NEW YORK, June 29, 2022--(BUSINESS WIRE)--Franklin BSP Realty Trust, Inc. (NYSE: FBRT) ("FBRT" or the "Company") today announced the closing of BSPRT 2022-FL9, an approximately $800 million managed Commercial Real Estate Collateralized Loan Obligation ("FL9 CRE CLO"). This was FBRT’s ninth CLO completed since June 2017. The FL9 CRE CLO features a two-year reinvestment period with an initial advance rate of 83.5% and a weighted average interest rate of SOFR+2.80% before accounting for discount and transaction costs.
Michael Comparato, Head of Commercial Real Estate for BSP, added: "We are pleased with the execution on our most recent CLO and saw strong demand from new and existing investors. While the CLO market has been volatile and pricing is meaningfully wider than levels we saw earlier in 2022, this transaction further increases our non-recourse, non-mark-to-market liability structure and is a testament to the strength of our platform."
Wells Fargo Securities, LLC and Barclays Capital Inc. served as co-lead managers and joint bookrunners. In addition, Wells Fargo Securities, LLC served as sole structuring agent.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires, and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of March 31, 2022, FBRT had over $7.1 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Templeton. For further information, please visit www.fbrtreit.com.
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