“US housing prices have remained elevated despite the rise in mortgage rates since the beginning of the Federal Reserve’s rate-hike cycle. We believe this strength in housing reflects a structural shift in the market that began with the global financial crisis and was exacerbated by the dislocations of Covid-19, which contributed to a long-term, secular shortage of available housing. We also believe it created a lasting investment opportunity in residential real estate credit for nimble, experienced capital providers like Napier Park,” said Jon Dorfman, Managing Principal and Chief Investment Officer of Napier Park. “We have been involved in underwriting residential real estate loans within our portfolios for nearly two decades. This underwriting experience combined with our sourcing network and structuring expertise enables us to capitalize on opportunities in residential real estate credit for our investors.”

“We’re excited to introduce the First Eagle Real Estate Debt Fund, managed by our highly experienced colleagues at Napier Park,” said Frank Riccio, Head of US Wealth Solutions. “As investors increasingly look beyond traditional corporate direct lending, this Fund offers access to the residential real estate debt market—a large and diverse segment of the asset-based lending space. For advisors seeking a source of current income for their clients, the Fund’s REIT tax status offers potential tax-advantaged income³ within an interval fund structure, making it a compelling and differentiated option. It also provides an opportunity to expand real estate exposure beyond the typical non-traded equity REITs and debt investments focused on commercial real estate.”

The Real Estate Debt Fund is First Eagle’s third interval fund and the first managed by Napier Park, which First Eagle acquired in 2022. It joins the First Eagle Tactical Municipal Opportunities Fund (Class I: FTAIX), which was launched earlier this month, and the First Eagle Credit Opportunities Fund (Class A: FECAX: Class A-2 Shares: FCAAX): Class I:FECRX), which has approximately $921 million in total assets (as of March 31, 2025) since its 2020 launch.

1. The Fund’s inception date is March 31, 2025. 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. 4. Actual portfolio characteristics may differ. 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.

About First Eagle Investments

First Eagle Investments is an independent, privately owned investment management firm headquartered in New York with approximately $152 billion in assets under management as of March 31, 2025*. Dedicated to providing prudent stewardship of client assets, the firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle strives to help clients avoid permanent impairment of capital and earn attractive returns through widely varied economic cycles. The firm’s investment capabilities include equity, fixed income, alternative credit and multi-asset strategies. For more information, please visit www.firsteagle.com.

About Napier Park Global Capital

Napier Park Global Capital is a global alternative credit platform with more than $24 billion in assets under management as of March 31, 2025. The firm offers a diversified product mix including credit funds, CLOs and real asset leasing to large, sophisticated institutional investors. A wholly owned subsidiary of First Eagle Investments, Napier Park Global Capital has offices in New York, London, Zurich and Miami. For more information visit www.napierparkglobal.com.

* The total AUM represents the combined AUM of (i) First Eagle Investment Management, LLC; (ii) its subsidiary investment advisers, First Eagle Separate Account Management, LLC, First Eagle Alternative Credit (“FEAC”) and Napier Park Global Capital (“Napier Park”); and (iii) Regatta Loan Management LLC, an advisory affiliate of Napier Park, as of March 31, 2025. It includes $0.6 billion of committed and other non-fee-paying capital from First Eagle Alternative Credit, LLC and $3.1 billion of committed and other non-fee-paying capital from Napier Park Global Capital, inclusive of assets managed by Regatta Loan Management LLC.

The opinions expressed are not necessarily those of the firm and are subject to change based on market and other conditions. These materials are provided for informational purposes only. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice. Any statistics contained herein have been obtained from sources believed to be reliable, but the accuracy of this information cannot be guaranteed. The views expressed herein may change at any time subsequent to the date of issue hereof. The information provided is not to be construed as a recommendation or an offer to buy or sell or the solicitation of an offer to buy or sell any security.

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 US 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.”

All investments involve the risk of loss of principal. 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 US 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 its investments (i.e., invest more than 25% of its assets) 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 viewed at www.firsteagle.com. You may also request printed copies 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.

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 judgement 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.

The First Eagle Real Estate Debt Fund is offered by FEF Distributors, LLC, a subsidiary of First Eagle Investment Management, LLC, which provides advisory services to the Fund.

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

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Contacts

Media Contacts
First Eagle Investments
Pholida Barclay
212-698-3208
pholida.barclay@firsteagle.com

Prosek Partners
Ben Howard
914-552-4281
pro-firsteagle@prosek.com