On June 24, 2024, the Company’s wholly-owned, consolidated subsidiary, FBRED BDC BB FLOAT, LLC (“Barclays SPV”), entered into a master repurchase agreement (the “Barclays Agreement”), with the Barclays SPV as the seller, and Barclays Bank PLC as the purchaser. On February 20, 2025, the Company increased the aggregate commitment to purchase loans under the Barclays Agreement from $250 million to $400 million. Obligations under the Barclays SPV are secured by a first priority security interest in all of the loans pledged under Barclays SPV. The obligations of Barclays SPV under the Barclays Agreement are nonrecourse to the Company. Any amounts borrowed under the Barclays Agreement will mature, and will be due and payable, on the maturity date, which is June 24, 2027. The Barclays Agreement bears interest at one-month SOFR plus an average spread of 1.67%.

On July 3, 2024, the Company’s wholly-owned, consolidated subsidiary, FBRED BDC High Yield Securities, LLC (“JPM Repo SPV”), entered into a master repurchase agreement (the “JPM Repo Agreement”), with the JPM Repo SPV as the seller, and J.P. Morgan Securities LLC as the purchaser. There is no maximum aggregate commitments to purchase real estate securities under the JPM Repo Agreement. Obligations under the JPM Repo SPV are secured by a first priority security interest in all of the real estate securities pledged under JPM Repo SPV. The obligations of JPM Repo SPV under the JPM Repo Agreement are nonrecourse to the Company. Any amounts borrowed under the JPM Repo Agreement will mature, and will be due and payable when the pledged real estate securities mature or are sold by the Company. The JPM Repo Agreement bears interest at one-month SOFR plus an average spread of 0.97%.

On August 14, 2024, the Company’s wholly-owned, consolidated subsidiary, FBRED BDC JPM Seller, LLC (“JPM SPV”), entered into a master repurchase agreement (the “JPM Agreement”), with the JPM SPV as the seller, and JPMorgan Chase Bank, National Association as the purchaser. The aggregate commitment to purchase the loans under the JPM Agreement is $500 million. Obligations under the JPM SPV are secured by a first priority security interest in all of the loans pledged under JPM SPV. The obligations of JPM SPV under the JPM Agreement are nonrecourse to the Company. Any amounts borrowed under the JPM Agreement will mature, and will be due and payable, on the maturity date, which is August 14, 2026. The JPM Agreement bears interest at one-month SOFR plus an average spread of 1.88%.

On September 3, 2024, the Company’s wholly-owned, consolidated subsidiary, FBRED BDC Landings Finance, LLC (“Webster SPV”), entered into a master repurchase agreement (the “Webster Agreement”), with the Webster SPV as the seller, and Webster Bank, National Associate as the purchaser. The aggregate commitment to purchase a loan under the agreement is $15.9 million. Obligations under the Webster SPV are secured by a first priority security interest in the loan pledged under Webster SPV. The obligations of Webster SPV under the Webster Agreement are nonrecourse to the Company. Any amounts borrowed under the Webster Agreement will mature, and will be due and payable, on the maturity date, which is July 9, 2026. The Webster Agreement bears interest at one-month SOFR plus a spread of 1.95%.

On August 28, 2024, the Company’s wholly-owned, consolidated subsidiary, FBRED BDC High Yield Securities, LLC (“Barclays Repo SPV”), entered into a master repurchase agreement (the “Barclays Repo Agreement”), with the Barclays Repo SPV as the seller, and Barclays Bank PLC as the purchaser. There is no maximum aggregate commitments to purchase real estate securities under the Barclays Repo Agreement. Obligations under the Barclays Repo SPV are secured by a first priority security interest in all of the real estate securities pledged under Barclays Repo SPV. The obligations of Barclays Repo SPV under the Barclays Repo Agreement are nonrecourse to the Company. Any amounts borrowed under the Barclays Repo Agreement will mature, and will be due and payable when the pledged real estate securities mature or are sold by the Company. The Barclays Repo Agreement bears interest at one-month SOFR plus an average spread of 1.00%.

On March 13, 2025, the Company’s wholly-owned, consolidated subsidiary, FBRED BDC WWH Seller, LLC ("Wells Fargo SPV"), entered into a Master Repurchase and Securities Contract agreement (the "Wells Fargo Agreement"), with the Wells Fargo SPV as the seller, and Wells Fargo Bank, National Association, as the purchaser. The aggregate commitments to purchase the loans under the Wells Fargo Agreement is $150 million. Obligations under the Wells Fargo SPV are secured by a first priority security interest in all of the loans pledged under Wells Fargo SPV. The obligations of Wells Fargo SPV under the Wells Fargo Agreement are nonrecourse to the Company. Any amounts borrowed under the Wells Fargo Agreement will mature, and will be due and payable, on the maturity date, which is March 13, 2027. The Wells Fargo Agreement bears interest at one-month SOFR plus an average spread of 1.65%.


	Maturity Date	Interest Expense Incurred		Ending Weighted Average Interest Rate		Amount Pledged		Amount per Consolidated Statements of Assets and Liabilities
FBRED BDC BB FLOAT, LLC (“Barclays SPV”)	6/24/2027	$	7,663	5.99	%	$	474,336	$	290,853
FBRED BDC High Yield Securities, LLC ("JPM Repo SPV")	N/A	358		5.23	%	18,875		15,862
FBRED BDC JPM Seller, LLC ("JPM SPV")	8/14/2026	11,487		6.22	%	592,115		398,571
FBRED BDC Landings Finance, LLC (“Webster SPV”)	7/9/2026	502		6.27	%	21,219		15,914
FBRED BDC High Yield Securities, LLC ("Barclays Repo SPV")	N/A	322		5.32	%	15,111		11,938
FBRED BDC WWH Seller, LLC ("Wells Fargo SPV")	3/13/2027	326		5.98	%	34,000		25,500
Total		$	20,658	6.09	%	$	1,155,656	$	758,638


	Maturity Date	Interest Expense Incurred		Ending Weighted Average Interest Rate		Amount Pledged		Amount per Consolidated Statements of Assets and Liabilities
FBRED BDC BB FLOAT, LLC (“Barclays SPV”)	6/24/2027	$	4,673	6.27	%	$	297,541	$	215,594
FBRED BDC High Yield Securities, LLC ("JPM Repo SPV")	N/A	283		5.61	%	13,875		11,576
FBRED BDC JPM Seller, LLC ("JPM SPV")	8/14/2026	3,025		4.70	%	344,407		246,058
FBRED BDC Landings Finance, LLC (“Webster SPV”)	7/9/2026	363		6.50	%	21,219		15,914
FBRED BDC High Yield Securities, LLC ("Barclays Repo SPV")	N/A	9		1.00	%	15,111		12,058
Total		$	8,353	5.36	%	$	692,153	$	501,200

In accordance with the 1940 Act, with certain limitations, the Company is allowed to borrow amounts such that its asset coverage, as defined in the 1940 Act, is at least 150% after such borrowing. On April 8, 2024, the Company’s sole initial shareholder approved the adoption of this 150% threshold pursuant to Section 61(a)(2) of the 1940 Act. As of June 30, 2025 and December 31, 2024, the Company’s asset coverage ratio based on the aggregate amount outstanding of senior securities was 172.7% and 171.6%, respectively.