Benefit Street Partners L.L.C. ("BSP" or the "Company") today announced the purchase of an approximately $391 million loan portfolio secured by eight, newer-vintage multifamily properties across multiple markets in the United States sponsored by institutional-quality borrowers and operators.

BSP allocated the loans across its commercial real estate platform, including a portion to Franklin BSP Realty Trust, Inc. (NYSE:FBRT).

"This transaction represents one of the largest investments BSP CRE has executed to date," said Michael Comparato, Head of Commercial Real Estate for BSP. "It is a large portfolio of high-quality multifamily loans backed by newer assets and institutional quality sponsors. Executing a transaction of this size and scale demonstrates our ability to underwrite and execute complex portfolio acquisitions while maintaining a disciplined credit approach."

Brian Buffone, Head of Real Estate Operations for BSP, added, "We've witnessed significant spread tightening in the whole loan origination market since the summer of 2025. BSP is actively seeking investments in less competitive areas of the market, the whole loan secondary market being one of them. We hope this is the first of many loan acquisitions in 2026."

About Benefit Street Partners

BSP is a leading global alternative credit asset manager offering clients investment solutions across a broad range of complementary credit strategies, including direct lending, special situations, structured credit, high yield bonds, leveraged loans, and commercial real estate debt. As of December 31, 2025, BSP, along with Alcentra and Apera, has $92 billion of assets under management globally, with over 500 employees operating across North America, Europe, and the Asia Pacific regions. BSP is a wholly owned subsidiary of Franklin Templeton. For further information, please visit www.benefitstreetpartners.com.

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 September 30, 2025, FBRT had approximately $6.2 billion of assets. FBRT is externally managed by BSP. For further information, please visit www.fbrtreit.com.

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, 2024 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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Investor Relations Contact:

Lindsey Crabbe

l.crabbe@benefitstreetpartners.com

(214) 874-2339

Benefit Street Partners L.L.C. Announces Purchase of a $391 Million Loan Portfolio