Franklin BSP Real Estate Debt, Inc. 8-K

What Happened
Franklin BSP Real Estate Debt, Inc. announced on February 26, 2026 that it entered into an Amended and Restated Advisory Agreement with Benefit Street Partners L.L.C. The amendment changes how the Company will reimburse the Advisor for operating expenses the Advisor pays on the Company’s behalf, including new caps and payment schedules that take effect starting January 1, 2026.

Key Details

• For the period January 1, 2026 through December 31, 2026, the Company will reimburse the Advisor for operating expenses up to 0.60% of Average Net Asset Value.
• Operating expenses above that 0.60% cap for 2026 will be paid in 12 equal, quarterly installments.
• The Company requires approval of its independent directors to reimburse the Advisor for amounts that exceed the greater of 2% of Average Invested Capital and 25% of Net Income (as defined in the agreement).
• Operating expenses the Advisor paid prior to January 1, 2026 will be reimbursed in 60 monthly installments; beginning January 1, 2027, reimbursements will be subject to the caps in the initial agreement.

Why It Matters
The amendment defines the amount and timing of reimbursements the Company will make to its Advisor for operating expenses. These changes clarify the Company’s payment obligations for 2026 (including a 0.60% ANAV cap and deferred payment terms) and set approval thresholds for larger reimbursements, which are material terms investors may use to evaluate the Company’s expense and cash flow commitments.