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16e4d896059a4eff.pdf

19 tables

p5 · table 1 · Financial Highlights

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Income Statement
Net interest income (1)$27.6
Operating expenses (1), (2)(14.3)
(Provision) / Benefit for credit loss (1)(13.5)
NewPoint2.8
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 equity2.1%
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 value5.6%

p5 · table 2 · Balance Sheet - Assets (End of Quarter) / Debt & Equity

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Balance Sheet - Assets (End of Quarter)
Total core portfolio$4,546.8
Loans held-for-sale423.0
Total real estate securities178.7
Mortgage servicing rights211.9
Cash and restricted cash136.4
Real estate owned329.0
Other assets475.2
Total assets$6,301.0
Balance Sheet - Debt & Equity
Collateralized loan obligations$2,637.3
Warehouse - Core1,151.2
Warehouse - NewPoint344.1
Repo - securities212.2
Asset specific financings36.9
Unsecured debt185.7
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 equity2.82x
Net debt/total equity ex. NewPoint2.60x
Recourse net debt/total equity1.16x

p6 · table 3 · Distributable Earnings, Dividend per share and related metrics by quarter

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Metric2Q'253Q'254Q'251Q'26
Dividend per share$0.355$0.355$0.355$0.200
Distributable earnings per share, fully converted (1), (3)$0.27$0.22$0.12$0.09
Distributable earnings per share before realized gain/(loss), fully converted (1), (3)$0.23$0.23$0.22$0.22
Distributable dividend coverage, fully converted (1), (3)76%61%34%45%
Distributable dividend coverage before realized gain/(loss), fully converted (1), (3)64%66%63%110%

p9 · table 4 · Financing Lines

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CLO NameDebt Amount(1)Reinvest End DateCost of Debt(2)
BSPRT 2022-FL8$289 millionEndedS + 2.24%
BSPRT 2023-FL10$535 millionEndedS + 2.70%
BSPRT 2024-FL11$886 million10/8/27S + 1.99%
BSPRT 2025-FL12$947 million5/8/28S + 1.61%
Total$2,657 million
CLO reinvestment available$3 million
Repo – Securities (outstanding)$212 million

p9 · table 5 · Warehouse/Revolver/Other

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NameCapacity (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

p11 · table 6 · NewPoint Financial Highlights

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Income Statement (QTD)
Net interest income($0.6)
Gain / (loss) on sales16.5
Mortgage servicing rights6.7
Mortgage servicing rights amortization, impairments & payoffs(9.0)
Servicing and ancillary fees12.3
Servicing interest on escrows6.9
Other income2.0
Total Revenues$34.8
Operating expenses(34.4)
Taxes0.3
Loan loss provision2.1
GAAP net income (loss)$2.8
Mortgage servicing rights(6.7)
Mortgage servicing rights amortization, impairments & payoffs9.0
Fair value adjustments on equity investments(0.7)
Other adjustments1.2
Distributable Earnings$5.6
ROE
GAAP return on equity (2)2.7%
Distributable Earnings return on equity (2)5.5%

p11 · table 7 · Volume

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VolumeUPBCount
Q1 2026 Total$646.327

p12 · table 8 · NewPoint MSR & Servicing Book

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MSRValue on Commitments (1)Total MSR Value
Ending balance at 12/31$212.2$7.8$220.0
OMSR - new commitments-6.76.7
OMSR - moved at settlement8.7(8.7)-
Amortization, impairments & payoffs(9.0)-(9.0)
Ending Balance at 3/31$211.9$5.8$217.7

p12 · table 9 · Servicing Book Rollforward

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Product Type12/31 UPBChange3/31 UPB (2)
Fannie$7,860$77$7,937
Freddie8,6492288,877
Ginnie5,125805,205
Bridge836(414)422
Affordable42523448
Benefit Street Partners1309,89510,025
Private Label24,82139525,216
Total$47,846$10,284$58,130
Agency/FHA$21,634$385$22,019
Other$26,212$9,899$36,111

p16 · table 10 · Portfolio

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InvestmentLoan TypeInvestment DateDefault DateNon-PerformingCollateralLoan PurposeLocationLoan Risk Rating
456-Unit Apartment CommunityFloating Rate Senior LoanQ4 2021Q1 2026YesMultifamilyAcquisitionDurham, NC5
276-Unit Apartment CommunityFloating Rate Senior LoanQ2 2022Q1 2026YesMultifamilyAcquisitionCharlotte, NC5
184-Unit Apartment CommunityFloating Rate Senior LoanQ4 2021NoneYesMultifamilyAcquisitionGlendale, AZ5
Suburban Office ParkFloating Rate Senior LoanQ4 2019NoneYesOfficeAcquisitionAlpharetta, GA5
848-Unit Apartment CommunityFloating Rate Senior LoanQ1 2021NoneNoMultifamilyAcquisitionGarland, TX4
307-Unit Student Housing CommunityFloating Rate Senior LoanQ2 2022NoneNoMultifamilyAcquisitionNorfolk, VA4
352-Unit Apartment CommunityFloating Rate Senior LoanQ1 2024Q1 2026YesMultifamilyAcquisitionSan Antonio, TX4
172-Unit Apartment CommunityFloating Rate Senior LoanQ1 2022NoneYesMultifamilyAcquisitionTempe, AZ4
476-Unit Apartment CommunityFloating Rate Senior LoanQ1 2021NoneNoMultifamilyAcquisitionAustin, TX4
344-Unit Apartment CommunityFloating Rate Senior LoanQ4 2022NoneNoMultifamilyAcquisitionSan Antonio, TX4
176-Unit Apartment CommunityFloating Rate Senior LoanQ2 2022NoneNoMultifamilyAcquisitionFort Worth, TX4

p17 · table 11 · Foreclosure Real Estate Owned ("REO")

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InvestmentLoan Investment DateForeclosure / Deed-In-Lieu DateCollateral TypeCollateral DetailLocation
CBD Office ComplexQ1 2020Q3 2023Office124k Square Foot Office ComplexPortland, OR
471-Unit Apartment CommunityQ2 2022Q2 2024Multifamily471-Unit, Garden Style Apartment CommunityRaleigh, NC
426-Unit Apartment CommunityQ2 2018Q2 2024Multifamily426-Unit, High Rise Apartment CommunityCleveland, OH
CBD Office ComplexQ1 2021Q1 2025Office301k Square Foot Office ComplexDenver, CO
249-Unit Apartment CommunityQ1 2021Q2 2025Multifamily249-Unit, Garden Style Apartment CommunityAustin, TX
272-Unit Apartment CommunityQ2 2022Q4 2025Multifamily272-Unit, Garden Style Apartment CommunityFort Worth, TX

p19 · table 12 · Core Portfolio – FBRT Portfolio Details – Top 15 Loans

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LoanLoan TypeOrigination DatePar ValueAmortized CostSpreadEffective Yield (1)Fully Extended MaturityStateCollateral TypeAs-is LTV (2)
Loan 1Senior Loan5/10/24117116+ 2.50%6.16%5/9/29ConnecticutMultifamily50.7%
Loan 2Senior Loan2/9/239494+ 4.00%8.00%5/9/28VariousHospitality53.6%
Loan 3Senior Loan10/28/259392+ 2.30%5.96%11/9/30VariousMultifamily72.1%
Loan 4Senior Loan12/15/2180804.25%4.25%3/9/27North CarolinaMultifamily76.1%
Loan 5Senior Loan2/16/248080+ 3.65%7.31%3/9/29TexasMultifamily53.3%
Loan 6Senior Loan8/1/237979+ 3.20%6.86%8/9/28TexasMultifamily58.7%
Loan 7Senior Loan2/10/227777+ 3.20%6.86%2/9/27FloridaMultifamily74.5%
Loan 8Senior Loan3/7/247575+ 2.70%6.36%3/9/29North CarolinaIndustrial58.6%
Loan 9Senior Loan3/31/217474+ 2.20%5.86%4/9/26TexasMultifamily72.6%
Loan 10Senior Loan2/9/267373+ 3.50%7.16%2/9/31FloridaMultifamily62.9%
Loan 11Senior Loan9/6/247373+ 2.75%6.41%9/9/28FloridaMultifamily72.7%
Loan 12Senior Loan2/29/246767+ 3.25%7.25%3/9/29FloridaMultifamily58.7%
Loan 13Senior Loan6/14/226464+ 3.45%7.11%6/9/27GeorgiaMultifamily71.6%
Loan 14Senior Loan1/24/256060+ 2.50%6.16%2/9/29TexasMultifamily86.7%
Loan 15Senior Loan8/23/225757+ 6.70%10.36%4/9/26North CarolinaMultifamily46.5%
Loans 16 - 177Senior & Mezz LoansVarious3,4473,435+ 3.37%7.11%VariousVariousVarious65.0%
Total/Wtd. avg.$4,609$4,596+ 3.28%7.01%2.4 years64.8%
Average Loan Size$26$26

p20 · table 13 · Risk Rating

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Risk Rating12345
Principal Balance-3,180965281183
Loan Count, 4Q25-1372264
(+) Addition-16511
(-) Reduction-(13)(1)-(1)
Loan Count, 1Q26-1402674
Change QoQ-341-
Non-Performing--124
Watch List---74

p23 · table 14 · Allowance for Credit Losses by 4Q25/1Q26

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4Q25Provision/ (Benefit)Write offs1Q26UPBAs % of Total UPB
General CECL Provision$34.5($1.3)-$33.2$4,4470.7%
Specific CECL Provision4.114.8(2.6)16.3$1620.4%
Total Allowance for Credit Losses$38.6$13.5($2.6)$49.5$4,6091.1%
As % of Total UPB0.9%0.3%-0.1%1.1%

p24 · table 15 · GAAP Net Income to Distributable Earnings Reconciliation

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Item1Q'264Q'253Q'252Q'25
GAAP Net Income (Loss)12.318.417.624.4
Adjustments:
Unrealized (Gain) / Loss (1)3.21.81.9(2.5)
Subordinated Performance Fee (2)-(0.3)(0.3)(0.8)
Non-Cash Compensation Expense3.13.35.22.3
Depreciation & Amortization, net3.43.43.41.4
Transaction-Related and Non-Recurring Items (3)--4.01.8
(Reversal of) / Provision for Credit Loss11.4(7.9)(0.6)(1.5)
(Gain) / Loss on Debt Extinguishment Reversal-7.7--
Income from mortgage servicing rights(6.7)(8.8)(19.7)-
Amortization and write-offs of MSRs9.09.715.9-
Deferred tax adjustment0.73.0--
Fair value adjustments on equity investments(10.4)(2.6)0.9-
Distributable Earnings before realized gain/(loss)25.927.728.425.1
Realized Gain / (Loss) on Debt Extinguishment-(7.7)--
Realized Gain / (Loss) Adjustment on Loans and REO (4)(12.3)(2.2)(1.7)3.9
Distributable Earnings13.517.926.729.0
7.5% Series E Cumulative Redeemable Preferred Stock Dividend(4.8)(4.8)(4.8)(4.8)
Noncontrolling Interests Net (Income) / Loss(0.3)(0.7)(0.3)(1.2)
Noncontrolling Interests Net (Income) / Loss DE Adjustments0.2(0.5)(0.5)1.1
Distributable Earnings to Common8.611.821.024.1
Average Common Stock & Common Stock Equivalents (5)1,340.91,370.01,385.41,324.4
GAAP Net Income / (Loss) ROE2.1%3.8%3.6%5.5%
Distributable Earnings ROE2.6%3.5%6.1%7.3%
GAAP Net Income / (Loss) Earnings Per Share, Diluted$0.07$0.13$0.12$0.19
Fully Converted Weighted Average Shares Outstanding (6)95,257,00096,607,01597,406,46289,022,855
GAAP Net Income / (Loss) Earnings Per Share, Fully Converted (6)$0.08$0.13$0.13$0.21
Distributable Earnings Per Share, Fully Converted (6)$0.09$0.12$0.22$0.27
Distributable Earnings Per Share before realized gain/(loss), Fully Converted (6)$0.22$0.22$0.23$0.23

p25 · table 16 · Book Value Per Share

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ItemMarch 31, 2026
Stockholders' equity applicable to convertible common stock$1,308,242
Shares:
Common stock76,902,793
Restricted stock and restricted stock units1,630,921
Series H convertible preferred stock5,370,498
Class A OP Units8,385,951
Total outstanding shares92,290,163
Fully-converted book value per share(1)$14.18

p25 · table 17 · Undepreciated Book Value Per Share

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March 31, 2026
Stockholders' equity applicable to convertible common stock$ 1,308,242
Accumulated depreciation and amortization adjustment18,485
MSR Fair Value adjustment19,191
Adjusted Stockholders' equity applicable to convertible common stock1,345,918
Shares:
Common stock76,902,793
Restricted stock and restricted stock units1,630,921
Series H convertible preferred stock5,370,498
Class A OP Units8,385,951
Total outstanding shares92,290,163
Fully-converted undepreciated book value per share(1)$ 14.58

p26 · table 18 · FBRT Income Statement

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Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Income
Interest income$ 92,249$ 113,908
Less: Interest expense65,23070,593
Net interest income27,01943,315
Gain/(loss) on sales, including fee-based services, net21,3305,039
Mortgage servicing rights6,742—
Servicing revenue, net10,550—
Gain/(loss) on derivatives1,854(118)
Revenue from real estate owned6,8826,797
Total income$ 74,377$ 55,033
Expenses
Compensation and benefits$ 22,824$ —
Asset management and subordinated performance fee6,0546,555
Acquisition expenses171299
Administrative services expenses2,3343,348
Professional fees9,2856,576
Other expenses11,2059,936
Depreciation and amortization3,4201,380
Share-based compensation2,4032,246
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 investments12,407—
Total other income/(loss)$ (3,460)$ (334)
Income/(loss) before taxes13,22124,359
(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 dividends5,9166,748
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 outstanding79,926,11882,053,686
Diluted weighted average shares outstanding79,926,11882,053,686

p27 · table 19 · FBRT Balance Sheet

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ItemMarch 31, 2026
ASSETS
Cash and cash equivalents$ 115,600
Restricted cash20,845
Investment securities, held to maturity21,958
Commercial mortgage loans, held for investment, net of allowance for credit losses of $49,173 as of March 31, 20264,546,828
Commercial mortgage loans, held for sale, measured at fair value423,031
Real estate securities, available for sale, measured at fair value, amortized cost of $179,768 as of March 31, 2026178,712
Mortgage servicing rights, net211,854
Accrued interest receivable38,942
Receivable for loan repayment(5)79,248
Prepaid expenses and other assets38,822
Real estate owned, net of depreciation98,676
Real estate owned, held for sale192,653
Equity method investments98,626
Intangible assets, net of amortization113,050
Goodwill92,048
Derivative instruments, measured at fair value17,195
Loans eligible for repurchase12,913
Total assets$ 6,301,001
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations$ 2,637,338
Repurchase agreements and revolving credit facilities - commercial mortgage loans1,495,300
Repurchase agreements - real estate securities212,168
Other financings12,865
Unsecured debt185,693
Mortgage note payable23,998
Allowance for loss sharing17,349
Accrued compensation29,381
Liability for loans eligible for repurchase12,913
Interest payable16,751
Distributions payable23,304
Accounts payable and accrued expenses20,310
Due to affiliates11,058
Derivative instruments, measured at fair value4,279
Other liabilities28,500
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, $0.01 par value, 900,000,000 shares authorized, 77,214,904 shares issued and outstanding as of March 31, 2026755
Additional paid-in capital1,553,770
Accumulated other comprehensive income/(loss)(1,056)
Accumulated deficit(420,743)
Total stockholders' equity$ 1,391,468
Non-controlling interest88,578
Total equity$ 1,480,046
Total liabilities, redeemable convertible preferred stock and equity$ 6,301,001