Bleichroeder LP 4

What Happened
Bleichroeder LP, reported as a 10% owner of First Eagle Real Estate Debt Fund (FERLX), disposed of 118,665.44 common shares on July 7, 2026. The shares were tendered for repurchase by the fund at $25.45 per share, for aggregate proceeds of $3,020,035. This was a disposition (sale) — not a purchase — and reflects participation in the issuer’s quarterly repurchase offer.

Key Details

• Transaction date: 2026-07-07; Price: $25.45 per share; Shares: 118,665.44; Proceeds: $3,020,035.
• Report filed: 2026-07-09 (appears timely; not flagged as late).
• Shares owned after transaction: not specified in the provided filing.
• Footnote F1: Shares were tendered in the issuer’s quarterly repurchase offer that ended July 7, 2026.
• Footnote F2: Bleichroeder LP is an investment adviser that indirectly holds these shares for managed accounts/funds and disclaims beneficial ownership except to the extent of its pecuniary interest.

Context
This filing involves a 10% institutional holder (an investment adviser and fund manager), not an individual officer or director. The disposition was executed via the fund’s repurchase program (a routine liquidity mechanism) rather than an open-market sale; such institutional tenders typically reflect portfolio management or liquidity needs rather than a simple signal about the issuer’s prospects.