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 "markdown": "Important Information\n\n\nThe information herein relates to the Company's business and financial information as of March 31, 2026 and does not reflect subsequent developments.\n\n\n**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\n\n**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\n\n**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\n\nThe 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\n\nThis 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\n\n**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\n\nBENEFIT STREET PARTNERS\n\n\n2\n\n<!-- doc_id=parse-01m3d99qkkycp7vmva8kjjw3s1 -->",
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