Financial Obligation (Form 8-K)

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

As previously disclosed, on August 22, 2024, an indirect subsidiary (the "Seller") of J.P. Morgan Real Estate Income Trust, Inc. (the "Company") entered into a Master Repurchase Agreement (the "Agreement") with U.S. Bank National Association (the "Buyer"). The Agreement initially provided for a maximum aggregate purchase price of $150 million and had a three-year term plus two, one-year extension options. Subject to the terms and conditions thereof, the Agreement provided for the purchase, sale and repurchase of senior mortgage loans and participation interests in performing senior mortgage loans satisfying certain conditions set forth in the Agreement. Advances under the Agreement accrued interest at a per annum rate equal to the Term SOFR Base Rate (as defined in the Agreement) for a one-month period plus a margin as agreed upon by the Buyer and Seller for each transaction. The Agreement contained affirmative and negative covenants and provisions regarding events of default that are normal and customary for similar repurchase facilities. In connection with the Agreement, J.P. Morgan REIT Operating Partnership, L.P. (the "Operating Partnership"), entered into a Guaranty (the "Guaranty") in favor of the Buyer under which the Operating Partnership agreed to provide a limited guarantee of the obligations of the Seller under the Agreement.

On November 14, 2025, the Seller, the Buyer and the Operating Partnership amended the Agreement and the Guaranty to increase the maximum aggregate purchase price from $150 million to $250 million. All other material terms of the Agreement and Guaranty remain the same.

On July 13, 2026, the Seller, the Buyer and the Operating Partnership amended the Agreement to increase the maximum aggregate purchase price from $250 million to $400 million. All other material terms of the Agreement remain the same.