<?xml version="1.0" encoding="UTF-8"?>

<!--XBRL Document Created with the Workiva Platform-->
<!--Copyright 2026 Workiva-->
<!--r:019e4b3e-51b1-7def-83ea-d8f03d1e5e3b,g:0d3a14d6-b67d-49dd-9ee2-7b740596fff0-->
<link:linkbase xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
  <link:arcroleRef arcroleURI="https://xbrl.org/2023/arcrole/summation-item" xlink:type="simple" xlink:href="https://www.xbrl.org/2023/calculation-1.1.xsd#summation-item"/>
  <link:roleRef roleURI="http://www.fbrtreit.com/role/CONSOLIDATEDBALANCESHEETS" xlink:type="simple" xlink:href="fbred-20260630.xsd#CONSOLIDATEDBALANCESHEETS"/>
  <link:calculationLink xlink:role="http://www.fbrtreit.com/role/CONSOLIDATEDBALANCESHEETS" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e4b3e-5329-74b3-9925-92eb7904e72f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_019e4b3e-5329-7c53-9105-4f7b4116d83c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Liabilities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e4b3e-5329-74b3-9925-92eb7904e72f" xlink:to="loc_us-gaap_Liabilities_019e4b3e-5329-7c53-9105-4f7b4116d83c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommitmentsAndContingencies_019e4b3e-5329-7bef-8a7f-628ea5df95be" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommitmentsAndContingencies"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e4b3e-5329-74b3-9925-92eb7904e72f" xlink:to="loc_us-gaap_CommitmentsAndContingencies_019e4b3e-5329-7bef-8a7f-628ea5df95be" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e4b3e-5329-7937-9432-1054eddcbe9a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity_019e4b3e-5329-74b3-9925-92eb7904e72f" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e4b3e-5329-7937-9432-1054eddcbe9a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Assets_019e4b3e-5329-7211-baf1-0eaf8ff172ea" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Assets"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NotesReceivableNet_019e4b3e-5329-7051-9e1d-a18259254768" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NotesReceivableNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4b3e-5329-7211-baf1-0eaf8ff172ea" xlink:to="loc_us-gaap_NotesReceivableNet_019e4b3e-5329-7051-9e1d-a18259254768" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecurities_019e4b3e-5329-769c-a938-dd9079da1d14" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecurities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4b3e-5329-7211-baf1-0eaf8ff172ea" xlink:to="loc_us-gaap_DebtSecurities_019e4b3e-5329-769c-a938-dd9079da1d14" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019e4b3e-5329-7d49-8471-65a8f3b7089b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4b3e-5329-7211-baf1-0eaf8ff172ea" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019e4b3e-5329-7d49-8471-65a8f3b7089b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents_019e4b3e-5329-75de-9641-7e7205808be9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RestrictedCashAndCashEquivalents"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4b3e-5329-7211-baf1-0eaf8ff172ea" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalents_019e4b3e-5329-75de-9641-7e7205808be9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestReceivable_019e4b3e-5329-72ba-9829-c67930a3ffcc" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestReceivable"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4b3e-5329-7211-baf1-0eaf8ff172ea" xlink:to="loc_us-gaap_InterestReceivable_019e4b3e-5329-72ba-9829-c67930a3ffcc" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssets_019e4b3e-5329-7c06-afcc-e6fb672bea20" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrepaidExpenseAndOtherAssets"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4b3e-5329-7211-baf1-0eaf8ff172ea" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssets_019e4b3e-5329-7c06-afcc-e6fb672bea20" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherReceivables_019e4b3e-5329-7064-a213-6564c751e520" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherReceivables"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Assets_019e4b3e-5329-7211-baf1-0eaf8ff172ea" xlink:to="loc_us-gaap_OtherReceivables_019e4b3e-5329-7064-a213-6564c751e520" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_Liabilities_019e4b3e-5329-7819-abd8-b402a3c8674f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_Liabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability_019e4b3e-5329-7144-9906-56aab0bd1fec" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e4b3e-5329-7819-abd8-b402a3c8674f" xlink:to="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability_019e4b3e-5329-7144-9906-56aab0bd1fec" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_CommonStockSubscriptionsReceivedInAdvance_019e4b3e-5329-7c0a-9173-0bfd38051037" xlink:href="fbred-20260630.xsd#fbred_CommonStockSubscriptionsReceivedInAdvance"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e4b3e-5329-7819-abd8-b402a3c8674f" xlink:to="loc_fbred_CommonStockSubscriptionsReceivedInAdvance_019e4b3e-5329-7c0a-9173-0bfd38051037" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherLiabilities_019e4b3e-5329-7a12-bcdd-76257a5924e2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherLiabilities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e4b3e-5329-7819-abd8-b402a3c8674f" xlink:to="loc_us-gaap_OtherLiabilities_019e4b3e-5329-7a12-bcdd-76257a5924e2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DistributionPayable_019e4b3e-5329-74fc-b1e2-c622bbb4d991" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DistributionPayable"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e4b3e-5329-7819-abd8-b402a3c8674f" xlink:to="loc_us-gaap_DistributionPayable_019e4b3e-5329-74fc-b1e2-c622bbb4d991" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestPayableCurrentAndNoncurrent_019e4b3e-5329-70cc-a91c-8204d95e4d27" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestPayableCurrentAndNoncurrent"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e4b3e-5329-7819-abd8-b402a3c8674f" xlink:to="loc_us-gaap_InterestPayableCurrentAndNoncurrent_019e4b3e-5329-70cc-a91c-8204d95e4d27" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities_019e4b3e-5329-7e31-a985-11f7003ebd77" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e4b3e-5329-7819-abd8-b402a3c8674f" xlink:to="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities_019e4b3e-5329-7e31-a985-11f7003ebd77" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PayableCommonStockRedeemed_019e4b3e-5329-7f00-8794-c99511460944" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PayableCommonStockRedeemed"/>
    <link:calculationArc order="7" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities_019e4b3e-5329-7819-abd8-b402a3c8674f" xlink:to="loc_us-gaap_PayableCommonStockRedeemed_019e4b3e-5329-7f00-8794-c99511460944" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e4b3e-5329-7613-8425-4872b85920e5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_019e4b3e-5329-795c-b722-ddf4e1bbf18c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquity"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e4b3e-5329-7613-8425-4872b85920e5" xlink:to="loc_us-gaap_StockholdersEquity_019e4b3e-5329-795c-b722-ddf4e1bbf18c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_MinorityInterest_019e4b3e-5329-7ece-aef5-a8ea9526ab3e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_MinorityInterest"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_019e4b3e-5329-7613-8425-4872b85920e5" xlink:to="loc_us-gaap_MinorityInterest_019e4b3e-5329-7ece-aef5-a8ea9526ab3e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_StockholdersEquity_019e4b3e-5329-7a0e-acd0-4047b9031e01" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_StockholdersEquity"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CommonStockValue_019e4b3e-5329-7bb4-83d4-5147567bfda5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CommonStockValue"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e4b3e-5329-7a0e-acd0-4047b9031e01" xlink:to="loc_us-gaap_CommonStockValue_019e4b3e-5329-7bb4-83d4-5147567bfda5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdditionalPaidInCapital_019e4b3e-5329-7250-86dc-817162f6f7d1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AdditionalPaidInCapital"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e4b3e-5329-7a0e-acd0-4047b9031e01" xlink:to="loc_us-gaap_AdditionalPaidInCapital_019e4b3e-5329-7250-86dc-817162f6f7d1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019e4b3e-5329-7355-9637-b041c3e159ef" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity_019e4b3e-5329-7a0e-acd0-4047b9031e01" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_019e4b3e-5329-7355-9637-b041c3e159ef" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.fbrtreit.com/role/CONSOLIDATEDSTATEMENTSOFOPERATIONS" xlink:type="simple" xlink:href="fbred-20260630.xsd#CONSOLIDATEDSTATEMENTSOFOPERATIONS"/>
  <link:calculationLink xlink:role="http://www.fbrtreit.com/role/CONSOLIDATEDSTATEMENTSOFOPERATIONS" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenuesNetOfInterestExpense_019e4b3e-5329-7f47-81c9-f76260d49949" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RevenuesNetOfInterestExpense"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNet_019e4b3e-5329-73e2-87a9-e61147f05d8b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestIncomeExpenseNet"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_RevenuesNetOfInterestExpense_019e4b3e-5329-7f47-81c9-f76260d49949" xlink:to="loc_us-gaap_InterestIncomeExpenseNet_019e4b3e-5329-73e2-87a9-e61147f05d8b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestIncome_019e4b3e-5329-7aad-8e7a-8479d7b4ee80" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NoninterestIncome"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_RevenuesNetOfInterestExpense_019e4b3e-5329-7f47-81c9-f76260d49949" xlink:to="loc_us-gaap_NoninterestIncome_019e4b3e-5329-7aad-8e7a-8479d7b4ee80" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesTradingGainLoss_019e4b3e-5329-70de-a14f-b3afdef3b750" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecuritiesTradingGainLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesTradingUnrealizedGainLoss_019e4b3e-5329-78b6-bf0b-6675a3a7d71f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecuritiesTradingUnrealizedGainLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_DebtSecuritiesTradingGainLoss_019e4b3e-5329-70de-a14f-b3afdef3b750" xlink:to="loc_us-gaap_DebtSecuritiesTradingUnrealizedGainLoss_019e4b3e-5329-78b6-bf0b-6675a3a7d71f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLoss_019e4b3e-5329-7700-be2f-c7ac75ff3a54" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019e4b3e-5329-79e4-a803-52f422234d25" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019e4b3e-5329-7700-be2f-c7ac75ff3a54" xlink:to="loc_us-gaap_ProfitLoss_019e4b3e-5329-79e4-a803-52f422234d25" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019e4b3e-5329-76c4-b778-5a057cbc8a4f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss_019e4b3e-5329-7700-be2f-c7ac75ff3a54" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_019e4b3e-5329-76c4-b778-5a057cbc8a4f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeExpenseNet_019e4b3e-5329-7ae6-9ef7-40f20686b963" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestIncomeExpenseNet"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestIncomeOperating_019e4b3e-5329-72dd-9309-4672463f7afd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestIncomeOperating"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InterestIncomeExpenseNet_019e4b3e-5329-7ae6-9ef7-40f20686b963" xlink:to="loc_us-gaap_InterestIncomeOperating_019e4b3e-5329-72dd-9309-4672463f7afd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_InterestExpenseOperating_019e4b3e-5329-78d5-8ac2-fcceec0d4858" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_InterestExpenseOperating"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_InterestIncomeExpenseNet_019e4b3e-5329-7ae6-9ef7-40f20686b963" xlink:to="loc_us-gaap_InterestExpenseOperating_019e4b3e-5329-78d5-8ac2-fcceec0d4858" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019e4b3e-5329-7fa3-ae40-fcb680efaec3" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RevenuesNetOfInterestExpense_019e4b3e-5329-7837-8412-374f638be33e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RevenuesNetOfInterestExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4b3e-5329-7fa3-ae40-fcb680efaec3" xlink:to="loc_us-gaap_RevenuesNetOfInterestExpense_019e4b3e-5329-7837-8412-374f638be33e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesTradingGainLoss_019e4b3e-5329-7ff6-a3ce-bddf4fc668c4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecuritiesTradingGainLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4b3e-5329-7fa3-ae40-fcb680efaec3" xlink:to="loc_us-gaap_DebtSecuritiesTradingGainLoss_019e4b3e-5329-7ff6-a3ce-bddf4fc668c4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7a4b-9a1e-64971f0ab503" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostsAndExpenses"/>
    <link:calculationArc order="3" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss_019e4b3e-5329-7fa3-ae40-fcb680efaec3" xlink:to="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7a4b-9a1e-64971f0ab503" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7b12-bcec-cc0bb65f4a82" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostsAndExpenses"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdministrativeFeesExpense_019e4b3e-5329-7473-824b-5d8c01bc3efe" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AdministrativeFeesExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7b12-bcec-cc0bb65f4a82" xlink:to="loc_us-gaap_AdministrativeFeesExpense_019e4b3e-5329-7473-824b-5d8c01bc3efe" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_GeneralAndAdministrativeExpense_019e4b3e-5329-7bd0-99b5-3a7ab73f41ff" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_GeneralAndAdministrativeExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7b12-bcec-cc0bb65f4a82" xlink:to="loc_us-gaap_GeneralAndAdministrativeExpense_019e4b3e-5329-7bd0-99b5-3a7ab73f41ff" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_FinancingFeesExpense_019e4b3e-5329-758c-9e32-5762f77b2fe9" xlink:href="fbred-20260630.xsd#fbred_FinancingFeesExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7b12-bcec-cc0bb65f4a82" xlink:to="loc_fbred_FinancingFeesExpense_019e4b3e-5329-758c-9e32-5762f77b2fe9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ManagementFeeExpense_019e4b3e-5329-7d06-93bd-76ac818e22d0" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ManagementFeeExpense"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7b12-bcec-cc0bb65f4a82" xlink:to="loc_us-gaap_ManagementFeeExpense_019e4b3e-5329-7d06-93bd-76ac818e22d0" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OrganizationalCostExpense_019eacf4-5866-704a-b115-0374549f102c" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OrganizationalCostExpense"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7b12-bcec-cc0bb65f4a82" xlink:to="loc_us-gaap_OrganizationalCostExpense_019eacf4-5866-704a-b115-0374549f102c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfessionalFees_019e4b3e-5329-70b9-b3ae-5716b3e96a4f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfessionalFees"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7b12-bcec-cc0bb65f4a82" xlink:to="loc_us-gaap_ProfessionalFees_019e4b3e-5329-70b9-b3ae-5716b3e96a4f" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.fbrtreit.com/role/CONSOLIDATEDSTATEMENTOFCASHFLOWS" xlink:type="simple" xlink:href="fbred-20260630.xsd#CONSOLIDATEDSTATEMENTOFCASHFLOWS"/>
  <link:calculationLink xlink:role="http://www.fbrtreit.com/role/CONSOLIDATEDSTATEMENTOFCASHFLOWS" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019e4b3e-5329-7001-9c9e-5cab98866163" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7c97-bafd-ca93d1a474a2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019e4b3e-5329-7001-9c9e-5cab98866163" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7c97-bafd-ca93d1a474a2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7897-8827-3e3e2747b315" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019e4b3e-5329-7001-9c9e-5cab98866163" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7897-8827-3e3e2747b315" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4b3e-5329-75ac-83ea-5972f78a3845" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_019e4b3e-5329-7001-9c9e-5cab98866163" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4b3e-5329-75ac-83ea-5972f78a3845" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7a43-9547-084d906b7585" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProfitLoss_019e4b3e-5329-7386-aa2c-861f59304d4a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProfitLoss"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7a43-9547-084d906b7585" xlink:to="loc_us-gaap_ProfitLoss_019e4b3e-5329-7386-aa2c-861f59304d4a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecuritiesTradingUnrealizedGainLoss_019e4b3e-5329-738b-8399-7fe08e6db071" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecuritiesTradingUnrealizedGainLoss"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7a43-9547-084d906b7585" xlink:to="loc_us-gaap_DebtSecuritiesTradingUnrealizedGainLoss_019e4b3e-5329-738b-8399-7fe08e6db071" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_FinancingFeesExpense_019e4b3e-5329-74dd-9de5-cc9d5c0db6b5" xlink:href="fbred-20260630.xsd#fbred_FinancingFeesExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7a43-9547-084d906b7585" xlink:to="loc_fbred_FinancingFeesExpense_019e4b3e-5329-74dd-9de5-cc9d5c0db6b5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_AccretionOfPurchaseDiscountOnRealEstateSecuritiesNet_019e4b3e-5329-743b-b25d-d1807efbb720" xlink:href="fbred-20260630.xsd#fbred_AccretionOfPurchaseDiscountOnRealEstateSecuritiesNet"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7a43-9547-084d906b7585" xlink:to="loc_fbred_AccretionOfPurchaseDiscountOnRealEstateSecuritiesNet_019e4b3e-5329-743b-b25d-d1807efbb720" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_019e4b3e-5329-7b2d-a483-b85e31d86159" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet"/>
    <link:calculationArc order="5" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7a43-9547-084d906b7585" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_019e4b3e-5329-7b2d-a483-b85e31d86159" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_019e4b3e-5329-75c4-95a9-3c11bb29080f" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
    <link:calculationArc order="6" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7a43-9547-084d906b7585" xlink:to="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_019e4b3e-5329-75c4-95a9-3c11bb29080f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInOtherReceivables_019e4b3e-5329-732f-b7be-4e64f9bf918b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInOtherReceivables"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7a43-9547-084d906b7585" xlink:to="loc_us-gaap_IncreaseDecreaseInOtherReceivables_019e4b3e-5329-732f-b7be-4e64f9bf918b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseDueFromAffiliates_019e4b3e-5329-7b71-bb4c-62c5867039fa" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseDueFromAffiliates"/>
    <link:calculationArc order="8" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7a43-9547-084d906b7585" xlink:to="loc_us-gaap_IncreaseDecreaseDueFromAffiliates_019e4b3e-5329-7b71-bb4c-62c5867039fa" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInInterestPayableNet_019e4b3e-5329-7705-9e7b-870b824d6138" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet"/>
    <link:calculationArc order="9" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7a43-9547-084d906b7585" xlink:to="loc_us-gaap_IncreaseDecreaseInInterestPayableNet_019e4b3e-5329-7705-9e7b-870b824d6138" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInDueToAffiliates_019eb28f-ceb2-7752-8c27-de5f6f71ad46" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInDueToAffiliates"/>
    <link:calculationArc order="10" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7a43-9547-084d906b7585" xlink:to="loc_us-gaap_IncreaseDecreaseInDueToAffiliates_019eb28f-ceb2-7752-8c27-de5f6f71ad46" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_019eb28f-ceb2-72e0-be91-96ed5cf41cdd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities"/>
    <link:calculationArc order="11" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivities_019e4b3e-5329-7a43-9547-084d906b7585" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_019eb28f-ceb2-72e0-be91-96ed5cf41cdd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7eea-b798-ed2f758910e5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase_019e4b3e-5329-7431-9b5f-6760d99bea78" xlink:href="fbred-20260630.xsd#fbred_ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7eea-b798-ed2f758910e5" xlink:to="loc_fbred_ProceedsFromSecuritiesSoldUnderAgreementsToRepurchase_019e4b3e-5329-7431-9b5f-6760d99bea78" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase_019e4b3e-5329-7e6d-b773-20e436c287b5" xlink:href="fbred-20260630.xsd#fbred_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7eea-b798-ed2f758910e5" xlink:to="loc_fbred_PaymentsForSecuritiesSoldUnderAgreementsToRepurchase_019e4b3e-5329-7e6d-b773-20e436c287b5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess_019e4b3e-5329-73c5-b038-78af9ce2e66e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7eea-b798-ed2f758910e5" xlink:to="loc_us-gaap_ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess_019e4b3e-5329-73c5-b038-78af9ce2e66e" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfFinancingCosts_019e4b3e-5329-7b6c-9423-dbc1d90ab3a4" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsOfFinancingCosts"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7eea-b798-ed2f758910e5" xlink:to="loc_us-gaap_PaymentsOfFinancingCosts_019e4b3e-5329-7b6c-9423-dbc1d90ab3a4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_019e4b3e-5329-7803-a521-240d3a95a028" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7eea-b798-ed2f758910e5" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfCommonStock_019e4b3e-5329-7803-a521-240d3a95a028" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromMinorityShareholders_019e4b3e-5329-7aaf-92b8-83f21290bc0b" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromMinorityShareholders"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7eea-b798-ed2f758910e5" xlink:to="loc_us-gaap_ProceedsFromMinorityShareholders_019e4b3e-5329-7aaf-92b8-83f21290bc0b" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock_019e4b3e-5329-73c4-bf03-980ad629dc60" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsOfDividendsCommonStock"/>
    <link:calculationArc order="7" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7eea-b798-ed2f758910e5" xlink:to="loc_us-gaap_PaymentsOfDividendsCommonStock_019e4b3e-5329-73c4-bf03-980ad629dc60" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_ProceedsFromCommonStockSubscriptionsReceivedInAdvance_019e4b3e-5329-7ed5-81be-3c7533fece28" xlink:href="fbred-20260630.xsd#fbred_ProceedsFromCommonStockSubscriptionsReceivedInAdvance"/>
    <link:calculationArc order="8" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7eea-b798-ed2f758910e5" xlink:to="loc_fbred_ProceedsFromCommonStockSubscriptionsReceivedInAdvance_019e4b3e-5329-7ed5-81be-3c7533fece28" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_PaymentsForServicingFeesToStockholder_019e4b3e-5329-7ff1-8f14-3fc4b41abcf4" xlink:href="fbred-20260630.xsd#fbred_PaymentsForServicingFeesToStockholder"/>
    <link:calculationArc order="9" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7eea-b798-ed2f758910e5" xlink:to="loc_fbred_PaymentsForServicingFeesToStockholder_019e4b3e-5329-7ff1-8f14-3fc4b41abcf4" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_019f88a0-7239-7bcb-a734-3e7fe16ff973" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <link:calculationArc order="10" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivities_019e4b3e-5329-7eea-b798-ed2f758910e5" xlink:to="loc_us-gaap_PaymentsForRepurchaseOfCommonStock_019f88a0-7239-7bcb-a734-3e7fe16ff973" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4b3e-5329-7785-8943-0a5ede55a1cf" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_PaymentsForLoanOriginationAndFundingActivities_019e4b3e-5329-7fe7-abdb-46b201a13b3f" xlink:href="fbred-20260630.xsd#fbred_PaymentsForLoanOriginationAndFundingActivities"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4b3e-5329-7785-8943-0a5ede55a1cf" xlink:to="loc_fbred_PaymentsForLoanOriginationAndFundingActivities_019e4b3e-5329-7fe7-abdb-46b201a13b3f" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_019e4b3e-5329-7f3f-a3d3-1699da4c0de9" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4b3e-5329-7785-8943-0a5ede55a1cf" xlink:to="loc_us-gaap_ProceedsFromCollectionOfLoansReceivable_019e4b3e-5329-7f3f-a3d3-1699da4c0de9" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_ProceedsFromSaleOrPaydownOfRealEstateSecurities_019e4b3e-5329-7706-a78d-7f405a0f2360" xlink:href="fbred-20260630.xsd#fbred_ProceedsFromSaleOrPaydownOfRealEstateSecurities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4b3e-5329-7785-8943-0a5ede55a1cf" xlink:to="loc_fbred_ProceedsFromSaleOrPaydownOfRealEstateSecurities_019e4b3e-5329-7706-a78d-7f405a0f2360" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PaymentsToAcquireMarketableSecurities_019eb288-4051-7556-9f22-1f4fb5823f8a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PaymentsToAcquireMarketableSecurities"/>
    <link:calculationArc order="4" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivities_019e4b3e-5329-7785-8943-0a5ede55a1cf" xlink:to="loc_us-gaap_PaymentsToAcquireMarketableSecurities_019eb288-4051-7556-9f22-1f4fb5823f8a" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019e4b3e-5329-7088-8a50-c57a66d9b93e" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_RestrictedCashAndCashEquivalents_019e4b3e-5329-74b2-b65a-67f0d85ecacd" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_RestrictedCashAndCashEquivalents"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019e4b3e-5329-7088-8a50-c57a66d9b93e" xlink:to="loc_us-gaap_RestrictedCashAndCashEquivalents_019e4b3e-5329-74b2-b65a-67f0d85ecacd" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019e4b3e-5329-7c9c-bf1b-388f2ca042f2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_019e4b3e-5329-7088-8a50-c57a66d9b93e" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_019e4b3e-5329-7c9c-bf1b-388f2ca042f2" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.fbrtreit.com/role/RelatedPartyTransactionsScheduleofCostsIncurredDuetoArrangementwithAdviserDetails" xlink:type="simple" xlink:href="fbred-20260630.xsd#RelatedPartyTransactionsScheduleofCostsIncurredDuetoArrangementwithAdviserDetails"/>
  <link:calculationLink xlink:role="http://www.fbrtreit.com/role/RelatedPartyTransactionsScheduleofCostsIncurredDuetoArrangementwithAdviserDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7816-89f7-6d19e1bc8fb2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_CostsAndExpenses"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AdministrativeFeesExpense_019e4b3e-5329-7b67-bc60-577c2f033cde" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AdministrativeFeesExpense"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7816-89f7-6d19e1bc8fb2" xlink:to="loc_us-gaap_AdministrativeFeesExpense_019e4b3e-5329-7b67-bc60-577c2f033cde" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_IncentiveFeeExpense_019e4b3e-5329-77cd-8261-4fd239da13e2" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_IncentiveFeeExpense"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7816-89f7-6d19e1bc8fb2" xlink:to="loc_us-gaap_IncentiveFeeExpense_019e4b3e-5329-77cd-8261-4fd239da13e2" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_ManagementFeeExpense_019e4b3e-5329-7087-8fe9-3e886e55f2e1" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_ManagementFeeExpense"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7816-89f7-6d19e1bc8fb2" xlink:to="loc_us-gaap_ManagementFeeExpense_019e4b3e-5329-7087-8fe9-3e886e55f2e1" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_ShareholderServicingFees_019e4b3e-5329-7061-b62f-3287588893b5" xlink:href="fbred-20260630.xsd#fbred_ShareholderServicingFees"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7816-89f7-6d19e1bc8fb2" xlink:to="loc_fbred_ShareholderServicingFees_019e4b3e-5329-7061-b62f-3287588893b5" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OrganizationalCostExpense_019e4b3e-5329-7ff7-9121-4d28b65cd802" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OrganizationalCostExpense"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7816-89f7-6d19e1bc8fb2" xlink:to="loc_us-gaap_OrganizationalCostExpense_019e4b3e-5329-7ff7-9121-4d28b65cd802" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_NoninterestExpenseOfferingCost_019fcefc-533e-70b2-b8c7-13ebee8aca69" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_NoninterestExpenseOfferingCost"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_CostsAndExpenses_019e4b3e-5329-7816-89f7-6d19e1bc8fb2" xlink:to="loc_us-gaap_NoninterestExpenseOfferingCost_019fcefc-533e-70b2-b8c7-13ebee8aca69" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.fbrtreit.com/role/InvestmentsinRealEstateSecuritiesScheduleofAmortizedCostUnrealizedGainLossDetails" xlink:type="simple" xlink:href="fbred-20260630.xsd#InvestmentsinRealEstateSecuritiesScheduleofAmortizedCostUnrealizedGainLossDetails"/>
  <link:calculationLink xlink:role="http://www.fbrtreit.com/role/InvestmentsinRealEstateSecuritiesScheduleofAmortizedCostUnrealizedGainLossDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_fbred_DebtSecuritiesAmortizedCost_019e4b3e-5329-754b-a100-a5de43144e8a" xlink:href="fbred-20260630.xsd#fbred_DebtSecuritiesAmortizedCost"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_DebtSecuritiesAccumulatedUnrealizedGain_019e4b3e-5329-7a01-be3d-4dd2e97c5a41" xlink:href="fbred-20260630.xsd#fbred_DebtSecuritiesAccumulatedUnrealizedGain"/>
    <link:calculationArc order="1" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_fbred_DebtSecuritiesAmortizedCost_019e4b3e-5329-754b-a100-a5de43144e8a" xlink:to="loc_fbred_DebtSecuritiesAccumulatedUnrealizedGain_019e4b3e-5329-7a01-be3d-4dd2e97c5a41" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_DebtSecuritiesAccumulatedUnrealizedLoss_019e4b3e-5329-7ae3-ac1f-cadb33afc6e6" xlink:href="fbred-20260630.xsd#fbred_DebtSecuritiesAccumulatedUnrealizedLoss"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_fbred_DebtSecuritiesAmortizedCost_019e4b3e-5329-754b-a100-a5de43144e8a" xlink:to="loc_fbred_DebtSecuritiesAccumulatedUnrealizedLoss_019e4b3e-5329-7ae3-ac1f-cadb33afc6e6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecurities_019e4b3e-5329-7f77-8813-141bbf3ef2ef" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecurities"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_fbred_DebtSecuritiesAmortizedCost_019e4b3e-5329-754b-a100-a5de43144e8a" xlink:to="loc_us-gaap_DebtSecurities_019e4b3e-5329-7f77-8813-141bbf3ef2ef" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.fbrtreit.com/role/RepurchaseAgreementsScheduleofFuturePrincipalPaymentsRepurchaseAgreementsDetails" xlink:type="simple" xlink:href="fbred-20260630.xsd#RepurchaseAgreementsScheduleofFuturePrincipalPaymentsRepurchaseAgreementsDetails"/>
  <link:calculationLink xlink:role="http://www.fbrtreit.com/role/RepurchaseAgreementsScheduleofFuturePrincipalPaymentsRepurchaseAgreementsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability_019e4b3e-5329-7691-8cae-991236a30f89" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_RepurchaseAgreementsMaturityRemainderOfFiscalYear_019e4b3e-5329-75e5-9f89-2964365b42cb" xlink:href="fbred-20260630.xsd#fbred_RepurchaseAgreementsMaturityRemainderOfFiscalYear"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability_019e4b3e-5329-7691-8cae-991236a30f89" xlink:to="loc_fbred_RepurchaseAgreementsMaturityRemainderOfFiscalYear_019e4b3e-5329-75e5-9f89-2964365b42cb" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_RepurchaseAgreementsMaturityYearOne_019e4b3e-5329-774b-ac88-25bcfa409216" xlink:href="fbred-20260630.xsd#fbred_RepurchaseAgreementsMaturityYearOne"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability_019e4b3e-5329-7691-8cae-991236a30f89" xlink:to="loc_fbred_RepurchaseAgreementsMaturityYearOne_019e4b3e-5329-774b-ac88-25bcfa409216" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_RepurchaseAgreementsMaturityYearTwo_019e4b3e-5329-76e7-9f21-0fdb82636c13" xlink:href="fbred-20260630.xsd#fbred_RepurchaseAgreementsMaturityYearTwo"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability_019e4b3e-5329-7691-8cae-991236a30f89" xlink:to="loc_fbred_RepurchaseAgreementsMaturityYearTwo_019e4b3e-5329-76e7-9f21-0fdb82636c13" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_RepurchaseAgreementsMaturityYearThree_019e4b3e-5329-766c-95fc-06c80cd432db" xlink:href="fbred-20260630.xsd#fbred_RepurchaseAgreementsMaturityYearThree"/>
    <link:calculationArc order="4" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability_019e4b3e-5329-7691-8cae-991236a30f89" xlink:to="loc_fbred_RepurchaseAgreementsMaturityYearThree_019e4b3e-5329-766c-95fc-06c80cd432db" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_RepurchaseAgreementsMaturityYearFour_019e4b3e-5329-7c4a-98b8-ef1a2673410c" xlink:href="fbred-20260630.xsd#fbred_RepurchaseAgreementsMaturityYearFour"/>
    <link:calculationArc order="5" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability_019e4b3e-5329-7691-8cae-991236a30f89" xlink:to="loc_fbred_RepurchaseAgreementsMaturityYearFour_019e4b3e-5329-7c4a-98b8-ef1a2673410c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_RepurchaseAgreementsMaturityAfterYearFour_019e4b3e-5329-74b0-9562-e00bc2b4f8ef" xlink:href="fbred-20260630.xsd#fbred_RepurchaseAgreementsMaturityAfterYearFour"/>
    <link:calculationArc order="6" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsSoldUnderAgreementsToRepurchaseRepurchaseLiability_019e4b3e-5329-7691-8cae-991236a30f89" xlink:to="loc_fbred_RepurchaseAgreementsMaturityAfterYearFour_019e4b3e-5329-74b0-9562-e00bc2b4f8ef" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.fbrtreit.com/role/FairValueMeasurementsScheduleofFairValueofAssetsandLiabilitiesDetails" xlink:type="simple" xlink:href="fbred-20260630.xsd#FairValueMeasurementsScheduleofFairValueofAssetsandLiabilitiesDetails"/>
  <link:calculationLink xlink:role="http://www.fbrtreit.com/role/FairValueMeasurementsScheduleofFairValueofAssetsandLiabilitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AssetsFairValueDisclosure_019e4b3e-5329-75f1-95aa-ffd23ffbc50a" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AssetsFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LoansReceivableFairValueDisclosure_019e4b3e-5329-7462-9aa3-1d093c672744" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LoansReceivableFairValueDisclosure"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e4b3e-5329-75f1-95aa-ffd23ffbc50a" xlink:to="loc_us-gaap_LoansReceivableFairValueDisclosure_019e4b3e-5329-7462-9aa3-1d093c672744" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DebtSecurities_019e4b3e-5329-7b40-9758-7aa0e97bf061" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DebtSecurities"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AssetsFairValueDisclosure_019e4b3e-5329-75f1-95aa-ffd23ffbc50a" xlink:to="loc_us-gaap_DebtSecurities_019e4b3e-5329-7b40-9758-7aa0e97bf061" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosure_019e4b3e-5329-7084-9f57-639bc87024f5" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_LiabilitiesFairValueDisclosure"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_019e4b3e-5329-7921-920f-f82b64796457" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosure_019e4b3e-5329-7084-9f57-639bc87024f5" xlink:to="loc_us-gaap_SecuritiesLoanedOrSoldUnderAgreementsToRepurchaseFairValueDisclosure_019e4b3e-5329-7921-920f-f82b64796457" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.fbrtreit.com/role/PrepaidExpensesandOtherAssetsandAccruedExpensesandOtherLiabilitiesScheduleofPrepaidExpensesandOtherAssetsDetails" xlink:type="simple" xlink:href="fbred-20260630.xsd#PrepaidExpensesandOtherAssetsandAccruedExpensesandOtherLiabilitiesScheduleofPrepaidExpensesandOtherAssetsDetails"/>
  <link:calculationLink xlink:role="http://www.fbrtreit.com/role/PrepaidExpensesandOtherAssetsandAccruedExpensesandOtherLiabilitiesScheduleofPrepaidExpensesandOtherAssetsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssets_019e4b3e-5329-725a-8239-bbe37f4ce583" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrepaidExpenseAndOtherAssets"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_ExitFeeReceivables_019e4b3e-5329-793e-9d75-36cbe9e8521c" xlink:href="fbred-20260630.xsd#fbred_ExitFeeReceivables"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssets_019e4b3e-5329-725a-8239-bbe37f4ce583" xlink:to="loc_fbred_ExitFeeReceivables_019e4b3e-5329-793e-9d75-36cbe9e8521c" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_OtherReceivables_019e4b3e-5329-7e5d-a036-5673732ce497" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_OtherReceivables"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssets_019e4b3e-5329-725a-8239-bbe37f4ce583" xlink:to="loc_us-gaap_OtherReceivables_019e4b3e-5329-7e5d-a036-5673732ce497" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent_019f89e1-0fea-76ae-a60f-8e7bf72fdcda" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_PrepaidExpenseCurrentAndNoncurrent"/>
    <link:calculationArc order="3" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_PrepaidExpenseAndOtherAssets_019e4b3e-5329-725a-8239-bbe37f4ce583" xlink:to="loc_us-gaap_PrepaidExpenseCurrentAndNoncurrent_019f89e1-0fea-76ae-a60f-8e7bf72fdcda" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.fbrtreit.com/role/PrepaidExpensesandOtherAssetsandAccruedExpensesandOtherLiabilitiesScheduleofAccruedExpensesandOtherLiabilitiesDetails" xlink:type="simple" xlink:href="fbred-20260630.xsd#PrepaidExpensesandOtherAssetsandAccruedExpensesandOtherLiabilitiesScheduleofAccruedExpensesandOtherLiabilitiesDetails"/>
  <link:calculationLink xlink:role="http://www.fbrtreit.com/role/PrepaidExpensesandOtherAssetsandAccruedExpensesandOtherLiabilitiesScheduleofAccruedExpensesandOtherLiabilitiesDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities_019e4b3e-5329-7ea8-bdf1-9ed865213acb" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_AccruedLiabilitiesCurrentAndNoncurrent_019e4b3e-5329-778a-8d2a-cd896a230086" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_AccruedLiabilitiesCurrentAndNoncurrent"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities_019e4b3e-5329-7ea8-bdf1-9ed865213acb" xlink:to="loc_us-gaap_AccruedLiabilitiesCurrentAndNoncurrent_019e4b3e-5329-778a-8d2a-cd896a230086" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_us-gaap_DeferredCompensationLiabilityCurrentAndNoncurrent_019e4b3e-5329-79eb-b2b4-43401e0f7ede" xlink:href="https://xbrl.fasb.org/us-gaap/2026/elts/us-gaap-2026.xsd#us-gaap_DeferredCompensationLiabilityCurrentAndNoncurrent"/>
    <link:calculationArc order="2" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities_019e4b3e-5329-7ea8-bdf1-9ed865213acb" xlink:to="loc_us-gaap_DeferredCompensationLiabilityCurrentAndNoncurrent_019e4b3e-5329-79eb-b2b4-43401e0f7ede" xlink:type="arc"/>
  </link:calculationLink>
  <link:roleRef roleURI="http://www.fbrtreit.com/role/StockholdersEquityScheduleofDistributionsDetails" xlink:type="simple" xlink:href="fbred-20260630.xsd#StockholdersEquityScheduleofDistributionsDetails"/>
  <link:calculationLink xlink:role="http://www.fbrtreit.com/role/StockholdersEquityScheduleofDistributionsDetails" xlink:type="extended">
    <link:loc xlink:type="locator" xlink:label="loc_fbred_DistributionToShareholdersNetOfStockholderServicingFeesPerShare_019e4b3e-53f5-7195-a4a0-ad0f7bbf89ee" xlink:href="fbred-20260630.xsd#fbred_DistributionToShareholdersNetOfStockholderServicingFeesPerShare"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_AggregateGrossDistributionDeclaredPerShare_019e4b3e-53f5-75cf-907e-b6c0507c87c6" xlink:href="fbred-20260630.xsd#fbred_AggregateGrossDistributionDeclaredPerShare"/>
    <link:calculationArc order="1" weight="1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_fbred_DistributionToShareholdersNetOfStockholderServicingFeesPerShare_019e4b3e-53f5-7195-a4a0-ad0f7bbf89ee" xlink:to="loc_fbred_AggregateGrossDistributionDeclaredPerShare_019e4b3e-53f5-75cf-907e-b6c0507c87c6" xlink:type="arc"/>
    <link:loc xlink:type="locator" xlink:label="loc_fbred_StockholderServicingFeePerShare_019e4b3e-53f5-70c3-8407-b1b45c3496a0" xlink:href="fbred-20260630.xsd#fbred_StockholderServicingFeePerShare"/>
    <link:calculationArc order="2" weight="-1.0" xlink:arcrole="https://xbrl.org/2023/arcrole/summation-item" xlink:from="loc_fbred_DistributionToShareholdersNetOfStockholderServicingFeesPerShare_019e4b3e-53f5-7195-a4a0-ad0f7bbf89ee" xlink:to="loc_fbred_StockholderServicingFeePerShare_019e4b3e-53f5-70c3-8407-b1b45c3496a0" xlink:type="arc"/>
  </link:calculationLink>
</link:linkbase>
