Initial Statement of Beneficial Ownership (Form 3)

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * Buffone Brian 2. Date of Event Requiring Statement (Month/Day/Year) 02/10/2026 3. Issuer Name and Ticker or Trading Symbol Franklin BSP Realty Trust, Inc. [FBRT] (Last) (First) (Middle) C/O FRANKLIN BSP REALTY TRUST, INC., ONE MADISON AVENUE, SUITE 1600 4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) President 5. If Amendment, Date Original Filed (Month/Day/Year) (Street) NEW YORK, NY 10010 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4) 2. Amount of Securities Beneficially Owned (Instr. 4) 3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) 4. Nature of Indirect Beneficial Ownership (Instr. 5) Common Stock 216,081(1) D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Buffone Brian C/O FRANKLIN BSP REALTY TRUST, INC. ONE MADISON AVENUE, SUITE 1600 NEW YORK, NY 10010			President

Signatures

/s/ Brian Buffone, By: Micah Goodman, Attorney-in-Fact		02/20/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Includes 97,238 unvested restricted stock units ("RSUs") granted pursuant to the Issuer's 2021 Equity Incentive Plan. The RSUs vest in equal annual installments beginning on the anniversary of the date of grant over a period of three years, subject to continued qualifying service, with 16,675 RSUs scheduled to vest in 2027, 30,433 RSUs scheduled to vest in 2028 and 50,130 RSUs scheduled to vest in 2029. One share of the Issuer's common stock will be issued for each RSU upon vesting.
Remarks: Exhibit 24: Power of Attorney

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