Financial Obligation Form 8 K

Item 1.01. Entry into a Material Definitive Agreement.

On September 26, 2024 (the "Closing Date"), a consolidated subsidiary of Franklin BSP Realty Trust, Inc. (the "Company"), BSPRT 2024-FL11 Issuer, LLC (the "Issuer"), closed an approximately $1.024 billion commercial real estate mortgage securitization transaction, and sold approximately $886 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.

The information contained in Item 2.03 of this Form 8-K regarding the terms of the Indenture and the notes is incorporated by reference into this Item 1.01.