Franklin BSP Realty Trust has reappointed Richard Byrne as Chief Executive Officer as the commercial real estate debt REIT implements a leadership transition focused on continuity and portfolio execution.
Byrne, who is Chairman of FBRT’s board and previously served as CEO, returned to the chief executive role effective September 16, 2026.
He succeeds Michael Comparato, who resigned September 15 as part of a decision to step away from daily executive responsibilities to spend more time with his family.
Comparato will transition to a Senior Advisor role at Benefit Street Partners through 2027.
Byrne has remained closely involved with FBRT through his role as Chairman and will now work alongside the company’s existing senior leadership team.
Jerry Baglien will continue serving as Chief Financial Officer and Chief Operating Officer while also becoming Co-President alongside Brian Buffone.
Baglien will additionally take responsibility for leading Benefit Street Partners’ Commercial Real Estate Debt platform.
The leadership changes come as FBRT focuses on portfolio performance, capital allocation and management of a large commercial real estate debt portfolio.
FBRT originates, acquires, and manages commercial real estate debt secured by properties across the U.S. As of June 30, 2026, the company had approximately $6.4 billion in assets.
FBRT is externally managed by Benefit Street Partners, the alternative credit business owned by Franklin Templeton.
Benefit Street Partners managed approximately $96.4 billion in assets as of June 30, including Apera, across strategies such as private debt, real estate debt, structured credit, and liquid loans.
Franklin Templeton itself managed more than $1.83 trillion in assets as of August 31, 2026.
Byrne’s return provides FBRT with an executive already familiar with the company, its portfolio and its broader relationship with Benefit Street Partners.
The board said its priorities remain disciplined portfolio management and long-term shareholder value creation.
KEY QUOTES:
“Rich brings a deep understanding of FBRT, its portfolio and its strategic priorities, together with a proven record of leadership.”
“The Board is confident that his leadership, supported by the Company’s experienced management team, will provide continuity and disciplined execution.”
Elizabeth Tuppeny, Lead Independent Director of Franklin BSP Realty Trust
“Our priorities remain clear: disciplined portfolio management, prudent capital allocation, and rigorous execution of our strategy.”
Richard Byrne, CEO and Chairman of Franklin BSP Realty Trust
