エドガーで原本を確認する
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 10, 2026
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
| Maryland | 001-40923 | 46-1406086 |
| (State or other jurisdiction | (Commission File Number) | (I.R.S. Employer |
| of incorporation) | Identification No.) |
1 Madison Ave., Suite 1600
New York, New York 10010
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (212) 588-6770
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | FBRT | New York Stock Exchange |
| 7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share | FBRT PRE | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 10, 2026, the Board of Directors (the “Board”) of Franklin BSP Realty Trust, Inc. (the “Company”) appointed Michael Comparato as the Company’s Chief Executive Officer, effective immediately. Mr. Comparato succeeds Richard J. Byrne, who resigned as Chief Executive Officer on the same date. Mr. Byrne will continue to serve as Chairman of the Board of the Company.
Mr. Comparato, 48, had previously served as the Company’s President since March 2023. He also serves as Senior Managing Director, Head of Real Estate (since 2017) and Portfolio Manager with Benefit Street Partners L.L.C., the Company’s external manager (the “Advisor”), and serves on the Advisor’s US Executive Committee.
In addition, on February 10, 2026, the Board appointed Brian Buffone to succeed Mr. Comparato as the Company’s President, effective immediately. Mr. Buffone, 48, is a Managing Director and has served as Head of Real Estate Operations of the Advisor since January 2025. Mr. Buffone joined the Advisor in 2018 as Managing Director, Head of Equity Investments.
There are no family relationships between Mr. Comparato or Mr. Buffone and any director or executive officer of the Company and there have been no transactions between Mr. Comparato, Mr. Buffone or any of either of their immediate family members and the Company or any of its subsidiaries.
On February 10, 2026, the Company issued a press release announcing the appointments of Mr. Comparato and Mr. Buffone, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits. |
EXHIBIT INDEX
| Exhibit | ||
| No. | Description | |
| 99.1 | Press Release issued on February 10, 2026 | |
| 104.1 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| FRANKLIN BSP REALTY TRUST, INC. | ||
| By: | /s/ Jerome S. Baglien | |
| Name: | Jerome S. Baglien | |
| Title: | Chief Financial Officer and Chief Operating Officer | |
Date: February 10, 2026
Exhibit 99.1
Franklin BSP Realty Trust Announces Leadership Transition
| · | Michael Comparato Named Chief Executive Officer |
| · | Brian Buffone Promoted to President |
| · | Richard Byrne to Remain as Chairman |
New York City, NY — February 10, 2026 — Franklin BSP Realty Trust, Inc. (the “Company” or “FBRT”) today announced that the Board of Directors of the Company has appointed Michael Comparato, currently the Company’s President, as Chief Executive Officer and Brian Buffone as President, effective immediately. Richard Byrne will continue as Chairman of the Board of Directors.
Mr. Byrne commented: “I am excited to welcome Mike Comparato in his new role. Mike is a highly respected industry leader who has been instrumental in building and scaling Benefit Street Partners’ real estate platform. I am also proud to welcome Brian Buffone as President. Brian is a seasoned real estate veteran and long-time member of our investment team. Together, these appointments represent a natural evolution of FBRT’s leadership and leave us well positioned to execute our strategy in a dynamic market environment.”
Elizabeth Tuppeny, Lead Independent Director of FBRT’s Board of Directors, said: “The Board has confidence that the appointment of Mike and Brian pursuant to the Board’s management succession plan, will position FBRT to execute its long-term strategy. We thank Rich for his exceptional leadership in building FBRT’s platform and are Board is pleased he has agreed to continue as Chairman, providing strategic oversight and continuity. ”
Michael Comparato, Chief Executive Officer of FBRT, added: “I am grateful for Rich’s leadership and the role he has played in building FBRT into the company it is today. I also congratulate Brian on his promotion. Brian has been a trusted partner of mine for many years and is a proven leader who will play an important role as we continue to execute FBRT’s strategy. I look forward to working closely with Rich, the Board and the management team as we remain focused on disciplined investment execution and serving the best interests of our shareholders.”
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.
Investor Relations Contact
Lindsey Crabbe
Executive Director, BSP
l.crabbe@benefitstreetpartners.com
214-874-2339
Media Contact
Sam Turvey
Global Head of Communications, BSP
s.turvey@bspcredit.com
+44 (0) 782 783 6246
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 Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc. For further information, please visit www.fbrtreit.com.