# EDGAR Filing Document

**Accession Number:** 0002006189
**File Stem:** 0002071691-26-012659
**Filing Date:** 2026-5
**Character Count:** 73455
**Document Hash:** af436fb6f1f7953a3e110c04cd607fbe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002071691-26-012659.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0002071691-26-012659

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**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:** 261042831

**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

First Eagle Real Estate Debt Fund

Consolidated Schedule of Investments

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| **Residential Transitional Loans - 76.0%** |  |  |
| **Northeast 24.3%** |  |  |
| &nbsp;&nbsp;&nbsp;1103 Hoe NY LLC, 11571, 9.75%, 11/01/2026 ‡(a) | 1958000 | 1958000 |
| &nbsp;&nbsp;&nbsp;205 Fairview Ave. LLC, 11552, 9.25%, 07/01/2026 ‡(a) | 1923000 | 1923000 |
| &nbsp;&nbsp;&nbsp;365 Marrett Rd. LLC, 11671, 7.75%, 04/01/2027 ‡(a) | 810000 | 810000 |
| &nbsp;&nbsp;&nbsp;445 GK LLC, 11573, 9.63%, 07/01/2026 ‡(a) | 2005000 | 2005000 |
| &nbsp;&nbsp;&nbsp;521 Bayway Ave LLC, 11634, 8.25%, 12/01/2026 ‡(a) | 581820 | 581820 |
| &nbsp;&nbsp;&nbsp;70 Crest S. Orange LLC, 11667, 7.50%, 03/01/2027 ‡(a) | 878000 | 878000 |
| &nbsp;&nbsp;&nbsp;ABC Andover LLC, 11418, 9.00%, 05/01/2026 ‡(a) | 1182800 | 1182800 |
| &nbsp;&nbsp;&nbsp;AMCAN Consulting LLC, 11504, 9.00%, 05/01/2026 ‡(a) | 228000 | 228000 |
| &nbsp;&nbsp;&nbsp;Ladasato Realty LLC, 11674, 7.75%, 02/01/2027 ‡(a) | 3825000 | 3825000 |
| &nbsp;&nbsp;&nbsp;Le Roi Unique LLC, 11446, 10.34%, 04/01/2026 ‡(a) | 107600 | 107600 |
| &nbsp;&nbsp;&nbsp;Maraprano Development LLC, 11673, 7.75%, 04/01/2027 ‡(a) | 720000 | 720000 |
| &nbsp;&nbsp;&nbsp;NYC Holding Group LLC, 11426, 9.00%, 07/01/2026 ‡(a) | 378000 | 378000 |
| &nbsp;&nbsp;&nbsp;PPP Properties LLC, 11619, 8.50%, 11/01/2026 ‡(a) | 342194 | 342194 |
| &nbsp;&nbsp;&nbsp;Scribner Ave. Holdings LLC, 11646, 8.25%, 01/01/2027 ‡(a) | 542500 | 542500 |
|  |  | **15481914** |
| **Southeast 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Ames Dream Homes LLC, 11660, 9.13%, 08/02/2026 ‡(a) | 149000 | 149000 |
| &nbsp;&nbsp;&nbsp;Annamalayar LLC, 11643, 8.61%, 07/01/2027 ‡(a) | 562262 | 562262 |
| &nbsp;&nbsp;&nbsp;Cab Homez LLC, 11505, 9.29%, 05/01/2026 ‡(a) | 193000 | 193000 |
| &nbsp;&nbsp;&nbsp;Canopy West LLC, 11490, 9.00%, 11/01/2026 ‡(a) | 197250 | 197250 |
| &nbsp;&nbsp;&nbsp;Henry Investment Holdings LLC, 11443, 11.09%, 04/01/2026 ‡(a) | 531200 | 531200 |
| &nbsp;&nbsp;&nbsp;HHM Properties LLC, 11497, 7.75%, 05/01/2026 ‡(a) | 311200 | 311200 |
| &nbsp;&nbsp;&nbsp;J Harris Investments LLC, 11520, 8.04%, 05/01/2026 ‡(a) | 60000 | 60000 |
| &nbsp;&nbsp;&nbsp;Mornington Properties LLC, 11668, 7.50%, 04/01/2027 ‡(a) | 86750 | 86750 |
| &nbsp;&nbsp;&nbsp;Properties By T&M LLC, 11441, 10.84%, 04/01/2026 ‡(a) | 119700 | 119700 |
| &nbsp;&nbsp;&nbsp;Rabs Rehab LLC, 11666, 7.63%, 03/01/2027 ‡(a) | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;Rayna Properties LLC, 11437, 7.30%, 04/01/2026 ‡(a) | 300000 | 300000 |
| &nbsp;&nbsp;&nbsp;Structure Redevelopment LLC, 11664, 8.22%, 09/01/2027 ‡(a) | 342900 | 342900 |
| &nbsp;&nbsp;&nbsp;Structure Redevelopment LLC, 11675, 7.80%, 04/01/2027 ‡(a) | 550000 | 550000 |
| &nbsp;&nbsp;&nbsp;UKA Development LLC, 11656, 8.25%, 08/01/2027 ‡(a) | 374000 | 374000 |
|  |  | **3877262** |
| **Southwest 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cadous LLC, 11532, 9.13%, 04/01/2026 ‡(a) | 411800 | 411800 |
| &nbsp;&nbsp;&nbsp;Two Friends One Goal LLC, 11502, 8.20%, 05/01/2026 ‡(a) | 289600 | 289600 |
| &nbsp;&nbsp;&nbsp;Vapa Investments LLC, 11636, 8.00%, 12/01/2026 ‡(a) | 103500 | 103500 |
| &nbsp;&nbsp;&nbsp;Vapa Investments LLC, 11647, 8.25%, 01/01/2027 ‡(a) | 136000 | 136000 |
| &nbsp;&nbsp;&nbsp;Vapa Investments LLC, 11648, 8.25%, 01/01/2027 ‡(a) | 133200 | 133200 |
| &nbsp;&nbsp;&nbsp;Vapa Investments LLC, 11649, 8.25%, 01/01/2027 ‡(a) | 117000 | 117000 |
| &nbsp;&nbsp;&nbsp;Vapa Investments LLC, 11669, 8.00%, 04/01/2027 ‡(a) | 109800 | 109800 |
|  |  | **1300900** |
| **West 43.6%** |  |  |
| &nbsp;&nbsp;&nbsp;365 PNW Ventures LLC, 11600, 9.13%, 09/12/2026 ‡(a) | 569700 | 569700 |
| &nbsp;&nbsp;&nbsp;4333 Elmer Ave. LLC, 11670, 8.75%, 06/01/2027 ‡(a) | 1414219 | 1414219 |
| &nbsp;&nbsp;&nbsp;5 Star Discount Homes LLC, 11641, 8.50%, 11/01/2026 ‡(a) | 3202482 | 3202482 |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Real Estate Debt Fund

Consolidated Schedule of Investments

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal<br> Amount ($)** | **Value ($)** |
| &nbsp;&nbsp;&nbsp;Arlington Ave., Properties LLC, 11506, 10.04%, 05/01/2026 ‡(a) | 478000 | 478000 |
| &nbsp;&nbsp;&nbsp;Boise Views LLC, 11620, 8.69%, 05/01/2027 ‡(a) | 1945639 | 1945639 |
| &nbsp;&nbsp;&nbsp;California Cash Buyer LLC, 11659, 9.13%, 01/29/2027 ‡(a) | 207000 | 207000 |
| &nbsp;&nbsp;&nbsp;Dez Development LLC, 11560, 8.39%, 08/01/2026 ‡(a) | 1349166 | 1349166 |
| &nbsp;&nbsp;&nbsp;Farmstead TH LLC, 11562, 8.39%, 01/01/2027 ‡(a) | 4555000 | 4555000 |
| &nbsp;&nbsp;&nbsp;Guard Street Townhomes LLC, 11651, 8.39%, 01/01/2027 ‡(a) | 707400 | 707400 |
| &nbsp;&nbsp;&nbsp;House Buyers 208 LLC, 11661, 8.82%, 03/01/2027 ‡(a) | 620936 | 620936 |
| &nbsp;&nbsp;&nbsp;Ironhorse Fund LLC, 11559, 8.18%, 08/01/2026 ‡(a) | 1413867 | 1413867 |
| &nbsp;&nbsp;&nbsp;J and S Enterprises Group LLC, 11507, 9.30%, 05/01/2027 ‡(a) | 719500 | 719500 |
| &nbsp;&nbsp;&nbsp;Leah Court LLC, 11541, 8.85%, 04/01/2026 ‡(a) | 306404 | 306404 |
| &nbsp;&nbsp;&nbsp;Leah Court LLC, 11542, 8.85%, 04/01/2026 ‡(a) | 306404 | 306404 |
| &nbsp;&nbsp;&nbsp;Leah Court LLC, 11543, 8.85%, 04/01/2026 ‡(a) | 306404 | 306404 |
| &nbsp;&nbsp;&nbsp;Leah Court LLC, 11544, 8.85%, 04/01/2026 ‡(a) | 306404 | 306404 |
| &nbsp;&nbsp;&nbsp;Lief Nelson, 11645, 9.13%, 06/30/2026 ‡(a) | 990000 | 990000 |
| &nbsp;&nbsp;&nbsp;Muzzy Construction LLC, 11644, 7.97%, 01/01/2027 ‡(a) | 274447 | 274447 |
| &nbsp;&nbsp;&nbsp;P&K Development LLC, 11652, 9.23%, 07/01/2027 ‡(a) | 243750 | 243750 |
| &nbsp;&nbsp;&nbsp;Peaks Townhomes LLC, 11557, 8.90%, 11/01/2026 ‡(a) | 2135944 | 2135944 |
| &nbsp;&nbsp;&nbsp;Peaks Townhomes LLC, 11558, 8.90%, 11/01/2026 ‡(a) | 2962492 | 2962492 |
| &nbsp;&nbsp;&nbsp;Prima Homes Inc., 11563, 10.08%, 07/01/2026 ‡(a) | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp;Sarian Homes, Inc., 11663, 8.32%, 03/01/2028 ‡(a) | 420958 | 420958 |
| &nbsp;&nbsp;&nbsp;Starboard I VA 20 LLC, 11432, 9.75%, 04/01/2026 ‡(a) | 672000 | 672000 |
| &nbsp;&nbsp;&nbsp;Investments Principal Amount ($) Value ($) |  |  |
| &nbsp;&nbsp;&nbsp;Sycamore Property Group LLC, 11657, 9.13%, 02/06/2027 ‡(a) | 298575 | 298575 |
| &nbsp;&nbsp;&nbsp;Taft Gardens LLC, 11561, 8.79%, 07/01/2026 ‡(a) | 600260 | 600260 |
| &nbsp;&nbsp;&nbsp;TERO Build LLC & Cervantes Realty Co. LLC, 11595, 9.13%, 09/09/2026 ‡(a) | 720000 | 720000 |
|  |  | **27826951** |
| **Total Residential Transitional Loans<br> (Cost $48,487,027)** |  | **48487027** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Residential Mortgage-Backed Securities - 12.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bellemeade Re Ltd. (Bermuda) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class B1, (30-Day Average SOFR + 5.05%), 8.71%, 10/25/2035 (b)(c)(d) | 1600000 | 1666535 |
| &nbsp;&nbsp;&nbsp;Ellington Financial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RTL1, Class M2, 8.33%, 11/25/2040 (b)(c)(d) | 1250000 | 1243830 |
| &nbsp;&nbsp;&nbsp;FHLMC MSCRTrust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-MN13, Class B1, (30-Day Average SOFR + 4.50%), 8.17%, 03/25/2046 (b)(c)(d) | 2000000 | 2001669 |
| &nbsp;&nbsp;&nbsp;Home Re Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2026-1, Class B1, (30-Day Average SOFR + 4.20%), 7.86%, 01/25/2036 (b)(c)(d) | 1500000 | 1516275 |
| &nbsp;&nbsp;&nbsp;Ocwen Loan Investment Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-HB2, Class M4, 3.00%, 11/25/2038 (b)(e) | 1500000 | 1254547 |
| **Total Residential Mortgage-Backed Securities<br> (Cost $7,593,357)** |  | **7682856** |

---

---

| | | |
|:---|:---|:---|
| **Investments** | **Principal Amount ($)** | **Value ($)** |
| **Investment in Private Investment Vehicle - 5.5%** |  |  |
| **Land Banking Loans - 5.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Fox Hollow, 14.00%, 06/30/2028‡(a) | 1549508 | 1549508 |
| &nbsp;&nbsp;&nbsp;Haddon Brook, 14.00%, 01/31/2028‡(a) | 984370 | 961434 |
| &nbsp;&nbsp;&nbsp;Quarter Path, 13.50%, 07/31/2029‡(a) | 979458 | 976716 |
| **Total Land Banking Loans<br> (Cost $3,494,399)** |  | **3487658** |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Real Estate Debt Fund

Consolidated Schedule of Investments

March 31, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
| **Investments** | **Shares** | **Value ($)** |
| **Short-Term Investments - 4.5%** |  |  |
| **Investment Companies - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;BlackRock FedFund - Institutional Shares 3.55% (f) |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,860,233) | 2860233 | 2860233 |
| **Total Investments - 98.0%<br> (Cost $62,435,016)** |  | **62517774** |
| **Reverse Repurchase Agreement - (4.5)%<br> (Proceeds $(2889000))** |  | **(2889000)** |
| **Other assets less liabilities - 6.5%** |  | **4136181** |
| **Net Assets - 100.0%** |  | **63764955** |

---

‡ 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 March 31, 2026 amounted to $51,974,685, which represents approximately 81.51% of net assets of the Fund.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Loans** | <br>**Acquisition Date** |<br>**Cost** | **Carrying Value**<br>**Per**<br>**Share/Principal** |
| **Residential Transitional Loans** |  |  |  |
| 1103 Hoe NY LLC, 11571 | 08/26/25 - 12/24/25 | $1958000 | $100.00 |
| 205 Fairview Ave. LLC, 11552 | 08/07/25 - 12/19/25 | 1923000 | 100.00 |
| 365 Marrett Rd. LLC, 11671 | 03/26/26 | 810000 | 100.00 |
| 365 PNW Ventures LLC, 11600 | 10/10/25 | 569700 | 100.00 |
| 4333 Elmer Ave. LLC, 11670 | 03/24/26 - 03/30/26 | 1414219 | 100.00 |
| 445 GK LLC, 11573 | 08/26/25 - 10/29/25 | 2005000 | 100.00 |
| 5 Star Discount Homes LLC, 11641 | 12/12/25 - 03/26/26 | 3202482 | 100.00 |
| 521 Bayway Ave LLC, 11634 | 12/10/25 - 02/04/26 | 581820 | 100.00 |
| 70 Crest S. Orange LLC, 11667 | 03/13/26 | 878000 | 100.00 |
| ABC Andover LLC, 11418 | 04/02/25 - 02/13/26 | 1182800 | 100.00 |
| AMCAN Consulting LLC, 11504 | 05/01/25 - 12/15/25 | 228000 | 100.00 |
| Ames Dream Homes LLC, 11660 | 02/18/26 | 149000 | 100.00 |
| Annamalayar LLC, 11643 | 12/30/25 | 562262 | 100.00 |
| Arlington Ave., Properties LLC, 11506 | 05/01/25 - 10/24/25 | 478000 | 100.00 |
| Boise Views LLC, 11620 | 10/24/25 - 10/31/25 | 1945639 | 100.00 |
| Cab Homez LLC, 11505 | 05/01/25 - 10/24/25 | 193000 | 100.00 |
| Cadous LLC, 11532 | 05/15/25 | 411800 | 100.00 |
| California Cash Buyer LLC, 11659 | 02/18/26 | 207000 | 100.00 |
| Canopy West LLC, 11490 | 05/01/25 - 10/22/25 | 197250 | 100.00 |
| Dez Development LLC, 11560 | 08/07/25 - 12/31/25 | 1349166 | 100.00 |
| Farmstead TH LLC, 11562 | 08/14/25 | 4555000 | 100.00 |
| Guard Street Townhomes LLC, 11651 | 01/16/26 | 707400 | 100.00 |
| Henry Investment Holdings LLC, 11443 | 04/04/25 - 06/10/25 | 531200 | 100.00 |
| HHM Properties LLC, 11497 | 05/01/25 - 01/26/26 | 311200 | 100.00 |
| J Harris Investments LLC, 11520 | 05/01/25 | 60000 | 100.00 |
| House Buyers 208 LLC, 11661 | 03/12/26 | 620936 | 100.00 |
| Ironhorse Fund LLC, 11559 | 08/07/25 - 11/03/25 | 1413867 | 100.00 |
| J and S Enterprises Group LLC, 11507 | 05/01/25 - 03/17/26 | 719500 | 100.00 |
| Ladasato Realty LLC, 11674 | 03/26/26 | 3825000 | 100.00 |
| Le Roi Unique LLC, 11446 | 04/04/25 - 05/07/25 | 107600 | 100.00 |
| Leah Court LLC, 11541 | 07/03/25 - 02/27/26 | 306404 | 100.00 |
| Leah Court LLC, 11542 | 07/03/25 - 02/27/26 | 306404 | 100.00 |
| Leah Court LLC, 11543 | 07/03/25 - 02/27/26 | 306404 | 100.00 |
| Leah Court LLC, 11544 | 07/03/25 - 02/27/26 | 306404 | 100.00 |
| Lief Nelson, 11645 | 01/12/26 | 990000 | 100.00 |
| Maraprano Development LLC, 11673 | 03/26/26 | 720000 | 100.00 |
| Mornington Properties LLC, 11668 | 03/13/26 | 86750 | 100.00 |
| Muzzy Construction LLC, 11644 | 12/30/25 - 03/26/26 | 274447 | 100.00 |
| NYC Holding Group LLC, 11426 | 04/02/25 | 378000 | 100.00 |
| P&K Development LLC, 11652 | 01/16/26 | 243750 | 100.00 |
| Peaks Townhomes LLC, 11557 | 08/07/25 - 03/19/26 | 2135944 | 100.00 |
| Peaks Townhomes LLC, 11558 | 08/07/25 - 03/18/26 | 2962492 | 100.00 |
| PPP Properties LLC, 11619 | 10/29/25 - 01/29/26 | 342194 | 100.00 |
| Prima Homes Inc., 11563 | 08/14/25 | 100000 | 100.00 |
| Properties By T&M LLC, 11441 | 04/04/25 - 11/12/25 | 119700 | 100.00 |
| Rabs Rehab LLC, 11666 | 03/13/26 | 100000 | 100.00 |
| Rayna Properties LLC, 11437 | 04/04/25 | 300000 | 100.00 |
| Sarian Homes, Inc., 11663 | 03/12/26 - 03/26/26 | 420958 | 100.00 |
| Scribner Ave. Holdings LLC, 11646 | 01/13/26 - 02/26/26 | 542500 | 100.00 |
| Starboard I VA 20 LLC, 11432 | 04/02/25 | 672000 | 100.00 |
| Structure Redevelopment LLC, 11664 | 03/12/26 | 342900 | 100.00 |
| Structure Redevelopment LLC, 11675 | 03/27/26 | 550000 | 100.00 |
| Sycamore Property Group LLC, 11657 | 02/11/26 - 03/25/26 | 298575 | 100.00 |
| Taft Gardens LLC, 11561 | 08/14/25 - 02/13/26 | 600260 | 100.00 |
| TERO Build LLC & Cervantes Realty Co. LLC, 11595 | 09/25/25 - 11/21/25 | 720000 | 100.00 |
| Two Friends One Goal LLC, 11502 | 05/01/25 - 08/26/25 | 289600 | 100.00 |
| UKA Development LLC, 11656 | 01/30/26 | 374000 | 100.00 |
| Vapa Investments LLC, 11636 | 12/10/25 | 103500 | 100.00 |
| Vapa Investments LLC, 11647 | 01/13/26 | 136000 | 100.00 |
| Vapa Investments LLC, 11648 | 01/13/26 | 133200 | 100.00 |
| Vapa Investments LLC, 11649 | 01/13/26 | 117000 | 100.00 |
| Vapa Investments LLC, 11669 | 03/13/26 | 109800 | 100.00 |
| **Total Residential Transitional Loans** |  | **48487027** |  |
| **Land Banking Loans** |  |  |  |
| Fox Hollow | 02/13/26 - 03/01/26 | 1549508 | 100.00 |
| Haddon Brook | 01/23/26 - 03/26/26 | 965432 | 97.67 |
| Quarter Path | 12/18/25 - 03/26/26 | 979459 | 99.72 |
| **Total Land Banking Loans** |  | 3494399 |  |
|  |  | $**51981426** |  |

---

(b) 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 March 31, 2026 amounted to $7,682,856, which represents approximately 12.05% of net assets of the Fund.

(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the rate in effect as of March 31, 2026.

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

(e) Step bond. Interest rate is a fixed rate for an
 initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The
 interest rate shown was the current rate as of March 31, 2026.

(f) Represents 7-day effective yield as of March 31, 2026.

---

| | |
|:---|:---|
| **Abbreviations** | **Abbreviations** |
| FHLMC | Federal Home Loan Mortgage Corp. |
| SOFR | Secured Overnight Financing Rate |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

First Eagle Real Estate Debt Fund

Consolidated Schedule of Investments

March 31, 2026 (unaudited)

**REVERSE REPURCHASE AGREEMENT**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest <br> Rate<br> (%)** | **Trade Date** | **Maturity <br> 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 | 5.32 | 11/17/2025 | 05/18/2026 | (740000) | (754764) | Residential Mortgage-Backed Securities | 47 |
| RBC Capital Markets Corporation | 5.48 | 11/18/2025 | 05/18/2026 | (450000) | (459179) | Residential Mortgage-Backed Securities | 47 |
| RBC Capital Markets Corporation | 5.24 | 01/29/2026 | 06/29/2026 | (695000) | (701272) | Residential Mortgage-Backed Securities | 89 |
| RBC Capital Markets Corporation | 5.20 | 03/31/2026 | 08/31/2026 | (1004000) | (1004145) | Residential Mortgage-Backed Securities | 152 |

---

---

| | |
|:---|:---|
| <br>**Region Diversification for Portfolio Holdings** | **Percent of**<br>**Net Assets** |
| Northeast | 24.3% |
| Southeast | 6.1 |
| Southwest | 2.0 |
| West | 43.6 |
| Residential Mortgage-Backed Securities | 12.0 |
| Land Banking Loans | 5.5 |
| Short-Term Investments | 4.5 |
| **Total Investments** | **98.0%** |

---

See Notes to Consolidated Schedule of Investments.

(Continued)

Notes to Consolidated Schedule of Investments (unaudited)

**Note 1 — Organization**

First Eagle Real Estate Debt Fund (the "Fund") is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), 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 seek to provide attractive risk-adjusted returns and current income. The Fund seeks to achieve its investment objective by investing, under normal market conditions, a majority of its Managed Assets 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 six classes to Common Shares: Class A-1 Shares, Class A-2 Shares, Class A-3 Shares, Class A-4 Shares, Class I Shares and Class W Shares. Class A-1 Shares and Class W Shares are offered starting April 30, 2026. 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"). A controlling interest in First Eagle Holdings is owned by funds managed by Genstar Capital, LLC.

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.

**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").
 As of March 31, 2026, the SPV has $53,141,502 in net assets, 83.34% of the Fund's
 net assets. The assets and credit of the SPV are not available to satisfy the obligations
 of the Fund. The First Eagle Real Estate Debt Cayman Fund, Ltd., established on January 6,
 2025, is an exempted company under the laws of the Cayman Islands. As of March 31, 2026,
 the First Eagle Real Estate Debt Cayman Fund, Ltd. has $3,856,001 in net assets, representing
 6.05% of the Real Estate Debt Fund's net assets. The First Eagle Real Estate Debt Security
 TRS, LLC was formed on May 21, 2025. As of March 31, 2026, the First Eagle Real
 Estate Debt Security TRS, LLC has $0 in net assets, representing 0.00% of the Real Estate
 Debt Fund's net assets. The consolidated financial statements include the accounts
 of the Fund, the First Eagle Real Estate Debt Fund SPV, First Eagle Real Estate Debt Security
TRS, LLC, and the First Eagle Real Estate Debt Cayman Fund, Ltd. All intercompany transactions and balances have been eliminated.

**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 of Trustees of the Fund (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 and Land Banking Loans may be valued at cost for a period following closing as cost represents fair value for this period. 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.

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 March 31, 2026:

**First Eagle Real Estate Debt Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description†** | **Level 1** | **Level 2** | **Level 3<sup>‡</sup>** | **Total** |
| **Assets:** |  |  |  |  |
| Land Banking Loans | $– | $– | $3487658 | $3487658 |
| Residential Mortgage-Backed Securities |  | 7682856 |  | 7682856 |
| Residential Transitional Loans |  |  | 48487027 | 48487027 |
| Short-Term Investments | 2860233 | – | – | 2860233 |
| &nbsp;&nbsp;&nbsp;**Total** | $**2860233** | $**7682856** | $**51974685** | $**62517774** |
| **Liabilities:** |  |  |  |  |
| Reverse Repurchase Agreements (Sold Short) | $– | $(2889000) | $– | $(2889000) |
| &nbsp;&nbsp;&nbsp;**Total** | $**–** | $**(2889000)** | $**–** | $**(2889000)** |

---

† See Schedule of Investments for additional detailed categorizations.

‡ Value determined using significant unobservable inputs.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Land <br> Banking <br> Loans** | **Residential <br> Transitional <br> Loans** | **Total** |
| Beginning Balance —market value | $907230 | $43994862 | $44902092 |
| Purchases<sup>(1)</sup> | 2585481 | 16136065 | 18721546 |
| Sales <sup>(2)</sup> |  | (11643900) | (11643900) |
| Transfer In — Level 3 |  |  |  |
| Transfer Out — Level 3 |  |  |  |
| Accrued discounts/ (premiums) | 1687 |  | 1687 |
| Realized Gains (Losses) |  |  |  |
| Change in Unrealized Appreciation (Depreciation) | (6740) |  | (6740) |
| Ending Balance — market value | $3487658 | $48487027 | $51974685 |
| Change in unrealized gains or (losses) relating to assets still held at reporting date | $(6740) | $— | $(6740) |

---

(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 March 31, 2026:

**Disclosure on the Unobservable Inputs for First Eagle Real Estate Debt Fund as of March 31, 2026**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investment Type** | **Fair Value as of<br> March 31, 2026** | **Valuation <br> Technique(s)** | **Unobservable Inputs** | **Range (Weighted Average)** | **Direction Change in Fair Value<br> Resulting from Increase in<br> Unobservable Inputs (a)** |
| Residential Transitional Loans | 48487027 | Discount Cash Flow | Comparable Yield | 7.66% - 11.84% (9.04%) | Decrease |
| Land Banking Loans | 3487658 | Discount Cash Flow | Comparable Yield | 12.28% - 14.28% (13.28%) | Decrease |

---

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.

**Note 3 — Securities and other Investments**

**a)** **Residential Mortgage-Backed Securities** — Holders of Residential Mortgage-Backed Securities
 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
through one or more
SPVs.

**c)** **Land Banking Loans** — Homebuilder development financing in the form of loans to developers
 that are secured by real property so that the developers can acquire land and then sell finished
 lots to homebuilders at a fixed price on a pre-determined schedule.

---

| | |
|:---|:---|
| **d)** | **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.<br>Repurchase and reverse repurchase agreements can have effects similar to margin trading and other leveraging strategies.<br>The Fund pledged securities as collateral valued at $6,428,309 which have been identified on the Schedule of Investments.<br>For the period ended March 31, 2026, the average borrowings for the Fund were $2,309,267 over 90 days. The average borrowing rate for the Fund was 5.22%. |

---

---

| | |
|:---|:---|
| **e)** | **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"). |
|  | 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. |

---

**Note 4 — Unfunded Commitment**

As of March 31, 2026, 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)** |
| **Residential Transitional Loans** |  |  |  |
| 1103 Hoe NY LLC, 11571 | $17000 | $17000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| 365 Marrett Rd. LLC, 11671 | 125000 | 125000 |  |
| 4333 Elmer Ave. LLC, 11670 | 681781 | 681781 |  |
| 445 GK LLC, 11573 | 995000 | 995000 |  |
| 5 Star Discount Homes LLC, 11641 | 477517 | 477517 |  |
| 70 Crest S. Orange LLC, 11667 | 464200 | 464200 |  |
| ABC Andover LLC, 11418 | 47900 | 47900 |  |
| Annamalayar LLC, 11643 | 1011610 | 1011610 |  |
| Arlington Ave., Properties LLC, 11506 | 175000 | 175000 |  |
| Canopy West LLC, 11490 | 32550 | 32550 |  |
| Dez Development LLC, 11560 | 20000 | 20000 |  |
| Guard Street Townhomes LLC, 11651 | 551000 | 551000 |  |
| House Buyers 208 LLC, 11661 | 1024172 | 1024172 |  |
| Ironhorse Fund LLC, 11559 | 434633 | 434633 |  |
| J Harris Investments LLC, 11520 | 72200 | 72200 |  |
| Maraprano Development LLC, 11673 | 920000 | 920000 |  |
| Mornington Properties LLC, 11668 | 46250 | 46250 |  |
| Muzzy Construction LLC, 11644 | 2650 | 2650 |  |
| NYC Holding Group LLC, 11426 | 150000 | 150000 |  |
| Peaks Townhomes LLC, 11557 | 392644 | 392644 |  |
| Peaks Townhomes LLC, 11558 | 141044 | 141044 |  |
| Properties By T&M LLC, 11441 | 40700 | 40700 |  |
| Rabs Rehab LLC, 11666 | 35930 | 35930 |  |
| Sarian Homes, Inc., 11663 | 699042 | 699042 |  |
| Scribner Ave. Holdings LLC, 11646 | 70000 | 70000 |  |
| Structure Redevelopment LLC, 11664 | 910000 | 910000 | **-** |
| Sycamore Property Group LLC, 11657 | 26925 | 26925 |  |
| Taft Gardens LLC, 11561 | 337740 | 337740 |  |
| UKA Development LLC, 11656 | 450000 | 450000 |  |
| Vapa Investments LLC, 11636 | 35533 | 35533 |  |
| Vapa Investments LLC, 11647 | 40000 | 40000 |  |
| Vapa Investments LLC, 11648 | 40639 | 40639 |  |
| Vapa Investments LLC, 11649 | 31486 | 31486 |  |
| Vapa Investments LLC, 11669 | 28257 | 28257 |  |
| **Total Residential Transitional Loans** | **10528403** | **10528403** |  |
| **Land Banking Loans** |  |  |  |
| Fox Hollow | 1558313 | 1558313 |  |
| Haddon Brook | 2229174 | 2229174 |  |
| Quarter Path | 2545252 | 2545252 |  |
| **Total Land Banking Loans** | 6332739 | 6332739 | - |
|  | $**16861142** | $**16861142** | $**-** |

---

## 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $66719506.41

**Total Liabilities:** $3041343.38

**Net Assets:** $63678163.03

**Amount of Assets Invested in Other Investment Companies:** $3856145.71

**Cash Not Reported:** $203831.30

**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:** -8.90800000 | **1-Year:** -3289.56800000 | **5-Year:** -2175.58300000 | **10-Year:** -1167.44700000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class        | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID N/A | 0.77%                | 0.92%                | 0.61%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-320.31                 | $34460.91                                  |
| Month 2  | $80788.25                | $36994.46                                  |
| Month 3  | $281.62                  | $-29772.38                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| 70_CREST_S_ORANGE           | Residential Transitional Loan 70_CREST_S_ORANGE                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    878000 | PA      | $878000.00    | 1.38%             | 2027-03-01      | Fixed         | 7.50%                 | Yes           |                  3 | On Loan: No      |
| MORNINGTON_PROP             | Residential Transitional Loan MORNINGTON_PROP                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |     86750 | PA      | $86750.00     | 0.14%             | 2027-04-01      | Fixed         | 7.50%                 | Yes           |                  3 | On Loan: No      |
| IRONHORSE_FUND              | Residential Transitional Loan IRONHORSE_FUND                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1413867 | PA      | $1413867.00   | 2.22%             | 2026-08-01      | Fixed         | 8.18%                 | Yes           |                  3 | On Loan: No      |
| VAPA_INVEST_LLC             | Residential Transitional Loan VAPA_INVEST_LLC                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    133200 | PA      | $133200.00    | 0.21%             | 2027-01-01      | Fixed         | 8.25%                 | 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   | 7.15%             | 2027-01-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| VAPA_INVEST_LLC             | Residential Transitional Loan VAPA_INVEST_LLC                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    136000 | PA      | $136000.00    | 0.21%             | 2027-01-01      | Fixed         | 8.25%                 | 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    | 0.83%             | 2026-04-01      | Fixed         | 11.09%                | Yes           |                  3 | On Loan: No      |
| RABS_REHAB_LLC              | Residential Transitional Loan RABS_REHAB_LLC                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    100000 | PA      | $100000.00    | 0.16%             | 2027-03-01      | Fixed         | 7.62%                 | Yes           |                  3 | On Loan: No      |
| SCRIBNER_AVE_LLC            | Residential Transitional Loan SCRIBNER_AVE_LLC                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    542500 | PA      | $542500.00    | 0.85%             | 2027-01-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| Bellemeade Re Ltd.          | Bellemeade Re Ltd., Series 2025-1, Class B1                    | CUSIP: 07876NAE5<br>LEI: N/A                  | Long             |  | CORP              | BM        |   1600000 | PA      | $1666534.56   | 2.62%             | 2035-10-25      | Floating      | 8.71%                 | Yes           |                  2 | On Loan: No      |
| ANNAMALAYAR_LLC             | Residential Transitional Loan ANNAMALAYAR_LLC                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    562262 | PA      | $562262.00    | 0.88%             | 2027-07-01      | Fixed         | 8.61%                 | Yes           |                  3 | On Loan: No      |
| ABC_ANDOVER_LLC             | Residential Transitional Loan ABC_ANDOVER_LLC                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1182800 | PA      | $1182800.00   | 1.86%             | 2026-03-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| 3_RIVERVIEW_MB              | Residential Transitional Loan 3_RIVERVIEW_MB                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    937950 | PA      | $937950.00    | 1.47%             | 2026-03-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| G_ST_TOWNHOMES_LLC          | Residential Transitional Loan G_ST_TOWNHOMES_LLC               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    707400 | PA      | $707400.00    | 1.11%             | 2027-01-01      | Fixed         | 8.39%                 | Yes           |                  3 | On Loan: No      |
| BOISE_VIEWS_LLC             | Residential Transitional Loan BOISE_VIEWS_LLC                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2422250 | PA      | $2422250.00   | 3.80%             | 2027-05-01      | Fixed         | 8.69%                 | Yes           |                  3 | On Loan: No      |
| Fox Hollow                  | Land Banking Loan-Fox Hollow                                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1549508 | PA      | $1549508.04   | 2.43%             | 2028-06-30      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| MUZZY_CONSTRUCT_LLC         | Residential Transitional Loan MUZZY_CONSTRUCT_LLC              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    256147 | PA      | $256147.00    | 0.40%             | 2027-01-01      | Fixed         | 7.97%                 | 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   | 2.61%             | 2026-06-01      | Fixed         | 9.50%                 | Yes           |                  3 | On Loan: No      |
| LADASATO_REALTY_LLC         | Residential Transitional Loan LADASATO_REALTY_LLC              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   3825000 | PA      | $3825000.00   | 6.01%             | 2027-02-01      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| STRUCTURE_REDEVELOP         | Residential Transitional Loan STRUCTURE_REDEVELOP              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    342900 | PA      | $342900.00    | 0.54%             | 2027-09-01      | Fixed         | 8.22%                 | Yes           |                  3 | On Loan: No      |
| VAPA_INVEST_LLC             | Residential Transitional Loan VAPA_INVEST_LLC                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    117000 | PA      | $117000.00    | 0.18%             | 2027-01-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| VAPA_INVESTMENTS_LLC        | Residential Transitional Loan VAPA_INVESTMENTS_LLC             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    103500 | PA      | $103500.00    | 0.16%             | 2026-12-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| 445_GK_LLC                  | Residential Transitional Loan 445_GK_LLC                       | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2005000 | PA      | $2005000.00   | 3.15%             | 2026-07-01      | Fixed         | 9.62%                 | 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    | 0.45%             | 2026-05-01      | Fixed         | 8.20%                 | Yes           |                  3 | On Loan: No      |
| 4333_ELMER_AVE              | Residential Transitional Loan 4333_ELMER_AVE                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1366319 | PA      | $1366318.87   | 2.15%             | 2027-06-01      | Fixed         | 8.75%                 | Yes           |                  3 | On Loan: No      |
| TAFT_GARDENS_LLC            | Residential Transitional Loan TAFT_GARDENS_LLC                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    600260 | PA      | $600260.00    | 0.94%             | 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        |    306404 | PA      | $306404.00    | 0.48%             | 2026-04-01      | Fixed         | 8.85%                 | Yes           |                  3 | On Loan: No      |
| SARIAN_HOMES                | Residential Transitional Loan SARIAN_HOMES                     | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    320600 | PA      | $320600.00    | 0.50%             | 2028-03-01      | Fixed         | 8.32%                 | Yes           |                  3 | On Loan: No      |
| Quarter Path                | Land Banking Loan-Quarter Path                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    979458 | PA      | $976715.97    | 1.53%             | 2029-07-31      | Fixed         | 13.50%                | Yes           |                  3 | On Loan: No      |
| OLIT                        | Ocwen Loan Investment Trust, Series 2025-HB2, Class M4         | CUSIP: 68278FAE8<br>LEI: N/A                  | Long             |  | CORP              | US        |   1500000 | PA      | $1254547.35   | 1.97%             | 2038-11-25      | Variable      | 3.00%                 | Yes           |                  2 | On Loan: No      |
| HHM_PROPERTIES_LLC          | Residential Transitional Loan HHM_PROPERTIES_LLC               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    311200 | PA      | $311200.00    | 0.49%             | 2026-05-01      | Fixed         | 7.75%                 | 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    | 0.17%             | 2026-04-01      | Fixed         | 10.34%                | Yes           |                  3 | On Loan: No      |
| PPP_PROPERTIES_LLC          | Residential Transitional Loan PPP_PROPERTIES_LLC               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    342194 | PA      | $342194.05    | 0.54%             | 2026-11-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| CANOPY_WEST_LLC             | Residential Transitional Loan CANOPY_WEST_LLC                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    197250 | PA      | $197250.00    | 0.31%             | 2026-11-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| ARLINGTON_AVE_PROP          | Residential Transitional Loan ARLINGTON_AVE_PROP               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    478000 | PA      | $478000.00    | 0.75%             | 2026-05-01      | Fixed         | 10.04%                | Yes           |                  3 | On Loan: No      |
| MARAPRANO_DEVELOP           | Residential Transitional Loan MARAPRANO_DEVELOP                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    720000 | PA      | $720000.00    | 1.13%             | 2027-04-01      | Fixed         | 7.75%                 | 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    | 1.06%             | 2026-04-01      | 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        |    119700 | PA      | $119700.00    | 0.19%             | 2026-04-01      | Fixed         | 10.84%                | Yes           |                  3 | On Loan: No      |
| P&K_DEVELOP_LLC             | Residential Transitional Loan P&K_DEVELOP_LLC                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    243750 | PA      | $243750.00    | 0.38%             | 2027-07-01      | Fixed         | 9.23%                 | Yes           |                  3 | On Loan: No      |
| LEAH_COURT_LLC              | Residential Transitional Loan LEAH_COURT_LLC                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    306404 | PA      | $306404.00    | 0.48%             | 2026-04-01      | Fixed         | 8.85%                 | Yes           |                  3 | On Loan: No      |
| 365_PNW_VENTURES            | Residential Transitional Loan 365_PNW_VENTURES                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    569700 | PA      | $569700.00    | 0.89%             | 2026-09-12      | 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    | 0.65%             | 2026-04-01      | 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     | 0.09%             | 2026-05-01      | Fixed         | 8.04%                 | Yes           |                  3 | On Loan: No      |
| 365_MARRETT_ROAD            | Residential Transitional Loan 365_MARRETT_ROAD                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    810000 | PA      | $810000.00    | 1.27%             | 2027-04-01      | Fixed         | 7.75%                 | Yes           |                  3 | On Loan: No      |
| LEAH_COURT_LLC              | Residential Transitional Loan LEAH_COURT_LLC                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    306404 | PA      | $306404.00    | 0.48%             | 2026-04-01      | Fixed         | 8.85%                 | Yes           |                  3 | On Loan: No      |
| EFMT                        | Ellington Financial Mortgage Trust, Series 2025-RTL1, Class M2 | CUSIP: 26846FAD1<br>LEI: 254900NFBGFOBK1G2B84 | Long             |  | CORP              | US        |   1250000 | PA      | $1243830.00   | 1.95%             | 2040-11-25      | Variable      | 8.33%                 | Yes           |                  2 | On Loan: No      |
| HOUSE_BUYERS_208            | Residential Transitional Loan HOUSE_BUYERS_208                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    620936 | PA      | $620936.00    | 0.98%             | 2027-03-01      | Fixed         | 8.82%                 | 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        |   1958000 | PA      | $1958000.00   | 3.07%             | 2026-11-01      | Fixed         | 9.75%                 | Yes           |                  3 | On Loan: No      |
| AMES_DREAM_HOMES_LLC        | Residential Transitional Loan AMES_DREAM_HOMES_LLC             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    149000 | PA      | $149000.00    | 0.23%             | 2026-08-02      | Fixed         | 9.12%                 | 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    | 0.47%             | 2026-04-01      | Fixed         | 7.30%                 | Yes           |                  3 | On Loan: No      |
| Royal Bank of Canada        | Royal Bank of Canada                                           | CUSIP: N/A<br>LEI: ES7IP3U3RHIGC71XBU11       | Short            | RA               | CORP              | US        |   -450000 | PA      | $-450000.00   | -0.71%            |  |  |  | No            |                  2 | On Loan: No      |
| VAPA_INVESTMENTS_LLC        | Residential Transitional Loan VAPA_INVESTMENTS_LLC             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    109800 | PA      | $109800.00    | 0.17%             | 2027-04-01      | Fixed         | 8.00%                 | Yes           |                  3 | On Loan: No      |
| CABHOMEZLLC                 | Residential Transitional Loan CABHOMEZLLC                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    193000 | PA      | $193000.00    | 0.30%             | 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        |   1349166 | PA      | $1349166.00   | 2.12%             | 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        |    720000 | PA      | $720000.00    | 1.13%             | 2026-09-09      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| Royal Bank of Canada        | Royal Bank of Canada                                           | CUSIP: N/A<br>LEI: ES7IP3U3RHIGC71XBU11       | Short            | RA               | CORP              | US        |   -740000 | PA      | $-740000.00   | -1.16%            |  |  |  | No            |                  2 | On Loan: No      |
| JANDS_ENTERPRISES           | Residential Transitional Loan JANDS_ENTERPRISES                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    719500 | PA      | $719500.00    | 1.13%             | 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    | 0.59%             | 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        |    228000 | PA      | $228000.00    | 0.36%             | 2026-05-01      | Fixed         | 9.00%                 | Yes           |                  3 | On Loan: No      |
| CALI_CASH_BUYER_LLC         | Residential Transitional Loan CALI_CASH_BUYER_LLC              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    207000 | PA      | $207000.00    | 0.33%             | 2027-01-29      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| PEAKS_TOWNHOMES             | Residential Transitional Loan PEAKS_TOWNHOMES                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2962492 | PA      | $2962492.00   | 4.65%             | 2026-11-01      | Fixed         | 8.89%                 | Yes           |                  3 | On Loan: No      |
| Haddon Brook                | Land Banking Loan-Haddon Brook                                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    984370 | PA      | $961434.01    | 1.51%             | 2028-01-31      | Fixed         | 14.00%                | Yes           |                  3 | On Loan: No      |
| 521_BAYWAY_AVE_LLC          | Residential Transitional Loan 521_BAYWAY_AVE_LLC               | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    581820 | PA      | $581820.00    | 0.91%             | 2026-12-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 205_FAIRVIEW_AVE            | Residential Transitional Loan 205_FAIRVIEW_AVE                 | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   1923000 | PA      | $1923000.00   | 3.02%             | 2026-07-01      | Fixed         | 9.25%                 | Yes           |                  3 | On Loan: No      |
| LEAH_COURT_LLC              | Residential Transitional Loan LEAH_COURT_LLC                   | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    306404 | PA      | $306404.00    | 0.48%             | 2026-04-01      | Fixed         | 8.85%                 | 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    | 0.16%             | 2026-07-01      | Fixed         | 10.08%                | Yes           |                  3 | On Loan: No      |
| Royal Bank of Canada        | Royal Bank of Canada                                           | CUSIP: N/A<br>LEI: ES7IP3U3RHIGC71XBU11       | Short            | RA               | CORP              | US        |   -695000 | PA      | $-695000.00   | -1.09%            |  |  |  | No            |                  2 | On Loan: No      |
| SYCAMORE_PROPERTY_GP        | Residential Transitional Loan SYCAMORE_PROPERTY_GP             | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    298575 | PA      | $298575.21    | 0.47%             | 2027-02-06      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| FHLMC                       | FHLMC Mscr Trust, Series 2026-MN13, Class B1                   | CUSIP: 355921AC1<br>LEI: 529900U9LKQ0M8OUKJ53 | Long             |  | CORP              | US        |   2000000 | PA      | $2001669.20   | 3.14%             | 2046-03-25      | Floating      | 8.17%                 | Yes           |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund | BlackRock Liquidity FedFund                                    | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   2860233 | NS      | $2860232.67   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PEAKS_TOWNHOMES             | Residential Transitional Loan PEAKS_TOWNHOMES                  | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   2135944 | PA      | $2135944.00   | 3.35%             | 2026-11-01      | Fixed         | 8.89%                 | Yes           |                  3 | On Loan: No      |
| UKA_DEVELOPMENT_LLC         | Residential Transitional Loan UKA_DEVELOPMENT_LLC              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    374000 | PA      | $374000.00    | 0.59%             | 2027-08-01      | Fixed         | 8.25%                 | Yes           |                  3 | On Loan: No      |
| 5_STAR_DISC_HOMES           | Residential Transitional Loan 5_STAR_DISC_HOMES                | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |   3042815 | PA      | $3042815.05   | 4.78%             | 2026-11-01      | Fixed         | 8.50%                 | Yes           |                  3 | On Loan: No      |
| LEIF_NELSON                 | Residential Transitional Loan LEIF_NELSON                      | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    990000 | PA      | $990000.00    | 1.55%             | 2026-06-30      | Fixed         | 9.12%                 | Yes           |                  3 | On Loan: No      |
| STRUCTURE_REDEVELOP         | Residential Transitional Loan STRUCTURE_REDEVELOP              | CUSIP: N/A<br>LEI: N/A                        | Long             | LON              |  | US        |    550000 | PA      | $550000.00    | 0.86%             | 2027-04-01      | Fixed         | 7.80%                 | Yes           |                  3 | On Loan: No      |
| Home Re Ltd.                | Home Re Ltd., Series 2026-1, Class B1                          | CUSIP: 436956AE6<br>LEI: N/A                  | Long             |  | CORP              | US        |   1500000 | PA      | $1516275.15   | 2.38%             | 2036-01-25      | Floating      | 7.86%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-30

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

**Signature:** Shuang Wu

**Name of Signer:** Shuang Wu

**Title:** Treasurer