Franklin BSP Realty Trust, Inc.

Franklin BSP Realty Trust, Inc. (the Company ), is a real estate finance company, formed as a Maryland corporation, that has elected to be treated as a real estate investment trust ( REIT ) for U.S. federal income tax purposes since 2013. Substantially all of the Company’s business is conducted through FBRT OP LLC, a Delaware limited liability company (the OP ) and to its subsidiaries. The Company is the managing member of the OP and directly or indirectly held 91% of the common units of membership interests in the OP as of December 31, 2025. As discussed in more detail below, the Company’s operations are organized into two business units: (i) Commercial Real Estate Financing, and (ii) Agency Business. On July 1, 2025, through a wholly owned subsidiary, the Company acquired NewPoint Holdings JV LLC ( NewPoint ), which now comprises the Company’s Agency Business unit. The Company is externally managed by Benefit Street Partners L.L.C. (the Advisor ) pursuant to an advisory agreement, as amended on August 18, 2021 (the Advisory Agreement ). The Advisor manages our affairs on a day-to-day basis. The Advisor receives compensation and fees for services related to the investment and management of our assets and our operations. Established in 2008, 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.