EXECUTION VERSION

AMENDMENT NO. 2 TO UNCOMMITTED MASTER REPURCHASE AGREEMENT

AMENDMENT NO. 2 TO UNCOMMITTED MASTER REPURCHASE AGREEMENT,

dated as of June 11, 2026 (this “Amendment”), between FBRED REIT JWH SELLER, LLC, a Delaware limited liability company (“Seller”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association (“Buyer”), and acknowledged and agreed to by FRANKLIN BSP REAL ESTATE DEBT, INC., a Maryland corporation (“Guarantor”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as defined below).

RECITALS

WHEREAS, Seller and Buyer are parties to that certain Uncommitted Master Repurchase Agreement, dated as of March 18, 2025 (as amended by that certain Amendment No. 1 to Uncommitted Master Repurchase Agreement and Amendment No. 1 to Fee and Pricing Letter, dated as of March 30, 2026, as amended hereby, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Repurchase Agreement”); and

WHEREAS, Seller and Buyer have agreed, subject to the terms and conditions hereof, that the Repurchase Agreement shall be amended as set forth in this Amendment; and Guarantor has agreed to make the acknowledgements set forth in Section 4and Section 8hereof.

NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer agree as follows:

SECTION 1. Amendments to the Repurchase Agreement.

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EXECUTION VERSION

AMENDMENT NO. 1 TO UNCOMMITTED

MASTER REPURCHASE AGREEMENT AND AMENDMENT NO. 1 TO FEE AND PRICING LETTER

AMENDMENT NO. 1 TO UNCOMMITTED MASTER REPURCHASE AGREEMENT AND AMENDMENT NO. 1 TO FEE AND PRICING LETTER, dated as of March 30, 2026 (this“Amendment”), between FBRED REIT JWH SELLER, LLC, a Delaware limited liability company (“Seller”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association (“Buyer”), and acknowledged and agreed to by FBRED REIT REAL ESTATE DEBT OPCO, LLC, a Delaware limited liability company (“Guarantor”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Repurchase Agreement (as defined below).

RECITALS

WHEREAS, Seller and Buyer are parties to that certain Uncommitted Master Repurchase Agreement, dated as of March 18, 2025 (as amended hereby, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “RepurchaseAgreement”); and

WHEREAS, in connection therewith, Seller and Buyer entered into that certain Fee and Pricing Letter, dated as of March 18, 2025 (as amended hereby, and as further amended, restated, supplemented or otherwise modified and in effect from time to time, the “Fee Letter”); and

WHEREAS, Seller and Buyer have agreed, subject to the terms and conditions hereof, that the Repurchase Agreement and the Fee Letter shall be amended as set forth in this Amendment; and Guarantor has agreed to make the acknowledgements set forth in Section 5and Section 9hereof.

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GUARANTEE

GUARANTEE, dated as of June 1, 2026 made by FBRED REIT Real Estate Debt OPCO LLC. ("Guarantor"), a Limited Liability Corporation, in favor of Barclays Bank PLC, Barclays Capital Inc. and Barclays Capital Securities Limited (individually, each a “Barclays Entity” and collectively, "Barclays").

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Guarantor, intending to be legally bound, agrees as follows.

1.Guarantee. (a) Guarantor irrevocably guarantees (as primary obligor and not merely as surety) (i) payment in full of all amounts payable to a Barclays Entity by FBRED REIT High Yield Securities, LLC (the “Company”), as and when those amounts become payable (whether at their scheduled due dates, upon early termination or otherwise, including without limitation amounts which, but for the operation of any stay or injunction, would be due) and (ii) the due and punctual performance of all other obligations of the Company arising from any agreements with a Barclays Entity. This is a continuing Guarantee and a guarantee of payment (not merely of collection), and it shall remain in full force and effect until all amounts payable by the Company to any Barclays Entity have been validly, finally and irrevocably paid in full.

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Master Repurchase Agreement

September 1996 Version

Dated as of: 01 June 2026    

Between: Barclays Bank PLC

And: FBRED REIT HIGH YIELD SECURITIES, LLC

1.Applicability

From time to time the parties hereto may enter into transactions in which one party (“Seller”) agrees to transfer to the other (“Buyer”) securities or other assets (“Securities”) against the transfer of funds by Buyer, with a simultaneous agreement by Buyer to transfer to Seller such Securities at a date certain or on demand, against the transfer of funds by Seller. Each such transaction shall be referred to herein as a “Transaction” and, unless otherwise agreed in writing, shall be governed by this Agreement, including any supplemental terms or conditions contained in Annex I hereto and in any other annexes identified herein or therein as applicable hereunder.

2.Definitions

(a)“Act of Insolvency”, with respect to any party, (i) the commencement by such party as debtor of any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, moratorium, dissolution, delinquency or similar law, or such party seeking the appointment or election of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its property, or the convening of any meeting of creditors for purposes of commencing any such case or proceeding or seeking such an appointment or election, (ii) the commencement of any such case or proceeding against such party, or another seeking such an appointment or election, or the filing against a party of an application for a

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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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EXECUTION VERSION

MASTER REPURCHASE AND SECURITIES CONTRACT AGREEMENT

Dated as of May 27, 2026

by and among

MORGAN STANLEY MORTGAGE CAPITAL HOLDINGS LLC,

as Administrative Agent

THE FINANCIAL INSTITUTIONS PARTY HERETO,

as Buyers

and

FBRED REIT MSWH SELLER, LLC,

as Seller

USActive 63831236.4

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TABLE OF CONTENTS

Page

1.APPLICABILITY3

2.DEFINITIONS3

3.INITIATION; CONFIRMATION; TERMINATION; FEES29

4.MANDATORY PAYMENT OR DELIVERY OF ADDITIONAL ASSETS42

5.INCOME PAYMENTS AND PRINCIPAL PAYMENTS44

6.SECURITY INTEREST45

7.PAYMENT, TRANSFER AND CUSTODY47

8.CERTAIN RIGHTS OF ADMINISTRATIVE AGENT, ON BEHALF OF BUYERS,

WITH RESPECT TO THE PURCHASED ASSETS    49

9.EXTENSION OF FACILITY TERMINATION DATE50

10.REPRESENTATIONS

FY26

Short-Term Incentive Plan (STI)

Basin Electric Power Cooperative

Table of Contents:

1.Purpose and Scope

2.Eligibility

3.Performance Period and Payout Timing

4.Performance Measures

5.Administration Guidelines

6.Governance and Approvals

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1.Purpose and Scope

The Short-Term Incentive (STI) Plan (the “Plan”) is designed to align compensation with the achievement of key Cooperative objectives by linking a portion of pay to measurable performance outcomes.

The Plan is structured to:

•Support the Cooperative’s core performance objectives of Safety, Reliability, and Affordability.

•Reinforce a pay-for-performance philosophy based on defined results.

•Establish clear accountability for performance at each leadership level.

•Provide a consistent and governed framework for incentive compensation.

This Plan is administered in accordance with performance objectives and financial measures reviewed by the Board of Directors for the applicable plan year.

2.Eligibility

The following roles are eligible for the Short-Term Incentive Plan:

•Chief Executive Officer and General Manager

•Select Senior Vice Presidents (SVPs)

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EMPLOYMENT AGREEMENT

THISEMPLOYMENTAGREEMENT ("Agreement")ismadeandenteredintoeffectiveas of the 16thday of July 2026("Effective Date"), by and between Basin Electric Power Cooperative ("Employer")and Todd Brickhouse ("Employee").

ThisAgreement replaces andsupersedes theEmployment Agreement enteredbetween the Employer and Employee dated the 22ndday of December 2025.

In consideration of the mutual covenants contained in this Agreement, Employer and Employee agree as follows:

ARTICLE1.

EMPLOYMENT,TERM,ANDROLE

1.1    Employment.Employer agrees to employ Employee, and Employee agrees to employment by Employer on theterms and conditions contained inthis Agreement.

1.2    Term.Employee's employment pursuant to this Agreement shall be effective as of the EffectiveDatethroughDecember 31,2028("Term") unlessearlierterminatedinaccordance with Article 3.

1.3    Role.Employee shall serveEmployer asChiefExecutive Officer andGeneralManager. Employee is the senior executive officer of the Employer and the Employer's wholly owned subsidiaries.Employee may serveasi)anexecutive officer ordirector ofotherentitiesownedin partbytheEmployerandii)anofficerordirector ofotherentitiestheEmployer conductsbusiness with or is associated with for utility industry activities (i andii collectively "Affiliates").

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Tenant: Ambiq Micro, Inc. Current Premises: River Place – Building 7, Suite 200 New Premises: Four Points Centre, Suite 2-200

FIFTH AMENDMENT TO LEASE

THIS FIFTH AMENDMENT TO LEASE (“Amendment”) is made and entered into as of

4/7/2026 , by and among G&I VII RIVER PLACE LP, a Delaware limited partnership (“Current Landlord”), G&I VII FOUR POINTS LP, a Delaware limited partnership (“New Landlord”), and AMBIQ MICRO, INC., a Delaware corporation (“Tenant”).

A.

Current Landlord and Tenant are parties to a Lease (“Original Lease”) dated as of November 11, 2016, as amended by a First Amendment to Lease (“First Amendment”) dated as of September 6, 2019, a Second Amendment to Lease dated as of December 11, 2020, a Third Amendment to Lease dated as of November 29, 2022, and a Fourth Amendment to Lease (“Fourth Amendment”) dated as of April 30, 2025 (the Original Lease as so amended is referred to herein as the “Current Lease”), for the premises (“Current Premises”) deemed to contain 12,402 rentable square feet presently known as Suite 200 in the Building known as River Place, Building 7 located at 6500 River Place Boulevard, Austin, Texas. The Current Lease as amended by this Amendment is referred to herein as the “Lease”.

B.

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Joint Code of Ethics and Insider Trading Policy

I.	INTRODUCTION

SLR Secured Lending Partners, LLC (the “Adviser”) seeks to foster and maintain a reputation for honesty, integrity and professionalism. That reputation is a vital business asset. The confidence and trust placed in Adviser are highly valued and must be protected. Adviser has adopted this Code of Ethics (the “Code”) in accordance with Rules 204A-1 under the Advisers Act and Rule 17j-l under the Investment Company Act. The Code includes Adviser’s policy with respect to personal investment and trading and its insider trading policy and procedures. SLR Secured Specialty Lending Fund (the “Fund”)** **have similarly and jointly adopted this Code of Ethics. Thus, this Code of Ethics is applicable to all Access Persons (as defined below) of the Adviser and the Fund (collectively “SLR Capital”).

II.	DEFINITIONS

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SLR SECURED SPECIALTY LENDING FUND

FOR CLASS F, D, S & I SHARES

SUBSCRIPTION AGREEMENT

[●] 2026** **

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THE SHARES OF SLR SECURED SPECIALTY LENDING FUND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT, OR REGISTERED OR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATES OR OTHER JURISDICTIONS, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND THE REGISTRATION AND QUALIFICATION REQUIREMENTS OF SUCH LAWS. THE SHARES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND SUCH LAWS PURSUANT TO REGISTRATION, QUALIFICATION OR EXEMPTION THEREFROM. THE SHARES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR BY ANY STATE OR OTHER SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE OFFERING MATERIALS, AND ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

SUBSCRIPTION AGREEMENT

SLR Secured Specialty Lending Fund

500 Park Avenue, 3rd Floor

New York, NY 10022

Ladies and Gentlemen:

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DISTRIBUTION REINVESTMENT PLAN

OF

SLR Secured Specialty Lending Fund

SLR Secured Specialty Lending Fund, a Delaware statutory trust (the “Fund”), hereby adopts the following plan (the “Plan”) with respect to cash dividends and other distributions declared by its Board of Trustees on common shares of the Fund’s beneficial interest (“Common Shares”):

1. Unless a shareholder specifically elects to receive cash as set forth below, all cash dividends and other distributions hereafter declared by the Board of Trustees shall be payable in Common Shares, and no action shall be required on such shareholder’s part to receive a distribution in Common Shares.

2. Such cash dividends and other distributions shall be payable on the first calendar day of the month following the record date(s) established by the Board of Trustees for the cash dividends and/or other distributions involved.

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