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NEW YORK--(BUSINESS WIRE)--
Benefit Street Partners L.L.C. (“BSP”) today announced the closing of BSPDF 2026-FL6 (“FL6”), a managed Commercial Real Estate Collateralized Loan Obligation totaling approximately $1.1 billion and featuring a 30-month reinvestment period.FL6 has an initial advance rate of 88.25% and a weighted average interest cost of 1M CME Term SOFR+1.77% before accounting for transaction costs. The transaction priced on October 20, 2026. This year, BSP has issued five CRE CLO transactions totaling approximately $5.0 billion.
Jerry Baglien, Head of Real Estate at BSP, commented: “The closing of FL6, the third CLO from our Opportunistic Debt Fund II, reflects the continued momentum across our real estate business and the strength of our financing capabilities. With approximately $5 billion of CRE CLO issuance completed this year, we remain well positioned to deploy capital selectively and pursue compelling opportunities for our investors.”
Wells Fargo Securities, LLC served as sole structuring agent. Barclays Capital Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities, LLC and Morgan Stanley & Co. LLC served as co-lead managers and joint bookrunners. Performance Trust Capital Partners, LLC served as co-manager.
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 Benefit Street Partners
Benefit Street Partners (BSP) is an alternative credit pioneer with $97 billion in assets under management as of August 31, 2026 (including Apera). It seeks to deliver attractive, risk-adjusted returns through its deep specialism, long-term relationships and global reach. A wholly owned subsidiary of Franklin Templeton, BSP is focused on credit. Through its disciplined, solutions-oriented approach, BSP unlocks opportunities across market cycles and geographies. The firm manages strategies spanning direct lending, real estate debt, structured credit, liquid loans and asset backed finance.
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity. With over $1.79 trillion in assets under management as of September 30, 2026, Franklin Templeton operates globally in more than 30 countries.
Media Contact:
Sam Turvey
Global Head of Communications, BSP
s.turvey@bspcredit.com
+44 (0) 782 783 6246
Source: Benefit Street Partners L.L.C.
Key Terms
commercial real estate collateralized loan obligationfinancial
A commercial real estate collateralized loan obligation is a financial product that pools many loans made to office buildings, shopping centers, apartments and other commercial properties, then sells pieces of that pool to investors with different levels of risk and return — think of a large bundle of mortgages cut into slices. It matters to investors because it offers a way to gain exposure to commercial property income while spreading risk across many loans; however, its value depends on how well the underlying properties perform and whether borrowers keep paying, so downturns in property markets, rising vacancies or higher interest rates can reduce payments and hit the riskiest slices first.
reinvestment periodfinancial
A reinvestment period is a set span of time during which profits, dividends, loan repayments or sale proceeds must be put back into the same fund, project or company instead of being paid out to investors. It matters because it changes when and how investors receive cash and how quickly their investment can grow or be redeployed—like a garden where harvested seeds are required to be planted again for several seasons before you can take crops out for personal use.
advance ratefinancial
The advance rate is the percentage of an asset’s appraised or stated value that a lender is willing to loan against, commonly used for receivables, inventory, or property. For investors it shows how much immediate cash a company can raise from its assets — like the share of value a pawnbroker will lend you — and affects liquidity, borrowing capacity and perceived credit risk.
term sofrfinancial
Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.
