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Those statements include statements regarding the intent, belief or current expectations of Franklin\nBSP Realty Trust, Inc. (\"FBRT\" or the \"Company\") and may include the assumptions on which such statements are based, and generally are identified by the use of words such as\n\"may,\" \"will,\" \"seeks,\" \"anticipates,\" \"believes,\" \"estimates,\" \"expects,\" \"plans,\" \"intends,\" \"should\" or similar expressions. Actual results may differ materially from those contemplated\nby such forward-looking statements. Factors that could cause actual outcomes to differ materially from our forward-looking statements include, macroeconomic factors in the United\nStates including inflation, changing interest rates and economic contraction, the extent of any recoveries on delinquent loans, and the financial stability of our borrowers, and the\nother factors set forth in the risk factors section of our most recent Form 10-K and Form 10-Q. The extent to which these factors impact us and our borrowers will depend on future\ndevelopments, which are highly uncertain and cannot be predicted with confidence. Further, forward-looking statements speak only as of the date they are made, and we undertake\nno obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time,\nexcept as required by law.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:53.278+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3380678f-3a96-43da-a6a4-1a24aa5deb45", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.944, "x": 0.028, "y": 0.193 }, "kind": "paragraph", "text": "Risk Factors\nInvesting in and owning our common stock involves a high degree of risk. See the section entitled \"Risk Factors\" in our Annual Report on Form 10-K filed with the SEC on March 16,\n2023, and the risk disclosure in our subsequent SEC-filed periodic reports, for a discussion of these risks.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:53.278+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "37b6a52e-91e9-4bd4-84a8-2789285e6abb", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.944, "x": 0.028, "y": 0.157 }, "kind": "paragraph", "text": "The information herein relates to the Company's business and financial information as of June 30, 2023 and does not reflect subsequent developments.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:53.278+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4981146b-1990-406a-b3e4-bbb68de6d83a", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.944, "x": 0.028, "y": 0.497 }, "kind": "paragraph", "text": "Additional Important Information\nThe summary information provided in this presentation does not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing\nshall be relied upon as a promise or representation as to the future performance of the Company. This summary is not an offer to sell securities and is not soliciting an offer to buy\nsecurities in any jurisdiction where the offer or sale is not permitted. This summary is not advice, a recommendation or an offer to enter into any transaction with us or any of our\naffiliated funds. There is no guarantee that any of the goals, targets or objectives described in this summary will be achieved.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:53.278+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b102623-bb0b-4f25-8132-436baefe8412", "parentComponentId": null }, { "bbox": { "h": 0.105, "w": 0.944, "x": 0.028, "y": 0.62 }, "kind": "paragraph", "text": "The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal, ERISA or tax advice or investment recommendations. Investors\nshould also seek advice from their own independent tax, accounting, financial, ERISA, investment and legal advisors to properly assess the merits and risks associated with their\ninvestment in light of their own financial condition and other circumstances. The information contained herein is qualified in its entirety by reference to our most recent Annual\nReport on Form 10-K and Quarterly Report on Form 10-Q. You may obtain a copy of the most recent Annual Report or Quarterly Report by calling (844) 785-4393 and/or visiting\nwww.fbrtreit.com.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:53.278+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d466a002-5034-4696-9e51-d04d31bea241", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.944, "x": 0.028, "y": 0.82 }, "kind": "paragraph", "text": "PAST PERFORMANCE IS NOT A GUARANTEE OR INDICATIVE OF FUTURE RESULTS. INVESTMENTS INVOLVE SIGNIFICANT RISKS, INCLUDING LOSS\nOF THE ENTIRE INVESTMENT. There is no guarantee that any of the estimates, targets or projections illustrated in this summary will be achieved. Any references herein to any\nof the Company's past or present investments, portfolio characteristics, or performance, have been provided for illustrative purposes only. It should not be assumed that these\ninvestments were or will be profitable or that any future investments will be profitable or will equal the performance of these investments. There can be no guarantee that the\ninvestment objective of the Company will be achieved. Any investment entails a risk of loss. An investor could lose all or substantially all of his or her investment. Please refer to our\nmost recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for a more complete list of risk factors. The following slides contain summaries of certain financial\ninformation about the Company. The information contained in this presentation is summary information that is intended to be considered in the context of our filings with the\nSecurities and Exchange Commission and other public announcements that we may make, by press release or otherwise, from time to time.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:53.278+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d47657b8-302c-4da2-92a0-6b495b7b96b6", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.008, "x": 0.963, "y": 0.954 }, "kind": "source-note", "text": "2", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Undepreciated book value per share, fully converted is $15.94 vs. $15.86 last quarter (1), (3)\nNet debt to equity is 2.4x; recourse net debt to equity is 0.6x\n77% of financing sources are non-mark-to-market on our core book\n$1.2 billion of liquidity of which $225 million is cash and $55 million is CLO reinvest available (4)\nFBRT repurchased 445k shares for $5.5 million. $39.3 million remains available under the company's repurchase program", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:50.981+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "34d5891b-447f-430a-ae22-348ef9bdaab2", "parentComponentId": null }, { "bbox": { "h": 0.102, "w": 0.929, "x": 0.039, "y": 0.583 }, "kind": "list", "text": "Investments\nCore portfolio: closed $230 million of new loan commitments and funded $281 million of principal balance including future funding on existing loans. Received loan repayments of $232 million for a net increase in our loan portfolio of $49 million in the quarter", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:50.981+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42765ed8-dfc5-44ad-a353-8cbe078953ac", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.929, "x": 0.039, "y": 0.129 }, "kind": "list", "text": "Earnings\nGAAP Net Income of $39.6 million and $0.39 per diluted common share and $0.39 per fully converted share (1)\nDistributable Earnings (2) of $63.5 million and $0.66 per fully converted share (1)\nDeclared a cash dividend of $0.355 per share, representing a yield of 9.0% on book value per share, fully converted (1). GAAP and Distributable Earnings (2) dividend coverage of 111% and 185%, respectively", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:50.981+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "89876aaf-a8e5-4eaf-8921-da391c698626", "parentComponentId": null }, { "bbox": { "h": 0.208, "w": 0.929, "x": 0.039, "y": 0.68 }, "kind": "list", "text": "Portfolio\nCore portfolio of 156 CRE loans and $5.1 billion of principal balance, average size of $33 million and 77% multifamily. During the quarter, two assets were removed from the watch list and four assets were added to the watch list with a risk rating of four. Five assets remain on the watch list at quarter-end\nIn April 2023, Brooklyn Hotel sale closed for a total sale price of $96 million. As a result, we received the full principal amount of the loan and approximately $20 million of additional proceeds after payment of all related closing expenses\nIn April 2023, completed foreclosures and received deeds from the borrower on all 24 properties related to the single tenant retail portfolio loan", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:50.981+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5030ff8-838d-484f-b4df-ecff3b9892c7", "parentComponentId": null }, { "bbox": { "h": 0.079, "w": 0.929, "x": 0.039, "y": 0.901 }, "kind": "source-note", "text": "1. 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Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Outstanding balance at June 30, 2023 and net of tranches held by FBRT.\n2. BSPRT 2019-FL5 was redeemed in July 2023 and re-levered at an advance rate of 67%, freeing up approximately $52 million of capital.\n3. Cost of debt is shown before discount and transaction costs.\n4. Commitment for loans. Excludes bond repurchase agreements.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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142 loans\n93%; 145loans\n93%; 145loans\nCurrent (as of 6/30/23)\n+0.50% Change in Floating Base Rate Indices\n+1.00%", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:57.931+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2a1effe3-cba7-4cb0-84ae-33c184f14b2b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.65, "x": 0.06, "y": 0.95 }, "kind": "source-note", "text": "Note: The above analysis assumes fixed rates loan have rate caps that are always active and do not expire.\n1. Loans without rate caps includes loans that previously had rate caps, but have expired as of 6/30/23.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Excludes loans on non-accrual and loans in maturity default at 6/30/23.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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} }, "links": { "slide": "/slides/019de516-1ff2-777b-9e15-804dfa4249d9/22", "deck": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9", "deckAnchor": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9#slide-22", "deckJson": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9.json" }, "components": [ { "bbox": { "h": 0.48, "w": 0.38, "x": 0.09, "y": 0.14 }, "kind": "chart", "text": "Allowance for Loan Loss by Collateral Type โ€“ Including Asset-Specific Reserve\nMultifamily 59%\nOffice 25%\nHospitality 15%\nOther 1%", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Donut chart", "slug": "donut", "status": "active", "canonId": "019de52d-0006-752c-9528-0fef476b8004", "version": 1, "description": null }, "framework": null }, "subkind": "donut", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 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Allowance for loan loss above includes future funding.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:57.798+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8c3dc4d5-ba56-45a9-94bb-45766b20cea5", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.49, "x": 0.48, "y": 0.25 }, "kind": "table", "text": "$ millions\nAllowance for Loan Loss Balance at 3/31/23 - General Reserve $30.4\nProvision for Credit Loss - General Reserve 9.7\nAllowance for Loan Loss Balance at 6/30/23 - Before Asset-Specific Reserve $40.2\nAsset-Specific Reserve at 3/31/23 -\nProvision for Credit Loss - Asset-Specific 11.9\nAllowance for Loan Loss Balance at 6/30/23 - Including Asset-Specific Reserve $52.1\nCharge-Off at 6/30/23 - Asset-Specific (11.9)\nAllowance for Loan Loss Balance at 6/30/23 - After Charge-Off $40.2\nPortfolio Principal Balance - Including Asset-Specific $5,086\nTotal Allowance for Loan Loss % of Portfolio - Before Charge-Off 1.0%\nPortfolio Principal Balance - Excluding Asset-Specific $5,053\nTotal Allowance for Loan Loss % of Portfolio - After Charge-Off 0.8%", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:57.798+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e70ccdff-98cb-48fe-aa44-82a6ef36edbf", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.56, "x": 0.08, "y": 0.04 }, "kind": "title", "text": "Appendix: Core Portfolio โ€“ Allowance For Loan Loss", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:57.798+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62b7bb44-d3c9-4ee4-9990-858b2dc878f0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 25, "from": 17, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "d7f93980-d5f7-49e7-8087-b925a4bb406b", "evidence": "The presentation provides detailed data and analysis on FBRT's portfolio and financial performance.", "position": 0, "objective": "To provide a detailed breakdown of FBRT's portfolio and financial performance.", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:09:03.055242+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 23, "type": "appendix", "function": "appendix", "rawType": "appendix", "block": null, "metadata": { "slideType": "appendix", "slideTypeCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-0762-71f8-b564-89ab863301cc", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 4, "textChars": 1007, "nDataPoints": 60, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:24:57.599+00", "seconds": 4.818, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-1ff2-777b-9e15-804dfa4249d9/23", "deck": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9", "deckAnchor": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9#slide-23", "deckJson": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.18, "x": 0.79, "y": 0.03 }, "kind": "image", "text": "FRANKLIN BSP REALTY TRUST", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:57.599+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69a30c3f-62c0-4107-a5a7-ead7564145bb", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.92, "x": 0.05, "y": 0.88 }, "kind": "source-note", "text": "Note: All numbers in thousands except share and per share data. \"nm\" represents not meaningful.\n1. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings and Run Rate Distributable Earnings.\n2. Includes the real estate debt and other real estate investments segment, TRS segment and real estate owned segment. The preferred E dividend is subtracted from the earnings for the earnings per share and return on common equity calculations.\n3. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:57.599+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22c01649-6dbc-4aef-9e76-7ab567decfb6", "parentComponentId": null }, { "bbox": { "h": 0.72, "w": 0.68, "x": 0.29, "y": 0.14 }, "kind": "table", "text": "GAAP Net Income (Loss)\nRun-Rate Distributable Earnings (1)\nDistributable Earnings (1)\nGAAP Net Income (Loss):\nCore (2)\nSecurities\nTotal\nRun-Rate Distributable Earnings: (1)\nCore (2)\nSecurities\nTotal\nDistributable Earnings: (1)\nCore (2)\nSecurities\nTotal", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:57.599+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "66bbb196-9229-4253-a6d5-dd33544d242a", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.43, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "Appendix: Segment Reporting Summary", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:57.599+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "355cbc8f-f7a8-43cf-8295-dc7135a11e23", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 25, "from": 17, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "d7f93980-d5f7-49e7-8087-b925a4bb406b", "evidence": "The presentation provides detailed data and analysis on FBRT's portfolio and financial performance.", "position": 0, "objective": "To provide a detailed breakdown of FBRT's portfolio and financial performance.", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:09:03.055242+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 24, "type": "appendix", "function": "appendix", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "dense", "densityScore": 66, "componentCount": 4, "textChars": 3262, "nDataPoints": 108, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:24:59.904+00", "seconds": 6.111, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-1ff2-777b-9e15-804dfa4249d9/24", "deck": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9", "deckAnchor": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9#slide-24", "deckJson": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.14, "x": 0.82, "y": 0.04 }, "kind": "image", "text": "FRANKLIN BSP REALTY TRUST", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:59.904+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f83a62b6-e711-4f53-bf38-605f38354018", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.96, "x": 0.03, "y": 0.83 }, "kind": "source-note", "text": "Note: All numbers in millions except share and per share data.\n1. Adjusted for non-cash CLO amortization acceleration to effectively amortize issuance costs of our CLOs over the expected lifetime of the CLOs. We assume our CLOs will be outstanding for four years and amortized the financing costs over four years in our\ndistributable earnings as compared to effective yield methodology in our GAAP earnings.\n2. Represents unrealized gains and losses on (i) commercial mortgage loans, held for sale, measured at fair value, (ii) other real estate investments, measured at fair value, (iii) derivatives, and (iv) ARMs.\n3. Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payments of the subordinated performance fee made during the period.\n4. Represents loan workout charges the Company incurred, which the Company deemed likely to be recovered. Reversal of loan workout charges represent recoveries received. During the second quarter of 2023, the Company recovered $5.1 million of loan workout\ncharges, in aggregate, related to the loan workout charges incurred in the first, second, and third quarters of 2022 amounting to $1.9 million, $3.0 million, and $0.2 million, respectively.\n5. Equal to Distributable Earnings excluding the realized trading and derivatives gain/loss on ARMS.\n6. Distributable Earnings to common is net of preferred equity E class dividend payment and non-controlling interests in joint ventures.\n7. Represents the average of all equity except the preferred equity E class.\n8. Fully converted per share information assumes applicable conversion of our outstanding series of convertible preferred stock into common stock and the full vesting of our outstanding equity compensation awards.\n9. Calculated as GAAP net income less preferred dividend on preferred equity E class and non-controlling interests in joint ventures or Distributable Earnings to Common divided by fully converted weighted average shares outstanding.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:59.904+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06b19e02-7eda-4c67-9a48-055056bbd2f6", "parentComponentId": null }, { "bbox": { "h": 0.71, "w": 0.92, "x": 0.04, "y": 0.12 }, "kind": "table", "text": "GAAP Net Income (Loss)\nAdjustments:\nCLO Amortization Acceleration/CLO Call (1)\nUnrealized (Gain)/Loss (2)\nSubordinated Performance Fee (3)\nNon-Cash Compensation Expense\nDepreciation & Amortization\n(Reversal of) / Provision for Credit Loss\nLoan Workout Charges / (Loan Workout Recoveries) (4)\nRealized Gain on Debt Extinguishment\nRealized trading and derivatives (gain)/loss on ARMS\nRun-Rate Distributable Earnings (5)\nRealized trading and derivatives gain/(loss) on ARMs\nDistributable Earnings\nPreferred Equity E Class Dividend\nDepreciation and amortization attributed to noncontrolling interests of joint ventures\nNoncontrolling interests in joint ventures net (income)/loss\nDistributable Earnings to Common (6)\nAverage Common Stock & Common Stock Equivalents (7)\nGAAP Net Income (Loss) ROE\nRun-Rate Distributable Earnings ROE\nDistributable Earnings ROE\nGAAP Net Income / (Loss) Earnings Per Share, Diluted\nFully Converted Weighted Average Shares Outstanding (8)\nGAAP Net Income / (Loss) Earnings Per Share, Fully Converted (9)\nRun-Rate Distributable Earnings Per Share, Fully Converted (9)\nDistributable Earnings Per Share, Fully Converted (9)", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:59.904+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e10bea7e-125b-4795-afd8-ce0149a5d7bc", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.69, "x": 0.03, "y": 0.05 }, "kind": "title", "text": "Appendix: GAAP Net Income to Distributable Earnings Reconciliation", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:59.904+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "79f3e7d2-0153-49d3-b2b1-776a0c1ab764", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [ { "to": 25, "from": 17, "loop": { "name": "40_mece_breakdown", "slug": "40-mece-breakdown", "status": "active", "bestFor": "Problem structuring, ensuring completeness, strategic analysis", "canonId": "019dd956-763c-765e-8b68-6ee3ae1ef184", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Whole -> Category A (distinct) -> Category B (distinct) -> Category C (distinct) -> Complete Coverage", "description": "Divide a complex topic into mutually exclusive, collectively exhaustive categories", "familyLabel": null }, "matchId": "d7f93980-d5f7-49e7-8087-b925a4bb406b", "evidence": "The presentation provides detailed data and analysis on FBRT's portfolio and financial performance.", "position": 0, "objective": "To provide a detailed breakdown of FBRT's portfolio and financial performance.", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:09:03.055242+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 25, "type": "appendix", "function": "appendix", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "dense", "densityScore": 61, "componentCount": 4, "textChars": 1087, "nDataPoints": 12, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:24:58.432+00", "seconds": 4.425, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-1ff2-777b-9e15-804dfa4249d9/25", "deck": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9", "deckAnchor": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9#slide-25", "deckJson": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.92, "x": 0.03, "y": 0.93 }, "kind": "list", "text": "1. Fully-converted book value per share reflects full conversion of our Series H and Series I convertible preferred stock and vesting of our outstanding equity compensation awards.\n2. Excluding the amounts for accumulated depreciation and amortization of real property of $8.0 million and $5.2 million as of June 30, 2023 and December 31, 2022, respectively, would result in a fully-converted book value per share of $15.94 and $15.84 as of June 30, 2023 and December 31, 2022, respectively.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:58.432+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c839c515-9b2b-4c86-8a4f-682102d67809", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.69, "x": 0.03, "y": 0.91 }, "kind": "source-note", "text": "Note: All numbers in thousands except per share and share data. Preferred stock values expressed in common stock equivalents.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:58.432+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d21f33d6-211b-4d93-bfc1-6617429392bd", "parentComponentId": null }, { "bbox": { "h": 0.33, "w": 0.72, "x": 0.12, "y": 0.24 }, "kind": "table", "text": "Stockholders' equity applicable to convertible common stock $ 1,400,927 $ 1,398,986 Shares: Common stock 82,210,624 82,479,743 Equity compensation awards (restricted stock and restricted stock units) 809,257 513,041 Series H convertible preferred stock 5,370,498 5,370,640 Series I convertible preferred stock โ€” 299,200 Total outstanding 88,390,379 88,662,624 Fully-converted book value per share (1) (2) $ 15.85 $ 15.78", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:58.432+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64fb2ed9-c088-4ede-9809-281280bb7e7f", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.51, "x": 0.03, "y": 0.06 }, "kind": "title", "text": "Appendix: Book Value Per Share & Shares Outstanding", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", 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categories", "familyLabel": null }, "matchId": "d7f93980-d5f7-49e7-8087-b925a4bb406b", "evidence": "The presentation provides detailed data and analysis on FBRT's portfolio and financial performance.", "position": 0, "objective": "To provide a detailed breakdown of FBRT's portfolio and financial performance.", "confidence": 0.7, "extraction": { "at": "2026-07-16 23:09:03.055242+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 26, "type": "appendix", "function": "appendix", "rawType": "appendix_data", "block": null, "metadata": { "slideType": "appendix_data", "slideTypeCanon": { "name": "Appendix data", "slug": "appendix_data", "status": "active", "canonId": "019de52d-078a-745b-9ee4-c15f2f539acd", "version": 1, "description": null }, "function": "appendix", "functionCanon": { "name": "Appendix", "slug": "appendix", "status": "active", "canonId": "019de52d-138d-750b-83c3-49b4bc7a7a38", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 2, "textChars": 2432, "nDataPoints": 100, "notes": null, "elementsJson": null, "confidence": 1, "extraction": { "model": "google/gemini-2.5-flash", "runId": null, "at": "2026-05-02 08:25:02.63+00", "seconds": 8.412, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019de516-1ff2-777b-9e15-804dfa4249d9/26", "deck": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9", "deckAnchor": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9#slide-26", "deckJson": "/decks/019de516-1ff2-777b-9e15-804dfa4249d9.json" }, "components": [ { "bbox": { "h": 0.86, "w": 0.96, "x": 0.03, "y": 0.119 }, "kind": "table", "text": "Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income Interest income $ 152,892 $ 70,213 $ 283,428 $ 145,471 Less: Interest expense 75,299 32,807 146,374 55,287 Net interest income 77,593 37,406 137,054 90,184 Revenue from real estate owned 6,438 2,312 9,750 4,624 Total income $ 84,031 $ 39,718 $ 146,804 $ 94,808 Expenses Asset management and subordinated performance fee $ 8,900 $ 6,601 $ 16,985 $ 13,346 Acquisition expenses 283 319 661 634 Administrative services expenses 3,398 3,048 7,427 6,401 Professional fees 2,794 8,054 7,608 14,213 Share-based compensation 1,228 682 2,250 1,182 Depreciation and amortization 2,196 1,296 4,001 2,591 Other expenses 4,301 1,663 6,467 3,425 Total expenses $ 23,100 $ 21,663 $ 45,399 $ 41,792 Other income/(loss) (Provision)/benefit for credit losses $ (21,624) $ (32,530) $ (25,984) $ (31,575) Realized gain/(loss) on extinguishment of debt 270 15 5,037 15 Realized gain/(loss) on sale of available for sale trading securities 596 Realized gain/(loss) on sale of commercial mortgage loans, held for sale 39 39 Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value 2,094 (1,833) 2,094 56 Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value (303) (2,797) 44 (3,736) Gain/(loss) on other real estate investments (1,691) (3,030) (29) Trading gain/(loss) (946) (22,538) 2,022 (110,973) Unrealized gain/(loss) on derivatives 393 (9,427) 73 (14,390) Realized gain/(loss) on derivatives 573 25,193 617 59,223 Total other income/(loss) $ (21,234) $ (43,878) $ (18,531) $ (101,370) Income/(loss) before taxes 39,697 (25,823) 82,874 (48,354) (Provision)/benefit for income tax (53) 114 609 138 Net income/(loss) $ 39,644 $ (25,709) $ 83,483 $ (48,216) Net (income)/loss attributable to non-controlling interest (41) (50) Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. $ 39,603 $ (25,709) $ 83,433 $ (48,216) Less: Preferred stock dividends 6,749 6,955 13,497 27,966 Net income/(loss) applicable to common stock $ 32,854 $ (32,664) $ 69,936 $ (76,182) Basic earnings per share $ 0.39 $ (0.43) $ 0.83 $ (1.27) Diluted earnings per share $ 0.39 $ (0.43) $ 0.83 $ (1.27) Basic weighted average shares outstanding 82,252,979 75,837,621 82,512,434 59,985,361 Diluted weighted average shares outstanding 82,252,979 75,837,621 82,512,434 59,985,361", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:25:02.63+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d544ef4e-1f75-49a7-8430-7c77851fc916", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.406, "x": 0.039, "y": 0.046 }, "kind": "title", "text": "Appendix: FBRT Income Statement", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": 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of allowance for credit losses of $38,932 and $40,848 as of June 30, 2023 and December 31, 2022, respectively\nCommercial mortgage loans, held for sale, measured at fair value\nReal estate securities, trading, measured at fair value\nReal estate securities, available for sale, measured at fair value, amortized cost of $192,471 and $220,635 as of June 30, 2023 and December 31, 2022, respectively\nDerivative instruments, measured at fair value\nReceivable for loan repayment (1)\nAccrued interest receivable\nPrepaid expenses and other assets\nIntangible lease asset, net of amortization\nReal estate owned, net of depreciation\nReal estate owned, held for sale\nTotal assets\nLIABILITIES AND STOCKHOLDERS' EQUITY\nCollateralized loan obligations\nRepurchase agreements - commercial mortgage loans\nRepurchase agreements - real estate securities\nMortgage note payable\nOther financing and loan participation - commercial mortgage loans\nUnsecured debt\nDerivative instruments, measured at fair value\nInterest payable\nDistributions payable\nAccounts payable and accrued expenses\nDue to affiliates\nIntangible lease liability, net of depreciation\nTotal liabilities\nRedeemable convertible preferred stock:\nRedeemable convertible preferred stock Series H, $0.01 par value, 20,000 authorized and 17,950 issued and outstanding as of June 30, 2023 and December 31, 2022\nRedeemable convertible preferred stock Series I, $0.01 par value, none authorized and outstanding as of June 30, 2023, 1,000 authorized and 1,000 issued and outstanding as of December 31, 2022\nTotal redeemable convertible preferred stock\nEquity:\nPreferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of June 30, 2023 and December 31, 2022\nCommon stock, $0.01 par value, 900,000,000 shares authorized, 83,019,881 and 82,992,784 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively\nAdditional paid-in capital\nAccumulated other comprehensive income (loss)\nAccumulated deficit\nTotal stockholders' equity\nNon-controlling interest\nTotal equity\nTotal liabilities, redeemable convertible preferred stock and equity", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:24:59.698+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c85809a4-5f87-4598-8f41-253dd2fb71b6", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.36, "x": 0.08, "y": 0.04 }, "kind": "title", 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"x": 0.79, "y": 0.03 }, "kind": "image", "text": null, "attrs": {}, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:25:13.703+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "635c0a84-d3a4-4535-bfa7-7fa7588f86bb", "parentComponentId": null }, { "bbox": { "h": 0.16, "w": 0.95, "x": 0.03, "y": 0.13 }, "kind": "paragraph", "text": "Distributable Earnings and Run-Rate Distributable Earnings\nDistributable Earnings is a non-GAAP measure, which the Company defines as GAAP net income (loss), adjusted for (i) non-cash CLO amortization acceleration and amortization\nover the expected useful life of the Company's CLOs, (ii) unrealized gains and losses on loans, derivatives and residential adjustable-rate mortgage pass-through securities (\"ARM\nAgency Securities\" or \"ARMS\"), including CECL reserves and impairments, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated\nperformance fee accruals/(reversal), (vi) loan workout charges, (vii) realized gains and losses on debt extinguishment, (viii) certain other non-cash items, and (ix) impairments of\nacquisition assets related to the Capstead merger. Further, Run-Rate Distributable Earnings, a non-GAAP measure, presents Distributable Earnings before trading and derivative\ngain/loss on ARMs.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:25:13.703+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3a584147-ab5f-4038-9d04-3acf584506e7", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.95, "x": 0.03, "y": 0.28 }, "kind": "paragraph", "text": "The Company believes that Distributable Earnings and Run-Rate Distributable Earnings provide meaningful information to consider in addition to the disclosed GAAP results. The\nCompany believes Distributable Earnings is a useful financial metric for existing and potential future holders of its common stock as historically, over time, Distributable Earnings has\nbeen an indicator of dividends per share. As a REIT, the Company generally must distribute annually at least 90% of its taxable income, subject to certain adjustments, and therefore\nbelieves dividends are one of the principal reasons stockholders may invest in its common stock. Further, Distributable Earnings helps investors evaluate performance excluding the\neffects of certain transactions and GAAP adjustments that the Company does not believe are necessarily indicative of current loan portfolio performance and the Company's\noperations and is one of the performance metrics the Company's board of directors considers when dividends are declared. The Company believes Run-Rate Distributable Earnings is\na useful financial metric because it presents the Distributable Earnings of its core businesses, net of the impacts of the realized trading and derivative gain/loss on the residential\nadjustable-rate mortgage securities acquired from Capstead, which the Company is actively in the process of liquidating from its portfolio.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:25:13.703+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63b3796b-c1a7-4361-b830-d307453c2fea", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.95, "x": 0.03, "y": 0.45 }, "kind": "paragraph", "text": "Distributable Earnings and Run-Rate Distributable Earnings do not represent net income (loss) and should not be considered as an alternative to GAAP net income (loss). The\nmethodology for calculating Distributable Earnings and Run-Rate Distributable Earnings may differ from the methodologies employed by other companies and thus may not be\ncomparable to the Distributable Earnings reported by other companies.", "attrs": {}, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 08:25:13.703+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ae548ba-90ad-4e29-a511-19825add7934", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.02, "x": 0.95, "y": 0.94 }, "kind": "source-note", "text": "28", "attrs": {}, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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