Franklin BSP Realty Trust Prices $880.4M CRE CLO With 84% Multifamily Exposure

Franklin BSP Realty Trust, Inc. (NYSE: FBRT) announced March 30 the pricing of BSPRT 2026-FL13 ("FL13"), an $880.4 million managed Commercial Real Estate Collateralized Loan Obligation with approximately 84% multifamily real estate exposure.

The transaction carries an initial advance rate of 88.375% and a weighted average interest cost of 1-month CME Term SOFR plus 1.76% before transaction costs. FL13 features a 30-month reinvestment period and is expected to settle on April 15, 2026. Concurrently with settlement, FBRT will call a CLO that was originally issued in 2022.

Transaction Structure and Terms

J.P. Morgan Securities LLC served as sole structuring agent on the transaction. Wells Fargo, Barclays Capital Inc., ATLAS SP Securities — a division of Apollo Global Securities, LLC — and Citigroup Global Markets Inc. served as co-lead managers and joint bookrunners.

Michael Comparato, Chief Executive Officer of FBRT, commented: "In a more challenging market backdrop, the successful pricing of this $880.4 million managed CRE CLO reflects strong investor confidence and our team's disciplined execution. The transaction underscores our ability to originate and aggregate high-quality assets, with this CLO featuring approximately 84% multifamily exposure, and reflects continued progress in executing our strategy."

Collateral Pool Composition

The heavy multifamily real estate weighting — approximately 84% of the collateral pool — reflects FBRT's strategic emphasis on residential property debt secured by U.S. assets. FBRT's scale — approximately $6.1 billion in assets as of December 31, 2025 — supports its ability to aggregate collateral for managed CLO issuances of this size.

About Franklin BSP Realty Trust

Franklin BSP Realty Trust 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. The firm is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc.

The press release noted that it does not constitute an offer to sell or solicitation of an offer to buy securities. FBRT's forward-looking statements are subject to risks including macroeconomic factors such as inflation, changing interest rates, economic contraction, and borrower financial stability, as detailed in the company's filings with the Securities and Exchange Commission.

Settlement of BSPRT 2026-FL13 is expected on April 15, 2026.

Sources

Franklin BSP Realty Trust, Inc. — Press Release, March 30, 2026