Form 8-K

8-K — Franklin BSP Realty Trust, Inc.

Accession: 0001104659-26-108440

Filed: 2026-09-17

Period: 2026-09-15

CIK: 0001562528

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — tm2625511d1_8k.htm (Primary)

EX-99.1 — EXHIBIT 99.1 (tm2625511d1_ex99-1.htm)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):

September 15, 2026

Franklin

BSP Realty Trust, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Maryland

001-40923

46-1406086

(State or other jurisdiction

(Commission File Number)

(I.R.S. Employer

of incorporation)

Identification No.)

1 Madison Ave., Suite 1600

New York, New York 10010

(Address of principal executive offices, including

zip code)

Registrant’s telephone number, including

area code: (212) 588-6770

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see

General Instruction A.2 below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on

which

registered

Common

Stock, par value $0.01 per share

FBRT

New York Stock Exchange

7.50%

Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share

FBRT PRE

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging

growth company ¨

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of

Certain Officers.

On September 16, 2026,

the Board of Directors (the “Board”) of Franklin BSP Realty Trust, Inc. (the “Company”) reappointed Richard

J. Byrne as the Company’s Chief Executive Officer, effective immediately. Mr. Byrne succeeds Michael Comparato, who resigned

as the Company’s Chief Executive Officer on September 15, 2026. Mr. Comparato will continue to serve as an advisor to

Benefit Street Partners L.L.C., the Company’s external advisor. Mr. Byrne, who previously served as Chief Executive Officer

from 2016 to February 2026, will continue to serve as Chairman of the Board of the Company. On September 16, 2026, the Board

also appointed Jerome S. Baglien, the Company’s Chief Financial Officer and Chief Operating Officer, to serve as Co-President of

the Company, effective immediately.

Item 7.01 Regulation FD Disclosure.

On September 17, 2026,

the Company issued a press release related to the management transition. A copy of the press release is furnished as Exhibit 99.1

to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)

Exhibits.

EXHIBIT INDEX

Exhibit

No.

Description

99.1

Press Release issued on September 17, 2026

104.1

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements

of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned

hereunto duly authorized.

FRANKLIN BSP REALTY TRUST, INC.

By:

/s/

Jerome S. Baglien

Name:

Jerome S. Baglien

Title:

Co-President, Chief Financial Officer and Chief

Operating Officer

Date: September 17, 2026

EX-99.1 — EXHIBIT 99.1

EX-99.1

Filename: tm2625511d1_ex99-1.htm · Sequence: 2

Exhibit 99.1

Investor Relations Contact:

Lindsey

Crabbe

Executive Director,

BSP

l.crabbe@bspcredit.com

214-874-2339

FOR IMMEDIATE RELEASE

Media Contact :

Sam Turvey

Global Head of Communications, BSP

s.turvey@bspcredit.com

+44 (0) 782 783 6246

Franklin BSP Realty

Trust, Inc. Announces Leadership Update

New

York City, NY – September 17, 2026 – Franklin BSP Realty Trust, Inc. (NYSE:

FBRT) (“FBRT” or the “Company”) today announced that Richard Byrne, Chairman of the Board and the Company’s

former Chief Executive Officer, has been reappointed as Chief Executive Officer, effective September 16, 2026.

Mr. Byrne succeeds Michael

Comparato, who resigned on September 15, 2026 as part of his decision to step back from day-to-day executive responsibilities to spend

more time with his family. Mr. Byrne has remained closely involved with FBRT as Chairman of the Board and will be supported by the

Company’s experienced senior leadership team.

Jerry Baglien will continue to serve

as FBRT’s Chief Financial Officer and Chief Operating Officer. He was also appointed Co-President of FBRT, alongside Brian Buffone, and will assume responsibility

for leading BSP’s Commercial Real Estate Debt platform. Mr. Comparato will transition to a Senior Advisor role at BSP through

2027.

“Rich brings a deep understanding

of FBRT, its portfolio and its strategic priorities, together with a proven record of leadership,” said Elizabeth Tuppeny, Lead

Independent Director of FBRT. “The Board is confident that his leadership, supported by the Company’s experienced management

team, will provide continuity and disciplined execution as FBRT remains focused on enhancing portfolio performance and delivering long-term

value for stockholders. On behalf of the Board, I want to thank Mike for his leadership and contributions to FBRT and wish him and

his family all the best.”

“FBRT has a strong investment

platform, an experienced leadership team and the extensive resources of BSP supporting its business,” said Mr. Byrne. “Our

priorities remain clear: disciplined portfolio management, prudent capital allocation, and rigorous execution of our strategy. I look

forward to working with the team to build on these strengths and deliver sustainable long-term value for our stockholders.”

About Franklin BSP Realty Trust, Inc.

Franklin

BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio

of commercial real estate debt secured by properties located in the United States. As of June 30, 2026, FBRT had approximately $6.4

billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc.

For further information, please visit www.fbrtreit.com.

About Benefit Street Partners

Benefit

Street Partners (BSP) is an alternative credit pioneer with $96.4 billion in assets under management (including Apera) as of June 30,

2026. It seeks to deliver attractive, risk-adjusted returns through its deep specialism, long-term relationships and global reach. A

wholly owned subsidiary of Franklin Templeton, BSP is focused exclusively on credit. Through its disciplined, solutions-oriented approach,

BSP unlocks opportunities across market cycles and geographies. The firm manages strategies spanning private debt, real estate debt,

structured credit, and liquid loans. For more information, visit bspcredit.com.

About

Franklin Templeton

Franklin Templeton is a trusted investment partner, delivering tailored solutions

that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine

investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership,

forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.

With more than $1.83 trillion in assets

under management as of August 31, 2026, Franklin Templeton operates globally in more than 35 countries.

learn more, visit franklintempleton.com and follow us on LinkedIn.

Forward-Looking Statements

Certain statements included in this

press release are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations

of the Company and members of our management team, as well as the assumptions on which such statements are based, and generally are identified

by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates,"

"expects," "plans," "intends," "should" or similar expressions. Actual results may differ materially

from those contemplated by such forward-looking statements. Further, forward-looking statements speak only as of the date they are made,

and we undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated

events or changes to future operating results over time, unless required by law.

The Company's forward-looking statements

are subject to various risks and uncertainties. Factors that could cause actual outcomes to differ materially from our forward-looking

statements include macroeconomic factors in the United States including inflation, changing interest rates and economic contraction,

the extent of any recoveries on delinquent loans, the financial stability of our borrowers and the other, risks and important factors

contained and identified in the Company’s filings with the Securities and Exchange Commission (“SEC”), including its

Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and its subsequent filings with the SEC, any of which

could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this

communication are made only as of the date hereof.

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