Franklin BSP Realty Trust, Inc. (NYSE: FBRT) announced a leadership transition on September 16, 2026, reinstating Richard J. Byrne as Chief Executive Officer. Mr. Byrne succeeds Michael Comparato, who resigned from the position effective September 15, 2026. Mr. Comparato will remain with the company as a Senior Advisor through 2027, while also continuing to serve as an advisor to Benefit Street Partners L.L.C., the company's external advisor.
Mr. Byrne previously served as CEO from 2016 until February 2026, during which time he also held the role of Chairman of the Board. Following his reappointment, he will continue to serve as Chairman of the Board. Concurrent with the executive changes, the Board appointed Jerome S. Baglien, the Company’s Chief Financial Officer and Chief Operating Officer, to the new role of Co-President. Mr. Baglien will assume responsibility for leading BSP’s Commercial Real Estate Debt platform, alongside Brian Buffone.
In a statement regarding the transition, Lead Independent Director Elizabeth Tuppeny noted that Mr. Byrne brings a deep understanding of the company and a proven record of leadership. The Board expressed confidence that his leadership, supported by the experienced management team, will provide continuity as the company focuses on enhancing portfolio performance and delivering long-term value for stockholders.
Franklin BSP Realty Trust 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 June 30, 2026, the company had approximately $6.4 billion in assets. The company is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Resources, Inc.
