Franklin BSP Realty Trust, Inc. (NYSE:FBRT) ("FBRT") today announced the pricing of BSPRT 2026-FL13 ("FL13"), an $880.4 million managed Commercial Real Estate Collateralized Loan Obligation. FL13 features a 30-month reinvestment period. The transaction has an initial advance rate of 88.375% and a weighted average interest cost of 1M CME Term SOFR+1.76% before transaction costs. The transaction is expected to settle on April 15, 2026. Concurrently with the settlement of FL13, FBRT will call a CLO that was issued in 2022.

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."

J.P. Morgan Securities LLC served as sole structuring agent. Wells Fargo Securities, LLC, 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.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 December 31, 2025, FBRT had approximately $6.1 billion in 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.

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 FBRT 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. FBRT'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, but not limited to, 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 FBRT'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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Investor Relations Contact

Lindsey Crabbe

Executive Director, BSP

l.crabbe@bspcredit.com

214-874-2339

Media Contact

Sam Turvey

Global Head of Communications, BSP

s.turvey@bspcredit.com

+44 (0) 782 783 6246

Franklin BSP Realty Trust, Inc. Announces Pricing of an $880.4 Million Managed CRE CLO