Franklin BSP Realty (NYSE: FBRT) CFO granted 100,261 RSUs

Rhea-AI Filing Summary

Franklin BSP Realty Trust CFO and COO Jerome S. Baglien reported equity compensation and related tax withholding transactions in the company’s common stock. On January 27, 2026, he was granted 100,261 restricted stock units (RSUs) under the 2021 Equity Incentive Plan at no cash cost.

The RSUs vest in three equal annual installments beginning on January 27, 2027, subject to his continued qualifying service, with one share issued per RSU upon vesting. The same day, 27,264 shares were withheld at $10.17 per share to cover tax obligations from prior RSU awards, leaving him with 310,014 directly owned shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Baglien Jerome S.

(Last) (First) (Middle)

1345 AVENUE OF THE AMERICAS

SUITE 32A

(Street)

NEW YORK NY 10105

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Franklin BSP Realty Trust, Inc. [ FBRT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO and COO

3. Date of Earliest Transaction (Month/Day/Year)
01/27/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	01/27/2026		A(1)		100,261	A	$0	337,278	D
Common Stock	01/27/2026		F(2)		27,264	D	$10.17	310,014	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents RSUs granted to the reporting person pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs will vest in three equal annual installments beginning on January 27, 2027, subject to the reporting person's continued qualifying service. One share of the Issuer's common stock will be issued for each RSU upon vesting.

2. Represents shares of common stock withheld to satisfy tax withholding obligations incident to the vesting of restricted stock units ("RSUs") awarded to the reporting person on January 27, 2023, February 1, 2024 and January 27, 2025.

	/s/ Jerome Baglien, By: Micah Goodman, Attorney-in-Fact*	01/28/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did FBRT CFO Jerome Baglien report on January 27, 2026?

Jerome S. Baglien reported a grant of 100,261 restricted stock units and a tax withholding transaction involving 27,264 common shares. These actions are part of his equity compensation and tax obligations rather than an open-market purchase or sale of Franklin BSP Realty Trust, Inc. stock.

How many Franklin BSP Realty Trust (FBRT) shares does the CFO own after this Form 4?

After the reported transactions, Jerome S. Baglien directly owns 310,014 shares of Franklin BSP Realty Trust, Inc. common stock. This reflects his holdings after both the RSU grant entry and the 27,264-share withholding to cover tax obligations tied to earlier RSU vesting.

What are the terms of the 100,261 RSUs granted to FBRT’s CFO?

The 100,261 RSUs were granted under the 2021 Equity Incentive Plan and vest in three equal annual installments starting January 27, 2027. Vesting requires continued qualifying service, and one share of Franklin BSP Realty Trust, Inc. common stock will be issued for each vested RSU.

Why were 27,264 FBRT shares withheld in Jerome Baglien’s filing?

The 27,264 common shares were withheld to satisfy tax withholding obligations triggered by the vesting of prior RSU awards. Those RSUs were originally granted on January 27, 2023, February 1, 2024, and January 27, 2025, as part of his ongoing equity compensation program.

Was the 100,261 RSU grant to FBRT’s CFO an open-market stock purchase?

No, the 100,261 units represent restricted stock units granted under the company’s 2021 Equity Incentive Plan at a zero-dollar price per unit. They are contingent equity awards that convert into shares upon vesting, rather than cash purchases in the open market.

When will the newly granted FBRT RSUs to the CFO start vesting?

The newly granted RSUs to Jerome S. Baglien begin vesting on January 27, 2027. Vesting occurs in three equal annual installments from that date, provided he continues in qualifying service, with each vested unit delivering one share of Franklin BSP Realty Trust, Inc. common stock.