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- Departure of CEO (new) — The company's CEO resigned, triggering a leadership change disclosure.
Franklin BSP Realty Trust reappoints Richard Byrne as CEO after Michael Comparato resigns
Filed September 17, 2026 · Period ending September 15, 2026 · ~1 min read
Key Changes
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Richard J. Byrne, Chairman and former CEO, has been reappointed Chief Executive Officer effective immediately, succeeding Michael Comparato.
Item 5.02 verify on EDGAR → -
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Michael Comparato resigned as CEO on September 15, 2026, citing a desire to step back from day-to-day executive responsibilities and spend more time with his family.
Item 5.02 verify on EDGAR → -
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Jerome S. Baglien, CFO and COO, has been appointed Co-President alongside Brian Buffone and will lead BSP's Commercial Real Estate Debt platform.
Item 5.02 verify on EDGAR →
Summary
Franklin BSP Realty Trust announced a leadership transition: Michael Comparato resigned as CEO on September 15, 2026, and the board immediately reappointed Richard J. Byrne, the company's Chairman and former CEO, to the role. Byrne previously served as CEO from 2016 to February 2026. Comparato will remain as a senior advisor to Benefit Street Partners through 2027.
The resignation of a CEO is a material event for shareholders, as it can signal strategic or operational shifts. However, the company has moved quickly to install a familiar leader in Byrne, which may provide continuity. Jerome Baglien, the CFO and COO, has also been elevated to Co-President, expanding his responsibilities.
Investors should note that the filing does not indicate any disagreement or performance issues behind Comparato's departure; it cites personal reasons. The swift reappointment of Byrne suggests the board had a ready succession plan.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
FBRT reappoints Richard J. Byrne as CEO after Michael Comparato resigns; CFO/COO Jerome Baglien becomes Co-President.
Added in current filing · verify on EDGAR →
the Board of Directors (the “Board”) of Franklin BSP Realty Trust, Inc. (the “Company”) reappointed Richard J. Byrne as the Company’s Chief Executive Officer, effective immediately.
Richard J. Byrne, who previously served as CEO from 2016 to February 2026, has been reappointed as CEO effective immediately. He will continue to serve as Chairman of the Board.
Added in current filing · verify on EDGAR →
Mr. Byrne succeeds Michael Comparato, who resigned as the Company’s Chief Executive Officer on September 15, 2026.
Michael Comparato resigned as CEO on September 15, 2026. He will continue to serve as an advisor to Benefit Street Partners L.L.C., the Company's external advisor.
Added in current filing · verify on EDGAR →
the Board also appointed Jerome S. Baglien, the Company’s Chief Financial Officer and Chief Operating Officer, to serve as Co-President of the Company, effective immediately.
Jerome S. Baglien, currently CFO and COO, has been appointed Co-President effective immediately. He retains his existing CFO and COO roles.
Event · Exhibit 99.1
FBRT reappoints Chairman Richard Byrne as CEO after Michael Comparato resigns; CFO/COO Jerry Baglien adds Co-President role.
Added in current filing · view on EDGAR →
Richard Byrne, Chairman of the Board and the Company’s former Chief Executive Officer, has been reappointed as Chief Executive Officer, effective September 16, 2026.
Richard Byrne, the Chairman of the Board and former CEO, returns to the CEO role effective September 16, 2026. He succeeds Michael Comparato, who resigned the prior day.
Added in current filing · view on EDGAR →
Jerry Baglien will continue to serve as FBRT’s Chief Financial Officer and Chief Operating Officer. He was also appointed Co-President of FBRT, alongside Brian Buffone, and will assume responsibility for leading BSP’s Commercial Real Estate Debt platform.
Jerry Baglien retains his CFO and COO titles and adds Co-President, sharing the role with Brian Buffone. He also takes on leadership of BSP's Commercial Real Estate Debt platform.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 18, 2026 · How we verify