Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-10

Franklin BSP Realty Trust, Inc. (FBRT)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$1,747,984
Michael Comparato total, FY2025
CEO pay percentile vs peers
7.94:1
CEO-to-median pay ratio
88.1%
Say-on-pay support, latest vote
Companies that benchmark against FBRT
1 company names FBRT as a compensation peer

Each company listed discloses FBRT in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named FBRT in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Michael Comparato$0$0$1,747,984$0$0$0$0$1,747,984
Chief Executive Officer and Former President
Richard Byrne001,365,99400001,365,994
Former Chief Executive Officer
Jerome Baglien001,165,32600001,165,326
Chief Financial Officer and Chief Operating Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Michael Comparato$1,747,984$0$974,611+1,747,984
Richard Byrne1,365,9941,577,5851,039,506−211,591
Jerome Baglien1,165,3260756,282+1,165,326

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Joe DumarsDirector2026-06-08A12,835$0$0CommonForm 4 ↗
Pat AugustineDirector2026-06-08A12,83500CommonForm 4 ↗
Buford H. OrtaleDirector2026-06-08A12,83500CommonForm 4 ↗
Peter J. McDonoughDirector2026-06-08A12,83500CommonForm 4 ↗
Elizabeth K. TuppenyDirector2026-06-08A12,83500CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jerome BaglienRSU2025-01-2791,255$1,165,326
Michael ComparatoRSU2025-01-27136,8821,747,984
Richard ByrneRSU2025-01-27106,9691,365,994
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jerome Baglien$1,165,326$0$00.0%
Michael Comparato1,747,984000.0%
Richard Byrne1,365,994000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jerome BaglienRSU17,697$177,501
Jerome BaglienRSU50,314504,649
Michael ComparatoRSU22,810228,784
Richard ByrneRSU79,375796,131
Michael ComparatoRSU136,8821,372,926
Richard ByrneRSU106,9691,072,899
Jerome BaglienRSU91,255915,288
Michael ComparatoRSU79,243794,807
Richard ByrneRSU24,334244,070
05

Incentive-plan design — the Compensation Discussion & Analysis

The Compensation Committee is committed to developing a competitive compensation program that supports FBRT's mission and values, encourages successful execution of our business goals and recruits top talent. We believe our compensation program should support and reinforce our goals for growth, financial performance, and leadership development while aligning the interests of our executives and stockholders for long-term value creation.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantF.W. Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-0840,071,0175,413,939414,10188.1%Passed
20252025-05-2837,898,1296,943,790372,08884.51%Passed
20242024-05-2938,694,2496,659,686307,82285.32%Passed
20232023-05-3134,793,0999,017,352363,46179.42%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-0888.1%a
20252025-05-2884.51%b
20242024-05-2985.32%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will count toward the presence of a quorum but are not considered to be votes "cast" and will have no effect on the proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will count toward the presence of a quorum but are not considered to be votes "cast" and will have no effect on the proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will count toward the presence of a quorum but are not considered to be votes "cast" and will have no effect on the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)7.94 : 1
CEO total compensation$1,365,994
Median employee compensation$172,000
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Elizabeth K. TuppenyIndependent · Lead Independent Director · Audit · Compensation · Nominating and Corporate Governance$170,000$110,000$0$0$0$280,000
Jamie HandwerkerIndependent · Audit · Compensation (Chair) · Nominating and Corporate Governance · Not standing for re-election150,000110,000000260,000
Peter J. McDonoughIndependent · Audit · Compensation · Nominating and Corporate Governance (Chair)150,000110,000000260,000
Buford H. OrtaleIndependent · Audit (Chair) · Compensation · Nominating and Corporate Governance150,000110,000000260,000
Pat AugustineIndependent · Compensation · Nominating and Corporate Governance130,000110,000000240,000
Joe DumarsIndependent · Audit · Nominating and Corporate Governance130,000110,000000240,000
Richard J. ByrneNot independent · Board Chair000000
09

Board fee structure and ownership guideline

Annual cash retainer$110,000
Annual equity retainer$110,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 10,000 / 20,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$880,000
Equity awards (grant-date value)$660,000
All other compensation$0
Total cost of the board$1,540,000

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Franklin BSP Realty Trust, Inc.2025Michael Comparato$0$1,747,984$0$0$1,747,984

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Michael ComparatoDEF 14A2026-04-170001193125-26-161379Section “Summary Compensation Table”. As printed: 1,747,984. Filing ↗machine: t167 · r5 · c8 · span 543482–543491
2Section 01, Richard ByrneDEF 14A2026-04-170001193125-26-161379Section “Summary Compensation Table”. As printed: 1,365,994. Filing ↗machine: t167 · r3 · c8 · span 542484–542493
3Section 01, Jerome BaglienDEF 14A2026-04-170001193125-26-161379Section “Summary Compensation Table” · page 40. As printed: 1,165,326. Filing ↗machine: t164 · span 544854–544863
4Section 03, Jerome Baglien RSUDEF 14A2026-04-170001193125-26-161379Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t167 · r7 · c8 · span 544854–544863
5Section 03, Michael Comparato RSUDEF 14A2026-04-170001193125-26-161379Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t167 · r5 · c8 · span 543482–543491
6Section 03, Richard Byrne RSUDEF 14A2026-04-170001193125-26-161379Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t167 · r3 · c8 · span 542484–542493
7Section 07, pay ratioDEF 14A2026-04-170001193125-26-161379Section “CEO Pay Ratio”. As printed: 7.94 : 1. Filing ↗
8Section 08, Elizabeth K. TuppenyDEF 14A2026-04-170001193125-26-161379Section “Director Compensation”. As printed: 280,000. Filing ↗machine: t84 · r13 · c11 · span 281937–281944
9Section 08, Jamie HandwerkerDEF 14A2026-04-170001193125-26-161379Section “Director Compensation”. As printed: 260,000. Filing ↗machine: t84 · r7 · c11 · span 277579–277586
10Section 08, Peter J. McDonoughDEF 14A2026-04-170001193125-26-161379Section “Director Compensation”. As printed: 260,000. Filing ↗machine: t84 · r9 · c11 · span 278874–278881
11Section 08, Buford H. OrtaleDEF 14A2026-04-170001193125-26-161379Section “Director Compensation”. As printed: 260,000. Filing ↗machine: t84 · r11 · c11 · span 280217–280224
12Section 08, Pat AugustineDEF 14A2026-04-170001193125-26-161379Section “Director Compensation”. As printed: 240,000. Filing ↗machine: t84 · r3 · c11 · span 274949–274956
13Section 08, Joe DumarsDEF 14A2026-04-170001193125-26-161379Section “Director Compensation”. As printed: 240,000. Filing ↗machine: t84 · r5 · c11 · span 276236–276243
14Section 08, Richard J. ByrneDEF 14A2026-04-170001193125-26-161379Section “Director Compensation”. As printed: 0. Filing ↗
15Section 02, Joe Dumars 2026-06-08Form 42026-06-100001104659-26-072489Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Pat Augustine 2026-06-08Form 42026-06-100001104659-26-072486Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Buford H. Ortale 2026-06-08Form 42026-06-100001104659-26-072490Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, Peter J. McDonough 2026-06-08Form 42026-06-100001104659-26-072488Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Elizabeth K. Tuppeny 2026-06-08Form 42026-06-100001104659-26-072487Insider equity transaction reported since the proxy statement. Filing ↗
20Section 06, 2026 voteForm 8-K2026-06-090001104659-26-071863Item 5.07 · say-on-pay result. As reported: 88.1% (votes for as printed: 40,071,017). Filing ↗
21Section 06, 2025 voteForm 8-K2025-06-020001104659-25-055560Item 5.07 · say-on-pay result. As reported: 84.51% (votes for as printed: 37,898,129). Filing ↗
22Section 06, 2024 voteForm 8-K2024-05-310001104659-24-067175Item 5.07 · say-on-pay result. As reported: 85.32% (votes for as printed: 38,694,249). Filing ↗
23Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
24Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
25Section 09b board cost (computed)ComputedcomputedCash 880,000 + equity 660,000 + all other 0 = 1,540,000, summed across the director compensation table rows.machine: formula: Σ = 1,540,000
26Franklin BSP Realty Trust, Inc. (subject), Section 10b CEO totalDEF 14A2026-04-170001193125-26-161379CEO total compensation as printed in Franklin BSP Realty Trust, Inc.'s own proxy. As printed: 1,747,984. Filing ↗machine: t167 · r5 · c8 · span 543482–543491