Franklin BSP Realty Trust Names Michael Comparato As New CEO

The transition supports FBRT’s long-term strategic goals amid a dynamic commercial real estate market.

February 11, 2026

Leadership Shift to Support Execution

Franklin BSP Realty Trust has made a clear move to position itself for what’s next. Effective immediately, Michael Comparato steps into the CEO role, while Brian Buffone is promoted to President. The changes are part of a planned leadership transition and reflect a focus on long-term execution in a shifting real estate environment.

Comparato, who previously served as President, has been closely involved in building FBRT’s commercial real estate platform. His leadership will continue to drive investment strategy and operational discipline. Buffone, a long-time member of the investment team, brings deep experience with the portfolio and will play a central role in day-to-day execution.

Richard Byrne, who previously held both CEO and Chairman roles, remains Chairman of the Board. His ongoing involvement adds continuity and oversight at a time when focus on strategic discipline remains critical.

Strategic Continuity and Market Positioning

FBRT’s board framed the leadership shift as part of its existing succession plan. The company is staying the course on its strategy and leaning on experienced leadership to manage the portfolio through ongoing macroeconomic headwinds.

As of September 30, 2025, FBRT reported $6.2 billion in assets, primarily tied to U.S. commercial real estate debt. It is externally managed by Benefit Street Partners, a subsidiary of Franklin Resources.

With rates still in flux and borrowers facing pressure, FBRT is making sure it’s aligned to move with discipline. The leadership transition is aimed at reinforcing that goal—bringing together internal continuity with a sharpened focus on execution.