SCHEDULE 13D/A 0001781002 XXXXXXXX LIVE 2 Class I Common Shares of Beneficial Interest, $0.001 par value 04/30/2025 false 0002006189 32009F100 First Eagle Real Estate Debt Fund

1345 Avenue of the Americas New York NY 10105

Bleichroeder LP (212) 698-3101 1345 Avenue of the Americas 47th Floor New York NY 10105 0001781002 Bleichroeder LP AF DE 0 734645.18 0 734645.18 734645.18 N 99.5 IA PN Y Bleichroeder Holdings LLC AF DE 0 734645.18 0 734645.18 734645.18 N 99.5 HC OO Y Andrew Gundlach AF X1 0 734645.18 0 734645.18 734645.18 N 99.5 IN HC Class I Common Shares of Beneficial Interest, $0.001 par value First Eagle Real Estate Debt Fund 1345 Avenue of the Americas New York NY 10105 This Amendment No. 2 ("Amendment No. 2") amends the Schedule 13D originally filed by the Reporting Persons with the Securities and Exchange Commission (the "SEC") on April 7, 2025, as amended and restated by Amendment No. 1 filed with the SEC on April 7, 2025 ("Amendment No. 1"), and this Amendment No. 2 (the "Schedule 13D"), with respect to the Class I Common Shares of Beneficial Interest, $0.001 par value (the "Shares"), of First Eagle Real Estate Debt Fund, a closed-end management investment company organized as a Delaware statutory trust (the "Issuer") and is being filed pursuant to Rule 13d-2 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Except as otherwise provided herein, each item of the Schedule 13D remains unchanged. Capitalized terms used herein but not otherwise defined shall have the meaning set forth in the Schedule 13D. Item 3 is hereby amended to include the following: On April 30, 2025, the Reporting Persons acquired an aggregate 354,645.18 Shares directly from the Issuer, for accounts managed by Bleichroeder, at an aggregate cost of $8,922,872.78. The source of funds was proceeds from the sale of securities of First Eagle Credit Opportunities Fund held for accounts managed by Bleichroeder. Item 5(a) is hereby amended to include the following: As of the date of this Amendment No. 2, the Reporting Persons beneficially own 734,645.18 Shares, representing 99.5% of the outstanding Shares. Item 5(b) is hereby amended to include the following: The Reporting Persons have shared voting and dispositive power over 734,645.18 Shares. Item 5(c) is hereby amended to include the following: Except as set forth in Item 3, the Reporting Persons have not effected any transaction in the Shares since the filing of Amendment No. 1. Bleichroeder LP /s/ Andrew Gundlach 05/02/2025 Bleichroeder Holdings LLC /s/ Andrew Gundlach 05/02/2025 Andrew Gundlach /s/ Andrew Gundlach 05/02/2025