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Please refer to the appendix for the reconciliation of the applicable GAAP financial measures to non-GAAP financial measures.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:50:32.036+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6db20549-c70b-4e10-a7bd-c2faf602ea12", "parentComponentId": null }, { "bbox": { "h": 0.17, "w": 0.94, "x": 0.03, "y": 0.8 }, "kind": "disclaimer", "text": "PAST PERFORMANCE IS NOT A GUARANTEE OR INDICATIVE OF FUTURE RESULTS. INVESTMENTS INVOLVE SIGNIFICANT RISKS, INCLUDING LOSS OF 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 of 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 investments 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 investment 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 most 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 information about the Company. 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See the section entitled \"Risk Factors\" in our Annual Report on Form 10-K filed with the SEC on March 16, 2023, and the risk disclosure in our subsequent SEC-filed periodic reports, for a discussion of these risks.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:50:32.036+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ec42ea7-ca1c-4fb4-93e6-7c848c413530", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.94, "x": 0.03, "y": 0.5 }, "kind": "disclaimer", "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 shall 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 securities 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 affiliated funds. 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Those statements include statements regarding the intent, belief or current expectations of Franklin BSP 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 \"may,\" \"will,\" \"seeks,\" \"anticipates,\" \"believes,\" \"estimates,\" \"expects,\" \"plans,\" \"intends,\" \"should\" or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause actual outcomes to differ materially from our forward-looking statements include, macroeconomic factors in the United States 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 other 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 developments, which are highly uncertain and cannot be predicted with confidence. 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Does not include conduit operating expenses which are reported under Other income / (loss).\n2. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings and Run Rate Distributable Earnings.\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.\n4. Includes $90 million of preferred equity that converts to common equity on 1/19/24, subject to the holder's right to accelerate the conversion. These amounts are reflected as temporary equity on the consolidated balance\nsheets. The remaining $259 million of preferred equity represents the E class, which does not convert to common equity.\n5. 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All-in Yield defined as: (1) current spread of the loan plus (2) any applicable index or index floor plus (3) origination and exit fees amortized over the initial maturity date of the loan.\n2. As-is loan to value percentage is from metrics at origination. Predevelopment construction loans at origination will not have an LTV and therefore is nil.", "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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Allowance for loan loss above includes future funding.", "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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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. 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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 distributable 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 charges, 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 and realized cash gain/loss adjustment on REO.\n6. Represents the actual realized cash loss on REO investments, which may be different than the GAAP basis.\n7. Distributable Earnings to common is net of preferred equity E class dividend payment and non-controlling interests in joint ventures.\n8. Represents the average of all equity except the preferred equity E class.\n9. 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.\n10. 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": "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 07:50:36.302+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "324591bf-6844-486e-9825-d98655adfab8", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.39, "x": 0.02, "y": 0.83 }, "kind": "source-note", "text": "Note: All numbers in millions except share and per share data.", "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 07:50:36.302+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a1fe995-8a1a-4d03-ae6b-7f2885c2f69a", "parentComponentId": null }, { "bbox": { "h": 0.7, "w": 0.91, "x": 0.04, "y": 0.13 }, "kind": "table", "text": "GAAP Net Income (Loss)\nAdjustments:\nCLO Amortization Acceleration (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) / Loss on Debt Extinguishment / CLO Call\nRealized Trading and Derivatives (Gain) / Loss on ARMS\nRun-Rate Distributable Earnings (5)\nRealized Cash Gain/(Loss) Adjustment on REO (6)\nRealized Trading and Derivatives Gain / 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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 $8.4 million and $5.2 million as of September 30, 2023 and December 31, 2022, respectively, would result in a fully-converted book value per share of $15.91 and $15.84 as of September 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 07:50:35.707+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2de4aea6-5db2-48d6-9083-9d48087c6735", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.88, "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 07:50:35.707+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "383f067f-12c4-4eeb-a2cd-c8dc537606b1", "parentComponentId": null }, { "bbox": { "h": 0.27, "w": 0.74, "x": 0.12, "y": 0.26 }, "kind": "table", "text": "Stockholders' equity applicable to convertible common stock: September 30, 2023: $1,397,920, December 31, 2022: $1,398,986. Shares: Common stock: 82,210,624 (2023), 82,479,743 (2022). Equity compensation awards (restricted stock): 809,257 (2023), 513,041 (2022). Series H convertible preferred stock: 5,370,498 (2023), 5,370,640 (2022). Series I convertible preferred stock: — (2023), 299,200 (2022). Total outstanding: 88,390,379 (2023), 88,662,624 (2022). 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"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. 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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 07:50:37.185+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c7835311-f737-4f1d-9f94-8c517db670bb", "parentComponentId": null }, { "bbox": { "h": 0.195, "w": 0.94917, "x": 0.025, "y": 0.28333 }, "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 Mortgage Corporation, which the Company has liquidated 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 07:50:37.185+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e5c7c2a9-91f2-4123-b4d7-a3c9002eebb3", "parentComponentId": null }, { "bbox": { "h": 0.01667, "w": 0.025, "x": 0.95333, "y": 0.95 }, "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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