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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": "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 07:01:59.98+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f51421c4-92d3-46a8-9dfe-c7bdd68781b2", "parentComponentId": null }, { "bbox": { "h": 0.059, "w": 0.175, "x": 0.794, "y": 0.03 }, "kind": "image", "text": null, "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 07:01:59.98+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ded8193-43c5-49da-ae3b-58aaa05dbed8", "parentComponentId": null }, { "bbox": { "h": 0.19, "w": 0.94, "x": 0.029, "y": 0.273 }, "kind": "paragraph", "text": "Forward-Looking Statements\nCertain statements included in this presentation are forward-looking statements. 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 07:01:59.98+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "485d6f83-eea6-47f8-a55b-6687197342ae", "parentComponentId": null }, { "bbox": { "h": 0.102, "w": 0.94, "x": 0.029, "y": 0.619 }, "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 07:01:59.98+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71bb59ec-12a1-429a-9886-55d1c5262f81", "parentComponentId": null }, { "bbox": { "h": 0.102, "w": 0.94, "x": 0.029, "y": 0.49 }, "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 07:01:59.98+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "81799e82-469e-4b3a-9532-c39cf8d9122e", "parentComponentId": null }, { "bbox": { "h": 0.016, "w": 0.94, "x": 0.029, "y": 0.158 }, "kind": "paragraph", "text": "The information herein relates to the Company's business and financial information as of December 31, 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 07:01:59.98+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccaf8c4f-d871-4e04-8f5e-e507f24ac075", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.029, "y": 0.74 }, "kind": "paragraph", "text": "This presentation contains information regarding FBRT's financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting\nprinciples generally accepted in the United States (\"GAAP\"), including Distributable Earnings and Run-Rate Distributable Earnings. Please refer to the appendix for the reconciliation\nof the applicable GAAP financial measures to non-GAAP financial measures.", "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 07:01:59.98+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d041e14e-208a-4b3a-8ddb-48757df93d1e", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.029, "y": 0.195 }, "kind": "paragraph", "text": "Risk Factors\nInvesting in and owning our common stock involves a high degree of risk. 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Please see appendix for GAAP net income to Distributable Earnings and Run-Rate Distributable Earnings calculation.", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:01:58.658+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "32af96fc-d2cc-4aaf-9161-a3c9c6dbdb9d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.77, "x": 0.03, "y": 0.94 }, "kind": "source-note", "text": "3. Adjusted for accumulated depreciation and amortization of real property of $9.4 million and $8.4 million at 12/31/23 and 9/30/23, respectively.", "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. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 07:01:58.658+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b90c87c5-bdac-4088-8cb9-3c0eb86f67d4", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.88 }, "kind": "source-note", "text": "1. 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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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 1/21/25, 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. Includes non-controlling interest.", "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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Please see appendix for GAAP net income to Distributable Earnings calculation.\n2. 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.\n3. In Q2 2023, the sale of the Williamsburg Hotel loan accounted for approximately $15.0 million of Distributable Earnings.", "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 07:01:58.44+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd58db07-b5f7-4a8f-b959-2aa5354c0205", "parentComponentId": null }, { "bbox": { "h": 0.015, "w": 0.29, "x": 0.017, "y": 0.91 }, "kind": "source-note", "text": "Note: All numbers in millions except 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. 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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. 2. 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. 3. 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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 a specific REO investment.\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. 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Preferred stock values expressed in common stock equivalents. 1. Fully-converted book value per share reflects full conversion of our outstanding series of convertible preferred stock and vesting of our outstanding equity compensation awards. 2. Excluding the amounts for accumulated depreciation and amortization of real property of $9.4 million and $5.2 million as of December 31, 2023 and 2022, respectively, would result in a fully-converted book value per share of $15.88 and $15.84 as of December 31, 2023 and 2022, respectively.", "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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Income: Interest income, Less: Interest expense, Net interest income, Revenue from real estate owned, Total income. Expenses: Asset management and subordinated performance fee, Acquisition expenses, Administrative services expenses, Impairment of acquired assets, Professional fees, Share-based compensation, Depreciation and amortization, Other expenses, Total expenses. Other income/(loss): (Provision)/benefit for credit losses, Realized gain/(loss) on extinguishment of debt, Realized gain/(loss) on sale of available for sale trading securities, Realized gain/(loss) on sale of commercial mortgage loans, held for sale, Realized gain/(loss) on sale of commercial mortgage loans, held for sale, measured at fair value, Gain/(loss) on other real estate investments, Unrealized gain/(loss) on commercial mortgage loans, held for sale, measured at fair value, Trading gain/(loss), Unrealized gain/(loss) on derivatives, Realized gain/(loss) on derivatives, Total other income/(loss). Income/(loss) before taxes, (Provision)/benefit for income tax, Net income/(loss), Net (income)/loss attributable to non-controlling interest, Net income/(loss) attributable to Franklin BSP Realty Trust, Inc., Less: Preferred stock dividends, Net income/(loss) applicable to common stock. Basic earnings per share, Diluted earnings per share, Basic weighted average shares outstanding, Diluted weighted average shares outstanding.", "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 07:02:02.947+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cec1ce92-4a3c-4a93-9bb1-0eecc550db7f", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.429, "x": 0.069, "y": 0.06 }, "kind": "title", "text": "Appendix: FBRT Income Statement", "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 07:02:02.947+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb36d742-764e-4bf0-ab17-ac707427ed2c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 28, "arc": { "name": "Monroe's Motivated Sequence", "slug": "monroes-sequence", "status": "active", "bestFor": "Persuasive speeches, call-to-action decks", "canonId": "019dd956-5f25-7189-a428-2e6d7f9e5606", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Attention -> Need -> Satisfaction -> Visualization -> Action", "description": null, "familyLabel": null }, "from": 11, "name": "Action", "beatId": "3ce089a6-457a-49c5-8cdb-b3240581edf2", "matchId": "034f99d9-dece-432a-99d5-0328c1485945", "beatType": { "name": "Action", "slug": "monroes-sequence-action", "status": "active", "canonId": "019dd9b8-181e-760d-befc-010c2424fa89", "version": 1, "description": null }, "evidence": "The deck concludes with portfolio details, appendix data, and methodology", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. 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The Company 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 been 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 believes dividends are one of the principal reasons stockholders may invest in its common stock. Further, Distributable Earnings helps investors evaluate performance excluding the effects of certain transactions and GAAP adjustments that the Company does not believe are necessarily indicative of current loan portfolio performance and the Company's operations 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 a 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 adjustable-rate mortgage securities acquired from Capstead Mortgage Corporation, which the Company has liquidated from its portfolio.", "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 07:02:06.722+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92040cfc-c939-45fc-a484-981ed7695760", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.95, "x": 0.03, "y": 0.13 }, "kind": "paragraph", "text": "Distributable 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 over the expected useful life of the Company's CLOs, (ii) unrealized gains and losses on loans, derivatives and ARMs, including CECL reserves and impairments, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated performance fee accruals/(reversal), (vi) loan workout charges, (vii) realized gains and losses on debt extinguishment and CLO calls, (viii) realized cash loss on a specific real estate owned (\"REO\") investment, (ix) impairments of acquisition assets related to the Capstead merger and (x) certain other non-cash items. 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