loan CANOPY_WEST_LLC       | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    176000 | PA      | $176000.00    | 0.49%             | 2026-11-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| RESI_REALESTATE                         | Residential Transitional Loan RESI_REALESTATE       | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    589500 | PA      | $589500.00    | 1.63%             | 2026-09-15      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| ARLINGTON_AVE_PROP                      | Residential Transitional Loan ARLINGTON_AVE_PROP    | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    450000 | PA      | $450000.00    | 1.24%             | 2026-05-01      | Fixed         | 10.04%                | Yes           |                  3 | On Loan: No      |
| RENOVD_PROPERTIES                       | Residential Transitional Loan RENOVD_PROPERTIES     | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    674000 | PA      | $674000.00    | 1.86%             | 2026-04-25      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| STARBOARD_VA_LLC                        | Residential Transitional Loan STARBOARD_VA_LLC      | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    672000 | PA      | $672000.00    | 1.86%             | 2026-01-01      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| PROPERTIES_BY_T&M                       | Residential Transitional Loan PROPERTIES_BY_T&M     | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    110200 | PA      | $110200.00    | 0.30%             | 2026-04-01      | Fixed         | 10.84%                | Yes           |                  3 | On Loan: No      |
| JMHOMERS_LLC                            | Residential Transitional Loan JMHOMERS_LLC          | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    210000 | PA      | $210000.00    | 0.58%             | 2026-04-01      | Fixed         | 11.09%                | Yes           |                  3 | On Loan: No      |
| LEAH_COURT_LLC                          | Residential Transitional Loan LEAH_COURT_LLC        | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    166775 | PA      | $166775.00    | 0.46%             | 2026-04-01      | Fixed         | 8.85%                 | Yes           |                  3 | On Loan: No      |
| BLUE_SKY_INVEST                         | Residential Transitional Loan BLUE_SKY_INVEST       | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    148500 | PA      | $148500.00    | 0.41%             | 2025-12-16      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| CADOUS_LLC                              | Residential Transitional Loan CADOUS_LLC            | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    411800 | PA      | $411800.00    | 1.14%             | 2026-01-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| JHARRIS_INVESTMENTS                     | Residential Transitional Loan JHARRIS_INVESTMENTS   | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |     60000 | PA      | $60000.00     | 0.17%             | 2026-05-01      | Fixed         | 8.04%                 | Yes           |                  3 | On Loan: No      |
| FREDDY_LLC                              | Residential Transitional Loan FREDDY_LLC            | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    243000 | PA      | $243000.00    | 0.67%             | 2026-04-01      | Fixed         | 12.34%                | Yes           |                  3 | On Loan: No      |
| LEAH_COURT_LLC                          | Residential Transitional Loan LEAH_COURT_LLC        | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    171182 | PA      | $171182.00    | 0.47%             | 2026-04-01      | Fixed         | 8.85%                 | Yes           |                  3 | On Loan: No      |
| AJX_HOMES_FL_LLC                        | Residential Transitional Loan AJX_HOMES_FL_LLC      | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    295750 | PA      | $295750.00    | 0.82%             | 2026-04-01      | Fixed         | 7.85%                 | Yes           |                  3 | On Loan: No      |
| 1103_HOE_NY_LLC                         | Residential Transitional Loan 1103_HOE_NY_LLC       | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |   1690550 | PA      | $1690550.00   | 4.67%             | 2026-11-01      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| RAYNA_PROPERTIES_LLC                    | Residential Transitional Loan RAYNA_PROPERTIES_LLC  | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    300000 | PA      | $300000.00    | 0.83%             | 2026-04-01      | Fixed         | 7.30%                 | Yes           |                  3 | On Loan: No      |
| BLUE_SKY_INVEST_LLC                     | Residential Transitional Loan BLUE_SKY_INVEST_LLC   | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    198900 | PA      | $198900.00    | 0.55%             | 2025-12-24      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| HERITAGE_CONSTRC_CON                    | Residential Transitional Loan HERITAGE_CONSTRC_CON  | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    693700 | PA      | $693700.00    | 1.92%             | 2026-05-01      | Fixed         | 7.30%                 | Yes           |                  3 | On Loan: No      |
| CAP_CITY_HOMEBUYERS                     | Residential Transitional Loan CAP_CITY_HOMEBUYERS   | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    192600 | PA      | $192600.00    | 0.53%             | 2026-04-01      | Fixed         | 10.10%                | Yes           |                  3 | On Loan: No      |
| CABHOMEZLLC                             | Residential Transitional Loan CABHOMEZLLC           | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    170350 | PA      | $170350.00    | 0.47%             | 2026-05-01      | Fixed         | 9.29%                 | Yes           |                  3 | On Loan: No      |
| DEZ_DEVELOPMENT                         | Residential Transitional Loan DEZ_DEVELOPMENT       | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    919166 | PA      | $919166.00    | 2.54%             | 2026-08-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| TERO_BUILD_LLC                          | Residential Transitional Loan TERO_BUILD_LLC        | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    585000 | PA      | $585000.00    | 1.62%             | 2026-09-09      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| NELLY_HOMES_CORP                        | Residential Transitional Loan NELLY_HOMES_CORP      | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    313035 | PA      | $313035.00    | 0.87%             | 2026-05-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| VERONA_ASSETS_INC                       | Residential Transitional Loan VERONA_ASSETS_INC     | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    193500 | PA      | $193500.00    | 0.54%             | 2026-03-01      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| NEIGHBORHOOD_HOME                       | Residential Transitional Loan NEIGHBORHOOD_HOME     | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    743100 | PA      | $743100.00    | 2.05%             | 2026-05-01      | Fixed         | 8.54%                 | Yes           |                  3 | On Loan: No      |
| JANDS_ENTERPRISES                       | Residential Transitional Loan JANDS_ENTERPRISES     | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    540000 | PA      | $540000.00    | 1.49%             | 2027-05-01      | Fixed         | 9.30%                 | Yes           |                  3 | On Loan: No      |
| NYC_HOLDING_GROUP                       | Residential Transitional Loan NYC_HOLDING_GROUP     | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    378000 | PA      | $378000.00    | 1.05%             | 2026-07-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| AMCAN_CONSULTING_LLC                    | Residential Transitional Loan AMCAN_CONSULTING_LLC  | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    167500 | PA      | $167500.00    | 0.46%             | 2026-05-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| JAN_REALTY_LLC                          | Residential Transitional Loan JAN_REALTY_LLC        | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    196000 | PA      | $196000.00    | 0.54%             | 2026-05-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| PEAKS_TOWNHOMES                         | Residential Transitional Loan PEAKS_TOWNHOMES       | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |   1256079 | PA      | $1256079.00   | 3.47%             | 2026-11-01      | Fixed         | 8.89%                 | Yes           |                  3 | On Loan: No      |
| 205_FAIRVIEW_AVE                        | Residential Transitional Loan 205_FAIRVIEW_AVE      | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |   1486050 | PA      | $1486050.00   | 4.11%             | 2026-07-01      | Fixed         | 9.25%                 | Yes           |                  3 | On Loan: No      |
| J&M_MOORE_ENTERPRISE                    | Residential Transitional Loan J&M_MOORE_ENTERPRISE  | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    241600 | PA      | $241600.00    | 0.67%             | 2026-05-01      | Fixed         | 7.80%                 | Yes           |                  3 | On Loan: No      |
| 4_PILLARS_PROPS_LLC                     | Residential Transitional Loan 4_PILLARS_PROPS_LLC   | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    177900 | PA      | $177900.00    | 0.49%             | 2026-05-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| LEAH_COURT_LLC                          | Residential Transitional Loan LEAH_COURT_LLC        | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    166948 | PA      | $166948.00    | 0.46%             | 2026-04-01      | Fixed         | 8.85%                 | Yes           |                  3 | On Loan: No      |
| ALLEGIANT_INVESTMENT                    | Residential Transitional Loan ALLEGIANT_INVESTMENT  | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    294300 | PA      | $294300.00    | 0.81%             | 2026-05-01      | Fixed         | 7.50%                 | Yes           |                  3 | On Loan: No      |
| PRIMA_HOMES_INC                         | Residential Transitional Loan PRIMA_HOMES_INC       | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    100000 | PA      | $100000.00    | 0.28%             | 2026-07-01      | Fixed         | 10.08%                | Yes           |                  3 | On Loan: No      |
| PEAKS_TOWNHOMES                         | Residential Transitional Loan PEAKS_TOWNHOMES       | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |   1065762 | PA      | $1065762.00   | 2.95%             | 2026-11-01      | Fixed         | 8.89%                 | Yes           |                  3 | On Loan: No      |
| SIMPLE_HOME_BUYERS                      | Residential Transitional Loan SIMPLE_HOME_BUYERS    | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    209700 | PA      | $209700.00    | 0.58%             | 2026-04-01      | Fixed         | 10.34%                | Yes           |                  3 | On Loan: No      |
| VERONA_ASSETS_INC                       | Residential Transitional Loan VERONA_ASSETS_INC     | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    159800 | PA      | $159800.00    | 0.44%             | 2026-03-17      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| PALMTREE_REAL_ESTATE                    | Residential Transitional Loan PALMTREE_REAL_ESTATE  | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    135000 | PA      | $135000.00    | 0.37%             | 2026-05-01      | Fixed         | 8.29%                 | Yes           |                  3 | On Loan: No      |
| Verus Securitization Trust              | Verus Securitization Trust, Series 2025-6, Class B1 | CUSIP: 92540YAE9<br>LEI: N/A            | Long             | ABS-MBS          | CORP              | US        |   1250000 | PA      | $1261832.50   | 3.49%             | 2070-07-25      | Variable      | 6.87%                 | Yes           |                  3 | On Loan: No      |
| DMG_DESERT_ESTATES                      | Residential Transitional Loan DMG_DESERT_ESTATES    | CUSIP: N/A<br>LEI: N/A                  | Long             | LON              |  | US        |    285800 | PA      | $285800.00    | 0.79%             | 2026-03-10      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** First Eagle Real Estate Debt Fund

**Signature:** Shuang Wu

**Name of Signer:** Shuang Wu

**Title:** Treasurer