Review queue — flagged extraction decisions

Each section shows one table with flagged decisions: the table as printed, the extraction output with the flagged cells highlighted — red where the page contradicts the output (defect), gold where the output could not be verified against the page (unverified), green where the extraction added a conventional label the page does not print (total_label_added / header_label_added) — and the reasoning recorded for each. Printed text that reached no output cell is listed as 'header_text_dropped'.

16e4d896059a4eff-p6-t1: Distribution Metrics by Quarter

As printed (page 6)

Extraction output (red = defect, gold = unverified, green = added label)

Item	2Q'25	3Q'25	4Q'25	1Q'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%

Flagged decisions

• (0,0) header_label_added 'Item': The image shows a table with a dark header band containing the quarter labels (2Q'25, 3Q'25, 4Q'25, 1Q'26), and the row labels (like 'Dividend per share') are printed on the right side of each data row, not in a separate leftmost column header.

16e4d896059a4eff-p24-t1: GAAP Net Income to Distributable Earnings Reconciliation

As printed (page 24)

Extraction output (red = defect, gold = unverified, green = added label)

Item	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)	-	(0.3)	(0.3)	(0.8)
Non-Cash Compensation Expense	3.1	3.3	5.2	2.3
Depreciation & Amortization, net	3.4	3.4	3.4	1.4
Transaction-Related and Non-Recurring Items (3)	-	-	4.0	1.8
(Reversal of) / Provision for Credit Loss	11.4	(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 MSRs	9.0	9.7	15.9	-
Deferred tax adjustment	0.7	3.0	-	-
Fair value adjustments on equity investments	(10.4)	(2.6)	0.9	-
Distributable Earnings before realized gain/(loss)	25.9	27.7	28.4	25.1
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 Earnings	13.5	17.9	26.7	29.0
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 Adjustments	0.2	(0.5)	(0.5)	1.1
Distributable Earnings to Common	8.6	11.8	21.0	24.1
Average Common Stock & Common Stock Equivalents (5)	1,340.9	1,370.0	1,385.4	1,324.4
GAAP Net Income / (Loss) ROE	2.1%	3.8%	3.6%	5.5%
Distributable Earnings ROE	2.6%	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)	95,257,000	96,607,015	97,406,462	89,022,855
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

Flagged decisions

• (0,0) defect 'Item': The image shows no printed header text in the first column at the top of the table; the first column contains row labels like 'GAAP Net Income (Loss)', 'Adjustments:', etc., but no header cell labeled 'Item' is visible.

16e4d896059a4eff-p25-t1: Book Value Per Share & Shares Outstanding

As printed (page 25)

Extraction output (red = defect, gold = unverified, green = added label)

Item		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

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text at the top-left position where a column header would appear; the table begins directly with the row label 'Stockholders' equity applicable to convertible common stock'.

16e4d896059a4eff-p26-t1: FBRT Income Statement

As printed (page 26)

Extraction output (red = defect, gold = unverified, green = added label)

Line Item	Three Months Ended March 31, 2026	Three Months Ended March 31, 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	—
Servicing revenue, net	10,550	—
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	$ —
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	—
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

Flagged decisions

• (0,0) unverified 'Line Item': The image shows no text printed in the first column header position; the table begins directly with the line item descriptions in the leftmost column.

16e4d896059a4eff-p27-t1: FBRT Balance Sheet

As printed (page 27)

Extraction output (red = defect, gold = unverified, green = added label)

Item	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, 900,000,000 shares authorized, 77,214,904 shares issued and outstanding as of March 31, 2026	755
Additional paid-in capital	1,553,770
Accumulated other comprehensive income/(loss)	(1,056)
Accumulated deficit	(420,743)
Total stockholders' equity	$ 1,391,468
Non-controlling interest	88,578
Total equity	$ 1,480,046
Total liabilities, redeemable convertible preferred stock and equity	$ 6,301,001

Flagged decisions

• (0,0) header_label_added 'Item': The image shows no printed text at the top-left position of the table; the first column contains item descriptions (like 'ASSETS', 'Cash and cash equivalents', etc.) but no header label appears above them.