Franklin BSP Realty Trust, Inc. (NYSE: FBRT) has successfully closed BSPRT 2024-FL11 (“FL11”), a managed Commercial Real Estate Collateralized Loan Obligation valued at $1.024 billion. This CLO features a 36-month reinvestment period and includes a $100 million acquisition phase specifically for multifamily properties, allowing for a 180-day ramp-up. The transaction has an initial advance rate of 86.5% and a weighted average interest rate of 1M CME Term SOFR+1.99%, before accounting for any discounts and transaction costs.
Michael Comparato, President of FBRT, expressed enthusiasm about the closing, stating, “We are excited to announce the successful closing of FL11. Year-to-date, FBRT has actively originated loans in the middle market, with a significant portion of those loans included in the FL11 collateral pool. Strong investor interest led to substantial oversubscription across all bond classes, and we are very grateful for the ongoing support from some of the largest institutional investors globally.”
Barclays Capital Inc. acted as the sole structuring agent, while J.P. Morgan Securities LLC and Wells Fargo Securities LLC served as co-lead managers and joint bookrunners.
This announcement does not constitute an offer to sell or a solicitation for offers to buy these securities, nor will there be any sale in any state or jurisdiction where such an offer, solicitation, or sale would be illegal prior to registration or qualification under the securities laws of that state or jurisdiction.
About Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. is a real estate investment trust that focuses on originating, acquiring, and managing a diversified portfolio of commercial real estate debt secured by properties in the United States. As of June 30, 2024, FBRT managed approximately $6.3 billion in assets. The company is externally managed by Benefit Street Partners L.L.C., a wholly-owned subsidiary of Franklin Resources, Inc. For more information, please visit www.fbrtreit.com.
Forward-Looking Statements
This press release contains forward-looking statements that reflect the intent, beliefs, or current expectations of FBRT and its management team, and are generally identified by terms like “may,” “will,” “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” or similar expressions. Actual results could differ significantly from those anticipated due to various risks and uncertainties, including those detailed in FBRT’s filings with the Securities and Exchange Commission (“SEC”), such as its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and subsequent filings. Forward-looking statements are made as of the date of this release, and FBRT assumes no obligation to update them to reflect changing circumstances unless required by law.
