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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
December 22, 2023
Franklin
BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Maryland |
001-40923 |
46-1406086 |
(State or other jurisdiction |
(Commission File Number) |
(I.R.S. Employer |
of incorporation) |
|
Identification No.) |
1345
Avenue of the Americas, Suite
32A
New York, New York 10105
(Address of principal executive offices, including
zip code)
Registrant’s telephone number, including
area code: (212) 588-6770
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see
General Instruction A.2 below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading
Symbol(s) |
Name of each exchange on which
registered |
Common
Stock, par value $0.01 per share |
FBRT |
New York Stock Exchange |
7.50%
Series E Cumulative Redeemable Preferred Stock, par value $0.01 per share |
FBRT PRE |
New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01. Other Events.
On December
22, 2023, Franklin BSP Realty Trust, Inc. (the “Company”) filed a prospectus supplement to the prospectus that forms a part
of its effective registration statement on Form S-3ASR, filed on November 12, 2021 (the “Registration Statement”) registering
the sale from time to time by the selling stockholder named therein of up to 2,557,644 shares of the Company’s common stock.
The Company will not receive any proceeds from the sale of the common stock by the selling stockholder. A copy of the opinion of Hogan
Lovells US LLP regarding the legality of the common stock is attached hereto as Exhibit 5.1 to this Current Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
|
FRANKLIN BSP REALTY TRUST, INC. |
|
|
|
|
|
|
|
By: |
/s/ Jerome S. Baglien |
|
Name: |
Jerome S. Baglien |
|
Title: |
Chief Financial Officer, Chief Operating Officer and Treasurer |
Date: December 22, 2023
Exhibit 5.1
|
Hogan Lovells US LLP
Columbia Square
555 Thirteenth Street NW
Washington, DC 20004
T +1 202 637 5600
F +1 202 637 5910
www.hoganlovells.com |
December
22, 2023
Board of Directors
Franklin BSP Realty Trust, Inc.
1345 Avenue of the Americas, Suite 32A
New York, New York 10105
Ladies and Gentlemen:
We are acting as counsel to Franklin BSP Realty
Trust, Inc., a Maryland corporation (the “Company”), in connection with the public offering by entities affiliated
with Benefit Street Partners L.L.C. (collectively, the “Selling Stockholder”) of up to 2,557,644 shares of the Company’s
common stock, par value $0.01 per share (“Common Stock”) currently issued and outstanding (the “Shares”),
pursuant to the prospectus supplement, dated December 22, 2023 (the “Prospectus Supplement”) to the Company’s
registration statement on Form S-3 (the “Registration Statement”) filed with the Securities and Exchange Commission
under the Securities Act of 1933, as amended (the “Act”) on November 12, 2021, including a base prospectus (the “Base
Prospectus” and together with the Prospectus Supplement, the “Prospectus”) that forms a part thereof. This
opinion letter is furnished to you at your request to enable you to fulfill the requirements of Item 601(b)(5) of Regulation S-K, 17 C.F.R.
§ 229.601(b)(5), in connection with the Registration Statement.
For purposes of this opinion letter, we have examined
copies of such agreements, instruments and documents as we have deemed an appropriate basis on which to render the opinions hereinafter
expressed. In our examination of the aforesaid documents, we have assumed the genuineness of all signatures, the legal capacity of all
natural persons, the accuracy and completeness of all documents submitted to us, the authenticity of all original documents, and the conformity
to authentic original documents of all documents submitted to us as copies (including pdfs). As to all matters of fact, we have relied
on the representations and statements of fact made in the documents so reviewed, and we have not independently established the facts so
relied on. This opinion letter is given, and all statements herein are made, in the context of the foregoing. For purposes of our opinion,
we assume that, to the extent that any of the Shares were originally issued by the Company prior to April 14, 2016, such Shares were,
when originally issued, duly authorized, validly issued, fully-paid and non-assessable, and were the subject of a legal opinion issued
prior to the date hereof by another firm of licensed attorneys to such effect.
Hogan Lovells US
LLP is a limited liability partnership registered in the state of Delaware. “Hogan Lovells” is an international legal practice
that includes Hogan Lovells US LLP and Hogan Lovells International LLP, with offices in: Alicante Amsterdam Baltimore Beijing Birmingham
Boston Brussels Colorado Springs Denver Dubai Dusseldorf Frankfurt Hamburg Hanoi Ho Chi Minh City Hong Kong Houston Johannesburg London
Los Angeles Luxembourg Madrid Mexico City Miami Milan Minneapolis Monterrey Munich New York Northern Virginia Paris Philadelphia Rome
San Francisco São Paulo Shanghai Silicon Valley Singapore Sydney Tokyo Warsaw Washington, D.C. Associated Offices: Budapest Jakarta
Riyadh Shanghai FTZ Ulaanbaatar. Business Service Centers: Johannesburg Louisville. Legal Services Center: Berlin. For more information
see www.hoganlovells.com
This opinion letter is based as to matters of law
solely on the Maryland General Corporation Law, as amended. We express no opinion herein as to any other statutes, rules or regulations.
Based upon, subject to and limited by the foregoing,
we are of the opinion that the Shares are validly issued, fully paid, and nonassessable.
This opinion letter has been prepared for use in
connection with the filing by the Company of a Current Report on Form 8-K on the date hereof, which Form 8-K will be incorporated by reference
into the Registration Statement and Prospectus, and speaks as of the date hereof. We assume no obligation to advise of any changes in
the foregoing subsequent to the delivery of this letter.
We hereby consent to the filing of this opinion letter
as Exhibit 5.1 to the above-described Form 8-K and to the reference to this firm under the caption “Legal Matters” in the
Prospectus. In giving this consent, we do not thereby admit that we are an “expert” within the meaning of the Act.
Very truly yours,
/s/ HOGAN LOVELLS US LLP
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