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  <xs:element id="fbred_FBREDREITWWHSellerLLCMember" abstract="true" name="FBREDREITWWHSellerLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_FBREDREITAWHSellerLLCMember" abstract="true" name="FBREDREITAWHSellerLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_FBREDREITHighYieldSecuritiesLLCJPMMember" abstract="true" name="FBREDREITHighYieldSecuritiesLLCJPMMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_FBREDREITHighYieldSecuritiesLucidMember" abstract="true" name="FBREDREITHighYieldSecuritiesLucidMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_RepurchaseAgreementMaximumFacilitySize" abstract="false" name="RepurchaseAgreementMaximumFacilitySize" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="fbred_RepurchaseAgreementRemainingBorrowingCapacity" abstract="false" name="RepurchaseAgreementRemainingBorrowingCapacity" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="fbred_RepurchaseAgreementFairValueOfCollateral" abstract="false" name="RepurchaseAgreementFairValueOfCollateral" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="fbred_J.P.MorganSecuritiesLLCMember" abstract="true" name="J.P.MorganSecuritiesLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_J.P.MorganChaseBankNationalAssociationMember" abstract="true" name="J.P.MorganChaseBankNationalAssociationMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_BarclaysBankPLCMember" abstract="true" name="BarclaysBankPLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_WellsFargoBankNationalAssociationMember" abstract="true" name="WellsFargoBankNationalAssociationMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_AtlasSecuritizedProductsLPMember" abstract="true" name="AtlasSecuritizedProductsLPMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_AssetsSoldUnderAgreementsToRepurchaseRepurchaseCommitment" abstract="false" name="AssetsSoldUnderAgreementsToRepurchaseRepurchaseCommitment" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="fbred_AssetsSoldUnderAgreementsToRepurchaseUpsizedRepurchaseCommitment" abstract="false" name="AssetsSoldUnderAgreementsToRepurchaseUpsizedRepurchaseCommitment" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="fbred_AssetsSoldUnderAgreementsToRepurchaseExtensionTerm" abstract="false" name="AssetsSoldUnderAgreementsToRepurchaseExtensionTerm" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="fbred_RepurchaseAgreementsMaturityRemainderOfFiscalYear" abstract="false" name="RepurchaseAgreementsMaturityRemainderOfFiscalYear" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="fbred_RepurchaseAgreementsMaturityYearOne" abstract="false" name="RepurchaseAgreementsMaturityYearOne" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="fbred_RepurchaseAgreementsMaturityYearTwo" abstract="false" name="RepurchaseAgreementsMaturityYearTwo" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="fbred_RepurchaseAgreementsMaturityYearThree" abstract="false" name="RepurchaseAgreementsMaturityYearThree" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="fbred_RepurchaseAgreementsMaturityYearFour" abstract="false" name="RepurchaseAgreementsMaturityYearFour" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="fbred_RepurchaseAgreementsMaturityAfterYearFour" abstract="false" name="RepurchaseAgreementsMaturityAfterYearFour" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="fbred_ValuationTechniqueRecentTransactionMember" abstract="true" name="ValuationTechniqueRecentTransactionMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_LoansReceivableMeasurementInput" abstract="false" name="LoansReceivableMeasurementInput" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:decimalItemType"/>
  <xs:element id="fbred_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMeasurementInput" abstract="false" name="SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseMeasurementInput" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:decimalItemType"/>
  <xs:element id="fbred_ExitFeeReceivables" abstract="false" name="ExitFeeReceivables" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="fbred_CommonAndPreferredStockSharesAuthorized" abstract="false" name="CommonAndPreferredStockSharesAuthorized" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:sharesItemType"/>
  <xs:element id="fbred_EarlyRepurchaseDeductionHoldingPeriod" abstract="false" name="EarlyRepurchaseDeductionHoldingPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="fbred_ShareRepurchaseProgramEarlyRepurchaseDeduction" abstract="false" name="ShareRepurchaseProgramEarlyRepurchaseDeduction" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="fbred_ShareRepurchaseProgramRepurchaseLimitationAggregateNetAssetValue" abstract="false" name="ShareRepurchaseProgramRepurchaseLimitationAggregateNetAssetValue" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="fbred_NumberOfRedemptionRequestsProcessed" abstract="false" name="NumberOfRedemptionRequestsProcessed" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="fbred_RepaymentOfAffiliateInitialInvestmentShares" abstract="false" name="RepaymentOfAffiliateInitialInvestmentShares" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:sharesItemType"/>
  <xs:element id="fbred_AggregateGrossDistributionDeclaredPerShare" abstract="false" name="AggregateGrossDistributionDeclaredPerShare" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:perShareItemType"/>
  <xs:element id="fbred_StockholderServicingFeePerShare" abstract="false" name="StockholderServicingFeePerShare" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:perShareItemType"/>
  <xs:element id="fbred_DistributionToShareholdersNetOfStockholderServicingFeesPerShare" abstract="false" name="DistributionToShareholdersNetOfStockholderServicingFeesPerShare" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:perShareItemType"/>
  <xs:element id="fbred_FBREDLuxHYJVLLCMember" abstract="true" name="FBREDLuxHYJVLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_AffiliatedFundMember" abstract="true" name="AffiliatedFundMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_JointVentureOwnershipPercentage" abstract="false" name="JointVentureOwnershipPercentage" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="fbred_SeniorMortgageMember" abstract="true" name="SeniorMortgageMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_MezzanineMember" abstract="true" name="MezzanineMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_O2026Q1M4DividendsMember" abstract="true" name="O2026Q1M4DividendsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_O2026Q1M5DividendsMember" abstract="true" name="O2026Q1M5DividendsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_O2026Q1M6DividendsMember" abstract="true" name="O2026Q1M6DividendsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_O2026Q1M7DividendsMember" abstract="true" name="O2026Q1M7DividendsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="fbred_O2026Q1M8DividendsMember" abstract="true" name="O2026Q1M8DividendsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
</xs:schema>
