Franklin BSP Realty Trust, Inc. 8-K

What Happened

• Franklin BSP Realty Trust, Inc. filed Amendment No. 4 to the Series H Articles Supplementary on January 20, 2026 (effective on filing with the Maryland SDAT) to change the conversion terms for its Series H Convertible Preferred Stock.
• The Board and the sole holder of the Series H Preferred Stock approved the amendment (the holder provided written consent on January 14, 2026). The amendment extends the mandatory conversion date from January 21, 2026 to January 21, 2028 and allows mutual written agreement for one or more one‑year extensions before any mandatory conversion date.

Key Details

• Amendment filed: January 20, 2026; effective upon filing with Maryland State Department of Assessments and Taxation.
• Mandatory conversion date extended from January 21, 2026 to January 21, 2028; mutual one‑year extensions possible by agreement.
• Holder may convert up to 4,487 shares of Series H one time in each calendar month (through the month prior to the mandatory conversion date) with 10 business days’ advance notice.
• No other terms of the Series H Articles Supplementary were changed; the amendment is attached as Exhibit 3.1 to the 8‑K.

Why It Matters

• This is a material modification to the rights of the Series H preferred holder and affects the timing of when those preferred shares must convert into the company’s equity. For investors, a delayed mandatory conversion changes when potential dilution from conversion may occur and enables staged monthly conversions under the holder’s one‑time monthly conversion right.
• The change was approved by the sole holder and the Board and is now in effect; investors who track capital‑structure timing or potential share count changes should review the amendment (Exhibit 3.1) for full terms.