Benefit Street Partners Announces Closing of a $1.1 Billion CRE CLO

By: Benefit Street Partners L.L.C. via Business Wire

March 13, 2026 at 16:30 PM EDT

Benefit Street Partners L.L.C. (“BSP”) today announced the closing of BSPDF 2026-FL3 (“FL3”), a $1.1 billion managed Commercial Real Estate Collateralized Loan Obligation. FL3 features a 30-month reinvestment period and was structured with a 180-day ramp-up acquisition period. FL3 has an initial advance rate of 88.625% and a weighted average interest cost of 1M CME Term SOFR+1.68% before accounting for transaction costs. The transaction settled on March 12, 2026.

Michael Comparato, Head of Commercial Real Estate at BSP, commented: “We are pleased with the strong investor demand for this $1.1 billion CRE CLO, the second CLO issued from our Opportunistic Debt Fund II. The transaction reflects the quality and diversity of the collateral pool, where significant multifamily exposure and a broad property mix resonated with investors and highlight the strength of our real estate credit platform.”

J.P. Morgan Securities LLC served as sole structuring agent. Atlas SP Securities, a division of Apollo Global Securities, LLC, Barclays Capital Inc., Citigroup Global Markets Inc., and Wells Fargo Securities, LLC served as co-lead managers and joint bookrunners.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Benefit Street Partners

Benefit Street Partners is an alternative credit pioneer with $92 billion in assets under management (including Apera). It seeks to deliver attractive, risk-adjusted returns through its deep specialism, long-term relationships and global reach. A wholly owned subsidiary of Franklin Templeton, BSP is focused exclusively on credit. Through its disciplined, solutions-oriented approach, BSP unlocks opportunities across market cycles and geographies. The firm manages strategies spanning private debt, real estate debt, structured credit, and liquid loans. For more information, visit http://bspcredit.com/.