Private company

Franklin BSP Real Estate Debt BDC

Franklin BSP Real Estate Debt BDC is an investment fund based in New York, United States.1

Last updated Oct 20, 2026.

Overview

  • HeadquartersNew York, New York1
  • Incorporated inDE2
  • Business addressOne Madison Avenue, Suite 1600, New York, Ny 100102
  • Filer category, Emerging growth company2
  • Legal formOther
  • Kind of organizationInvestment fund1

See how the biggest companies compare on our leaderboards

We are externally managed by the Advisor. Our Advisor is a limited liability company that is registered as an investment advisor under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). Our Advisor oversees the management of our activities and is responsible for making investment decisions with respect to our portfolio.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Fiscal year20242025
Cash$28.5M6
Total assets$876.2M6
Total liabilities$517.3M6
Retained earnings$8.8M6
Shareholders’ equity$358.8M6
Shares outstanding13.6M shares617.4M shares6

Compare Franklin BSP Real Estate Debt BDC with another company

Corporate structure

Franklin BSP Real Estate Debt BDC sits at the top of its group. 6 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Franklin BSP Real Estate Debt BDC

  • Franklin BSP Real Estate Debt BDC New York, New York
    • FBRED BDC BB FLOAT, LLC Subsidiary · Delaware, United States
    • FBRED BDC Finance, LLC Subsidiary · Delaware, United States
    • FBRED BDC High Yield Securities, LLC Subsidiary · Delaware, United States
    • FBRED BDC JPM Seller, LLC Subsidiary · Delaware, United States
    • FBRED BDC Landings Finance, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Franklin BSP Real Estate Debt BDC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$28.5M6 Dec 31, 2024

Properties, in its own words

Our headquarters are located at One Madison Avenue, Suite 1600, New York, NY 10010 and are provided by our Administrator. We believe that our office facilities are suitable and adequate for our business as it is contemplated to be conducted.

Item 2 of the 10-K filed Mar 27, 2025.4

Leadership

Who has led Franklin BSP Real Estate Debt BDC, and when. Pick a name to see everywhere that person has worked.

President

  1. Michael Comparato2024–now
2025
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorLee D. Hillman named Jun 13, 2024 to Jan 17, 202514
  • DirectorLeslie D. Michelson named Jun 13, 2024 to Jan 17, 202514

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • FBRED BDC BB FLOAT, LLC Delaware3
  • FBRED BDC Finance, LLC Delaware3
  • FBRED BDC High Yield Securities, LLC Delaware3
  • FBRED BDC JPM Seller, LLC Delaware3
  • FBRED BDC Landings Finance, LLC Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Franklin BSP Real Estate Credit BDCApr 22, 2024 to Jun 7, 20242

Timeline

  1. Sep 25, 20258-K Entered a material agreement; New debt or obligation15
  2. Sep 12, 20258-K Change in control16
  3. Apr 24, 20258-K Unregistered sale of shares17
  4. Mar 19, 20258-K Entered a material agreement; New debt or obligation18
  5. Jan 17, 20258-K Unregistered sale of shares; Bylaws or fiscal year changed19
  6. Nov 15, 20248-K Unregistered sale of shares20
  7. Aug 12, 20248-K Unregistered sale of shares21
  8. Jul 16, 20248-K Unregistered sale of shares22

Filings

39 filings to the SEC since October 2021: 1 annual reports, 4 quarterly reports, 8 major events, 8 insider forms, 6 large holders, 2 private raises, 10 other. The latest 20:

  1. Oct 20, 202515-12G EDGAR
  2. Oct 20, 2025N-54C EDGAR
  3. Sep 25, 20258-K EDGAR
  4. Sep 18, 2025N-23C-2 EDGAR
  5. Sep 16, 20253 PRIMARY DOCUMENT EDGAR
  6. Sep 16, 2025SCHEDULE 13D EDGAR
  7. Sep 12, 20258-K EDGAR
  8. Sep 12, 2025SCHEDULE 13D/A EDGAR
  9. Aug 12, 202510-Q EDGAR
  10. May 9, 202510-Q EDGAR
  11. Apr 24, 20258-K EDGAR
  12. Apr 16, 2025SCHEDULE 13D/A EDGAR
  13. Mar 27, 202510-K EDGAR
  14. Mar 19, 20258-K EDGAR
  15. Jan 22, 2025SCHEDULE 13D/A EDGAR
  16. Jan 17, 2025D EDGAR
  17. Jan 17, 20258-K EDGAR
  18. Dec 12, 2024SC 13D/A EDGAR
  19. Nov 26, 202440-17G EDGAR
  20. Nov 15, 20248-K EDGAR

The 39 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jan 17, 2025Raised $125,000 in a private offering of securities Form D: 125 investors so far Form D
  2. Jun 13, 2024Filed a private offering of equity Form D: named in the filing: Leslie D. Michelson, Lee D. Hillman, Micah D. Goodman, Michael D. Comparato, Jerome D. Baglien, George D. Talarico Form D

SEC filer profile

How Franklin BSP Real Estate Debt BDC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFranklin BSP Real Estate Debt BDC1
  • CIK0002018545
  • Employer ID (EIN)99-19187674
  • Filer statusNon-accelerated filer an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Business addressOne Madison Avenue, Suite 1600, New York, NY 100101
  • Phone212-588-67001
  • Shares outstanding20,167,474 as of Aug 12, 20257
  • Public float$0 as of Jun 30, 20246
  • AuditorPricewaterhouseCoopers LLP, Atlanta, Georgia PCAOB ID 238; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceApr 22, 20241
  • Filings44 in all: 3 (8), 8-K (8), 10-Q (4), 40-APP/A (4), SCHEDULE 13D/A (3), CORRESP (2), D (2), 10-12G (1)1
    All 20 form types

    10-12G/A (1), 10-K (1), 15-12G (1), 40-17G (1), 40-APP (1), N-23C-2 (1), N-54A (1), N-54C (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13D (1), UPLOAD (1)

  • Latest filingsAnnual report (10-K) Mar 27, 2025
    Quarterly report (10-Q) Aug 12, 2025
    Latest 8-K (8-K) Sep 25, 2025

Risk factors and legal proceedings

The risks Franklin BSP Real Estate Debt BDC names in Item 1A of its 10-K filed Mar 27, 2025: 76 risks under these headings, as written.4

  • Risks Related to Our Organizational Structure
  • We have a limited operating history and there can be no assurance that we will be able to successfully achieve our investment objectives.
  • We are dependent on Benefit Street Partners and its affiliates, including the Advisor, and their key personnel who provide services to us through the Investment Advisory Agreement, and we may not find a suitable replacement for the Advisor if the
  • Investment Advisory Agreement is terminated, or for these key personnel if they leave Benefit Street Partners or otherwise become unavailable to us.
  • Our Advisor manages our portfolio pursuant to broad investment guidelines and is not required to seek the approval of our Board of Trustees for each investment, financing, asset allocation or hedging decision made by it, which may result in our making riskier loans and other investments and which could materially adversely affect our business, results of operations and financial condition.
  • Our success depends on the availability of attractive investment opportunities.
  • There is no public trading market for our Common Shares and we do not have a share repurchase program; therefore, you will likely be unable to dispose of your Common Shares.
  • The amount and source of distributions, if any, we may make to our shareholders is uncertain, and we may be unable to generate sufficient cash flows from our operations to make distributions to our shareholders at any time in the future.
  • We may be unable to maintain or increase cash distributions over time, or may decide to reduce the amount of distributions for business reasons.
  • We may pay distributions from sources other than our cash flow from operations, including, without limitation, borrowings, offering net proceeds and the sale of or repayments under our investments, and we have no limits on the amounts we may fund from such sources.
  • Most of our investments will be recorded at fair value as determined in good faith by the Advisor and under the oversight of our Board of Trustees and, as a result, there will be uncertainty as to the value of our investments.
  • Our NAV may fluctuate significantly.
The other 65 risks
  • We may experience fluctuations in our periodic results.
  • Your interest in us will be diluted if we issue additional shares.
  • We may fund a portion of our investments with preferred shares, which would magnify the potential for gain or loss and the risks of investing in us in the same way as our borrowings.
  • Our Board of Trustees may amend our Declaration of Trust without prior shareholder approval.
  • Our Declaration of Trust includes exclusive forum and jury trial waiver provisions that could limit a shareholder’s ability to bring a claim, make it more expensive or inconvenient for a shareholder to bring a claim, or, if such provisions are deemed inapplicable or unenforceable by a court, cause us to incur additional costs associated with such action.
  • We will not be required to comply with certain reporting requirements, including those relating to auditor’s attestation reports on the effectiveness of our system of internal control over financial reporting, accounting standards and disclosure about our executive compensation, that apply to other public companies.
  • We depend on the Advisor to develop appropriate systems and procedures to control operational risk.
  • Our business could suffer in the event our Advisor or any other party that provides us with services essential to our operations experiences system failures or cyber-incidents or a deficiency in cybersecurity.
  • Uncertainty with respect to the financial stability of the United States and several countries in the EU could have a significant adverse effect on our business, financial condition and results of operations.
  • Misconduct of employees of the Advisor, its affiliates or third-party service providers could cause significant losses to us.
  • Risks Related to Our Investments
  • Our CRE debt investments are subject to the risks typically associated with ownership of commercial real estate.
  • Commercial mortgage loans that we originate or acquire may have certain distinct risk characteristics. Mortgage loans on commercial properties generally lack standardized terms, which may complicate their structure and increase due diligence costs.
  • Commercial mortgage loans acquired or originated by us may be non-performing or sub-performing at the time of their acquisition and/or may become non-performing or sub-performing following their acquisition for a wide variety of reasons.
  • Our loans and other investments expose us to risks associated with debt-oriented real estate investments generally.
  • We are subject to the laws, rules, and regulations of various federal, state and local government agencies regarding the origination, processing, underwriting, sale and servicing of mortgage loans.
  • Investments in single tenant net lease properties would expose us to risks related to the tenant’s financial stability.
  • Most of our investments are illiquid and we may not be able to vary our portfolio in response to changes in economic and other conditions, which may result in losses to us.
  • Prepayment rates may adversely affect the value of our investment portfolio.
  • Difficulty in redeploying the proceeds from repayments of our loans and investments may cause our financial performance and returns to investors to suffer.
  • The mortgage loans in which we may invest and the mortgage loans underlying the mortgage securities in which we may invest are subject to delinquency, foreclosure and loss, which could result in losses to us.
  • Operating and disposing of properties acquired through foreclosure subject us to additional risks that could harm our results of operations.
  • Delays in liquidating defaulted CRE debt investments could reduce our investment returns.
  • Interest rate fluctuations could reduce our ability to generate income on our investments and may cause losses.
  • Our due diligence may not reveal all material issues relating to our origination or acquisition of a particular investment.
  • We are subject to risks from natural disasters such as earthquakes and severe weather, including as the result of global climate changes, which may result in damage to the properties securing our loans.
  • If the Advisor overestimates the yields or incorrectly prices the risks of our investments, we may experience losses.
  • Inflation risks may have an adverse impact on our returns.
  • Real estate valuation is inherently subjective and uncertain.
  • Loans on properties in transition will involve a greater risk of loss than conventional mortgage loans.
  • Risks of cost overruns and noncompletion of renovations of properties in transition may result in significant losses.
  • Investment ratings that we may use are relative and subjective.
  • Investments in non-conforming and non-investment grade rated loans or securities involve increased risk of loss.
  • Syndication of originated loans may have adverse effects.
  • We may be unable to restructure loans in a manner that we believe maximizes value, particularly if we are one of multiple creditors in large capital structures.
  • Our investments may be concentrated and are subject to risk of default.
  • Difficult conditions in the mortgage and CRE markets may cause us to experience market losses related to our holdings.
  • We operate in a highly competitive market for investment opportunities and competition may limit our ability to originate and/or acquire desirable investments in our target assets and could also affect the pricing of these assets.
  • If we are unable to successfully integrate new assets or businesses and manage our growth, our results of operations and financial condition may suffer.
  • The B Notes that we originate or acquire are subject to additional risks related to the privately negotiated structure and terms of the transaction, which may result in losses to us.
  • We may not be able to sell the B Notes that we originate or acquire, which may result in losses to us.
  • Mezzanine loans involve greater risks of loss than senior loans secured by income-producing properties.
  • We may experience a decline in the fair value of our assets.
  • Any distressed loans or investments we make, or loans and investments that later become distressed, may subject us to losses and other risks relating to bankruptcy proceedings.
  • Our claims may be subordinated to those of other creditors, which may have an adverse effect on our performance.
  • Investments outside the U.S. that are denominated in foreign currencies subject us to foreign currency risks and to the uncertainty of foreign laws and markets, which may adversely affect our distributions and our REIT status.
  • We are subject to the risks of investing in project finance investments, many of which are outside our control, and that may negatively impact our business and financial results.
  • Our investments in CMBS are generally subject to losses.
  • We may not control the special servicing of the mortgage loans included in the CMBS in which we invest, and, in such cases, the special servicer may take actions that could adversely affect our interests.
  • With respect to certain mortgage loans included in our CMBS investments, the properties that secure the mortgage loans backing the securitized pool may also secure one or more related mortgage loans that are not in the CMBS, which may conflict with our interests.
  • Dislocations, illiquidity and volatility in the market for commercial real estate as well as the broader financial markets could adversely affect the performance and value of commercial mortgage loans, the demand for CMBS and the value of CMBS investments.
  • The CMBS in which we invest is subject to the risks of the mortgage securities market as a whole and risks of the securitization process.
  • We are subject to the risks relating to increases in prepayment rates of debt underlying CMBS.
  • We may sponsor, and purchase the more junior securities of, CLOs and such instruments involve significant risks, including that these securities receive distributions from the CLO only if the CLO generates enough income to first pay all the investors holding senior tranches and all CLO expenses.
  • Third-party investments may involve additional risks.
  • In the event we acquire fixed income securities and/or other instruments that are publicly traded, we will be subject to certain inherent risks.
  • We may invest in high yield debt, a substantial portion of which may be rated below investment-grade by one or more nationally recognized statistical rating organizations or which may be unrated but of comparable credit quality to obligations rated below investment-grade, and have greater credit and liquidity risk than more highly rated debt obligations.
  • We may invest in convertible securities, which are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a specified amount of common stock of the same or different issuer within a particular period of time at a specified price or formula.
  • Risks Related to Debt Financing
  • When we borrow money, the potential for loss on amounts invested in us will be magnified and may increase the risk of investing in us. Borrowed money may also adversely affect the return on our assets, reduce cash available for distribution to our shareholders and result in losses.
  • We use repurchase agreements to finance our investments, which may expose us to risks that could result in losses, including due to cross-defaults and cross-collateralization under warehouse repurchase and credit facilities.
  • Changes in interest rates may affect our cost of capital and net investment income.
  • We may not be able to access financing sources on attractive terms, which could adversely affect our ability to fund and grow our business, or result in dilution to our existing shareholders.
  • We may not successfully align the maturities of our liabilities with the maturities of our assets, which could harm our operating results and financial condition.
  • We may utilize non-recourse securitizations to finance our investments, which may expose us to risks that could result in losses.
  • Lenders often require us to enter into restrictive covenants relating to our operations, which could limit our ability to make distributions.
  • Risks Related to Our Relationship with the Advisor
  • We depend on the Advisor to select our investments and otherwise conduct our business, and any material adverse change in its financial condition or our relationship with the Advisor could have a material adverse effect on our business and ability to achieve our investment objectives.

Legal proceedings

From time to time, we may be involved in various claims and legal actions in the ordinary course of business. As of December 31, 2024, we were not subject to any material legal proceedings.

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24