Baglien Jerome S. 4

What Happened
Jerome S. Baglien, CFO and COO of Franklin BSP Realty Trust (FBRT), received a grant of 100,261 restricted stock units (RSUs) on January 27, 2026 (reported Jan 28, 2026). The grant is reported at $0.00 per share (an RSU award rather than an open-market purchase). On the same date 27,264 shares were disposed of (withheld) to satisfy tax withholding obligations at $10.17 per share for a total withholding value of $277,275. The RSUs were granted under the Issuer’s 2021 Equity Incentive Plan.

Key Details

• Transaction dates and prices: 2026-01-27 — Award (A) of 100,261 RSUs @ $0.00; Tax withholding (F) of 27,264 shares @ $10.17 (total $277,275).
• Shares owned after transaction: Not specified in the Form 4.
• Notable footnotes: F1 — RSUs vest in three equal annual installments beginning Jan 27, 2027, subject to continued service; one share issued per RSU upon vesting. F2 — Withheld shares cover tax obligations for RSUs awarded on Jan 27, 2023; Feb 1, 2024; and Jan 27, 2025.
• Filing timeliness: Reported on 2026-01-28 for transactions dated 2026-01-27 (filed promptly).

Context
RSU grants are compensation awards that convert into common shares as they vest; they are not open-market purchases and are generally routine executive compensation. The withheld shares represent tax withholding and reduce the net shares the insider will receive when RSUs vest. Such awards indicate compensation alignment but are not direct bullish purchases of stock.