Franklin BSP Realty: BlackRock reports 9.8% stake

BlackRock reported sole voting power over 8,012,922 FBRT shares and sole dispositive power over 8,164,777 shares.

Rhea-AI Filing Summary

Franklin BSP Realty Trust, Inc. (FBRT) is the issuer whose common stock is covered by BlackRock, Inc.’s amended beneficial-ownership report. As of September 30, 2026, BlackRock reported beneficial ownership of 8,164,777 shares, or 9.8% of the class. It reported sole voting power over 8,012,922 shares and sole dispositive power over 8,164,777 shares, with no shared voting or dispositive power. BlackRock stated that these figures reflect securities beneficially owned or deemed beneficially owned by certain business units and affiliates, excluding other business units whose holdings are disaggregated. It also stated that various persons may receive dividends or sale proceeds, but no one person’s interest in FBRT common stock was more than 5% of the outstanding shares.

Key Figures

Beneficial ownership: 8,164,777 shares Percent of class: 9.8% Sole voting power: 8,012,922 shares +3 more

6 metrics

Beneficial ownership 8,164,777 shares As of September 30, 2026

Percent of class 9.8% BlackRock’s reported beneficial ownership

Sole voting power 8,012,922 shares Reported by BlackRock

Sole dispositive power 8,164,777 shares Reported by BlackRock

Shared voting power 0 shares Reported by BlackRock

Shared dispositive power 0 shares Reported by BlackRock

Key Terms

beneficially owned, sole voting power, sole dispositive power, shared voting power

4 terms

beneficially owned regulatory

"securities beneficially owned, or deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

sole voting power regulatory

"Sole power to vote or to direct the vote"

Sole voting power is the exclusive right to cast votes attached to a shareholder’s stock without needing approval from anyone else. Like holding the only remote control for a TV, it lets that holder decide corporate matters such as board members, mergers, and policy changes, making it important to investors because it concentrates control and can strongly influence a company’s strategy and the value of its shares.

sole dispositive power regulatory

"Sole power to dispose or to direct the disposition"

Sole dispositive power is the exclusive legal authority to decide what happens to a security — for example, whether to sell, transfer, or retain shares — without needing anyone else’s permission. Investors care because it signals who truly controls the economic outcome of an investment: like holding the only key to a safe, the holder can realize gains or losses and may trigger regulatory reporting, insider rules, or influence over corporate ownership.

shared voting power regulatory

"Shared power to vote or to direct the vote"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many FBRT shares does BlackRock beneficially own?

BlackRock reported beneficial ownership of 8,164,777 FBRT common shares, representing 9.8% of the class, as of September 30, 2026. It reported sole voting power over 8,012,922 shares and sole dispositive power over 8,164,777 shares.

Did anyone else have an interest of more than 5% in FBRT common stock?

BlackRock stated that various persons had the right to receive or direct dividends or sale proceeds, but no one person’s interest was more than 5% of FBRT’s total outstanding common shares.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 10/05/2026 - 11:58 AM Accepted by SEC EDGAR 10/05/2026 - 11:58 AM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

FRANKLIN BSP REALTY TRUST, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

35243J101

(CUSIP Number)

09/30/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 35243J101

1

Names of Reporting Persons

BlackRock, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 8,012,922.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 8,164,777.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,164,777.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.8 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: FRANKLIN BSP REALTY TRUST, INC.
(b)	Address of issuer's principal executive offices: ONE MADISON AVENUE, SUITE 1600 NEW YORK NY 10010
Item 2.
(a)	Name of person filing: BlackRock, Inc. In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock, Inc., 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 35243J101
Item 4.	Ownership
(a)	Amount beneficially owned: 8164777
(b)	Percent of class: 9.8 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 8012922
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 8164777
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of FRANKLIN BSP REALTY TRUST, INC.. No one person's interest in the common stock of FRANKLIN BSP REALTY TRUST, INC. is more than five percent of the total outstanding common shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BlackRock, Inc.

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	10/05/2026

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7