---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-106427"
form_type: "8-K"
ticker: "FBRT"
cik: "0001562528"
company_name: "Franklin BSP Realty Trust, Inc."
filed_at: "2023-10-03T23:59:59+00:00"
generated_at: "2026-06-10T05:29:44.055500+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Franklin BSP Realty Trust subsidiary closes ~$897M CRE mortgage securitization, selling $767M notes

## Summary
- Issued 9 classes of floating-rate notes secured by 10 CRE mortgage loans totalling ~$897M as of Sept 28, 2023.
- Sold $767M of notes (Class A through E) in private placement; net proceeds to repay credit facilities and fund future loans.
- Class A notes ($461.7M) carry initial spread of SOFR + 2.259%; remaining classes have spreads up to SOFR + 5.868%.
- Expected weighted average life of offered notes ranges from 2.67 years (Class A) to 4.21 years (Class E).
- Affiliate retained preferred shares; notes are limited recourse obligations of the issuer only.

## SEC filing metadata
- accession: 0001104659-23-106427
- form_type: 8-K
- ticker: FBRT
- cik: 0001562528
- company_name: Franklin BSP Realty Trust, Inc.
- filed_at: 2023-10-03T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1562528/000110465923106427/0001104659-23-106427-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1562528/000110465923106427/tm2327447d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-106427
- JSON: https://secwatch.observer/filing/0001104659-23-106427.json
- Plain text: https://secwatch.observer/filing/0001104659-23-106427.txt

## Key facts
- Debt Financings
  Franklin BSP Realty Trust, Inc. incurred senior notes of approximately $897 million with U.S. Bank Trust Company, National Association at 2.259% plus 1 Month CME Term SOFR maturing September 15, 2035.
  - Instrument: senior notes
  - Principal: approximately $897 million
  - Counterparty: U.S. Bank Trust Company, National Association
  - Rate: 2.259% plus 1 Month CME Term SOFR
  - Maturity: September 15, 2035
  - Event: incurrence
  source text: closed an approximately $897 million commercial real estate mortgage securitization transaction, and sold $767 million of the securitization's notes in a private placement
  evidence_url: https://www.sec.gov/Archives/edgar/data/1562528/000110465923106427/0001104659-23-106427-index.htm
- Material Agreements
  Franklin BSP Realty Trust, Inc. entered into Indenture with U.S. Bank Trust Company, National Association valued at approximately $897 million (effective 2023-09-28).
  - Action: entry
  - Agreement: notes offering
  - Counterparty: U.S. Bank Trust Company, National Association
  - Value: approximately $897 million
  - Effective: 2023-09-28
  source text: On September 28, 2023 (the “Closing Date”), a consolidated subsidiary of Franklin BSP Realty Trust, Inc. (the “Company”), BSPRT 2023-FL10 Issuer, LLC (the “Issuer”), closed an approximately $897 million commercial real estate mortgage securitization transaction, and sold $767 million of the securitization’s notes in a private placement. The notes were issued pursuant to an indenture (the “Indenture”), dated as of the Closing Date, by and among the Issuer, Benefit Street Partners Realty Operating Partnership, L.P., as advancing agent (the “Advancing Agent”), U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”) and note administrator (in such capacity, the “Note Administrator”), and U.S. Bank National Association, as custodian and in other capacities.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1562528/000110465923106427/0001104659-23-106427-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.