Franklin BSP Realty Trust, Inc.

Franklin BSP Realty Trust, Inc. is a Maryland corporation and real estate finance company that has been treated as a real estate investment trust (REIT) for U.S. federal income tax purposes since 2013. The company conducts substantially all of its business through FBRT OP LLC, a Delaware limited liability company, and its subsidiaries. As of December 31, 2025, the company was the managing member of FBRT OP LLC and directly or indirectly held 91% of its common units of membership interests. The company's operations are organized into two business units: Commercial Real Estate Financing and Agency Business. On July 1, 2025, the company acquired NewPoint Holdings JV LLC through a wholly owned subsidiary, which now constitutes the Agency Business unit. Franklin BSP Realty Trust, Inc. is externally managed by Benefit Street Partners L.L.C. (the "Advisor") under an advisory agreement amended on August 18, 2021. The Advisor, established in 2008, manages the company's daily affairs and receives compensation and fees for investment and asset management services. The Advisor's credit platform manages funds for institutions and high-net-worth investors across various credit funds and complementary strategies, including high yield, levered loans, private/opportunistic debt, liquid credit, structured credit, and commercial real estate debt. The Advisor is a wholly-owned subsidiary of Franklin Resources, Inc., which operates as "Franklin Templeton." As of December 31, 2025, the company had 223 employees, all of whom are employees of NewPoint.