X0202 SCHEDULE 13D/A 0001781002 XXXXXXXX LIVE 4 Class I Common Shares of Beneficial Interest, $0.001 par value 07/07/2026 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 N Bleichroeder LP AF DE 0.00 1249141.59 0.00 1249141.59 1249141.59 41 IA PN Y Bleichroeder Holdings LLC AF DE 0 1249141.59 0 1249141.59 1249141.59 41 HC OO Y Andrew Gundlach AF X1 0 1249141.59 0 1249141.59 1249141.59 41 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. 4 ("Amendment No. 4") 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"), Amendment No. 2 filed with the SEC on May 2, 2025, Amendment No. 3 filed with the SEC on August 8, 2025, and this Amendment No. 4 (collectively, 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 4 is hereby amended to include the following: An aggregate 118,665.44 Shares held in accounts managed by Bleichroeder were tendered in the Issuer's quarterly repurchase offer that ended on July 7, 2026, and repurchased by the Issuer at a price of $25.45, representing the net asset value per Share on July 7, 2026. Item 5(a) is hereby amended to include the following: As of the date of this Amendment No. 4, the Reporting Persons beneficially own 1,249,141.59 Shares, representing approximately 41% of the outstanding Shares. The percentages used herein are based upon 3,049,478.65 Shares outstanding as of July 8, 2026, based upon information received from the Issuer. Item 5(b) is hereby amended to include the following: The Reporting Persons have shared voting and dispositive power over 1,249,141.59 Shares. Item 5(c) is hereby amended to include the following: The response to Item 4 of this Amendment No. 4 is incorporated by reference herein. Except as set forth in Item 4 of this Amendment No. 4, the Reporting Persons have not effected any transaction in the Shares within the past 60 days. Bleichroeder LP /s/ Andrew Gundlach 07/09/2026 Bleichroeder Holdings LLC /s/ Andrew Gundlach 07/09/2026 Andrew Gundlach /s/ Andrew Gundlach 07/09/2026