0002035428-26-000028 Sample Contracts

FIRST AMENDMENT TO AMENDED AND RESTATED ADVISORY AGREEMENT
Advisory Agreement • May 11th, 2026 • Franklin BSP Real Estate Debt, Inc. • Real estate investment trusts • New York

THIS FIRST AMENDMENT TO AMENDED AND RESTATED ADVISORY AGREEMENT (this “Amendment”), dated as of May 11, 2026, is by and between Franklin BSP Real Estate Debt, Inc., a Maryland corporation (the “Company”), and Benefit Street Partners L.L.C., a Delaware limited liability company (the “Advisor”). All capitalized terms used herein and not otherwise defined have the respective meaning given to such terms in the Advisory Agreement (as defined below).

AMENDMENT NO. 1 TO MASTER REPURCHASE AND SECURITIES CONTRACT
Master Repurchase and Securities Contract • May 11th, 2026 • Franklin BSP Real Estate Debt, Inc. • Real estate investment trusts • New York

CONTRACT, dated as of May 1, 2026 (this “Amendment”), by and between FBRED REIT WWH SELLER, LLC, a Delaware limited liability company (“Seller”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association (“Buyer”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as defined below).