[ { "page": 1, "job_id": "parse-01m3d99qn9gbp2qt055fv2rn63", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.6, "figures": [], "tables": [], "context": [ { "page": 1, "kind": "logo", "text": "BSP [LOGO_SUNBURST]\nBENEFIT STREET PARTNERS\nby Franklin Templeton\n", "box": { "left": 0.084, "top": 0.15246, "right": 0.29883, "bottom": 0.35669 }, "node_id": "logo-0" }, { "page": 1, "kind": "text", "text": "BSP\nBENEFIT STREET PARTNERS\nby Franklin Templeton\nFirst Quarter 2026\nFranklin BSP\nRealty Trust\nSupplemental Information\n[Vertical line decoration]\n", "box": { "left": 0.00476, "top": 0.00428, "right": 0.98102, "bottom": 0.99176 }, "node_id": "text-0" } ] }, { "page": 2, "job_id": "parse-01m3d99qkkycp7vmva8kjjw3s1", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.9, "figures": [], "tables": [], "context": [ { "page": 2, "kind": "text", "text": "Important Information\n", "box": { "left": 0.03823, "top": 0.05575, "right": 0.35103, "bottom": 0.10696 }, "node_id": "text-0" }, { "page": 2, "kind": "text", "text": "The information herein relates to the Company's business and financial information as of March 31, 2026 and does not reflect subsequent developments.\n", "box": { "left": 0.0406, "top": 0.13162, "right": 0.83554, "bottom": 0.16067 }, "node_id": "text-1" }, { "page": 2, "kind": "text", "text": "**Risk Factors**\nInvesting in and owning our common stock involves a high degree of risk. For a discussion of these risks, see the section entitled \"Risk Factors\" in our Annual Report on Form 10-\nK filed with the SEC on February 25, 2026, and the risk disclosures in our subsequent periodic reports filed with the SEC, including our Quarterly Report on Form 10-Q for the\nquarter ended March 31, 2026.\n", "box": { "left": 0.04085, "top": 0.16928, "right": 0.95693, "bottom": 0.24709 }, "node_id": "text-2" }, { "page": 2, "kind": "text", "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\nFranklin 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\nsuch as \"may,\" \"will,\" \"seeks,\" \"anticipates,\" \"believes,\" \"estimates,\" \"expects,\" \"plans,\" \"intends,\" \"should\" or similar expressions. Actual results may differ materially from those\ncontemplated by such forward-looking statements. Factors that could cause actual outcomes to differ materially from our forward-looking statements include macroeconomic\nfactors in the United States including inflation, changing interest rates and economic contraction, impairments in the value of real estate property securing our loans or that we\nown, 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\n10-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\nconfidence. Further, forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to\nreflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law.\n", "box": { "left": 0.04143, "top": 0.25779, "right": 0.95968, "bottom": 0.44204 }, "node_id": "text-3" }, { "page": 2, "kind": "text", "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.\nNothing 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\noffer 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\nany of our affiliated funds. There is no guarantee that any of the goals, targets or objectives described in this summary will be achieved.\n", "box": { "left": 0.04158, "top": 0.45149, "right": 0.96011, "bottom": 0.54784 }, "node_id": "text-4" }, { "page": 2, "kind": "text", "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.\n", "box": { "left": 0.04145, "top": 0.5558, "right": 0.9528, "bottom": 0.65361 }, "node_id": "text-5" }, { "page": 2, "kind": "text", "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\naccounting principles generally accepted in the United States (\"GAAP\"), including Distributable Earnings. Please refer to the appendix for the reconciliation of the applicable GAAP\nfinancial measures to non-GAAP financial measures.\n", "box": { "left": 0.04161, "top": 0.66144, "right": 0.95635, "bottom": 0.7237 }, "node_id": "text-6" }, { "page": 2, "kind": "text", "text": "**PAST PERFORMANCE IS NOT A GUARANTEE OR INDICATIVE OF FUTURE RESULTS. INVESTMENTS INVOLVE SIGNIFICANT RISKS, INCLUDING LOSS OF THE ENTIRE**\n**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\npast or present investments, portfolio characteristics, or performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or\nwill 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\nthe 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\nReport 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\nCompany. The information contained in this presentation is summary information that is intended to be considered in the context of our filings with the Securities and Exchange\nCommission and other public announcements that we may make, by press release or otherwise, from time to time.\n", "box": { "left": 0.04148, "top": 0.73265, "right": 0.95878, "bottom": 0.88375 }, "node_id": "text-7" }, { "page": 2, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73644, "top": 0.95641, "right": 0.91255, "bottom": 0.98008 }, "node_id": "marginalia-0" }, { "page": 2, "kind": "marginalia", "text": "2\n", "box": { "left": 0.94545, "top": 0.95817, "right": 0.95896, "bottom": 0.97833 }, "node_id": "marginalia-1" } ] }, { "page": 3, "job_id": "parse-01m3d99qm2a9rvrtv9hpeea8q6", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.6, "figures": [], "tables": [], "context": [ { "page": 3, "kind": "text", "text": "FBRT 1Q 2026\nFinancial Update\n0\n", "box": { "left": 0.5572, "top": 0.48578, "right": 0.92361, "bottom": 0.89938 }, "node_id": "text-0" } ] }, { "page": 4, "job_id": "parse-01m3d99qkxb1h9m4aymzwnmqvk", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.4, "figures": [], "tables": [ { "page": 4, "cells": [ [ "Earnings", "\u2022 GAAP Net Income of $12.3 million or $0.07 per diluted common share or $0.08 per fully converted share (1)
\u2022 Distributable Earnings before realized losses (2) of $25.9 million or $0.22 per fully converted share (1)
\u2022 Distributable Earnings (2) of $13.5 million or $0.09 per fully converted share (1). Distributable Earnings includes $12.3 million of realized losses within the quarter, of which $4.7 million was recognized in GAAP this quarter and $7.6 million was recognized in GAAP in previous quarters
\u2022 Declared a Q1 2026 cash dividend of $0.20 per share, representing an annualized yield of 5.6% on fully-converted book value per share (1)" ], [ "Capitalization", "\u2022 Fully-converted book value per share is $14.18 vs. $14.15 in Q4 2025 (1). Undepreciated fully-converted book value per share is $14.58 vs. $14.34 in Q4 2025 (1) (3)
\u2022 Net debt to equity is 2.8x; recourse net debt to equity is 1.2x
\u2022 61% of financing sources are non-mark-to-market on our core book
\u2022 $521 million of liquidity of which $116 million is cash and $3 million is CLO reinvest/ramp available (4)
\u2022 Repurchased $39.8 million of common stock with a weighted average price of $9.13, which resulted in $0.24 of accretion to fully-converted book value per share (1)" ], [ "Investments", "\u2022 Core Portfolio: Principal balance increased by $173 million in the quarter. Closed $468 million of new loan commitments and funded $496 million of principal balance including future funding on existing loans. Received loan repayments of $323 million
\u2022 Agency Business: Originated $646 million of new loan commitments under programs with Fannie Mae, Freddie Mac, and HUD" ], [ "Portfolio", "\u2022 Core Portfolio of 177 CRE loans and $4.6 billion of principal balance, average size of $26 million and 79% multifamily. One asset was removed from the watch list. Eleven assets remain on the watch list, four of which are risk rated a five and seven of which are risk rated a four
\u2022 REO portfolio of six foreclosure positions (vs. seven in Q4 2025) totaling $208 million and one investment real estate owned position of $116 million" ] ], "cell_boxes": [ [ { "left": 0.04496, "top": 0.13329, "right": 0.23909, "bottom": 0.34319 }, { "left": 0.23908, "top": 0.13336, "right": 0.95618, "bottom": 0.34335 } ], [ { "left": 0.04492, "top": 0.34315, "right": 0.23909, "bottom": 0.56435 }, { "left": 0.23909, "top": 0.34319, "right": 0.95628, "bottom": 0.56476 } ], [ { "left": 0.04489, "top": 0.56424, "right": 0.23909, "bottom": 0.71406 }, { "left": 0.23909, "top": 0.56435, "right": 0.95635, "bottom": 0.71422 } ], [ { "left": 0.04486, "top": 0.71402, "right": 0.2391, "bottom": 0.86427 }, { "left": 0.23909, "top": 0.71406, "right": 0.95642, "bottom": 0.86474 } ] ], "box": { "left": 0.03905, "top": 0.12677, "right": 0.96148, "bottom": 0.86957 }, "node_id": "table-0" } ], "context": [ { "page": 4, "kind": "text", "text": "FBRT 1Q 2026 Financial Update\n1Q 2026 Highlights\n", "box": { "left": 0.04025, "top": 0.02922, "right": 0.31216, "bottom": 0.10975 }, "node_id": "text-0" }, { "page": 4, "kind": "text", "text": "1. Fully Converted assumes conversion of our series of convertible preferred stock and Class A units in FBRT OP LLC, our operating partnership (\"OP Units\"), along with full vesting of our outstanding equity compensation awards.\n2. Please see appendix for GAAP net income to Distributable Earnings calculation.\n3. Adjusted for the impact of accumulated depreciation and amortization of real property of $18.5 million and $17.5 million at 3/31/26 and 12/31/25, respectively, as well as for the impact of the fair value of our MSRs over their carrying value of\n$19.2 million as of 3/31/26.\n4. Cash excludes restricted cash. Total liquidity amount includes the cash available we can invest at a market advance rate utilizing our available capacity on financing lines.\n", "box": { "left": 0.03992, "top": 0.87524, "right": 0.94894, "bottom": 0.95772 }, "node_id": "text-1" }, { "page": 4, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.7366, "top": 0.95818, "right": 0.91276, "bottom": 0.97886 }, "node_id": "marginalia-0" }, { "page": 4, "kind": "marginalia", "text": "4\n", "box": { "left": 0.94543, "top": 0.95927, "right": 0.95917, "bottom": 0.9776 }, "node_id": "marginalia-1" } ] }, { "page": 5, "job_id": "parse-01m3d99qjennekb9pqwrw6hbd9", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.7, "figures": [], "tables": [ { "page": 5, "cells": [ [ "Income Statement", "" ], [ "Net interest income (1)", "$27.6" ], [ "Operating expenses (1), (2)", "(14.3)" ], [ "(Provision) / Benefit for credit loss (1)", "(13.5)" ], [ "NewPoint", "2.8" ], [ "Other income/(loss)(1)", "9.7" ], [ "GAAP net income (loss)", "$12.3" ], [ "NewPoint adjustments to GAAP net income (loss)(3)", "2.8" ], [ "Other adjustments to GAAP net income (loss)(3)", "10.8" ], [ "Distributable Earnings before realized gain/(loss)(3)", "$25.9" ], [ "Realized gain/(loss) adjustments to GAAP net income (loss) (3)", "(12.3)" ], [ "Distributable Earnings (3)", "$13.5" ], [ "", "" ], [ "GAAP net income (loss) per share, fully converted (4)", "$0.08" ], [ "GAAP return on common equity", "2.1%" ], [ "GAAP dividend coverage, fully converted (3), (4)", "40.7%" ], [ "", "" ], [ "Distributable Earnings per share, fully converted (3), (4)", "$0.09" ], [ "Distributable Earnings return on common equity (3)", "2.6%" ], [ "Distributable Earnings dividend coverage, fully converted (3), (4)", "45.2%" ], [ "Distributable Earnings per share before realized gain/(loss), fully converted (3), (4)", "$0.22" ], [ "Distributable Earnings return on common equity before realized gain/(loss) (3)", "6.2%" ], [ "Distributable Earnings dividend coverage before realized gain/(loss), fully converted (3), (4)", "109.8%" ], [ "", "" ], [ "Dividend per share", "$0.200" ], [ "Dividend per share yield on book value", "5.6%" ] ], "cell_boxes": [ [ { "left": 0.01871, "top": 0.10985, "right": 0.40832, "bottom": 0.13382 }, { "left": 0.40831, "top": 0.10985, "right": 0.50669, "bottom": 0.13378 } ], [ { "left": 0.01872, "top": 0.13378, "right": 0.40831, "bottom": 0.16118 }, { "left": 0.4083, "top": 0.13377, "right": 0.5067, "bottom": 0.16113 } ], [ { "left": 0.01873, "top": 0.16113, "right": 0.4083, "bottom": 0.18908 }, { "left": 0.40829, "top": 0.16112, "right": 0.50671, "bottom": 0.18901 } ], [ { "left": 0.01875, "top": 0.18901, "right": 0.40829, "bottom": 0.21655 }, { "left": 0.40828, "top": 0.18899, "right": 0.50673, "bottom": 0.21636 } ], [ { "left": 0.01876, "top": 0.21636, "right": 0.40828, "bottom": 0.24369 }, { "left": 0.40827, "top": 0.21631, "right": 0.50674, "bottom": 0.24346 } ], [ 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"bottom": 0.79135 } ], [ { "left": 0.01902, "top": 0.79135, "right": 0.40808, "bottom": 0.8188 }, { "left": 0.40807, "top": 0.79134, "right": 0.50703, "bottom": 0.81884 } ] ], "box": { "left": 0.01446, "top": 0.10976, "right": 0.51278, "bottom": 0.82479 }, "node_id": "table-0" }, { "page": 5, "cells": [ [ "Total core portfolio", "$4,546.8" ], [ "Loans held-for-sale", "423.0" ], [ "Total real estate securities", "178.7" ], [ "Mortgage servicing rights", "211.9" ], [ "Cash and restricted cash", "136.4" ], [ "Real estate owned", "329.0" ], [ "Other assets", "475.2" ], [ "Total assets", "$6,301.0" ] ], "cell_boxes": [ [ { "left": 0.54596, "top": 0.13281, "right": 0.66461, "bottom": 0.16072 }, { "left": 0.66449, "top": 0.13279, "right": 0.98086, "bottom": 0.16067 } ], [ { "left": 0.54597, "top": 0.16067, "right": 0.66449, "bottom": 0.18858 }, { "left": 0.66436, "top": 0.16053, "right": 0.98084, "bottom": 0.18853 } ], [ { "left": 0.54599, "top": 0.18853, "right": 0.66436, "bottom": 0.21589 }, { "left": 0.66423, "top": 0.18842, "right": 0.98083, "bottom": 0.21591 } ], [ { "left": 0.54601, "top": 0.21588, "right": 0.66423, "bottom": 0.24332 }, { "left": 0.66411, "top": 0.21589, "right": 0.98081, "bottom": 0.24329 } ], [ { "left": 0.54603, "top": 0.24329, "right": 0.66411, "bottom": 0.27105 }, { "left": 0.66398, "top": 0.2432, "right": 0.98079, "bottom": 0.271 } ], [ { "left": 0.54605, "top": 0.271, "right": 0.66398, "bottom": 0.2988 }, { "left": 0.66386, "top": 0.27088, "right": 0.98078, "bottom": 0.29874 } ], [ { "left": 0.54606, "top": 0.29874, "right": 0.66386, "bottom": 0.3253 }, { "left": 0.66373, "top": 0.29858, "right": 0.98076, "bottom": 0.32524 } ], [ { "left": 0.54608, "top": 0.32524, "right": 0.66373, "bottom": 0.35055 }, { "left": 0.66362, "top": 0.32506, "right": 0.98074, "bottom": 0.35068 } ] ], "box": { "left": 0.54596, "top": 0.13279, "right": 0.98086, "bottom": 0.35068 }, "node_id": "table-1" }, { "page": 5, "cells": [ [ "Collateralized loan obligations", "$2,637.3" ], [ "Warehouse - Core", "1,151.2" ], [ "Warehouse - NewPoint", "344.1" ], [ "Repo - securities", "212.2" ], [ "Asset specific financings", "36.9" ], [ "Unsecured debt", "185.7" ], [ "Total debt", "$4,567.4" ], [ "Preferred equity(5)", "348.5" ], [ "Common stock/retained earnings(6)", "1,221.3" ], [ "Total equity(5), (6)", "$1,569.8" ], [ "Book value per share, fully converted(4)", "$14.18" ], [ "", "" ], [ "Net debt/total equity", "2.82x" ], [ "Net debt/total equity ex. NewPoint", "2.60x" ], [ "Recourse net debt/total equity", "1.16x" ] ], "cell_boxes": [ [ { "left": 0.54597, "top": 0.4057, "right": 0.72166, "bottom": 0.43505 }, { "left": 0.72163, "top": 0.40542, "right": 0.98068, "bottom": 0.43494 } ], [ { "left": 0.54597, "top": 0.43494, "right": 0.72163, "bottom": 0.46264 }, { "left": 0.7216, "top": 0.43477, "right": 0.98068, "bottom": 0.46252 } ], [ { "left": 0.54598, "top": 0.46252, "right": 0.7216, "bottom": 0.49012 }, { "left": 0.72158, "top": 0.46236, "right": 0.98068, "bottom": 0.49 } ], [ { "left": 0.54598, "top": 0.49, "right": 0.72158, "bottom": 0.51774 }, { "left": 0.72155, "top": 0.48982, "right": 0.98067, "bottom": 0.51759 } ], [ { "left": 0.54599, "top": 0.51759, "right": 0.72155, "bottom": 0.54507 }, { "left": 0.72152, "top": 0.51739, "right": 0.98067, "bottom": 0.5449 } ], [ { "left": 0.54599, "top": 0.5449, "right": 0.72152, "bottom": 0.57248 }, { "left": 0.72149, "top": 0.54465, "right": 0.98067, "bottom": 0.57235 } ], [ { "left": 0.546, "top": 0.57235, "right": 0.72149, "bottom": 0.60025 }, { "left": 0.72147, "top": 0.57216, "right": 0.98067, "bottom": 0.60013 } ], [ { "left": 0.546, "top": 0.60013, "right": 0.72147, "bottom": 0.62746 }, { "left": 0.72144, "top": 0.59996, "right": 0.98067, "bottom": 0.62728 } ], [ { "left": 0.54601, "top": 0.62728, "right": 0.72144, "bottom": 0.65454 }, { "left": 0.72141, "top": 0.62702, "right": 0.98067, "bottom": 0.6545 } ], [ { "left": 0.54601, "top": 0.6545, "right": 0.72141, "bottom": 0.68224 }, { "left": 0.72139, "top": 0.65443, "right": 0.98066, "bottom": 0.68215 } ], [ { "left": 0.54602, "top": 0.68215, "right": 0.72139, "bottom": 0.70971 }, { "left": 0.72136, "top": 0.68203, "right": 0.98066, "bottom": 0.70963 } ], [ { "left": 0.54602, "top": 0.70963, "right": 0.72136, "bottom": 0.73633 }, { "left": 0.72133, "top": 0.70952, "right": 0.98066, "bottom": 0.73623 } ], [ { "left": 0.54602, "top": 0.73623, "right": 0.72133, "bottom": 0.76327 }, { "left": 0.72131, "top": 0.73609, "right": 0.98066, "bottom": 0.76326 } ], [ { "left": 0.54603, "top": 0.76326, "right": 0.72131, "bottom": 0.79091 }, { "left": 0.72128, "top": 0.76325, "right": 0.98066, "bottom": 0.79094 } ], [ { "left": 0.54603, "top": 0.79089, "right": 0.72128, "bottom": 0.81925 }, { "left": 0.72125, "top": 0.79091, "right": 0.98066, "bottom": 0.81936 } ] ], "box": { "left": 0.54597, "top": 0.40542, "right": 0.98068, "bottom": 0.81936 }, "node_id": "table-2" } ], "context": [ { "page": 5, "kind": "text", "text": "FBRT 1Q 2026 Financial Update\n# Financial Highlights\n", "box": { "left": 0.03917, "top": 0.03029, "right": 0.31881, "bottom": 0.1074 }, "node_id": "text-0" }, { "page": 5, "kind": "text", "text": "Balance Sheet - Assets (End of Quarter)", "box": { "left": 0.54626, "top": 0.11045, "right": 0.72, "bottom": 0.13238 }, "node_id": "text-1" }, { "page": 5, "kind": "text", "text": "Note: All numbers in millions except per share and share data.\n1. Excludes NewPoint.\n2. Does not include real estate owned operating income which is reported under Other income / (loss).\n3. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings.\n4. Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards.\n5. Includes $90 million of preferred equity that converts to common equity on 1/21/28, subject to the holder's right to accelerate the conversion. These amounts are reflected as temporary equity on the consolidated balance sheets. The remaining\n$259 million of preferred equity represents the Series E preferred, which is not convertible into common equity.\n6. Includes non-controlling interest.\n", "box": { "left": 0.04194, "top": 0.83004, "right": 0.9576, "bottom": 0.95677 }, "node_id": "text-2" }, { "page": 5, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73714, "top": 0.95762, "right": 0.91206, "bottom": 0.97898 }, "node_id": "marginalia-0" }, { "page": 5, "kind": "marginalia", "text": "5\n", "box": { "left": 0.94512, "top": 0.95869, "right": 0.95948, "bottom": 0.97814 }, "node_id": "marginalia-1" } ] }, { "page": 6, "job_id": "parse-01m3d99qm8b4xc6zppv0e9tafc", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.4, "figures": [ { "page": 6, "kind": "chart", "description": "The figure is a bar chart titled \"Distributable Earnings ($M) (1)\". It displays quarterly financial data across four periods: 2Q'25, 3Q'25, 4Q'25, and 1Q'26. Each bar represents total distributable earnings, with a dashed box indicating a higher value (presumably a target or different metric) above the solid colored portion of the bar. The solid portions decrease in value over time, while the dashed boxes also decrease in value. Specifically, the chart shows: 2Q'25 with a solid bar of $25.1 and a dashed box reaching $29.0; 3Q'25 with a solid bar of $26.7 and a dashed box reaching $28.4; 4Q'25 with a solid bar of $17.9 and a dashed box reaching $27.7; and 1Q'26 with a solid bar of $13.5 and a dashed box reaching $25.9.", "box": { "left": 0.03995, "top": 0.12877, "right": 0.49208, "bottom": 0.54813 }, "values": [ { "rows": [ [ { "text": "Quarter", "provenance": "unclassified", "footnotes": [] }, { "text": "Solid Bar Value ($M)", "provenance": "unclassified", "footnotes": [] }, { "text": "Dashed Box Value ($M)", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "2Q'25", "provenance": "unclassified", "footnotes": [] }, { "text": "25.1", "provenance": "unclassified", "footnotes": [] }, { "text": "29.0", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "3Q'25", "provenance": "unclassified", "footnotes": [] }, { "text": "26.7", "provenance": "unclassified", "footnotes": [] }, { "text": "28.4", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "4Q'25", "provenance": "unclassified", "footnotes": [] }, { "text": "17.9", "provenance": "unclassified", "footnotes": [] }, { "text": "27.7", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "1Q'26", "provenance": "unclassified", "footnotes": [] }, { "text": "13.5", "provenance": "unclassified", "footnotes": [] }, { "text": "25.9", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "", "text": "Note: All numbers in millions except per share data.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "1", "text": "Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "2", "text": "Distributable earnings before realized gain/(loss).", "sources": [ "agent" ], "corroborated": false, "placed": false } ], "node_id": "figure-0" }, { "page": 6, "kind": "chart", "description": "The figure is a bar chart titled 'GAAP Net Income (Loss) ($M)' displaying financial performance over four quarters. The X-axis represents the quarters, labeled '2Q'25', '3Q'25', '4Q'25', and '1Q'26'. The Y-axis represents the dollar amount in millions. There are four vertical bars. The first three bars (2Q'25, 3Q'25, 4Q'25) are a light blue-grey color, while the final bar (1Q'26) is a dark navy blue. Each bar has a numeric label above it indicating the specific value: 24.4, 17.6, 18.4, and 12.3 respectively.", "box": { "left": 0.50474, "top": 0.12949, "right": 0.95987, "bottom": 0.54846 }, "values": [ { "rows": [ [ { "text": "Quarter", "provenance": "unclassified", "footnotes": [] }, { "text": "Net Income (Loss) ($M)", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "2Q'25", "provenance": "unclassified", "footnotes": [] }, { "text": "24.4", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "3Q'25", "provenance": "unclassified", "footnotes": [] }, { "text": "17.6", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "4Q'25", "provenance": "unclassified", "footnotes": [] }, { "text": "18.4", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "1Q'26", "provenance": "unclassified", "footnotes": [] }, { "text": "12.3", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-1" } ], "tables": [ { "page": 6, "cells": [ [ "2Q'25", "3Q'25", "4Q'25", "1Q'26", "" ], [ "$0.355", "$0.355", "$0.355", "$0.200", "Dividend per share" ], [ "$0.27", "$0.22", "$0.12", "$0.09", "Distributable earnings per share, fully converted(1), (3)" ], [ "$0.23", "$0.23", "$0.22", "$0.22", "Distributable earnings per share before realized gain/(loss), fully converted(1), (3)" ], [ "76%", "61%", "34%", "45%", "Distributable dividend coverage, fully converted(1), (3)" ], [ "64%", "66%", "63%", "110%", "Distributable dividend coverage before realized gain/(loss), fully converted(1), (3)" ] ], "cell_boxes": [ [ { "left": 0.04636, "top": 0.57211, "right": 0.12442, "bottom": 0.62048 }, { "left": 0.12432, "top": 0.57211, "right": 0.22893, "bottom": 0.62048 }, { "left": 0.22863, "top": 0.57211, "right": 0.33595, "bottom": 0.62049 }, { "left": 0.33559, "top": 0.57211, "right": 0.44109, "bottom": 0.62049 }, { "left": 0.4407, "top": 0.5721, "right": 0.9547, "bottom": 0.62049 } ], [ { "left": 0.04636, "top": 0.62048, "right": 0.12432, "bottom": 0.66934 }, { "left": 0.12422, "top": 0.62048, "right": 0.22863, "bottom": 0.66933 }, { "left": 0.22833, "top": 0.62048, "right": 0.33559, "bottom": 0.66933 }, { "left": 0.33522, "top": 0.62049, "right": 0.4407, "bottom": 0.66933 }, { "left": 0.44031, "top": 0.62049, "right": 0.95469, "bottom": 0.66933 } ], [ { "left": 0.04636, "top": 0.66933, "right": 0.12422, "bottom": 0.71789 }, { "left": 0.12412, "top": 0.66933, "right": 0.22833, "bottom": 0.71788 }, { "left": 0.22803, "top": 0.66933, "right": 0.33522, "bottom": 0.71787 }, { "left": 0.33486, "top": 0.66933, "right": 0.44031, "bottom": 0.71785 }, { "left": 0.43992, "top": 0.66933, "right": 0.95467, "bottom": 0.71784 } ], [ { "left": 0.04637, "top": 0.71788, "right": 0.12412, "bottom": 0.7665 }, { "left": 0.12402, "top": 0.71787, "right": 0.22803, "bottom": 0.76648 }, { "left": 0.22773, "top": 0.71785, "right": 0.33486, "bottom": 0.76647 }, { "left": 0.3345, "top": 0.71784, "right": 0.43992, "bottom": 0.76646 }, { "left": 0.43953, "top": 0.71779, "right": 0.95466, "bottom": 0.76644 } ], [ { "left": 0.04637, "top": 0.76648, "right": 0.12402, "bottom": 0.81497 }, { "left": 0.12391, "top": 0.76647, "right": 0.22773, "bottom": 0.81496 }, { "left": 0.22743, "top": 0.76646, "right": 0.3345, "bottom": 0.81495 }, { "left": 0.33413, "top": 0.76644, "right": 0.43953, "bottom": 0.81494 }, { "left": 0.43914, "top": 0.76637, "right": 0.95465, "bottom": 0.81493 } ], [ { "left": 0.04637, "top": 0.81496, "right": 0.12391, "bottom": 0.86351 }, { "left": 0.12381, "top": 0.81495, "right": 0.22743, "bottom": 0.86351 }, { "left": 0.22713, "top": 0.81494, "right": 0.33413, "bottom": 0.86352 }, { "left": 0.33377, "top": 0.81493, "right": 0.43914, "bottom": 0.86352 }, { "left": 0.43875, "top": 0.81488, "right": 0.95463, "bottom": 0.86355 } ] ], "box": { "left": 0.04003, "top": 0.56641, "right": 0.96076, "bottom": 0.87077 }, "node_id": "table-0" } ], "context": [ { "page": 6, "kind": "text", "text": "FBRT 1Q 2026 Financial Update\nEarnings & Distributions\n", "box": { "left": 0.03946, "top": 0.02929, "right": 0.37824, "bottom": 0.10754 }, "node_id": "text-0" }, { "page": 6, "kind": "text", "text": "Note: All numbers in millions except per share data.\n 1. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings.\n 2. Distributable earnings before realized gain/(loss).\n 3. Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards.\n", "box": { "left": 0.04028, "top": 0.8884, "right": 0.67264, "bottom": 0.95957 }, "node_id": "text-1" }, { "page": 6, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73647, "top": 0.95724, "right": 0.91272, "bottom": 0.97952 }, "node_id": "marginalia-0" }, { "page": 6, "kind": "marginalia", "text": "6\n", "box": { "left": 0.94488, "top": 0.95859, "right": 0.95975, "bottom": 0.9784 }, "node_id": "marginalia-1" } ] }, { "page": 7, "job_id": "parse-01m3d99y699254v0m3vf2q6f08", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.8, "figures": [ { "page": 7, "kind": "chart", "description": "This is a waterfall chart illustrating the changes in loans outstanding from 4Q25 to 1Q26. The chart starts at a baseline of $4,436 million, adds $462 million in new loans, adds $34 million in fundings on existing loans, and subtracts $323 million in repayments to arrive at a final balance of $4,609 million.", "box": { "left": 0.039, "top": 0.1604, "right": 0.9607, "bottom": 0.83281 }, "values": [ { "rows": [ [ { "text": "Category", "provenance": "unclassified", "footnotes": [] }, { "text": "Value ($M)", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "4Q25 Loans Outstanding", "provenance": "unclassified", "footnotes": [] }, { "text": "4,436", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Fundings on New Loans", "provenance": "unclassified", "footnotes": [] }, { "text": "462", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Fundings on Existing Loans", "provenance": "unclassified", "footnotes": [] }, { "text": "34", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Repayments", "provenance": "unclassified", "footnotes": [ { "marker": "1", "text": "Includes full paydowns, dispositions, partial paydowns, non-REO related charge-offs and amortization." } ] }, { "text": "(323)", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "1Q26 Loans Outstanding", "provenance": "unclassified", "footnotes": [] }, { "text": "4,609", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "", "text": "All numbers in millions.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "1", "text": "Includes full paydowns, dispositions, partial paydowns, non-REO related charge-offs and amortization.", "sources": [ "agent" ], "corroborated": false, "placed": true } ], "node_id": "figure-0" } ], "tables": [], "context": [ { "page": 7, "kind": "text", "text": "FBRT 1Q 2026 Financial Update\n# Core Net Fundings\n", "box": { "left": 0.03935, "top": 0.02914, "right": 0.30069, "bottom": 0.1101 }, "node_id": "text-0" }, { "page": 7, "kind": "marginalia", "text": "Note: All numbers in millions.\n1. Includes full paydowns, dispositions, partial paydowns, non-REO related charge-offs and amortization.\n", "box": { "left": 0.04122, "top": 0.92175, "right": 0.44093, "bottom": 0.95945 }, "node_id": "marginalia-0" }, { "page": 7, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73602, "top": 0.95707, "right": 0.91275, "bottom": 0.97914 }, "node_id": "marginalia-1" }, { "page": 7, "kind": "marginalia", "text": "7\n", "box": { "left": 0.94568, "top": 0.95751, "right": 0.95902, "bottom": 0.97842 }, "node_id": "marginalia-2" } ] }, { "page": 8, "job_id": "parse-01m3d9a0b23kavkaf1hsqfbya5", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.1, "figures": [ { "page": 8, "kind": "chart", "description": "A donut chart illustrating the distribution of financing sources. The chart is divided into five segments: Collateralized Loan Obligations (57%), Warehouse (33%), Repo - Securities (5%), Unsecured Debt (4%), and Asset Specific Financings (1%).", "box": { "left": 0.01823, "top": 0.15966, "right": 0.49634, "bottom": 0.81301 }, "values": [ { "rows": [ [ { "text": "Source", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Collateralized Loan Obligations", "provenance": "unclassified", "footnotes": [] }, { "text": "57%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Warehouse", "provenance": "unclassified", "footnotes": [] }, { "text": "33%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Repo - Securities", "provenance": "unclassified", "footnotes": [] }, { "text": "5%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Unsecured Debt", "provenance": "unclassified", "footnotes": [] }, { "text": "4%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Asset Specific Financings", "provenance": "unclassified", "footnotes": [] }, { "text": "1%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "1", "text": "On our core book (excluding repo-securities and NewPoint), 61% of financings are non-mark-to-market.", "sources": [ "agent" ], "corroborated": false, "placed": false } ], "node_id": "figure-0" }, { "page": 8, "kind": "chart", "description": "This is a bar chart comparing Recourse Net Leverage and Total Net Leverage. The chart features two vertical bars on a light gray background. The first bar, representing 'Recourse Net Leverage', is light blue and has a value of 1.16x. The second bar, representing 'Total Net Leverage', is dark blue and has a value of 2.84x. The y-axis ranges from 0.00x to 3.00x in increments of 0.50x.", "box": { "left": 0.50415, "top": 0.16333, "right": 0.98161, "bottom": 0.81215 }, "values": [ { "rows": [ [ { "text": "Category", "provenance": "unclassified", "footnotes": [] }, { "text": "Value", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Recourse Net Leverage", "provenance": "unclassified", "footnotes": [ { "marker": "2", "text": "Net leverage represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, repurchase agreements - commercial mortgage loans, repurchase agreements - real estate securities, asset-specific financing arrangements, and unsecured debt, less cash and cash equivalents, to (ii) total equity and total redeemable convertible preferred stock, at period end. Recourse net leverage excludes collateralized loan obligations." } ] }, { "text": "1.16x", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Total Net Leverage", "provenance": "unclassified", "footnotes": [ { "marker": "2", "text": "Net leverage represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, repurchase agreements - commercial mortgage loans, repurchase agreements - real estate securities, asset-specific financing arrangements, and unsecured debt, less cash and cash equivalents, to (ii) total equity and total redeemable convertible preferred stock, at period end. Recourse net leverage excludes collateralized loan obligations." } ] }, { "text": "2.84x", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "2", "text": "Net leverage represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, repurchase agreements - commercial mortgage loans, repurchase agreements - real estate securities, asset-specific financing arrangements, and unsecured debt, less cash and cash equivalents, to (ii) total equity and total redeemable convertible preferred stock, at period end. Recourse net leverage excludes collateralized loan obligations.", "sources": [ "agent" ], "corroborated": false, "placed": true } ], "node_id": "figure-1" } ], "tables": [], "context": [ { "page": 8, "kind": "text", "text": "FBRT 1Q 2026 Financial Update\n# Capitalization Overview\n\nAverage debt cost including financing was 6.0% in 1Q26 vs. 6.5% in 4Q25\n", "box": { "left": 0.03912, "top": 0.02934, "right": 0.62942, "bottom": 0.13923 }, "node_id": "text-0" }, { "page": 8, "kind": "text", "text": "\n 1. On our core book (excluding repo-securities and NewPoint), 61% of financings are non-mark-to-market.\n 2. Net leverage represents (i) total outstanding borrowings under secured financing arrangements, including collateralized loan obligations, repurchase agreements - commercial mortgage loans, repurchase agreements - real estate securities,\nasset-specific financing arrangements, and unsecured debt, less cash and cash equivalents, to (ii) total equity and total redeemable convertible preferred stock, at period end. Recourse net leverage excludes collateralized loan obligations.\n", "box": { "left": 0.0416, "top": 0.90772, "right": 0.94503, "bottom": 0.95764 }, "node_id": "text-1" }, { "page": 8, "kind": "text", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73721, "top": 0.95922, "right": 0.91203, "bottom": 0.9785 }, "node_id": "text-2" }, { "page": 8, "kind": "marginalia", "text": "8\n", "box": { "left": 0.94561, "top": 0.95937, "right": 0.9585, "bottom": 0.97767 }, "node_id": "marginalia-0" } ] }, { "page": 9, "job_id": "parse-01m3d9a0dj0j9vs2z5xfq7ky4w", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.0, "figures": [], "tables": [ { "page": 9, "cells": [ [ "CLO Name", "Debt Amount(1)", "Reinvest End Date", "Cost of Debt(2)" ], [ "BSPRT 2022-FL8", "$289 million", "Ended", "S + 2.24%" ], [ "BSPRT 2023-FL10", "$535 million", "Ended", "S + 2.70%" ], [ "BSPRT 2024-FL11", "$886 million", "10/8/27", "S + 1.99%" ], [ "BSPRT 2025-FL12", "$947 million", "5/8/28", "S + 1.61%" ], [ "Total", "$2,657 million", "", "" ], [ "CLO
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}, { "left": 0.32605, "top": 0.46429, "right": 0.40678, "bottom": 0.52638 }, { "left": 0.40677, "top": 0.46426, "right": 0.49503, "bottom": 0.52636 } ], [ { "left": 0.04009, "top": 0.52641, "right": 0.21854, "bottom": 0.58883 }, { "left": 0.21852, "top": 0.52638, "right": 0.32605, "bottom": 0.58877 }, { "left": 0.32605, "top": 0.52636, "right": 0.40679, "bottom": 0.58873 }, { "left": 0.40678, "top": 0.52633, "right": 0.49502, "bottom": 0.5887 } ] ], "box": { "left": 0.03999, "top": 0.18986, "right": 0.49504, "bottom": 0.58883 }, "node_id": "table-0" }, { "page": 9, "cells": [ [ "Name", "Capacity (3)" ], [ "JP Morgan", "$750 million" ], [ "Barclays (Warehouse)", "$500 million" ], [ "Atlas SP Partners", "$350 million" ], [ "Wells Fargo", "$250 million" ], [ "Barclays (Secured Revolver)", "$100 million" ], [ "BAML Line of Credit (NewPoint)", "$500 million" ], [ "Fifth Third Warehouse Line of Credit (NewPoint)", "$400 million" ], [ "Fifth Third Line of Credit (NewPoint)", "$125 million" ], [ "JPM Line of Credit (NewPoint)", "$700 million" ], [ "PNC Line of Credit (NewPoint)", "$500 million" ], [ "ASAP Line of Credit (NewPoint)", "$100 million" ], [ "Total", "$4,275 million" ] ], "cell_boxes": [ [ { "left": 0.51051, "top": 0.18959, "right": 0.8491, "bottom": 0.25028 }, { "left": 0.84907, "top": 0.18966, "right": 0.96546, "bottom": 0.25032 } ], [ { "left": 0.51051, "top": 0.25016, "right": 0.84907, "bottom": 0.29304 }, { "left": 0.84905, "top": 0.25028, "right": 0.96547, "bottom": 0.29305 } ], [ { "left": 0.51052, "top": 0.29302, "right": 0.84905, "bottom": 0.33589 }, { "left": 0.84903, "top": 0.29304, "right": 0.96548, "bottom": 0.33581 } ], [ { "left": 0.51052, "top": 0.33581, "right": 0.84903, "bottom": 0.37857 }, { "left": 0.84901, "top": 0.33579, "right": 0.96549, "bottom": 0.37848 } ], [ { "left": 0.51053, "top": 0.37848, "right": 0.84901, "bottom": 0.42141 }, { "left": 0.84899, "top": 0.37845, "right": 0.96549, "bottom": 0.42135 } ], [ { "left": 0.51053, "top": 0.42135, "right": 0.84899, "bottom": 0.46426 }, { "left": 0.84896, "top": 0.42133, "right": 0.9655, "bottom": 0.46424 } ], [ { "left": 0.51053, "top": 0.46424, "right": 0.84896, "bottom": 0.50691 }, { "left": 0.84894, "top": 0.46424, "right": 0.96551, "bottom": 0.5068 } ], [ { "left": 0.51054, "top": 0.5068, "right": 0.84894, "bottom": 0.54974 }, { "left": 0.84892, "top": 0.50677, "right": 0.96552, "bottom": 0.54966 } ], [ { "left": 0.51054, "top": 0.54966, "right": 0.84892, "bottom": 0.59244 }, { "left": 0.8489, "top": 0.54963, "right": 0.96553, "bottom": 0.59241 } ], [ { "left": 0.51055, "top": 0.59241, "right": 0.8489, "bottom": 0.63528 }, { "left": 0.84888, "top": 0.5924, "right": 0.96553, "bottom": 0.63522 } ], [ { "left": 0.51055, "top": 0.63522, "right": 0.84888, "bottom": 0.67793 }, { "left": 0.84886, "top": 0.6352, "right": 0.96554, "bottom": 0.67787 } ], [ { "left": 0.51055, "top": 0.67787, "right": 0.84886, "bottom": 0.72042 }, { "left": 0.84884, "top": 0.67785, "right": 0.96555, "bottom": 0.72044 } ], [ { "left": 0.51056, "top": 0.72036, "right": 0.84884, "bottom": 0.7636 }, { "left": 0.84882, "top": 0.72042, "right": 0.96556, "bottom": 0.76355 } ] ], "box": { "left": 0.51051, "top": 0.18959, "right": 0.96556, "bottom": 0.7636 }, "node_id": "table-1" } ], "context": [ { "page": 9, "kind": "text", "text": "FBRT 1Q 2026 Financial Update\n# Financing Lines\n", "box": { "left": 0.03885, "top": 0.02928, "right": 0.26399, "bottom": 0.10822 }, "node_id": "text-0" }, { "page": 9, "kind": "text", "text": "CLOs", "box": { "left": 0.03796, "top": 0.14735, "right": 0.49656, "bottom": 0.18529 }, "node_id": "text-1" }, { "page": 9, "kind": "text", "text": "Warehouse/Revolver/Other", "box": { "left": 0.5093, "top": 0.14474, "right": 0.73259, "bottom": 0.18336 }, "node_id": "text-2" }, { "page": 9, "kind": "text", "text": "1. Outstanding balance as of March 31, 2026 and net of tranches held by FBRT.\n2. Cost of debt is shown before discount and transaction costs.\n3. Capacity for loans. Excludes bond repurchase agreements.\n", "box": { "left": 0.04087, "top": 0.90417, "right": 0.34369, "bottom": 0.96009 }, "node_id": "text-3" }, { "page": 9, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73606, "top": 0.9572, "right": 0.91284, "bottom": 0.97985 }, "node_id": "marginalia-0" }, { "page": 9, "kind": "marginalia", "text": "9\n", "box": { "left": 0.94482, "top": 0.95782, "right": 0.95907, "bottom": 0.97896 }, "node_id": "marginalia-1" } ] }, { "page": 10, "job_id": "parse-01m3d9a0eajct64cqv25d5eqqa", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.8, "figures": [ { "page": 10, "kind": "chart", "description": "The image is a waterfall chart showing the components of total liquidity in millions of dollars. The chart starts from the left with 'Unrestricted Cash' ($116M), followed by 'CLO Reinvestment Available' ($3M), and 'Financing Available & In Progress' ($402M), which culminates in the 'Total Liquidity' bar ($521M) on the far right.", "box": { "left": 0.03945, "top": 0.16193, "right": 0.96033, "bottom": 0.83269 }, "values": [ { "rows": [ [ { "text": "Category", "provenance": "unclassified", "footnotes": [] }, { "text": "Value ($M)", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Unrestricted Cash", "provenance": "unclassified", "footnotes": [] }, { "text": "116", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "CLO Reinvestment Available", "provenance": "unclassified", "footnotes": [] }, { "text": "3", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Financing Available & In Progress", "provenance": "unclassified", "footnotes": [ { "marker": "1", "text": "Represents cash available at 3/31/2026 that we can invest at a market advance rate utilizing our available capacity on financing lines." } ] }, { "text": "402", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Total Liquidity", "provenance": "unclassified", "footnotes": [] }, { "text": "521", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "1", "text": "Represents cash available at 3/31/2026 that we can invest at a market advance rate utilizing our available capacity on financing lines.", "sources": [ "agent" ], "corroborated": false, "placed": true } ], "node_id": "figure-0" } ], "tables": [], "context": [ { "page": 10, "kind": "text", "text": "FBRT 1Q 2026 Financial Update\nLiquidity\n", "box": { "left": 0.03948, "top": 0.02945, "right": 0.24752, "bottom": 0.11021 }, "node_id": "text-0" }, { "page": 10, "kind": "marginalia", "text": "1. Represents cash available at 3/31/2026 that we can invest at a market advance rate utilizing our available capacity on financing lines.\n", "box": { "left": 0.04337, "top": 0.93806, "right": 0.55542, "bottom": 0.9582 }, "node_id": "marginalia-0" }, { "page": 10, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.7363, "top": 0.95713, "right": 0.91255, "bottom": 0.97903 }, "node_id": "marginalia-1" }, { "page": 10, "kind": "marginalia", "text": "10\n", "box": { "left": 0.94143, "top": 0.95828, "right": 0.95833, "bottom": 0.97858 }, "node_id": "marginalia-2" } ] }, { "page": 11, "job_id": "parse-01m3d9a0e80gdh1krxz84t3p2p", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.0, "figures": [], "tables": [ { "page": 11, "cells": [ [ "Income Statement (QTD)", "" ], [ "Net interest income", "($0.6)" ], [ "Gain / (loss) on sales", "16.5" ], [ "Mortgage servicing rights", "6.7" ], [ "Mortgage servicing rights amortization, impairments & payoffs", "(9.0)" ], [ "Servicing and ancillary fees", "12.3" ], [ "Servicing interest on escrows", "6.9" ], [ "Other income", "2.0" ], [ "Total Revenues", "$34.8" ], [ "Operating expenses", "(34.4)" ], [ "Taxes", "0.3" ], [ "Loan loss provision", "2.1" ], [ "GAAP net income (loss)", "$2.8" ], [ "Mortgage servicing rights", "(6.7)" ], [ "Mortgage servicing rights amortization, impairments & payoffs", "9.0" ], [ "Fair value adjustments on equity investments", "(0.7)" ], [ "Other adjustments", "1.2" ], [ "Distributable Earnings", "$5.6" ] ], "cell_boxes": [ [ { "left": 0.04489, "top": 0.11839, "right": 0.36942, "bottom": 0.14284 }, { "left": 0.36941, "top": 0.11829, "right": 0.53928, "bottom": 0.1428 } ], [ { "left": 0.0449, "top": 0.1428, "right": 0.36941, "bottom": 0.17853 }, { "left": 0.36939, "top": 0.14278, "right": 0.53929, "bottom": 0.17854 } ], [ { "left": 0.04491, "top": 0.17852, "right": 0.36939, "bottom": 0.21349 }, { "left": 0.36937, "top": 0.17853, "right": 0.53929, "bottom": 0.21345 } ], [ { "left": 0.04492, "top": 0.21345, "right": 0.36937, "bottom": 0.24848 }, { "left": 0.36936, "top": 0.21343, "right": 0.5393, "bottom": 0.24837 } ], [ { "left": 0.04493, "top": 0.24837, "right": 0.36936, "bottom": 0.28377 }, { "left": 0.36934, "top": 0.24831, "right": 0.53931, "bottom": 0.28364 } ], [ { "left": 0.04494, "top": 0.28364, "right": 0.36934, "bottom": 0.31896 }, { "left": 0.36932, "top": 0.28358, "right": 0.53931, "bottom": 0.31889 } ], [ { "left": 0.04495, "top": 0.31889, "right": 0.36932, "bottom": 0.3543 }, { "left": 0.3693, "top": 0.31885, "right": 0.53932, "bottom": 0.35421 } ], [ { "left": 0.04496, "top": 0.35421, "right": 0.3693, "bottom": 0.38886 }, { "left": 0.36929, "top": 0.35417, "right": 0.53933, "bottom": 0.38879 } ], [ { "left": 0.04497, "top": 0.38879, "right": 0.36929, "bottom": 0.42419 }, { "left": 0.36927, "top": 0.38876, "right": 0.53933, "bottom": 0.42406 } ], [ { "left": 0.04498, "top": 0.42406, "right": 0.36927, "bottom": 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0.04504, "top": 0.67053, "right": 0.36914, "bottom": 0.70527 }, { "left": 0.36913, "top": 0.67051, "right": 0.53939, "bottom": 0.70516 } ], [ { "left": 0.04505, "top": 0.70516, "right": 0.36913, "bottom": 0.73514 }, { "left": 0.36911, "top": 0.70511, "right": 0.5394, "bottom": 0.7348 } ] ], "box": { "left": 0.04008, "top": 0.11673, "right": 0.54584, "bottom": 0.74168 }, "node_id": "table-0" }, { "page": 11, "cells": [ [ "ROE", "" ], [ "GAAP return on equity(2)", "2.7%" ], [ "Distributable Earnings return on equity(2)", "5.5%" ] ], "cell_boxes": [ [ { "left": 0.04489, "top": 0.785, "right": 0.25479, "bottom": 0.81091 }, { "left": 0.25463, "top": 0.78495, "right": 0.53969, "bottom": 0.81096 } ], [ { "left": 0.04488, "top": 0.81088, "right": 0.25501, "bottom": 0.84592 }, { "left": 0.25479, "top": 0.81091, "right": 0.53975, "bottom": 0.84595 } ], [ { "left": 0.04487, "top": 0.8459, "right": 0.25524, "bottom": 0.8808 }, { "left": 0.25501, "top": 0.84592, "right": 0.53982, "bottom": 0.8808 } ] ], "box": { "left": 0.04091, "top": 0.78014, "right": 0.54327, "bottom": 0.88781 }, "node_id": "table-1" }, { "page": 11, "cells": [ [ "Volume", "UPB", "Count" ], [ "Q1 2026 Total", "$646.3", "27" ] ], "cell_boxes": [ [ { "left": 0.59807, "top": 0.11877, "right": 0.67566, "bottom": 0.14315 }, { "left": 0.67565, "top": 0.11877, "right": 0.82943, "bottom": 0.14317 }, { "left": 0.8294, "top": 0.11877, "right": 0.94199, "bottom": 0.14319 } ], [ { "left": 0.59805, "top": 0.14314, "right": 0.67567, "bottom": 0.17848 }, { "left": 0.67566, "top": 0.14315, "right": 0.82948, "bottom": 0.17851 }, { "left": 0.82943, "top": 0.14317, "right": 0.94191, "bottom": 0.17852 } ] ], "box": { "left": 0.59352, "top": 0.1143, "right": 0.94562, "bottom": 0.18437 }, "node_id": "table-2" } ], "context": [ { "page": 11, "kind": "text", "text": "FBRT 1Q 2026 Financial Update\n# NewPoint Financial Highlights\n", "box": { "left": 0.03976, "top": 0.02928, "right": 0.46058, "bottom": 0.10896 }, "node_id": "text-0" }, { "page": 11, "kind": "marginalia", "text": "Note: All numbers in millions.\n1. Based on final purchase price of $410 million.\n", "box": { "left": 0.04131, "top": 0.92143, "right": 0.2306, "bottom": 0.9591 }, "node_id": "marginalia-0" }, { "page": 11, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73607, "top": 0.9565, "right": 0.91238, "bottom": 0.97966 }, "node_id": "marginalia-1" }, { "page": 11, "kind": "marginalia", "text": "11\n", "box": { "left": 0.94142, "top": 0.95758, "right": 0.95737, "bottom": 0.97932 }, "node_id": "marginalia-2" } ] }, { "page": 12, "job_id": "parse-01m3d9a25t10982rv2cyjfb8t0", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.0, "figures": [], "tables": [ { "page": 12, "cells": [ [ "", "MSR", "Value on Commitments(1)", "Total MSR Value" ], [ "Ending balance at 12/31", "$212.2", "$7.8", "$220.0" ], [ "OMSR - new commitments", "-", "6.7", "6.7" ], [ "OMSR - moved at settlement", "8.7", "(8.7)", "-" ], [ "Amortization, impairments & payoffs", "(9.0)", "-", "(9.0)" ], [ "Ending Balance at 3/31", "$211.9", "$5.8", "$217.7" ] ], "cell_boxes": [ [ { "left": 0.04567, "top": 0.16297, "right": 0.30729, "bottom": 0.22225 }, { "left": 0.3072, "top": 0.16297, "right": 0.40149, "bottom": 0.22226 }, { "left": 0.40145, "top": 0.16297, "right": 0.54876, "bottom": 0.22229 }, { "left": 0.54874, "top": 0.16297, "right": 0.66454, "bottom": 0.22231 } ], [ { "left": 0.04569, "top": 0.2222, "right": 0.3072, "bottom": 0.25582 }, { "left": 0.30715, "top": 0.22225, "right": 0.40145, "bottom": 0.25582 }, { "left": 0.40142, "top": 0.22226, "right": 0.54874, "bottom": 0.25583 }, { "left": 0.54873, "top": 0.22229, "right": 0.66453, "bottom": 0.25583 } ], [ { "left": 0.0457, "top": 0.25582, "right": 0.30715, "bottom": 0.289 }, { "left": 0.3071, "top": 0.25582, "right": 0.40142, "bottom": 0.28897 }, { "left": 0.40139, "top": 0.25582, "right": 0.54873, "bottom": 0.28896 }, { "left": 0.54871, "top": 0.25583, "right": 0.66453, "bottom": 0.28894 } ], [ { "left": 0.04571, "top": 0.28897, "right": 0.3071, "bottom": 0.32198 }, { "left": 0.30705, "top": 0.28896, "right": 0.40139, "bottom": 0.32197 }, { "left": 0.40137, "top": 0.28894, "right": 0.54871, "bottom": 0.32196 }, { "left": 0.5487, "top": 0.28893, "right": 0.66453, "bottom": 0.32196 } ], [ { "left": 0.04572, "top": 0.32197, "right": 0.30705, "bottom": 0.35547 }, { "left": 0.30699, "top": 0.32196, "right": 0.40137, "bottom": 0.35546 }, { "left": 0.40134, "top": 0.32196, "right": 0.5487, "bottom": 0.35546 }, { "left": 0.54868, "top": 0.32195, "right": 0.66453, "bottom": 0.35546 } ], [ { "left": 0.04572, "top": 0.35546, "right": 0.30699, "bottom": 0.38879 }, { "left": 0.30694, "top": 0.35546, "right": 0.40134, "bottom": 0.38878 }, { "left": 0.40131, "top": 0.35546, "right": 0.54868, "bottom": 0.38877 }, { "left": 0.54867, "top": 0.35545, "right": 0.66453, "bottom": 0.38876 } ] ], "box": { "left": 0.04567, "top": 0.16297, "right": 0.66454, "bottom": 0.38879 }, "node_id": "table-0" }, { "page": 12, "cells": [ [ "Product Type", "12/31 UPB", "Change", "3/31 UPB(2)" ], [ "Fannie", "$7,860", "$77", "$7,937" ], [ "Freddie", "8,649", "228", "8,877" ], [ "Ginnie", "5,125", "80", "5,205" ], [ "Bridge", "836", "(414)", "422" ], [ "Affordable", "425", "23", "448" ], [ "Benefit Street Partners", "130", "9,895", "10,025" ], [ "Private Label", "24,821", "395", "25,216" ], [ "Total", "$47,846", "$10,284", "$58,130" ], [ "", "", "", "" ], [ "Agency/FHA", "$21,634", "$385", "$22,019" ], [ "Other", "$26,212", "$9,899", "$36,111" ] ], "cell_boxes": [ [ { "left": 0.04596, "top": 0.48174, "right": 0.21195, "bottom": 0.54053 }, { "left": 0.21182, "top": 0.48178, "right": 0.40471, "bottom": 0.54052 }, { "left": 0.40471, "top": 0.48183, "right": 0.52311, "bottom": 0.54051 }, { "left": 0.52307, "top": 0.48186, "right": 0.66449, "bottom": 0.5405 } ], [ { "left": 0.04597, "top": 0.54052, "right": 0.21182, "bottom": 0.57399 }, { "left": 0.21174, "top": 0.54051, "right": 0.40471, "bottom": 0.574 }, { "left": 0.40471, 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0.67328 } ], [ { "left": 0.04598, "top": 0.67334, "right": 0.21152, "bottom": 0.70642 }, { "left": 0.21145, "top": 0.6733, "right": 0.4047, "bottom": 0.70641 }, { "left": 0.4047, "top": 0.67328, "right": 0.52321, "bottom": 0.70639 }, { "left": 0.52319, "top": 0.67325, "right": 0.66451, "bottom": 0.70638 } ], [ { "left": 0.04599, "top": 0.70641, "right": 0.21145, "bottom": 0.73958 }, { "left": 0.21138, "top": 0.70639, "right": 0.4047, "bottom": 0.73956 }, { "left": 0.4047, "top": 0.70638, "right": 0.52323, "bottom": 0.73954 }, { "left": 0.52321, "top": 0.70636, "right": 0.66451, "bottom": 0.73953 } ], [ { "left": 0.04599, "top": 0.73956, "right": 0.21138, "bottom": 0.77353 }, { "left": 0.2113, "top": 0.73954, "right": 0.4047, "bottom": 0.77349 }, { "left": 0.40469, "top": 0.73953, "right": 0.52325, "bottom": 0.77344 }, { "left": 0.52323, "top": 0.73951, "right": 0.66452, "bottom": 0.77341 } ], [ { "left": 0.046, "top": 0.77349, "right": 0.2113, "bottom": 0.80656 }, { "left": 0.21123, "top": 0.77344, "right": 0.40469, "bottom": 0.80656 }, { "left": 0.40469, "top": 0.77341, "right": 0.52327, "bottom": 0.80656 }, { "left": 0.52325, "top": 0.77338, "right": 0.66452, "bottom": 0.80656 } ], [ { "left": 0.046, "top": 0.80655, "right": 0.21123, "bottom": 0.82746 }, { "left": 0.21118, "top": 0.80656, "right": 0.40469, "bottom": 0.82746 }, { "left": 0.40469, "top": 0.80656, "right": 0.52329, "bottom": 0.82745 }, { "left": 0.52327, "top": 0.80656, "right": 0.66452, "bottom": 0.82744 } ], [ { "left": 0.046, "top": 0.82746, "right": 0.21118, "bottom": 0.86131 }, { "left": 0.21111, "top": 0.82745, "right": 0.40469, "bottom": 0.86128 }, { "left": 0.40469, "top": 0.82744, "right": 0.52331, "bottom": 0.86125 }, { "left": 0.52329, "top": 0.82743, "right": 0.66453, "bottom": 0.86123 } ], [ { "left": 0.04601, "top": 0.86128, "right": 0.21111, "bottom": 0.89435 }, { "left": 0.21103, "top": 0.86125, "right": 0.40469, "bottom": 0.89433 }, { "left": 0.40469, "top": 0.86123, "right": 0.52333, "bottom": 0.89432 }, { "left": 0.52331, "top": 0.8612, "right": 0.66453, "bottom": 0.89431 } ] ], "box": { "left": 0.04596, "top": 0.48174, "right": 0.66453, "bottom": 0.89435 }, "node_id": "table-1" } ], "context": [ { "page": 12, "kind": "text", "text": "FBRT 1Q 2026 Financial Update\nNewPoint MSR & Servicing Book\n", "box": { "left": 0.04015, "top": 0.0298, "right": 0.49169, "bottom": 0.10791 }, "node_id": "text-0" }, { "page": 12, "kind": "text", "text": "MSR Rollforward", "box": { "left": 0.043, "top": 0.11885, "right": 0.66772, "bottom": 0.14911 }, "node_id": "text-1" }, { "page": 12, "kind": "text", "text": "Servicing Book Rollforward", "box": { "left": 0.0429, "top": 0.43553, "right": 0.66804, "bottom": 0.46516 }, "node_id": "text-2" }, { "page": 12, "kind": "text", "text": "Note: All numbers in millions.\n 1. Included in commercial mortgage loans held for sale and derivative instruments on the balance sheet.\n 2. Includes $4.9 billion of principal serviced for a wholly owned subsidiary of the Company; related revenue is eliminated in consolidation.\n", "box": { "left": 0.04101, "top": 0.90176, "right": 0.5585, "bottom": 0.95404 }, "node_id": "text-3" }, { "page": 12, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73648, "top": 0.95701, "right": 0.91206, "bottom": 0.9797 }, "node_id": "marginalia-0" }, { "page": 12, "kind": "marginalia", "text": "12\n", "box": { "left": 0.94147, "top": 0.95823, "right": 0.95858, "bottom": 0.97855 }, "node_id": "marginalia-1" } ] }, { "page": 13, "job_id": "parse-01m3d9a6q7wtx9ajbckw1f1c6c", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.6, "figures": [], "tables": [], "context": [ { "page": 13, "kind": "logo", "text": "Portfolio\n02\n", "box": { "left": 0.6763, "top": 0.54174, "right": 0.92378, "bottom": 0.9078 }, "node_id": "logo-0" } ] }, { "page": 14, "job_id": "parse-01m3d9a8rjgm68pvbxnmtq576b", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.5, "figures": [ { "page": 14, "kind": "chart", "description": "The image displays a donut chart titled 'Portfolio Summary'. The chart is primarily composed of a large, dark blue ring representing the 'Senior' category, which accounts for 99% of the total. A very small, thin segment at the top right of the ring is colored in a slightly lighter blue, representing the 'Mezzanine' category, which accounts for 1% of the total. The background is a plain, light grey-white color.", "box": { "left": 0.34687, "top": 0.13199, "right": 0.65083, "bottom": 0.49536 }, "values": [ { "rows": [ [ { "text": "Category", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Senior", "provenance": "unclassified", "footnotes": [] }, { "text": "99%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Mezzanine", "provenance": "unclassified", "footnotes": [] }, { "text": "1%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-0" }, { "page": 14, "kind": "chart", "description": "A donut chart illustrating the distribution of rate types, with the majority represented by 'Floating' at 91% and the remainder by 'Fixed' at 9%.", "box": { "left": 0.65599, "top": 0.13453, "right": 0.96004, "bottom": 0.49419 }, "values": [ { "rows": [ [ { "text": "Rate Type", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Floating", "provenance": "unclassified", "footnotes": [] }, { "text": "91%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Fixed", "provenance": "unclassified", "footnotes": [] }, { "text": "9%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-1" }, { "page": 14, "kind": "chart", "description": "This figure is a donut chart representing a collateral summary. The chart displays the following distribution: Multifamily accounts for 79%, Hospitality for 11%, Industrial for 6%, Other for 3%, and Office for 1%.", "box": { "left": 0.03982, "top": 0.50402, "right": 0.34259, "bottom": 0.86937 }, "values": [ { "rows": [ [ { "text": "Category", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Multifamily", "provenance": "unclassified", "footnotes": [] }, { "text": "79%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Hospitality", "provenance": "unclassified", "footnotes": [] }, { "text": "11%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Industrial", "provenance": "unclassified", "footnotes": [] }, { "text": "6%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Other", "provenance": "unclassified", "footnotes": [] }, { "text": "3%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Office", "provenance": "unclassified", "footnotes": [] }, { "text": "1%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-2" }, { "page": 14, "kind": "chart", "description": "This is a donut chart showing the breakdown of collateral by vintage. The chart is divided into two segments: 'Post-Rate Hike', which accounts for 71% of the total, and 'Pre-Rate Hike', which accounts for 29% of the total. The 'Post-Rate Hike' segment is represented by a dark blue color, while the 'Pre-Rate Hike' segment is represented by a medium blue color.", "box": { "left": 0.34815, "top": 0.50404, "right": 0.65107, "bottom": 0.8693 }, "values": [ { "rows": [ [ { "text": "Category", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Post-Rate Hike", "provenance": "unclassified", "footnotes": [] }, { "text": "71%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Pre-Rate Hike", "provenance": "unclassified", "footnotes": [] }, { "text": "29%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-3" }, { "page": 14, "kind": "chart", "description": "A donut chart illustrating the distribution of collateral by state. The chart displays the following data segments:", "box": { "left": 0.65482, "top": 0.50388, "right": 0.9625, "bottom": 0.87053 }, "values": [ { "rows": [ [ { "text": "State", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Texas", "provenance": "unclassified", "footnotes": [] }, { "text": "29%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "All Other", "provenance": "unclassified", "footnotes": [] }, { "text": "18%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Florida", "provenance": "unclassified", "footnotes": [] }, { "text": "15%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "North Carolina", "provenance": "unclassified", "footnotes": [] }, { "text": "13%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Georgia", "provenance": "unclassified", "footnotes": [] }, { "text": "7%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Various", "provenance": "unclassified", "footnotes": [] }, { "text": "7%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "New York", "provenance": "unclassified", "footnotes": [] }, { "text": "5%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Arizona", "provenance": "unclassified", "footnotes": [] }, { "text": "3%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Connecticut", "provenance": "unclassified", "footnotes": [] }, { "text": "3%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-4" } ], "tables": [], "context": [ { "page": 14, "kind": "text", "text": "Portfolio\nCore Loan Portfolio Composition\n", "box": { "left": 0.03907, "top": 0.02881, "right": 0.49312, "bottom": 0.10835 }, "node_id": "text-0" }, { "page": 14, "kind": "text", "text": "### Portfolio Overview\n\n- $4.6B total portfolio; \n- 64.8% WA LTV (1) \n- 166 senior loans; average \n- UPB (2) of $27M \n- 11 mezzanine loans; \n- average UPB (2) of $5M \n- 7 non-performing loans (3) ", "box": { "left": 0.04054, "top": 0.1301, "right": 0.34276, "bottom": 0.49433 }, "node_id": "text-1" }, { "page": 14, "kind": "text", "text": "1. Weighted average loan-to-value percentage (WA LTV) represents the weighted average ratio of the loan amount to the appraised value of the property at the time of origination.\n2. Unpaid principal balance (UPB) represents the portion of the loan that has not yet been remitted to the lender.\n3. Four risk rated 5, two risk rated 4 and one risk rated 3. One loan removed from the non-performing list post quarter end.\n", "box": { "left": 0.04004, "top": 0.90293, "right": 0.71074, "bottom": 0.96013 }, "node_id": "text-2" }, { "page": 14, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73609, "top": 0.95679, "right": 0.91274, "bottom": 0.97968 }, "node_id": "marginalia-0" }, { "page": 14, "kind": "marginalia", "text": "14\n", "box": { "left": 0.94104, "top": 0.95823, "right": 0.95878, "bottom": 0.97872 }, "node_id": "marginalia-1" } ] }, { "page": 15, "job_id": "parse-01m3d9a8wtcbfp0cm3g83fate9", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.2, "figures": [ { "page": 15, "kind": "chart", "description": "This is a donut chart illustrating the distribution of collateral types. The vast majority of the chart, representing 92%, is labeled 'Multifamily'. A small segment representing 5% is labeled 'Healthcare' and another small segment representing 3% is labeled 'Industrial'.", "box": { "left": 0.50476, "top": 0.13177, "right": 0.96075, "bottom": 0.51767 }, "values": [ { "rows": [ [ { "text": "Category", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Multifamily", "provenance": "unclassified", "footnotes": [] }, { "text": "92%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Healthcare", "provenance": "unclassified", "footnotes": [] }, { "text": "5%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Industrial", "provenance": "unclassified", "footnotes": [] }, { "text": "3%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "", "text": "Charts shown above are based on the initial funding/unpaid principal balance of the newly originated loans.", "sources": [ "agent" ], "corroborated": false, "placed": false }, { "marker": "(1)", "text": "All-in coupon based on 3/31/26 SOFR indices.", "sources": [ "agent" ], "corroborated": false, "placed": false } ], "node_id": "figure-0" }, { "page": 15, "kind": "chart", "description": "A donut chart illustrating the distribution of data by region. The chart is divided into seven segments with the following values:", "box": { "left": 0.04026, "top": 0.52277, "right": 0.49433, "bottom": 0.90788 }, "values": [ { "rows": [ [ { "text": "Region", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Southeast", "provenance": "unclassified", "footnotes": [] }, { "text": "40%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Southwest", "provenance": "unclassified", "footnotes": [] }, { "text": "20%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Various", "provenance": "unclassified", "footnotes": [] }, { "text": "12%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Mideast", "provenance": "unclassified", "footnotes": [] }, { "text": "11%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Rocky Mountain", "provenance": "unclassified", "footnotes": [] }, { "text": "8%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Great Lakes", "provenance": "unclassified", "footnotes": [] }, { "text": "4%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "New England", "provenance": "unclassified", "footnotes": [] }, { "text": "3%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Far West", "provenance": "unclassified", "footnotes": [] }, { "text": "2%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-1" }, { "page": 15, "kind": "chart", "description": "A donut chart illustrating the distribution of a dataset by state. The segments are ordered clockwise starting from the top: New Jersey (6%), Georgia (5%), Ohio (4%), All Other (11%), Texas (20%), Florida (18%), North Carolina (17%), Various (12%), and Colorado (7%).", "box": { "left": 0.50507, "top": 0.52305, "right": 0.95954, "bottom": 0.90678 }, "values": [ { "rows": [ [ { "text": "State", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Texas", "provenance": "unclassified", "footnotes": [] }, { "text": "20%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Florida", "provenance": "unclassified", "footnotes": [] }, { "text": "18%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "North Carolina", "provenance": "unclassified", "footnotes": [] }, { "text": "17%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Various", "provenance": "unclassified", "footnotes": [] }, { "text": "12%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "All Other", "provenance": "unclassified", "footnotes": [] }, { "text": "11%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Colorado", "provenance": "unclassified", "footnotes": [] }, { "text": "7%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "New Jersey", "provenance": "unclassified", "footnotes": [] }, { "text": "6%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Georgia", "provenance": "unclassified", "footnotes": [] }, { "text": "5%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Ohio", "provenance": "unclassified", "footnotes": [] }, { "text": "4%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-2" } ], "tables": [], "context": [ { "page": 15, "kind": "text", "text": "Portfolio\nCore Originations in the Quarter\n", "box": { "left": 0.03894, "top": 0.02847, "right": 0.48058, "bottom": 0.10827 }, "node_id": "text-0" }, { "page": 15, "kind": "text", "text": "### Overview\n\n- 26 loans; $468 million total commitment ($462 million of initial funding / $6 million of future funding)\n- 2.78% weighted average spread; 6.49% all-in coupon(1)\n- 0.5% and 0.5% weighted average origination and exit fees, respectively", "box": { "left": 0.04035, "top": 0.13233, "right": 0.49432, "bottom": 0.51722 }, "node_id": "text-1" }, { "page": 15, "kind": "text", "text": "Note: Charts shown above are based on the initial funding/unpaid principal balance of the newly originated loans.\n 1. All-in coupon based on 3/31/26 SOFR indices.\n", "box": { "left": 0.0408, "top": 0.92138, "right": 0.46722, "bottom": 0.95829 }, "node_id": "text-2" }, { "page": 15, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.7363, "top": 0.95735, "right": 0.91245, "bottom": 0.9792 }, "node_id": "marginalia-0" }, { "page": 15, "kind": "marginalia", "text": "15\n", "box": { "left": 0.94146, "top": 0.95887, "right": 0.95854, "bottom": 0.97836 }, "node_id": "marginalia-1" } ] }, { "page": 16, "job_id": "parse-01m3d9a90nk95ev9gh5fafgxsx", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.2, "figures": [], "tables": [ { "page": 16, "cells": [ [ "Investment", "Loan Type", "Investment Date", "Default Date", "Non-Performing", "Collateral", "Loan Purpose", "Location", "Loan Risk Rating" ], [ "456-Unit Apartment Community", "Floating Rate Senior Loan", "Q4 2021", "Q1 2026", "Yes", "Multifamily", "Acquisition", "Durham, NC", "5" ], [ "276-Unit 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"marginalia-0" }, { "page": 16, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73654, "top": 0.95754, "right": 0.91236, "bottom": 0.97919 }, "node_id": "marginalia-1" }, { "page": 16, "kind": "marginalia", "text": "16\n", "box": { "left": 0.94188, "top": 0.95894, "right": 0.95826, "bottom": 0.97815 }, "node_id": "marginalia-2" } ] }, { "page": 17, "job_id": "parse-01m3d9a903dz7cv936xad2mc07", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.9, "figures": [], "tables": [ { "page": 17, "cells": [ [ "Investment", "Loan Investment Date", "Foreclosure / Deed-In-Lieu Date", "Collateral Type", "Collateral Detail", "Location" ], [ "CBD Office Complex", "Q1 2020", "Q3 2023", "Office", "124k Square Foot Office Complex", "Portland, OR" ], [ "471-Unit Apartment Community", "Q2 2022", "Q2 2024", "Multifamily", "471-Unit, Garden Style Apartment Community", "Raleigh, NC" ], [ "426-Unit Apartment Community", "Q2 2018", "Q2 2024", 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0.54347, "top": 0.60545, "right": 0.62754, "bottom": 0.63551 }, { "left": 0.62748, "top": 0.60545, "right": 0.72419, "bottom": 0.63552 }, { "left": 0.72414, "top": 0.60545, "right": 0.80805, "bottom": 0.63553 }, { "left": 0.808, "top": 0.60545, "right": 0.89225, "bottom": 0.63554 }, { "left": 0.89223, "top": 0.60545, "right": 0.98641, "bottom": 0.63555 } ], [ { "left": 0.0134, "top": 0.63544, "right": 0.09985, "bottom": 0.66554 }, { "left": 0.09979, "top": 0.63545, "right": 0.22007, "bottom": 0.66555 }, { "left": 0.22003, "top": 0.63546, "right": 0.31152, "bottom": 0.66556 }, { "left": 0.3115, "top": 0.63547, "right": 0.37863, "bottom": 0.66557 }, { "left": 0.37859, "top": 0.63548, "right": 0.47664, "bottom": 0.66558 }, { "left": 0.47661, "top": 0.63549, "right": 0.54347, "bottom": 0.66558 }, { "left": 0.5434, "top": 0.6355, "right": 0.62748, "bottom": 0.66559 }, { "left": 0.62742, "top": 0.63551, "right": 0.72414, "bottom": 0.6656 }, { "left": 0.7241, "top": 0.63552, "right": 0.808, 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0.01341, "top": 0.69617, "right": 0.09998, "bottom": 0.72671 }, { "left": 0.09992, "top": 0.69616, "right": 0.22014, "bottom": 0.72671 }, { "left": 0.2201, "top": 0.69616, "right": 0.31148, "bottom": 0.7267 }, { "left": 0.31146, "top": 0.69616, "right": 0.37855, "bottom": 0.7267 }, { "left": 0.37851, "top": 0.69616, "right": 0.47657, "bottom": 0.7267 }, { "left": 0.47654, "top": 0.69616, "right": 0.54334, "bottom": 0.72669 }, { "left": 0.54327, "top": 0.69616, "right": 0.62736, "bottom": 0.72669 }, { "left": 0.6273, "top": 0.69616, "right": 0.72405, "bottom": 0.72668 }, { "left": 0.724, "top": 0.69615, "right": 0.80791, "bottom": 0.72668 }, { "left": 0.80787, "top": 0.69615, "right": 0.89217, "bottom": 0.72668 }, { "left": 0.89215, "top": 0.69615, "right": 0.98644, "bottom": 0.72667 } ], [ { "left": 0.01341, "top": 0.72671, "right": 0.10003, "bottom": 0.74857 }, { "left": 0.09998, "top": 0.7267, "right": 0.22016, "bottom": 0.74859 }, { "left": 0.22014, "top": 0.7267, "right": 0.31146, "bottom": 0.74861 }, { "left": 0.31145, "top": 0.7267, "right": 0.37851, "bottom": 0.74862 }, { "left": 0.37848, "top": 0.72669, "right": 0.47654, "bottom": 0.74864 }, { "left": 0.47652, "top": 0.72669, "right": 0.54327, "bottom": 0.74865 }, { "left": 0.54323, "top": 0.72668, "right": 0.6273, "bottom": 0.74866 }, { "left": 0.62726, "top": 0.72668, "right": 0.724, "bottom": 0.74868 }, { "left": 0.72397, "top": 0.72668, "right": 0.80787, "bottom": 0.7487 }, { "left": 0.80784, "top": 0.72667, "right": 0.89215, "bottom": 0.74871 }, { "left": 0.89213, "top": 0.72667, "right": 0.98644, "bottom": 0.74873 } ], [ { "left": 0.01341, "top": 0.74855, "right": 0.2202, "bottom": 0.77889 }, null, { "left": 0.22016, "top": 0.74859, "right": 0.31145, "bottom": 0.77891 }, { "left": 0.31143, "top": 0.74861, "right": 0.37848, "bottom": 0.77893 }, { "left": 0.37844, "top": 0.74862, "right": 0.47652, "bottom": 0.77895 }, { "left": 0.47648, "top": 0.74864, "right": 0.54323, "bottom": 0.77896 }, { "left": 0.54316, "top": 0.74865, "right": 0.62726, "bottom": 0.77898 }, { "left": 0.6272, "top": 0.74866, "right": 0.72397, "bottom": 0.779 }, { "left": 0.72392, "top": 0.74868, "right": 0.80784, "bottom": 0.77902 }, { "left": 0.80779, "top": 0.7487, "right": 0.89213, "bottom": 0.77904 }, { "left": 0.8921, "top": 0.74871, "right": 0.98645, "bottom": 0.77906 } ] ], "box": { "left": 0.00881, "top": 0.16577, "right": 0.9911, "bottom": 0.78606 }, "node_id": "table-0" } ], "context": [ { "page": 19, "kind": "text", "text": "Appendix\nCore Portfolio \u2013 FBRT Portfolio Details \u2013 Top 15 Loans\n", "box": { "left": 0.03864, "top": 0.02953, "right": 0.79425, "bottom": 0.10769 }, "node_id": "text-0" }, { "page": 19, "kind": "text", "text": "Note: All numbers in millions.\n 1. Effective Yield defined as: (1) current spread of the loan plus (2) the greater of any applicable index or index floor.\n 2. 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\n", "box": { "left": 0.04128, "top": 0.90564, "right": 0.61985, "bottom": 0.95932 }, "node_id": "text-1" }, { "page": 19, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73694, "top": 0.95738, "right": 0.91185, "bottom": 0.97912 }, "node_id": "marginalia-0" }, { "page": 19, "kind": "marginalia", "text": "19\n", "box": { "left": 0.94189, "top": 0.95865, "right": 0.95769, "bottom": 0.97797 }, "node_id": "marginalia-1" } ] }, { "page": 20, "job_id": "parse-01m3d9afjazqhf14sr5nm5nscy", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.9, "figures": [ { "page": 20, "kind": "chart", "description": "This figure is a bar chart titled 'Risk Ratings' displaying the distribution of loan balances and loan counts across five risk categories, labeled 1 through 5. A bar chart at the top shows the percentage distribution of risk ratings: 0.0% for rating 1, 69.0% for rating 2, 20.9% for rating 3, 6.1% for rating 4, and 4.0% for rating 5. Below the chart is a table detailing the underlying data for each risk rating.", "box": { "left": 0.06885, "top": 0.16139, "right": 0.93167, "bottom": 0.90134 }, "values": [ { "rows": [ [ { "text": "Risk Rating", "provenance": "unclassified", "footnotes": [] }, { "text": "1", "provenance": "unclassified", "footnotes": [] }, { "text": "2", "provenance": "unclassified", "footnotes": [] }, { "text": "3", "provenance": "unclassified", "footnotes": [] }, { "text": "4", "provenance": "unclassified", "footnotes": [] }, { "text": "5", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Principal Balance", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "3,180", "provenance": "unclassified", "footnotes": [] }, { "text": "965", "provenance": "unclassified", "footnotes": [] }, { "text": "281", "provenance": "unclassified", "footnotes": [] }, { "text": "183", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Loan Count, 4Q25", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "137", "provenance": "unclassified", "footnotes": [] }, { "text": "22", "provenance": "unclassified", "footnotes": [] }, { "text": "6", "provenance": "unclassified", "footnotes": [] }, { "text": "4", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "(+) Addition", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "16", "provenance": "unclassified", "footnotes": [] }, { "text": "5", "provenance": "unclassified", "footnotes": [] }, { "text": "1", "provenance": "unclassified", "footnotes": [] }, { "text": "1", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "(-) Reduction", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "(13)", "provenance": "unclassified", "footnotes": [] }, { "text": "(1)", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "(1)", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Loan Count, 1Q26", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "140", "provenance": "unclassified", "footnotes": [] }, { "text": "26", "provenance": "unclassified", "footnotes": [] }, { "text": "7", "provenance": "unclassified", "footnotes": [] }, { "text": "4", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Change QoQ", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "3", "provenance": "unclassified", "footnotes": [] }, { "text": "4", "provenance": "unclassified", "footnotes": [] }, { "text": "1", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Non-Performing", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "1", "provenance": "unclassified", "footnotes": [] }, { "text": "2", "provenance": "unclassified", "footnotes": [] }, { "text": "4", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Watch List", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "-", "provenance": "unclassified", "footnotes": [] }, { "text": "7", "provenance": "unclassified", "footnotes": [] }, { "text": "4", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "", "text": "Principal balance in millions. Watchlist loans are loans with a risk rating of 4 or 5.", "sources": [ "agent" ], "corroborated": false, "placed": false } ], "node_id": "figure-0" } ], "tables": [], "context": [ { "page": 20, "kind": "text", "text": "Appendix\n# Core Portfolio \u2013 Risk Ratings\n\nAverage risk rating was 2.5 for the quarter vs. 2.4 from 4Q25\n", "box": { "left": 0.03925, "top": 0.02998, "right": 0.52885, "bottom": 0.14041 }, "node_id": "text-0" }, { "page": 20, "kind": "marginalia", "text": "Note: Principal balance in millions. Watchlist loans are loans with a risk rating of 4 or 5.\n", "box": { "left": 0.04185, "top": 0.93843, "right": 0.37003, "bottom": 0.9585 }, "node_id": "marginalia-0" }, { "page": 20, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73641, "top": 0.9576, "right": 0.91251, "bottom": 0.97918 }, "node_id": "marginalia-1" }, { "page": 20, "kind": "marginalia", "text": "20\n", "box": { "left": 0.94108, "top": 0.95866, "right": 0.95769, "bottom": 0.97816 }, "node_id": "marginalia-2" } ] }, { "page": 21, "job_id": "parse-01m3d9afmdp0kfrqw1y3048s6b", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.0, "figures": [ { "page": 21, "kind": "chart", "description": "The image is a bar chart displaying the annual Earnings Per Share (EPS) sensitivity relative to changes in floating base rate indices. The x-axis represents the 'Change in Floating Base Rate Indices' with categories: -1.00%, -0.75%, -0.50%, 3/31/2026 (the baseline), and +0.25%. The y-axis represents EPS values. The bars decrease in height as the rate increases, except for the baseline which is marked at $0.00. Above the bars are text labels indicating the EPS value for each category. Additionally, there are two callout bubbles on the top right providing reference data for the baseline date.\n\nThere are two oval callouts in the upper right area:\n1. Top oval: 'As of 4/15/26' followed by '1M SOFR: 3.67%'\n2. Bottom oval: 'As of 3/31/26' followed by '1M SOFR: 3.66%'", "box": { "left": 0.05411, "top": 0.16328, "right": 0.93145, "bottom": 0.88133 }, "values": [ { "rows": [ [ { "text": "Change in Floating Base Rate Indices", "provenance": "unclassified", "footnotes": [] }, { "text": "EPS Value", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "-1.00%", "provenance": "unclassified", "footnotes": [] }, { "text": "$0.17", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "-0.75%", "provenance": "unclassified", "footnotes": [] }, { "text": "$0.11", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "-0.50%", "provenance": "unclassified", "footnotes": [] }, { "text": "$0.06", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "3/31/2026", "provenance": "unclassified", "footnotes": [] }, { "text": "$0.00", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "+0.25%", "provenance": "unclassified", "footnotes": [] }, { "text": "($0.02)", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "", "text": "Reflects earnings impact of an increase or decrease in the floating-rate indices referenced by our portfolio, assuming no change in credit spreads, portfolio composition or asset performance.", "sources": [ "agent" ], "corroborated": false, "placed": false } ], "node_id": "figure-0" } ], "tables": [], "context": [ { "page": 21, "kind": "text", "text": "Appendix\n# Core Portfolio \u2013 Earnings Sensitivity\n\nPositive earnings correlation to falling rates due to rate floor activations\n", "box": { "left": 0.03944, "top": 0.0303, "right": 0.61981, "bottom": 0.13955 }, "node_id": "text-0" }, { "page": 21, "kind": "marginalia", "text": "Note: Reflects earnings impact of an increase or decrease in the floating-rate indices referenced by our portfolio, assuming no change in credit spreads, portfolio composition or asset performance.\n", "box": { "left": 0.04122, "top": 0.93856, "right": 0.77235, "bottom": 0.95688 }, "node_id": "marginalia-0" }, { "page": 21, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73669, "top": 0.95854, "right": 0.91272, "bottom": 0.97951 }, "node_id": "marginalia-1" }, { "page": 21, "kind": "marginalia", "text": "21\n", "box": { "left": 0.941, "top": 0.95873, "right": 0.95649, "bottom": 0.97808 }, "node_id": "marginalia-2" } ] }, { "page": 22, "job_id": "parse-01m3d9ahpmx6hwrtz78b18ebb6", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.7, "figures": [ { "page": 22, "kind": "chart", "description": "This bar chart displays the fully extended maturity amounts for each year from 2026 ROY through 2031. The bars show a steady increase from 2026 to 2029, followed by a decline in 2030 and 2031.", "box": { "left": 0.05458, "top": 0.16437, "right": 0.9307, "bottom": 0.88159 }, "values": [ { "rows": [ [ { "text": "Year", "provenance": "unclassified", "footnotes": [] }, { "text": "Amount", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "2026 ROY", "provenance": "unclassified", "footnotes": [] }, { "text": "$731", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "2027", "provenance": "unclassified", "footnotes": [] }, { "text": "$806", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "2028", "provenance": "unclassified", "footnotes": [] }, { "text": "$985", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "2029", "provenance": "unclassified", "footnotes": [] }, { "text": "$1,312", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "2030", "provenance": "unclassified", "footnotes": [] }, { "text": "$529", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "2031", "provenance": "unclassified", "footnotes": [] }, { "text": "$246", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [ { "marker": "", "text": "All numbers in millions.", "sources": [ "agent" ], "corroborated": false, "placed": false } ], "node_id": "figure-0" } ], "tables": [], "context": [ { "page": 22, "kind": "text", "text": "Appendix\nCore Portfolio \u2013 Fully Extended Maturities\n", "box": { "left": 0.03849, "top": 0.02841, "right": 0.61945, "bottom": 0.10936 }, "node_id": "text-0" }, { "page": 22, "kind": "marginalia", "text": "Note: All numbers in millions.\n", "box": { "left": 0.04209, "top": 0.93878, "right": 0.15677, "bottom": 0.95798 }, "node_id": "marginalia-0" }, { "page": 22, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73609, "top": 0.95706, "right": 0.91278, "bottom": 0.97979 }, "node_id": "marginalia-1" }, { "page": 22, "kind": "marginalia", "text": "22\n", "box": { "left": 0.94082, "top": 0.95789, "right": 0.95855, "bottom": 0.97867 }, "node_id": "marginalia-2" } ] }, { "page": 23, "job_id": "parse-01m3d9akce23qz58611b33r8sz", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.9, "figures": [ { "page": 23, "kind": "chart", "description": "A donut chart illustrating the breakdown of the Total Allowance for Credit Loss by Collateral Type. The chart consists of three segments: a large dark navy segment representing 'Multifamily' at 91%, a smaller blue segment representing 'Hospitality' at 6%, and a tiny grey segment representing 'All Other' at 3%.", "box": { "left": 0.05172, "top": 0.13866, "right": 0.94788, "bottom": 0.61312 }, "values": [ { "rows": [ [ { "text": "Collateral Type", "provenance": "unclassified", "footnotes": [] }, { "text": "Percentage", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Multifamily", "provenance": "unclassified", "footnotes": [] }, { "text": "91%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "Hospitality", "provenance": "unclassified", "footnotes": [] }, { "text": "6%", "provenance": "unclassified", "footnotes": [] } ], [ { "text": "All Other", "provenance": "unclassified", "footnotes": [] }, { "text": "3%", "provenance": "unclassified", "footnotes": [] } ] ] } ], "footnotes": [], "node_id": "figure-0" } ], "tables": [ { "page": 23, "cells": [ [ "", "4Q25", "Provision/
(Benefit)", "Write offs", "1Q26", "UPB", "As % of Total UPB" ], [ "General CECL Provision", "$34.5", "($1.3)", "-", "$33.2", "$4,447", "0.7%" ], [ "Specific CECL Provision", "4.1", "14.8", "(2.6)", "16.3", "$162", "0.4%" ], [ "Total Allowance for Credit Losses", "$38.6", "$13.5", "($2.6)", "$49.5", "$4,609", "1.1%" ], [ "As % of Total UPB", "0.9%", "0.3%", "-0.1%", "1.1%", "", "" ] ], "cell_boxes": [ [ { "left": 0.05796, "top": 0.62687, "right": 0.27385, "bottom": 0.68207 }, { "left": 0.27377, "top": 0.62688, "right": 0.41347, "bottom": 0.68207 }, { "left": 0.41344, "top": 0.62689, "right": 0.52765, "bottom": 0.68207 }, { "left": 0.52765, "top": 0.6269, "right": 0.62574, "bottom": 0.68206 }, { "left": 0.62572, "top": 0.6269, "right": 0.71462, "bottom": 0.68206 }, { "left": 0.71458, "top": 0.62691, "right": 0.81425, "bottom": 0.68206 }, { "left": 0.81421, "top": 0.62691, "right": 0.94239, "bottom": 0.68206 } ], [ { "left": 0.05794, "top": 0.68207, "right": 0.27393, "bottom": 0.73815 }, { "left": 0.27385, "top": 0.68207, "right": 0.4135, "bottom": 0.73815 }, { "left": 0.41347, "top": 0.68206, "right": 0.52765, "bottom": 0.73814 }, { "left": 0.52765, "top": 0.68206, "right": 0.62572, "bottom": 0.73814 }, { "left": 0.6257, "top": 0.68206, "right": 0.71458, "bottom": 0.73814 }, { "left": 0.71455, "top": 0.68206, "right": 0.81421, "bottom": 0.73813 }, { "left": 0.81417, "top": 0.68206, "right": 0.9424, "bottom": 0.73813 } ], [ { "left": 0.05791, "top": 0.73815, "right": 0.274, "bottom": 0.7932 }, { "left": 0.27393, "top": 0.73814, "right": 0.41354, "bottom": 0.79318 }, { "left": 0.4135, "top": 0.73814, "right": 0.52765, "bottom": 0.79317 }, { "left": 0.52765, "top": 0.73814, "right": 0.6257, "bottom": 0.79317 }, { "left": 0.62568, "top": 0.73813, "right": 0.71455, "bottom": 0.79316 }, { "left": 0.71451, "top": 0.73813, "right": 0.81417, "bottom": 0.79315 }, { "left": 0.81413, "top": 0.73813, "right": 0.94241, "bottom": 0.79315 } ], [ { "left": 0.05788, "top": 0.79318, "right": 0.27408, "bottom": 0.84974 }, { "left": 0.274, "top": 0.79317, "right": 0.41357, "bottom": 0.84974 }, { "left": 0.41354, "top": 0.79317, "right": 0.52765, "bottom": 0.84975 }, { "left": 0.52764, "top": 0.79316, "right": 0.62568, "bottom": 0.84975 }, { "left": 0.62566, "top": 0.79315, "right": 0.71451, "bottom": 0.84976 }, { "left": 0.71447, "top": 0.79315, "right": 0.81413, "bottom": 0.84976 }, { "left": 0.81408, "top": 0.79314, "right": 0.94242, "bottom": 0.84976 } ], [ { "left": 0.05785, "top": 0.84973, "right": 0.27416, "bottom": 0.90162 }, { "left": 0.27408, "top": 0.84974, "right": 0.4136, "bottom": 0.90162 }, { "left": 0.41357, "top": 0.84974, "right": 0.52764, "bottom": 0.90163 }, { "left": 0.52764, "top": 0.84975, "right": 0.62566, "bottom": 0.90164 }, { "left": 0.62565, "top": 0.84975, "right": 0.71447, "bottom": 0.90164 }, { "left": 0.71444, "top": 0.84976, "right": 0.81408, "bottom": 0.90165 }, { "left": 0.81404, "top": 0.84976, "right": 0.94242, "bottom": 0.90166 } ] ], "box": { "left": 0.0514, "top": 0.62191, "right": 0.94879, "bottom": 0.90819 }, "node_id": "table-0" } ], "context": [ { "page": 23, "kind": "text", "text": "Appendix\nCore Portfolio \u2013 Allowance For Loan Loss\n", "box": { "left": 0.03833, "top": 0.02919, "right": 0.61569, "bottom": 0.10747 }, "node_id": "text-0" }, { "page": 23, "kind": "marginalia", "text": "Note: All numbers in millions. Allowance for loan loss above includes future funding.\n", "box": { "left": 0.04156, "top": 0.93816, "right": 0.35849, "bottom": 0.95923 }, "node_id": "marginalia-0" }, { "page": 23, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73615, "top": 0.95728, "right": 0.91267, "bottom": 0.97937 }, "node_id": "marginalia-1" }, { "page": 23, "kind": "marginalia", "text": "23\n", "box": { "left": 0.941, "top": 0.95844, "right": 0.9581, "bottom": 0.97838 }, "node_id": "marginalia-2" } ] }, { "page": 24, "job_id": "parse-01m3d9akgdtzz4h7hjb5y8ewnr", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.8, "figures": [], "tables": [ { "page": 24, "cells": [ [ "", "1Q'26", "4Q'25", "3Q'25", "2Q'25" ], [ "GAAP Net Income (Loss)", "12.3", "18.4", "17.6", "24.4" ], [ "Adjustments:", "", "", "", "" ], [ "Unrealized (Gain) / Loss (1)", "3.2", "1.8", "1.9", "(2.5)" ], [ "Subordinated Performance Fee (2)", "\u2013", "(0.3)", "(0.3)", "(0.8)" ], [ 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0.7596 } ], [ { "left": 0.08547, "top": 0.75956, "right": 0.51044, "bottom": 0.78023 }, { "left": 0.51044, "top": 0.75958, "right": 0.60921, "bottom": 0.78018 }, { "left": 0.60919, "top": 0.75959, "right": 0.71019, "bottom": 0.78017 }, { "left": 0.71017, "top": 0.75959, "right": 0.81199, "bottom": 0.78016 }, { "left": 0.81197, "top": 0.7596, "right": 0.91313, "bottom": 0.78015 } ] ], "box": { "left": 0.08085, "top": 0.12245, "right": 0.9195, "bottom": 0.78801 }, "node_id": "table-0" } ], "context": [ { "page": 24, "kind": "text", "text": "Appendix\nGAAP Net Income to Distributable Earnings Reconciliation\n", "box": { "left": 0.03924, "top": 0.0307, "right": 0.83711, "bottom": 0.10609 }, "node_id": "text-0" }, { "page": 24, "kind": "text", "text": "Note: All numbers in millions except share and per share data.\n1. 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 and (iii) derivatives.\n2. Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payment obligations in the quarter.\n3. Represents transaction-related and non-recurring costs associated with the acquisition of NewPoint.\n4. Represents non-cash (income) loss from equity method investments, net of cash received as return on capital for the quarter.\n5. Represents amounts deemed nonrecoverable upon a realization event, which is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Amounts may also be deemed non-\nrecoverable if, in our determination, it is nearly certain the carrying amounts will not be collected or realized upon sale. Amount may be different than the GAAP basis. As of March 31, 2026, the Company has $3.4 million of GAAP loss\nadjustments that would run through distributable earnings if and when cash losses are realized.\n6. Represents the average of all classes of equity except the Series E Preferred Stock.\n7. Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards.\n", "box": { "left": 0.04073, "top": 0.80015, "right": 0.92904, "bottom": 0.9579 }, "node_id": "text-1" }, { "page": 24, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.73731, "top": 0.95782, "right": 0.91179, "bottom": 0.9788 }, "node_id": "marginalia-0" }, { "page": 24, "kind": "marginalia", "text": "24\n", "box": { "left": 0.94137, "top": 0.95835, "right": 0.95754, "bottom": 0.9781 }, "node_id": "marginalia-1" } ] }, { "page": 25, "job_id": "parse-01m3d9akvn124r6dbvdnrmqwjh", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.0, "figures": [], "tables": [ { "page": 25, "cells": [ [ "", "March 31, 2026" ], [ "Stockholders' equity applicable to convertible common stock", "$ 1,308,242" ], [ "Shares:", "" ], [ "Common stock", "76,902,793" ], [ "Restricted stock and restricted stock units", "1,630,921" ], [ "Series H convertible preferred stock", "5,370,498" ], [ "Class A OP Units", "8,385,951" ], [ "Total outstanding shares", "92,290,163" ], [ "Fully-converted book value per share(1)", "$ 14.18" ] ], "cell_boxes": [ [ { "left": 0.05747, "top": 0.19249, "right": 0.48111, "bottom": 0.22063 }, { "left": 0.48108, "top": 0.1927, "right": 0.62086, "bottom": 0.22066 } ], [ { "left": 0.05748, "top": 0.22056, "right": 0.48108, "bottom": 0.24495 }, { "left": 0.48106, "top": 0.22063, "right": 0.62087, "bottom": 0.24496 } ], [ { "left": 0.05748, "top": 0.2449, "right": 0.48106, "bottom": 0.2691 }, { "left": 0.48104, "top": 0.24495, "right": 0.62089, "bottom": 0.2691 } ], [ { "left": 0.05749, "top": 0.2691, "right": 0.48104, "bottom": 0.29309 }, { "left": 0.48102, "top": 0.2691, "right": 0.62091, "bottom": 0.29308 } ], [ { "left": 0.0575, "top": 0.29308, "right": 0.48102, "bottom": 0.31755 }, { "left": 0.481, "top": 0.29308, "right": 0.62093, "bottom": 0.31755 } ], [ { "left": 0.0575, "top": 0.31755, "right": 0.481, "bottom": 0.3414 }, { "left": 0.48098, "top": 0.31755, "right": 0.62095, "bottom": 0.34138 } ], [ { "left": 0.05751, "top": 0.34138, "right": 0.48098, "bottom": 0.36588 }, { "left": 0.48096, "top": 0.34138, "right": 0.62096, "bottom": 0.36586 } ], [ { "left": 0.05751, "top": 0.36586, "right": 0.48096, "bottom": 0.39002 }, { "left": 0.48094, "top": 0.36585, "right": 0.62098, "bottom": 0.38998 } ], [ { "left": 0.05752, "top": 0.38998, "right": 0.48094, "bottom": 0.41419 }, { "left": 0.48092, "top": 0.38997, "right": 0.621, "bottom": 0.41417 } ] ], "box": { "left": 0.05747, "top": 0.19249, "right": 0.621, "bottom": 0.41419 }, "node_id": "table-0" }, { "page": 25, "cells": [ [ "", "March 31, 2026" ], [ "Stockholders' equity applicable to convertible common stock", "$ 1,308,242" ], [ "Accumulated depreciation and amortization adjustment", "18,485" ], [ "MSR Fair Value adjustment", "19,191" ], [ "Adjusted Stockholders' equity applicable to convertible common stock", "1,345,918" ], [ "Shares:", "" ], [ "Common stock", "76,902,793" ], [ "Restricted stock and restricted stock units", "1,630,921" ], [ "Series H convertible preferred stock", "5,370,498" ], [ "Class A OP Units", "8,385,951" ], [ "Total outstanding shares", "92,290,163" ], [ "Fully-converted undepreciated book value per share(1)", "$ 14.58" ] ], "cell_boxes": [ [ { "left": 0.05805, "top": 0.52276, "right": 0.47747, "bottom": 0.55806 }, { "left": 0.47746, "top": 0.52279, "right": 0.62084, "bottom": 0.55807 } ], [ { "left": 0.05805, "top": 0.55804, "right": 0.47746, "bottom": 0.5823 }, { "left": 0.47745, "top": 0.55806, "right": 0.62084, "bottom": 0.58229 } ], [ { "left": 0.05805, "top": 0.58229, "right": 0.47745, "bottom": 0.60648 }, { "left": 0.47744, "top": 0.58228, "right": 0.62085, "bottom": 0.60646 } ], [ { "left": 0.05806, "top": 0.60646, "right": 0.47744, "bottom": 0.63067 }, { "left": 0.47743, "top": 0.60645, "right": 0.62085, "bottom": 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"left": 0.47736, "top": 0.77573, "right": 0.62088, "bottom": 0.80006 } ], [ { "left": 0.05808, "top": 0.80006, "right": 0.47736, "bottom": 0.82457 }, { "left": 0.47735, "top": 0.80003, "right": 0.62089, "bottom": 0.82437 } ] ], "box": { "left": 0.05805, "top": 0.52276, "right": 0.62089, "bottom": 0.82457 }, "node_id": "table-1" } ], "context": [ { "page": 25, "kind": "text", "text": "Appendix\n# Book Value Per Share & Shares Outstanding\n", "box": { "left": 0.03945, "top": 0.03065, "right": 0.6449, "bottom": 0.10902 }, "node_id": "text-0" }, { "page": 25, "kind": "text", "text": "Book Value Per Share", "box": { "left": 0.05515, "top": 0.14222, "right": 0.62198, "bottom": 0.17854 }, "node_id": "text-1" }, { "page": 25, "kind": "text", "text": "Undepreciated Book Value Per Share", "box": { "left": 0.05592, "top": 0.48767, "right": 0.35305, "bottom": 0.52247 }, "node_id": "text-2" }, { "page": 25, "kind": "marginalia", "text": "Note: All numbers in thousands except per share and share data. Preferred stock values expressed in common stock equivalents.\n1. Fully-Converted book value per share assumed conversion of the Company's Series H preferred stock, OP Units and the vesting of the Company's unvested RSUs.\n", "box": { "left": 0.04122, "top": 0.91712, "right": 0.65779, "bottom": 0.95432 }, "node_id": "marginalia-0" }, { "page": 25, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.7368, "top": 0.95711, "right": 0.91211, "bottom": 0.97942 }, "node_id": "marginalia-1" }, { "page": 25, "kind": "marginalia", "text": "25\n", "box": { "left": 0.94113, "top": 0.95848, "right": 0.95809, "bottom": 0.97839 }, "node_id": "marginalia-2" } ] }, { "page": 26, "job_id": "parse-01m3d9arbf37nz1cmz9tf9m243", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.3, "figures": [], "tables": [ { "page": 26, "cells": [ [ "", "Three Months Ended March 31,", "" ], [ "", "2026", "2025" ], [ "Income", "", "" ], [ "Interest income", "$ 92,249", "$ 113,908" ], [ "Less: Interest expense", "65,230", "70,593" ], [ "Net interest income", "27,019", "43,315" ], [ "Gain/(loss) on sales, including fee-based services, net", "21,330", "5,039" ], [ "Mortgage servicing rights", "6,742", "\u2014" ], [ "Servicing revenue, net", "10,550", "\u2014" ], [ "Gain/(loss) on derivatives", "1,854", "(118)" ], [ "Revenue from real estate owned", "6,882", "6,797" ], [ "Total income", "$ 74,377", "$ 55,033" ], [ "Expenses", "", "" ], [ "Compensation and benefits", "$ 22,824", "$ \u2014" ], [ "Asset management and subordinated performance fee", "6,054", "6,555" ], [ "Acquisition expenses", "171", "299" ], [ "Administrative services expenses", "2,334", "3,348" ], [ "Professional fees", "9,285", "6,576" ], [ "Other expenses", "11,205", "9,936" ], [ "Depreciation and amortization", "3,420", "1,380" ], [ "Share-based compensation", "2,403", "2,246" ], [ "Total expenses", "$ 57,696", "$ 30,340" ], [ "Other income/(loss)", "", "" ], [ "(Provision)/benefit for credit losses", "$ (11,391)", "$ 1,898" ], [ "Gain/(loss) on other real estate investments", "(4,476)", "(2,232)" ], [ "Income/(loss) from equity method investments", "12,407", "\u2014" ], [ "Total other income/(loss)", "$ (3,460)", "$ (334)" ], [ "Income/(loss) before taxes", "13,221", "24,359" ], [ "(Provision)/benefit for income tax", "(929)", "(654)" ], [ "Net income/(loss)", "$ 12,292", "$ 23,705" ], [ "Net (income)/loss attributable to non-controlling interest", "(312)", "353" ], [ "Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.", "$ 11,980", "$ 24,058" ], [ "Less: Preferred stock dividends", "5,916", "6,748" ], [ "Net income/(loss) applicable to common stock", "$ 6,064", "$ 17,310" ], [ "", "", "" ], [ "Basic earnings per share", "$ 0.07", "$ 0.20" ], [ "Diluted earnings per share", "$ 0.07", "$ 0.20" ], [ "Basic weighted average shares outstanding", "79,926,118", "82,053,686" ], [ "Diluted weighted average shares outstanding", "79,926,118", "82,053,686" ] ], "cell_boxes": [ [ { "left": 0.05248, "top": 0.11847, "right": 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"BENEFIT STREET PARTNERS\n", "box": { "left": 0.73671, "top": 0.9574, "right": 0.91189, "bottom": 0.97887 }, "node_id": "marginalia-0" }, { "page": 26, "kind": "marginalia", "text": "26\n", "box": { "left": 0.94127, "top": 0.95869, "right": 0.95812, "bottom": 0.97835 }, "node_id": "marginalia-1" } ] }, { "page": 27, "job_id": "parse-01m3d9ata045h1rtbmrcg7pqkm", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 1.5, "figures": [], "tables": [ { "page": 27, "cells": [ [ "", "March 31, 2026" ], [ "ASSETS", "" ], [ "Cash and cash equivalents", "$ 115,600" ], [ "Restricted cash", "20,845" ], [ "Investment securities, held to maturity", "21,958" ], [ "Commercial mortgage loans, held for investment, net of allowance for credit losses of $49,173 as of March 31, 2026", "4,546,828" ], [ "Commercial mortgage loans, held for sale, measured at fair value", "423,031" ], [ "Real estate securities, available for sale, measured at fair value, amortized cost of $179,768 as of March 31, 2026", "178,712" ], [ "Mortgage servicing rights, net", "211,854" ], [ "Accrued interest receivable", "38,942" ], [ "Receivable for loan repayment(5)", "79,248" ], [ "Prepaid expenses and other assets", "38,822" ], [ "Real estate owned, net of depreciation", "98,676" ], [ "Real estate owned, held for sale", "192,653" ], [ "Equity method investments", "98,626" ], [ "Intangible assets, net of amortization", "113,050" ], [ "Goodwill", "92,048" ], [ "Derivative instruments, measured at fair value", "17,195" ], [ "Loans eligible for repurchase", "12,913" ], [ "Total assets", "$ 6,301,001" ], [ "LIABILITIES AND STOCKHOLDERS' EQUITY", "" ], [ "Collateralized loan obligations", "$ 2,637,338" ], [ "Repurchase agreements and revolving credit facilities - commercial mortgage loans", "1,495,300" ], [ "Repurchase agreements - real estate securities", "212,168" ], [ "Other financings", "12,865" ], [ "Unsecured debt", "185,693" ], [ "Mortgage note payable", "23,998" ], [ "Allowance for loss sharing", "17,349" ], [ "Accrued compensation", "29,381" ], [ "Liability for loans eligible for repurchase", "12,913" ], [ "Interest payable", "16,751" ], [ "Distributions payable", "23,304" ], [ "Accounts payable and accrued expenses", "20,310" ], [ "Due to affiliates", "11,058" ], [ "Derivative instruments, measured at fair value", "4,279" ], [ "Other liabilities", "28,500" ], [ "Total liabilities", "$ 4,731,207" ], [ "Commitments and Contingencies", "" ], [ "Redeemable convertible preferred stock:", "" ], [ "Redeemable convertible preferred stock Series H, $0.01 par value, 20,000 authorized and 17,950 issued and outstanding as of March 31, 2026", "$ 89,748" ], [ "Total redeemable convertible preferred stock", "$ 89,748" ], [ "Equity:", "" ], [ "Preferred stock, $0.01 par value; 100,000,000 shares authorized, 7.5% Cumulative Redeemable Preferred Stock, Series E, 10,329,039 shares issued and outstanding as of March 31, 2026", "$ 258,742" ], [ "Common stock, $0.01 par value, 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"kind": "text", "text": "**Distributable Earnings and Distributable Earnings to Common**\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 and derivatives, including CECL reserves and impairments, net of realized gains and\nlosses, as described further below, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated performance fee accruals/(reversal), (vi)\nrealized gains and losses on debt extinguishment and CLO calls, (vii) non-cash income from mortgage servicing rights, and (viii) certain other non-cash items. Distributable\nEarnings before realized losses, a non-GAAP measure, presents Distributable Earnings gross of realized gain (loss) on debt extinguishment and realized gain (loss) on loans and\nreal estate owned. Further, Distributable Earnings to Common, a non-GAAP measure, presents Distributable Earnings net of (x) perpetual preferred stock dividend payments and\n(y) non-controlling interests in joint ventures.\n", "box": { "left": 0.04074, "top": 0.13192, "right": 0.95632, "bottom": 0.28302 }, "node_id": "text-1" }, { "page": 28, "kind": "text", "text": "As noted above, we exclude unrealized gains and losses on loans and other investments, including CECL reserves and impairments, from our calculation of Distributable Earnings\nand include realized gains and losses. The nature of these adjustments is described more fully in the footnotes to our reconciliation tables. GAAP loan loss reserves and any\nproperty impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our existing definition of Distributable Earnings.\nWe expect to only recognize such potential credit or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a\nrealization event. This is generally at the time a loan is repaid, or in the case of a foreclosure or other property, when the underlying asset is sold. Amounts may also be deemed\nnon-recoverable if, in our determination, it is nearly certain the carrying amounts will not be collected or realized. The realized loss amount reflected in Distributable Earnings will\ngenerally equal the difference between the cash received and the Distributable Earnings basis of the asset. The timing of any such loss realization in our Distributable Earnings\nmay differ materially from the timing of the corresponding loss reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with GAAP.\n", "box": { "left": 0.04092, "top": 0.29147, "right": 0.95626, "bottom": 0.44248 }, "node_id": "text-2" }, { "page": 28, "kind": "text", "text": "The Company believes that Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common provide meaningful information to\nconsider in addition to the disclosed GAAP results. The Company believes Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to\nCommon are useful financial metrics for existing and potential future holders of its common stock as historically, over time, Distributable Earnings to Common has been an\nindicator of common dividends per share. As a REIT, the Company generally must distribute annually at least 90% of its taxable income, subject to certain adjustments, and\ntherefore believes dividends are one of the principal reasons stockholders may invest in its common stock. Further, Distributable Earnings to Common helps investors evaluate\nperformance excluding the effects of certain transactions and GAAP adjustments that the Company does not believe are necessarily indicative of current loan portfolio\nperformance and the Company's operations and is one of the performance metrics the Company's board of directors considers when dividends are declared.\n", "box": { "left": 0.041, "top": 0.45029, "right": 0.94563, "bottom": 0.58365 }, "node_id": "text-3" }, { "page": 28, "kind": "text", "text": "Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common do not represent net income (loss) and should not be considered as\nan alternative to GAAP net income (loss). The methodology for calculating Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to\nCommon may differ from the methodologies employed by other companies and thus may not be comparable to the Distributable Earnings reported by other companies.\n", "box": { "left": 0.04068, "top": 0.59048, "right": 0.94601, "bottom": 0.65564 }, "node_id": "text-4" }, { "page": 28, "kind": "marginalia", "text": "BENEFIT STREET PARTNERS\n", "box": { "left": 0.7362, "top": 0.9562, "right": 0.91255, "bottom": 0.97999 }, "node_id": "marginalia-0" }, { "page": 28, "kind": "marginalia", "text": "28\n", "box": { "left": 0.94116, "top": 0.95734, "right": 0.95814, "bottom": 0.97927 }, "node_id": "marginalia-1" } ] }, { "page": 29, "job_id": "parse-01m3d9avxeyakwz16a3fxvb9ta", "model": "dpt-3-pro-20260710", "version": "dpt-3-pro-20260710", "credits": 0.7, "figures": [], "tables": [], "context": [ { "page": 29, "kind": "logo", "text": "BSP [SUNBURST_ICON]\nBENEFIT STREET PARTNERS\nby Franklin Templeton\n", "box": { "left": 0.38214, "top": 0.29557, "right": 0.62258, "bottom": 0.52162 }, "node_id": "logo-0" }, { "page": 29, "kind": "text", "text": "New York\nOne Madison Avenue\nSuite 1600\nNew York\nNY 10010\nUSA", "box": { "left": 0.12818, "top": 0.65743, "right": 0.26656, "bottom": 0.81349 }, "node_id": "text-0" }, { "page": 29, "kind": "text", "text": "London \nCannon Place \n78 Cannon Street \nLondon \nEC4N 6HL \nUK ", "box": { "left": 0.33425, "top": 0.65748, "right": 0.4515, "bottom": 0.81467 }, "node_id": "text-1" }, { "page": 29, "kind": "text", "text": "Boston \n100 Federal Street \n22nd Floor \nBoston \nMA 02110 \nUSA ", "box": { "left": 0.52656, "top": 0.65883, "right": 0.65079, "bottom": 0.8147 }, "node_id": "text-2" }, { "page": 29, "kind": "text", "text": "West Palm Beach\n360 South Rosemary Avenue\nSuite 1510\nWest Palm Beach\nFL 33401\nUSA", "box": { "left": 0.71293, "top": 0.65786, "right": 0.8969, "bottom": 0.81391 }, "node_id": "text-3" }, { "page": 29, "kind": "text", "text": "www.bspcredit.com\n", "box": { "left": 0.04041, "top": 0.94401, "right": 0.16794, "bottom": 0.97332 }, "node_id": "text-4" } ] } ]