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Franklin BSP Realty Trust posts $27M Q3 2026 loss

Book value per fully converted share rose to $14.26, while the quarter included $43.1 million in credit-loss provisions.

Filing Impact
(High)
Filing Sentiment

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Form Type
8-K

Rhea-AI Filing Summary

Franklin BSP Realty Trust, Inc. (FBRT) reported a $27.0 million GAAP net loss for Q3 2026, compared with $17.6 million net income a year earlier. Non-GAAP Distributable Earnings were $3.3 million, or a loss of $0.02 per fully converted share; before realized losses, they were $25.8 million, or $0.24 per share.

Fully converted book value was $14.26 per share, up $0.02 from Q2; adjusted fully converted book value was $15.13, up $0.39. FBRT repurchased 7,433,748 common shares at an average $8.14 for $60.5 million, which it said added $0.55 per share to fully converted book value, and declared a $0.20 Q3 dividend. The company recognized a $43.1 million provision for credit losses. Its core portfolio had $4.1 billion in principal across 175 loans; total liquidity was $407.2 million, including $100.8 million in cash and cash equivalents. On October 15, 2026, FBRT called all outstanding notes issued by a wholly owned indirect subsidiary; their principal balance was $267.2 million. The board extended the repurchase program through December 31, 2027.

0 points · 0 major

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Positive

  • None.

Negative

  • Moderate pointGAAP net loss: $27.0 million, versus $17.6 million net income.
  • Minor pointCredit-loss provision: $43.1 million in Q3 2026.

Filing Explained

For Q3 2026, the $3.3 million Distributable Earnings figure excludes the $43.1 million GAAP credit-loss provision but includes realized gains and losses.

This Form 8-K reports FBRT’s results for the quarter ended September 30, 2026, including $333.6 million of principal across 13 core loans on the quarter-end watch list; the company defines watch-list loans as risk-rated four or five.

Seven were rated five and six were rated four.

The company’s non-GAAP Distributable Earnings excludes unrealized loan-loss provisions and includes realized gains and losses; potential credit losses enter that measure when deemed nonrecoverable, generally on repayment or sale of a foreclosed property.

The Q3 reconciliation shows a $43.1 million add-back for credit-loss provision; reported Distributable Earnings were $3.3 million, versus $25.8 million before realized gains and losses.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
GAAP net loss $27.0 million Quarter ended September 30, 2026; compared with $17.6 million net income in Q3 2025.
Diluted earnings per share $(0.41) per share Q3 2026; compared with $0.12 per share in Q3 2025.
Total income $74.937 million Three months ended September 30, 2026; $89.549 million in 2025.
Net provision for credit losses $43.1 million Q3 2026.
Distributable Earnings $3.3 million Q3 2026; compared with $26.7 million in Q3 2025.
Distributable Earnings before realized losses $25.8 million Q3 2026; compared with $28.4 million in Q3 2025.
Fully converted book value per share $14.26 per share September 30, 2026; up $0.02 from the prior quarter.
Common stock repurchases $60.5 million 7,433,748 shares repurchased at an average price of $8.14 per share during Q3 2026.
Distributable Earnings financial
"Distributable Earnings is a non-GAAP measure"
Distributable earnings are the portion of a company’s reported profits that management determines is safe to pay out to shareholders after accounting for cash needs, required reserves, and non-cash bookkeeping items. Think of it like the money left in your household budget after paying bills and putting aside savings — it shows what can realistically be handed out as dividends or distributions and helps investors judge how sustainable and reliable future payouts may be.
Fully Converted financial
"Fully Converted assumes conversion of our series"
The phrase "fully converted" describes a situation where all convertible securities — such as convertible bonds, preferred shares, warrants, and options — are treated as if they have been turned into common stock. It matters to investors because it shows the total number of shares that would exist if every convertible instrument were exercised or converted, which affects ownership percentages, earnings per share and valuation metrics; think of it like counting every possible seat in a theater if all reserved tickets were claimed.
Mortgage servicing rights financial
"Mortgage servicing rights, net"
Mortgage servicing rights are the contractual right to collect mortgage payments, manage escrow accounts, handle customer service and delinquency actions on a pool of home loans, in exchange for a portion of the loan’s payments. They matter to investors because their value behaves like a revenue stream that can rise or fall with interest rates and borrower behavior — similar to owning a toll bridge where income depends on traffic volume and maintenance costs — and thus affect a lender’s earnings and risk profile.
Collateralized loan obligations financial
"Collateralized loan obligations $2,856.9"
A collateralized loan obligation is a financial product that pools many corporate loans and repackages them into slices sold to investors, with some slices offering steady, lower returns and others offering higher returns but more risk. Like splitting a pizza into pieces for different tastes, CLOs let investors pick their preferred risk level and help banks fund lending, so changes in CLO performance influence credit availability and can move markets.
CECL financial
"CECL reserves and impairments"
An accounting standard that requires banks and other lenders to estimate and record expected credit losses for loans and similar financial assets up front, based on historical experience, current conditions and reasonable forecasts. It matters to investors because it changes how much a firm must set aside as a loss reserve, which directly affects reported profits, capital levels and perceived financial strength—think of it as stocking a reserve for future bad loans before the rain starts.
GAAP net loss $27.0 million Compared with $17.6 million net income in Q3 2025
Total income $74.937 million Compared with $89.549 million in Q3 2025
Distributable Earnings $3.3 million Compared with $26.7 million in Q3 2025
Distributable Earnings before realized losses $25.8 million Compared with $28.4 million in Q3 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much FBRT stock did the company repurchase in Q3 2026?
FBRT repurchased 7,433,748 common shares at an average price of $8.14 per share for an aggregate of $60.5 million. The company said the repurchases added $0.55 per share to fully converted book value.

What dividend did FBRT declare for Q3 2026?
FBRT declared a $0.20 per-share common stock cash dividend for Q3 2026. It represented an annualized 5.6% yield on fully converted book value and a 12.8% yield on the current trading price as of October 23, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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0001562528FALSE00015625282026-10-282026-10-280001562528us-gaap:CommonStockMember2026-10-282026-10-280001562528us-gaap:SeriesEPreferredStockMember2026-10-282026-10-28

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): October 28, 2026
 
Franklin BSP Realty Trust, Inc.
(Exact Name of Registrant as Specified in Its Charter)
 
Maryland001-4092346-1406086
(State or other jurisdiction(Commission File Number)(I.R.S. Employer
of incorporation) Identification No.) 
 
1 Madison Ave,
New York, New York 10010
(Address of principal executive offices, including zip code)

(Former name, former address and former fiscal year, if changed since last report)
 
Registrant’s telephone number, including area code: (212) 588-6770

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareFBRTNew York Stock Exchange
7.50% Series E Cumulative Redeemable Preferred Stock, par value $0.01 per shareFBRT PRENew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
 



Item 2.02. Results of Operations and Financial Condition.

On October 28, 2026, Franklin BSP Realty Trust, Inc. (the “Company”) issued a press release and supplemental slide presentation reporting the Company’s financial results for the quarter ended September 30, 2026. Copies of the press release and supplemental slide presentation are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

The information in this Item 2.02 (including Exhibits 99.1 and 99.2) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.


Item 9.01. Financial Statements and Exhibits.
 
(d) Exhibits.
 
EXHIBIT INDEX
Exhibit
No.		Description
99.1
Press Release dated October 28, 2026 announcing the Company’s financial results for the quarter ended September 30, 2026
99.2
Supplemental Presentation for the quarter ended September 30, 2026
104.1Cover Page Interactive Data File (embedded within the Inline XBRL document)

2

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 
 
FRANKLIN BSP REALTY TRUST, INC. 
By:/s/ Jerome S. Baglien
Name:Jerome S. Baglien
Title:Co-President, Chief Financial Officer and Chief Operating Officer
 
Date: October 28, 2026
3

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Investor Relations contactLindsey CrabbeFOR IMMEDIATE RELEASE
l.crabbe@bspcredit.com
Media contactSam Turvey
s.turvey@bspcredit.com

Franklin BSP Realty Trust, Inc. Announces Third Quarter 2026 Results
New York City, NY – October 28, 2026 – Franklin BSP Realty Trust, Inc. (NYSE: FBRT) (“FBRT” or the “Company”) today announced financial results for the quarter ended September 30, 2026.
During the third quarter, FBRT increased fully converted book value(1) per share and continued to execute on its key priorities, including accretive share repurchases, resolving legacy assets and growing the contribution from its Agency Business.
Third Quarter 2026 Summary
•GAAP net loss of $(27.0) million or $(0.41) per diluted common share
•Distributable Earnings (a non-GAAP financial measure) of $3.3 million, or $(0.02) per diluted common share on a fully converted basis(1)
•Distributable Earnings before realized losses (a non-GAAP financial measure) of $25.8 million, or $0.24 per diluted common share on a fully converted basis(1)
•Repurchased 7,433,748 shares of common stock at an average price of $8.14 per share for an aggregate of $60.5 million, resulting in $0.55 per diluted common share of book value accretion on a fully converted basis(1)
•Book value of $14.26 per diluted common share on a fully converted basis(1), an increase of $0.02 from the prior quarter
•Adjusted(2) fully converted(1) book value per share of $15.13, an increase of $0.39 from the prior quarter
•Core portfolio:
◦Principal balance of $4.1 billion across 175 loans, with an average loan size of $23.2 million, and 83% collateralized by multifamily properties
◦Closed $249.3 million of new loan commitments and funded $284.8 million on new and existing loans
◦Received loan repayments of $405.5 million
◦Average portfolio risk rating of 2.4, unchanged from prior quarter
•Agency Business segment:
◦Servicing portfolio grew by $1.4 billion to $61.3 billion(3)
◦Originated $670.4 million of new loan commitments under programs with Fannie Mae, Freddie Mac, and HUD
◦Mortgage Servicing Rights ("MSRs") book value at $201.2 million, with another $8.1 million in MSR book value related to loan commitments and funded agency loans
•Declared a third quarter common stock cash dividend of $0.20, representing an annualized 5.6% yield on fully converted book value(1), or 12.8% yield on current trading price(4)
•Total liquidity of $407.2 million, including $100.8 million of cash and cash equivalents
Portfolio and Investment Activity
Core portfolio: For the quarter ended September 30, 2026, the Company closed $249.3 million of new loan commitments, funded $284.8 million of principal balance on new and existing loans, and received loan repayments of $405.5 million. FBRT's average portfolio risk rating was 2.4, unchanged from the prior quarter. At quarter end, the Company had 13 loans with a principal balance of $333.6 million on its watch list, six of which are risk rated a four and seven of which are risk rated a five.



1 Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards.
2 Excludes the impact of accumulated depreciation and amortization of real property and includes the impact of the fair value of our MSRs over their carrying value, resulting in a total adjustment of $72.0 million.
3 Includes $4.4 billion of principal serviced for a wholly owned subsidiary of the Company; related revenue is eliminated in consolidation.
4 Current trading price as of October 23, 2026.

Conduit: For the quarter ended September 30, 2026, the Company originated $61.5 million of fixed rate conduit loans and sold $54.5 million of conduit loans for a gain of $1.0 million, gross of related derivatives.
Agency Business segment: For the quarter ended September 30, 2026, the Company originated $670.4 million of new commitments under programs with Fannie Mae, Freddie Mac, and HUD and managed a servicing portfolio of $61.3 billion.
Real estate owned and equity method investments: For the quarter ended September 30, 2026, the Company had ten foreclosure real estate owned positions totaling $339.5 million, one investment real estate owned position of $113.9 million, and six equity method investment positions of $88.7 million.
Allowance for credit losses: During the quarter, the Company recognized a net provision for credit losses of $43.1 million. Provision for our core portfolio was $37.7 million, comprised of a specific allowance provision of $38.7 million, partially offset by a general benefit of $1.0 million. Provision for our Agency Business was $5.4 million, comprised of a general provision of $5.0 million and a provision for specific allowance of $0.4 million.
Book Value
As of September 30, 2026, book value was $14.26 per diluted common share on a fully converted basis(1).
Share Repurchase Program
During the quarter ended September 30, 2026, the Company repurchased 7,433,748 shares of common stock at an average price of $8.14 per share for an aggregate of $60.5 million, which represents a $0.55 per share increase to book value on a fully converted basis(1). On October 27, 2026, the Company’s board of directors extended the program to December 31, 2027.
Subsequent Events
On October 15, 2026, the Company called all of the outstanding notes issued by BSPRT 2023-FL10 Issuer, Ltd., a wholly owned indirect subsidiary of the Company. The notes had an outstanding principal balance of $267.2 million at the time of redemption.
Distributable Earnings and Distributable Earnings to Common
Distributable Earnings is a non-GAAP measure, which the Company defines as GAAP net income (loss), adjusted for (i) non-cash CLO amortization acceleration and amortization over the expected useful life of the Company's CLOs, (ii) unrealized gains and losses on loans and derivatives, including CECL reserves and impairments, net of realized gains and losses, as described further below, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated performance fee accruals/(reversal), (vi) realized 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 Earnings 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 real estate owned. Further, Distributable Earnings to Common, a non-GAAP measure, presents Distributable Earnings net of (x) perpetual preferred stock dividend payments and (y) non-controlling interests in joint ventures.
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 and 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 property impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our existing definition of Distributable Earnings. We expect to only recognize such potential credit or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a realization 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 non-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 generally 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 may differ materially from the timing of the corresponding loss reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with GAAP.
The Company believes that Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common provide meaningful information to consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common 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 indicator of common dividends per share. As a REIT, the





1 Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards.


Company generally must distribute annually at least 90% of its taxable income, subject to certain adjustments, and therefore believes dividends are one of the principal reasons stockholders may invest in its common stock. Further, Distributable Earnings to Common helps investors evaluate performance excluding the effects of certain transactions and GAAP adjustments that the Company does not believe are necessarily indicative of current loan portfolio performance and the Company's operations and is one of the performance metrics the Company's board of directors considers when dividends are declared.
Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common do not represent net income (loss) and should not be considered as an alternative to GAAP net income (loss). The methodology for calculating Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common may differ from the methodologies employed by other companies and thus may not be comparable to the Distributable Earnings reported by other companies.
Please refer to the financial statements and reconciliation of GAAP Net Income to Distributable Earnings, Distributable Earnings before Realized Losses and Distributable Earnings to Common included at the end of this release for further information.


Supplemental Information
The Company published a supplemental earnings presentation for the quarter ended September 30, 2026 on its website to provide additional disclosure and financial information. These materials can be found on the Company’s website at https://www.fbrtreit.com under the Presentations tab.
Conference Call and Webcast
The Company will host a conference call and live audio webcast to discuss its financial results on Thursday, October 29, 2026 at 9:00 a.m. ET. Participants are encouraged to pre-register for the call and webcast at https://dpregister.com/sreg/10212374/104fe7efcee. If you are unable to pre-register, the conference call may be accessed by dialing (844) 701-1166 (Domestic) or (412) 317-5795 (International). Ask to join the Franklin BSP Realty Trust conference call. Participants should call in at least five minutes prior to the start of the call.
The call will also be accessible via live webcast at https://ccmediaframe.com/?id=qqnAxQmO. Please allow extra time prior to the call to download and install audio software, if needed. A slide presentation containing supplemental information may also be accessed through the Company’s website in advance of the call.
An audio replay of the live broadcast will be available approximately one hour after the end of the conference call on FBRT’s website. The replay will be available for 90 days on the Company’s website.
About Franklin BSP Realty Trust, Inc.
Franklin BSP Realty Trust, Inc. (NYSE: FBRT) is a real estate investment trust that originates, acquires and manages a diversified portfolio of commercial real estate debt secured by properties located in the United States. As of September 30, 2026, FBRT had approximately $6.0 billion of assets. FBRT is externally managed by Benefit Street Partners L.L.C., a wholly owned subsidiary of Franklin Templeton, Inc. For further information, please visit www.fbrtreit.com.
About Benefit Street Partners
Benefit Street Partners is an alternative credit pioneer with $96 billion in assets under management as of August 31, 2026 (including Apera). It seeks to deliver attractive, risk-adjusted returns through its deep specialism, long-term relationships and global reach. A wholly owned subsidiary of Franklin Templeton, BSP is focused on credit. Through its disciplined, solutions-oriented approach, BSP unlocks opportunities across market cycles and geographies. The firm manages strategies spanning private debt, real estate debt, structured credit, and liquid loans. For more information, visit www.bspcredit.com.
About Franklin Templeton
Franklin Templeton is a trusted investment partner, delivering tailored solutions that align with clients’ strategic goals. With deep portfolio management expertise across public and private markets, we combine investment excellence with cutting-edge technology. Since our founding in 1947, we have empowered clients through strategic partnership, forward-looking insights, and continuous innovation – providing the tools and resources to navigate change and capture opportunity.
With more than $1.8 trillion in assets under management as of September 30, 2026, Franklin Templeton operates globally in more than 35 countries.
To learn more, visit www.franklintempleton.com and follow us on LinkedIn.
Forward-Looking Statements
Certain statements included in this press release are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of the Company and members of our management team, as well as the assumptions on which such statements are based, and generally are identified by the use of words such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. 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 reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by law.
The Company's forward-looking statements are subject to various risks and uncertainties. Factors that could cause actual outcomes to differ materially from our forward-looking statements include macroeconomic factors in the United States including inflation, changing interest rates and economic contraction, the extent of any recoveries on delinquent loans, the financial stability of our borrowers and the other risks and important factors contained and identified in the Company’s filings with the Securities and Exchange Commission (“SEC”), including its Annual Report


on Form 10-K for the fiscal year ended December 31, 2025 and its subsequent filings with the SEC, any of which could cause actual results to differ materially from the forward-looking statements. The forward-looking statements included in this communication are made only as of the date hereof.


FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
September 30, 2026December 31, 2025
ASSETS
Cash and cash equivalents$100,821 $167,292 
Restricted cash18,787 17,889 
Investment securities, held to maturity(1)
24,781 20,483 
Commercial mortgage loans, held for investment, net of allowance for credit losses of $71,932 and $38,302 as of September 30, 2026 and December 31, 2025, respectively(2)3,967,590 4,383,134 
Commercial mortgage loans, held for sale, measured at fair value(3)
373,181 360,718 
Real estate securities, available for sale, measured at fair value, amortized cost of $0 and $151,946 as of September 30, 2026 and December 31, 2025, respectively(4)— 151,662 
Mortgage servicing rights, net201,178 212,216 
Accrued interest receivable29,907 41,468 
Receivable for loan repayment(5)
12,070 50,619 
Prepaid expenses and other assets45,264 45,112 
Real estate owned, net of depreciation259,713 99,265 
Real estate owned, held for sale160,047 198,883 
Equity method investments88,656 71,682 
Intangible assets, net of amortization112,134 115,553 
Goodwill92,048 92,048 
Derivative instruments, measured at fair value17,702 11,315 
Loans eligible for repurchase— 17,911 
Variable interest entity (“VIE”) assets, measured at fair value521,259 — 
Total assets$6,025,138 $6,057,250 
LIABILITIES AND STOCKHOLDERS' EQUITY
Collateralized loan obligations$2,856,873 $2,735,582 
Repurchase agreements and revolving credit facilities - commercial mortgage loans837,901 1,087,087 
Repurchase agreements - real estate securities39,489 187,371 
Other financings12,865 12,865 
Unsecured debt161,392 185,466 
Mortgage note payable24,186 23,998 
Allowance for loss sharing24,602 19,484 
Accrued compensation42,006 43,662 
Liability for loans eligible for repurchase— 17,911 
Interest payable14,837 16,110 
Distributions payable21,431 38,935 
Accounts payable and accrued expenses20,398 18,892 
Due to affiliates12,561 12,054 
Derivative instruments, measured at fair value16 6,951 
Other liabilities21,053 29,657 
VIE liabilities, measured at fair value493,393 — 
Total liabilities$4,583,003 $4,436,025 
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 September 30, 2026 and December 31, 2025$89,748 $89,748 
Total redeemable convertible preferred stock$89,748 $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 September 30, 2026 and December 31, 2025$258,742 $258,742 
Common stock, $0.01 par value, 900,000,000 shares authorized, 75,881,209 and 81,553,982 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively755 808 
Additional paid-in capital1,561,187 1,593,365 
Accumulated other comprehensive income/(loss)— (284)
Accumulated deficit(474,452)(411,101)
Total stockholders' equity$1,346,232 $1,441,530 
Non-controlling interest6,155 89,947 
Total equity$1,352,387 $1,531,477 
Total liabilities, redeemable convertible preferred stock and equity$6,025,138 $6,057,250 


____________________
(1) Includes pledged assets of $24.5 million and $20.2 million as of September 30, 2026 and December 31, 2025, respectively.
(2) Includes pledged assets of $647.9 million and $855.2 million as of September 30, 2026 and December 31, 2025, respectively.
(3) Includes pledged assets of $364.1 million and $329.2 million as of September 30, 2026 and December 31, 2025, respectively.
(4) Includes pledged assets of $0.0 million and $151.7 million as of September 30, 2026 and December 31, 2025, respectively.
(5) Includes $11.8 million and $50.5 million of cash held by servicer related to the CLOs as of September 30, 2026 and December 31, 2025, respectively.
The accompanying notes are an integral part of these unaudited consolidated financial statements.


FRANKLIN BSP REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
Income
Interest income$84,218 $106,167 $273,654 $331,246 
Less: Interest expense59,845 76,492 192,336 217,298 
Net interest income24,373 29,675 81,318 113,948 
Gain/(loss) on sales, including fee-based services, net20,717 29,423 57,822 34,726 
Mortgage servicing rights8,654 19,745 19,313 19,745 
Servicing revenue, net12,276 3,606 32,484 3,606 
Gain/(loss) on derivatives984 (122)3,318 (456)
Revenue from real estate owned 7,933 7,222 20,353 22,355 
Total income$74,937 $89,549 $214,608 $193,924 
Expenses
Compensation and benefits$27,532 $34,434 $71,325 $34,434 
Asset management and subordinated performance fee5,865 6,082 17,888 18,174 
Acquisition expenses186 265 772 739 
Administrative services expenses2,912 3,455 7,274 10,687 
Professional fees4,742 9,334 21,268 20,609 
Other expenses11,367 14,052 34,602 35,557 
Depreciation and amortization2,238 3,432 7,641 6,193 
Share-based compensation1,208 2,237 6,068 6,799 
Total expenses$56,050 $73,291 $166,838 $133,192 
Other income/(loss)
(Provision)/benefit for credit losses$(43,105)$569 $(61,731)$3,954 
Realized gain/(loss) on real estate securities, available for sale(888)— (888)113 
Realized gain/(loss) on extinguishment of debt1,699 — 766 — 
Gain/(loss) on other real estate investments(12,826)(2,116)(9,597)(1,664)
Income/(loss) from equity method investments45 6 13,797 187 
Change in net assets of consolidated VIE, CMBS trust1,124 — 1,420 — 
Total other income/(loss)$(53,951)$(1,541)$(56,233)$2,590 
Income/(loss) before taxes(35,064)14,717 (8,463)63,322 
(Provision)/benefit for income tax8,022 2,899 9,988 2,383 
Net income/(loss)$(27,042)$17,616 $1,525 $65,705 
Net (income)/loss attributable to non-controlling interest358 (302)(660)(1,132)
Net income/(loss) attributable to Franklin BSP Realty Trust, Inc.$(26,684)$17,314 $865 $64,573 
Less: Preferred stock dividends5,915 6,749 17,747 20,245 
Net income/(loss) applicable to common stock$(32,599)$10,565 $(16,882)$44,328 
Basic earnings per share$(0.41)$0.12 $(0.23)$0.52 
Diluted earnings per share$(0.41)$0.12 $(0.23)$0.51 
Basic weighted average shares outstanding80,287,854 82,214,630 78,861,945 82,150,496 
Diluted weighted average shares outstanding80,756,562 90,600,581 78,861,945 84,976,530 




FRANKLIN BSP REALTY TRUST, INC.
RECONCILIATION OF GAAP NET INCOME TO DISTRIBUTABLE EARNINGS
(In thousands, except share and per share data)
(Unaudited)
The following table provides a reconciliation of GAAP net income to Distributable Earnings, Distributable Earnings before Realized Losses and Distributable Earnings to Common for the three and nine months ended September 30, 2026 and 2025 (amounts in thousands, except share and per share data):
Three Months Ended September 30,Nine Months Ended September 30,
2026202520262025
GAAP Net Income (Loss)$(27,042)$17,616$1,525$65,705 
Adjustments:
Unrealized (gain)/loss on financial instruments(1)
12,4901,8889,2072,645 
Subordinated performance fee(2)
—(270)—(810)
Non-cash compensation expense1,4695,1857,9659,747 
Depreciation and amortization, net2,1893,4277,5026,188 
Transaction-related and non-recurring items(3)
—3,997—8,818 
(Reversal of)/provision for credit losses43,105(569)61,731(3,954)
(Gain) / loss on debt extinguishment reversal(1,699)—(766)— 
Income from mortgage servicing rights(8,654)(19,745)(19,313)(19,745)
Amortization and write-offs of MSRs9,69315,92429,96215,924 
Deferred tax adjustment(6,409)—(6,017)— 
Change in net assets of consolidated VIE due to unrealized (gain)/loss(269)—(269)— 
Fair value adjustments on equity investments(4)
906904(9,701)904 
Distributable Earnings before realized gain/(loss)$25,779$28,357$81,826$85,422
Realized gain / (loss) on debt extinguishment1,699—766—
Realized gain/(loss) adjustment on loans and REO(5)
(24,214)(1,656)(37,483)(35,950)
Distributable Earnings$3,264$26,701$45,109$49,472
7.5% series E cumulative redeemable preferred stock dividend(4,842)(4,842)(14,526)(14,526)
Noncontrolling interests net (income) / loss358(302)(660)(1,132)
Noncontrolling interests net (income) / loss DE adjustments(468)(509)380235 
Distributable Earnings to Common$(1,688)$21,048$30,303$34,049
Average common stock & common stock equivalents(6)
1,253,0421,385,3741,296,9001,349,740 
GAAP net income/(loss) ROE(10.1)%3.6 %(1.4)%4.9 %
Distributable earnings ROE to common(0.5)%6.1 %3.1 %3.4 %
GAAP net income/(loss) per share, diluted$(0.41)$0.12 $(0.23)$0.51 
GAAP net income/(loss) per share, fully converted(7)
$(0.36)$0.13 $(0.13)$0.55 
Distributable earnings per share, fully converted(7)
$(0.02)$0.22 $0.33 $0.37 
Distributable earnings per share before realized gain/(loss), fully converted(7)
$0.24 $0.23 $0.73 $0.76 
________________________
(1) 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.
(2) Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payment obligations in the quarter.
(3) Represents transaction-related and non-recurring costs associated with the acquisition of NewPoint.
(4) Represents non-cash (income) loss from equity method investments, net of cash received as return on capital for the quarter.
(5) 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-recoverable 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 September 30, 2026, the Company has $9.9 million of GAAP gain adjustments and $13.8 million of GAAP loss adjustments that would run through distributable earnings if and when cash gains or losses are realized.
(6) Represents the average of all classes of equity except the Series E Preferred Stock.
(7) Fully Converted assumes conversion of our series of convertible preferred stock and OP units along with full vesting of our outstanding equity compensation awards.

Franklin BSP Realty Trust Third Quarter 2026 Supplemental Information

 

B E N E F I T S T R E E T P A R T N E R S 2 Important Information The information herein relates to the Company’s business and financial information as of September 30, 2026 and does not reflect subsequent developments. Risk Factors Investing 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- K 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 quarter ended September 30, 2026. Forward-Looking Statements Certain statements included in this presentation are forward-looking statements. Those statements include statements regarding the intent, belief or current expectations of Franklin 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 such as "may," "will," "seeks," "anticipates," "believes," "estimates," "expects," "plans," "intends," "should" or similar expressions. Actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause actual outcomes to differ materially from our forward-looking statements include macroeconomic factors 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 own, 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 10-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 confidence. 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 reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by law. Additional Important Information The summary information provided in this presentation does not purport to be complete and no obligation to update or otherwise revise such information is being assumed. Nothing 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 offer 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 any of our affiliated funds. There is no guarantee that any of the goals, targets or objectives described in this summary will be achieved. 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 should 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 investment 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 Report 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 www.fbrtreit.com. This presentation contains information regarding FBRT’s financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States (“GAAP”), including Distributable Earnings. Please refer to the appendix for the reconciliation of the applicable GAAP financial measures to non-GAAP financial measures. PAST PERFORMANCE IS NOT A GUARANTEE OR INDICATIVE OF FUTURE RESULTS. INVESTMENTS INVOLVE SIGNIFICANT RISKS, INCLUDING LOSS OF THE ENTIRE INVESTMENT. There is no guarantee that any of the estimates, targets or projections illustrated in this summary will be achieved. Any references herein to any of the Company’s past or present investments, portfolio characteristics, or performance, have been provided for illustrative purposes only. It should not be assumed that these investments were or will be profitable or that any future investments will be profitable or will equal the performance of these investments. There can be no guarantee that the investment objective of the Company will be achieved. Any investment entails a risk of loss. An investor could lose all or substantially all of his or her investment. Please refer to our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for a more complete list of risk factors. The following slides contain summaries of certain financial information about the Company. The information contained in this presentation is summary information that is intended to be considered in the context of our filings with the Securities and Exchange Commission and other public announcements that we may make, by press release or otherwise, from time to time.

 

FBRT 3Q 2026 Financial Update

 

B E N E F I T S T R E E T P A R T N E R S 4 3Q 2026 Highlights 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. 2. Please see appendix for GAAP net income to Distributable Earnings calculation. 3. Excludes the impact of accumulated depreciation and amortization of real property and includes the impact of the fair value of our MSRs over their carrying value. Please see appendix for GAAP book value to adjusted book value calculation. 4. 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. FBRT 3Q 2026 Financial Update Earnings • GAAP net loss of ($27.0) million or ($0.41) per diluted common share or ($0.36) per fully converted share (1) • Distributable Earnings (2) of $3.3 million or ($0.02) per fully converted share (1) • Distributable Earnings before realized losses (2) of $25.8 million or $0.24 per fully converted share (1) • Declared a Q3 2026 cash dividend of $0.20 per share, representing an annualized yield of 5.6% on fully converted book value per share (1) • Generated an annualized 6.2% total economic return during the quarter, reflecting a $0.02 increase in fully converted book value per share and $0.20 per share dividend Capitalization • Fully converted book value per share is $14.26 vs. $14.24 in Q2 2026 (1). Adjusted fully converted book value per share is $15.13 vs. $14.74 in Q2 2026 (1) (3) • Net debt to equity is 2.7x; recourse net debt to equity is 0.7x • 81% of financing sources are non-mark-to-market on our core book • $407 million of liquidity of which $101 million is cash and $10 million is CLO reinvest/ramp available (4) • Repurchased $60.5 million of common stock with a weighted average price of $8.14, which resulted in $0.55 of accretion to fully converted book value per share (1) Investments • Core Portfolio: Principal balance totaled $4.1 billion following $406 million of loan repayments, with $249 million of new loan commitments and $285 million of total fundings during the quarter • Agency Business: Originated $670 million of new loan commitments under programs with Fannie Mae, Freddie Mac, and HUD Portfolio • Core Portfolio of 175 CRE loans and $4.1 billion of principal balance, average size of $23 million and 83% multifamily. Three assets were removed from the watch list. Thirteen assets with a principal balance of $334 million remain on the watch list, seven of which are risk rated a five and six of which are risk rated a four • REO portfolio of ten foreclosure assets (vs. six in Q2 2026) totaling $339 million and one investment real estate owned position of $114 million

 

B E N E F I T S T R E E T P A R T N E R S 5 Income Statement Balance Sheet - Assets (End of Quarter) Net interest income (1) $23.8 Total core portfolio $3,967.6 Operating expenses (1), (2) (16.1) Variable interest entities assets, at fair value 521.3 (Provision) / Benefit for credit loss (1) (37.7) Loans held-for-sale 373.2 NewPoint net income (loss) 0.2 Total real estate securities - Other income/(loss) (1) 2.8 Mortgage servicing rights 201.2 GAAP net income (loss) ($27.0) Cash and restricted cash 119.6 NewPoint adjustments to GAAP net income (loss) (3) 10.9 Real estate owned 458.5 Other adjustments to GAAP net income (loss) (3) 41.9 Other assets 383.7 Distributable Earnings before realized gain/(loss) (3) $25.8 Total assets $6,025.1 Realized gain/(loss) adjustments to GAAP net income (loss) (3) (22.5) Distributable Earnings (3) $3.3 Balance Sheet - Debt & Equity Collateralized loan obligations $2,856.9 GAAP net income (loss) per share, fully converted (4) ($0.36) Warehouse - Core 480.8 GAAP return on common equity (10.1%) Warehouse - NewPoint 357.1 GAAP dividend coverage, fully converted (3), (4) (180.8%) Repo - securities 39.5 Asset specific financings 37.1 Distributable Earnings per share, fully converted (3), (4) ($0.02) Unsecured debt 161.4 Distributable Earnings return on common equity (3) (0.5%) Total debt $3,932.8 Distributable Earnings dividend coverage, fully converted (3), (4) (9.6%) Preferred equity (5) 348.5 Distributable Earnings per share before realized gain/(loss), fully converted (3), (4) $0.24 Common stock/retained earnings (6) 1,093.6 Distributable Earnings return on common equity before realized gain/(loss) (3) 6.6% Total equity (5), (6) $1,442.1 Distributable Earnings dividend coverage before realized gain/(loss), fully converted (3), (4) 118.7% Book value per share, fully converted (4) $14.26 Total Economic Return 6.2% Net debt/total equity 2.66x Dividend per share $0.200 Net debt/total equity ex. NewPoint 2.41x Dividend per share yield on book value 5.6% Recourse net debt/total equity 0.68x Financial Highlights Note: All numbers in millions except per share and share data. 1. Excludes NewPoint. 2. Does not include real estate owned operating income which is reported under Other income / (loss). 3. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings. 4. Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards. 5. 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 $259 million of preferred equity represents the Series E preferred, which is not convertible into common equity. 6. Includes non-controlling interest. FBRT 3Q 2026 Financial Update

 

B E N E F I T S T R E E T P A R T N E R S 6 $17.9 $13.5 $28.3 $3.3 4Q'25 1Q'26 2Q'26 3Q'26 $25.9 (2) $25.8 (2) $27.7 (2) $30.2 (2) Earnings & Distributions Note: All numbers in millions except per share data. 1. Please see appendix for the detail on the adjustments from GAAP net income to Distributable Earnings. 2. Distributable earnings before realized gain/(loss). 3. Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards. FBRT 3Q 2026 Financial Update Distributable Earnings ($M) (1) GAAP Net Income (Loss) ($M) $18.4 $12.3 $16.3 ($27.0) 4Q'25 1Q'26 2Q'26 3Q'26 4Q'25 1Q'26 2Q'26 3Q'26 $0.355 $0.200 $0.200 $0.200 Dividend per share $0.12 $0.09 $0.25 ($0.02) Distributable earnings per share, fully converted (1), (3) $0.22 $0.22 $0.28 $0.24 Distributable earnings per share before realized gain/(loss), fully converted (1), (3) 34% 45% 127% (10%) Distributable dividend coverage, fully converted (1), (3) 63% 110% 138% 119% Distributable dividend coverage before realized gain/(loss), fully converted (1), (3)

 

B E N E F I T S T R E E T P A R T N E R S 7 Core Net Fundings Note: All numbers in millions. 1. Includes full paydowns, dispositions, partial paydowns, non-REO related charge-offs and amortization. 2. Includes REO related charge-offs. FBRT 3Q 2026 Financial Update 3Q 2026 ($M) YTD 2026 ($M) $248 $38 ($406) $4,343 ($171) $4,052 2Q26 Loans Outstanding Fundings on New Loans Fundings on Existing Loans Repayments¹ REO/ Foreclosures² 3Q26 Loans Outstanding $875 $154 ($1,186) ($227) $4,436 $4,052 4Q25 Loans Outstanding Fundings on New Loans Fundings on Existing Loans Repayments¹ REO/ Foreclosures² 3Q26 Loans Outstanding Total Commitment of $884M Total Commitment of $249M

 

B E N E F I T S T R E E T P A R T N E R S 8 Collateralized Loan Obligations, 73% Warehouse, 21% Unsecured Debt, 4% Repo - Securities, 1% Asset Specific Financings, 1% Capitalization Overview 1. On our core book (excluding repo-securities and NewPoint), 81% of financings are non-mark-to-market. 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, 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. FBRT 3Q 2026 Financial Update Financing Sources (1) Net Leverage (2) Average cost of debt, including financing costs, was 6.1% in 3Q26 vs. 6.2% in 2Q26 0.68x 2.66x 0.00x 0.50x 1.00x 1.50x 2.00x 2.50x 3.00x Recourse Net Leverage Total Net Leverage

 

B E N E F I T S T R E E T P A R T N E R S 9 Financing Lines Note: Amounts are rounded to the nearest million and may not sum due to rounding. 1. Outstanding balance as of September 30, 2026 and net of tranches held by FBRT. 2. Cost of debt is shown before discount and transaction costs. 3. Capacity for loans. Excludes bond repurchase agreements. FBRT 3Q 2026 Financial Update CLOs Warehouse/Revolver/Other CLO Name Debt Amount(1) Reinvest End Date Cost of Debt(2) BSPRT 2023-FL10 $267 million Ended S + 3.14% BSPRT 2024-FL11 $886 million 10/8/27 S + 1.99% BSPRT 2025-FL12 $947 million 5/8/28 S + 1.61% BSPRT 2026-FL13 $778 million 11/10/28 S + 1.76% Total $2,879 million CLO reinvestment available $10 million Repo – Securities (outstanding) $39 million Name Capacity (3) JP Morgan $750 million Barclays (Warehouse) $500 million Atlas SP Partners $350 million Wells Fargo $250 million Goldman Sachs $250 million Morgan Stanley $150 million BAML WH Line of Credit (NewPoint) $450 million Fifth Third WH Line of Credit (NewPoint) $400 million Fifth Third Line of Credit (NewPoint) $125 million JPM WH Line of Credit (NewPoint) $700 million PNC WH Line of Credit (NewPoint) $500 million ASAP WH Line of Credit (NewPoint) $100 million Total $4,525 million

 

B E N E F I T S T R E E T P A R T N E R S 10 $101 $10 $296 $407 Unrestricted Cash CLO Reinvestment Available Financing Available & In Progress¹ Total Liquidity Liquidity ($M) Liquidity 1. Represents cash available at 9/30/2026 that we can invest at a market advance rate utilizing our available capacity on financing lines. FBRT 3Q 2026 Financial Update

 

B E N E F I T S T R E E T P A R T N E R S 11 NewPoint Financial Highlights Note: All numbers in millions. 1. Based on final purchase price of $410 million. FBRT 3Q 2026 Financial Update Income Statement Volume UPB Count Net interest income $0.5 Q3 2026 Total $670.4 36 Gain / (loss) on sales 19.8 Mortgage servicing rights 8.7 Mortgage servicing rights amortization, impairments & payoffs (9.7) Servicing and ancillary fees 13.1 Servicing interest on escrows 8.2 Other income (3.2) Total Revenues $37.4 Operating expenses (33.1) Taxes 1.4 CECL (5.4) Other (0.1) GAAP net income (loss) $0.2 Mortgage servicing rights (8.7) Mortgage servicing rights amortization, impairments & payoffs 9.7 Fair value adjustments on equity investments 3.8 Other adjustments 6.2 Distributable Earnings before realized gain/(loss) $11.2 Realized gain/(loss) adjustments to GAAP net income (loss) (0.2) Distributable Earnings $11.0 ROE GAAP return on equity (1) 0.2% Distributable Earnings before realized gain/(loss) return on equity (1) 10.9% Distributable Earnings return on equity (1) 10.7%

 

B E N E F I T S T R E E T P A R T N E R S 12 MSR Rollforward MSR Value on Commitments (1) Total MSR Value Ending balance at 6/30 $205.5 $4.8 $210.3 OMSR - new commitments - 8.7 8.7 OMSR - moved at settlement 5.4 (5.4) - Amortization, impairments & payoffs (9.7) - (9.7) Ending Balance at 9/30 $201.2 $8.1 $209.3 Servicing Book Rollforward Product Type 6/30 UPB Change 9/30 UPB Fannie $7,935 $20 $7,955 Freddie 9,074 267 9,342 Ginnie 5,268 227 5,495 Bridge 401 (39) 361 Affordable 481 50 532 Benefit Street Partners (2) 10,909 723 11,632 Private Label 25,770 200 25,970 Total $59,838 $1,448 $61,287 Agency/FHA $22,278 $514 $22,791 Other $37,560 $934 $38,496 NewPoint MSR & Servicing Book Note: All numbers in millions. 1. Included in commercial mortgage loans held for sale and derivative instruments on the balance sheet. 2. Represents the bridge book serviced for the Company's affiliates, including $4.4 billion of the $11.6 billion serviced for a wholly owned subsidiary; related revenue is eliminated in consolidation. FBRT 3Q 2026 Financial Update

 

Portfolio

 

B E N E F I T S T R E E T P A R T N E R S 14 Post-Rate Hike, 82% Pre-Rate Hike, 18% Senior, 99% Mezzanine, 1% Floating, 92% Fixed, 8% Multifamily, 83% Hospitality, 9% Industrial, 4% Office, 1% Other, 3% Texas, 24% Florida, 19% North Carolina, 12% Various, 7% Georgia, 7% New York, 6% Arizona, 4% South Carolina, 3% All Other, 18% Core Loan Portfolio Composition 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. 2. Unpaid principal balance (UPB) represents the portion of the loan that has not yet been remitted to the lender. 3. Six risk rated 5 and one risk rated 4. Portfolio $4.1B total portfolio; 64.6% WA LTV (1) Portfolio Summary Rate Type Collateral Summary Collateral by Vintage Collateral by State 164 senior loans; average UPB (2) of $24M 11 mezzanine loans; average UPB (2) of $5M 7 non-performing loans (3) Portfolio Overview

 

B E N E F I T S T R E E T P A R T N E R S 15 Southeast, 81% Southwest, 13% Far West, 3% Mideast, 3% Multifamily, 97% Hospitality, 3% Florida, 57% North Carolina, 15% Arizona, 7% Texas, 6% South Carolina, 6% Tennessee, 3% California, 3% New Jersey, 3% By Region By State 17 loans; $249 million total commitment ($248 million of initial funding / $1 million of future funding) 2.66% weighted average spread; 6.57% all-in coupon (1) 0.9% and 0.1% weighted average origination and exit fees, respectively By Collateral Core Originations in the Quarter Portfolio Overview Note: Charts shown above are based on the initial funding/unpaid principal balance of the newly originated loans. 1. All-in coupon based on 9/30/26 SOFR indices.

 

B E N E F I T S T R E E T P A R T N E R S 16 Investment Loan Type Investment Date Default Date Non-Performing Collateral Loan Purpose Location Loan Risk Rating 276-Unit Apartment Community Floating Rate Senior Loan Q2 2022 Q1 2026 Yes Multifamily Acquisition Charlotte, NC 5 184-Unit Apartment Community Floating Rate Senior Loan Q4 2021 None Yes Multifamily Acquisition Glendale, AZ 5 172-Unit Apartment Community Floating Rate Senior Loan Q1 2022 None Yes Multifamily Acquisition Tempe, AZ 5 344-Unit Apartment Community Fixed Rate Senior Loan Q4 2022 Q3 2026 Yes Multifamily Acquisition San Antonio, TX 5 Suburban Office Park Floating Rate Senior Loan Q4 2019 None No Office Acquisition Alpharetta, GA 5 176-Unit Apartment Community Floating Rate Senior Loan Q2 2022 None Yes Multifamily Acquisition Fort Worth, TX 5 197-Unit Multifamily Portfolio Floating Rate Senior Loan Q3 2021 Q3 2026 Yes Multifamily Acquisition Warner Robins, GA 5 352-Unit Apartment Community Fixed Rate Senior Loan Q1 2024 None No Multifamily Acquisition San Antonio, TX 4 476-Unit Apartment Community Floating Rate Senior Loan Q1 2021 None No Multifamily Acquisition Austin, TX 4 651-Unit Multifamily Portfolio Floating Rate Senior Loan Q3 2021 None No Multifamily Acquisition Dallas, TX 4 279-Key Full Service Hotel Fixed Rate Senior Loan Q3 2024 None No Hospitality Acquisition Dallas, TX 4 224-Unit Apartment Community Fixed Rate Senior Loan Q3 2025 None No Multifamily Acquisition San Antonio, TX 4 236-Unit Apartment Community Fixed Rate Senior Loan Q4 2025 Q3 2026 Yes Multifamily Acquisition Lubbock, TX 4 Core Portfolio - Watch List Loans (Risk Rating 4&5) Note: Watch list loans are loans with a risk rating of 4 or 5. Portfolio

 

B E N E F I T S T R E E T P A R T N E R S 17 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 297-Unit Apartment Community Q3 2022 Q2 2026 Multifamily 297-Unit, Garden Style Apartment Community Huntersville, NC 426-Unit Apartment Community Q2 2018 Q2 2024 Multifamily 426-Unit, High Rise Apartment Community Cleveland, OH CBD Office Complex Q1 2021 Q1 2025 Office 301k Square Foot Office Complex Denver, CO 249-Unit Apartment Community Q1 2021 Q2 2025 Multifamily 249-Unit, Garden Style Apartment Community Austin, TX 272-Unit Apartment Community Q2 2022 Q4 2025 Multifamily 272-Unit, Garden Style Apartment Community Fort Worth, TX 264-Unit Apartment Community Q4 2021 Q3 2026 Multifamily 264-Unit, Garden Style Apartment Community Durham, NC 192-Unit Apartment Community Q4 2021 Q3 2026 Multifamily 192-Unit, Garden Style Apartment Community Durham, NC 848-Unit Apartment Community Q1 2021 Q3 2026 Multifamily 848-Unit, Garden Style Apartment Community Garland, TX 324-Unit Apartment Community Q2 2025 Q3 2026 Multifamily 324-Unit, Garden Style Apartment Community Houston, TX Foreclosure Real Estate Owned (“REO”) Portfolio

 

Appendix

 

B E N E F I T S T R E E T P A R T N E R S 19 Core Portfolio – FBRT Portfolio Details – Top 15 Loans Note: All numbers in millions. 1. Effective Yield defined as: (1) current spread of the loan plus (2) the greater of any applicable index or index floor. 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 Appendix Loan Loan Type Origination Date Par Value Amortized Cost Spread Effective Yield (1) Fully Extended Maturity State Collateral Type As-is LTV (2) Loan 1 Senior Loan 5/10/24 117 116 + 2.50% 6.41% 5/9/29 Connecticut Multifamily 50.7% Loan 2 Senior Loan 2/9/23 94 94 + 4.00% 8.00% 5/9/28 Various Hospitality 53.6% Loan 3 Senior Loan 10/28/25 93 92 + 2.30% 6.21% 11/9/30 Various Multifamily 72.1% Loan 4 Senior Loan 8/20/26 78 77 + 2.75% 6.66% 9/9/31 Florida Multifamily 72.5% Loan 5 Senior Loan 2/10/22 76 76 + 3.20% 7.11% 2/9/27 Florida Multifamily 74.5% Loan 6 Senior Loan 2/9/26 73 73 + 3.50% 7.41% 2/9/31 Florida Multifamily 62.9% Loan 7 Senior Loan 9/6/24 73 73 + 2.75% 6.66% 9/9/27 Florida Multifamily 72.7% Loan 8 Senior Loan 2/29/24 67 67 + 3.25% 7.25% 3/9/29 Florida Multifamily 58.7% Loan 9 Senior Loan 4/1/26 68 67 + 2.25% 6.16% 4/9/31 North Carolina Multifamily 93.9% Loan 10 Senior Loan 6/14/22 64 64 + 3.45% 7.36% 6/9/27 Georgia Multifamily 71.6% Loan 11 Senior Loan 1/24/25 60 60 + 2.00% 5.91% 2/9/30 Texas Multifamily 86.7% Loan 12 Senior Loan 2/12/25 57 56 4.75% 4.75% 2/9/29 Texas Multifamily 88.6% Loan 13 Senior Loan 11/1/24 54 54 + 2.95% 6.86% 11/9/29 Georgia Multifamily 71.1% Loan 14 Senior Loan 3/15/22 54 54 + 3.50% 7.41% 10/9/26 Arizona Industrial 70.1% Loan 15 Senior Loan 11/25/25 51 51 + 2.30% 6.21% 12/9/30 Colorado Multifamily 67.7% Loans 16 - 175 Senior & Mezz Loans Various 2,973 2,966 + 3.32% 7.31% Various Various Various 62.8% Total/Wtd. avg. $4,052 $4,040 + 3.18% 7.15% 2.6 years 64.6% Average Loan Size $23 $23

 

B E N E F I T S T R E E T P A R T N E R S 20 Average risk rating was 2.4 for the quarter (no change from previous quarter) Core Portfolio – Risk Ratings Note: Principal balance in millions. Watch list loans are loans with a risk rating of 4 or 5. Appendix Risk Ratings Risk Rating Principal Balance - $2,966 $752 $141 $193 Loan Count, 2Q26 - 136 24 7 5 (+) Addition - 17 4 4 3 (-) Reduction - (13) (6) (5) (1) Loan Count, 3Q26 - 140 22 6 7 Change QoQ - 4 (2) (1) 2 Non-Performing - - - 1 6 Watch List - - - 6 7 0.0% 73.2% 18.6% 3.5% 4.7% 1 2 3 4 5

 

B E N E F I T S T R E E T P A R T N E R S 21 $0.00 - $0.01 $0.02 $0.03 9/30/2026 +0.50% +1.00% +1.50% +2.00% Change in Floating Base Rate Indices Core Portfolio – Earnings Sensitivity 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. Appendix Annual EPS Sensitivity on Index Rates As of 9/30/26 1M SOFR: 3.91% As of 10/15/26 1M SOFR: 3.97%

 

B E N E F I T S T R E E T P A R T N E R S 22 $218 $761 $723 $1,070 $646 $634 2026 Remainder 2027 2028 2029 2030 2031 Core Portfolio – Fully Extended Maturities Note: All numbers in millions. Appendix Fully Extended Maturity by Year

 

B E N E F I T S T R E E T P A R T N E R S 23 Multifamily 95% Hospitality 3% All Other 2% Core Portfolio – Allowance For Loan Loss Note: All numbers in millions. Allowance for loan loss above includes future funding. Appendix Total Allowance for Credit Loss by Collateral Type 2Q26 Provision/ (Benefit) Write offs 3Q26 UPB As % of Total UPB General CECL Allowance $36.8 ($1.0) - $35.8 $3,880 0.9% Specific CECL Allowance 17.8 38.7 (20.2) 36.3 $172 0.9% Total Allowance for Credit Losses $54.7 $37.7 ($20.2) $72.1 $4,052 1.8% As % of Total UPB 1.3% 0.9% -0.5% 1.8%

 

B E N E F I T S T R E E T P A R T N E R S 24 3Q'26 2Q'26 1Q'26 4Q'25 GAAP Net Income (Loss) (27.0) 16.3 12.3 18.4 Adjustments: Unrealized (Gain) / Loss (1) 12.5 (6.5) 3.2 1.8 Subordinated Performance Fee (2) - - - (0.3) Non-Cash Compensation Expense 1.5 3.4 3.1 3.3 Depreciation & Amortization, net 2.2 1.9 3.4 3.4 (Reversal of) / Provision for Credit Loss 43.1 7.2 11.4 (7.9) (Gain) / Loss on Debt Extinguishment Reversal (1.7) 0.9 - 7.7 Income from mortgage servicing rights (8.7) (3.9) (6.7) (8.8) Amortization and write-offs of MSRs 9.7 11.3 9.0 9.7 Deferred tax adjustment (6.4) (0.3) 0.7 3.0 Change in net assets of consolidated VIE (0.3) - - - Fair value adjustments on equity investments (3) 0.9 (0.2) (10.4) (2.6) Distributable Earnings before realized gain/(loss) 25.8 30.2 25.9 27.7 Realized Gain / (Loss) on Debt Extinguishment 1.7 (0.9) - (7.7) Realized Gain / (Loss) Adjustment on Loans and REO (4) (24.2) (1.0) (12.3) (2.2) Distributable Earnings 3.3 28.3 13.5 17.9 7.5% Series E Cumulative Redeemable Preferred Stock Dividend (4.8) (4.8) (4.8) (4.8) Noncontrolling Interests Net (Income) / Loss 0.4 (0.7) (0.3) (0.7) Noncontrolling Interests Net (Income) / Loss DE Adjustments (0.5) 0.6 0.2 (0.5) Distributable Earnings to Common (1.7) 23.4 8.6 11.8 Average Common Stock & Common Stock Equivalents (5) $1,253.0 $1,297.7 $1,340.9 $1,370.0 GAAP Net Income / (Loss) ROE (10.1%) 3.3% 2.1% 3.8% Distributable Earnings ROE to common (0.5%) 7.2% 2.6% 3.5% GAAP Net Income / (Loss) Earnings Per Share, Diluted ($0.41) $0.12 $0.07 $0.13 Fully Converted Weighted Average Shares Outstanding (6) 87,725,406 91,748,980 95,257,000 96,607,015 GAAP Net Income / (Loss) Earnings Per Share, Fully Converted (6) ($0.36) $0.13 $0.08 $0.13 Distributable Earnings Per Share, Fully Converted (6) ($0.02) $0.25 $0.09 $0.12 Distributable Earnings Per Share before realized gain/(loss), Fully Converted (6) $0.24 $0.28 $0.22 $0.22 GAAP Net Income to Distributable Earnings Reconciliation Note: All numbers in millions except share and per share data. Totals may not sum due to rounding. 1. 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. 2. Represents accrued and unpaid subordinated performance fee. In addition, reversal of subordinated performance fee represents cash payment obligations in the quarter. 3. Represents non-cash (income) loss from equity method investments, net of cash received as return on capital for the quarter. 4. 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- recoverable 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 September 30, 2026, the Company has $13.8 million of GAAP loss adjustments and $9.9 million of GAAP gain adjustments that would run through distributable earnings if and when cash gains or losses are realized. 5. Represents the average of all classes of equity except the Series E Preferred Stock. 6. Fully Converted assumes conversion of our series of convertible preferred stock and OP Units along with full vesting of our outstanding equity compensation awards. Appendix

 

B E N E F I T S T R E E T P A R T N E R S 25 September 30, 2026 Stockholders' equity applicable to convertible common stock $ 1,181,742 Shares: Common stock 75,608,720 Restricted stock and restricted stock units 1,437,163 Series H convertible preferred stock 5,370,498 Class A OP Units 467,637 Total outstanding shares 82,884,018 Fully converted book value per share (1) $ 14.26 September 30, 2026 Stockholders' equity applicable to convertible common stock $ 1,181,742 Accumulated depreciation and amortization adjustment 21,032 MSR Fair Value adjustment 51,010 Adjusted Stockholders’ equity applicable to convertible common stock 1,253,784 Shares: Common stock 75,608,720 Restricted stock and restricted stock units 1,437,163 Series H convertible preferred stock 5,370,498 Class A OP Units 467,637 Total outstanding shares 82,884,018 Adjusted fully converted book value per share (1) $ 15.13 Book Value Per Share & Shares Outstanding Appendix Note: All numbers in thousands except per share and share data. Preferred stock values expressed in common stock equivalents. 1. 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. Book Value Per Share Adjusted Book Value Per Share

 

B E N E F I T S T R E E T P A R T N E R S 26 2026 2025 Income Interest income $ 84,218 $ 106,167 Less: Interest expense 59,845 76,492 Net interest income 24,373 29,675 Gain/(loss) on sales, including fee-based services, net 20,717 29,423 Mortgage servicing rights 8,654 19,745 Servicing revenue, net 12,276 3,606 Gain/(loss) on derivatives 984 (122) Revenue from real estate owned 7,933 7,222 Total income $ 74,937 $ 89,549 Expenses Compensation and benefits $ 27,532 $ 34,434 Asset management and subordinated performance fee 5,865 6,082 Acquisition expenses 186 265 Administrative services expenses 2,912 3,455 Professional fees 4,742 9,334 Other expenses 11,367 14,052 Depreciation and amortization 2,238 3,432 Share-based compensation 1,208 2,237 Total expenses $ 56,050 $ 73,291 Other income/(loss) (Provision)/benefit for credit losses $ (43,105) $ 569 Realized gain/(loss) on real estate securities, available for sale (888) — Realized gain/(loss) on extinguishment of debt 1,699 — Gain/(loss) on other real estate investments (12,826) (2,116) Income/(loss) from equity method investments 45 6 Income/(loss) from VIE's 1,124 — Total other income/(loss) $ (53,951) $ (1,541) Income/(loss) before taxes (35,064) 14,717 (Provision)/benefit for income tax 8,022 2,899 Net income/(loss) $ (27,042) $ 17,616 Net (income)/loss attributable to non-controlling interest 358 (302) Net income/(loss) attributable to Franklin BSP Realty Trust, Inc. $ (26,684) $ 17,314 Less: Preferred stock dividends 5,915 6,749 Net income/(loss) applicable to common stock $ (32,599) $ 10,565 Basic earnings per share $ (0.41) $ 0.12 Diluted earnings per share $ (0.41) $ 0.12 Basic weighted average shares outstanding 80,287,854 82,214,630 Diluted weighted average shares outstanding 80,756,562 90,600,581 Three Months Ended September 30, FBRT Income Statement Appendix

 

B E N E F I T S T R E E T P A R T N E R S 27 September 30, 2026 ASSETS Cash and cash equivalents $ 100,821 Restricted cash 18,787 Investment securities, held to maturity 24,781 Commercial mortgage loans, held for investment, net of allowance for credit losses of $71,932 as of September 30, 2026 3,967,590 Commercial mortgage loans, held for sale, measured at fair value 373,181 Real estate securities, available for sale, measured at fair value, amortized cost of $0 as of September 30, 2026 — Mortgage servicing rights, net 201,178 Accrued interest receivable 29,907 Receivable for loan repayment 12,070 Prepaid expenses and other assets 45,264 Real estate owned, net of depreciation 259,713 Real estate owned, held for sale 160,047 Equity method investments 88,656 Intangible assets, net of amortization 112,134 Goodwill 92,048 Derivative instruments, measured at fair value 17,702 Loans eligible for repurchase — Variable interest entity (“VIE”) assets, measured at fair value 521,259 Total assets $ 6,025,138 LIABILITIES AND STOCKHOLDERS' EQUITY Collateralized loan obligations $ 2,856,873 Repurchase agreements and revolving credit facilities - commercial mortgage loans 837,901 Repurchase agreements - real estate securities 39,489 Other financings 12,865 Unsecured debt 161,392 Mortgage note payable 24,186 Allowance for loss sharing 24,602 Accrued compensation 42,006 Liability for loans eligible for repurchase — Interest payable 14,837 Distributions payable 21,431 Accounts payable and accrued expenses 20,398 Due to affiliates 12,561 Derivative instruments, measured at fair value 16 Other liabilities 21,053 VIE liabilities, measured at fair value 493,393 Total liabilities $ 4,583,003 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 September 30, 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 September 30, 2026 $ 258,742 Common stock, $0.01 par value, 900,000,000 shares authorized, 75,881,209 shares issued and outstanding as of September 30, 2026 755 Additional paid-in capital 1,561,187 Accumulated other comprehensive income/(loss) — Accumulated deficit (474,452) Total stockholders' equity $ 1,346,232 Non-controlling interest 6,155 Total equity $ 1,352,387 Total liabilities, redeemable convertible preferred stock and equity $ 6,025,138 FBRT Balance Sheet Appendix

 

B E N E F I T S T R E E T P A R T N E R S 28 Definitions Distributable Earnings and Distributable Earnings to Common Distributable Earnings is a non-GAAP measure, which the Company defines as GAAP net income (loss), adjusted for (i) non-cash CLO amortization acceleration and amortization over the expected useful life of the Company's CLOs, (ii) unrealized gains and losses on loans and derivatives, including CECL reserves and impairments, net of realized gains and losses, as described further below, (iii) non-cash equity compensation expense, (iv) depreciation and amortization, (v) subordinated performance fee accruals/(reversal), (vi) realized 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 Earnings 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 real estate owned. Further, Distributable Earnings to Common, a non-GAAP measure, presents Distributable Earnings net of (x) perpetual preferred stock dividend payments and (y) non-controlling interests in joint ventures. 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 and 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 property impairment losses have been excluded from Distributable Earnings consistent with other unrealized losses pursuant to our existing definition of Distributable Earnings. We expect to only recognize such potential credit or property impairment losses in Distributable Earnings if and when such amounts are deemed nonrecoverable upon a realization 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 non-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 generally 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 may differ materially from the timing of the corresponding loss reserves, charge-offs or impairments in our consolidated financial statements prepared in accordance with GAAP. The Company believes that Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common provide meaningful information to consider in addition to the disclosed GAAP results. The Company believes Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common 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 indicator 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 therefore believes dividends are one of the principal reasons stockholders may invest in its common stock. Further, Distributable Earnings to Common helps investors evaluate performance excluding the effects of certain transactions and GAAP adjustments that the Company does not believe are necessarily indicative of current loan portfolio performance and the Company's operations and is one of the performance metrics the Company's board of directors considers when dividends are declared. Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common do not represent net income (loss) and should not be considered as an alternative to GAAP net income (loss). The methodology for calculating Distributable Earnings, Distributable Earnings before realized losses and Distributable Earnings to Common may differ from the methodologies employed by other companies and thus may not be comparable to the Distributable Earnings reported by other companies.

 

www.bspcredit.com London Cannon Place 78 Cannon Street London EC4N 6HL UK West Palm Beach 360 South Rosemary Avenue Suite 1510 West Palm Beach FL 33401 USA Boston 100 Federal Street 22nd Floor Boston MA 02110 USA New York One Madison Avenue Suite 1600 New York NY 10010 USA

 

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