# EDGAR Filing Document

**Accession Number:** 0002018545
**File Stem:** 0001193125-25-243271
**Filing Date:** 2025-10
**Character Count:** 5378
**Document Hash:** 095c1a91a64b18194d2dd0f239c2f19a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-243271.hdr.sgml**: 20251020

**ACCESSION NUMBER**: 0001193125-25-243271

**CONFORMED SUBMISSION TYPE**: N-54C

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251020

**DATE AS OF CHANGE**: 20251020

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-54C
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 814-01736
- **FILM NUMBER:** 251402879

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

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

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

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-54C** 

**NOTIFICATION OF WITHDRAWAL OF ELECTION TO BE SUBJECT TO** 

**SECTIONS 55 THROUGH 65 OF THE INVESTMENT COMPANY ACT OF 1940** 

**FILED PURSUANT TO SECTION 54(c) OF THE INVESTMENT COMPANY ACT OF 1940** 

The undersigned business development company hereby notifies the Securities and Exchange Commission that it withdraws its election to be subject to sections 55 through 65 of the Investment Company Act of 1940 (the "Act"), pursuant to the provisions of section 54(c) of the Act, and in connection with such notice of withdrawal of election submits the following information:

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| | |
|:---|:---|
| Name: | **Franklin BSP Real Estate Debt BDC** |
| Address of Principal Business Office: | **One Madison Avenue**<br> **Suite 1600**<br> **New York, NY 10010** |
| Telephone Number (including area code): | **(212) 588-6700** |
| File Number under the Securities Exchange Act of 1934: | **814-01736** |

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In addition to completing the cover page, a company withdrawing its election under section 54(a) of the Act must state one of the following bases for filing the notification of withdrawal:

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| | | |
|:---|:---|:---|
| ☐ | A. | The company has never made a public offering of its securities; does not have more than 100 security holders for purposes of section 3(c)(1) of the Act and the rules thereunder; and does not propose to make a public offering. |
| ☐ | B. | The company (1) has distributed substantially all of its assets to its security holders and has effected, or is in the process of effecting, a winding-up of its affairs, and (2) is not liquidating as part of a merger. |
| ☐ | C. | The company has (1) sold substantially all of its assets to another company; or (2) merged into or consolidated with another company. Give the name of the other company and state whether the other company is a registered investment company, a company excluded from the definition of an investment company by section 3(c)(1) of the Act, a business development company, or none of the above. |
| ☒ | D. | The company has changed the nature of its business so as to cease to be a business development company, and such change was authorized by the vote of a majority of its outstanding voting securities or partnership interests. Describe the company's new business. Give the date of the shareholders' or partners' meeting and the number of votes in favor of and opposed to the change. |
| ☐ | E. | The company has filed a notice of registration under section 8 of the Act. State the filing date of the company's notice of registration (Form N-8A) under the Act. |
| ☐ | F. | Other. Explain the circumstances surrounding the withdrawal of election. |

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On October 20, 2025, voting by unanimous written consent, the Treasurer of the State of North Carolina, as the holder of a majority of the outstanding voting securities of Franklin BSP Real Estate Debt BDC (the "Company"), approved a voluntary withdrawal of the Company's election to be regulated as a business development company under sections 55 through 65 of the Investment Company Act of 1940, as amended (the "Act"). The Company's board of trustees also approved a voluntary withdrawal of the Company's election to be regulated as a business development company and determined that such withdrawal is in the Company's best interests. The Company is now effecting the approved withdrawal by filing this Form N-54C notification of withdrawal.

The Company intends to conduct its activities in such a way that it will be excepted from the definition of "investment company" pursuant to section 3(c)(7) of the Act.

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**SIGNATURES** 

Pursuant to the requirements of the Act, the undersigned company has caused this notification of withdrawal of election to be subject to sections 55 through 65 of the Act to be duly signed on its behalf in the city of New York and the state of New York on the 20th day of October, 2025.

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| | |
|:---|:---|
|  **Franklin BSP Real Estate Debt BDC** | **Franklin BSP Real Estate Debt BDC** |
| By: | /s/ Richard J. Byrne |
|  | Richard J. Byrne<br> Chief Executive Officer |

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| | |
|:---|:---|
|  Attest: | /s/ Micah Goodman |
|  | Micah Goodman<br> Secretary |
|  | Date: October 20, 2025 |

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