Item 5.02.            Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On September 16, 2026, the Board of Directors (the "Board") of Franklin BSP Real Estate Debt, Inc. (the "Company") appointed Jerome S. Baglien, the Company's Chief Financial Officer and Chief Operating Officer, to serve as President of the Company, effective immediately. Mr. Baglien succeeds Michael Comparato, who resigned as the Company's Chief Executive Officer and President and as a director of the Company on September 15, 2026. Mr. Comparato will continue to serve as an advisor to Benefit Street Partners L.L.C., the Company's external advisor. The Board also reduced the size of the Board from six directors to five directors.