{"url_path":"/sec/cik-0002035428/8-k/2026-06-04/item-2-03","section_key":"item-2-03","section_title":"Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.","topic":"sec","document":{"doc_type":"8-K","doc_date":"2026-06-04","source_url":"https://www.sec.gov/Archives/edgar/data/2035428/0002035428-26-000034-index.html","accession_number":"0002035428-26-000034","cik":"0002035428","ticker":null,"issuer_name":"Franklin BSP Real Estate Debt, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2035428/0002035428-26-000034-index.html","primary_entity_key":"0002035428","primary_entity_name":"Franklin BSP Real Estate Debt, Inc."},"word_count":255,"has_tables":true,"body_markdown":"Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.\n\nBarclays Bank PLC Master Repurchase Agreement\n\nOn June 1, 2026, Franklin BSP Real Estate Debt, Inc. (the “Company”), through its indirect wholly-owned subsidiary FBRED REIT High Yield Securities, LLC (“Seller”), entered into a Master Repurchase Agreement (the “MRA”) with Barclays Bank, PLC (“Barclays”). The MRA does not have a maximum commitment. There is no initial maturity date on the MRA.\n\nIn connection with the MRA, the Company, through its wholly-owned subsidiary FBRED REIT Real Estate Debt OPCO LLC, entered into a Guarantee Agreement, dated as of June 1, 2026 (the \"Guarantee Agreement\") under which the Company agreed to guarantee certain obligations of Seller under the MRA.\n\nThe MRA and the Guarantee Agreement contain representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of this type.\n\nThe description of the MRA and Guarantee Agreement above is a summary and is qualified in its entirety by the terms of the MRA and Guarantee Agreement which will be filed as exhibits to the Company’s Form 10-Q for the quarter ended June 30, 2026.\n\nSIGNATURES\n\nPursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.\n\nFranklin BSP Real Estate Debt, Inc.                                \n\nBy:/s/ Jerome S. Baglien:\n\n Name: Jerome S. Baglien\n\n Title: Chief Financial Officer, Chief Operating Officer and Treasurer\n\nDate: June 4, 2026"}