The First Eagle Real Estate Debt Fund (the “Fund”) is registered under the 1940 Act as a closed-end interval fund. The Fund seeks to provide attractive risk-adjusted returns and current income. The Fund seeks to achieve this investment objective by investing, under normal market conditions, a majority of its Managed Assets1 (as defined in the Fund’s prospectus) in a portfolio of residential and residential-related real estate-related investments. The Fund will invest, under normal market conditions, at least 80% of its Managed Assets in a portfolio of public and private real estate-related debt investments. The Fund intends to elect to be taxed as a real estate investment trust (“REIT”) under the U.S. federal tax code.

 

1. Managed Assets is defined in the Fund’s prospectus as the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).

Fund Overview

  • Differentiated Real Estate Debt Strategy

    Portfolio comprised of public and private residential real estate-related debt investments with differentiated investment opportunity to the retail investor base.

  • Portfolio Characteristics and Return Features

    Seeking attractive risk-adjusted returns and current income2 by investing in cash-flow generating, short-duration assets.

  • Investor Friendly Structure

    Combining the investor benefits of the Interval Fund structure with the REIT tax election.3

  1. 2. There can be no assurance that the Fund will achieve its investment objective.

    3. Individual investors generally receive a 20% deduction on ordinary REIT dividends (dividends that are not declared as capital gain dividends or qualified dividend income) for taxable years before January 1, 2026, provided the investor satisfies certain holding period requirements.

    Actual portfolio characteristics may differ. The portfolio will be actively managed. The above are not investment guidelines or restrictions. No assurance can be given that the investment team will be able to identify, source and acquire investment opportunities within the asset classes described above.

  1. Risk Disclosures

    All investments involve the risk of loss of principal.

    The information is not intended to provide and should not be relied on for accounting or tax advice. You should consult your tax advisor regarding the U.S. federal, state, local and foreign income and other tax consequences to you of the acquisition, ownership and disposition of shares in First Eagle Real Estate Debt Fund (the “Fund”).

    An investment in the Fund involves a number of significant risks. Before you invest, you should be aware of various risks, including those described below. For a more complete discussion of the risks of investing in the Fund, see the Fund’s prospectus under the heading, “Principal Risks of the Fund.”

    There is no assurance that the Fund will be able to maintain a certain level of distributions, if any, to the holders of shares of the Fund.

    The Fund’s shares are not listed for trading on any national securities exchange and no market is expected to develop for them. There is no guarantee that you will be able to sell your shares at any given time or in the quantity that you desire.

    An investment in the Fund is not suitable for investors who need certainty about their ability to access all of the money they invest in the short term.

    The Fund is a newly organized, non-diversified closed-end investment company with no history of operations and is subject to all of the business risks and uncertainties associated with any new business.

    The Fund’s failure to qualify as a REIT would subject the Fund to U.S. federal income tax and potentially increased state and local taxes, which would reduce the amount of the Fund’s income available for distribution to the Fund’s Shareholders.

    Investors should carefully consider the Fund’s risks and investment objective, as an investment in the Fund may not be appropriate for all investors and is not designed to be a complete investment program, including that because of the risks associated with (i) the Fund’s ability to invest in below-investment grade or unrated securities or instruments, and (ii) the Fund’s ability to use leverage, an investment in the Fund should be considered speculative and involving a high degree of risk, including the risk of a substantial loss of investment.

    The Fund will concentrate (i.e., invest more than 25% of its assets) its investments in the real estate industry. As such, its portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio.

    Below investment grade securities or comparable unrated instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default, and the Fund might have difficulty selling them promptly at an acceptable price. Investments in loans potentially expose the Fund to the credit risk of the underlying borrower. The Fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. Even investments in secured loans present risk, as there is no assurance that the collateral securing the loan will be sufficient to satisfy the loan obligation. The market for certain loans is expected to be illiquid and the Fund may have difficulty selling them. In addition, loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Investments in debt securities and other obligations of companies that are experiencing significant financial or business distress involve a substantial degree of risk, including a material risk that the issuer will default on the obligations or enter bankruptcy. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high.

    Investors may not have access to all share classes at certain financial intermediaries. Please consult your financial professional for more information. Investors should consider shares of the Fund to be an illiquid investment.

    Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and may be obtained by visiting our website at www.firsteagle.com or calling us at 800-334- 2143. Please read our prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed, and may lose value.

    FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy or product.

    First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. Napier Park is the brand name for one of the subsidiary investment advisers engaged in the alternative credit business.

    First Eagle Real Estate Lending Fund will be offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.

    ©2025 First Eagle Investment Management, LLC. All rights reserved.

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  • Rajesh Agarwal

    Head of Real Estate Debt Strategies
    Industry start:  
    1983
    Year joined:  
    2013

 

Expense Ratio and Shareholder Fees as of March 31, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

The following information describes the fees and expenses you may pay if you buy and hold shares of the Real Estate Debt Fund. Please read the prospectus carefully for more complete information including details of fees, expenses and risks before investing.

  
Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)10.00
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)20.00
Repurchase Fee30.00

 

 

 

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.)

Management Fees51.68
Distribution and Service (12b-1) Fees0.75
Interest Payments on Borrowed Funds62.45
Other Expenses 
Other Expenses - General72.57
Other Expenses - Tax Expense80.13
Total Other Expenses2.70
Total Annual Fund Operating Expenses7.58
Fee Waiver and/or Expense Reimbursement9(4.00)
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement3.58
Adjusted Expense Ratio1.00

  1. Disclosures

  2. 1

    The Fund continuously offers its Common Shares through FEF Distributors, LLC (the “Distributor”), as principal underwriter, on a best efforts basis. Class A-2 Shares, Class A-3 Shares, Class A-4 Shares and Class I Shares will be sold on a continuous basis at the Fund’s then current NAV per Share. While neither the Fund nor the Distributor impose a sales commission on Class A-3 Shares or Class I Shares, if you buy Class A-3 Shares or Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.

  3. 2

    Investors that purchase $250,000 or more of the Fund’s Class A-2 Shares and/or Class A-4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A-2 Shares or Class A-4 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase. See “Early Withdrawal Charges—Class A-2 Shares and Class A-4 Shares”.

  4. 3

    The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%.

  5. 4

    The expense table above is based on estimated average net assets of approximately $100,000,000.

  6. 5

    The Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets, which includes assets purchased with borrowed money including, for this purpose, amounts attributable to the Fund’s use of reverse repurchase agreement financing. The table above assumes that the Fund borrows money for investment purposes at an average amount of 25.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).

  7. 6

    Interest Payments on Borrowed Funds are based on estimated levels of borrowing and estimated interest rates for the current fiscal year expected to be incurred in connection with the Fund’s credit facility and reverse repurchase agreements. If the Fund were to incur higher levels of borrowing or pay higher interest rates, interest payments on borrowed funds as a percentage of net assets would be higher

  8. 7

    Other Expenses - General include, but are not limited to, accounting, legal and auditing fees of the Fund, fees for research services, acquired fund fees and expenses, as well as fees payable to the Independent Trustees. Other Expenses - General are based on estimated amounts for the current fiscal year.

  9. 8

    Other Expenses - Tax Expense includes income taxes payable by the Fund’s TRSs. The Fund’s tax expense is based on estimated amounts for the current fiscal year and may differ from the estimated amount above. Please note that the tax expense estimates both federal and potential state & local tax rates.

  10. 9

    The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A-2, Class A-3, Class A-4 and Class I shareholders are limited to 1.00%, 1.00%, 0.75% and 0.25%, respectively, of average net assets. This undertaking lasts until April 30, 2026 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.00%, 1.00%, 0.75% and 0.25% of the class’s average net assets, respectively, or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date on which the Fund incurred the fee and/or expense and is limited to the lesser of (1) the expense limitation in effect at the time of waiver, and (2) the expense limitation in effect at the time of recapture. Additionally, the Adviser has agreed to pay the Fund’s organizational and offering costs until effectiveness of the Fund’s registration statement and such costs will not be recoupable by the Adviser.

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Expense Ratio and Shareholder Fees as of March 31, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

The following information describes the fees and expenses you may pay if you buy and hold shares of the Real Estate Debt Fund. Please read the prospectus carefully for more complete information including details of fees, expenses and risks before investing.

  
Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)12.50
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)21.50
Repurchase Fee30.00

 

 

 

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.)

Management Fees51.68
Distribution and Service (12b-1) Fees0.50
Interest Payments on Borrowed Funds62.45
Other Expenses 
Other Expenses - General72.57
Other Expenses - Tax Expense80.13
Total Other Expenses2.70
Total Annual Fund Operating Expenses7.33
Fee Waiver and/or Expense Reimbursement9(4.00)
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement3.33
Adjusted Expense Ratio0.75

  1. Disclosures

  2. 1

    The Fund continuously offers its Common Shares through FEF Distributors, LLC (the “Distributor”), as principal underwriter, on a best efforts basis. Class A-2 Shares, Class A-3 Shares, Class A-4 Shares and Class I Shares will be sold on a continuous basis at the Fund’s then current NAV per Share. While neither the Fund nor the Distributor impose a sales commission on Class A-3 Shares or Class I Shares, if you buy Class A-3 Shares or Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.

  3. 2

    Investors that purchase $250,000 or more of the Fund’s Class A-2 Shares and/or Class A-4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A-2 Shares or Class A-4 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase. See “Early Withdrawal Charges—Class A-2 Shares and Class A-4 Shares”.

  4. 3

    The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%.

  5. 4

    The expense table above is based on estimated average net assets of approximately $100,000,000.

  6. 5

    The Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets, which includes assets purchased with borrowed money including, for this purpose, amounts attributable to the Fund’s use of reverse repurchase agreement financing. The table above assumes that the Fund borrows money for investment purposes at an average amount of 25.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).

  7. 6

    Interest Payments on Borrowed Funds are based on estimated levels of borrowing and estimated interest rates for the current fiscal year expected to be incurred in connection with the Fund’s credit facility and reverse repurchase agreements. If the Fund were to incur higher levels of borrowing or pay higher interest rates, interest payments on borrowed funds as a percentage of net assets would be higher

  8. 7

    Other Expenses - General include, but are not limited to, accounting, legal and auditing fees of the Fund, fees for research services, acquired fund fees and expenses, as well as fees payable to the Independent Trustees. Other Expenses - General are based on estimated amounts for the current fiscal year.

  9. 8

    Other Expenses - Tax Expense includes income taxes payable by the Fund’s TRSs. The Fund’s tax expense is based on estimated amounts for the current fiscal year and may differ from the estimated amount above. Please note that the tax expense estimates both federal and potential state & local tax rates.

  10. 9

    The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A-2, Class A-3, Class A-4 and Class I shareholders are limited to 1.00%, 1.00%, 0.75% and 0.25%, respectively, of average net assets. This undertaking lasts until April 30, 2026 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.00%, 1.00%, 0.75% and 0.25% of the class’s average net assets, respectively, or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date on which the Fund incurred the fee and/or expense and is limited to the lesser of (1) the expense limitation in effect at the time of waiver, and (2) the expense limitation in effect at the time of recapture. Additionally, the Adviser has agreed to pay the Fund’s organizational and offering costs until effectiveness of the Fund’s registration statement and such costs will not be recoupable by the Adviser.

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Expense Ratio and Shareholder Fees as of March 31, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

The following information describes the fees and expenses you may pay if you buy and hold shares of the Real Estate Debt Fund. Please read the prospectus carefully for more complete information including details of fees, expenses and risks before investing.

  
Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)12.50
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)21.50
Repurchase Fee30.00

 

 

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.)

Management Fees51.68
Distribution and Service (12b-1) Fees0.75
Interest Payments on Borrowed Funds62.45
Other Expenses 
Other Expenses - General72.57
Other Expenses - Tax Expense80.13
Total Other Expenses2.70
Total Annual Fund Operating Expenses7.58
Fee Waiver and/or Expense Reimbursement9(4.00)
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement3.58
Adjusted Expense Ratio1.00

  1. Disclosures

  2. 1

    The Fund continuously offers its Common Shares through FEF Distributors, LLC (the “Distributor”), as principal underwriter, on a best efforts basis. Class A-2 Shares, Class A-3 Shares, Class A-4 Shares and Class I Shares will be sold on a continuous basis at the Fund’s then current NAV per Share. While neither the Fund nor the Distributor impose a sales commission on Class A-3 Shares or Class I Shares, if you buy Class A-3 Shares or Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.

  3. 2

    Investors that purchase $250,000 or more of the Fund’s Class A-2 Shares and/or Class A-4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A-2 Shares or Class A-4 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase. See “Early Withdrawal Charges—Class A-2 Shares and Class A-4 Shares”.

  4. 3

    The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%.

  5. 4

    The expense table above is based on estimated average net assets of approximately $100,000,000.

  6. 5

    The Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets, which includes assets purchased with borrowed money including, for this purpose, amounts attributable to the Fund’s use of reverse repurchase agreement financing. The table above assumes that the Fund borrows money for investment purposes at an average amount of 25.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).

  7. 6

    Interest Payments on Borrowed Funds are based on estimated levels of borrowing and estimated interest rates for the current fiscal year expected to be incurred in connection with the Fund’s credit facility and reverse repurchase agreements. If the Fund were to incur higher levels of borrowing or pay higher interest rates, interest payments on borrowed funds as a percentage of net assets would be higher

  8. 7

    Other Expenses - General include, but are not limited to, accounting, legal and auditing fees of the Fund, fees for research services, acquired fund fees and expenses, as well as fees payable to the Independent Trustees. Other Expenses - General are based on estimated amounts for the current fiscal year.

  9. 8

    Other Expenses - Tax Expense includes income taxes payable by the Fund’s TRSs. The Fund’s tax expense is based on estimated amounts for the current fiscal year and may differ from the estimated amount above. Please note that the tax expense estimates both federal and potential state & local tax rates.

  10. 9

    The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A-2, Class A-3, Class A-4 and Class I shareholders are limited to 1.00%, 1.00%, 0.75% and 0.25%, respectively, of average net assets. This undertaking lasts until April 30, 2026 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.00%, 1.00%, 0.75% and 0.25% of the class’s average net assets, respectively, or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date on which the Fund incurred the fee and/or expense and is limited to the lesser of (1) the expense limitation in effect at the time of waiver, and (2) the expense limitation in effect at the time of recapture. Additionally, the Adviser has agreed to pay the Fund’s organizational and offering costs until effectiveness of the Fund’s registration statement and such costs will not be recoupable by the Adviser.

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Expense Ratio and Shareholder Fees as of March 31, 2025

Shareholder Fee (%)

These are the fees paid directly from your investment.

The following information describes the foes and expenses you may pay if you buy and hold shares of the Real Estate Debt Fund. Please read the prospectus carefully for more complete information including details of fees, expenses and risks before investing.

  
Maximum Sales Charge (Load) on Purchases (as a percentage of public offering price)10.00
Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price)20.00
Repurchase Fee30.00

 

Expense Ratio (%)

Annual Fund Operating Expenses (These are the expenses you pay each year as a percentage of the value of your investment.)

Management Fees51.68
Distribution and Service (12b-1) Fees0.00
Interest Payments on Borrowed Funds62.45
Other Expenses 
Other Expenses - General72.57
Other Expenses - Tax Expense80.13
Total Other Expenses2.70
Total Annual Fund Operating Expenses6.83
Fee Waiver and/or Expense Reimbursement9(4.00)
Total Annual Operating Expenses after Fee Waiver and/or Expense Reimbursement2.83
Adjusted Expense Ratio0.25

  1. Disclosures

  2. 1

    The Fund continuously offers its Common Shares through FEF Distributors, LLC (the “Distributor”), as principal underwriter, on a best efforts basis. Class A-2 Shares, Class A-3 Shares, Class A-4 Shares and Class I Shares will be sold on a continuous basis at the Fund’s then current NAV per Share. While neither the Fund nor the Distributor impose a sales commission on Class A-3 Shares or Class I Shares, if you buy Class A-3 Shares or Class I Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.

  3. 2

    Investors that purchase $250,000 or more of the Fund’s Class A-2 Shares and/or Class A-4 Shares will not pay any initial sales charge on the purchase. However, unless eligible for a waiver, purchases of $250,000 or more of Class A-2 Shares or Class A-4 Shares will be subject to an early withdrawal charge of 1.50% if the shares are repurchased during the first 12 months after their purchase. See “Early Withdrawal Charges—Class A-2 Shares and Class A-4 Shares”.

  4. 3

    The Fund does not currently charge a repurchase fee. However, in the future the Fund may charge a repurchase fee of up to 2.00%.

  5. 4

    The expense table above is based on estimated average net assets of approximately $100,000,000.

  6. 5

    The Management Fee paid by the Fund is calculated at the annual rate of 1.25% of the average daily value of the Fund’s Managed Assets, which includes assets purchased with borrowed money including, for this purpose, amounts attributable to the Fund’s use of reverse repurchase agreement financing. The table above assumes that the Fund borrows money for investment purposes at an average amount of 25.5% of its Managed Assets. The Management Fee in the table is greater than 1.25% since it is computed as a percentage of the Fund’s net assets for presentation therein. “Managed Assets” means the total assets of the Fund (including any assets attributable to borrowings for investment purposes) minus the sum of the Fund’s accrued liabilities (other than liabilities representing borrowings for investment purposes).

  7. 6

    Interest Payments on Borrowed Funds are based on estimated levels of borrowing and estimated interest rates for the current fiscal year expected to be incurred in connection with the Fund’s credit facility and reverse repurchase agreements. If the Fund were to incur higher levels of borrowing or pay higher interest rates, interest payments on borrowed funds as a percentage of net assets would be higher

  8. 7

    Other Expenses - General include, but are not limited to, accounting, legal and auditing fees of the Fund, fees for research services, acquired fund fees and expenses, as well as fees payable to the Independent Trustees. Other Expenses - General are based on estimated amounts for the current fiscal year.

  9. 8

    Other Expenses - Tax Expense includes income taxes payable by the Fund’s TRSs. The Fund’s tax expense is based on estimated amounts for the current fiscal year and may differ from the estimated amount above. Please note that the tax expense estimates both federal and potential state & local tax rates.

  10. 9

    The Adviser has contractually undertaken to waive and/or reimburse certain fees and expenses of the Fund so that the total annual operating expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“annual operating expenses”) of the Class A-2, Class A-3, Class A-4 and Class I shareholders are limited to 1.00%, 1.00%, 0.75% and 0.25%, respectively, of average net assets. This undertaking lasts until April 30, 2026 and may not be terminated during its term without the consent of the Board of Trustees. The Fund has agreed to repay the Adviser for fees and expenses waived or reimbursed for the class provided that repayment does not cause annual operating expenses (after the repayment is taken into account) to exceed either: (1) 1.00%, 1.00%, 0.75% and 0.25% of the class’s average net assets, respectively, or (2) if applicable, the then-current expense limitations. Any such repayment must be made within three years after the date on which the Fund incurred the fee and/or expense and is limited to the lesser of (1) the expense limitation in effect at the time of waiver, and (2) the expense limitation in effect at the time of recapture. Additionally, the Adviser has agreed to pay the Fund’s organizational and offering costs until effectiveness of the Fund’s registration statement and such costs will not be recoupable by the Adviser.

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  1. Risk Disclosures

    All investments involve the risk of loss of principal.

    The information is not intended to provide and should not be relied on for accounting or tax advice. You should consult your tax advisor regarding the U.S. federal, state, local and foreign income and other tax consequences to you of the acquisition, ownership and disposition of shares in First Eagle Real Estate Debt Fund (the “Fund”).

    An investment in the Fund involves a number of significant risks. Before you invest, you should be aware of various risks, including those described below. For a more complete discussion of the risks of investing in the Fund, see the Fund’s prospectus under the heading, “Principal Risks of the Fund.”

    There is no assurance that the Fund will be able to maintain a certain level of distributions, if any, to the holders of shares of the Fund.

    The Fund’s shares are not listed for trading on any national securities exchange and no market is expected to develop for them. There is no guarantee that you will be able to sell your shares at any given time or in the quantity that you desire.

    An investment in the Fund is not suitable for investors who need certainty about their ability to access all of the money they invest in the short term.

    The Fund is a newly organized, non-diversified closed-end investment company with no history of operations and is subject to all of the business risks and uncertainties associated with any new business.

    The Fund’s failure to qualify as a REIT would subject the Fund to U.S. federal income tax and potentially increased state and local taxes, which would reduce the amount of the Fund’s income available for distribution to the Fund’s Shareholders.

    Investors should carefully consider the Fund’s risks and investment objective, as an investment in the Fund may not be appropriate for all investors and is not designed to be a complete investment program, including that because of the risks associated with (i) the Fund’s ability to invest in below-investment grade or unrated securities or instruments, and (ii) the Fund’s ability to use leverage, an investment in the Fund should be considered speculative and involving a high degree of risk, including the risk of a substantial loss of investment.

    The Fund will concentrate (i.e., invest more than 25% of its assets) its investments in the real estate industry. As such, its portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio.

    Below investment grade securities or comparable unrated instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default, and the Fund might have difficulty selling them promptly at an acceptable price. Investments in loans potentially expose the Fund to the credit risk of the underlying borrower. The Fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. Even investments in secured loans present risk, as there is no assurance that the collateral securing the loan will be sufficient to satisfy the loan obligation. The market for certain loans is expected to be illiquid and the Fund may have difficulty selling them. In addition, loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Investments in debt securities and other obligations of companies that are experiencing significant financial or business distress involve a substantial degree of risk, including a material risk that the issuer will default on the obligations or enter bankruptcy. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high.

    Investors may not have access to all share classes at certain financial intermediaries. Please consult your financial professional for more information. Investors should consider shares of the Fund to be an illiquid investment.

    Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and may be obtained by visiting our website at www.firsteagle.com or calling us at 800-334- 2143. Please read our prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed, and may lose value.

    FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy or product.

    First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. Napier Park is the brand name for one of the subsidiary investment advisers engaged in the alternative credit business.

    First Eagle Real Estate Lending Fund will be offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.

    ©2025 First Eagle Investment Management, LLC. All rights reserved.

Fund Documents

Real Estate Debt Profile
Residential Transitional Loans
Real Estate Debt: A Primer
Public Structured Credit
Homebuilder Finance
Real Estate Debt REIT Taxation

  1. The prospectus and summary prospectus may be viewed online or by calling us at 800-747-2008. Please read our prospectus carefully before investing.  Investments are not FDIC insured or bank guaranteed and may lose value.

  1. Risk Disclosures

    All investments involve the risk of loss of principal.

    The information is not intended to provide and should not be relied on for accounting or tax advice. You should consult your tax advisor regarding the U.S. federal, state, local and foreign income and other tax consequences to you of the acquisition, ownership and disposition of shares in First Eagle Real Estate Debt Fund (the “Fund”).

    An investment in the Fund involves a number of significant risks. Before you invest, you should be aware of various risks, including those described below. For a more complete discussion of the risks of investing in the Fund, see the Fund’s prospectus under the heading, “Principal Risks of the Fund.”

    There is no assurance that the Fund will be able to maintain a certain level of distributions, if any, to the holders of shares of the Fund.

    The Fund’s shares are not listed for trading on any national securities exchange and no market is expected to develop for them. There is no guarantee that you will be able to sell your shares at any given time or in the quantity that you desire.

    An investment in the Fund is not suitable for investors who need certainty about their ability to access all of the money they invest in the short term.

    The Fund is a newly organized, non-diversified closed-end investment company with no history of operations and is subject to all of the business risks and uncertainties associated with any new business.

    The Fund’s failure to qualify as a REIT would subject the Fund to U.S. federal income tax and potentially increased state and local taxes, which would reduce the amount of the Fund’s income available for distribution to the Fund’s Shareholders.

    Investors should carefully consider the Fund’s risks and investment objective, as an investment in the Fund may not be appropriate for all investors and is not designed to be a complete investment program, including that because of the risks associated with (i) the Fund’s ability to invest in below-investment grade or unrated securities or instruments, and (ii) the Fund’s ability to use leverage, an investment in the Fund should be considered speculative and involving a high degree of risk, including the risk of a substantial loss of investment.

    The Fund will concentrate (i.e., invest more than 25% of its assets) its investments in the real estate industry. As such, its portfolio will be significantly impacted by the performance of the real estate market and may experience more volatility and be exposed to greater risk than a more diversified portfolio.

    Below investment grade securities or comparable unrated instruments may be subject to greater risks than securities or instruments that have higher credit ratings, including a higher risk of default, and the Fund might have difficulty selling them promptly at an acceptable price. Investments in loans potentially expose the Fund to the credit risk of the underlying borrower. The Fund’s ability to receive payments in connection with the loan depends primarily on the financial condition of the borrower. Even investments in secured loans present risk, as there is no assurance that the collateral securing the loan will be sufficient to satisfy the loan obligation. The market for certain loans is expected to be illiquid and the Fund may have difficulty selling them. In addition, loans often have contractual restrictions on resale, which can delay the sale and adversely impact the sale price. Investments in debt securities and other obligations of companies that are experiencing significant financial or business distress involve a substantial degree of risk, including a material risk that the issuer will default on the obligations or enter bankruptcy. The level of analytical sophistication, both financial and legal, necessary for successful investment in distressed assets is unusually high.

    Investors may not have access to all share classes at certain financial intermediaries. Please consult your financial professional for more information. Investors should consider shares of the Fund to be an illiquid investment.

    Investors should consider investment objectives, risks, charges and expenses carefully before investing. The prospectus and summary prospectus contain this and other information about the Fund and may be obtained by visiting our website at www.firsteagle.com or calling us at 800-334- 2143. Please read our prospectus carefully before investing. Investments are not FDIC insured or bank guaranteed, and may lose value.

    FEF Distributors, LLC (“FEFD”) (SIPC), a limited purpose broker-dealer, distributes certain First Eagle products. FEFD does not provide services to any investor, but rather provides services to its First Eagle affiliates. As such, when FEFD presents a fund, strategy or other product to a prospective investor, FEFD and its representatives do not determine whether an investment in the fund, strategy or other product is in the best interests of, or is otherwise beneficial or suitable for, the investor. No statement by FEFD should be construed as a recommendation. Investors should exercise their own judgment and/or consult with a financial professional to determine whether it is advisable for the investor to invest in any First Eagle fund, strategy or product.

    First Eagle Investments is the brand name for First Eagle Investment Management, LLC and its subsidiary investment advisers. Napier Park is the brand name for one of the subsidiary investment advisers engaged in the alternative credit business.

    First Eagle Real Estate Lending Fund will be offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services.

    ©2025 First Eagle Investment Management, LLC. All rights reserved.

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