EX-10.4
Franklin BSP Real Estate Debt, Inc.
EXECUTION VERSION
GUARANTY
THIS GUARANTY, dated as of May 27, 2026 (as amended, restated, supplemented, or otherwise modified from time to time, this “Guaranty”), made by FRANKLIN BSP REAL ESTATE DEBT, INC., a Maryland corporation (“Guarantor”), in favor of MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC, a New York limited liability company, as administrative agent (in such capacity, together with its permitted successors and assigns, “Administrative Agent”) for MORGAN STANLEY BANK, N.A., a national banking association (“MSBNA”), and such other financial institutions from time to time party to the Repurchase Agreement (as defined below), as buyers (MSBNA, together with its successors and assigns, and together with such other financial institutions from time to time party to the Repurchase Agreement (as defined below) and their respective successors and assigns, collectively “Buyers” and individually, each a “Buyer”).
RECITALS
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