Benefit Street Partners L.L.C.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Item 11.H. of Part
1A or Item 2.F. of Part 1B of Form ADV.
Civil Judicial
Check Part 1A item(s) being responded to:
11.H(1)(a)
11.H(1)(b)
11.H(1)(c)
11.H(2)
Check Part 1B item(s) being responded to:
2.F(1)
2.F(2)
2.F(3)
2.F(4)
2.F(5)
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the
same event. Unrelated civil judicial actions must be reported on separate DRPs.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
8166489
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
Baglien, Jerome, Stephen
(For individuals, Last, First,
Middle)
CRD
Number:
8166488
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
Comparato, Michael, Anthony
(For individuals, Last, First,
Middle)
CRD
Number:
1414142
This advisory affiliate is 
a Firm
an Individual

Registered:
Yes
No
Name:
BYRNE, RICHARD, JAN
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H.
(1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) 
ROBERT MOSES
2.
Principal Relief Sought:
Money Damages (Private/Civil Complaint)
Other Relief Sought: 
REASONABLE COSTS AND EXPENSES INCURRED IN THE ACTION, INCLUDING COUNSEL FEES AND EXPERT FEES
3.
Filing Date of Court Action (MM/DD/YYYY):
02/26/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
5.
Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case
Number): 
UNITED STATES DISTRICT COURT, EASTERN DISTRICT OF NEW YORK (EDNY), CASE 1:26-CV-01107
6.
Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 
BENEFIT STREET PARTNERS, L.L.C.
7.
Describe the allegations related to this civil action (your response must fit within the space provided): 
A PUTATIVE SECURITIES CLASS ACTION ALLEGES VIOLATIONS OF SECTIONS 10(B) AND 20(A) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULE
10B-5. THE COMPLAINT ALLEGES THAT DEFENDANTS MADE MATERIALLY FALSE AND MISLEADING STATEMENTS AND OMISSIONS REGARDING THE
COMPANY'S DIVIDEND SUSTAINABILITY, EARNINGS, AND BUSINESS PROSPECTS, INCLUDING STATEMENTS CONCERNING THE COMPANY'S ABILITY TO
MAINTAIN ITS DIVIDEND AND EXPECTED FUTURE EARNINGS, DURING THE PERIOD FROM NOVEMBER 5, 2024 THROUGH FEBRUARY 11, 2026. PLAINTIFF
ALLEGES THAT THESE STATEMENTS ARTIFICIALLY INFLATED THE PRICE OF THE COMPANY'S SECURITIES AND THAT INVESTORS SUFFERED DAMAGES
FOLLOWING CORRECTIVE DISCLOSURES, INCLUDING A DIVIDEND REDUCTION.
8.
Current Status? 
 Pending
 On Appeal
 Final
9.
If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 
10. If pending, date notice/process was served (MM/DD/YYYY):
02/26/2026
 Exact
 Explanation
If not exact, provide explanation:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only.

11. How was matter resolved:
12. Resolution Date (MM/DD/YYYY): 
 Exact
 Explanation
If not exact, provide explanation:
13. Resolution Detail:
A.  Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)?
Monetary/Fine Amount: $
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions:
C.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must
fit within the space provided). 
ON FEBRUARY 26, 2026, A PUTATIVE CLASS ACTION COMPLAINT WAS FILED IN THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF
NEW YORK BY ROBERT MOSES AGAINST FRANKLIN BSP REALTY TRUST, INC. AND CERTAIN OF ITS SENIOR EXECUTIVES, INCLUDING THE DISCLOSED
ADVISORY AFFILIATES. THE COMPLAINT ALLEGES THAT, DURING THE PERIOD FROM NOVEMBER 5, 2024 THROUGH FEBRUARY 11, 2026, DEFENDANTS
MADE MATERIALLY FALSE AND MISLEADING STATEMENTS REGARDING THE COMPANY'S DIVIDEND SUSTAINABILITY, EARNINGS, AND BUSINESS
PROSPECTS. THE COMPLAINT FURTHER ALLEGES THAT THE COMPANY'S EARNINGS DID NOT SUPPORT ITS DIVIDEND AND THAT THE COMPANY
OVERSTATED ITS ABILITY TO MAINTAIN THE DIVIDEND. THE ALLEGED CORRECTIVE DISCLOSURES INCLUDE THE ANNOUNCEMENT OF A DIVIDEND
REDUCTION FROM $0.355 TO $0.20 PER SHARE AND RELATED DISCLOSURES REGARDING EARNINGS AND BUSINESS PERFORMANCE, AFTER WHICH THE
COMPANY'S STOCK PRICE DECLINED. THE ACTION SEEKS DAMAGES AND OTHER RELIEF ON BEHALF OF A PUTATIVE CLASS OF INVESTORS. THE MATTER
IS PENDING AND THE DEFENDANTS DENY THE ALLEGATIONS.

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Item 11.H. of Part
1A or Item 2.F. of Part 1B of Form ADV.
Civil Judicial
Check Part 1A item(s) being responded to:
11.H(1)(a)
11.H(1)(b)
11.H(1)(c)
11.H(2)
Check Part 1B item(s) being responded to:
2.F(1)
2.F(2)
2.F(3)
2.F(4)
2.F(5)
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page.
One event may result in more than one affirmative answer to Item 11.H. of Part 1A or Item 2.F. of Part 1B. Use only one DRP to report details related to the
same event. Unrelated civil judicial actions must be reported on separate DRPs.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
1414142
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No

Name:
BYRNE, RICHARD, JAN
(For individuals, Last, First,
Middle)
CRD
Number:
8166488
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
Comparato, Michael, Anthony
(For individuals, Last, First,
Middle)
CRD
Number:
8166489
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
Baglien, Jerome, Stephen
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.H.
(1)(a), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Court Action initiated by: (Name of regulator, foreign financial regulatory authority, SRO, commodities exchange, agency, firm, private plaintiff, etc.) 
JOHN E. TRAINA, DERIVATIVELY ON BEHALF OF FRANKLIN BSP REALTY TRUST, INC.
2.
Principal Relief Sought:
Money Damages (Private/Civil Complaint)
Other Relief Sought: 
(1) DECLARATIONS THAT PLAINTIFF MAY MAINTAIN THE ACTION ON BEHALF OF FRANKLIN BSP REALTY TRUST, INC. AND THAT PLAINTIFF IS AN
ADEQUATE REPRESENTATIVE OF FRANKLIN BSP REALTY TRUST, INC. AND THAT THE INDIVIDUAL DEFENDANTS HAVE BREACHED AND/OR AIDED AND
ABETTED THE BREACH OF THEIR FIDUCIARY DUTIES TO FRANKLIN BSP REALTY TRUST, INC.; (2) A DIRECTION TO FRANKLIN BSP REALTY TRUST, INC. AND
THE INDIVIDUAL DEFENDANTS TO REFORM AND IMPROVE CORPORATE GOVERNANCE AND INTERNAL PROCEDURES TO COMPLY WITH APPLICABLE
LAWS; (3) RESTITUTION FROM THE INDIVIDUAL DEFENDANTS AND DISGORGEMENT OF ALL PROFITS, BENEFITS, AND COMPENSATION OBTAINED
THROUGH WRONGFUL CONDUCT; (4) COSTS AND DISBURSEMENTS OF THE ACTION, INCLUDING REASONABLE ATTORNEYS' AND EXPERTS' FEES; AND (5)
SUCH OTHER AND FURTHER RELIEF AS THE COURT MAY DEEM JUST AND PROPER.
3.
Filing Date of Court Action (MM/DD/YYYY):
05/08/2026
 Exact
 Explanation
If not exact, provide explanation:
4.
Principal Product Type:
Equity Listed (Common & Preferred Stock)
Other Product Types: 
5.
Formal Action was brought in (include name of Federal, State or Foreign Court, Location of Court - City or County and State or Country, Docket/Case
Number): 
UNITED STATES DISTRICT COURT, EASTERN DISTRICT OF NEW YORK (EDNY), CASE NO.: 1:26-CV-02782
6.
Advisory Affiliate Employing Firm when activity occurred which led to the civil judicial action (if applicable): 
BENEFIT STREET PARTNERS, L.L.C.
7.
Describe the allegations related to this civil action (your response must fit within the space provided): 

ALLEGATIONS THAT CERTAIN INDIVIDUAL DEFENDANTS BREACHED THEIR FIDUCIARY DUTIES AS DIRECTORS AND/OR OFFICERS OF FRANKLIN BSP
REALTY TRUST, INC. BY MAKING AND/OR CAUSING THE COMPANY TO MAKE MATERIALLY FALSE AND MISLEADING STATEMENTS REGARDING THE
COMPANY'S EARNINGS POWER AND ABILITY TO MAINTAIN ITS DIVIDEND. THE COMPLAINT ALSO ALLEGES VIOLATIONS OF SECTIONS 10(B), 20(A), AND
14(A) OF THE SECURITIES EXCHANGE ACT OF 1934 AND SEC RULE 10B-5; UNJUST ENRICHMENT; ABUSE OF CONTROL; GROSS MISMANAGEMENT;
WASTE OF CORPORATE ASSETS; AND, WITH RESPECT TO BYRNE, BAGLIEN, AND COMPARATO, CONTRIBUTION UNDER SECTIONS 10(B) AND 21D OF THE
EXCHANGE ACT..
8.
Current Status? 
 Pending
 On Appeal
 Final
9.
If on appeal, action appealed to (provide name of court) and Date Appeal Filed (MM/DD/YYYY): 
10. If pending, date notice/process was served (MM/DD/YYYY):
05/08/2026
 Exact
 Explanation
If not exact, provide explanation:
DATE OF FILING
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 14 only.
11. How was matter resolved:
12. Resolution Date (MM/DD/YYYY): 
 Exact
 Explanation
If not exact, provide explanation:
13. Resolution Detail:
A.  Were any of the following Sanctions Ordered or Relief Granted(check appropriate items)?
Monetary/Fine Amount: $
Revocation/Expulsion/Denial
Disgorgement/Restitution
Censure
Cease and Desist/Injunction
Bar
Suspension
B.
Other Sanctions:
C.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement, or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived:
14. Provide a brief summary of circumstances related to the action(s), allegation(s), disposition(s) and/or finding(s) disclosed above (your response must
fit within the space provided). 
STOCKHOLDER DERIVATIVE COMPLAINT BROUGHT BY PLAINTIFF ON BEHALF OF FRANKLIN BSP REALTY TRUST, INC. AGAINST CERTAIN CURRENT AND
FORMER OFFICERS AND DIRECTORS IN CONNECTION WITH THE PUTATIVE SECURITIES CLASS ACTION PENDING IN THE UNITED STATES DISTRICT
COURT FOR THE EASTERN DISTRICT OF NEW YORK, CIVIL ACTION NO. 1:26-CV-01107. THE COMPLAINT CONCERNS FRANKLIN BSP REALTY TRUST, INC.
AND CERTAIN OF ITS OFFICERS AND DIRECTORS, INCLUDING THE NAMED ADVISORY AFFILIATES, WHO ARE ASSOCIATED WITH BENEFIT STREET
PARTNERS L.L.C. THE COMPLAINT ALLEGES BREACHES OF FIDUCIARY DUTY, UNJUST ENRICHMENT, ABUSE OF CONTROL, GROSS MISMANAGEMENT,
WASTE OF CORPORATE ASSETS, VIOLATIONS OF SECTIONS 10(B), 20(A), AND 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934, AND, WITH RESPECT
TO BYRNE, BAGLIEN, AND COMPARATO, CONTRIBUTION UNDER SECTIONS 10(B) AND 21D OF THE EXCHANGE ACT. THE COMPLAINT ALSO ALLEGES THAT
DEFENDANTS CAUSED OR PERMITTED MISSTATEMENTS REGARDING EARNINGS POWER AND DIVIDEND SUSTAINABILITY, FAILED TO MAINTAIN ADEQUATE
OVERSIGHT AND CONTROLS, AND CAUSED STOCK REPURCHASES AT ALLEGEDLY ARTIFICIALLY INFLATED PRICES. THE ACTION SEEKS DAMAGES AND
OTHER RELIEF ON BEHALF OF FRANKLIN BSP REALTY TRUST, INC. THE MATTER IS PENDING AND DEFENDANTS DENY THE ALLEGATIONS.