BENEFIT STREET PARTNERSFRANKLIN BSP REALTY TRUST, INC.

9 West 57thStreet,1345 Avenue of the Americas, Suite 492032A

New York, New York 1001910105

PROXY STATEMENT FOR

2023 ANNUAL MEETING OF STOCKHOLDERS

TheTO BE HELD May 31, 2023

This proxy card, mailed together with this proxy statement (this “Proxy Statement”) and our Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”), is solicitedbeing furnished by and on behalf of the board of directors (the “Board of Directors” or the “Board”) of Benefit Street PartnersFranklin BSP Realty Trust, Inc., a Maryland corporation, (the “Company”(“the Company”, “FBRT”, “we”, “us” or “our”), for usein connection with the solicitation of proxies to be voted at the 2020Company’s 2023 Annual Meeting of Stockholders (the “Annual Meeting”) and at any adjournment or postponement thereof. References in this Proxy StatementWe are furnishing the proxy materials for the Annual Meeting electronically using the Internet through the mailing to “we,” “us,” “our,” “our company,” or like terms refer to the Company, and references in this Proxy Statement to “you” refer to theour stockholders of the Company. The mailing addressa Notice of our principal executive offices is 9 West 57thStreet, Suite 4920, New York, New York 10019. ThisInternet Availability of Proxy Statement,Materials, or the Notice of Annual Meetingand Access Card. The proxy statement, proxy card and our 2019 Annual Report have either been mailed2022 annual report to youstockholders will be distributed or made available to you on the Internet. Mailing to our stockholders commencedof record on or about April 3, 2020.

[●], 2023.

Important Notice Regarding the Availability of Proxy Materials

for the Annual Stockholders Meeting to be Held on Thursday,Wednesday, May 28, 2020

31, 2023

This Proxy Statement, the Notice of Annual Meeting and our 20192022 Annual Report are available at:

www.proxyvote.com/BSPRT

www.ProxyVote.com/FBRT

In addition, any stockholder may request to receive proxy materials electronically by email on an ongoing basis. Choosing to receive proxy materials by email saves the Company the cost of printing and mailing documents to stockholders and will reduce the impact of annual meetings on the environment. A stockholder’s election to receive proxy materials by email will remain in effect until the stockholder terminates it.

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INFORMATION ABOUT THE MEETING AND VOTING

What is the date of the Annual Meeting and where will it be held?

The Annual Meeting will be held on Thursday,Wednesday, May 28, 2020,31, 2023, commencing at commencing at 10:11:00 A.M. (Eastern time) at the offices of Hogan Lovells US LLP, 390 Madison Avenue, New York, NY, 10017. While we intend to hold the. The Annual Meeting will be held in person, we are actively monitoringvirtual format only.

Why did I receive a notice in the coronavirus (COVID-19) situation. Inmail regarding the event it is not possible or advisable to hold the Annual Meeting in person, we will announce the alternative meeting arrangements inInternet availability of proxy materials instead of a press release filed with thepaper copy of proxy materials?

The United States Securities and Exchange Commission (the “SEC”) has approved “Notice and Access” rules relating to the delivery of proxy materials over the Internet. These rules permit us to furnish proxy materials, including this proxy statement and our annual report, to our stockholders by providing access to such documents on the Internet instead of mailing printed copies. Most stockholders will not receive paper copies of the proxy materials unless they request them. Instead, the Notice and Access Card, which will be mailed to our stockholders, provides instructions regarding how you may access and review all of the proxy materials on the Internet. The Notice and Access Card also instructs you as promptly as practicable.to how you may authorize your proxy via the Internet or by telephone. If you would like to receive a paper or email copy of our proxy materials, you should follow the instructions for requesting such materials printed on the Notice and Access Card.

Can I vote my shares by filling out and returning the Notice and Access Card?

No. The Notice and Access Card identifies the items to be voted on at the Annual Meeting, but you cannot vote by marking the Notice and Access Card and returning it. The Notice and Access Card provides instructions on how to authorize your proxy via the Internet or by telephone or vote in person at the Annual Meeting or to request a paper proxy card, which will contain instructions for authorizing a proxy by the Internet, by telephone or by returning a signed paper proxy card.

How can I participate at the virtual Annual Meeting?

The Annual Meeting will be conducted via live webcast. You are encouragedentitled to monitor our website atwww.bsprealtytrust.comparticipate in the Annual Meeting only if you were a stockholder as of the close of business on April 10, 2023 or if you hold a valid proxy for updated information about the Annual Meeting.

You may attend the annual meeting live online at www.virtualshareholdermeeting.com/FBRT2023. If you virtually attend the annual meeting you can vote your shares electronically, and submit your questions during the annual meeting. To participate in the Annual Meeting, you will need the 16-digit control number included on your proxy card or on the voter instruction form that accompanied your proxy materials.

The meeting webcast will begin promptly at 11:00 a.m. Eastern Time on May 31, 2023. Online access will begin at 10:45 a.m. Eastern Time, and we encourage you to access the meeting prior to the start time.

Will I be able to participate in the online annual meeting on the same basis I would be able to participate in a live annual meeting?

Yes. We designed the format of the online annual meeting to ensure that our stockholders who attend our annual meeting will be afforded the same rights and opportunities to participate as they would at an in-person meeting and to enhance stockholder access, participation and communication through online tools.

If you were a stockholder as of the close of business on April 10, 2023 and access the Annual Meeting using the 16-digit control number included on your proxy card or on the voter instruction form that accompanied your proxy materials, you can submit questions electronically at the Annual Meeting during the webcast. During the live Q&A session of the meeting, members of our executive leadership team and our Chairman of the Board will answer questions as they come in, as time permits. To ensure the meeting is conducted in a manner that is fair to all stockholders, the Chairman (or such other person

What will I be voting on at the Annual Meeting?

At the Annual Meeting, you will be asked to:

The Board of Directors does not know of any matters that may be considered at the Annual Meeting other than the matters set forth above.

Who can vote at the Annual Meeting?

The record date for the determination of holders of shares of our common stock, par value $0.01 per share (“Common Stock”), and shares of our Series AH Convertible Preferred Stock, par value $0.01 per share (“Series AH Preferred Stock”), and shares of our Series C Convertible Preferred Stock, par value $0.01 per share (“Series C Preferred Stock,” and together with the Series A Preferred Stock, the “Preferred Stock”) entitled to notice of and to vote at the Annual Meeting, or any adjournment or postponement of the Annual Meeting, is the close of business on March 20, 2020.April 10, 2023. As of the record date, approximately 44,385,162[82,572,550] shares of our Common Stock 40,514and 17,950 shares of our Series A Preferred Stock and 1,400 shares of our Series CH Preferred Stock were issued and outstanding and entitled to vote at the Annual Meeting. Holders of shares of Series H Preferred Stock are entitled to vote on an as-converted basis on each matter upon which the holders of Common Stock are entitled to vote, voting together as a single class. Each share of Series H Preferred Stock is currently convertible into 299.2 shares of Common Stock.

How many votes do I have?

Each share of Common Stock entitles the holder to one vote on each matter considered at the Annual Meeting or any adjournment or postponement thereof. Each share of Series H Preferred Stock entitles the holder to 299.2 votes (rounded down to the nearest whole number) on each matter considered at the Annual Meeting or any adjournment or postponement thereof. The proxy card shows the number of shares you are entitled to vote.

How may I vote?

You may vote in person atelectronically during the Annual Meeting on the virtual meeting website, or by proxy. InstructionsThe Notice and Access Card provides instructions on how to authorize your proxy via the Internet or by telephone or vote electronically at the annual meeting or to request a paper proxy card, which will contain instructions for authorizing a proxy by the Internet, by telephone or by returning a signed paper proxy card by mail.

Stockholders may vote during the Annual Meeting by following the instructions available on the meeting website during the meeting. Please see “How can I participate at the virtual Annual Meeting” above for instructions on how to participate in person voting can be obtained by calling ourthe virtual meeting. If they request paper copies of the proxy solicitor, Broadridge Investor Communication Solutions, Inc. (“Broadridge”) at (855) 601-2252. Stockholdersmaterials, stockholders may submit their votes by proxy by mail by completing, signing, dating and returning their proxy card in the enclosed envelope. Stockholders also have the following two options for authorizing a proxy to vote their shares:

For those stockholders with Internet access,Even if you plan to attend the virtual Annual Meeting, we encourage you to authorize a proxy to vote your shares via the Internet or telephone beforehand, a convenient means of authorizing a proxy that also provides cost savings to us that benefit you as a stockholder. In addition, when you authorize a proxy to vote your shares via the Internet or by telephone prior to the Annual Meeting date, your proxy authorization is recorded immediately, and there is no risk that postal delays will cause your vote by proxy to arrive late and, therefore, not be counted. For further instructions on authorizing a proxy to vote your shares, see your proxy card. You may also vote your shares at the Annual Meeting. If you attend the virtual Annual Meeting, you may submit your vote in person,electronically, and any previous votes that you submitted by mail or authorized by Internet or telephone will be superseded by the vote that you cast at the Annual Meeting.

How will proxies be voted?

Shares represented by valid proxies will be voted at the Annual Meeting in accordance with the directions given. If the enclosedyour proxy card is signed and returned without any directions given, the shares will be voted “FOR” (i) the election of fiveseven director nominees named in this Proxy Statementproxy statement for a term of one year, until our 20212024 annual meeting of stockholders and until their successors are duly elected and qualify; and (ii) the amendment to the Charter to eliminate supermajority voting requirements; (iii) the ratification of the appointment of EYErnst & Young LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2020.

2023, and (iv) the advisory vote on the compensation of our named executive officers, and “EVERY YEAR” for the frequency of future advisory votes on the compensation of our named executive officers.

The Board does not intend to present, and has no information indicating that others will present, any business at the Annual Meeting other than as set forth in the attached Notice of Annual Meeting of Stockholders and this Proxy Statement.proxy statement. However, if other matters requiring the vote of our stockholders come before the Annual Meeting, it is the intention of the persons named in the proxy to vote the proxies held by them in their discretion.

How can I change my vote or revoke a proxy?

You have the unconditional right to revoke your proxy at any time prior to the voting thereof by (i) submitting a later-dated proxy either by telephone, via the Internet or in the mail to our proxy solicitor at the following address: Vote Processing, c/o Broadridge, Investor Communication Solutions, Inc., 51 Mercedes Way, Edgewood, NY 11717; or (ii) by attendingvoting electronically at the virtual Annual Meeting and voting in person.Meeting. No written revocation of your proxy shall be effective, however, unless and until it is received at or prior to the Annual Meeting.

What if I return my proxy card but do not mark it to show how I am voting?

If your proxy card is signed and returned without any direction given, your shares will be voted as recommended by the Board.

What vote is required to approve each item?

There is no cumulative voting in the election of our directors. EachUnder our bylaws, a nominee for director isin an uncontested election shall be elected byto our Board if the affirmative vote ofvotes cast for such nominee’s election exceed the holders of a majority of all shares of stock of the Company entitled to vote who are present in person or by proxy at the meeting.votes cast against such nominee’s election. Each share of our voting stock may be voted for as many individuals as there are directors to be elected and for whose election the share is entitled to be voted. For purposes of the election of directors, abstentionsAbstentions 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 election of our directors.

For the proposal to amend the Charter to eliminate supermajority voting requirements, the affirmative vote of the holders of not less than two-thirds of the shares then outstanding and entitled to vote at the Annual Meeting is required to approve the proposal. Abstentions and broker non-voteswill have the same effect as votes cast against each director. of a vote “against” the proposal.

The proposal to ratify the appointment of EY as the Company’s independent registered public accounting firm requires the affirmative vote of at least a majority of all the votes cast on the proposal. For purposes of ratification of the appointment of EY as the Company’s independent registered public accounting firm, abstentions and broker non-votesAbstentions will count towardtowards the presence of a quorum but will have no effect on the proposal. Because the proposal to ratify the appointment of EY as the Company’s independent registered public accounting firm is considered to be a “routine” matter under New York Stock Exchange (“NYSE”) rules, we do not expect there to be any broker non-votes on that proposal.

The advisory vote to approve the compensation of the Company’s named executive officers requires the affirmative vote of at least a majority of all the votes cast on the proposal. 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.

Because the advisory vote on the frequency of future advisory votes the compensation of the Company’s named executive officers on provides stockholders with the option to vote to hold an advisory vote once every one, two, or three years, an affirmative majority of the votes cast on the proposal may not be reached for any of the frequency options presented. Accordingly, a plurality of the votes cast for the proposal will be considered the stockholders’ preferred frequency for holding future advisory votes to approve the compensation of the Company’s named executive officers. Abstentions and broker non-votes will not affect the outcome of the vote.

For each of the proposals, holders of the Series H Preferred Stock and holders of the Common Stock shall be deemed to vote together as a single class.

What is a “broker non-vote”?

A “broker non-vote” occurs when a broker who holdsnominee holding shares for thea beneficial owner does not vote on a particular proposal because the brokernominee does not have discretionary voting authoritypower for that proposalparticular item and has not received instructions from the beneficial ownerowner. Brokerage firms have the authority under NYSE rules to cast votes on certain “routine” matters if they do not receive instructions from their customers. The ratification of the shares.appointment of EY as the Company’s independent registered public accounting firm is considered a “routine” matter for which brokerage firms may vote shares for which they did not receive instructions from beneficial owners. All other items on this year’s ballot are “non-routine” matters under the NYSE rules for which brokers may not vote absent voting instructions from the beneficial owner.

Are stockholders entitled to appraisal rights in connection with any of the proposals?

None of the proposals, if approved, entitle stockholders to appraisal rights under Maryland law or the Company’s Charter.

What constitutes a “quorum”?

The presence at the Annual Meeting, in person or represented by proxy, of stockholders entitled to cast a majority of all the votes entitled to be cast at the Annual Meeting constitutes a quorum. Abstentions and broker non-votes will be counted as present for the purpose of establishing a quorum.

Will you incur expenses in soliciting proxies?

We are soliciting the proxy on behalf of the Board, and we will pay all of the costs of preparing, assembling and mailing the proxy materials.soliciting these proxies. We have retainedengaged Broadridge Investor Communication Solutions, Inc. (“Broadridge”) to, aidamong other things, assist us in the solicitation ofdistributing proxy materials and soliciting proxies. We expect to pay Broadridge will receive a feeaggregate fees of approximately $186,000$27,500 to distribute and solicit proxies plus other fees and expenses for other services related to this proxy solicitation, services provided for us, which includes the reimbursement for certain costsincluding distributing proxy materials; disseminating brokers’ search cards; distributing proxy materials; operating online and out-of-pocket expenses incurred in connection with their services, alltelephone voting systems; and receiving of which will be paid by us. We will request banks, brokers, custodians, nominees, fiduciaries and other record holders to make available copies of this Proxy Statement to people on whose behalf they hold shares of Common Stock and to request authority for the exercise of proxies by the record holders on behalf of those people.executed proxies. In compliance with the regulations of the Securities and Exchange Commission (“SEC”),SEC, we will also reimburse such personsbrokerage houses and other custodians, nominees and fiduciaries for their reasonable out-of-pocketexpenses incurred by them in making availableto the extent they forward proxy and solicitation materials to the beneficial ownersour stockholders. Our directors and officers and employees of sharesaffiliates of our Common Stock.advisor, Benefit Street Partners L.L.C. (the “Advisor”), may also solicit proxies on our behalf in person, via the Internet, by telephone or by any other electronic means of communication we deem appropriate, for which they will not receive any additional compensation.

Is this Proxy Statement the only way that proxies are being solicited?

As the dateNo. In addition to our mailing proxy solicitation material, our directors and officers and employees of Broadridge and affiliates of the Annual Meeting approaches, certain stockholders whose votes have not yet been receivedAdvisor may receive aalso solicit proxies in person, via the Internet, by telephone call from a representativeor by any other electronic means of Broadridge. Votes that are obtained telephonically will be recorded in accordance with the procedures described below. The Board believes that these procedures are reasonably designed to ensure that both the identity of the stockholder casting the vote and the voting instructions of the stockholder are accurately determined.communication we deem appropriate.

In all cases where a telephonic proxy is solicited, the call is recorded and the Broadridge representative is required to confirm each stockholder’s full name, address and zip code, and to confirm that the stockholder has received the proxy materials. If the stockholder is a corporation or other entity, the Broadridge representative is required to confirm that the person is authorized to direct the voting of the shares. If the information solicited agrees with the information provided to Broadridge, then the Broadridge representative has the responsibility to explain the process, read the proposal listed on the proxy card and ask for the stockholder’s instructions on the proposal. Although the Broadridge representative is permitted to answer questions about the process, he or she is not permitted to recommend to the stockholder how to vote, other than to read any recommendation set forth in this Proxy Statement. Broadridge will record the stockholder’s instructions on the card. Within 72 hours, the stockholder will be sent a letter to confirm his or her vote and ask the stockholder to call Broadridge immediately if his or her instructions are not correctly reflected in the confirmation.

What does it mean if I receive more than one proxy card?

card or Notice of Internet Availability of Proxy Materials?

Some of your shares may be registered differently or held in a different account.account and/or you may hold shares of Common Stock and Preferred Stock. You should authorize a proxy to vote the shares in each of your accounts and all classes of securities held by mail, by telephone or via the Internet. If you mail proxy cards, please sign, date and return each proxy card to guarantee that all of your shares are voted. If you hold your shares in registered form and wish to combine your stockholder accounts in the future, you should call our Investor Relations department at (844) 785-4393. Combining accounts reduces excess printing and mailing costs, resulting in cost savings to us that benefit you as a stockholder.

What if I receive only one set of proxy materials although there are multiple stockholders at my address?

The SEC has adopted a rule concerning the delivery of documents filed by us with the SEC, including proxy statements and annual reports. The rule allows us and brokers to send a single set of any annual report, proxy statement,materials, including proxy statement combined with a prospectus or information statementstatements and notices, to any household at which two or more stockholders reside if they share the same last name or we reasonably believe they are members of the same family. This procedure is referred to as “Householding.” This rule benefits both you and us. It reduces the volume of duplicate information received at your household and helps us reduce expenses. Each stockholder subject to Householding will continue to receive a separate proxy card or voting instruction card.

We will promptly deliver, upon written or oral request, a separate copy of our 2019 Annual Report2022 annual report or this Proxy Statement,proxy statement, as applicable, to a stockholder at a shared address to which a single copy was previously delivered. If your household received a single set of disclosure documents for this year, but you would prefer to receive your own copy, you may direct requests for separate copies by calling our Investor Relations department at (844) 785-4393(212) 588-6761 or by mailing a request to Benefit Street PartnersFranklin BSP Realty Trust, Inc., 9 West 57thStreet,1345 Avenue of the Americas, Suite 4920,32A, New York, New York 10019,10105, Attention: Investor Relations. Likewise, if your household currently receives multiple sets of notices or disclosure documents and you would like to receive one set, please contact us.

Where can I find more information?

Whom should I callYou may access, read and print copies of the proxy materials for additional information about voting by proxy or authorizing a proxy by telephone or Internet to vote my shares?

Please call Broadridge, our proxy solicitor, at (855) 601-2252.

Whom should I call with other questions?

If you have additional questions aboutthis year’s Annual Meeting, including this Proxy Statement, form of proxy card, and annual report to stockholders, at the following website: www.proxyvote.com/FBRT.

You can request a paper or the Annual Meeting or would like additional copieselectronic copy of this Proxy Statement, or our 2019 Annual Report or any documents relating to any of our future stockholder meetings, please contact: Benefit Street Partners Realty Trust, Inc. 9 West 57thStreet, Suite 4920, New York, New York 10019, Attention: Investor Relations, Telephone: (844) 785-4393, E-mail:info@bsprealtytrust.com,website:www.bsprealtytrust.com.

How do I submit a stockholder proposal for next year’s annual meeting, and what is the deadline for submitting a proposal?

In order for a stockholder proposal to be properly submitted for presentation at our 2021 annual meeting and included in our proxy materials, we must receive noticefree of the proposal on or before December 4, 2020. All such proposals must comply with Rule 14a-8 under the Exchange Act.

In order for a stockholder proposal to be properly submitted for presentation at our 2021 annual meeting, but not for inclusion in our proxy materials, we must receive notice, via registered, certified or express mail, not earlier than November 4, 2020, and not later than 5:00 p.m., Eastern Time, on December 4, 2020. All proposals must contain the information specified in, and otherwise comply with, our bylaws.

All proposals should be sent to 9 West 57thStreet, Suite 4920, New York, New York 10019, Attention: Investor Relations. For additional information, see “Stockholder Proposals for the 2021 Annual Meeting.”

UNLESS SPECIFIED OTHERWISE, THE PROXIES WILL BE VOTED “FOR” (I) THE ELECTION OF THE FIVE NOMINEES NAMED IN THIS PROXY STATEMENT TO SERVE AS DIRECTORS OF THE COMPANY FOR A TERM OF ONE YEAR UNTIL THE COMPANY’S 2021 ANNUAL MEETING OF STOCKHOLDERS AND UNTIL THEIR SUCCESSORS ARE DULY ELECTED AND QUALIFY; AND (II) THE RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE YEAR ENDING DECEMBER 31, 2020. IN THE DISCRETION OF THE PROXY HOLDERS, THE PROXIES WILL ALSO BE VOTED “FOR” OR “AGAINST” SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING. MANAGEMENT IS NOT AWARE OF ANY OTHER MATTERS TO BE PRESENTED FOR ACTION AT THE ANNUAL MEETING.charge:

We also file annual, quarterly and current reports, proxy statements and other information with the SEC. You may read and copy any reports, statements or other information we file with the SEC on the web site maintained by the SEC at www.sec.gov.