Item 5.02 Departure of Directors or Certain Officers; Election of Directors;


          Appointment of Certain Officers; Compensatory Arrangements of Certain
          Officers.

On January 27, 2022, the Compensation Committee of the Board of Directors of Franklin BSP Realty Trust, Inc. (the "Company") approved the grant of an aggregate amount of 492,107 restricted stock units to the Company's executive officers and other personnel of the Company's external manager, Benefit Street Partners L.L.C. (the "Advisor") and its affiliates who provide services to the Company under the Amended and Restated Advisory Agreement between the Company and the Advisor. Pursuant to the Compensation Committee's approval, Richard Byrne, the Company's Chairman, Chief Executive Officer and President, received 81,198 restricted stock units, and Jerome S. Baglien, the Company's Chief Financial Officer and Chief Operating Officer, received 59,053 restricted stock units.

The restricted stock units, which were granted under the Company's 2021 Equity Incentive Plan, will vest in equal annual installments beginning on the anniversary of the date of grant over a period of three years subject to continuing service. The form of award agreement pursuant to which the restricted stock units were granted to our executive officers will be filed with the Company's Annual Report on Form 10-K for the year ended December 31, 2021.

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