Exchanges 1,000 Series C Preferred for Series I; conversion extended to Jan 19, 2023

Franklin BSP Realty Trust, Inc.

Entered exchange agreement with one holder to swap all 1,000 shares of Series C Convertible Preferred for equal number of Series I shares.
Mandatory conversion date extended from October 19, 2022 to January 19, 2023; no other material term changes.
Series I Preferred converts into 299.2 shares of common stock per share on Jan 19, 2023, or earlier at holder's option upon change of control.
Exchange exempt from registration under Securities Act Section 3(a)(9); no consideration received by company.
Board granted ownership limit exemptions to holder for Series I shares.

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