Franklin BSP Real Estate Debt, Inc.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. Goldman Sachs Bank USA Master Repurchase Agreement On September 15, 2026, Franklin BSP Real Estate Debt, Inc. (the “Company”), through its indirect wholly-owned subsidiary FBRED REIT GSWH Seller, LLC (“Seller”), entered into a Master Repurchase Agreement (the “MRA”) with Goldman Sachs Bank USA (“Goldman”). The MRA has a facility capacity of $125,000,000. The MRA has an initial maturity date of September 15, 2028 and includes a one-year extension option, subject to compliance with certain conditions. In connection with the MRA, the Company entered into a Guarantee Agreement, dated as of September 15, 2026 (the “Guarantee Agreement”), under which the Company agreed to guarantee certain obligations of Seller under the MRA. The 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. The 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 September 30, 2026.